/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210906.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, September 6, 2021, Vol. 25, No. 248 Headlines 1 BIG RED: Prime Buying Real Property in Kansas City for $226K 1369 EAST FRONT: Proposed Sale of Belleville Property Approved 2127 FLATBUSH: Unsecured Creditors to be Paid in Full in Plan 3RD ROCK HOLDINGS: Case Summary & 2 Unsecured Creditors 3RD ROCK LOGISTICS: Case Summary & 20 Largest Unsecured Creditors ADVANCED TISSUE: Direct Medical Buying Excess Inventory for $85K ADVANCED TISSUE: Innovative Outcome Buying Equipment for $9.6K AEROCENTURY CORP: Combined Disclosure & Plan Confirmed by Judge AGAPE' ASSEMBLY: Echols Buying Orlando Property for $650K & Costs ALLIANCE OF AMERICAN: Trustee Asks Court Okay to Sue Dundon AMERICAN FEDERATED: A.M. Best Alters Outlook on 'B' FSR to Negative AMIT GAURI: CarMax Buying Maserati GranTurismo 2D Coupe for $28.5K ASHBROOKE DEVELOPMENT: Unsecured Creditors to Recover 100% in Plan AVADIM HEALTH: Taps Omni Agent Solutions as Administrative Agent AVERY ASPHALT: Regional Selling Loader Backhoe for $15K to Big D AVIANCA HOLDINGS: Asks Court Nod for $900M Debt-for-Equity Deal AVIANCA: David Polk Advised Lenders on DIP-to-Exit Facility BASIC ENERGY: Warns of Possible Mass Layoffs of 1400 Employees BEAR COMMUNICATIONS: Ritchie Bros. to Auction Personal Property BENNETT ROSA: Voluntary Chapter 11 Case Summary BLINK CHARGING: All Three Proposals Passed at Annual Meeting BLOOMIN' BRANDS: Moody's Raises CFR to Ba1, Outlook Stable BOY SCOUTS: UMC Urges Congregation to Consider Legal Liability BYRNA TECHNOLOGIES: To Host Analyst Day on Sept. 9 CAMBIUM LEARNING: S&P Withdraws 'B-' Issuer Credit Rating CANTERA COURT: Unsecureds to Get Share of Income for 3 Years CHAZAR 410: Case Summary & 5 Unsecured Creditors CITY-WIDE COMMUNITY: Oct. 13 Auction of Interests in Lancaster CLEAN ENERGY: Secures $4M Financing Commitment From GHS Investments CLUBHOUSE MEDIA: Closes Dobre Brothers House CMC II: Agency Staff Fills 25% - 30% of Clinical Shifts, PCO Says COUNTY INVESTMENT: Case Summary & 4 Unsecured Creditors DEWIT DAIRY: Online Auction of Property Set for September 13 & 14 DIOCESE OF CAMDEN: Faces 365 New Sex Abuse Claims DIOCESE OF WINONA: Onofrio Buying Rochester Property for $5.6-Mil. DURRANI M.D.: Unsecureds Paid From Equity from Sale of Condo ENDO INTERNATIONAL: S&P Downgrades ICR to 'CCC+', Outlook Negative ENTERGY NEW ORLEANS: S&P Cuts ICR to 'BB+' on Weaker Credit Metrics FIELDWOOD ENERGY: Davis Polk Advised Lenders on Restructuring FOUR WOOD: Case Summary & 5 Unsecured Creditors GIRARDI & KEESE: Bankruptcy Trustees Blasts Erika Jayne's Wealth GREGORY NATHAN: Unsecured Creditors to Recover 8.56% over 3 Years GTT COMMUNICATIONS: Plans to Start Chapter 11 After Closing Sale GTT COMMUNICATIONS: Signs RSA With Stakeholders to Restructure Debt GTT COMMUNICATIONS: To File for Chapter 11 With Plan Deal HARRAH WHITES: Compliant with Licensure Requirements, PCO Says HARRIS CRC: Proposed Sale of Stinnett Shop & Residence Approved HELIUS MEDICAL: Lincoln Park to Buy $15M Class A Common Shares HILL-ROM HOLDINGS: Moody's Puts Ba2 CFR Under Review for Upgrade HILL-ROM HOLDINGS: S&P Places 'BB+' ICR on CreditWatch Positive HOWARD RIFAS: Selling Deerfield Beach Condo Unit #174 for $52K ICAN BENEFIT: Unsecured Claims Under $5K to Recover 50% in Plan IDEANOMICS INC: Appoints Robin Mackie as Division Head IDEANOMICS INC: Signs Merger Agreement With VIA Motors INNOVATIVE SOFTWARE: Sept. 30 Hearing on Disclosures/Plan INTEGRATED GLOBAL: Wins Cash Collateral Access Thru Dec 1 INTELSAT S.A.: Jones Day 2nd Update on Jackson Crossover Group INTELSAT SA: Creditors Owed $4.55M to Recover 100% in Plan ISRAEL MARMOL: Seeks to Hire Weiss Serota as Legal Counsel JAGUAR HEALTH: Five Proposals Approved at Annual Meeting JAMCO SERVICES: Proposes Auction of Commercial Assets by GAGP JAR-BET LLC: Case Summary & 3 Unsecured Creditors KANSAS CITY UNITED: Sept. 28 Hearing on Disclosure Statement KATERRA INC: Court Approves $4.5M Sale of Assets to BMC Corporate LEGACY EDUCATION: Amends LTP Debenture to Reduce Required Funding LG ORNAMENTALS: To Seek Plan Confirmation on Sept. 28 LIBERTY POWER: NRG Named Stalking Horse Bidder of Book of Business LIMETREE BAY: Taps Hughes Arrell Kinchen as Special Counsel MACY'S INC: S&P Raises ICR to 'BB-' on Strong Performance Recovery MASTER TECH: Seeks Access to Home Trust's Cash Collateral MCK USA 1: Voluntary Chapter 11 Case Summary MIDNIGHT MADNESS: Sept. 15 Hearing on Bid Procedures for Assets NEPHROS INC: Appoints Wes Lobo as Chief Commercial Officer NEW YORK OPTICAL: Proposes Sale of Porsche Design Eyewear Inventory NIEMAN PRINTING: Continued Operations to Fund Plan Payments NIR WEST: Ford Motor Says Plan Mischaracterizes Its Lease Claims NUTRIBAND INC: Extends Due Date of $1.5M PCP Note Until Sept. 30 PALMS NL CONDOMINIUM: Unsecured Creditors to Get Share of Income PARAMOUNT RESOURCES: S&P Raises ICR to 'B', Outlook Stable PARUSA INVESTMENT: Taps Buchanan Ingersoll as Special Counsel PATRICIAN HOTEL: Can Sell 24 Condo Units to Opera for $270K Each PATRICIAN HOTEL: Purchased Out of Bankruptcy by Opera Acquisitions PHILIPPINE AIRLINES: Case Summary & 40 Top Unsecured Creditors PHILIPPINE AIRLINES: In Ch. 11 With Plan to Cut Debt by $2-Bil. PHILIPPINE AIRLINES: Sees Chapter 11 Exit in Six Months PHILIPPINE AIRLINES: To Return 21 Aircraft to Lessors & Lenders PORT ARTHUR: Seeks to Hire Tange Mann & Garza as Accountant PREFERRED EQUIPMENT: Unsecureds to be Paid in Full in 12 Months PURDUE PHARMA: Sackler Family Wins Opioid Lawsuits Immunity PURDUE PHARMA: WV's Morrisey Helps End California Carve-Out RAMJAY INC: Plan Payments to be Funded by Continued Operations RANGE RESOURCES: S&P Upgrades ICR to 'B+', Outlook Stable RENNOVA HEALTH: Signs Exchange Agreement With Christopher Diamantis RENOVATE AMERICA: LA County Opposes Broad Injunctive Provisions RENOVATE AMERICA: WRCOG's Joinder in LA's Objection to Disclosure RESTORATIVE BRAIN: Wins Cash Collateral Access RICKENBAKER GIN: Case Summary & 20 Largest Unsecured Creditors RIDGETOP AG: Unsecured Creditors to Recover 100% in 5 Years SEA OAKS COUNTRY: Oct. 19 Disclosure Statement Hearing Set SEADRILL LIMITED: Hemen Holdings Provides $50M Capital Investment SEADRILL LIMITED: Weil Gotshal 2nd Update on RigCo Lenders SEADRILL LTD: Disclosures Okayed; Sees Chapter 11 Exit by Q4 SENIOR HEALTHCARE: Stevanne Ellis Appointed Patient Care Ombudsman SEQUENTIAL BRANDS: Lenders Want Asset Sale Closed by Mid-November SHELLEY GRAY: Proposed Sale of New Windsor Property Approved SHURWEST LLC: Seeks to Hire Mesch Clark Rothschild as Legal Counsel SILVERSIDE SENIOR: Ombudsman Reports on MedalQuest Deal SIMON'S WHOLESALE: Subchapter V Plan to Pay Unsecureds in Full SOUND HOUSING: Legacy Group Buying Kirkland Property for $900K SOURCE HOTEL: Sets Bid Procedures for Substantially All Assets TAKATA CORP: Inks $42 Million Air Bag MDL Deal With Volkswagen THEOS FEDRO: Seeks Cash Collateral Access TOUCH OF HEAVEN: Unsecured Creditors to Get $0 in Plan U-HAUL CO: Auction Sale of New Equity Set for October 20 U.S. TELEPACIFIC: S&P Downgrades ICR to 'CCC+', Outlook Negative UMATRIN HOLDING: Posts $116K Net Profit in Second Quarter USA GYMNASTICS: Unsecureds Will Get 80% of Claims in 3 Years VERITAS FARMS: Issues $500K Promissory Note to Wit Trust WARDMAN PARK: Gets Court Approval to Solicit Liquidation Plan Votes WASHINGTON PRIME: Pachulski 4th Update on Preferred Shareholders WHOA NETWORKS: Platinum Unsecureds to Recover 15% in 60 Months WITCHEY ENTERPRISES: September 21 Amended Disclosure Hearing Set [^] BOND PRICING: For the Week from Aug. 30 to Sept. 3, 2021 ********* 1 BIG RED: Prime Buying Real Property in Kansas City for $226K -------------------------------------------------------------- 1 Big Red, LLC, asks the U.S. Bankruptcy Court for the District of Kansas to authorize the private sale of the real property located at 7410 Sni-A-Bar Road, in Kansas City, Missouri, to Prime Real Estate Development, LLC, for $225,551, free and clear of all liens, interests, and encumbrances. The Debtor's assets consist of real property and improvements including the Property legally described as Lots 1 and 2, Arrowhead Business Addition, a subdivision in Kansas City, Jackson County, Missouri. Jackson County, MO has appraised the Property for $107,000, but the Debtor believes that the proposed sale price is a more realistic market value. The Debtor wishes to sell the Property. It has entered into a Real Estate Purchase Agreement with the Buyer for the sale of the Property for the sum of $225,551. As provided in the Sale Agreement, the Debtor has negotiated a sale of the Property to the Buyer, free and clear of Liens, for a purchase price of $225,551. The Buyer has deposited with the Escrow Company (Platinum Title) the sum of $5,000, with the balance due upon closing. The Debtor seeks the specific authority to sell the Real Property free and clear of all liens, including, but not to, the liens and claims detailed in the title commitment (Exhibit 2). It believes that the proposed Sale to the Buyer is reasonable and for a fair market value. Real estate taxes, title insurance, United States Trustee fees associated with the transaction in the amount of $1,804.40, the Debtor's counsel's fees associated with the transaction in the amount of $3,000 (subject to a future fee application), 6% realtor commission split between the Seller's and the Buyer's agent, and usual and regular closing costs will be paid at the time of the Closing of the transaction with the balance of the funds to be paid to PS Funding, Inc. A copy of the Contract is available at https://tinyurl.com/jfpwp7nw from PacerMonitor.com free of charge. About 1 Big Red LLC 1 Big Red, LLC, a Kansas City, Mo.-based company engaged in activities related to real estate, filed a petition for Chapter 11 protection (Bankr. D. Kan. Case No. 21-20044) on Jan. 15, 2021, listing total assets at $2.5 million and $3,094,099 in liabilities. Judge Robert D. Berger oversees the case. The Debtor tapped Colin Gotham, Esq., at Evans & Mullinix, P.A., as legal counsel. 1369 EAST FRONT: Proposed Sale of Belleville Property Approved -------------------------------------------------------------- Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey authorized 1369 East Front Street's sale of the real property commonly known as 264 Greylock Parkway, in Belleville, New Jersey. The sale is free and clear of the lien of Planet Home Lending the sole secured creditor. In accordance with DNJ L BR 6004-5 the notice of private sale included a request to pay the real estate broker may be paid at closing. Other closing fees payable by the Debtor may be satisﬁed from the proceeds of sale and adjustments to the price as provided for in the contract of sale may be made at closing. The remainder of the funds will be paid to Planet home Lending the secured creditor. About 1369 East Front Street 1369 East Front Street sought Chapter 11 protection (Bankr. D.N.J. Case No. 21-12820) on April 6, 2021. The Debtor estimated assets in the range of $0 to $50,000 and $100,001 to $500,000 in debt. The Debtor tapped Andre L. Kydala, Esq., at Law Firm of Andre L. Kydala as counsel. The Petition was signed by John Akanbi, Managing Member. 2127 FLATBUSH: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------- 2127 Flatbush Ave Inc., submitted an Amended Disclosure Statement in respect to Amended Chapter 11 Plan of Reorganization. The Debtor is a corporation that owns a commercial building at 2127 Flatbush Avenue, Brooklyn, New York (the "Property"). Eugene Burshtein owns all the shares in the Debtor and is the Debtor's only officer. None of the shares in the Debtor presently owned by Burshtein will be transferred or assigned. Burshtein will continue as the sole officer of the Debtor after the confirmation of the Plan and he will not receive any salary. In July 2021, the Debtor brought current all of the post-petition arrears to Wells Fargo. The Debtor continues to make the monthly payments until its plan of reorganization is confirmed by the Court. After confirmation, the Debtor will make payments as stated in the Plan. The Debtor has filed all of its operating reports with the Court. The Debtor will fund the Plan from its rental income, from Burshtein's sale of another property that is in contract for $1.4 million all cash and from Burshtein's income from his accounting business and his real estate business. Burshtein expects the property to close before the hearing on approval of the disclosure statement. The amounts necessary to make all the payments on the Effective Date will be in the debtor in possession account by the date of the hearing on confirmation of the Plan. Class 1 shall consist of the claim Stefani Pace which was scheduled in the amount of $199,861.81. The Debtor does not believe it owes Pace that amount and filed an objection to her claim. The Debtor's principal, Eugene Burshtein filed a similar motion in state court. The Debtor shall pay the Pace claim on the Effective Date in the amount determined by this Court or state court is owed or upon such other terms as may be agreed upon between the parties. Class 1 is unimpaired and will not vote on the Plan. Class 2 shall consist of the secured claim of Wells Fargo, N.A., in the amount of $525,398.94. The Debtor will pay Wells Fargo $75,000.00 on the Effective Date and the balance of $450,000.00 with interest at 4.5% amortized over 30 years with a balloon payment for the balance on September 1, 20347, the original due date of the note and mortgage. Payments will be $2,280.08, plus escrow for taxes, commencing on the first day of the month after the Effective Date and continuing until September 1, 2034, when the then principal balance, plus any interest and other charges will be paid. Wells Fargo will retain its first lien on the Property until the Debtor pays Fay in full. Class 3 shall consist of the secured claims of the NYC Office of Administrative Trials and Hearing for ECB charges in the amount of $5961.30 and the NYC Water Board in the amount of $5961.30. The Debtor shall pay these claims in full with statutory interest on the Effective Date. Class 3 creditors are not impaired under the plan. Class 4 shall consist of those creditors holding Unsecured Claims to the extent that such Claims are allowed by the Court. No unsecured creditors filed claims in this case. The only unsecured creditor that the Debtor scheduled as undisputed was National Grid for $3730.00. The Debtor will pay this claim in full on the Effective Date. Class 4 is unimpaired under the Plan. Class 5 shall consist of the of the Equity Security Holders of the Debtor whose interest will not be impaired or diluted. The Debtor's shareholder is Eugene Burshtein. He has acceded to the Plan and shall retain his interest in the Reorganized Debtor. A full-text copy of the Amended Disclosure Statement dated August 31, 2021, is available at https://bit.ly/2Ye1m1R from PacerMonitor.com at no charge. About 2127 Flatbush Ave Inc. 2127 Flatbush Ave Inc., based in Brooklyn, New York, is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Company owns a property located at 2127 Flatbush Avenue, Brooklyn, NY, valued by the Company at $374,000. 2127 Flatbush Ave Inc. filed for Chapter 11 bankruptcy (Bankr. E.D.N.Y. Case No. 19-45430) on September 11, 2019, listing total assets of $374,000 and total liabilities of $1,107,658. The petition was signed by Gene Burshtein, shareholder. The Law Office of Mark Bernstein is the Debtor's legal counsel. 3RD ROCK HOLDINGS: Case Summary & 2 Unsecured Creditors ------------------------------------------------------- Debtor: 3rd Rock Holdings, Inc. 3400 Tamiami Trail Sarasota, FL 34239 Business Description: 3rd Rock Holdings, Inc. is part of the specialized freight trucking industry. Chapter 11 Petition Date: September 3, 2021 Court: United States Bankruptcy Court Middle District of Florida Case No.: 21-04613 Debtor's Counsel: Mary A. Joyner, Esq. DAVID JENNIS, PA DBA JENNIS MORSE ETLINGER 606 East Madison Street Tampa, FL 33602 Tel: (813) 229-2800 Email: mjoyner@jennislaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Hellweg as president. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/EQNRBPA/3rd_Rock_Holdings_Inc__flmbke-21-04613__0001.0.pdf?mcid=tGE4TAMA 3RD ROCK LOGISTICS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: 3rd Rock Logistics, LLC d/b/a 3rd Rock Energy Services 3400 Tamiami Trail Sarasota, FL 34239 Chapter 11 Petition Date: September 3, 2021 Court: United States Bankruptcy Court Middle District of Florida Case No.: 21-04614 Debtor's Counsel: Mary A. Joyner, Esq. DAVID JENNIS, PA DBA JENNIS MORSE ETLINGER 606 East Madison Street Tampa, FL 33602 Tel: (813) 229-2800 Email: mjoyner@jennislaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David G. Hellweg as manager. 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/FFDLMQQ/3rd_Rock_Logistics_LLC__flmbke-21-04614__0001.0.pdf?mcid=tGE4TAMA ADVANCED TISSUE: Direct Medical Buying Excess Inventory for $85K ---------------------------------------------------------------- Advanced Tissue, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Arkansas, Little Rock Division, to authorize the private sale of Excess Inventory listed on Exhibit A to Direct Medical Inc. for $85,000. The obligation of the Purchaser to consummate the purchase of the Excess Inventory is expressly conditioned upon the sale being approved by entry of an order of the Court. The Excess Inventory is subject to a lien in favor of Bell Bank. The proposed Purchase Price is less than the debt to Bell Bank. On information and belief, however, the proposed sale amount is or may be acceptable to Bell Bank to release its lien as such bank has additional collateral of the Debtor and a related party that secures the Debtor's indebtedness to Bell Bank. The Debtor is not aware of any other liens with respect to the Excess Inventory. The Debtor believes that one or more of the requirements of Section 363(f) are satisfied and requests that the Excess Inventory be transferred to the Purchaser free and clear of all liens, claims, and encumbrances of any kind. The sale is on a strictly "as is, where is" basis with no warranties being extended except as to title and as otherwise set forth in the Motion or the Sale Order. The Debtor further requests that all liens, claims, and encumbrances of all parties having an interest in the Excess Inventory being sold attach to the sale proceeds in the order and priority to which they had just before the sale and be preserved for future determination by the Court. The sale of the Excess Inventory will enable the Debtor to obtain proceeds that may subsequently be distributed to one or more creditors. The Debtor also requests a waiver of the 14-day stay period set forth in Rule 6004(h) of the Federal Rules of Bankruptcy Procedure. A copy of the Bill of Sale and Exhibit A is available at https://tinyurl.com/4aj5yuwz from PacerMonitor.com free of charge. About Advanced Tissue, LLC Advanced Tissue, LLC is a distributor of wound care products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 21-12261) on August 23, 2021. In the petition signed by Robert Betchley, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Phyllis M. Jones oversees the case. Kevin P. Keech, Esq. at Keech Law Firm, PA is the Debtor's counsel. ADVANCED TISSUE: Innovative Outcome Buying Equipment for $9.6K -------------------------------------------------------------- Advanced Tissue, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Arkansas, Little Rock Division, to authorize the private sale of equipment listed on Exhibit A to Innovative Outcome, Inc., for $9,620. The obligation of the Purchaser to consummate the purchase of the Equipment is expressly conditioned upon the sale being approved by entry of an order of the Court. The Equipment is subject to a lien in favor of Bell Bank. The proposed Purchase Price is less than the debt to Bell Bank. On information and belief, however, the proposed sale amount is or may be acceptable to Bell Bank to release its lien as such bank has additional collateral of the Debtor and a related party that secures the Debtor's indebtedness to Bell Bank. The Debtor is not aware of any other liens with respect to the Equipment. The Debtor believes that one or more of the requirements of Section 363(f) are satisfied and requests that the Excess Inventory be transferred to the Purchaser free and clear of all liens, claims, and encumbrances of any kind. The sale is on a strictly "as is, where is" basis with no warranties being extended except as to title and as otherwise set forth in the Motion or the Sale Order. The Debtor further requests that all liens, claims, and encumbrances of all parties having an interest in the Equipment being sold attach to the sale proceeds in the order and priority to which they had just before the sale and be preserved for future determination by the Court. The sale of the Equipment will enable the Debtor to obtain proceeds that may subsequently be distributed to one or more creditors. The Debtor also requests a waiver of the 14-day stay period set forth in Rule 6004(h) of the Federal Rules of Bankruptcy Procedure. A copy of the Exhibit A is available at https://tinyurl.com/32jftr5k from PacerMonitor.com free of charge. About Advanced Tissue, LLC Advanced Tissue, LLC is a distributor of wound care products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 21-12261) on August 23, 2021. In the petition signed by Robert Betchley, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Phyllis M. Jones oversees the case. Kevin P. Keech, Esq. at Keech Law Firm, PA is the Debtor's counsel. AEROCENTURY CORP: Combined Disclosure & Plan Confirmed by Judge --------------------------------------------------------------- Judge John T. Dorsey has entered findings of fact, conclusions of law and order confirming the Combined Disclosure Statement and Joint Chapter 11 Plan of AeroCentury Corp., and its Affiliated Debtors. This Confirmation Order constitutes this Court's approval of the Plan Sponsor Agreement, because, among other things: (a) the Plan Sponsor Agreement provides significant value to the Debtors' Estates; (b) each of the parties supporting the Plan Sponsor Agreement are represented by counsel; (c) the Plan Sponsor Agreement is the product of significant arm's-length bargaining and good faith negotiations among sophisticated parties; and (d) the Plan Sponsor Agreement is in the best interests of the Debtors, their Estates, Holders of Claims and Interests, and other parties-in-interest, and is fair, equitable, and reasonable. The Combined Disclosure Statement and Plan has been proposed in good faith and in compliance with applicable provisions of the Bankruptcy Code, and not by any means forbidden by law, thus satisfying Bankruptcy Code Section 1129(a)(3). The transactions contemplated pursuant to the Combined Disclosure Statement and Plan, including those contemplated by the Plan Sponsor Agreement, the merger of JetFleet Management into JetFleet Holdings, and the Restructuring Transactions, are essential elements of the Combined Disclosure Statement and Plan, proposed in good faith, critical to the Combined Disclosure Statement and Plan, and in the best interests of the Debtors, their Estates, all Holders of Claims and Interests, and all other parties in interest. A full-text copy of the Plan Confirmation Order dated August 31, 2021, is available at https://bit.ly/3kUuzqj from Kccllc, the claims agent. Counsel to the Debtor: Joseph M. Barry Ryan M. Bartley Joseph M. Mulvihill S. Alexander Faris YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Phone: (302) 571-6600 Fax: (302) 571-1253 E-mail: jbarry@ycst.com rbartley@ycst.com jmulvihill@ycst.com afaris@ycst.com Lorenzo Marinuzzi Raff Ferraioli MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 E-mail: lmarinuzzi@mofo.com rferraiolo@mofo.com About AeroCentury Corp. AeroCentury Corp. is engaged in the business of investing in used regional aircraft equipment and leasing the equipment to foreign and domestic regional air carriers. Its principal business objective is to acquire aircraft assets and manage those assets in order to provide a return on investment through lease revenue and, eventually, sale proceeds. It is headquartered in Burlingame, Calif. AeroCentury Corp. and affiliates, JetFleet Holdings Corp. and JetFleet Management Corp., sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 21-10636) on March 29, 2021. The Debtors tapped Morrison & Foerster, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel; B Riley Securities, Inc., as financial advisor and investment banker; and BDO USA, LLP as auditor. Kurtzman Carson Consultants is the claims agent and administrative advisor. AGAPE' ASSEMBLY: Echols Buying Orlando Property for $650K & Costs ----------------------------------------------------------------- Agape' Assembly Baptist Church Inc. asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize the sale of the real property located at 203 Palazzo Court, in Orlando, Florida 32836, as more particularly described on Exhibit A, to Shirley Echols for $650,000, plus costs of the sale as set forth in their purchase and sale agreement. Pursuant to, and consistent with, the Amended Plan and the Confirmation Order, the Debtor seeks an order authorizing it to sell its interests in the Palazzo Court Property and use the proceeds to pay its creditors. The real property the Debtor seeks approval to sell is one of its investment properties. The Sale is "as is, where is," free and clear of all lien. The Sale proceeds in the amount of $650,000 will be paid to creditors of the estate in the order of priority, but specifically as follows: (i) payment of all outstanding real property taxes associated with the Sale Property in full; (i) Herring Bank in the amount of no less than $605,000; and (iii) one year's worth of association dues as required by Florida law. If there are any shortfalls related to satisfying these specific payment deliverables, Ms. Echols will pay for such at closing. The Debtor has determined in its business judgment that the Sale contemplated herein is in the best interest of its estate. Herring has consented to the sale in the amount of $605,000 net to itself, even though no better or higher offers have been put forward for the Sale Property, and the Debtor does not believe any better or higher offers are forthcoming. The Debtor is not aware of any liens, encumbrances or other interests in the Property except for the following: a. First Mortgage Trust Indenture executed by Agape' Assembly Baptist Church, Inc., a Florida non-profit corporation, together with Agape Christian Academy and Preschool, Inc., Mortgagor, in favor of The Herring National Bank, Mortgagee, dated December 15, 2004, in the original principal amount of $7.2 million, recorded April 6, 2005 in Official Records Book 7906, Page 1708 and together with the Supplemental First Mortgage Trust Indenture recorded Jan. 20, 2006 in Official Records Book 8437, Page 1256 and affected by the Partial Release of Mortgage and Other Documents recorded Jan. 4, 2012 in Official Records Book 10314, Page 3050 and together with the Second Supplemental First Mortgage Trust Indenture recorded Jan. 11, 2013 in Official Records Book 10504, Page 5052, all of the Public Records of Orange County, Florida. (As to Parcels A and B). b. Second Mortgage Trust Indenture executed by Agape' Assembly Baptist Church, Inc., a Florida non-profit corporation, together with Agape Christian Academy and Preschool, Inc., Mortgagor, in favor of The Herring National Bank, Mortgagee, dated Dec. 15, 2004, in the original principal amount of $715,000, recorded April 6, 2005 in Official Records Book 7906, Page 1764 and together with the Supplemental Second Mortgage Trust Indenture recorded Jan. 20, 2006 in Official Records Book 8437, Page 1263 and affected by the Partial Release of Mortgage and Other Documents recorded Jan. 4, 2012 in Official Records Book 10314, Page 3050 and together with the Supplemental Second Mortgage Trust Indenture recorded Jan. 11, 2013 in Official Records Book 10504, Page 5012, all of the Public Records of Orange County, Florida. (As to Parcels A and B). c. Default Final Judgment as to Damages in favor of Summit Charter Schools, Inc. recorded Aug. 31, 2015 in Official Records Book 10975, Page 5736, Public Records of Orange County, Florida. d. Clear Creek 837 Tax RE LLC may have a lien on the property by virtue of Orange County Tax Certificate Number 2017-6342, and a Notice of Application for Tax Deed recorded on Aug. 1, 2019 at Doc. No. 20190476123, Public Records of Orange County, Florida. e. Orange County, Florida may have a lien on the property by virtue of an Order Imposing Administrative Fine/Lien recorded on Sept. 18, 2015 in Official Records Book 10984, Page 9360, Public Records of Orange County, Florida. f. Orange County, Florida may have a lien on the property by virtue of a code enforcement lien recorded on Feb. 2, 2016 at Document No. 20160087980, in the Public Records of Orange County, Florida. g. Orange County, Florida may have a lien on the property by virtue of unpaid property taxes. h. Vizcaya Master Homeowners Association, may have a lien on the property by virtue of unpaid homeowner’s association assessments, including an Amended Claim of Lien recorded on Sept. 2, 2016 at Document No. 20160462475, in the Public Records of Orange County, Florida. The Debtor further requests the Court waive the 14-day stay under Bankruptcy Rules 6004(h) Pursuant to Rule 6004(h) of the Bankruptcy Rules, unless the Court orders otherwise, all orders authorizing the sale of property pursuant to Section 363 of the Bankruptcy Code are automatically stayed for 14 days after entry of the Order. The Debtor respectfully requests (i) a hearing to consider the relief requested herein on Sept. 21, 2021, at 1:30 p.m., (ii) entry of an order authorizing the relief requested herein, and (iii) such other and further relief as the Court deems just and proper. A copy of the Exhibit A is available at https://tinyurl.com/t2xuvm6t from PacerMonitor.com free of charge. About Agape' Assembly Baptist Church Agape' Assembly Baptist Church, Incorporated, is a religious organization in Orlando, Fla. Agape' Assembly Baptist Church filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-07981) on Dec. 5, 2019. In the petition signed by Richard Bishop, president and director, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP, is the Debtor's legal counsel. ALLIANCE OF AMERICAN: Trustee Asks Court Okay to Sue Dundon ----------------------------------------------------------- Daniel Kaplan of The Athletic reports that a trustee of Alliance of American Football is seeking the bankruptcy court's permission to sue Tom Dundon in the bankruptcy case of the failed football league. It's been nearly two-and-a-half years since the Alliance of American Football, a start-up pro league, cratered after eight games and then filed for Chapter 7 bankruptcy. Since then a narrative emerged that founder Charlie Ebersol ran the league into the ground amid a financial house of cards while Carolina Hurricanes owner Tom Dundon, who bought the league on the verge of collapse in February 2019, did the only thing he could by closing the doors seven weeks later after pumping in $70 million. That storyline took a major hit with what can only be described as a startling turn in the ongoing bankruptcy proceedings and intertwined litigation brought by former players. A court-appointed bankruptcy trustee is proposing a settlement in the players' case that drops Ebersol as a defendant -- without him paying a penny — but leaves Dundon's status unchanged. In fact, the trustee, Randolph Osherow, wants the court's OK to hire the AAF players' lawyers to pursue an adversarial case against Dundon. There has been extensive discovery, including depositions of both Dundon and Ebersol, in the players' lawsuit, which seeks $674 million. Osherow wrote to the court that Ebersol "cooperated fully and candidly." After digesting what Ebersol told him about the league, the trustee decided to ask the court at a hearing later this month to end the case against Ebersol, son of legendary NBC Sports executive Dick Ebersol, but allow the trustee on behalf of the government to assume the litigation against Dundon (the trustee is an officer of the Department of Justice). About Alliance of American Football Founded by Charlie Ebersol and Bill Polian, Alliance of American Football is a professional American football league. It is composed of eight centrally owned and operated teams from the southern and western United States. Legendary Field Exhibitions, LLC and affiliates, including Ebersol Sports Medial Group Inc. and AAF Properties, LLC, each filed a Chapter 7 bankruptcy petition (Bankr. W.D. Tex. Lead Case No. 19-50900) on April 17, 2019. In its petition, AAF estimated assets of $11.3 million and liabilities of $48.3 million. The Debtors' counsel: William A. (Trey) Wood, III Bracewell LLP Tel: 713-223-2300 E-mail: trey.wood@bracewelllaw.com The Chapter 7 Trustee: Randolph N Osherow 342 W Woodlawn, Suite 100 San Antonio, TX 78212 The Chapter 7 Trustee's counsel: Abbey U. Dreher Barrett Daffin Frappier Turner & Engel Tel: 972-386-5040 E-mail: wdecf@bdfgroup.com Randolph N Osherow 210-738-3001 Thomas Andrew Woolley, III McCloskey Roberson, PLLC Tel: 713-868-5581 E-mail: rwoolley@mccloskeypllc.com Steve Turner Barrett Daffin Frappier Turner & Engel Tel: 512-687-2500 E-mail: wdecf@bdfgroup.com Kell C. Mercer Kell C. Mercer, P.C. Tel: 512-627-3512 E-mail: kell.mercer@mercer-law-pc.com Brian S. Engel Barrett Daffin Frappier Turner & Engel Tel: 512-687-2500 E-mail: brianen@bdfgroup.com AMERICAN FEDERATED: A.M. Best Alters Outlook on 'B' FSR to Negative ------------------------------------------------------------------- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Ratings of "bb" (Fair) of American Federated Insurance Company (AFIC) and American Federated Life Insurance Company (AFLIC). Both companies are known collectively as American Federated Insurance Companies and are domiciled in Flowood, MS. These Credit Ratings (ratings) reflect AFIC's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile, and marginal enterprise risk management (ERM). The ratings also reflect drag from the parent holding company, First Tower Finance Company LLC (First Tower Finance). The ratings of AFLIC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile, and marginal ERM. The ratings also reflect drag from the parent holding company, First Tower Finance. The American Federated Insurance Companies are indirect, wholly-owned subsidiaries of First Tower Finance, a multiline specialty finance company. Prospect Capital Corporation [NASDAQ: PSEC], a publicly-traded closed-end investment company, indirectly owns an 80.1% majority interest in First Tower Finance and its subsidiaries. AFIC provides credit insurance coverage on collateralized personal loans originated by the consumer finance subsidiaries of First Tower Finance, and involuntary unemployment insurance. AFLIC provides credit life and credit accident and health insurance coverages for the same individuals. The drag on the ratings of AFIC and AFLIC reflects the considerable financial leverage with a deficit in members' equity at First Tower Finance, stemming from a 2014 transaction involving the return of First Tower Finance's capital to its members. The outlook revisions to negative reflect AM Best's concern that high financial leverage, high interest expenses, and growing negative equity at First Tower Finance, the intermediate holding company, may place further pressure on AFIC and AFLIC for additional dividends or increased expense sharing. AMIT GAURI: CarMax Buying Maserati GranTurismo 2D Coupe for $28.5K ------------------------------------------------------------------ Amit Gauri asks the U.S. Bankruptcy Court for the Northern District of Illinois to authorize the sale of 2014 Maserati GranTurismo 2D Coupe Sport to CarMax for $28,500. An electronic hearing via Zoom for Government on the Motion is set for Sept. 15, 2021, at 1:00 p.m. To appear and be heard on the motion, you must do the following: To appear by video, use this link: https://www.zoomgov.com/. Then enter the meeting ID and password. To appear by telephone, call Zoom for Government at 1-669-254-5252 or 1-646-828- 7666. Then enter the meeting ID and password. The meeting ID for this hearing is 160 731 2971 and the password is 587656. The meeting ID and password can also be found on the judge's page on the Court's web site. The Objection Deadline is two business days before that date. The Debtor owns indirectly and operates Black Dog Petroleum, LLC, a fuel distribution firm. Its membership interests are owned by Black Dog Chicago, LLC. Black Dog Chicago is a debtor in a related Chapter 7 bankruptcy case, Number 19-28245, which is pending before the Court. A majority (80.01%) of Black Dog Chicago's membership interests are owned by Black Dog Commercial Ventures, Corp., an Illinois corporation. The Debtor owns 100% of the shares of Black Dog Commercial Ventures. The Vehicle is owned jointly by the Debtor and Black Dog Chicago. It is not essential to the operation of the Debtor's business. CarMax has submitted a $28,500 offer to purchase the Vehicle. The Debtor has authority to sell estate property outside of the ordinary course of business, after notice and hearing. 11 U.S.C. Section 363(b)(1). He also has authority to sell property free of the interest of other entities in the property, provided certain conditions are met. The Debtor intends to distribute 50% of the Vehicle sale proceeds to Frances Gecker, the chapter 7 trustee of Black Dog Chicago. The Debtor seeks authority to sell the vehicle for $28,500 pursuant to the Offer. The Debtor believes that he has maximized the value of the Vehicle by seeking the Offer from CarMax. Although the offer is only valid through May 27, 2021 and is contingent on CarMax verifying the mechanical condition of the Vehicle, the Debtor believes that CarMax is still willing to purchase the Vehicle under similar terms. The Debtor will sell the Vehicle in accordance with the order entered by the Court. The Vehicle will be sold free and clear of all interests, liens, claims or encumbrances of any kind or nature, with such liens, claims and encumbrances attaching to the proceeds of the sale of the Vehicle. The Trustee has an ownership interested in the Vehicle, which is unencumbered by liens. A copy of the Offer is available at https://tinyurl.com/35hz6tsj from PacerMonitor.com free of charge. Amit Gauri sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 21-03680) on March 22, 2021. The Debtor tapped Carolina Sales, Esq., at Bauch & Michaels, LLC as counsel. ASHBROOKE DEVELOPMENT: Unsecured Creditors to Recover 100% in Plan ------------------------------------------------------------------ Ashbrooke Development, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization dated August 30, 2021. The Debtor is a Michigan limited liability company that commenced this Case as a means to facilitate an orderly restructuring of its Allowed Claims and believes its efforts will maximize recovery to all constituents with Allowed Claims and Interests. The Debtor found itself filing the Case due to the actions of Christopher Yatooma, Fleming, Yatooma & Borowicz, PLC, and Frank M. Deluca (collectively, the "Yatooma Parties") who issued a garnishment to the Debtor's bank account despite having no Claim against the Debtor. Upon information and belief, prior to the Petition Date, the Yatooma Parties manipulated a writ of garnishment in an effort to interfere with the Debtor's business operations. After the filing of its Case, the Debtor has worked with the Subchapter V Trustee, the Office of the United States Trustee, and Holders of Allowed Claims to ensure that its business returns to operational stability. The funds that were frozen prior to the Petition Date as a result of the actions of the Yatooma Parties were returned to the Debtor, employees have been paid, and post petition debts serviced. Under this Plan, the Debtor is reorganizing its financial affairs and will be free of further interference in its business operations from the Yatooma Parties. The Debtor has preserved all claims. The Plan will treat claims as follows: * Class I consists of the Claim Claims of Legacy and Southeastern Equipment Company. Creditors in this Class shall receive payments. Neither pre-confirmation interest nor post- confirmation interest on Class I Claims will be paid. A Creditor in this class will receive payment, in full, for its Cure Claim on or before 21 days after the Effective Date. This Class is Impaired. * Class II will receive payments and consists of the Holders of Allowed Unsecured Claims. Neither pre-confirmation interest nor postconfirmation interest on Allowed Class II Claims will be paid. A Creditor possessing an Allowed Unsecured Claim shall receive a total distribution of 100% percent of its Allowed Unsecured Claim. The Debtor shall pay such amounts necessary to pay each Allowed Unsecured Claim 100% percent of its Allowed Claim on or before 1 year of the Effective Date. This Class is Impaired. * Class III will not receive payments and consists of the Disputed Claim of Christopher Yatooma. The Claim of Christohper Yatooma is disputed, unliquidated, and contingent. In fact, the Debtor asserts that Christopher Yatooma possesses no Claim against the Debtor and, rather, the Debtor possesses claims against, inter alios, the Yatooma Parties. A party in this Class will not receive distributions unless and until the Bankruptcy Court and any appellate court therefrom enters a Final Order determining that Christopher Yatooma possesses an Allowed Claim against the Debtor. In such unlikely event, the Claim will be paid, in full on or before the fifth anniversary of the Effective Date. Neither preconfirmation interest nor post-confirmation interest on Allowed Class III Claims will be paid. * Class IV shall consist of the Interests of the Debtor. Holders of the Interests shall retain their interests in the Debtor and Reorganized Debtor in the same manner as percentage upon confirmation of the Plan. This Class is Unimpaired. On the Effective Date, all of the Debtor's rights, titles, and interests in and to all Assets shall revest in the Reorganized Debtor to be operated and distributed by the Reorganized Debtor pursuant to the provisions of this Plan. Notwithstanding anything in the Bankruptcy Code to the contrary, in the event the Plan is confirmed under 11 U.S.C. § 1191(b), the Reorganized Debtor will make all payments required pursuant to this plan. A full-text copy of the Plan of Reorganization dated August 30, 2021, is available at https://bit.ly/2Va0WZp from PacerMonitor.com at no charge. Counsel for Debtor: Elliot G. Crowderm Esq. Ernest M. Hassan, III (P67815) Stevenson & Bullock, P.L.C. 26100 American Drive, Suite 500 Southfield, MI 48034 Phone: (248) 354-7906 Fax: (248) 354-7907 E-mail: ecrowder@sbplclaw.com E-mail: ehassan@sbplclaw.com About Ashbrooke Development Ashbrooke Development, LLC was founded in 2020 and specializes in wholesale landscape supply of topsoil. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 21-45699) on July 6, 2021, disclosing $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Stevenson & Bullock, P.L.C. serves as the Debtor's legal counsel. AVADIM HEALTH: Taps Omni Agent Solutions as Administrative Agent ---------------------------------------------------------------- Avadim Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Omni Agent Solutions as their administrative agent. The firm will render these services: (a) assist in the solicitation, balloting and tabulation of votes, prepare any related reports in support of confirmation of a Chapter 11 plan, and process requests for documents; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) provide a confidential data room, if requested; (d) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (e) provide such other processing, solicitation, balloting, and other administrative services. The standard hourly rates charged by Omni Agent Solutions' professionals are as follows: Analyst $35 - $50 per hour Consultants $65 - $160 per hour Senior Consultants $165 - $200 per hour Solicitation and Securities Services $205 per hour Technology/Programming $85 - $135 per hour Paul Deutch, Esq., executive vice president of Omni Agent Solutions, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Deutch, Esq. Omni Agent Solutions 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Tel. 212-302-3580 Ext 190 Fax. 212-302-3820 Email: paul@omniagnt.com About Avadim Health Avadim Health, Inc. is a Asheville, N.C.-based healthcare and wellness company that develops, manufactures and markets topical products for the institutional care and consumer markets. It was formerly known as Avadim Technologies Inc. Avadim and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10883) on June 1, 2021. In the petition signed by CRO Keith Daniels, Avadim disclosed total assets of between $10 million and $50 million and total liabilities of between $100 million and $500 million. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Chapman and Cutler LLP as legal counsel, SSG Capital Advisors LLC as investment banker, and Carl Marks Advisory Group LLC as restructuring advisor. Keith Daniels, a partner at Carl Marks, serves as the Debtors' chief restructuring officer. Omni Agent Solutions is the claims and noticing agent and administrative agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases on June 9, 2021. The committee tapped Fox Rothschild, LLP and Lowenstein Sandler, LLP as its legal counsel and Province, LLC as its financial advisor. AVERY ASPHALT: Regional Selling Loader Backhoe for $15K to Big D ---------------------------------------------------------------- Regional Pavement Maintenance of Arizona, Inc., an affiliate of Avery Asphalt, Inc., asks the U.S. Bankruptcy Court for the District of Colorado to authorize the sale of its Case Loader Backhoe, product identification number JJGN58SNEEC705132, to Big D Heavy Equipment, LLC, for $15,000. On the Petition Date, Regional owned the Backhoe. The Backhoe was previously used by Regional in its asphalt paving and maintenance business. Regional's ownership interest in the Backhoe constitutes property of its bankruptcy estate pursuant to 11 U.S.C. Section 541. Sunflower Bank, N.A. claims to hold a valid and enforceable first position lien against the Backhoe to secure Regional's pre-petition indebtedness to Sunflower. The Backhoe is being held by Otto Trucking, Inc. in Phoenix, Arizona. Regional has initiated an adversary proceeding against Otto Trucking, among others, to obtain possession of the Backhoe, among other equipment, in adversary case number 21-01050 MER. In its reasonable business judgment, Regional has decided to sell the Backhoe. Regional is no longer in business and is not using the Backhoe. Neither will there be any economic benefit to shipping the Backhoe to Colorado to be used by Avery Asphalt, Inc. Big D has agreed to purchase the Backhoe for $15,000 in its current condition and location from Regional ("as is, where is," with no warranties). Regional believes that the purchase price to be paid by the Big D is equivalent to fair market value for the estate's interest in the Backhoe and is in the best interests of creditors. Regional seeks authorization to sell the Backhoe free and clear of any interests in such property of any entities other than the estate by (i) selling the Backhoe to Big D "as is, where is" with all faults and without any warranties, representations, or guaranties; (ii) paying the administrative expenses of Regional's bankruptcy estate to effectuate the sale (those expenses allowed under 11 U.S.C. Section 503) out of the proceeds of sale; and (iii) Sunflower's lien attaching to the remaining proceeds of sale with the Net Sale Proceeds to be forwarded to Sunflower. Regional requests that the Court enters an order approving this Motion that is self-executing and effective immediately upon entry, and that the stay under Fed.R.Bankr.P. 6004(h) be waived to allow Regional to close as soon as practicable. Regional asks the Court to enter an order (a) authorizing the sale of the Backhoe; (b) authorizing it to execute such documents as required to convey the Estate's interest in the Backhoe to Big D; (c) authorizing Regional to pay any closing costs, including, without limitation, property and sale taxes; (e) authorizing Regional to pay the administrative expenses of Regional's bankruptcy estate not to exceed $1,000 out of the proceeds of sale; (f) ordering that Sunflower's lien attaches to the Net Sale Proceeds with the Net Sale Proceeds to be forwarded to Sunflower; and (g) granting such other and further relief as deemed proper. About Avery Asphalt, Inc. Avery Asphalt, Inc., is the main operating company and installs, maintains, and improves roadways, parking lots, and other outdoor surfaces. Avery Equipment, LLC owns the equipment used in Avery Asphalt's business. Avery Holdings, LLC owns the real estate used in Avery Asphalt's business. LBLA Ventures, Inc. is the holding company for a non-operating Arizona asphalt company and 1401 S. 22nd Ave., LLC owns the real estate that was formerly used by Regional Pavement Maintenance of Arizona, Inc. in its business. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Lead Case No. 21-10799) on February 19, 2021. The bankruptcy was filed after a receiver was appointed for all the Debtors in one state court case. The receivership hampered Avery Asphalt's ability to operate profitably. The Debtors believe this reorganization proceeding will facilitate a better return to creditors than a receivership or liquidation. The Debtors intend to streamline operations and sell equipment and real estate that is no longer used by Avery Asphalt in connection with a plan of reorganization. In the petition signed by CEO Aaron Avery, the Debtors disclosed up to $50,000 in assets and up to $10 million in liabilities. David J. Warner, Esq., at WADSWORTH GARBER WARNER CONRARDY, P.C. is the Debtor's counsel. AVIANCA HOLDINGS: Asks Court Nod for $900M Debt-for-Equity Deal --------------------------------------------------------------- In the context of Avianca Holdings S.A.'s Chapter 11 proceedings, on September 1, 2021, the Company, as debtor-in-possession ('DIP'), intends to file a motion with the Bankruptcy Court (the 'Court') seeking approval of the terms of, and the Company's entry into and performance under, an Equity Conversion and Commitment Agreement (the 'ECCA'), dated September 1, 2021, by and among the Company, certain of its subsidiaries and a majority of Avianca's 'Tranche B' Lenders under the Company's outstanding DIP Credit Agreement (the 'Supporting Tranche B Lenders'). The terms of the ECCA provide for the potential conversion of approximately $900 million in Tranche B DIP obligations into equity in a reorganized new holding entity of the Companies and the contribution by the Supporting Tranche B Lenders of $200 million of additional capital in exchange for equity in such reorganized entity upon the satisfaction of certain conditions. Following a competitive marketing process for exit financing, the Company's management decided (in consultation with certain stakeholders) to refinance Tranche A of its previously outstanding DIP facility with New Tranche A-1 DIP/Exit Loans and New Tranche A-2 DIP/Exit Loans (as disclosed to the market on July 22, 2021) and to move forward in its negotiations with its Tranche B lenders. The ECCA, which remains subject to final approval by the Court, evidences Avianca's decision to elect the conversion option under its DIP credit agreement and is the result of such negotiations with the Supporting Tranche B Lenders. Further to our disclosures to the market on May 20, 2020, April 14, 2021 and July 22, 2021, although the Supporting Tranche B Lenders have executed the ECCA, the ECCA remains subject to approval by the Court and to the satisfaction of certain other conditions. Accordingly, at this stage of the process, it is still not possible to know (i) if third parties, creditors or shareholders will contribute new capital, or if the value of the shares of the Company (ordinary and/or preferred) will be diluted and, to the extent such is the case, the extent of such dilution; or (ii) if the Company or any of its affiliated debtors in the Chapter 11 proceedings (the 'Debtors') will be liquidated. In any event, U.S. law imposes upon the Debtors a priority order (known as the 'absolute priority rule') to pay claims existing before the restructuring proceeding filing date. Generally, the value of the Debtors must be directed (i) first, to satisfy secured claims, up to the value of the collateral securing such claims; (ii) second, to satisfy unsecured priority claims; (iii) third, to satisfy non-priority unsecured claims; and (iv) fourth, to shareholders of the Debtors. Generally, a particular class of claims may not receive any distribution until all claims senior to such class have been paid in full. If the Court confirms a plan of reorganization on terms consistent with the ECCA, the Company's shareholders (including ordinary shareholders and preferred shareholders) will not receive any distribution. As a result of the foregoing, under the Chapter 11 plan, the value of the shares of the Company would be reduced to zero, due to the decrease in equity of the Company attributable to the Debtors' liabilities to third parties and creditors, as well as the injection of capital by new investors pursuant to the Chapter 11 plan. In addition to the filing described above, on August 31, 2021, the Company filed with the Court two additional exhibits to the disclosure statement that the Company has proposed to distribute to voting creditors in connection with its Chapter 11 plan of reorganization (the 'Disclosure Statement'). These exhibits, customary for reorganization proceedings under Chapter 11, are Exhibit C and Exhibit D. The proposed Disclosure Statement was previously filed at Docket No. 1983. All filings in the Chapter 11 proceedings are available at http://www.kccllc.net/avianca/document/list/5155. The next step in the Chapter 11 process will be a hearing for the Court to consider the approval of the Disclosure Statement and the solicitation of the Company's Plan of Reorganization. This hearing is currently scheduled for September 14, 2021. The Company is currently not soliciting votes on its Plan of Reorganization and will not solicit votes on its Plan of Reorganization until the Court approves the Disclosure Statement and the solicitation of the Company's Plan of Reorganization. Any relevant information in the Chapter 11 process will be disclosed to the market in a timely manner. About Avianca Holdings SA Avianca Holdings SA-- https://aviancaholdings.com/ -- is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Bogota, Colombia-based Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca Holdings S.A. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11133) on May 10, 2020. At the time of the filing, the Debtors disclosed $7,273,900,000 in assets and $7,268,700,000 in liabilities. Judge Martin Glenn oversees the cases. The Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S. as restructuring counsel; Smith Gambrell and Russell, LLP as aviation counsel; Seabury Securities LLC as financial restructuring advisor and investment banker; FTI Consulting, Inc. as financial restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases on May 22, 2020. The committee is represented by Willkie Farr & Gallagher, LLP. AVIANCA: David Polk Advised Lenders on DIP-to-Exit Facility ----------------------------------------------------------- Davis Polk advised an ad hoc group of lenders in connection with a $1.05 billion senior secured term DIP-to-exit facility for Avianca Holdings S.A. and certain of its subsidiaries (collectively, "Avianca"). The DIP-to-exit facility will convert into an exit facility upon Avianca's emergence from chapter 11 subject to the satisfaction of certain conditions. On August 18, 2021 the U.S. Bankruptcy Court for the Southern District of New York entered an order approving the DIP-to-exit financing. Established in 1919, Avianca provides air travel and cargo services in the Latin American market and across the globe. Avianca is the largest airline in the Republic of Colombia and the second-largest airline group in Latin America, and is a member of the Star Alliance which, with 26 members, is the world's largest global airline alliance. The Davis Polk restructuring team included partners Damian S. Schaible and Natasha Tsiouris, counsel Christian Fischer and Jon Finelli and associates Jonah A. Peppiatt, Alexander K.B. Shimamura and Abraham Bane. The tax team included partner Lucy W. Farr, counsel Tracy L. Matlock and associate Ben Levenback. All members of the Davis Polk team are based in the New York office. About Avianca Avianca -- https://aviancaholdings.com/ -- is the commercial brand for the collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Bogota, Colombia-based Avianca has been flying uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca Holdings S.A. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11133) on May 10, 2020. At the time of the filing, the Debtors disclosed $7,273,900,000 in assets and $7,268,700,000 in liabilities. Judge Martin Glenn oversees the cases. The Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S. as restructuring counsel; Smith Gambrell and Russell, LLP as aviation counsel; Seabury Securities LLC as financial restructuring advisor and investment banker; FTI Consulting, Inc. as financial restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors in Debtors' bankruptcy cases on May 22, 2020. The committee is represented by Willkie Farr & Gallagher, LLP. BASIC ENERGY: Warns of Possible Mass Layoffs of 1400 Employees -------------------------------------------------------------- Emerson Clarridge of Fort Worth Star Telegram reports that Fort Worth-based oilfield servicing company, Basic Energy, may lay off about 1,400 employees. A Fort Worth-headquartered oilfield service company that has filed for bankruptcy protection twice in five years has suggested that it may cut the jobs of about 1,400 of its employees who work in three states. Basic Energy Services, Inc. wrote in an advisory that 120 of the employees whose jobs may be cut work at its Burnett Plaza office tower headquarters. About 375 of the employees work elsewhere in Texas, in Big Spring, Andrews, Denver City and Kenedy. The largest share of the company's cuts could come in Bakersfield, California, where about 775 jobs may be lost. The positions of about 75 employees in Artesia, New Mexico, are also in peril. The mass layoff advisory is required by the federal Worker Adjustment and Retraining Act, and it was released by the Texas Workforce Commission. The layoffs may occur in mid or late October. Basic on Aug. 17, 2021 filed a voluntary Chapter 11 petition in U.S. Bankruptcy Court for the Southern District of Texas. The company wrote in the WARN Act notice that it had entered into asset purchase agreements with Berry Corporation, Axis Energy Services Holdings, LLC and Select Energy Services, Inc. Basic wrote that it did "not know whether the sales of its businesses will be completed, or whether any purchaser of the company's businesses will make an offer of employment to any or all of the company's employees after the closing of a sale transaction. "If the company does not enter into such sale transactions, the company currently expects that it will be forced to wind down its operations and conduct reductions-in-force." In 2012, Basic moved its headquarters from Midland to downtown Fort Worth, where it leased about 50,000 square feet of office space. At the time the company referred to itself the third-largest oil and gas well servicing company in the United States. It was founded in 1992 and went public in 2005. Nearly half of Basic's business at the time of the headquarters move came from completion services, including hydraulic fracturing and well cementing. Water hauling and disposal and well work-overs and servicing each accounted for about 25 percent, and contract drilling provided the rest of the revenue. Basic completed in December 2016 a restructuring and recapitalization plan and emerged from Chapter 11 bankruptcy protection after the company reached a deal with creditors on a prepackaged reorganization to reduce its debt. Basic divided among several investors about $800 million of unsecured debt, including accrued interest, in the restructuring. It also eliminated about $60 million in annual cash interest and raised $125 million of new capital, according to the company. About Basic Energy Services Basic Energy Services -- http://www.basices.com/-- provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company's operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana. Specifically, the Company has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. Basic Energy Services, Inc., and 12 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 21-90002) on Aug. 17, 2021. Basic Energy disclosed total assets of $331 million and debt of $549 million as of March 31, 2021. The Hon. David R. Jones is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Alixpartners LLP as restructuring advisor, and Lazard Freres & Company as financial advisor. Prime Clerk is the claims agent. According to the Troubled Company Reporter, Aug. 31, 2021, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Basic Energy Services, Inc. and its affiliates. BEAR COMMUNICATIONS: Ritchie Bros. to Auction Personal Property --------------------------------------------------------------- Bear Communications, LLC, asks the U.S. Bankruptcy Court for the District of Kansas to authorize the sale of its personal property by public auction, free and clear of liens and encumbrances and other claimed interests. A hearing on the Motion is set for Sept. 20, 2021, at 10:00 a.m. The Objection Deadline is Sept. 13, 2021. The Property is to be sold by online auction by Ritchie Bros. Auctioneers (America) Inc. through its Iron Planet on‐line platform, IronPlanet.com. The bidding will open on Sept. 16, 2021, at 6:00 a.m. and will conclude on Sept. 23, 2021, at staggered times. Bids at the auction will be accepted in the auctioneer's sole discretion. The auctioneer will charge a commission in accordance with its agreement with the Debtor, 9.25% of the gross sale price of each item sold. Expenses to be deducted from the sales proceeds will include title transfer fees totaling $130, photo fees of $50 per item, and basic inspection and photo fees of $150 per item. The closings on the sales of the Property will occur within 21 days after the sale concludes. The Property has not been claimed exempt by the Debtor because, as a limited liability company, the Debtor has no exemptions it may assert. The Property will be sold to the highest bidder for cash, cash equivalent (i.e. certified checks, money orders, etc.), or such other method of payment as the auctioneer may, in its sole discretion, accept. The Property will be sold in its present condition with no express or implied warranties and the successful bidder will accept the Property in its present condition, as is. The Property will be conveyed by bill of sale (for non‐titled items) and assignment of title (for titled items). The Property will be sold free and clear of all liens and security interests of record, and in the event of any valid liens or security interests in and to the Property, such liens and security interests will be transferred to the proceeds of the sale. The proceeds from the sale will be held in an account the Debtor will establish at Central Bank of the Midwest pending further order of the Court pertaining to distribution of such proceeds. About Bear Communications Lawrence, Kan.-based Bear Communications, LLC -- http://www.bearcommunications.net-- is a communications contractor offering aerial construction, underground construction, splicing, subscriber drop placement, residential and commercial installations, residential and commercial wiring, consulting, and testing services. Bear Communications filed its voluntary petition for Chapter 11 protection (Bankr. D. Kansas Case No. 21-10495) on May 28, 2021, disclosing total assets of up to $50 million and total liabilities of up to $100 million. Judge Dale L. Somers presides over the case. W. Thomas Gilman, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. The U.S. Trustee for Region 20 appointed an official committee of unsecured creditors in the Debtor's case on June 29, 2021. The committee is represented by Robert Hammeke, Esq. BENNETT ROSA: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Bennett Rosa, LLC 204 Second Ave, Ste 508 San Mateo, CA 94401 Chapter 11 Petition Date: September 3, 2021 Court: United States Bankruptcy Court Northern District of California Case No.: 21-30623 Judge: Hon. William J. Lafferty Debtor's Counsel: David A. Boone, Esq. LAW OFFICES OF DAVID A. BOONE 1611 The Alameda San Jose, CA 95126 Tel: 408-291-6000 Fax: 408-291-6016 E-mail: ecfdavidboone@aol.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John Chen as managing member. The Debtor stated it has no creditors holding unsecured claims. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/RG7DXQQ/Bennett_Rosa_LLC__canbke-21-30623__0001.0.pdf?mcid=tGE4TAMA BLINK CHARGING: All Three Proposals Passed at Annual Meeting ------------------------------------------------------------ Blink Charging Co. held its annual meeting of stockholders on Sept. 2, 2021, at which the stockholders: (1) elected Michael D. Farkas, Brendan S. Jones, Louis R. Buffalino, Jack Levine, Kenneth R. Marks, Ritsaart van Montfrans, and Carmen M. Perez-Carlton to the Company's board of directors for a one-year term of office expiring at the 2022 Annual Meeting of Stockholders; (2) ratified the appointment of Marcum LLP as the Company's independent registered public accounting firm for the year ending Dec. 31, 2021; and (3) approved, on an advisory, non-binding basis, the compensation of the Company's named executive officers for 2020. About Blink Charging Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID) f/k/a Car Charging Group Inc. -- http://www.CarCharging.com/-- is an owner and operator of electric vehicle charging stations in the United States and a growing presence in Europe, Asia, Israel, the Caribbean, and South America. The Blink Network utilizes proprietary cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network, along with the associated charging data. The Company has established key strategic partnerships to roll out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. Blink Charging reported a net loss of $17.85 million for the year ended Dec. 31, 2020, compared to a net loss of $9.65 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $246.62 million in total assets, $12.61 million in total liabilities, and $234 million in total stockholders' equity. BLOOMIN' BRANDS: Moody's Raises CFR to Ba1, Outlook Stable ---------------------------------------------------------- Moody's Investors Service upgraded Bloomin' Brands Inc.'s corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD. In addition, Moody's upgraded Bloomin' Brands senior secured revolving credit facility to Ba1 from Ba2, senior secured term loan A to Ba1 from Ba2 and senior unsecured note rating to B1 from B2. The speculative grade liquidity rating is maintained at SGL-2 and the outlook is stable. "The upgrade reflects Bloomin' Brands better than anticipated recovery in operating performance for the first half of 2021 and the material reduction of debt that has resulted in a significant improvement in credit metrics," stated Bill Fahy, Moody's Senior Credit Officer. "Even though we expect operating performance to moderate from the first half of 2021 levels going forward, Bloomin' Brands' debt repayment supports its ability to maintain stronger credit metrics on a sustained basis and its good liquidity provides it with the ability to manage the growing concerns regarding increasing coronavirus variants," Fahy added. Bloomin' Brands maintains a leverage target of net lease adjusted leverage (as calculated by Bloomin' Brands) of 3.0x. Bloomin' Brands goal is to achieve 3.0 times net lease adjusted leverage by early next year. Upgrades: Issuer: Bloomin' Brands, Inc. Corporate Family Rating, Upgraded to Ba3 from B1 Probability of Default Rating, Upgraded to Ba3-PD from B1-PD Gtd Senior Secured Revolving Credit Facility, Upgraded to Ba1 (LGD2) from Ba2 (LGD2) Gtd Senior Secured Term Loan A, Upgraded to Ba1 (LGD2) from Ba2 (LGD2) Gtd Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5) from B2 (LGD5) Outlook Actions: Issuer: Bloomin' Brands, Inc. Outlook, Changed To Stable From Negative RATINGS RATIONALE Bloomin' Brands' Ba3 CFR benefits from its high level of brand awareness of its four brands, a greater focus on off-premises, To-Go, and third party delivery services and large and diversified asset base with 1,484 restaurants spread across the US and about 20% located internationally. The company also benefits from improved operating performance and debt reduction that has resulted in stronger credit metrics and good liquidity. For the LTM ended June 27, 2021, Moody's lease adjusted debt/EBITDA improved to 4.1x from 9.4x at the fiscal year ended 2020. EBIT/interest improved to 1.7x from 0.1x over the same period. Bloomin' Brands maintains a leverage target of net lease adjusted leverage (as calculated by Bloomin' Brands) of 3.0x. Bloomin' Brands goal is to achieve 3.0 times net lease adjusted leverage by early 2022. The ratings are constrained by Bloomin' Brands' below average operating margins versus certain peers and the uncertainty of the consumers ability and willingness to sustain their elevated level of spending on food away from home as concerns regarding the higher incident of the coronavirus variants continue to increase and government stimulus wanes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's view that same store sales will continue to remain positive and help maintain earnings growth that will result in lower leverage while maintaining good liquidity despite an expectation of moderating earnings growth going forward. The outlook also anticipates that the company follows a prudent financial policy towards dividends and share repurchases. Factors that could result in an upgrade would require a strengthening of operating performance that resulted in a sustained strengthening of credit metrics with debt to EBITDA of below 4.0 times and EBIT coverage of interest of over 2.75 times. A higher rating would also require maintaining at least good liquidity and a moderate financial policy. Factors that could result in a downgrade include a sustained deterioration in credit metrics with debt to EBITDA exceeding 4.75 times or EBIT coverage of interest approaching 1.5 times. A sustained deterioration in liquidity for any reason could also result in a downgrade. The restaurant sector has been one of the sectors most significantly affected by the coronavirus outbreak given its exposure to widespread location restrictions and closures as well as its sensitivity to consumer demand and sentiment. Moody's regard the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Bloomin' Brands board of directors is a good mix of industry and industry related experience, as well as directors with large company experience and varied periods of board tenure. Bloomin' Brands board has 10 members, 8 of which are independent. Restaurants by their nature and relationship with sourcing food and packaging, as well as an extensive labor force and constant consumer interaction are deeply entwined with sustainability, social and environmental concerns. As part of that commitment, Bloomin' Brands has an Advisory Council, comprised of independent scientists and leading authorities who advise it on animal welfare and sustainability practices. While this may not directly impact the credit, they impact consumers view of the brand image which could impact operating performance. Bloomin' Brands owns and operates a diversified base of casual dining concepts which include Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse and Wine Bar. Annual revenues were approximately $3.65 billion for the LTM period ending June 27, 2021. The principal methodology used in these ratings was Restaurants published in August 2021. BOY SCOUTS: UMC Urges Congregation to Consider Legal Liability -------------------------------------------------------------- Baptist News Global reports that as the Boy Scouts of America bankruptcy plan proceeds, UMC urges its congregations to consider their legal liability. This call to disaffiliation matters because United Methodist churches are the largest remaining source of BSA organizational charters, now that the Church of Jesus Christ of Latter-Day Saints broke formal ties with the BSA last 2020, removing a reported 400,000 youth from BSA programs chartered by Mormon congregations in order to create its own global youth development program. At issue currently is the potential liability those chartered organizations could face as the BSA works through bankruptcy court due to tens of thousands of claims of child sexual abuse that reach back decades. On Aug. 19, a federal judge overseeing the bankruptcy case approved the BSA's proposed $850 million settlement, but the deal still faces opposition, including from church groups and other sponsoring organizations. Because of its deep connection with scouting that goes back more than a century, the UMC appointed an ad hoc committee to represent the denomination's interests in the litigation. That group currently advises UMC churches not to continue their chartered organization status with the BSA, even if they continue to support scouting generally. "The denomination continues to maintain a relationship with the BSA, and churches may continue to support scout troops," the committee said in a statement to churches. "However, the ad hoc committee is disappointed and very concerned that the BSA did not include its sponsoring organizations, charter groups, in the agreement with the claimants. This leaves as many as 5,000 United Methodist U.S. congregations -- or more than 15% of U.S. congregations -- exposed to potential lawsuits by the survivor claimants. Charter organizations were promised by the BSA to be covered by their insurance, but at this time, it is not clear to what extent United Methodist congregations will be covered." Until things get cleared up, the ad hoc committee recommends that UMC churches let their organizational charters expire but continue with a "facilities use agreement." That lesser legal entanglement purportedly would limit congregations' legal liability. An insurers' perspective In 2020, prior to the most recent action from bankruptcy court, one national insurance company that covers many churches posted specific advice on its website about the BSA liability issue. That advice from Brotherhood Mutual insurance company remained active on the company's site as of Sept. 1. "While the bankruptcy proceeding may eliminate certain protections and the ability to recover from the Boy Scouts of America for past incidents of sexual abuse or injury, it is unlikely to have any effect on a church's own liability coverage," the company advises. "The effect of the bankruptcy will likely eliminate future claims and judgment against BSA for acts or events that took place prior to the bankruptcy. In effect, this could eliminate BSA's obligation to indemnify a church for past incidents involving a Boy Scout troop that the church chartered or hosted.” Some attorneys, the company notes, are advising their client churches and organizations to make their own filings with the bankruptcy court. The deadline for such claims was Nov. 16, 2020. "If your ministry has ever hosted or chartered a Boy Scouts troop and is wondering if it should take any action in relation to the BSA's bankruptcy case, you should consult with a local attorney," Brotherhood Mutual advises. "If your ministry is a part of a denomination, it would also be a good idea to check with your local, regional or national headquarters for guidance." One important note from the Brotherhood Mutual site is for churches to beware of the status of liability insurance available to BSA chartered organizations after BSA emerges from bankruptcy. "Although BSA has historically agreed to indemnify charter organization churches and provide liability insurance on their behalf, that obligation will not likely remain after BSA's bankruptcy is completed," it explains. "If BSA liability insurance coverage is no longer available for charter organization churches, then the churches' own liability insurance would likely apply. This is especially true if the charter organization church is sued directly." About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BYRNA TECHNOLOGIES: To Host Analyst Day on Sept. 9 -------------------------------------------------- Byrna Technologies Inc. will host an Analyst Day on Sept. 9, 2021 beginning at 10:00 a.m. EST and running approximately two hours. A link to the live webcast and presentation materials, as well as a replay of the event, will be available on Byrna's investor relations website at ir.byrna.com. At the event, Byrna's extended management team will provide further detail on the company's recent developments and growth initiatives associated with its strategy to develop the leading personal safety lifestyle brand, which will be followed by a question and answer session. Please submit all questions in advance to iportner@equityny.com About Byrna Technologies Headquartered in Byrna Technologies Inc. -- www.byrna.com -- is a less-lethal defense technology company, specializing in innovative next generation solutions for security situations that do not require the use of lethal force. Its primary focus is its Byrna line of products, launched in 2019, which the Company sells directly to U.S. consumers through its Byrna e-commerce site, as well as to dealers and distributors primarily in the United States and South Africa. Byrna Technologies reported a net loss of $12.55 million for the year ended Nov. 30, 2020, a net loss of $4.41 million for the fiscal year ended Nov. 30, 2019, a net loss of $2.15 million for the fiscal year ended Nov. 30, 2018, and a net loss of $2.8 million for the fiscal year ended Nov. 30, 2017. As of May 31, 2021, the Company had $22.03 million in total assets, $8.88 million in total liabilities, and $13.15 million in total stockholders' equity. CAMBIUM LEARNING: S&P Withdraws 'B-' Issuer Credit Rating --------------------------------------------------------- On Sept. 2, 2021, S&P Global Ratings withdrew its 'B-' issuer credit rating on Dallas-based Cambium Learning Group Inc. at the issuer's request. S&P also withdrew its issue-level ratings on Cambium's revolving credit facility and first-lien term loan. Cambium's debt has been refinanced with a privately placed debt issuance, which no longer requires ratings. CANTERA COURT: Unsecureds to Get Share of Income for 3 Years ------------------------------------------------------------ Cantera Court Complex, Inc., submitted a First Amended Plan of Reorganization dated August 31, 2021. The Debtor operates as a family business. During the last bankruptcy case filed by Cantera in 2015, the prior shareholder and father to the members of the Board of Directors, Hector Benavides, was killed on the McPherson Property. A murder trial ensued, lasting 3 years, which impacted management. Debtor's source of revenue are tenant rents and payments on contracts for deed. In 2020, a worldwide pandemic dramatically impacted the United States and global economy, slashing revenues for the Debtor and other landlords in similar business. The Vineyard Loop and McPherson properties were scheduled for foreclosure on May 4, 2021. The Debtor filed the instant bankruptcy case to conserve its equity and propose a plan to pay its creditors. The Debtor now has nearly 95% occupancy in the McPherson building, up from 66% percent during the pandemic. Debtor projects it can operate profitably. Class 1 is the secured, pre-petition ad valorem property tax claims totaling $222,695.12. The Debtor will pay that sum in full in equal monthly payments with interest at 12% per annum amortized 60 months from April 30, 2021. Class 2 is the secured claim held by Falcon International Bank for 4 loans secured by 6 residential properties and 1 commercial property, in the aggregate amount of $4,135,000.39. The Debtor liquidated 1 residential property with Court approval and will liquidate 3 other properties located at 2666 Vineyard and 124, 126 Alfonso Ornelas by refinance agreement within 60 days of the Effective Date. The residential properties located at 112 Alfonso Ornelas and 114 Alfonso Ornelas will remain as income-generating properties for Cantera. The Debtor will pay the balance of the commercial note ending in 1213 and 9940, which, after an estimated gross $547,097 of sale proceeds, would equal approximately $3,591,087 amortized over a twenty-year note with interest accruing at four and a half percent (4.5%) per annum, with payments including a $7,500 tax escrow, with a five-year balloon. The first payment is due on the first day of the first month that is 30 days after entry of the confirmation order. Fifty percent of any monthly net cash flow, after payments to Falcon in accordance with the terms of the plan, payments to creditors under the terms of the Plan, and its normal operating expenses, shall be paid monthly to Falcon to pay down the principal of the note. Class 3 General unsecured claims will be paid from all the Debtor's disposable income over the 3 years in quarterly payments as funds may become available. The remaining unpaid balance shall be discharged. Expected quarterly payments to class: $653.75. Class 4 Equity retains their interests and will continue to operate the company. Debtor will fund the Plan with cashflows from operations. The Bankruptcy Court has scheduled October 7, 2021 at 1:00 P.M. as the hearing on the confirmation of the Plan. A full-text copy of the First Amended Subchapter V Plan dated August 31, 2021, is available at https://bit.ly/2WRkr9m from PacerMonitor.com at no charge. Counsel for the Debtor: Randall A. Pulman, Esq. Thomas Rice, Esq. Catherine Stone Curtis, Esq. Pulman, Cappuccio & Pullen, LLP 2161 NW Military Highway, Suite 400 San Antonio, TX 78213 Tel: (210) 222-9494 Fax: (210) 892-1610 Email: rpulman@pulmanlaw.com trice@pulmanlaw.com ccurtis@pulmanlaw.com About Cantera Court Complex Cantera Court Complex, Inc. is the owner and operator of Cantera Court Complex, one of the premier multi-tenant retail centers in Laredo, Texas. It also owns six residential properties doing business as BMW Creative Homes that are under contracts for deed. Cantera Court Complex sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-50044) on April 30, 2021. In the petition signed by Eric Lee Benavides, director, the Debtor disclosed up to $10 million in both assets and liabilities. Catherine S. Curtis, Esq., at Pulman, Cappuccio & Pullen, LLP, is the Debtor's legal counsel. Falcon International Bank, as lender, is represented by Richard E. Haynes III at Trevino Haynes, PLLC. CHAZAR 410: Case Summary & 5 Unsecured Creditors ------------------------------------------------ Debtor: Chazar 410 Holdings, LLC 777 Main Street Suite 600 Fort Worth, TX 76102 Business Description: Chazar 410 Holdings is engaged in activities related to real estate. Chapter 11 Petition Date: September 3, 2021 Court: United States Bankruptcy Court Northern District of Texas Case No.: 21-42132 Judge: Hon. Mark X. Mullin Debtor's Counsel: Jeff P. Prostok, Esq. FORSHEY & PROSTOK LLP 777 Main Street Suite 1550 Forth Worth, TX 76102 Tel: (817) 877-8855 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Larry Stauffer, trustee of the Stauffer Family Trust, managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MRPYZAY/Chazar_410_Holdings_LLC__txnbke-21-42132__0001.0.pdf?mcid=tGE4TAMA CITY-WIDE COMMUNITY: Oct. 13 Auction of Interests in Lancaster -------------------------------------------------------------- Judge Michelle V. Larson of the U.S. Bankruptcy Court for the Northern District of Texas authorized the bidding procedures proposed by City-Wide Community Development Corp. and its affiliates in connection with the sale of substantially all of their assets to the extent constituting Lancaster Urban Village. Within three business days after entry of the Order, the Debtors will serve copies of the Motion and the Order upon all the Sale Notice Parties. Within three business days after entry of the Order, the Debtors will serve all Residential Tenants with notice of the Auction and Sale Hearing. Prior to the commencement of the Sale Hearing and no later than Oct. 15, 2021, the Debtors will file with the Court a schedule of executory contracts and unexpired non-residential leases identified by the Successful Bidder to be assumed and assigned to it. The Cure Amount Objection Deadline is Sept. 24, 2021, at 4:00 p.m. (CT). The salient terms of the Bidding Procedures are: a. Bid Deadline: Oct. 4, 2021, at 4:00 p.m. (CT) b. Initial Bid: All bids for a Proposed Sale must provide for payment in cash, in full, upon the closing of the Proposed Sale (other than a Credit Bid or any portion of a bid that proposes a Loan Assumption for the purchase of the assets owned by LUVR, subject to the discretion and approval of HUD and W&D). c. Deposit: $250,000 d. Auction: If two or more Qualified Bids are received, an Auction will be held on Oct. 13, 2021, commencing at 10:00 a.m. (CT), virtually and/or at the offices of the Debtors' counsel, Kevin S. Wiley, Sr., The Wiley Law Group, PLLC, 325 N. St. Paul Street, Suite 2750, Dallas, TX 75201. e. Bid Increments: $100,000 f. Sale Hearing: Oct. 20, 2021, at 9:30 a.m. (CT) g. Sale Objection Deadline: Sept. 24, 2021, at 4:00 p.m. (CT) h. Credit Bid: Any creditor that has a valid, perfected, unavoidable, and enforceable security interest may make one or more credit bids for all or any portion of the secured claim(s) held by such Secured Creditor at the Auction, subject to the requirements of section 363(k) of the Bankruptcy Code. As soon as practicable following the conclusion of the Auction (if any), and no later than Oct. 15, 2021, the Debtors will file with the Court a notice setting forth the results of the Auction, including the operative purchase agreement to be approved, with the Assumed Contract Schedule and any other necessary exhibits and schedules, to the extent available. The Debtors are authorized, after consultation with the Consultation Parties, to terminate the bidding process or the Auction at any time if they determine, in their business judgment, that the bidding process will not maximize value for the Debtors' estates, with notice of such termination to be filed of record with the Court. All time periods set forth in the Order or the Bidding Procedures will be calculated in accordance with Bankruptcy Rule 9006(a). A copy of the Bidding Procedures is available at https://tinyurl.com/deb8x7nz from PacerMonitor.com free of charge. About City-Wide Community Development Corp. City-Wide Community Development Corp. and its affiliates are primarily engaged in renting and leasing real estate properties. City-Wide Community Development Corp. and affiliates Lancaster Urban Village Residential, LLC and Lancaster Urban Village Commercial, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 21-30847) on April 30, 2021. In the petitions signed by Sherman Roberts, president and chief executive officer, the Debtors disclosed $12,026,657 in assets and $10,332,946 in liabilities. Judge Michelle V. Larson oversees the cases. The Debtors tapped Wiley Law Group, PLLC, as legal counsel, Neal A. Walker, CPA, P.C. as accountant, and Capstone Real Estate Services, Inc. as property manager. CLEAN ENERGY: Secures $4M Financing Commitment From GHS Investments ------------------------------------------------------------------- Clean Energy Technology, Inc. entered into an Equity Financing Agreement and Registration Rights Agreement with GHS Investments LLC, a Nevada limited liability company. Under the terms of the Equity Financing Agreement, GHS agreed to provide the Company with up to $4,000,000 upon effectiveness of a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission. Following effectiveness of the Registration Statement, the Company shall have the discretion to deliver puts to GHS and GHS will be obligated to purchase shares of the Company's common stock, par value $0.001 per share based on the investment amount specified in each Put notice. The maximum amount that the Company shall be entitled to put to GHS in each Put notice shall not be less than $10,000 nor exceed 200% of the average daily trading dollar volume of the Company's Common Stock during the 10 trading days preceding the put, so long as such amount does not exceed $1,000,000. Pursuant to the Equity Financing Agreement, GHS and its affiliates will not be permitted to purchase shares, and the Company may not request Puts from GHS, that would result in GHS's beneficial ownership equaling more than 4.99% of the Company's outstanding Common Stock. The price of each share in a Put shall be equal to 80% of the average of the lowest two closing prices for the 10 days prior to the Put notice from the Company, but not less than the lowest daily volume weighted average price for the Company's common stock during the 20 trading days preceding the filing of the Registration Statement. Puts may be delivered by the Company to GHS until (i) the earlier of 12 months after the date of the Equity Financing Agreement, (ii) the date on which GHS has purchased an aggregate of $4,000,000 worth of Common Stock under the terms of the Equity Financing Agreement or (iii) such time the Registration Statement is no longer in effect. In accordance with the Equity Financing Agreement, the Company issued GHS 842,460 shares of its Common Stock as commitment shares. The Registration Rights Agreement provides that the Company shall (i) use its best efforts to file with the Commission the Registration Statement within 30 days of the date of the Registration Rights Agreement; and (ii) use reasonable commercial efforts to have the Registration Statement declared effective by the Commission within 30 days after the date the Registration Statement is filed with the Commission, but in no event more than 90 days after the Registration Statement is filed. About Clean Energy Headquartered in Costa Mesa, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- designs, produces and markets clean energy products and integrated solutions focused on energy efficiency and renewables. Clean Energy reported a net loss of $3.44 million for the year ended Dec. 31, 2020, compared to a net loss of $2.56 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $5.84 million in total assets, $8.23 million in total liabilities, and a total stockholders' deficit of $2.39 million. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has an accumulated deficit, net losses, negative working capital, and has utilized significant net cash in operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. CLUBHOUSE MEDIA: Closes Dobre Brothers House -------------------------------------------- Clubhouse Media Group, Inc. officially closed one of its Clubhouse locations -- Dobre Brothers House -- located in Beverly Hills, CA. The company terminated its lease agreement for the Dobre Brothers House effective Sept. 1, 2021. At the time of the termination of the lease, the company had a month-to-month tenancy at this location, as contemplated under the lease after the expiration of the initial term on July 31, 2021. The company did not incur any termination penalties. The Dobre Brothers House hosted Darius, Cyrus, Marcus and Lucas Dobre. The Dobre brothers were prominent influencers in the Clubhouse's roster, with a total follower reach of approximately 115 million as of Sept. 3, 2021. As a result of the closing of the Dobre Brothers House, the Dobre brothers will no longer be required to provide promotion and marketing social media posts on its behalf as part of the terms of their living arrangements in the Dobre Brothers House. As such, Clubhouse will exclude Dobre brothers followers from the company's calculations of its own follower reach going forward. Nonetheless, the company has continued to have a working relationship with the Dobre brothers since the closing of the Dobre Brothers House, and intends to maintain a working relationship with them going forward. About Clubhouse Media Las Vegas, Nevada-based Clubhouse Media Group, Inc. operates a global network of professionally run content houses, each of which has its own brand, influencer cohort and production capabilities. The Company offers management, production and deal-making services to its handpicked influencers, a management division for individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the social media influencer space. Its management team consists of successful entrepreneurs with financial, legal, marketing, and digital content creation expertise. Clubhouse Media reported a net loss of $2.58 million for the year ended Dec. 31, 2020, compared to a net loss of $74,764 for the year ended Dec. 31, 2019. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 15, 2021, citing that the Company has net losses and negative working capital. These factors raise substantial doubt about the Company's ability to continue as a going concern. CMC II: Agency Staff Fills 25% - 30% of Clinical Shifts, PCO Says ----------------------------------------------------------------- Susan N. Goodman, appointed Patient Care Ombudsman for CMC II, LLC and affiliated debtors, filed with the U.S. Bankruptcy Court for the District of Delaware a Third Interim Report. The report was based on remote engagements with the Executive Director and Director of Nursing at the Debtors' skilled nursing facility at Perry, Florida (Marshall Team). The PCO reported the Marshall Team has resolved the issues raised in the prior visit, except for one which is considered unrelated to bankruptcy-associated vendor or monetary issues. Positive reported facility improvements included the purchase of two resident room heating/cooling units and the approval to purchase five-bed replacements. Although the Marshall Team continues to report clinical staff recruitment its top priority, the PCO recounted that the Team also reported remaining off admission moratorium for the past three to four weeks. While staffing agency usage has declined, leadership reported that 25-30% of all clinical shifts remain filled by agency team members, she said. Marshall continues to actively recruit to fill four full-time nursing openings, between 10 to 12 certified nursing assistant (CNA) openings, and one weekend nursing supervisor position. Leadership reported some core-patient-care-staff bankruptcy fatigue. This group, according to the PCO, has been waiting for bankruptcy closure to have their pay benchmarked and readjusted to alleviate some of the reported market pay disparity. PCO said she will remain engaged with the leadership team regarding clinical staffing, particularly so because of the Marshall Location's recent county spike in COVID positivity rates. So far, the Marshall facility has remained COVID free. Leadership at the Marshall facility also reported no concerns on supply levels of COVID-19 personal protective equipment, as well as non-COVID related supply, concluded the PCO. A copy of the Third Interim Report is available for free at https://bit.ly/2V8Hegs from Stretto, claims agent. About CMC II, et al. CMC II, LLC, 207 Marshall Drive Operations LLC, 803 Oak Street Operations LLC and three inactive affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10461) on March 1, 2021. CMC II, LLC, et al., are part of a group of Consulate Health care corporate affiliates that manage and operate 140 skilled nursing facilities. CMC II provides management and support services to approximately 140 SNFs, each of which is operated by an affiliate of the Debtors under the common ownership of non-Debtor LaVie Care Centers, LLC, doing business as Consulate Health Care. 207 Marshall Drive Operations LLC operates Marshall Health and Rehabilitation Center, a 120-bed SNF located in Perry, Florida. 803 Oak Street Operations LLC operates Governor's Creek Health and Rehabilitation, a 120-bed SNF located in Green Cove Springs, Florida. CMC II estimated assets and debt of $100 million to $500 million as of the bankruptcy filing. The Hon. John T. Dorsey is the case judge. The Debtors tapped Chipman Brown Cicero & Cole, LLP, as counsel; and Alvarez & Marsal North America, LLC as restructuring advisor. Evans Senior Investments is the Debtors' broker. Stretto is the claims agent. COUNTY INVESTMENT: Case Summary & 4 Unsecured Creditors ------------------------------------------------------- Debtor: County Investment L.P. 15015 Turkey Trail Houston, TX 77070 Business Description: County Investment is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: September 3, 2021 Court: United States Bankruptcy Court Southern District of Texas Case No.: 21-32933 Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Leonard Simon, Esq. PENDERGRAFT & SIMON LLP 2777 Allen Parkway Suite 800 Houston, TX 77019 Tel: 713-528-8555 Email: lsimon@pendergraftsimon.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Massood Danesh Pajooh as manager. A copy of the Debtor's list of four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/5BEMIYA/County_Investment_LP__txsbke-21-32933__0001.2.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/4ZX4WFA/County_Investment_LP__txsbke-21-32933__0001.0.pdf?mcid=tGE4TAMA DEWIT DAIRY: Online Auction of Property Set for September 13 & 14 ----------------------------------------------------------------- Dewit Dairy filed with the U.S. Bankruptcy Court for the District of Idaho a notice of its sale of interest in the property described in Exhibit A, together with any other miscellaneous personal property that the Debtor may locate and provide to the auctioneer. The Objection Deadline is Sept. 10, 2021. The Purchasers are deemed to have conducted their own inspection and should not rely on descriptive information provided. The Property may be previewed prior to the closing of the auction on Sept. 13 and 14, 2021, from 9:00 a.m. to 5:00 p.m. (MT), and on Sept. 15, 2021, from 9:00 a.m. to 1:00 p.m. (MT) at 640 South Idaho Street, Wendell, Idaho. The sale of the Property will be by public online auction to the highest bidder in cash, closing on Sept. 15, 2021, at 4:00 p.m. (MT). The online auction link is https://mvaidaho.hibid.com/catalog/287556/fall-2021/ The Property will be sold to the highest bidder(s) in cash, notwithstanding any prior appraised or liquidated valuation. The Property offered for sale is subject to change or withdrawal prior to sale. The Property is being sold " as is, where is," and without warranty of any nature whatsoever, either express or implied. The Debtor is not aware of any liens encumbering the personal property to be sold. All proceeds from the sale of the Property will be deposited into the Debtor’s Debtor in Possession bank account, less any commissions payable to the auctioneer following an applicable order from the bankruptcy court authorizing such compensation. In the opinion of the Debtor, the sale will determine the reasonable liquidation value of the Property. The sale will be effective immediately and the 14-day stay imposed by Rule 6004(h) and other rules is waived. The sale proceeds will be subject to a proposed auctioneer commission, buyer's premium, and related costs as approved by the Court. If required, sale may be continued or withdrawn from time to time or place to place without further notice prior to sale. A copy of the Exhibit A is available at https://tinyurl.com/5ac4t32c from PacerMonitor.com free of charge. About Dewit Dairy Dewit Dairy operates a dairy farm in Wendell, Idaho. Dewit Dairy sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 20-40734) on Sept. 18, 2020. At the time of filing, the Debtor estimated $10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000 million in liabilities. Matthew Todd Christensen, Esq., at Angstman Johnson, PLLC, serves as Debtor's legal counsel. DIOCESE OF CAMDEN: Faces 365 New Sex Abuse Claims ------------------------------------------------- Jim Walsh of The Courier Post reports that The Diocese of Camden faces 345 new claims of alleged clergy sex abuse as part of its ongoing bankruptcy case, according to attorneys involved in the dispute. The claims are currently in the early stage of a mediation process while the two sides also battle in U.S. Bankruptcy Court, said lawyers for clergy accusers. "An accurate accounting and inventory of all cases will be required before any meaningful settlement discussions can be undertaken," said John Baldante, a Haddonfield attorney who filed 70 of the claims. Among other factors, the parties in mediation need to identify "insurance coverage from past decades applicable to these sexual abuses," Baldante said. "There is still significant work to ascertain the assets of the diocese, as well as its numerous parishes, churches, schools and entities," he noted. About The Diocese of Camden The Diocese of Camden, New Jersey is a non-profit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. It is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. Reverend Robert E. Hughes, vicar general and vice president, signed the petition. In the petition, the Debtor disclosed total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. The Debtor tapped McManimon, Scotland & Baumann, LLC as its bankruptcy counsel, Eisneramper, LLP as financial advisor, Cooper Levenson P.A. and Duane Morris LLP as special counsel. Prime Clerk LLC is the Debtor's claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured trade creditors in the Debtor's Chapter 11 case. The committee is represented by Porzio, Bromberg & Newman, P.C. DIOCESE OF WINONA: Onofrio Buying Rochester Property for $5.6-Mil. ------------------------------------------------------------------ The Diocese of Winona-Rochester asks the U.S. Bankruptcy Court for the District of Minnesota to authorize the sale of its interest in the real property commonly known as 4501 40th Street SW, in Rochester, Minnesota, to Matt Onofrio or his assignee, under a Purchase Agreement dated July 7, 2021, for $5,634,000. A hearing on the Motion is set for Sept. 23, 2021, at 9:30 a.m. The Objection Deadline is Sept. 17, 2021. The Diocese holds an undivided one-quarter remainder interest in the Property, which comprises of approximately 313 acres, subject to a life estate for the life of Mike Martinson. Mr. Martinson is 72 years of age. The Property primarily consists of tillable farm land and wooded acreage but also includes a vacant farm house that is in disrepair. The Diocese (which owns a one-quarter remainder interest), together with the other co-owners of the Property, Michele C. Poire (who owns a one-half interest) and Mike Martinson (who holds a life estate on the Diocese's remainder interest and also owns a one-quarter interest), agreed to list the Property for sale subject to the Court's approval. The parties have agreed that the Diocese will received 25% of the net proceeds of the sale of the Property. On June 10, 2021, the Court approved the Diocese's Application to Employ Real Estate Broker, Merl Groteboer of RE/MAX Results. Mr. Groteber marketed the Property for sale and during the marketing process received an offer to purchase the Property for a purchase price of $5,634,000 and the other terms and conditions set forth in the Purchase Agreement. After thoroughly reviewing the Purchase Agreement, the Diocese has tentatively agreed to enter into the Purchase Agreement, subject to the Court's approval. The Diocese requests authority to convey its interest in the Property to the Purchaser, free and clear of all liens and encumbrances, with such liens and encumbrances to attach to the proceeds from the sale of the Property. The Diocese has concluded, in its business judgment, that the sale of the Property to the Purchaser represents a prudent and proper exercise of its business judgment, the sale price is fair and reasonable and will provide additional liquidity to fund its proposed plan of reorganization, and that the sale is in the best interests of the Diocese's creditors and the bankruptcy estate; therefore approval of the sale and the Purchase Agreement is warranted. A copy of the https://tinyurl.com/vfzebam5 is available at from PacerMonitor.com free of charge. About Diocese of Winona-Rochester The Diocese of Winona-Rochester was established on Nov. 26, 1889 when Pope Leo XIII issued the apostolic constitution which erected the diocese, and set its geographical boundaries. The Diocese encompasses the 20 southernmost counties of the state of Minnesota and measures 12,282 square miles. The Diocese is home to 107 parishes, four high schools, 30 junior high, elementary, or preschools, and Immaculate Heart of Mary Seminary in Winona. The Diocese of Winona-Rochester is headquartered at the Diocesan Pastoral Center in Winona, Minnesota. The Diocese of Winona-Rochester sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 18-33707) on Nov. 30, 2018. In the petition signed by Reverend Monsignor Thomas P. Melvin, vicar general, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge William J. Fisher oversees the case. The Debtor tapped Bodman PLC as bankruptcy counsel, Restovich Braun & Associates as local counsel, Burns Bowen Bair LLP as special insurance litigation counsel, and Alliance Management, LLC as financial consultant. The U.S. Trustee for Region 12 appointed the official committee of unsecured creditors in the Debtor's Chapter 11 case on Dec. 19, 2018. The committee is represented by Stinson Leonard Street, LLP. DURRANI M.D.: Unsecureds Paid From Equity from Sale of Condo ------------------------------------------------------------ Durrani, M.D., & Associates, P.A. and Omar Hayat Durrani, M.D. submitted an Amended Plan of Reorganization. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of Durrani, M.D. & Associates, P.A. and Omar Hayat Durrani, M.D. from future business income. Under the Plan, General Unsecured Claims totaling $900,000.00. The allowed general unsecured creditors will be paid their pro rata share of the equity from the sale of the condominium, and the investment dividends per month for 60 months beginning on the 15th day of the first month following the 60th day after the effective date of the plan. A copy of the Disclosure Statement dated August 25, 2021, is available at https://bit.ly/3mC7j2R from PacerMonitor.com. About Durrani, M.D. & Associates Durrani, M.D., & Associates, P.A. offers comprehensive treatment for disorders of the kidneys, bladder and male reproductive system as well as a focus on male and female sexual health. Visit https://www.durranimd.com for more information. Durrani, M.D., & Associates filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19 35543) on Nov. 13, 2020. The petition was signed by Omar H. Durrani, M.D., president. At the time of the filing, the Debtor had estimated assets of between $100,000 and $500,000 and liabilities of $1 million to $10 million. Judge Christopher M. Lopez oversees the case. The Debtor is represented by the Law Office of Margaret M. McClure. ENDO INTERNATIONAL: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit rating on Endo International PLC to 'CCC+' from 'B-' and removed the rating from CreditWatch, where S&P placed it with negative implications on Aug. 25, 2021. The outlook is negative. The negative outlook reflects the potential for an event of default within the next 12 months stemming from opioid-related litigation or the possibility of a distressed exchange. The U.S. District Court for the District of Delaware recently ruled that Eagle Pharmaceutical Inc.'s abbreviated new drug application does not infringe on Endo International PLC's patent on its top drug Vasostrict. S&P said, "We now expect Eagle to launch its generic of Vasostrict by early 2022, and we are lowering our expectation for Vasostrict's revenue to about $500 million in 2022, which is $286 million lower than in 2020. "Our downgrade of Endo reflects our expectation for weakening credit metrics in 2022 and 2023 from Eagle's launch of a generic Vasostrict, raising adjusted gross debt to EBITDA to above 9x from the high 7x area and leading us to believe the capital structure is likely unsustainable. Although we think Endo can still generate positive cash flow at 9x leverage, we expect the company's opioid-related litigation to result in significant incremental liabilities, absorbing the majority of the company's $1.5 billion of cash on hand. We think the company's ability to deleverage over time is constrained by its narrow product pipeline, and we expect the lower operating cash flow and potential opioid-related liabilities to constrain the company's ability to invest in the pipeline. In addition, we think its research and development (R&D) budget of about 5% of revenue is alone insufficient to replace the inevitable revenue declines of its existing products (industry average R&D spending is about 15% of revenue). "We expect Eagle's launch of a generic to be the first of several competitors, and we believe that Endo's revenue from Vasostrict will continue to deteriorate after 2022. Eagle has consistently stated that it plans to launch its product when approved by the U.S. Food and Drug Administration (FDA) (FDA response deadline is Dec. 15, 2021), and we believe that the trial win increases that probability, even if Endo appeals. We believe that the recent trial's ruling, which said Eagle did not infringe on Endo's patents, provides a blueprint for additional generic entrants in 2023-2024 that will further reduce Endo's revenue from Vasostrict. We do not think generic entrants need to invalidate Endo's patents to safely enter the market. "We now expect about $500 million of revenue from Vasostrict in 2022, down from about $786 million in 2020 (the product had $421 million of revenue in the first six months of 2021).About $100 million of the revenue decline in 2022 is our expectation for lower volume commensurate with fewer COVID-19 cases (the product is used in intensive care units). From the launch of Eagle's generic of Vasostrict, we assume a revenue decline of about $150 million from 10% lower volume and 15% lower price, which we view as a modestly aggressive generic entrance. We expect Endo to generate adjusted EBITDA of about $900 million in 2022, about $150 million lower than our estimate for 2021, assuming the company has minimal ability to cut costs beyond current plans. "Our ratings reflect the expectation for significant litigation liabilities from the company's past marketing of opioid products. There are ongoing opioid-related trials in California and New York, and Endo did not settle ahead of the trials, suggesting significant distance in negotiations between plaintiffs and defendants. Although the outcome of the trials is highly uncertain, the courts could assess a very substantial monetary judgment if Endo is found liable, especially since the lawsuit in California alone is seeking $50 billion from Endo, Johnson & Johnson, Teva, and AbbVie. For context, the opioid public nuisance trial in Oklahoma found Johnson & Johnson liable and assessed a $465 million judgment. Endo settled that case for a modest $8.75 million, but we do not believe the settlement can be extrapolated to other cases." Endo is also seeking to resolve the opioid-related claims via a global settlement, but there are several uncertainties, including the ultimate amount, timeline, and number of plaintiffs who will agree to it. Endo marketed opioid products, including Opana ER, until 2016. Endo voluntarily removed Opana ER from the market in 2017, following an FDA request because of concern the drug's risks outweigh its benefit, including its potential for misuse and abuse. It continues to sell certain opioid products, including Percocet, but does not promote these products. The negative outlook reflects the potential for an event of default within the next 12 months, stemming from opioid-related litigation or the possibility of a distressed exchange. S&P said, "We could consider a lower rating on Endo if we concluded opioid-related liabilities would likely exceed the $1.5 billion in cash balances. "Alternatively, we could consider a lower rating if we concluded that a distressed debt exchange were likely in the near term. "We could consider revising the outlook to stable if we believed Endo would be able to resolve all of its opioid litigation for less than $1 billion, allowing for significant cash to invest in its product pipeline. This would increase the potential for the company to remain viable over the longer term." ENTERGY NEW ORLEANS: S&P Cuts ICR to 'BB+' on Weaker Credit Metrics ------------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Entergy New Orleans LLC (ENO) to 'BB+' from 'BBB'. At the same time, S&P lowered its ratings on ENO's first-mortgage bonds (FMBs) to 'BBB+' from 'A-'. The '1+' recovery rating on the bonds remains unchanged. The lower issuer credit rating reflects a change in the business risk profile to satisfactory from strong due to ongoing risks related to ENO's exposure to coastal storms. In addition, S&P applies the negative comparable ratings analysis modifier due to weaker financial measures within the financial risk category. The stable outlook reflects S&P's view that ENO will restore operations following hurricane Ida in an orderly manner and that any additional costs will be manageable within the current financial risk profile assumptions. The lower issuer credit rating reflects a weakening of ENO's business risk along with weakening financial measures. S&P changed the business risk profile to satisfactory from strong, reflecting ENO's small service territory, limited diversity, and ongoing exposure to severe storms and hurricanes. This revision reflects the smaller size of the utility, exposure to severe storms including hurricanes due to its low-lying service territory along the Gulf Coast, and expectation of more volatile profitability measures. Financial risk measures have weakened within the significant financial risk profile category to the lower end of the benchmark range. The weaker measures include adjusted FFO to debt in the 12%-13% range from severe storms such as Hurricane Ida that lead to higher capital spending, operating expenses from storm restoration, and revenue declines following power outages and load reduction. The outlook reflects S&P's baseline forecast of weaker financial measures through 2023, the service territory's ongoing susceptibility to severe storms, and limited financial support from parent Entergy. S&P said, "Specifically, we expect ENO's service territory to have ongoing exposure to severe storms like the recent Hurricane Ida, potentially leading to significant liabilities and damages to the infrastructure. The stable outlook incorporates the weaker financial measures including adjusted FFO to debt in the 12%-13% range through 2022. Our downside scenario, while not expected, includes the potential that we could revise the designation of group support under our group rating methodology to nonstrategic if we perceive limited to no group support for ENO during times of stress. As such, we could downgrade ENO to reflect our view of ENO's stand-alone credit profile (SACP) of 'bb' and our assumption of no group support, particularly in times of stress such as for storm repairs or large capital spending initiatives." Environmental, social and governance (ESG) credit factors for this credit rating change. -- Natural conditions S&P said, "The stable outlook reflects our view that ENO will restore operations following hurricane Ida in an orderly manner and that any additional costs will be manageable within the current financial profile assumptions. The company's small service territory, limited diversity, and ongoing exposure to severe storms and hurricanes remains a risk as does the expectation of weaker financial measures partly from higher capital spending and elevated leverage. Specifically, we forecast the company's adjusted consolidated FFO to debt to remain in the 12%-13% range through 2023. "We could lower the ratings on ENO if its financial measures decline, including sustained adjusted FFO to debt consistently below 11%. We could also lower the rating if we revise the designation of group support under our group rating methodology to nonstrategic if we perceive limited to no group support for ENO during times of stress. As such, we could downgrade ENO to reflect our view of ENO's SACP of 'bb' and our assumption of no group support, particularly in times of stress such as for storm repairs or large capital spending initiatives. "We could upgrade ENO if financial measures remain consistently above 17% and we believe group support would be readily available to fund ENO if a severe storm resulted in material restoration costs to the utility." FIELDWOOD ENERGY: Davis Polk Advised Lenders on Restructuring ------------------------------------------------------------- Davis Polk advised an ad hoc group of prepetition secured lenders and DIP lenders in connection with the chapter 11 restructuring of Fieldwood Energy LLC and its debtor affiliates (collectively, "Fieldwood"). Fieldwood's plan of reorganization (the "Plan") was confirmed by the Bankruptcy Court for the Southern District of Texas on June 25, 2021 and became effective on August 27, 2021. Notably, the Plan incorporated numerous settlements with certain of Fieldwood's predecessors-in-interest and the federal government with respect to, among other things, the decommissioning obligations associated with assets that were owned by Fieldwood. The Plan contemplated a set of complex restructuring transactions including a credit bid transaction pursuant to which Fieldwood sold substantially all of its deepwater assets and certain shallow water and other assets to special purpose entities formed at the direction of members of the ad hoc group for aggregate consideration of approximately $1 billion. The ad hoc group and the other prepetition first-lien term loan lenders received 100% of the equity of QuarterNorth Energy Inc., the indirect parent of the special purpose entities, subject to dilution by zero-strike warrants issued in connection with a $185 million second-lien term loan exit facility, equity sold in two rights offerings that raised $40 million of new money in the aggregate, certain backstop commitment premium shares, warrants issued to unsecured creditors and a management incentive plan expected to be established by the new board. Prepetition first-lien term loan lenders also received subscription rights to participate in a $20 million equity rights offering that was fully backstopped by certain members of the ad hoc group and certain other DIP lenders. In addition, certain members of the ad hoc group and certain other DIP lenders provided the $185 million second-lien term loan exit facility. Headquartered in Houston, Texas, Fieldwood was one of the largest oil and gas exploration and production companies in the Gulf of Mexico, with property including both deepwater and shallow water assets in the Gulf of Mexico. The Davis Polk restructuring team included partners Damian S. Schaible and Natasha Tsiouris, counsel Joshua Sturm and associates Michael Pera and Paavani Garg. The finance team included partner Scott M. Herrig, counsel Christian Fischer and associate Matthew J. Wiener. The mergers & acquisitions team included partner Cheryl Chan and associate Heather Weigel. All members of the Davis Polk team are based in the New York office. About Fieldwood Energy Fieldwood Energy -- https://www.fieldwoodenergy.com/ -- is a portfolio company of Riverstone Holdings focused on acquiring and developing conventional assets, primarily in the Gulf of Mexico region. It is the largest operator in the Gulf of Mexico owning an interest in approximately 500 leases covering over two million gross acres with 1,000 wells and 750 employees. Fieldwood Energy and its 13 affiliates previously sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 18-30648) on Feb. 15, 2018, with a prepackaged plan that would deleverage $3.286 billion of funded debt by $1.626 billion. On Aug. 3, 2020, Fieldwood Energy and its 13 affiliates again file voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 20-33948). Mike Dane, senior vice president and chief financial officer, signed the petitions. At the time of the filing, the Debtors disclosed $1 billion to $10 billion in both assets and liabilities. Judge David R. Jones oversees the cases. The Debtors tapped Weil, Gotshal & Manges LLP as their legal counsel, Houlihan Lokey Capital, Inc. as investment banker, and AlixPartners, LLP as financial advisor. Prime Clerk LLC is the claims, noticing, and solicitation agent. The first-lien group employed O'Melveny & Myers LLP as its legal counsel and Houlihan Lokey Capital, Inc. as its financial advisor. The RBL lenders employed Willkie Farr & Gallagher LLP as their legal counsel and RPA Advisors, LLC as their financial advisor. Meanwhile, the cross-holder group tapped Davis Polk & Wardwell LLP and PJT Partners LP as its legal counsel and financial advisor, respectively. On Aug. 18, 2020, the Office of the U.S. Trustee appointed a committee of unsecured creditors. Stroock & Stroock & Lavan, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. FOUR WOOD: Case Summary & 5 Unsecured Creditors ----------------------------------------------- Debtor: Four Wood Consulting and Publishing LLC 5405 Okeechobee Blvd, Suite 201 West Palm Beach, FL 33417 Chapter 11 Petition Date: August 24, 2021 Court: United States Bankruptcy Court Southern District of Florida Case No.: 21-18183 Judge: Hon. Erik P. Kimball Debtor's Counsel: David Lloyd Merrill, Esq. THE ASSOCIATES 2401 PGA Boulevard 280M Palm Beach Gardens, FL 33410 Tel: 561-877-1111 Email: dlm@theassociates.com Total Assets: $8,495 Total Liabilities: $1,189,874 The petition was signed by Sherry Ryan as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/WIAOTLI/Four_Wood_Consulting_and_Publishing__flsbke-21-18183__0001.0.pdf?mcid=tGE4TAMA GIRARDI & KEESE: Bankruptcy Trustees Blasts Erika Jayne's Wealth ---------------------------------------------------------------- Jeroslyn Johnson of Screen Rant reports that the bankruptcy trustees in Tom Girardi's bankruptcy case are blasting The Real Housewives of Beverly Hills star Erika Jayne's wealth. As Tom Girardi's bankruptcy case heats up, trustees overseeing it are blasting The Real Housewives of Beverly Hills star Erika Jayne for her wealth. Erika is accused of making 'fraudulent transfers' of assets, among other things. It's also said that Erika knew exactly where Tom's money was coming from and that she wasn't in the dark about how her husband funded her lifestyle. The latest claims come as Erika faces a $25 million lawsuit for the money she received from her estranged ex-husband. If Erika thought filing for divorce was going to save her from getting tied up in his fraud claims, she had another thing coming. The "XXPen$ive" singer has been accused of helping the disgraced lawyer hide and spend the money that he stole from clients, partners, and creditors for years. A scathing Hulu documentary titled The Housewife and the Hustler put their legal woes on full display, and many have found it hard to feel sorry for Erika as the pressure mounts. With attorney Ronald Richards being involved in Tom's bankruptcy case, the lawyer has been blasting the Girardis on social media and anyone showing loyalty to Erika. Despite her pleas of innocence, records show Tom sent Erika millions of dollars over the years through his now-dissolved law firm. New legal documents claim Erika knew that her lavish lifestyle was being paid for by her husband's company and cited her alleged "fraudulent transfer" of assets, PEOPLE reports. "Erika has direct knowledge that for at least 12 years, all of her expenses were being paid by [Girardi's firm] as she was generating them," the legal docs state. "Moreover, Erika has repeatedly contended, 'It is expensive to be me,' The glam cannot be supported by a sham." Erika's luxury expenses include $14,000,000 in American Express charges, payments for her glam squad, dancers, travel, wardrobe, jewelry, and other "lavish expenses." Attorney Ronald Richards says, "We are hopeful that Ms. Girardi comes down the mountain from a place of privilege and obscene wealth and returns some of these expenses so the former clients and creditors of this law firm can mitigate the horrific and unfair losses perpetrated by her husband and others." This is only one of the countless claims accusing Erika of indulging in a life of wealth funded through her husband's shady business practices. Just last month, legal files showed that two of Erika's businesses, EJ Global, LLC, and Pretty Mess, Inc., received jewelry and other luxury items from funds provided by Tom's law firm Girardi & Keese. While Erika's legal team has claimed the documents have "no merit," documents filed by attorney Richards say otherwise, according to PEOPLE. "Her feigned willful blindness and ostrich approach to these expenditures will do absolutely nothing to limit her liability," the legal docs say. The paper trail shows that millions of dollars from the law firm went to Erika. With Tom owing a number of people millions, Erika is on the hook with him to pay it back. Richards is calling out Erika and encouraging her to stop with her "meritless" legal responses. "The evidence is undeniable," Richards said. But Erika is fighting it out to the end. The Real Housewives of Beverly Hills star has yet to appear in a deposition and has been allowing her lawyers to do all the talking for her. All the while, she remains under public scrutiny as fans watch the start of her divorce drama play out each week. It really is expensive to be Erika Jayne. How ironic. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com GREGORY NATHAN: Unsecured Creditors to Recover 8.56% over 3 Years ----------------------------------------------------------------- The Gregory Nathan Gould Co., LLC, submitted an Amended Plan of Reorganization dated August 31, 2021. This is the second chapter 11 case filed by the Debtor. The prior chapter 11 filing was initiated on April 12, 2019, as case number 19-52361. The intention of the Debtor in the Original Case was to use chapter 11 to facilitate a sale of the Debtor's assets and operations under 11 U.S.C. § 363. However, over time it became clear that due to the unique nature of the Debtor's business and financial affairs that there was not a market to sell the business and allow for it to successfully continue. When the Original Case was dismissed in early May of 2020, the Debtor intended to refile a chapter 11 case with a subchapter V election in short order. However, the Debtor had to temporarily close its studio due to the COVID-19 lockdown orders, and the financial state of the Debtor deteriorated when it could not facilitate in-person music lessons. Once the decision was made to jettison the studio, the Debtor was ready to proceed with this case and a reorganization under subchapter V. The Debtor's only source of revenue is from the sale of music lesson services. The Debtor currently receives between $35,000 to $45,000 per month in revenue from music instruction, which amount is below the Debtor's historical averages due to COVID. From the revenue generated, approximately 70% of the total revenue pays the instructors and the Debtor's only W-2 employee. The remaining funds are used for fixed expenses and owner draws, with the remainder available for plan payments. Class 2 is the Secured Claim of The Huntington National Bank. Its claim will be amortized and paid in full over 10 years at 5.25% interest. To the extent that the Debtor seeks to sell any of the FF&E during the course of the Plan, it may do so in accordance with the pre petition loan documents entered into between the Debtor and Huntington. Class 2 is impaired. Class 3 is the Secured Claim of Plain Township Board of Trustees. The Township presently holds a $5,000 security deposit related to its real property lease with the Debtor. It will retain any interest in the security deposit and the Debtor will release any interest in the security deposit as of the Effective Date. The Township will be permitted to apply the security deposit to its claim. Class 3 is unimpaired. Class 4 is the class for general unsecured claims. The Debtor calculates that there are $608,932.20 in Class 4 claims. This treatment will pay a total of $52,126.21 to unsecured creditors over the three-year commitment period. That will result in a distribution of approximately 8.56%. If there is any shortfall, Mr. Gould has agreed to commit funds to the Debtor. Class 4 is impaired. Class 5 contains the membership interest of Mr. Gould. He will retain his membership interest. Class 5 is unimpaired. Payments to be made under this Plan will be made from the funds of the Debtor existing as of the Effective Date, as well as funds generated after the Effective Date from operations of the Debtor's business. Funds may also be available from the Debtor's pursuit of any avoidance actions available to it under Chapter 5 of the Bankruptcy Code, should the Debtor choose to pursue any such claims. A full-text copy of the Amended Plan dated August 31, 2021, is available at https://bit.ly/3kO2LEc from PacerMonitor.com at no charge. Counsel for the Debtor: Richard K. Stovall, Esq. James A. Coutinho, Esq. Matthew M. Zofchak, Esq. Allen Stovall Neuman & Ashton LLP 17 South High Street, Suite 1220 Columbus, OH 43215 Telephone: (614) 221-8500 Facsimile: (614) 221-5988 Email: stovall@ASNAlaw.com coutinho@ASNAlaw.com zofchak@ASNAlaw.com About The Gregory Nathan Gould The Gregory Nathan Gould Co., LLC, filed a second Chapter 11 bankruptcy petition (Bankr. S.D. Ohio Case No. 21-50172) on Jan. 20, 2021. The Debtor's first petition was filed (Bankr. S.D. Ohio Case No. 19-52361) on April 12, 2019, listing under $1 million in both assets and liabilities. Judge C. Kathryn Preston oversees the case. Allen Stovall Neuman Fisher & Ashton LLP serves as the Debtor's legal counsel. GTT COMMUNICATIONS: Plans to Start Chapter 11 After Closing Sale ---------------------------------------------------------------- Dave Sebastian of Market Watch reports that GTT Communications Inc. said it plans to start prepackaged chapter 11 cases after it closes the sale of its infrastructure division to I Squared Capital in the coming weeks as it seeks to repay a significant portion of its secured debt. The cloud-networking provider on Thursday, August 26, 2021, said it plans to file for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The company said its foreign businesses and operations outside the U.S. aren't included in the contemplated filing and won't be affected by the chapter 11 cases. The company said it has struck a restructuring support agreement with parties including a majority of its secured and unsecured debt and I Squared Capital. The sale of the infrastructure division and the transactions contemplated by the restructuring support agreement will reduce GTT's debt by about $2.8 billion, it said. GTT last year agreed to sell the infrastructure division for $2.15 billion. Prepackaged restructuring plans, in which a sufficient number of creditors have already voted in favor, have become popular with companies looking to reduce the time spent in bankruptcy and its costs. GTT said its business is operating as usual both in the U.S. and globally, as it has access to enough liquidity to operate its businesses. With the support of lenders, the company said it will retain additional amounts from the sale proceeds to further strengthen its cash position. Vendors, employees and other parties will continue to be paid in the ordinary course of business, it added. "We are working together with our debtholders to improve GTT's financial health," Chief Executive Ernie Ortega said. The company said its legal adviser for the restructuring is Akin Gump Strauss Hauer & Feld LLP. Alvarez & Marsal North America LLC is the restructuring adviser, and TRS Advisors, a group within the investment-banking division of Piper Sandler & Co., serves as GTT's investment banker for the restructuring. About GTT Communications Headquartered in McLean, Virginia, GTT Communications, Inc. -- www.gtt.net -- owns and operates a global Tier 1 internet network and provides a comprehensive suite of cloud networking services. * * * As reported by the TCR on July 5, 2021, S&P Global Ratings lowered its issuer credit rating on U.S.-based internet protocol network operator GTT Communications Inc. to 'SD' (selective default) from 'CCC-' and the issue-level rating on its unsecured notes to 'D' from 'C'. The downgrade follows GTT's recent announcement that it failed to make a $22.6 million interest payment on its 7.875% unsecured notes due in 2024. In December 2020, Moody's Investors Service downgraded GTT Communications' corporate family rating to 'Caa2' from 'B3'. The downgrade reflects the continued delays in the company reaching an agreement with its lenders over a long-term cure of its reporting requirements which GTT is in breach of due to recently discovered accounting issues which have led to the company being unable to file its Q2 and Q3 financial reports. GTT COMMUNICATIONS: Signs RSA With Stakeholders to Restructure Debt ------------------------------------------------------------------- GTT Communications, Inc. has entered into a Restructuring Support Agreement with key stakeholders, including holders of a majority of its secured and unsecured debt and I Squared Capital, to implement a comprehensive restructuring of the company's remaining balance sheet following completion of the pending sale of its infrastructure division. The agreement places GTT on a path to improve its capital structure and execute its long-term business strategy. Pursuant to the RSA, the company expects to expeditiously close the previously announced sale of its infrastructure division to I Squared Capital in the coming weeks, which will allow GTT to repay a significant portion of its secured debt. Following the close of the sale of the infrastructure division, GTT and certain of its direct and indirect subsidiaries intend to commence prepackaged chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York to effectuate a deleveraging of GTT's post-sale capital structure. GTT's foreign businesses and operations outside of the U.S. are not included in the contemplated filing and will be unaffected by the chapter 11 cases. The company expects to emerge from this process after obtaining the necessary regulatory approvals for the restructuring. GTT is operating and serving its customers in the U.S. and globally without interruption. The RSA provides for vendors, employees and other partners to be paid in the ordinary course of business for obligations incurred prior to and after the commencement of the anticipated chapter 11 cases. The company has access to sufficient liquidity to operate its businesses, and with the support of its lenders, will retain additional amounts from the sale proceeds to further strengthen its cash position. Ernie Ortega, chief executive officer of GTT, stated, "This global agreement among each of our creditor constituencies resulted from extensive negotiations and reflects the ongoing commitment of our debtholders to the business. Our performance has been strong year-to-date, and we have a very competitive product portfolio in growing segments of the market, such as SD-WAN. To continue this momentum, we are working together with our debtholders to improve GTT's financial health and this is a major milestone to accomplish this goal." Mr. Ortega added, "I would like to thank our GTT team for continuing to deliver outstanding services to our valued clients and our Board of Directors for its steadfast support. I would also like to express my utmost gratitude to our customers and valued partners around the globe with whom we are honored to work." Going forward, GTT's strategy is to remain committed to serving national and multinational organizations with market-leading cloud networking services across a broad range of wide area network connectivity options. This includes GTT's top-ranked Tier 1 global IP network, SD-WAN, Ethernet, MPLS and local access, as well as global SIP Trunking, security, and advanced solutions services. GTT's legal advisor in connection with the restructuring is Akin Gump Strauss Hauer & Feld LLP. Alvarez & Marsal North America, LLC serves as its restructuring advisor and TRS Advisors, a group within the investment banking division of Piper Sandler & Co., serves as its investment banker for the restructuring. Interested parties who may have questions related to the restructuring may call Prime Clerk, at (877) 329-1803 or (347) 532-7908 (international) or send an email to GTTInfo@PrimeClerk.com. In addition, information related to the restructuring is available at http://cases.primeclerk.com/GTTBallots. GTT Media Inquiries: Allison McLarty, Edelman gtt@edelman.com GTT Investor Relations: Charlie Lucas, VP of Finance, GTT investorrelations@gtt.net About GTT Headquartered in McLean, Virginia, GTT Communications, Inc. -- www.gtt.net -- owns and operates a global Tier 1 internet network and provides a comprehensive suite of cloud networking services. * * * As reported by the TCR on July 5, 2021, S&P Global Ratings lowered its issuer credit rating on U.S.-based internet protocol network operator GTT Communications Inc. to 'SD' (selective default) from 'CCC-' and the issue-level rating on its unsecured notes to 'D' from 'C'. The downgrade follows GTT's recent announcement that it failed to make a $22.6 million interest payment on its 7.875% unsecured notes due in 2024. In December 2020, Moody's Investors Service downgraded GTT Communications, Inc's corporate family rating to Caa2 from B3. The downgrade reflects the continued delays in the company reaching an agreement with its lenders over a long-term cure of its reporting requirements which GTT is in breach of due to recently discovered accounting issues which have led to the company being unable to file its Q2 and Q3 financial reports. GTT COMMUNICATIONS: To File for Chapter 11 With Plan Deal --------------------------------------------------------- GTT Communications, Inc., a leading global cloud networking provider to multinational clients, on Sept. 2 disclosed that it has entered into a Restructuring Support Agreement ("RSA" or the "agreement") with key stakeholders, including holders of a majority of its secured and unsecured debt and I Squared Capital, to implement a comprehensive restructuring of the Company's remaining balance sheet following completion of the pending sale of its infrastructure division. The agreement places GTT on a path to improve its capital structure and execute its long-term business strategy. Pursuant to the RSA, the Company expects to expeditiously close the previously announced sale of its infrastructure division to I Squared Capital in the coming weeks, which will allow GTT to repay a significant portion of its secured debt. Following the close of the sale of the infrastructure division, GTT and certain of its direct and indirect subsidiaries intend to commence prepackaged chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York to effectuate a deleveraging of GTT's post-sale capital structure. GTT's foreign businesses and operations outside of the U.S. are not included in the contemplated filing and will be unaffected by the chapter 11 cases. The Company expects to emerge from this process after obtaining the necessary regulatory approvals for the restructuring. GTT is operating and serving its customers in the U.S. and globally without interruption. The RSA provides for vendors, employees and other partners to be paid in the ordinary course of business for obligations incurred prior to and after the commencement of the anticipated chapter 11 cases. The Company has access to sufficient liquidity to operate its businesses, and with the support of its lenders, will retain additional amounts from the sale proceeds to further strengthen its cash position. Ernie Ortega, Chief Executive Officer of GTT, stated, "This global agreement among each of our creditor constituencies resulted from extensive negotiations and reflects the ongoing commitment of our debtholders to the business. Our performance has been strong year-to-date, and we have a very competitive product portfolio in growing segments of the market, such as SD-WAN. To continue this momentum, we are working together with our debtholders to improve GTT's financial health and this is a major milestone to accomplish this goal." Mr. Ortega added, "I would like to thank our GTT team for continuing to deliver outstanding services to our valued clients and our Board of Directors for its steadfast support. I would also like to express my utmost gratitude to our customers and valued partners around the globe with whom we are honored to work." Going forward, the Company's strategy is to remain committed to serving national and multinational organizations with market-leading cloud networking services across a broad range of wide area network connectivity options. This includes GTT's top-ranked Tier 1 global IP network, SD-WAN, Ethernet, MPLS and local access, as well as global SIP Trunking, security, and advanced solutions services. GTT's legal advisor in connection with the restructuring is Akin Gump Strauss Hauer & Feld LLP. Alvarez & Marsal North America, LLC serves as its restructuring advisor and TRS Advisors, a group within the investment banking division of Piper Sandler & Co., serves as its investment banker for the restructuring. Interested parties who may have questions related to the restructuring may call Prime Clerk, at (877) 329-1803 or (347) 532-7908 (international) or send an email to GTTInfo@PrimeClerk.com. In addition, information related to the restructuring is available at http://cases.primeclerk.com/GTTBallots. About GTT Headquartered in McLean, Virginia, GTT Communications, Inc. (OTC: GTTN) provides secure global connectivity, improving network performance and agility for your people, places, applications and clouds. It operates a global Tier 1 internet network and provides a comprehensive suite of cloud networking and managed solutions that utilize advanced software-defined networking and security technologies. It serves thousands of businesses with a portfolio that includes SD-WAN and other WAN services, internet, security and voice services. On the Web: http://www.gtt.net/ HARRAH WHITES: Compliant with Licensure Requirements, PCO Says -------------------------------------------------------------- Tony Fullbright, the appointed Patient Care Ombudsman for Harrah Whites Meadows Nursing LLC, said in a report filed with the U.S. Bankruptcy Court for the Northern District of Georgia that he is currently monitoring care to residents through in-person visits at the Debtor's facility in Harrah, Oklahoma. The PCO noted adequate staff, supplies and food stores during the visit. The Oklahoma State Department of Health, he said, completed a Medicare COVID-19 inspection and complaint investigation on May 19, 2021 and no deficiencies were cited. The facility is in substantial compliance with licensure requirements, and the facility staffs have been cooperative and professional with the Ombudsman Program, the PCO added. A copy of the Ombudsman Report is available for free at https://bit.ly/3jG5SyI from PacerMonitor.com. About Harrah Whites Meadows Nursing Harrah Whites Meadows Nursing LLC owns and operates a skilled nursing facility in Harrah, Okla. Harrah Whites Meadows Nursing LLC filed its voluntary petition initiating this Chapter 11 case (Bankr. N.D. Ga. Case No. 19-65376) on Sept. 27, 2019. In the petition signed by Christopher F. Brogdon, manager, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The case has been assigned to Judge Barbara Ellis-Monro. Nancy J. Gargula, U.S. trustee for Region 21, appointed Tony Fullbright to serve as patient care ombudsman in the Debtor's case. The Debtor tapped Theodore N. Stapleton P.C. as its bankruptcy counsel and Gungoll, Jackson, Box & Devoll, P.C. as its special counsel. HARRIS CRC: Proposed Sale of Stinnett Shop & Residence Approved --------------------------------------------------------------- Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas authorized Harris CRC, Inc.'s sale of the following real properties: a. located at 1000 Main St., in Stinnett, Texas ("Shop") and b. located at 11438 S. FM 687, in Stinnett, Texas ("Residence"). A hearing on the Motion was held on Aug. 5, 2021. The Shop has against it a first lien deed of trust in favor of Happy State Bank and later recorded tax liens in favor of the IRS. Ad Valorem taxes for 2018-2021 also exist against the property in favor of Hutchinson County. The Residence has against it a first lien deed of trust in favor of Happy State Bank and a later recorded abstract of judgment lien in favor of Kerry Dean Stegall. Ad Valorem taxes for 2018-2021 also exist against the property in favor of Hutchinson County. The terms of the sale are acceptable to the Court. The sales contemplated hereunder are to occur in accordance with the proposed purchase and sales agreement ("PSA") for each property. All proceeds of the sale of the Shop necessary to satisfy the properly perfected liens of Happy State Bank will be applied to the debt of Debtors to Happy State Bank, after payment of the ad valorem taxes to Hutchinson County and all closing costs attributable to Seller under the applicable PSA. All proceeds of the sale of the Residence necessary to satisfy the properly perfected lien of Happy State Bank on the Residence will be applied to the debt of Debtors to Happy State Bank, after payment on the ad valorem taxes to Hutchinson County and all closing costs attributable to the Seller under the applicable PSA. Accordingly, the liens of Happy State Bank will attach to the net proceeds of the sales (proceeds after payment of ad valorem taxes and closing costs applicable to Seller) and the sales will otherwise be free and clear of all other inferior liens against these properties, which will be deemed released, subject to the Court's reservation of ruling on any objection to notice of proposed distribution as discussed later in the Order. Furthermore, and based the agreement of Debtors and Happy State Bank, the net proceeds from such sales must net the following amounts to Happy State Bank within a deviation downward of no more than 5%. Regarding the Shop sale, the Buyer will pay the outstanding ad valorem taxes resulting in net proceeds to Happy State Bank of $100,000. Regarding the Residence sale, standard Seller's closing costs and ad valorem taxes directly attributable to the Residence only may be deducted from Seller's proceeds resulting in net proceeds to Happy State Bank of $149,000. Accordingly, total net proceeds to Happy State Bank from the sales authorized will be $249,000. Any net amounts these amounts will likewise be tendered to Happy State Bank and applied toward the balance of the outstanding debt of Debtor to Happy State Bank. Should total net proceeds available to pay Happy State Bank deviate downward more than 5% from $249,000, the order will be null and void and of no effect and the sales will not be closed absent further order of the Court authorizing the same. Following any sale of the Shop and the Residence, the net proceeds will be held in escrow by the title companies handling the respective closing to be disbursed only after a 14-day notice of proposed disposition of proceeds with opportunity to object to be served upon all creditors on the Debtor’s mailing matrix. Should no timely objection be filed, the Debtor will file a notice of no objection, and the respective title companies may disburse the net proceeds to Happy State Bank as contemplated and as disclosed in the notice of proposed disposition. Should any timely objection be filed, after hearing on the same, the Court will enter an order determining the proper disposition of the net proceeds and the respective title companies may disburse such proceeds in accordance with such order. About Harris CRC, Inc. Harris CRC, Inc. owns and operates a construction company in Stinnett, Texas that builds steel/metal buildings. The company filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-20161) on July 12, 2021. On the Petition Date, the Debtor estimated $100,000 to $500,000 in both assets and liabilities. The Debtor's president, Michael Harris, also filed a Subchapter V petition (Bankr. N.D. Tex. Case No. 21-20162) on July 12. A request for joint administration of the cases is pending in Court. Judge Robert L. Jones oversees the case. Swindell Law Firm serves as counsel for both Debtors. Happy State Bank, as lender, is represented by: Burdett, Morgan, Williamson and Boykin, LLP 701 S Taylor, Ste. 440 Amarillo, TX 79101 HELIUS MEDICAL: Lincoln Park to Buy $15M Class A Common Shares -------------------------------------------------------------- Helius Medical Technologies, Inc. entered into a purchase agreement and a registration rights agreement with Lincoln Park Capital Fund, LLC, pursuant to which Lincoln Park has committed to purchase up to $15 million of the Company's Class A common stock, $0.001 par value per share. Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $15.0 million of the Company's Common Stock. Such sales of Common Stock by the Company, if any, will be subject to certain limitations set forth in the Purchase Agreement, and may occur from time to time, at the Company's sole discretion, over the 36-month period commencing on the date that the conditions to Lincoln Park's purchase obligation set forth in the Purchase Agreement are satisfied, including that a registration statement covering the resale by Lincoln Park of shares of Common Stock that have been and may be issued to Lincoln Park under the Purchase Agreement, which the Company agreed to file with the Securities and Exchange Commission pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus relating thereto is filed with the SEC. From and after the Commencement Date, on any business day selected by the Company on which the closing sale price of the Common Stock is not below the "floor price" stated in the Purchase Agreement, the Company may, by written notice delivered by the Company to Lincoln Park, direct Lincoln Park to purchase up to 20,000 shares of Common Stock on such business day, at a purchase price per share that will be determined and fixed in accordance with the Purchase Agreement at the time the Company delivers such written notice to Lincoln Park, provided, however, that the maximum number of shares the Company may sell to Lincoln Park in a Regular Purchase may be increased to (i) up to 25,000 shares, provided that the closing sale price of the Common Stock on the applicable purchase date is not below $20.00 and (ii) up to 30,000 shares, provided that the closing sale price of the Common Stock on the applicable purchase date is not below $25.00, in each case, subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction as provided in the Purchase Agreement; provided, however, that Lincoln Park's maximum purchase commitment in any single Regular Purchase may not exceed $2,000,000. The purchase price per share of Common Stock sold in each such Regular Purchase, if any, will be based on prevailing market prices of the Common Stock immediately preceding the time of sale as computed under the Purchase Agreement. In addition to Regular Purchases, provided that the Company has directed Lincoln Park to purchase the maximum amount of shares that the Company is then able to sell to Lincoln Park in a Regular Purchase, the Company may, in its sole discretion, also direct Lincoln Park to purchase additional shares of Common Stock in "accelerated purchases," and "additional accelerated purchases" as set forth in the Purchase Agreement. The purchase price per share of Common Stock sold in each such accelerated purchase and additional accelerated purchase, if any, will be based on prevailing market prices of the Common Stock at the time of sale as computed under the Purchase Agreement. There are no upper limits on the price per share that Lincoln Park must pay for shares of Common Stock in any purchase under the Purchase Agreement. The Company will control the timing and amount of any sales of Common Stock to Lincoln Park pursuant to the Purchase Agreement. Lincoln Park has no right to require the Company to sell any shares of Common Stock to Lincoln Park, but Lincoln Park is obligated to make purchases as the Company directs, subject to certain conditions. Actual sales of shares of Common Stock to Lincoln Park will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Company's Common Stock and determinations by the Company as to the appropriate sources of funding for the Company and its operations. The net proceeds under the Purchase Agreement to the Company will depend on the frequency and prices at which the Company sells shares of its stock to Lincoln Park. The Company expects that any proceeds received by the Company from such sales to Lincoln Park will be used for working capital and general corporate purposes. Under applicable rules of the Nasdaq Capital Market, the Company may not issue or sell to Lincoln Park under the Purchase Agreement more than 19.99% of the shares of the Common Stock outstanding immediately prior to the execution of the Purchase Agreement (or 463,321 shares, based on 2,317,772 shares outstanding immediately prior to the execution of the Purchase Agreement), unless (i) the Company obtains stockholder approval to issue shares of Common Stock in excess of the Exchange Cap to Lincoln Park under the Purchase Agreement in accordance with applicable Nasdaq rules or (ii) the average price of all applicable sales of the Company's Common Stock to Lincoln Park under the Purchase Agreement equals or exceeds the lower of (A) the official closing price of the Company's Common Stock on Nasdaq immediately prior to the execution of the Purchase Agreement and (B) the average official closing price of the Company's Common Stock on Nasdaq for the five consecutive trading days immediately prior to the execution of the Purchase Agreement, adjusted such that issuances of Common Stock to Lincoln Park under the Purchase Agreement will not be subject to the Exchange Cap limitation under applicable Nasdaq rules. In any event, the Purchase Agreement specifically provides that the Company may not issue or sell any shares of its Common Stock under the Purchase Agreement if such issuance or sale would breach any applicable Nasdaq rules. In all instances, the Purchase Agreement prohibits the Company from directing Lincoln Park to purchase any shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by Lincoln Park (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder), would result in Lincoln Park beneficially owning more than 9.99% of the outstanding shares of Common Stock. The Company has agreed with Lincoln Park that it will not enter into an additional "equity line" or a substantially similar transaction whereby a specific investor is irrevocably bound pursuant to an agreement with the Company to purchase securities over a period of time from the Company at a price based on the market price of the Common Stock at the time of such purchase for a period defined in the Purchase Agreement. Lincoln Park has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company's shares. As consideration for Lincoln Park's irrevocable commitment to purchase shares of the Company's Common Stock upon the terms of and subject to satisfaction of the conditions set forth in the Purchase Agreement, the Company agreed to issue 31,958 shares of its Common Stock to Lincoln Park as commitment shares, to be issued on the business day following the delisting of the Company's Common Stock on the Toronto Stock Exchange, which the Company anticipates will occur on Sept. 9, 2021. The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties. The Company has the right to terminate the Purchase Agreement at any time with one business days' notice, at no cost or penalty. During any "event of default" under the Purchase Agreement, Lincoln Park does not have the right to terminate the Purchase Agreement; however, the Company may not initiate any regular or other purchase of shares by Lincoln Park, until such event of default is cured. In addition, in the event of bankruptcy proceedings by or against the Company not discharged within 90 days, the Purchase Agreement will automatically terminate. 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 June 30, 2021, the Company had $10.72 million in total assets, $2.35 million in total liabilities, and $8.37 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. HILL-ROM HOLDINGS: Moody's Puts Ba2 CFR Under Review for Upgrade ---------------------------------------------------------------- Moody's Investors Service placed Hill-Rom Holdings, Inc. ("Hillrom") Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, Ba3 senior unsecured guaranteed notes and B1 senior unsecured (not guaranteed) notes on review for upgrade. The outlook was revised to ratings under review from stable. There is no change to the SGL-1 Speculative Grade Liquidity Rating. The review for upgrade follows Hillrom's agreement to be acquired by Baxter International Inc. ("Baxter" -- Baa1, on review for downgrade) in a transaction that values Hillrom at approximately $12.4 billion including the assumption of Hillrom's net debt. The transaction is subject to regulatory approvals and Hillrom shareholder approval. The companies expect the transaction will close in early 2022. On Review for Upgrade: Issuer: Hill-Rom Holdings, Inc. Corporate Family Rating, Placed on Review for Upgrade, currently Ba2 Probability of Default Rating, Placed on Review for Upgrade, currently Ba2-PD Senior Unsecured Regular Bond/Debenture, Placed on Review for Upgrade, currently B1 (LGD6) Gtd Senior Unsecured Regular Bond/Debenture, Placed on Review for Upgrade, currently Ba3 (LGD5) Outlook Actions: Issuer: Hill-Rom Holdings, Inc. Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Excluding the ratings review, Hillrom's Ba2 CFR reflects the company's moderately high financial leverage with debt/EBITDA in the mid 3 times range. The rating also reflects the company's leading market positions in the sale of medical equipment such as hospital beds, care communications, patient monitoring and diagnostic equipment, and surgical beds. The ratings also reflect Hillrom's consistent growth in organic sales and earnings over time, though there may be some quarter to quarter volatility due to the impact of the coronavirus pandemic. The review for upgrade reflects Moody's expectation that, should the acquisition by Baxter close, Hillrom will become part of a larger company, benefitting from Baxter's substantially larger salesforce and network to expand distribution of Hillrom's products outside the United States. The review for upgrade will take into consideration the outcome of the review of Baxter as well as the treatment by Baxter of Hillrom's obligations including any guarantees or other arrangements. ESG considerations in Hillrom's ratings include its track record of partly debt financed acquisitions, though the company also has a track record of deleveraging. Medical device companies will generally benefit from demographic trends, such as the aging of the populations in developed countries. That said, increasing utilization may pressure payors, including individuals, commercial insurers or governments to seek to limit use and/or reduce prices paid. Moody's believe the near-term risks to pricing are manageable, but rising pressures may evolve over a longer period as healthcare costs continue to rise as a portion of global GDP. Hill-Rom Holdings, Inc., based in Chicago, Illinois, is a manufacturer of patient support systems (e.g., hospital beds), patient mobility solutions (e.g., lifts and stretchers), patient monitoring equipment, and certain surgical and respiratory care products. Revenues are approximately $2.9 billion. The principal methodology used in these ratings was Medical Product and Device Industry published in June 2017. HILL-ROM HOLDINGS: S&P Places 'BB+' ICR on CreditWatch Positive --------------------------------------------------------------- S&P Global Ratings placed its ratings on Hill-Rom Holdings Inc. and its debt on CreditWatch with positive implications to reflect the likelihood that S&P will raise the ratings following the close of its acquisition by Baxter. Despite the expected increase in Baxter's leverage after the transaction, S&P expects the issuer credit rating to remain in the investment-grade category and the rating on Hill-Rom to be equalized to Baxter's. The transaction is subject to Hill-Rom shareholders' approval, regulatory approvals, and other customary closing conditions. HOWARD RIFAS: Selling Deerfield Beach Condo Unit #174 for $52K -------------------------------------------------------------- Howard Rifas asks the U.S. Bankruptcy Court for the Southern District of Florida to authorize the sale of its condominium located at 174 Farnham H, #174, in Deerfield Beach, Florida 33442, to Claude Sarkis and Alberta Tortorici for $52,000. The Debtor owns the Property legally described as Farnham H Condo Unit 174 PER CDO BK/PG 5839/355. The Property was originally subject to a mortgage from Flagstar Bank FSB with a balance of $22,253.33 at the time the Debtor's Amended Plan of Reorganization was confirmed. On June 10, 2015, Flagstar assigned the Mortgage to Bayview Loan Servicing, LLC. As a result of the Bayview Assignment, the Debtor began making his payments to Bayview. In October or November 2018, the Debtor received an offer from Bayview for a loan modification. On Nov. 13, 2018, Van Horn Law Group, P.A. ("VHLG") sent correspondence to Bayview disputing the balance reflected in the loan modification and made an offer in the amount of $11,000.00 to pay the Mortgage off in full. Bayview did not respond. On Jan. 19, 2019, VHLG sent correspondence again to Bayview requesting a response to the Offer, to which there was no response and multiple call to Bayview were never returned. Since the initial assignment of the Mortgage to Bayview, and unbeknownst to the Debtor, the Mortgage has been assigned to new entities multiple times. All of the assignments were recorded in Broward County, Florida and they are as follows: (a) Dec. 13, 2018, Instrument #115501692 - Bayview recorded an Assignment of Mortgage to "Bayview Dispositions IVA, LLC"; (b) Dec. 13, 2018, Instrument #115501693 - Bayview Dispositions recorded a Corporate Assignment of Mortgage to Atlantica, LLC; (c) March 29, 2019, Instrument #115706191 - Atlantica recorded an Assignment of Mortgage to Cerastes, LLC; (d) April 3, 2019, Instrument #115716947 - Cerastes recorded an Assignment of Mortgage to Scolopax, LLC; and (e) March 12, 2020, Instrument #116408324 - Scolopax recorded an Assignment of Mortgage to Cranecap, LLC. Other than the assignment of the Mortgage from Flagstar to Bayview, which was properly noticed in the bankruptcy case, the Debtor never received any notice of any other assignment that eventually places the Mortgage with Cranecap, nor was any notice filed in the Chapter 11 bankruptcy case. On April 1, 2021 and May 4, 2021, VHLG sent correspondence to Cranecap via Certified Mail requesting that a representative of Cranecap contact VHLG about the mortgage. On April 20, 2021, VHLG received an email from Tye Barnes at Land Home Financial Services, Inc. stating the Cranecap correspondence was received and that he could assist VHLG. A call was placed to Mr. Barnes at which time VHLG was advised that Land Home was the representative of Atlantica, the holder of the Mortgage. VHLG advised Mr. Barnes that according to the multiple assignments recorded, the Mortgage appeared to be held by Cranecap. Mr. Barnes advised that Land Home does not represent Cranecap, and that he would review the matter and get back to VHLG. To date, there have no further communications from Mr. Barnes, nor has Cranecap responded to VHLG's attempts to reach it by certified mail. It should be noted that there is no phone number for Cranecap either. The Property is the subject of an "AS IS" Residential Contract for Sale And Purchase dated June 23, 2021 between the Debtor as the seller, and the Buyers as the purchasers for the consideration of $52,000. Pursuant to paragraph 4 of the Sale Agreement, the closing was originally scheduled for June 24, 2021, but due the Cranecap's lack of communication, it has been extended to September 2021. The total balance of the Mortgage is unknown as Cranecap will not communication with VHLG, the Debtor, or the title agent for the closing. All other known liens on the Property (HOA liens) will be paid at closing. Consequently, the Mortgage enumerated, purportedly held by Cranecap, is restricting the transfer of title to the Property. As a result, the Debtor is seeking an entry of an Order from the Court authorizing the sale of the Property free and clear of the Cranecap Mortgage. Based on the Palm Beach County Appraiser's valuation, and in light of the current market conditions, the Debtor believes that offer tended by Alaina and Douglas Squires is fair and reasonable. Thus, the Debtor submits that this offer is in the best interests of the estate and its creditors, because it will allow for an efficient and cost-effective method of liquidation of this asset. A copy of the Agreement is available at https://tinyurl.com/2bucj2zn from PacerMonitor.com free of charge. Pembroke Pines, Florida-based Howard Rifas filed for Chapter 11 bankruptcy protection on June 10, 2010 (Bankr. S.D. Fla. Case No. 10-26375). David Marshall Brown, Esq., who has an office in Ft. Lauderdale, Florida, assists the Company in its restructuring effort. The Company listed $500,001 to $1,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. ICAN BENEFIT: Unsecured Claims Under $5K to Recover 50% in Plan --------------------------------------------------------------- iCan Benefit Group, LLC and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement in support of the Joint Plan of Reorganization dated August 31, 2021. The Debtor believes it has claims against SGIC based on breach of duty of good faith and fair dealing, breach of fiduciary duty, negligent misrepresentation, conversion, estoppel, and violations of the Florida's Deceptive and Unfair Trade Practices Act ("FDUPTA"). These litigation theories are based on a level of control and influence exerted by SGIC, Paradise, Premier and Mr. Schmidt over the assets and affairs of the Debtors, and an alleged abuse of a special relationship of trust and confidence. In connection with these claims, the Debtors believe they have damages for deepening insolvency and damages arising from the Debtors' inability to either obtain take out financing or sell the assets. SGIC, Paradise and Premier vigorously dispute the merits, or even the existence, of such claims, and would assert defenses to these claims if brought, claim no liability to the Debtors whatsoever, and have asserted a secured claim against the Debtors in the amount of $10,712,007.24. Debtors acknowledge that prosecuting such claims would be expensive, time consuming, require the retention of multiple experts, and success on the merits and recovery on the claims is highly uncertain. Class 1 consists of Allowed Priority Claims. On the Effective Date, the Debtors shall pay all sums due for claims under Section 507(a)(8) of the Bankruptcy Code or at the Plan Administrator's discretion, in installments in accordance with Section 1129(a)(9). All claims arising under Section 507(a)(4) were paid at the commencement of this Case. The Debtors are not aware of any other claims entitled to Priority status. Class 2 consists of Allowed Claim of Premier Servicing, LLC. The Allowed Claim of PAS shall be bifurcated pursuant to 11 USC § 506(a) as follows: (a) $4,500,000.00 secured claim and an (b) unsecured deficiency balance in the amount of $6,212,007.24 (the "PAS Deficiency Claim"). Class 2 is Impaired and entitled to vote. Class 3. Allowed General Unsecured Claims. On the Effective Date, PAS shall deliver to the Plan Administrator a note (the "PAS Note") in the principal balance of $750,000.00 for the benefit of Allowed Class 3 Claimholders (the "PAS Contribution"). The PAS Note shall bear interest at 3.5% per annum and mature within 60 months. Payments on the note will due on a monthly basis to the Plan Administrator starting on January 1, 2022, and every month thereafter in the amount of $13,643.81. The Plan Administrator shall make pro rata distributions to Holders of Allowed Claims on a quarterly basis starting April 1, 2022, and every quarter thereafter until the sum of $750,000 (plus accrued interest, less the Plan Administrator's cost of administration, if any) is paid in full. In addition, all claims and causes of action not expressly released or resolved within this Plan shall be assigned to the Plan Administrator for the benefit of Class 3, with any recoveries to be paid pro rata to Holders of Allowed Claims on a quarterly basis (after payments of Plan Administrator's costs) as funds become available. Class 3 is Impaired and entitled to vote. Class 4 consists of Convenience Claims. Allowed Unsecured Claims of $5,000.00 or less (or those Creditors who opt into Class 4 by so designating on their respective ballot and limiting their Allowed Claim to $5,000.00), shall receive a distribution equal to 50% of each Allowed Class 4 Claimholder's Claim, not to exceed Two Thousand Five Hundred Dollars and 00/100 on or before the Effective Date. Class 4 is Impaired and entitled to vote. Class 5 consists of Equity Interests in the Debtors as of the Petition Date. Upon entry of the Final Confirmation Order, all Equity Interests in each of the Debtors shall be retained in the same manner as existed prior to the Petition Date. The Plan shall be funded by a Plan Fund consisting of: (i) available cash on the Effective Date; (ii) the Equity Contribution (iii) $20,000.00 contribution from the Debtors; and (iv) recoveries made by the Plan Administrator from pursuit of claims and causes of action (including claims made on account of prepetition conduct covered by the Debtors' director and officer's insurance coverage). To facilitate the wind down of the Debtors (as well as other miscellaneous costs related to the administration of this Plan post-confirmation), the Debtors will transfer the sum of $20,000 to the Plan Administrator (any balance remaining after the Plan Administrator has completed its administration of the Plan shall be disbursed to Class 3 in accordance with the treatment afforded to that Class). A full-text copy of the Disclosure Statement dated August 31, 2021, is available at https://bit.ly/3jEwgbY from PacerMonitor.com at no charge. Attorneys for the Debtors in Possession: Jacqueline Calderin Fla. Bar No. 134414 jc@agentislaw.com.com Agentis PLLC 55 Alhambra Plaza, Suite 800 Coral Gables, FL 33134 Telephone: (305) 722-2002 About iCan Benefit Group iCan Benefit Group, LLC -- https://icanbenefit.com/ -- is a licensed insurance agency offering a variety of benefit programs and insurance products from a number of licensed insurance companies. iCan Benefit Group and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 21-12567) on March 18, 2021. Stephen M. Tucker, manager, signed the petitions. In its petition, iCan Benefit Group disclosed $10 million to $50 million in both assets and liabilities. Judge Mindy A. Mora oversees the cases. Agentis PLLC serves as the Debtors' legal counsel. IDEANOMICS INC: Appoints Robin Mackie as Division Head ------------------------------------------------------ Ideanomics, Inc. appointed Robin Mackie as president of Ideanomics Mobility, Ideanomics' business unit, effective as of Aug. 29, 2021. Mr. Mackie has entered into an employment agreement with the Company subject to termination rights contained in the Agreement. Pursuant to the Agreement, Mr. Mackie will receive an annual base salary of $450,000 with a yearly cost of living increase of 5% and will be entitled to participate in all employment benefit plans and policies of the Company generally available upon relocation to the United States. Mr. Mackie will be eligible to receive a performance-related cash bonus of up to $300,000 based on mutually agreed performance objectives. While employed in the United Kingdom Mr. Mackie will pay 80% of health insurance premiums for Mr. Mackie and his spouse. Mr. Mackie will relocate to the USA within 12 weeks of receiving his visa to work in the USA. Mr. Mackie will entitled (i) for a period of up to 6 months to an allowance of $7,000 per month for rental accommodations; (ii) to two business class round-trip flights to visit the US to visit the USA in preparation for his relocation; (iii) reimbursement for reasonable expenses related to moving and (iv) six round trip business class fares per year for his spouse to return to the United Kingdom for personal reasons. Upon relocation to the United States the term of Mr. Mackie's employment Agreement will be extended for a further year. Mr. Mackie has received a grant of 1,500,000 common stock options subject to the below vesting requirements. a) The award of 50% of the stock options will vest upon IDEX Nasdaq listed equity reaching $5.00 per share and remaining above that level for a period of 90 days. b) The award of 15% of the stock options will vest when IDEX consolidated annual audited revenues meet or exceed $250 million. c) The award of a further 15% of the stock options will vest when IDEX consolidated annual audited revenues exceed $400 million d) The remaining 20% would vest when IDEX records it first profitable year results. The term of the Agreement is for one year subject to certain termination rights. In the event that the Company terminates Mr. Mackie without "Cause" or for "Good Reason", Mr. Mackie shall receive his base salary for the remainder of the Agreement's term. There is no arrangement or understanding between Mr. Mackie and any other person pursuant to which Mr. Mackie was selected as the Divisional Head. There is no family relationship between Mr. Mackie and any director or officer of the Company. Mr. Mackie has a combination of design, engineering, project management and operational experience gained over 30 years across highly regulated industries including, offshore, construction, medical and automotive. Mr. Mackie has provided the ability to identify opportunity and to deliver robust business solutions while maintaining firm commercial control and creating highly motivated environments in which to work. Since 2017 Mr. Mackie has been the president of The Mackies Partnership, a consultancy business. From 2008 to 2016 Mr. Mackie was the president and chief technology officer of Smith Electric Vehicles and responsible for engineering, development, regulatory compliance, supply chain development production, warranty and service support for commercial electric vehicles from 3.5t to 15t gross vehicle weight. About Ideanomics Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under its innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions and services across the financial services industry. Together, MEG and Ideanomics Capital provide their global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and its shareholders with the opportunity to participate in high-potential, growth industries. The Company is headquartered in New York, NY, with operations in the U.S., China, Ukraine, and Malaysia. Ideanomics reported a net loss of $106.04 million for the year ended Dec. 31, 2020, compared to a net loss of $96.83 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $698.05 million in total assets, $145.39 million in total liabilities, $1.26 million in convertible redeemable preferred stock, $7.72 million in redeemable non-controlling interest, and $543.68 million in total equity. IDEANOMICS INC: Signs Merger Agreement With VIA Motors ------------------------------------------------------ Ideanomics, Inc. entered into an Agreement and Plan of Merger with Longboard Merger Corp., a wholly-owned Subsidiary of Ideanomics, VIA Motors International, Inc. and Shareholder Representative Services LLC, in its capacity as stockholders' representative, whereby, at the effective time, Longboard will merge with and into VIA, with VIA being the surviving corporation of such merger and Ideanomics being the owner of 100% of the issued and outstanding equity of VIA. The total aggregate consideration payable in connection with this transaction is equal to $630,000,000, consisting of an upfront payment at the closing of the transaction of $450,000,000 and an earnout payment of up to $180,000,000 payable before Dec. 31, 2026, subject to fulfillment of certain conditions. The Merger Consideration is subject to customary purchase price adjustments set forth in the Merger Agreement and is payable in shares of common stock of Ideanomics. The Merger Agreement contains customary representations and warranties of Ideanomics and VIA relating to their respective businesses, financial statements and public filings, in each case generally subject to customary materiality qualifiers. Additionally, the Merger Agreement provides for customary pre-closing covenants of Ideanomics and VIA and termination rights, including, subject to certain exceptions, covenants relating to conducting their respective businesses in the ordinary course consistent with past practice, excluding actions taken in good faith in order to respond to the COVID-19 pandemic. The Merger Agreement contains termination rights for each of Ideanomics and VIA, including: (a) Ideanomics and VIA may mutually agree in writing to terminate the Merger Agreement; (b) by Ideanomics, at any time prior to the closing of the Merger, if (i) VIA is in breach, in any material respect, of the representations, warranties or covenants made by it in the Merger Agreement, (ii) such breach is not cured within 20 business days after Ideanomics has given written notice of such breach to VIA (to the extent such breach is curable) and (iii) such breach, if not cured, would render the conditions set forth in Section 6.2 of the Merger Agreement incapable of being satisfied; (c) by VIA, at any time prior to the closing of the Merger, if (i) Ideanomics or Longboard is in breach, in any material respect, of the representations, warranties or covenants made by it in the Merger Agreement, (ii) such breach is not cured within 20 business days after VIA has given written notice of such breach to Ideanomics (to the extent such breach is curable) and (iii) such breach, if not cured, would render the conditions set forth in Section 6.1 of the Merger Agreement incapable of being satisfied; (d) by written notice by either VIA or Ideanomics to the other, at any time after March 31, 2022 if the closing of the Merger shall not have occurred on or prior to such date; provided, that the right to terminate the Merger Agreement under Section 9.1(d) of the Merger Agreement shall not be available to such party if the action or inaction of such party or any of its affiliates has been a principal cause of or resulted in the failure of the closing of the Merger to occur on or before such date and such action or failure to act constitutes a breach of the Merger Agreement; and (e) by either Ideanomics or VIA if any governmental authority having competent jurisdiction has issued a final, non-appealable order or taken any other action the effect of which is to permanently restrain, enjoin or otherwise prohibit the contemplated transactions; provided that the right to terminate the Merger Agreement under Section 9.1(e) of the Merger Agreement shall not be available to such party if the action or inaction of such party or any of its affiliates has been a principal cause of or resulted in such order or action and such action or inaction constitutes a breach of the Merger Agreement. The completion of the Merger is subject to satisfaction or waiver of certain customary closing conditions, including (a) the receipt of the required approvals from Ideanomics stockholders and VIA stockholders, (b) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and any authorization or consent from a governmental entity required to be obtained with respect to the Merger having been obtained and remaining in full force and in effect, (c) the absence of any governmental order or law making illegal or otherwise prohibiting the consummation of the Merger, (d) the effectiveness of the registration statement on Form S-4 to be filed by Ideanomics pursuant to which the shares of Ideanomics common stock to be issued in connection with the Merger are registered with the Securities and Exchange Commission, (e) the authorization for listing of the shares of Ideanomics common stock to be issued in connection with the Merger on the NASDAQ, and (f) that certain individuals enter into employment agreements. The obligation of each party to consummate the Merger is also conditioned upon the other party's representations and warranties being true and correct (subject to certain materiality exceptions) and the other party having performed in all material respects its obligations under the Merger Agreement, and the receipt of an officer's certificate from the other party to such effect. The board of directors of Ideanomics has unanimously (1) determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are fair to, and in the best interests of, Ideanomics and its stockholders, (2) approved and declared advisable the Merger Agreement and the transactions contemplated thereby, including the Merger, and (3) resolved to recommend that Ideanomics' stockholders vote in favor of the adoption of the Merger Agreement and the transactions contemplated thereby, including the Merger. In connection with the execution of the Merger Agreement Ideanomics provided a $42.5 million loan to VIA pursuant to a Secured Convertible Promissory Note, which Note amount will be a deduction to the Merger Consideration and is secured by a lien on all of the assets of VIA. The Merger Agreement and related description are intended to provide information regarding the terms of the Merger Agreement and are not intended to modify or supplement any factual disclosures about Ideanomics in its reports filed with the SEC. In particular, the Merger Agreement and related description are not intended to be, and should not be relied upon as, disclosures regarding any facts and circumstances relating to Ideanomics or VIA. The representations and warranties have been negotiated with the principal purpose of not establishing matters of fact, but rather as a risk allocation method establishing the circumstances under which a party may have the right not to consummate the Merger if the representations and warranties of the other party prove to be untrue due to a change in circumstance or otherwise. As is customary, the assertions embodied in the representations and warranties made by VIA in the Merger Agreement are qualified by information contained in confidential disclosure schedules that VIA has delivered to Ideanomics in connection with the signing of the Merger Agreement. The representations and warranties also may be subject to a contractual standard of materiality different from those generally applicable under the securities laws. Shareholders of Ideanomics are not third-party beneficiaries under the Merger Agreement and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of Ideanomics or VIA. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement. Voting and Support Agreement In connection with the execution of the Merger Agreement, on Aug. 30, 2021, certain stockholders and directors of VIA have entered into Voting and Support Agreements pursuant to which, inter alia, such stockholders have agreed to vote all of their respective shares of VIA common stock in favor of the Merger Agreement and the transactions contemplated thereby (including the Merger), representing in the aggregate, at least 65% of the outstanding shares of capital stock of VIA. About Ideanomics Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under its innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions and services across the financial services industry. Together, MEG and Ideanomics Capital provide their global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and its shareholders with the opportunity to participate in high-potential, growth industries. The Company is headquartered in New York, NY, with operations in the U.S., China, Ukraine, and Malaysia. Ideanomics reported a net loss of $106.04 million for the year ended Dec. 31, 2020, compared to a net loss of $96.83 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $698.05 million in total assets, $145.39 million in total liabilities, $1.26 million in convertible redeemable preferred stock, $7.72 million in redeemable non-controlling interest, and $543.68 million in total equity. INNOVATIVE SOFTWARE: Sept. 30 Hearing on Disclosures/Plan --------------------------------------------------------- Judge Scott M. Grossman has entered an order setting a hearing on approval of the disclosure statement and confirmation of the plan of Innovative Software Solution, Inc. for Thursday, Sept. 30, 2021 at 9:30 a.m. in United States Bankruptcy Court 299 East Broward Boulevard, Courtroom 308 Ft. Lauderdale, Florida 33301. Monday, Sept. 27, 2021, is fixed as the last day for filing and serving written objections to the disclosure statement and confirmation of the plan (three business days before the confirmation hearing). Thursday, Sept. 23, 2021, is fixed as the last day for filing written acceptances or rejections of the Plan. The last day for filing and serving objections to claims is on Thursday, September 16, 2021. About Innovative Software Innovative Software Solution, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-10538) on Jan. 20, 2021. Natalie Frazier, president, signed the petition. Judge Scott M. Grossman oversees the case. Van Horn Law Group, PA, serves as the Debtor's legal counsel. INTEGRATED GLOBAL: Wins Cash Collateral Access Thru Dec 1 --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, has authorized Integrated Global Concepts Medical Group, Inc. and Federal National Mortgage Association to enter into the Stipulation Between Fannie Mae and Debtor for Adequate Protection and Authorization to Use Cash Collateral on an Interim Basis. The Court says the Stipulation is approved in all respects on an interim basis. As of the Petition Date, the Debtor was obligated to Fannie Mae for the obligations arising under or relating to the Loan Documents that the Debtor entered into with Centerline Mortgage Capital, Inc., the original lender. The Prepetition Obligations (a) were fully accelerated, due and payable to Fannie Mae; (b) included indebtedness in the aggregate principal amount of not less than $1,572,091.78 and accrued interest in the amount of not less than $110,187.03, plus additional interest, costs, fees and charges recoverable under the documents or by law in the amount of not less than $58,566.14, (c) constitute legal, valid, binding and enforceable obligations of Debtor, and (d) are not subject to any objection, offset, avoidance, subordination or other claim or challenge of any nature under the Bankruptcy Code, any other applicable law, contract or otherwise. The Debtor has requested the use of the Cash Collateral, and Fannie Mae is willing to consent to such use of Cash Collateral upon the admissions, agreements, terms and conditions contained in the Stipulation and the entry of an order approving the Stipulation. An express condition to Fannie Mae's consent to the use of any cash collateral is the reimbursement to the Debtor of $40,000 of the Rose Owner Draws. Dr. Michael Brenner will pay the Draw Reimbursement to the Debtor within seven business days following the entry of the order approving the Stipulation. Within four business days of the Debtor's receipt of the Draw Reimbursement, the Debtor will pay Fannie Mae (i) $12,500 for the August 2020 adequate protection payment, and (ii) $21,026.11 for reimbursement of Fannie Mae's payment of the property taxes associated with the Rose Property. The balance of the $40,000 will be held by the Debtor's estate in the Debtor's post-petition, general operating account. If the Debtor has not been reimbursed the entire amount of the Rose Owner Draws by the Reimbursement Deadline, then the Debtor consents to the immediate appointment of a chapter 11 trustee. As adequate protection for the Debtor's use of cash collateral, Fannie Mae will have a postpetition security interest and replacement lien in all present and future prepetition and postpetition real and personal property assets which presently constitute Fannie Mae's Prepetition Collateral. The Postpetition Lien will be senior and have priority over all other liens and interests on and in the Collateral, except that the Postpetition Lien will be junior only to (a) the Prepetition Lien in favor of Fannie Mae and (b) such other valid, existing, and perfected liens or security interests existing as of the Petition Date with respect to such assets existing as of the Petition Date encumbered by such liens, and to the extent such liens or security interests were senior to the Prepetition Lien in favor of Fannie Mae as of the Petition Date and are not otherwise avoided. As partial adequate protection of Fannie Mae's interest in the Collateral, the Debtor will pay monthly adequate protection payments to Fannie Mae in the amount equal to the monthly payments due on the Prepetition Obligations under the Loan Documents in the amount of $12,500 per month. The adequate protection payments due commencing on September 10, 2021 and for each month thereafter while this Stipulation is in effect will be paid on or before the tenth calendar day of the month. The Debtor will also maintain and insure the Collateral in sufficient amounts to adequately protect Fannie Mae's interest in such Collateral. The authorization to use the Cash Collateral will terminate as of the earliest: (a) December 1, 2021; (b) The occurrence of a Default; or (c) The sale of substantially all of Debtor's or Debtor's estate's assets. A hearing on the matter is continued to December 1 at 9 a.m. A copy of the motion is available at https://bit.ly/3DPv3XA from PacerMonitor.com. A copy of the order is available at https://bit.ly/3BydtFt from PacerMonitor.com. About Integrated Global Concepts Medical Group, Inc. Integrated Global Concepts Medical Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-16329) on August 9, 2021. In the petition signed by Michael Brenner, president and CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sandra R. Klein oversees the case. Vanessa M. Haberbush, Esq., at Haberbush, LLP is the Debtor's counsel. INTELSAT S.A.: Jones Day 2nd Update on Jackson Crossover Group -------------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of Jones Day submitted a second amended verified statement to disclose an updated list of members and holdings of the Intelsat Jackson Crossover Ad Hoc Group in the Chapter 11 cases of Intelsat S.A., et al. The certain beneficial holders and/or investment advisers or managers for certain beneficial holders of: (a) the 5.5% Senior Notes due 2023 issued under that certain Indenture, dated as of June 5, 2013, by and among Intelsat Jackson Holdings S.A., as issuer, U.S. Bank, National Association, as trustee, and certain guarantors party thereto, (b) the 8.5% Senior Notes due 2024 issued under that certain Indenture, dated as of September 19, 2018, by and among Intelsat Jackson Holdings S.A., as issuer, U.S. Bank, National Association, as trustee, and certain guarantors party thereto, (c) the 9.75% Senior Notes due 2025 issued under that certain Indenture, dated as of July 5, 2017, by and among Intelsat Jackson Holdings S.A., as issuer, U.S. Bank, National Association, as trustee, and certain guarantors party thereto, (d) the term loans under that certain Credit Agreement, dated as of January 12, 2011 among Intelsat Jackson Holdings S.A., as borrower, Intelsat Connect Finance S.A., as Parent guarantor, the other guarantors from time to time party thereto, Bank of America, N.A., as administrative agent, and the lenders from time to time party thereto, (e) the 9.5% Senior Secured Notes due 2022 issued under that certain Indenture, dated as of June 30, 2016 by and among Intelsat Jackson Holdings S.A., as issuer, Wilmington Trust, National Association, as trustee, and certain guarantors party thereto, and (f) the 8.0% Senior Secured Notes due 2024 issued under that certain Indenture, dated as of March 29, 2016 by and among Intelsat Jackson Holdings S.A., as issuer, Wilmington Trust, National Association, as trustee, and certain guarantors party thereto. As of Aug. 31, 2021, members of the Intelsat Jackson Crossover Ad Hoc Group and their disclosable economic interests are: Alliance Bernstein L.P. 1345 6th Avenue New York, NY 10105 * Jackson Unsecured Notes: $59,522,000 Avenue Capital Management II, L.P. and Avenue Europe International Management, L.P. * Jackson Unsecured Notes: $54,000,000 * 2023 ICF Notes: $6,250,000 Capital Research and Management Company 333 South Hope St. 55th Floor Los Angeles, CA 90071 * Jackson Unsecured Notes: $142,140,000 * Jackson Term Loans: $81,540,000 * Jackson Secured Notes: $96,190,000 * DIP Loans: $40,669,187 Capital Ventures International c/o Susquehanna Advisors Group, Inc. 401 City Avenue Suite 220 Bala Cynwyd, PA 19004 * Jackson Unsecured Notes: $1,000,000 CarVal Investors, LP 9320 Excelsior Boulevard, 7th Floor Hopkins, MN 55343 * Jackson Unsecured Notes: $521,107,000 * Term Loans: $22,212,385 CI Global Asset Management 2 Queen Street East Toronto, Ontario M5C 3G7 * Jackson Unsecured Notes: $27,462,000 * Jackson Term Loans: $500,000 Davidson Kempner Capital Management LP 520 Madison Avenue 30th Floor New York, NY 10022 * Jackson Unsecured Notes: $513,407,000 * Lux Notes: $142,849,000 * 2025 Convertible Notes: $5,000,000 * Intelsat S.A. Common Shares: 1,508,803 shares Deutsche Bank Securities Inc. and Deutsche Bank AG Cayman Islands Branch 60 Wall Street, 3rd Floor New York, NY 10005 * Jackson Unsecured Notes: $107,867,000 * Jackson Term Loans: $4,014,423 * Jackson Secured Notes: $824,000 * 2023 ICF Notes: $3,018,000 * Lux Notes: $781,000 Fidelity Management & Research Co. 245 Summer Street Boston, MA 02110 * Jackson Unsecured Notes: $134,185,000 Glendon Capital Management L.P. 2425 Olympic Blvd, Suite 500E Santa Monica, CA 90404 * Jackson Unsecured Notes: $156,135,000 * Jackson Secured Notes: $2,000 J.P. Morgan Investment Management Inc. and J.P. Morgan Chase Bank, N.A. 1 E Ohio St. Floor 6 Indianapolis, IN 46204 * Jackson Unsecured Notes: $435,246,000 * Jackson Term Loans: $35,613,000 * Jackson Secured Notes: $97,419,000 * DIP Loans: $32,876,083 Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 * Jackson Unsecured Notes: $2,307,209,000 * Jackson Term Loans: $473,383,315 * Jackson Secured Notes: $241,636,000 * 2023 ICF Notes: $77,948,000 * Lux Notes: $291,522,000 * DIP Loans: $169,330,295 PGIM Inc. 655 Broad St. Newark, NJ 07102 * Jackson Unsecured Notes: $299,820,000 * Jackson Term Loans: $65,837,464 * Jackson Secured Notes: $90,880,000 * Lux Notes: $28,794,774 Solus Alternative Asset Management 410 Park Avenue New York, NY 10022 * Jackson Unsecured Notes: $54,292,000 * Jackson Term Loans: $12,484,621 The TCW Group, Inc. 865 S. Figueroa St. Los Angeles, CA 90017 * Jackson Unsecured Notes: $403,098,000 * Jackson Term Loans: $40,488,924 * Lux Notes: $2,720,000 * DIP Loans: $7,366,588 Counsel to the Intelsat Jackson Crossover Ad Hoc Group can be reached at: J. Ryan Sims, Esq. JONES DAY 51 Louisiana Avenue, N.W. Washington, D.C. 20001 Tel: (202) 879-3939 Fax: (202) 626-1700 E-mail: rsims@jonesday.com Bruce Bennett, Esq. JONES DAY 555 South Flower Street Fiftieth Floor Los Angeles, CA 90071 Tel: (213) 489-3939 Fax: (213) 243-2539 E-mail: bbennett@jonesday.com - and - Michael Schneidereit, Esq. C. Lee Wilson, Esq. Nicholas J. Morin, Esq. JONES DAY 250 Vesey Street New York, NY 10281 Tel: (212) 326-3939 Fax: (212) 755-7306 E-mail: mschneidereit@jonesday.com clwilson@jonesday.com nmorin@jonesday.co A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3tf8V3N About Intelsat S.A. Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held operator of satellite services businesses, which provides a diverse array of communications services to a wide variety of clients, including media companies, telecommunication operators, internet service providers, and data networking service providers. The Company is also a provider of commercial satellite communication services to the U.S. government and other select military organizations and their contractors. The Company's administrative headquarters are in McLean, Virginia, and the Company has extensive operations spanning across the United States, Europe, South America, Africa, the Middle East, and Asia. Intelsat S.A., based in L-1246 Luxembourg, and its debtor-affiliates, sought Chapter 11 protection (Bankr. E.D. Va. Lead Case No. 20-32299) on May 14, 2020. The petition was signed by David Tolley, executive vice president, chief financial officer, and co-chief restructuring officer. In its petition, Intelsat disclosed $11,651,558,000 in assets and $16,805,844,000 in liabilities. KIRKLAND & ELLIS LLP, and KUTAK ROCK LLP, as counsels; ALVAREZ & MARSAL NORTH AMERICA, LLC as restructuring advisor; PJT PARTNERS LP as investment banker; STRETTO as claims and noticing agent. INTELSAT SA: Creditors Owed $4.55M to Recover 100% in Plan ---------------------------------------------------------- Intelsat S.A. and Its Debtor Affiliates submitted a Second Amended Disclosure Statement for the Second Amended Joint Chapter 11 Plan dated August 31, 2021. The Bankruptcy Court makes no finding or ruling in the Disclosure Statement Order, other than with respect to the adequacy of the Disclosure Statement pursuant to Section 1125 of the Bankruptcy Code, with respect to (a) the negotiations, reasonableness, business purpose, or good faith of the Settlement Agreement or the Amended Plan, or as to the terms of the Settlement Agreement or the Amended Plan for any purpose, (b) whether the Amended Plan satisfies any of the requirements for confirmation, or (c) the standard of review or any factor required for approval of the Settlement Agreement or Confirmation of the Amended Plan. Any objections or requests served in connection with the Settlement Agreement and/or the Amended Plan are reserved and not waived by entry of the Disclosure Statement Order; provided, however, that nothing in the Disclosure Statement or the Disclosure Statement Order shall preclude the Debtors or any other party in interest that is the subject of such objection or discovery requests from seeking to overrule such objections or limit or otherwise overrule such discovery requests. The Second Amended Plan added the Class A9 Convenience Claims with $4,551,249 amount of claims and 100% recovery. Any Holder of a General Unsecured Claim in an Allowed amount that is greater than $0 but less than or equal to the Convenience Claim Threshold, or in excess of the Convenience Claim Threshold for which the Holder of such Claim timely elects on a Convenience Claim Opt-In Form to have such Claim irrevocably reduced to the Convenience Claim Threshold and treated as a Convenience Claim in full and final satisfaction of such Claim, will be entitled to the treatment provided for Holders of Allowed Claims in Class A9. In other words, Holders of Allowed Convenience Claims, including those who timely elect on a Convenience Claim Threshold to have such Claim reduced to the Convenience Claim Threshold, will be entitled to receive payment in full in Cash, in full and final satisfaction of such Claim. As set forth in the Amended Plan, to the extent known, the Debtors will disclose at or prior to the Confirmation Hearing the identity and affiliations of any person proposed to serve on the Equity Issuer Board. The Equity Issuer Board shall include the CEO and shall be comprised of 7 members. As set forth in the Corporate Governance Term Sheet, 3 directors shall be designated by Pacific Investment Management Company LLC, 1 director shall be designated by Appaloosa LP and related funds, 1 director shall be designated by Davidson Kempner Capital Management KLP, 1 director shall be designated by CarVal Investors and related funds, and the then-serving Chief Executive Officer of the Reorganized Debtors shall serve as a director. On or after the Effective Date, the Debtors, the or Reorganized Debtors, as applicable, will establish one or more reserves for Claims, including the Secured Creditor Claims Disputed Distribution Reserve, that are contingent or have not yet been Allowed, and including any Guarantee Claims that have not been withdrawn with prejudice or disallowed by a Final Order, in an amount or amounts as reasonably determined by the applicable Debtors (with the consent of the Required Consenting Jackson Crossover Group Members and, solely with respect to any Claims against any HoldCo, the Required Consenting HoldCo Creditors) or Reorganized Debtors, as applicable, consistent with the Proof of Claim Filed by the applicable Holder of such Disputed Claim. To the extent that a Disputed Claim may be entitled to receive New Common Stock pursuant to the Plan, such New Common Stock will remain authorized but unissued pending resolution of such Disputed Claim. The reserve established for Guarantee Claims that have not been released or disallowed by a Final Order shall be established in such amount assuming that such Guarantee Claims are Allowed in full, or as otherwise agreed between the Debtors or Reorganized Debtors and the Required Consenting Jackson Crossover Group Members. To the extent the Secured Creditor Settlement Order has not been entered as of the Effective Date or does not remain in effect as of the Effective Date, then until such time as the Disputed portions of the 8.00% First Lien Notes Claims and 9.50% First Lien Notes Claims are Allowed, and all such amounts are paid in full in Cash, or disallowed, pursuant to a Final Order, the Debtors and Reorganized Debtors, as applicable, shall maintain the Secured Creditor Claims Disputed Distribution Reserve in the amount of the portion of such Claims that constitute Disputed Claims. Any modifications to the Secured Creditor Claims Distribution Reserve following the Effective Date shall be (a) mutually agreed upon by the Debtors or Reorganized Debtors, as applicable, the Required First Lien Consenting First Lien Noteholders, and the Required Consenting Jackson Crossover Group Members or (b) pursuant to separate Bankruptcy Court order. SES contends that the Debtors or Reorganized Debtors, as applicable should establish a Cash reserve in the amount of SES's asserted constructive trust claim, to the extent that such Claim remains a Disputed Claim as of the Effective Date. SES further contends that the Debtors or Reorganized Debtors, as applicable, should reserve sufficient authorized but unissued New Common Stock to which SES may be entitled on account of any of its unsecured claims against the Debtors, to the extent that such Claims remained Disputed Claims as of the Effective Date. The Debtors and Reorganized Debtors currently contemplate establishing Disputed and Contingent Claims reserves and all other parties' rights to argue and seek alternative and incremental forms of reserves at confirmation are reserved. A full-text copy of the Second Amended Disclosure Statement dated August 31, 2021, is available at https://bit.ly/2VhQ9fK from Stretto, the claims agent. Co-Counsel to the Debtors: Edward O. Sassower, P.C. Steven N. Serajeddini, P.C. Aparna Yenamandra KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 - and - Michael A. Condyles Peter J. Barrett Jeremy S. Williams Brian H. Richardson KUTAK ROCK LLP 901 East Byrd Street, Suite 1000 Richmond, Virginia 23219-4071 Telephone: (804) 644-1700 Facsimile: (804) 783-6192 About Intelsat S.A. Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held operator of satellite services businesses, which provides a diverse array of communications services to a wide variety of clients, including media companies, telecommunication operators, internet service providers, and data networking service providers. It is also a provider of commercial satellite communication services to the U.S. government and other select military organizations and their contractors. The company's administrative headquarters are in McLean, Virginia, and the Company has extensive operations spanning across the United States, Europe, South America, Africa, the Middle East, and Asia. Intelsat S.A. and its debtor-affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020. The petitions were signed by David Tolley, executive vice president, chief financial officer, and co-chief restructuring officer. At the time of the filing, the Debtors disclosed total assets of $11,651,558,000 and total liabilities of $16,805,844,000 as of April 1, 2020. Judge Keith L. Phillips oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal counsel; Alvarez & Marsal North America, LLC as restructuring advisor; PJT Partners LP as financial advisor & investment banker; Deloitte LLP as tax advisor; and Deloitte Financial Advisory Services LLP as fresh start accounting services provider. Stretto is the claims and noticing agent. The U.S. Trustee for Region 4 appointed an official committee of unsecured creditors on May 27, 2020. The committee tapped Milbank LLP and Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc. as financial advisor; Moelis & Company LLC as investment banker; Bonn Steichen & Partners as special counsel; and Prime Clerk LLC as information agent. ISRAEL MARMOL: Seeks to Hire Weiss Serota as Legal Counsel ---------------------------------------------------------- Israel Marmol & Associates, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Weiss Serota Helfman Cole & Bierman, P.L. to serve as legal counsel in its Chapter 11 case. The firm's hourly rates are as follows: Partners $400 per hour Associates $200 to $350 per hour Weiss will also receive reimbursement for out-of-pocket expenses incurred. Aleida Martinez Molina, Esq., a partner at Weiss, 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: Aleida Martinez Molina, Esq. Weiss Serota Helfman Cole & Bierman, P.L. 2525 Ponce de Leon Boulevard, Suite 700 Coral Gables, FL 33134 Tel: (305) 854-0800 Fax: (305) 854-2323 Email: amartinez@wsh-law.com About Israel Marmol & Associates Israel Marmol & Associates, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-17899) on Aug. 13, 2021, listing as much as $100,000 in both assets and liabilities. Judge Robert A. Mark oversees the case. Aleida Martinez Molina, Esq., at Weiss Serota Helfman Cole & Bierman, P.L. represents the Debtor as legal counsel. JAGUAR HEALTH: Five Proposals Approved at Annual Meeting -------------------------------------------------------- Jaguar Health, Inc. announced the voting results of the Company's Annual Meeting of Stockholders. Six items of business were addressed at the meeting: Proposal 1: To elect one Class III director. Proposal 2: To ratify the appointment of Mayer Hoffman McCann P.C. as the Company's independent registered public accounting firm for the fiscal year ended Dec. 31, 2021. Proposal 3: To approve an amendment to the Company's Third Amended and Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of Common Stock from 150,000,000 shares to 290,000,000 shares. Proposal 4: To approve, on a non-binding advisory basis, the compensation paid by the Company to its named executive officers as disclosed in the Proxy Statement. Proposal 5: To indicate, on a non-binding advisory basis, the frequency of future advisory votes to approve the compensation paid by the Company to its named executive officers. Proposal 6: To approve a proposal to grant discretionary authority to adjourn the Annual Meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Annual Meeting to approve Proposal 3. Proposals 1, 2, 4, 5 and 6 were submitted to and approved by Jaguar stockholders at the Annual Meeting. With respect to Proposal 5, the non-binding frequency selected by the stockholders is three years. Although over 75% of votes cast for Proposal 3 were in favor of the proposal, an insufficient number of votes were received from stockholders for this proposal to be approved. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar Health reported a net loss and comprehensive loss of $33.81 million for the year ended Dec. 31, 2020, compared to a net loss and comprehensive loss of $38.54 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $69.54 million in total assets, $37.75 million in total liabilities, and $31.79 million in total stockholders' equity. JAMCO SERVICES: Proposes Auction of Commercial Assets by GAGP ------------------------------------------------------------- Jamco Services, LLC, asks the U.S. Bankruptcy Court for the Western District of Texas to authorize the sale procedures for commercial assets, including, bulldozers, excavators, portable generators, forklifts, trucks, trailers, and related construction equipment, free and clear of all liens, claims, encumbrances and interests. Jamco was formed in 2012 as a Texas domestic limited liability company. It actively uses heavy machinery to provide dirt construction services in the Permian Basin area primarily to the oil and gas industry. The construction services that Jamco provides include new site preparations, remediations, lease-road repairs, fencing, and other dirt work. Jamco now operates with both their own equipment and rental equipment. Jamco's sales trends have simultaneously followed the oil and gas industry. There were major busts in the oil and gas industry in 2014, 2016, and 2020. Jamco's sales reflect this. Jamco was severely hampered in the 2020 bust which coincided with the Covid-19 pandemic and included WTI futures actually trading negative in May. The major issue with Centennial and Mazon reached a head around the same time the Covid-19 pandemic hit. This caused stress throughout the oil and gas industry. Jamco's accounts receivable have become harder and harder to collect. Jamco has had multiple accounts receivables go out of business or file bankruptcy themselves. In addition to the impact on accounts receivable, the Covid-19 pandemic caused an overall downfall in the oil and gas industry which resulted in a lack of new drilling locations and an overall slowdown in all new contracts. This led to a dramatic decrease in Jamco's sales. By the Motion, Debtor requests entry of an order authorizing the Debtor, to sell commercial assets free and clear of all liens, claims, encumbrances and interests. Specifically, it asks authority to enter the Consulting Agreement between Great American Global Partners, Inc. ("GAGP") and Jamco Services, LLC. The Debtor wishes to retain GAGP to conduct an auction where it will sell the Commercial Assets. Exhibit C is tThe specific list of equipment to be sold, including the identity of the secured creditor with the first lien against each item, and the expected sale value. The Debtor's ultimate goal in this Chapter 11 case is to conduct a financial and operational restructuring and to reorganize under a Chapter 11 plan of reorganization. It filed its Chapter 11 plan of reorganization on May 24, 2021. The Plan contemplates the sale of the equipment set out more fully in the Motion. In order to efficiently and effectively reorganize, it is imperative that the Debtor be able to shed excess commercial property. Towards that goal, the Debtor seeks approval under Bankruptcy Code Section 363 for procedures that enable it to carry out sales of such property in a timely fashion. The Debtor asks approval to have GAGP conduct sales of the Sale Assets under the sale procedures on a final "as is" basis, free and clear of any and all liens, claims, and encumbrances, with all such liens attaching to the remaining net proceeds of such assets. A copy of the Agreement is available at https://tinyurl.com/tpc2zur3 from PacerMonitor.com free of charge. About Jamco Services Jamco Services, LLC -- https://www.jamcoservices.com/ for more information -- is a full-service heavy equipment construction company in Midland, Texas. Its services include drilling construction, frac pit construction, site remediation, oilfield construction, game fencing, pit lining and oilfield construction. Jamco Services conducts business under the name Jam Construction. Jamco Services filed a petition for Chapter 11 protection (Bankr. W.D. Texas Case No. 20-70142) on Nov. 25, 2020, disclosing as much as $10 million in both assets and liabilities. Judge Tony M. Davis oversees the case. The Debtor tapped Condon Tobin Sladek Thornton, PLLC as its legal counsel and EGK Financial, LLC as its accountant. JAR-BET LLC: Case Summary & 3 Unsecured Creditors ------------------------------------------------- Debtor: Jar-Bet, L.L.C. 209 Valley Drive Americus, GA 31709 Chapter 11 Petition Date: September 3, 2021 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 21-10519 Debtor's Counsel: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 E-mail: Wes@BoyerTerry.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Russ F. Barnes, the managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MICXOWQ/JAR-BET_LLC__gambke-21-10519__0001.0.pdf?mcid=tGE4TAMA KANSAS CITY UNITED: Sept. 28 Hearing on Disclosure Statement ------------------------------------------------------------ Judge Cynthia A. Norton has entered an order setting a hearing to consider approval of the disclosure statement of Kansas City United Methodist Retirement Home, Inc., d/b/a Kingswood Senior Living Community, for Sept. 28, 2021 at 1:30 p.m., via telephone conference. The last date to file and serve written objections to the disclosure statement is fixed as September 17, 2021. The Debtor filed a Plan that is the result of extensive, arm's-length negotiations among (i) the Debtor, (ii) UMB Bank, N.A., as the Trustee for the Series 2016 Bonds, and (iii) the Holders of at least 50% of the Bond Claims (the "Consenting Holders"), provides the Debtor with a long-term resolution of its financial issues. In particular, the Debtor, the Trustee, and the Consenting Holders, as applicable, have agreed to the terms of a Plan Support Agreement that collectively provides for a refinancing transaction: 1. The funding of an additional $9,900,000 in new money bond financing comprised of $5,500,000 principal amount of new Series 2021A Bonds to refinance certain project costs and fund working capital and other expenses for the Community, and $4,400,000 principal amount of new Series 2021C Bonds to fund designated capital improvements for the Community; and 2. An exchange of the outstanding Series 2016 Bonds in the aggregate outstanding principal amount of approximately $51,770,000, plus any accrued and unpaid interest thereon, for a pro rata share of (i) $27,000,000 principal amount of new Series 2021B Bonds and (ii) $12,050,000 principal amount of new Series 2021D Bonds (the "Bond Refinancing"). Class 4 general unsecured claims and Class 5 resident refund claims are unimpaired under the Plan. A copy of the Disclosure Statement dated Aug. 18, 2021, is available at PacerMonitor.com at https://bit.ly/3jLJ1Bu About Kansas City United Methodist Retirement Home, Inc. Kansas City United Methodist Retirement Home, Inc., d/b/a Kingswood Senior Living Community, operates a continuing care retirement community and assisted living facility the elderly in Kansas City, Missouri. The entity sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 21-41049) on August 18, 2021. In the petition signed by Ross P. Marine, chairman of the Board, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Cynthia A. Norton is assigned to the case. McDowell, Rice, Smith & Buchanan, PC serves as the Debtor's counsel. UMB Bank, N.A., bond trustee, is represented by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. KATERRA INC: Court Approves $4.5M Sale of Assets to BMC Corporate ----------------------------------------------------------------- Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas authorized Katerra Inc. and its debtor subsidiaries to sell assets to BMC Corporate Services, LLC, for $4.5 million, in accordance with the terms of their Asset Purchase Agreement dated as of Aug. 12, 2021. The Asset Purchase Agreement, including all of the terms and conditions thereof, are approved. The Asset Purchase Agreement will not be altered, amended, rejected, discharged or otherwise affected without the prior written consent of the Purchaser. The Purchaser will assume and be liable for only those liabilities expressly assumed pursuant to the Asset Purchase Agreement, which, for the avoidance of doubt, will not include any Excluded Liabilities. Upon the Closing, the Acquired Assets will be transferred to the Purchaser free and clear of any and all Liens, Claims, Interests, and Encumbrances of any kind or nature whatsoever, with the sole exception of any Permitted Encumbrances and Assumed Liabilities or to the extent otherwise expressly provided for in the Asset Purchase Agreement. Pursuant to sections 105(a) and 365 of the Bankruptcy Code, and subject to and conditioned upon the Closing, the Debtors' assumption and assignment to the Purchaser of the Assigned Contracts is approved, and the requirements of section 365(b)(1) of the Bankruptcy Code with respect thereto are deemed satisfied. The Debtors are authorized, in accordance with the Asset Purchase Agreement, and in accordance with sections 105(a) and 365 of the Bankruptcy Code, to (i) assume and assign to the Purchaser the Assigned Contracts, effective upon and subject to the occurrence of the Closing, free and clear of all Liens, Claims, Interests, and Encumbrances of any kind or nature whatsoever. For all Assigned Contracts for which a Supplemental Cure Notice was served, if any, the Purchaser is authorized and directed to pay all Cure Costs required to be paid by in accordance with the Asset Purchase Agreement upon the later of (x) 21 days following service of the Supplemental Cure Notice and (y) if an objection to the Supplemental Cure Notice is timely filed, the resolution of such objection by settlement or order of the Court. The automatic stay provisions of section 362 of the Bankruptcy Code are lifted and modified to the extent necessary to implement the terms and conditions of the Asset Purchase Agreement and the provisions of the Sale Order. Notwithstanding Bankruptcy Rules 6004(h) and 6006(d), the Sale Order will be effective and enforceable immediately upon entry and its provisions will be self-executing. In the absence of any person or entity obtaining a stay pending appeal, the Debtors and the Purchaser are free to close the Sale under the Asset Purchase Agreement at any time pursuant to the terms thereof. A copy of the Agreement is available at https://tinyurl.com/8uu3jtma from PacerMonitor.com free of charge. About Katerra Inc. Based in Menlo Park, Calif., Katerra Inc. is a Japanese-funded, American technology-driven offsite construction company. Katerra was founded in 2015 by Michael Marks, former chief executive officer of Flextronics and former Tesla interim CEO, along with Fritz Wolff, the executive chairman of The Wolff Co. It offers technology-driven design, manufacturing, and assembly solution for bathroom pods, door and window, furniture, and modular utility systems. Katerra and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-31861) on June 6, 2021. In its petition, Katerra disclosed assets of between $500 million and $1 billion and liabilities of between $1 billion and $10 billion. Judge David R. Jones oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment banker; Alvarez & Marsal North America, LLC as financial and restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk LLC is the claims and noticing agent. The official committee of unsecured creditors tapped Fox Rothschild, LLP, as counsel; and FTI Consulting, Inc., as financial advisor. Weil, Gotshal & Manges LLP is counsel for SB Investment Advisers (UK) Limited, DIP lender. * * * Katerra in early August 2021 won court approval to sell factories in Washington state and California for a total of $71 million. Blue Varsity LLC, a wholly-owned subsidiary of Mercer International Inc., purchased Katerra's cross-laminated timber factory in Spokane, Wash. Volumetric Building Companies, a Philadelphia based construction company, agreed to buy Katerra's two-year-old factory in Tracy, Calif. LEGACY EDUCATION: Amends LTP Debenture to Reduce Required Funding ----------------------------------------------------------------- Legacy Education Alliance, Inc. amended the terms of the 10% senior secured convertible debenture originally dated as of March 8, 2021 issued by the Company to Legacy Tech Partners, LLC, a Delaware limited liability company. The amendment reduces the maximum funding obligation of LTP under the debenture to $675,000 (of which $375,000 was funded on or about March 8, 2021) and requires LTP to fund the remaining principal balance of the required funding in the principal amount of $300,000 not later than Oct. 15, 2021. Entry Into Debenture, Warrant and Guaranty Agreements On Aug. 27, 2021, Legacy Education Alliance issued a Senior Secured Convertible Debenture to GLD Legacy Holdings, LLC, a Delaware limited liability company, in the principal amount of $500,000. Net proceeds received by the Company after the deduction of certain transaction expenses of GLD were $485,150. The GLD Debenture accrues interest at a rate of 10% per annum and is due on the earlier of the occurrence of certain liquidity events with respect to the Company and Aug. 27, 2026. The GLD Debenture may be converted at any time after the issue date into shares of the Company's Common Stock at a price equal to $0.05 per share. Together with each Conversion Share, a warrant will be issued with a strike price of $0.05 per share and an expiration date of Aug. 27, 2026. GLD has an option to lend the Company up to an additional $500,000 prior to December 31, 2023 under the same terms. The GLD Debenture is secured by a lien on all the Company's assets. The Company's U.S. subsidiaries entered into Guaranties on Aug. 27, 2021 in favor of GLD under which such subsidiaries guaranteed the Company's obligations under the GLD Debenture and granted GLD a lien on all assets of such subsidiaries. Proceeds from the loan will be used as working capital for the development of the Company's Legacy EdTech business and for working capital for the operation of the Company's seminar business. The Warrants will not be listed for trading on any national securities exchange. The Warrants and the shares issuable upon conversion of the Debenture are not being registered under the Securities Act of 1933, as amended. The aggregate number of shares issuable upon conversion of the Debenture and upon the exercise of the Warrants may not exceed 19.9% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares upon conversion of the Debenture and the exercise of the Warrants. Under the term of the Debenture, and until all of the obligations of the Company under the Debenture have been paid in full, GLD may appoint one member to the Board of Directors of the Company, subject to the review and approval of the GLD appointed candidate by the Nominating and Governance Committee of the Company. In lieu of cash compensation, the GLD appointed director will receive a grant of 150,000 restricted shares of Common Stock of the Company upon appointment to the Board. Pursuant to the terms of the Debenture, on Aug. 27, 2021, the Company entered into an Advisory Services Agreement with GLD Advisory Services, LLC, a Delaware limited liability company, and affiliate of GLD, pursuant to which GLDAS will provide the Company and its subsidiaries with business, finance and organizational strategy, advisory, consulting and other services related to the business of the Company. In lieu of cash compensation, GLDAS will receive 315,000 restricted shares of Common Stock of the Company on the Effective Date and on each anniversary of the Effective Date thereafter until the GLD Debenture has been repaid in full. Intercreditor Agreement On Aug. 27, 2021, in connection with the GLD Debenture, the Company entered into an Intercreditor Agreement with GLD, LTP and Barry Kostiner pursuant to which LTP and GLD agreed that their respective rights under the LTP Debenture and the GLD Debenture would rank equally and ratably in all respects to one another including, without limitation, rights in collateral, right and priority of payment and repayment of principal, interest, and all fees and other amounts. The Intercreditor Agreement also appoints Barry Kostiner as Servicing Agent to act on behalf of all GLD and LTP, subject to the terms of this Agreement, with respect to (a) enforcing GLD's and LTP's rights and remedies, and the Company's obligations, under the Debentures. About Legacy Education Cape Coral, Fla.-based, Legacy Education Alliance, Inc. -- http://www.legacyeducationalliance.com-- is a provider of practical and value-based educational training on the topics of personal finance, entrepreneurship, real estate investing strategies and techniques. Legacy Education Alliance reported a net income of $16.01 million for the year ended Dec. 31, 2020, compared to a net income of $9.95 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $3.84 million in total assets, $26.74 million in total liabilities, and a total stockholders' deficit of $22.91 million. MaloneBailey, LLP, in Houston, Texas, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 9, 2021, citing that the Company has a net capital deficiency and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. LG ORNAMENTALS: To Seek Plan Confirmation on Sept. 28 ----------------------------------------------------- Judge Marian F. Harrison has entered an order conditionally approving the Disclosure Statement of LG Ornamentals, LLC. The hearing on confirmation of the Plan and approval of the Disclosure Statement shall be held at 9:00 a.m. on September 28, 2021, at the U.S. Bankruptcy Court for the Middle District of Tennessee, Courtroom 3, 2nd Floor Customs House, 701 Broadway, Nashville, TN 37203. Sept. 20, 2021, is fixed as the last day for filing and serving written objections to the Disclosure Statement. Sept. 20, 2021, is fixed as the last day for filing and serving written objections to confirmation of the Plan. Sept. 20, 2021, is fixed as the last day for filing written acceptances or rejections of the Plan. Attorney for the Debtor: Steven L. Lefkovitz 618 Church Street, Suite 410 Nashville, Tennessee 37219 Phone: (615)256-8300 Fax: (615) 255-4516 E-mail: slefkovitz@lefkovitz.com About LG Ornamentals LG Ornamentals, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 20-03560) on July 29, 2020, listing under $1 million in both assets and liabilities. Judge Charles M. Walker oversees the case. Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC, is serving as the Debtor's legal counsel. LIBERTY POWER: NRG Named Stalking Horse Bidder of Book of Business ------------------------------------------------------------------ Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida granted the request of Liberty Power Holdings, LLC, Liberty Power District of Columbia, LLC, LPT, LLC, and Liberty Power Maryland, LLC, to modify or clarify the bidding procedures in connection with the sale to NRG Retail, LLC, for approximately $36,386,951, of a substantial portion of the Debtors' "book of business," namely all of the Debtor's residential customer contracts and a portion of the Debtors' commercial customer contracts, as described more fully in the Asset Purchase Agreement, dated Aug. 20, 2021. The Stalking Horse Agreement is approved. The Stalking Horse Bidder is deemed a Qualified Bidder in all respects, and the Stalking Horse Agreement is a Qualified Bid for all purposes under the Bidding Procedures Orders and the Bidding Procedures. The Debtors are authorized to enter into the Stalking Horse Agreement. The Bid Protections and related provisions of the Stalking Horse Agreement are approved in their entirety, provided that the Expense Reimbursement will be reduced from a maximum of $300,000 to a maximum of $100,000. Subject to the terms and conditions of the Stalking Horse Agreement, the Debtors are authorized and directed to pay from the proceeds of any Alternative Transaction (i) the Break-Up Fee in an amount equal to $1 million, and (ii) the Expense Reimbursement equal to an amount not to exceed $100,000 for reasonable and documented out-of-pocket costs, fees and expenses. The Break-Up Fee and the Expense Reimbursement are entitled to administrative expense status under sections 503(b) and 507(a)(2) of the Bankruptcy Code. For the avoidance of doubt, the Order does not approve or authorize the sale of the Debtors' assets or the assumption and assignment of executory contracts or unexpired leases under the Stalking Horse Agreement. Such approval and authorization (if any) will be considered at the Sale Hearing pursuant to the Bidding Procedures Order. To the extent the automatic stay provisions of section 362 of the Bankruptcy Code would otherwise apply, such provisions are vacated and modified to the extent necessary to permit the parties to the Stalking Horse Agreement to exercise or give effect to their termination rights thereunder in accordance with its terms, and deliver any notice contemplated thereunder, in each case, without further order of the Court. The Bidding Procedures are clarified and/or modified (as applicable) to provide that (i) any bids being made on the Purchased Assets must comply with the provisions of the Bidding Procedures as they relate to a "stalking horse" in order to be considered a Qualified Bid for such Purchased Assets, including specifically submitting a signed "clean" version of the Stalking Horse Agreement and a marked version reflecting changes to the Stalking Horse Agreement as set forth above, and (ii) all other provisions of the Bidding Procedures in respect of the sale of the Purchased Assets are to be applied in the context of the Stalking Horse Agreement. Paul J. Battista, Esq., is directed to serve a copy of the Order on interested parties who are non-CM/ECF users and to file a proof of service within three days of entry of the Order. About Liberty Power Established in 2001 and headquartered in Fort Lauderdale, Fla., Liberty Power Holdings, LLC is one of the largest and longest-tenured owner-operated retail electricity provider in the United Stats. It provides large and small businesses, government agencies and residential customers with competitively-priced electricity, sustainability solutions and exceptional customer service. Liberty Power filed a voluntary petition for Chapter 11 reorganization (Bankr. S.D. Fla. Case No. 21-13797) on April 20, 2021. On June 4, 2021, LPT, LLC, Liberty Power Maryland, LLC and Liberty Power District of Columbia, LLC sought Chapter 11 protection. The cases are jointly administered under Case No. 21-13797 and have been assigned to Judge Scott M. Grossman. At the time of the filing, Liberty Power disclosed total assets of up to $100 million and total liabilities of up to $500 million. The Debtors tapped Genovese Joblove & Battista, P.A. as legal counsel and Berkeley Research Group, LLC as restructuring advisor. Robert Butler, managing director at Berkeley, serves as the Debtors' chief restructuring officer. Stretto is the claims and noticing agent. LIMETREE BAY: Taps Hughes Arrell Kinchen as Special Counsel ----------------------------------------------------------- Limetree Bay Services, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Hughes Arrell Kinchen, LLP as special counsel. Prior to their Chapter 11 filing, the Debtors tapped Hughes Arrell Kinchen in connection with the Department of Justice's Environmental Crimes Section's investigation into the emission incidents at the Debtors' refinery in St. Croix, U.S. Virgin Islands. To date, John Kinchen, Esq., a partner at Hughes Arrell Kinchen, has led the Debtors' discussions with DOJ-ECS including, among other things, addressing the parameters of EPA's tour of the refinery, responding to requests for information arising out of the shutdown of the refinery, and accompanying EPA-CID agents and engineers during the refinery tour. Mr. Kinchen will continue to lead correspondence and direct inquiries with DOJECS as the investigation progresses. Hughes Arrell Kinchen will charge $650 per hour for Mr. Kinchen's services and will seek reimbursement for expenses incurred. As disclosed in court filings, Hughes Arrell Kinchen does not represent interest adverse to the Debtors and their estates. The firm can be reached through: John B. Kinchen, Esq. Hughes Arrell Kinchen LLP 1221 McKinney, Suite 3150 Houston, TX 7010 Phone: 713-942-2255 Fax: 713-942-2266 Email: jkinchen@hakllp.com About Limetree Bay Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage and marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining, LLC, estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel, Beckstedt & Kuczynski LLP as special counsel, and GlassRatner Advisory & Capital LLC, doing business as B. Riley Advisory Services, as restructuring advisor. Mark Shapiro of GlassRatner is the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. 405 Sentinel, LLC serves as administrative and collateral agent for the DIP lenders. MACY'S INC: S&P Raises ICR to 'BB-' on Strong Performance Recovery ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on New York-based department store Macy's Inc. to 'BB-' from 'B+'. S&P said, "Concurrently, we raised our issue-level ratings on the company's second-lien debt to 'BB+' from 'B' and revised the recovery rating on the debt to '1' from '5'. We also raised our issue-level rating on the unsecured notes to 'BB-' from 'B' and revised the recovery rating on the notes to '4' from '5'. We withdrew the issue-level rating on the $1.3 billion first-lien secured debt based on the company's recent full redemption. "The positive outlook reflects that we could raise our rating if Macy's continues to execute its Polaris strategy and extends operating performance gains in the next 12 months." The upgrade reflects the ongoing progress Macy's is achieving in reducing leverage and strengthening operating results, supported by a favorable macroeconomic backdrop. Macy's reported strong results for the fiscal second quarter ended July 31, 2021, with both sales comps and gross margin up a healthy amount relative to 2019. The company also raised its full year 2021 outlook, reflecting expected continued momentum for the remainder of the year. Continued vaccination progress, greater mobility, pent-up demand, and improving consumer confidence fueled higher spending at Macy's and other apparel retailers. Moreover, the company's reported EBITDA margin for the first half of the year rose sharply to 11.7% from 7.7% in 2019, reflecting the benefits of the Polaris strategy, including inventory optimization and a $900 million cost reduction in selling, general and administrative (SG&A). Although S&P expects performance improvement to slow somewhat in the second half, considering ongoing supply chain and labor challenges, as well as the potential impact of the Delta or other emerging variant, it forecasts that a healthy sales recovery and margin expansion will support full year EBITDA returning to the 2019 level. Macy's has actively managed its capital structure and reduced debt load meaningfully this year. Most recently, it redeemed its $1.3 billion first-lien secured notes in full using balance sheet cash in August. Solid operating performance, as well as efficient working capital management and still-moderated capital spending, have fueled more than $700 million of free operating cash flow generation in the first half of 2021. The company recently reinstated its dividend (expected to be about $100 million this year) and authorized a $500 million share repurchase program. S&P expects Macy's will continue to balance these initiatives with additional debt reduction and it forecasts S&P Global Ratings-adjusted debt to EBITDA will improve to below 3x at the end of fiscal 2021. The Polaris strategy and additional cost initiatives boosted Macy's recent margin gain, but future execution risk remains. S&P said, "We believe continued successful execution of the Polaris strategy is essential to regaining profitability and counterbalancing a sustained reduction to its top line. On the back of the second quarter results, the company increased its long-term outlook for adjusted EBITDA margins to be in the low double-digit area. We expect continued progress to its previously announced $2.1 billion of annual savings, along with ongoing efforts around full price penetration, optimized delivery expense, and efficient working capital management, will support EBITDA margin maintaining somewhat higher than the 10% pre-pandemic level. Key risks to our forecast include a lower-than-anticipated recovery in apparel spending, inventory and supply chain challenges, execution issues regarding the Polaris strategy and heightened competition." Accelerated growth toward online shopping and new customer acquisition present opportunities to recapture sales and shares while an industry headwind remains. S&P expects Macy's will continue its fleet transformation, with a focus on rightsizing the number of stores, making omnichannel investments, expanding Backstage, and testing the potential of other smaller off-mall formats (i.e., Market by Macy's). Digital penetration decreased to 32% of net sales in the second quarter of 2021 from about 44% in 2020 as store sales recovered. However, it still represents a 10 percentage points increase over the second quarter of 2019 as the company boosted its omnichannel capabilities, including enhanced buy online, pick up in store, and curbside pickup. Macy's cited an influx of new customers (5 million in the second quarter) and an opportunity to capture market share, particularly in digital. In addition, Macy's Backstage continues to be a growth opportunity in the favorable off-price segment, whose value proposition will continue to resonate with consumers. S&P said, "Still, our longer-term view is that changing consumer preferences will be difficult to navigate. Declining mall traffic, shifting category preferences, and online price transparency are persistent risks for Macy's business. We think Macy's could expedite or expand its previously announced store closure plan, especially considering the top performers in more favorable A and B malls representing at least 85% of total sales following the planned closure of the 125 stores. We envision the shift toward online purchases to continue, which could lead to lower traffic at brick-and-mortar locations and persistent sales headwinds." Environmental, social, and governance (ESG) credit factors for this credit rating change: -- Health and safety factors The positive outlook reflects that S&P could raise its rating if Macy's continued to execute its Polaris strategy and extended consistent operating performance gains in the next 12 months. S&P could raise the ratings if it expected: -- Successful execution of its Polaris strategy to result in consistent revenue and margin gains following the current tailwinds of pent-up demand, including S&P adjusted EBITDA margin sustaining above 10%; and -- The company to maintains its conservative financial policy, supporting adjusted leverage sustained at or below 3x. S&P could revise the outlook to stable from positive if: -- A worsening macro environment or operational misstep stalled Macy's sales and profit recovery prospects. For example, this could happen due to lack of progress on the Polaris initiatives (i.e., inventory optimization) or a resurgence of Covid-19 results in more restrictions on consumer mobility and dampens spending; or -- Leverage sustained above 3x because of operating underperformance or a more aggressive financial policy. MASTER TECH: Seeks Access to Home Trust's Cash Collateral --------------------------------------------------------- Master Tech Service Corp., asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use the cash collateral of Home Trust Bank, the Debtor's secured creditor. The Debtor asserts it can adequately protect the interests of the Secured Lender as set forth in the proposed Interim Order for Use of Cash Collateral by providing the Secured Lender with post-petition liens, a priority claim in the Chapter 11 bankruptcy case, and cash flow payments. The cash collateral will be used to continue the Debtor's ongoing operations. The Debtor intends to rearrange its affairs and needs to continue to operate in order to pay its ongoing expenses, generate additional income and to propose a plan in the case. A copy of the motion is available at https://bit.ly/3mUH2x1 from PacerMonitor.com. About Master Tech Service Corp. Master Tech Service Corp. is a full-service mechanical contractor offering residential and commercial companies quality air conditioning and heating unit installation and repair and full plumbing repairs and services located in Dallas, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-42102) on September 1, 2021. In the petition filed by Matthew P. Ecof, president and chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's counsel. MCK USA 1: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: MCK USA 1, LLC 601 NE 27th Street Miami, FL 33137 Business Description: MCK USA 1, LLC is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: August 24, 2021 Court: United States Bankruptcy Court Southern District of Florida Case No.: 21-18197 Judge: Hon. Robert A. Mark Debtor's Counsel: Adina Pollan, Esq. POLLAN LEGAL 1301 Riverplace Blvd. Suite 800 Jacksonville, FL 32207 Tel: 904-475-2187 Email: apollan@pollanlegal.com Total Assets: $2,000,000 Total Liabilities: $2,292,065 The petition was signed by Mario Peixoto as owner. The Debtor filed an empty 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/S7CWQRI/MCK_USA_1_LLC__flsbke-21-18197__0001.0.pdf?mcid=tGE4TAMA MIDNIGHT MADNESS: Sept. 15 Hearing on Bid Procedures for Assets --------------------------------------------------------------- Midnight Madness Distilling, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a notice of rescheduled hearing on proposed bidding procedures and assumption and assignment procedures in connection with sale of substantially all assets. The rescheduled hearing is set for Sept. 15, 2021, at 01:30 p.m. About Midnight Madness Distilling Midnight Madness Distilling LLC, a Trumbauersville, Pa.-based company that operates in the beverage manufacturing industry, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Penn. Case No. 21-11750) on June 21, 2021. Casey Parzych, manager, signed the petition. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Magdeline D. Coleman oversees the case. Flaster/Greenberg, P.C., is the Debtor's legal counsel. NEPHROS INC: Appoints Wes Lobo as Chief Commercial Officer ---------------------------------------------------------- Nephros, Inc. has appointed Wes Lobo to the role of chief commercial officer. Mr. Lobo first joined Nephros in February 2021 as chief marketing officer. In the expanded role of chief commercial officer, he will be responsible for all commercial strategy and operations including sales, marketing, business development, product management, and customer service. "As a growth-focused business, Nephros requires a unified commercial organization built on consistent strategy, messaging, and relationship management that focuses on the unique needs of our partners and end-customers," said Andy Astor, chief executive officer. "In a very short time, Wes has become a key leader in the company, adding significant strategic and operational value to our decision making, while establishing a scalable marketing infrastructure. We are excited to widen Wes's scope of responsibility to include all commercial activities across our business." "I joined Nephros hoping that the promise of the opportunity would match the reality," said Mr. Lobo. "I can now confidently say that my enthusiasm and passion have only increased, both for the Nephros team and for the company's growth opportunity. I am humbled and honored to be part of the Nephros family and to lead our efforts at being a trusted resource to our partners and customers for their water quality needs." About Nephros South Orange, New Jersey-based Nephros -- www.nephros.com -- is a water technology company in medical and commercial water purification and pathogen detection. Nephros reported a net loss of $4.53 million for the year ended Dec. 31, 2020, compared to a net loss of $3.18 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $17.99 million in total assets, $3 million in total liabilities, and $14.99 million in total stockholders' equity. NEW YORK OPTICAL: Proposes Sale of Porsche Design Eyewear Inventory ------------------------------------------------------------------- New York Optical-International, Inc., asks the U.S. Bankruptcy Court for the Southern District of Florida to authorize the auction sale of Porsche Design Eyewear Inventory. The Debtor-in-Possession has obtained authorization for the interim use of cash collateral by agreement with the secured lender, JP Morgan Chase Bank, N.A. Chase Bank has a pre-petition claim against the Debtor in the amount of $681,068 which is secured by a perfected first position lien on all of the Debtor’s assets pursuant to a duly recorded UCC-1 financing statement, including but not limited to the Debtor's Porsche Design Inventory, valued at $1,816,861. The Debtor has two legal matters pending with Rodenstock GMBH (Rodenstock) -- one, a court review of an arbitration award pending in Germany (the German Proceeding), and second, a civil proceeding pending in the District Court for the Southern District of Florida, Case No. 19-cv-62946-FAM to enforce the arbitration award (the District Court Proceeding). An order granting stay relief for the continuation of the German proceedings was entered on Aug. 11, 2020. The Debtor and Rodenstock participated in an arbitration proceeding held in Munich, Germany, resulting in the above-referenced arbitration award on Sept. 19, 2019. The Debtor filed a Petition seeking reversal of the Arbitration Award resulting in the presently pending German Proceeding. The German Court has now requested further action by the Debtor, including the posting of a bond. The Debtor contends that the arbitration award did not differentiate between the Porsche Design Eyewear Inventory for which the Debtor had made full payment, and that for which payment was still pending, nor did the arbitrator acknowledge the first position lien of Chase Bank on all inventory of the Debtor. The Arbitrator did not have jurisdiction over Chase Bank nor does the German Court have jurisdiction over Chase Bank or the Porsche Design Inventory, as the Court does. The Debtor has recently attempted to settle all issues with Rodenstock and submitted a settlement proposal to Rodenstock on July 16, 2021 in order to deal with Rodenstock's claims as well as the Porsche Design Inventory, but has not received a response, and does not believe it will receive a response. The Debtor elected to seek protection under Chapter 11 of the U.S. Bankruptcy Code on July 22, 2020. Since that time, the Debtor has maintained its business and complied with all of the requirements of the U.S Trustee's Office and its cash collateral order. The Debtor requests authority to sell the Porsche Design Inventory in order to satisfy the lien of Chase Bank, with the remainder of the proceeds of sale to be applied to the obligation owed to Rodenstock pursuant to the arbitration award. It believes and represents that the sale of the Porsche Design Inventory is in the best interest of the Debtor and all creditors as the sale will generate substantial funds that can be used to satisfy the lien of Chase Bank and allow the Debtor to remain in business and address all other claims as approved. Exhibit A is an Auction Proposal Agreement received from the prospective auctioneer, Stampler Auctions. The terms of the proposed auction are set forth in the Proposal. The Proposal further provides for advertisement of the proposed Auction by Stampler Auctions. The Agreement from the proposed auctioneer proposes to sell the entire Porsche Design Inventory in a one-day online auction, with limitations on who may be approved as proposed buyers so as to protect the tradename and trademark interests of Porsche Design and Rodenstock. The Debtor believes this is a fair and reasonable proposal based on the value of the Porsche Design Inventory, the fact that the inventory will lose value over time if not sold, the interests of the secured creditor, and current market conditions. The Debtor is requesting the Court approve auction bidding procedures and open the bidding to approved retailers and wholesalers in the eyewear industry so that the Debtor, its secured creditor and Rodenstock can realize the highest and best price for the inventory. The Debtor requests an initial hearing to set bidding procedures and a second hearing before the Court (preceded by an auction) to approve the highest and best offers obtained at the auction. It proposes to set an auction date after consultation with the approved Auctioneer during the week preceding the final hearing. By separate motion, the Debtor is seeking approval of the retention of Stampler Auctions as auctioneer. A copy of the Exhibit A is available at https://tinyurl.com/a2aaby9p from PacerMonitor.com free of charge. About New York Optical-International New York Optical-International, Inc. is a Davie, Fla.-based company that offers optical products. It conducts business under the name Tuscany Eyewear. New York Optical-International filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 20-17961) on July 22, 2020, listing as much as $10 million in both assets and liabilities. New York Optical-International President Wayne R. Goldman signed the petition. Judge Scott M. Grossman oversees the case. David W. Langley, Esq., is the Debtor's bankruptcy attorney while Leto Law Firm and Alexander Duve, Esq., serve as the Debtor's special counsel. Connolly Wasserstrom & Castillo, LLC is the Debtor's accountant. NIEMAN PRINTING: Continued Operations to Fund Plan Payments ----------------------------------------------------------- Nieman Printing, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated August 31, 2021. The Debtor proposes to restructure its current indebtedness and continue its operations to provide a dividend to the unsecured creditors of Debtor. The Debtor filed this case on June 17, 2021 with the goal of moving the Debtor's operations to digital printing and dramatically reducing costs and increasing margins to allow for the Debtor to repay the creditors. Since the filing of the bankruptcy, the Debtor has continued operations. The Debtor has compiled projections of gross income, expenses and operating income for the five years. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor is currently owned 100% by Stoneglass Marketing, Inc. ("SGM"). SGM is in turn owned 100% by Garrett Graves. After confirmation, Mr. Graves will remain the sole owner of SGM, and SGM will remain the sole owner of the Debtor. Class 8 consists of the Allowed Secured Claims of The Huntington National Bank f/k/a TCF Bank. On or about November 29, 2018, the Debtor executed that certain Master Lease Agreement with The Huntington National Bank f/k/a TCF Bank for the purchase of that certain Agfa Mira Wide Format Printer with attachments and accessories. TCF has filed a Proof of Claim in the amount of $164,538.20. The Debtor shall pay the TFC Secured Claim in 60 equal monthly payments with interest at the rate of 5% per annum commencing on the Effective Date. TCF shall maintain its lien on the Collateral and all other rights under the Agreement except as modified by this Plan. Class 9 consists of the Allowed Secured Claims of PNC Equipment Finance LLC. On or about April 1, 2019, the Debtor executed that certain Lease Agreement with PNC Equipment Finance, LLC for the purchase of that certain Kongberg X24 Digital Cutting System with attachments and accessories ("Collateral"). PNC has filed a Proof of Claim in the amount of $162,361. The Debtor shall pay the PNC Secured Claim in 60 equal monthly payments with interest at the rate of 5% per annum commencing on the Effective Date. PNC shall maintain its lien on the Collateral and all other rights under the Agreement except as modified by this Plan. Class 10 consists of the Allowed Secured Claims of The Oldham Group. On or about July 18. 2018, the Debtor executed that certain Equipment Purchase Agreement with The Oldham Group for the purchase of that certain CMYK & X Rite Press Scanning equipment and Espon Proofers ("Collateral"). Oldham has filed a Proof of Claim in the amount of $152,079.40 and has valued the Collateral at $147,829.40. The Debtor shall surrender the Collateral to Oldham. Oldham shall have an unsecured claim for the difference in between the amount of the Oldham Proof of Claim and the value of the Oldham Collateral. Class 11 consists of the Allowed Claims of M. Nieman Trust and J. Nieman Trust. As part of the acquisition of Nieman Printing, Inc., the Debtor executed those certain Promissory Notes in the original amount of $500,000 each payable to the M Nieman Trust and the J Nieman Trust ("Notes"). After the closing of the sale, the Debtor believes that numerous liabilities were not disclosed as required by the sale documents. The Notes and unsecured, except for a 2014 Truck with a value of approximately $5,000. The Debtor intends to continue the litigation against the Trusts. In the event that it is determined the Debtor owed the M Nieman Trust and/or the J Nieman Trust any monies they will be treated as Class 12 creditors. Class 12 consists of Allowed Unsecured Claims. All unsecured creditors shall share pro rata in the unsecured creditors' pool. The Debtor shall make monthly payments commencing 30 days after the Effective Date of $25,000 into the unsecured creditors' pool. The Debtor shall make distributions to the Class 12 creditors every 90 days commencing 90 days after the first payment into the unsecured creditors' pool. The Debtor shall make 60 payments into the unsecured creditors pool. The Class 12 creditors are impaired. Class 13 (Current Owners) are not impaired under the Plan. The current owner will receive no payments under the Plan, however, it will be allowed to retain its ownership in the Debtor. The Debtor anticipates the continued operations of the business to fund the Plan. The operations of the Debtor post-confirmation will be controlled by Gary Goodman. The Committee will be entitled to access to the Debtor's book and records. A full-text copy of the Plan of Reorganization dated August 31, 2021, is available at https://bit.ly/3jIQCAY from PacerMonitor.com at no charge. Proposed Attorney for the Debtor: Eric A. Liepins, Esq. Eric A. Liepins, P.C. 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel.: (972) 991-5591 Fax: (972) 991-5788 Email: eric@ealpc.com About Nieman Printing Nieman Printing, Inc., which owns and operates a printing company in Dallas, Texas, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 21-31134) on June 17, 2021. As of the Petition Date, the Debtor estimated between $1,000,000 and $10,000,000 in both assets and liabilities. The petition was signed by Garrett Graves, president. Judge Stacey G. Jernigan is assigned to the case. Eric A. Liepins, P.C., represents the Debtor. H. Thomas Moran II is the appointed Subchapter V Trustee for the Debtor. NIR WEST: Ford Motor Says Plan Mischaracterizes Its Lease Claims ---------------------------------------------------------------- Pre-petition Lessor Ford Motor Credit Company ("FMCC") objects to the First Amended Joint Plan of Reorganization of Debtor NIR West Coast, Inc. dba Northern California Roofing filed July 7, 2021. Pre-petition, Debtor entered into seven motor vehicle leases with FMCC. On November 16, 2020, FMCC filed Proof of Claim numbers one through seven with respect to leases. FMCC's Proofs of Claim indicated that the indebtedness owed to FMCC was unsecured and was based upon "Remaining Lease Payments" due on the leases. Notwithstanding that the agreements between Debtor and FMCC are leases, Article 2, paragraph 2.2 of the Plan creates seven classes of secured claims ostensibly held by FMCC. The Plan describes the collateral for these supposed secured claims as the "Leases" of the seven vehicles. The Plan mischaracterizes FMCC's lease claims as secured claims. At Paragraph 2.4 of the Plan, the Debtor also characterizes FMCC's leases as "Executory Contracts" and provides for assumption of these Executory Contracts. In what may be simply a draftman's error, the Plan states at page 18, line 10 that there are no Executory Contracts to be assumed by the Plan. FMCC objects to the mischaracterization of its lease claims as Class 2.1 through 2.7 secured claims. FMCC also objects to the Plan's assumption of the lease of the 2017 Ford F550, VIN 1FD0X5GT2HEB31045 subject of proof of claim number 3. The lease of the vehicle expired on July 10, 2021 and is no longer capable of being assumed. A full-text copy of FMCC's objection dated August 31, 2021, is available at https://bit.ly/2YiG2s4 from PacerMonitor.com at no charge. Attorneys for Ford Motor Credit: RANDALL P. MROCZYNSKI rmroczynski@cookseylaw.com COOKSEY, TOOLEN, GAGE, DUFFY & WOOG 535 Anton Boulevard, Tenth Floor Costa Mesa, California 92626-1977 (714)431-1100; FAX: (714)431-1145 About NIR West Coast, Inc. dba Northern California Roofing Co. NIR West Coast, Inc. -- https://northerncaliforniaroofing.com/ -- which conducts business under the name Northern California Roofing, is a general building contractor that specializes in all phases of the roofing process: from roof repairs to roof replacements, as well as maintenance programs and complete roof overhauls. NIR West Coast filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 20-25090) on Nov. 4, 2020. The petition was signed by Gregory Lynn, president and chief executive officer. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Christopher D. Jaime oversees the case. Weintraub Tobin Chediak Coleman Grodin Law Corp. represents the Debtor as legal counsel. Bank of the West is represented in the case by Gabriel P. Herrera, Esq. -- gherrera@kmtg.com -- at Kronick Moskovitz Tiedemann & Girard. NUTRIBAND INC: Extends Due Date of $1.5M PCP Note Until Sept. 30 ---------------------------------------------------------------- Nutriband Inc. has entered into an amendment to the Purchase Agreement with Pocono Coated Products that provides for an extension of the Aug. 31, 2021 due date of the $1,500,000 note issued in the transaction to Sept. 30, 2021, and extends the time limit set forth in Section 5.3(a) of the Agreement until Sept. 30, 2021, for completion of the Listing (as defined in the Agreement) and for payment of the Note in full. Nutriband entered into the Purchase Agreement with PCP on Aug. 31, 2020, pursuant to which PCP agreed to sell the Company all of the assets associated with its Transdermal, Topical, Cosmetic and Nutraceutical business, including: (1) all the equipment, intellectual property and trade secrets, cash balances, receivables, bank accounts and inventory, free and clear of all liens, except for certain lease obligations, and (2), a 100% of the membership interest in PCP's subsidiary Active Intelligence, LLC. PCP is the manufacturer of the Company's transdermal products, and the Company bought that business from them. The purchase price for the Assets was (i) $6,000,000 paid in shares of the Company's common stock at a value of the average price of the previous 90 days at the date of Closing; (ii) a promissory note of the Company in the principal amount of $1,500,000, which is due upon the earlier of (a) 12 months from issuance, or (b) immediately following a capital raise of no less than $4,000,000 and/or a public offering of no less than $4,000,000. About Nutriband Nutriband Inc.'s primary business is the development of a portfolio of transdermal pharmaceutical products. The Company's lead product is its abuse deterrent fentanyl transdermal system which the Company is developing to provide clinicians and patients with an extended-release transdermal fentanyl product for use in managing chronic pain requiring around the clock opioid therapy combined with properties designed to help combat the opioid crisis by deterring the abuse and misuse of fentanyl patches. The Company's corporate headquarters are located at 121 S. Orange Ave. Suite 1500, Orlando, Florida 32765, telephone (407) 377-6695. Its website is www.nutriband.com. Nutriband reported a net loss of $2.93 million for the year ended Jan. 31, 2021, compared to a net loss of $2.72 million for the year ended Jan. 31, 2020. As of April 30, 2021, the Company had $10.56 million in total assets, $2.72 million in total liabilities, and $7.84 million in total stockholders' equity. PALMS NL CONDOMINIUM: Unsecured Creditors to Get Share of Income ---------------------------------------------------------------- The Palms NL Condominium Association, Inc., submitted an Amended Chapter 11 Plan of Reorganization dated August 31, 2021. The Debtor has been beset with financial problems for years. The Debtor consistently failed to budget and/or collect sufficient assessment revenue to pay necessary expenses. At least three lawsuits were subsequently filed by unit owners against the Debtor seeking, among other things, compensation for lost rents and property damage. The litigation costs and damages exposure forced the Debtor to seek bankruptcy relief. The Debtor is proposing to pay holders of Allowed General Unsecured Claims the Disposable Income Sum. Based on the foregoing, distributions under the Plan will provide a greater recovery to holders of Allowed Claims against the Debtor on account of such Allowed Claims as would distributions in a Chapter 7 liquidation. The purpose of the Disposable Income Projection is to calculate the Disposable Income Sum – i.e., an estimate of what the Debtor's income and expenses will be over the next 36 months. Under the Bankruptcy Code, the Debtor must contribute all of its projected disposable income towards payments to General Unsecured Creditors under the Plan. Class 1 shall consist of General Unsecured Claims. Class 1 shall receive a pro rata distribution of the Disposable Income Sum. Payments shall be made according to the Class 1 Payment Schedule which will be filed once Final Orders are entered resolving all Disputed Claims. The Debtor shall make quarterly distributions to Allowed General Unsecured Creditors. The dates will be set forth in the Class 2 Payment Schedule. Class 2 shall consist of the Roofer Claim. The Roofer claim shall be paid in full, without interest. The Roofer Claim shall be paid as follows: $13,525 in November 2021 and $20,287 in December 2021. Class 3 shall consist of the Equity Interests of the Debtor. The current Equity Security Holders of the Debtor will retain their Equity Interests in the Debtor in the same amounts as exist on the Effective Date. The Plan shall be funded through the revenues generated from assessments of Unit Owners and other business operations and through the funds obtained under the Exit Loan. The Exit Loan will be secured by a first position lien on the Debtor's right, title and interest in accounts receivables including special and regular assessments. A full-text copy of the Amended Plan dated August 31, 2021, is available at https://bit.ly/2WISnpf from PacerMonitor.com at no charge. Counsel for Debtor/Plan Proponent: Michael S. Hoffman, Esq. Hoffman, Larin & Agnetti, PA 909 North Miami Beach Blvd., Suite 201 North Miami Beach, FL 33162 Telephone: (305) 653-5555 Facsimile: (305) 940-0090 Email: mshoffman@hlalaw.com About The Palms NL Condominium Association The Palms NL Condominium Association, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-12227) on March 8, 2021, listing under $1 million in both assets and liabilities. Judge Scott M. Grossman oversees the case. The Debtor tapped Hoffman, Larin & Agnetti, PA, led by Michael S. Hoffman, Esq., as its bankruptcy counsel and Leigh Hoffman as its chief restructuring officer. PARAMOUNT RESOURCES: S&P Raises ICR to 'B', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Calgary-based oil and gas exploration and production company Paramount Resources Ltd. to 'B' from 'B-'. S&P said, "The stable outlook reflects our expectation that Paramount will demonstrate financial discipline and maintain credit measures appropriate for the rating over the next 12 months. "We estimate Paramount will generate improved credit measures in the next two years. We recently revised our natural gas price assumptions (see "Short-Term Gas Price Assumptions Raised On Robust Demand And Producer Discipline," published Aug. 13, 2021, on RatingsDirect), reflecting strong demand while supply is still constrained as producers remain disciplined on capital spending. Based on the higher prices, we expect Paramount will generate meaningfully improved cash flows and stronger credit measures. Specifically, we expect the company will generate an adjusted FFO-to-debt ratio averaging 45%-50% over the next two years. "Our estimates also incorporate our view of higher production and disciplined capital spending as well as our expectation that excess cash flows will be used toward debt reduction. We project production will increase to approximately 80,000 barrels of oil equivalent (boe) per day in 2021 from 68,000 boe per day in 2020 with further growth in 2022. Considering significantly higher cash flows and capital spending at moderate levels; we estimate the company will generate positive free cash flows averaging C$130 million to C$140 million annually. We believe the positive free cash flows, coupled with noncore asset dispositions, will enable management to reduce borrowings under the credit facility. Year-to-date June 30, 2021, Paramount has repaid about C$240 million on the credit facility and we expect further repayments through the year. We estimate it will have about C$400 million available under the credit facility at the end of 2021. Although the company has initiated dividends (estimated at about C$30 million-C$35 million annually) and could potentially engage in share buybacks, we believe it will prioritize debt reduction rather than increased shareholder returns during our 2021-2022 forecast period, and maintain cash flow measures within our current rating threshold. "Our financial risk assessment incorporates potential for volatility in credit measures. Despite the strength in credit measures, our financial risk assessment is unchanged and incorporates our view of the company's exposure to hydrocarbon price volatility, particularly natural gas. Although we view downside risk to be limited in 2021 as over 50% of the year's second-half forecast production is hedged, only a modest amount of 2022 production is currently hedged. We estimate all else being equal, a decline of 50 U.S. cents per million Btu (mmBtu) in natural gas and a decline of US$10 per barrel in crude oil prices from S&P Global Ratings' 2022 pricing assumptions could result in the FFO-to-debt ratio declining to close to 30% from our current expectation of 50% to 55%. Accordingly, we believe management will need to exercise financial discipline, ensuring total future spending remains aligned with cash flow generation, to stall deterioration in credit measures in a weak pricing environment. "Our business risk assessment reflects Paramount's low proved developed (PD) ratio and relatively weak profitability. Our business risk assessment of Paramount incorporates the company's low PD ratio of 40% of proved reserves and weak profitability measures relative to those of peers. Paramount's large proved undeveloped reserves (PUD) and the associated capital required to convert the company's sizable PUDs are a significant factor constraining our assessment of Paramount's business risk profile. At the same time, the company has higher cash operating costs relative to those of peers in the 'B' category. We believe per unit costs should fall as the company focuses operations in the Grande Prairie region where well economics are more competitive; however, we expect its cost structure will continue to lag that of peers, at least in the near term. Partially offsetting this is a low decline rate, which results in meaningfully low sustaining capital requirements relative to those of peers. "While the proportion of liquids is expected to increase as the company concentrates on its highly liquids-focused properties of Karr and Wapiti, product mix is still likely to be heavily weighted toward natural gas (about 55% of production in 2021). Although stronger near-term gas prices improve projected cash flow generation, the profitability profile for gas-focused producers remains weaker than for producers with a light oil-focused product mix. Based on our five-year profitability assessment, which we calculate on a unit EBIT/thousand cubic feet basis, we estimate the company's unit EBIT to rank in the bottom quartile of the North American peer group. "The stable outlook reflects our expectation that Paramount will generate an adjusted FFO-to-debt ratio averaging 45%-50% over our two-year forecast period (2021-2022). The outlook also reflects our expectation that management will adhere to disciplined capital spending and use excess cash flows to lower borrowings under the credit facility. "We could lower the rating if the company's FFO-to-debt ratio declined to below 20%, with limited prospects of improvement. We believe this could occur if commodity prices fall sharply and management fails to correspondingly reduce capital spending, resulting in material negative free cash flows. "We could raise our rating on Paramount if it improved its profitability and proved developed reserves ratio to closely align with that of higher-rated peers while maintaining its FFO-to-debt ratio comfortably above 30%. Alternatively, we could raise the rating if Paramount holds its FFO-to-debt ratio comfortably above 45% for a sustained period under our long-term price deck and continues to spend within internally generated cash flows." PARUSA INVESTMENT: Taps Buchanan Ingersoll as Special Counsel ------------------------------------------------------------- Parusa Investment Corporation and FICO Financial Corporation seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buchanan Ingersoll & Rooney, PC as special counsel to assist with real estate sales transactions. The firm's hourly rates are as follows: Ted Tamargo $540 per hour David Pearl $525 per hour Helene Gray $490 per hour Sara Enwright, paralegal $250 per hour Buchanan Ingersoll will also be reimbursed for out-of-pocket expenses incurred. Ted Tamargo, Esq., shareholder of Buchanan Ingersoll, 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. Buchanan Ingersoll can be reached at: Ted R. Tamargo, Esq. 401 E. Jackson Street, Suite 2400 Tampa, FL 33602-5236 Phone: 813 222 8180 Fax: 813 222 8189 Email: ted.tamargo@bipc.com About Parusa Investment and FICO Financial Parusa Investment Corporation and FICO Financial Corporation, a Colorado Springs-based company engaged in renting and leasing real estate properties, filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bank. M.D. Fla. Case Nos. 21-03854 and 21-03853) on July 23, 2021. In the petitions signed by Christophe Rothpletz, president, Parusa disclosed $29,358,424 in assets and $5,879,577 in liabilities while FICO reported $14,351,778 in assets and $812,597 in liabilities. Underwood Murray P.A. represents the Debtors as bankruptcy counsel. Wright, Ponsoldt & Lozeau, Trial Attorneys, LLP and Link & Rockenbach, PA serve as special counsel. PATRICIAN HOTEL: Can Sell 24 Condo Units to Opera for $270K Each ---------------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida authorized Patrician Hotel, LLC, 3621 Acquisition, LLC, All Seasons 408, LLC, and GAIJ, LLC, to sell their 24 condominium units that are allocated in a building at 3621 Collins Avenue, Miami Beach, Florida, to Opera Acquisitions, LLC for $270,000 each. Hearings on Motion were held on June 29, 2021, at 1:30 p.m., July 6, 2021, at 11:00 a.m. and Aug. 19, 2021, at 1:30 p.m. The Debtors' Units consist of the following: a. Patrician - 300, 315, 500, 505 and 508 b. 3621 Acquisition - 205, 412, 418, 503, 507, 512, 514, 602, 605, 607, 608, 609, 610, 612, 614 and 621 c. All Seasons - 408 and 611 d. GAIJ - 416 The sale is free and clear of all Interests pursuant to the terms of each of the Opera Contracts to Opera or its assigns as provided for in the Opera Contracts. Opera's offer for the Units, as embodied in the Opera Contracts, represents the highest and best offer for the Units and is approved. Notwithstanding the foregoing, the closing of the sale of the units may occur within 45 days of the entry of the Order or within two business days of the entry of the order confirming the Debtors' Plan, whichever is later. As per the Opera Contracts, the Seller will be responsible to pay the assessment in full prior to or at the time of closing. Pursuant to the Exhibit A, Art. 4 (c) of the Opera Contracts, the prorated amount for those assessment will be kept in escrow or paid to the Association. The Association will hold the funds received in connection with the sale to address claims and liens asserted by the relevant governmental entities related to, among other issues, code enforcement violations. The Debtor and the Purchaser will each be responsible for its own attorney's fees and costs incurred in connection with the matter. Although not retained as a professional of the Debtors' estates pursuant to Section 327 of the Bankruptcy Code, the Debtors are authorized to pay the Buyer's broker's commission of 4.5% as an authorized cost at closing on the sale of the Units. No further order is necessary as the broker was not a professional retained by the Debtors, but payment of the Buyer's broker's commission was a condition of the sale, and even with that payment, the Debtors determined that the Opera Contract was the highest and best offer. Then Order will be deemed effective immediately notwithstanding anything to the contrary set forth in Rules 4001(a)(3), 6004(h) or 7062 of the Federal Rules of Bankruptcy Procedure. A copy of the Exhibit A is available at https://tinyurl.com/3ddjk8yr from PacerMonitor.com free of charge. About Patrician Hotel LLC Based in Miami Beach, Fla., Patrician Hotel, LLC and three affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 19-25290) on November 14, 2019, listing under $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Robert F. Reynolds, Esq. at Slatkin & Reynolds, P.A., represents the Debtor. The Debtors tapped DWNTWN Realty Advisors, LLC, as their real estate broker. PATRICIAN HOTEL: Purchased Out of Bankruptcy by Opera Acquisitions ------------------------------------------------------------------ Brian Bandell of the South Florida Business Journal reports that a large portion of the condo-hotel units in the Patrician Hotel, also called the All Seasons Condo Hotel, were sold out of bankruptcy to set up the redevelopment of the Miami Beach property. Built in 1937 at 3621 Collins Ave., the 106-unit building has been closed since 2018, when the city shuttered it following an elevator fire. On Aug. 27, 2021, U.S. Bankruptcy Judge Robert A. Mark approved the sale of 24 condo-hotel units in the building for $6.48 million to Opera Acquisitions LLC, managed by attorney Valerio Spinaci in Fort Lauderdale. This stemmed from the 2019 Chapter 11 reorganization filing by unit owners Patrician Hotel, 3621 Acquisition, All Seasons 304 and Gaij. In addition to this deal, Opera Acquisitions has more units in the Patrician Hotel under contract, Spinaci said. Once all of those deals close, it will own nearly 90% of the building, he said. "The plan is to begin to redevelop the property as soon as the acquisition is completed," Spinaci said. "We believe we can create something very special on Miami Beach." Spinaci said he'll work with city officials to decide how to redevelop the building, as extensive work would be required because of the elevator fire and the historic nature of the building. The way the building is designed with smaller rooms, it would likely be a hotel, he added. He will conduct studies on the stability of the structure. Many older buildings in Miami Beach are being redeveloped and extensively renovated as they age, especially as city officials have ramped up building inspections following the collapse of Champlain Towers South in Surfside in June. Opera Acquisitions was represented in the deal by general counsel Chris Salamone, along with attorney Thomas Zeichman of Beighley, Myrick, Udell & Lynne. Attorney Robert F. Reynolds of Fort Lauderdale represented the debtors. The real estate deal was brokered by Marilina Appelbaum and Sam Heskiel of BeachFront Realty. About Patrician Hotel Based in Miami Beach, Fla., Patrician Hotel, LLC and three affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 19-25290) on Nov. 14, 2019, listing under $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Robert F. Reynolds, Esq. at Slatkin & Reynolds, P.A., is serving as the Debtor's counsel. The Debtors tapped DWNTWN Realty Advisors, LLC, as their real estate broker. PHILIPPINE AIRLINES: Case Summary & 40 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Philippine Airlines, Inc. PNB Financial Center, President Diosdado Macapagal Ave., CCP Complex Pasay City 1300, Metro Manila Philippines Business Description: Philippine Airlines, Inc. is the flag carrier of the Philippines and the country's only full-service network airline. Chapter 11 Petition Date: September 3, 2021 Court: United States Bankruptcy Court Southern District of New York Case No.: 21-11569 Judge: Hon. Shelley C. Chapman Debtor's General Bankruptcy & Restructuring Counsel: Jasmine Ball, Esq. Nick S. Kaluk, III, Esq. Elie J. Worenklein, Esq. DEBEVOISE & PLIMPTON LLP 919 Third Avenue New York City, NY 10022 Tel: 212-909-6000 Fax: 212-909-6836 Email: jball@debevoise.com nskaluk@debevoise.com eworenklein@debevoise.com Debtor's Aircraft Counsel: NORTON ROSE FULBRIGHT Debtor's Financial Restructuring Advisor & Investment Banker: SEABURY SECURITIES LLC and SEABURY INTERNATIONAL CORPORATE FINANCE LLC Debtor' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS LLC Estimated Assets: $1 billion to $10 billion Estimated Liabilities: $1 billion to $10 billion The petition was signed by Nilo Thaddeus P. Rodriguez as chief financial officer and Alvin Kendrich O. Limqueco as senior vice president - administration. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/M4I2CQI/Philippine_Airlines_Inc__nysbke-21-11569__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 40 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Buona Sorte Holdings, Inc. Creditor $358,286,608 Susan T. Lee c/o Philipine National Bank 2/F Allied Bank Center Ayala Avenue Makati City, 0716 Philippines Email: susan.lee@tanduay.com 2. Air Philippines Code Share $171,253,501 Bonifacio Sam Palex Admin Bldg. PAL Gate 1, Andrews Avenue Pasay City, MM, 1300 Philippines Email: boni_sam@pal.com.ph 3. Philippine National Bank Creditor $115,924,247 Allan Ang 7th Floor PNB Financial Center Diosdado Macapagal Avenue CCP Complex Pasay City, 1300 Philippines Email: santeliceshm@pmb.com.ph; angal@pnb.com.ph; junaudencial@pnb.com.ph; licupcjm@pnb.com.ph 4. Rolls Royce Ltd. Maintenance $89,034,017 Jhan Yong Wan Service 1 Seletar Aerospace Crescent Provider 797565 Singapore Email: jhanyong.wan@rolls-royce.com 5. Lufthansa Technik Maintenance $80,764,138 Philippines, Inc. Service Rosario Esquillo Provider c/o Macroasia Ecozone Villamore Airbase Pasay City, MM, 1309 Philippines Email: rosario.esquillo@lht-philippines.com 6. Asia United Bank Creditor $75,302,743 Ernesto Uy, Danica Treyes Joy Nostalg Center 17 ADB Avenue Ortigas Center Pasig City, 1600 Philippines Fax: 8687-9087 Email: uyet@aub.com.ph 7. China Banking Corporation Creditor $65,272,638 Lilian Yu, Marissa Garcia 8745 Paseo De Roxas Corner Villar St Makati City, 1226 Philippines Fax: (+632) 8885-5135 Email: mggarcia@chinabank.ph; dcmconcepcion@chinabank.ph; lyu@chinabank.ph 8. Nanshi Aviation Aircraft $34,410,742 Leasing Limited Lessor Aman Kochher, Sarah Harmon Goshawk Management Limited One Molesworth Street Dublin 2, D02 RF29 Ireland Email: sarah.harmon@goshawk.aero; aman.kochher@goshawk.aero; conor.stafford@goshawk.aero; jason.pung@goshawk.aero; wuijin.woon@goshawk.aero 9. SMBC Aviation Capital Aircraft $32,966,840 (UK) Limited Lessor Nicolas Clouet, Peter Callanan, Adrian Dharsan IFSC House, IFSC Custom House Quay Dublin 1, D01 R2P9 Ireland Email: malin.palsson@smbc.aero; kevin.johnston@smbc.aero; peter.callanan@smbc.aero; adrian.dharsan@smbc.aero; nicolas.clouet@smbc.aero 10. CIT Group Finance (Ireland) Aircraft $32,804,221 Daire O'Reilly Lessor The Oval Building Building 1 Shelbourne Road Ballsbridge Dublin 4, D04 FP65 Ireland Fax: 866-914-1578 Email: koliver@avolon.aero samoranto-bustos@avolon.aero; vsiu@avolon.aero; Doreilly@avolon.aero; aobrien@avolon.aero 11. Aviation Pacific Aircraft $21,818,304 Leasing II Pte Ltd. Lessor Rod Mahoney 65 Kampong Bahru Road 169370 Singapore Email: rod.m@avation.net; duncan@avation.net 12. Manila International Aeronautical Fees, $21,672,506 Airport Authority Passenger Service Mr. Enrico Francisco B. Gonzalez Charge/DOM/Int'l Mia Road, Naia Complex Passenger Service Pasay City, 1300 Charge/Int'l-Un- Philippines Utilized Tickets Fax: 63 2 8853 5200 Email: adca@miaagovphils.onmicrosoft.com 13. Celestial EX-IM Trading Aircraft $21,035,782 1 Limited Lessor Simon Siganto, Clem McCloskey c/o GE Capital Aviation Services Limited Aviation House Shannon, County Clare, V14 An29 Ireland Email: simon.siganto@gecas.com; clem.mccloskey@gecas.com; cherlene.chua@gecas.com 14. Airfrance Industries Maintenance $20,256,700 Fabrice Mouton Service Vorawat Building 21st Floor Provider 849 Silom Road, Silom Bangrak, Bangkok, 10500 Thailand Fax: +66 2 6809680 Email: famouton@airfranceklm.com 15. Union Bank Creditor $20,079,444 Bryan Benedicto Union Bank Plaza Meralco Ave, Cor. Onyx & Sapphire Road Ortigas Center, San Antonio Pasig City, 1605 Philippines Fax: (02) 633-7929 (02) 944-8043 Email: bpbenedicto@unionbankph.com; rdduenas@unionbankph.com 16. Wilmington Trust SP Aircraft $18,633,374 Services (Dublin) Limited Lessor For MSN 37709 Patrick Waldron c/o Castlelake L.P. Fourth Floor, 3 Georges Dorck IFSC Dublin 2, D01 X5X0 Ireland Email: patrick.waldron@castlelake.com; Co'Faolain@wilmingrontrust.com; ageraghty@wilmingtontrust.com 17. Pajun Aviation Aircraft $17,747,730 Leasing 1 Limited Lessor Daniel Perez Gabriella Lapidus c/o Voyager Aviation Management Ireland DAC 190 Elgin Avenue George Town Grand Cayman KY1-9005 Cayman Islands Email: dan.barlin@vah.aero; daniel.perez@amadeo.aero; gabriella.lapidus@amadeo.aero; cayman.spvinfo@intertrustgroup.com 18. Pajun Aviation Aircraft $17,595,980 Leasing 2 Limited Lessor Daniel Perez, Gabriela Lapidus c/o Voyager Aviation Management Ireland DAC 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands Email: dan.barlin@vah.aero; Daniel.perez@amadeo.aero; Gabriella.lapidus@amadeo.aero; Cayman.spvinfo@intertrustgroup.com 19. Pajun Aviation Aircraft $17,123,960 Leasing 3 Limited Lessor Daniel Perez, Gabriella Lapidus c/o Voyager Aviation Management Ireland DAC 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands Email: dan.barlin@vah.aero; daniel.perez@amadeo.aero; gabriella.lapidus@amadeo.aero; cayman.spvinfo@intertrustgroup.com 20. GE Capital Aviation Funding Aircraft $16,354,989 Simon Siganto, Clem McCloskey Lessor c/o GE Capital Aviation Services Limited Aviation House Shannon, County Clare, V14 AN29 Ireland Email: simon.siganto@gecas.com; clem.mccloskey@gecas.com; cherlene.chua@gecas.com 21. IAE International Aero Maintenance $15,174,771 Engines AG Service Phillip MA Provider 400 Main Street East Hartford, CT 06118 Email: phillip.ma@prattwhitney.com 22. CIT Aerospace International Aircraft $13,014,472 Daire O'Reilly Lessor The Oval Building Building 1 Shelbourne Road Ballsbridge Dublin 4, D04 FP65 Ireland Email: koliver@avolon.aero; samoranto-bustos@avolon.aero; vsiu@avolon.aero; doreilly@avolon.aero aobrien@avolon.aero 23. MacroAsia Airport Ground $12,993,502 Services Corporation Handling Joselito B. Ellazar Flr. Bldg. A. Sky Freight Center Ninoy Aquino Avenue Brgy. Sto. Nino Paranaque City, 1700 Philippines Fax: (+632) 878-5001 Email: joel.ellazar@mascorp.com 24. Avolon Aerospace AOE Aircraft $11,329,162 95 Limited Lessor Daire O'Reilly The Oval Building Building 1 Shelbourne Road Ballsridge Dublin 4, D04 YT29 Ireland Email: koliver@avolon.aero; samoranto-bustos@avolon.aero; vsiu@avolon.aero; doreilly@avolon.aaero; aobrien@avolon.aero 25. SAF Leasing II (AOE 2) Aircraft $11,156,981 Limited Lessor Daire O'Reilly c/o Avalon Aerospace Leasing Ltd The Oval Building Bldg 1 Shelbourne Road, Ballsbridge Dublin 4, D04 FP65 Ireland Email: koliver@avolon.aero; samoranto-bustos@avolon.aero; vsiu@avolon.aero; doreilly@avolon.aero; aobrien@avolon.aero 26. ECAF I 1482 DAC Aircraft $10,593,846 Neil McCarthy, Mike Blumenthal Lessor BBAM US LLP 50 California Street, 14th Floor San Francisco, CA 94111 Tel: 415-267-1600 Fax: 415-618-3337 Email: brian.cook@bbam.com; mike.blumenthal@bbam.com; neil.mccarthy@bbam.com 27. JPA No. 112 Co., Ltd. Aircraft $10,030,146 Ana Urien, David Fitzgerald Lessor c/o Stratos Sarl Stratos Rineanna House Shannon, CO, Clare, V14 CA36 Ireland Email: aurien@stratos.aero; bjeffery@stratos.aero; shirai@jlps.co.jp; sato@jlps.co.jp; ishikawa@jlps.co.jp; pgoodfellow@stratos.aero; dfitzgerald@stratos.aero 28. Fly Aircraft Holdings Aircraft $9,313,493 Twenty-One Limited Lessor Ciana Casey c/o Carlyle Aviation Management Limited Connaught House 1 Burlington Road Dublin 4, D04 C5Y6 Ireland Tel: 353-1-497-6621 Email: fly@carlye.aero; apollo-utilization@aerodata.com 29. Lufthansa Hamburg Technik Maintenance $9,191,721 Konstantin Stathopoulos Service 35/F, 118 Connaught Road West Provider 999077 Hong Kong Email: konstantin.stathopoulos@lht.dlh.de 30. Civil Aviation Authority Aeronautical Fees $8,654,534 of the Philippines Rental & Utilities, Pierre Briens, Choonyee Toh Passenger Service/ BNP Paribas Tokyo Branch DOM-Passenger Service Grantokyo North Tower Charge/Security Fee 1-9-1 Marunouchi Charge, Aviation Chiyoda-Ku, Tokyo, 100-6741 Security Fee Japan Email: pierre.briens@asia.bnpparibas.com; choonyee.toh@asia.bnpparibas.com 31. Falcon 2019-1 Aircraft $8,622,240 Aircraft 1 Limited Lessor Richard Sinclair c/o Dubai Aerospace Enterprise Block B Riverside IV Sir John Rogerson's Quay Dublin 2, D02 R296 Ireland Email: richard.sinclair@dubaiaerospace.com kate.paterson@dubaiaerospace.com 32. Wilmington Trust SP Aircraft $8,183,238 Services (Dublin) Limited Lessor For MSN 4585, 4587, 4588 Deniss Lopes, Prashant Mahajan c/o Chorus Aviation Capital (Ireland) Limited 46 St. Stephen's Green Dublin 2, D02 WK60 Ireland Email: dennis.lopes@chorusaviation.com; prashant.mahajan@chorusaviation.com; steven.ridolfl@chorusaviation.com; clair.hayes@chorusaviation.com 33. Fly Aircraft Holdings Twenty- Aircraft $7,920,117 Two Limited Lessor Ciana Casey c/o Carlyle Aviation Management Limited Connaught House 1 Burlington Road Dublin 4, D04 C5Y6 Ireland Email: fly@carlyle.aero; apollo-utilization@aerdata.com 34. BNP Paribas Aircraft $6,213,641 Pierre Briens, Choonye Toh Lessor BNP Paribas Tokyo Branch Grantokyo North Tower 1-9-1 Marunouchi Chiyoda-Ku, Tokyo, 100-6741 Japan Email: pierre.briens@asia.bnpparibas.com; choonyee.toh@asia.bnpparibas.com 35. DCAL 1 Leasing Limited Aircraft $6,179,037 Jonathan Pierpoint, Jon Skirrow Lessor 2nd Floor, Beaux Lane House Mercer Street Lower Dublin, D02 DH60 Ireland Email: lease.management@deucalion.com; jon.skirrow@dvbbank.com jonathan.pierpoint@dvbbank.com 36. Truenoord Boyne Limited Aircraft $6,056,952 Lenike Souri Lessor No. 1 Grant's Row, Lower Mount St Dublin 2 D02 HX96 D02 HX96 Ireland Tel: 353 1 513 5542 Email: lsouri@truenoord.com; jlietaert@truenoord.com; clindeboom@truenoord.com 37. Haitong Unitrust No. 4 Limited Aircraft $5,832,515 Summer Li, Sally Zheng Lessor 2nd Floor 1-2 Victoria Buildings Haddington Road Dublin 4, D04 XN32 Ireland Email: nancy.derby@santosdumont.com; summer.li@utflc.com sally.zheng@utflc.com 38. Haitong Unitrust No.3 Limited Aircraft $5,689,894 Summer Li, Sally Zheng Lessor 2nd Floor 1-2 Victoria Buildings Haddington Road Dublin 4, D04 XN32 Ireland Email: nancy.derby@santosdumont.com; summer.li@utflc.com; sally.zheng@utflc.com 39. Avolon Aerospace AOE Aircraft $5,302,588 108 Limited Lessor Daire O'Reilly The Oval Building Building 1 Shelbourne Road Ballsbridge Dublin 4, D04 YT29 Ireland Email: koliver@avolon.aero; samoranto-bustos@avolon.aero; vsiu@avolon.aero; doreilly@avolon.aero; aobrien@avolon.aero 40. Aircraft MSN 6253 LLC Aircraft $5,185,946 Nigel Harwood Lessor 2nd Floor 1-2 Victoria Buildings Haddington Road Dublin 4, D04, XN32 Ireland Email: nhardwood@aircastle.com; rclaytonpayne@aircastle.com; pplunkett@aircastle.com; dmartinez@aircastle.com PHILIPPINE AIRLINES: In Ch. 11 With Plan to Cut Debt by $2-Bil. --------------------------------------------------------------- Philippine Airlines, Inc., which is the flag carrier of the Philippines and the country's only full-service network airline, filed for Chapter 11 bankruptcy protection in New York to implement a consensual restructuring that it reached with substantially all of the Company's lenders, lessors, and aircraft and engine suppliers, as well as its majority shareholder. The proposed restructuring plan, which is subject to bankruptcy court approval, allows the Company to successfully restructure and reorganize its finances to navigate the COVID-19 crisis and emerge as a leaner and better-capitalized airline. PAL Holdings Inc., which is listed on the Philippine Stock Exchange (PSE: PHI), and Air Philippines Corporation, known as PAL Express, are not included in the Chapter 11 filing. $2 Billion in Reductions Philippine Airlines Inc. (PAL) has entered into a series of agreements with substantially all of the Company's lenders, lessors, and aircraft and engine suppliers, as well as its majority shareholder, to allow the Company to successfully restructure and reorganize its finances to navigate the COVID-19 crisis and emerge as a leaner and better-capitalized airline. The restructuring plan, which is subject to court approval, provides over $2.0 billion in permanent balance sheet reductions from existing creditors and allows the airline to consensually contract fleet capacity by 25% and includes $505 million in long-term equity and debt financing from PAL's majority shareholder and $150 million of additional debt financing from new investors. As part of the agreements with key stakeholders, the Company has voluntarily filed for a pre-arranged restructuring under the U.S. Chapter 11 process in the Southern District of New York to implement the consensual restructuring plan. PAL will also complete a parallel filing for recognition in the Philippines under the Financial Rehabilitation and Insolvency Act (FRIA) of 2010. "We welcome this major breakthrough, an overall agreement that enables PAL to remain the flag carrier of the Philippines and the premier global airline of the country, one that is better equipped to execute strategic initiatives and sustain the Philippines' vital global air links to the world. We are grateful to our lenders, aviation partners and other creditors for supporting the plan, which empowers PAL to overcome the unprecedented impact of the global pandemic that has significantly disrupted businesses in all sectors, especially aviation, and emerge stronger for the long-term," said Dr. Lucio C. Tan, PAL Chairman and CEO. "Following the recent celebration of our 80th anniversary, we move forward with renewed confidence, as today's actions enable us to continue serving our customers and the Philippine economy long into the future. I would also like to recognize the incredible dedication of our employee teams around the world, who have continued to deliver the highest quality of service through these trying times," added Gilbert F. Santa Maria, PAL President & Chief Operating Officer. Business as Usual During the Chapter 11 case, PAL will continue to operate flights in the normal course of business in full accordance with safety regulations, and expects to continue to meet its current financial obligations to employees, customers, the government, and its lessors, lenders, suppliers, and other creditors. PAL is committed to maintaining business continuity throughout the restructuring process -- especially with respect to employees, customers, suppliers, commercial partners, and local communities -- and anticipates receiving the requisite approvals from the U.S. Court to facilitate the following: * PAL continues to gradually increase domestic and international flights in line with market recovery. In coming weeks, PAL will build up flight frequencies on key regional and long-haul routes while expanding domestic networks from its hubs in Manila and Cebu. * All passenger and cargo flights will continue to operate, subject to demand and travel restrictions. * All valid tickets and travel vouchers will be honored. * PAL reaffirms its commitment to fulfill all refund obligations. * Mabuhay Miles and benefits will be honored. * Valid travel benefits for retired employees will be honored. * Ongoing suppliers and trade creditors will be paid in the ordinary course for goods and services delivered throughout this process. * Travel agencies and other commercial partners will experience no disruption in their interactions with PAL. * PAL continues to operate special all-cargo flights to transport vaccines, medical supplies and sustain critical supply chains. * PAL continues to work with the Philippine government to mount flights to bring Overseas Filipino Workers (OFWs) home after having repatriated the majority of displaced Filipinos during the course of the global pandemic. * PAL continues to innovate and enhance customer experience by working with the government and IATA on streamlined rules for travel, including travel passes and vaccine "passports" while maintaining the highest standards of passenger safety through this pandemic. The Company has put up a restructuring website http://www.PALrecovery.com/to provide more information on PAL's filings. About Philippine Airlines Philippine Airlines, Inc., is the flag carrier of the Philippines and the country's only full-service network airline. PAL was the first commercial airline in Asia and marked its 80th anniversary in March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out of hubs in Manila, Cebu and Davao to 29 destinations in the Philippines and 32 destinations in Asia, North America, Australia, Europe and the Middle East. PAL was rated a 4-Star Global Airline by Skytrax in 2018 and a 5-Star Major Airline by the Association of Airline Passengers (APEX) in 2020, and was likewise voted the World's Most Improved Airline in the 2019 Skytrax worldwide passenger survey with a ranking of 30th best airline in the world On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-11569). As of July 31, 2021, the Debtor's overall assets and liabilities were approximately $4.1 billion and $6.07 billion, respectively. The Honorable Shelley C. Chapman is the case judge. The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy counsel; Norton Rose Fulbright as aircraft counsel; and Seabury Securities LLC and Seabury International Corporate Finance LLC as restructuring advisor and investment banker. Angara Abello Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the Philippines. Kurtzman Carson Consultants LLC is the claims agent. PHILIPPINE AIRLINES: Sees Chapter 11 Exit in Six Months ------------------------------------------------------- Philippine Airlines, Inc., intends to file a restructuring plan in two months that's backed by lenders and aircraft lessors and expects to complete its Chapter 11 proceedings in New York in six months. PAL is an international corporation that is among the oldest airlines in the Asia-Pacific region. Since its founding in 1941, PAL has remained one of the most important carriers in the region. Headquartered in Pasay City, Philippines, PAL has continued to expand its reach, offering passenger transportation services prior to the COVID-19 pandemic spanning 35 domestic locations and 40 foreign cities across the world. Because of its highly trusted position in the market, PAL continued to achieve steady year-over-year operating cash flows. In the early 2010's, PAL achieved three straight years of profitability, reporting $20.4 million of profit in 2014, $134.2 million in 2015 and $86.0 million in 2016. Like many other airlines, PAL faced challenges in 2017 relating to airport infrastructure, intense competition from ultra-low-cost, low-cost and Middle Eastern carriers, and a new round of increases in jet fuel prices that impacted airlines globally. In response, PAL made key strategic decisions that enabled it to experience meaningful growth and sustainable profitability, leading to significantly increased revenues, reduced cost, enhanced competitiveness and industry recognition over the last few years. These strategic decisions propelled PAL to record over $3 billion in revenues in 2019. PAL has continued to implement initiatives to increase growth and enhance operations. However, PAL, like so many other airlines, confronted an extraordinary set of circumstances and flight disruptions caused by the COVID-19 pandemic starting in the early part of 2020. The COVID-19 crisis had a catastrophic impact on the aviation industry, forcing major airlines to effectively halt a significant majority of their business operations. For major international airlines such as PAL, the dramatic reduction in worldwide air travel caused significant and sudden balance sheet losses and created intractable challenges to meeting existing payment obligations. In particular, because of the pandemic and the corresponding travel restrictions issued by the Philippine government and foreign governments worldwide, the Debtor was compelled to halt all commercial operations and cancel thousands of scheduled domestic and international flights, resulting in billions of dollars in losses, and causing tremendous strain on PAL's business operations and liquidity. The extended nature of this crisis continues to this day to have a critical impact upon PAL's business and operations, and with global vaccination efforts being challenged by new, highly contagious variants of the COVID-19 virus, the future of the airline industry remains uncertain. As a result of the havoc created by the global pandemic PAL's revenue fell by over 60% from 2019 to 2020. Accordingly, the Debtor commenced the Chapter 11 case to implement the final stages of a comprehensive restructuring that the carrier has negotiated with its constituencies for the past year. If consummated, this restructuring will ensure that the Debtor is able to protect its assets and manage existing obligations so that it can maintain its position in the airline industry and continue bringing the high quality, excellent service that its customers have come to expect. In the weeks leading up to the Petition Date, in consultation with its professional advisors and after careful examination by the Debtor's management team and board of directors, the Debtor entered into dozens of Restructuring Support Agreements (the "Restructuring Support Agreements") with almost all of the Debtor's lenders, lessors, original equipment manufacturers ("OEMs") and maintenance, repair and overhaul providers ("MROs") as well as with almost all holders of the Debtor's funded unsecured debt (the "Bank Lenders"), outlining the material terms for a proposed chapter 11 plan of reorganization. As of the Petition Date, the Debtor was able to enter into Restructuring Support Agreements with creditors holding over 90% of the claims in the expected plan voting class and that number is likely to further increase. Critically, unlike many other chapter 11 cases where the debtor is focused on restructuring funded debt obligations, the vast majority of the Debtor's liabilities are tied to its aircraft fleet. Accordingly, the Debtor was required to undertake an intense and multi-pronged negotiation approach by entering into individualized agreements with each of its aircraft creditors regarding specific amendments to long-term leases, loans, and other operational agreements and the organized and orderly return of aircraft that will no longer be utilized in the Debtor's fleet. Specifically, the parties to the Restructuring Support Agreements represent all of the Debtor's significant aircraft-related lessors and lenders (the "Supporting Aircraft Counterparties"), as well as the Debtor's primary MROs, OEMs and almost all of the Debtor's Bank Lenders (the Supporting Aircraft Counterparties, together with the MROs, OEMs and Bank Lenders, the "Supporting Creditors"). The Restructuring Support Agreements, which are the result of months of negotiations, provide for (i) the fully consensual restructuring of the Debtor's aircraft-related obligations to eliminate approximately $2.1 billion in obligations, (ii) the re-optimization of the Debtor's fleet size, composition and ownership cost structure to meet the expected demands of the post-COVID-19 market, and (iii) the preservation and/or enhancement of the Debtor's key contracts and business relationships to strengthen the Debtor's go-forward viability during the pending COVID-19 pandemic and beyond. The Restructuring Support Agreements, together with the accompanying Plan Term Sheet -- which includes a $505 million debtor in possession financing facility provided by its primary shareholder, Buona Sorte Holdings, Inc. and its affiliate, PAL Holdings, Inc., and a $150 million exit facility provided by two new lenders -- provide the backbone of the Debtor's anticipated chapter 11 plan describing how the Debtor will navigate through the reorganization process and emerge as a viable and healthy airline. The Proposed Plan offers the best chance for the Debtor to survive the prolonged impacts of the COVID-19 crisis and emerge as a leaner and better-capitalized business post-pandemic. OEMs and MROs Back Plan The Debtor engaged in good faith negotiations with its OEMs and MROs, namely Airbus, Boeing, De Havilland of Canada, Pratt & Whitney (International Aero Engines), and Rolls Royce, to ensure that the Debtor continues to obtain the benefit of the critical goods and services provided by the OEMs and MROs. The OEMs and MROs have agreed to support the Proposed Plan, thereby providing additional certainty and predictability to the Debtor's restructuring. The Debtor was concerned that a traditional "free-fall" into bankruptcy, with no clear exit strategy, would cause significant concern among the Debtor's vendors, customers and employees and hamper, if not decimate, the Debtor's prospects for a successful restructuring. In the airline industry generally, and in PAL's case in particular, where customers tend to book flights many weeks or even months in advance, it was even more critical for the public to have the benefit of the certainty of a successful and expeditious restructuring. To avoid a potentially value-destructive scenario, the Debtor negotiated the Restructuring Support Agreements and other prepetition amendments, waivers and agreements with the vast majority of its significant creditors over the past many months. This should allow the Debtor's stakeholders to fully capture the value of the Debtor's underlying business and ensure a clear and quick path to the Debtor's long-term viability. In order to obtain the time and flexibility required to negotiate the Restructuring Support Agreements with substantially all of the Debtor's primary creditors -- a process that has taken almost one year -- it was necessary for the Debtor to obtain pre-petition bridge financing in the aggregate principal amount of $100 million. It did so pursuant to three secured bridge loan facilities provided by its shareholder and proposed DIP Lenders, Buona Sorte Holdings Inc. Without these bridge loans the Debtor would not have been able to continue its operations or avoid a value-destructive free fall into bankruptcy. In addition, the Debtor is seeking to minimize trade disruption by proposing to reinstate all of the claims of its ordinary course vendors and other general unsecured creditors (other than those that are subject to the Restructuring Support Agreements or otherwise have agreed to receive the same claims treatment as contemplated in the Restructuring Support Agreements), which will be paid in full in the ordinary course of business in accordance with the terms and conditions of such vendors and other general unsecured creditors' agreements. A stable business will preserve and enhance the Debtor's position as a trusted leader in the airline industry. Through the Chapter 11 case, as contemplated by the Restructuring Support Agreements, the Debtor intends to pursue a swift and efficient reorganization to avoid, among other things, the administrative burden and substantial cost of an extended stay in chapter 11. The Debtor hopes to obtain confirmation of the Proposed Plan within the timetable set forth in the Restructuring Support Agreements. Finally, the Debtor also will be seeking to commence an ancillary proceeding in the Philippines in order to recognize the Chapter 11 Case and the Court orders. The foreign proceeding in the Philippines will enable the Debtor to obtain the full benefit of this Chapter 11 Case and ensure that no local Philippine creditors attempt to foreclose on assets or take other measures contrary to the automatic stay and to the detriment of the Debtor's estate and its stakeholders generally. Case Timeline The terms of the Restructuring Support Agreements reflect the Debtor and the Supporting Creditors' intent to maintain an orderly and efficient Chapter 11 Case and seek to establish the following timeline, subject to the Court's calendar: * Deadline to file motions seeking approval of RSAs, Usage and Rejection Stipulations: Within 20 days of the Petition Date; * Deadline to file motion seeking approval DIP: Within 20 days of the Petition Date; * Entry of Final DIP Order: Within the earlier of (x) 45 days after the Petition Date if there is no objection to such, and (y) 60 days after the Petition Date; * Deadline for entry of order approving the RSAs and order approving the Usage and Rejection Stipulations: Within the earlier of (x) 45 days after the Petition Date if there is no objection to such, and (y) 60 days after the Petition Date; * Deadline to file Disclosure Statement and Plan: Within 60 days of the Petition Date; * Deadline to complete solicitation of votes on the Plan: Within 120 days of the Petition Date; * Entry of Confirmation Order: Within 150 days of the Petition Date; and * Outside date for consummation of the Plan (the date of such consummation, the "Effective Date"): Within 180 days of the Petition Date Prepetition Capital Structure As of July 31, 2021, the Debtor's overall assets and liabilities were approximately $4.1 billion and $6.07 billion respectively, with cash and cash equivalents of approximately $31.9 million. Its indebtedness is comprised of: * Finance Leases: PAL has 85 aircraft under finance leases and operating leases. In the aggregate, PAL pays approximately $48 million monthly on account of such leases, which range from 24 to 120 months remaining on the leases. * Securitization Structures: PAL currently participates in two securitization structures. As of June 30, 2021, there is $387,083,333.15 outstanding under the U.S. securitization facility with PAL Receivables Company Ltd. As of June 30, 2021, there is $260,000,019 outstanding under the Japan securitization facility with Golden Investment TMK. * Secured Bridge Loans: In order to provide the Debtor additional liquidity and runway to complete the comprehensive negotiations with the Debtor's primary stakeholders, the Debtor obtained three Bridge Loans from the DIP Lenders in the aggregate principal amount of $100 million in the months prior to the Petition Date. * Unsecured Bank Loans: As of June 30, 2021, PAL maintained a $25 million term loan from Asia United Bank, a $77 million term loan from Philippine National Bank, a $65 million term loan from China Bank, and a $20 million term loan from Union Bank (collectively, the "Bank Loans"). An additional $36.8 million of standby letters of credit (posted with operating lessors as maintenance reserves) issued by Philippine National Bank have been drawn by the lessors over the past few months leading up to the Petition Date. * Other Unsecured Loans: In late 2019, Buona Sorte Holdings, Inc., who is the Debtor's primary shareholder, infused $225 million as part of PAL's turnaround plan and, due to the pandemic, the shareholder has provided another $133 million of emergency advances to the Debtor between March and August 2020. Claims on account of aircraft financing comprise the five largest secured, non-contingent claims against the Debtor: Creditor Claim Amount -------- ------------ PK Airfinance S.A.R.L. (PK) $334.23 million EXIM Guaranteed Loans/Wells Fargo Bank $240.1 million Philippine National Bank $156.51 million Banco De Oro Unibank, Inc. $80.42 million China Banking Corporation $54.83 million The Debtor's unsecured bank loans are as follows: Bank Principal Amount ---- --------------- Asia United Bank $10,000,000 Asia United Bank $15,000,000 China Bank $25,000,000 China Bank $40,000,000 Philippine National Bank $10,000,000 Philippine National Bank $10,000,000 Philippine National Bank $25,000,000 Philippine National Bank $22,000,000 Philippine National Bank $10,000,000 Philippine National Bank $36,776,031 Union Bank $20,000,000 In advance of filing the Chapter 11 case, the Debtor engaged in extensive, good faith negotiations to reach a consensual resolution regarding the treatment of the Bank Loans and to secure the banks support of the Proposed Plan. As of the Petition Date, each of the Banks holding the Bank Loans has agreed to the treatment contemplated under the Proposed Plan for their unsecured claims. Meanwhile, as of the Petition Date, Buona Sorte has agreed to waive any recovery with respect to its prepetition unsecured loans under, and subject to confirmation of, the Proposed Plan. About Philippine Airlines Philippine Airlines, Inc., is the flag carrier of the Philippines and the country's only full-service network airline. PAL was the first commercial airline in Asia and marked its 80th anniversary in March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out of hubs in Manila, Cebu and Davao to 29 destinations in the Philippines and 32 destinations in Asia, North America, Australia, Europe and the Middle East. PAL was rated a 4-Star Global Airline by Skytrax in 2018 and a 5-Star Major Airline by the Association of Airline Passengers (APEX) in 2020, and was likewise voted the World's Most Improved Airline in the 2019 Skytrax worldwide passenger survey with a ranking of 30th best airline in the world On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-11569). As of July 31, 2021, the Debtor's overall assets and liabilities were approximately $4.1 billion and $6.07 billion, respectively. The Honorable Shelley C. Chapman is the case judge. The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy counsel; Norton Rose Fulbright as aircraft counsel; and Seabury Securities LLC and Seabury International Corporate Finance LLC as restructuring advisor and investment banker. Angara Abello Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the Philippines. Kurtzman Carson Consultants LLC is the claims agent. PHILIPPINE AIRLINES: To Return 21 Aircraft to Lessors & Lenders --------------------------------------------------------------- Philippine Airlines, Inc., said it plans to emerge from Chapter 11 bankruptcy as a leaner and more efficient airline. Prior to the COVID-19 pandemic, PAL's fleet had a total of 98 aircraft, consisting of 48 narrow-body aircraft, 31 wide-body aircraft and 19 turboprop aircraft. The Debtor's fleet is comprised of 13 owned aircraft and 85 aircraft under finance leases and operating leases. Prior to the onset of the COVID-19 pandemic, PAL was providing airline services with a wide network spanning 35 domestic points and 40 foreign cities, including, New York, Los Angeles, San Francisco, Honolulu, Guam, Vancouver, Toronto, London, Sydney, Melbourne, Brisbane, Auckland, Dubai, Doha, Tokyo, Osaka, Nagoya, Hong Kong, Shanghai, Taipei, Bangkok, Jakarta, Bali, Saigon, Kuala Lumpur, Singapore, Phnom Penh, Incheon and Pusan. As of June 2021, PAL employed a total of approximately 4,500 employees, with 52% unionized primarily by two Philippine labor unions: Philippine Airlines Employees' Association (PALEA), for ground employees, and Flight Attendants' and Stewards' Association of the Philippines (FASAP) for the cabin crew. Approximately 96% of PAL's employees are located in the Philippines and the remaining 4% of employees are spread across over 21 different countries, including the United States. Nilo Thaddeus Rodriguez, CFO of PAL, explained in court filings that given the current economic climate, the Debtor has a surplus of aircraft in its fleet. In accordance with the Restructuring Support Agreements and the Proposed Plan, the Debtor plans to reduce fleet size and composition in line with the expected demands and new network. The Debtor will return 21 surplus aircraft to lessors and lenders and implement 18- to 24-month power-by-the-hour ("PBH") structures (with no minimums) on retained aircraft. In the aggregate, the Proposed Plan allows the Debtor to reduce fleet capacity by approximately 23%. Mr. Rodriguez added that PAL plans to take a number of measures to optimize its network in connection with the Restructuring Support Agreements and the Proposed Plan. In particular, PAL will exit unprofitable markets and continue to fly only those routes that are, or can be made, profitable, while reintroducing capacity in line with evolving demands. PAL will also selectively increase regional capacity in targeted growth markets. In doing so, PAL will strengthen its Manila hub and strategically redeploy capacity to more profitable destinations as demand returns. PAL will consolidate domestic capacity from Clark International Airport (CRK) to Manila International Airport (MNL) due to market demands. In addition, PAL's revised business plan anticipates growing capacity in short haul regional routes (especially growth markets such as China), consolidating capacity in the West Coast gateways and cancelling certain ultra-long-haul flights, while maintain profitable opportunistic flying from Cebu as a source of continued growth. About Philippine Airlines Philippine Airlines, Inc., is the flag carrier of the Philippines and the country's only full-service network airline. PAL was the first commercial airline in Asia and marked its 80th anniversary in March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out of hubs in Manila, Cebu and Davao to 29 destinations in the Philippines and 32 destinations in Asia, North America, Australia, Europe and the Middle East. PAL was rated a 4-Star Global Airline by Skytrax in 2018 and a 5-Star Major Airline by the Association of Airline Passengers (APEX) in 2020, and was likewise voted the World's Most Improved Airline in the 2019 Skytrax worldwide passenger survey with a ranking of 30th best airline in the world On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-11569). As of July 31, 2021, the Debtor's overall assets and liabilities were approximately $4.1 billion and $6.07 billion, respectively. The Honorable Shelley C. Chapman is the case judge. The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy counsel; Norton Rose Fulbright as aircraft counsel; and Seabury Securities LLC and Seabury International Corporate Finance LLC as restructuring advisor and investment banker. Angara Abello Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the Philippines. Kurtzman Carson Consultants LLC is the claims agent. PORT ARTHUR: Seeks to Hire Tange Mann & Garza as Accountant ----------------------------------------------------------- Port Arthur Steam Energy, L.P. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Tange, Mann & Garza, P.C. as its accountant. The firm's services include: a) preparation of the 2020 partnership tax return of the Debtor, which includes schedules relating to the Debtor's income and expenses; b) preparation of the 2020 Texas State franchise report; and c) other services as requested by the Debtor. The hourly rates charged by Tange, Mann & Garza range from $75 to $295. The firm estimates its fees for the preparation of tax returns will not exceed $10,000. As disclosed in court filings, Tange, Mann & Garza is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Mann Tange, Mann & Garza, P.C. Suite 1105, 1225 North Loop West Houston, TX 77008 Phone: +1 713-880-1120 Fax: +1 713-880-1388 Email: info@tmgcpas.com About Port Arthur Steam Energy Port Arthur Steam Energy, L.P. filed a Chapter 11 bankruptcy petition (Bankr. S.D. Texas Case No. 21-60034) on April 14, 2021, disclosing under $1 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtor hired Walker & Patterson, P.C. as bankruptcy counsel, The Neal Law Group, PLLC as special counsel, and Tange, Mann & Garza, P.C. as accountant. PREFERRED EQUIPMENT: Unsecureds to be Paid in Full in 12 Months --------------------------------------------------------------- Preferred Equipment Resources, LLC, by and with the consent of Secured Creditor TD Bank, NA ("TD" or "Secured Lender"), submitted a Second Amended Subchapter V Plan of Reorganization dated August 31, 2021. The Debtor filed its Petition with the intention of presenting the within consensual Plan of reorganization. Debtor believes said Plan does not discriminate unfairly with regard to an impaired class and is otherwise fair and equitable. The Debtor projects that over the next three years customer demand will continue to increase as it has post-COVID and post-Petition while the Debtor continues to streamline its operations and reduce operating costs. The reorganized Debtor has sufficient cash flow to fund its ongoing operations and satisfy the payments to its Creditors as contemplated in the within Plan. Class 1 consists of the secured claim of TD. The Plan provides that, on the Effective Date, the acceleration of the obligations owing Lender will be deemed revoked, placed in a non-default status, and reset as performing loan. This new obligation will be known as the Reset Obligation ("Reset Obligation"). The Reset Obligation shall be secured by TD's security interests as set forth in the Loan Documents. Upon the Effective the Debtor shall pay TD $50,000.00 towards principal and interest on the Reset Obligation. Should Debtor's cash on hand on the Confirmation date exceed $250,000.00, then the Debtor will pay TD $75,000.00 towards principal and interest on the Reset Obligation. Upon the Effective Date Debtor will pay TD $4,190.22 representing interest accrued from the Petition Date through July 9, 2021. The Debtor shall make quarterly principal payments of $20,000.00 on the first day of each calendar quarter to TD beginning on September 1, 2021, for the duration of the Plan. Class 2 consists of any pre-petition unsecured claims against the Debtor except the scheduled unsecured obligation to Greystone (Class 3) and the claim of the IRS subject to a duly filed proof of claim (Class 4) based upon the Schedules and Proof of Claims filed with the Court total $34,041.75. The $34,041.75 owing to Class 2 unsecured creditors of the Debtor will be paid in 12 equal monthly installments to begin within 30 days of the Effective Date and continue monthly until satisfied in full. Class 2 claims are impaired under the Plan. Class 3 consists of the unsecured claim held by Greystone with a balance on the day of filing of $348,550.00. Greystone, while not an insider of the Debtor as that term is defined in the Code has agreed to subordinate payment on its account as follows: Should sufficient funds exist from the Debtor's actual monthly disposable income produce a surplus after payments made to Class 1, Class 2, and Class 4, claims as provided for in this Plan, then Debtor may use those funds to provide distribution to Greystone up to 100% of its claim. Greystone consents to its treatment pursuant to this Plan. Class 4 consists of the claim of IRS. The IRS has filed an amended proof of claim in the amount of $60.41. The Debtor does not intend to object to said proof of claim. Debtor proposes to pay the amount owed to the IRS within 30 days of the Effective Date. Class 4 claims are impaired under the Plan. Class 5 consists of the claim of King. King has filed a proof of claim in the amount of $ $80,835.54 with $13,650.00 claimed as a Priority wage claim. The Debtor has objected to said proof of claim and believes it has been filed in bad faith. It is Debtor's position that King's claim contains amounts already paid, duplicative billing, amounts not earned, amounts not owed and amounts not supported by necessary purchase orders. Further Debtor believes it has a claim against King for misrepresentation, tortious interference, bad faith, and other related claims. Class 6 consists of the claim of Greystone Guarantee. TD and Greystone have separately come to a tentative agreement of the Greystone mortgage pursuant to a forbearance agreement. Debtor and TD have agreed that the proof of claim filed by TD pursuant to the Greystone mortgage guaranty executed by the Debtor shall be treated as a contingent claim; which shall only be payable once the claim is valued. Debtor will seek to modify the plan to reflect payments on the guaranty claim under the Plan if the contemplated refinance pursuant to TD and Greystone's forbearance agreement does not occur. In regard to the Debtor's guaranty of the Greystone mortgage both Debtor and TD reserve all rights. Class 7 consists of Equity Interests. There are 2 equity interest holders of the Debtor, Bent and Lis. The owner retained Equity Interest shall not be treated as Allowed Unsecured Claims and upon the Effective Date of the Plan, 100% of the interests in the Debtor shall be retained by Bent and Lis in the Reorganized Debtor. There shall be no distributions with respect to such interests until the Debtor has satisfied its obligations under the Plan. The Plan shall be funded with (i) cash on hand in the Debtor's DIP account and (ii) cash flow of the Debtor's business when operating. The Debtor projects that it will have sufficient cash to make the payments required under the Plan and projects that net income received from the Debtor's operations will be sufficient to make the payments. A full-text copy of the Second Amended Subchapter V Plan dated August 31, 2021, is available at https://bit.ly/3h35mce from PacerMonitor.com at no charge. Attorneys for the Debtor: Peter M. Iascone, Esq. Gregory Sorbello, Esq. Peter M. Iascone & Associates, Ltd. 117 Bellevue Ave Newport, RI 02840 Tel: (401) 848-5200 Email: piascone@aol.com About Preferred Equipment Resource Preferred Equipment Resource, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.R.I. Case No. 21-10308) on April 16, 2021, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Diane Finkle oversees the case. Peter M. Iascone & Associates, Ltd. and Lucier CPA, Inc., serve as the Debtor's legal counsel and accountant, respectively. Joseph M. DiOrio is the Debtor's Subchapter V Trustee. Counsel for creditor TD Bank, N.A. is Christopher J. Fragomeni, Esq. at Savage Law Partners, LLP. PURDUE PHARMA: Sackler Family Wins Opioid Lawsuits Immunity ----------------------------------------------------------- Brian Mann of WNYC reports that two demonstrators protest against U.S. Judge Robert Drain, who has granted immunity from future opioid lawsuits to members of the Sackler family. Members of the Sackler family who are at the center of the nation's deadly opioid crisis have won sweeping immunity from opioid lawsuits linked to their privately owned company Purdue Pharma and its OxyContin medication. Federal Judge Robert Drain approved a bankruptcy settlement on Wednesday that grants the Sacklers "global peace" from any liability for the opioid epidemic. "This is a bitter result," Drain said. "I believe that at least some of the Sackler parties have liability for those [opioid OxyContin] claims. ... I would have expected a higher settlement." The complex bankruptcy plan, confirmed by Drain at a hearing in White Plains, N.Y., was negotiated in a series of intense closed-door mediation sessions over the past two years. The deal grants "releases" from liability for harm caused by OxyContin and other opioids to the Sacklers, hundreds of their associates, as well as their remaining empire of companies and trusts. In return, they have agreed to pay roughly $4.3 billion, while also forfeiting ownership of Purdue Pharma. In his bench ruling, Drain acknowledged the devastating harm caused by Purdue Pharma's opioid products, which he said contributed to a "massive public health crisis." According to Drain, this settlement offers an opportunity to help communities with funding for drug treatment and other opioid abatement programs. "It is clear to me after a lengthy trial that there is now no other reasonably conceivable means to achieve this result," he said. The Sacklers, who admit no wrongdoing and who by their own reckoning earned more than $10 billion from opioid sales, will remain one of the wealthiest families in the world. Representatives of the Mortimer Sackler branch of the family sent a statement to NPR. "While we dispute the allegations that have been made about our family, we have embraced this path in order to help combat a serious and complex public health crisis." In his ruling, Judge Drain noted that members of the Sackler family had declined to offer an explicit apology for their role leading Purdue Pharma. "A forced apology is not really an apology," Drain said. "So we will have to live without one." Critics of this bankruptcy settlement, meanwhile, said they would challenge Drain's confirmation because of the liability releases for the Sacklers. "This order is insulting to victims of the opioid epidemic who had no voice in these proceedings — and must be appealed," said Washington state Attorney General Bob Ferguson on Twitter. The U.S. Trustee Program, a division of the Justice Department that serves as a bankruptcy watchdog, also announced that it would seek a stay of Judge Drain's ruling pending the resolution of appeals. Activists are outraged The settlement has incensed opioid activists and many legal scholars, who describe the outcome as a miscarriage of justice. "I've never seen any such abuse of justice," said Nan Goldin, an artist who emerged as a leading opioid activist after becoming addicted to OxyContin. Goldin spoke to NPR ahead of the ruling, when it became clear Drain would approve liability releases for the Sacklers. "It's shocking. It's really shocking. I've been deeply depressed and horrified," she said. In a series of legal briefs and during a bankruptcy trial over the last two weeks, the Department of Justice urged Drain to reject the settlement. Attorneys general for nine states and the District of Columbia also opposed the plan. They argued the settlement would unfairly deny individuals and governments the right to sue the Sacklers, who themselves never filed for bankruptcy protection. "Due process requires that those with litigation claims have reasonable opportunity to be heard," argued DOJ attorney Paul Schwartzberg during the trial. Attorneys for Purdue Pharma and the Sacklers argued that without this deal there would be legal chaos as thousands of individuals lawsuits move forward against the company and members of the family. During the trial, Judge Drain seemed to endorse that legal argument. In his ruling, Drain did narrow the scope of legal protections available for the Sacklers and their associates. Consultants and advisers who worked with Purdue Pharma, including a law firm operated by former Alabama Sen. Luther Strange, will no longer be covered by the liability releases. Attorneys for the family also demanded that family members receive protection from all lawsuits relating to their private company. Drain, however, demanded that most non-opioid claims be excluded from the deal. He also clarified on Wednesday that protection from civil lawsuits granted to members of the Sackler family does not protect them from any criminal charges. The Sacklers have never been charged and say they did nothing wrong Critics say the introduction of OxyContin in the late 1990s when members of the Sackler family served on the company's board helped usher in the opioid crisis. More than 500,000 people in the United States have died from drug overdoses involving opioids, and millions more suffer from opioid use disorder. Purdue Pharma has pleaded guilty twice to criminal wrongdoing in its marketing of OxyContin, first in 2007 and again last year. The Sacklers have never been charged and say they did nothing illegal or unethical. Facing a wave of negative publicity linked to their company, however, the Sacklers have seen their name stripped from buildings and institutions. Many philanthropic and cultural groups around the world have stopped accepting donations from the family. Supporters of the bankruptcy plan -- including most state and local government officials across the U.S. -- have voiced unhappiness with liability releases granted to the Sacklers. But they say the deal is expected to distribute more than $5 billion over the next decade to public trusts created to fund drug treatment and health care programs. "Instead of years of value-destructive litigation, including between and among creditors, this plan ensures that billions of dollars will be devoted to helping people and communities who have been hurt by the opioid crisis," said Steve Miller, who chairs Purdue Pharma's board of directors, in a statement sent to NPR. Even some early critics of the bankruptcy plan, including New York Attorney General Letitia James, said the money contributed by the Sacklers will do real good. "No deal is perfect, and no amount of money will ever make up for the hundreds of thousands who lost their lives, the millions who became addicted, or the countless families torn apart by this crisis, but these funds will be used to prevent future death and destruction as a result of the opioid epidemic," James said in a statement. The new company that emerges from the ashes of Purdue Pharma will be allowed to continue making and selling opioid products, including OxyContin. But architects of this deal say future opioid profits will go to help fund drug treatment programs. Purdue Pharma itself will re-emerge from bankruptcy as a new company operated as a form of public trust corporation. An appeal by the DOJ could be the final hurdle NPR reported on Tuesday that Purdue Pharma and its attorneys launched a behind-the-scenes pressure campaign aimed at convincing the DOJ not to challenge the plan in court. NPR acquired an early draft of a letter distributed by the drug company to groups supportive of the bankruptcy deal. The letter is framed as a direct appeal to DOJ officials and purports to be written by those injured by the company and members of the Sackler family. "We collectively speak for the overwhelming majority of the state and local governments, organizations, and individuals harmed by Purdue and the Sacklers," the letter states. There is no mention in the document of the company's role launching the effort or crafting the message. Ryan Hampton, an opioid activist who served on a key committee negotiating the bankruptcy deal, expressed outrage at Purdue Pharma's effort. "This letter was highly inappropriate. It was wrong," Hampton told NPR. "It was written, proposed and pushed at the eleventh hour at the beckoning of Purdue Pharma." A DOJ spokesperson declined to comment on the drug company's efforts to influence its decision-making and would not disclose the timeline for deciding whether it will file an appeal. 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. PURDUE PHARMA: WV's Morrisey Helps End California Carve-Out ----------------------------------------------------------- David Beard of The Dominion Post reports that Attorney General Patrick Morrisey announced on Wednesday, September 1, 2021, that his argument before a federal bankruptcy court produced a key shift in the case that will result in West Virginia receiving a larger share of the Purdue Pharma bankruptcy. Mr. Morrisey delivered closing arguments in the case confirmation hearing last week in the U.S. Bankruptcy Court for the Southern District of New York. He criticized a number of flaws in the plan, he said, but particularly caught the judge's attention with the so-called "California Carve Out," which allowed California to be the only state not to contribute to the 1% intensity fund which would allocate additional funds to smaller states hardest hit by the opioid epidemic, including West Virginia. "This is great for West Virginia and other small states, " Morrisey said. "There was never a rational basis for one state, California, to ignore the intensity fund and thereby disregard the inordinate devastation that opioid abuse has wrought upon smaller states, chief among them West Virginia." Purdue Pharma, the maker of OxyContin, filed for bankruptcy in September 2019 to settle the thousands of lawsuits against it stemming from its role in the opioid crisis. In July he said he would vote no on confirming Purdue Pharma's bankruptcy plan, which will allot money to the 50 states for opioid treatment and abatement. He said then that he opposes the plan because it's based on population, not the intensity of the problem within the state. Under the plan, court documents show, West Virginia would get 1.16% of the total allotment. Neighbors Ohio and Pennsylvania would get 4.36% and 4.59%, respectively. California would get 9.92 %. Mr. Morrisey said Wednesday, September 1, 2021, "Many flaws remain with the multistate's population-based approach to allocating settlement funds, but ending the California Carve Out in the Purdue plan is indeed a significant step in our continued fight to press every legal lever to ensure that West Virginia receives fair distribution of recoveries as opioid litigation continues." Morrisey said his closing argument, delivered Aug. 25, led the judge to express immediate concern. The judge cited bankruptcy law that requires the plan provide the same treatment for each claim or interest of a particular class. The judge suggested the parties discuss the matter further, Morrisey said, which led to a Friday, August 27, 2021, announcement that California had reversed course and agreed to contribute -- a move then formally recognized by the court on Wednesday, September 1, 2021. Morrisey filed suit against Purdue Pharma and former chief executive Richard Sackler in May 2019. The lawsuit alleges Purdue Pharma created a false narrative to convince prescribers that opioids are not addictive and that its opioid products were safer than they actually were. The lawsuit contends Purdue Pharma proliferated a deceptive marketing strategy with reckless disregard for compliance enforcement. It also alleges company sales representatives routinely claimed that OxyContin had no dose ceiling, despite assertions by federal regulators that OxyContin's dose ceiling was evident by adverse reactions. The Purdue matter is one of Morrisey's pending lawsuits against five opioid manufacturers and other national chain distributors. About Purdue Pharma 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. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as legal counsel; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk LLC is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. RAMJAY INC: Plan Payments to be Funded by Continued Operations -------------------------------------------------------------- Ramjay, Inc., submitted an Amended Plan of Reorganization under Subchapter V dated August 31, 2021. This is a reorganizing Plan to be funded by the operations of the Debtor. The Debtor will make monthly payments to the Distribution Agent which total all the quarterly Proposed Dividend payments, and the other payments to creditors paid each quarter, as set forth in this Plan and in the Budget in satisfaction of the Debtor's obligations under this Plan. In addition to the payment each month to the Distribution Agent, any net proceeds recovered in connection with the Preference Action (meaning any gross proceeds received less any administrative expenses incurred in prosecution of the Preference Action) will be applied by the Distribution Agent, in addition to the Proposed Dividend, toward the satisfaction of the holders of allowed priority Claims and general unsecured Claims under this Plan. Class 3 (Allowed Secured Claim of Newtek); Class 4 (Allowed Secured Claim of Ally Financial); Class 5.1 (Allowed Secured Claim of Huntington National Bank); Class 5.2 (Allowed Secured Claim of Huntington with respect to the balance owed to Huntington); Class 6 (Allowed Secured Claim of S&P Financial Services); Class 7 (Allowed Secured Claim of CIT Direct Capital); and Class 8 (Allowed Secured Claim of GM Financial): * Each lien securing the holder of a Class 3-8 Claim shall be reduced and modified down to the amount of the appropriate Allowed Secured Claim as of the Effective Date. The holder of each Allowed Secured Claim in Classes 3-8 shall receive their distribution on the same schedule and terms as set forth in this Plan. The holders of any allowed Class 2 Claims shall receive a quarterly distribution from the Distribution Agent in the amount of the Proposed Dividend. Each quarterly distribution shall be paid to allowed priority claimants on a pro rata basis on the same schedule and terms as set forth in this Plan until holders of allowed class 2 Claims have been paid in full. Class 9 (U.S. Small Business Administration, Fundbox, Accel Capital, MBFMPO); Class 10 (all allowed general unsecured Claims); and Class 11 (allowed general unsecured Claims of Jayaraman, Jayasekar): * The holders of any allowed Class 9-11 Claims shall receive a quarterly distribution from the Distribution Agent in the amount of the Proposed Dividend. Each quarterly distribution shall be paid to the holders of allowed general unsecured Claims on a pro rata basis on the same schedule and terms as set forth in this Plan beginning after the Class 2 allowed priority Claims have been satisfied. Class 12 claim of Advantage Funding, the claims of the Corporation Service Corporation, and the claims of Power Up Lending Group. These claims were scheduled as disputed. The holders of any Class 12 Claims shall not receive any dividend. Any lien in favor of the holder of a Class 12 Claim is extinguished and terminated. Class 13 consists of Equity Holder. This interest will receive no Plan distribution. This Class is impaired. The holders of the Equity Interests will retain their Equity Interests. Beginning on the first business day of the first month after the Effective Date, and continuing on the same date of the next 59 months, the Debtor will make payment to the Distribution Agent of one-third of the Proposed Dividend, as well as one-third of the quarterly payments to be made to the holders of Allowed Secured Claims under this Plan and any other amounts that may be due under the Budget (the "Debtor Monthly Payments"). A full-text copy of the Amended Plan of Reorganization dated August 31, 2021, is available at https://bit.ly/3zMpJBQ from PacerMonitor.com at no charge. Counsel for the Debtor: John P. Forest, II, Esq. Law Office of John P. Forest, II 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com About Ramjay Inc. Ramjay, Inc., an Alexandria, Va.-based company that operates in taxi and limousine service industry, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 21-10809) on May 4, 2021. Jayasekar Jayaraman, president, signed the petition. At the time of filing, the Debtor disclosed $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Brian F. Kenney oversees the case. The Debtor tapped the Law Office of John P. Forest, II as legal counsel and Miara Rasamoelina of Miara CPA Inc. as accountant. Kutak Rock LLP represents Newtek Small Business Finance, LLC, creditor. RANGE RESOURCES: S&P Upgrades ICR to 'B+', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.–based independent oil and gas exploration and production (E&P) company Range Resources Corp. to 'B+' from 'B'. S&P said, "We also raised our issue-level rating on the company's unsecured notes to 'BB-' from 'B+'. Our '2' recovery rating is unchanged. "The stable outlook on Range reflects our expectation that debt to EBITDA declines and is sustained in the mid -2.0x range while FFO to debt rises to the low 30% range over the next two years. "The upgrade primarily reflects our expectations for an improvement in the company's credit measures and the potential for material free cash flow generation. Based on our revised natural gas price assumptions (see "Short-Term Gas Price Assumptions Raised On Robust Demand And Producer Discipline," published Aug. 13, 2021) and improved natural gas liquids (NGL) pricing (which is driven by the crude oil price), we now expect Range's FFO to debt will rise to the low 30% range over the next two years while debt to EBITDA is expected to decline to the 2.0x range. We also expect Range will generate material positive discretionary cash flow (DCF) over the next two years. About 70% of Range's total equivalent production is natural gas, with about 27% of Range's total equivalent production NGLs." Range has improved its debt maturity profile over the past year and made significant progress toward debt reduction. In January 2021, the company issued $600 million of 8.25% notes due 2029, proceeds from which it used to reduce the outstanding balance on its revolver. The company also successfully tendered $1 billion of near-term debt last year using the proceeds from its new 9.25% senior notes due 2026 and proceeds from the North Louisiana asset sale. Pro forma for these transactions, Range has $218 million outstanding of senior notes due in 2022 and $532 million outstanding of senior notes due in 2023, with nearly $1.9 billion of liquidity available under its reserve-based lending (RBL) facility due in April 2023. Since year-end 2018, the company has paid down an aggregate of $800 million in outstanding debt, while pushing out most of its near-term maturities. Further upside to the rating will depend on continued execution of the company's debt paydown plan and priority of debt reduction over shareholder rewards. Range recently announced its intentions to retire about $750 million of senior notes that mature through 2023 using free cash flow. However, S&P does not expect the debt issues to be repaid until they are callable in mid- to late-2022. While the company has made significant progress in its asset sale and debt reduction program over the past few years, execution has been slower than we expected. Therefore, timely execution of the company's debt reduction goals, as well as limitation of shareholder rewards until those goals are met, are key drivers for future rating upside. S&P said, "Our stable rating outlook on Range reflects improved commodity prices--specifically for NGLs, which support the firm's profitability--coupled with stronger capital market conditions as demonstrated by Range's recent note issuance and improved maturity profile. We expect FFO to debt in the low 30% range over the next two years. "We could lower the rating if FFO to debt falls below 20% with no immediate prospects for improvement, most likely driven by a lower-than-expected commodity price environment, as Range is lightly hedged for 2022. Alternatively, we could lower the rating if Range engages in outsized shareholder rewards such that expected debt paydown is not executed or the company significantly outspends free cash flow. "We could raise the rating if Range successfully executes on its debt paydown program, which includes the repayment of $750 million in notes maturing through 2023, with FFO to debt remaining in the low 30% range. We would additionally expect shareholder rewards to be minimal until the company achieves its debt reduction goals." RENNOVA HEALTH: Signs Exchange Agreement With Christopher Diamantis ------------------------------------------------------------------- Rennova Health, Inc. entered into an exchange agreement with Christopher Diamantis pursuant to which Mr. Diamantis exchanged 570 shares of Series M Redeemable Convertible Preferred Stock for 95,000,000 shares of common stock, par value $0.0001 per share, and warrants to purchase 47,500,000 shares of Common Stock. The warrants have a three-year term, are exercisable at $0.007 per share, and are subject to customary anti-dilution protections. The shares of Series M Preferred Stock that were exchanged by Mr. Diamantis were cancelled. The securities received by Mr. Diamantis were issued in reliance on the exemption from registration contained in Section 3(a)(9) of the Securities Act of 1933, as amended. Two Proposals Passed by Written Consents On Aug. 27, 2021, Seamus Lagan, chief executive officer, president and interim chief financial officer of the Company, Alcimede LLC, of which Mr. Lagan is the sole manager, and Christopher Diamantis, collectively the holders of 95,450,000 shares of Common Stock, 250,000 shares of Series L Convertible Preferred Stock and an irrevocable proxy to vote all of the outstanding shares of Series M Preferred Stock, all of which votes with the Common Stock and the Series F Convertible Preferred Stock, representing approximately 78.54% of the total voting power of the Company's voting securities (as well as approximately 51.24% of the shares of Common Stock then outstanding), approved by written consents in lieu of a special meeting of stockholders two proposals, each of which had been previously approved and recommended to be approved by the stockholders by the Board of Directors of the Company. Proposal 1. To increase the authorized shares of Common Stock of the Company from 10 billion shares to 50 billion shares. Proposal 2. To allow that the authorized shares of Common Stock and Preferred Stock of the Company may be increased or decreased (but not below the number of shares then outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Company entitled to vote generally in the election of directors, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law of the State of Delaware (or any successor thereto), voting together as a single class, without a separate vote of the holders of the class or classes the number of authorized shares of which are being increased or decreased unless a vote by any holders of one or more series of Preferred Stock is required by the express terms of any series of Preferred Stock pursuant to the terms thereof. The stockholder approval of the above proposals will not be effective until 20 days after an information statement that has been filed with the Securities and Exchange Commission is mailed to the holders of the Common Stock and Series F Preferred Stock. About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates three rural hospitals and a physician's office in Tennessee and a physician's office in Kentucky and provides diagnostics and supportive software solutions to healthcare providers. Rennova Health reported a net loss of $18.34 million for the year ended Dec. 31, 2020, compared to a net loss of $48.03 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $19.63 million in total assets, $60.97 million in total liabilities, and a total stockholders' deficit of $41.34 million. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has recognized recurring losses and negative cash flows from operations, and currently has minimal revenue producing activities. This raises substantial doubt about the Company's ability to continue as a going concern. RENOVATE AMERICA: LA County Opposes Broad Injunctive Provisions --------------------------------------------------------------- The County of Los Angeles (the "County") objects to confirmation of the Second Amended Combined Disclosure Statement and Joint Chapter 11 Plan of Renovate America, Inc. (RAI) and affiliate, Personal Energy Finance, Inc. (PEFI). The County objects to the Debtors' proposed release of third parties. The Second Amended Plan provides for each of the Released Parties to forever release the other Released Parties as of the Effective Date. For purposes of clarity, the County is not a Releasing Party because the County opposes the proposed releases set forth in the Second Amended Plan; and has voted to reject the Second Amended Plan. The County claims that given that the Second Amended Plan clearly discloses that the Debtors' remaining assets will be liquidated and the liquidation value is substantially similar to the estimate of recoveries contemplated under the Second Amended Plan, neither Renovate (nor PEFI) are reorganizing after they emerge from bankruptcy, and as such, neither entity is entitled to a discharge under Section 1141(d)(3) of the Bankruptcy Code. The County points out that the Second Amended Plan imposes an undue burden by requiring creditors to provide written notice of such recoupment rights to Debtors on or prior to the Second Amended Plan's confirmation date notwithstanding that such creditor may have timely asserted and preserved such rights in its proof of claim with respect to recoupment rights. The County asserts that there is no reason to further deplete the estate's limited resources under these circumstances to duplicate the preexisting financial obligations imposed upon governmental units. Again, in an estate with extremely scarce resources available to pay creditors, there are no justifiable grounds to authorize the retention of counsel or other professionals to administrator data to homeowners. Thus, the proposed retention language should be stricken from the Second Amended Plan. The County further asserts that the Confirmation order should deny the proposed transfer of the Homeowner Data Archive, or, in the alternative, release the County, under all circumstances, from any and all liability, if any, arising from or under the proposed transfer of the Homeowner Data or the Homeowner Data Archive under the confirmed Second Amended Plan (or any modified plan). The County states that the broad injunctive provisions against governmental units is improper. The injunctions would prohibit the County's ability to proceed as an additional insured under the CGL Policy and any other applicable insurance policies in direct contravention of the Relief From Stay Order and the Lloyd's Stipulation. A copy of the County's objection dated August 31, 2021 is available at https://bit.ly/3zKmkU3 from Stretto, the claims agent. Attorneys for County of Los Angeles: MONTGOMERY McCRACKEN WALKER & RHOADS LLP Marc J. Phillips 1105 North Market Street, Suite 1500 Wilmington, DE 19801 Telephone: (302) 504-7823 Facsimile: (215) 731-3777 Email: mphillips@mmwr.com - and – Jacquelyn H. Choi RIMON, P.C. 2029 Century Park East, Suite 400N Los Angeles, CA 90067 Telephone: (310) 525-5859 Facsimile: (310) 525-5859 E-mail: jacquelyn.choi@rimonlaw.com About Renovate America Renovate America is one of the nation's preeminent providers of home improvement financing through its industry-leading home financing product, Benji. The Company offers a proprietary technology platform that helps Americans improve their homes while giving contractors the tools they need to grow their business. In addition to offering intuitive financing options, Renovate America offers industry-leading education, training and mentoring to contractor teams in the field. On the Web: http://www.renovateamerica.com/ Renovate America, Inc. and affiliate, Personal Energy Finance, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13173) on Dec. 21, 2020. Renovate America was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. Bryan Cave Leighton Paisner LLP is acting as the Company's legal counsel. Stretto is the claims agent. Culhane Meadows, PLLC, is the bankruptcy co-counsel. Armanino LLP is the financial advisor. GlassRatner Advisory & Capital Group, LLC, is the restructuring advisor. RENOVATE AMERICA: WRCOG's Joinder in LA's Objection to Disclosure ----------------------------------------------------------------- Western Riverside Council of Governments ("WRCOG") submits this (i) reservation of rights and limited objection (the "Reservation of Rights and Limited Objection") and (ii) joinder ("Joinder", and collectively with the Reservation of Rights and Limited Objection, the "Reservation of Rights, Limited Objection, and Joinder") to the Objection of County of Los Angeles to Second Amended Disclosure Statement and Joint Chapter 11 Plan of Renovate America, Inc. (RAI) and affiliate, Personal Energy Finance, Inc. (PEFI). WRCOG, the Debtors, the Official Committee of Unsecured Creditors and ING Capital LLC (collectively, the "Parties") have worked toward a resolution of their dispute. Indeed, with the help of the Court, and Judge Goldblatt in particular, the Parties have engaged in multiple successful mediation sessions and have reached an agreement in principle. However, as objections to the Plan are currently due and because the settlement has not been finalized, WRCOG files this Reservation of Rights and Limited Objection to preserve its rights to object to the Plan, including any modified plan, should the key terms of the settlement not be included in the Plan or subsequent settlement motion to be filed with the Court. A component of the Parties' proposed settlement involves WRCOG voting in favor of the Plan and the Debtors providing releases in favor of WRCOG. The current Plan does not, however, include such releases or other terms of the proposed settlement. WRCOG joins in and supports the LA Objection, as many of the issues raised in the LA Objection are issues that WRCOG shares with regard to the Plan. To the extent applicable, WRCOG incorporates the arguments in the LA Objection as its own, and WRCOG reserves the right to supplement its objection should its settlement with the Parties not be finalized in due course. A copy of the WRCOG's objection dated August 31, 2021 is available at https://bit.ly/3n3NiSY from Stretto, the claims agent. Attorneys for Western Riverside Council: MORRIS JAMES LLP Eric J. Monzo Jason S. Levin 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 Email: emonzo@morrisjames.com Email: jlevin@morrisjames.com - and - Steven C. DeBaun, Esquire Jeffrey V. Dunn Caroline Djang Tyler D. Anthony BEST BEST & KRIEGER LLP 3390 University Avenue, 5th Floor P.O. Box 1028 Riverside, CA 92502 Telephone: (951) 686-1450 Facsimile: (951) 686-3083 Email: steven.debaun@bbklaw.com Email: jeffrey.dunn@bbklaw.com Email: caroline.djang@bbklaw.com Email: tyler.anthony@bbklaw.com About Renovate America Renovate America is one of the nation's preeminent providers of home improvement financing through its industry-leading home financing product, Benji. The Company offers a proprietary technology platform that helps Americans improve their homes while giving contractors the tools they need to grow their business. In addition to offering intuitive financing options, Renovate America offers industry-leading education, training and mentoring to contractor teams in the field. On the Web: http://www.renovateamerica.com/ Renovate America, Inc. and affiliate, Personal Energy Finance, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13173) on Dec. 21, 2020. Renovate America was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. Bryan Cave Leighton Paisner LLP is acting as the Company's legal counsel. Stretto is the claims agent. Culhane Meadows, PLLC, is the bankruptcy co-counsel. Armanino LLP is the financial advisor. GlassRatner Advisory & Capital Group, LLC, is the restructuring advisor. RESTORATIVE BRAIN: Wins Cash Collateral Access ---------------------------------------------- Restorative Brain Clinic, Inc. sought and obtained entry of an order from the U.S. Bankruptcy Court for the Western District of Missouri approving the Stipulated Motion for Entry of Agreed Order Approving Debtor's Use Cash Collateral that it has filed with secured lender Bank of Blue Valley. The parties agree that the Debtor may use cash collateral through the earliest to occur of: (i) March 31, 2022; (ii) the entry of an order pursuant to section 363 of the Bankruptcy Code approving the sale of substantially all of the Debtor's assets; (iii) the effective date of any plan of reorganization or plan of liquidation for the Debtor; (iv) conversion of the Debtor's case to a case under Chapter 7 of the Bankruptcy Code; (v) dismissal of the Debtor's case; (vi) entry of any order pursuant to section 364 of the Bankruptcy Code authorizing the Debtor to obtain credit with a higher priority than the liens held by or granted to the Lender; (vii) the automatic stay is lifted as to any other party in order to permit foreclosure on pre-petition or post-petition collateral in which the Lender holds a first priority lien; (viii) failure by the Debtor to pay any post-petition obligations as they come due after having received a five-business-day cure notice from the Lender, or (ix) failure of the Debtor to abide by the terms of the Court's Order after having received a five business-day cure notice from the Lender. As of July 13, 2021, the Lender had an unsecured claim of $172,400 relating to two Payroll Protection Loans. Additionally, as of the Petition Date, the Lender had a separate secured claim of $22,583.72 which is secured as a first priority lien in substantially all assets of the Debtor. As adequate protection for the Debtor's use of cash collateral, the Lender will have a perfected, first priority lien on the same classes and types of post-petition assets of the Debtor in which the Lender had a lien pre-petition. The Lender is not being granted a lien in any of the Debtor's Chapter 5 causes of action nor is the Lender being given any priming lien which would prime any valid and properly perfected lien that any other secured lender might have had as of the Petition Date. Any and all liens granted to the Lender will be deemed valid, binding, enforceable and perfected upon entry of the Order. The Lender will not be required to file any UCC-1 financing statement or any similar document or take any other action in order to validate the perfection of its liens. As additional adequate protection, the Debtor will continue to pay a minimum of $2,150 each month to the Lender with the first payment being due on October 1, 2021 and each payment thereafter due on the 1st day of the month. Additionally, the Debtor will continue to pay -- in connection with the adequate protection payments -- all other fees and expenses owed to the Lender under the pre-petition loan documents. The Debtor will also maintain insurance coverage on all insurable assets which serve as collateral for repayment of indebtedness owed to the Lender. A copy of the motion is available at https://bit.ly/3DCefTH from PacerMonitor.com. A copy of the order is available at https://bit.ly/38yYS01 from PacerMonitor.com. About Restorative Brain Restorative Brain Clinic, Inc. owns and operates a mental health facility for men, women, and children in south Kansas City, Missouri. Restorative Brain Clinic sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 21-40866) on July 13, 2021, disclosing $117,100 in assets and $1,467,469 in liabilities. Judge Dennis R. Dow oversees the case. The Debtor tapped WM Law, PC as legal counsel. Bank of Blue Valley, as lender, is represented by: Michael D. Fielding, Esq. Husch Blackwell LLP 4801 Main Street, Suite 1000 Kansas City, MO 64112 Tel: (816) 983-8000 Fax: (816) 983-8080 Email: michael.fielding@huschblackwell.com RICKENBAKER GIN: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Rickenbaker Gin, Inc. 1140 Bill Davis Road Davis Station, SC 29041 Business Description: Rickenbaker Gin provides support activities for crop production. Chapter 11 Petition Date: September 1, 2021 Court: United States Bankruptcy Court District of South Carolina Case No.: 21-02276 Judge: John E. Waites Debtor's Counsel: Jane H. Downey, Esq. MOORE BRADLEY MYERS LAW FIRM, P.A. PO Box 5709 1700 Sunset Boulevard West Columbia, SC 29171 Tel: (803) 454-1983 Fax: (803) 791-8410 Email: jane@mbmlawsc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Henry Burchell Rickenbaker, Jr., owner. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: 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/44QCZCY/Rickenbaker_Gin_Inc__scbke-21-02276__0001.0.pdf?mcid=tGE4TAMA RIDGETOP AG: Unsecured Creditors to Recover 100% in 5 Years ----------------------------------------------------------- Ridgetop AG, LLC filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a Disclosure Statement and Plan of Reorganization dated August 31, 2021. The Debtor's financial difficulties began in approximately 2020 when it began receiving pressure from Syngenta Seeds for payment on a judgment granted to Syngenta in Crawford County Case No. 20CV04. The Debtor was unable to pay the debt. In 2021, Syngenta received authority to sell the assets of the Debtor thereby forcing the Debtor in bankruptcy. At the same time, Swift financial was seeking their payments and NAS LLC were seeking to levy both the Debtor's accounts but also the accounts of its members. The purpose of this reorganization is to allow the Debtor to restructure its liabilities to allow ultimate payoff of all debts, while preserving its assets and remaining in business. The Debtor's Plan provides for payment in full of all allowed secured and priority claims, and payment in full of all allowed unsecured claims. The amortization on these obligations has generally been extended to provide adequate cash flow and to service debt. Class 2 Secured Claims: * Swift Financial. This claim is impaired. Swift was paid $75,00 as an adequate protection payment. The remainder of the claim, approximately $29,374.47 shall be paid in full with interest at the rate of 4.75% per annum amortized over 7 years with monthly payments in the amount of $411.73, principal and interest until paid in full. * Syngenta Seeds. This claim is impaired. Syngenta was paid $4,287.94 as an adequate protection payment, as well as monthly payments of $1,192.42. The remainder of the claim, approximately $85,970.40 shall be paid in full with interest at the rate of 4.75% per annum amortized over 7 years. * Alan Bark. This claim is impaired. This claimant has a secured claim, as of the Petition Date, in the amount of approximately $11,738.00, which is secured by Debtor's accounts, inventory and machinery. Bark's claim shall be paid in full with interest at the rate of 4.75% per annum amortized over 3 years. Class 4 consists of undisputed, non-priority unsecured claims in the approximate amount of $227,784.67. This claim is impaired. Said claims will receive distributions of 100% of what they are owed, over a term of 5 years. The equity interests of the Debtor in Class 5 shall be retained by them, same being of nominal or no value to creditors. The Debtor's continued operations and revenues from agricultural retail sales and custom applications will generate the funds needed to implement the Plan. All assets of the bankruptcy estate shall re-vest in the Debtor. A full-text copy of the Disclosure Statement dated August 31, 2021, is available at https://bit.ly/3DUb22b from PacerMonitor.com at no charge. Attoney for the Debtor: Carrie S. Werle, Esq. Krekeler Strother, SC 2901 West Beltline Hwy., Suite 301 Madison, WI 53713 Telephone: (608) 258-8555 Facsimile: (608) 258-8299 Email: cwerle@ks-lawfirm.com About Ridgetop Ag Ridgetop Ag LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 21-11388) on June 28, 2021, listing under $1 million in both assets and liabilities. Alan S. Bark, an authorized member, signed the petition. Judge Catherine J. Furay oversees the case. Krekeler Strother, SC serves as the Debtor's legal counsel. SEA OAKS COUNTRY: Oct. 19 Disclosure Statement Hearing Set ---------------------------------------------------------- Sea Oaks Country Club LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan and Disclosure Statement. On August 31, 2021, Judge Christine M. Gravelle ordered that: * Oct. 19, 2021 at 2:00 pm at the USBC, 402 East State Street, Trenton NJ 08608, in Courtroom 3 is the hearing on the adequacy of the Disclosure Statement. * Written objections to the adequacy of the Disclosure Statement shall be filed and served no later than 14 days prior to the hearing. A copy of the order dated Aug. 31, 2021, is available at https://bit.ly/3jJdikA from PacerMonitor.com at no charge. About Sea Oaks Country Club Sea Oaks Golf Club LLC is a golf resort that offers 18 hole semi-private golf course that is open to the public, Golf Shop, Restaurant & Grill Room. Sea Oaks Country Club LLC manages the golf course and leases the property from Sea Oaks Golf Club. Sea Oaks Country Club and Sea Oaks Golf Club sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 20-17229) on June 3, 2020. Sea Oaks Country Club disclosed $344,900 in assets and $12.92 million in liabilities. Sea Oaks Golf Club reported assets of about $5.3 million in a Chapter 11 filing. Joseph Mezzina, managing member of J & J Partnership, signed the petitions. Timothy P. Neumann of Broege Neumann Fischer & Shaver, LLC, serves as counsel to the Debtors. SEADRILL LIMITED: Hemen Holdings Provides $50M Capital Investment ----------------------------------------------------------------- Seadrill Limited, et al., submitted a First Amended Disclosure Statement relating to the Joint Chapter 11 Plan of Reorganization dated August 31, 2021. On August 4, 2021, the Court entered the Stipulation and Agreed Order Among the Debtors, the CoCom, and the Ad Hoc Group Extending a Deadline in the Cash Collateral Order extending the deadline in the Cash Collateral Order for entry of an order approving a disclosure statement to August 31, 2021 (the "Second Stipulation and Agreed Cash Collateral Order"). On August 27, 2021, the Court entered the Order (I) Authorizing Use of the Debtors' Cash Collateral (II) Granting Adequate Protection, (III) Modifying the Automatic Stay, and (IV) Granting Related Relief (the "Second Extended Cash Collateral Order"), authorizing the Debtors to continue the consensual use of cash collateral until the earlier of (a) January 4, 2022, and (b) the date on which a Termination Event occurs. Class 4-a consists of the AOD Credit Agreement Claims. Each holder of an Allowed Class 4-a Claim shall elect to receive, as applicable, either (i) payment in Cash in an amount equal to the Allowed Claim held by such holder (the "AOD Cash-Out") or (ii) its Pro Rata share of: A. the Subscription Rights for $29.4 million of the New First Lien Facility; B. $73.4 million in principal amount of the New Second Lien Facility; C. 4.1% of the New Seadrill Common Shares, subject to dilution by the Management Incentive Plan and the Convertible Bond Equity; and D. Cash equal to the Net Scrap Proceeds attributable to the Prepetition AOD Credit Agreement, if any (A-D, the "AOD Non Cash Recovery"). This Class shall have an allowed amount of Allowed amount of $114,783,659.95 with 110.7% recovery. Class 4-k consists of $440MM Credit Agreement Claims. Each holder of an Allowed Class 4-k Claim shall receive its Pro Rata share of: (i) the Subscription Rights for $13.1 million of the New First Lien Facility; (ii) $32.8 million in principal amount of the New Second Lien Facility; (iii) 2.4% of the New Seadrill Common Shares, subject to dilution by the Management Incentive Plan and the Convertible Bond Equity (if any); (iv) any AOD Gross-Up Recovery distributed to this Class; and (v) Cash equal to the Net Scrap Proceeds attributable to the Prepetition $440MM Credit Agreement, if any. This Class shall have an Allowed amount of $65,571,815 with 104.7% recovery. Like in the prior iteration of the Plan, Class 6 General Unsecured Claims total $1,124,035,708. Each holder of an Allowed General Unsecured Claim against the Debtors shall receive its Pro Rata share of $250,000 in Cash; provided, however, that holders of Credit Agreement Claims shall be deemed to have waived their recovery (but not their right to vote) on account of their General Unsecured Claims. Creditors will recover 0.02% of their claims. The Debtors expect that the Reorganized Debtors will explore potential M&A activity post-emergence, including the possibility of seeking a sale or merger to monetize certain assets or product lines, participate in joint ventures, or purchase certain assets by acquisition or merger. While the Debtors are unable to predict the realizable value of such activity, the Debtors anticipate that a post-emergence M&A process will be more efficient and economical, as it will not require the time and expense of Court approval, re-negotiation of value allocation and litigation regarding allocation, the public disclosures associated with conducting the process in chapter 11, the distraction of ongoing litigation over the terms of the Plan, and the expense of multiple sets of creditor advisors and the associated fees. Any such process will be overseen by the board of directors of Reorganized Seadrill. The New Seadrill Common Shares issued pursuant to the Backstop Commitment Letter on account of the Backstop Participation Equity (other than the Equity Commitment Premium) will be issued without registration in reliance on Section 4(a)(2), including in compliance with Rule 506 of Regulation and/or Regulation S, will be subject to resale restrictions and may be resold, exchanged, assigned, or otherwise transferred only pursuant to registration, or an applicable exemption from registration under the Securities Act and other applicable exemptions such as, under certain conditions, the resale provisions of Rule 144 of the Securities Act or Regulation S of the Securities Act. The Plan is supported by the Debtors and Consenting Lenders that are party to the Plan Support Agreement, including holders of approximately 58.7 percent of the Credit Agreement Claims arising under the Prepetition Credit Facilities. On July 23, 2021, the Debtors and holders of approximately 58.7 percent of Credit Agreement Claims arising under the Prepetition Credit Facilities entered into the Plan Support Agreement. On the Effective Date, Reorganized Seadrill will issue the Convertible Bonds to Hemen in exchange for $50 million in Cash. Hemen Holdings Limited is providing the $50 million new-money, junior capital investment through the purchase of the Convertible Bonds on the terms set forth in the Convertible Bonds Term Sheet, the Plan Support Agreement, and the Plan. Hemen owns significant equity positions in SFL and NOL (which are two of the Debtors' creditors) and has entrenched governance rights in Seadrill. The Debtors continue to survey the market for any party interested in providing superior junior capital, but to date, the Debtors have not received any such proposals. To the extent that the Debtors do receive a higher or better offer, or the Court does not otherwise approve the Convertible Bonds, the Convertible Bonds are wholly severable from the Plan, as set forth in the Convertible Bonds Term Sheet. On August 2, 2021, Seadrill Limited, Seadrill Rig Holding Company Limited, and Seadrill Treasury UK Limited, as charter guarantors, along with Seadrill Offshore, Seadrill Norway Operations, Ltd., Seadrill UK Operations Ltd., Seadrill Newfoundland Operations Ltd., and SFL entered into an agreement amending the terms of the Prepetition Hercules Charters (the "Amendment Agreement"). The Amendment Agreement became effective on August 27, 2021, with the entry of West Hercules Order. Upon the occurrence of the effective date of the Amendment Agreement, the Amendment Agreement satisfied all claims of SFL against Seadrill arising under or related to the Prepetition Hercules Charters or the West Hercules, other than as provided in the Amendment Agreement, that existed prior to the effective date of the Amendment Agreement. In accordance with the terms of the Amendment Agreement, Seadrill will pay a bareboat charter hire rate of $64,700 per day until the earlier of the Effective Date or January 15, 2022, at which time the Debtors can withdraw $10 million from the cash collateral accounts related to the West Hercules to cover project and upgrade costs relating to the customer drilling contract; however, the Debtors will maintain a minimum balance of $6 million in the cash collateral accounts at all times. After the Effective Date, the Prepetition Hercules Charter, as amended by the Amendment Agreement, will be guaranteed by RigCo, CashPoolCo, and Reorganized Seadrill. On the end date of the Prepetition Hercules Charter, Seadrill will pay $3 million to SFL from the cash collateral accounts, and the remainder of the cash in the cash collateral accounts shall be retained by Seadrill. A full-text copy of the First Amended Disclosure Statement dated August 31, 2021, is available at https://bit.ly/3BBaVGs from PacerMonitor.com at no charge. Co-Counsel to the Debtors: Matthew D. Cavenaugh Jennifer F. Wertz Vienna F. Anaya Victoria Argeroplos (TX Bar No. 24105799) JACKSON WALKER L.L.P. 1401 McKinney Street, Suite 1900 Houston, TX 77010 Telephone: (713) 752-4200 Facsimile: (713) 752-4221 Email: mcavenaugh@jw.com jwertz@jw.com vanaya@jw.com vargeroplos@jw.com Co-Counsel to the Debtors: Anup Sathy, P.C. Ross M. Kwasteniet, P.C. Brad Weiland Spencer Winters KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Street Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: asathy@kirkland.com rkwasteniet@kirkland.com bweiland@kirkland.com spencer.winters@kirkland.com - and - Christopher Marcus, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: cmarcus@kirkland.com About Seadrill Ltd. Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) -- http://www.seapdrill.com/-- is a deepwater drilling contractor providing drilling services to the oil and gas industry. As of March 31, 2018, it had a fleet of over 35 offshore drilling units that include 12 semi-submersible rigs, 7 drillships, and 16 jack up rigs. On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection after reaching terms of a reorganization plan that would restructure $8 billion of funded debt. It emerged from bankruptcy in July 2018. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional overcapacity among companies serving the industry. In June 2020, Seadrill wrote down the value of its rigs by $1.2 billion and said it planned to scrap 10 rigs. Seadrill said it is in talks with lenders on a restructuring of its $5.7 billion bank debt. Seadrill Partners LLC, a limited liability company formed by deep-water drilling contractor Seadrill Ltd. to own, operate and acquire offshore drilling rigs, along with its affiliates, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020, after its parent company swept one of its bank accounts to pay disputed management fees. Mohsin Y. Meghji, authorized signatory, signed the petitions. On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP 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. SEADRILL LIMITED: Weil Gotshal 2nd Update on RigCo Lenders ---------------------------------------------------------- In the Chapter 11 cases of Seadrill Limited, et al., the law firm of Weil, Gotshal & Manges LLP submitted a second supplemental verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose an updated list of Ad Hoc Group of RigCo Lenders. The Ad Hoc Group holding financial indebtedness arising under the following agreements: (a) $1.35 Billion 4 UDW Facility Credit Agreement; (b) $450 Million Eminence Facility Credit Agreement; (c) AOD Facility Credit Agreement; (d) $950 Million Eclipse/Carina Facility Credit Agreement; (e) Tellus Credit Agreement; (f) $1.50 Billion ECA II Facility Credit Agreement; (g) $2.0 Billion NADL Facility Credit Agreement; (h) $1.4 Billion Sevan Facility Credit Agreement; (i) $450 Million Jackup Facility Credit Agreement; and (j) $440 Million Telesto Facility Credit Agreement, and (k) $300 Million DNB Facility Credit Agreement. On February 12, 2021, Counsel filed with the Court in these chapter 11 cases the Verified Statement Regarding Ad Hoc Group of Lenders Pursuant to Bankruptcy Rule 2019 [ECF No. 105] as supplemented by the Supplemental Verified Statement Regarding Ad Hoc Group of Lenders Pursuant to Bankruptcy Rule 2019 dated as of May 21, 2021. Pursuant to Bankruptcy Rule 2019(d), this Second Supplemental Verified Statement supplements the information provided in the First Supplemental Verified Statement. As of Sept. 2, 2021, members of the Ad Hoc Group and their disclosable economic interests are: Deutsche Bank AG Winchester House 1 Great Winchester Street London EC2N 2DB United Kingdom * Amount under $450 Million Eminence Facility Credit Agreement: $52,941,160 * Amount under $2.0 Billion NADL Facility Credit Agreement: $106,785,995 * Amount under Tellus Credit Agreement: $15,611,112 * Amount under AOD Facility Credit Agreement: $26,249,551 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $79,054,762 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $100,625,000 * Amount under $1.50 Billion ECA II Facility Credit Agreement: $10,714,289 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $32,286,016 * Amount under $450 Million Jackup Facility Credit Agreement: $14,398,825 * Amount under $440 Million Telesto Facility Agreement: $3,205,882 Bybrook Capital LLP Pollen House 10-12 Cork Street London W1S 3NP United Kingdom * Amount under $450 Million Eminence Facility Credit Agreement: $61,411,745 * Amount under $2.0 Billion NADL Facility Credit Agreement: $168,643,445 * Amount under $440 Million Telesto Facility Agreement: $5,121,765 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $79,320,537 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $78,224,999 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $51,154,187 * Amount under $450 Million Jackup Facility Credit Agreement: $17,500,112 * Amount under Tellus Credit Agreement: $2,722,222 * Amount under $300 Million DNB Facility Credit Agreement: $9,000,000 Attestor Capital LLP 7 Seymour Street London W1H 7JW United Kingdom * Amount under $450 Million Eminence Facility Credit Agreement: $10,588,232 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $18,005,952 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $37,333,333 * Amount under $1.50 Billion ECA II Facility Credit Agreement: $21,428,952 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $5,000,000 Alcentra Asset Management Ltd. 160 Queen Victoria Street London EC4V 4LA United Kingdom 200 Park Avenue 7th Floor New York, NY 10166 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $5,054,652 Capital Management LLP 7-8 Stratford Place London W1C 1AY United Kingdom * Amount under AOD Facility Credit Agreement: $12,450,079 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $4,000,000 Cross Ocean Partners Management LP and/or Cross Ocean Adviser LLP 20 Horseneck Lane Greenwich, CT 06830 * Amount under Telesto Facility Agreement: $3,202,941 * Amount under Tellus Credit Agreement: $2,694,445 * Amount under AOD Facility Credit Agreement: $41,170,666 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $28,000,000 Taconic Capital Partners 55 Grosvenor Street, 4th Floor London W1K 3HY United Kingdom 280 Park Avenue, 5th Floor New York, NY 10017 * Amount under Tellus Credit Agreement: $2,138,889 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $5,000,000 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $18,666,667 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $27,008,928 Littlejohn & Co., LLC 8 Sound Shore Drive Greenwich, CT 06830 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $6,700,000 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $6,400,000 * Amount under $450 Million Jackup Facility Credit Agreement: $5,730,050 Counsel for Ad Hoc Group of RigCo Lenders can be reached at: WEIL, GOTSHAL & MANGES LLP Alfredo R. Perez, Esq. 700 Louisiana Street, Suite 1700 Houston, TX 77002 Telephone: (713) 546-5000 Facsimile: (713) 224-9511 E-mail: Alfredo.Perez@weil.com WEIL, GOTSHAL & MANGES LLP Matthew S. Barr, Esq. Sunny Singh, Esq. David J. Cohen, Esq. 767 Fifth Avenue New York, NY 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 E-mail: Matt.Barr@weil.com Sunny.Singh@weil.com DavidJ.Cohen@weil.com - and - WEIL, GOTSHAL & MANGES LLP Paul R. Genender, Esq. 200 Crescent Court, Suite 300 Dallas, TX 75201 Telephone: (214) 746-7700 Facsimile: (214) 746-7777 E-mail: Paul.Genender@weil.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3jHoFcA 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 2021 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. SEADRILL LTD: Disclosures Okayed; Sees Chapter 11 Exit by Q4 ------------------------------------------------------------ Seadrill Limited (SDRL) ("Seadrill" or the "Company") on Sept. 3 disclosed that the United States Bankruptcy Court for the Southern District of Texas (the "Court") has approved the disclosure statement (the "Disclosure Statement") for the Company's proposed plan of reorganization (the "Plan"), paving the way for our emergence from Chapter 11 in Q4 2021. The Court authorized the Company to distribute the Disclosure Statement and solicit votes from all lenders on the Plan. The Court also set a hearing to consider approval of the Plan for October 26, 2021. The Plan provides a clear pathway for Seadrill to restructure its balance sheet with the Company having already secured support from the majority of its senior secured lenders. The Company's motion to approve the backstop commitment letter has been deferred until a later hearing. Grant Creed, CFO, commented: "We are pleased with these developments, which put us firmly on track for Chapter 11 emergence. The Court approved our timeline for approval of the restructuring and authorized us to solicit lender votes. This will pave the way for a significant balance sheet deleveraging." Copies of the Plan and Disclosure Statement, as well as other information regarding the Company's chapter 11 cases, are available at the following website: https://cases.primeclerk.com/SeadrillLimited/. 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 2021 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. SENIOR HEALTHCARE: Stevanne Ellis Appointed Patient Care Ombudsman ------------------------------------------------------------------ John P. Fitzgerald, III, Acting United States Trustee for Region 4, appointed Stevanne Ellis as the Patient Care Ombudsman for Senior Healthcare, Inc. She has previously served a patient care ombudsman in the United States Bankruptcy Court for the District of Maryland. Ms. Ellis will not be required to post a bond since she will not be handling any monies in her capacity as Patient Care Ombudsman and because she is an employee of the Maryland Department of Aging. Ms. Ellis is State Long-Term Care Ombudsman at Maryland Department of Aging. A copy of the appointment is available for free at https://bit.ly/3t8hRrT from PacerMonitor.com. About Senior Healthcare Inc. Senior Healthcare, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 21-15037) on Aug. 2, 2021, listing as much as $1 million in assets and as much as $500,000 in liabilities. Judge Thomas J. Catliota oversees the case. Cohen Baldinger & Greenfeld, LLC serves as the Debtor's legal counsel. SEQUENTIAL BRANDS: Lenders Want Asset Sale Closed by Mid-November ----------------------------------------------------------------- Sequential Brands Group, Inc. and several subsidiaries on August 31, 2021, commenced voluntary Chapter 11 proceedings under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors have requested that the Chapter 11 proceedings be jointly administered under the caption In re Sequential Brands Group Inc., et al. They continue to operate their business as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Debtors are seeking approval of various "first day" motions containing customary relief intended to assure the Debtors' ability to continue their ordinary course operations. The Debtors filed for bankruptcy after entering into a Restructuring Support Agreement with creditors holding, in the aggregate, approximately 100% of obligations outstanding under the "Third Amended and Restated Credit Agreement," dated as of July 1, 2016, with Wilmington Trust, National Association, as administrative agent and collateral agent and the lenders party thereto, as subsequently amended. In conjunction with the execution of the RSA, the Company entered into two asset purchase agreements with (i) Gainline Galaxy Holdings LLC for the purchase of the Company's Active Division Assets, for a purchase price of $333 million (subject to certain adjustments) and (ii) Centric Brands LLC for the purchase of the Joe's Jeans brand, for a purchase price (subject to certain adjustments) of (a) $38,250,000 in cash plus (b) certain earnout payments (subject to minimum guaranteed payments of $750,000 per year) over the next five years. The Company will contemporaneously initiate a sale process for the Active Division Assets, the Joe's Jeans brand, and the Company's remaining brands, which is intended to be value-maximizing by providing third parties with the ability to provide higher and/or better bids. The Company plans to ultimately sell all or substantially all of its assets to the Stalking Horse Bidders and/or one or more third party purchasers determined through an auction process supervised by the Bankruptcy Court to have submitted the highest or otherwise best offer in accordance with the proposed bidding and sale procedures. The RSA also contemplates debtor-in-possession financing pursuant to a DIP Credit Agreement to be provided by the Consenting Lenders, which will provide the Debtors up to $150 million in financing for the purposes of refinancing the First Lien Credit Agreements and will provide the Company with the necessary liquidity to operate during the Chapter 11 Cases. Each of the Debtors and the Consenting Lenders has made customary commitments to each other. The Debtors have agreed to, among other things, seek to implement the Sale Transactions and other matters contemplated by the RSA and to satisfy certain other covenants. The Consenting Lenders have committed to support and to use commercially reasonable efforts to take, or refrain from taking, certain actions in furtherance of the Sale Transactions and other matters contemplated in the RSA and to provide the necessary financing for the Chapter 11 Cases through, among other things, the DIP Credit Agreement. The RSA and other transaction documents contain milestones for the progress of the Chapter 11 Cases, which include the dates by which the Debtors are required to, among other things, obtain certain orders of the Bankruptcy Court and consummate the Sale Transactions. Among other dates set forth in the RSA, the agreement contemplates: * On or prior to August 31, 2021, the Debtors shall have entered into the Asset Purchase Agreements (as defined in the RSA) with each of the respective Stalking Horse Bidders; * No later than September 1, the Company shall file a motion in Bankruptcy Court to approve the Debtors' consensual use of cash collateral and debtor-in-possession financing facility pursuant to the terms set forth in the DIP Term Sheet; * No later than September 1, the Debtors shall file a motion requesting (a) an order from the Bankruptcy Court (i) approving the proposed Bidding Procedures, and (ii) authorizing the Company to provide the Stalking Horse Bidders with the bid protections set forth in the applicable Asset Purchase Agreements, and (b) an order or orders from the Bankruptcy Court approving the Sale Transactions; * No later than September 3, the Bankruptcy Court shall have entered an order approving the DIP financing on an interim basis; * No later than September 23, the Bankruptcy Court shall have entered the Bidding Procedures Order and an order approving the DIP financing on a final basis; * The Debtors shall establish a date that is no later than October 25 as the deadline for the submission of binding bids with respect to each of the Sales; * No later than October 30 (i.e., 60 calendar days after the Petition Date0, the Debtors shall complete an auction for substantially all of its assets, in accordance with the Bidding Procedures; provided that if there is no higher or better offer submitted in comparison to the stalking horse bids, no auction shall be held; * No later than November 4, the Bankruptcy Court shall have entered one or more Sale Orders approving each of the winning bids resulting from the auction which any such order shall be in form and substance acceptable to the Requisite Consenting Lenders; and * Closing of the Sales, including consummation of the transactions contemplated thereby, shall occur no later than November 14, which is 75 days after the Petition Date. Each of the parties to the RSA may terminate the agreement under certain limited circumstances. Any Debtor may terminate the RSA upon, among other circumstances: * the Bankruptcy Court enters an order denying any of the transactions embodied in the Asset Purchase Agreements and such order remains in effect for seven Business Days after entry of such order; or * any Sale Order or Bidding Procedures Order is reversed or vacated. The transactions contemplated by the RSA do not provide for any ownership or other interest in the Company or the applicable Buyer being provided to the holders of the Company's outstanding common stock, nor does the Company currently anticipate the holders of the Company's outstanding common stock will receive any consideration as a result of such transactions. The transactions contemplated by the RSA are subject to approval by the Bankruptcy Court, among other conditions. Accordingly, no assurance can be given that the transactions described therein will be consummated. The Debtors said the Chapter 11 filing constitutes an event of default that accelerated the following obligations under those certain credit agreements: * approximately $127.91 million under that certain "Third Amended and Restated First Lien Credit Agreement," dated as of July 1, 2016, with Bank of America, N.A., as administrative agent and collateral agent, and the lenders party thereto, as subsequently amended (the "First Lien Credit Agreement"); and * approximately $298.5 million under that certain "Third Amended and Restated Credit Agreement," dated as of July 1, 2016, with Wilmington Trust, National Association, as administrative agent and collateral agent and the lenders party thereto, as subsequently amended. The Credit Agreements provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Credit Agreements are automatically stayed as a result of the Chapter 11 Cases, and the creditors' rights of enforcement in respect of the Credit Agreements are subject to the applicable provisions of the Bankruptcy Code. The Consenting Lenders are: * Apollo Investment Corporation By Apollo Investment Management, L.P. its investment adviser By: ACC Management LLC, its general partner Name: Joseph D. Glatt Title: Vice President * Apollo Centre Street Partnership, L.P. By: Apollo Centre Street Management, LLC, its investment manager Name: Joseph D. Glatt Title: Vice President * Apollo Union Street Partners, L.P. By: Apollo Union Street Management, LLC, its investment manager Name: Joseph D. Glatt Title: Vice President * Apollo Kings Alley Credit Fund, L.P. By: Apollo Kings Alley Credit Fund Management, LLC, its investment manager Name: Joseph D. Glatt Title: Vice President * Apollo Tactical Value SPN Investments, L.P. By: Apollo Tactical Value SPN Management, LLC its investment manager Name: Joseph D. Glatt Title: Vice President * Apollo Moultrie Credit Fund, L.P. By: Apollo Moultrie Credit Fund Management, LLC its investment manager Name: Joseph D. Glatt Title: Vice President Consenting Lenders may be reached at: KKR Credit Advisors (US) LLC 30 Hudson Yards New York, NY 10001 Attention: Joshua Gruenbaum Phone: +1 212 763 9058 Email: Joshua.Gruenbaum@kkr.com They are represented by: King & Spalding LLP 1185 Avenue of the Americas New York, NY 10036 Attention: Roger Schwartz and Peter Montoni Telephone: (212) 556-2100 Email: rschwartz@kslaw.com pmontoni@kslaw.com About Sequential Brands Sequential Brands Group (NASDAQ:SQBG) together with its subsidiaries, owns various consumer brands. The company licenses its brands for a range of product categories, including apparel, footwear, fashion accessories, and home goods. Sequential Brands Group, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11194) on Aug. 31, 2021. The Company disclosed total assets of $442,774,937 and debt of $435,073,539 as of Aug. 30, 2021. The Hon. John T. Dorsey is the case judge. Gibson, Dunn & Crutcher LLP and Pachulski Stang Ziehl & Jones LLP are serving as Sequential's legal counsel. Stifel and its affiliate Miller Buckfire & Co. are serving as Sequential's investment banker. Kurtzman Carson Consultants LLC is the claims agent. King & Spalding LLP is counsel to the DIP Lenders (and the consenting lenders under the RSA). Morris, Nichols, Arsht & Tunnell LLP is local counsel to the DIP Lenders, SHELLEY GRAY: Proposed Sale of New Windsor Property Approved ------------------------------------------------------------ Judge Cecelia G. Morris of the U.S. Bankruptcy Court for the Southern District of New York authorized Shelley M. Gray and Roger P. Gray to sell their right, title and interest in the real property located at 2059 State Route 94, in New Windsor (Town of Cornwall), New York 12553. A hearing on the Motion was held on Aug. 24, 2021. The sale is free and clear of all liens and encumbrances. The Debtors are not obligated to pay any stamp, transfer or other similar transfer tax to any entity upon the sale of the Property, as said sale arises out of a bankruptcy proceeding. Shelley M. Gray and Roger P. Gray sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 18-36225) on July 24, 2018. The Debtors tapped Peter A. Pastore, Esq., at McNamee, Lochner, Titus & Williams, P.C. SHURWEST LLC: Seeks to Hire Mesch Clark Rothschild as Legal Counsel ------------------------------------------------------------------- Shurwest, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to hire Mesch Clark Rothschild to serve as legal counsel in its Chapter 11 case. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties in the continued operation and management of its property; b. taking required action to recover certain property and money owed to the Debtor, if necessary; c. preparing a plan of reorganization and other legal documents; and d. performing all other legal services the Debtor deems necessary. The firm's hourly rates are as follows: Michael McGrath $595 per hour Isaac D. Rothschild $450 per hour Other Attorneys $295 - $595 per hour Paraprofessionals $110 - $225 per hour The firm will seek reimbursement in full for all reasonably incurred expenses. Isaac Rothschild, Esq., a partner at Mesch Clark Rothschild, disclosed in court filings that his firm neither holds nor represents any interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Isaac D. Rothschild, Esq. Mesch Clark Rothschild 259 N. Meyer Ave. Tucson, AZ 85701-1090 Tel: (520) 624-8886 Email: ecfbk@mcrazlaw.com About Shurwest LLC Shurwest, LLC, a Scottsdale, Ariz.-based company that specializes in fixed indexed annuities and life insurance, filed its voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 21-06723) on Aug. 31, 2021, listing as much as $10 million in both assets and liabilities. Shurwest President James Maschek signed the petition. Judge Daniel P. Collins oversees the case. Isaac D. Rothschild, Esq., at Mesch Clark Rothschild serves as the Debtor's legal counsel. SILVERSIDE SENIOR: Ombudsman Reports on MedalQuest Deal ------------------------------------------------------- Deborah L. Fish, Patient Care Ombudsman for Graceway South Haven, LLC (affiliated debtor of Silverside Senior Living, LLC) in a final report submitted to the U.S. Bankruptcy Court for the Eastern District of Michigan, related that she has reviewed the Debtor's motion for authority to enter into a contract with MedalQuest, Inc. to maintain the medical records of the residents at the Debtor's facility. Pursuant to the contract, MedalQuest will send notice to each resident that it is maintaining the records. The contract also provided that MedalQuest will destroy the records in accordance with State and Federal law. MedalQuest's fees for retrieval of a record are in accordance with Michigan Law, she said. Prior to the filing of the Chapter 11, Sub Chapter V petition, the Debtor, together with representatives of the State of Michigan, transferred all patients to other local facilities. With respect to the residents' trust accounts, the PCO has confirmed at two of the four facilities where residents were transferred as to whether checks were received by those facilities on behalf of the residents. All known personal property was transported with or has otherwise been delivered to the residents, the PCO concluded. A copy of the final report is available for free at https://bit.ly/2WGX2YR from PacerMonitor.com. About Silverside Senior Living Silverside Senior Living, LLC and its affiliate, Graceway South Haven, LLC, sought Chapter 11 protection (Bankr. E.D. Mich. Lead Case No. 21-44887) on June 7, 2021. In the petitions signed by Anthony Fischer, Jr., chief executive officer, the Debtors disclosed total assets of up to $50,000 and liabilities of up to $10 million. Judge Lisa S. Gretchko oversees the cases. The Debtors tapped Strobl Sharp PLLC as bankruptcy counsel and CND Law as special healthcare counsel. Cole, Newton & Duran serves as the Debtors' accountant. SIMON'S WHOLESALE: Subchapter V Plan to Pay Unsecureds in Full -------------------------------------------------------------- Simon's Wholesale Bakery, Inc., filed with the U.S. Bankruptcy Court a Subchapter V Plan of Reorganization. This is a combined liquidation and reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan by restructuring the financial affairs of the Debtor and paying the creditors with proceeds from the sales of assets of the Debtor and additional postpetition earnings derived from revenue earned by the Debtor. The Effective Date of the proposed Plan is fifteen 15 days after entry of the order confirming the plan. In 2018, the landlord had included a new provision in the lease renewal that allowed the landlord to unilaterally cancel the lease with 1 year’s notice. In May 2020, in the midst of the Debtor's efforts to sell the business, the landlord exercised this clause and advised that the lease would end in May 2021. Accordingly, the Debtor was only able to continue its operations through that time. After the Debtor filed its Chapter 11 petition, it was able to arrange for the sale of the whole sale bakery operations as an ongoing enterprise to Emiko, the third potential buyer described above. However, the terms of the sale were much worse with a sale price that was 25% less than before. The new terms of the sale were $300,000 cash at closing, plus a small royalty of 5.5% of up to $3,000,000.00 of the sales between January 1, 2022 and December 31, 2022. This sale was approved by the Court, and escrow closed on June 4, 2021 (hereinafter referred to as "the 363 Sale of the Bakery"). Additional funding for this proposed plan will be obtained by liquidating the claim against the landlord. The Debtor has scheduled a claim against the landlord for $1,550,000 related to the various failed sales of the business. This plan includes provisions for the claim to be liquidated in the bankruptcy court through an adversary proceeding, with the proceeds pledged to plan. The sale of the Debtor's bakery operations have generated enough funds to pay all of the undisputed claims in full. The claim by the landlord is highly disputed, and several options for resolving the claim dispute are proposed within this plan. Once all the claims and obligations of the Debtor are paid in full, the Debtor will use the remaining funds to start a new, unrelated venture, very likely in psychology or soccer (two fields the principals are qualified to pursue). The Debtor has sold its bakery operations to Emiko and remains in operation funded by residual sales that continue to be paid on invoices due prior to the sale. These sales will continue to fund the operations of the Debtor until they are exhausted. After the residual income ceases, the principals of the Debtor will continue to conduct the affairs of the Debtor with their compensation being deferred until such time as all the obligations under this Plan are paid in full. Class 3 claims are those that are eligible for forgiveness and repayment under the COVID-19 related Federal CARES Act and with payment guaranteed by a third-party— the Small Business Administration. There is one Class 3 claim in this proceeding Benworth Capital Partners LLC in the amount of $181,372.89. The Benworth Class 3 claim will remain entirely unimpaired under this Chapter 11 Plan and will be paid on the terms currently existing between the parties, without modification. Class 4 consists of General Unsecured Claims. There are a total of $21,325.84 in Class 4 General Unsecured Claims, spread among seven creditors. Note that the amount of the claims to be paid within Class 4 may vary from the amount initially scheduled on the Debtor's petition and schedules due to set-off of amounts due to the Debtor by the class member. Each Class 4 claim will be paid in full by the Debtor within 30 days of the Effective Date. Class 5 consists of claims that are unsecured claims and that are disputed by the Debtor. Class 5 consists of one member, 1901 Ritchey Associates, LLC (referred to as "the Landlord") and the amount of its alleged claim asserted through the filing of a proof of claim in the case is $146,166.17. The Debtor disputes the amount of the Landlord's claim for multiple reasons, but a primary reason is that the Debtor has its own claim against the Landlord for more than 10 times the amount of the Landlord's claim. The Debtor proposes to pay Class 5 on one of two of the following terms as a means of resolving the dispute over the Landlord’s claim, with the class member selecting which plan treatment it desires in accordance with the method and deadline for election of said treatment. Only one of the two terms will apply as provided: * Class 5 Treatment A will be the default treatment if no election for treatment is made by the Class 5 Member. This treatment allows the Class 5 member to be paid a dividend of 100% of its allowed fully resolved disputed claim, up to a maximum amount of $146,166.17, as provided herein after. Payment for Class 5 Treatment A will require that the disputed claim be a fully resolved claim before receiving any payment is made on the Class 5 claim, but once it is resolved, payment will be made the first day of the first full month following the resolution of the disputed claim, subject to set-off for any award in favor of the Debtor pursuant to its claims against the Landlord. * Class 5 Treatment B. This treatment allows the Class 5 member to be paid a single lump-sum payment of $100.00 by the Debtor and the Debtor's Principals as both satisfaction of the Landlord's Class 5 claim and as additional consideration for the release provided hereinafter. The $100.00 payment will be made in full within 10 days of the Effective Date, and will constitute full satisfaction of all claims of members electing Class 5 Treatment B. Class 7 consists of Interest Holders. In this proceeding, the Debtor has two shareholders-- Pearl Rosenstrauch owns 75% of the Debtor and Seymour Rosenstrauch owns the remaining 25% of the Debtor. These two shareholders are interest holders of the Debtor. The funding of the Plan will be accomplished through available cash on the Effective Date of the Plan, future disposable income obtained through the Debtor's business affairs, and personal guarantees by Pearl Rosenstrauch and Seymour Rosenstrauch (if necessary). The Debtor's counsel is holding $226,262.37 in its Lawyer's Trust Account representing the net proceeds from the 363 Sale of the Bakery. This amount is sufficient to pay all the allowed and undisputed non-insider unsecured claims in this proceeding on or about the Effective Date. After payment of the claims, Debtor's counsel will still have $142,436.53 of the proceeds of the 363 Sale of the Bakery remaining. Additionally, so long as the bakery produces $3,000,000 in annual sales for the 2022 calendar year, the Debtor should receive $165,000 in royalty funds from Emiko pursuant to the terms of the 363 Sale of the Bakery. This will provide the Debtor with a total of $307,436.53 of total funding to pay all the remaining obligations in the plan, including the disputed, but potentially allowable, claim of the Landlord of $146,166.20. A full-text copy of the Subchapter V Plan dated August 31, 2021, is available at https://bit.ly/2Vi3nco from PacerMonitor.com at no charge. Attorneys for Debtor: Michael Jones, Esq. M. Jones and Associates, PC 505 N Tustin Ave, Ste 105 Santa Ana, CA 92705 Tel: (714) 795-2346 Fax: (888) 341-5213 Email: mike@MJonesOC.com About Simon's Wholesale Bakery Simon's Wholesale Bakery, Inc. originated as a coffee shop that was purchased by the current principal’s family shortly after immigrating to the United States around 1985; the current principal is Pearl Rosenstrauch. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 21-10930) on April 8, 2021, disclosing under $1 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. The Debtor tapped M. Jones and Associates, PC as its legal counsel. SOUND HOUSING: Legacy Group Buying Kirkland Property for $900K -------------------------------------------------------------- Sound Housing LLC asks the U.S. Bankruptcy Court for the Western District of Washington to authorize the sale of the real property located at 13328 132nd Ave. NE, in Kirkland, Washington 98034, to Legacy Group Capital LLC for $900,000, cash, free and clear of liens, with liens to attach to sale proceeds. A hearing on the Motion is set for Sept. 16, 2021, at 9:30 a.m. The Objection Deadline is Sept. 9, 2021. The property to be sold, the terms of the sale and other details can be summarized as follows: a. Street address of property: 13328 132nd Ave. NE, Kirkland, WA 98034 b. Legal Description: Lot 2, King County Short Plat No. L05S0027, recorded under recording number 20070202900005, in King County, Washington c. Parcel Number: 222605-9120-05 d. Sale Price: $900,000 e. Terms of Sale: Cash at Closing f. Purchaser: Legacy Group Capital LLC, 400 112th Ave. NE, Suite 400, Bellevue, WA 98004 g. Costs of Sale: The estate will pay no real estate commissions, but will pay those costs of sale customarily paid by the Seller in Western Washington, including title insurance, real estate taxes due through the sale date, and one-half of the escrow costs. h. Encumbrances & approximate claim amounts: (1) King County Property taxes - $16,189.39; (2) 1st Fractional DOT - $269,230.68; (3) 2nd Fractional DOT - $262,303; and (4) Judgment Lien of Ezra Investments, LLC - $674,942.59. Said sale will be free and clear of all liens and interests, said liens and interests to attach to the proceeds of the sale as though those proceeds were the property, said liens and interests to be satisfied from those proceeds excepting the Judgment Lien of Ezra Investments, LLC, which the Debtor intends to avoid as a preference. The Debtor proposes that the taxes owed to King County be paid at closing and all deeds of trust be paid pursuant to further order of the Court. The Debtor did not employ a realtor to list and market the property, as it has been in the nature of its business to market it's own properties, and this property was extensively marketed in 2020. Therefore, the Debtor believes and therefore alleges that the purchaser is a good faith purchaser for value. To allow for timely closing of the sale, the Debtor is requesting that the stay provided by Federal Rule of Bankruptcy Procedure 6004(h) not apply to the sale. About Sound Housing LLC Sound Housing LLC filed its Chapter 11 petition (Bankr. W.D. Wash. Case No. 21-10341) on Feb. 19, 2021. At the time of filing, the Debtor had $1 million to $10 million in assets and $1 million to $10 million in liabilities. Judge Marc Barreca presides over the case. Jacob D DeGraaff, Esq., at Henry & DeGraaff, P.S., is the Debtor's legal counsel. SOURCE HOTEL: Sets Bid Procedures for Substantially All Assets -------------------------------------------------------------- The Source Hotel, LLC, asks the U.S. Bankruptcy Court for the Central District of California to authorize the bidding procedures in connection with the auction sale of substantially all assets, free and clear of all liens, claims, encumbrances, and other interests. A hearing on the Motion via ZoomGov was set for Sept. 2, 2021, at 10:30 a.m. The Objection Deadline is one day prior to the hearing on the Motion. The Debtor has determined that an expeditious sale of the Assets is in the best interests of its bankruptcy estate. The Assets are comprised primarily of (i) a partially-constructed seven-story hotel with 178 rooms located in the City of Buena Park, County of Orange, State of California, (ii) the Debtor's leasehold interest in a 99-year ground lease with its affiliate, The Source at Beach, LLC, for the real property on which the Hotel is being constructed, and (iii) flooring and carpeting, lighting, appliances, trade fixtures, furniture, furnishings and equipment already owned by the Debtor ("FF&E"). There are a number of subcontractors that have recorded mechanics' liens against the Debtor and/or Hotel. As reflected in its Schedules of Assets and Liabilities filed in the case, the Debtor believes that the total amount of the mechanics' liens recorded against the Debtor and/or Hotel is approximately $2.9 million. However, some of these recorded mechanics' liens appear to have expired or have not been properly perfected, or are otherwise disputed by the Debtor. The Debtor also received two tranches of secured EB-5 loans from Beach Orangethorpe Hotel, LLC and Beach Orangethorpe Hotel II, LLC. The Debtor's obligations under the loans from the EB-5 Lenders, in the total principal sum of $21.5 million, are secured by junior liens against the Hotel and the Leasehold Interest. Through October 2019, approximately 85% of the Hotel construction had been completed, including: substantial completion of the core and shell, exterior painting, porte cochère, street lighting, ceiling framing, kitchen framing and glass block installation, food storages, all glass storefronts, electrical wiring and switchgear, guestroom flooring, ceiling fixtures, pool bar canopy structure, deck drains, window washing system, roof membrane, roof ductwork and HVAC vibration installation; nearly complete installation of bathroom fixtures (95%), acoustic ceiling system (80%), HVAC electrical connections (90%), piping for HVAC and plumbing equipment (95%), and rooftop ductwork (99%). In addition, substantial materials have been procured and/or fabricated and are ready for installation pending completion of other items, such as first and second floor flooring, corridor carpeting, millwork (wall and ceiling panels, pool bar), passenger elevators, fire sprinklers, egress and accent lighting, pool equipment, guest room doors, locks and closures, bathroom fixtures, and rooftop HVAC equipment. The approximately 15% of the Hotel construction which remains outstanding consists of mostly "finish work" such as the installation of the FF&E. The Debtor, with the assistance of its Court-approved real estate broker, NAI Capital Commercial, Inc., has been actively marketing the Assets for sale for more than two months. The Debtor and/or NAI have already made contact with numerous prospective buyers and provided them with extensive financial and other information about the Assets. The opportunity to acquire the Assets has been widely broadcast and is therefore widely known. Pursuant to the Motion, the Debtor seeks approval of a form of notice regarding the sale of the Assets and the proposed Bidding Procedures, which the Debtor and NAI intend to provide to prospective buyers and other parties in interest. The Bidding Procedures proposed by the Debtor (and described in the accompanying Memorandum of Points and Authorities) are designed to ensure that the highest price possible is paid for the Assets by a purchaser who has the financial ability to close on its/his/her purchase of the Assets. While the Bidding Procedures allow for the Debtor to select a stalking horse bidder for the Assets (with the consent of the Debtor's secured lender, Shady Bird Lending, LLC), the Bidding Procedures also contemplate the sale of the Assets through an open auction in the event that a stalking horse bidder is not selected. The salient terms of the Bidding Procedures are: a. Bid Deadline: The deadline for submitting written bids for the Assets will be the later of (i) Sept. 23, 2021, at 4:00 p.m. (PT) or (ii) the date that is seven days prior to the Auction at 4:00 p.m. (PT). b. Initial Bid: The "Initial Bid" at the Auction will be the Qualified Bid which the Debtor, in consultation with Shady Bird, has determined is the highest and best bid received for the Assets. c. Deposit: 4% of the proposed purchase price for the Assets d. Auction: If two or more Qualified Bids for the Assets have been received and any Qualified Bidder has indicated its/his/her intent to participate in the Auction, the Debtor will conduct an Auction for the sale or other transfer of the Assets, which Auction will take place at the Sale Hearing at 10:30 a.m. (PT) on Sept. 30, 2021, or at such other date and time set by the Court. e. Bid Increments: $100,000 f. Sale Hearing: Sept. 30, 2021, at 10:30 a.m. (PT) g. Credit Bid: Shady Bird is automatically deemed a Qualified Bidder and may participate in the Auction if it chooses to do so. For the reasons set forth in the accompanying Memorandum of Points and Authorities, the Debtor believes that the proposed Bidding Procedures are in the best interests of its estate as they will provide certainty in connection with the bidding process and a "level playing field" for prospective bidders, operate to maximize the value of the Assets, and facilitate a successful closing of the sale of the Assets. A copy of the form of Sales Contract is available at https://tinyurl.com/37bf287j from PacerMonitor.com free of charge. About The Source Hotel The Source Hotel, LLC owns a four-star, full-service Hilton Hotel development located in Buena Park, Calif. The Source Hotel sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10525) on Feb. 26, 2021. Donald Chae, manager, signed the petition. In the petition, the Debtor disclosed assets of between $50 million and $100 million and liabilities of the same range. Judge Erithe A. Smith oversees the case. Levene Neale Bender Yoo & Brill L.L.P. is the Debtor's legal counsel. TAKATA CORP: Inks $42 Million Air Bag MDL Deal With Volkswagen -------------------------------------------------------------- Law360 reports that Volkswagen has agreed to a $42 million settlement to resolve consumer lawsuits over the use of defective Takata Corp. air bag inflators in its vehicles, according to a Wednesday, September 1, 2021, filing by the plaintiffs seeking preliminary approval of the deal from a Miami federal court. The proposed settlement with Volkswagen Group of America Inc., Audi of America LLC and their affiliates covers 1. 35 million vehicles, the plaintiffs said in their motion. The deal is modeled on settlements previously approved with seven other automakers in the sprawling multidistrict litigation. Consumers are also pursuing claims against General Motors, Mercedes-Benz and Stellantis. About TAKATA Corp. Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures, and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats, and trim parts. Headquartered in Tokyo, Japan, Takata operates 56 plants in 20 countries with approximately 46,000 global employees worldwide. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China, and other countries. Takata Corp. filed for bankruptcy protection in Tokyo and the U.S., amid recall costs and lawsuits over its defective airbags. Takata and its Japanese subsidiaries commenced proceedings under the Civil Rehabilitation Act in Japan in the Tokyo District Court on June 25, 2017. Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S. and Mexican affiliates each filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11375) on June 25, 2017. Together with the bankruptcy filings, Takata announced it has reached a deal to sell all its global assets and operations to Key Safety Systems (KSS) for US$1.588 billion. Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese proceedings. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A., are serving as counsel in the U.S. cases. PricewaterhouseCoopers is serving as financial advisor, and Lazard is serving as investment banker to Takata. Ernst & Young LLP is tax advisor. Prime Clerk is the claims and noticing agent. The Debtors Meunier Carlin & Curfman LLC, as special intellectual property counsel. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, KPMG is serving as financial advisor, Jefferies LLC is acting as lead financial advisor. UBS Investment Bank also provides financial advice to KSS. On June 28, 2017, TK Holdings, as the foreign representative of the Chapter 11 Debtors, obtained an order of the Ontario Superior Court of Justice (Commercial List) granting, among other things, a stay of proceedings against the Chapter 11 Debtors pursuant to Part IV of the Companies' Creditors Arrangement Act. The Canadian Court appointed FTI Consulting Canada Inc. as information officer. TK Holdings, as the foreign representative, is represented by McCarthy Tetrault LLP. The U.S. Trustee has appointed an Official Committee of Unsecured Trade Creditors and a separate Official Committee of Tort Claimants. The Official Committee of Unsecured Creditors has selected Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F. Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington, Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The Committee has also tapped Chuo Sogo Law Office PC as Japan counsel. The Official Committee of Tort Claimants selected Pachulski Stang Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate the insurance policies. Sakura Kyodo Law Offices is serving as special counsel. Roger Frankel, the legal representative for future personal injury claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and Ashby & Geddes PA to serve as co-counsel. Takata Corporation ("TKJP") and affiliates Takata Kyushu Corporation and Takata Services Corporation commenced Chapter 15 cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9, 2017, to seek U.S. recognition of the civil rehabilitation proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as Takata's counsel in the Chapter 15 cases. In February 2018, the U.S. Bankruptcy Court confirmed the Fifth Amended Chapter 11 Plan of Reorganization filed by TK Holdings, Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's subsidiaries and affiliates. THEOS FEDRO: Seeks Cash Collateral Access ----------------------------------------- Janina M. Hoskins, the Chapter 11 trustee of Theos Fedro Holdings, LLC, asks the U.S. Bankruptcy Court for the Northern District of California, to approve the stipulation for use of cash collateral between the trustee and Pender Capital Asset Based Lending Fund I, LP. The parties agree that the Debtor may use cash collateral for these purposes: a. $1,000 per month for elevator services; b. $2,137.50 for property services; c. $500 for graffiti removal; and d. any other expenditure upon three days' notice without objection. On December 15, 2017, the Debtor executed and delivered to Pender, a Promissory Note in the principal amount of $3.6 million, secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated December 15, 2017 and recorded in the San Francisco County Recorder's Office on February 20. 2018, as Instrument No. 2018-K580234-00, naming Pender as beneficiary and encumbering the real property and related fixtures and improvements commonly known as 819 Ellis Street, San Francisco, CA 94109, as well as any rents and profits related thereto. As of the Petition Date, Pender asserts a secured claim in the amount of $4,093,662.64 against the Ellis Property and the rents generated, plus all interest, fees, costs, attorney's fees and other charges that continue to accrue. The Trustee currently collects the sum of $15,000 per month in rent and Pender asserts the rent is "Cash Collateral" within the meaning of Bankruptcy Code section 363(a). As adequate protection for the Debtor's use of cash collateral, the Stipulation grants replacement liens on Ellis Property and the rents and profits related thereto. These replacement liens will be of the same nature, extent and priority that Pender held in the Collateral prepetition. The Trustee will make a monthly adequate protection payment to Pender in the amount of $6,000 or more on the 10th day of every month, commencing September 10, 2021, plus a retroactive adequate protection payment for August 2021 in the amount of $2,000 to be also paid by September 10, 2021. The Trustee will also have an eight-day grace period to make the adequate protection payment. In addition, as further adequate protection to Pender, to the extent Pender's lien does not already extend to the rents or other monies received for the Ellis Property pursuant to 11 U.S.C. section 552(b)(2), Pender will be granted a valid, perfected and enforceable like-kind replacement liens on all Debtor funds of the same nature, extent and relative priority in which Pender had a perfected, prepetition security interest in the Ellis Property and the rents and profits related thereto. A copy of the motion is available at https://bit.ly/3yA1lBT from PacerMonitor.com. About Theos Fedro Holdings San Francisco, Calif.-based Theos Fedro Holdings, LLC, provides support services to the transportation industry. It filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-30202) on March 16, 2021. Philip Achilles, managing member, signed the petition. In its petition, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Law Offices of Stuppi & Stuppi serves as the Debtor's legal counsel. Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP serves as counsel for Pender Capital Asset Based Lending Fund I, LP, creditor. Janina M. Hoskins serves as the Debtor's Chapter 11 Trustee, while NRT West, Inc. serves as the real estate broker. TOUCH OF HEAVEN: Unsecured Creditors to Get $0 in Plan ------------------------------------------------------ Touch of Heaven Ministries, Inc., Church of Akron, Ohio filed with the U.S. Bankruptcy Court for the Northern District of Ohio a Disclosure Statement in support of a Chapter 11 Plan dated August 31, 2021. The Debtor filed this chapter 11 case as a means of maintaining the going concern value of their business and assets and conducting a process to maximize value for stakeholders. Touch of Heaven Ministries, Inc., Church of Akron, Ohio is an independent church located at 131 S. High Street, Akron, Ohio 44308. The Debtor owns real estate located at 1104 Johnston St, Akron, Oh 44305 and 131 S. High St, Akron, OH 44308. The Debtor's principal assets are the real estate, Audio Video Equipment, Church Pews, and furniture and equipment. In the event of a Chapter 7 liquidation, it is estimated that there would be approximately $0.00 in the Debtor's estate available for distribution (before trustee commissions) to unsecured creditors. Class B consists of the claim of Summit County Fiscal Office for Real Property Taxes on 131 S. High St, Akron, OH 44308. The Debtor intends to stay current on their payment plan with Summit County by paying $1994/month for 60 months which started in August 2020. This class is not impaired. Class C consists of the claim of Summit County Fiscal Office for Real Property Taxes on 1104 Johnston St, Akron, OH 44305. The Debtor intends to stay current on their payment plan with Summit County by paying $267/month that started prior to the commence of this Bankruptcy. This class is not impaired. The Class D claim consisting of the Secured Claim of Herring Bank as Trustee for the benefit of the Bondholders of Touch of Heaven Ministries, Inc. is impaired and the bondholders shall be allowed to vote to accept or reject the Plan as an Impaired Class. The bondholders will be independently polled by Herring in order to maintain the confidentiality of the identities of the bondholders as called for in the Trust Indentures governing the bond issues and as therefore agreed to by the Debtor. Herring will cast a single ballot voting to accept or reject the plan on behalf of the bondholders that gives an accounting of the results of such polling. The Class D claim is an Allowed Secured Claim and shall be paid in full as follows: * Herring's claim as of the Petition Date on December 31, 2019, was in the amount of $1,257,788.00 before pre-petition attorney and trustee fees, which will be added thereto. From that total amount, Debtor will be given credit for all post-petition adequate protection payments paid prior to the first payment made under this Plan. * Debtor will use its best efforts to sell the real property located at 1104 Johnston Street and apply the proceeds to Herring's claim, but may only close on any sale at a price less than full payoff of Herring's claim if sold with the consent of Herring. Debtor will control the marketing of the Johnston Street location, but Herring will have access to complete information from any realtor for Debtor. * Herring's claim will accrue 4% interest per annum beginning January 1, 2020, the day after the Petition Date, and Debtor will make payments of $1,000.00 per week beginning the first Monday following confirmation of this Plan and will make like payments each Monday thereafter until the expiration of 10 years from the Petition Date, and therefore until Monday, December 31, 2029, when Debtor will make a final balloon payment of all principal, interest, and all other amounts owing. Class E-1 consists of the secured claim of Fromby Construction which filed a mechanics lien on 1104 Johnston St. The property securing the claim of Fromby Construction, which is secured against 1104 Johnston St shall be at $301,000 as of the Effective Date of the plan. As the claim of Summit County Fiscal Office reflects a Principal Balance of $26,025.59 and the claim of Herring Bank reflects a Principal Balance of $439,084.04 as of the Petition Date, which is greater than the value of the collateral, the Class E-1 claim is wholly unsecured and shall be treated for all purposes as a Class E claim, and the Mechanics Lien securing the Class E-1 Claim shall be deemed void upon confirmation. This class is impaired. Class E-2 consists of the secured claim of Certified Professional Restoration which filed a judgment lien in the Summit County Fiscal Office. The property securing the claim of Certified Professional Restoration which is secured against 1104 Johnston St shall be valued at $301,000.00 as of the Effective Date of the plan. The property securing the claim of Certified Professional Restoration which is secured against 131 S. High St shall be valued at $686,770.00 as of the effective date of the plan. Class E consists of all general unsecured claims against the Debtor, including Classes E-1 and E-2. Holders of Class E claims shall be paid, pro rata, a total of $0.00. When Final Orders are entered disallowing or allowing and liquidating all Class E claims, the remaining funds in the bank account shall be distributed to the holders of all Class E claims pro rata. This class is impaired. The Debtor shall fund this Plan with income from tithes and offerings. The Debtor shall retain the Assets of the estate, and shall pay the operating expenses for the business, and pay the creditors the amounts set forth in the Plan from the proceeds thereof. Consistent with the provisions of the Plan and subject to any releases provided for therein, the Debtor reserves the right to begin or continue any adversary proceeding permitted under the Code and Rules to collect any debts, or to pursue claims in any court of competent jurisdiction. A full-text copy of the Disclosure Statement dated August 31, 2021, is available at https://bit.ly/38AaxvE from PacerMonitor.com at no charge. Attorney for the Debtor: James F. Hausen (0073694) 215 E. Waterloo Rd, Suite 17 Akron, OH 44319 Phone: 234-678-0626 Fax: 234-201-6104 About Touch of Heaven Ministries Touch of Heaven Ministries, Inc., a company based in Akron, Ohio, filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 19-53062) on Dec. 31, 2019. In the petition signed by Godess Clemons, chairwoman, Board of Directors, the Debtor disclosed $1,517,368 in assets and $1,688,729 in liabilities. The Hon. Alan M. Koschik is the presiding judge. The Debtor hired Bates and Hausen, LLC, as its legal counsel. U-HAUL CO: Auction Sale of New Equity Set for October 20 -------------------------------------------------------- Judge B. Mckay Mignault of the U.S. Bankruptcy Court for the Southern District of West Virginia issued an order granting U-Haul Co. of West Virginia's request to (i) approve the Restructuring Support Agreement dated June 29, 2021 ("RSA") entered into by and between the Debtor and U-Haul International, Inc. ("UHI"), (ii) approve the proposed bidding procedures for the auction sale of the New Equity in the Reorganized Debtor, subject only to confirmation of the Debtor's Plan of Reorganization dated June 29, 2021 (as amended), (iii) approve the Break-Up Fee to UHI in its capacity as Stalking Horse Bidder, and (iv) set the date and time of the Auction to occur at the same time as the initial Confirmation Hearing. The RSA, as modified by the Order, is approved in all respects, and the Debtor and UHI are authorized to perform in accordance with its terms. For the avoidance of doubt, the Debtor and UHI have agreed to reduce the Break-up Fee to $75,000 and the minimum bid increments to $75,000 (after the initial minimum overbid of $150,000). The Bidding Procedures, in the modified form (Exhibit 1), are approved in their entirety and will govern the Auction. The Debtor and its advisors are authorized to take all necessary or appropriate actions to implement the Bidding Procedures. The Debtor will mail copies of the Order, the Plan, and the Disclosure Statement to parties identified by the Debtor as potential bidders and all creditors and parties in interest in this bankruptcy case, including all of the Debtor's independent dealers. The Debtor will place advertisements of the auction for publication in the West Virginia State Journal, the Charleston Gazette-Mail, and the Wall Street Journal, southern region circulation area, once a week for two consecutive weeks. The salient terms of the Bidding Procedures are: a. Bid Deadline: Oct. 15, 2021, at 4:00 p.m. (EST) b. Initial Bid: Equal to or greater than the sum of: (i) the Stalking Horse Bid set forth in the Plan, $2.5 million; (ii) the Break-Up Fee in the amount of $75,000; and (iii) $75,000; c. Deposit: 10% of the purchase price d. Auction: The Auction for the New Equity will be conducted by the Court on the same date and time set by the Bankruptcy Court for the initial Confirmation Hearing on the Debtor’s Plan, which is scheduled to occur on Oct. 20, 2021, at 1:30 p.m. (EST). Parties may attend the initial Confirmation Hearing and Auction by dialing: 888-273-3658. The access code is: 1039652. e. Bid Increments: $75,000 The Debtor is authorized to take all steps necessary or appropriate to carry out the terms of the Order. A copy of the Exhibit 1 is available at https://tinyurl.com/34vzfjn3 from PacerMonitor.com free of charge. About U-Haul Co. of West Virginia St Albans, W.Va.-based U-Haul Co. of West Virginia sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 21-20140) on June 16, 2021. At the time of the filing, the Debtor disclosed total assets of $1,056,439 and total liabilities of $118,626,327. Judge B. Mckay Mignault oversees the case. Flaherty Sensabaugh Bonasso, PLLC and Brown Edwards & Company, LLP serve as the Debtor's legal counsel and financial advisor, respectively. U.S. TELEPACIFIC: S&P Downgrades ICR to 'CCC+', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered all ratings one notch, including the issuer-credit rating, to 'CCC+' from 'B-'. S&P sid, "The negative outlook reflects the potential for a downgrade if liquidity continues to weaken, the company engages in a transaction that we view as distressed, or if we believe the company will likely default within the next 12 months. "The downgrade reflects our view that the company's liquidity will be pressured over the next 12 to 18 months, absent additional equity infusions from its parent Siris. As of June 30, 2021, the company had about $37 million of cash and equivalents, full availability under its $25 million revolving credit facility, and $60 million available under its equipment receivables facility. Its current liquidity follows a $25 million equity infusion from the parent company Siris Capital. That said, the equipment-receivables facility is used to fund the sale of equipment to the company's customers base on an installment basis, which pressures working capital. During the first six months of 2021, the company recorded a FOCF deficit of around $27 million. We believe TPx's liquidity position could deteriorate when the revolver comes due in May 2022 and the receivables facility matures in August 2022, although we note that Siris owns about half of this facility, which makes it more likely that it would extend the maturity of its portion. As a result of these factors, we believe there is a high likelihood the company will exhaust its internal liquidity sources in 12 to 18 months, absent additional equity infusions from Siris or a significant improvement in FOCF trends. "Even if TPx receives additional capital to address near-term cash needs, we believe it will be difficult for the company to refinance its senior secured term loan when it matures in 2023.In addition to its revolver maturity, TPx has a senior secured term loan B ($573 million outstanding) that comes due in May 2023. Given the secular challenges facing the U.S. wireline industry and the company's weak financial results, we believe it will be challenging to refinance this obligation prior to maturity. "We expect TPx's adjusted leverage will remain elevated in 2021 due to one-time merger and transformation costs.Leverage was elevated in 2020, at around 23x, due to the pandemic as well as $63 million of merger and transformation costs, which we include in our leverage calculation. We expect some leverage improvement in 2021 as these one-time costs decrease to around $25 million to $28 million for the year. However, adjusted debt to EBITDA will still be high, at around 11x-13x in 2021, before improving to the 7x-8x area in 2022 on the back of earnings growth. Our leverage calculation includes adjustments for operating and finance lease obligations. "Despite improving economic conditions, TPx's operating and financial results remain weak and have been below our expectations for the first half of 2021.During the second quarter of 2021, TPx's revenue and reported EBITDA fell 8% and 34%, respectively, year-over-year due to a sharp 25% drop in business services revenue and price increases by the incumbent local exchange carriers for access. At the same time, growth from managed services, which includes unified communications as a service (UCaas), stalled during the quarter and was down 1% compared with 3% growth for all of 2020. "We believe that TPx should benefit from improving business conditions in the second half of the year and as a result, we expect managed services revenue to grow around 1%-3% for the full year, although we expect total revenue will still decline around 5%-7% in 2021. That said, weaker economic conditions due to the pandemic could affect the company's revenue and cash flow given its exposure to its small and midsized business (SMB) customers, which are particularly vulnerable to economic fluctuations. "The negative outlook reflects the potential for a downgrade if liquidity continues to weaken, the company engages in a transaction that we view as distressed, or if we believe the company is likely to default within the next 12 months." S&P could lower the rating if: -- The company's liquidity position deteriorates; -- S&P expects a payment default or a distressed exchange; -- Operating conditions do not improve in the second half of the year; -- S&P believes it is likely the company will default within the next six to 12 months; or -- The revolving credit facility and term loan are not refinanced in a timely manner. S&P said, "We could revise the outlook to stable or raise our rating if the company is able to refinance its capital structure to give it greater runway to transition the business. Even under a scenario where the company refinanced its debt obligations, we would also need to be conclude that the capital structure was sustainable longer-term in order to raise the rating. This would necessitate improving EBITDA trends and positive FOCF." UMATRIN HOLDING: Posts $116K Net Profit in Second Quarter --------------------------------------------------------- Umatrin Holding Limited filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net profit of $115,806 on $370,695 of sales for the three months ended June 30, 2021, compared to net profit of $287,121 on $1.02 million of sales for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company reported net profit of $295,362 on $881,597 of sales compared to net profit of $787,465 on $1.81 million of sales for the six months ended June 30, 2020. As of June 30, 2021, the Company had $1.39 million in total assets, $1.02 million in total liabilities, and $376,954 in total equity. The Company had cash and cash equivalent of $15,582 and $50,459 as of June 30, 2021 and Dec. 31, 2020, respectively. Umatrin's operations have been funded through an equity financing and a series of debt transactions, primarily with shareholders, directors, and officers of the Company and affiliated entities. These related party debt transactions such as advances have operated as informal lines of credit since the inception of the Company, and related parties have extended credit as needed which the Company has repaid at its convenience. Umatrin anticipates that it will incur operating losses in the foreseeable future and it believes it will need additional cash to support its daily operations while it is attempting to execute its business plan and produce revenues. If the Company's related parties are unable or unwilling to provide additional capital, the Company would likely require financing from third parties. There can be no assurance that any additional financing will be available to the Company, on terms it believes to be favorable or at all. The inability to obtain additional capital would have a material adverse effect on the Company's operations and financial condition and could force the Company to curtail or discontinue operations entirely and/or file for protection under bankruptcy laws. The Company had accumulated deficit of $2,773,540 as of June 30, 2021 which include a profit of $295,362 for the six months ended June 30, 2021. Umatrin's ability to generate profit in the next 12 months is uncertain given that the market in which it operates is facing an economic slowdown. Management's plans include the raising of capital through the equity markets to fund future operations, seeking additional acquisitions, and generating profits through its business operations; however, there can be no assurances the Company will be successful in its efforts to secure additional equity financing and obtaining sufficient profit. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1317839/000147793221006076/umhl_10q.htm About Umatrin Umatrin Holding Limited aims to provide healthy and youthfulness to the consumer through its extensive research and development conducted by its certified dermatologist and pharmacist partners. The Company has curated non-toxic beauty, personal care to health and wellness products. Oakland Gardens, New York-based Yichien Yeh, CPA, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. USA GYMNASTICS: Unsecureds Will Get 80% of Claims in 3 Years ------------------------------------------------------------ USA Gymnastics and the Additional Tort Claimants Committee of Sexual Abuse Survivors filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Disclosure Statement for Joint Chapter 11 Plan of Reorganization dated August 31, 2021. Following its bankruptcy filing, the Debtor has engaged the Survivors' Committee, the Debtor's insurance carriers, athletes, the United States Olympic & Paralympic Committee (the "USOPC"), creditors, and other parties in interest in good faith and lengthy negotiations over the terms of a plan of reorganization that will compensate all Persons holding Allowed Claims against the Debtor. The Debtor's paramount focus has been on reaching an equitable resolution of the Abuse Claims. As a result of these efforts, the Debtor, the Survivors' Committee, certain survivors, and certain of the Settling Insurers executed a Plan Support Agreement, which sets forth the key terms of the Plan. The Debtor and the Survivors' Committee believe the Plan is in the best interests of, and provides the highest and most expeditious recoveries to, all parties who hold Claims against the Debtor, including Holders of Abuse Claims. The Plan provides two alternatives for Abuse Claims (and the USOPC Claim and Indemnification Claims): (a) the Full or Partial Settlement Alternative; or (b) the Litigation Only Alternative. Under the Full or Partial Settlement Alternative: (a) if the CGL Insurers each accept the Survivors' Committee's CGL Insurer Settlement Offer (which, in the aggregate, is $425,000,000.00, the "Total Settlement Demand Amount") the Trust will be created for the benefit of Abuse Claimants and Future Claimants and will be funded by the Total Settlement Demand Amount and the Twistars Payment; or (b) if less than all CGL Insurers accept the Survivors' Committee's CGL Insurer Settlement Offer, then the Survivors' Committee and the Debtor may jointly elect the Partial Settlement Option and the Trust will be created for the benefit of Abuse Claimants and Future Claimants and will be funded by the payments by the Partial Settlement Option Accepted Parties, the Twisters Payment, and the assignment of Insurance Claims, and Abuse Claimants whose Claims are covered by a Non-Settling Insurer's policy may elect to pursue litigation against the Debtor and any other defendant subject to the terms of the Plan. Under the Litigation Only Alternative—which will occur if the CGL Insurers do not commit to fund the Total Settlement Demand Amount and the Debtor and the Survivors' Committee do not jointly elect to proceed with the Partial Settlement Option—the Plan permits all Holders of Abuse Claims filed or deemed to be filed by the Bar Date to prosecute their Claims against the Reorganized Debtor in name only in the courts where such Claims were pending before the Petition Date or the courts in which such Claims could have been brought, but for the automatic stay imposed by Section 362 of the Bankruptcy Code. Class 4 consists of the Holders of General Unsecured Convenience Claims against the Debtor. These Claims are general unsecured Claims of $500.00 or less, or general unsecured Claims voluntarily reduced to $500.00 or less by their Holder. The Holders of Class 4 Claims will receive either (a) payment from the Reorganized Debtor of the full amount of their Allowed General Unsecured Convenience Claims in Cash, on or as soon as reasonably practicable following the Effective Date or, if later, the Allowance Date; or (b) payment of their Allowed General Unsecured Convenience Claims upon such terms as may be agreed in writing by the Claimant and the Debtor and the Estate. Class 5 consists of the Holders of General Unsecured Claims against the Debtor. The Holders of Allowed General Unsecured Claims will receive payment from the Reorganized Debtor of 80% of their Allowed General Unsecured Claims, payable in equal installments on August 15, 2022, August 15, 2023, and August 15, 2024; or, at the Reorganized Debtor's discretion, in less than three installments so long as the Reorganized Debtor accelerates payment to all Holders of Allowed General Unsecured Claims. Class 6 consists of the Holders of Abuse Claims against the Debtor. The treatment of Class 6 Claims depends on whether the CGL Insurers accept their respective CGL Insurer Settlement Offers and whether the Debtor and the Survivors' Committee elect to proceed with the Full or Partial Settlement Alternative or the Litigation Only Alternative. * Under the Full or Partial Settlement Alternative, the Trust shall assume all liability for and the Trust will pay all Class 6 Claims pursuant to the provisions of the Plan. Under the Partial Settlement Option, Abuse Claimants whose Claims are covered solely by a NonSettling Insurers' policy may elect to pursue litigation against the Debtor and any other defendant but may only recover from a CGL Insurance Policy issued by a Non-Settling Insurer of the Debtor or a CGL Insurance Policy issued by a Non-Settling Insurer of a Protected Party, and not from the Debtor or any of its property. * Under the Litigation Only Alternative, Holders of Class 6 Claims will be permitted to pursue litigation against the Debtor and any other defendant. Abuse Claimants may recover any judgments or awards only from the proceeds of the CGL Insurance Policies issued by the Debtor's CGL Insurers, and not from the Debtor or any of its property. The sole member of Class 7 is the Holder of General Unsecured Claim No. 251, which is the Personal Injury Claim. That Claim arises from personal injuries that a minor gymnast allegedly suffered at a gymnastics event, and asserts a liability of $3,000,000.00. On the Effective Date, the stay shall be lifted and the Holder of the Class 7 Claim shall have 30 days to file a lawsuit against the Reorganized Debtor, subject to any applicable statute of limitations or repose, or the equitable doctrine of laches or reach a settlement paid by the Personal Injury Insurer. The sole member of Class 8 is the Holder of General Unsecured Claim No. 299, which is the USOPC. Under the Full or Partial Settlement Alternative, the Holder of the Class 8 Claim shall not receive a distribution. Under the Litigation Only Alternative, the Class 8 Claim shall be treated as a Class 5 General Unsecured Claim in the maximum amount of $88,983.34. Class 10 consists of the Future Claims. The Future Claims are Sexual Abuse Claims held by Future Claimants. Under the Full or Partial Settlement Alternative, on the Effective Date, the Trust shall assume all liability for and the Trust will pay all Class 10 Claims pursuant to the provisions of the Plan and the Trust Documents; provided, however, that no Holder of a Class 10 Claim shall have an interest in the Trust Assets other than the Future Claimant Reserve. Under the Litigation Only Alternative, the FCR Claim will not receive a Distribution; provided, however, that to the extent that the Holder of an FCR Claim has a right to recovery under any of the Debtor CGL Insurance Policies, such rights are preserved and will not be impaired under the Plan. The Plan provides that the Trust will be funded with the $2,125,000.00 Twistars Payment and the Net Settlement Payment, which is (a) in the event that the Total Settlement Demand is funded as of the Effective Date, $425,000,000.00 less the Professional Fee Hold-Back; and (b) in the event that the Partial Settlement Option is jointly elected by the Debtor and the Survivors' Committee, all payments received from a Partial Settlement Option Accepted Party less the Professional Fee Hold Back plus Insurance Claims. The Trust shall pay Abuse Claims and Future Claims in accordance with the Allocation Protocol and the Future Claimant Allocation Protocol. The initial Settlement Trustee will be William L. Bettinelli. Mr. Bettinelli is a retired judge, and has extensive experience in mass tort cases, including serving as a trustee. The Future Claimant Reserve will be funded with 1% of the Net Settlement Payment. A full-text copy of the Disclosure Statement dated August 31, 2021, is available at https://bit.ly/2VedyPd from PacerMonitor.com at no charge. Counsel for the Debtor: JENNER & BLOCK LLP Catherine L. Steege Dean N. Panos Melissa M. Root Adam T. Swingle 353 N. Clark Street Chicago, Illinois 60654 Tel: (312) 222-9350 E-mail: csteege@jenner.com dpanos@jenner.com mroot@jenner.com aswingle@jenner.com About USA Gymnastics USA Gymnastics -- https://www.usagym.org/ -- is a not-for-profit organization incorporated in Texas. Based in Indianapolis, Indiana, USAG's organization encompasses six disciplines: women's gymnastics, men's gymnastics, trampoline and tumbling, rhythmic gymnastics, acrobatic gymnastics, and group gymnastics. USAG provides educational opportunities for coaches and judges, as well as gymnastics club owners and administrators, and sanctions approximately 4,000 competitions and events throughout the United States annually. More than 200,000 athletes, professionals, and clubs are members of USAG. USAG sets the rules and policies that govern the sport of gymnastics in the United States, including selecting and training the United States gymnastics teams for the Olympics and World Championships. As of the Petition Date, USAG employs 53 individuals, nearly all of whom work for USAG full-time. USA Gymnastics sought Chapter 11 protection (Bankr. S.D. Ind. Case No. 18-09108) on Dec. 5, 2018. USAG estimated $50 million to $100 million in assets and the same range of liabilities as of the bankruptcy filing. The Hon. Robyn L. Moberly is the case judge. USAG tapped JENNER & BLOCK LLP as counsel; ALFERS GC CONSULTING, LLC and SCRAMBLE SYSTEMS, LLC, as business consulting services providers; and OMNI Management Group, Inc., as claims agent. VERITAS FARMS: Issues $500K Promissory Note to Wit Trust -------------------------------------------------------- Veritas Farms, Inc. issued a secured convertible promissory note in the principal amount of $500,000 in exchange for $500,000, which note was issued to the Cornelis F. Wit Revocable Living Trust, a principal shareholder who holds securities of the company that constitute a majority of the voting securities of the company. The secured convertible promissory note is secured by the company's assets and contain certain covenants and customary events of default, the occurrence of which could result in an acceleration of the secured convertible promissory note. The secured convertible promissory note is convertible as follows: prior to the company closing a financing through the sale and issuance of the company's equity securities, debt, convertible debt, a combination of the foregoing or otherwise, on or prior to the due date of the secured convertible promissory note, the holder has the right, in its sole discretion, to convert in whole or in part the principal and accrued but unpaid interest thereon through and as of the date of the closing of the financing, into the identical Conversion Securities issued at such financing. The note will accrue interest at 8% per annum, which is payable upon payment or conversion of the secured convertible promissory note into the financing, at the option of the holder. All unpaid principal, together with any then unpaid and accrued interest and other amounts payable under the secured convertible promissory note, is due and payable if not converted pursuant to the terms and conditions of the secured convertible promissory note on the earlier of (i) April 01, 2022, or (ii) following an event of default. In addition, the secured convertible promissory note issued to the Wit Trust provides that $500,000 of principal will be due and payable if not converted pursuant to the terms and conditions of the secured convertible promissory note at such time as the company raises a minimum amount of $1,000,000 in additional capital. About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- www.TheVeritasFarms.com -- is a vertically-integrated agribusiness focused on producing, marketing, and distributing superior quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids. Veritas Farms owns and operates a 140 acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants containing naturally occurring phytocannabinoids which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Veritas Farms reported a net loss of $7.59 million for the year ended Dec. 31, 2020, compared to a net loss of $11.15 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $11.67 million in total assets, $3.96 million in total liabilities, and $7.71 million in total shareholders' equity. Hackensack, New Jersey-based Prager Metis CPA's LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has sustained substantial losses from operations since its inception. As of and for the year ended Dec. 31, 2020, the Company had an accumulated deficit of $26,667,147, and a net loss of $7,592,539. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. WARDMAN PARK: Gets Court Approval to Solicit Liquidation Plan Votes ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the owner of Washington's Wardman Park Hotel received court approval to solicit votes for its liquidation plan, a day after agreeing to pay $18 million to Marriott Hotel Services Inc. to resolve a dispute over the property’s management. Wardman Hotel Owner LLC, whose disclosure materials were approved at a hearing Wednesday, September 1, 2021, is proposing to pay creditors more than $150 million in proceeds generated by selling the property to developer Carmel Partners Inc. A day earlier, the company and lender Pacific Life Insurance Co. reached an $18 million settlement with Marriott Hotel Services Inc. to resolve claims that Wardman failed. About Wardman Hotel Owner Wardman Hotel Owner, L.L.C., owns Marriott Wardman Park Hotel, a convention hotel located at 2600 Woodley Road NW, in the Woodley Park neighborhood of Washington, D.C. Wardman Hotel Owner, L.L.C., filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 21-10023) on Jan. 11, 2021. In the petition signed by James D. Decker, manager, the Debtor estimated $100 million to $500 million in assets and liabilities. The Hon. John T. Dorsey is the case judge. PACHULSKI STANG ZIEHL & JONES LLP, led by Laura Davis Jones, is the Debtor's counsel. WASHINGTON PRIME: Pachulski 4th Update on Preferred Shareholders ---------------------------------------------------------------- In the Chapter 11 cases of Washington Prime Group, Inc., et al., the law firm of Pachulski Stang Ziehl & Jones LLP submitted a fourth amended verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose an updated list of the Ad Hoc Committee of Individual Preferred Shareholders that it is representing. As of Aug. 30, 2021, members of the Ad Hoc Committee of Individual Preferred Shareholders and their disclosable economic interests are: Conlin, Pat * Preferred H: 55,107 * Preferred I: 35,652 Griffus, Dave * Preferred H: 21,027 Gui, Adam * Preferred H: 23,744 * Preferred I: 38,982 Hyde, R. Reid * Preferred I: 13,000 Keoleian, Alex * Preferred H: 34,768 * Preferred I: 29,888 Munck, Chris * Preferred H: 10,000 Schneeberger, Daniel * Preferred H: 1,800 * Preferred I: 1,034 Scholten, Michael H., CFA * Preferred H: 24,685 * Preferred I: 260,189 Stanley, Michael * Preferred H: 4,000 Voytov, Ilya * Preferred H: 18,500 * Preferred I: 15,838 Yadav, Ganesh * Preferred H: 106,627 * Preferred I: 17,449 On or around July 22, 2021, the Ad Hoc Committee of Individual Preferred Shareholders retained PSZJ to represent them in connection with the Debtors' restructuring. Counsel represents only the Ad Hoc Committee of Individual Preferred Shareholders in connection with these chapter 11 cases. Each member of the Ad Hoc Committee of Individual Preferred Shareholders is aware of, and has consented to, Counsel's "group representation" of the Ad Hoc Committee of Individual Preferred Shareholders. No member of the Preferred Shareholders represents or purports to represent any other entities in connection with these chapter 11 cases. Counsel for the Ad Hoc Committee of Individual Preferred Shareholders can be reached at: Michael D. Warner, Esq. Ayala A. Hassell, Esq. PACHULSKI STANG ZIEHL & JONES LLP 440 Louisiana Street, Suite 900 Houston, TX 77002 Telephone: (713) 691-9385 Facsimile: (713) 691-9407 Email: mwarner@pszjlaw.com ahassell@pszjlaw.com - and - Robert J. Feinstein, Esq. Bradford J. Sandler, Esq. Shirley S. Cho, Esq. PACHULSKI STANG ZIEHL & JONES LLP 780 Third Avenue, 34th Floor New York, NY 10017 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: rfeinstein@pszjlaw.com bsandler@pszjlaw.com scho@pszjlaw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/38yRrWE About Washington Prime Group Washington Prime Group Inc. (NYSE: WPG) -- http://www.washingtonprime.com/-- is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. It combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-31948) on June 13, 2021. At the time of the filing, Washington Prime Group's property portfolio consists of material interests in 102 shopping centers in the United States totaling approximately 52 million square feet of gross leasable area. The company operates 97 of the 102 properties. As of March 31, 2021, Washington Prime Group had total assets of $4.029 billion against total liabilities of $3.471 billion. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as lead bankruptcy counsel; Jackson Walker, LLP as co-counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Guggenheim Securities, LLC as investment banker; Deloitte Tax, LLP as tax services provider; and Ernst & Young, LLP as auditor. Prime Clerk LLC is the claims agent, maintaining the page http://cases.primeclerk.com/washingtonprime SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP and Evercore Group, LLC as its legal counsel and investment banker, respectively. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' cases on June 25, 2021. Greenberg Traurig, LLP and FTI Consulting, Inc. serve as the committee's legal counsel and financial advisor, respectively. On July 15, 2021, the U.S. Trustee appointed an official committee of equity security holders. The equity committee tapped Porter Hedges, LLP and Brown Rudnick, LLP as legal counsel; Province, LLC as financial advisor; and Newmark Knight Frank Valuation & Advisory, LLC as real estate appraiser and valuation advisor. WHOA NETWORKS: Platinum Unsecureds to Recover 15% in 60 Months -------------------------------------------------------------- Whoa Networks, Inc., and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for a Joint Chapter 11 Plan of Reorganization on August 31, 2021. As disclosed in the Chapter 11 Case Management Summaries filed by the Debtors on November 3, 2020, the Debtors' chapter 11 bankruptcy filing was precipitated by a combination of factors. After a 4 year extensive multi region cloud buildout and certification process, Whoa Florida embarked on an acquisition plan in 2017 with the goal to be a single solution provider for medium sized businesses in the Southeast and Midwest, and to achieve $20 mm in revenues with 20% EBITDA in 2020. The first acquisition took place in 2017 with the purchase of Hipskind based in Chicago. Also, in April 2018, the Company acquired Platinum, a managed services provider based in Kenosha, WI. In early 2020, the Company entered into two letters of intent (the "LOIs"), in each case to acquire companies based in in Fort Myers, Florida, that would enable the Debtors to substantial increase their revenues. However, due to the onset of the COVID-19 pandemic, the Debtors were unable to obtaining the necessary financing to consummate such transactions, and as such they fell through. As a result of their inability to consummate such acquisitions and the continued impact of the COVID-19 pandemic, the Debtors engaged in a thoughtful evaluation of all available options. Ultimately, the Debtors made the decision to restructure their liabilities by commencing these Chapter 11 Cases. The Debtors expect to emerge from chapter 11 quickly, financially stronger and well positioned to deliver their comprehensive portfolio of premium data center infrastructure, best-in-class cloud solutions and high-performance network services well into the future. The Plan is being proposed as a joint plan of reorganization of the Debtors for administrative purposes only and constitutes a separate chapter 11 plan of reorganization for each Debtor. The Plan is not premised upon the substantive consolidation of the Debtors with respect to the Classes of Claims or Interests set forth in the Plan. The Debtors believe that the Plan will allow for a prompt resolution of the Debtors Chapter 11 Cases. Class 32 consists of the Allowed General Unsecured Claims against Whoa Delaware, Whoa Florida and Hipskind Technology. Each holder of an Allowed General Unsecured Claim in this Class 32 shall be paid its Pro Rata share, through 20 equal quarterly payments, of the Whoa GUC Payment, without interest, with the first such installment being made on the first day of the month immediately following the month in which the Effective Date occurs and continuing on the first day of each quarter thereafter. Class 32 is Impaired and therefore, the holders of each Allowed General Unsecured Claim in this Class 32 are entitled to vote to accept or reject the Plan. Class 33 consists of the Allowed General Unsecured Claims against Platinum. Each holder of an Allowed General Unsecured Claim in this Class 33 shall be paid an amount equal to 15% of such Allowed General Unsecured Claim in 60 equal monthly installments without interest, with the first such installment being made on the first day of the month immediately following the month in which the Effective Date occurs and continuing on the first day of each month thereafter. Class 33 is Impaired and therefore, the holders of each Allowed General Unsecured Claim in this Class 33 are entitled to vote to accept or reject the Plan. Class 34 consists of the Equity Interest in each Debtor. Each holder of an Equity Interest in any Debtor shall retain its Equity Interest in the applicable Reorganized Debtor from and after the Effective Date, subject in all events to the terms and conditions of any agreements by and among such holders and/or by and among such holders and the applicable Debtor. Class 34 is Unimpaired and therefore, the holders of the Equity Interests in Class 34 are not entitled to vote to accept or reject the Plan. Distributions to the holders of Allowed Claims under the Plan shall be made from Available Cash, including the cash on hand on the Effective Date and the cash generated from the Debtors' operations after the Effective Date. A full-text copy of the Disclosure Statement dated August 31, 2021, is available at https://bit.ly/3BIGI8u from PacerMonitor.com at no charge. Counsel for the Debtors: Paul J. Battista, Esq Genovese Joblove & Battista, P.A. 100 S.E. Second Street, 44th Floor Miami, FL 33131 Telephone: (305) 349-2300 Facsimile: (305) 349-2310 Email: pbattista@gjb-law.com About Whoa Networks Whoa Networks is a secure cloud services provider (CSP). It specializes in security, compliance, cloud and enterprise solutions for customers. Whoa Networks and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-21883) on Oct. 29, 2020. Mark Amarant, authorized officer, signed the petitions. At the time of filing, Whoa Networks, Inc., a Florida Corporation, was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. Whoa Networks, Inc., a Delaware Corporation, disclosed $500,000 to $1 million in assets and $1 million to $10 million in liabilities while Hipskind Technology Solutions Group, Incorporated and Platinum Systems Holdings, LLC disclosed $1 million to $10 million in both assets and liabilities. Judge Peter D. Russin oversees the cases. Genovese Joblove & Battista, P.A., led by Paul J. Battista, Esq., is the Debtors' legal counsel. WITCHEY ENTERPRISES: September 21 Amended Disclosure Hearing Set ---------------------------------------------------------------- On Aug. 29, 2021, debtor Witchey Enterprises, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania an amended disclosure statement and amended plan. On Aug. 31, 2021, Judge Henry W. Van Eck ordered that: * Sept. 21, 2021, at 09:30 AM at Ronald Reagan Federal Building, Bankruptcy Courtroom (3rd Floor), Third & Walnut Streets, Harrisburg, PA 17101 is the hearing to consider approval of the amended disclosure statement. * Sept. 14, 2021, is fixed as the last day for filing and serving written objections to the amended disclosure statement. A copy of the order dated August 31, 2021, is available at https://bit.ly/2WWxjLK from PacerMonitor.com at no charge. About Witchey Enterprises Witchey Enterprises, Inc., a Wilkes-Barre, Pa.-based provider of courier and express delivery services, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 19-00645) on Feb. 14, 2019. Louis Witchey, president, signed the petition. At the time of filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Patricia M. Mayer oversees the case. The Debtor tapped Andrew Joseph Katsock, III, Esq., as legal counsel, and David L. Haldeman as accountant. [^] BOND PRICING: For the Week from Aug. 30 to Sept. 3, 2021 ------------------------------------------------------------ Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Basic Energy Services Inc BASX 10.750 7.967 10/15/2023 Basic Energy Services Inc BASX 10.750 9.750 10/15/2023 Buffalo Thunder Development Authority BUFLO 11.000 50.000 12/9/2022 Clovis Oncology Inc CLVS 2.500 99.237 9/15/2021 Endo Finance LLC / Endo Finco Inc ENDP 5.375 67.000 1/15/2023 Endo Finance LLC / Endo Finco Inc ENDP 5.375 63.041 1/15/2023 Energy Conversion Devices ENER 3.000 7.875 6/15/2013 Energy Future Competitive Holdings Co LLC TXU 0.916 0.072 1/30/2037 Federal Home Loan Banks FHLB 2.000 98.968 3/10/2031 Federal Home Loan Banks FHLB 1.500 99.618 9/8/2028 GNC Holdings Inc GNC 1.500 1.250 8/15/2020 GTT Communications Inc GTTN 7.875 11.713 12/31/2024 GTT Communications Inc GTTN 7.875 12.687 12/31/2024 Goodman Networks Inc GOODNT 8.000 40.000 5/11/2022 MAI Holdings Inc MAIHLD 9.500 16.792 6/1/2023 MAI Holdings Inc MAIHLD 9.500 16.792 6/1/2023 MAI Holdings Inc MAIHLD 9.500 19.750 6/1/2023 MBIA Insurance Corp MBI 11.386 15.000 1/15/2033 MBIA Insurance Corp MBI 11.386 29.439 1/15/2033 MF Global Holdings Ltd MF 9.000 15.625 6/20/2038 MF Global Holdings Ltd MF 6.750 15.625 8/8/2016 Navajo Transitional Energy Co LLC NVJOTE 9.000 65.000 10/24/2024 Nine Energy Service Inc NINE 8.750 48.361 11/1/2023 Nine Energy Service Inc NINE 8.750 48.039 11/1/2023 Nine Energy Service Inc NINE 8.750 48.078 11/1/2023 OMX Timber Finance Investments II LLC OMX 5.540 0.350 1/29/2020 QualityTech LP / QTS Finance Corp QTS 3.875 106.574 10/1/2028 QualityTech LP / QTS Finance Corp QTS 3.875 106.845 10/1/2028 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Revlon Consumer Products REV 6.250 43.457 8/1/2024 Riverbed Technology Inc RVBD 8.875 67.469 3/1/2023 Riverbed Technology Inc RVBD 8.875 67.469 3/1/2023 Rolta LLC RLTAIN 10.750 1.447 5/16/2018 Sears Holdings Corp SHLD 8.000 2.356 12/15/2019 Sears Holdings Corp SHLD 6.625 1.260 10/15/2018 Sears Holdings Corp SHLD 6.625 4.178 10/15/2018 Sears Roebuck Acceptance SHLD 7.500 1.117 10/15/2027 Sears Roebuck Acceptance SHLD 6.750 0.824 1/15/2028 Sears Roebuck Acceptance SHLD 7.000 1.024 6/1/2032 Sears Roebuck Acceptance SHLD 6.500 1.067 12/1/2028 Sempra Texas Holdings Corp TXU 5.550 13.500 11/15/2014 Talen Energy Supply LLC TLN 4.600 84.719 12/15/2021 Talen Energy Supply LLC TLN 6.500 43.675 9/15/2024 Talen Energy Supply LLC TLN 6.500 43.675 9/15/2024 Tanger Properties LP SKT 3.750 108.904 12/1/2024 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 Wells Fargo Bank NA WFC 2.082 99.884 9/9/2022 ********* 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 ***