/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210916.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, September 16, 2021, Vol. 25, No. 258 Headlines 121 LANGDON STREET: Court OKs Amended Disclosure Statement 43 HARRISON AVENUE: Withdraws Cash Use Bid, to Refinance Property 85 FLATBUSH RHO: Taps Jones Lang LaSalle as Real Estate Advisor ACEMBLY INC: Seeks to Hire Arent Fox as Bankruptcy Counsel ADAMIS PHARMACEUTICALS: Roshawn Blunt Quits as Director AFFORDABLE CONCRETE: Obtains Interim Court Nod on Cash Use AGEX THERAPEUTICS: Juvenescence Ltd Has 60.4% Stake as of July 13 AGILITI HEALTH: Sizewise Transaction No Impact on Moody's B1 CFR ALISHA LLC: U.S. Trustee Unable to Appoint Committee ALPHA METALLURGICAL: Moody's Raises CFR to B3, Outlook Stable APPLIANCESMART INC: Disclosure Statement Hearing Slated for Oct. 13 AULT GLOBAL: Unit to Buy 3,000 S19j Pro Model Antminers for $21M AVIANCA HOLDINGS: Gets Court Nod to Send Plan to Creditors for Vote BACK TO LIFE: Seeks to Hire Frank & Frank as Bankruptcy Counsel BAVARIA INN: Ends Bankruptcy Case, Strip Club Survives BOY SCOUTS OF AMERICA: Hartford to Pay $787M in New Settlement BUHLER-FREEMAN: Metropolitan Gov't. Trustee Seeks 18% Interest P.A. CAJUN COMPANY: Assumes Deals with Three More Lessors in Plan CECCHI GORI: Withdraws First Amended Combined Plan and Disclosures CHICK LUMBER: Seeks to Use Cash Collateral Through Dec. 31 CMC II: Consulate Health Nears Finalizing Global Ch.11 Settlement COMMUNITY HEALTH: Appoints Joseph Hastings as Director CORPORATE COLOCATION: Has Continued Cash Access Through Oct. 13 COTY INC: S&P Affirms 'B-' ICR on Modest Debt Reduction CYPRUS MINES: Seeks to Join Imerys Chapter 11 Suit vs. J&J DAKOTA TERRITORY: Seeks to Hire Sterling Accounting as Tax Preparer DI PURCHASER: S&P Places 'CCC+' ICR on Watch Pos. on TopBuild Deal DI-CHEM AND QUALITY: Seeks to Hire Miranda & Maldonado as Counsel DIOCESE OF ROCKVILLE: Creditors OK Sharing of Abuse Claims Info DK PROPERTIES: Seeks to Hire Stan Johnson as Real Estate Broker EAST COAST CONSTRUCTION: Taps Jill M. Flinton CPA as Accountant EASTSIDE DISTILLING: Signs $5M Sales Agreement With B. Riley ENERGY ENTERPRISES: U.S. Trustee Unable to Appoint Committee EZTOPELIZ LLC: U.S. Trustee Unable to Appoint Committee FAITH CATHEDRAL: Plan Confirmation Hearing Set for Oct. 21 FUELCELL ENERGY: Incurs $12 Million Net Loss in Third Quarter GENOCEA BIOSCIENCES: ADCT's Jennifer Herron Joins Board GEROU PROPERTIES: Seeks to Hire Pittman & Pittman as Legal Counsel GIRARDI & KEESE: Erika Caught on Tape Boasting 'Bamboozlement' GIRARDI & KEESE: Pop Warner Won Concussion Case With Thomas Girardi GREEN VALLEY: Green Valley Unsecureds to Get 6% Recovery in Plan GRUPO AEROMEXICO: Delivers Final Valuation to DIP Lenders HOSPEDERIA VILLA: Seeks to Use Cash Collateral Through Sept. 30 INTELSAT SA: Gets Court Approval to Increase Loan Size to $1.5-Bil. IRONWOOD FINANCIAL: May Use Cash Collateral Through Sept. 22 JACOB 17: U.S. Trustee Unable to Appoint Committee JC STRENGTH: Court Extends Plan Filing Deadline Until Dec. 7 KORNBLUTH TEXAS: Seeks to Hire Matthew Shell CPA as Accountant KOSSOFF PLLC: Court Declines Latest Request for Stay LAKE CECILE: Unsecureds to Get Pro Rata Share of Unsecured Notes LATAM AIRLINES: Garners More Than $5 Billion in Financing Offers LEVEL EIGHT: May Use Spectra and SBA Cash Collateral LIFE CENTER CHURCH: Case Summary & 2 Unsecured Creditors MACOM TECHNOLOGY: S&P Ups ICR to B+ on Solid Operating Performance MALLETT INC: Case Summary & 9 Unsecured Creditors MALLINCKRODT PLC: Asks to Push Back Plan Hearing Until October MALLINCKRODT PLC: Plan Understates Revenues, Senior Creditors Say MARRIOTT VACATIONS: S&P Alters Outlook to Pos., Affirms 'B+' ICR MONTEREY MOUNTAIN: Taps Farsad Law Office as Bankruptcy Counsel MOUNTAIN PROVINCE: Provides Kennady North Project Update MOUNTAIN PROVINCE: Seven Directors Elected at Annual Meeting NANOBEAK BIOTECH: Files for Chapter 7 After CEO Fraud NAVIGANT DEVELOPMENT: Case Summary & 6 Unsecured Creditors NIEMAN PRINTING: Trustee Taps Thompson Coburn as Legal Counsel NORTEL NETWORKS: Nortel India's Ch. 11 Plan Hearing on Oct. 5 NTH SOLUTIONS: Unsecureds to Get Three Cents on Dollar in Plan OCEAN POWER: Incurs $3.1 Million Net Loss in First Quarter PLUS THERAPEUTICS: Appoints New Chief Medical Officer, Senior VP PM GENERAL PURCHASER: S&P Downgrades ICR to 'B', Outlook Negative PURDUE PHARMA: Court Approves $7.1 Million Executive Incentives RED HOOK SOLAR: Seeks Approval to Hire Boyle Legal as Counsel RED HOOK SOLAR: Seeks to Hire Jill M. Flinton CPA as Accountant ROCHELLE HOLDINGS: U.S. Trustee Unable to Appoint Committee SAGE ECOENTERPRISES: To Substantively Consolidate Debts With TGS SALEM CONSUMER: Unsecureds to Get 100% Distribution in Plan SEANERGY MARITIME: Takes Delivery of 17th Capesize Vessel SECOND SOUTHERN: Plan Confirmation Hearing Set for Oct. 28 SHAMROCK FINANCE: U.S. Trustee Appoints Creditors' Committee SILVERLIGHT BUSINESS: Unsecureds to Be Paid Rata in 36 Months SINTX TECHNOLOGIES: Adjourns Annual Meeting, Cites Lack of Quorum SITO MOBILE: Prepetition Lenders to Provide $5.5M Exit Funding SPRINGFIELD HOSPITAL: Vermont Regulators Denied Budget Increase TCP INVESTMENT: U.S. Trustee Unable to Appoint Committee TELEMACHUS LLC: Unsecureds to Recover 100% of Allowed Claims TGS HOSPITALITY: Unsecureds to Share Pro Rata in Disposable Income TOUCH OF HEAVEN: Dec. 14 Plan Confirmation Hearing Set TUESDAY MORNING: Makes C-Suite Level Executive Appointments UNITI GROUP: Appoints Paul Bullington as Permanent CFO VERICAST CORP: S&P Ups ICR to 'CCC+' on Refinancing, Outlook Neg. WALTER C. SMITH: Seeks Approval to Hire Mulrooney as Auctioneer WASATCH RAILROAD: Case Summary & 20 Largest Unsecured Creditors WEINSTEIN CO: Court Declines Mediation in 'Scream 4' Profits Row WELBILT INC: Moody's Hikes CFR to B3 & Alters Outlook to Positive WILLCO X DEVELOPMENT: Cash Collateral Access Extended to Oct. 15 WIRTA HOTELS: Seeks to Use Wilmington Trust's Cash Collateral [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 121 LANGDON STREET: Court OKs Amended Disclosure Statement ---------------------------------------------------------- Judge Catherine J. Furay of the U.S. Bankruptcy Court for the Western District of Wisconsin approved the Amended Disclosure Statement of 121 Langdon Street Group, LLP. The Court will consider confirmation of the Debtor's Plan of Reorganization on October 15, 2021 at 11:30 a.m. Objections to Plan confirmation must be filed and served within 28 days from the date of service of the current order, a copy of which is available for free at https://bit.ly/39jQpOR from PacerMonitor.com. About 121 Langdon Street Group 121 Langdon Street Group, LLP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 21-10886) on April 26, 2021. At the time of filing, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Catherine J. Furay oversees the case. Krekeler Strother, S.C. is the Debtor's legal counsel. Lokre Development Company, as lender, is represented by Buzza, Dreier & Johnson, LLC. Midland States Bank, as lender, is represented by R. Carlson Law Offices. 43 HARRISON AVENUE: Withdraws Cash Use Bid, to Refinance Property ----------------------------------------------------------------- Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts allowed 43 Harrison Avenue LLC to withdraw from the Court dockets the Expedited Motion and Memorandum for Authorization to Use Cash Collateral it filed with the Court. The Debtor said it no longer need access to cash collateral as its Property is likely to be refinanced shortly. A copy of the approved motion to withdraw is available for free at https://bit.ly/3Ebz7RY from PacerMonitor.com. About 43 Harrison Avenue LLC 43 Harrison Avenue LLC, a Single Asset Real Estate (as defined in Section 101(51B) of the Bankruptcy Code) located in Hingham, Massachusetts, filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 21-11059) on July 22, 2021. On the Petition Date, the Debtor estimated $100,000 to $500,000 in both assets and liabilities. The petition was signed by Laura J. Barry, manager. The Debtor is represented by Daigle Law Office. 85 FLATBUSH RHO: Taps Jones Lang LaSalle as Real Estate Advisor --------------------------------------------------------------- 85 Flatbush RHO Mezz, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Jones Lang LaSalle Americas, Inc. as their real estate advisor. The Debtors require a real estate advisor to arrange a joint venture, financing or recapitalization, sell or otherwise dispose of their real property located at 85 Flatbush Avenue, Brooklyn, N.Y. Jones Lang will be compensated as follows: -- If the Debtors sign an agreement to recapitalize the property or enter into a joint venture agreement relating to the property, they will pay the broker a fee equal to 2.5 percent of the total new equity raise. -- If the Debtors refinance their existing secured debt, they will receive a fee equal to 0.75 percent of the total new financing proceeds. -- If the Debtors sell the property, Jones Lang will receive a fee equal to 1.0 percent of the total sale proceeds. -- If there is a loan workout scenario between the Debtors and their current secured lender or if the current secured lender purchases the property, then Jones Lang will receive a minimum fee of $250,000. As disclosed in court filings, Jones Lang is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Davis Jones Lang LaSalle Americas, Inc. 330 Madison Avenue, 4th Floor New York City, NY 10017 Tel: +1 212 812 5962 Fax: +1 212 812 5755 Email: jeffrey.davis@am.jll.com About 85 Flatbush RHO Mezz 85 Flatbush RHO Mezz LLC is the 100% owner of 85 Flatbush RHO Hotel LLC and 85 Flatbush RHO Residential LLC. RHO Hotel and RHO Residential collectively own the property located at 85 Flatbush Extension, Brooklyn, N.Y. The property is a 132,641-square-foot, 12-story, mixed use property consisting of a 174-room boutique hotel on the first six floors known as the Tillary Hotel Brooklyn, a 58,652-square-foot 64-unit luxury multi-family building and a 5,642-square-foot parking garage. The residential component of the property has nine studios, 26 one-bedroom units and 29 two-bedroom units. 85 Flatbush RHO Mezz and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-23280) on Dec. 18, 2020. In its petition, 85 Flatbush RHO Mezz disclosed between $50 million and $100 million in both assets and liabilities. Judge Robert D. Drain oversees the cases. Fred B. Ringel, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck P.C. represents the Debtors as legal counsel. ACEMBLY INC: Seeks to Hire Arent Fox as Bankruptcy Counsel ---------------------------------------------------------- Acembly, Inc. and Synrgy Corp. seek approval from the U.S. Bankruptcy Court for the Central District of California to hire Arent Fox, LLP to serve as legal counsel in their Chapter 11 cases. The firm's services include: 1. advising the Debtors regarding U.S. bankruptcy law and the requirements of the Office of U.S. Trustee pertaining to their powers and duties in the continued operation of their businesses and the administration of their estates; 2. preparing legal papers; 3. negotiating with creditors in the preparation of a plan of reorganization and assisting the Debtors in the sale of their assets; 4. assisting the Debtors in soliciting and obtaining exit financing or debtor-in-possession financing; 5. appearing, as appropriate, before the bankruptcy court and other courts and the Office of the U.S. Trustee; 6. prosecuting and defending actions commenced by or against the Debtors, and analyzing and preparing necessary objections to proofs of claim filed against the estates; 7. investigating and prosecuting preference, fraudulent transfer and other actions arising under the Debtors' avoidance powers; and 8. providing other necessary legal services. The firm's hourly rates are as follows: Partners $705 - $1,180 per hour Of Counsel $695 - $1,105 per hour Associates $430 - $750 per hour Paraprofessionals $185 - $405 per hour Arent Fox received pre-bankruptcy retainers in the total amount of $100,000. M. Douglas Flahaut, Esq., at Arent Fox, disclosed in court filings that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: M. Douglas Flahaut, Esq. Arent Fox, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Tel: 213-629-7400 Fax: 213-629-7401 Email: douglas.flahaut@arentfox.com About Acembly Inc. and Synrgy Corp. Pasadena, Calif.-based Acembly, Inc. -- https://acembly.com -- offers cloud and storage SaaS application services to IT and media groups. Hagerstown, Md.-based Synrgy Corp. serves as a holding company for Acembly, a wholly-owned subsidiary. Acembly and Synrgy filed voluntary petitions for Chapter 11 protection (Bankr. C.D. Calif. Lead Case No. 21-16465) on Aug. 13, 2021. Jeff Bearden, the Debtors' chief executive officer, signed the petitions. In their petitions, Acembly listed up to $500,000 in assets and up to $10 million in liabilities while Synrgy listed up to $50,000 in assets and up to $10 million in liabilities. Judge Julia W. Brand presides over the cases. M. Douglas Flahaut, Esq., at Arent Fox, LLP represents the Debtor as legal counsel. ADAMIS PHARMACEUTICALS: Roshawn Blunt Quits as Director ------------------------------------------------------- Roshawn A. Blunt resigned as director of Adamis Pharmaceuticals Corporation effective Oct. 1, 2021. Ms. Blunt's resignation was not because of any disagreement with Adamis or the board of directors on any matter relating to the company's operations, policies, practices or financial statements. About Adamis Pharmaceuticals Adamis Pharmaceuticals Corporation -- http://www.adamispharmaceuticals.com-- is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease. Adamis reported a net loss of $49.39 million for the year ended Dec. 31, 2020, compared to a net loss of $27.51 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $30.87 million in total assets, $27.37 million in total liabilities, and $3.50 million in total stockholders' equity. San Diego, California-based BDO USA, LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. AFFORDABLE CONCRETE: Obtains Interim Court Nod on Cash Use ---------------------------------------------------------- Judge Kimberley H. Tyson of the U.S. Bankruptcy Court for the District of Colorado granted, on an interim basis, Affordable Concrete, LLC's motion to use cash collateral, pursuant to the budget, subject to permitted deviation per line item expenses. The cash collateral budget provided for the following total weekly cash disbursements: $179,958 for the week ending September 11, 2021; $166,141 for the week ending September 18, 2021; $161,355 for the week ending September 25, 2021; $175,685 for the week ending October 2, 2021; and $151,358 for the week ending October 9, 2021. As adequate protection, the Debtor will provide its Secured Creditors -- U.S. U.S. Small Business Administration; the Internal Revenue Service and any other party asserting an interest in the cash collateral -- a postpetition lien on all postpetition inventory and operating income to the extent the use of cash results in decrease in value of the Secured Creditors' interest in the collateral. The Debtor will account for its projects on a project by project basis in order to determine which collections are cash collateral and which collections are trust funds under the Colorado Mechanic Lien Trust Fund Statute. A copy of the order is available for free at https://bit.ly/3z6B0fb from PacerMonitor.com. A final hearing on the motion is set for October 4, 2021 at 9:30 a.m. via videoconference. Objections are due by September 27, 2021. About Affordable Concrete Affordable Concrete, LLC is a full-service general construction company in Commerce City, Colo., with specialties in concrete, commercial and office renovations, asphalt, civil, and demolition services. Affordable Concrete sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 21-14587) on Sept. 2, 2021, listing as much as $10 million in both assets and liabilities. Roger Bartlett, as owner and president, signed the petition. Judge Kimberley H. Tyson oversees the case. The Debtor tapped Kutner Brinen Dickey Riley, P.C. as legal counsel. AGEX THERAPEUTICS: Juvenescence Ltd Has 60.4% Stake as of July 13 ----------------------------------------------------------------- Juvenescence Limited disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of July 13, 2021, it beneficially owns 32,830,884 shares of common stock of Agex Therapeutics, Inc. This amount represents approximately 60.4% of the issuer's outstanding common stock, based upon 37,937,132 shares outstanding as of Aug. 10, 2021, as reported on the issuer's Quarterly Report filed on Form 10-Q on Aug. 13, 2021, and giving effect to the exercise of the Warrants and conversion of amounts outstanding under the New Facility and the Loan Agreement (and assuming the Amendment Caps do not apply). On July 13, 2021, the Reporting Person funded an advance to the Issuer under the Loan Agreement, in the principal amount of $1,000,000. On Aug. 31, 2021, the Reporting Person funded an advance to the Issuer under the Loan Agreement, in the principal amount of $1,000,000. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1708599/000110465921115500/tm2127622d1_sc13da.htm About Agex Therapeutics Headquartered in Alameda, California, AgeX Therapeutics, Inc. is a biotechnology company focused on the development and commercialization of novel therapeutics targeting human aging and degenerative diseases. The Company reported a net loss of $10.97 million for the year ended Dec. 31, 2020, compared to a net loss of $12.38 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $2.54 million in total assets, $10.84 million in total liabilities, and a total stockholders' deficit of $8.29 million. San Francisco, California-based OUM & CO. LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has had recurring losses and negative operating cash flows since inception, an accumulated deficit at Dec. 31, 2020, and insufficient cash and cash equivalents and loan proceeds at Dec. 31, 2020 to fund operations for twelve months from the date of issuance. All of these matters raise substantial doubt about the Company's ability to continue as a going concern. AGILITI HEALTH: Sizewise Transaction No Impact on Moody's B1 CFR ---------------------------------------------------------------- Moody's Investors Service said there is no immediate impact on Agiliti Health, Inc.'s ratings, including its B1 Corporate Family Rating, B1-PD Probability of Default Rating, B1 senior secured first lien term loan rating and stable outlook from the company's acquisition of Sizewise Rentals, LLC, a manufacturer and distributor of specialty patient handling equipment, in a stock purchase transaction valued at $230 million or approximately 7.7x LTM Adjusted EBITDA. Agiliti intends to fund the acquisition with cash on hand (approximately $104 million as of June 30, 2021) and proceeds from a $150 million fungible add-on to its existing first lien term loans due 2026. Moody's considers the transaction as slightly credit negative as leverage will moderately increase. Moody's estimates that on a pro-forma basis debt/EBITDA would increase from approximately 3.9x to 4.1x, including the target's earnings but excluding any potential synergies. While the acquisition has a slightly negative impact on credit metrics it is strategically sensible as it will bolster Agiliti's presence in the standard and specialty bed frame and support surfaces segments, thus deepening its relationships with healthcare providers. Further Agility has a successful track record of integrating acquisitions and achieving synergies. Headquartered in Minneapolis, MN, Agiliti serves more than 7,000 national, regional and local acute care and alternative site healthcare providers across the U.S. The company provides services across 3 primary service lines: Onsite Managed Services, Clinical Engineering Services, and Equipment Solutions. LTM June 30, 2021 revenues were approximately $895 million. Following its April 2021 IPO, affiliates of Thomas H. Lee Partners L.P. own approximately 76% of the company, with the balance publicly held. ALISHA LLC: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Alisha, LLC. About Alisha LLC Alisha, LLC owns a real property located at 1698 Northgate Drive, Richmond, Ky. having a current value of $1.25 million. Alisha sought protection under Chapter 11 of the Bankruptcy Code (E.D. Ky. Case No. 21-50965) on Aug. 23, 2021, disclosing $1,307,202 in assets and $500,115 in liabilities. Pragneshbhai Patel, a member of Alisha, signed the petition. Judge Gregory R. Schaaf oversees the case. Dean A. Langdon, Esq., at Delcotto Law Group PLLC is the Debtor's counsel. ALPHA METALLURGICAL: Moody's Raises CFR to B3, Outlook Stable ------------------------------------------------------------- Moody's Investors Service upgraded Alpha Metallurgical Resources, Inc.'s Corporate Family Rating to B3 from Caa1 and senior secured term loan rating to B3 from Caa2. Moody's also upgraded the company's Speculative Grade Liquidity Rating ("SGL") to SGL-2 from SGL-3. The rating outlook is stable. "Alpha's earnings and cash flow will strengthen significantly on higher metallurgical coal prices and reduced cash costs, improving liquidity and creating an opportunity for meaningful debt reduction," said Ben Nelson, Moody's Vice President -- Senior Credit Officer and lead analyst for Alpha Metallurgical Resources, Inc. Upgrades: Issuer: Alpha Metallurgical Resources, Inc. Corporate Family Rating, Upgraded to B3 from Caa1 Probability of Default Rating, Upgraded to B3-PD from Caa1-PD Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 Senior Secured First Lien Bank Credit Facility, Upgraded to B3 (LGD4) from Caa2 (LGD4) Outlook Actions: Issuer: Alpha Metallurgical Resources, Inc. Outlook, Remains Stable RATINGS RATIONALE Moody's expects that robust metallurgical coal prices will translate into stronger earnings and cash flow in the second half of 2021 with continued strength in 2022. Management guided during the second quarter earnings call to coal shipments in the range of 15.6 -- 17.5 million tons (up from the previous range of 14.8 -- 16.2 million tons) with 14.3 -- 15.8 million tons of metallurgical coal. Alpha also indicated that about one-fifth of met coal was unpriced for 2021. As the company takes advantage of a strong market for unpriced tons in 2021 and signs new contracts for 2022, Moody's forecasted financial performance likely will be increased in the coming months with the potential for further upward rating momentum in response to reduction in debt and/or non-debt liabilities. While adjusted financial leverage is near 10x (Debt/EBITDA) for the twelve months ended June 30, 2021, Moody's expects that adjusted financial leverage will fall below 4.0x in the coming quarters and the company will have an opportunity to reduce debt meaningfully. However, Moody's believes that investor concerns about the coal industry's ESG profile are still intensifying and coal producers will be increasingly challenged by access to capital issues in the early-to-mid 2020s. An increasing portion of the global investment community is reducing or eliminating exposure to the coal industry with greater emphasis on moving away from thermal coal. A clear shift toward metallurgical coal, compared to a legacy position more focused on thermal coal, is an emerging positive factor from an ESG standpoint. The aggregate impact on the credit quality of the coal industry is that debt capital will become more expensive over this horizon, particularly in the public bond markets, especially if investors do not differentiate meaningfully between thermal and met coal, and other business requirements, such as surety bonds, which together will lead to much more focus on individual coal producers' ability to fund their operations and articulate clearly their approach to addressing environmental, social, and governance considerations -- including reducing net debt in the near-to-medium term. Alpha reported about $580 million of debt and $212 million of surety bonds to support reclamation-related items at June 30, 2021. The B3 CFR is principally constrained by the inherent volatility in the metallurgical coal industry that makes it challenging to operate with a leveraged balance sheet over the rating horizon. The rating also reflects ongoing regulatory pressures on the coal mining industry in the United States, inherent geological and operational risks associated with mining, and heightened environmental and social risks associated with the coal industry -- including meaningful legacy liabilities, including some mining-specific items, such asset retirement obligations related to the impact of coal mining on the environment, coal-specific items, such as black lung liabilities related to negative health impacts on mining employees, and adverse policy risks in the context of national decarbonization objectives. Additionally, Alpha's cost structure is higher than some other US metallurgical coal mines, which resulted in negative free cash flow during the most recent industry downcycle. The rating benefits from moderate operating diversity, meaningful coal reserves, access to multiple transportation options, and good liquidity. The rating recognizes the potential for very strong earnings, cash flow generation, and credit metrics when met coal prices above mid-cycle levels. Substantive reduction in debt, combined with continued progress on reducing cash costs, creates the potential for much better resilience in future commodity and/or economic downturns. Alpha experienced substantial earnings compression and erosion of liquidity following the global outbreak of Coronavirus in early 2020. The SGL-2 reflects good liquidity to support operations over the next 12-18 months, including expectations for positive free cash flow and more than $130 million of available liquidity at June 30, 2021. Available liquidity is comprised of $72 million of balance sheet cash and $60 million availability under a $225 million asset-based revolving credit facility. The ABL is governed by a borrowing base and, while no cash borrowings were outstanding, nearly $130 million of letters of credit were posted against the facility. The revolver has a springing fixed charge coverage ratio test and the term loan does not have financial maintenance covenants, but the revolver matures in April 2022. The SGL does not consider revolvers with near-term maturities as a source of liquidity in the SGL-specific analysis. However, Alpha also disclosed in August 2021 the receipt of a $70 million tax refund payment. The B3 rating on the first lien senior secured term loan reflects its effective subordination to the asset-based revolving credit facility, which Moody's believe has higher quality (more liquid) collateral, as well as Moody's expectation that recovery on secured debt in the event of a bankruptcy could be negatively impacted by unprofitable mines, legacy liabilities, and environmental obligations. Environmental, social, and governance considerations are important factors influencing Alpha's credit quality. The company is exposed to ESG issues typical for a company in the coal mining industry, including increasing global demand for renewable energy that is detrimental to demand for thermal coal, especially in the United States and Western Europe. From an environmental perspective the coal mining sector is also viewed as: (i) very high risk for air pollution and carbon regulations; (ii) high risk for soil and water pollution, land use restrictions, and natural and man-made hazards; and (iii) moderate risk for water shortages. Social issues include factors such as community relations, operational track record, and health and safety issues associated with coal mining, such as black lung disease. Alpha is exposed primarily to metallurgical coal, though the company's does produce a small amount of coal sold into thermal coal markets. Moody's believes that thermal coal carries greater ESG-related risks than metallurgical coal. Governance-related risks are higher than average for publicly-traded mining companies, incorporating an aggressive approach to shareholder returns and use of debt in the past few years, but new management has made more conservative statements with respect to financial policies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects the expectation for positive free cash flow generation through 2022. Moody's could downgrade the rating with expectations for substantive deterioration of liquidity, including negative free cash flow, or an expected increase in financial leverage above 4.0x (Debt/EBITDA). Moody's could upgrade the rating with expectations for adjusted financial leverage to remain below 3.0x (Debt/EBITDA), free cash flow sustained in excess of $50 million, and a commitment to meaningful debt reduction in advance of upcoming debt maturities. Headquartered in Tennessee, USA, Alpha operates 19 metallurgical coal mines and 8 coal preparation plants. The company also owns 65% of Dominion Terminal Associates coal port in Newport News, Virginia. Alpha's met coal production mix is comprised of Low-Vol, Mid-Vol, High Vol A, and High Vol B coals. The company also produces byproduct coal sold into thermal markets. Alpha generated $1.4 billion of revenue for the twelve months ended June 30, 2021. The principal methodology used in these ratings was Mining published in September 2018. APPLIANCESMART INC: Disclosure Statement Hearing Slated for Oct. 13 ------------------------------------------------------------------- Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York has set for October 13, 2021 at 3 p.m., via Zoom, the hearing to consider approval of the Disclosure Statement of ApplianceSmart, Inc. Objections to the Disclosure Statement must be filed and served no later than seven days before the hearing date. A copy of the order is available for free at https://bit.ly/3llRxH7 from PacerMonitor.com. About ApplianceSmart Inc. ApplianceSmart, Inc. -- https://appliancesmart.com/ -- is a retailer of household appliances. ApplianceSmart offers white-glove delivery within each store's service area for those customers that prefer to have appliances delivered directly. ApplianceSmart filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13887) on Dec. 9, 2019. The petition was signed by Virland Johnson, chief financial officer. At the time of the filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Kenneth A. Reynolds, Esq., at The Law Offices of Kenneth A. Reynolds, Esq., P.C. is the Debtor's legal counsel. AULT GLOBAL: Unit to Buy 3,000 S19j Pro Model Antminers for $21M ---------------------------------------------------------------- Ault Global Holdings, Inc.'s wholly owned subsidiary, Ault Alliance, Inc., has entered into a purchase agreement with Bitmain Technologies Limited for the purchase of 3,000 S19j Pro model Antminers for a total purchase price of $21 million and additional transaction costs of approximately $2 million in addition to the 1,000 Antminers the Company took delivery of earlier this week. The new Antminers will be deployed at the Company's Michigan data center. The deployment of the 3,000 Antminers is scheduled to occur monthly, generally coinciding with the delivery schedule of 300 units per month, between October 2021 and July 2022. Alliance Cloud Services, LLC, a majority owned subsidiary of Ault Alliance, acquired the Data Center, a 617,000 square foot energy-efficient facility located on a 34.5-acre site, in January 2021. During June 2021, the Company announced its intent to expand the infrastructure of its Data Center and increase the power capacity to 28MWs. With the execution of this purchase agreement with Bitmain and the delivery of the 1,000 Antminers, the Company is well-positioned to increase the scale and scope of its cryptocurrency and data center operations and is now moving forward with the necessary upgrades to achieve maximum capacity at the Data Center. The upgrades are projected to take approximately 18 months and are expected to result in 300MWs of critical power under an energy abatement agreement with fixed pricing at relatively low energy rates for the next five years. Based on the current market conditions related to bitcoin mining and assuming the installation of all 4,000 Antminers which is expected to be completed in July 2022, the Company anticipates the gross revenue from its cryptocurrency mining operations to reach an annual run rate of between $45 and $50 million. In August 2021, the Company formed a new wholly owned subsidiary, BitNile, Inc., which will hold the Company's investment in the Data Center and Antminers. While the Company believes that the future operations of the Data Center and its cryptocurrency mining operations will be successful, the Company cannot assure you that its expectations will materialize in a timely manner, if at all. Milton "Todd" Ault, III, the Company's executive chairman, stated, "I'm thrilled with the progress achieved so far and am confident, particularly having purchased an additional 3,000 Antminers, that BitNile's operations will contribute meaningfully to the Company's growth in both revenues and profitability." Ault continued, "We believe BitNile's long-term success and ability to scale will be partially dependent on access to the private or public equity markets to fund additional investments in Antminers and the Data Center expansion." About Ault Global Holdings Ault Global Holdings, Inc. (fka DPW Holdings, Inc.) is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global reported a net loss of $32.73 million for the year ended Dec. 31, 2020, compared to a net loss of $32.94 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $259.10 million in total assets, $27.71 million in total liabilities, and $231.39 million in total stockholders' equity. AVIANCA HOLDINGS: Gets Court Nod to Send Plan to Creditors for Vote ------------------------------------------------------------------- Steven Church of Bloomberg News reports that Avianca Holdings SA won court approval to send its reorganization plan to creditors for a vote, bringing the Colombian air carrier one step closer to exiting bankruptcy under new ownership. Lenders and noteholders who agreed to refinance their debt at the beginning of Avianca's bankruptcy case last year will get 72% of the airline's equity in exchange for canceling about $934.7 million, according to court papers. U.S. Bankruptcy Judge Martin Glenn said he would approve a disclosure statement that will be sent to creditors in the U.S. and Colombia. About Avianca Holdings SA 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. BACK TO LIFE: Seeks to Hire Frank & Frank as Bankruptcy Counsel --------------------------------------------------------------- Back to Life Properties, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Frank & Frank, PLLC to serve as legal counsel in its Chapter 11 case. The firm's hourly rates are as follows: Jerome Frank $390 per hour Tami Salzbrenner $200 per hour Jerome Frank, Esq., a shareholder of Frank & Frank, disclosed in a court filing that he is a disinterested person as defined by Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jerome D. Frank, Esq. Frank & Frank, PLLC 30833 Northwestern Hwy. Suite 205 Farmington Hills, MI 48334 Tel: (248) 932-1440 Fax: (248) 932-1443 Email: mfrank@frankfirm.com About Back to Life Properties Inc. Back to Life Properties, Inc. filed a petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 21-46901) on Aug. 24, 2021, listing as much as $500,000 in both assets and liabilities. Frank & Frank, PLLC represents the Debtor as legal counsel. BAVARIA INN: Ends Bankruptcy Case, Strip Club Survives ------------------------------------------------------ Thomas Gounley of BusinessDen reports that the Glendale strip club, Shotgun Willie's, bowed out of the Chapter 11 process over the summer, eight months after filing. Shotgun Willie's did not emerge from bankruptcy in the traditional sense, with a reorganization plan in place. Rather, the club at 490 S. Colorado Blvd. asked a judge to dismiss the case in mid-July 2021, saying it no longer desired the protections offered by the bankruptcy process. "With the rollout of effective vaccines, the lifting of restrictions on occupancy, and mask and social distancing guidelines, Debtor's business has stabilized and its failure now seems less likely," the club wrote in a July 16 court filing. Shotgun Willie's -- whose majority owner is Deborah Dunafon, wife of the mayor of Glendale -- attributed the initial filing back in November to pandemic business restrictions, saying the "action gave us the only chance of surviving in this uncertain climate." The club was closed for more than two months in the spring of 2020, and again for 44 days last November. It closed for an additional six days this April "as a consequence of a COVID outbreak among numerous employees," according to the filing. And Shotgun Willie's isn't the type of place that could just switch to takeout. "Debtor had no alternative business opportunities of which more traditional restaurants could avail themselves," the club wrote in the July 2021 filing. In requesting dismissal of the bankruptcy case, however, the club noted that Gov. Jared Polis lifted virtually all remaining pandemic restrictions on bars and restaurants in early July. Stephen Long of GSL Trial Lawyers, an attorney representing the club, told BusinessDen that business at Shotgun Willie's has been "good" recently. "Although there's still a significant risk of substantial closures, we are more hopeful than we've been in the past that can be avoided," he said. The pandemic, however, is only part of what was discussed during the bankruptcy proceedings. In its November 2020 filing, Shotgun Willie's said it was facing six lawsuits, including one filed by family members of Randall Wright, a Kroger real estate executive who died following an altercation at Shotgun Willie's in 2019. The family members argued earlier this year that the filing was "an attempt to use the COVID-19 pandemic as a smokescreen to limit the debtor's liability." But Shotgun Willie's wrote in the July 16 filing that the lawsuit from the Wright family "was not a critical factor" in the decision to file for bankruptcy, and that the club could "withstand" the litigation without the protections afforded by the bankruptcy process. The club said it would likely spend six figures just defending itself from claims the Wright family was making within the bankruptcy case. "Hence, bankruptcy protection is no longer desirable," the club wrote. "Remaining in Chapter 11 may be a hindrance to the future profitability of the business as a consequence of the general administrative costs of Chapter 11." Attorney Long said four of the other lawsuits the club disclosed last November 2021 have since been resolved, which was also a factor in requesting the bankruptcy dismissal. Shotgun Willie's wasn't the only local strip club to endure some drama over the past 18 months. Adams County strip joint Player's Club sued state and local health departments in July 2020 after being told it had to keep strippers 25 feet away from customers, writing in its lawsuit that "eroticism requires less distance." The two parties ultimately agreed on alternative measures intended to prevent transmission of the coronavirus. In related news, five Denver strip clubs including The Diamond Cabaret downtown are getting a new owner as part of an $88 million deal involving Troy Lowrie and Houston-based RCI Hospitality Holdings. About Bavaria Inn Restaurant Based in Denver, Colo., Bavaria Inn Restaurant, Inc. owns and operates a bar and restaurant. It operates under the name Shotgun Willies. Bavaria Inn Restaurant sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-17488) on Nov. 18, 2020. Deborah Dunafon, president of Bavaria Inn Restaurant, signed the petition. At the time of the filing, the Debtor estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Judge Elizabeth E. Brown oversees the case. Weinman & Associates, P.C., is the Debtor's legal counsel. The Debtor tapped GSL Trial Lawyers as special counsel. BOY SCOUTS OF AMERICA: Hartford to Pay $787M in New Settlement -------------------------------------------------------------- Dan Reichl, writing for Bloomberg News, reports that Hartford Financial Services Group Inc. agreed to pay $787 million to settle claims related to the sexual-abuse scandal that has forced the Boy Scouts of America into bankruptcy. The agreement, linked to the Boy Scouts' Chapter 11 case, supersedes an earlier deal and would fully release the insurer from further obligations, Hartford said Tuesday, September 14, 2021, in a statement. The new agreement includes a majority of representatives for sexual-abuse victims involved in the case as well Boy Scouts local councils. A judge had earlier approved an $850 million settlement agreement hashed out by the Boy Scouts of America. 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. BUHLER-FREEMAN: Metropolitan Gov't. Trustee Seeks 18% Interest P.A. ------------------------------------------------------------------- The Metropolitan Trustee of the Metropolitan Government of Nashville and Davidson County opposed the Disclosure Statement of Buhler-Freeman Management, LLC, citing that the Debtor's Disclosure Statement treats the Metropolitan Government's real property tax claims for 2017, 2018 and 2019 as priority tax claims, bearing only 12% interest per annum. The Metropolitan Government Trustee is seeking an 18% interest per annum to accrue on its tax claims. The Metropolitan Government further complained that the Debtor's Disclosure Statement does not address its real tax property debt for 2020. Accordingly, the Metropolitan Government Trustee asked the U.S. Bankruptcy Court for the Middle District of Tennessee that it be treated as a secured creditor with 18% interest per annum on its real property tax claim and personal property tax claim until the claims are fully paid. A copy of the objection is available for free at https://bit.ly/3EiQmRg from PacerMonitor.com. The Metropolitan Trustee of the Metropolitan Government of Nashville and Davidson County is represented by: Wallace W. Dietz Director of Law R. Alex Dickerson Alex S. Blonder Assistant Metropolitan Attorneys The Department of Law of the Metropolitan Government of Nashville and Davidson County 108 Metropolitan Courthouse P. O. Box 196300 Nashville, TN 37219-6300 Telephone: (615) 862-6341 E-mail: alex.blonder@nashville.gov About Buhler-Freeman Management Nashville, Tenn.-based Buhler-Freeman Management, LLC, filed a Chapter 11 petition (Bankr. M.D. Tenn. Case No. 21-02410) on Aug. 8, 2021, listing as much as $10 million in both assets and liabilities. Judge Marian F. Harrison oversees the case. Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC, is the Debtor's legal counsel. CAJUN COMPANY: Assumes Deals with Three More Lessors in Plan ------------------------------------------------------------ The Cajun Company, Inc., filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Supplement to its Original Plan pertaining to the assumption of the following leases: (i) certain Equipment Rental Agreements with XTRA Lease LLC; (ii) Lease of Postage Machine, Pitney Bowes Global Financial Services, LLC; and (iii) the Lease of Three Modular Trailers with Williams Scotsman, Inc. A copy of the Plan Supplement is available for free at https://bit.ly/3AcP3Rs from PacerMonitor.com. About The Cajun Company The Cajun Company -- http://cajunco.net/-- is a family-owned and operated business that provides industrial insulation services. The Cajun Company filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. 21-50174) on March 26, 2021. Julia E. Davis, corporate secretary and comptroller, signed the petition. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $1 million and $10 million. Judge John W. Kolwe oversees the case. The Debtor tapped H. Kent Aguillard, Esq., as bankruptcy counsel; Darnall, Sikes & Frederick, Inc., as accountant; and Steve Gardes, an accountant practicing in Lafayette, La., as financial consultant. Neuner Pate, Mickey S. deLaup, Esq., and Stephen M. DuValle, Esq., of Maricle & Associates, serve as the Debtor's special counsel. CECCHI GORI: Withdraws First Amended Combined Plan and Disclosures ------------------------------------------------------------------ Cecchi Gori Pictures and Cecchi Gori USA, Inc. withdrew from the docket of the U.S. Bankruptcy Court for the Northern District of California their First Amended Combined Chapter 11 Plan of Reorganization and Disclosure Statement dated July 20, 2021. A copy of the notice is available for free at https://bit.ly/3EptEau from PacerMonitor.com. Counsel for the Debtors: Ori Katz, Esq. Robert K. Sahyan, Esq. Matt Klinger, Esq. Sheppard, Mullin, Richter & Hampton LLP A Limited Liability Partnership Including Professional Corporations Four Embarcadero Center, 17th Floor San Francisco, CA 94111-4109 Telephone: 415-434-9100 Facsimile: 415-434-3947 Email: okatz@sheppardmullin.com rsahyan@sheppardmullin.com mklinger@sheppardmullin.com About Cecchi Gori Cecchi Gori Pictures and Cecchi Gori USA, Inc. filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Case No. 16-53499) on Dec. 14, 2016. At the time of the filing, each Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. The cases are assigned to Judge Elaine M. Hammond. The Debtors hired Sheppard Mullin Richter & Hampton, LLP as their bankruptcy counsel. CHICK LUMBER: Seeks to Use Cash Collateral Through Dec. 31 ---------------------------------------------------------- Chick Lumber, Inc. filed with the U.S. Bankruptcy Court for the District of New Hampshire a motion seeking to authorize its use of up to $1,623,847 of cash collateral to pay postpetition expenses incurred in the ordinary course of its business, according to the budget, during the period between October 1 and December 31, 2021. The budget provided for total cash out of $1,623,847 for the three-month period spread out on a monthly basis, as follows: $559,431 for October 2021; $518,199 for November 2021; and $546,216 for December 2021. A copy of the budget, filed in Court with the proposed order, is available at https://bit.ly/3hAqFlD from PacerMonitor.com at no charge. To provide Record Lienholders with adequate protection for any diminution in the value of the cash collateral, the Debtor proposed to make the following adequate protection payments, on or before the last day of each month, during the use term: $1,197.93 to an Escrow account for Citizens Financial Group, Inc. (RBS Citizens) and American Express Bank, FSB (Amex Bank). $632.68 to Ford Motor Credit; $481.70 to Jeldwen, Inc.; $226.60 to Citizens One Auto Finance; $219.06 to Citizens One Auto Finance; $211.94 to Citizens One Auto Finance; $82.22 to Hitachi Capital Financial; $63.25 to Wells Fargo Equipment Finance, Inc. - Moffett Machine; $37.83 to GreatAmerica Financial Services Corp.; $39.52 to Wells Fargo Equipment Finance, Inc. - Forklift; and $24.66 to BFG Corporation (H2H NC Paint Tinter); In addition, the Debtor will grant all Record Lienholders with valid and automatically perfected liens on the Debtor's postpetition property of the same kind to which a Record Lienholder held valid and perfected liens on the Petition Date. The Debtor will also insure its property and will provide all Record Lienholders certificates of property and casualty insurance. A copy of the motion is available for free at https://bit.ly/2YZm2Ly from PacerMonitor.com. About Chick Lumber, Inc. Chick Lumber, Inc. -- https://www.chicklumber.com/ -- is a dealer of lumber, plywood, steel beams, engineered wood, trusses, steel and asphalt roofing, windows, doors, siding, trim, stair parts, and finish materials. It also offers drafting and design, installation, delivery, outside sales, and plan reading and estimating services. The Debtor sought Chapter 11 protection (Bankr. D. N.H. Case No. 19-11252) on Sept. 9, 2019, in Concord. In the petition signed by Salvatore Massa, president, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Bruce A. Harwood oversees the case. William S. Gannon PLLC is the Debtor's legal counsel. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Oct. 3, 2019. The Committee is represented by Goldstein & McClintock, LLLP as its legal counsel. CMC II: Consulate Health Nears Finalizing Global Ch.11 Settlement ----------------------------------------------------------------- Vince Sullivan of Law360 reports that the affiliates of nursing home chain Consulate Health Care told a Delaware bankruptcy judge on Tuesday, September 14, 2021, that it was close to finalizing a global settlement with parties to its Chapter 11 case that would allow it to move forward with an asset sale. During a virtual hearing, debtor attorney Robert A. Weber of Chipman Brown Cicero & Cole LLP said that after months of complex, multiparty negotiations, a settlement was within reach, adding that a hearing on the deal, as well as a sale of the company's skilled nursing facilities, could be scheduled in the near future. About CMC II LLC 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, Fla. 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; Alvarez & Marsal North America, LLC as restructuring advisor; and Evans Senior Investments as broker. Stretto is the claims agent. COMMUNITY HEALTH: Appoints Joseph Hastings as Director ------------------------------------------------------ Community Health Systems, Inc. has appointed Joseph A. Hastings, D.M.D. to its Board of Directors for a term expiring at the 2022 Annual Meeting of Stockholders. Dr. Hastings, 67, is a private practice orthodontist in Mobile, Alabama, with over 37 years of healthcare experience. From 2016 until July 2020, Dr. Hastings served on the board of directors of Quorum Health Corporation, an operator of general acute care hospitals and outpatient services, where he also served on its compensation committee, governance committee, and patient safety and quality of care committee. He has served in numerous leadership positions in local, state, and national dental and orthodontic societies. Board certified in orthodontics, Dr. Hastings has been published in several orthodontic journals and holds two United States patents. He graduated with honors from the University of Alabama at Birmingham School of Dentistry, and completed his post-doctoral training at the Louisiana State University School of Dentistry in New Orleans. "Dr. Hastings brings valuable perspective as a healthcare practitioner to the CHS board," said Wayne T. Smith, executive chairman of Community Health Systems, Inc.'s Board of Directors. "His experience managing a healthcare practice and years as a practicing orthodontist will provide beneficial insights and strengthen an already outstanding group of directors. Our Board of Directors is committed to providing strong governance of our organization as we work to deliver value to our shareholders and quality healthcare to the communities we serve." As of Sept. 15, 2021, the Company's board members are: Wayne T. Smith, John A. Clerico, Michael Dinkins, James S. Ely III, John A. Fry, Joseph A. Hastings, D.M.D., Tim L. Hingtgen, Elizabeth T. Hirsch, William Norris Jennings, M.D., K. Ranga Krishnan, MBBS, Julia B. North (Lead Independent Director), and H. James Williams, PhD. Dr. Hastings will receive compensation as a non-employee director in accordance with the Company's non-employee director compensation program. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 84 affiliated hospitals in 16 states with an aggregate of approximately 13,000 licensed beds. The Company's headquarters are located in Franklin, Tennessee, a suburb south of Nashville. As of June 30, 2021, the Company had $15.53 billion in total assets, $16.65 billion in total liabilities, $498 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and a total stockholders' deficit of $1.62 billion. * * * As reported by the TCR on Dec. 29, 2020, S&P Global Ratings raised its issuer credit rating on Community Health Systems Inc. to 'CCC+' from 'SD' (selective default). S&P said, "The stable outlook reflects our view that the company has reduced its debt, and improved its operations and cash flow such that its debt is now more manageable; however, we believe risks to the long-term sustainability of the capital structure remain, especially given ongoing uncertainty stemming from the coronavirus pandemic." In November 2020, Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDR) of Community Health Systems, Inc. (CHS) and subsidiary CHS/Community Health Systems, Inc. at 'CCC'. CORPORATE COLOCATION: Has Continued Cash Access Through Oct. 13 --------------------------------------------------------------- Judge Ernest M. Robles of the U.S. Bankruptcy Court for the Central District of California authorized Corporate Colocation Inc. to continue its use of cash collateral, on an interim basis, through October 15, 2021. The Court also authorized the Debtor to grant replacement liens to parties in interest in consideration for such use. The hearing on the cash collateral motion is continued to October 13, 2021 at 10 a.m. A copy of the order is available for free at https://bit.ly/3ElOhnE from PacerMonitor.com. About Corporate Colocation Inc. Corporate Colocation Inc. operates a large server farm that provides website services to about 25 subtenants that is located at 530 West Sixth Street, Suite 502 et. seq., Los Angeles, California 90014. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12812) on April 7, 2021. In the petition signed by Jonathan Goodman, president, the Debtor disclosed $2,284,042 in assets and $5,041,445 in liabilities. Judge Ernest Robles oversees the case. Robert M. Yaspan, Esq., at Law Offices of Robert Ms. Yaspan is the Debtor's counsel. COTY INC: S&P Affirms 'B-' ICR on Modest Debt Reduction ------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Coty Inc., its 'B' rating on its senior secured debt, and its 'B-' rating on its senior unsecured debt. The '2' recovery rating on the company's senior secured debt reflects its expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of payment default. Subsidiary Coty B.V. is a co-borrower under the revolving credit facility. S&P said, "In our rating analysis, we view Coty Inc. and its operating subsidiaries as a group. The '3' recovery rating on the company's senior unsecured debt reflects our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of payment default." The negative outlook reflects the risk of a lower rating over the next 12 months if Coty's capital structure becomes unsustainable. This could occur if the company is unable to refinance its upcoming debt maturities before they become current or if leverage remains elevated and there is minimal cushion under the company's covenants. Coty Inc. recently announced the conversion of a portion of preferred equity owned by financial sponsor KKR into common equity, resulting in a reduction in pro forma S&P Global Ratings-adjusted debt to EBITDA to 10.5x as of June 30, 2021. Coty could face refinancing risk over the next 12 months due to upcoming maturities. Coty recently refinanced $1.7 billion of its outstanding term loan A balances that were scheduled to mature in 2023 with new senior secured notes that mature in 2026 and extended $700 million of its revolving commitment to April 2025. S&P viewed these transactions as credit positive reflecting the company's access to multiple sources of capital and well-established and solid relationships with its banks. The remaining $2.1 billion revolving credit facility and $114 million outstanding balance on the term loan A mature in April 2023. The company's EUR550 million senior unsecured euro notes also mature in April 2023. S&P views the refinancing of the 2023 maturities as essential to provide the company with additional time to continue to turn around its operations. The conversion of a portion of KKR's ownership in Coty from preferred equity into common equity has improved the company's capital structure. Coty recently announced that KKR sold about 50 million shares of the company's common equity through a secondary market offering as a result of conversion of a portion of the convertible preferred stock held by KKR. This will lead to a reduction in the value of the total preferred equity owned by KKR to about $762 million, equivalent to 10.9% of Coty's outstanding Class A common equity on an as-converted basis compared to $1.1 billion or 18% equivalent at the end of fiscal 2021 (ended June 2021). S&P said, "In our view, this transaction improves the sustainability of the company's capital structure and results in our measure of Coty's pro forma consolidated leverage for fiscal 2021 declining from 11x to 10.5x. Although we treat Coty's preferred equity as a debt-like obligation, we note that the security has a mandatory conversion mechanism after a 3-year period depending on the stock price. We also recognize that the preferred equity holders do not have redemption rights, and that Coty has the option to either accrue or pay dividends in cash. In combination, these characteristics mitigate liquidity risks derived from the security. In addition, we expect future dividend payouts to preferred equity holders to decrease by about $30 million annually, thereby supporting the company's liquidity. "Although we do not incorporate any incremental preferred equity conversion into our base-case forecast, we would view any further potential conversion favorably. "Coty's leverage remains elevated, but we expect management to continue prioritizing debt reduction. Leverage for the 12 months ended June 30, 2021, is about 10.5x, pro forma for the preferred shares conversion by KKR (about 9.3x excluding remaining preferred stock). This is higher than our previous expectations of leverage declining to below 10x. The company reduced its debt burden to $7.2 billion as of June 2021 from $9.6 billion in June 2020 largely through debt repayment from asset sales. We expect an improvement in free operating cash flow to about $450 million in fiscal 2022 as the company benefits from its initiatives of better working capital management, significantly reducing excess and obsolete inventory, and realizes higher profitability. We also recognize that the company remains committed to identifying opportunities for potential asset dispositions to further streamline its portfolio, including the monetization of its 40% stake in Wella AG. The company has also commenced the process of a public listing of a portion of its stake in its Brazilian business. Management has reiterated that it will continue to prioritize debt reduction over shareholder returns until Coty's credit profile improves and we believe the company will continue to use all of its excess cash proceeds toward debt reduction, striving to reduce company-adjusted net leverage to 5x (equivalent to S&P Global Ratings-adjusted debt to EBITDA of about 7.5x) by the end of 2021. "However, we anticipate economic conditions to remain uncertain as the return to normalcy and improvements in consumer mobility vary amid renewed concerns about the spread of COVID-19 variants, which could curb consumers' recent spending on cosmetics and fragrances. Additionally, inflationary pressures could pressure margins more than we expect. These challenges pose risks to the sustainability of the company's recent operating trends and could lengthen the recovery of company's credit metrics. "We expect the company's covenant headroom to improve but remain tight. Coty amended its credit agreement in March 2020, including obtaining a waiver on its leverage covenants for its fiscal third-quarter 2020 (ended March 31, 2020) through its fiscal third-quarter 2021. Subsequently, the company's maximum net leverage ratio covenant was applicable in the fourth fiscal quarter of fiscal 2021. We estimate that the company had minimal cushion (less than 5%) under its maximum permitted leverage covenant of 5.25x. Although the covenant steps down to 5x in March 2022 and 4.75x in June 2022, the company expects covenant headroom to improve to 15%-20% range over the next 12 months. We expect the company to prudently manage its cash flow for additional debt repayment and forecast that the covenant headroom will improve--but remain tight under 15%. The company has strong relationships with its banks, and we believe it would likely be able to secure covenant relief if the company experiences material declines in its profitability." This could occur if the demand for the company's products remains weak or if the company encounters some operational missteps while continuing to execute its transformation plan. Coty's transformation plan and simplification efforts improved its products and cost structure, albeit execution risks remain. Coty embarked on various large restructuring initiatives in the past few years to reduce its cost structure. The company has sold assets to reduce its debt burden including its sale of a 60% stake in Wella AG to KKR in 2020, significantly reduced its stock-keeping units (SKU) count and packaging formats, streamlined its brand portfolio, closed manufacturing facilities, reduced headcount, repurposed its marketing investments, and integrated the remaining businesses it acquired from the Procter & Gamble Co. in 2016. Coty has reduced its material costs significantly and improved operating productivity. The cleaner portfolio also makes it easier for management to better plan for demand and manage inventory and reduce excess and obsolete inventory. In addition, the company has expanded into the e-commerce channel, leveraged the social media platform, and strengthened its position in the fast-growing Chinese beauty and skincare market. The benefits from these initiatives have resulted in a significant improvement in Coty's profitability with the company achieving S&P Global Ratings-adjusted EBITDA margin of 14.1% in fiscal 2021. S&P said, "However, we believe the company's profitability was depressed due to lower fixed-cost absorption on lower volumes because of the COVID-19 pandemic and restructuring costs associated with the company's turnaround actions. We expect EBITDA margins to further improve to about 16% in fiscal 2022." S&P said, "The company's transformation strategy remains underway and we expect the company to incur incremental restructuring costs of about $200 million over the next two years. We also recognize that there are inherent risks associated with the continued execution of the turnaround plan. "We expect Coty will increase its revenues and profitability in fiscal 2022. Coty posted 90% sales growth in the fourth quarter of fiscal 2021 as it lapped its hardest-hit quarter from the pandemic but it still remains 30% below 2019 levels for the same period on a proforma basis. The company's prestige brands portfolio grew by 160% compared to the same period in fiscal 2020 (24% lower than 2019 levels for the same period) driven by strong prestige fragrance demand in the U.S. and China and continued expansion of the company's prestige cosmetics footprint. The company's mass beauty segment performance remained below our expectations with sales increasing by 44.4% in the fourth quarter of fiscal 2021, but remaining 35% below 2019 levels for the same period. We believe the new management has better positioned the company's product portfolio to expand. The company has significantly reduced its prestige brands' exposure to low-quality sales channels and expanded its presence in fast-growing prestige skincare and cosmetics categories. The company introduced several product innovations focused on clean and sustainable ingredients. We believe these trends will continue in fiscal 2022 and expect revenue and profitability to continue to improve, albeit at a slower pace. We revised our base-case forecast and expect low-teens-percentage sales growth and S&P Global Ratings-adjusted EBITDA of about $840 million for fiscal 2022 compared to $655 million in fiscal 2021." The negative outlook reflects the risk of a lower rating over the next 12 months if Coty's capital structure becomes unsustainable. This could occur if the company is unable to refinance its upcoming debt maturities before they become current or if leverage remains elevated and there is minimal cushion under the company's covenants. S&P could lower its ratings on Coty if it believes the company's capital structure will become unsustainable or it will face a liquidity crisis because it cannot refinance its 2023 debt maturities before becoming current in April 2022. S&P believes this could occur if: -- A resurgence of COVID-19 variants causes reimposition of restrictions on consumer mobility leading to demand for the company's products remaining weak, resulting in material organic revenue declines; or -- A worsening macro environment, heightened competition, higher inflation, additional restructuring charges, or an operational misstep stall sales and profit recovery prospects. S&P could revise the outlook to stable if it is confident it can refinance its 2023 debt maturities before they become current in early 2022. In addition, an outlook revision to stable would require the company to: -- Continue to demonstrate progress in improving its profitability such that EBITDA margin improves to more than 15%; -- Sustain leverage below 10x; and -- Maintain at least 15% cushion under the covenants in its credit facility over the next 12 months. CYPRUS MINES: Seeks to Join Imerys Chapter 11 Suit vs. J&J ---------------------------------------------------------- Vince Sullivan of Law360 reports that Cyprus Mines Corporation asked a Delaware bankruptcy judge for permission to join into the Chapter 11 suit of bankrupt successor company Imerys Talc America against Johnson & Johnson, saying the two companies' interests in indemnity rights against J&J are closely related. In its motion filed Friday, September 10, 2021, Cyprus said it filed an adversary suit over a year ago seeking a declaration pertaining to its indemnity rights against J&J relating to personal claims arising from exposure to J&J products containing talc mined by Cyprus, and that allowing Imerys to pursue similar claims in its own recently filed adversary suit against J&J. About Cyprus Mines Corporation Cyprus Mines Corporation is a Delaware corporation and a wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an indirect subsidiary of Freeport-McMoRan Inc. It currently has relatively limited business operations, which include the ownership of various parcels of real property, certain royalty interests that generate de minimis revenue (e.g., less than $1,500 in each of the past two calendar years), and the ownership of an operating subsidiary that conducts marketing activities. Cyprus Mines is a predecessor in the interest of Imerys Talc America, Inc. In June 1992, Cyprus Mines sold its talc-related assets to RTZ America Inc. (later known as Rio Tinto America, Inc.) through a two-step process. First, Cyprus Mines transferred its talc-related assets and liabilities (subject to minor exceptions) to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus Mines, according to an Agreement of Transfer and Assumption, dated June 5, 1992. Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to RTZ according to a Stock Purchase Agreement, also dated June 5, 1992 (as amended, the "1992 SPA"). The purchase price was approximately $79.5 million. Cyprus Talc Corporation was later renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity now named Imerys expressly and broadly assumed the talc liabilities of Cyprus Mines and its former subsidiaries that were in the talc business. Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10 million and $50 million in assets, and between $1 million and $10 million in liabilities. The Honorable Laurie Selber Silverstein is the case judge. The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC as claims agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of tort claimants on March 4, 2021. The tort committee is represented by Caplin & Drysdale, Chartered, and Campbell & Levine, LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort committee's financial advisor and consultant, respectively. Roger Frankel serves as the legal representative for future personal injury claimants. The FCR tapped Togut, Segal & Segal, LLP, Burr & Forman, LLP and Frankel Wyron, LLP as bankruptcy counsel; Anderson Kill, PC as special insurance counsel; and Province, LLC as financial advisor. The FCR also tapped the services of economic expert, Berkeley Research Group, LLC. DAKOTA TERRITORY: Seeks to Hire Sterling Accounting as Tax Preparer ------------------------------------------------------------------- Dakota Territory Tours A.C.C. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Sterling Accounting & Tax, LLC to prepare its tax returns for 2020. The firm will receive a fixed fee of $1,200. Marc Sterling, the firm's certified public accountant who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marc Sterling, CPA Sterling Accounting & Tax, LLC 830 S Main St, Ste 1A Cottonwood, AZ 86326 Tel.: +1 (928) 634-9524 Fax: +1 (928) 634-9525 About Dakota Territory Tours Dakota Territory Tours A.C.C., a company that offers helicopter tours in northern Ariz., filed a voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 21-05729) on July 26, 2021, listing $1,702,410 in assets and $955,763 in liabilities. Eric Brunner, president of Dakota Territory Tours, signed the petition. Judge Eddward P. Ballinger Jr. oversees the Debtor's Chapter 11 case while Michael W. Carmel is the Subchapter V trustee appointed in the case. Kelly G. Black, PLC and Stinson, LLP serve as the Debtor's bankruptcy counsel and special counsel, respectively. Sterling Accounting & Tax, LLC serves as the Debtor's tax preparer. DI PURCHASER: S&P Places 'CCC+' ICR on Watch Pos. on TopBuild Deal ------------------------------------------------------------------ S&P Global Ratings placed all of its ratings on DI Purchaser Inc., including its 'CCC+' issuer credit rating, on CreditWatch with positive implications. TopBuild Corp. (BLD) is acquiring DI (originally known as Distribution International Inc.) for $1 billion, which includes its outstanding debt. S&P said, "The CreditWatch placement reflects our view that DI's credit quality will likely benefit from its acquisition by BLD, which we rate at a higher level than DI. Per the agreement, BLD will acquire the company for $1 billion, which includes its outstanding debt. We will raise our ratings on DI if its debt remains outstanding following the acquisition. Alternatively, we will likely discontinue our ratings on DI if BLD retires its debt." CreditWatch S&P said, "We expect to resolve the CreditWatch at or near the close of the transaction. We anticipate discontinuing our ratings on DI at that time. Alternatively, we would raise our ratings on DI if its debt remains outstanding." DI-CHEM AND QUALITY: Seeks to Hire Miranda & Maldonado as Counsel ----------------------------------------------------------------- Di-Chem and Quality Technology, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Miranda & Maldonado, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: a) providing legal advice with respect to the Debtor's powers and duties and the continued operation and management of its business; b) attending the initial debtor conference and Section 341 meeting of creditors; c) preparing legal documents; d) reviewing pre-bankruptcy executory contracts and unexpired leases entered into by the Debtor to determine which should be assumed or rejected; e) assisting in the preparation of a disclosure statement, negotiating a plan of reorganization with creditors, and seeking confirmation of the plan; f) performing all other necessary legal services. The firm's hourly rates are as follows: Carlos A. Miranda, Esq. $300 per hour Carlos G. Maldonado, Esq. $250 per hour Legal Assistant $125 per hour Miranda & Maldonado received a retainer in the amount of $17,000. Carlos Miranda, Esq., at Miranda & Maldonado, disclosed in a court filing that his firm does not represent interests adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Carlos A. Miranda, Esq. Carlos G. Maldonado, Esq. Miranda & Maldonado, P.C. 5915 Silver Springs, Bldg. 7 El Paso, TX 79912 Tel: (915) 587-5000 Fax: (915) 587-5001 Email: cmiranda@eptxlawyers.com cmaldonado@eptxlawyers.com About Di-Chem and Quality Technology Di-Chem and Quality Technology, LLC filed a petition for Chapter 11 protection (Bankr. W.D. Texas Case No. 21-30650) on Aug. 31, 2021, listing up to $500,000 in assets and up to $1 million in liabilities. Miranda & Maldonado, P.C. represents the Debtor as legal counsel. DIOCESE OF ROCKVILLE: Creditors OK Sharing of Abuse Claims Info --------------------------------------------------------------- Vince Sullivan of Law360 reports that the unsecured creditors committee in the Chapter 11 case of the Roman Catholic Diocese of Rockville Centre told a New York judge Monday, September 13, 2021, that it has agreed to allow the debtor to share information about sex abuse claims with local prosecutors, acquiescing to the diocese's request that allows it to fulfill its reporting obligations. During a virtual hearing, attorney Karen B. Dine of Pachulski Stang Ziehl & Jones LLP said the committee — made up mostly of abuse claimants — would allow the diocese to satisfy requests from the district attorneys of Nassau and Suffolk counties for information about sex abuse. About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. The Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020. The Diocese was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Hon. Shelley C. Chapman is the case judge. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Chapter 11 case. The committee retained Pachulski Stang Ziehl & Jones LLP as its legal counsel and Ruskin Moscou Faltischek, PC as special real estate counsel. DK PROPERTIES: Seeks to Hire Stan Johnson as Real Estate Broker --------------------------------------------------------------- DK Properties, LLP seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Stan Johnson Company to market for sale its real property at 138 Park Ave., Winder, Ga. The firm will be paid a commission of 6 percent of the gross sale proceeds. As disclosed in court filings, Stan Johnson is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Douglas Clyburn Stan Johnson Company 6120 S Yale Avenue, Suite 300 Tulsa, OK 74136 Phone: 918-494-2690 Fax: 918-494-2692 About DK Properties Winder, Ga.-based DK Properties LLP filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-20951) on Sept. 6, 2021, listing $2,345,390 in assets and $1,616,009 in liabilities. David H. Smith, managing partner, signed the petition. Kelley & Clements, LLP serves as the Debtor's legal counsel. EAST COAST CONSTRUCTION: Taps Jill M. Flinton CPA as Accountant --------------------------------------------------------------- East Coast Construction & Renovations, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Jill M. Flinton, CPA, PLLC as its accountant. The firm's services include the preparation of the Debtor's monthly operating reports, periodic tax documents and other financial documents and statements necessary during the pendency of the Debtor's Chapter 11 case. The firm will bill $125 per hour for its services. As disclosed in court filings, Jill M. Flinton is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jill M. Flinton, CPA Jill M. Flinton, CPA, PLLC Ballston Lake, N.Y. 12019 Tel: (518) 460-5165 Email: jill@jillflintoncpa.com About East Coast Construction & Renovations East Coast Construction & Renovations, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 21-10701) on July 21, 2021, listing up to $100,000 in assets and up to $500,000 in liabilities. Judge Robert E. Littlefield, Jr. oversees the case. Michael L. Boyle, Esq., at Boyle Legal, LLC and Jill M. Flinton, CPA, PLLC serve as the Debtor's legal counsel and accountant, respectively. EASTSIDE DISTILLING: Signs $5M Sales Agreement With B. Riley ------------------------------------------------------------ Eastside Distilling, Inc. entered into an At Market Issuance Sales Agreement with B. Riley Securities, Inc., as sales agent, pursuant to which the Company may offer and sell, from time to time to or through B. Riley, shares of its common stock with an aggregate offering price of $5,000,000. Any Shares offered and sold in the offering will be issued pursuant to the Company's effective shelf registration statement on Form S-3 (File No. 333-259295) and the related prospectus previously declared effective by the Securities and Exchange Commission on Sept. 14, 2021, as supplemented by a prospectus supplement, dated September 15, 2021, which the Company filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended. Under the Sales Agreement, B. Riley may sell Shares by any method permitted by law and deemed to be an "at-the-market" offering as defined in Rule 415 promulgated under the Securities Act. The offering of Shares pursuant to the Sales Agreement will terminate upon the earlier of (a) the sale of all of the Shares subject to the Sales Agreement or (b) the termination of the Agreement by B. Riley or the Company, as permitted therein. The Company will pay B. Riley a commission rate of 3.0% of the aggregate gross sales prices of the Shares, and has agreed to provide B. Riley with customary indemnification and contribution rights. The Company will also reimburse B. Riley for certain specified expenses in connection with entering into the Agreement. The Company intends to use the net proceeds raised through any "at-the-market" sales primarily for working capital and general corporate purposes. About Eastside Distilling Headquartered in Portland, Oregon, Eastside Distilling, Inc. -- www.eastsidedistilling.com -- manufactures, acquires, blends, bottles, imports, exports, markets, and sells a wide variety of alcoholic beverages under recognized brands. Eastside Distilling reported a net loss of $9.86 million for the year ended Dec. 31, 2020, compared to a net loss of $16.91 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $27.20 million in total assets, $18.52 million in total liabilities, and $8.68 million in total stockholders' equity. ENERGY ENTERPRISES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 15 on Sept. 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Energy Enterprises USA, Inc. About Energy Enterprises USA Inc. Energy Enterprises USA Inc. -- https://www.canopyenergy.com/ -- is a residential solar energy developer in California. Energy Enterprises, doing business as Canopy Energy, filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 21-11374) on Aug. 12, 2021, disclosing up to $500,000 in assets and up to $10 million in liabilities. Judge Maureen Tighe presides over the case. The Law Offices of Michael Jay Berger serves as the Debtor's legal counsel. EZTOPELIZ LLC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Eztopeliz, LLC, according to court dockets. About Eztopeliz LLC Eztopeliz, LLC, a company in Titusville, Fla., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-03674) on Aug. 12, 2021, disclosing up to $10 million in assets and up to $50 million in liabilities. Jeffrey C. Unnerstall, the Debtor's manager, signed the petition. Judge Karen S. Jennemann oversees the case. Nardella & Nardella, PLLC is the Debtor's legal counsel. FAITH CATHEDRAL: Plan Confirmation Hearing Set for Oct. 21 ---------------------------------------------------------- Judge David R. Duncan of the U.S. Bankruptcy Court for the District of South Carolina conditionally approved the Disclosure Statement of Faith Cathedral Look Up and Live Ministries, Inc. Judge Duncan has fixed that ballots accepting or rejecting the Plan must be filed on or before October 14, 2021. Objections to Plan confirmation must also be filed and served by Oct. 14. A hearing to consider final approval of the Disclosure Statement and confirmation of the Plan is scheduled for Oct. 21, 2021, at 11 a.m. by video. A copy of the order is available for free at https://bit.ly/3hxjFGi from PacerMonitor.com. About Faith Cathedral Look Up and Live Ministries Faith Cathedral Look Up and Live Ministries, Inc., a tax-exempt religious organization based in Piedmont, S.C., filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 20-03333) on Aug. 24, 2020. Jenette Cureton, assistant administrator, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Helen E. Burris oversees the case. Robert Pohl, Esq., at POHL, P.A., serves as Debtor's legal counsel which was substituted by Jason Ward Law, LLC, as counsel. FUELCELL ENERGY: Incurs $12 Million Net Loss in Third Quarter ------------------------------------------------------------- FuelCell Energy, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $12 million on $26.82 million of total revenues for the three months ended July 31, 2021, compared to a net loss of $15.33 million on $18.73 million of total revenues for the three months ended July 31, 2020. For the nine months ended July 31, 2021, the Company reported a net loss of $76.87 million on $55.65 million of total revenues compared to a net loss of $70.25 million on $53.87 million of total revenues for the nine months ended July 31, 2020. As of July 31, 2021, the Company had $879.63 million in total assets, $153.54 million in total liabilities, $59.86 million in redeemable series B preferred stock, and $666.23 million in total stockholders' equity. Management Commentary "FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals," said Mr. Jason Few, president and CEO. "We made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success." "We are almost two years into our Powerhouse business strategy, and we continue to make progress," continued Mr. Few. "The ability to deliver these results while simultaneously increasing our annualized production rate, repositioning our brand for the future and building the next generation sales structure underscores the hard work and effort of the over 380 employees of FuelCell Energy. To further deepen our bench and ensure we are well positioned for the future, we recently announced additions to our team, significantly expanding our sales and marketing presence with the goal of enhancing customer engagement and effectiveness." Mr. Few added, "We have increased our investment in innovation and are making progress towards the availability of our Advanced Technologies solutions, including distributed hydrogen, long duration energy storage, and hydrogen production via our solid oxide platform. These offerings will complement our commercially available carbonate fuel cell platforms that provide a scalable solution to deliver against the increasing requirements of clean, distributed power and hydrogen generation to strengthen and supplement the grid power and enable the hydrogen economy. The global energy transition continues to accelerate and we believe FuelCell Energy is positioned to answer these opportunities with our patented portfolio of platform solutions." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/886128/000155837021012485/fcel-20210731x10q.htm About FuelCell Energy Headquartered in Danbury, Connecticut, FuelCell Energy, Inc. -- http://www.fuelcellenergy.com-- is a global developer of environmentally responsible distributed baseload power solutions through its proprietary fuel cell technology. The Company targets large-scale power users with its megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. The Company develops turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. FuelCell Energy reported a net loss attributable to common stockholders of $92.44 million for the year ended Oct. 31, 2020, a net loss attributable to common stockholders of $100.24 million for the year ended Oct. 31, 2019, and a net loss attributable to common stockholders of $62.17 million for the year ended Oct. 31, 2018. As of April 30, 2021, the Company had $535.60 million in total assets, $166.69 million in total liabilities, $59.86 million in redeemable series B preferred stock, and $309.05 million in total stockholders' equity. GENOCEA BIOSCIENCES: ADCT's Jennifer Herron Joins Board ------------------------------------------------------- Jennifer Herron, senior vice president and chief commercial officer at ADC Therapeutics SA, has joined the board of directors of Genocea Biosciences, Inc. "It is my great pleasure to welcome Jennifer to our board of directors," said Chip Clark, Genocea's president and chief executive officer. "As we advance our pipeline, including GEN-011, our neoantigen-targeted T cell therapy for the treatment of solid tumors, we believe Jennifer's deep industry and commercial expertise will prove invaluable to us." Ms. Herron commented on her appointment: "I am delighted to be joining the Genocea board, and I am excited by the transformational potential of GEN-011. I also believe the company's ATLAS platform shows great promise for optimizing antigen selection for cancer immunotherapies. I look forward to working with the rest of the Genocea board and the leadership team to help advance the company’s pipeline." Ms. Herron is currently senior vice president and chief commercial officer at ADCT, leading global commercialization strategy and execution including the launch of ADCT's first commercial product. Before joining ADCT, Ms. Herron was executive vice president and chief commercial officer at ImmunoGen, president and executive vice president, Global Commercial, at MorphoSys US, and executive vice president and chief commercial officer at Ariad Pharmaceuticals. Earlier in her career, she held commercial leadership roles in major multinational pharmaceutical companies such as Bristol-Myers Squibb, Novartis Oncology, and SmithKline Beecham (now GlaxoSmithKline). Ms. Herron will receive compensation from the Company for her service as a director in accordance with the Company's non-employee director compensation policy, including an annual director fee of $35,000 and Compensation Committee fee of $5,000. Pursuant to the Company's non-employee director compensation policy and its 2014 Equity Incentive Plan and non-qualified stock option award agreement, Ms. Herron received an award of stock options to purchase 30,000 shares of the Company's common stock on Sept. 9, 2021. In accordance with the Company's customary practice, the Company has entered into an indemnification agreement with Ms. Herron, which requires the Company to indemnify her against certain liabilities that may arise in connection with her status or service as a director. About Genocea Biosciences Headquartered in Cambridge, Massachusetts, Genocea -- http://www.genocea.com-- is a biopharmaceutical company developing personalized cancer immunotherapies. The Company uses its proprietary discovery platform, ATLAS, to profile CD4+ and CD8+T cell (or cellular) immune responses to tumor antigens. Genocea reported a net loss of $43.71 million for the year ended Dec. 31, 2020, compared to a net loss of $38.95 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $77.38 million in total assets, $73.33 million in total liabilities and $4.06 million in total stockholders' equity. GEROU PROPERTIES: Seeks to Hire Pittman & Pittman as Legal Counsel ------------------------------------------------------------------ Gerou Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Pittman & Pittman Law Offices, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include the preparation of liquidation analysis, representation of the Debtor in legal actions commenced by creditors, and assistance in the preparation of bankruptcy schedules and statements of financial affairs. The firm's hourly rates are as follows: Galen W. Pittman $400 per hour Greg P. Pittman $300 per hour Wade M. Pittman $300 per hour Paralegal $75 per hour Wade Pittman, Esq., the firm's attorney who will be handling the case, disclosed in court filings that he is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Wade M. Pittman, Esq. Pittman & Pittman Law Offices, LLC 712 Main Street La Crosse, WI 54601 Telephone: (608) 784-0841 Facsimile: (608) 784-2206 Email: wade@pittmanandpittman.com About Gerou Properties LLC Gerou Properties, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wisc. Case No. 21-11867) on Sept. 7, 2021, listing under $1 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. Wade M. Pittman, Esq., at Pittman & Pittman Law Offices, LLC represents the Debtor as legal counsel. GIRARDI & KEESE: Erika Caught on Tape Boasting 'Bamboozlement' -------------------------------------------------------------- Ryan Naumann, writing for Radar Online, reports that Real Housewives of Beverly Hills star Erika Jayne revealed her "greatest bamboozlement" on stages years before being dragged into her husband Tom Girardi's embezzlement drama. Recently, a clip of Jayne speaking at a 2018 Tedx conference in Pasadena. It's unclear why she was invited but the title of her speech was "My Unapologetic Alter Ego: Living Life as an Exaggerated Figment of People's Imaginations." In the video, Jayne is heard telling the audience how she tricked Americans into believing she was her alter ego "Erika Jayne" and not Erika Girardi, which is her government name. She explained, "I was cast in a reality TV show. Overnight, I took "Erika Jayne" from nightclubs into people's living rooms, and they ate it up. Because TV land is really into like sparkly over-the-top characters and I was nailing it." She continued, "But what happened that I did not expect, is people thought this Erika Jayne character was totally and completely me. This art project that I created in order to get back to what I loved the most – performing -- was all I was ever allowed to be." "It's the greatest bamboozlement I've ever accomplished because Erika Jayne merely erased Erika Girardi." The clip of Jayne describing how she plays two different roles is interesting. At the moment, the RHOBH star is being grilled about what she knew and what she didn't know when it came to her husband's finances. Girardi, a once-respected lawyer, was forced into Chapter 7 bankruptcy and is accused of running his law firm like a Ponzi scheme for over a decade. Recently, the trustee presiding over the bankruptcy sued Jayne for the return of $25 million. He accuses Girardi's company of using firm funds to pay the bills for reality star's entertainment company EJ Global from 2008 until 2020. Jayne reportedly racked up $14 million on an American Express bill during the time period. So far, she has refused to return a dime of the money. In court, her attorney claimed everything Girardi gave to her was a "gift." Girardi's victims feel otherwise. He allegedly screwed over his former clients out of tens of millions. Many of them believe he used settlement money they were awarded to fund his lavish lifestyle with Jayne. In one federal lawsuit, Jayne is a named defendant as the plaintiffs believe she helped Girardi embezzle the money. She denies playing any role in any alleged financial scam. 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 GIRARDI & KEESE: Pop Warner Won Concussion Case With Thomas Girardi ------------------------------------------------------------------- Rachel Scharf of Law360 reports that two mothers used unreliable expert testimony to support claims that Pop Warner Little Scholars Inc.'s allegedly shoddy concussion protocols contributed to the deaths of their sons and other former youth football players, the Ninth Circuit ruled in a case initially filed by disgraced celebrity attorney Thomas V. Girardi. In a unanimous opinion Friday, Sept. 10, 2021, the appellate panel agreed with a California federal judge's decision to ax the 2016 suit by Kimberly Archie and Jo Cornell, whose sons both allegedly developed chronic traumatic encephalopathy due to years of Pop Warner football-induced head trauma. 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 GREEN VALLEY: Green Valley Unsecureds to Get 6% Recovery in Plan ---------------------------------------------------------------- Green Valley at ML Country Club, LLC and ML Country Club, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a First Modified Chapter 11 Plan and First Modified Disclosure Statement dated September 9, 2021. The Debtors' Plan is a plan of liquidation and the Plan will be funded by the sale of all assets of the Debtor. The Debtors have sold some of their assets, including the Pinelands course which sold for $1,224,999. An agreement to sell the golf course and liquor license for $3,500,000 has been entered, with an anticipated sale date of March 5, 2022, subject to completion of the due diligence by the Purchaser. In the event the contingencies are not removed by December 1, 2021, the property will be placed with a realtor. Secured claims under the Plan include the Secured Claim of WSFS in Class 1 against Debtor ML Country Club for $2,627,374, and the Secured Claim of WSFS against Debtor Green Valley in Class 2 for $435,197. These claims will be paid from the sale of the related collateral. General Unsecured Claims in Class 6 aggregating $402,222 against Debtor Green Valley will get pro rata distribution from the proceeds of unencumbered assets. Class 6 claims are expected to get a 6% distribution in the Plan. Holders of General Unsecured Claims in Class 7 aggregating $58,479 against Debtor ML Country Club will get a pro rata distribution of up to 100% under the Plan, depending on the asset sale. Equity Security holders in Class 8 and Class 9 will receive any proceeds from the sale of the respective Debtor's assets after all creditors have been paid in full. A copy of the First Modified Disclosure Statement is available for free at https://bit.ly/3EpPI4O from PacerMonitor.com. Counsel for the Debtors: Robert N. Braverman, Esq. McDowell Law, PC 46 W. Main Street Maple Shade, NJ 08052 Telephone: (856) 482-5544 Email: rbraverman@mcdowelllegal.com About Green Valley at ML Country Club, LLC Green Valley at ML Country Club, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 21-11747) on March 3, 2021. In the petition signed by Louis Sacco, managing member, the Debtor disclosed up to $50,000 in assets and $1 million in liabilities. Affiliate ML Country Club, LLC also sought Chapter 11 protection (Bankr. D. N.J. Case No. 21-11745) on March 3, 2021. ML Country Club listed $1 million to $10 million in both assets and liabilities on the Petition Date. The cases are jointly administered under Green Valley LLC at ML Country Club LLC Judge Jerrold N. Poslusny, Jr. oversees the case. Robert N. Braverman, Esq. at McDowell Law P.C. is the Debtor's counsel. Wilmington Savings Fund Society, FSB, as Lender, is represented by Ballard Sphar, LLP. GRUPO AEROMEXICO: Delivers Final Valuation to DIP Lenders --------------------------------------------------------- Dale Quinn of Bloomberg News reports that Aeromexico says it delivered final valuation materials to its debtor-in-possession (DIP) lenders, according to a Mexico stock exchange filing. Delivery complies with super-priority debtor-in-possession senior secured loan agreement approved by bankruptcy court in its Chapter 11 reorganization. Delivery is a key step in reorganization process. Under preferential financing, preferred creditors of "tranche 2" have the option of converting credits into representative shares of the company's stock, at value established in final valuation materials. Creditors must send notification of their choice to convert no later than Sept. 20, 2021. Aeromexico plans to present its reorganization plan no later than Oct. 8, 2021. About Grupo Aeromexico Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ -- is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, has its main hub at Terminal 2 at the Mexico City International Airport. Its destinations network features the United States, Canada, Central America, South America, Asia and Europe. Grupo Aeromexico and three of its subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30, 2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker, the Debtors reported consolidated assets and liabilities of $1 billion to $10 billion. The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial advisor and investment banker. White & Case LLP, Cervantes Sainz S.C. and De la Vega & Martinez Rojas, S.C. serve as the Debtors' special counsel. Epiq Corporate Restructuring, LLC is the claims and administrative agent. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors on July 13, 2020. The committee is represented by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP. HOSPEDERIA VILLA: Seeks to Use Cash Collateral Through Sept. 30 --------------------------------------------------------------- Hospederia Villa Verde, Inc., together with its secured creditor, YAJAD 77, LLC, asked the U.S. Bankruptcy Court for the District of Puerto Rico to authorize the Debtor's extended use of cash collateral until September 30, 2021, as the parties continue to negotiate the treatment of YAJAD's claim under the Debtor's reorganization plan. The Debtor shall pay YAJAD $5,000, as adequate protection, due and payable on September 1, 2021. A copy of the joint motion is available for free at https://bit.ly/3lntdEJ from PacerMonitor.com. About Hospederia Villa Verde Hospederia Villa Verde, Inc., owner and operator of the Villa Verde Inn, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-01015) on March 31, 2021, listing $500,001 to $1 million in both assets and liabilities. Harold A. Frye Maldonado, Esq., at Frye Maldonado Law Office, serves as the Debtor's legal counsel. YAJAD 77, LLC, as secured creditor, is represented by Hermann D. Bauer, Esq. and Gabriel A. Miranda Rivera, Esq. at O'Neill and Borges LLC. INTELSAT SA: Gets Court Approval to Increase Loan Size to $1.5-Bil. ------------------------------------------------------------------- Allison McNeely, writing for Bloomberg News, reports that Intelsat SA won court approval to increase the size of its bankruptcy loan to $1.5 billion, while its special committee got the nod to compel certain documents from dissenting convertible noteholders. According to the report, the bankrupt satellite company's debtor-in-possession loan was increased from $1 billion as it seeks to exit bankruptcy in the coming months. The New DIP loan includes a $1.25 billion senior-secured term loan and a $250 million delayed-draw term loan at Libor plus 475 basis points, according to the motion. The company's original DIP was priced at Libor plus 550 basis points. Intelsat's Jackson noteholder group will provide the new financing. 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. IRONWOOD FINANCIAL: May Use Cash Collateral Through Sept. 22 ------------------------------------------------------------ Judge Selene D. Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi extended through September 22, 2021, the authority of Ironwood Financial, LLC to use cash collateral on an interim basis, pursuant to the budget. The budget provided for $72,276 in total monthly allocation for expenses. The Court previously entered an agreed order based on the Debtor's agreement with Worldpay ISO, Inc., f/k/a Vantiv, Inc., f/k/a National Processing Company, concerning the use of cash collateral. Based on the agreement, Worldpay is directed to release, during the month of September 2021, $122,000 of any residual payments to the Debtor in the ordinary course of Worldpay's business, provided that the total amount of residual payments due to the Debtor for the applicable period is at least $122,000. In addition, Worldpay is directed to release $167,000 that it is presently holding in reserve from residual payments it received in prior months; Worldpay is directed to release $83,500 of the $167,000 to the Debtor, and to release the remaining $83,500 to itself to be applied towards attorney's fees and costs Worldpay incurred in defense of a certain class action case since the Petition Date. A copy of the third interim order is available for free at https://bit.ly/3CbWyc3 from PacerMonitor.com. The Court will hold a further interim hearing on the motion on September 22 at 1:30 p.m. by telephone. Objections must be filed and served on or before September 20. About Ironwood Financial Oxford, Miss.-based Ironwood Financial, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 21-10866) on May 3, 2021. In the petition signed by John H. Lewis, manager, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Jason D. Woodard oversees the case. Mitchell, McNutt & Sams, P.A. serves the Debtor's legal counsel. JACOB 17: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Jacob 17, LLC, according to court dockets. About Jacob 17 LLC Jacob 17 LLC filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-17776) on Aug. 10, 2021, listing up to $500,000 in assets and up to $1 million in liabilities. Laurent Benzaquen, manager, signed the petition. Judge Robert A. Mark oversees the case. Joel M. Aresty, Esq., serves as the Debtor's legal counsel. JC STRENGTH: Court Extends Plan Filing Deadline Until Dec. 7 ------------------------------------------------------------ Judge James R. Sacca has entered an order granting the JC Strength & Conditioning, Inc.'s motion to extend its deadline for filing of a small business plan and disclosure statement until Dec. 7, 2021. The Debtor operates a gym, which was severely impacted by the global Covid-19 pandemic. Now, over a year since the pandemic began, the Debtor's business is steadily increasing but has not yet reached pre-pandemic levels. The Debtor is confident that now that the State of Georgia has opened up vaccines to all individuals over the age of 16, the business will continue to increase. The Debtor's president estimates that the Debtor will reach the necessary levels of revenue to confirm a plan in August 2021. The Debtor has acted diligently during the initial months of their chapter 11 case and will continue to do so for the remainder of the case. Attorneys for the Debtor: William A. Rountree Elizabeth A. Childers ROUNTREE LEITMAN & KLEIN, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Tel: (404) 584-1238 E-mail: wrountree@rlklawfirm.com echilders@rlklawfirm.com About JC Strength & Conditioning Established in 2008, JC Strength & Conditioning, Inc., is in the health and fitness business. JC Strength & Conditioning filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-21528) on Nov. 12, 2020. The petition was signed by Justin Tway, president. At the time of the filing, the Debtor disclosed total assets of $1,354,709 and total liabilities of $1,353,796. Judge James R. Sacca presides over the case. The Debtor is represented by Rountree Leitman & Klein, LLC. KORNBLUTH TEXAS: Seeks to Hire Matthew Shell CPA as Accountant -------------------------------------------------------------- Kornbluth Texas, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Matthew Shell CPA, PLLC as its accountant. The firm's services include the preparation of the Debtor's corporate and franchise tax returns and other business services related to the Debtor's Chapter 11 proceedings. Matthew Shell received a retainer in the amount of $2,500 and will charge $250 per hour for its services. The firm can be reached through: Matthew Shell Matthew Shell CPA, PLLC 102 E. Walker St., Suite 101 League City, TX 77573 Tel: 281-557-1065 Fax: 281-557-1065 Email: matt@mattshellcpa.com About Kornbluth Texas Kornbluth Texas, LLC, which operates a Holiday Inn hotel, filed a petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-32261) on July 5, 2021, listing as much as $10 million in both assets and liabilities. Cheryl M. Tyler, managing member, signed the petition. Judge Christopher M. Lopez oversees the case. The Debtor tapped The Law Office of Margaret M. McClure and Matthew Shell CPA, PLLC as its legal counsel and accountant, respectively. KOSSOFF PLLC: Court Declines Latest Request for Stay ---------------------------------------------------- Emma Whitford of Law360 reports that former Manhattan real estate attorney Mitchell Kossoff cannot "extend his track record of providing inadequate help" in the bankruptcy of his defunct law firm Kossoff PLLC, a New York federal judge said Tuesday, September 14, 2021, declining to stay an order that he produce firm financial records. U.S. Bankruptcy Judge David S. Jones denied Kossoff's stay motion during an hourlong video hearing. He said case law is likely to override Kossoff's assertion on appeal that discovery will compromise his Fifth Amendment rights. Meanwhile, former Kossoff PLLC clients have been out millions of dollars since the firm folded this spring. About Kossoff PLLC Kossoff PLLC is a real estate law firm based in New York City. It operated as a law firm with offices located at 217 Broadway in New York City. The firm held itself out as a law firm that provided full-service real estate legal services specializing in litigation and transactional matters, including leasing, sale and acquisition of real property, commercial landlord tenant matters, real estate litigation, and city, state and federal agency regulatory matters Mitchell H. Kossoff, the firm's founder and only known managing member, is alleged to have failed to and/or refused to return millions of dollars of client funds when requested by clients. Since on or about April 1, 2021, Kossoff's whereabouts have been unknown, and Kossoffhas ceased all communications with the Debtor's clients and with the attorneys and staff who were employed by the Debtor. Kossoff PLLC is subject to an involuntary petition for Chapter 7 bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on April 13, 2021. The case is handled by Honorable Judge David S. Jones. Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former clients of the Debtor signed the involuntary petition. Carter Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the petitioners. Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal LLP, was named as Chapter 7 Trustee. He tapped his own firm as counsel in the case. LAKE CECILE: Unsecureds to Get Pro Rata Share of Unsecured Notes ---------------------------------------------------------------- Lake Cecile Resort Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a First Amended Chapter 11 Plan and First Amended Disclosure Statement dated September 10, 2021. The Debtor, during the course of its bankruptcy proceedings, has sought Court approval for the sale of its motels. Best Meridian Insurance Company and Best Meridian International Insurance Company, SPC (collectively, BMI) was the successful bidder with an aggregate credit bid of $8,500,000. The Debtor and BMI have entered into a Settlement Agreement, subject to Court approval, with respect to the amount of allowed claim secured by the motels, the credit bidding to purchase the motels and BMI's allowed unsecured deficiency claim for $1,000,000. The Debtor has $17.1 million in secured claims and $396,000 in unsecured claims, which unsecured amount the Debtor expects to increase by a material amount on account of deficiency claims and the $1,000,000 claim by Best Meridian Insurance Company. The holders of allowed unsecured claims shall receive a pro rata share of unsecured notes payable in 60 equal monthly installments. The aggregate principal amount of unsecured notes will be the lesser of the allowed unsecured claim, and $50,000. A copy of the Amended Disclosure Statement is available for free at https://bit.ly/3tDEUuM from PacerMonitor.com. Counsel for the Debtor: David R. McFarlin, Esq. Fisher Rushmer, P.A. 390 N. Orange Ave., Suite 2200 Post Office Box 3753 Orlando, FL 32802-3753 Telephone (407) 843-2111 Facsimile (407) 422-1080 Email: dmcfarlin@fisherlawfirm.com About Lake Cecile Resort Lake Cecile Resort Inc. is an Orlando, Fla.-based company primarily engaged in renting and leasing real estate properties. Lake Cecile Resort sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01060) on March 12, 2021. In the petition signed by Mary T. Nguyen, president, the Debtor disclosed between $10 million and $50 million in both assets and liabilities. Judge Karen S. Jennemann oversees the case. David R. McFarlin, Esq., at Fisher Rushner, P.A., is the Debtor's legal counsel. LATAM AIRLINES: Garners More Than $5 Billion in Financing Offers ---------------------------------------------------------------- CH-Aviation reports that LATAM Airlines Group and certain of its debtor-affiliates in Brazil, Chile, Colombia, Ecuador, the United States, and Peru have received more than USD5 billion in non-binding capital and financing proposals to exit from Chapter 11 bankruptcy proceedings, according to an SEC filing. The airline group also released its five-year business projection, which it said marked one of the final stages before the presentation of its plan of reorganisation. LATAM forecasts recovering 2019 profitability by 2024, and a 78% operational result increase by 2026 when compared to pre-pandemic figures in 2019, the company said in a statement. The offers "from its most significant claim holders and its majority shareholders” contemplate raising the new funds through the issuance of new debt and equity in LATAM, which would be "backstopped by the parties making the proposal". "In addition, in each exit proposal, the proponents contemplate that if such proposal is approved and implemented, it would result in the substantial dilution of LATAM’s currently existing shares," according to the filing by chief executive officer Roberto Alvo on September 9, 2021. “LATAM will continue to discuss the exit proposals with their respective proponents and will continue to engage in discussions regarding its reorganisation plan with such proponents and other stakeholders, some of whom have agreed to remain under non-disclosure agreements," he said. "LATAM is focused on ensuring that any exit strategy allows it to emerge from the Chapter 11 proceeding with a robust capital structure, adequate liquidity, and the ability to execute its business plan in a sustainable manner over time. Any plan will be implemented in accordance with the relevant requirements of the US Bankruptcy Code and Chilean law," Alvo said. An extraordinary meeting of shareholders would be called when appropriate, subject to the progress of the negotiations with the various stakeholders. The carrier’s largest shareholders include Delta Air Lines (DL, Atlanta Hartsfield Jackson) (20%), the Cueto Group (16.4%), and Qatar Airways (QR, Doha Hamad Int'l) (10%). Other shareholders have 34.4% ownership in LATAM. LATAM and its subsidiaries - which entered US Chapter 11 bankruptcy protection on May 26, 2020 - have also filed a motion with the Bankruptcy Court for the Southern District of New York for an extension until October 15 for the period during which debtors have the exclusive right to submit a plan of reorganisation, and until December 15 to solicit acceptances of a plan. The court is scheduled to consider the motion at a hearing on September 23, 2021. As of July 31, 2021, LATAM reported about USD1.9 billion in liquidity, considering USD1.1 billion in cash and cash equivalents and USD800 million in undrawn Debtor-in Possession (DIP) financing. LATAM's existing debtor-in-possession financing provides for a possible additional third tranche (the "Tranche B Facility") of secured financing up to USD750 million, in addition to the existing USD1.3 billion Tranche A facility and the USD1.15 billion Tranche C facility, which are not fully drawn as of this time. Given the currently favourable market conditions, LATAM was soliciting interest from potential lenders in providing a Tranche B Facility and would consider proposals to determine whether it was able to borrow funds at a more competitive rate than under the existing Tranche A and C facilities. Meanwhile, a telephonic hearing will be held in the US Bankruptcy Court on October 28, 2021, on a motion filed by the debtors to assume various aircraft agreements and for related relief totalling about USD52.4 million according to a notice filed by the court on September 10, 2021. Alongside the news of its proposed exit funding, LATAM also disclosed its financial projections coming out of Chapter 11 until 2024 by when it expects to fly a similar amount of Available Seat Miles (ASKs) as it did in 2019 and a growth of 7% by 2026, resulting from an estimated recovery of the domestic markets by 2022 and the international ones by 2024. However, its mix of operations would be very different. "The stage length will be shortened as domestic markets recover faster than international, and we will be carrying 12% more passengers with a lower corporate passenger mix compared to pre-pandemic," the airline said. The recovery scenario was supported by LATAM Airlines Brazil's domestic market's operational ramp-up to date, which reached a 77% ASKs in August, compared to 2019, and was forecast to surpass 100% of 2019 levels at the beginning of 2022. The domestic markets of the affiliates in Colombia (LATAM Airlines Colombia), Ecuador (LATAM Airlines Ecuador), Peru (LATAM Airlines Perú), and Chile (LATAM Airlines) already reached 72% in August, while the international recovery of the group, both regional and long-haul, continued to be affected by travel restrictions. Meanwhile, LATAM had simplified its fleet and was now operating an all Boeing wide-body fleet, creating additional efficiencies. "We will be flying newly retrofitted B777s from Brazil and in the coming months, we will be introducing the B787-9 in Brazil. We are also continuing to retrofit the cabins of our narrow-body fleet." According to the ch-aviation fleets advanced ch-aviation module, the airline group has a fleet of 294 aircraft spread across its various AOCs including forty-four A319-100s, 132 A320-200s, twelve A320-200Ns, forty-eight A321-200s, twenty-four B767-300(ER)s, ten B777-300(ER)s, ten B787-8s, and fourteen B787-9s. Cost reduction initiatives addressed during the Chapter 11 process, including leveraging LATAM's digital transformation to improve efficiency, supplier renegotiations, and fleet restructuring, saved USD900 million annually and allowed LATAM to structurally change its cost base. It said an important part of its cost containment was coming from the renegotiation of its fleet, which represented its largest fixed cost. Fleet costs alone note annual cash cost savings of over 40% compared to 2019. "We have already obtained court approval for all the new terms regarding 95% of our fleet. These new terms will allow us to reduce the fleet-related cash outflows by over 40% in the forecasted period when compared to 2019. We have also entered into interest-only or variable payments depending on utilisation, extending to 2022 for 60% of our narrow-body fleet and to 2023 for 50% of our wide-body fleet." Its MRO facilities in Brazil and Chile would allow it in-source most of its maintenance. LATAM Group said it had secured slots for converting passenger aircraft into freighters, allowing it to increase cargo capacity by 80% by 2024. "This heavier cost structure (larger cargo operations, more frequencies, shorter stage-length, more passengers) and the five-year inflationary pressure will all be offset by cost-saving initiatives. By 2024, before inflation, we expect our total Cost of Available Seat Kilometre (CASK) ex-fuel to amount to 3.9 cents, representing a 0.6 cent improvement on the 2019 CASK ex-fuel." LATAM expects its revenues to increase by 13% to USD11.8 billion in 2026 and its EBIT margin to reach 25% in the same year. Passenger revenues were expected to grow 8% and cargo revenues by 59% compared to 2019. The cargo affiliates of LATAM would incorporate at least eight new freighters into their fleet and some of these aircraft conversions had already started. The slower recovery in the international business provides for a unique opportunity for this business unit as there was less belly capacity available. On the passenger front, the Group foresaw a competitive environment during the initial years of projections. "We expect the capacity of the group to exceed the demand and the unbundling of our fares and the improved cost structure will play a key role. In the later years of the projections, we are forecasting a more balanced supply and demand." LATAM unbundled its fares in 2017, implementing an ancillary products strategy, which it said, would be a pillar of future growth. Operating cash flow was forecast at USD1 billion in 2022, increasing to USD2.8 billion in 2026. Free cash flow, including fleet CAPEX, would be positive in 2023 and ramp-up to USD 1 billion in 2026. "All additional aircraft are modelled as operating leases and therefore will not imply a cash-out," it noted. In addition to fleet and cargo conversions, LATAM would be investing in improving its performance and product, including digitalisation, cabins, and Wi-Fi connectivity. The Group said it had leveraged the Chapter 11 process and would exit it with an improved operational cost structure that would position it competitively. "The reorganisation has allowed LATAM to introduce structural transformations: renegotiated fleet, further improved an already competitive cost position and a strengthened network. We are convinced that LATAM Group will come out of this crisis stronger than ever," it said. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. LEVEL EIGHT: May Use Spectra and SBA Cash Collateral ---------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas authorized Level Eight, Inc. to enter into all agreements necessary to allow its use of cash collateral in amounts and for purposes set forth in the approved budget. The budget provided for $13,886 in total expenses for the month of September 2021. As adequate protection for the diminution in value of their interest, secured lenders Spectra Bank and the U.S. U.S. Small Business Administration are granted replacement liens and security interests co-extensive with their prepetition liens. The Debtor shall also pay Spectra Bank, on the 10th day of the month, the lesser of $15,000 or excess cash flow after payment of expenses. Secured Lenders are granted valid and automatically perfected liens co-extensive with their prepetition liens in all property of the Debtor. A copy of the order is available for free at https://bit.ly/3hArdbb from PacerMonitor.com. About Level Eight Arlington, Texas-based Level Eight, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-41365) on June 7, 2021. The Debtor operates a scrap metal recycling facility located in Dallas, Texas. In the petition signed by Bhavesh Patel, president, the Debtor disclosed total assets of up to $50,000 in assets and total liabilities of $10 million. Judge Mark X. Mullin oversees the case. The Debtor tapped Joyce W. Lindauer, Esq., as legal counsel. Spectra Bank, the secured lender, is represented by Thomas, Cinclair & Beuttenmuller, PLLC. LIFE CENTER CHURCH: Case Summary & 2 Unsecured Creditors -------------------------------------------------------- Debtor: Life Center Church of God in Christ 5501 S. Indiana Chicago, IL 60653 Business Description: The Debtor is a tax-exempt religious organization. Chapter 11 Petition Date: September 15, 2021 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 21-10661 Judge: Hon. Carol A. Doyle Debtor's Counsel: William E. Jamison, Jr., Esq. WILLIAM E. JAMISON & ASSOCIATES 53 W. Jackson Blvd., Suite #309 Chicago, IL 60604 Tel: (312) 226-8500 Email: wjami39246@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by T.L. Barrett, Jr., as president. A copy of the Debtor's list of two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/GNYF6LY/LIFE_CENTER_CHURCH_OF_GOD_IN_CHRIST__ilnbke-21-10661__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/WSUCQ7Y/LIFE_CENTER_CHURCH_OF_GOD_IN_CHRIST__ilnbke-21-10661__0001.0.pdf?mcid=tGE4TAMA MACOM TECHNOLOGY: S&P Ups ICR to B+ on Solid Operating Performance ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on U.S.-based analog semiconductor manufacturer MACOM Technology Solutions Holdings Inc. to 'B+' from 'B'. S&P also raised its issue-level rating on the company's senior secured debt to 'BB' from 'BB-' based on a recovery rating of '1'. S&P said, "The stable outlook reflects our expectation that new products and long-term market trends such as 5G infrastructure spending will support mid- to high-single-digit percent revenue growth in fiscal 2022. MACOM should maintain EBITDA margins above 30% by continuing to seek operating efficiencies and a higher-margin revenue mix. As a result, we expect leverage to reduce to about 3x in fiscal 2022." MACOM's strong performance and EBITDA margin improvement are leading to faster than expected deleveraging in fiscal 2021. The upgrade follows MACOM's EBITDA margin improvement to above 30% in the 12 months ended July 2, 2021. Successful cost control such as facility consolidation and manufacturing efficiencies has supported this, allowing for significant operating leverage gains from the company's strong revenue growth in fiscal 2021. S&P said, "We expect EBITDA margins to continue to steadily improve to the low- to mid-30% area as MACOM seeks operating efficiencies, expands its product portfolio with higher-margin specialty products and further benefits from operating leverage gains. As a result, we expect leverage to fall below 3.5x in fiscal 2021 and approach 3x in fiscal 2022." S&P said, "Our adjusted debt, FOCF, and EBITDA figures include standard adjustments for operating leases and share-based compensation. We do not net accessible cash from our debt figures and include the full principal of MACOM's convertible notes. "The stable outlook reflects our expectation that MACOM's new products and long-term market trends such as 5G infrastructure spending will support mid- to high-single-digit percent revenue growth in fiscal 2022 and EBITDA margins maintained above 30% as the company continues to seek operating efficiencies and a higher-margin product revenue mix. As a result, we expect leverage to reduce to about 3x in fiscal 2022 and FOCF generation of above $150 million." S&P could raise its rating if: -- MACOM maintains consistent revenue growth in at least the mid- to high-single-digit percent area from continued successful product launches and a supportive demand environment; -- EBITDA margins stay well above 30% or the company continues to reduce debt such that we expect leverage to fall and stay below 3x while also considering the impact of industry cyclicality; and -- It maintains FOCF to debt above 15%. Although unlikely over the next 12 months, S&P could lower its rating if: -- Operational mishaps or prolonged weakness in the telecom or data-center markets, perhaps from delayed 5G-related spending, lead to significant revenue declines and EBITDA margins falling below the mid-20% area. S&P would expect this to lead to leverage increasing to and staying above 5x or FOCF to debt falling below 5% for a sustained period; or -- MACOM adopts a more aggressive financial policy including large debt-funded acquisitions or share repurchases. MALLETT INC: Case Summary & 9 Unsecured Creditors ------------------------------------------------- Debtor: Mallett Inc. c/o Lester Bleckner & Shaw LLP 350 Fifth Avenue, Suite 3301 New York, NY 10118 Chapter 11 Petition Date: September 15, 2021 Court: United States Bankruptcy Court Southern District of New York Case No.: 21-11619 Judge: Hon. James L. Garrity Jr. Debtor's Counsel: Mark Frankel, Esq. BACKENROTH FRANKEL & KRINSKY, LLP 800 Third Avenue New York, NY 10022 Tel: (212) 593-1100 Fax: (212) 644-0544 Email: mfrankel@bfklaw.com Total Assets: $3,665,011 Total Liabilities: $13,181,708 The petition was signed by Graham Shircore as director. A full-text copy of the petition containing, among other items, a list of the Debtor's nine unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ZJNP56Y/Mallett_Inc__nysbke-21-11619__0001.0.pdf?mcid=tGE4TAMA MALLINCKRODT PLC: Asks to Push Back Plan Hearing Until October -------------------------------------------------------------- Rick Archerk, writing for Law360 reports that, drugmaker Mallinckrodt Corp. on Tuesday, September 14, 2021, told a Delaware bankruptcy judge it wants to push back the confirmation hearing for its Chapter 11 plan to October to allow for more time to finalize changes to the plan created by recent creditor settlements. At a virtual hearing, counsel for Mallinckrodt told U.S. Bankruptcy Court Judge John Dorsey that the company will be consulting with him to find a date in October to begin the hearing, originally scheduled to start Sept. 21, 2021. About Mallinckrodt PLC Mallinckrodt is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Visit http://www.mallinckrodt.com/ On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware in the U.S. (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim Securities LLC as investment banker; and AlixPartners LLP as restructuring advisor. Prime Clerk, LLC is the claims agent. The official committee of unsecured creditors retained Cooley LLP as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon Advisers LLC as its financial advisor. On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an official committee of opioid related claimants. The OCC tapped Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz as Delaware co-counsel, Province Inc. as financial advisor, and Jefferies LLC as investment banker. The Debtors filed their plan of reorganization and disclosure statement on April 20, 2021. MALLINCKRODT PLC: Plan Understates Revenues, Senior Creditors Say ----------------------------------------------------------------- Jeff Montgomery, writing for Law360, reports that senior creditors of bankrupt drugmaker Mallinckrodt Corp. have objected to confirmation of its multibillion-dollar Chapter 11 plan, arguing that the company failed to take into account worldwide revenues from a breakthrough skin graft substitute recently approved by the Food and Drug Administration. Burlingame Investment Group said late Friday, September 10, 2021, that Mallinckrodt could see $75 million annually in new free cash flow worldwide in 2022 and $695 million annually from 2023 to 2032 from the StrataGraft alternative, but factored only $59 million from annual domestic sales into its plan. Burlingame that FDA approval in July of Stratagraft, a revolutionary product that eliminates the need for autografting, is a huge breakthrough and should give the Debtors $150 million in annual sales in the U.S. and 28 other countries. Burlingame expects global revenue (from 194) countries would give the Debtors annual free cash flow from StrataGraft at $19 million in 2021, $75 million in 2022, and $695 million from 2023 through 2032. Burlingame believes that the Plan is not confirmable as proposed. The objector can be reached at: Balke Kim BURLINGAME INVESTMENT GROUP LLC Burlingame, CA 94010 Tel: (650) 393-4782 Fax: (650) 276-7477 E-mail: blakekim@burlingameinvest.com About Mallinckrodt PLC Mallinckrodt is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Visit http://www.mallinckrodt.com/ On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware in the U.S. (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim Securities LLC as investment banker; and AlixPartners LLP as restructuring advisor. Prime Clerk, LLC is the claims agent. The official committee of unsecured creditors retained Cooley LLP as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon Advisers LLC as its financial advisor. On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an official committee of opioid related claimants. The OCC tapped Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz as Delaware co-counsel, Province Inc. as financial advisor, and Jefferies LLC as investment banker. The Debtors filed their plan of reorganization and disclosure statement on April 20, 2021. MARRIOTT VACATIONS: S&P Alters Outlook to Pos., Affirms 'B+' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable, and affirmed its 'B+' issuer credit rating on Marriott Vacations Worldwide Corp. (MVW), its 'BB' rating on the senior secured debt, and our 'B-' rating on the company's subordinated unsecured convertible notes due 2022. Additionally, MVW recently repaid $500 million of senior unsecured notes, and plans to repay $250 million of senior unsecured notes and $250 million of senior secured notes over the coming weeks. S&P said, "We anticipate these actions will improve recovery prospects for senior unsecured lenders in a hypothetical default. As a result, we placed our 'B-' rating on the company's senior unsecured debt on CreditWatch with positive implications." S&P said, "The positive outlook reflects our revised forecast for contract sales and EBITDA, as well as our increased confidence that the company can reduce adjusted debt to EBITDA to be in line with a 'BB-' issuer credit rating over the coming quarters. "Our outlook revision to positive reflects our updated forecast for MVW's contract sales and EBITDA in 2021 and 2022, as well as our increased confidence that the company can restore credit metrics to be in line with a higher rating by late 2021 or early 2022. Our updated forecast is that MVW will have captive-adjusted debt to EBITDA in the 5x-5.5x range in 2021, potentially improving to the 3.5x-4x range in 2022 if the travel recovery continues in the U.S. We previously assumed captive-adjusted leverage would be above 6.5x in 2021 and could decrease to 4x-5.5x in 2022. Our updated base-case forecast incorporates an improvement in contract sales, as well as increased adjusted EBITDA margin in 2021 due to a mix shift toward contract sales of additional points to existing timeshare owners, which are higher margin because of lower customer acquisition costs, and less rental revenues, which are typically low margin because of high carrying costs. We assume full-year 2021 gross contract sales of $1.25 billion-$1.35 billion, compared to our previous assumption of about $1.2 billion, and that contract sales could recover to near pre-pandemic levels in 2022. Near-term contract sales can likely generate high margin because they are made to a higher mix of existing owners, who require less marketing effort and cost and typically contribute to higher closing rates and volume per guest. If the recovery continues as we assume through 2022, we believe the mix of sales will eventually revert toward more new owners, likely resulting in lower EBITDA margin from this sales segment. However, the impact in 2022 could be offset by the recovery of other segments such as higher-margin management and exchange revenues if membership levels stabilize after the loss of Diamond Resorts members this year following the close of the Hilton Grand Vacations acquisition. Our leverage forecast is also supported by MVW's ample inventory in the near-term due to acquired inventory from recent acquisitions, resulting in total inventory equivalent to about three years of sales, which should alleviate inventory spending and working capital's use of cash." The leisure travel recovery has held up well in recent months due to pent-up demand, with total nights booked at MVW's resorts for the second half of 2021 exceeding levels in the same period in 2019. Occupancy at select MVW beach and regional resorts reached 85% or higher in the second quarter. MVW also has sizable exposure to destination markets such as Hawaii and Orlando, Fla., which experienced good demand in recent months and together accounted for a little more than 40% of pre-COVID-19 contract sales. Data released by Hawaii's Department of Transportation show that daily total air passenger counts to the state in the last week of August were about 65% of same-period 2019 levels. Recovery in destination and urban markets is likely to depend on consumers' perception of safety to travel by air and the loosening of capacity restrictions at local attractions. Meanwhile, MVW's exposure to urban markets such as New York and San Francisco, where the company recently developed inventory, as well as in Asia, could lag the overall recovery. S&P said, "Impact of the delta variant is a near-term risk factor, but we believe our upwardly revised base-case assumptions are reasonably conservative compared to recent travel and contract sales trends. Because of MVW's partial exposure to destination travel, the coronavirus delta variant represents a particular risk that MVW might underperform our base case. The delta variant has introduced fresh uncertainty into the trajectory of the pandemic and its economic effects. The U.S. saw a new wave of delta variant dominant infections starting from the mid-South and spreading quickly to nearby states with lower-than-national-average vaccination rates. Concerns over the variant have affected travel, including to Hawaii, which saw sequentially worse comparisons to same-period 2019 levels through August and month-to-date September. Hotel occupancy data for California and Florida, which can be proxies for overall travel volume, also appear to show modest weakening in late August, which we attribute to concerns about the delta variant. "In the first half of 2021, pent-up demand led by consumers with a strong propensity to travel enabled MVW to upsell its existing owners to higher-priced inventory. The pool of existing owners inclined to purchase upgrades is finite, therefore the sustainability of upgrade sales is a risk factor over time. We believe MVW will need to attract new buyers in 2022 and begin to shift the mix of sales toward new from current owners toward historical levels to achieve our leverage forecasts. When the mix of sales to new owners increases, sequential EBITDA margin recovery could plateau or decline because new owner sales require greater selling and marketing costs. Over time as tour flows recover substantially, we expect the company to revert toward pre-pandemic volume per guest (VPG). Nonetheless, even if MVW falls short of shifting its new owner mix to historical levels, the company should still be able to build a cushion against our upgrade threshold in 2022. "Considerations that help mitigate financial risk include the strength of the Welk portfolio and MVW's equity and convertible notes issuances. We view the recent Welk acquisition favorably because it satisfies a key business goal under MVW's license agreement with Hyatt and complements the portfolio's geographic footprint with high-quality assets. Also, MVW has an established record of integrating acquisitions. MVW has resort development requirements under the Hyatt license agreement, which will be satisfied by Welk by increasing Hyatt Residence Club-branded resorts by more than 50%. The Welk integration is also likely to expand Welk's timeshare sales profit margin over several years, because the Hyatt rebranding and larger MVW-managed marketing platform could provide access to customers with better credit profiles. This would result in fewer credit losses over time and bring scale and sales efficiencies associated with branded distribution channels. In addition, the Welk inventory is ready for sale, which reduces the need for working capital investments. We believe MVW can integrate Welk based on its record with the ILG acquisition. "MVW's decision to issue equity and convertible notes is also a risk mitigant. The convertible notes priced at 0% interest, therefore the transaction won't burden cash interest coverage. While we view the convertible notes as debt, their potential conversion into equity would be credit positive. After their issuance, the convertible notes were allocated an unamortized discount that reflects the value of an equity component, which we net against debt. The debt balance will rise each period as the discount is amortized." These factors are partially offset by MVW's willingness to engage in a partially debt-financed acquisition during a recovery. This slows the company's restoration of credit measures and makes it more vulnerable to inadvertent operating missteps or further delays in the travel sector and overall economic recovery. The convertible notes issuance and acquisition increased net corporate debt by $275 million-$300 million, incorporating Welk's monetizable receivables. Welk's adjusted EBITDA as measured by MVW was $29 million in 2019, and about $11 million on a captive-adjusted basis (excluding financing EBITDA). Welk's current run-rate captive-adjusted EBITDA may not have recovered to 2019 levels. S&P said, "As a result, we estimate the acquisition will likely have a leveraging impact on MVW in 2021 and 2022. Achieving target EBITDA and margin underwritten in the acquisition will depend on a travel recovery and cost-saving initiatives. We believe it is increasingly plausible that Welk can achieve its target EBITDA over time, based on results reported after the second quarter. MVW's risk tolerance for the acquisition could indicate an appetite for transactions because management has stated it remains open to additional acquisitions while balancing the Welk integration." MVW has adjusted its cost structure and raised sufficient funds for adequate liquidity during the COVID-19 pandemic. MVW had about $1.5 billion of liquidity as of the second-quarter 2021, consisting of $780 million cash after adjusting for senior notes repayment in July 2021, revolver availability of $598 million, and eligible notes that can generate $97 million through securitization. As MVW finances more timeshare sales, it can pledge more receivables to the warehouse. The warehouse is typically an interim liquidity source to make new consumer loans, and its potential usage for operating expenses could reduce availability for the company to originate consumer loans. MVW's ability to generate cash flow also improved since mid-2020 partly as a result of cost cuts and planned synergies totaling $200 million. They are intended to be permanent and fully implemented in 2022, materially benefiting margin on a full-year basis in 2022. The cost savings and synergies incorporate the use of technology to generate sales more efficiently, the effect of which we believe may become more apparent in higher EBITDA margin over time after timeshare sales rebound substantially. The captive finance subsidiary had good leverage cushion upon entering the pandemic. MVW experienced average annual historical default rates on gross vacation ownership note receivables of 6.3% in 2020 and 4.5% in 2019. Default rates could remain elevated at least for a portion of 2021 and result in write-offs on delinquent vacation ownership loans, which could moderately worsen the captive's debt-to-equity ratio. For MVW's vacation ownership notes receivables, the average default rates were 6.59% and 6.58% in the second and first quarters of 2021. MVW ended 2020 with 2.8x S&P-adjusted debt to equity at the captive, which S&P believes could rise to 3x-4x in 2021. If default rates are material, the captive's financial risk could rise enough to impair MVW's overall financial risk. Higher default rates and financial risk at the captive could also result in more cash outlays at MVW, to the extent the company chooses to support the credit quality of securitized loans or opportunistically repurchases low-cost timeshare inventory underlying any defaults. S&P said, "However, we do not believe the captive would significantly hurt the parent's financial risk in a manner that would lead to a downgrade. The captive debt-to-equity ratio in 2020 had a cushion to the 5x downgrade threshold. The captive can absorb some deterioration in loan losses without impairing MVW's overall financial risk. Furthermore, while annualized loan losses could be elevated in 2021 because of the pandemic, these losses represent cyclical performance rather than a fundamental shift in underwriting standards. We therefore may not lower the rating solely based on this risk factor. We also believe default rates will be helped by government stimulus and loan deferral programs in the near term. "The positive outlook reflects our revised forecast for contract sales and EBITDA, as well as our increased confidence that the company can reduce adjusted debt to EBITDA to be in line with a 'BB-' issuer credit rating over the coming quarters." S&P could revise its outlook to stable or lower the rating if: -- Travel demand fails to recover as S&P assumes in 2021 and 2022, causing MVW's captive-adjusted debt to EBITDA to be sustained above 6.25x; -- Risk in the captive finance subsidiary rises enough to impair the parent's financial risk, which could occur if the captive's debt-to-equity ratio is sustained above 5x or loan losses in the captive's portfolio increased materially. S&P could raise the rating once it is confident contract sales, revenue and EBITDA can improve despite risks from COVID-19 infections and potential travel restrictions in a manner that enables MVW to sustain S&P-adjusted leverage below 5.5x. MONTEREY MOUNTAIN: Taps Farsad Law Office as Bankruptcy Counsel --------------------------------------------------------------- Monterey Mountain Property Management, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Farsad Law Office, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) taking necessary action to avoid liens against the Debtor's property, if needed; (c) representing the Debtor in consultations with creditors regarding the administration of the case, including creditors holding liens on its property; (d) advising and taking action to stay foreclosure proceedings against the Debtor's property; (e) preparing legal papers; (f) preparing the Debtor's disclosure statement and plan of reorganization; (g) assisting the Debtor in any manner relevant to a review of any contractual obligations, and asset collection and dispositions; (h) preparing documents relating to the disposition of assets; (i) advising the Debtor on finance and finance-related matters and transactions, and matters relating to the sale of the Debtor's assets; (j) advising on issues associated with the acts, conduct, assets, liabilities and financial condition of the Debtor, and any other matters relevant to the case or to the formulation of a plan of reorganization; (k) assisting the Debtor in the negotiation, formulation, preparation and submission of a plan of reorganization and disclosure statement; (l) providing other necessary services, including assisting the Debtor with respect to resolving disputes with its creditors; (m) preparing status conference statements and appearing at all court hearings; and (n) obtaining the necessary court approval of the Debtor's disclosure statement and soliciting ballots as necessary for plan confirmation. The firm's hourly rates are as follows: Arasto Farsad, Esq. $350 per hour Nancy Weng, Esq. $350 per hour Paralegal $100 per hour The Debtor paid $20,000 to the law firm as a retainer fee. Arasto Farsad, Esq., and Nancy Weng, Esq., disclosed in a court filing that they are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda Suite 525 San Jose, CA 95126 Tel.: (408) 641-9966 Fax: (408) 866-7334 Email: farsadlaw1@gmail.com About Monterey Mountain Monterey, Calif.-based Monterey Mountain Property Management, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-51127) on Aug. 25, 2021, listing as much as $10 million in both assets and liabilities. Michael T. Noble, as managing member, signed the petition. Judge Elaine E. Hammond oversees the case. The Debtor tapped Farsad Law Office, P.C. as legal counsel. MOUNTAIN PROVINCE: Provides Kennady North Project Update -------------------------------------------------------- Mountain Province Diamonds Inc. provides an update for its 100%-held Kennady North Project. The Kennady North Project covers 22 federal leases and 97 claims that include the new eastern claims that were acquired in early 2020. With the acquisition of the eastern claims, the Kennady North Project now totals 106,202 hectares and completely surrounds the Gahcho KuE Mine. Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kue diamond mine. The eastern claims were acquired after in-house data suggested that kimberlite indicator minerals ('KIM') continued up-ice and east of the known kimberlite occurrences, including the kimberlites at Gahcho Kue. The Company has also completed a detailed glacial geology study on the eastern claims that is similar to the study conducted in 2018 by Palmer (Vancouver, BC) on the western claims and leases. The 2021 Palmer study incorporates field mapping and remote imagery data to identify glacial materials that are most amenable for recovery of KIM, and for tracking those KIM back to a primary source. Summer 2021 till sampling on the eastern claims is nearly complete with 327 samples being collected under guidance from the 2021 Palmer study. An additional 298 till samples were also collected from the western Kennady claims. The Company gratefully acknowledges the receipt of a Minerals Incentive Program (MIP) award from the Government of Northwest Territories. The MIP award will help to offset costs of the first-year exploration activities on the eastern claims. For an area of interest surrounding the Faraday kimberlites, a new ground-based resistivity method was tested for the first time. The Aurora Rapid Reactance Tomography ('ARRT') system developed by Aurora Geoscience Ltd (Yellowknife, NT) is a proprietary capacitive-coupled resistivity system that provides greater resolution and depth penetration over potential kimberlite targets compared to historical OhmMapper technology. The ARRT survey was conducted during the winter 2021 program with snow-machine support. Line spacing was 40m, 80m and 160m depending on proximity to known kimberlites. Line traverse repeats were conducted in opposite directions over roughly the same lines to better resolve the 3D model. Roughly 650 line-km of ARRT data were collected over three days during the winter 2021 program. To the northeast of Faraday 1-3 and the southwest of Faraday 2 are two ARRT anomalies with expressions that are similar to those associated with the nearby Faraday bodies. These untested target areas are called the North and the South Anomalies. Previous conductivity, resistivity, gravity, and electromagnetic surveys at Kennady North have shown that only very subtle physical contrasts are evident between the kimberlite and the country rock through which it is emplaced. The ARRT results suggest that a physical contrast can be detected between country rock immediately adjacent to the Faraday kimberlites that was broken and brecciated during kimberlite emplacement, and unbroken country rock occurring further away from the kimberlites. Limited exploration drilling near the South Anomaly in 2018 (drillholes KDI-18-14a,b; KDI-18-15) intersected kimberlite from 0.11m to 5.41m in length as well as broken country rock (see News Release, May 23, 2018). None of these three historic drillholes were oriented in such a way as to properly test the South Anomaly. No historic drilling has been conducted near the North Anomaly. Drill-testing of both of these anomalies is a priority for the winter 2022 exploration season. In addition to the 2021 Palmer study and the ARRT survey, there is a significant amount of historical geophysical coverage over the Kennady North Project. This includes 3,960 line-km of airborne gravity, over 30,000 ground gravity stations, 610 line-km of ground magnetics, and over 3,000 line-km of OhmMapper resistivity data, as well as bathymetry, HLEM, GPR, and ELF surveys over specific target areas. Numerous anomalies generated from these surveys require further ground-truthing and eventual drill-testing. Details of these surveys and their associated anomalies can be found in technical reports filed with SEDAR in 2017 and 2020, which are also available on the Company website. The remainder of the summer 2021 exploration program will focus on completing the till sampling program with the samples to be shipped to SRC (Saskatoon, SK) for recovery of KIM. The processing results from SRC should be received in early 2022, before the start of the winter exploration season. Activities that continue to advance the Kennady assets include under-ice water quality and fish habitat sampling, collection of historical drill samples for geochemical analysis of host rock, breeding bird and waterfowl surveys, and open-water fish, water quality, and hydrological monitoring programs. Seasonal water quality, hydrological, and fish and fish habitat sampling will continue through 2021. Community and regulatory engagement will also continue through the remainder of 2021. All activities related to the Kennady asset advancement are managed through Dr. April Hayward, Vice President Kennady North Project Sustainable Development. Stuart Brown, the Company's president and chief executive officer, commented: "With the advancement of the Kelvin and Faraday kimberlites, we're taking advantage of the winter 2022 drilling season to test some attractive targets which have the potential to add to the resource base at Kennady North. Given the proximity to Gahcho Kue, any resource addition would only improve the potential for mine-life extension and increased value for shareholders. We look forward to the results of the 2022 drill program, and commend Aurora Geosciences for their development of the innovative Aurora Rapid Reactance Tomography ('ARRT') technology which helped identify these high-potential targets." About Mountain Province Mountain Province is a Canadian-based resource company listed on the Toronto Stock Exchange under the symbol 'MPVD'. The Company's registered office and its principal place of business is 161 Bay Street, Suite 1410, P.O. Box 216, Toronto, ON, Canada, M5J 2S1. The Company, through its wholly owned subsidiaries 2435572 Ontario Inc. and 2435386 Ontario Inc., holds a 49% interest in the Gahcho Kue diamond mine, located in the Northwest Territories of Canada. De Beers Canada Inc. holds the remaining 51% interest. The Joint Arrangement between the Company and De Beers is governed by the 2009 amended and restated Joint Venture Agreement. The Company's primary assets are its aforementioned 49% interest in the GK Mine and 100% owned Kennady North Project. Mountain Province reported a net loss of C$263.43 million for the year ended Dec. 31, 2020, compared to a net loss of C$128.76 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had C$595.33 million in total assets, C$75.73 million in current liabilities, C$374.71 million in secured notes payable, C$750,000 in lease liabilities, C$70.44 million in decommissioning and restoration liability, and C$73.70 million in total shareholders' equity. Toronto, Canada-based KPMG LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 29, 2021, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. MOUNTAIN PROVINCE: Seven Directors Elected at Annual Meeting ------------------------------------------------------------ Mountain Province Diamonds Inc. announced that the nominees listed in the management proxy circular for the 2021 Annual General Meeting of Shareholders were elected as directors of the Company, namely: * Jonathan Comerford * Stuart Brown * Dean Chambers * Ken Robertson * Brett Desmond * Karen Goracke * Tom Peregoodoff Mr. Peregoodoff tendered his resignation from the Board on Sept. 8, 2021, after his nomination for re-election to the Board as a management nominee had been included in the Company's proxy material. As a result, his nomination was put forward and he was re-elected to the Board, however his resignation as a director took effect immediately following his re-election. At the Annual Meeting, Chairman Jonathan Comerford thanked Mr. Peregoodoff for his valuable contributions to the Company on Board committees, and in the areas of exploration, operations and business development. The Board has begun the evaluation process to find a suitable replacement for Mr. Peregoodoff. At the Annual Meeting, KPMG LLP was re-appointed as auditor of the Company at remuneration to be fixed by the directors. About Mountain Province Mountain Province is a Canadian-based resource company listed on the Toronto Stock Exchange under the symbol 'MPVD'. The Company's registered office and its principal place of business is 161 Bay Street, Suite 1410, P.O. Box 216, Toronto, ON, Canada, M5J 2S1. The Company, through its wholly owned subsidiaries 2435572 Ontario Inc. and 2435386 Ontario Inc., holds a 49% interest in the Gahcho Kue diamond mine, located in the Northwest Territories of Canada. De Beers Canada Inc. holds the remaining 51% interest. The Joint Arrangement between the Company and De Beers is governed by the 2009 amended and restated Joint Venture Agreement. The Company's primary assets are its aforementioned 49% interest in the GK Mine and 100% owned Kennady North Project. Mountain Province reported a net loss of C$263.43 million for the year ended Dec. 31, 2020, compared to a net loss of C$128.76 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had C$595.33 million in total assets, C$75.73 million in current liabilities, C$374.71 million in secured notes payable, C$750,000 in lease liabilities, C$70.44 million in decommissioning and restoration liability, and C$73.70 million in total shareholders' equity. Toronto, Canada-based KPMG LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 29, 2021, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. NANOBEAK BIOTECH: Files for Chapter 7 After CEO Fraud ----------------------------------------------------- Andrew Scurria of The Wall Street Journal reports that a New York nanotechnology company will liquidate in bankruptcy after federal authorities charged its former chief executive last year with duping investors out of $12.2 million based on a cancer-detection technology that turned out to be bogus. Nanobeak Biotech Inc. filed for chapter 7 protection in New York, listing as its largest asset a $5.2 million claim against former Chief Executive J. Jeremy Barbera. He faces federal charges that he bilked dozens of investors by telling them the company had developed breathalyzer. About Nanobeak Biotech Nanobeak Biotech Inc., a nanotechnology company in New York, sought Chapter 7 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-11600) on Sept. 10, 2021. The case is handled by Honorable Judge Martin Glenn. Barry R. Kleiner, Kleinberg, Kaplan, Wolff & Cohen, P.C., is the Debtor's counsel. The Debtor's counsel can be reached at: Barry R. Kleiner Kleinberg, Kaplan, Wolff & Cohen, P.C. Tel: (212) 880-9874 E-mail: dkleiner@kkwc.com NAVIGANT DEVELOPMENT: Case Summary & 6 Unsecured Creditors ---------------------------------------------------------- Debtor: Navigant Development LLC 1419 North Wells St. 2nd Floor Chicago, IL 60610 Business Description: Navigant Development LLC is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: September 15, 2021 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 21-10645 Judge: Hon. Jacqueline P. Cox Debtor's Counsel: Allen J. Guon, Esq. COZEN O'CONNOR 123 N Wacker Dr. Suite 1800 Chicago, IL 60606 Tel: 312-382-3100 Fax: 312-382-8910 Email: aguon@cozen.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony Tomaska as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MJVD7EI/Navigant_Development_LLC__ilnbke-21-10645__0001.0.pdf?mcid=tGE4TAMA NIEMAN PRINTING: Trustee Taps Thompson Coburn as Legal Counsel -------------------------------------------------------------- Areya Holder Aurzada, the Subchapter V trustee appointed in Nieman Printing, Inc.'s Chapter 11 case, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to retain Thompson Coburn, LLP as her legal counsel. The firm's services include: a. consulting with the Debtor and the Office of the U.S. Trustee regarding administration of the Debtor's case; b. advising the trustee with respect to her rights and obligations in the Debtor's case and regarding other matters of bankruptcy law; c. preparing legal documents; d. representing the trustee at hearings and other proceedings; e. investigating the assets, liabilities and the financial condition of the Debtor and related entities, and the Debtor's prior transactions, potential avoidance claims, and operational issues that may be relevant to the case; f. researching, analyzing, investigating and, to the extent necessary, adjudicating claims that are asserted on behalf of the Debtor's bankruptcy estate or against the Debtor and its estate; g. reviewing the nature and validity of liens or claims asserted against the Debtor's property and advising the trustee concerning the enforceability of those liens and claims; h. advising and working with other professionals hired by the trustee to assist in administering the estate; i. advising regarding the performance of the trustee's other duties and powers under the Bankruptcy Code; and j. performing other necessary legal services. The principal attorneys designated to represent the trustee and the discounted hourly rates charged by these attorneys are as follows: Katharine Battaia Clark $450 per hour Nino Przulj $400 per hour Kristi Weisner $385 per hour Katharine Battaia Clark, Esq., at Thompson Coburn, disclosed in a court filing that her firm is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Katharine Battaia Clark, Esq Thompson Coburn, LLP 2100 Ross Avenue, Suite 3200 Dallas, TX 75201 Phone: (972) 629-7100 Fax: (972) 629-7171 Email: kclark@thompsoncoburn.com About Nieman Printing Inc. Nieman Printing, Inc., owner of a printing company in Dallas, Texas, filed a Chapter 11 petition (Bankr. N.D. Texas Case No. 21-31134) on June 17, 2021, listing as much as $10 million in both assets and liabilities. Judge Stacey G. Jernigan oversees the case. Eric A. Liepins, P.C. represents the Debtor as legal counsel. Areya Holder Aurzada is the Subchapter V trustee appointed in the Debtor's case. The trustee is represented by Thompson Coburn, LLP. NORTEL NETWORKS: Nortel India's Ch. 11 Plan Hearing on Oct. 5 ------------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware will hold a hearing on Oct. 5, 2021, at 11:00 a.m. (Prevailing Eastern Time), at 824 North Market Street, 6th Floor in Wilmington, Delaware, to consider confirmation of the Chapter 11 plan of Nortel Networks India International Inc ("NNIII"). Objections to the confirmation of the plan, if any, must be filed no later than 4:00 p.m. (Prevailing Eastern Time) on Sept. 28, 2021, to: a) Counsel for NNIII: Cleary Gottlieb Steen & Hamilton LLP Attn: Lisa M. Schweitzer, Esq. One Liberty Plaza New York, New York 10006 Fax: (212) 225-3999 Morris, Nichols, Arsht & Tunnell LLP Attn: Derek C. Abbott, Esq. Andrew R. Remming, Esq. 1201 North Market Street 18th Floor P.O. Box 1347 Wilmington, Delaware 19899 Fax: (302) 658-3989 b) The United States Trustee Office of The United States Trustee Attn: David L. Buchbinder, Esq. J. Caleb Boggs Federal Building Room 2207, 844 N. King Street Wilmington, DE 19801 On Aug, 25, 2021, the Court entered an order, which approved the Disclosure Statement as containing "adequate information" pursuant to section 1125 of the United States Bankruptcy Code. Among other things, the Disclosure Statement Order: i) fixed Aug. 27, 2021 as the Voting Record Date for purposes of determining which holders of Claims are eligible to vote on the Plan and for other purposes; ii) approved the procedures for solicitation of votes to accept or reject the Plan; iii) fixed Sept. 28, 2021 at 4:00 p.m. (Prevailing Eastern Time) as the date and time by which all votes to accept or reject the Plan must be received. The Plan provides that no Holder of any Claim or Interest may, on account of such Claim or Interest, seek or receive any payment or other Distribution from, or seek recourse against, NNIII's Estate, Wind-Down NNIII and their respective successors, assigns and property, except as expressly provided in the Plan. In addition, under Article 13 of the Plan, all Holders of Claims against NNIII or other Plan Released Parties and Holders of Interests will be deemed to forever release NNIII and the other Plan Released Parties for any and all Claims based on any acts or omissions occurring prior to the Effective Date in any way relating to, among other things, NNIII's Chapter 11 Case, the Disclosure Statement, the SPSA and the Plan -- including, without limitation, the solicitation of votes on the Plan -- as set forth in the Plan. These releases will be implemented through injunctions that prohibit any and all such holders from maintaining actions that are released and discharged under the Bankruptcy Code or the terms of the Plan. A full-text copy of NNIII's Chapter 11 plan is available for free at http://bankrupt.com/misc/Revised_Chapter11Plan_of_NNIII.PDF A full-text copy of NNIII's Disclosure Statement is available for free at http://bankrupt.com/misc/DisclosureStatement_of_NNIII.pdf About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., and Howard S. Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serve as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The U.S. Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. An ad hoc group of bondholders also was organized. An Official Committee of Retired Employees and the Official Committee of Long-Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. The trial on how to divide proceeds among creditors in the U.S., Canada, and Europe commenced on Sept. 22, 2014. The question of how to divide $7.3 billion raised in the international bankruptcy of Nortel Networks Corp. was answered on May 12, 2015, by two judges, one in the U.S. and one in Canada. According to The Wall Street Journal, Justice Frank Newbould of the Ontario Superior Court of Justice in Toronto and Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the outcome: a modified pro rata split of the money. About Nortel Networks India Nortel Networks India International Inc., f/k/a Nortel Networks RIHC Inc., acts as a supplier of hardware and software for contracts with certain Nortel customers in India. The Company filed for Chapter 11 protection on July 26, 2016 (Bankr. Del. Case No. 16-117140). The Debtor estimated assets between $10 million and $50 million, and debts of between $500 million and $1 billion. NTH SOLUTIONS: Unsecureds to Get Three Cents on Dollar in Plan -------------------------------------------------------------- Nth Solutions, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania an Amended Plan of Reorganization dated September 10, 2021. The Plan proposes to pay creditors from the Debtor's cash flow and income from future sales. Under the Plan, the Debtor shall make payments not exceeding $5,000 monthly to secured creditors Bryan Mawr Trust Company, the Internal Revenue Service, and De Lage Landen Financial Services. Non-priority unsecured creditors will be paid $2,000 monthly, which is approximately three cents on a dollar, from the Debtor's disposable income over a five-year period. If the Plan is a consensually confirmed plan and the Debtor refinances or sells its current portfolio companies within the next 10 years, the non-priority unsecured creditors shall receive 25% of any net proceeds received by the Debtor until 120% of net principal outstanding, in final satisfaction of their claims. The principals of the Debtor agree to subordinate their claims until the non-priority unsecured creditors' claims are satisfied pursuant to the Plan. If, on the other hand, the Plan is crammed down, the creditors will only receive a pro rata payment pursuant to the Debtor's disposable income over a five-year period. The Debtor, from 2006-2008, has secured several development and manufacturing contracts with a local medical device company; developed certain Priority Green traffic signal preemption devices; re-introduced the hand-held Mobile Preemption Emitter into the marketplace; and continued the development of intellectual property and prototypes for "Bolgard" -- an electronic in-tank device that detected and prevented toilet overflows. A copy of the Amended Plan is available for free at https://bit.ly/3k6Hkir from PacerMonitor.com. About Nth Solutions Nth Solutions, LLC -- https://nth-solutions.com/ -- operates a facility located at 15 East Uwchlan Avenue in Exton, Pa., where it manufactures electronic and mechanical precision devices. In addition to its own product line, Nth Solutions also works with its clients using a proprietary market-driven methodology in order to produce additional "state-of-the-art" products. Nth Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 21-10782) on March 26, 2021. In the petition signed by Susan Springsteen, managing partner and member, the Debtor estimated less than $50,000 in assets and liabilities of $1 million to $10 million. Judge Eric L. Frank oversees the case. Maschmeyer Karalis P.C. represents the Debtor as counsel. OCEAN POWER: Incurs $3.1 Million Net Loss in First Quarter ---------------------------------------------------------- Ocean Power Technologies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.08 million on $272,000 of revenues for the three months ended July 31, 2021, compared to a net loss of $3.39 million on $169,000 of revenues for the three months ended July 31, 2020. As of July 31, 2021, the Company had $81.19 million in total assets, $3.43 million in total liabilities, and $77.77 million in total stockholders' equity. Total cash, cash equivalents, and restricted cash was $78.3 million as of July 31, 2021. Net cash used in operating activities was $5.3 million during the first quarter of fiscal 2022, representing an increase of $2.6 million over the first quarter of fiscal year 2021, mainly as a result of higher project and employee-related costs and the settlement of litigation during the current fiscal year period. "We made great progress during the quarter as we continue our strategic transformation from a research & development product-based company to a data and power services' and solutions' provider," said Philipp Stratmann, OPT's president and chief executive officer. "I am excited about OPT's future," Stratmann continued. "Not only have our Strategic Consulting Services seen steady growth since the acquisition of 3Dent, but we have also made substantial progress on the data and power services' and solutions' front. We've partnered with experienced developers to offer a leading-edge proprietary Maritime Domain Awareness platform that features analytic capabilities and military-grade cybersecurity." "With the addition of the U.S. government's investment in our next generation of wave energy conversion, OPT is anticipating the needs, and is at the forefront of, the ever-evolving markets we serve and seek to serve," Stratmann concluded. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1378140/000149315221022538/form10-q.htm About Ocean Power Technologies Headquartered in Monroe Township, New Jersey, Ocean Power Technologies, Inc. -- http://www.oceanpowertechnologies.com-- is a marine power solutions provider that designs, manufactures, sells, and services its products while working closely with partners that provide payloads, integration services, and marine installation services. Its PowerBuoy solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. Ocean Power reported a net loss of $14.76 million for the 12 months ended April 30, 2021, compared to a net loss of $10.35 million for the 12 months ended April 30, 2020. PLUS THERAPEUTICS: Appoints New Chief Medical Officer, Senior VP ---------------------------------------------------------------- Plus Therapeutics, Inc. has appointed Norman LaFrance, M.D. to the position of chief medical officer and senior vice president. "We are delighted to have Dr. LaFrance onboard as he brings several decades of highly relevant clinical, regulatory and commercial expertise to the Plus Therapeutics management team," stated Marc Hedrick, M.D., president and chief executive officer of Plus Therapeutics. "His proven track record in radiotherapeutics and drug development coupled with his commercial experience will be invaluable as we expand our pipeline, move key programs to late stage clinical development and best position the company for long-term regulatory and commercial success." Dr. LaFrance's appointment begins on or around Dec. 8, 2021 and he joins the Company with nearly 40 years of experience as a nuclear medicine physician and as an executive in the pharmaceutical and healthcare industries. Dr. LaFrance has a particular expertise in radiotherapeutic drug research and development as well as commercialization of molecular imaging, diagnostic and therapeutic products. He was most recently chief medical officer, senior vice president, at Jubilant Pharma Ltd, responsible for all Pharma Medical & Regulatory Affairs activities. "I am excited to join a company which reflects my passion to make an impact on patients with significant unmet medical needs," said Norman LaFrance, M.D. "From an industry perspective, it is clear that Plus Therapeutics' focus on radiotherapeutics positions it firmly for long-term growth, and I am excited to lead development and expansion of its promising pipeline." Prior to Jubilant Pharma, Ltd., Dr. LaFrance served as global chief medical officer at IBA Molecular from 2010 to 2012, and as senior vice president, Clinical Development and chief medical officer at Molecular Insight Pharmaceuticals from 2007 to 2010. Prior to industry, Dr. LaFrance practiced medicine and held academic faculty appointments at Johns Hopkins University School of Medicine in the departments of medicine and radiology and the Department of Radiological Sciences in the John Hopkins School of Hygiene and Public Health. He is Double Board Certified with Fellowship status both in internal medicine and nuclear medicine, maintains active medical licensure in the U.S. along with active, professional society membership. Dr. LaFrance received his bachelor of science and master of engineering degrees in nuclear engineering and science from Rensselaer Polytechnic Institute, and his medical degree from the University of Arizona, College of Medicine, Tucson. On Sept. 7, 2021, in connection with Dr. LaFrance's appointment as CMO for the Company, the Company entered into an Employment Agreement with Dr. LaFrance, effective Dec. 8, 2021. Pursuant to the terms of the LaFrance Employment Agreement, Dr. LaFrance will receive an initial annual base salary of $440,000 and will be eligible to participate in the Company's benefit and compensation plans. Dr. LaFrance has been assigned an initial annual target bonus of 35% of his base salary. Further, in an effort to induce Dr. LaFrance to accept the offer, Dr. LaFrance will also receive options to purchase up to 120,000 shares of common stock of the Company, which will have an exercise price per share equal to the fair market value of the common stock on the date of grant and which are expected to vest and become exercisable in monthly installments over the next four years, subject to a one-year cliff. In addition, it is expected that Dr. LaFrance will enter into the Company's standard form of indemnification agreement. About Plus Therapeutics Headquartered in Austin, Texas, Plus Therapeutics, Inc. -- http://www.plustherapeutics.com-- is a clinical-stage pharmaceutical company focused on the discovery, development, and manufacturing scale up of complex and innovative treatments for patients battling cancer and other life-threatening diseases. Plus Therapeutics reported a net loss of $8.24 million for the year ended Dec. 31, 2020, compared to a net loss of $10.89 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $20.83 million in total assets, $8.89 million in total liabilities, and $11.94 million in total stockholders' equity. BDO USA, LLP, in San Diego, Calif., the Company's auditor since 2016, issued a "going concern" qualification in its report dated Feb. 22, 2021, citing that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. PM GENERAL PURCHASER: S&P Downgrades ICR to 'B', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on PM General Purchaser LLC (d/b/a AM General) to 'B' from 'B+'. The outlook is negative. S&P said, "At the same time, we lowered our rating on the company's $600 million senior secured notes to 'B' from 'B+' and revised our recovery rating to '4' from '3'. "The negative outlook reflects our expectation that S&P adjusted leverage will be high in 2021 (about 8x) and may not improve as we expect if delayed orders are not realized. "The downgrade reflects our expectation that leverage will remain above 5x throughout our forecast. We expect significant declines in revenue to result in EBITDA and cash flow well below our previous forecast. Thus, we expect much weaker credit ratios. We expect debt to EBITDA to be 7.7x-8.1x in 2021 and 6.7x-7.1x in 2022 compared to our previous expectations of about 4x-4.5x. "Demand for Humvees and related aftermarket parts is likely to be much lower than we expected for the next few years. We expect AM General's revenue to drop 20%-30% in 2021 because of order delays from foreign customers due to the impact of the COVID-19 pandemic on defense budgets and shifting near-term spending priorities from the U.S. military. This pushes out new Humvee deliveries and leaves only essential maintenance being performed. Despite the significant delays, eventually the U.S. Department of Defense will need to follow through with orders for new vehicles and services for its fleet. However, it could take several years to catch up on recent delays. Factors such as a continuing resolution on the latest defense budget could delay things further." Margins are likely to deteriorate only modestly despite lower demand. EBITDA margins are likely to modestly decline because it will be difficult to lower overhead costs as quickly as demand declines. However, the company is making cash generation a priority, focusing on items such as working capital management, which could allow AM General's free cash flow to reach break-even in 2021 before turning positive in 2022. S&P said, "The negative outlook reflects that S&P adjusted leverage may not improve as we forecast if orders are delayed further. We expect debt to EBITDA will increase to 7.7x-8.1x in 2021 before improving to 6.7x-7.1x in 2022. Earnings gradually improve due to the timing of new vehicle orders and aftermarket demand." S&P could lower the rating on AM General if debt to EBITDA remains above 7x or EBITDA margins remain below 18% for a sustained period. This could occur if: -- Revenues are slow to increase as government spending for new vehicles or aftermarket parts and services continue to be delayed; -- An increase in overhead costs or cost overruns on a contract decrease profitability; or -- Liquidity is significantly constrained. S&P could revise the outlook to stable if debt to EBITDA decreases below 7x and S&P expects it to remain there. This could occur if: -- Demand for new vehicles and aftermarket parts increases after delays in 2021, significantly raising revenue; and -- The company manages overhead costs such that EBITDA margins rise to the 18%-20% range. PURDUE PHARMA: Court Approves $7.1 Million Executive Incentives --------------------------------------------------------------- Rick Archer, writing for Law360, reports that a New York bankruptcy judge gave Purdue Pharma permission Monday, September 13, 2021, to make incentive payments of up to $7.1 million to its top executives, rejecting arguments that the executives had not done enough to clean up the company's corporate culture. At a hearing held virtually, U.S. Bankruptcy Judge Robert Drain approved the incentive program and allowed the company to start work on setting up the opioid claims trust in its Chapter 11 plan, overruling arguments that this could cut off pending appeals of his decision to approve the plan. 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. RED HOOK SOLAR: Seeks Approval to Hire Boyle Legal as Counsel ------------------------------------------------------------- Red Hook Solar Corp. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Boyle Legal, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties in the continued operation of its business and in the management of its property; b. taking necessary actions to avoid liens and remove restraints against the Debtor's property and such other actions to remove any encumbrances and liens; c. taking necessary action to enjoin and stay until final decree; d. representing the Debtor in any proceedings, which may be instituted in the court by creditors or other parties in interest; e. preparing legal papers; and f. performing all other necessary legal services. The firm received an initial retainer in the amount of $3,262. Michael Boyle, Esq., the firm's principal, will bill $325 per hour for his services. Mr. Boyle disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy, NY 12180-3927 Tel: 518-687-1648 Fax: 518-516-5075 Email: mike@boylebankruptcy.com About Red Hook Solar Corp. Red Hook Solar Corp. is in the solar construction industry with a principal place of business in Tivoli, N.Y. Red Hook Solar filed a petition for Chapter 11 protection (Bankr. N.D. N.Y. Case No. 21-10759) on Aug. 9, 2021, disclosing $1,302,866 in total assets and $363,146 in total liabilities. Judge Robert E. Littlefield, Jr. oversees the case. Boyle Legal, LLC and Jill M. Flinton, CPA, PLLC serve as the Debtor's legal counsel and accountant, respectively. RED HOOK SOLAR: Seeks to Hire Jill M. Flinton CPA as Accountant --------------------------------------------------------------- Red Hook Solar Corp. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Jill M. Flinton, CPA, PLLC as its accountant. The firm's services include the preparation of the Debtor's monthly operating reports, periodic tax documents and other financial documents. Jill Flinton, owner of the firm, will bill $125 per hour for her services. Ms. Flinton disclosed in a court filing that she does not hold or represent an interest adverse to the Debtor and its bankruptcy estate. The firm can be reached at: Jill M. Flinton, CPA Jill M. Flinton, CPA, PLLC Charlton, NY 12019 Phone: (518) 460-5165 Email: jill@jillflintoncpa.com About Red Hook Solar Corp. Red Hook Solar Corp. is in the solar construction industry with a principal place of business in Tivoli, N.Y. Red Hook Solar filed a petition for Chapter 11 protection (Bankr. N.D. N.Y. Case No. 21-10759) on Aug. 9, 2021, disclosing $1,302,866 in total assets and $363,146 in total liabilities. Judge Robert E. Littlefield, Jr. oversees the case. Boyle Legal, LLC and Jill M. Flinton, CPA, PLLC serve as the Debtor's legal counsel and accountant, respectively. ROCHELLE HOLDINGS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Rochelle Holdings XIII, LLC, according to court dockets. About Rochelle Holdings XIII Longwood, Fla.-based Rochelle Holdings XIII, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-03216) on July 15, 2021, disclosing total assets of $85 million and total liabilities of $29.06 million. Matthew R. Hill, managing member of Rochelle Holdings, signed the petition. Judge Lori V. Vaughan oversees the case. Kosto & Rotella, PA serves as the Debtor's legal counsel. SAGE ECOENTERPRISES: To Substantively Consolidate Debts With TGS ---------------------------------------------------------------- Sage EcoEnterprises, LLC and TGS Hospitality LLC filed with the U.S. Bankruptcy Court for the Western District of North Carolina an Amended Joint Plan of Reorganization. The Debtors intend, through the joint Plan, to substantively consolidate and restructure their secured debts based on the value of the applicable creditors' collateral. With new infusions of capital from the companies' insiders, the majority of such claims will be paid shortly after the Effective Date of the Plan. Other creditors will receive distributions from the Reorganized Debtor's ongoing cash flows over a period of five years. The Debtors are jointly obligated on a series of secured loans from Truist Bank, which encumber essentially all of their operating assets. The United States Small Business Administration holds a junior lien on Sage's assets as well. The Debtors' other obligations include ad valorem taxes, prepetition sales taxes, unsecured trade debts, and potential litigation claims. Unsecured Claims under the Plan consist of Allowed Administrative Convenience Claims in Class 7 (for claims amounting to $1,000 or less) and Allowed General Unsecured Claims in Class 8 (for claims in amounts greater than $1,000). Holders of Class 7 Claims will be paid the allowed amount of their claims in full within 60 days after the Effective Date. Holders of Class 8 Allowed General Unsecured Claims will receive a Pro Rata Share of the Reorganized Debtor's projected Disposable Income up to the full amount of the allowed Class 8 Claim as of the Petition Date in five annual installments. Equity Interests in Class 10 will be retained in the Reorganized Debtor. A copy of the Amended Joint Plan is available for free at https://bit.ly/3C6GLLJ from PacerMonitor.com. Sage EcoEnterprises LLC shares the same management with TGS Hospitality LLC. Their Chapter 11 cases, however, are not jointly administered. Counsel for the Debtors: Richard S. Wright, Esq. Moon Wright & Houston, PLLC 121 West Trade Street, Suite 1950 Charlotte, NC 28202 Telephone: (704) 944-6560 About Sage EcoEnterprises Sage EcoEnterprises, LLC, d/b/a Green Sage Cafe, is a privately held company that owns and operates restaurants. Sage EcoEnterprises filed a Chapter 11 petition with the United States Bankruptcy Court Western District of North Carolina (Bankr. W.D.N.C. Case No. 21-10072) on April 20, 2021. In the petition signed by James R. Talley, member manager, the Debtor reported $1,155,799 in total assets and $1,550,628 in total liabilities. Judge George R. Hodges oversees the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, is the Debtor's counsel. SALEM CONSUMER: Unsecureds to Get 100% Distribution in Plan ----------------------------------------------------------- Salem Consumer Square OH LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Second Amended Chapter 11 Plan and a Second Amended Disclosure Statement dated September 10, 2021. The Debtor will move forward with rehabilitating its shopping center, Salem Consumer Square (the Real Property), and/or consider its sale. The Debtor will only consider selling the Real Property if such sale would generate sufficient funds to pay all Allowed Claims in full. The Debtor is also considering demolition options, which could cost approximately $1,200,000. The Debtor anticipates that any savings in the adversary proceedings with BELFOR USA Group, Inc. will assist in the cost of completing the contemplated demolition and repairs to the Real Property. The Debtor is an affiliate of Century III Mall PA LLC and Shoppingtown Mall NY LLC. Century III has filed a bankruptcy petition but has already received a final decree. Shoppingtown Mall also filed for bankruptcy and its case is currently pending. Beacon Commercial Limited is a part equity owner in both Century III and Shoppingtown and purchased its equity in those entities from Moonbeam Capital Investments LLC (MCI). On December 27, 2019, Beacon purchased 100% of the Debtor's equity interests and capital from MCI. Within the Debtor's Plan, the Debtor is seeking approval of a settlement agreement between itself and MCI which would result in a payment of $2,800,000 to the Debtor, which payment will partially fund the Plan. In addition, Beacon will provide additional cash necessary to pay all Allowed Claims and Beacon guarantees payment of all payments under the Plan. The Debtor and Beacon have entered into an account control agreement for an account containing more than $3,000,000. Under the Plan, Beacon's Secured Claim in Class 4 for prepetition claims and postpetition financing will be paid in full on the Plan effective date. Unsecured Claims in Class 5, plus the Deficiency Claim of BELFOR, will be paid in full on the later of (i) the effective date and (ii) five days after the related claim is allowed. Allowable Unsecured Claims are estimated between $46,000 and $3,800,000, depending on the determined value of the Debtor's Real Property, the total Allowed amount of BELFOR's Claim, and the amount of BELFOR's Claim that is determined to be secured. BELFOR sued the Debtor for remediation services which BELFOR performed shortly after a tornado, which caused damage to the Debtor's property in 2019. BELFOR disagrees the services it provided were remediation services and contends that its work was emergency-services and mitigation work. A copy of the Amended Disclosure Statement is available for free at https://bit.ly/3A5de4p from PacerMonitor.com. Counsel for the Debtor: Kirk B. Burkley, Esq. Harry W. Greenfield, Esq. Sarah E. Wenrich, Esq. Bernstein-Burkley, P.C. 601 Grant Street, Floor 9 Pittsburgh, PA 15219 Telephone: (412) 456-8108 Facsimile: (412) 456-8135 About Salem Consumer Salem Consumer Square OH LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns and operates the shopping center known as "Salem Consumer Square" located at 5447 Salem Avenue, Dayton, OH 45426. On Jan. 5, 2021, Salem Consumer Square sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 21-20020). The Debtor disclosed total assets of $3,385,461 and total liabilities of $3,134,072. The case is assigned to The Honorable Carlota M. Bohm. Bernstein-Burkley, P.C., led by Kirk B. Burkley, is the Debtor's counsel. SEANERGY MARITIME: Takes Delivery of 17th Capesize Vessel --------------------------------------------------------- Seanergy Maritime Holdings Corp. took delivery of the previously-announced Capesize vessel acquisition, the M/V Worldship. The Vessel is a 181,415 dwt Capesize bulk carrier, built in 2012 by Imabari of Japan. The M/V Worldship is the sixth Capesize delivery that Seanergy has successfully completed in 2021 to date. M/V Worldship has already entered a time charter ("T/C") with an existing charterer of the Company, at a gross fixed rate of $31,750 per day for a period of about 12 to about 16 months from the delivery. The purchase price has been funded with cash on hand, while Seanergy is in advanced discussions with a leading bank for financing part of the acquisition cost at competitive terms. Stamatis Tsantanis, the Company's chairman & chief executive officer, stated, "I am pleased to announce the addition of the seventeenth Capesize vessel to our fleet and the concurrent commencement of her period employment. Including this delivery and the sale of the M/V Leadership, 94% percent of our fleet is employed under period time charters, 87% of which are index-linked T/Cs. This allows us to fully utilize our fleet in order to capitalize on the robust market rates. We are excited to see the strongest Capesize market of the last 11 years, with daily rates exceeding $45,000, which affirms our commercial strategy. Based on the prevailing Capesize supply-demand fundamentals, we remain confident about the prospects of our market for the years to come." About Seanergy Maritime Greece-based Seanergy Maritime Holdings Corp. -- http://www.seanergymaritime.com-- is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a 'fully-delivered' basis, the Company's fleet will consist of 16 Capesize vessels with average age of 11.5 years and aggregate cargo carrying capacity of above 2,829,630 dwt. Seanergy Maritime reported a net loss of $18.35 million for the year ended Dec. 31, 2020, compared to a net loss of $11.70 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $295.24 million in total assets, $199.55 million in total liabilities, and $95.69 million in total stockholders' equity. SECOND SOUTHERN: Plan Confirmation Hearing Set for Oct. 28 ---------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York conditionally approved the First Amended Disclosure Statement of Second Southern Baptist Church of New York. October 13, 2021 at 5 p.m. (Eastern Standard Time) is fixed as the last day by which holders of claims and interest may accept or reject the Plan. Oct. 21, 2021 at 5 p.m. (Eastern Standard Time) is fixed as the last day for filing objections to the Disclosure Statement and/or confirmation of the Plan. The Court will consider final approval of the Disclosure Statement and confirmation of the Plan on Oct. 28, 2021 at 10 a.m. A copy of the order is available for free at https://bit.ly/3AmbG60 from PacerMonitor.com. About Second Southern Baptist Church of NY Second Southern Baptist Church of New York is a New York religious corporation which owned certain real property located in the Bronx, New York. The Property consisted of the Church building and seven store front tenancies. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 15-12509) on Sept. 9, 2015. The petition was signed by Mary Willis, vice president. The Debtor disclosed total assets of $1.2 million and total liabilities of $389,384. The Hon. Sean H. Lane presides over the case. Reich Reich & Reich P.C. serves as counsel to the Debtor. MK Property Group NYC Corp. is the Debtor's estate broker. SHAMROCK FINANCE: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 1 on Sept. 14 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Shamrock Finance, LLC. The committee members are: 1. Rupert E. Annis 545 Newburyport Turnpike No. 28 Rowley, MA 01969 Phone: 978-502-5454 E-mail: gailannis@verizon.net 2. Lawrence P. Kaplan 22 Sequoia Dr. Methuen, MA 01844 Phone: 617-962-0292 E-mail: kap1234@Comcast.net 3. Ronda Lee Sturtevant 21A Central Street Manchester, MA 01944 Phone: 978-526-4002 E-mail: rolandalee@verizon.net Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Shamrock Finance Shamrock Finance, LLC -- https://www.shamrockfinance.com -- is an auto sales finance company in Ipswich, Mass., formed on March 28, 2008. As an automobile inventory "floor plan" lender, Shamrock provides floorplan financing to independent car dealerships in the New England area. Dealers are primarily located in Massachusetts, with a small number in New Hampshire, Connecticut and Rhode Island. Shamrock Finance sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 21-10315) on March 12, 2021. The sole member and manager, Kevin Devaney, signed the petition. In the petition, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $50 million. Judge Frank J. Bailey oversees the case. The Debtor tapped Jeffrey D. Sternklar LLC as bankruptcy counsel, the Law Offices of James J. McNulty as special counsel, and Mid-Market Management Group, Inc. as a business advisor. Kevin P. Clancy is the examiner appointed in the Debtor's bankruptcy case. The examiner is represented by Riemer & Braunstein, LLP. SILVERLIGHT BUSINESS: Unsecureds to Be Paid Rata in 36 Months ------------------------------------------------------------- Silverlight Business and Risk Management, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Second Amended Plan of Reorganization dated September 10, 2021. The Plan proposes to pay the creditors from the Debtor's future income. The Plan provides for three classes of secured claims; one class of priority unsecured claims; one class of unsecured non-priority claims; and one class for the equity interests of the Debtor. The Plan also provides for the payment of administrative and priority claims in full. Non-priority unsecured creditors holding allowed claims will receive a pro-rata share of a fund created by the Debtor's payment of its net cash flow from operations for 36 months. The monthly net cash flow from operations payment during the 36-months payment period is projected to fluctuate between $1,000 a month to $2,500 a month depending on the operating proceeds of the Debtor. Holders of interests will receive no dividends on account of their equity interests. A copy of the Second Amended Plan is available for free at https://bit.ly/3Aa0NV7 from PacerMonitor.com. Counsel for the Debtor: Benjamin G. Martin, Esq. 3131 S. Tamiami Trail, Suite 101 Sarasota, Florida 34239 Telephone: (941) 951-6166 Email: skipmartin@verizon.net About Silverlight Business and Risk Management Silverlight Business and Risk Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00770) on Feb. 18, 2021. In the petition signed by Dennis G. Fuller, Sr., president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Benjamin G. Martin is the Debtor's counsel. Judge Michael G. Williamson is assigned to the case. SINTX TECHNOLOGIES: Adjourns Annual Meeting, Cites Lack of Quorum ----------------------------------------------------------------- SINTX Technologies, Inc.'s annual meeting of stockholders was convened on Sept. 15, 2021, at 10:30 a.m. and immediately adjourned, without any business being conducted, due to lack of the required quorum. In order for a quorum to be present, the Company's bylaws require that a majority of the outstanding shares entitled to vote be present at the meeting, either in person or by proxy. On the date of the meeting there were fewer than a majority of shares entitled to vote present, either in person or by proxy. The annual meeting of stockholders therefore had no quorum and the meeting was adjourned to 10:30 am (Mountain Time) on Wednesday, Oct. 13, 2021 at the Company's headquarters located at 1885 W 2100 S, Salt Lake City, Utah 84119, to allow additional time for the Company's stockholders to vote on the proposals set forth in the Company's definitive proxy statement filed with the United States Securities and Exchange Commission on Aug. 3, 2021. During the current adjournment, the Company continues to solicit votes from its stockholders with respect to the proposals set forth in the Company's proxy statement. Only stockholders of record as of July 26, 2021, are entitled to and are being requested to vote. At the time the Annual Meeting was adjourned, proxies had been submitted by stockholders representing approximately 44% of the shares of the Company's common stock outstanding and entitled to vote at the Annual Meeting. Proxies previously submitted in respect of the Annual Meeting will be voted at the adjourned Annual Meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action. The Company encourages all stockholders of record on July 26, 2021, who have not yet voted, to do so by Oct. 12, 2021, at 11:59 p.m. (Eastern Time). If the number of additional shares of common stock voted at the adjourned Annual Meeting is not sufficient to reach a quorum, the Company intends to adjourn the Annual Meeting again, which will require the Company to incur additional costs. About SINTX Technologies Headquartered in Salt Lake City, Utah, SINTX Technologies -- https://ir.sintx.com -- is an OEM ceramics company that develops and commercializes silicon nitride for medical and non-medical applications. The core strength of SINTX Technologies is the manufacturing, research, and development of silicon nitride ceramics for external partners. The Company presently manufactures advanced ceramics powders and components in its FDA registered, ISO 13485:2016 certified, and ASD9100D certified manufacturing facility. SINTX Technologies reported a net loss of $7.03 million for year ended Dec. 31, 2020, compared to a net loss of $4.79 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $26.42 million in total assets, $4.94 million in total liabilities, and $21.48 million in total stockholders' equity. SITO MOBILE: Prepetition Lenders to Provide $5.5M Exit Funding -------------------------------------------------------------- SITO Mobile Solutions, Inc.; Sito Mobile Ltd.; and SITO Mobile R&D IP, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Second Amended Joint Plan of Reorganization. Gavin Scotti and Stephen Baksa, DIP Lenders, have agreed to provide exit funding for the Debtor's Plan of Reorganization, pursuant to a Plan Funding Agreement. Plan Funders Scotti and Baksa, according to the Plan Funding Agreement, shall provide the Debtors $5,500,000 in exit funding on the Plan effective date. The Plan Funding Agreement further provided that SITO Mobile Ltd. shall issue to each Plan Funder a warrant to purchase shares of SITO Mobile's common stock at a ratio of three shares of common stock per one dollar of Exit Funding, and that the postpetition funding under the DIP Documents shall not be repaid on the effective date of the Plan but shall instead be converted to common stock at $0.18 per share. A copy of the Plan Funding Agreement is available for free at https://bit.ly/2YNYMjn from PacerMonitor.com. Under the Plan, Allowed Other Priority Claims in Class 1 representing employee claims are unimpaired, and holders of Class 1 Claims are deemed to accept the Plan. Noteholder Claims in Class 2, which are allowed for $2,416,408, will be converted to common stock of SITO Mobile, Ltd. on the effective date on a pro rata basis, at a price of $0.18 per share. The Class 2 Noteholders, following the initial and second distribution to Class 3 General Unsecured Creditors, shall receive their pro rata share of the net litigation proceeds until all Class 2 Noteholders have received the full balance of their claims amounting to $2,539,243. Allowed General Unsecured Claims in Class 3 shall receive, on a pro rata basis, 20% of the allowed amount of their claim, and all net litigation proceeds (after repayment of the Exit Funding) until all unsecured creditors have received 60% of their allowed claims. After the Exit Funding has been repaid, the Class 3 Allowed Claims will be paid an additional 40% of their allowed amount. Holders of Allowed Interests in Class 4 shall retain the same stock ownership in SITO Mobile, Ltd. as of the Petition Date. A copy of the Second Amended Joint Plan is available for free at https://bit.ly/3k5dKdc from PacerMonitor.com. Counsel for the Debtors: Daniel M. Stolz, Esq. Donald W. Clarke, Esq. Genova Burns LLC 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 Telephone: (973) 467-2700 Facsimile: (973) 467-8126 About SITO Mobile SITO -- https://www.sitomobile.com -- is a developer of customized, data-driven solutions for brands spanning strategic insights and media. The platform reveals a deeper and more meaningful understanding of customer interests, actions, and experiences providing increased clarity for clients when it comes to navigating business decisions. Jersey City, N.J.-based Sito Mobile Ltd., and its affiliates SITO Mobile Solutions, Inc., and SITO Mobile R&D IP, LLC, filed Chapter 11 petitions (Bankr. D.N.J. Case Nos. 20-21435, 20-21436 and 20-21437) on October 8, 2020. The petitions were signed by CEO Thomas Candelaria. Sito Mobile Ltd.'s declared total assets at $0 and total liabilities at $21,027,306. SITO Mobile Solutions declared total assets at $592,565 and total liabilities at $21,019,306. SITO Mobile R&D declared total assets at $2,674,944 and total liabilities at $19,727,206. The Honorable Rosemary Gambardella is the case judge. The Debtors hired Daniel M. Stolz, Esq., at Wasserman, Jurista & Stolz, P.C. as counsel. In January 2021, Wasserman, Jurista & Stolz was merged into Genova Burns in anticipation of a surge of midsized clients facing bankruptcies and restructurings. The Debtors are now represented by Genova Burns, LLC. The Official Committee of General Unsecured Creditors is represented by lawyers at Perkins Coie LLP. SPRINGFIELD HOSPITAL: Vermont Regulators Denied Budget Increase --------------------------------------------------------------- Liora Engel-Smith of VTDigger reports that Vermont regulators put cash-strapped Springfield Hospital on ice after its request for a budget increase was denied. Access and the cost of health care services in Vermont were front and center Monday, September 13, 2021, as the Green Mountain Care Board finalized growth targets for four of Vermont's 14 hospitals in fiscal year 2022. The four hospital budgets in front of the board Monday, September 13, 2021, were a study in contrasts when it came to their financial outlook. Springfield Hospital, a rural facility that just concluded bankruptcy proceedings, has been short on cash and has too few patients coming through its doors. The University of Vermont Health Network, the largest and most financially secure provider in the state, has the opposite problem. Its three hospitals in Vermont have the backing of a much larger network, but staffing issues have caused significant delays for patients needing to see specialists. The regulatory Green Mountain Care Board on Monday. September 13, 2021, denied Springfield's request for a 5.9% increase in net revenues from patients, saying leaders of the 25-bed hospital were too "aspirational" in their budget targets. The Green Mountain Care Board required Springfield to rework the budget and operations for 2022. Hospital leaders on Monday said the new rate would deplete Springfield's reserves even further, decreasing cash on hand for operations from 24 days to 11 days. Springfield entered the budget approval process with the lowest hospital cash reserves in the state, CEO Robert Adcock said. Kevin Mullin, who chairs the Green Mountain Care Board, said he wanted to give the cash-strapped hospital "a fighting chance" but acknowledged the hospital has been struggling for years. "I would say, if it wasn't for the pandemic, I think I would be saying that they don't deserve more than the 3.5% that was in the guidance," he said. The board was more lenient with the University of Vermont Health Network's three Vermont hospitals -- UVM Medical Center in Burlington, Central Vermont Medical Center in Berlin and Porter Medical Center in Middlebury — because these facilities had responded to "pent up" service demands from patients. UVM Medical Center's request for a 6% growth target was approved, but the board cut the Burlington hospital's revenues from private insurers from 7% to 6%, reducing the hospital's net revenue from patients by roughly $5 million. The network will be required by the board to provide data on how it plans to control costs in the future. The board took a similar tack with Porter Medical Center, the network's smallest Vermont hospital, approving the 4.9% increase leaders at the Middlebury facility requested. Citing missed financial targets, the board decreased Central Vermont Medical Center's requested growth rate from 6.5% to 4.54%. The four hospital approvals were the last in 2021' budget review process, which must conclude by Sept. 15. The board on Wednesday is slated to reconsider Brattleboro Memorial Hospital's rate and wrap up the process. The rates go into effect Oct. 1, which is the beginning of fiscal year 2022. About Springfield Hospital Springfield Hospital, Inc., is a not-for-profit, critical access hospital located in Springfield, Vermont. As part of Springfield Medical Care Systems' integrated system of care, including a network of ten federally qualified community health center sites, Springfield Hospital serves communities in southeastern Vermont and southwestern New Hampshire. Springfield Hospital, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Vermont Case No. 19-10283) on June 26, 2019. At the time of the filing, the Debtor estimated $10 million to $50 million in assets and liabilities. The Hon. Colleen A. Brown oversees the case. Murray, Plumb & Murray is the Debtor's legal counsel. TCP INVESTMENT: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of TCP Investment Properties, LLC. About TCP Investment Properties TCP Investment Properties, LLC was organized in March 2012 for the purpose of acquiring a multi-unit residential development in Richmond, Ky. It owns 18 townhomes in 4-plexes and a clubhouse, with a combined current value of $3.67 million. TCP Investment filed a Chapter 11 petition (Bankr. E.D. Ky. Case No. 21-50906) on Aug. 4, 2021, disclosed $3,667,501 in total assets and $2,971,137 in total liabilities. Paul W. Baker, a member of TCP Investment, signed the petition. Judge Tracey N. Wise oversees the case. Delcotto Law Group PLLC represents the Debtor as counsel. TELEMACHUS LLC: Unsecureds to Recover 100% of Allowed Claims ------------------------------------------------------------ Telemachus, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois an Amended Chapter 11 Plan of Reorganization and an Amended Disclosure Statement dated September 10, 2021. The Plan will be funded by the cash flow from the Debtor's operations. Pursuant to the Plan, the Secured Claim of Wells Fargo Bank in Class 2 for $2,074,665 will be paid over a period of 120 months. Holders of General Unsecured Claims in Class 3 are expected to recover 100% of the allowed amount of their claims, and will be paid over 24 months at 3.25% interest. Class 3 is impaired. Holders of Equity Interests in Class 4 shall retain their pre-bankruptcy equity security positions. A copy of the Amended Disclosure Statement is available for free at https://bit.ly/3EcAeAV from PacerMonitor.com. About Telemachus LLC Telemachus, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It is the owner of fee simple title to a property located at 769 W. Jackson Blvd., Chicago, Illi., having an appraised value of $3 million. Telemachus filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-21374) on Dec. 11, 2020. The petition was signed by Marc Washor, managing member of Baklava, LLC (owner of Debtor). At the time of filing, the Debtor disclosed $3,226,189 in assets and $2,228,372 in liabilities. Judge Jack B. Schmetterer oversees the case. Schneider & Stone is the Debtor's counsel. TGS HOSPITALITY: Unsecureds to Share Pro Rata in Disposable Income ------------------------------------------------------------------ TGS Hospitality LLC and Sage EcoEnterprises, LLC filed with the U.S. Bankruptcy Court for the Western District of North Carolina an Amended Joint Plan of Reorganization. The Debtors intend, through the joint Plan, to substantively consolidate and restructure their secured debts. The majority of creditor claims will be paid shortly after the Effective Date of the Plan with new infusions of capital from the companies' insiders, while other creditors will receive distributions from the Reorganized Debtor's ongoing cash flows over a period of five years. The Debtors are jointly obligated on a series of secured loans from Truist Bank, which encumber essentially all of their operating assets. The Debtors' other obligations include ad valorem taxes, prepetition sales taxes, unsecured trade debts, and potential litigation claims. Unsecured Claims under the Plan consist of Allowed Administrative Convenience Claims in Class 7 (for claims amounting to $1,000 or less) and Allowed General Unsecured Claims in Class 8 (for claims in amounts greater than $1,000). Holders of Class 7 Claims shall be paid the allowed amount of its Claim in full within 60 days after the Effective Date. Holders of Class 8 Allowed General Unsecured Claims will receive a Pro Rata Share of the Reorganized Debtor's projected Disposable Income up to the full allowed amount in five annual installments. Class 10 Equity Interests in Class 10 shall be retained in the Reorganized Debtor. A copy of the Amended Joint Plan is available for free at https://bit.ly/3C6GLLJ from PacerMonitor.com. TGS Hospitality and Sage EcoEnterprises share the same management and bankruptcy counsel. Their cases, however, are not jointly administered. Counsel for the Debtors: Richard S. Wright, Esq. Moon Wright & Houston, PLLC 121 West Trade Street, Suite 1950 Charlotte, NC 28202 Telephone: (704) 944-6560 About TGS Hospitality TGS Hospitality LLC, a North Carolina limited liability company that operates one restaurant in Asheville, North Carolina under the name Green Sage Cafe, filed a petition under Subchapter V of Chapter 11 (Bankr. W.D.N.C. Case No. 21-10073) on April 20, 2021. In the petition signed by James R. Talley, member manager, the Debtor disclosed total assets at $177,270 and total liabilities at $1,043,155. Judge George R. Hodges is assigned to the case. Moon Wright & houston, PLLC is the Debtor's counsel. TOUCH OF HEAVEN: Dec. 14 Plan Confirmation Hearing Set ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Ohio, on September 10, 2021, held a hearing on the Disclosure Statement of Touch of Heaven Ministries, Inc. The Debtor will file an amended Disclosure Statement and the Court will prepare a scheduling order with possible approval of the amended Disclosure Statement. The deadline for solicitation of votes on the Debtor's Plan is October 8, 2021. The deadline to file objections to the Plan and to submit ballots accepting or rejecting that Plan is November 19, 2021. The Court will convene a hearing to consider confirmation of the Plan on December 14, 2021 at 10 a.m. Parties may attend in person or telephonically. 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. TUESDAY MORNING: Makes C-Suite Level Executive Appointments ----------------------------------------------------------- Ben Unglesbee of Retail Diver reports that Tuesday Morning made another round of executive appointments at the C-suite level as it tries to engineer a turnaround following its recent trip through Chapter 11. Marc Katz slid into the newly created role of chief operating officer and principal. Katz, who was an executive at Burlington Stores for more than a decade, most recently served as Tuesday Morning's interim chief financial officer. Joining the company as its new CFO is Jennifer Robinson, who previously served as a finance executive at craft specialist Michaels. Tuesday Morning also announced the hire of Bill Baumann as its new chief information officer. Baumann previously held the same title at apparel retailer Torrid. Since exiting bankruptcy in January, Tuesday Morning has revamped its executive team with industry veterans as it tries to find its footing in a still-difficult environment and highly competitive off-price sector. In Katz and CEO Fred Hand, who joined in May, the retailer has some Burlington veterans heading its operations. The company also brought in Brian Vaclavik, formerly of Tailored Brands, as chief accounting officer this year. The new team has plenty of challenges ahead. In the short term, the pandemic continues to disrupt life in the U.S., which creates a special challenge for an off-price retailer without an e-commerce channel. Tuesday Morning also has to navigate the global supply chain bottlenecks wreaking havoc on planning and margins throughout the industry. In the company's most recent fiscal year, which ended June 30, gross margin fell to 29.8% from 32.6% in the previous year, a decrease mainly due to increased supply chain costs. While the largest off-price players continue expanding their footprints, Tuesday Morning has shrunk since closing stores in bankruptcy. Currently it operates 490 stores, down from 714 at the end of its fiscal 2019. Comparable sales for the remaining group increased 1.2% since fiscal 2019 even though inventory was down 34% from that period. The company has managed to significantly shrink its losses over the past year but is still operating in the red, with an operating loss of $49 million for the fiscal year as well as a loss for the quarter ending on June 30 — a period that lifted many boats elsewhere in the retail world. (The company posted a small positive net profit for the full fiscal year.) Tuesday Morning was one of the original innovators of the off-price model. Lloyd Ross launched the company in 1974, a few years before the first T.J. Maxx opened, with a Dallas warehouse full of leftover inventory from other brands and retailers. The company expanded over the following decades, but ran into a rough patch in recent years. Sales leading up to its bankruptcy grew far less than that of its off-price peers while its losses mounted. When COVID-19 hit, Tuesday Morning, like others in its sector, was especially vulnerable because it lacked a digital channel to sell through. Unlike its peers, it didn't have the strong financial profile to carry it through. The company filed for bankruptcy in May 2020. Since emerging from bankruptcy, Tuesday Morning has appeared on S&P Global Market Intelligence's list of most vulnerable publicly traded retailers, and its financial health score with RapidRatings has fallen significantly over the past year. With a new team in place, the company is trying to find its footing. On the conference call, Hand teased coming initiatives, including restructuring the retailer's distribution center network to be more efficient in speed-to-market, as well as building on its IT systems, reducing manual work and improving decision-making, according to a Seeking Alpha transcript. "In the near term, however, we will be looking at everything from merchandise flows and adjacencies, the tasks being performed in our stores to the customer's shopping experience," Hand said. About Tuesday Morning Corp. Tuesday Morning Corporation, then with around 700 stores in 40 states, filed Chapter 11 protection on May 27, 2020 (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday Morning, which sought bankruptcy protection with its subsidiaries, disclosed total assets of $92 million and total liabilities of $88.35 million as of April 30, 2020. The Hon. Harlin Dewayne Hale was the case judge. The Debtors tapped Haynes and Boone, LLP as general bankruptcy counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus & Co., Inc. as investment banker; A&G Realty Partners, LLC as real estate consultant; and Great American Group, LLC as liquidation consultant. Epiq Corporate Restructuring, LLC was the claims and noticing agent. The official committee of unsecured creditors tapped Munsch Hardt Kopf & Harr, P.C., as counsel. * * * Tuesday Morning announced Jan. 4, 2021, it has successfully completed its reorganization and emerged from Chapter 11 bankruptcy. Tuesday Morning is supported by a $110 million asset-backed lending facility provided by J.P. Morgan, Wells Fargo, and Bank of America. The Company further optimized its store footprint and exited Chapter 11 with 490 of its best performing stores. Following emergence from Chapter 11, Tuesday Morning began trading on Jan. 21 on OTCQX under the symbol "TUEM." UNITI GROUP: Appoints Paul Bullington as Permanent CFO ------------------------------------------------------ The Board of Directors of Uniti Group Inc. appointed Paul Bullington to serve as the Company's senior vice president, chief financial officer and treasurer, on a non-interim basis effective Sept. 9, 2021, and determined to terminate the employment of Mark A. Wallace without cause effective as of Sept. 13, 2021. On May 20, 2021, Uniti announced that Mark A. Wallace, the Company's then executive vice president - chief financial officer and treasurer, would be taking a leave of absence for an undetermined duration, effective immediately. In connection with Mr. Wallace's leave of absence, the Company's Board of Directors appointed Mr. Bullington to serve as the Company's interim chief financial officer and treasurer. The Board has determined to provide Mr. Wallace with certain severance payments, including, any earned but unpaid compensation through the date of his termination, a severance payment equal to one and a half times the sum of his base salary and the average of the short-term cash incentive plan bonuses paid to him during the last three completed fiscal years and his health, vision and dental insurance benefits for eighteen months, subject to the execution by Mr. Wallace of a waiver and release in the form set forth in that certain Severance Agreement dated as of Dec. 30, 2020 by and between Mr. Wallace and the Company and continued compliance with certain covenants set forth therein, including one-year post-termination non-disclosure, non-compete and non-interference covenants. In addition, pursuant to the Uniti Group Inc. 2015 Equity Incentive Plan and the applicable grant agreements thereunder, 92,168 time-based restricted shares held by Mr. Wallace will immediately become vested. In addition, the Board has approved the acceleration and immediate vesting, based on actual performance as of Aug. 31, 2021, of a prorated number of performance-based restricted stock units held by Mr. Wallace (and the payment of dividend equivalents related thereto), based on the number of days Mr. Wallace was employed by the Company between the date of grant of each outstanding PSU and his termination date subject to his execution of the Release. In connection with his appointment as senior vice president, chief financial officer and treasurer, Mr. Bullington will be entitled to an increase in his annual base salary to $440,000 per year and eligible to participate in the Company's short term incentive plan applicable to fiscal 2021 with threshold, target and maximum award opportunities of 50%, 100% and 150% of his new base salary payable upon the attainment of certain company-wide performance goals (including applicable weighting) previously approved for Mr. Wallace by the Compensation Committee of the Board. In addition, starting in 2022, Mr. Bullington will be eligible to participate in the Corporation's equity compensation program under the Uniti Group Inc. 2015 Equity Incentive Plan, with an initial target equity grant valued at up to 150% of his base salary (or such higher amount as may be determined by the Compensation Committee). About Uniti Headquartered in Little Rock, Arkansas, Uniti -- http://www.uniti.com-- is an internally managed real estate investment trust. It is engaged in the acquisition and construction of mission critical communications infrastructure, and is a provider of wireless infrastructure solutions for the communications industry. As of June 30, 2021, Uniti owns approximately 123,000 fiber route miles, 7.1 million fiber strand miles, and other communications real estate throughout the United States. Uniti Group reported a net loss of $718.81 million for the year ended Dec. 31, 2020, compared to net income of $10.91 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $4.75 billion in total assets, $6.88 billion in total liabilities, and a total shareholders' deficit of $2.13 billion. * * * In March 2020, S&P Global Ratings placed all ratings on U.S. telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement follows the company's announcement it reached an agreement in principle with its largest tenant Windstream Holdings Inc. to resolve all legal claims it asserted against Uniti in the context of Windstream's bankruptcy proceedings. VERICAST CORP: S&P Ups ICR to 'CCC+' on Refinancing, Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings removed its issuer credit rating on Vericast Corp. from CreditWatch, where S&P placed it Aug. 9, 2021, with positive implications, and raised it to 'CCC+'. The outlook is negative. S&P said, "We removed our issue-level rating on the company's nonextended $54 million first-lien term loan from CreditWatch and raised it to 'B-'. "We assigned our 'B-' issue-level rating to the company's extended $1.1 billion first-lien term loan. "We affirmed our 'B-' issue-level rating on the company's $1.2 billion first-lien notes and our 'CCC-' issue-level rating on its $439 million second-lien notes." The negative outlook reflects the secular decline and ongoing operating challenges for print-based products and Vericast's substantial debt fixed charges after its refinancing. While the refinancing alleviated near-term maturity risk, S&P views the capital structure as unsustainable longer term and expect additional operating challenges could increase the risk of a distressed exchange or restructuring. The completed refinancing alleviates Vericast's near-term maturity risk. Vericast completed its refinancing largely in line with its initial plan. Following a series of exchanges, a new money notes offering, and debt paydowns, the company's pari passu first-lien debt comprises a $54 million term loan due in 2023, $1.1 billion term loan due in 2026, and $1.2 billion in 11% secured notes due in 2026. The company also issued $439 million in 13% second-lien secured notes due in 2027. All the company's major maturities have been pushed out to 2026 and beyond, which S&P believes significantly reduces the risk of a near-term liquidity shortfall. Operating performance remains challenged, and leverage will remain elevated well above 6x. Despite the positive impact of the completed refinancing on near-term liquidity, Vericast's credit metrics will remain poor with elevated leverage well above 6x and low free operating cash flow (FOCF) to debt of about 2% during the next two years. S&P said, "We expect these metrics to remain poor because, in our view, the company has limited ability to substantially increase EBITDA and cash generation due to the secular decline in the print industry. Vericast derives 90% of its revenue from print-related products. We believe some of its product groups, such as shared mail, will report increased organic revenue during the anticipated economic recovery over the next 12 months. We expect the expansion in its consolidated organic revenue to be limited to the low-single-digit percent area in 2021 and 2022, well below our GDP growth expectations." S&P said, "We anticipate the company will offset some of these pressures through cost-management initiatives, which will allow it to improve its consolidated adjusted EBITDA margins toward the 17% area over the next two years. However, the refinanced capital structure includes significant annual interest expense of roughly $290 million and run-rate mandatory debt amortization payments of roughly $75 million. In our opinion, these substantial debt-servicing costs will result in thin cash flows over the next several years and limited ability to build cash on its balance sheet, leaving it reliant on cash balances and asset-based lending (ABL) facility availability to support liquidity needs. As a result, we view the company as dependent on favorable business and economic conditions to meet its financial commitments long term, and thus the capital structure as unsustainable. "The negative outlook reflects the secular decline and ongoing operating challenges for print-based products and the company's substantial debt fixed charges after its refinancing. While the refinancing alleviated near-term maturity risk, we view the capital structure as unsustainable longer term and expect additional operating challenges could increase the risk of a distressed exchange or restructuring. "We could lower our rating if we expect a payment default, distressed exchange, or restructuring over the next 12 months. This scenario would likely include accelerated secular pressures in the print advertising industry such that Vericast depletes available cash balances and ABL availability through negative cash generation. "Although unlikely over the next 12 months, we could raise our rating on the company if we are convinced it can sustain leverage below the 5.5x area and increase its FOCF-to-debt ratio well above 5%. This scenario would most likely include a strong return to organic revenue and EBITDA growth, and substantial use of free cash flow to voluntarily reduce debt." WALTER C. SMITH: Seeks Approval to Hire Mulrooney as Auctioneer --------------------------------------------------------------- Walter C. Smith Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Mulrooney Auction Company to sell certain assets by public auction during the pendency of its Chapter 11 case. The firm will receive a 10 percent commission from the sale of the Debtor's assets and expense reimbursement of up to $21,000. James Mulrooney of Mulrooney Auction Company disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: James P. Mulrooney Mulrooney Auction Company P.O. Box 88 Lockeford, CA 95237 Phone: (209) 366-0600 Fax: (209)-366-1113 Email: info@mulrooneyauction.com About Walter C. Smith Company Inc. Walter C. Smith Company, Inc. filed a petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 21-12134) on Sept. 2, 2021, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Rene Lastreto II oversees the case. Riley C. Walter, Esq., at Wanger Jones Helsley represents the Debtor as legal counsel. WASATCH RAILROAD: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Wasatch Railroad Contractors d/b/a Wasatch Railcar Repair Contractors 422 West Parsley Boulevard Cheyenne, WY 82007 Business Description: Wasatch Railroad Contractors specializes in railroad equipment restoration. Chapter 11 Petition Date: September 14, 2021 Court: United States Bankruptcy Court District of Wyoming Case No.: 21-20392 Debtor's Counsel: Bradley T. Hunsicker, Esq. MARKUS WILLIAMS YOUNG & HUNSICKER LLC 2120 Carey Avenue, Suite 101 Cheyenne, WY 82001 Tel: (307) 778-8178 Fax: (307) 778 8953 E-mail: bhunsicker@markuswilliams.com Total Assets: $1,511,372 Total Liabilities: $3,337,129 The petition was signed by John E. Rimmasch as CEO. 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/RKNX23A/Wasatch_Railroad_Contractors__wybke-21-20392__0001.0.pdf?mcid=tGE4TAMA WEINSTEIN CO: Court Declines Mediation in 'Scream 4' Profits Row ---------------------------------------------------------------- Craig Clough of Law360 reports that a Delaware federal judge Tuesday, September 13, 2021, withdrew from mandatory mediation a dispute between Robert Weinstein and Spyglass Media Group in the Weinstein Co.'s Chapter 11 proceedings, ordering that the issue of profits from the film "Scream 4" instead go through the court's appeals process. U.S. District Judge Maryellen Noreika wrote in an order that she was adopting the Sept. 7 recommendation of U.S. Magistrate Judge Mary Pat Thynge, who said mediation of the issue would "not be a productive exercise, a worthwhile use of judicial resources nor warrant the expense of the process. About The Weinstein Company The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- was a multimedia production and distribution company launched in 2005 in New York by Bob and Harvey Weinstein, the brothers who founded Miramax Films in 1979. TWC also encompasses Dimension Films, the genre label founded in 1993 by Bob Weinstein. During Harvey and Bob's tenure at Miramax and TWC, they have received 341 Oscar nominations and won 81 Academy Awards. TWC dismissed Harvey Weinstein in October 2017, after dozens of women came forward to accuse him of sexual harassment, assault or rape. The Weinstein Company Holdings LLC and 54 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19, 2018, after reaching a deal to sell all assets to Lantern Asset Management for $310 million. The Weinstein Company Holdings estimated $500 million to $1 billion in assets and $500 million to $1 billion in liabilities. The Hon. Mary F. Walrath served as the case judge. Cravath, Swaine & Moore LLP acted as the Debtors' bankruptcy counsel, with the engagement led by Paul H. Zumbro, George E. Zobitz, and Karin A. DeMasi, in New York. Richards, Layton & Finger, P.A., served as the local counsel, with the engagement headed by Mark D. Collins, Paul N. Heath, Zachary I. Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington, Delaware. The Debtors also tapped FTI Consulting, Inc., as restructuring advisor; Moelis & Company LLC as investment banker; and Epiq Bankruptcy Solutions, LLC as claims and noticing agent. The official committee of unsecured creditors retained Pachulski Stang Ziehl & Jones, LLP as its legal counsel, and Berkeley Research Group, LLC, as its financial advisor. Renamed TWC Liquidation Trust, LLC, following the asset sale, the Debtors obtained confirmation of their bankruptcy plan on January 26, 2021. WELBILT INC: Moody's Hikes CFR to B3 & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Investors Service upgraded the ratings of Welbilt, Inc., including the corporate family rating to B3 from Caa1, the probability of default rating to B3-PD from Caa1-PD. Moody's also upgraded the ratings on the company's senior secured credit facilities to B2 from B3 and senior unsecured notes to Caa2 from Caa3. The outlook was changed to positive from stable. Finally, the speculative grade liquidity rating was upgraded to SGL-3 from SGL-4, denoting adequate liquidity. The upgrade and outlook change reflect the improvement of the company's end markets and expectations for the restaurant and hospitality industries to continue their equipment spend at levels approaching those seen in 2019. The upgrade also reflects the company's progress on operational efficiencies, cost reductions and Moody's expectation that the improved performance will create greater covenant cushion, which had previously been a concern for potential breach. On July 14, 2021, Welbilt entered into a merger agreement under which global foodservice equipment manufacturer and distributor Ali Holding S.r.l. will acquire Welbilt in an all-cash transaction of $24 per share, or $4.8 billion in enterprise value. Welbilt's outstanding debt is expected to be repaid at the close of the transaction, expected in early 2022. Moody's took the following actions Upgrades: Issuer: Welbilt, Inc.: Corporate Family Rating, upgraded to B3 from Caa1 Probability of Default Rating, upgraded to B3-PD from Caa1-PD Senior Secured Bank Credit Facility, upgraded to B2 (LGD3) from B3 (LGD3) Senior Unsecured Notes, upgraded to Caa2 (LGD5) from Caa3 (LGD5) Speculative Grade Liquidity Rating, upgraded to SGL-3 from SGL-4 Outlook Actions: Issuer: Welbilt, Inc.: Outlook, Changed to Positive from Stable RATINGS RATIONALE The ratings reflect Welbilt's solid position in its markets, based on good brand recognition, diversification by product and global geographic footprint, and its longstanding relationships with large restaurant chains and dealers. The company also benefits from a large installed base of equipment that provides a sizeable source of aftermarket demand. The rating also reflects the resumption in demand for the company's products after a challenging 2020, during which many foodservice operators reduced capital expenditures drastically. Since then, Welbilt's primary restaurant end markets have benefitted from increased sales and have undertaken plans to increase spending on commercial kitchen equipment. At the same time, the emergence of Covid variants has accelerated steps from different governments to implement more restrictive policies for restaurant service. While Moody's doesn't expect these steps to affect the growth trajectory of Welbilt's volumes in the near term, these measures pose uncertainty as to the full recovery of the company's end markets to pre-pandemic levels. Moody's views the coronavirus as a social risk, given the implications for public health and safety and its lingering uncertainty, which could further impact the company's operating results. The company also faces material cost inflation as the prices of input costs such as steel and aluminum have climbed over recent months. Moody's expects Welbilt to continue to offset much of the cost inflation, as well as costs associated with supply chain and labor disruptions, through a combination of price increases and continuing efficiency and procurement initiatives that are part of the company's Business Transformation Program (BTP). The BTP is expected to eventually yield $75 million in run-rate cost savings. Challenges related to labor retention and material cost pressures will likely delay the operational improvements connected to the BTP into 2023. Given the previous factors, Moody's expects Welbilt's topline to expand around 25% in 2021, after a challenging 2020, and the EBITA margin to be slightly below 17% for 2021. Moody's-adjusted financial leverage will also improve, with debt-to-LTM EBITDA approaching 5.4 times at year end 2021, from around 5.9x at June 30, 2021. From a governance perspective, Welbilt is publicly traded and has a primarily independent board. However, the company is expected to be acquired by Ali Holding S.r.l. in early 2022 The positive outlook reflects Moody's expectations that Welbilt's customers will continue their pace of capital expenditures such that Welbilt's revenue will approach 2019 levels and EBITA margin will advance towards 18% over the next 12 months. The SGL-3 speculative grade liquidity rating reflects Moody's expectation of adequate liquidity. Liquidity is supported by a cash balance of about $155 million at June 30, 2021, and about $240 million of availability under the company's $400 million revolving credit facility. Moody's expects Welbilt to generate free cash flow of over $50 million in 2021. Headroom under the company's recently reinstated leverage and coverage financial maintenance covenants could be modest as covenant levels become more restrictive into 2022. However, Moody's expects the company to remain in compliance. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains good liquidity, including consistent positive free cash flow, ample revolver availability and improved covenant headroom. This would be accompanied by volumes expected to remain at or near pre-pandemic levels and greater stability in the company's end markets. Strong credit metrics, including debt-to-EBITDA expected to remain below 5.5x and free cash flow to debt of at least 5% on a sustained basis could also lead to an upgrade. The ratings could be downgraded if Moody's expects liquidity to deteriorate, including a tightening cushion in the company's covenants, a material decline in the cash balance or declining revolver availability. Downward ratings pressure could also develop with expectation of weakening operating performance such that interest coverage and leverage metrics materially deteriorate. A downgrade could also happen if Covid fears impose further restrictions on foodservice providers, such that restaurants and other hospitality players are forced to meaningfully reduce operations. The principal methodology used in these ratings was Manufacturing published in September 2021. Welbilt, Inc., based in New Port Richey, Florida, is a global manufacturer and designer of commercial foodservice equipment, including refrigeration, ice-making, cooking, and beverage dispensing products for use in commercial food preparation applications. Revenue approximated $1.33 billion for the last twelve months ended June 30, 2021. WILLCO X DEVELOPMENT: Cash Collateral Access Extended to Oct. 15 ---------------------------------------------------------------- Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado approved the fourth stipulation between Willco X Development, LLLP and its secured lender, Independent Bank relating to the Debtor's use of cash collateral. Accordingly, Judge McNamara extended the Debtor's authority to use the cash collateral to October 15, 2021. A copy of the order is available for free at https://bit.ly/3AbLTh6 from PacerMonitor.com. About Willco X Development LLP Willco X Development, LLLP, operator of the Hilton Garden Inn of Thornton in Colo., filed a Chapter 11 petition (Bankr. D. Colo. Case No. 20-16438) on Sept. 29, 2020. The Debtor was estimated to have $10 million to $50 million in assets and liabilities as of the bankruptcy filing. Judge Thomas B. McNamara oversees the case. Weinman & Associates, P.C., led by Jeffrey A. Weinman, is the Debtor's legal counsel. Independent Bank, as lender, is represented by John F. Young, Esq., at Markus Williams Young & Hunsicker LLC. WIRTA HOTELS: Seeks to Use Wilmington Trust's Cash Collateral ------------------------------------------------------------- Wirta Hotels, LLC asked the U.S. Bankruptcy Court for the Western District of Washington to authorize the use of cash collateral to fund the Debtor's ordinary course business operations, pursuant to the budget, and to fund its Professional Fund of $30,000 per month beginning October 2021. About $25,000 of the Professional Fund is for the Debtor's proposed counsel, Foster Garvey P.C., and $5,000 is earmarked for proposed financial advisor, Premier Capital Associates, LLC. The Professional Fund will be maintained in a trust account. The Debtors, moreover, seek to pay postpetition allowed fees and cost of professionals retained in its Chapter 11 case. The budget provided for the following total weekly expenses of the Debtor's Quality Inn & Suites: $28,450 for the week of September 22, 2021; $83,010 for the week of October 1, 2021; $11,310 for the week of October 8, 2021; $92,430 for the week of October 15, 2021; $19,410 for the week of October 22, 2021; $72,340 for the week of November 1, 2021; $9,240 for the week of November 8, 2021; $55,160 for the week of November 15, 2021; $17,340 for the week of November 22, 2021; $69,940 for the week of December 1, 2021; $7,690 for the week of December 8, 2021; $52,660 for the week of December 15, 2021; and $15,790 for the week of December 22, 2021. A copy of the budget, filed in Court with the proposed order, is available for free at https://bit.ly/3ltiFDY from PacerMonitor.com. The only party with a security interest in the cash collateral is Wilmington Trust, National Association (as Trustee for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2016-C35, Commercial Mortgage Pass-Through Certificates, Series 2016-C35). Wilmington asserts an interest in a Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement, which encumbered the Debtor's hotel on account of a loan for $4,600,000 the Debtor obtained from the original lender, UBS Real Estate Securities Inc. in 2016. The Debtor said it is willing to grant Wilmington replacement liens as adequate protection for the use of cash collateral. The Debtor, however, contends that Wilmington has a substantial equity cushion well in excess of the amount necessary for it to be adequately protected. The Debtor said it is in the process of ordering a new appraisal of the property. A copy of the motion is available for free at https://bit.ly/2XsKaFZ from PacerMonitor.com. The Court will consider the motion at a telephonic hearing on September 28, 2021 at 9:30 a.m. (PT). Responses are due by September 21. About Wirta Hotels Wirta Hotels, LLC owns and operates Quality Inn & Suites at Olympic National Park, a hotel located at 134 River Road, Sequim, Wash. Wirta Hotels filed a petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 21-11556) on Aug. 13, 2021, listing $3,136,280 in assets and $5,193,377 in liabilities. Judge Christopher M. Alston oversees the case. Foster Garvey, PC and Premier Capital Associates, LLC serve as the Debtor's legal counsel and financial consultant, respectively. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Leroy Gleason Canady Bankr. D. Md. Case No. 21-15684 Chapter 11 Petition filed September 7, 2021 represented by: Yvette Oliver, Esq. In re RSP Pittsburgh, Inc. Bankr. W.D. Pa. Case No. 21-21968 Chapter 11 Petition filed September 7, 2021 See https://www.pacermonitor.com/view/YZHOYFQ/RSP_Pittsburgh_Inc__pawbke-21-21968__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Elaine M. Reed Bankr. M.D. Tenn. Case No. 21-02725 Chapter 11 Petition filed September 7, 2021 represented by: Joseph Rusnak, Esq. TUNE, ENTREKIN & WHITE, PC E-mail: jrusnak@tewlawfirm.com In re Jennifer Richardson Bankr. N.D. Ala. Case No. 21-02114 Chapter 11 Petition filed September 8, 2021 represented by: Stuart Maples, Esq. In re Detour Plumbing Services Inc Bankr. C.D. Cal. Case No. 21-17066 Chapter 11 Petition filed September 8, 2021 See https://www.pacermonitor.com/view/XSCYSRY/Detour_Plumbing_Services_Inc__cacbke-21-17066__0001.0.pdf?mcid=tGE4TAMA represented by: Brandon J. Anand, Esq. ANAND LAW PC E-mail: brandon@anandlaw.com In re Simply Fit, LLC Bankr. M.D. Fla. Case No. 21-04636 Chapter 11 Petition filed September 8, 2021 See https://www.pacermonitor.com/view/UA5UCHQ/Simply_Fit_LLC__flmbke-21-04636__0001.0.pdf?mcid=tGE4TAMA represented by: Amy Denton Harris, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. E-mail: aharris@srbp.com In re Jens A. Berding and Eddy Evelyn Manzo-Berding Bankr. S.D. Fla. Case No. 21-18746 Chapter 11 Petition filed September 8, 2021 represented by: Mitchell Nowack, Esq. In re Avram Babadzhanov and Marina Sionova Bankr. E.D.N.Y. Case No. 21-42293 Chapter 11 Petition filed September 8, 2021 represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Reamir 57 Corp. Bankr. E.D.N.Y. Case No. 21-42294 Chapter 11 Petition filed September 8, 2021 See https://www.pacermonitor.com/view/D34ML7Y/Reamir_57_Corp__nyebke-21-42294__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re American Sleep Medicine LLC Bankr. M.D. Tenn. Case No. 21-02741 Chapter 11 Petition filed September 8, 2021 See https://www.pacermonitor.com/view/2HX3GRQ/American_Sleep_Medicine_LLC__tnmbke-21-02741__0001.0.pdf?mcid=tGE4TAMA represented by: Steven L. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ E-mail: slefkovitz@lefkovitz.com In re Lindsay York Fantaci Bankr. E.D. La. Case No. 21-11127 Chapter 11 Petition filed September 9, 2021 represented by: Robert Marrero, Esq. In re 16913 Harbour Town Holdings Trust Bankr. D. Md. Case No. 21-15735 Chapter 11 Petition filed September 9, 2021 See https://www.pacermonitor.com/view/QF4JKCI/16913_Harbour_Town_Holdings_Trust__mdbke-21-15735__0001.0.pdf?mcid=tGE4TAMA represented by: Richard B. Rosenblatt, Esq. LAW OFFICES OF RICHARD B. ROSENBLATT, PC E-mail: rrosenblatt@rosenblattlaw.com In re HK Facility Services, Inc. Bankr. N.D. Ill. Case No. 21-10458 Chapter 11 Petition filed September 9, 2021 See https://www.pacermonitor.com/view/3NSGPJA/HK_Facility_Services_Inc__ilnbke-21-10458__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph Wrobel, Esq. JOSEPH WROBEL, LTD E-mail: josephwrobel@chicagobankruptcy.com In re Adeline Olmer Santiago Bankr. S.D.N.Y. Case No. 21-22519 Chapter 11 Petition filed September 9, 2021 represented by: Sanford Rosen, Esq. In re Kenneth J. Taggart Bankr. E.D. Pa. Case No. 21-12476 Chapter 11 Petition filed September 9, 2021 In re Talon J. Toressen and Stephanie P. Torressen Bankr. D. Conn. Case No. 21-50566 Chapter 11 Petition filed September 10, 2021 represented by: Scott Charmoy, Esq. In re Robert Michael Labell Bankr. S.D. Fla. Case No. 21-18811 Chapter 11 Petition filed September 10, 2021 represented by: Alan Crane, Esq. FURR AND COHEN, P.A. Email: acrane@furrcohen.com In re David McCann Bankr. E.D. Tex. Case No. 21-41294 Chapter 11 Petition filed September 10, 2020 represented by: Joyce Lindauer, Esq. In re Lucille Manor Apartments, LLC Bankr. C.D. Cal. Case No. 21-17159 Chapter 11 Petition filed September 12, 2021 See https://www.pacermonitor.com/view/RYWB44I/Lucille_Manor_Apartments_LLC__cacbke-21-17159__0001.0.pdf?mcid=tGE4TAMA represented by: Michael R. Totaro, Esq. TOTARO & SHANAHAN E-mail: Ocbkatty@aol.com In re Felicia Alali Ekeke Bankr. C.D. Cal. Case No. 21-17189 Chapter 11 Petition filed September 13, 2021 represented by: Onyinye Anyama, Esq. In re Gomez Heating & Air Conditioning, Inc. Bankr. C.D. Cal. Case No. 21-17163 Chapter 11 Petition filed September 13, 2021 See https://www.pacermonitor.com/view/UZROQTA/Gomez_Heating__Air_Conditioning__cacbke-21-17163__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Shinbrot, Esq. JEFFREY S. SHINBROT, APLC E-mail: jeffrey@shinbrotfirm.com In re Nancy C. Dunlap Bankr. C.D. Cal. Case No. 21-17188 Chapter 11 Petition filed September 13, 2021 represented by: Onyinye Anyama, Esq. In re Jose Gregorio Baserva Bankr. M.D. Fla. Case No. 21-01206 Chapter 11 Petition filed September 13, 2021 In re I LEE RE1, LLC Bankr. S.D. Fla. Case No. 21-18838 Chapter 11 Petition filed September 13, 2021 See https://www.pacermonitor.com/view/CIQWZSI/I_LEE_RE1_LLC__flsbke-21-18838__0001.0.pdf?mcid=tGE4TAMA represented by: Malinda L. Hayes, Esq. LAW OFFICES OF MALINDA L. HAYES E-mail: malinda@mlhlawoffices.com In re OSP Prevention Group, Inc. Bankr. N.D. Ga. Case No. 21-56815 Chapter 11 Petition filed September 13, 2021 See https://www.pacermonitor.com/view/MQJPJ7A/OSP_Prevention_Group_Inc__ganbke-21-56815__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas T. McClendon, Esq. JONES & WALDEN, LLC E-mail: tmcclendon@joneswalden.com In re Around The Sound Roofing, LLC Bankr. W.D. Wash. Case No. 21-11721 Chapter 11 Petition filed September 13, 2021 See https://www.pacermonitor.com/view/PTYL33I/Around_The_Sound_Roofing_LLC__wawbke-21-11721__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Art Rodriguez and Chanbo Chheng Bankr. N.D. Cal. Case No. 21-51198 Chapter 11 Petition filed September 14, 2021 represented by: Marc Voisenat, Esq. In re Linda Susan Nolten Bankr. M.D. Fla. Case No. 21-04162 Chapter 11 Petition filed September 14, 2021 represented by: Faye Coleman-Giddens, Esq. In re Old Village Master Painters, Ltd. Bankr. E.D. Pa. Case No. 21-12527 Chapter 11 Petition filed September 14, 2021 See https://www.pacermonitor.com/view/7UM5KZY/Old_Village_Master_Painters_Ltd__paebke-21-12527__0001.0.pdf?mcid=tGE4TAMA represented by: Martha B. Chovanes, Esq. FOX ROTHSCHILD LLP E-mail: mchovanes@foxrothschild.com In re S. P. Trucking LLC Bankr. E.D. Va. Case No. 21-11576 Chapter 11 Petition filed September 14, 2021 See https://www.pacermonitor.com/view/PM66QFI/S_P_Trucking_LLC__vaebke-21-11576__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se ********* 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. 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