/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/211129.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, November 29, 2021, Vol. 25, No. 332 Headlines 37 CALUMET STREET: Bridge Loan Says Plan Not Feasible 96 WYTHE: Amends BSP Claims Pay; Confirmation Hearing Jan. 27, 2022 ACRO BIOMEDICAL: Incurs $3 Million Net Loss in Third Quarter ADHERA THERAPEUTICS: Incurs $3.7 Million Net Loss in Third Quarter ALTO MAIPO: Nov. 29 Deadline Set for Panel Questionnaires ARCHBISHOP OF AGANA: Plan Has $28M to $34M for Tort Claims AVIANCA HOLDINGS: Will Reoffer Jobs to About 100 Pilots BLACK FORGE COFFEE: Unsec. Creditors Will Get 60% of Claims in Plan BOSTON ROAD SERVICE: Taps Robert W. Stowe as Special Counsel BRIGHT MOUNTAIN: Delays Filing of Third Quarter Form 10-Q BROWNIE'S MARINE: Incurs $541K Net Loss in Third Quarter CFN ENTERPRISES: Incurs $366,532 Net Loss in Third Quarter COLONIAL GATE: Wins 60-Day Access to Cash Collateral CONCORD INC: Wins Cash Collateral Access CORRY DAVIS: Amends Kapitus Secured Claim Pay Details DAVIDZON RADIO: Sponsors' Plan to Pay Unsecured Claims in Full E-Z GENERAL: Unsecureds to Get $3K Quarterly Payment for 5 Years ELECTROTEK CORP: Unsecureds to Get 15% or 30% in Plan ELI & ALI: Wins Cash Collateral Access Thru Dec 17 FLORIDA TILT: Amends Unsecured Claims Pay Details FROZEN FOODS: Gets Cash Collateral Access Thru Dec 5 GATEWAY CASINOS: S&P Withdraws 'CCC' LT Issuer Credit Rating GREEN PHARMACEUTICAL: To Seek Plan Confirmation Dec. 21 GROWLIFE INC: Incurs $610K Net Loss in Third Quarter GRUPO POSADAS: Taps Ritch Mueller y Nicolau as Mexican Counsel HOME DEALS OF MAINE: Seeks Approval to Hire Real Estate Broker ICAN BENEFIT: Amends Unsecureds & SGIC's Claims Pay Details IDEANOMICS INC: Incurs $51.1 Million Net Loss in Third Quarter KAYA HOLDINGS: Posts $3.9 Million Net Income in Third Quarter LANKER PARTNERSHIP: Appeals Court Revives Brown's Quiet Title Suit LATAM AIRLINES: Reaches Bankruptcy Deal to Hand Reins to Creditors MEDLEY LLC: DOJ, SEC Oppose $685,000 Atty Fee Claims in Bankruptcy MILLOLA HOLDINGS: Taps Riggi Law Firm as Bankruptcy Counsel MINESEN COMPANY: Taps Goodsill as Bankruptcy Counsel MITEL NETWORKS: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR MORROW GA INVESTORS: Trustee Gets OK to Hire Leasing Agent MOUTHPEACE DENTAL: Unsecureds to Get 21.8%-35.6% in Creditor's Plan NEW YORK INN: Taps Jules Slim as Special Counsel NIR WEST: Fine-Tunes Plan; Business Profit to Fund Plan NORWICH DIOCESE: Court Sets Sexual Assault Claims Deadline OLMSTEAD BROTHERS: Seeks to Hire CHMS P.C. as Accountant ORG GC MIDCO: Amended Prepackaged Plan Confirmed by Judge PANACEA LIFE: Incurs $3.2 Million Net Loss in Third Quarter PB-6 LLC: U.S. Trustee Says Amended Plan Unconfirmable PREFERRED READY-MIX: Seeks to Hire Joyce W. Lindauer as Counsel REDWOOD EMPIRE: S&K Inns Says Disclosures Inadequate RESURGE L.L.C.: Case Summary & 20 Largest Unsecured Creditors RITORI LLC: Unsecureds Likely Won't Get Payment in Sale Plan RIVERBED TECHNOLOGY: Dec. 1 Deadline Set for Panel Questionnaires RIVERBED TECHNOLOGY: Taps Stretto as Claims Agent RIVERBED TECHNOLOGY: Unsecureds Will Recover 100% Under Plan RIVERSTONE RESORT: Taps David Venable as Bankruptcy Attorney SHENOUDA HANNA: Seeks to Hire Guy E. Tweed II as Legal Counsel SOUTH MOON: Amends Several Secured Claims Pay Details STANTON GLENN: $39.5M Sale to Concord Communities to Fund Plan TEA STATION: Unsecured Creditors to Split $150K in Joint Plan TELIGENT INC: Finds Bidders for Its Generic Drug Assets TIX CORPORATION: Claims Will be Paid from Asset Sale Proceeds TONOPAH SOLAR: Court Allows CMB Fraud Claims to Proceed TUKHI BUSINESS: Unsecured Creditors to Recover 100% over 5 Years UMATRIN HOLDING: Delays Filing of Third Quarter Form 10-Q VIZIV TECHNOLOGIES: Jan. 11, 2022 Plan Confirmation Hearing Set [^] BOND PRICING: For the Week from November 22 to 26, 2021 ********* 37 CALUMET STREET: Bridge Loan Says Plan Not Feasible ----------------------------------------------------- Bridge Loan Venture V QV Trust 2019-2 objects to the Disclosure Statement relating to the proposed Plan of Reorganization of Debtor 37 Calumet Street, LLC. Bridge Loan is the holder of a promissory note secured by a first mortgage on certain real property located at 37 Calumet Street, Boston, Massachusetts 02120. Bridge Loan points out that the Debtor's Disclosure Statement is inadequate, inconsistent with the interests of the creditors, including Bridge Loan, and is not feasible. The Debtor has not shown how it will pay Bridge Loan according to the Plan of Reorganization, nor is it feasible for the Debtor to pay its debt owed to Bridge Loan. In addition, the Disclosure Statement provides inadequate information on the Debtor's anticipated post-confirmation expenses, especially with respect to tax preparation fees and income taxes. In fact, the Debtor provides no information as to the tax consequences of the reorganization plan, which is a material fact in such Disclosure Statements. Bridge Loan claims that the Disclosure Statement does not provide for full payment of Bridge Loan's outstanding balance ($2,267,787.62 as of the date of this pleading, less any payments made by the Debtor during this proceeding to date, which are approximately $21,000.00). Instead, the Plan proposes to "cram down" Bridge Loan's first mortgage to $1,600,000 at an interest rate equal to 5% fixed with equal payments of $3,000.00 and a balloon payment due on January 30, 2024 without true justification or authority. Additionally, the Debtor's principal would have to guaranty the loan and, even if the Debtor could find a conventional lender willing to lend to it, the principal's creditworthiness, or lack thereof, would affect the rate and term and lender would consider. Bridge Loan asserts that the Disclosure Statement does not provide any meaningful liquidation analysis. It is possible that in this market that the Debtor would be able make a 100% payment to all creditors in a far shorter period than proposed by the Debtor (assuming no capital gain liabilities). Bridge Loan would fare better were the property liquidated or sold. A full-text copy of Bridge Loan's objection dated Nov. 22, 2021, is available at https://bit.ly/3xszp43 from PacerMonitor.com at no charge. Attorneys for Bridge Loan: Peter T. McNulty BBO# 690411 Murphy, Hesse, Toomey & Lehane, LLP 300 Crown Colony Drive, Suite 410 Tel: 617-479-5000 E-mail: pmcnulty@mhtl.com About 37 Calumet Street 37 Calumet Street LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 20-12253) on Nov. 19, 2020. The petition was signed by Patricia Hounsell, its manager. At the time of filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Frank J. Bailey oversees the case. Gary W. Cruickshank, Esq., serves as the Debtor's counsel. 96 WYTHE: Amends BSP Claims Pay; Confirmation Hearing Jan. 27, 2022 ------------------------------------------------------------------- 96 Wythe Acquisition LLC, submitted a Third Amended Disclosure Statement describing Second Amended Plan dated Nov. 25, 2021. Certain of the information contained in this Disclosure Statement including, with respect to the various descriptions of prepetition conduct, the history of the parties in the case, and other aspects relevant to the Plan, are disputed by BSP. It is BSP's belief that the resolution of these disputed matters could have an impact on creditors under the Plan. On October 22, 2021, the Debtor filed a motion to approve the Paycheck Protection Program ("PPP") Stipulation (the "PPP Settlement Motion"). A hearing to consider approval of the PPP Settlement Motion is scheduled for December 13, 2021. In an effort to promote an efficient and cost-effective means of potentially resolving, or at least narrowing, the multitude of issues raised by BSP, on October 22, 2021, the Debtor filed a motion to compel mediation (the "Mediation Motion"). Both BSP and the Debtor have agreed to the appointment of a mediator. The Honorable Shelley C. Chapman, United States Bankruptcy Judge for the Southern District of New York, has agreed to serve as mediator, with an expected mediation to begin in December. The parties expect an order to this effect will be entered shortly. Class 2 consists of BSP Claims. Class 2 Secured Claim includes the Allowed Claim of BSP, which is impaired under the Plan. The BSP Undisputed Claim shall be Allowed in the amount of $70.7 million. The Debtor disputes the balance of any claims held by BSP, including the BSP Disputed Claim, and such claims shall be subject to the Debtor's right to seek subordination, disallowance, expungement, dismissal, and/or further agreement by and between the Debtor and BSP. BSP asserts that it is owed at least $90 million. With respect to the BSP Undisputed Claim, subject to the Reorganized Debtor's right to pre-pay all or part of the BSP Undisputed Claim (and any portion of the BSP Disputed Claim that becomes an Allowed Claim) at any time without penalty, the BSP Undisputed Claim and the balance of any additional Allowed Claim amount of the BSP Disputed Claim shall be paid in full, together with interest. Except as provided for in the Plan, which shall control in all respects, including with regard to payment terms, default terms, or any terms on pre-payment or refinance, all terms of the Loan Agreement and related documents that cover the BSP Claims and collateral securing the BSP Claims shall apply, including, but not limited to, BSP's security interests and mortgage as set forth in the Consolidation, Modification, Spreader and Extension Agreement between the Debtor and BSP, dated December 13, 2017. BSP disputes this treatment and intends to object to confirmation of the Plan. The Debtor believes this treatment is proper and consistent with the requirements under the Bankruptcy Code. The resolution of such objection could have a potentially material impact upon the Plan and the Debtor's ability to confirm the Plan. Solely for purposes of voting on the Plan, the Debtor and BSP have agreed that BSP shall be permitted to vote on account of the BSP Disputed Claim and the BSP Undisputed Claim. The following are certain claims that have been filed and or scheduled but after further due diligence, the Debtor determined such claims are disputed, unliquidated and/or are not against the Debtor or its estate and/or are asserted in an incorrect amount. * The Claim filed by OES Williamsburg Hotel LLC (Claim No. 9) – this claim was filed in the amount of $4,000,000, however as provided in the claim, the Debtor asserts such claim is not against the Debtor and is against the Debtor's non-debtor parent. As such, the Debtor intends to file an objection to such claim. * The Scheduled Claim of FIA Heritage – this claim was scheduled as an unsecured claim on the Debtor's original filed schedules. After further due diligence, the Debtor determined such claim is not an unsecured claim against the Debtor, but rather, is a claim held against a non-Debtor related entity. As such, the Debtor is amending its schedules to remove this claim as an unsecured claim against the Debtor. In addition, a number of claims filed and/or scheduled by the Debtor relate to claims that the Debtor believes will likely be covered by the Debtor's applicable insurance policies and are also unliquidated and disputed. Moreover, the Debtor's believes its liability, if any, with respect to some of these claims is much lower that claimant's filed amount and there are other third-party defendants who could be liable for damages, if any. These claims include the claims filed by (i) Grandfield Realty (Claim No. 5) asserted in the amount of approximately $7,900,000, arising from a lawsuit commenced against the Debtor in 2014 related to alleged property damage to Grandfield Realty's property during the construction of the Hotel; and (ii) Gerson Mencia (Claim No. 6), asserted in the amount of $8,000,000, arising from injuries Mr. Mencia, employed by a subcontractor of the Hotel, alleges he suffered during the construction of the Hotel. The Debtor's applicable insurance policies include (i) primary insurance, with a policy limit of $1 million per occurrence issued by State National Insurance Company ("SNIC") and (ii) excess liability insurance issued by RLI Insurance Company ("RLI"), with a policy limit of $10 million per occurrence. The Debtor believes that the per-occurrence coverage under the SNIC policy would still be fully available to satisfy the initial portion of any damages obtained by Mr. Mencia and Grandfield Realty, with the remainder, if any, able to be recovered under the RLI excess policy. The Bankruptcy Court has set January 27, 2022, at 10:00 a.m. as the date for a hearing on the confirmation of the Plan. A full-text copy of the Third Amended Disclosure Statement dated Nov. 25, 2021, is available at https://bit.ly/3EedMXX from PacerMonitor.com at no charge. Co-Counsel to the Debtor: Douglas Spelfogel Leah Eisenberg Jason I. Kirschner Dabin Chung MAYER BROWN LLP 1221 Avenue of the Americas New York, New York 10020 Telephone: (212) 506-2500 Facsimile: (212) 506-1910 - and - Mark Frankel BACKENROTH FRANKEL & KRINSKY, LLP 800 Third Avenue New York, New York 10022 Telephone: (212) 593-1100 About 96 Wythe Acquisition 96 Wythe Acquisition LLC owns and operates the Williamsburg Hotel, a successful 10-story, 147-room independent hotel, constructed in 2017, and located at 96 Wythe Avenue, Brooklyn, New York. The Hotel is upscale and full-service, featuring a full food and beverage operation that includes a restaurant, bar/lounge, outdoor cafe, library lounge bar, water tower bar, and event ballrooms. 96 Wythe Acquisition sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 1-22108) on Feb. 23, 2021. In the petition signed by David Goldwasser, chief restructuring officer, the Debtor disclosed $79,990,206 in liabilities. Judge Robert D. Drain oversees the case. Backenroth Frankel & Krinsky, LLP, led by Mark Frankel, is the Debtor's counsel. Kramer Levin Naftalis & Frankel LLP serves as counsel for Lender, Benefit Street Partners Realty Operating Partnership, L.P. ACRO BIOMEDICAL: Incurs $3 Million Net Loss in Third Quarter ------------------------------------------------------------ Acro Biomedical Co., Ltd. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.99 million on zero revenue for the three months ended Sept. 30, 2021, compared to a net loss of $73,099 on zero revenue for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $3.85 million on $599,500 of revenues compared to a net loss of $55,682 on $687,964 of revenues for the same period during the prior year. As of Sept. 30, 2021, the Company had $629,828 in total assets, $61,610 in total liabilities, and $568,218 in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1622996/000164033421002942/acbm_10q.htm About Acro Biomedical Acro Biomedical Co., Ltd. has been engaged in the business of developing and marketing nutritional products that promote wellness and a healthy lifestyle. The Company's business to date has involved the purchase of products from three suppliers in the Republic of China. The Company sells product in bulk to companies who may use its products as ingredients in their products or sell the products they purchase from the Company to their own customers. Acro Biomedical reported a net loss of $117,453 for the year ended Dec. 31, 2020, compared to a net loss of $371,604 for the year ended Dec. 31, 2019. Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 1, 2021, citing that the Company had limited cash as of Dec. 31, 2020, had limited gross profit and incurred a loss from its operations for the year ended Dec. 31, 2020. These circumstances, among others, raise substantial doubt about the Company's ability to continue as a going concern. ADHERA THERAPEUTICS: Incurs $3.7 Million Net Loss in Third Quarter ------------------------------------------------------------------ Adhera Therapeutics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.74 million for the three months ended Sept. 30, 2021, compared to a net loss of $539,000 for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $4.68 million compared to a net loss of $3.28 million for the nine months ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had $151,000 in total assets, $20.39 million in total liabilities, and a total stockholders' deficit of $20.24 million. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/737207/000149315221029537/form10-q.htm About Adhera Headquartered in Durham, NC, Adhera Therapeutics, Inc. (formerly known as Marina Biotech, Inc.) -- http://www.adherathera.com/-- is a specialty pharmaceutical company leveraging technology to commercialize unique therapies and improve patient outcomes. Adhera is initially focused on commercializing its United States Food and Drug Administration approved product for the treatment of hypertension to lower blood pressure through DyrctAxessTM, a patient-centric treatment approach. Adhera is dedicated to identifying additional assets to expand its commercial presence. Adhera reported a net loss applicable to common stockholders of $5.31 million for the year ended Dec. 31, 2020, compared to a net loss applicable to common stockholders of $13.48 million for the year ended Dec. 31, 2019. Los Angeles, California-based Baker Tilly US LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 7, 2021, citing that the Company has suffered recurring losses from operations and negative cash flows from operations. This raises substantial doubt about the Company's ability to continue as a going concern. In addition, with respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international and U.S. economies and markets and if repercussions of the outbreak are prolonged, could have a significant adverse impact on the Company's business. ALTO MAIPO: Nov. 29 Deadline Set for Panel Questionnaires --------------------------------------------------------- The United States Trustee is soliciting members for an official committee of unsecured creditors in the bankruptcy case of Alto Maipo. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3HZrlwk and return it to jane.m.leamy@usdoj.gov at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Nov. 29, 2021. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Alto Maipo Alto Maipo owns the Alto Maipo Hydroelectric Project, outside Santiago, Chile, which is currently under construction. The project comprises two run-of-the-river plants with a combined installed capacity of 531 megawatts. The run-of-the-river project is a joint venture between US utility subsidiary AES Gener and Chilean mining company Antofagasta Minerals (AMSA). Alto Maipo Delaware LLC and affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17, 2021. In its filing, Alto Maipo Delaware LLC estimated liabilities between $1 billion and $10 billion and estimated assets between $1 billion and $10 billion. The cases are handled by Honorable Judge Karen B. Owens. Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, is the Debtors' counsel. ARCHBISHOP OF AGANA: Plan Has $28M to $34M for Tort Claims ---------------------------------------------------------- Archbishop of Agana, a Corporation Sole, submitted a First Amended Disclosure Statement in connection with the First Amended Chapter 11 Plan dated Nov. 25, 2021. The First Amended Plan is based on four methods of funding. The first method of funding is through the sale of Archdiocese real property. The Archdiocese has previously sold the Accion Hotel, for which proceeds of approximately $1.5 million remain in a separate account. The Archdiocese further proposes to sell additional real property, including the Chancery. It is believed these properties will bring in the net amount of roughly $5.0 million. Secondly, the Parishes propose to assist the Archdiocese by contributing additional cash to fund the Plan, and in consideration for a Channeling Injunction. This process is ongoing and may be supplemented, but at present roughly $878,250 is projected from the Parishes. The third method of funding is through the transfer of certain real property of the Archdiocese, Parishes and schools to the trust that will be created for the survivors. At present, it is anticipated that properties of the value of roughly $9,082,000 to $15,505,395 will be transferred to the survivors Trust. Finally, the First Amended Plan will be funded by the proceeds of two settlements with the Settling Insurer Entities, the Continental Insurance Company ("CNA") and the National Union Fire Insurance Company of Pittsburgh, PA, and its affiliates and related entities ("National Union"). Such settlements are reflected in documents styled Settlement Agreement, Release, and Policy Buyback for CNA and National Union, respectively. These settlements, which shall be approved through confirmation of the Plan, provide $1.0 million and $12.0 million, respectively for a total of $13.0 million. Thus, between the four forms of funding the Plan, it is expected the Tort Claimants will receive the grand total sum of $27,960,250 to $34,383,645, after real properties are sold, which will be payable to the trust set up through the First Amended Plan and First Amended Disclosure Statement process. Of that amount, $800,000 will be set aside for the Unknown Tort Claimants, which will also be administered through the Trust created for the survivors. Such amounts will be administered through the Trust Distribution Protocols. The First Amended Plan memorializes a comprehensive scheme to fund the trust, to an allocation of substantially all of the nonessential assets of the Debtor and a substantial contribution of the Parishes' and schools' real property and cash assets to the trust, for the sole and exclusive benefit of the Tort Claimants and Unknown Tort Claimants. In addition, confirmation of the First Amended Plan is necessary to effectuate the settlement with the Debtor's insurance carriers that will be used to fund the Trust created pursuant to the First Amended Plan for the benefit of Holders of Tort Claims and Unknown Tort Claims. Class 3 consists of Tort Claims (Other than Unknown Tort Claims). On the Effective Date, (a) the Trust shall assume all liability for and the Trust will pay all Tort Claims, which include Claim Nos. 269, 270, 271 and 272 (other than Unknown Tort Claims, which are treated separately) ("Class 3 Claims"); and each of the Tort Claimants shall assign his or her claims against the Protected Parties to the Trust, pursuant to the provisions of the First Amended Plan, First Amended Plan Documents, Confirmation Order and Trust Documents. Tort Claimants shall have their Class 3 Claims treated pursuant to the Trust Distribution Protocols, including review of such Claims by the Abuse Claim Reviewer in accordance with the Trust Distribution Protocols. Class 4 consists of Unknown Tort Claims. On the Effective Date, the Trust shall assume all liability and the Trust will pay all Unknown Tort Claims from the Unknown Tort Claims Reserve Fund pursuant to the provisions of the First Amended Plan and Trust Documents. The Trust shall pay the costs of administering the Unknown Tort Claims Reserve Fund. The Unknown Tort Claims Reserve Fund shall be the sole source of payment on account of Unknown Tort Claims. Whether or not an Unknown Tort Claim is paid or denied payment pursuant to the Trust Distribution Protocols, the Holder of such Unknown Tort Claim shall have no further rights against the Debtor, Reorganized Debtor, the Protected Parties, the Trust, Trustee, or the Settling Insurer Entities relating to such Unknown Tort Claim. Class 11 consists of the Unsecured Claim of Bank of Guam. The Unsecured Claim of Bank of Guam is in the approximate amount of $4,069,934.51, less payments made since the case was filed. To the extent the loans relate to Parishes, or schools, the real property of those Parishes and schools have been appraised by the Bank at the Bank of Guam's expense. The Parishes and schools, as the case may be, will then secure such loans via mortgage on the underlying real property, and shall pay each respective loan off, meaning separated by Parish or school, using a 30 year amortization at 3% interest fixed with a 20 year maturity. Class 12 consists of General Unsecured Claims. The holders of Allowed General Unsecured Claims will receive payment from the Reorganized Debtor of their Pro Rata share of the sum of $0, to be paid as soon as reasonably practicable after all General Unsecured Claims have either been Allowed or Disallowed, but subject to the filing and allowance of Claims under Section 502(h) of the Bankruptcy Code. Class 13A - Abuse Related Contingent Claims, Includes Boy Scouts of America, School Sisters of Notre Dame, Region of Guam and School Sisters of Notre Dame Central Pacific Province, Inc. Each Abuse Related Contingent Claim held by any Entity against the Debtor shall be disallowed and will receive no Distribution; notwithstanding any other provision of the Plan, any Class 13A Claimant that is or could have been alleged to be a joint tortfeasor with any of the Protected Parties in any action brought by a Tort Claimant shall not be liable for any Protected Party's share of causal liability, fault, or damages, by reallocation or otherwise. Class 13B consists of Abuse Related Contingent Claims – Unknown Claims. Each Abuse Related Contingent Claim held by any Entity against the Debtor that relates to an Unknown Claim shall be disallowed and will receive no Distribution; notwithstanding any other provision of the Plan, any Class 13B Claimant that is or could have been alleged to be a joint tortfeasor with any of the Protected Parties in any action brought by a Tort Claimant shall not be liable for any Protected Party's share of causal liability, fault, or damages, by reallocation or otherwise. The assets required to fund the Trust that will pay Holders of Class 3 and 4 Claims, will come from (i) $14,960,250 to $21,383,645, or more of cash and properties from the Debtor, Parishes and schools, and (ii) $13.0 million of cash from the Settling Insurer Entities for a total of $27,960,250 to $34,383,645. The values for the real properties that are sold, or that will be contributed to the Trust. Accordingly, the range of values for the total contributions into the survivors Trust range from $27,960,250 to $34,383,645. The cost to fund payments to Holder of Class 4 Unknown Claims are part of the cash and property assets from the Debtor, Parishes and schools, and is estimated at $800,000. The cash required to fund payments for Professional Fees and costs of the Trust will come from the Debtor and/or the Reorganized Debtor. Partial distributions may be made at the business judgment of the Trustee. Archdiocese, Parishes and schools have agreed to transfer and/or sell real properties with a value estimated at $9,082,000 to $14,883,895. In addition, the Archdiocese, Parishes and schools have agreed to make a cash contribution of $5,878,250 to $7,378,000, based on amounts realized on the properties sold. Those properties transferred into the Survivors Trust will need to be liquidated before proceeds can be distributed to the survivors. However, it is believed that the insurance contribution of $13.0 million will allow the Trustee to make a substantial initial distribution soon after the Effective Date of the Plan. In consideration for such contributions, the Parishes and schools within the Archdiocese and its affiliated entities will seek the benefit of a Channeling Injunction and Supplemental Injunction as part of the First Amended Plan of Reorganization, and will require tort claimants to sign a general release as a prerequisite to receiving settlement amounts through the Plan. A full-text copy of the First Amended Disclosure Statement dated Nov. 25, 2021, is available at https://bit.ly/3leFlIR from PacerMonitor.com at no charge. The Debtor is represented by: Ford Elsaesser Bruce A. Anderson ELSAESSER ANDERSON, CHTD. 320 East Neider Avenue, Suite 102 Coeur d'Alene, ID 83815 Tel: (208) 667-2900 Fax: (208) 667-2150 E-mail: ford@eaidaho.com brucea@eaidaho.com - and - John C. Terlaje LAW OFFICE OF JOHN C. TERLAJE Terlaje Professional Bldg., Suite 216 194 Hernan Cortez Ave. Hagana, Guam 96910 Telephone: (671) 477-8894/5 E-mail: john@terlaje.net About Archbishop of Agana Roman Catholic Archdiocese of Agana --https://www.aganaarch.org/-- is an ecclesiastical territory or diocese of the Catholic Church in the United States. It comprises the United States dependency of Guam. The Diocese of Agana was established on Oct. 14, 1965, as a suffragan of the Archdiocese of San Francisco, California. It is a tax-exempt entity (as described in 26 U.S.C. Section 501). The Archbishop of Agana, also known as the Roman Catholic Archdiocese of Agana, sought Chapter 11 protection (D. Guam Case No. 19-00010) on Jan. 16, 2019. Rev. Archbishop Michael Jude Byrnes, S.T.D., Archbishop of Agana, signed the petition. The Archdiocese scheduled $22,962,686 in assets and $45,662,941 in liabilities as of the bankruptcy filing. The Hon. Frances M. Tydingco-Gatewood is the case judge. The Archdiocese tapped Elsaesser Anderson, Chtd., as bankruptcy counsel, and John C. Terlaje, Esq., as special counsel. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on March 6, 2019. The Committee retained Stinson Leonard Street LLP as bankruptcy counsel, and The Law Offices of William Gavras as local counsel. AVIANCA HOLDINGS: Will Reoffer Jobs to About 100 Pilots ------------------------------------------------------- Reuters reports that Airline Avianca Holdings, which is in the process of finishing a restructuring process under Chapter 11 bankruptcy, is to offer around 100 pilots who left the company following a strike in 2017 the chance to rejoin the company, it said on Thursday, November 25, 2021. "Without doubt, today we mark a milestone in our history and this is a golden opportunity to start from scratch, to strengthen teamwork and build the Avianca we all need," said the company's chief executive and president, Adrian Neuhauser. The airline struggled with a 51-day pilots' strike between September and November 2017, grounding half its fleet and resulting in dozens of pilots being fired, while others resigned or were pensioned off. The plan will permit the airline to operate more than 200 direct routes with its fleet of more than 130 aircraft by 2025, it said. The pilots who return to Avianca will do so under the same conditions that were agreed with pilots in 2020, while the company plans to start a training program that exceeds the requirements of aeronautical regulations. Avianca filed for Chapter 11 bankruptcy after being battered by the coronavirus pandemic. A court in the United States approved the company's restructuring plan in November 2021. 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. BLACK FORGE COFFEE: Unsec. Creditors Will Get 60% of Claims in Plan ------------------------------------------------------------------- Black Forge Coffee House, LLC, and Black Forge Coffee House McKees Rocks, LLC, submitted an Amended Small Business Plan of Reorganization for restructuring the debt of the Debtors. Debtors BFCHMR, LLC, is Pennsylvania limited liability business operating as a coffee shop, music venue and roastery at its business location at 701 Chartiers Avenue, McKees Rocks, PA 15136 (the "McKees Rocks Location"). Debtors BFCH is a related business entity operating as a coffee shop at its business location at 1206 Arlington Avenue, Pittsburgh, PA 15210 (the "Arlington Location"). The filing was precipitated by the freezing of the Debtors' bank accounts arising from a garnishment action pending in the Allegheny Court of Common Pleas initiated by the principal's former partner, Miller. The Plan proposes to pay the Debtors' creditors from cash flow from operations and/or sale of assets and infusions of capital in the event the Reorganized Debtors default on the Plan. The Plan effectively substantively consolidates both Debtors' assets and liabilities to provide the most recovery for all creditors and as it is in the best interest of the estates. The Plan proposes to pay administrative and priority claims in full over the term of the Plan unless otherwise agreed. The Debtors estimates approximately 60% will be paid on account of general unsecured claims pursuant to the Plan. Class 3 consists of General Unsecured Claims. The Debtors will pay a sum of $25,260 to holders of Allowed General Unsecured Creditors (an anticipated 10% distribution) for the first 24 months commencing on the Effective Date. Thereafter beginning with the 25th month of the Plan, the $3,333.00 monthly payments previously dedicated to the Holders of Administrative Claims will then be dedicated to Holders of Class 3 Allowed General Unsecured Creditors to be paid pro rata for 36 months, aggregating an additional $119,988 distribution (additional 50% distribution). Thus the anticipated total payment is 59.7%. The following lists the classes of the Debtors' General unsecured Claims and this proposed treatment under the Plan: * PA Dept. Revenue- 2,178.21. Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Timothy Gaichas - $130,000 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Nicholace W. Miller - $7,456.11 (BFCH/BFCHMR). To the extent it is an allowed claim, paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Borough of McKees Rocks (Sewer)-$1,343.87 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Citizens Bank, N.A. - $6,500 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Home Depot - $2,000 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * New Sun Rising- $7,373.24 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Rock World Merch -$4,000 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Urban Redevelopment Authority - $50,000 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Urban Redevelopment Authority-$30,000 (BFCH). Paid pro rata on a monthly basis for twenty-four months commencing on the Effective Date; thereafter beginning with the 25th month of the Plan, the $3,333.00 payments previously dedicated to the administrative creditors will continue to the benefit of the unsecured creditors to be paid pro rata on Class 3 unsecured claims. * Internal Revenue Service - $167.56 (BFCHMR). Paid pro rata on a monthly basis over the length of the Plan or as otherwise agreed by the parties. * Internal Revenue Service - $32.63 (BFCH). Paid pro rata on a monthly basis over the length of the Plan or as otherwise agreed by the parties. Equity Interest Holder Ashley Corts will retain equity interest in exchange for consideration of a note payable of $25,000.00 to be paid on a monthly basis commencing on the Effective Date for a period of 60 months. The Plan will be funded from ongoing revenue from the Debtors. Any amounts not sufficient to pay secured creditors in full, will result in unsecured deficiency claims to be paid pursuant to this Plan. A full-text copy of the Amended Small Business Plan dated Nov. 22, 2021, is available at https://bit.ly/32CqO3p from PacerMonitor.com at no charge. Debtor's Counsel: SALENE R.M. KRAEMER Bernstein-Burkley, P.C. 707 Grant Street, 2200 Gulf Tower Pittsburgh, PA 15219 Tel.: (412) 456-8102 Fax: (412) 456-8135 Email: skraemer@bernsteinlaw.com About Black Forge Coffee House Black Forge Coffee House, LLC filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 21-21594) on July 12, 2021. At the time of the filing, the Debtor had between $100,000 and $500,000 in both assets and liabilities. Ashley Corts, member, signed the petition. Bernstein-Burkley, P.C. serves as the Debtor's legal counsel. BOSTON ROAD SERVICE: Taps Robert W. Stowe as Special Counsel ------------------------------------------------------------ Boston Road Service & Charter Corp. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ the Law Office of Robert W. Stowe as special counsel. The Debtor needs the firm's legal assistance to prosecute a claim for property damage to one of its fleet vehicles in connection with a wrongful repossession initiated by a secured creditor. The firm will be paid one-third of any settlement, judgment, verdict, recovery or award obtained in connection with the claim, and will be reimbursed for out-of-pocket expenses incurred. The retainer fee is $10,000. Robert Stowe, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert W. Stowe Law Office of Robert W. Stowe 1895 Centre St., Suite 8 West Roxbury, MA 02132 Tel: (617) 469-1191 About Boston Road Service & Charter Corp. Taunton, Mass.-based Boston Road Service & Charter Corp. filed a petition for Chapter 11 protection (Bankr. D. Mass. Case No. 21-11491) on Oct. 14, 2021, listing up to $1 million in assets and up to $10 million in liabilities. Gilmaris Ocasio, president, signed the petition. Judge Frank J. Bailey oversees the case. The Debtor tapped David B. Madoff, Esq., at Madoff & Khoury, LLP as legal counsel, and C. Jill Beresford and her firm Genderversity as its financial advisor. BRIGHT MOUNTAIN: Delays Filing of Third Quarter Form 10-Q --------------------------------------------------------- Bright Mountain Media, Inc. filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2021. The Form 10-Q could not be filed within the prescribed time because additional time is required by the Company's management and auditors to prepare certain financial information to be included in such report. The Company is working diligently to complete the necessary work and review of internal controls. The Company has not yet filed its Annual Report on 10-K for the year ended Dec. 31,2020, and Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, and June 30,2021. About Bright Mountain Based in Boca Raton, Fla., Bright Mountain Media, Inc. -- www.brightmountainmedia.com -- is an end-to-end digital media and advertising services platform, efficiently connecting brands with targeted consumer demographics. In addition to its corporate website, the Company owns and/or manages 24 websites which are customized to provide its niche users, including active, reserve and retired military, law enforcement, first responders and other public safety employees with products, information and news that the Company believes may be of interest to them. The Company also owns an ad network which was acquired in September 2017. Bright Mountain reported a net loss of $3.40 million for the year ended Dec. 31, 2019, compared to a net loss of $5.22 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $42.77 million in total assets, $29.92 million in total liabilities, and $12.85 million in total shareholders' equity. EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 14, 2020, citing that the Company has experienced recurring net losses, cash outflows from operating activities, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. BROWNIE'S MARINE: Incurs $541K Net Loss in Third Quarter -------------------------------------------------------- Brownie's Marine Group, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $540,679 on $1.56 million of total net revenues for the three months ended Sept. 30, 2021, compared to net income of $56,535 on $1.67 million of total net revenues for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $1.07 million on $4.22 million of total net revenues compared to a net loss of $654,200 on $3.63 million of total net revenues for the nine months ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had $5.11 million in total assets, $2.40 million in total liabilities, and $2.71 million in total stockholders' equity. Chris Constable, CEO of Brownie's Marine Group, Inc. stated, "The Company continued sales growth momentum, albeit at a slower rate than the first six months due to the worldwide supply chain issues everyone is experiencing. We continue to invest in human capital to ensure that the growth we are experiencing will not diminish our customer service, and ensure that we are able to take advantage of every opportunity at profitability." Robert M. Carmichael, president and Chairman of the Board added, "We are also excited to have officially completed the acquisition of Submersible Systems and start working with their team to help grow their operations. It's the first major acquisition we have made in quite some time, and the first step in an M&A strategy we have put together to find unique companies in our industry that we can help scale and fit into the larger company we are building. We are continuing to pursue this strategy aggressively, and we are looking forward to announcing more about these efforts over the next several quarters." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1166708/000149315221029547/form10-q.htm About Brownie's Marine Headquartered in Pompano Beach, Florida, Brownie's Marine Group, Inc., is the parent company to a family of innovative brands with a unique concentration in the industrial, and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has three subsidiaries: Trebor Industries, Inc., founded in 1981, dba as "Brownie's Third Lung"; BLU3, Inc.; and Brownie's High-Pressure Services, Inc., dba LW Americas. The Company is headquartered in Pompano Beach, Florida. Brownie's Marine reported a net loss of $1.35 million for the year ended Dec. 31, 2020, compared to a net loss of $1.42 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $2.51 million in total assets, $1.50 million in total liabilities, and $1 million in total stockholders' equity. CFN ENTERPRISES: Incurs $366,532 Net Loss in Third Quarter ---------------------------------------------------------- CFN Enterprises, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $366,532 on $948,254 of net revenues for the three months ended Sept. 30, 2021, compared to a net loss of $395,634 on $154,369 of net revenues for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $981,183 on $1.45 million of net revenues compared to a net loss of $1.11 million on $349,071 of net revenues for the same period during the prior year. As of Sept. 30, 2021, the Company had $16.90 million in total assets, $8.57 million in total liabilities, and $8.33 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1352952/000109690621002814/cnfn-20210930.htm About CFN CFN Enterprises Inc. owned and operated CAKE and getcake.com, a marketing technology company that provided a proprietary solution for advanced analytics, attribution and campaign optimization for digital marketers, and it sold this business on June 18, 2019. The Company contemporaneously acquired assets from Emerging Growth LLC related to its cannabis industry focused sponsored content and marketing business, or the CFN Business. Its initial ongoing operations will consist primarily of the CFN Business and the Company will continue to pursue strategic transactions and opportunities. The Company reported a net loss of $1.42 million in 2020. As of June 30, 2021, CFN had $708,521 in total assets, $2.57 million in total liabilities, and a total stockholders' deficit of $1.86 million. New York-based RBSM LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. COLONIAL GATE: Wins 60-Day Access to Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has authorized Colonial Gate Gardens LLC to use cash collateral on an interim basis pursuant to the budget, in an amount up to $281,443, until the earliest of (i) December 14, 2021; (ii) entry of a final order or a further interim order granting the Debtor continued access to cash collateral; or (iii) the occurrence of a Termination Event. Each of these constitutes a Termination Event: * The Chapter 11 case has been dismissed or converted to a Chapter 7 case under the Bankruptcy Code, or there will have been appointed in the Chapter 11 case, a trustee or an examiner with expanded powers beyond the authority to investigate particular activities of the Debtor; * The Debtor files a motion seeking to modify, vacate, stay, supplement or amend the terms of this Interim Order without the prior written consent of any Secured Party; * The Second Interim Order is modified, vacated, stayed, supplemented, reversed, or is for any reason not binding on the Debtor, without the prior written consent of a Secured Party; * The Debtor fails to perform, in any material respect, any of the terms, provisions, conditions, covenants, or obligation under the Second Interim Order; * The Debtor expends more than 110% of the Budget, unless caused by an increase in business by the Debtor; and * There is at any time a material inaccuracy in any financial report or certification provided by the Debtor to Wilmington Trust, National Association, as Trustee for the Benefit of the Holders of Corevest American Finance 2017-1 Trust Mortgage Pass-Through Certificate. Wilmington Trust has an alleged first priority mortgage on the Debtor's Properties as well as a first lien on the Cash Collateral. As reported by the Troubled Company Reporter, the Properties consist of single-family houses and condominium units throughout Orange, Rockland and Ulster Counties in New York, and are encumbered by Wilmington's blanket first mortgage. Wilmington asserts that it is owed approximately $5,657,906 on the mortgage. As adequate protection for any diminution in the value of Wilmington's interest in its collateral, Wilmington will receive (i) replacement liens on all property of the Debtor and its estate and (ii) adequate protection to the extent required by the pre-petition loan documents to the same extent and validity as its pre-petition liens. The Debtor will also make adequate protection payments to Wilmington at the non-default contract rate amounting to $20,892 pursuant to pre-petition loan documents. The Adequate Protection Liens will be subject to the Carve out consisting of (i) payment of fees due to the Office of the United States Trustee; and (iii) amounts allowed by the Court as fees and expenses of a trustee appointed under Section 726(b) of the Bankruptcy Code for up to $7,500. A hearing to consider entry of a final order is set for January 6, 2022 at 10 a.m. by Teleconference. A copy of the order is available for free at https://bit.ly/32ADBU3 from PacerMonitor.com. About Colonial Gate Gardens LLC Colonial Gate Gardens LLC is a limited liability company, formed and existing under the laws of the State of New York, with its principal office located at 45 Washington Ave, Spring Valley, New York 10977. Colonial Gate Gardens is engaged in the real estate investment business by purchasing single-family homes and or condominium units, renovating them and then leasing them to tenants in exchange for rent. Colonial Gate Gardens sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22265) on May 6, 2021. In the petition signed by Yitzchok Loeffler, managing director, the Debtor disclosed up to $10 million in both assets and liabilities. Avrum J. Rosen, Esq., at Law Office of Avrum J. Rosen, PLLC, is the Debtor's counsel. CONCORD INC: Wins Cash Collateral Access ---------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, has authorized Concord Inc. to use cash collateral consisting of $50,000 of sales proceeds on a final basis while the Debtor markets and sells its business as a going concern. On May 18, 2021, the Court entered a final order on the Debtor's allowed use of cash collateral. On August 31, the Court entered an order authorizing the sale of certain assets free and clear of all liens. As authorized by the Sale Order, the Debtor sold one of its locations for $190,000. The Sales Proceeds are currently being held in the IOLTA account of the Debtor's counsel pending further Court order. The Debtor requested the Court to enter a further order authorizing it to use the Sales Proceeds to pay necessary operating costs while it markets its remaining assets. First Horizon Bank, McKesson Corporation, and the U.S. Small Business Administration assert liens against the Debtor's Sales Proceeds as cash collateral as defined in the Bankruptcy Code. The Final Cash Collateral Order permits the Debtor's counsel to disburse the Cash Collateral to the Debtor, and the Debtor is authorized to use the Cash Collateral in accordance with terms and conditions as provided in the Final Order. A copy of the order is available for free at https://bit.ly/3DX3kUy from PacerMonitor.com. About Concord Inc. Founded in Philadelphia in 1983, Concord, Inc. provides and manages driver qualification files, substance abuse programs, physical examinations, regulatory compliance consulting, occupational health and safety services, policy development and consulting, and employee background screening services. Concord filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-52482) on March 26, 2021. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Paul Baisier oversees the case. The Debtor tapped Will B. Geer, Esq., at Wiggam & Geer, LLC as legal counsel and CliftonLarsonAllen, LLP as accountant. First Horizon Bank, as Lender, is represented by Baker, Donelson, Bearman, Caldwell and Berkowitz, P.C. CORRY DAVIS: Amends Kapitus Secured Claim Pay Details ----------------------------------------------------- Corry Davis Marketing, Inc., submitted a First Amended Plan of Reorganization dated Nov. 23, 2021. The real estate owned by the Debtor was acquired in 1994. The Debtor leases space to vendors and exhibitors at the First Monday Trade Days markets in Canton, Texas. In 2012, Debtor borrowed $3,500,000.00 from Citizens State Bank for the and subsequently borrowed an additional $115,000.00 from that bank, both of which were secured by deed of trust liens on all of Debtor's real estate. When the deeds of trust were posted for a foreclosure sale in July, 2021, the Debtor sought protection under Chapter 11 of the Bankruptcy Code. The Debtor has continued to operate its business and has also listed its real estate for sale. Class 4 consists of the Kapitus, LLC Secured Claim. The claim of Kapitus, LLC is allowed and unavoidable in the amount of $50,018.90 and is enforceable against the assets of the Debtor. Kapitus, LLC holds a security interest in personal property more particularly described in that certain UCC-1 financing statement filed with the Texas Secretary of State on October 1, 2019 as filed number 190039779368, which affects accounts receivable. The accounts receivable which are rents from the real property are subject to a prior lien in favor of LBC1 Trust. Beginning 30 days after the Confirmation Date, Kapitus, LLC shall be paid in monthly payments of $967.01 over a term of five years, which is the amount necessary to amortize the claim of Kapitus, LLC at 6% per annum. In the event of a sale by Debtor of its real estate described in its Schedules whose net proceeds are greater than the amounts necessary to pay Class 1 Claims, Class 2 Claims, Class 3 Claims, and Administration Expenses, the balance of the Class 4 Claim shall be paid from such net proceeds to the extent the proceeds are sufficient to pay this claim. In the absence of a foreclosure of the lien by a secured creditor whose lien is prior to that of Kapitus, LLC or of a sale of the Debtor's real property, monthly payments to Kapitus, LLC shall continue as provided. This claim is impaired. All payments by Debtor to Kapitus, LLC shall be remitted via ACH payment. The Debtor authorizes Kapitus, LLC to ACH debit from the account set forth on the voided check to be provided by Debtor at least 5 business days in advance of the due date of the first payment due to Kapitus, LLC under the Plan. If Debtor changes the bank account from which such ACH debits are being remitted, it shall provide Kapitus, LLC, with in 5 business days of such change, the new bank account information and a written authorization to deduct payments via ACH from such account in accordance with the terms of the Plan and any order confirming the Plan. Debtor shall be charged and liable for a fee of $75.00 for any rejected ACH debit incurred by Kapitus, LLC, and such fees shall be due and payable by Debtor as they accrue. Except as otherwise expressly modified under the Plan or the Confirmation Order, the security interest and liens granted to Kapitus, LLC under that certain Security Agreement and Guaranty dated October 17, 2019 in connection with that certain Futures Receivables Factoring Agreement (ACH) dated October 17, 2019 and perfected pursuant to that certain UCC Financing Statement filed on October 21, 2019 are preserved and shall survive the confirmation of the Plan to the same validity, extent, and priority as they existed as of the Petition Date, and Kapitus, LLC shall not be required to file, record, or serve any financing statements, mortgages, notice, or other documents which may otherwise be required under federal or state law in any jurisdiction or to take any other action to validate or perfect such security interest and liens. In the event of a sale by the Debtor of its real property or a foreclosure of the real property, Kapitus, LLC shall be entitled to recover from any remaining personal property that is the subject of it security interest; provided that, any accounts receivable which are rents of the real property are subject to a prior lien in favor of LBC1Trust to the extent such lien is not satisfied from the sale or the foreclosure of the real property. The Amended Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 6 consists of General Unsecured Claims. The holders of Allowed General Unsecured Claims shall be paid upon the sale of the real estate owned by Debtor as described in its Schedules, each holder receiving its pro rata part of the net proceeds after payment of Class 1 Claims, Class 2 Claims, Class 3 Claims, Administration Expenses, and Class 4 Claims. In the event the available net proceeds of the sale exceed the amount of the Allowed General Unsecured Claims, holders of Allowed General Unsecured Claims shall also be allowed to receive interest on the amounts of their claims at the Federal judgment rate in force on the Confirmation Date. * The holder of Interests in the Debtor will retain their Interests post-confirmation. In no event shall holders of Interests receive any distribution of profits or proceeds from the Debtor or from the sale of the real estate owned by Debtor as described in its Schedules until all Administrative Expenses and the claims of the Classes have been paid in full. Debtor will continue to operate its business while it continues its efforts to sell its real estate for an amount sufficient to pay the claims treated under this Plan. Payments provided for by this Plan will be made until the earlier of the expiration of 18 months from the Petition Date or the closing of the sale of Debtor's real estate. If Debtor's real estate has not been sold by the expiration of 18 months from the Petition Date, LBC1 Trust shall have the right to foreclose on its deed of trust liens in accordance with the terms of said deeds of trust and Texas law. A full-text copy of the First Amended Plan of Reorganization dated Nov. 23, 2021, is available at https://bit.ly/3cRJ8XY from PacerMonitor.com at no charge. Attorney for Debtor: Michael E. Gazette, Esq. Law Offices of Michael E. Gazette 100 East Ferguson Street, Suite 1000 Tyler, TX 75702-5706 Tel: (903) 596-9911 Fax: (903) 596-9922 Email: megazette@suddenlinkmail.com About Corry Davis Marketing Corry Davis Marketing, Inc., a Canton, Texas-based company engaged in renting and leasing real estate properties, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 21-60280) on July 2, 2021. In the petition signed by Dale Murphy, president, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. The Law Offices of Michael E. Gazette serves as the Debtor's legal counsel. DAVIDZON RADIO: Sponsors' Plan to Pay Unsecured Claims in Full -------------------------------------------------------------- Davidzon Radio, Inc., and plan sponsors Great Elm Capital Corp., and Kingsland Development Urban Renewal, LLC, filed an Amended Chapter 11 Joint Plan of Reorganization for the Debtor and a corresponding Disclosure Statement. The Plan provides for a heavily negotiated settlement between the Debtor, Great Elm, and Kingsland. The settlement, among other things, provides an avenue for the Debtor to reorganize its business by providing it a period of time to move its AM radio broadcasting to a new location. The settlement also resolves long-standing and contentious litigation between Kingsland and the Debtor regarding its current lease for its broadcasting location. And the settlement resolves Great Elm's $10+ million secured claim against the Debtor and several of its corporate affiliates, as well as Great Elm's guarantee claims against Mr. Davidzon and Mr. Katsman, the equity holders of the Debtor and such affiliates. Class 6 consists of all Allowed unsecured Claims against the Debtor that do not exceed $200.00, or any Class 7 Claim that wishes to reduce its Allowed Claim to $200.00 and be treated within this Class. As of the date of the Plan, this Class included the Claim of Quill Corporation. Claims in this Class will be paid by the Reorganized Debtor in cash and in full on the later of (x) the Effective Date (or as soon thereafter as reasonably practicable) or (y) the date (i) such claim becomes Allowed, or (ii) the amount of the Claim is otherwise agreed to by the Reorganized Debtor in accordance with the terms of the Plan and the holder of such Allowed Claim. Class 7 consists of all Allowed unsecured Claims against the Debtor (a) that are not treated in Class 6 and do not otherwise elect to be treated in Class 6 and (b) that are not otherwise treated in another Class. The deadline to file proofs of claim was MARCH 26, 2021 for non-governmental creditors and was JULY 14, 2021 for governmental entities, units, and agencies. As of the date of the filing of the Plan, the Plan Sponsors are not aware of any Claims in this Class. Claims in Class 7 will be paid by the Reorganized Debtor in cash and in full on the later of (x) the Effective Date (or as soon thereafter as reasonably practicable) or (y) the date (i) such claim becomes Allowed, or (ii) the amount of the Claim is otherwise agreed to by the Reorganized Debtor in accordance with the terms of the Plan and the holder of such Allowed Claim: provided, however, that the amount to be paid to Other Priority Claims under the Plan may not exceed $0.00. Class 7 is unimpaired. Distributions to Classes 1 (Administrative Claims), 2 (Priority Tax Claims), 3 (Other Priority Claims), and 6 (General Unsecured Claims Less than $200.00) will be paid from the reserve or by the Reorganized Debtors. The Plan is predicated upon the Kingsland Settlement, a settlement between Kingsland, the Debtor, and Great Elm described in Article VI of the Plan. The Kingsland Settlement consensually resolves various Claims and disputes by and between the Debtor and Kingsland arising out of or in connection with the Kingsland Lease and the Kingsland Litigation. The Kingsland Settlement also resolves the claims of Great Elm against the Debtor, the Debtor Corporate Affiliates, Media, and the Equity Holders. Failure to obtain Court approval of the Kingsland Settlement as a condition precedent to confirmation of the Plan shall negate and render void any obligations of Kingsland and Great Elm under the Kingsland Settlement, including, without limitation, Kingsland's obligation to pay $3.8 million to Great Elm on behalf of the Debtor. Entry of the Confirmation Order shall constitute the Court's approval pursuant to Bankruptcy Rule 9019 of the Kingsland Settlement, including the release provisions set forth in the Plan. The Debtor and the Reorganized Debtor shall be authorized with all necessary authority on behalf of the Debtor, the Estate, and the Reorganized Debtor, and directed, to execute any documents and to take any actions deemed necessary or appropriate by the Kingsland, Great Elm, or the Reorganized Debtor on behalf of the Debtor, the Estate, and the Reorganized Debtor to implement the Kingsland Settlement. Counsel to Great Elm Capital Corp.: James A. Wright III Emily Mather K&L Gates LLP State Street Financial Center One Lincoln Street Boston, MA 02111 Tel: (617) 261-3193 E-mail: james.wright@klgates.com emily.mather@klgates.com Counsel to Davidzon Radio, Inc.: Alla Kachan Law Offices of Alla Kachan, P.C. 2799 Coney Island, Suite 202 New York, NY 11235 Tel: (718) 513-3145 Email: alla@kachanlaw.com Counsel to Kingsland Development Urban Renewal, LLC: Robert E. Nies Chiesa Shahinian & Giantomasi PC One Boland Drive West Orange, NJ 07052 Tel: (973) 530-2012 E-mail: rnies@csglaw.com A copy of the Disclosure Statement dated November 17, 2021, is available at https://bit.ly/3HBrLsB from PacerMonitor.com. About Davidzon Radio Davidzon Radio Inc. operates in the radio broadcasting industry. The Debtor filed Chapter 11 Petition (Bankr. D.N.J. Case No. 21 10345) on January 15, 2021. Alla Kachan, Esq. of LAW OFFICES OF ALLA KACHAN, P.C. is the Debtor's Counsel. In the petition signed by Sam Katsman, principal, the debtor disclosed up to $4,500,500 in assets and up to $8,000,000 in liabilities. E-Z GENERAL: Unsecureds to Get $3K Quarterly Payment for 5 Years ---------------------------------------------------------------- E-Z General & Roofing Contractors Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida an Amended Plan of Reorganization for Small Business. The Debtor is a Florida corporation established in 2001 and is certified and licensed by the State of Florida. The Debtor provides contracting services in the fields of residential and commercial roofing; general construction; concrete restoration; storm restoration; and emergency services and repairs. Prior to the Petition Date, the Internal Revenue Service ("IRS") conducted an audit and contended that the Debtor had improperly categorized certain individuals as independent contractors. As a result of the reclassification of such employees, the IRS has asserted it is owed approximately $1.5 million in additional taxes for the tax years ended 2014 and 2015. The Debtor and the IRS have agreed additional tax obligations are owed, although the IRS has not yet filed an amended claim. The Plan contemplates the payment of amounts determined to be owed by the recent audit. After evaluating alternatives, the Debtor determined that a subchapter v chapter 11 filing provide a forum to effectively address its current debts and best serve the interests of its creditors, customers, and employees. The Plan contemplates continued operations and the payment of claims from profitable operations. The Plan will treat claims as follows: * Class 2 consists of the secured claims of the IRS based upon tax liens on the Debtor's assets. The IRS has been scheduled as a secured creditor in the amount of $1,439,068.69, although the Debtor estimates the IRS's secured claim to be $400,000 after the Court rules on the Debtor's motion seeking to value the IRS's secured claim. Interest shall accrue on the priority tax claim at 4% and the secured tax claim shall be amortized over thirty years. The Allowed Class 2 Claim as of the entry of the Confirmation Order shall be payable in monthly installments of $1,651 (the "Secured Tax Payment"). * Class 3 consists of the claim of Ford Motor Credit Company, which is secured by a lien on a 2017 Ford F350 truck. Ford filed Claim No. 3 as a secured claim in the amount of $24,791.75. Ford filed Claim No. 3 as a secured claim in the amount of $24, 791.75. The Class 3 Claim shall be allowed as filed and paid pursuant to the prepetition loan documents. * Class 4 consists of the claim of Regions Bank, which is secured by a lien on a 2018 Ford F150 truck. Regions was scheduled as a secured claim in the amount of $42,641.52. The Class 4 Claim shall be allowed as scheduled and paid pursuant to the prepetition loan documents. * Class 5 consists of the claim of Kenneth Andrew, which is secured by a mortgage on commercial real property located at 4751 NE 10th Ave., Oakland Park, Florida. Kenneth Andrew was scheduled as a secured claim in the amount of $288,192.46. The Class 5 Claim shall be allowed as scheduled and paid pursuant to the prepetition loan documents. * Class 6 consists of all non-priority unsecured claims. Claims in Class 6 in the amount of $3,030,000.00 have been scheduled or filed, although some of the unsecured claims are disputed. The Debtor shall make quarterly payments of $3,000 (the "Quarterly Plan Payment"). Every holder of a non-priority unsecured claim shall receive its pro-rata share of the Quarterly Plan Payment, which shall be made on a quarterly basis over a period of 5 years or 20 quarters, commencing 30 days after the Effective Date. In addition, holders of nonpriority unsecured claims shall receive their prorata share of the Unsecured Excess Cash Distribution. The Debtor projects that total distributions to unsecured creditors will be approximately $15,000. Class 6 is impaired by the Plan. * Class 7 is comprised of all equity interests in the Debtor, which are owned by Ney Dias. Mr. Dias will retain his equity interests in the Debtor. No distributions will be made to Mr. Dias until the distributions to Class 6 have been made. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, (ii) revenues generated by continued operations; and (iii) net proceeds from the sale of excess equipment. A full-text copy of the Amended Plan of Reorganization dated Nov. 22, 2021, is available at https://bit.ly/3rbqWAZ from PacerMonitor.com at no charge. Attorneys for Debtor: Scott A. Stichter (FBN 0710679) Edward J. Peterson (FBN 0014612) Stichter Riedel Blain & Postler, P.A. 110 East Madison Street, Suite 200 Tampa, Florida 33602 (813) 229-0144 — Phone Email: sstichter@srbp.com; epeterson(@srbp.com About E-Z General & Roofing Contractors E-Z General & Roofing Contractors Inc. provides contracting services in the fields of residential and commercial roofing, general construction, concrete restoration, storm restoration and emergency services and repairs. E-Z General sought protection under Chapter 11 of the U.S.Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00171) on Feb. 8, 2021. In the petition signed by E-Z General President Ney Dias, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of the same range. Stichter Riedel Blain & Postler, P.A. and CliftonLarsonAllen, LLP, serve as the Debtor's legal counsel and accountant, respectively. ELECTROTEK CORP: Unsecureds to Get 15% or 30% in Plan ----------------------------------------------------- Electrotek Corporation submitted a Second Amended Plan of Reorganization. Pursuant to the Plan, the Debtor will make payments to creditors from available cash and income from its ongoing business operations. The Plan proposes to pay Secured Claims in full and pay a return to General Unsecured Creditors that is equal to the Class 4 Claimant's election of (i) 15%, or (ii) 30% over approximately 27 months plus the proceeds of Avoidance Actions. Holders of Class 4 - Allowed General Unsecured Claims will have 30 days following the Confirmation Date to make an election regarding the treatment of their asserted Claim. An election form will be sent to all General Unsecured Creditors with a claim scheduled by Debtor or who filed a proof of claim in this case within 10 days following the Confirmation Date. The language of the Election Form will be mutually agreed to by Committee and Debtor. Debtor shall provide a list of these Claimants to the Committee. The Election Form will allow the General Unsecured Creditors to select one of the following options: 1. Payment of 15% of their Allowed General Unsecured Claim by the later of (i) January 17, 2022, or (ii) the date such General Unsecured Claim is deemed Allowed, as full payment under the Plan ("Option 1"), or 2. Payment of 30% of their Allowed Unsecured Claim as follows as full payment under the Plan ("Option 2") on the following schedule: (i) 10% of their Allowed Claim paid by the later of (i) January 17, 2022, or the date such General Unsecured Claim is deemed Allowed, and (ii) 10% of their Allowed Claim paid by January 16, 2023; and (iii) 10% of their Allowed Claim paid by January 15, 2024. Class members who select either option are also entitled to receive their ratable share of any Avoidance Action recoveries as provided in Section 6.07 of this Plan. There shall never be a Claim of an insider or Debtor affiliate paid in this Class. Class 4 members who do not timely elect an option will be defaulted to Option 2. Class 4 is impaired. Attorneys for the Debtor: Joyce W. Lindauer State Bar No. 21555700 Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, Texas 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 A copy of the Disclosure Statement dated November 17, 2021, is available at https://bit.ly/3kQeMtu from PacerMonitor.com. About Electrotek Corporation Electrotek Corporation, a privately held company that manufactures electrical equipment and components based in Carrollton, Texas, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-30409) on March 8, 2021. Mike Swerdlow, chief financial officer, signed the petition. In the petition, the Debtor had estimated assets of between $1 million and $10 million and estimated liabilities of between $10 million and $50 million. Judge Michelle V. Larson oversees the case. Joyce W. Lindauer Attorney, PLLC, serves as the Debtor's counsel. ELI & ALI: Wins Cash Collateral Access Thru Dec 17 -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York has authorized Eli & Ali, LLC to, among other things, use the cash collateral of Capital One, National Association, on an interim basis in accordance with the budget, with a 10% variance, until the earlier of: (i) December 17, 2021 at 4 p.m. (or such extension date as may be agreed upon by the Prepetition Lender or ordered by the Court); or (ii) a Termination Event. The Debtor will not use or spend more than $1,469,850 in the aggregate, the Court said. As of the Petition Date, the Debtor and its affiliates were indebted to CONA in the approximate amount of (a) $561,224, plus (b) interest accrued and accruing at the applicable annual contract rate under the Prepetition Financing Documents, plus (c) costs, expenses, fees and other charges and other amounts that would constitute Indebtedness under the Prepetition Financing Documents. The Debtor has acknowledged and stipulated that its cash on hand and cash equivalents constitute proceeds, products and profits of the Prepetition Collateral, and is cash collateral of the Prepetition Lender within the meaning of section 363(a) of the Bankruptcy Code. This, however, excludes the proceeds of the Paycheck Protection Program loan funded by TD Bank on February 22, 2021, in a principal balance of $100,000 as of the Petition Date. As adequate protection for the Debtor's use of cash collateral, the Prepetition Lender is granted solely to the extent of any diminution in value of the Prepetition Collateral, valid, binding, continuing, enforceable, non-avoidable and fully-perfected, first-priority postpetition security interests in and liens on all of the Debtor's rights in tangible and intangible assets, including, without limitation, the Prepetition Collateral and all other prepetition and postpetition property of the Debtor's estate and all proceeds, rents, and profits thereof, whether existing on or as of the Petition Date or thereafter acquired, that is not subject to (A) valid, perfected, non-avoidable and enforceable liens in existence on or as of the Petition Date or (B) valid and unavoidable liens in existence immediately prior to the Petition Date that are perfected after the Petition Date as permitted by section 546(b) of the Bankruptcy Code. The Debtor defaulted on its obligation to make Adequate Protection Payments to the Prepetition Lender under the prior Interim Orders. The default constitutes a Termination Event, as defined in the Interim Orders, and entitles the Lender to exercise its remedies thereunder. As of October 20, 2021, a total of $3,000 was due and owing. The Debtor will cure the Adequate Protection Arrears forthwith. The Prepetition Lender will also receive (i) $750 per month, with the first payment due April 16, 2021, and commencing promptly after the entry of the First Interim Order and that each additional monthly payment will be made no later the seventh day of each of subsequent month, and (ii) all proceeds payable upon a sale or other disposition of Prepetition Collateral and/or Postpetition Collateral, net of funding required to make payments in accordance with the Budget and the payments will be applied by the Prepetition Lender as a permanent reduction of the Prepetition Debt in accordance with the Prepetition Financing Document. The Prepetition Liens and Adequate Protection Liens are all subordinate to a Carve-Out for: (a) any quarterly or other fees payable to the U.S. Trustee pursuant to, inter alia, 28 U.S.C. section 1930(a) or interest, if any, pursuant to 31 U.S.C. section 3717; (b) professional fees of, and costs and expenses incurred during the Budget period by, professionals or professional firms retained by the Debtor and allowed by the Court in an amount not to exceed the actual Allowed Professional Fees accrued and incurred by each such Case Professional through the date of the Termination Event, but in no event exceeding $50,000 in total for the Chapter 11 Case; and (c) any cost and fees of a chapter 7 trustee, should one be appointed if the Chapter 11 Cases, are converted in an amount not to exceed the amount of $20,000. These events will constitute a "Termination Event": (a) Entry of an order by the Bankruptcy Court converting or dismissing the Chapter 11 Case; (b) Entry of an order by the Bankruptcy Court appointing a chapter 11 trustee in the Chapter 11 Case; (c) The failure of the Debtor to perform or comply in any material respect with any term or provision of the Interim Order, including without limitation the Budget; provided that any failure to perform or comply with obligations will be deemed material; (d) Entry of an order that stays, reverses, vacates, amends, or rescinds any of the terms of the Interim Order, or order approving the Interim Order, without the consent of the Prepetition Lender; (e) Financing on a pari passu basis with the liens or claims of the Prepetition Lender; (f) Subject to and effective only upon entry of a Final Order, the filing of a motion that seeks to obtain first priority financing that does not pay the Prepetition Lender in full on account of the Prepetition Debt and any postpetition indebtedness, unless the Prepetition Lender otherwise consents to the financing; (g) The Court enters an order authorizing the sale of all or substantially all assets of the Debtor that does not provide for the payment in full to the Prepetition Lender of their claims in cash upon the closing of the sale, unless otherwise agreed by the Prepetition Lender in its sole and absolute discretion; (h) The Court enters the Final Order without (i) providing for any of the specific waivers with respect to "marshaling," "equities of the case," and "surcharge" under section 506(c) of the Bankruptcy Code, or (ii) granting the Prepetition Lender's Adequate Protection Liens; (i) The Debtor ceases operations without the prior written consent of the Prepetition Lender, except to the extent contemplated by the Budget; (j) The entry of an order or judgment by the Court or any other court: (i) modifying, limiting, subordinating, or avoiding the priority of the obligations of the Debtor under the Interim Order, the obligations of the Debtor under the Prepetition Financing Documents, or the perfection, priority, validity or enforceability of the Prepetition Liens or the Adequate Protection Liens, (ii) imposing, surcharging, or assessing against the Prepetition Lender's claims, or the Prepetition Collateral, any costs or expenses, whether pursuant to section 506(c) of the Bankruptcy Code or otherwise, except as expressly contemplated by the Interim Order, or (iii) impairing the Prepetition Lender's right to credit bid under Section 363(k) of the Bankruptcy Code; (k) The occurrence of a material adverse change, including without limitation any such occurrence resulting from the entry of any order of the Court, or otherwise in each case as determined by the Prepetition Lender in its sole and absolute discretion in: (1) the condition (financial or otherwise), operations, assets, business or business prospects of the Debtor; (2) the Debtor's ability to repay the Prepetition Lender; and/or (3) the value of the Collateral; and (l) Any material and/or intentional misrepresentation by the Debtor in the financial reporting or certifications to be provided by the Debtor to the Prepetition Lender under the Prepetition Financing Documents and/or the Interim Order. The final hearing on the matter is scheduled for December 15 at 10 a.m. A copy of the Order is available for free at https://bit.ly/30ZKEVP from PacerMonitor.com. About Eli & Ali, LLC Eli & Ali, LLC is a merchant wholesaler of farm product raw materials. It sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40920) on April 7, 2021. In the petition signed by Jeffrey Ornstein, managing member, the Debtor disclosed $270,150 in assets and $1,427,375 in liabilities. Judge Jil Mazer-Marino oversees the case. Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler & Goodman, LLP is the Debtor's counsel. Capital One, National Association, as Prepetition Lender, is represented by Troutman Pepper Hamilton Sanders LLP. FLORIDA TILT: Amends Unsecured Claims Pay Details ------------------------------------------------- Florida Tilt, Inc., submitted a Third Amended Disclosure Statement in support of Third Amended Plan of Reorganization dated November 22, 2021. Debtor is in the tilt concrete construction business and as debts exceeded gross receipts Debtor became delinquent in its secured and unsecured debt obligations. The Debtor sought relief under the Bankruptcy Code to, among other things, seek confirmation of a plan which modified its secured obligations and dedicated his anticipated profits towards the repayment of creditors. Class 4 consists of all allowed unsecured general claims. The allowed unsecured claims total $732,473.69. The Class 4 creditors shall share pro rata in a total distribution in the approximate amount of $17,579.36 (the "Total Plan Payment") which shall be paid in installments of $1,757.93 bi-annual (every 6 months) over 5 years, i.e. 10 bi-annual payments totaling $17,579.36, with the first payment beginning the 30th day of the month following the Effective Date of this Plan. If there is an objection based upon the absolute priority rule and new value contribution, the Debtor reserves the right to supplement accordingly. Class 5 consists of the Debtor's interest in property of the estate, which is retained under this Plan. The Debtor has committed the value of 60 months of its profit toward funding the Plan, and has otherwise met all of the requirements under the Bankruptcy Code. Class 5 is presumed to accept this Plan and is not entitled to vote. TD Auto Finance, LLC has no claim in the estate. It filed no proof of claim. Its secured claim regarding the 2017 GMC Sierra is current and treated outside of this chapter 11 plan. The means necessary for the execution of this Plan include the Debtor's income from its business operations. The Debtor shall, and believes it can, generate and receive sufficient income to the amount necessary to enable it to make all payments due under the Plan. The Debtor shall be the disbursing agent. Debtor believes that it will have enough cash on hand on the Effective Date of the Plan to pay all the claims and expenses that are entitled to be paid on that date and, further, that the Reorganized Debtor will generate sufficient cash through operations to fund the Plan during the Plan distribution period. The Budget demonstrates the Debtor's ability to make all payments required under this Plan. The projections make certain assumptions and take into account Debtor's plans for the future. Accordingly, Debtor asserts that it is able to perform all of its obligations under the Plan, and as such, the Debtor's Plan satisfies §1129(a)(11) of the Code. A full-text copy of the Third Amended Disclosure Statement dated Nov. 22, 2021, is available at https://bit.ly/2ZlQ9NI from PacerMonitor.com at no charge. Attorney for the Debtor: Ariel Sagre, Esq. SAGRE LAW FIRM, P.A. 5201 Blue Lagoon Drive, Suite 892 Miami, Florida 33126 Tel: (305) 266-5999 Fax: (305) 265-6223 E-mail: law@sagrelawfirm.com About Florida Tilt Florida Tilt, Inc., is in the tilt concrete construction business. The Debtor sought relief under the Bankruptcy Code to, among other things, seek confirmation of a plan which modified its secured obligations and dedicated his anticipated profits towards the repayment of creditors. Florida Tilt, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20779) on Oct. 1, 2020, listing under $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Ariel Sagre, Esq., at Sagre Law Firm, P.A., serves as the Debtor's legal counsel. FROZEN FOODS: Gets Cash Collateral Access Thru Dec 5 ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has authorized Frozen Foods Partners, LLC, d/b/a Gourmet Express, LLC, d/b/a Gourmet Express to use cash collateral on an emergency basis through December 5, 2021, in an aggregate amount not to exceed, at any time, $858,561. As previously reported by the Troubled Company Reporter, the Debtors were indebted to Iron Horse Credit LLC under a Credit Agreement and Loan Documents, in respect of outstanding Advances in the aggregate principal amount of not less than $1,999,429, plus interest. A further hearing to consider entry of an Order authorizing the Debtor's continued use of Cash Collateral is scheduled for December 6, at 10 a.m. The objection deadline has been extended to December 2. All other terms set forth in the Interim Order and First Amended Interim Order not expressly modified by the Second Amended Interim Order, are expressly reaffirmed and will continue in full force and effect and the Lender will continue to be entitled to all of the same rights, liens, priorities and protections provided for under the Interim Order, as amended by the First Amended Interim Order and the Second Amended Interim Order, Credit Agreement, and Loan Documents. A copy of the order is available at https://bit.ly/3cMIPhl from PacerMonitor.com. About Frozen Foods Partners, LLC Frozen Foods Partners, LLC is a Delaware limited liability company, which was established in 2015. Frozen Foods is a consumer products company engaged in the production, distribution and marketing of frozen skillet meals under multiple consumer brands. It offers a diversified portfolio of frozen products including meal kits, skillet meals, combination of proteins, sauces, pastas and vegetables, Asian and Mediterranean cuisines, as well as authentic Latin specialties. Its products offer a quality dining solution for working families and young adults. Its brands include Gourmet Dining, Rosetto, La Sabrosa, and Tru Earth, which can presently be found in many retailers, including Associated Grocers and SuperValu, as well as private label brands. Frozen Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-11897) on November 1, 2021. In the petition signed by Jeffrey Lichtenstein as chief executive officer, the debtor disclosed up to $10 million in both assets and liabilities. Judge Martin Glenn oversees the case. Adam P. Wofse, Esq., at LaMonica Herbst and Maniscalco, LLP, is the Debtor's counsel. GATEWAY CASINOS: S&P Withdraws 'CCC' LT Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew its 'CCC' long-term issuer credit rating (ICR) on Gateway Casinos and Entertainment Ltd. at the company's request following the redemption of the company's debt. The 'CCC+' issue-level ratings on the company's revolving facility and term loan and 'CC' issue-level rating on the second-lien notes were also withdrawn following redemption of the debt on Oct. 22, 2021. GREEN PHARMACEUTICAL: To Seek Plan Confirmation Dec. 21 ------------------------------------------------------- Judge Deborah J. Saltzman has entered an order approving the Fourth Amended Disclosure Statement explaining the Plan of Green Pharmaceutical, Inc. A hearing on confirmation of the Plan will be held on Dec. 21, 2021 at 11:30 a.m. Objections to confirmation must be filed and served no later than Nov. 30, 2021. The deadline for persons and entities to return their ballots accepting or rejecting the Plan is Nov. 30, 2021 at 5:00 p.m. The Debtor must file both a ballot summary and a memorandum supporting plan confirmation and responding to any objections to confirmation no later than December 7, 2021. Attorneys for the Debtor: Steven R. Fox THE FOX LAW CORPORATION, INC. 17835 Ventura Blvd., Suite 306 Encino, CA 91316 Tel: (818) 774-3545 Fax: (818) 774-3707 E-mail: sfox@foxlaw.com About Green Pharmaceuticals Green Pharmaceuticals, Inc. -- https://www.snorestop.com/ -- is a privately held company in Camarillo, California offering its flagship brand SnoreStop, an easy-to-use sprays and tablets that help people to experience a good night's sleep. SnoreStop is the only medically proven over-the-counter natural solution to snoring that is not a device. Green Pharmaceuticals, based in Camarillo, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-12087) on Dec. 19, 2018. In the petition signed by Dominique De Rivel, president and CEO, the Debtor disclosed $380,735 in assets and $3,951,007 in liabilities. The Hon. Deborah J. Saltzman oversees the case. Steven R. Fox, Esq., at The Fox Law Corporation, Inc., serves as bankruptcy counsel. GROWLIFE INC: Incurs $610K Net Loss in Third Quarter ---------------------------------------------------- GrowLife, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $609,736 on $1.23 million of net revenue for the three months ended Sept. 30, 2021, compared to a net loss of $1.06 million on $1.42 million of net revenue for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $4.40 million on $5.07 million of net revenue compared to a net loss of $2.97 million on $4.93 million of net revenue for the nine months ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had $4.53 million in total assets, $9.49 million in total current liabilities, $696,093 in total long-term liabilities, and a total stockholders' deficit of $5.65 million. Since inception, the Company has sustained significant operating losses and such losses are expected to continue for the foreseeable future. As of Sept. 30, 2021, the Company had an accumulated deficit of $159.2 million, cash and cash equivalents of $1.2 million and a working capital deficit of $5,164,000 excluding derivative liability, convertible debt, right of use liability and deferred revenue). Net cash used in operating activities was $(239,000), ($1,951,000) and ($2,910,000) for the nine months ended Sept. 30, 2021 and the years ended Dec. 31, 2020, and 2019, respectively. The Company believes that its cash on hand will be sufficient to fund its operations for at least the next 12 months. The majority of the Company's cash is currently held at EZ-CLONE and as a result of the ongoing litigation with EZ-CLONE Founder's, such cash is not accessible for general corporate use. "To fund further the Company's operations, we will need to raise additional capital. We may obtain additional financing in the future through the issuance of its common stock, or through other equity or debt financings. Our ability to continue as a going concern or meet the minimum liquidity requirements in the future is dependent on its ability to raise significant additional capital, of which there can be no assurance. If the necessary financing is not obtained or achieved, we will likely be required to reduce its planned expenditures, which could have an adverse impact on the results of operations, financial condition and our ability to achieve its strategic objective. There can be no assurance that financing will be available on acceptable terms, or at all. The financial statements contain no adjustments for the outcome of these uncertainties. These factors raise substantial doubt about our ability to continue as a going concern and have a material adverse effect on our future financial results, financial position and cash flows," Growlife stated. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001161582/000165495421012538/phot_10q.htm About GrowLife GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- aims to become the nation's largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. GrowLife is headquartered in Kirkland, Washington and was founded in 2012. GrowLife reported a net loss of $6.38 million in 2020, a net loss of $7.37 million in 2019, and a net loss of $11.47 million in 2018. As of June 30, 2021, the Company had $5.08 million in total assets, $10.07 million in total current liabilities, $777,858 in total long-term liabilities, and a total stockholders' deficit of $5.77 million. Walnut Creek, California-based BPM LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has sustained recurring losses from operations and has an accumulated deficit since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern. GRUPO POSADAS: Taps Ritch Mueller y Nicolau as Mexican Counsel -------------------------------------------------------------- Grupo Posadas S.A.B. de C.V. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Ritch Mueller y Nicolau, S.C. as special Mexican counsel. The Debtors need the firm's legal assistance to negotiate and implement the required documentation related to the collateral for the new notes, which documentation will be governed by Mexican law. The firm's hourly rates are as follows: Partners $500 to $650 per hour Associates $200 to $310 per hour The Debtors paid the firm the sum of $739,592 for its pre-bankruptcy services and a retainer fee of $290,000. The firm will receive reimbursement for out-of-pocket expenses incurred. Jean Paul Farah Chajin, Esq., a partner at Ritch Mueller y Nicolau, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jean Paul Farah Chajin, Esq. Ritch Mueller y Nicolau, S.C. Pedregal 24 Piso 10, Col. Molino del Rey Alcaldia Miguel Hidalgo, 11040 Ciudad de Mexico Tel: +52 55 9178 7000 Email: jpfarah@ritch.com.mx About Grupo Posadas Grupo Posadas S.A.B. de C.V. is the leading hotel operator in Mexico and owns, leases, franchises and manages 185 hotels and 28,690 rooms in the most important and visited urban and coastal destinations in Mexico. Urban hotels represent 87% of total rooms and coastal hotels represent 13%. Posadas operates the following brands: Live Aqua Beach Resort, Live Aqua Urban Resort, Live Aqua Boutique Resort, Grand Fiesta Americana, Curamoria Collection, Fiesta Americana, The Explorean, Fiesta Americana Vacation Villas, Live Aqua Residence Club, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn Express, Gamma, IOH Hotels, and One Hotels. Posadas has traded on the Mexican Stock Exchange since 1992. Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de Mexico, S.A. de C.V. sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-11831) on Oct. 26, 2021, listing up to $1 billion in both assets and liabilities. Judge Sean H. Lane oversees the cases. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as international legal counsel; Ritch, Mueller y Nicolau, S.C. and Creel, Garcia-Cuellar, Aiza y Enriquez SC, as Mexican legal counsel; and DD3 Capital Partners as investment banker. Prime Clerk, LLC is the claims agent and administrative advisor. HOME DEALS OF MAINE: Seeks Approval to Hire Real Estate Broker -------------------------------------------------------------- Home Deals of Maine, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Tyra-Marie Mitchell, an associate broker at Alliance Realty of Westbrook, Maine. The Debtor requires the assistance of a broker in connection with the sale of some of its real properties in Waterville, Fairfield, Buxton, Saco, and Arundel, Maine. Ms. Mitchell will be paid a commission of 5 percent of the purchase price for each property. As disclosed in court filings, Ms. Mitchell is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Ms. Mitchell can be reached at: Tyra-Marie Mitchell Alliance Realty of Westbrook, Maine 290 Bridgton Road Westbrook, ME 04092 Cell: (207) 229-9515 Email: tmitchell@alliancemaine.com About Home Deals of Maine LLC Home Deals of Maine, LLC, a company based in Waterville, Maine, filed a petition for Chapter 11 protection (Bankr. D. Maine Case No. 21-10267) on Oct. 6, 2021, listing $3,147,975 in assets and $1,650,258 in liabilities. Jo A. Roderick, sole member, signed the petition. Judge Peter G. Cary oversees the case. The Debtor tapped James F. Molleur, Esq., at Molleur Law Office as bankruptcy counsel and Murray, Plumb & Murray as special counsel. ICAN BENEFIT: Amends Unsecureds & SGIC's Claims Pay Details ----------------------------------------------------------- iCan Benefit Group, LLC, submitted a Fourth Amended Plan of Liquidation dated Nov. 23, 2021. This Fourth Amended Plan differs from the Third Amended Plan of Reorganization solely as the instant plan is a plan of liquidation and provides for the creation of plan trust. Class 2 consists of the Allowed Claim of SGIC. The Allowed Claim of Premier Servicing as Assignee of SGIC's Secured Claim (the "SGIC Claim") in the amount of $9,877,940.25 shall be bifurcated pursuant to 11 USC Sec. 506(a). During the pendency of this Chapter 11 Case, Benefit Group marketed its assets pursuant to the Bid Procedures Order. Notwithstanding the Debtor's optimism and the Debtor's attempts to monetize its insurance assets, no "Qualified Bids" were received by the deadline established. Moreover, upon good information, the Debtor believes that, with the luxury of a greater marketing period, the Debtor might have received an offer of approximately $4 Million for all of Benefit Group's insurance assets (an amount that would have been insufficient to satisfy the secured claims encumbering the Debtor's assets). Accordingly, the SGIC Claim shall be bifurcated as follows: (a) $4,500,000.00 secured claim and an (b) unsecured deficiency balance in the amount of $5,377,940.25 (the "SGIC Deficiency Claim"). * On the Effective Date, the Debtor shall transfer substantially all of its assets (excluding Cash and Causes of Action transferred to the Plan Trust) to Premier Servicing in satisfaction of the secured portion of the SGIC Claim. The foregoing transfer of assets to Premier Servicing is subject to all liabilities arising from post-Effective Date transactions. Moreover, payout from the foregoing assets that are insurance premiums occur over time in the ordinary course of business and are subject to attrition. Accordingly, the ultimate value of the cash payable from the assets is not guaranteed and the Debtor make no representations or warranties in that regard; * The SGIC Deficiency Claim shall participate in all respects in Class 3, including all rights and obligations appurtenant to Allowed Class 3 Claimholders, except that the SGIC Deficiency Claim will not participate in any distribution from the Lender Carveout. Class 3 consists of Allowed General Unsecured Claims and shall be treated as follows: * On the Effective Date, for the benefit of Class 3 Claimants (exclusive of the SGIC Deficiency Claim) Premier Servicing shall deliver to the Plan Trust either: (a) a promissory note in the principal amount of $900,000.00 payables in 36 monthly installments; or (b) a promissory note in the principal amount of $825,000.00 payables in 24 monthly installments; or (c) cash in the amount of $750,000.00 (the "Lender Carveout Payment"). * In addition to the Lender Carveout, all claims and causes of action not released or resolved within this Plan shall be assigned to the Plan Trust for the benefit of Class 3, with any recoveries to be paid pro rata to Holders of Allowed Class 3 Claims, on a quarterly basis (after payment of Plan Trustee's costs) as funds become available. * The Plan Trustee shall create a "Lender Carveout" for the benefit of Class 3 (excluding the SGIC Deficiency Claim) which amount shall be an amount equal to cash remaining in the Estate after payment of Allowed Administrative Claims payable as of the Effective Date, plus (a) if Premier Servicing elects to deliver a Lender Carveout Note in the amount of $900,000.00 plus all interest accruing under such Lender Carveout Note; (b) if Premier Servicing elects to deliver a Lender Carveout Note in the amount of $825,00.00. * The Plan Trustee shall make pro rata distributions to Holders of Allowed Class 3 Claims as soon as practicable after the Effective Date, and thereafter shall make disbursements on a quarterly basis starting April 1, 2022, and every quarter. Class 5 consists of Equity Interests in the Debtor as of the Petition Date. Upon entry of the Final Confirmation Order, all Equity Interests shall be extinguished. Upon Confirmation, a Plan Trust shall be created which Plan Trust shall be funded with the following assets (the "Trust Assets"): (i) available Cash on the Effective Date; (ii) the Lender Carveout; and (iii) recoveries made by the Plan Trustee from pursuit of claims and causes of action (including claims made on account of prepetition conduct covered by the Debtor's director and officer's insurance coverage). To facilitate the transition of the Trust Assets (as well as other miscellaneous costs related to the administration of this Plan post-confirmation), the Debtor will transfer from its available Cash on the Effective Date, the sum of $20,000 (earmarked for administrative expenses) to the Plan Trustee (any balance remaining after the Plan Trustee has completed its administration of the Plan shall be disbursed to Class 3 in accordance with the treatment afforded to that Class). On the Effective Date, property of the Debtor not otherwise disposed of under the Plan, shall vest with the Plan Trust. A full-text copy of the Fourth Amended Plan of Liquidation dated Nov. 23, 2021, is available at https://bit.ly/3r8Muym from PacerMonitor.com at no charge. Attorneys for the Debtor: Jacqueline Calderin AGENTIS PLLC 55 Alhambra Plaza, Suite 800 Coral Gables, Florida 33134 Tel: 305.722.2002 E-mail: jc@agentislaw.com.com About iCan Benefit Group iCan Benefit Group, LLC -- https://icanbenefit.com/ -- is a licensed insurance agency offering a variety of benefit programs and insurance products from a number of licensed insurance companies. iCan Benefit Group and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 21-12567) on March 18, 2021. Stephen M. Tucker, manager, signed the petitions. In its petition, iCan Benefit Group disclosed $10 million to $50 million in both assets and liabilities. Judge Mindy A. Mora oversees the cases. Agentis PLLC serves as the Debtors' legal counsel. IDEANOMICS INC: Incurs $51.1 Million Net Loss in Third Quarter -------------------------------------------------------------- Ideanomics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $51.10 million on $27.05 million of total revenue for the three months ended Sept. 30, 2021, compared to a net loss of $8.72 million on $10.62 million of total revenue for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $65.14 million on $87.83 million of total revenue compared to a net loss of $47.77 million on $15.69 million of total revenue for the same period during the prior year. As of Sept. 30, 2021, the Company had $595.88 million in total assets, $62.01 million in total liabilities, $1.26 million in convertible redeemable preferred stock, and $532.60 million in total equity. As of Sept. 30, 2021, the Company had cash of $256.9 million. Approximately $30.5 million was held in accounts outside of the United States, primarily in Hong Kong and the PRC. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000837852/000162828021023993/idex-20210930.htm About Ideanomics Ideanomics is a diversified solutions provider for electric mobility. The company provides turn-key vehicle, finance and leasing, and energy management services for commercial fleet operators. The Company is headquartered in New York, NY, with operations in the U.S., China, Ukraine, and Malaysia. Ideanomics reported a net loss of $106.04 million for the year ended Dec. 31, 2020, compared to a net loss of $96.83 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $698.05 million in total assets, $145.39 million in total liabilities, $1.26 million in convertible redeemable preferred stock, $7.72 million in redeemable non-controlling interest, and $543.68 million in total equity. KAYA HOLDINGS: Posts $3.9 Million Net Income in Third Quarter ------------------------------------------------------------- Kaya Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $3.93 million on $214,051 of net sales for the three months ended Sept. 30, 2021, compared to a net loss of $13.41 million on $274,985 of net sales for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported net income of $7.52 million on $690,267 of net sales compared to a net loss of $15.55 million on $774,158 of net sales for the same period during the prior year. As of Sept. 30, 2021, the Company had $2.20 million in total assets, $19.03 million in total liabilities, and a net stockholders' deficit of $16.83 million. At Sept. 30, 2021 the Company has a working capital deficiency of $11,950,359 and is totally dependent on its ability to raise capital. The Company has a plan of operations and acknowledges that its plan of operations may not result in generating positive working capital in the near future. Even though management believes that it will be able to successfully execute its business plan, which includes third-party financing and capital issuance, and meet the Company's future liquidity needs, there can be no assurances in that regard. The Company said these matters raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1530746/000172186821000833/f2skays10q110721.htm About Kaya Holdings Kaya Holdings, Inc. -- http://www.kayaholdings.com-- is a vertically integrated legal marijuana enterprise that produces, distributes, and/or sells a full range of premium cannabis products including flower, oils, vape cartridges and cannabis infused confections, baked goods and beverages through a fully integrated group of subsidiaries and companies supporting highly distinctive brands. Kaya Holdings reported a net loss of $12.29 million for the 12 months ended Dec. 31, 2020, compared to net income of $7.52 million for the 12 months ended Dec. 31, 2019. As of March 31, 2021, the Company had $2.30 million in total assets, $32.69 million in total liabilities, and a net stockholders' deficit of $30.39 million. Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. LANKER PARTNERSHIP: Appeals Court Revives Brown's Quiet Title Suit ------------------------------------------------------------------ Cherie Brown sued Youval Zive, Vaca Partnership, Pacific Holdings, Phoenix Realty Investments, LLC (collectively Zive parties) and others for fraud, quiet title and related claims on December 13, 2011, in relation to foreclosure proceedings initiated against her and her eventual eviction from the home she purchased on Lankershim Boulevard in Los Angeles. One of the defendants, Lanker Partnership, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. The schedules filed in the bankruptcy proceeding identified the Lankershim property as property of Lanker Partnership. On May 8, 2019, the trial court granted a motion to dismiss pursuant to Code of Civil Procedure sections 583.310 and 583.360, finding Ms. Brown had failed to bring her lawsuit to trial within five years. On appeal Ms. Brown argues the court erred in finding this action was not subject to automatic stays arising out of the bankruptcy petitions of various defendants, and failing to toll the mandatory five-year period as a result. The Court of Appeals of California, Second District, Division Seven, in an opinion filed November 16, 2021, reversed and remanded for further proceedings on the quiet title and fraudulent conveyance causes of action and directed the trial court to reconsider the motion to dismiss as to the fraud cause of action. Section 583.310 provides, "An action shall be brought to trial within five years after the action is commenced against the defendant." In computing the five-year period within which an action must be brought to trial, however, "there shall be excluded the time during which any of the following conditions existed: (a) The jurisdiction of the court to try the action was suspended. (b) Prosecution or trial of the action was stayed or enjoined. (c) Bringing the action to trial, for any other reason, was impossible, impracticable, or futile." Dismissal is mandatory if the requirements of section 583.310 are not met and an exception provided by statute does not apply. "[I]in construing these provisions the policy favoring trial or other resolution on the merits is generally to be preferred over the policy requiring dismissal for failure to prosecute." Accordingly, the tolling provisions of section 583.340 must be liberally construed. The parties dispute whether the automatic stay triggered by the Lanker Partnership bankruptcy applied to the other defendants in this lawsuit and, therefore, whether the time the stay was in place should have been excluded from the trial court's calculation of the five-year period under section 583.340, subdivision (b). Absent any extensions or exclusions, the five-year period in which Brown was required to proceed to trial terminated on December 13, 2016. However, the period after the case had been dismissed and before the trial court vacated that dismissal (146 days) must be excluded, as it was impossible for Brown to have proceeded during that time. That exclusion extended the expiration of the five-year period to May 8, 2017, the appeals court said. The Lanker Partnership bankruptcy proceeding was filed on July 12, 2015 and dismissed on June 7, 2018, resulting in an automatic stay of 1,061 days. If the Lanker Partnership bankruptcy stayed this action, as Brown contends, the resulting expiration of the five-year period for Brown to bring the case to trial concluded on April 3, 2020, making the dismissal under section 583.310 almost one year premature. According to the appeals court, the trial court's finding the Lanker Partnership bankruptcy stay did not apply was based solely on its determination the bankruptcy stay applied to actions against the debtor only and not to actions against the non-debtor codefendants, the appeals court added. The trial court was correct that "the general rule is that bankruptcy stays only toll the five-year period as to the bankrupt." However, the plain language of the statute is broader than the general rule might suggest: The automatic stay applies to all actions against or seeking possession of debtor property. This is true for lawsuits against non-debtor defendants, even those in which the debtor is not a party. Brown's quiet title cause of action alleged, "[N]one of the defendants . . . had any right to title or interest in the subject property and no right to entertain any rights of ownership" and sought "a judicial declaration that the title to the Property is vested in plaintiff alone." The fraudulent conveyance cause of action alleged Lanker Partnership had received the property as part of a scheme to hinder Brown from collecting on a judgment and sought "[a]voidance of the purported transfers of the Property to [Phoenix Realty and Lanker Partnership] and H5," an "injunction against further disposition of the Property or its proceeds," and that Brown "be allowed to levy execution of the judgment in [Brown I] on the Property." Given that Lanker Partnership listed the Lankershim property as an asset in its bankruptcy filings, there can be no doubt these two causes of action fall squarely within the Bankruptcy Code's prohibition of proceedings against, or to obtain possession of, a debtor's property, the appeals court said. In fact, none of the defendants objected to Brown's repeated filings from 2016 to 2018 informing the trial court this action was stayed in its entirety due to the Lanker Partnership's bankruptcy proceeding, and the Zive parties' attorney recognized the stay in a letter to counsel and subsequent filing in 2017. Even Perez's declaration submitted in 2019 recognized the matter had been stayed. Accordingly, the automatic bankruptcy stay applied to those causes of action and the length of time the stay was in effect should have been excluded by the trial court from its calculation of the five-year period in which Brown was required to bring the case to trial, the appeals court pointed out. In the second amended complaint, Brown alleged generally that Menahem, Phoenix Realty, Deutsche Bank and Perez committed fraud by misrepresenting material facts in connection with Brown's purchase of the Lankershim property and then foreclosed on the property with knowledge of the fraudulent transaction. As a result, Brown alleged, she suffered economic and noneconomic damages and sought compensatory and punitive damages. Accordingly, the fraud cause of action did not directly seek possession of the Lankershim property and therefore was not subject to the automatic stay triggered by the Lanker Partnership bankruptcy. The trial court did not err in failing to exclude the Lanker Partnership bankruptcy stay from its calculation of the five-year period pursuant to section 583.340, subdivision (b), in relation to the fraud claim, the appeals court continued. However, this does not end the analysis, the appeals court said. "A circumstance that does not qualify for automatic tolling under section 583.340(b) may nonetheless be excludable from the five-year period if the circumstance makes it 'impossible, impracticable, or futile' to bring the action to trial." Brown argues, albeit in a conclusory fashion, that it would have been impracticable to try any of her claims against the defendants while Lanker Partnership claimed title to the property in its ongoing bankruptcy proceeding. Because the trial court found as a matter of law that the bankruptcy stay did not apply, it failed to consider whether section 583.340, subdivision (c)'s exception for impracticability applied to a separate trial on the fraud cause of action due to duplicative expenses and possibly inconsistent legal rulings or factual findings, the appeals court said. It is appropriate for the trial court to consider those issues in the first instance, the appeals court added. A full-text copy of the decision is available at https://tinyurl.com/yffvjn5r from Leagle.com. About Lanker Partnership Lanker Partnership sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C. D. Calif. Case No. 15-12380) on July 12, 2015. The petition was signed by Adi Perez, managing partner. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $50,000. About Vaca Partnership Vaca Partnership sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-10362) on January 11, 2018. The Debtor is represented by Bahram Madaen, Esq., at Law Offices of Madean. LATAM AIRLINES: Reaches Bankruptcy Deal to Hand Reins to Creditors ------------------------------------------------------------------ LATAM Airlines Group S.A. (SSE: LTM) and its affiliates in Brazil, Chile, Colombia, Ecuador, Peru, and the United States on Nov. 26, 2021, announced the filing of a Plan of Reorganization, which reflects the path forward for the group to exit Chapter 11 in compliance with both U.S. and Chilean law. The Plan is accompanied by a Restructuring Support Agreement (the "RSA") with the Parent Ad Hoc Group, which is the largest unsecured creditor group in these Chapter 11 cases, and certain of LATAM's shareholders. The RSA documents the agreement between LATAM, the aforementioned holders of more than 70% of parent unsecured claims and holders of approximately 48% of 2024 and 2026 U.S. Notes, and certain shareholders holding more than 50% of common equity, subject to the execution of definitive documentation by the parties and the obtaining of corporate approvals by those shareholders. As they have throughout the process, all of the companies in the group are continuing to operate as travel conditions and demand permit. "The last two years have been characterized by hardship across the globe – we have lost friends and family, colleagues and loved ones. And we have reeled as global aviation and travel were brought to a virtual standstill by the largest crisis to ever face our industry. While our process is not yet over, we have reached a critical milestone in the path to a stronger financial future," said Roberto Alvo, Chief Executive Officer of LATAM Airlines Group S.A. "We are grateful to the parties who have come to the table through a robust mediation process to reach this outcome, which provides meaningful consideration to all stakeholders and a structure that adheres to both U.S. and Chilean law. Their infusion of significant new capital into our business is a testament to their support and belief in our long-term prospects. We are thankful for the exceptional team at LATAM that has weathered the uncertainty of the past two years and enabled our business to keep operating and serving our customers as seamlessly as possible." Plan Overview The Plan proposes the infusion of $8.19 billion into the group through a mix of new equity, convertible notes, and debt, which will enable the group to exit Chapter 11 with appropriate capitalization to effectuate its business plan. Upon emergence, LATAM is expected to have total debt of approximately $7.26 billion and liquidity of approximately $2.67 billion. The group has determined that this is a conservative debt load and appropriate liquidity in a period of continued uncertainty for global aviation and will better position the group going forward. Specifically, the Plan outlines that: * Upon confirmation of the Plan, the group intends to launch an $800 million common equity rights offering, open to all shareholders of LATAM in accordance with their preemptive rights under applicable Chilean law, and fully backstopped by the parties participating in the RSA, subject to the execution of definitive documentation and, with respect to the backstopping shareholders, receipt of corporate approvals; * Three distinct classes of convertible notes will be issued by LATAM, all of which will be preemptively offered to shareholders of LATAM. To the extent not subscribed by LATAM’s shareholders during the respective preemptive rights period: -- Convertible Notes Class A will be provided to certain general unsecured creditors of LATAM parent in settlement (dación en pago) of their allowed claims under the Plan; -- Convertible Notes Class B will be subscribed and purchased by the above referenced shareholders; and -- Convertible Notes Class C will be provided to certain general unsecured creditors in exchange for a combination of new money to LATAM and the settlement of their claims, subject to certain limitations and holdbacks by backstopping parties. The convertible notes belonging to the Convertible Classes B and C will therefore be provided, totally or partially, in consideration of a new money contribution for the aggregate amount of approximately $4.64 billion fully backstopped by the parties to the RSA, subject to receipt by the backstopping shareholders of corporate approvals; * LATAM will raise a $500 million new revolving credit facility and approximately $2.25 billion in total new money debt financing, consisting of either a new term loan or new bonds; and * The group also used and intends to use the Chapter 11 process to refinance or amend the group's prepetition leases, revolving credit facility, and spare engine facility. The hearing to approve the adequacy of the Chapter 11 Disclosure Statement and approve voting procedures is expected to be held in January 2022, with specific timing dependent on the Court's calendar. If the Disclosure Statement is approved, the group will commence solicitation during which it will seek approval of the Plan from creditors. LATAM is requesting the hearing to confirm the Plan be held in March 2022. 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. MEDLEY LLC: DOJ, SEC Oppose $685,000 Atty Fee Claims in Bankruptcy ------------------------------------------------------------------ Alex Wolf, writing for Bloomberg Law, reports that federal regulators, Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), oppose the MEDLEY LLC: DOJ, SEC Oppose $685,000 atty fee claims in bankruptcy. A Delaware bankruptcy court should reject Lowenstein's Sandler LLP's senior claims for $685,000 in attorney fees in the bankruptcy proceedings of a Medley Management Inc. unit, the SEC and the Justice Department said. The agencies urged the U.S. Bankruptcy Court for the District of Delaware to deny a pending settlement that would elevate Lowenstein’s claims above other unsecured creditors. Lowenstein exacerbated the alternative asset firm's Chapter 11 case instead of facilitating a speedy resolution, the Securities and Exchange Commission and the U.S. Trustee—the Justice Department's bankruptcy watchdog—said in separate Nov. 24, 2021 filings. About Medley LLC Medley LLC, through its direct and indirect subsidiaries, including Medley Capital LLC, is an alternative asset management firm offering yield solutions to retail and institutional investors. It provides investment management services to a permanent capital vehicle, long-dated private funds, and separately managed accounts, and serves as the general partner to the private funds. Medley is headquartered in New York City and incorporated in Delaware. As of Sept. 30, 2020, Medley had $3.4 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, Medley has provided capital to over 400 companies across 35 industries in North America. Medley filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 21-10526) on March 7, 2021. The Debtor disclosed $5,422,369 in assets and $140,752,116 in liabilities as of March 2, 2021. The Debtor tapped Lowenstein Sandler LLP and Morris James LLP as bankruptcy counsel, Eversheds Sutherland (US) LLP as special counsel, B. Riley Securities Inc. as investment banker, and Andersen Tax LLC as tax accountant. Corporation Service Company serves as the Debtor's independent manager. Kurtzman Carson Consultants, LLC is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on April 22, 2021. The committee is represented by Potter Anderson & Corroon, LLP and Kelley Drye & Warren, LLP. MILLOLA HOLDINGS: Taps Riggi Law Firm as Bankruptcy Counsel ----------------------------------------------------------- Millola Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Riggi Law Firm to serve as legal counsel in its Chapter 11 case. The firm's services include: a. instituting, prosecuting or defending any contested matters arising out of the bankruptcy proceeding in which the Debtor may be a party; b. assisting in the recovery of estate assets and obtaining necessary court approval to recover and liquidate such assets; c. assisting the Debtor in determining the priorities and status of claims and in filing objections thereto where necessary; d. preparing a disclosure statement and Chapter 11 plan; and e. performing all other necessary legal services for the Debtor. The firm's hourly rates are as follows: Partners $450 per hour Associates $195 per hour Paralegals $135 per hour Riggi Law Firm received a retainer in the amount of $9,000. The firm will also receive reimbursement for out-of-pocket expenses incurred. David Riggi, Esq., a partner at Riggi Law Firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David A. Riggi, Esq. Riggi Law Firm 5550 Painted Mirage Rd. Suite 320 Las Vegas, NV 89149 Tel: (702) 463-7777 Fax: (888) 306-7157 Email: RiggiLaw@gmail.com About Millola Holdings LLC Millola Holdings LLC filed a petition for Chapter 11 protection (Bankr. D. Nev. Case No. 21-13893) on Aug. 6, 2021, listing up to $1 million in assets and up to $500,000 in liabilities. Judge August B. Landis oversees the case. The Debtor is represented by Riggi Law Firm. MINESEN COMPANY: Taps Goodsill as Bankruptcy Counsel ---------------------------------------------------- The Minesen Company seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Goodsill Anderson Quinn & Stifel as its general bankruptcy counsel. Goodsill had previously served as special litigation counsel for the Debtor in connection with its dispute with The Army Morale, Welfare and Recreation Fund with respect to its motion to assume executory contracts. As bankruptcy counsel, the firm's services will include: (a) advising the Debtor with respect to the requirements and provisions of U.S. bankruptcy laws and the United States Trustee Guidelines; (b) assisting the Debtor in analyzing bankruptcy‐related options and in preparing a disclosure statement for its Chapter 11 plan of reorganization; and (c) representing the Debtor in bankruptcy court proceedings or hearings in any action where its rights maybe litigated or affected. The firm will be paid based upon its normal and usual hourly billing rates and will be reimbursed for out-of-pocket expenses incurred. As disclosed in court filings, Goodsill neither holds nor represents an interest adverse to the Debtor's estate. The firm can be reached at: Johnathan C. Bolton, Esq. Christopher P. St. Sure, Esq. Goodsill Anderson Quinn & Stifel 999 Bishop Street, Suite 1600 Honolulu, HI 96813 Tel: (808) 547-5600 Fax: (808) 547-5880 Email: jbolton@goodsill.com cstsure@goodsill.com About The Minesen Company The Minesen Company -- http://www.innatschofield.com/-- owns a transient military lodging facility at Schofield Barracks in central Oahu known as the Inn at Schofield Barracks. Amenities include queen-sized beds, coffee maker, refrigerator, microwave, television, Internet, air conditioning, laundry, and 24-hour convenience store. The Minesen Company filed a petition for Chapter 11 protection (Bankr. D. Hawaii Case No. 19-00849) on July 4, 2019, listing up to $50 million in assets and up to $10 million in liabilities. Max Jensen, president of The Minesen Company, signed the petition. Judge Robert J. Faris oversees the case. Goodsill Anderson Quiin & Stifel and Snell & Wilmer, LLP serve as the Debtor's general bankruptcy counsel and special counsel, respectively. MITEL NETWORKS: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Ottawa, Ont.-based telephony communications company Mitel Networks (International) Ltd. to stable from negative. At the same time, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on the company. S&P said, "We also affirmed our 'CCC' issue-level rating, with a '3' recovery rating, on Mitel`s first-lien senior secured debt. In addition, we affirmed our 'CCC-' issue-level rating, with a '6' recovery rating, on the company's second-lien senior secured debt. "The stable outlook reflects our view of the recent debt repayment and improved liquidity. With the additional US$250 million debt repayment, we expect Mitel's financial flexibility will improve and leverage will decline further than our current forecasts." On Nov. 15, 2021, Mitel Networks announced a strategic partnership with RingCentral Inc. As part of the transaction, RingCentral provided aUS$600 million upfront payment (US$300 million cash and US$300 million RingCentral stock) and US$50 million of earn out expected over the next 24-36 months. S&P said, "Mitel's material debt repayments should improve credit measures. RingCentral and Mitel have signed a strategic partnership whereby RingCentral will be the exclusive UCaaS (unified communications as a service) partner to Mitel's 37-million on-premise customer base. In addition, RingCentral will acquire Mitel's intellectual property rights and patents. With the upfront US$300 million cash proceeds, Mitel has repaid US$200 million of its first-lien debt and other expenses. As a result, we now forecast debt to EBITDA (S&P Global Ratings' adjusted) of 8.5x-9.0x for fiscal year-end 2021, below our previous expectation of 10.5x. Furthermore, Mitel has announced an additional debt reduction of about US$250 million from the monetization of RingCentral`s stock in the near term. Including this second tranche of debt repayment, which we view as credit positive, we forecast Mitel's leverage could improve to the 7.0x-7.5x range. "We expect Mitel's financial flexibility will improve following this transaction. As per the transaction, Mitel will continue to own and operate its UCaaS business and will receive one-time commission payments from RingCentral as customers migrate to RingCentral's cloud solutions. Mitel will also continue to focus on expanding its existing UC (unified communication) on-premise customer base through tuck-in acquisitions to maintain ongoing migration of subscribers to RingCentral. Although we are yet to assess the impact of this transaction on Mitel's long-term revenues and profitability, we expect there would be an immediate reduction in the company's core on-premise operating expenses and funding investments on cloud. As a result of both reduced operating expenditure (opex) and capital expenditure (capex), we forecast an improvement in free cash flow in the next 12 months. At the same time, we expect Mitel would maintain sufficient liquidity through the revolving credit facility (RCF) availability of about US$90 million and cash on hand of about US$29 million of as of Sept. 30, 2021." The stable outlook reflects Mitel's recent debt repayment and improved liquidity. With the additional US$250 million debt repayment and management's commitment to reduce both opex and capex, there is a potential that financial flexibility will improve and leverage will decline further than S&P's current forecasts. S&P could lower the ratings over the next 12 months if it envisions a default or distressed exchange in that time frame. Conditions that could lead to such a scenario are: -- The company's operating performance weakens due to Mitel's inability to transition customers to the cloud or higher-than-anticipated on-premise revenue declines lead to EBITDA deterioration. -- S&P believes the company will continue to burn cash at a materially higher level than in our base-case scenario, which could pressure the liquidity. S&P said, "We could raise the ratings over the next 12 months if Mitel exhibits a faster-than-expected transition of customers to RingCentral's cloud solutions, leading to a sustainable and profitable EBITDA growth. This would be a function of RingCentral's commission payments and Mitel's ability to reduce on-premise costs. With further debt repayments, we would expect a sustained improvement in leverage measures and an ability to maintain adequate levels of liquidity." MORROW GA INVESTORS: Trustee Gets OK to Hire Leasing Agent ---------------------------------------------------------- Tamara Miles Ogier, the trustee appointed in the Chapter 11 case of Morrow GA Investors, LLC, received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Capital Real Estate Group, LLC to market for lease a commercial office building located at 1590 Adamson Parkway, Morrow, Ga. The firm will be paid as follows: (a) On new lease agreements accepted by the Debtor, a procurement fee in an amount equal to 100 percent of the first regular full month's base rent under the lease and, in addition thereto, a commission in an amount equal to 4 percent of the remaining aggregate monthly base rentals to accrue during the initial term of the lease based on the "gross rent" (i.e., the rent actually required to be paid under the lease inclusive of operating expenses and taxes as though the lease were a full service lease). (b) On expansion leases accepted by the Debtor, a commission in an amount equal to 4 percent of the aggregate monthly base rentals to accrue during the term of the lease for the expansion space based on the gross rent for the lease term in which rent is paid. (c) On renewal leases accepted by the Debtor, a commission in an amount equal to 4 percent of the aggregate monthly base rentals to accrue during the extended term of the lease based on the gross rent for the extended lease term in which rent is paid. C. Lee Evans III, a partner at Capital Real Estate Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: C. Lee Evans III Capital Real Estate Group 1115 Howell Mill Road, Suite 440 Atlanta, GA 30318 Tel: (404) 400-2658 About Morrow GA Investors LLC Morrow GA Investors, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns a real property located at 1590 Adamson Parkway, Morrow, Ga., having an appraised value of $5.5 million. Morrow GA Investors filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-55706) on July 31, 2021, listing $5,502,000 in total assets and $2,698,079 in total liabilities. Judge James R. Sacca oversees the case. Limbocker Law Firm serves as the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed Tamara Miles Ogier as trustee in this Chapter 11 case. The bankruptcy trustee tapped Ogier, Rothschild & Rosenfeld PC as bankruptcy counsel, Wiles & Wiles LLP as special counsel, and Stonebridge Accounting & Forensics LLC as accountant. MOUTHPEACE DENTAL: Unsecureds to Get 21.8%-35.6% in Creditor's Plan ------------------------------------------------------------------- AP Brickworks, LLC (the "Landlord"), a creditor and party in interest, and Landlord's designee (collectively, the "Plan Proponent"), submitted a Disclosure Statement and Liquidating Chapter 11 Plan for Debtor Mouthpeace Dental, LLC dated Nov. 23, 2021. The Debtor's Plan proposes the reorganization of the Debtor's business affairs through the continued operation of its business at the Premises after the effective date of the Debtor's Plan. The Debtor's Plan proposes the partial repayment of the Debtor's obligations through deferred cash payments to creditors (in some cases with interest) primarily out of cash flow, over a 7 year term, and in the case of BOA partially amortized over more than 7 years with the balance of BOA's claim paid with a balloon payment at maturity. The feasibility of the Debtor's Plan is extremely dubious, because it is based on extremely optimistic projections that anticipate that the Debtor's revenue will exceed $1 million in year-1 of the Debtor's Plan, and will increase during the 7-year term of the Debtor's Plan to over $1.26 million compared to its pre-Pandemic revenue levels of $550,860 in 2018 and $603,904 in 2019. The Debtor's projections also without reasonable explanation indicate that the Debtor's expenses will essentially remain flat at approximately $1 million over the 7-year term of the Debtor's Plan. The Plan Proponent's Plan proposes to put cash in the hands of creditors on a relatively expedited basis through the liquidation of the Debtor's assets through: (1) the sale of the Purchased Assets to the Plan Proponent for a purchase price of $544,173.29, and (2) the liquidation of the Debtor's remaining assets by a Liquidating Trustee approved by the Bankruptcy Court. To facilitate the liquidation of the Debtor's remaining assets, the Liquidating Trustee will make a $450,000.00 payment to BOA, and BOA will release its Lien in the Debtor's assets. This will allow the Liquidating Trustee to surrender the Debtor's remaining assets (other than retained claims and accounts receivable) to Dell, ProHealth, SBA, and Stearns Bank (the "Other Secured Creditors") within days of the Effective Date of the Plan, which will enable those creditors to liquidate their collateral expeditiously as they deem appropriate. The Plan Proponent submits that an orderly liquidation of the Debtor through the Plan is essential to maximizing value of the Estate Assets and the recovery for all stakeholders. The Plan Proponent estimates a dividend in the approximate range of 21.8% to 35.6% to holders of Allowed Unsecured Claims (including Deficiency Claims of the Other Secured Creditors) compared to the Debtor's estimated dividend of just over 11%. Class 7 consists of Allowed Unsecured Claims. Holders of Allowed Unsecured Claims, including Allowed Deficiency Claims, shall receive a Pro Rata Share of the Available Cash. The timing and nature of the distribution or distributions to be made to the holders of Allowed Unsecured Claims under Class 7 shall be made in the Liquidating Trustee's business judgment after taking into account the payment of the administrative expenses of the Trust. Debtor's Amended Disclosure Statement estimates $163,000 in Allowed Unsecured Claims, including Deficiency Claims. However, this estimate does not appear to include Claims for rejection damages or appear to account for all scheduled claims. After backing out the Claims of Insiders, the Plan Proponent estimates there will be closer to $225,000.00 to $275,000.00 in Allowed Unsecured Claim (which amount would include approximately $15,500.00 in Deficiency Claims in favor of the Other Secured Creditors, but does not include a Deficiency Claim in favor of BOA). The Plan Proponent estimates that after (i) making the $450,000.00 payment to BOA, (ii) surrendering Collateral to the Other Secured Creditors (including the collection of the AR Collateral), and (iii) the payment of the administrative expenses of the Trust in excess of the Liquidating Trust Fund, there will be approximately between $60,000.00 and $80,000.00 in Available Cash free for distribution to holders of Allowed Unsecured Claims. This would allow for an estimated distribution in the range of approximately 21.8% to 35.6% to holders of Allowed Unsecured Claims. Equity Interests in Debtor shall be canceled, annulled, and voided, and holders of such Equity Interests shall not be entitled to any distribution under the Plan or in the Bankruptcy Case on account of such Equity Interests. An important aspect of the Plan is the sale of the Purchased Assets to the Plan Proponent. The Purchased Assets are: (i) the Debtor's interest in the Lease, including the right, if any, to the return of any security deposit, (ii) the Avoidance Actions (excluding claims against Insiders), and (iii) the Estate Actions (excluding claims against Insiders). However, the Plan Proponent has expressly agreed not to assert or prosecute any of the Avoidance Actions or the Estate Actions against non-Insiders. In consideration for the Purchased Assets the Plan Proponent will pay the Purchase Price in the amount of $544,173.29, which the Liquidating Trustee will use to make payments to: (i) BOA, (ii) the holders of Allowed Administrative Expense Claims, (iii) the holders of the Allowed Priority Tax Claims, (iv) fund the Liquidating Trust Fund and pay the administrative expenses of the Trust, and (v) make other Cash distributions, including distributions to holders of Allowed Unsecured Claims, all as set forth under the terms of the Plan. A full-text copy of the Disclosure Statement dated Nov. 23, 2021, is available at https://bit.ly/32sjabE from PacerMonitor.com at no charge. Attorneys for Plan Proponent, AP Brickworks: ARNALL GOLDEN GREGORY LLP Sean C. Kulka Georgia Bar No. 648919 171 17th Street, N.W., Suite 2100 Atlanta, Georgia 30363-1031 Phone: (404) 873-8682 Fax: (404) 873-8683 E-mail: sean.kulka@agg.com About Mouthpeace Dental Mouthpeace Dental, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-72289) on Dec. 3, 2020. Syretta Wells, sole shareholder, signed the petition. In the petition, the Debtor disclosed total assets of up to $50,000 and total liabilities of up to $1 million. Judge Barbara Ellis-Monro oversees the case. Rountree Leitman & Klein, LLC and Carroll & Company, CPAs, P.C., serve as the Debtor's legal counsel and accountant, respectively. Bank of America, N.A., as lender, is represented by: Beth E. Rogers, Esq. Rogers Law Offices 100 Peachtree Street, Ste. 1950 Atlanta, GA 30303 Tel: 770-685-6320 Fax: 678-990-9959 Email: brogers@berlawoffice.com NEW YORK INN: Taps Jules Slim as Special Counsel ------------------------------------------------ New York Inn Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Jules Slim, Esq., an attorney practicing in Dallas, Texas, as special counsel. The Debtor requires legal assistance to prosecute its claims, which stemmed from its insurance company's failure to pay on its policy. Mr. Slim will receive a 30 percent contingent fee for his services. The attorney has requested a retainer in the amount of $2,500. In court filings, Mr. Slim disclosed that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Slim can be reached at: Jules P. Slim, Esq. 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (214) 350-5183 Fax: (214) 350-5184 About New York Inn Inc. A group of creditors including AP Interior, Prateek Desai and Wajattat Ali Khan filed an involuntary Chapter 11 petition against Arlington, Texas-based New York Inn Inc. (Bankr. N.D. Texas Case No. 21-30958) on May 21, 2021. The creditors are represented by Bill Rielly, Esq. Judge Michelle V. Larson oversees the case. New York Inn tapped Joyce W. Lindauer Attorney, PLLC as bankruptcy counsel and Jules P. Slim, Esq., an attorney practicing in Dallas, Texas, as special counsel. NIR WEST: Fine-Tunes Plan; Business Profit to Fund Plan ------------------------------------------------------- NIR West Coast Inc., a California corporation, dba Northern California Roofing Co. submitted a Modified Second Amended Plan of Reorganization. The Second Amended Plan calls for the Debtor to continue operating its business, re-roofing commercial and residential buildings, and installing HVAC systems and solar panels. The Second Amended Plan provides for 12 classes of secured claims and lease claimants, classes of unsecured claims, and one class of equity security holders. The Second Amended Plan provides for the payment of allowed administrative priority claims upon the confirmation of the Second Amended Plan, and provides for the disbursements from Debtor's projected earnings from operations to the allowed claimants. The exact percentage distribution to unsecured claims will depend on the total amount of claims allowed in this case. Classes of General Unsecured Claims Class 4.2 consists of the claim of Vacaville Quail Run, L.P. in the amount of $125,000. This claim is disputed, and arises from an alleged construction defect for work performed prepetition. Debtor has determined that there is no insurance coverage for this claim. To the extent the claim is allowed, it will receive the same treatment as provided for Class 4.10. Class 4.5 consists of the claim of Parmel Properties in the amount of $84,613. This claim is scheduled as contingent. If this claim is allowed, it will be entitled to receive the same treatment as provided for Class 4.10. Class 4.6 consists of the claim of First Northern Bank in the amount of $435,237.50. This claim is from a Paycheck Protection Program loan. In accord with the provisions of such program, it shall be forgiven, and receive no distribution from the Estate. Class 4.7 consists of the claim of Javier Vega Tovar in the amount of $410,000. This amount of this claim results from a pre petition settlement of a wage & hour claim by a former employee. In recognition of the expense, uncertainty and delay attendant in litigation, Claimant will be entitled to retain the $70,000 amount tendered prepetition, which is equivalent to a distribution of 17.07% on account of the $410,000 total claim amount. Class 4.8 consists of the claim of Gregory T. Lynn in the amount of $45,000. This loan from the Debtor's 100% shareholder shall receive no distributions from the Estate. Class 4.9 consists of the claim of Liberty Mutual Insurance c/o Wilbur Group, Adjusters. This claim is disputed. No proof of claim has been filed. The claim is alleged to be for reimbursement of insurance benefits paid out to a tenant of a building Debtor re roofed. In the event this claim is allowed, it shall receive the treatment provided for Class 4.10. Class 4.11 consists of All Other Unsecured Claims in the amount of $884,837. Class 4.10 Allowed Claims shall receive a total of $138,144 on a pro-rata basis, to be paid in equal quarterly disbursements of $8,634 on or before 48 months following the Effective Date, without interest. The first quarterly disbursement shall be issued on the 10th day of the third full calendar month following the Effective Date, and subsequent disbursements shall be issued quarterly thereafter. The Estate reserves the option of tendering all or part of the total disbursement to this Class 4.10 sooner than 48 months following the Effective Date, but shall not be entitled to any discount in the total amount by reason of earlier payment(s). The estimated dividend to Class 4.10 is 15.06%, based upon the claims identified. Equity Interest holder Gregg T. Lynn shall retain his shares. The Debtor will remain in business, which is primarily the replacement of roofs on residential and commercial buildings. It also installs HVAC and solar systems. The monthly and quarterly payments provided by the Second Amended Plan will be funded from the net proceeds of operation of Debtor's ordinary course of business. The Debtor may also obtain an additional advance of its existing loan from the US Small Business Administration on account of the recently-enacted federal COVID19 pandemic relief act. The payments provided by the Second Amended Plan may also be funded by the net proceeds of recoveries obtained by excise of avoiding powers. Having significantly cut costs and economized, and based upon over 30 years in the industry, Debtor has conservatively estimated that it will generate sufficient income and profit to allow it to fund the disbursements provided by the Second Amended Plan. The term of the Second Amended Plan is 48 months. A full-text copy of the Modified Second Amended Plan of Reorganization dated Nov. 23, 2021, is available at https://bit.ly/3cVzofo from PacerMonitor.com at no charge. Attorneys for Debtor: Julie E. Oelsner, Esq. WEINTRAUB TOBIN 400 Capitol Mall, 11th Floor Sacramento, CA 95814 Telephone: 916/558.6000 Facsimile: 916/446.1611 Email: joelsner@weintraub.com About NIR West Coast NIR West Coast, Inc., d/b/a Northern California Roofing Co. -- https://northerncaliforniaroofing.com/ -- which conducts business under the name Northern California Roofing, is a general building contractor that specializes in all phases of the roofing process: from roof repairs to roof replacements, as well as maintenance programs and complete roof overhauls. NIR West Coast filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 20 25090) on Nov. 4, 2020. The petition was signed by Gregory Lynn, president and chief executive officer. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Christopher D. Jaime oversees the case. Weintraub Tobin Chediak Coleman Grodin Law Corp. is the Debtor's legal counsel. Bank of the West is represented in the case by Gabriel P. Herrera, Esq. -- gherrera@kmtg.com -- at Kronick Moskovitz Tiedemann & Girard. NORWICH DIOCESE: Court Sets Sexual Assault Claims Deadline ---------------------------------------------------------- Joe Wojtas of The Day reports that a federal bankruptcy judge has set a deadline of March 15, 2022 for receipt of claim forms from people who say they were sexually assaulted by priests and employees of Roman Catholic Diocese of Norwich. Victims who fail to do so will likely lose their right to obtain compensation from the diocese and possibly its parishes. The diocese filed for Chapter 11 bankruptcy in July as it faced more than 60 lawsuits filed by young men who charge they were sexually assaulted as boys by Christian Brothers and other staff at the diocese-run Mount Saint John Academy in Deep River from 1990 to 2002. Mount Saint John was a residential school for troubled boys whose board of directors was headed by retired Bishop of Norwich Daniel Reilly. Since then, additional people whose sexual assault allegations involved not only Mount Saint John but diocesan churches have filed claims in the bankruptcy case. The bankruptcy process, which freezes lawsuits against the diocese, will determine the assets of the diocese and how much each victim will receive in damages. The court has set a deadline of Jan. 31, 2022 for the diocese to file its plan, but that could be extended. The 51 parishes in the Roman Catholic Diocese of Norwich are now seeking to join the diocese in seeking bankruptcy protection from sexual abuse claims against priests and other employees and will have to contribute funds to the settlement. This would leave victims unable to sue the parishes in the future. The official notice of the deadline or "bar date" from the Bankruptcy Court for the District of Connecticut states in bold letters that anyone who was sexually abused, on or before July 15, 2021, the date the diocese filed bankruptcy, and believes the diocese may be responsible for the sexual abuse, must file a claim. "This includes sexual abuse in connection with any entity or activity associated with the diocese. Sexual Abuse claims include but are not limited to: sexual misconduct, touching, inappropriate contact, or sexual comments about a person or other behaviors that led to abuse, and regardless of whether you thought the behavior was sexual abuse or not," states the notice. Bold letters also tell victims that regardless of how old they are today or when the abuse occurred, they need to file their claims so they are received by 5 p.m. Eastern Time on March 15, 2022. Although the statute of limitations in Connecticut currently prohibits victims older than 51 from filing a lawsuit against the diocese and parishes, they can still file a claim. The General Assembly may also pass a law this winter that creates a period of time for victims of any age to file lawsuit if they were victims of sexual assault. The bankruptcy court notice also states that victims should consider submitting a proof of claim even if they believe their claim may be subject to a defense that the statute of limitations has expired. It is unclear if the diocese will fight claims by those older than 51. Claims can be submitted by mail or electronically. The claim forms asks victims for details about the abuse and the effect it has had on their life. The notice states that all information submitted by victims will be kept private. Information on how to file a claim and on the bankruptcy case can be found at https://dm.epiq11.com/case/rcdn or by calling 1-855-654-0902. The notice also provides a link to a list of 50 clergy members that the diocese says have been identified in connection with sexual abuse claims. The list is available at https://www.norwichdiocese.org/Find/Accused-Clergy. That list, which was updated this past May, is incomplete. It does not include Christian Brother J. Paul McGlade and others accused of sexually assaulting the boys at Mount Saint John. It also does not include clergy members The Day has identified as being accused of sexually assaulting children in the diocese. The diocese halted its 17-month-long investigation into the extent of abuse by diocesan priests and clergy after it filed for bankruptcy, and never issued a report. The diocese list also does not say where the priests served in the diocese or what they are accused of doing. The order by Judge James Tancredi also requires the diocese to immediately began publishing the notice of the claims process and deadline in various publications and deliver it to local media and the 51 parishes. About The Norwich Roman Catholic Diocesan Corporation The Norwich Roman Catholic Diocesan Corporation is a nonprofit corporation that gives endowments to parishes, schools, and other organizations in the Diocese of Norwich, a Latin Church ecclesiastical territory or diocese of the Catholic Church in Connecticut and a small part of New York. The Norwich Roman Catholic Diocesan Corporation sought Chapter 11 protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021. The Debtor estimated $10 million to $50 million in assets against liabilities of more than $50 million. Judge James J. Tancredi oversees the case. The Debtor tapped Ice Miller, LLP as bankruptcy counsel and Robinson & Cole, LLP as Connecticut counsel. Epiq Corporate Restructuring, LLC is the claims and noticing agent. On July 29, 2021, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Zeisler & Zeisler, PC as its legal counsel. OLMSTEAD BROTHERS: Seeks to Hire CHMS P.C. as Accountant -------------------------------------------------------- Olmstead Brothers Well Service, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ CHMS, P.C. as its accountant. The firm's services include: a) reviewing and amending as necessary the Debtor's books and records; b) preparing updated financial statements; c) preparing annual state and federal tax returns, if required by law; d) assisting the Debtor in the preparation of financial reports required by the bankruptcy court and financial projections for its budgets and Chapter 11 plan of reorganization. The firm will be paid at the rate of $171 per hour and will be reimbursed for out-of-pocket expenses incurred. Amanda Barnick, a partner at CHMS, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Amanda Barnick CHMS, P.C. 741 3rd Ave. S. Glasgow, MT 59230 Tel: (406) 228-9391 Fax: (406) 228-2063 About Olmstead Brothers Well Service Inc. Olmstead Brothers Well Service, Inc. filed a petition for Chapter 11 protection (Bankr. D. Colo. Case No. 21-15212) on Oct. 14, 2021, listing as much as $500,000 in both assets and liabilities. Cameron R. Olmstead, president of Olmstead Brothers, signed the petition. Judge Elizabeth E. Brown oversees the case. The Debtor tapped Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, P.C. as legal counsel. ORG GC MIDCO: Amended Prepackaged Plan Confirmed by Judge --------------------------------------------------------- Judge Marvin Isgur has entered findings of fact, conclusions of law and order confirming the Amended Prepackaged Chapter 11 Plan of ORG Midco LLC. The Chapter 11 Case was filed and the Plan was proposed with the legitimate purpose of allowing the Debtor to implement the Restructuring, reorganize and emerge from bankruptcy with a capital and organizational structure that will allow it to conduct its business and satisfy its obligations with sufficient liquidity and capital resources. The documents contained in the Plan Supplement or otherwise contemplated by the Plan (collectively, the "Plan Documents"), including the (i) the "New Board Disclosure"; (ii) the "New Holdco Limited Liability Company Agreement"; (iii) the "New Holdco Sub Limited Liability Company Agreement"; (iv) the "Restructuring Transaction Steps"; (v) the "Schedule of Rejected Contracts"; (vi) the "New 1L Facility"; (vii) the "New 2L Facility"; and (viii) the Settlement and Release Agreement, are approved. For the avoidance of doubt, the Existing ABL Lenders are not providing the Exit ABL Facility; rather, the Existing ABL Facility will be refinanced on the Effective Date unless otherwise agreed by JPMorgan Chase Bank, N.A. ("JPMorgan"). A full-text copy of the Plan Confirmation Order dated Nov. 22, 2021, is available at https://bit.ly/2ZpMo9Z from PacerMonitor.com at no charge. Proposed Attorneys for Debtor: WEIL, GOTSHAL & MANGES LLP Alfredo R. Perez (15776275) 700 Louisiana Street, Suite 1700 Houston, Texas 77002 Telephone: (713) 546-5000 Facsimile: (713) 224-9511 WEIL GOTSHAL, & MANGES LLP Sunny Singh Katherine T. Lewis 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 About ORG GC Midco GC Services is one of the industry's largest privately owned business process outsourcing and accounts receivable management solutions providers in the United States with 6,000 employees staffed throughout 30 geo-diverse contact center locations. On the Web: http://www.gcserv.com/ GC Services is a privately-held company that provides a full scope of solution offerings, including 24x7x365 programs, multi-channel and multi-lingual customer service programs, from numerous locations in the continental United States and the Philippines, to Fortune 500 companies, premier global financial institutions, and large governmental entities. ORG GC Midco, LLC, is the intermediate holding company of GC Services and parent of 5 subsidiaries. ORG GC Midco, LLC, sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 21- 90015) on Nov. 8, 2021, to implement a prepackaged plan of reorganization. In the petition signed by Michael Jones as CFO and chief administrative officer, ORG GC Midco estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. GC Services did not seek Chapter 11 protection. The Honorable Judge Marvin Isgur handles the case. WEIL, GOTSHAL & MANGES LLP, led by Alfredo R. Perez, and Sunny Singh, serves as the Debtors' counsel. RIVERON MANAGEMENT SERVICES, LLC, is the Debtor's interim management services provider. Stretto, formally known as BANKRUPTCY MANAGEMENT SOLUTIONS INC., is the noticing and solicitation agent and administrative advisor. PANACEA LIFE: Incurs $3.2 Million Net Loss in Third Quarter ----------------------------------------------------------- Panacea Life Sciences Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.17 million on $588,040 of revenue for the three months ended Sept. 30, 2021, compared to a net loss of $3.78 million on $1.34 million of revenue for the three months ended Sept. 30, 2020. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $2.77 million on $1.41 million of revenue compared to a net loss of $5.14 million on $8.31 million of revenue for the same period during the prior year. As of Sept. 30, 2021, the Company had $24.11 million in total assets, $15.80 million in total liabilities, and $8.32 million in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1552189/000149315221029524/form10-q.htm About Panacea Panacea Life Sciences Holdings, Inc. has pursued opportunities in Cannabidiol, which the Company refers to as "CBD", since December 2018 when it expanded its focus to pursue opportunities in hemp-derived CBD. The Company changed its name to Panacea Life Sciences Holdings, Inc. from Exactus, Inc. Henderson, NV-based RBSM LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 23, 2021, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses that raises substantial doubt about the Company's ability to continue as a going concern. PB-6 LLC: U.S. Trustee Says Amended Plan Unconfirmable ------------------------------------------------------ The United States Trustee objects to the First Amended Disclosure Statement Describing First Amended Chapter 11 Plan of Debtor PB-6, LLC. The United States Trustee claims that the disclosure statement and plan contain an impermissible provision which would stay actions by the secured lender against non-debtors who have guaranteed debts of the debtor. This provision violates 11 U.S.C. § 524(e). Accordingly, the disclosure statement should not be approved as it describes an unconfirmable plan. The United States Trustee points out that the Disclosure Statement describes a Plan that stays the litigation of the Guarantee Action and collection efforts by Fundrise against non-debtor insiders and co-obligors of the Debtor. This type of relief violates section 524(e) of the Bankruptcy Code. In this case, the Guarantor Suspension Injunction fundamentally alters the Guarantors' liability to Fundrise by prohibiting Fundrise from enforcing its state law and contractual remedies until as late as December 31, 2024. The Guarantors have not filed bankruptcy. Arguably, the Debtor's attempt to obtain approval of the Guarantor Suspension Injunction has hurt the estate by ensuring Fundraiser's opposition thereby increasing administrative expenses. Unless the Debtor demonstrates otherwise, the Guarantor Suspension Injunction is to benefit insiders. Plans that benefit insiders to the detriment of the estate are disfavored. The U.S. Trustee requests that the Court deny approval of the Disclosure Statement, or in the alternative, require the Disclosure Statement and Plan to be amended to eliminate the Guarantor Suspension Injunction. A full-text copy of the United States Trustee's objection dated Nov. 22, 2021, is available at https://bit.ly/3HTFRpv from PacerMonitor.com at no charge. About PB 6 LLC PB 6, LLC, a privately held company in Newbury Park, Calif., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10293) on Feb. 23, 2021. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Maureen Tighe oversees the case. Jeffrey S. Shinbrot, APLC is the Debtor's counsel. PREFERRED READY-MIX: Seeks to Hire Joyce W. Lindauer as Counsel --------------------------------------------------------------- Preferred Ready-Mix, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Joyce W. Lindauer Attorney, PLLC 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 under the Bankruptcy Code; b. preparing legal papers; c. assisting the Debtor in preparing and seeking confirmation of a Chapter 11 plan and disclosure statement, if appropriate; and d. other necessary legal services. The firm's hourly rates are as follows: Joyce W. Lindauer, Esq. $450 per hour Dian Gwinnup, Paralegal $125 per hour The firm will be paid a retainer in the amount of $10,000 and will be reimbursed for out-of-pocket expenses incurred. Joyce Lindauer, Esq., disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: Joyce@joycelindauer.com About Preferred Ready-Mix LLC Preferred Ready-Mix, LLC filed a petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 21-33369) on Oct. 14, 2021, listing as much as $1 million in both assets and liabilities. Lincoln M. Catchings, III, vice president, signed the petition. Judge Jeffrey P. Norman oversees the case. The Debtor tapped Joyce W. Lindauer Attorney, PLLC as legal counsel. REDWOOD EMPIRE: S&K Inns Says Disclosures Inadequate ---------------------------------------------------- S & K Inns of America, Inc. ("S&K"), a creditor of Redwood Empire Lodging, LP ("Debtor"), objects to the Debtor's Disclosure Statement Regarding Plan of Reorganization. S&K was the former owner of property now owned by the Debtor and operating as the Best Western Sonoma Winegrower's Inn at 6500 Redwood Drive, Rohnert Park, California 94928 (the "Rohnert Park Property"). S&K sold the Rohnert Park Property to Debtor in August 2019 for more than approximately $20,000,000. As part of the sale transaction, S&K granted debtor a loan in the amount of $1,500,000.00. S&K claims that the Plan proposes to classify S&K's secured claim as a general unsecured claim and place it in a class with dissimilar claims. Bankruptcy Code Section 1123(a)(1) mandates that a plan designate classes of claims subject to Section 1122. The fact that the Debtor granted S&K a security interest in the Rohnert Park Property and Property Income under the Deed of Trust makes S&K's claim substantially dissimilar from claims of unsecured creditors without such rights. However, the Plan does not account for even the possibility of an allowed secured claim to address S&K's legal rights. S&K points out that the treatment of Class 9 General Unsecured Creditors, states that S&K's lien "will be deemed avoided as of the Effective Date." This is procedurally improper. To the extent the Plan is seeking to avoid S&K's security interest in the Rohnert Park Property and Property Income other than under 11 U.S.C. § 506(a), that would require an adversary proceeding. S&K asserts that the Disclosure Statement does not provide adequate information. Despite asserting that S&K's alleged lack of a perfected security interest in furniture, fixtures and equipment is significant to determining whether S&K has a secured claim, the Disclosure Statement fails to provide any information describing such furniture, fixtures or equipment or the value of such personal property. Furthermore, the Disclosure statement fails to provide any information on how much cash it has at either hotel. This is especially significant when S&K is allegedly unsecured when the Debtor is holding as much as $1 million of its cash collateral. In addition, the Disclosure Statement provides creditors no information about the current interest holders sources or ability to fund the $150,000 new investment required by the Plan. A full-text copy of Redwood Empire's objection dated Nov. 26, 2021, is available at https://bit.ly/31ci3fS from PacerMonitor.com at no charge. Counsel for S & K Inns: Kasey C. Nye SB #020610 knye@waterfallattorneys.com WATERFALL, ECONOMIDIS, CALDWELL HANSHAW & VILLAMANA, P.C. Williams Center, Suite 800 5210 E. Williams Circle Tucson, AZ 85711 (520) 790-5828 Thomas W. Stilley (Admitted Pro Hac Vici) tstilley@sussmanshank.com SUSSMAN SHANK, LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 (503)227-1111 About Redwood Empire Lodging Redwood Empire Lodging, LP, owns and operates two hotels: the Best Western Plus located at 208 N Lake Powell Boulevard, Page, Arizona 86040, and the Best Western Sonoma Winegrower's Inn, located at 6500 Redwood Drive, Rohnert Park, California 94928. Redwood Empire Lodging sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 21-04678) on June 16, 2021. In the petition signed by Debra Heckert, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Eddward P. Ballinger Jr. is assigned to the case. Isaac M. Gabriel, Esq., at Quarles & Brady LLP, is the Debtor's counsel. RESURGE L.L.C.: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Resurge, L.L.C. 40 Outlook Lane Freehold, NJ 07728 Business Description: Resurge, L.L.C. is an order fulfillment provider with primary locations in Freehold, NJ and Reno, NV. Chapter 11 Petition Date: November 26, 2021 Court: United States Bankruptcy Court District of New Jersey Case No.: 21-19109 Debtor's Counsel: Erin J. Kennedy, Esq. FORMAN HOLT 365 Passaic Street, Suite 400 Rochelle Park, NJ 07662 Tel: (201) 845-1000 Email: ekennedy@formanlaw.com Debtor's Financial Advisor: MICHAEL MERCIER Total Assets as of October 31, 2021: $1,057,862 Total Liabilities as of October 31, 2021: $3,023,798 The petition was signed by Adam Napoli as chief executive officer. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VAWI4MY/Resurge_LLC__njbke-21-19109__0001.0.pdf?mcid=tGE4TAMA RITORI LLC: Unsecureds Likely Won't Get Payment in Sale Plan ------------------------------------------------------------ Ritori, LLC, et al., submitted a Restated Disclosure Statement. Ritori is a Maryland limited liability company with its principal place of business located in Calvert County, Maryland. Ritori was formed on Oct. 20, 2014 when it acquired the real property located at 8323 Bayside Road, Chesapeake Beach, Maryland 20732. The property consists of five parcels, identified by tax identification numbers 03-043258; 03-043304; 03- 043274; 03-043185; and 03-168409, and more particularly identified among the Land Records of Calvert County, at Liber 4455, Folio 0212, and Liber 5268, Folio 0189 (collectively, the "Commercial Property"). The Plan will be funded from the sale of the Commercial Property. Though the Debtor has a claim against Marsalret for unpaid rent, the Debtor does not believe the unpaid rent claim is collectible. Creditors are expected to receive a distribution based on the priority of their liens, if any, and consistent with the provisions of the Plan and the Bankruptcy Code. Class 3 - Allowed Under-Secured Claim of Eugenia Magafan, $430,961.77, but reclassified as a Class 4 General Unsecured Claim. Class 3 originally consisted of the Allowed Under-Secured Claim of Eugenia Magafan. As of the Petition Date, pursuant to a judgment (and judgment lien) entered against the Debtor in the Circuit Court of Maryland for Calvert County, Case No. C-04--CV-19-109, Eugenia Magafan asserts a junior lien on and against the Commercial Property in the amount of approximately $430,961.77. The Class 3 Claim is wholly unsecured pursuant to Section 506 of the Bankruptcy Code. On August 28, 2021, the Debtor filed a Motion to Determine Secured Status with respect to the Class 3 Claim. On October 22, 2021, the Bankruptcy Court entered an Order granting the Motion to Determine Secured Status, which, as a result, treats this Class 3 Claim, in its entirety, as a Class 4 Allowed General Unsecured Claim in the amount of $430,961.77. As a result, there are no remaining Holders of Class 3 Claims, and, to the extent Confirmation of the Plan is approved, the lien of the Holder of the Class 3 Claim is void. Class 3 is Impaired. Class 4 consists of Allowed General Unsecured Claims, comprised entirely of the estimated Under-Secured Claim of Community Bank in the estimated amount of $779,853, and the wholly Under-Secured claim of Eugenia Magafan in the amount of $430,962. In full and final satisfaction and discharge of each Allowed Class 4 Claim, each Holder of an Allowed Class 4 Claim shall receive their pro-rata share of the balance of the proceeds from the sale of the Commercial Property after all Allowed Claims in Classes 1-3 are paid, to the extent sufficient funds exist. The Debtor reserves the right to object to these Claims. The Debtor anticipates that no funds will be available for payment to Holders of Class 4 Claims. Class 4 is impaired. Counsel to Ritori, LLC: Steven L. Goldberg McNamee Hosea, P.A. 6411 Ivy Lane, Suite 200 Greenbelt, Maryland 20770 Tel: 301-441-2420 A copy of the Disclosure Statement dated November 17, 2021, is available at https://bit.ly/3oHuhVR from PacerMonitor.com. About Ritori LLC Ritori LLC and its affiliates, Marsalret LLC and Triplet LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Lead Case No. 19-24473) on Oct. 29, 2019. Lori S. Simpson oversees the cases. At the time of the filing, Ritori had between $1 million and $10 million in both assets and liabilities. Marsalret and Triplet disclosed total assets of up to $50,000 and total liabilities of up to $10 million. The Debtors are represented by Steven L. Goldberg, Esq., at McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, P.A. RIVERBED TECHNOLOGY: Dec. 1 Deadline Set for Panel Questionnaires ----------------------------------------------------------------- The United States Trustee is soliciting members for an official committee of unsecured creditors in the bankruptcy case of Riverbed Technology, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3xuz29g and return it to benjamin.a.hackman@usdoj.gov at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Dec. 1, 2021. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Riverbed Technology Headquartered in San Francisco, California, Riverbed Technology, Inc. is a leading provider of Wide Area Network (WAN) Optimization and performance monitoring products and services. Riverbed's 30,000+ customers include 99% of the Fortune 100. Riverbed was acquired by private equity funds Thoma Bravo and Teachers' Private Capital in April 2015. Revenues were $713 million for the 12 months ended Sept. 30, 2020. Riverbed Technology Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11503) on Nov. 16, 2021. In the petition signed by Dan Smoot as president and chief executive officer, Riverbed Technology estimated $1 billion to $10 billion in assets and debt as of the bankruptcy filing. Kirkland & Ellis LLP is the Debtors' general bankruptcy counsel. Pachulski Stang Ziehl & Jones LLP is the local bankruptcy counsel. AlixPartners, LLC is the restructuring advisor; and GLC Advisors & Co., LLC and GLCA Securities, LLC, is the financial advisor and investment banker. Bankruptcy Management Solutions, Inc. dba Stretto is the claims agent. RIVERBED TECHNOLOGY: Taps Stretto as Claims Agent ------------------------------------------------- Riverbed Technology, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto as claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. Stretto received a retainer in the total amount of $50,000 and will receive reimbursement for out-of-pocket expenses incurred. Sheryl Betance, a senior managing director at Stretto's Corporate Restructuring, disclosed in court filings that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: Sheryl.betance@stretto.com About Riverbed Technology Inc. Headquartered in San Francisco, California, Riverbed Technology, Inc. is a leading provider of Wide Area Network (WAN) Optimization and performance monitoring products and services. Riverbed's 30,000+ customers include 99% of the Fortune 100. Riverbed was acquired by private equity funds Thoma Bravo and Teachers' Private Capital in April 2015. Revenues were $713 million for the 12 months ended Sept. 30, 2020. Riverbed Technology Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11503) on Nov. 16, 2021. In the petition signed by Dan Smoot as president and chief executive officer, Riverbed Technology estimated $1 billion to $10 billion in assets and debt as of the bankruptcy filing. Kirkland & Ellis, LLP and Pachulski Stang Ziehl & Jones, LLP serve as the Debtors' lead bankruptcy counsel and local counsel, respectively. The Debtors also tapped Alixpartners LLC as restructuring advisor, GLC Advisors & Co. LLC as financial advisor, and GLCA Securities LLC as investment banker. Stretto is the claims and noticing agent. RIVERBED TECHNOLOGY: Unsecureds Will Recover 100% Under Plan ------------------------------------------------------------ Riverbed Technology, Inc., et al., submitted a Prepackaged Chapter 11 Plan of Reorganization and a Disclosure Statement. As of the date of this Disclosure Statement, among other obligations, the Debtors have approximately $1.98 billion in aggregate outstanding principal amount of funded debt obligations, including: (a) approximately $65 million in first lien secured notes; (b) approximately $1.14 billion in first lien term loan indebtedness; (c) approximately $770.5 million in second lien term loan indebtedness; and (d) approximately $9.5 million in senior unsecured notes. The worldwide outbreak of COVID-19 in early 2020 and the resulting global economic contractions, together with the Debtors' substantial debt service obligations, placed significant strain on the Debtors' liquidity throughout 2020. To address certain upcoming funded debt maturities and de-stress the business, in December 2020, the Debtors (a) extended the maturity of certain of their first lien term loan indebtedness through a voluntary amend-and-extend transaction; and (b) refinanced part of their first lien term loan indebtedness and nearly all of their then-outstanding unsecured senior notes with second lien term loans through a voluntary debt-for-debt exchange (collectively, the "2020 Refinancing"). Then, in April 2021, to address ongoing liquidity challenges, the Debtors entered into a $35 million asset-based revolving credit facility (the "ABL Facility"), which was upsized to $50 million in May 2021. The ABL Facility allowed the Debtors to meet their near-term liquidity needs. The continued economic fallout from the COVID-19 pandemic, however, including a sustained decrease in workforce participation, has continued to hinder the Debtors' ability to increase revenues and their overall financial performance. These challenges, coupled with the Debtors' substantial debt service obligations, soon put the Debtors back in a difficult liquidity position and made clear the need for a comprehensive deleveraging solution to set the Debtors on the path for long-term success. To that end, in mid-2021, the Debtors began exploring deleveraging and liquidity enhancement alternatives. Over the next several months, the Debtors engaged in discussions with certain key stakeholders regarding a comprehensive balance sheet solution, including an ad hoc group of First Lien Lenders and Second Lien Lenders (the "Ad Hoc Group"), which includes an ad hoc subgroup of certain First Lien Lenders. These discussions were ultimately successful. After extensive, arm's-length negotiations, the Debtors and these key stakeholders reached agreement on the comprehensive deleveraging and liquidity enhancing transactions embodied in the restructuring support agreement, dated as of October 13, 2021, a copy of which is attached hereto as Exhibit B (the "Restructuring Support Agreement" or "RSA," and the transactions contemplated thereby, the "Restructuring Transactions"). To facilitate the implementation of the Restructuring Transactions, concurrently with the execution of the Restructuring Support Agreement, certain members of the Ad Hoc Group provided the Debtors with $65 million in bridge financing in the form of new first lien secured notes (the "Bridge Notes"), which can potentially be increased to $75 million. The proceeds of the Bridge Notes were used, in part, to repay the ABL Facility in full. Thereafter, on October 22, 2021, the Debtors launched a dual solicitation process: soliciting votes on the Plan simultaneously with consents to the Out-of-Court Exchange. Pursuant to the Restructuring Support Agreement, implementation of the Restructuring Transactions through the Out-of-Court Exchange requires near-unanimous consent from all Holders of the Debtors' outstanding secured funded debt and unanimous consent from all Holders of Existing Interests (other than any current or former employees of the Debtors). If such consent is obtained by the Voting Deadline of November 5, 2021, the Debtors intend to implement the Restructuring Transactions through the Out-of-Court Exchange, consistent with the RSA. Otherwise, the Debtors intend to implement the Restructuring Transactions through commencing voluntary chapter 11 cases and consummation and confirmation of the Plan (the "In-Court Restructuring"), as contemplated by the RSA. The Debtors, with broad support across their capital structure, believe that the deleveraging and liquidity-enhancing Restructuring Transactions embodied in the Restructuring Support Agreement represent the most value-maximizing path forward. Among other things, consummation of the Restructuring Transactions will eliminate approximately $1.1 billion of the Debtors' funded debt obligations and provide the Debtors with $100 million of new equity capital. More specifically, the key terms of the In-Court Restructuring include: * Allowed Bridge Notes Claims will be paid in full in cash on the Effective Date. * Each Holder of an Allowed First Lien Secured Claim will receive (a) payment in full in Cash of all accrued and unpaid interest as of the Effective Date; and (b) its pro rata share of the Exit Facility Term Loans; and (c) First Lien Convertible Preferred Equity with an initial liquidation preference equal to the aggregate principal amount of such Holder's First Lien Loans less the aggregate original principal amount of Exit Facility Term Loans received by such Holder * Each Holder of an Allowed Second Lien Secured Claim will receive its pro rata share of the Second Lien New Common Equity. * Each Unsecured Notes Claim will be cancelled, released, and extinguished without any distribution on account thereof. * The Reorganized Debtors will raise $100 million of new money through the issuance of New Money Convertible Preferred Equity on the Plan's Effective Date * Existing Interests will be cancelled on the Effective Date. Consummation of the Restructuring Transactions will position the Debtors well to capitalize on their core strengths—including their best-in-class IT optimization solutions and their strong customer relationships—and to achieve long-term success. For these reasons and the reasons described further in the Disclosure Statement, the Debtors strongly urge you to consent to the Out-of-Court Exchange and to vote to accept the Plan. The Plan will treat unsecured claims as follows: -- Class 6 - Unsecured Notes Claims totaling $9,612,905. Each Allowed Unsecured Notes Claim shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution to Holders of Allowed Unsecured Notes Claims. Class 6 is impaired. -- Class 7 - General Unsecured Claims totaling $12,000,000. Each Allowed General Unsecured Claim shall be Reinstated. Creditors will recover 100% of their claims. Class 7 is unimpaired. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (a) Cash on hand, including Cash from operations and the proceeds from the New Money Investment, as applicable; (b) the New Common Equity and the Convertible Preferred Equity; and (c) the Exit Facility. Proposed Co-Counsel for the Debtors: Laura Davis Jones Timothy P. Cairns PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19801 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: ljones@pszjlaw.com tcairns@pszjlaw.com Proposed Co-Counsel for the Debtors: Patrick J. Nash, Jr., P.C. Christopher S. Koenig KIRKLAND & ELLIS INTERNATIONAL LLP KIRKLAND & ELLIS LLP 300 North LaSalle Street Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: patrick.nash@kirkland.com chris.koenig@kirkland.com - and - Christine A. Okike, P.C. 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: christine.okike@kirkland.com A copy of the Disclosure Statement dated November 17, 2021, is available at https://bit.ly/3x0ea9s from PacerMonitor.com. About Riverbed Technology Headquartered in San Francisco, California, Riverbed Technology, Inc. is a leading provider of Wide Area Network (WAN) Optimization and performance monitoring products and services. Riverbed's 30,000+ customers include 99% of the Fortune 100. Riverbed was acquired by private equity funds Thoma Bravo and Teachers' Private Capital in April 2015. Revenues were $713 million for the 12 months ended Sept. 30, 2020. Riverbed Technology Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11503) on Nov. 16, 2021. In the petition signed by Dan Smoot as president and chief executive officer, Riverbed Technology estimated $1 billion to $10 billion in assets and debt as of the bankruptcy filing. KIRKLAND & ELLIS LLP is the Debtors' general bankruptcy counsel. PACHULSKI STANG ZIEHL & JONES LLP is the local bankruptcy counsel. ALIXPARTNERS, LLC, is the restructuring advisor; and GLC ADVISORS & CO., LLC AND GLCA SECURITIES, LLC, is the financial advisor and investment banker. BANKRUPTCY MANAGEMENT SOLUTIONS, INC., D/B/A STRETTO, is the claims agent. RIVERSTONE RESORT: Taps David Venable as Bankruptcy Attorney ------------------------------------------------------------ Riverstone Resort, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ David Venable, Esq., an attorney practicing in Houston, Texas, to handle its Chapter 11 counsel. The bankruptcy attorney's services include: a. assisting the Debtor in the preparation of its bankruptcy schedules and statements of financial affairs; b. providing the Debtor with legal advice regarding its powers and duties in the continued operation of its business and management of its property; c. representing the Debtor in adversary proceedings and contested matters, which may be filed by or against it; d. preparing objections to proofs of claim for disputed debts; e. preparing legal papers; f. assisting in the preparation of the Debtor's plan of reorganization and disclosure statement; and g. performing all other necessary legal services. The attorney will be paid at the rate of $200 per hour and will be reimbursed for out-of-pocket expenses incurred. He received a retainer of $4,700 from the Debtor. Mr. Venable disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Venable can be reached at: David L. Venable, Esq. 13201 Northwest Freeway, Suite 800 Houston, TX 77040 Tel: (713) 956-1400 Fax: (713) 983-8285 Email: david@dlvenable.com About Riverstone Resort LLC Riverstone Resort is the fee simple owner of a real property located in Sugar Land, Texas, having an appraised value of $9.6 million. Riverstone Resort filed a petition for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-33531) on Oct. 29, 2021, disclosing $9,620,007 in assets and $2,165,951 in liabilities. Judge Jeffrey P. Norman oversees the case. David L. Venable, Esq., a practicing attorney in Houston, Texas, serves as the Debtor's bankruptcy counsel. SHENOUDA HANNA: Seeks to Hire Guy E. Tweed II as Legal Counsel -------------------------------------------------------------- Shenouda Hanna, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Guy E. Tweed II, Attorney At Law to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor as to its rights, duties and powers; b. preparing and filing statements of financial affairs, bankruptcy schedules, Chapter 11 plans and other documents; c. representing the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in the bankruptcy case; and d. performing other necessary legal services. The firm's hourly rates are as follows: Attorneys $250 per hour Paralegals $150 per hour Guy E. Tweed II, Attorney At Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Guy Tweed, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Guy E. Tweed, Esq. Guy E. Tweed Ii, Attorney At Law 6300 Rockside Road, Suite 302 Independence, OH 44131 Tel: (216) 447-1986 Email: tweedlaw@ameritech.net About Shenouda Hanna Inc. Shenouda Hanna, Inc. filed a petition for Chapter 11 protection (Bankr. N.D. Ohio Case No. 21-13871) on Nov.16, 2021, disclosing $173,215 in assets and $1,803,917 in liabilities. Shenouda Hanna, president, signed the petition. Judge Jessica E. Price Smith oversees the case. Guy E. Tweed Ii, Attorney At Law is the Debtor's legal counsel. SOUTH MOON: Amends Several Secured Claims Pay Details ----------------------------------------------------- South Moon BBQ Incorporated submitted a Third Amended Small Business Plan of Reorganization dated Nov. 22, 2021. The Debtor operates a restaurant and bar that sells BBQ and ribs located at 100 E. Lincoln Avenue, Hinckley, Illinois. The Debtor has continued to operate during the Bankruptcy. However, with COVID restrictions, its operation was very limited for months at a time. During the COVID restrictions, the Debtor was barely profitable. Since April of 2021, with the lifting of the COVID restrictions, the Debtor is now in a position where it can fund its Amended Plan, even without the Small Business Administration grant. Class 1 consists of the secured and priority portions of the claim of the Internal Revenue Service in the total amount of $331,171.91. The Class 1 claim shall be paid in full over 84 months, with interest accruing from the effective date. The IRS's unsecured claim in the amount of $121,505.27 will be discharged upon successful completion of the Debtor's Chapter 11 case but will be reinstated if the Debtor does not complete the Chapter 11 case. Class 2 shall consist of the total claims (secured, priority, and general unsecured) of the Illinois Department of Revenue ("IDOR") in the amount of $624,890.20. The Debtor and the Illinois Department of Revenue have reached an agreement to pay $475,574.00. IDOR has agreed to payment of its priority claim in full over 6 years at the rate of $7,226.00 per month at 3% interest. The general unsecured portion of IDOR's claim in the amount of $149,316.20 will receive no payment under this Amended Plan and shall be discharged only upon the completion of all payments required under the Amended Plan. Class 3 shall consist of the total claim (secured, priority, and general unsecured) of the Illinois Department of Employment Security ("IDES") in the amount of $29,404.92. The Debtor and the Illinois Department of Revenue have reached an agreement to pay $19,480.00. IDES has agreed to payment of its priority claim in full over 5 years at the rate of $358.75 per month at 3% interest. The general unsecured portion of IDES's claim in the amount of $9,924.92 will receive no payment under this Amended Plan and shall be discharged only upon the completion of all payments required under the Amended Plan. Class 4 consists of Unsecured Creditors: * United Healthcare Insurance Company's Priority Claim of $7,309.18 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($131.34) * Capital One's Claim of $17,853.70 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($320.81) * Can Capital, Inc.'s Claim of $66,621.67 shall be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($1,197.10). Can Capital has agreed to treatment as an Unsecured Creditor under the Amended Plan. * US Foods Inc.'s Claim of $51,203.21 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($920.05) * Office of the U.S. Trustee's Claim of $3,250.00 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($58.40) * JPMorgan Chase Bank's Claim of $21,526.48 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($386.80) * First Midwest Bank unfiled claim of $1,200.00 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($21.56) * Groot Trash unfiled claim of $2,627.00 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($47.20) * Waste Management unfiled claim of $1,030.00 will be paid in full monthly over a 5 year term with interest at the rate of 3% per annum. ($18.51) Total monthly payment is $3,101.77. The Debtor will remain in control of its operations and shall make monthly payments as provided for in this Amended Plan. The Debtor's projections show positive cash flow each month between $15,000.00 and $20,000. Payments under the Amended Plan, exclusive of United States Trustee's quarterly fees and attorneys for the Debtor, total $15,168.52 per month. Profit will be expanded between $6,000 to $8,000 per month from anticipated revenue from video gaming beginning in January 2022. If the Amended Plan is confirmed, payments under the Plan, exclusive of United States Trustee's quarterly fees and attorneys for the Debtor, shall total not less than $15,090.50 per month, plus monthly rent to the landlord, plus any additional monthly disposable income to be received until such time as all allowed claims are paid in full. A full-text copy of the Third Amended Plan dated Nov. 22, 2021, is available at https://bit.ly/30XNvya from PacerMonitor.com at no charge. Counsel for the Debtor: James E. Stevens, Esq. Barrick Switzer Long Balsley & Van Evera, LLP 6833 Stalter Drive Rockford, IL 61108 Telephone: 815-962-6611 E-mail: jstevens@bslbv.com About South Moon BBQ Inc. South Moon BBQ Incorporated sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-80759) on April 1, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $1 million. The case is assigned to Judge Thomas M. Lynch. Barrick, Switzer, Long, Balsley, & Van Evera LLP is the Debtor's counsel. STANTON GLENN: $39.5M Sale to Concord Communities to Fund Plan -------------------------------------------------------------- Stanton Glenn Limited Partnership filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement in connection with the Plan of Liquidation dated Nov. 23, 2021. Debtor is a single asset real estate limited partnership organized under the laws of the District of Columbia with a principal place of business located in the District of Columbia. The sole significant asset of the Debtor is Debtor's real property located at 3040-3098 Stanton Road S.E. Washington, DC 20020, and described as Square 5879/Lot 0011, with all improvements thereon and rights associated therewith (the "Property"). The Property is operated as a group of residential apartment buildings comprising 379 units known as Stanton Glenn Apartments. The Debtor rents apartments to low income tenants, many of which receive housing subsidies through the Housing Choice Voucher Program ("HCVP") run by the District of Columbia Housing Authority ("DCHA") and by meeting certain standards of the United States Department of Housing and Urban Development ("HUD") receive low income tax credits through HUD's LIHTC program. Through the HCVP, the Debtor receives approximately $172,000 - $200,000 of income from DCHA each month. The appraised value of the Property, based on approved 2019 HUD Fair Market Rents, is $40 million. The secured debt encumbering the Property is approximately $21.9 million. The proposed base sale price in the Sale Agreement is $39.5 million. That base price is subject to adjustment based on the amount of taxes saved pursuant to the transfer tax exemption found in § 1146(a) of the Bankruptcy Code, with an upward adjustment of $572,500 expected. Marcus & Millichap Real Estate Investment Services of North Carolina, Inc. ("Realtors") engaged in a robust marketing campaign for the Property. The Debtor entered into discussions with the Concord Communities LLC ("Purchaser"), and began the process of negotiating a contract. A Sale Agreement has been executed, with a $2 million deposit posted. The proposed sale under the Sale Agreement has a base purchase price for the Property of $39,500,000.00. In accordance with the Sale Agreement, the Debtor sought Bankruptcy Court approval of a breakup fee in the amount of $500,000 in favor of Concord (the "Break-up Fee") in the event that the Bankruptcy Court approves a sale to a person or entity other than Concord. The parties agree that the Break-Up Fee is to cover the actual out of pocket costs and expenses to Concord for performing due diligence and making an offer on the Property and for serving as the "Stalking Horse" bidder on the sale of substantially all of the Debtor's assets. In accordance with the Bid Procedures Order, the Debtor seeks approval of a sale of the Property to the successful bidder under the bid procedures. The Debtor also sought approval of an expense reimbursement in the amount of $100,000 for Concord in the event of default or a failure to meet certain conditions in the Sale Agreement, and the Bankruptcy Court has deferred consideration of approval of that provision of the Sale Agreement to a date to be determined. The Plan will treat claims as follows: * Class 3 consists of the Secured Claim of Greystone. The holder of an Allowed Class 3 Claim shall receive from the Debtor, in full and complete settlement, satisfaction and discharge of its Allowed Class 3 Claim, on the Effective Date, payment in full of its Allowed Class 3 Claim, with post-petition interest at the default rate. The Holder of the Class 3 Claim will retain its lien until the Property is sold. Greystone represents that the Class 3 Claim is no less than $20,543,897.60. * Class 4 consists of holders of General Unsecured Claims. Each holder of an Allowed Class 4 Claim shall receive from the Debtor, in full and complete settlement, satisfaction and discharge of its Allowed Class 4 Claim, on the later to occur of (i) the Effective Date and (ii) the date on which such Claim shall become an Allowed Claim, payment in full, with post-petition interest at the Federal Judgment Rate in effect on the Petition Date. Holders of Class 4 Claims are unimpaired and are not entitled to vote to accept or reject this Plan. The Debtor believes that there are approximately $4,095,067.60 in unwaived Class 4 Claims, the vast majority of which are held by Insiders. * Class 5 consists of pending Litigation Claims. Each holder of an Allowed Class 5 Claim shall receive from the Debtor, in full and complete settlement, satisfaction and discharge of its Allowed Class 5 Claim, on the later to occur of (i) the Effective Date and (ii) the date on which such Claim shall become an Allowed Claim, payment in full, with post-petition interest at the Federal Judgment Rate in effect on the Petition Date. The amount of the Class 5 Claims are disputed and unknown. However, the Debtor believes that the Sale Proceeds will be more than sufficient to satisfy any amount ultimately determined to be owed by the Debtor on the Class 5 Claims. * Class 6 consists of Holders of Interests. Joseph G. Kisha, the holder of 99.991% of the equity interests in the Debtor, and Glen Development Corp., the holder of 0.009% of the equity interests in the Debtor, shall be entitled to keep their respective equity interests in the Debtor. Holders of Interests are unimpaired and not entitled to vote to accept or reject this Plan. A full-text copy of the Disclosure Statement dated Nov. 23, 2021, is available at https://bit.ly/3191gKJ from PacerMonitor.com at no charge. Counsel for Stanton Glenn: Marc E. Albert (Bar No. 345181) Tracey M. Ohm (Bar No. 982727) Joshua W. Cox (Bar No. 1033283) Stinson LLP 1775 Pennsylvania Ave., N.W., Suite 800 Washington, DC 20006 Tel.: (202) 785-9100 marc.albert@stinson.com tracey.ohm@stinson.com joshua.cox@stinson.com About Stanton Glenn Limited Partnership Stanton Glenn Limited Partnership is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner of a 379-unit apartment complex known as Stanton Glenn Apartments located in Washington, DC. The property has a current value of $40 million. Stanton Glenn Limited Partnership filed its voluntary petition for Chapter 11 protection (Bankr. D.C. 21-00261) on Oct. 29, 2021, listing $40,503,154 in assets and $27,655,693 in liabilities. Joseph Kisha, president, signed the petition. Judge Elizabeth L. Gunn presides over the case. Marc E. Albert, Esq., at Stinson LLP and Gamma Law Firm, PLLC serve as the Debtor's bankruptcy counsel and special regulatory counsel, respectively. MN Blum, LLC is the Debtor's accountant. TEA STATION: Unsecured Creditors to Split $150K in Joint Plan ------------------------------------------------------------- Tea Station Investment, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a First Amended Joint Subchapter V Plan of Reorganization dated Nov. 23, 2021. Pre-petition, the Debtors each operated tea restaurants serving beverages and light meals until they were shut down due to the Covid-19 pandemic. Post-petition, Tea Station, Inc. reopened its operations. By multiple Court-approved stipulations, Tea Station, Inc. and landlord Chen Chen Plaza, LLC stipulated to a reduction of rent for the property located at 158 W. Valley Blvd. San Gabriel, CA 91776. As part of Tea Station, Inc.'s reopening, it borrowed a total of $100,000 from Elite Orchid Investments, LLC on an unsecured basis. This additional funding will not affect Elite Orchid's claims in Class 3 of this Plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $125,292.00. The final Plan payment is expected to be paid on the Effective Date. Pursuant to the projections, the Debtors anticipate having a total of $249,200 in cash on hand as of the effective date. A total $195,319.05 will be paid to creditors under the Plan ($20,000 estimated to administrative legal creditors, estimated $25,000 in Subchapter V fees, $319.05 to priority tax creditors, and $150,000 to general unsecured creditors. The Debtors do not anticipate any payout on the priority claim of Baodi Zhou (which has been disallowed) once their objections to this claim are resolved. This Plan of Reorganization proposes to pay creditors of the Debtors from cash on hand. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 7 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of all non-priority unsecured claims. Total estimated amount of allowed Class 3 general unsecured claims is $2,146,442.57 - $2,841,685.07. Zhou has filed a proof of claim asserting a non-priority claim in the amount of $7,072,819.06 which has been disallowed on behalf of a class, but litigation is still pending to fully liquidate Zhou's individual general unsecured claim now asserted at $695,242.50. Class 3 claims are impaired, and will be paid their pro rata share of $150,000, resulting in a payout of between 5.28% and 6.99% of their claims, depending on the final outcome of the objection to the Baodi Zhou claim. Included in Class 3 is the $$695,242.50 general unsecured claim now asserted by Zhou, which is disputed, unliquidated and contingent upon a determination that Zhou's claim is valid. Zhou's claim has already been disallowed on behalf of the class, and only the amount of her individual unsecured claim remains to be determined by the Court. Class 3 claims will be paid in cash, upon the later of the effective date of this Plan, or the date on which each such claim is allowed or determined by a final non-appealable order. Class 4 equity security holders will not receive any distributions under the Plan. Equity security holders will retain their ownership interests in the Debtors. The Plan will be funded from funds on hand with the Debtors on the Effective Date. The Debtors estimate that they will have $249,200 in cash on hand. The allowed priority unsecured claim of Zhou, if any, will be paid will be paid in full, in cash, upon the later of the effective date of this Plan, or the date on which such claim is allowed by a final non-appealable order. General unsecured claims will be paid their pro-rata share of $150,000 in cash, upon the later of the effective date of this Plan, or the date on which such the general unsecured Zhou claim is determined by a final non-appealable order. As demonstrated, the $150,000 being paid to general unsecured creditors will exceed the total amount of projected disposable income for the Debtors during the 3-year period from the effective date, and is therefore is fair and equitable pursuant to 11 U.S.C. §1191(c)(2). A full-text copy of the First Amended Joint Plan dated Nov. 23, 2021, is available at https://bit.ly/3I0fyxS from PacerMonitor.com at no charge. Attorneys for Debtors: Leslie Cohen, Esq. LESLIE COHEN LAW About Tea Station Investment Tea Station Investment Inc. and its affiliates operate tea shops. Tea Station Investment Inc. filed a Chapter 7 voluntary petition (Bankr. C.D. Cal. Case No. 20-14175) on May 4, 2020. On July 1, 2020, the court issued an order converting the case to one under Chapter 11. On Sept. 1, 2020, Tea Station Investment's affiliates including Tea Station Inc., Tea Creations Inc., Tea City Inc., Tea Hut Inc., Tea Station Operation Inc., Tea Island Inc., and Tea Professor Inc. sought protection under Chapter 11 of the Bankruptcy Code. The cases are jointly administered under Case No. 20-14175. Tea Station Investment's affiliates reported estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Neil W. Bason oversees the cases. Leslie Cohen Law, PC serves as the Debtors' bankruptcy counsel. TELIGENT INC: Finds Bidders for Its Generic Drug Assets ------------------------------------------------------- Daniel Gill of Bloomberg Law reports that bankrupt drug manufacturer Teligent Inc. has found initial bidders to purchase its assets in three separate sales for a total of $64 million. The company wants to conduct an auction in January 2022 and hopes to close the deals by the end of the month, according to a Nov. 24, 2021 filing in the U.S. Bankruptcy Court for the District of Delaware. Teligent, which manufactures injectable and topical prescription medicines, filed for Chapter 11 in October with plans to sell its business. The Buena, New Jersey-based company listed assets of as much as $100 million and liabilities of as much as $500 million. About Teligent Inc. Teligent, Inc., a specialty generic pharmaceutical company, develops, manufactures, markets, and sells generic topical, branded generic, and generic injectable pharmaceutical products in the United States and Canada. The company was formerly known as IGI Laboratories, Inc. and changed its name to Teligent, Inc. in October 2015. Teligent, Inc. was founded in 1977 and is based in Buena, New Jersey. Teligent Inc. and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11332) on Oct. 14, 2021. The cases are handled by Honorable Judge Brendan Linehan Shanno. The Debtor disclosed total assets of $85.0 million and total debt of $135.8 million as of Aug. 31, 2021. Young Conaway Stargatt & Taylor, LLP and K&L Gates LLP are the Debtors' attorneys. Portage Point Partners, LLC, is the Debtors' restructuring advisor. Raymond James & Associates, Inc., is the Debtors' investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Latham & Watkins LLP, serves as co-counsel to the Prepetition First Lien Parties and the Senior DIP Parties. Morgan Lewis & Bockius LLP serves as co-counsel to the DIP Junior Term Loan Parties and Prepetition Second Lien Parties. Morris, Nichols, Arsht & Tunnell LLP serves as co-counsel to the DIP Parties and Prepetition Secured Parties. Jenner & Block LLP serves as co-counsel to the Creditors Committee. Osler, Hoskin & Harcourt LLP, serves as Canadian counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. NautaDutilh Avocats Luxembourg S.a r.l., as Luxembourg serves as counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. TGS Baltric is the Estonian counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. TIX CORPORATION: Claims Will be Paid from Asset Sale Proceeds ------------------------------------------------------------- Tix Corporation (the "Debtor Tix Corp.") and Tix4Tonight, LLC ("Debtor Tix4Tonight," together with Tix Corp., and collectively, the "Debtors"), filed with the U.S. Bankruptcy Court for the District of Nevada Chapter 11 Plans under Subchapter V dated Nov. 22, 2021. Founded in 1993, the Debtors and their non-debtor affiliate (collectively, the "Company"), inter alia, provide show tickets and tours at discount, regular and premium pricing in Las Vegas, Nevada. Specifically, Debtor Tix4Tonight, offers for sale tickets for shows, attractions, and tours from discount to premium pricing. Debtor Tix Corp. pays the shows on a weekly basis only for the tickets that Debtor Tix4Tonight sells to customers. Although the Covid-19 pandemic was the primary triggering event necessitating the Debtors' Chapter 11 filings, the Company's financial performance has been in decline for a number of years prior to the onset of the pandemic. This decline stems, in part, from changes in the market that has resulted in increased competition for the Debtors, which has allowed potential customers to bypass the Debtors' services. The Sale Process On or about August 26, 2021, the Debtors, through Rock Creek Advisors LLC ("Rock Creek") circulated a teaser e-mail and executive summary regarding a potential Sale of the Debtors' business through a court-approved sale process. Specifically, the Debtors contacted 82 targets (31 potential strategic purchasers and 51 potential financial purchasers). Ten of those entities have executed non-disclosure agreements with the Debtors, with nine of those entities provided access to the confidential data room created by the Debtors for parties to conduct due diligence in conjunction with financing and/or the Sale. On November 10, 2021, the Debtors filed their Motion for Entry of an Order (I) Approving the Bidding Procedures, (II) Scheduling the Bid Deadline and Auction, (III) Approving the Form and Manner of Notice Thereof, and (IV) Granting Related Relief (the "Bidding Procedures Motion") requesting approval of, inter alia, bidding procedures and a form asset purchase agreement, and setting an Auction date in conjunction with the contemplated Sale pursuant to section 363 of the Bankruptcy Code and the Plans. The Plans will be funded from the proceeds generated by a sale of substantially all of the Debtors' combined assets, with the purchase price from the Sale to be allocated between the Debtor Tix Corp. and the Debtor Tix4Tonight. Each Plan contemplates: (i) the payment of all Allowed Superpriority DIP Claims, as applicable, Allowed Administrative Claims and Allowed Priority Claims in full; and (ii) distributions to creditors holding Allowed General Unsecured Claims at the conclusion of the Debtors' Claims Reconciliation Process. Each of the Debtors estimate that following the Claims Reconciliation Process the holders of Allowed General Unsecured Claims against each of the Debtors will receive distributions under the Plans on account of such holder's Allowed General Unsecured Claim. The Classes of Claims against and Interests in the Debtor Tix Corp. shall be treated under its Plan as follows: * Class 1 consists of Superpriority DIP Claims. Superpriority DIP Claims are administrative and secured and shall consist of any Claim of the DIP Lender arising under, derived from, secured by, or based on the DIP Credit Agreement or the DIP Order. All such Superpriority DIP Claims of DIP Lender shall be Allowed Claims and shall either (i) be paid in full from the Sale Proceeds upon the closing of the Sale or (ii) be deemed satisfied by the DIP Lender credit bidding such Claims and being selected as the Buyer of the Acquired Assets. * Class 2 consists of Priority Non-Tax Claims. Provided that the holder of a Class 2 Claim against Debtor Tix Corp. has not yet been paid, on the later of (i) the Effective Date and (ii) for Claims in Class 2 that were Disputed Claims on the Effective Date and have thereafter become Allowed Priority Non-Tax Claims, immediately following the date upon which such Claims became Allowed Priority Non-Tax Claims, or as soon thereafter as is practicable, holders of each such Allowed Priority Non-Tax Claims shall receive (a) Cash in an amount not to exceed the amount of such Allowed Priority Non-Tax Claim or (b) such other treatment as may be agreed upon by the Trustee and the holder of such Allowed Priority Non-Tax Claim, or as may otherwise be provided in the Bankruptcy Code. * Class 3 consists of General Unsecured Claims. Provided that the holder of a Class 3 Claim against Debtor Tix Corp. has not yet been paid, on the later of (i) the Effective Date and (ii) for Claims in Class 3 that were Disputed Claims on the Effective Date and have thereafter become Allowed General Unsecured Claims, immediately following the Distribution Date subsequent to the date upon which such Claims became Allowed General Unsecured Claims, or as soon thereafter as is practicable, holders of each such Allowed General Unsecured Claim shall receive (a) a pro rata share of Cash in an amount not to exceed the amount of such Allowed General Unsecured Claim or (b) such other treatment as may be agreed upon by the Trustee and the holder of such Allowed General Unsecured Claim. Holders of Claims in Class 3 are Impaired. * Class 4 consists of Interests. Class 4 Interests are Impaired. The holders of Class 4 Interests in Debtor Tix Corp. will receive no Distribution. On the Effective Date, all Class 4 Interests will be deemed canceled, null and void and of no force and effect. The holders of Class 4 Interests are deemed to reject the Plan and are not entitled to vote to accept or reject the Plan. The Classes of Claims against and Interests in the Debtor Tix4Tonight shall be treated under its Plan as follows: * Class 1 consists of Superpriority DIP Claims. Superpriority DIP Claims are administrative and secured and shall consist of any Claim of the DIP Lender arising under, derived from, secured by, or based on the DIP Credit Agreement or the DIP Order. All such Superpriority DIP Claims of DIP Lender shall be Allowed Claims and shall either (i) be paid in full from the Sale Proceeds upon the closing of the Sale or (ii) be deemed satisfied by the DIP Lender credit bidding such Claims and being selected as the Buyer of the Acquired Assets. * Class 2 consists of Priority Non-Tax Claims. Provided that the holder of a Class 2 Claim against Debtor Tix4Tonight has not yet been paid, on the later of (i) the Effective Date and (ii) for Claims in Class 2 that were Disputed Claims on the Effective Date and have thereafter become Allowed Priority Non-Tax Claims, immediately following the date upon which such Claims became Allowed Priority Non-Tax Claims, or as soon thereafter as is practicable, holders of each such Allowed Priority Non-Tax Claims shall receive (a) Cash in an amount not to exceed the amount of such Allowed Priority Non-Tax Claim or (b) such other treatment as may be agreed upon by the Trustee and the holder of such Allowed Priority Non-Tax Claim, or as may otherwise be provided in the Bankruptcy Code. * Class 3 consists of General Unsecured Claims. Provided that the holder of a Class 3 Claim against Debtor Tix4Tonight has not yet been paid, on the later of (i) the Effective Date and (ii) for Claims in Class 3 that were Disputed Claims on the Effective Date and have thereafter become Allowed General Unsecured Claims, immediately following the Distribution Date subsequent to the date upon which such Claims became Allowed General Unsecured Claims, or as soon thereafter as is practicable, holders of each such Allowed General Unsecured Claim shall receive (a) a pro rata share of Cash in an amount not to exceed the amount of such Allowed General Unsecured Claim or (b) such other treatment as may be agreed upon by the Trustee and the holder of such Allowed General Unsecured Claim. Holders of Claims in Class 3 are Impaired. * Class 4 consists of Interests. Class 4 Interests are Impaired. The holders of Class 4 Interests in Debtor Tix4Tonight will receive no Distribution. On the Effective Date, all Class 4 Interests will be deemed canceled, null and void and of no force and effect. The holders of Class 4 Interests are deemed to reject the Plan and are not entitled to vote to accept or reject the Plan. Unless previously effectuated, upon the Effective Date, the Debtors shall effectuate the Sale Transactions contemplated pursuant to the Asset Purchase Agreement and, among other things, the Acquired Assets shall be sold and transferred to and vest in Buyer(s) free and clear of all Liens, Claims, Interests and Encumbrances pursuant to sections 363(f), 1123(a)(5)(D) and 1141(c) of the Bankruptcy Code and in accordance with the terms of the Confirmation Order, the Plan, and the Asset Purchase Agreement, each as applicable. On and after the Effective Date, Buyer(s) may operate its businesses and may use, acquire, or dispose of property and compromise or settle any Claims, Interests, or Causes of Action without supervision or approval by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules. The Plans shall be funded from the Sale Proceeds and any other Assets of the Estates excluded from the Sale. A full-text copy of Chapter 11 Plans dated Nov. 22, 2021, is available at https://bit.ly/3CS1GSD from PacerMonitor.com at no charge. Proposed Counsel for the Debtors: Samuel A. Schwartz, Esq. Schwartz Law, PLLC 601 East Bridger Avenue Las Vegas, NV 89101 Tel: (702) 385-5544 Fax: (702) 201-1330 Email: saschwartz@nvfirm.com Scott A. Griffin, Esq. Michael D. Hamersky, Esq. Griffin Hamersky LLP 420 Lexington Avenue, Suite 400 New York, NY 10170 Tel: (646) 998-5580 Fax: (646) 998-8284 Email: sgriffin@grifflegal.com mhamersky@grifflegal.com About Tix Corporation Tix Corporation provides discount ticketing services, with discount ticket stores in Las Vegas under its Tix4Tonight marquee and its online ticket sales site, www.tix4tonight.com, which offered discount tickets for shows, concerts, attractions, and tours as well as discount dining and shopping offers. Tix Corporation and Tix4Tonight, LLC filed their voluntary petitions for Chapter 11 protection (Bankr. D. Nev. Lead Case No. 21-14170) on Aug. 24, 2021. Kimberly Simon, chief operating officer, signed the petitions. In the petitions, the Debtors listed as much as $10 million in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors tapped Griffin Hamersky, LLP as bankruptcy counsel; Schwartz Law, PLLC as Nevada counsel; Greenberg Traurig, LLP as special corporate and securities counsel; and Rock Creek Advisors, LLC as financial advisor. TONOPAH SOLAR: Court Allows CMB Fraud Claims to Proceed ------------------------------------------------------- The Crescent Dunes Project brought together numerous Nevadan, Texan, Californian, Delawarean, and Spanish entities and their subsidiaries; the United States Department of Energy; the Nevada Power Company; and hundreds of millions of dollars through a series of contracts and guaranties to fund, construct, and operationalize a solar-thermal power plant in Tonopah, Nevada. As a result of alleged misfeasance, nonfeasance, and malfeasance, the project failed, and the plant is now nonoperational. Through a half dozen motions, the project's diverse cast of characters asked the United States District Court for the District of Nevada to untangle their web of relationships and determine the consequences of those acts and omissions in the case captioned CMB Infrastructure Group IX, LP et al., Plaintiffs v. Cobra Energy Investment Finance, Inc. et al., Defendants, Case No. 2:21-cv-00214-JAD-DJA (D. Nev.). The three plaintiffs are two California limited partnerships -- CMB Infrastructure Investment Group IX, LP (CMB 9) and CMB Infrastructure Investment Group XI, LP (CMB 11) -- and a Texas limited-liability company, CMB Export, LLC (CMBE). Plaintiffs sue eight defendants: ACS Servicios Comunicaciones y Energia, S.L. (ACS), a Spanish corporation; Banco Santander, S.A. (Santander), a Spanish corporation; Tonopah Solar Energy, LLC (TSE), a Delaware company; and the Cobra defendants -- Cobra Energy Investment, LLC (CEI), a Delaware company; Cobra Energy Investment Finance, Inc. (CEIF), a Delaware corporation; Cobra Industrial Services, Inc. (CISI), a Delaware corporation; Cobra Instalaciones y Servicios S.A. (CISSA), a Spanish corporation; and Cobra Thermosolar Plants, Inc. (CTPI), a Nevada corporation. Under a Second Amended and Restated Limited Liability Agreement of Tonopah Solar Investments, LLC (TSI Agreement), SolarReserve, Inc.'s (SR) indirect subsidiary, SolarReserve CSP Finance, LLC (SRCSP), and CEI each hold a 50% membership interest in Tonopah Solar Investments, LLC (TSI). TSI wholly owns Tonopah Solar Energy Holdings I, LLC (TSEH 1), which wholly owns Tonopah Solar Energy Holdings II, LLC (TSEH 2), which controls Tonopah Solar Energy, LLC. Under the agreement that formed TSEH 1, the five-member TSEH 1 board consisted of one Santander appointee, two SR appointees, two CEI appointees. The Crescent Dunes Project is owned by TSE, was constructed by CTPI, and was operated by CTPI and SR's affiliates. CTPI's obligations as to the construction of the solar-thermal power plant in Tonopah, Nevada (the Plant) were laid out in its Engineering, Procurement, and Construction contract (EPC Contract) with TSE. CTPI's responsibilities under the EPC Contract were unconditionally guaranteed by ACS. To finance construction of the Plant, SRCSP and ACS's indirect subsidiary, CEIF, obtained loans totaling $170 million from CMB 9 and CMB 11. The loans were evidenced by two loan agreements, one between CMB 9 and SRCSP (the Group 9 Loan) and guaranteed by SR, and the other between CMB 11 and CEIF (the Group 11 Loan) and guaranteed by CISSA. In addition, TSE -- an indirect subsidiary of SRCSP and CEI's Delawarean joint venture, Tonopah Solar Investments, LLC (TSI) -- obtained a $715 million DOE-guaranteed loan from the Federal Financing Bank (FFB), memorialized in the Loan Guaranty Agreement (LGA) signed by SR, CEI, and TSE. The loans were to be repaid through revenue generated from a power purchase agreement (PPA) between TSE and the Nevada Power Company (NV Energy), as well as other sources. Under the LGA, DOE had the right to appoint an additional TSEH 1 board member. But in 2018, on DOE's insistence, the TSEH 1 board was reconstituted to four members -- one SR appointee, one CEI appointee, and two DOE appointees. Since its delivery, the Plant has failed to meet its power-generation requirements, has been offline for significant periods of time, and is now nonoperational. The Project is insolvent, and the Group 9 Loan agreement, the LGA, and the PPA are in default. The Plaintiffs raise six claims against Tonopah Solar Energy, LLC: (1) fraud, (2) aiding and abetting fraud, (3) tortious interference with the Group 9 Loan agreement, (4) aiding and abetting tortious interference with the Group 9 Loan agreement, (5) tortious interference with the TSI Agreement, and (6) aiding and abetting breach of fiduciary duties. In an order dated November 15, 2021, the Court held that the plaintiffs' claims against TSE don't run afoul of Nevada's three-year statute of limitations for fraud and tortious-interference claims. The Court dismissed with prejudice the plaintiffs' aiding-and-abetting-tortious-interference-with-contractual-relations claim because it is not cognizable under Nevada law. The Plaintiffs allege TSE and many of its co-defendants knowingly misrepresented the Project's progress in reports required by the Group 9 Loan agreement; made specific certifications that no work remained beyond a potential "temporary shutdown" to repair the hot-salt tank that "would impair the safe, reliable, normal and continuous operation" of the Plant; and amended the EPC Contract to deem provisional acceptance achieved when it was not, all for the purpose of precluding the Project's lenders -- including the plaintiffs -- from enforcing their rights under their loan agreements. But, the plaintiffs contend, TSE knew that the numerous defects in the Plant's construction and major necessary repairs would prevent it from ever being fully functional, let alone profitable enough to repay the loans used to build it. Because of these misrepresentations, plaintiffs could not timely enforce their rights under their contracts and obtain repayment of the Group 9 Loan from SRCSP. With these facts, the Court concluded that the plaintiffs have sufficiently pled the elements of fraud under the relaxed corporate-fraud standard. Plaintiffs also pled a colorable claim for aiding and abetting fraud. Plaintiffs allege that CEIF engaged in fraud and TSE knowingly and substantially assisted it in that fraud by agreeing to falsely certify progress to the DOE and then approving the EPC Contract amendment regarding provisional acceptance with the intent to deceive the Project's financiers. Those factual allegations are sufficient for the claim to survive a motion to dismiss, the Court said. The Court also noted that, though TSE protests that it is the subject of a "'shotgun' pleading," TSE ignores that it is named throughout the complaint as a willing participant in CEIF's allegedly fraudulent activities; plaintiffs did not just tack on its name to each of their claims. Finally, TSE seeks to avoid liability by intimating that it's "implausible" for TSE to have aided and abetted CEIF's fraud while engaged in separate arbitration with CTPI. But being on opposite sides of one dispute, according to the Court, does not necessitate being at odds in of every decision made in a complex multiplayer project. So plaintiffs have sufficiently pled this claim to survive dismissal at this stage of the litigation, the Court held. The Court further held that the same misrepresentations that give rise to plaintiffs' fraud claims against TSE also undergird one of their tortious-interference claims. Plaintiffs allege TSE was the beneficiary of two loans made by plaintiffs to SRCSP and CEIF, both of which funded the Plant's construction and operationalization. Taking these facts as true, plaintiffs' general assertion that TSE knew -- or at least knew of facts from which it could be inferred -- that the Group 9 Loan agreement existed establishes TSE's knowledge of the contract with which plaintiffs assert TSE interfered. The Plaintiffs further allege that TSE's intent in making misrepresentations about the Plant's progress was to forestall enforcement and collection efforts by the lending plaintiff, and those misrepresentations caused actual disruption of the Group 9 Loan agreement, preventing it from being repaid and depriving plaintiffs of tens of millions of dollars. Thus, plaintiffs state a plausible claim for tortious interference with that contract, the Court also held. The Plaintiffs' second tortious-interference claim concerns the TSI Agreement. They allege that when SR decided to replace its appointee on TSE's board of managers, which it had an unconditional right to do under the TSI Agreement, TSE demanded that SR obtain "upstream consents" before doing so. That demand prevented SR from getting access to TSE's books and records, which it needed to assess a DOE deal that TSE had requested consent to within ten days. The only alternative to the deal was a capital call that "TSE and the Cobra defendants kn[e]w" was impossible to fulfill due to the Project's failure. That deal granted the Cobra defendants a release from liabilities for the Project, made SRCSP's interest in TSE "valueless," and eventually led to SR's ouster from TSE management. Plaintiffs allege that the deal and capital call were "done in furtherance of the Cobra [d]efendants' efforts to. . . shield themselves from liability" for the Project's difficulties and defects. SR and SRCSP assigned their claims under the TSI Agreement to plaintiffs. SR's investment in TSE under the TSI Agreement was made worthless by TSE's disruption of its right to appoint a board member and access TSE's books, and also by the resulting DOE deal. The Plaintiffs have thus sufficiently stated a claim for tortious interference with the TSI Agreement, the Court added. The Court also ruled that plaintiffs' claim against TSE for aiding and abetting CEI's breach of fiduciary duties may proceed as well. Four elements must be shown for such a claim to survive a motion to dismiss: "(1) a fiduciary relationship exists, (2) the fiduciary breached the fiduciary relationship, (3) the third party knowingly participated in the breach, and (4) the breach of the fiduciary relationship resulted in damages." Plaintiffs allege that CEI owed SRCSP fiduciary duties under the TSI Agreement; CEI breached those duties by ousting SRCSP from TSI; TSE blocked SRCSP's access to TSE's books, sought consent to the DOE deal within ten days and without realistic alternatives, and negotiated a release from liability for the Cobra defendants; and that pre-negotiated deal and ouster resulted in damage to SRCSP. TSE does not dispute that CEI owed and breached fiduciary duties to SRCSP; it only argues that TSE's actions did not substantially assist those breaches because SRCSP could not afford the capital call anyway and the Delaware Court of Chancery has already rejected the claim. But both sides agree SRCSP could not have paid the hundreds of millions of dollars requested in the capital call. Plaintiffs' allegations focus more so on the call being pitched as an alternative when TSE was actually forcing the parties into the pre-negotiated DOE deal that would release the Cobra defendant -- including CEI -- from all liability while also depriving SRCSP of its interest in TSE. And whatever the merits of the Delaware court's decision, it appears that the Supreme Court of Delaware has since vacated it, mooting that concern. So plaintiffs have sufficiently pled this claim at this stage, the Court concluded. The Court further denied the motion to remand, dismissed with prejudice the plaintiffs' claim for aiding and abetting tortious interference with contract, granted the Cobra defendants' motion to compel arbitration, and stayed the remainder of the case except to permit limited jurisdictional discovery and motion practice as to Santander. A full-text copy of the order dated November 15, 2021, is available at https://tinyurl.com/yckne5s7 from Leagle.com. About Tonopah Solar Energy Tonopah Solar Energy, LLC owns and operates a net 110-megawatt concentrated solar energy power plant located near Tonopah in Nye County, Nevada. The power plant is also known as the Crescent Dunes Solar Energy Project, which is the first utility-scale concentrated solar power plant in the United States to be fully integrated with energy storage technology. Tonopah Solar Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-11884) on July 30, 2020. At the time of the filing, the Debtor had estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge Karen B. Owens oversees the case. The Debtor tapped Young, Conaway, Stargatt & Taylor LLP and Willkie Farr & Gallagher LLP as its legal counsel, Houlihan Lokey Inc. as investment banker, and Epiq Corporate Restructuring, LLC as claims agent and administrative advisor. FTI Consulting, Inc., provides turnaround management services. TUKHI BUSINESS: Unsecured Creditors to Recover 100% over 5 Years ---------------------------------------------------------------- Tukhi Business Group, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan of Reorganization dated Nov. 26, 2021. The Debtor is an active California Limited Liability Company. The major asset of the business is the real property located at 11332 N. Hewes Street, Orange, CA 92869 (Duplex Family Residential property). Based on Comparable sales and Debtor's knowledge of area believes that the value of the real property is approximately $1,000,000.00. The real property is encumbered by a Deed of Trust in favor of Joseph S. Cerni and delinquent property taxes. This is the Debtor's first voluntary bankruptcy petition filing. The Debtor filed this case in order to stop the foreclosure proceeding by Joseph S. Cerni and resolve their claim. The Debtor's unsecured priority creditors include the Internal Revenue Service and Franchise Tax Board. The Debtor currently has rental income from the subject property and will use the rental income to fund the Plan in this case. The Plan will treat claims as follows: * Class l(a) consist of the asserted Secured Claim of Joseph S. Cerni. Mr. Cerni asserts a claim in the amount of $639,822.57 secured by a first-priority lien against the Real Property. The debtor proposes to pay the full claim of the creditor as follows: a lump sum of $100,000 on the effective date of the plan, and the remaining balance to be paid with monthly interest only payments at 5% for five years and a balloon payment at the end of the five-year period. * Class 2 consists of General Unsecured Claims. The Debtor estimates that there are approximately $58,770.60 in general unsecured debts. General unsecured claims are classified in Class 2 and will receive a total of 100.00% of their claims over the five-year term of the Plan. Holders of General Unsecured Claims (Class 2) will receive their pro-rata share of a total of $58,770.60 in quarterly pro rate installments over a period of 5 years. This Class is impaired. * Class 3 consists of Interest Holders. Debtor's sole interest holder is Ahmed J.Tukhi, who is the Debtor's Manager and 100% shareholder. Mr. Tukhi will retain his equity interest in the Debtor but will not receive any distributions. The Plan provides for the payment of all Allowed Claims in full. The distributions to the Holders of Allowed Claims will be made by the Reorganized Debtor and will be funded from (i) the cash flow generated by the operations of the Reorganized Debtor after the Effective Date (ii) one-time new value contribution to the plan of $100,000.00 on the effective date of the plan from debtor's principal, Jay Tukhi. The Debtor shall remain in possession of his asset and shall perform the functions necessary to consummate the Plan. The Debtor's Plan proposes to pay 100% (approximately $57,400.00) to unsecured creditors over the 5-year period of the Plan which is more than creditors would receive in a Chapter 7 and thus payment to a Chapter 7 Trustee is unnecessary. Wherefore, the Debtor's Plan satisfies the Best Interest Test. A full-text copy of the Disclosure Statement dated Nov. 26, 2021, is available at https://bit.ly/3lhUTf1 from PacerMonitor.com at no charge. Attorney for Debtor: Onyinye N. Anyama, Esq. Anyama Law Firm, APC 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Tel: (562) 645-4500 Fax: (562) 645-4494 Email: info@anyamalaw.com About Tukhi Business Group Tukhi Business Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12090) on Aug. 27, 2021, listing as much as $1 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Onyinye N. Anyama, Esq., at Anyama Law Firm, A Professional Corporation represents the Debtor as legal counsel. UMATRIN HOLDING: Delays Filing of Third Quarter Form 10-Q --------------------------------------------------------- Umatrin Holding Limited filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2021. Umatrin was unable, without unreasonable effort or expense, to file its Quarterly Report by Nov. 15, 2021 filing date applicable to smaller reporting companies due to a delay experienced by the Company in completing its financial statements and other disclosures in the Quarterly Report. As a result, the Company is still in the process of compiling required information to complete the Quarterly Report and its independent registered public accounting firm requires additional time to complete its review of the financial statements for the three months ended Sept. 30, 2021 to be incorporated in the Quarterly Report. The Company anticipates that it will file the Quarterly Report no later than the fifth calendar day following the prescribed filing date. About Umatrin Umatrin Holding Limited aims to provide healthy and youthfulness to the consumer through its extensive research and development conducted by its certified dermatologist and pharmacist partners. The Company has curated non-toxic beauty, personal care to health and wellness products. As of June 30, 2021, the Company had $1.39 million in total assets, $1.02 million in total liabilities, and $376,954 in total equity. Oakland Gardens, New York-based Yichien Yeh, CPA, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. VIZIV TECHNOLOGIES: Jan. 11, 2022 Plan Confirmation Hearing Set --------------------------------------------------------------- Debtor Viziv Technologies, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Second Amended Disclosure Statement for the Plans of Reorganization of 3:10 Capital WPF VII LLC and KBST Investments, LLC for the Debtor. On Nov. 23, 2021, Judge Stacey G. Jernigan approved the Disclosure Statement and ordered that: * Dec. 21, 2021, is the deadline for the Ballot Agent to file a report (the "Voting Report") that reflects the tabulation of the Ballots. * Jan. 11, 2022 at 9:30 a.m. is the Confirmation Hearing. * Dec. 29, 2021 is the deadline to file any responses or objections to the confirmation of the Plan. * Pursuant to the 3:10 Plan, holders of claims and equity interests in Class 2 (DIP Lender Claim), Class 7 (Founders Claims), and Class 8 (Class A and Class B Equity Interests Other than Subsequently Issued Class B Equity Interests) (the "3:10 Voting Classes") are impaired and are entitled to receive distributions under the 3:10 Plan. Accordingly, holders of Allowed claims or equity interests in such classes are entitled to vote on account of such claims or equity interests. * Pursuant to the KBST Plan, holders of claims and equity interests in Class 3 (Secured Claim of Surface Energy Partners, L.P.), Class 4 (Unsecured Convertible Notes), Class 6 (Founder Claims), Class 7 (Founders Interests), Class 8 (Non-Founders Class A-2 Interests) and Class 9 (Class A-3 Interests) (the "KBST Voting Classes") are impaired and are entitled to receive distributions under the KBST Plan. Accordingly, holders of allowed claims or interests in such classes are entitled to vote on account of such claims or equity interests. * The holders of Allowed claims or equity interest in all other classes under the 3:10 Plan or the KBST Plan are unimpaired and therefore presumed to accept pursuant to section 1126(f) of the Bankruptcy Code or will receive no distribution and are presumed to reject pursuant to section 1126(g) of the Bankruptcy Code (collectively, the "Non-Voting Holders"). Accordingly, holders of claims or equity interests in such classes are not entitled to vote on account of such claims or equity interests. A copy of the order dated Nov. 23, 2021, is available at https://bit.ly/3rtcoNB from PacerMonitor.com at no charge. About Viziv Technologies Viziv Technologies, LLC is an electronics company in Italy, Texas, which specializes in the field of electromagnetic surface waves. On Oct. 7, 2020, creditors Surface Energy Partners LP, Kendol C. Everroad and Jamison Partners, LP, filed an involuntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-32554) against Viziv Technologies. The creditors are represented by Kenneth Stohner Jr., Esq., at Jackson Walker, LLP. Judge Stacey G. Jernigan, who oversees the case, entered an order for relief on Oct. 12. Cavazos Hendricks Poirot, PC, is the Debtor's bankruptcy counsel. The Debtor tapped Allred & Wilcox, PLLC, The Beckham Group and King & Fisher Law Group, PLLC as special counsel; Stout Risius Ross, LLC as investment banker; RSM US LLP as auditor; and Johnson McNamara, LLC as accountant. 3:10 Capital WPF VII LLC, a post-petition lender, filed a Chapter 11 plan of reorganization for the Debtor on Sept. 3, 2021. KBST Investments, LLC filed its proposed Chapter 11 plan of liquidation for the Debtor on Sept. 6. [^] BOND PRICING: For the Week from November 22 to 26, 2021 ----------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Basic Energy Services BASX 10.750 9.501 10/15/2023 Basic Energy Services BASX 10.750 15.125 10/15/2023 Buffalo Thunder Development Authority BUFLO 11.000 50.000 12/9/2022 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 21.390 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 22.260 8/15/2027 Dollar Tree Inc DLTR 3.700 104.054 5/15/2023 Endo Finance LLC ENDP 5.750 93.622 1/15/2022 Endo Finance LLC ENDP 5.750 93.622 1/15/2022 Energy Conversion Devices ENER 3.000 7.875 6/15/2013 Energy Future Competitive Holdings Co LLC TXU 0.975 0.072 1/30/2037 Finisar Corp IIVI 0.500 98.000 12/15/2036 Flexential Intermediate PEAKTE 11.250 107.250 8/1/2024 Flexential Intermediate PEAKTE 11.250 107.000 8/1/2024 GNC Holdings Inc GNC 1.500 0.699 8/15/2020 GTT Communications Inc GTTN 7.875 13.000 12/31/2024 GTT Communications Inc GTTN 7.875 12.250 12/31/2024 Goodman Networks Inc GOODNT 8.000 45.000 5/11/2022 Granite Merger Sub 2 Inc SIRCOM 11.000 113.535 7/15/2027 Granite Merger Sub 2 Inc SIRCOM 11.000 113.251 7/15/2027 Granite Merger Sub 2 Inc SIRCOM 11.000 113.245 7/15/2027 MAI Holdings Inc MAIHLD 9.500 19.097 6/1/2023 MAI Holdings Inc MAIHLD 9.500 19.125 6/1/2023 MAI Holdings Inc MAIHLD 9.500 19.097 6/1/2023 MBIA Insurance Corp MBI 11.384 9.155 1/15/2033 MBIA Insurance Corp MBI 11.384 9.554 1/15/2033 MF Global Holdings Ltd MF 9.000 15.625 6/20/2038 MF Global Holdings Ltd MF 6.750 15.625 8/8/2016 Meredith Corp MDP 6.500 106.298 7/1/2025 Meredith Corp MDP 6.500 106.271 7/1/2025 Newpark Resources Inc NR 4.000 99.918 12/1/2021 Nine Energy Service Inc NINE 8.750 51.247 11/1/2023 Nine Energy Service Inc NINE 8.750 51.762 11/1/2023 Nine Energy Service Inc NINE 8.750 52.221 11/1/2023 OMX Timber Finance Investments II LLC OMX 5.540 0.836 1/29/2020 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Revlon Consumer Products REV 6.250 42.643 8/1/2024 Riverbed Technology Inc RVBD 8.875 67.652 3/1/2023 Riverbed Technology Inc RVBD 8.875 67.652 3/1/2023 SAFG Retirement Services AIG 5.600 183.113 7/31/2097 Safeway Inc SWY 4.750 99.818 12/1/2021 Sears Holdings Corp SHLD 6.625 2.719 10/15/2018 Sears Holdings Corp SHLD 6.625 3.434 10/15/2018 Sears Roebuck Acceptance SHLD 7.000 1.175 6/1/2032 Sears Roebuck Acceptance SHLD 7.500 1.230 10/15/2027 Sears Roebuck Acceptance SHLD 6.500 1.234 12/1/2028 Sears Roebuck Acceptance SHLD 6.750 1.259 1/15/2028 Sempra Texas Holdings Corp TXU 5.550 13.500 11/15/2014 Talen Energy Supply LLC TLN 4.600 89.721 12/15/2021 Talen Energy Supply LLC TLN 9.500 99.594 7/15/2022 Talen Energy Supply LLC TLN 9.500 99.594 7/15/2022 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 Trousdale Issuer LLC TRSDLE 6.500 33.000 4/1/2025 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***