/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220221.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, February 21, 2022, Vol. 26, No. 51 Headlines 12TH & K ST. MALL: Cash Collateral Access OK'd Thru March 22 ACASTI PHARMA: Incurs $3.8 Million Net Loss in Third Quarter ADVANZEON SOLUTIONS: Disclosure Hearing Continued to April 6 ADVANZEON SOLUTIONS: Seeks to Extend Solicitation Period to May 7 ADVAXIS INC: Incurs $17.9 Million Net Loss in FY Ended Oct. 31 ALWAYS CARING: Case Summary & Two Unsecured Creditors AMATA LLC: Continued Operations, Contributions to Fund Plan AMERICANN INC: Incurs $533K Net Loss in First Quarter ANTERO RESOURCES: S&P Upgrades ICR to 'BB+', Outlook Stable APOLLO ENDOSURGERY: Laurence Lytton Has 9.3% Stake as of Dec. 31 APOLLO ENDOSURGERY: Nantahala Capital Reports 9.9% Equity Stake APOLLO ENDOSURGERY: Soleus Capital Entities Hold 5.8% Equity Stake APOLLO ENDOSURGERY: Stonepine Capital, et al. Report 6.5% Stake AREVALO LC FARM: Case Summary & 20 Largest Unsecured Creditors ASTROTECH CORP: Incurs $2.2 Million Net Loss in Second Quarter AYTU BIOPHARMA: Incurs $11.5 Million Net Loss in Second Quarter BARTLEY INDUSTRIES: Fine-Tunes Plan Documents BLADE GLOBAL: Unsecureds to Have Little Recovery in Plan BLINK CHARGING: Susquehanna Entities Report 4.5% Equity Stake BOMBARDIER INC: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR BRIGHT MOUNTAIN: Centre Lane Has 10.1% Equity Stake as of Nov. 5 CALLAWAY GOLF: S&P Raises ICR to 'B+', Outlook Stable CARL MILLER: Gets Interim Cash Collateral Access CARVER BANCORP: Posts $696K Net Income in Third Quarter CCMW, LLC: Cash Collateral Use Denied as Moot CHENIERE ENERGY INC: S&P Raises ICR to 'BB+', Outlook Positive CHENIERE ENERGY PARTNERS: S&P Raises ICR to 'BB+', Outlook Pos. CINEMA SQUARE: Cash Collateral Deal with Wilmington Trust OK'd CRC INVESTMENTS: Unsecureds to Recover 100% in Liquidating Plan DAME CONTRACTING: Cash Collateral Deal with IRS OK'd DEMZA MASONRY: Unsecured Creditors to Split $16K in Plan DIGIPATH INC: Incurs $290K Net Loss in First Quarter ECO LIGHTING: Case Summary & Three Unsecured Creditors ENTEGRIS INC: S&P Affirms 'BB+' ICR, Outlook Stable ESCADA AMERICA: Wins Cash Collatral Access Thru April 15 ESCALON MEDICAL: Reports $66K Net Loss for Second Quarter GOPHER COURIER: May Use Cash Collateral GREEN VALLEY: ML Country Unsecureds to Recover Up to 100% in Plan HAJJAR BUSINESS: March 29 Disclosure Statement Hearing Set HORIZON GLOBAL: APSC Holdco, et al. Report 9.9% Equity Stake HORIZON SATELLITES: Creditors to Get Proceeds From Liquidation IBIO INC: Incurs $11.9 Million Net Loss in Second Quarter ILAN DORON: Kevin Neiman Represents Farudi Claimants INNERLINE ENGINEERING: Wins Cash Collateral Access Thru April 30 INTEGRATED GROUP: Unsecureds Will Get 7% to 10% of Claims in Plan JAGUAR HEALTH: Signs Exchange Deal With Royalty Interest Holder JAR 259 FOOD: Case Summary & 20 Largest Unsecured Creditors LIMETREE BAY: Cash Collateral Stipulation Okayed LIT'L PATCH OF HEAVEN: Seeks Continued Cash Collateral Access LIVEONE INC: Incurs $11.8 Million Net Loss in Third Quarter LIVEWELL ASSISTED: Wins Cash Collateral Access Thru March 4 MAUNESHA RIVER: Seeks Cash Collateral Access Thru May 22 MEGAMEDIA ENTERPRISES: Unsec. Creditors to Recover 55% in 60 Months METROHAVANA TOWN: Voluntary Chapter 11 Case Summary MOUNTAIN VISTA: Unsecured Creditors to be Paid in Full in Plan MULLEN AUTOMOTIVE: Incurs $36.5 Million Net Loss in First Quarter NABORS INDUSTRIES: S&P Raises ICR to 'B-', Outlook Stable NATGASOLINE LLC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR O'CONNOR CONSTRUCTION: May Use Cash Collateral Thru July 31 ONEMAIN HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable ORGANIC EVOLUTION: Seeks to Extend Exclusivity Period to April 29 PADDOCK ENTERPRISES: Updates Non-Asbestos Claims Pay Details PARKER MEDICAL: Seeks to Use Accounts Receivable PARMELEE INVESTMENTS: Amends SPS Secured Claim Pay Details PETROTEQ ENERGY: Announces CORT IP Valuation of $229M to $326M PETROTEQ ENERGY: Closes US$750K Equity Subscription PHI GROUP: Delays Filing of Dec. 31 Form 10-Q PHIO PHARMACEUTICALS: Mitchell Kopin, et al. Report 5.7% Stake PHOENIX HOLDINGS: Case Summary & Two Unsecured Creditors PLATINUM GROUP: Completes Purchase, Cancellation of US$20M Notes PLATINUM GROUP: Completes US$6M Non-Brokered Private Placement PULMATRIX INC: CVI Investments, Heights Capital Report 4.2% Stake RED RIVER WASTE: Cash Collateral Access, $2MM DIP Loan OK'd RELMADA THERAPEUTICS: RTW Investments, Roderick Wong Own 7.9% Stake RELMADA THERAPEUTICS: Venrock, et al. Report 8.2% Equity Stake RIVER MILL: Seeks to Extend Exclusivity Period to May 11 ROBERT J STROUMPOS: Wins Cash Collateral Access Thru April 30 ROOSEVELT INN: Exclusivity Period Extended to June 30 S-TEK 1 LLC: Wins Cash Collateral Access Thru Mar 31 SCHOOL DISTRICT: Case Summary & 12 Unsecured Creditors SENIOR HEALTHCARE: PCO Says Facility Lacks County License SM ENERGY: S&P Upgrades ICR to 'B+', Outlook Stable SOLID BIOSCIENCES: Boxer Entities Report 4.7% Equity Stake SOLID BIOSCIENCES: EcoR1 Capital, Oleg Nodelman Report 8.3% Stake STEREOTAXIS INC: Redmile Group Reports 9.1% Equity Stake STONEWAY CAPITAL: Exclusivity Period Extended to Feb. 28 TITLE QUEST: Unsecured Creditors Will Get 1% of Claims in 5 Years UNDER ARMOUR: S&P Alters Outlook to Positive, Affirms 'BB' ICR UNIVERSITY OF THE ARTS: Fitch Affirms BB Rating on $49MM 2017 Bonds US RADIOLOGY: S&P Affirms 'B-' Issuer Credit Rating, Outlook Pos. US TELEPACIFIC: S&P Cuts ICR to 'SD', Secured Debt Rating to 'D' VANCE AND SON'S: Unsecured Creditors to be Paid in Full in 5 Years VISTAGEN THERAPEUTICS: Venrock Healthcare, et al. Own 8% Stake VYANT BIO: Renaissance Entities Hold Less Than 1% Equity Stake WHITE RABBIT: Wins Cash Collateral Access WIRTA HOTELS: Hearing on Exclusivity Bid Set for March 17 [^] BOND PRICING: For the Week from February 14 to 18, 2022 ********* 12TH & K ST. MALL: Cash Collateral Access OK'd Thru March 22 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, has authorized 12th & K St. Mall Partners, LLC to use cash collateral on an interim basis through March 22, 2022. The Debtor is permitted to use cash collateral to pay expenses set forth in the budget, with a 10% variance. The Debtor is directed to remit these adequate protection payments to lienholders: a. The Debtor will pay DCR Mortgage 10 Sub 3, LLC a monthly payment of $55,187, beginning upon entry of the Order; b. DCR is granted a replacement lien on the Debtor's postpetition cash collateral with the same priority as it would have under non-bankruptcy law; c. The Debtor must segregate and hold in its cash collateral DIP bank account all revenue and other income exceeding the amounts needed to pay the expenses as specifically authorized in the Order. The Court says if at any time the Debtor violates any provision of the Order, DCR or any other lienholder may give written notice of such default to Debtor's counsel. If the Debtor fails to cure the default with 21-days of said notice, DCR or any other lienholder will be entitled to a hearing requesting relief from the automatic stay pursuant to 11 U.S.C. section 362 on an expedited basis. A copy of the order is available at https://bit.ly/3sYisga from PacerMonitor.com. About 2th & K St. Mall Partners, LLC 2th & K St. Mall Partners, LLC is a California limited liability company created on November 12, 2003, as a real estate investment company. Robert W. Clippinger is its managing member. 2th & K St. Mall Partners owns and operates a mixed-use property located at 1020 12th Street Sacramento, CA 95814; APN 06-0105-009-0000. On July 29, 2019, 2th & K St. Mall Partners transferred 8.1% equity ownership in the Property to the Ziegelman Family Trust. Ziegelman Family Trust is not a member of 2th & K St. Mall Partners. The Ziegelman Family Trust used sale proceeds from another investment to purpose a fractional interest in the Property. 2th & K St. Mall Partners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10061) on January 6, 2022. In the petition signed by Robert W. Clippinger, managing member, the Debtor disclosed up to $50 million in assets and up to $50 million in liabilities. Judge Barry Russell is the case judge. Matthew D. Resnik, Esq., at Resnick Hayes Moradi, LLP, is the Debtor's counsel. ACASTI PHARMA: Incurs $3.8 Million Net Loss in Third Quarter ------------------------------------------------------------ Acasti Pharma Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss and total comprehensive loss of $3.78 million on zero revenue for the three months ended Dec. 31, 2021, compared to a net loss and total comprehensive loss of $3.22 million on $81,000 of revenues for the three months ended Dec. 31, 2020. For the nine months ended Dec. 31, 2021, the Company reported a net loss and total comprehensive loss of $5.92 million on zero revenue compared to a net loss and total comprehensive loss of $14.03 million on $81,000 of revenues for the same period during the prior year. As of Dec. 31, 2021, the Company had $114.23 million in total assets, $3.17 million in total liabilities, and $111.06 million in total shareholders' equity. As at Dec. 31, 2021, cash and cash equivalents totaled $33,013,000 a net increase of $6,467,000 compared to cash and cash equivalents totaling $26,546,000 at Dec. 31, 2020. During the three months ended Dec. 31, 2021 and 2020, its operating activities used cash of $4,584,000 and $4,214,000 respectively and during the nine months ended Dec. 31, 2021 and 2020, its operating activities used cash of $14,089,000 and $12,559,000 respectively. During the three months ended Dec. 31, 2021, the Company's investing activities generated cash of $557,000 compared to cash used of $1,372,000 for the three months ended Dec. 31, 2020. The increase in cash generated was a function of an increase in short term investments. During the nine months ended Dec. 31, 2021, the Company's investing activities used cash of $3,533,000 compared to cash used of $1,441,000 for the nine months ended Dec. 31, 2020. The increase in cash generated was a function of an increase in short term investments. During the three months ended Dec. 31, 2021, the Company's financing activities provided cash totaling nil, compared to cash generated of $19,745,000 during the three months ended Dec. 31, 2020, due to proceeds from the sale of shares under its ATM program. During the nine months ended Dec. 31, 2021, the Company's financing activities provided cash totaling nil, compared to cash generated of $24,812,000 during the nine months ended Dec. 31, 2020, due to proceeds from the sale of shares under its ATM program. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1444192/000095017022001147/acst-20211231.htm About Acasti Pharma Acasti -- http://www.acastipharma.com-- is a late-stage specialty pharma company with drug delivery capability and technologies addressing rare and orphan diseases. Acasti's novel drug delivery technologies have the potential to improve the performance of currently marketed drugs by achieving faster onset of action, enhanced efficacy, reduced side effects, and more convenient drug delivery -- all which could help to increase treatment compliance and improve patient outcomes. Acasti reported net loss and comprehensive loss of $19.68 million for the year ended March 31, 2021, a net loss and comprehensive loss of $25.51 million for the year ended March 31, 2020, and a net loss and total comprehensive loss of $39.37 million. As of Sept. 30, 2021, the Company had $119.80 million in total assets, $5.59 million in total liabilities, and $114.20 million in total shareholders' equity. ADVANZEON SOLUTIONS: Disclosure Hearing Continued to April 6 ------------------------------------------------------------ Judge Michael G. Williamson has ordered that the hearing to consider approval of the Disclosure Statement of Advanzeon Solutions, Inc., f/k/a Comprehensive Care Corporation, is continued to April 6, 2022 at 10:00 a.m. The objections to the Disclosure Statement shall be seven (7) days before the continued hearing date. A full-text copy of the order dated Feb. 15, 2022, is available at https://bit.ly/3sRknmx from PacerMonitor.com at no charge. About Advanzeon Solutions Based in Tampa, Fla., Advanzeon Solutions, Inc., provides behavioral health, substance abuse and pharmacy management services, as well as sleep apnea programs, for employers, Taft-Hartley health and welfare Funds, and managed care companies throughout the United States. Advanzeon Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-06764) on September 7, 2020. At the time of the filing, Debtor had estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. The petition was signed by Clark A. Marcus, chief executive officer. Stichter, Riedel, Blain & Postler, P.A. is Debtor's legal counsel. ADVANZEON SOLUTIONS: Seeks to Extend Solicitation Period to May 7 ----------------------------------------------------------------- Advanzeon Solutions, Inc. asked the U.S. Bankruptcy Court for the Middle District of Florida to extend the exclusivity period to solicit acceptances for its proposed Chapter 11 plan of reorganization to May 7. The previously extended 180-day period during which only the company can solicit acceptances expired on Feb. 3. Advanzeon filed its plan and disclosure statement in December last year. The company hopes to obtain approval of the disclosure statement at a hearing scheduled for April 6 and proceed to solicit votes on the plan. About Advanzeon Solutions Based in Tampa, Fla., Advanzeon Solutions, Inc., provides behavioral health, substance abuse and pharmacy management services, as well as sleep apnea programs, for employers, Taft-Hartley health and welfare Funds, and managed care companies throughout the United States. Advanzeon Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-06764) on Sept. 7, 2020, listing up to $1 million in assets and up to $10 million in liabilities. Clark A. Marcus, chief executive officer, signed the petition. Stichter, Riedel, Blain & Postler, P.A. is Debtor's legal counsel. On Dec. 3, 2021, the Debtor filed its Chapter 11 plan of reorganization and disclosure statement detailing the plan. ADVAXIS INC: Incurs $17.9 Million Net Loss in FY Ended Oct. 31 -------------------------------------------------------------- Advaxis, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $17.86 million on $3.24 million of revenue for the year ended Oct. 31, 2021, compared to a net loss of $26.47 million on $253,000 of revenue for the year ended Oct. 31, 2020. As of Oct. 31, 2021, the Company had $46.78 million in total assets, $7.89 million in total liabilities, and $38.89 million in total stockholders' equity. "Similar to other development stage biotechnology companies, our products that are being developed have not generated significant revenue. As a result, we have historically suffered recurring losses and we have required significant cash resources to execute our business plans. These losses are expected to continue for the foreseeable future. "Historically, the Company's major sources of cash have comprised proceeds from various public and private offerings of its securities (including common stock), debt financings, clinical collaborations, option and warrant exercises, income earned on investments and grants, and interest income. From October 2013 through October 31, 2021, the Company raised approximately $339.4 million in gross proceeds ($30.0 million during the year ended October 31, 2021) from various public and private offerings of our common stock. The Company has sustained losses from operations in each fiscal year since our inception, and we expect losses to continue for the indefinite future. As of October 31, 2021 and October 31, 2020, the Company had an accumulated deficit of approximately $428.6 million and $410.7 million, respectively, and stockholders' equity of approximately $38.9 million and $30.2 million, respectively. "The COVID-19 pandemic has negatively affected the global economy and created significant volatility and disruption of financial markets. An extended period of economic disruption could negatively affect the Company's business, financial condition, and access to sources of liquidity. As of October 31, 2021, the Company had approximately $41.6 million in cash and cash equivalents. The actual amount of cash that the Company will need to continue operating is subject to many factors. "The Company recognizes that it will need to raise additional capital in order to continue to execute its business plan in the future. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain financing on terms acceptable to it or whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to further scale back its operations. The Company believes it has sufficient capital to fund its obligations, as they become due, in the ordinary course of business into the 3rd fiscal quarter of 2023. The Company based this estimate on assumptions that may prove to be wrong, and we could use availablle capital resources sooner than currently expected." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1100397/000149315222004469/form10-k.htm About Advaxis Inc. Advaxis, Inc. -- http://www.advaxis.com-- is a clinical-stage biotechnology company focused on the development and commercialization of proprietary Lm-based antigen delivery products. These immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm) bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based strains are believed to be a significant advancement in immunotherapy as they integrate multiple functions into a single immunotherapy and are designed to access and direct antigen presenting cells to stimulate anti-tumor T cell immunity, activate the immune system with the equivalent of multiple adjuvants, and simultaneously reduce tumor protection in the tumor microenvironment to enable T cells to eliminate tumors. Advaxis reported a net loss of $16.61 million for the year ended Oct. 31, 2019, and a net loss of $66.51 million for the year ended Oct. 31, 2018. As of July 31, 2021, the Company had $51.02 million in total assets, $6.75 million in total liabilities, and $44.28 million in total stockholders' equity. ALWAYS CARING: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Always Caring Health Care Services, Inc. 4171 N. Mesa Street Bldg. D Suite 400 El Paso, TX 79902 Business Description: Always Caring Health Care Services, Inc. is a home health care services provider in El Paso, Texas. Chapter 11 Petition Date: February 18, 2022 Court: United States Bankruptcy Court Western District of Texas Case No.: 22-30120 Judge: Hon. H. Christopher Mott Debtor's Counsel: Carlos Miranda, Esq. MIRANDA & MALDONADO, PC 5915 Silver Springs Bldg. 7 El Paso, TX 79912 Tel: (915) 587-5000 Email: cmiranda@eptxlawyers.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by J. Thomas Ullrich as authorized representative. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DALVVVA/Always_Caring_Health_Care_Services__txwbke-22-30120__0001.0.pdf?mcid=tGE4TAMA AMATA LLC: Continued Operations, Contributions to Fund Plan ----------------------------------------------------------- Amata LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois an Amended Plan of Reorganization dated Feb. 15, 2022. Amata is a leading shared office space and service provider in Chicago, catering specifically to legal practitioners. Its clients are typically solo practitioners and small law firms, comprising a community of more than 700 attorneys. Since the onset of the Covid-19 pandemic in early 2020, Amata has encountered various financial and operational hurdles leading to the commencement of the Chapter 11 Case. At the outset of the pandemic, Amata took a number of steps to address the financial and operational issues associated with the new office environment. These efforts largely succeeded, with service-related revenues increasing. Notably, however, Amata still carries the heavy burden of the pre pandemic overhead associated with lease terms geared toward the old business model of providing a large amount of physical office space for great numbers of attorneys spending the vast majority of their working time in a downtown office environment. In an effort to alleviate this burden, the Debtor initiated negotiations with each of its Landlords for each Office Location to try to (a) reduce Amata's physical footprint and/or (b) adjust lease rates to reflect new market realities for office space that now attracts greatly diminished demand. Although certain Landlords offered improvements to the pre-pandemic lease terms, the proposed concessions ultimately were insufficient to permit an out-of-court restructuring. In short, Amata filed the Chapter 11 Case to (a) provide breathing room from Creditors, (b) take advantage of the protections afforded to small businesses under Subchapter V of the Bankruptcy Code, (c) reject its burdensome leases, (d) assume the lease for the 150 S. Wacker Office Location, and (e) complete its operational restructuring to further develop its attorney support services with fewer Office Locations and a smaller physical footprint. Class 1 consists of the Secured Claim of Busey Bank. Debtor will make monthly payments pursuant to the terms of the loans. The source of the funds to pay the Class 1 Claim will be from the proceeds of the Debtor's ongoing operations. Loan 1 and Loan 2 are current on their payments and will continue to be paid pursuant to the terms of the loans, which will result in the payoff of Loan 1 and Loan 2 by the maturity dates. Loan 3 has matured. Pursuant to the Plan, the maturity date of Loan 3 will be extended to May 31, 2025. Payments will continue to be made on Loan 3, pursuant to the terms of Loan 3, through the new maturity date, which will result in the full payoff of Loan 3 by the new maturity date. Class 2 consists of General Unsecured Claims. Either (i) a pro rata share of a lump sum $50,000 payment to holders of Allowed Unsecured Claims on or after the Effective Date of the Plan, or (ii) a pro rata share of the Debtor's projected free Cash flow over the term of the Plan. The source of the funds for the $50,000 payment of Class 2 Claims will come from a contribution of one of the Non-Debtor Affiliates of the Debtor. The Class 2 Claims are impaired. Class 3 consists of Equity Interest Holders. Amata Holdings, LLC's Equity Interest in Amata LLC will be retained. The Plan will be funded via either (i) the Debtor's operations over the next three years or (ii) capital contributions made by the Debtor's Non-Debtor Affiliates or loan proceeds secured for the purpose of making the lump sum payment to creditors described below. While the Debtor's free Cash flow will be limited over the course of the next three years, all administrative and professional fees will be paid on the Effective Date of the Plan, and the Debtor may elect to make a $50,000 lump sum payment to holders of Allowed Unsecured Claims in lieu of payment of projected free cash flow over the course of 3 years. A full-text copy of the Amended Plan of Reorganization dated Feb. 15, 2022, is available at https://bit.ly/3LNCzpG from PacerMonitor.com at no charge. Attorney for the Debtor: Jeffrey C. Dan, Esq. Goldstein & McClintock LLLP 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Tel.: (312) 337 - 7700 Email: jeffd@goldmclaw.com About Amata LLC Amata LLC -- http://www.amatacorp.com/-- is an office space provider catering specifically to legal practitioners. The company operates its business at 77 W. Wacker Drive, Suite 4500, Chicago. Amata filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-04801) on April 12, 2021. In the petition signed by Ronald C. Bockstahler, founder and chief executive officer, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge David D. Cleary oversees the case. The Debtor tapped Goldstein & McClintock LLLP as its bankruptcy counsel. Neema T. Varghese is the Subchapter V trustee appointed in the Debtor's Chapter 11 case. AMERICANN INC: Incurs $533K Net Loss in First Quarter ----------------------------------------------------- Americann, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $533,028 on $650,945 of rental income for the three months ended Dec. 31, 2021, compared to a net loss of $502,284 on $271,585 of rental income for the three months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $15.02 million in total assets, $9.58 million in total liabilities, and $5.44 million in total stockholders' equity. The Company had an accumulated deficit of $20,118,473 and $19,585,445 at Dec. 31, 2021 and Sept. 30, 2021, respectively, and had a net loss of $533,028 and $502,284 for the three months ended Dec. 31, 2021 and Dec. 31, 2020, respectively. While the Company is attempting to increase operations and generate additional revenues, the Company said its cash position may not be significant enough to support the Company's daily operations. Management intends to raise additional funds through the sale of its securities. Americann stated, "Management believes that the actions presently being taken to further implement its business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate additional revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable 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/0001508348/000143774922003191/acan20211231_10q.htm About AmeriCann AmeriCann (OTCQB:ACAN) is a specialized cannabis company that is developing state-of-the-art product manufacturing and greenhouse cultivation facilities. Its business plan is based on the continued growth of the regulated marijuana market in the United States. Americann reported a net loss of $862,893 for the year ended Sept. 30, 2021, a net loss of $709,343 for the year ended Sept. 30, 2020, and a net loss of $4.90 million for the year ended Sept. 30, 2019. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 3, 2021, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. ANTERO RESOURCES: S&P Upgrades ICR to 'BB+', Outlook Stable ----------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Antero Resources Corp. to 'BB+' from 'BB'. At the same time, S&P raised its issue-level rating on the company's unsecured notes to 'BB+' from 'BB'. Our '3' recovery rating remains unchanged. The stable outlook reflects S&P's expectation that Antero will maintain FFO to debt in the 50%-60% range over the next two years while using its significant free cash flow generation for debt reduction and shareholder returns. The upgrade reflects Antero's improved financial results due to stronger natural gas and NGL prices, as well as its ongoing debt repayment. S&P said, "We recently raised our West Texas Intermediate (WTI) crude oil forecast to $70 per barrel (/bbl) for the remainder of 2022, $60/bbl in 2023, and $50/bbl thereafter. Given this revision, we now also expect higher NGL prices in 2022 and 2023. Additionally, Antero announced that it will redeem its approximately $585 million of senior unsecured notes maturing in 2025 with cash on hand and borrowings from its credit facility, which we expect to be paid-off in the second quarter with free cash flow. The company's next upcoming debt maturity is not until 2026. During fiscal year 2021, Antero reduced its total absolute debt by $875 million. The company expects to reduce its total debt levels below $2 billion in the first quarter of 2022. With Antero's debt reduction and our revised pricing forecast, we now project FFO to debt in the 50%-60% range and debt to EBITDA of approximately 1x over the next 12 months. The company has hedged about 50% of its expected 2022 natural gas production and about 34% of its expected total production, which allows for upside should commodity prices continue to improve." S&P said, "We expect Antero to generate significant free cash flow over the next 12 months. The company generated $697 million of free cash flow in 2021 after changes to its working capital. Antero expects to generate at least $6.0 billion of free cash flow through 2026 at current strip prices, including more than $1.5 billion in 2022. The company will use its cash generation to support its announced capital return program, which targets returning 25%-50% of its annual free cash flow to its shareholders, inclusive of its board-approved $1.0 billion share repurchase program. We do not anticipate its capital program will lead to increased debt levels under our assumptions. Antero's large production and reserve base, with expected production of 3.2 billion cubic feet equivalent per day (Bcfe/d)-3.3 Bcfe/d in 2022 and about 17.7 trillion cubic feet of reserves as of Dec. 31, 2021, support the rating. The company benefits from its liquids mix as liquids comprised approximately 31% of its production in fiscal year 2021. We apply a positive one-notch adjustment to our anchor on Antero to reflect its larger scale relative to its peers, as well as its product diversity and improving financial measures. "The stable outlook reflects Antero's ability to reduce its total debt and its improving free cash flow and cost structure. We expect the company's FFO to debt to average between 50% and 60% over the next 12 months, which is a level we consider appropriate for the current rating. "We could lower our rating on Antero if its credit measures weaken such that its FFO to debt falls below 45% with no clear path toward improvement. This would most likely occur if the company increases shareholder returns above free cash flows or natural gas and NGL prices are weaker compared to our expectations. "We could raise our rating on Antero if it continues to improve its credit measures, including FFO to debt well above 60%, combined with expectations of sustained free cash flow. Additionally, we would want to see cash costs reduced closer to peers to support cash flows under weaker price environments. This could occur if the company continues to reduce its overall debt levels using its free cash flow and natural gas and NGL prices exceed our expectations." ESG credit indicators: E-4, S-2, G-2 S&P said, "Environmental factors are a negative consideration on our credit rating analysis on Antero Resources Corp. because the E&P industry contends with the accelerating energy transition and adoption of renewable energy sources. We believe falling demand for fossil fuels will lead to declining profitability and returns for the industry as it fights to retain and regain investors that seek higher returns. To help address these concerns, Antero has lowered its methane leak loss rate (0.046%), reused/recycled 83% of its produced water generated in 2020, partnered with Project Canary for a responsibly sourced gas certificate, and set a goal to reach net zero carbon emissions by 2025." APOLLO ENDOSURGERY: Laurence Lytton Has 9.3% Stake as of Dec. 31 ---------------------------------------------------------------- Laurence W. Lytton disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, he beneficially owns 3,689,920 shares of common stock of Apollo Endosurgery, Inc., representing 9.3 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1105806/000093583622000197/apolloendosurgery13ga.htm About Apollo Endosurgery Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a medical technology company focused on less invasive therapies to treat various gastrointestinal conditions, ranging from gastrointestinal complications to the treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries and include the OverStitch Endoscopic Suturing System, the OverStitch Sx Endoscopic Suturing System, and the ORBERA Intragastric Balloon. Apollo Endosurgery reported a net loss of $22.61 million for the year ended Dec. 31, 2020, compared to a net loss of $27.43 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $71.08 million in total assets, $71.17 million in total liabilities, and a total stockholders' deficit of $92,000. APOLLO ENDOSURGERY: Nantahala Capital Reports 9.9% Equity Stake --------------------------------------------------------------- Nantahala Capital Management, LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, it may be deemed to be the beneficial owner of 3,971,642 shares of common stock of Apollo Endosurgery, Inc. held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Messrs. Wilmot B. Harkey, and Daniel Mack may be deemed to be a beneficial owner of those Shares. The 3,971,642 Shares include 192,201 Shares issuable to Reporting Persons through conversion of 6.0% Convertible Debentures due 2026 and/or warrant exercise, as well as 17,658 PIK Shares issuable to Reporting Persons, within 60 days. As of Dec. 31, 2021, each of the Reporting Persons may be deemed to be the beneficial owner of 9.9% of the total number of Shares outstanding (based upon 39,546,323 Shares Outstanding as of Dec. 31, 2021 as provided by the Issuer, in addition to 192,201 Shares issuable to Reporting Persons through conversion of 6.0% Convertible Debentures due 2026 and/or warrant exercise, as well as 17,658 PIK Shares issuable to Reporting Persons, within 60 days). A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1251769/000110465922021616/tm222623d5_sc13ga.htm About Apollo Endosurgery Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a medical technology company focused on less invasive therapies to treat various gastrointestinal conditions, ranging from gastrointestinal complications to the treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries and include the OverStitch Endoscopic Suturing System, the OverStitch Sx Endoscopic Suturing System, and the ORBERA Intragastric Balloon. Apollo Endosurgery reported a net loss of $22.61 million for the year ended Dec. 31, 2020, compared to a net loss of $27.43 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $71.08 million in total assets, $71.17 million in total liabilities, and a total stockholders' deficit of $92,000. APOLLO ENDOSURGERY: Soleus Capital Entities Hold 5.8% Equity Stake ------------------------------------------------------------------ Soleus Capital Master Fund, L.P., Soleus Capital, LLC, Soleus Capital Group, LLC, and Guy Levy disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 2,295,100 shares of common stock of Apollo Endosurgery, Inc., representing 5.8 percent based upon 39,492,526 shares of common stock outstanding of the Issuer as of Oct. 29, 2021, as reported on the cover of the Form 10-Q. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1251769/000119312522034610/d260539dsc13ga.htm About Apollo Endosurgery Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a medical technology company focused on less invasive therapies to treat various gastrointestinal conditions, ranging from gastrointestinal complications to the treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries and include the OverStitch Endoscopic Suturing System, the OverStitch Sx Endoscopic Suturing System, and the ORBERA Intragastric Balloon. Apollo Endosurgery reported a net loss of $22.61 million for the year ended Dec. 31, 2020, compared to a net loss of $27.43 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $71.08 million in total assets, $71.17 million in total liabilities, and a total stockholders' deficit of $92,000. APOLLO ENDOSURGERY: Stonepine Capital, et al. Report 6.5% Stake --------------------------------------------------------------- Stonepine Capital Management, LLC, Stonepine Capital, L.P., Jon M. Plexico, and Timothy P. Lynch disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 2,655,129 shares of common stock of Apollo Endosurgery, Inc., representing 6.5 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1251769/000093583622000123/apollo13ga2022.htm About Apollo Endosurgery Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a medical technology company focused on less invasive therapies to treat various gastrointestinal conditions, ranging from gastrointestinal complications to the treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries and include the OverStitch Endoscopic Suturing System, the OverStitch Sx Endoscopic Suturing System, and the ORBERA Intragastric Balloon. Apollo Endosurgery reported a net loss of $22.61 million for the year ended Dec. 31, 2020, compared to a net loss of $27.43 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $71.08 million in total assets, $71.17 million in total liabilities, and a total stockholders' deficit of $92,000. AREVALO LC FARM: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Arevalo Lc Farm LLP 6311 Gravel Ave Alexandria, VA 22310 Business Description: Arevalo Lc Farm LLP is a merchant wholesaler of grocery and related products. Chapter 11 Petition Date: February 17, 2022 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 22-10174 Debtor's Counsel: Richard G. Hall Esq. RICHARD G. HALL 601 King Street Suite 301 Alexandria, VA 22314 Tel: 703-256-7159 Fax: 703-941-0262 Email: Richard.Hall33@verizon.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Luis Ramos as partner. 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/M4SLNNA/Arevalo_Lc_Farm_LLP__vaebke-22-10174__0001.0.pdf?mcid=tGE4TAMA ASTROTECH CORP: Incurs $2.2 Million Net Loss in Second Quarter -------------------------------------------------------------- Astrotech Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.18 million on $561,000 of revenue for the three months ended Dec. 31, 2021, compared to a net loss of $1.62 million on $130,000 of revenue for the three months ended Dec. 31, 2020. For the six months ended Dec. 31, 2021, the Company reported a net loss of $4.21 million on $748,000 of revenue compared to a net loss of $3.73 million on $270,000 of revenue for the six months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $60.38 million in total assets, $2.83 million in total liabilities, and $57.55 million in total stockholders' equity. As of Dec. 31, 2021, the Company held cash and cash equivalents of $30.2 million, and its working capital was approximately $56.9 million. As of June 30, 2021, the Company had cash and cash equivalents of $35.9 million, and its working capital was approximately $60.9 million. Cash and cash equivalents decreased $5.8 million as of Dec. 31, 2021, compared to June 30, 2021, due to the partial repayment of the related party notes including accrued interest as well as continuing operating expenses. Cash used in operating activities increased $1.0 million for the six months ended Dec. 31, 2021, compared to the six months ended Dec. 31, 2020, due to an increase in accounts receivable from sales of the TRACER 1000, receipt of an alternative minimum tax credit in the prior period, and a decrease in accounts payable. Cash used in investing activities increased $248,000 for the six months ended Dec. 31, 2021, compared to the six months ended Dec. 31, 2020, due to the addition of leasehold improvement assets related to its new R&D facility in Austin. Cash used in financing activities was $2.0 million for the six months ended Dec. 31, 2021, compared to cash provided by financing activities of $21.8 million for the six months ended Dec. 31, 2020. This change was due to the partial repayment of the related party notes during the current period, compared to the net proceeds from sale of common stock of $21.8 million in the prior period. Astrotech stated, "Historically, our primary uses of cash have been to fund research and development, inventory, and selling, general and administrative expenses. During the fiscal year 2021, we successfully completed several public offerings of our common stock, raising net proceeds of approximately $67.6 million. We will continue to evaluate opportunities to further strengthen our liquidity, including selling the Company or a portion thereof, licensing some of our technology, raising additional funds through the capital markets, debt financing, equity financing, merging, or engaging in a strategic partnership. However, our ability to successfully effectuate any such transactions depends on operating and economic conditions, some of which are beyond our control. If additional capital is needed, we may not be able to obtain debt or equity financing on terms favorable to us, or at all. Based on current expectations, we believe we have sufficient liquidity to meet our cash flow needs during this fiscal year 2022 and the immediate future." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001001907/000156459022004900/astc-10q_20211231.htm About Astrotech Astrotech Corporation (NASDAQ: ASTC) --http://www.astrotechcorp.com -- is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. Astrotech reported a net loss of $7.60 million for the year ended June 30, 2021, a net loss of $8.31 million for the year ended June 30, 2020, and a net loss of $7.53 million for the year ended June 30, 2019. As of Sept. 30, 2021, the Company had $61.60 million in total assets, $2.11 million in total liabilities, and $59.49 million in total stockholders' equity. AYTU BIOPHARMA: Incurs $11.5 Million Net Loss in Second Quarter --------------------------------------------------------------- Aytu Biopharma, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $11.55 million on $23.13 million of net product revenue for the three months ended Dec. 31, 2021, compared to a net loss of $9.53 million on $15.15 million of net product revenue for the three months ended Dec. 31, 2020. For the six months ended Dec. 31, 2021, the Company reported a net loss of $39.40 million on $45.02 million of net product revenue compared to a net loss of $13.83 million on $28.67 million of net product revenue for the same period during the prior year. As of Dec. 31, 2021, the Company had $223.82 million in total assets, $118.29 million in total liabilities, and $105.54 million in total stockholders' equity. "The last several months have been a time of significant progress across our commercial business, exemplified by the consistent growth in our commercial prescription and consumer health product revenues, with multiple products hitting all-time highs in prescription performance, leading to the second highest revenue quarter in Aytu's history," said Josh Disbrow, chief executive officer of Aytu BioPharma. "In parallel, we've continued to execute our longer-term corporate strategy focused on developing novel treatments, including AR101, for pediatric-onset diseases. AR101 has received orphan drug designation, and we are underway with efforts to initiate our PREVEnt registrational study by mid-2022, evaluating AR101 as a first-in-class treatment for VEDS, a devastating and life-threatening pediatric-onset disease for which there are no approved treatments. The combination of our team's incredible work advancing our pipeline and commercial business with our strengthened balance sheet, sets us up for a meaningful 2022 and our potential to provide benefit to patients and caregivers, while creating value for our stakeholders." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1385818/000155837022001110/aytu-20211231x10q.htm About Aytu BioPharma Englewood, Colorado-based Aytu BioPharma, Inc., formerly known as Aytu BioScience, Inc. -- http://www.aytubio.com-- is a specialty pharmaceutical company with a growing commercial portfolio of prescription therapeutics and consumer health products. The company's primary prescription products treat attention deficit hyperactivity disorder (ADHD) and other common pediatric conditions. Aytu markets ADHD products Adzenys XR-ODT (amphetamine) extended-release orally disintegrating tablets, Cotempla XR-ODT (methylphenidate) extended-release orally disintegrating tablets, and Adzenys-ER (amphetamine) extended-release oral suspension. Aytu Biopharma reported a net loss of $58.29 million for the year ended June 30, 2021, a net loss of $13.62 million for the year ended June 30, 2020, and a net loss of $27.13 million for the year ended June 30, 2019. As of Sept. 30, 2021, the Company had $227.73 million in total assets, $116.23 million in total liabilities, and $111.50 million in total stockholders' equity. BARTLEY INDUSTRIES: Fine-Tunes Plan Documents --------------------------------------------- Bartley Industries, Inc., submitted a Second Amended Plan of Reorganization for a Small Business dated Feb. 14, 2022. Liquidation under Chapter 7 would cause significant settlements to fail and require a Trustee to intervene in a State Court foreclosure action, to preserve equity in real property. Therefore, a Chapter 7 liquidation analysis does not assume the benefits of the settlements, including compromise of a $625,000 First United Bank claim funded by nondebtor third parties, a release of the First United Bank claim in the instant case, and a release of liens impairing substantial equity of the estate. A Chapter 7 trustee would also have to choose to pursue, or not pursue high risk litigation affecting property of the estate. For example, should the trustee determine not to pursue litigation against third parties and the pending foreclosure action, the estate would entirely lose all the benefits of two settlements, and equity in the real property (including a contest regarding whether the real property is even property of the estate at all.) Under this amended plan, significant changes resulting from settlements highlight the benefit and desirability of confirming the plan, while liquidation analysis under Chapter 7 becomes unattractive. The Amended Plan does not alter the proposed treatment for unsecured creditors: * * Class 3.1 - Non-priority unsecured creditor claims administrative convenience class. For allowed claims of less than $5,000, such claims will be paid in pro-rated installments over the first 6 months commencing on the Effective Date of the Plan. Class 3.1 is impaired. * Class 3.2 - Non-priority unsecured creditor claims that exceed $5,000. For allowed claims that exceed $5,000 such claims will be paid in no more than 60 installments, pro-rated at the sole discretion of the Debtor commencing when all have been fully satisfied. Class 3.2 is impaired. * Class 3.3 - Non-priority unsecured creditors bifurcated claims of AmeriCredit Financial. Paid in no more than 60 monthly pro-rated installments. No interest will be paid on any unsecured claim. Class 3.3 is impaired. The source of funds for monthly payments pursuant to the Plan includes Debtor's future disposable income. Debtor will distribute a limited amount of cash on hand upon the Effective Date of the Plan, estimated to be about $10,000.00. A full-text copy of the Second Amended Plan of Reorganization dated Feb. 14, 2022, is available at https://bit.ly/3gP3Mu7 from PacerMonitor.com at no charge. Attorney for the Debtor: B David Sisson, Esq. 305 E Comanche St./P O Box 534 Norman, OK 73070-0534 Tel: (405) 447-2521 Fax: (405) 447-2552 E-mail: sisson@sissonlawoffice.com About Bartley Industries Bartley Industries Inc. offers electrical maintenance, repair and installation services. The company filed a Chapter 11 petition (Bankr. W.D. Okla. Case No. 21-12565) on Sept. 25, 2021. In the petition signed by its president, Donna Bartley, the Debtor listed $1,733,842 in total assets and $2,003,791 in total liabilities. Judge Sarah A. Hall oversees the case. The Law Offices of B David Sisson serve as the Debtor's counsel. First United Bank & Trust, as lender, is represented by: William Riley Nix, Esq. 717 North Crockett Street Sherman TX 75090 Tel: (903) 870-0212 Fax: (903) 870-0109 Email: riley_nix@yahoo.com BLADE GLOBAL: Unsecureds to Have Little Recovery in Plan -------------------------------------------------------- Blade Global Corporation submitted a First Amended Plan of Reorganization dated Feb. 15, 2022. Blade SAS entered into its own insolvency procedure, redressement judicaire (judicial reorganization), on February 26, 2021. The Debtor filed this bankruptcy case on March 1, 2021, for the purpose of effectuating an orderly liquidation through an auction and sale. The sale was approved by the Court after an auction on April 30, 2021. The successful bidder was Blade Acquisition, Inc. The gross purchase price was $1 million. Pursuant to an amendment to the Asset Purchase Agreement, the deemed closing date of the sale, after which point the Buyer is liable for nearly all ongoing expenses of operation, was May 19, 2021, and a final closing occurred on July 7, 2021. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $2,124,862.27. The assumptions underlying the projections are as follows: * As of the date of filing of this Plan the Debtor had $2,805,309.27 in its debtor-in-possession bank account. * Total cash on hand to fund the plan is projected to be $2,124,862.27 as of May 31, 2022. This cash will be sufficient to pay the remaining projected administrative claims, including professional fees, of $1,406,850.58. The remaining cash of $717,011.69, recoveries from litigation against Equinix, and a loan of up to $85,000.00 from Shadow will be used to pay priority tax and wage claims totaling $805,544.23. The remainder will be distributed pro rata to holders of allowed Class 3 general unsecured claims, along with the proceeds of Debtor's litigation against Equinix, Inc. and is defined herein as "Net Cash." Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately .001 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Shadow will loan the Debtor up to $85,000 on the terms set forth to fund the Plan. Class 2 consists of the Secured claim of The Collin County Tax Assessor/Collector $25,804.79. The Collin County Tax Assessor/Collector shall retain the lien against its collateral for 2020 Ad Valorem Taxes plus any applicable penalties, interest and fees pursuant to the Texas Property Tax Code Sec. 33.01 & Sec. 33.07 and receive full payment on its secured claim, to the extent it is allowed, with interest, on the Effective Date. Holders of allowed general unsecured claims will receive a pro rata distribution of all Net Cash on the Effective Date and a further distribution of any other sums recovered in litigation not later than 90 days after the recovery of any such sums. The Debtor will prosecute objections to the claims of administrative, priority and general unsecured claims. It will continue to seek recovery from Equinix, Inc. in its pending adversary proceeding. The Debtor will on the Effective Date distribute cash to pay allowed administrative claims in full. The Debtor will pay 100% of allowed priority wage claims and 80% of allowed priority tax claims on the Effective Date. The Debtor will distribute recoveries from its litigation against Equinix, net of legal fees and costs incurred, within 30 days of payment by Equinix of the amount due following a judgment against it or a final order approving a settlement. A full-text copy of the First Amended Plan of Reorganization dated Feb. 15, 2022, is available at https://bit.ly/3v1Vmrj from PacerMonitor.com at no charge. About Blade Global Blade Global Corporation, a company that provides data processing, hosting and related services, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 21-50275) on March 1, 2021. Perry Michael Fischer, sole director, signed the petition. At the time of filing, the Debtor estimated $50 million to $100 million in assets and $10 million to $50 million in liabilities. Judge M. Elaine Hammond oversees the case. Binder & Malter, LLP, and Berliner Cohen, LLP, serve as the Debtor's bankruptcy counsel and special corporate counsel, respectively. BLINK CHARGING: Susquehanna Entities Report 4.5% Equity Stake ------------------------------------------------------------- Susquehanna Fundamental Investments, LLC, Susquehanna Investment Group, Susquehanna Securities, LLC and G1 Execution Services, LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially owned 1,912,386 shares of common stock of Blink Charging Co., representing 4.5 percent of the shares outstanding. The number of Shares reported as beneficially owned by G1 Execution Services, LLC consists of Shares issuable upon the exercise of warrants to purchase Shares. The number of Shares reported as beneficially owned by Susquehanna Investment Group includes options to buy 96,600 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 1,649,000 Shares. The Company's Quarterly Report on Form 10-Q, filed on Nov. 12, 2021, indicates that there were 42,200,051 Shares outstanding as of Nov. 9, 2021. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1429764/000110465922022349/tm225754d3_sc13ga.htm About Blink Charging Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID) f/k/a Car Charging Group Inc. -- http://www.CarCharging.com-- is an owner and operator of electric vehicle charging stations in the United States and a growing presence in Europe, Asia, Israel, the Caribbean, and South America. The Blink Network utilizes proprietary cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network, along with the associated charging data. The Company has established key strategic partnerships to roll out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. Blink Charging reported a net loss of $17.85 million for the year ended Dec. 31, 2020, a net loss of $9.65 million for the year ended Dec. 31, 2019, and a net loss of $3.42 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $238.77 million in total assets, $14.41 million in total liabilities, and $224.37 million in total stockholders' equity. BOMBARDIER INC: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Montreal-based Bombardier Inc. to positive from stable and affirmed its 'CCC+' issuer credit rating (ICR) on the company. At the same time, we affirmed our 'CCC+' issue-level rating, with a '4' recovery rating, on Bombardier's approximately US$7 billion of unsecured notes and debentures. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of default. "The positive outlook reflects our conviction that management can spur further profitability while expanding the business, thereby improving Bombardier's creditworthiness. "Earnings execution could support deleveraging to more sustainable levels within the next two years. In our opinion, as a pure-play business aviation focused company, Bombardier has executed well on its turnaround in the past year. The company exceeded its initial guidance for 2021 and produced a US$440 million year-over-year improvement in EBITDA while also generating positive free cash flow (FCF) of US$100 million (compared with an initial guidance of a US$500 million outflow), although we recognize that the latter was largely driven by strong aircraft order prepayments. Given cost actions in place for targeted cost savings in 2022, significantly improved profitability at its flagship Global 7500 aircraft, and growth of potentially more durable after-market services within Bombardier's revenue mix, we believe the company is poised to meet our 2022 EBITDA forecast of about US$820 million(up US$180 million year over year) with only moderate revenue growth. Operational leverage and additional cost savings, coupled with some growth in capacity could support deleveraging to the 8x area in 2023 (from about 10x we assume for 2022), offering the company some flexibility to sustain (and potentially evolve) its business, supporting an improvement in credit quality, in our view." Favorable upcycle market conditions and Bombardier's product offerings offer near-term revenue visibility. The robust market for business jet aircraft is underpinned by strong demand for private jet travel in key markets (particularly in the U.S.), with aircraft traffic trending at or higher than pre-pandemic levels supported by increased wealth, strong corporate earnings, and arguably the entry of new customers into the private air travel market. Inventory for used business jets is near record lows and cyclically low business jet aircraft orders at major original equipment manufacturers (OEMs) are improving, with the three big North American business jet OEMs reporting a 36% year-over-year improvement of their backlog. Anecdotally, S&P is also hearing of firming prices for new aircraft as OEMs remain disciplined in adding capacity and addressing rising material and labor costs. In 2021, Bombardier added US$1.5 billion to its order book, which stands at US$12.2 billion as of Dec. 31, 2021 (up 14% year over year) or about 2x its 2021 revenue, the majority of which is deliverable within the next two years. S&P said, "With most of Bombardier's product portfolio relatively new or refreshed, as well as planned new capacity additions in 2023 (15%-20% increase), we believe the company can protect its market position within the super midsize and large cabin (and long haul) aircraft segments, and benefit from the market upturn in the near term. We also expect the company will expand its relatively much higher-margin aftermarket service business (comprising 20% of total revenue) given greater aircraft use as well as its efforts to gain market share through strategic network expansion underway through 2022." Debt refinancing risks are moderating and liquidity should remain adequate. S&P said, "Through March 2022, Bombardier will have repaid US$3.4 billion of gross debt, which, along with about US$2.2 billion of aggregate refinancings, has alleviated refinancing risk, in our view. We believe the company is committed to additional debt reduction and will remain proactive in addressing its remaining 2024 and 2025 maturities, which total US$2.1 billion on a pro forma basis. In addition, improved working capital management and growth in new orders are allowing the company to protect its liquidity, which is primarily supported by an unrestricted cash balance of about US$1.7 billion as of Dec. 31, 2021. While our base-case scenario assumes discretionary FCF will remain muted in the near term, the release of restricted cash (US$527 million) on or about early 2023, together with incremental new aircraft prepayments as well as noncore asset sales, could support additional debt redemption within the next 18 months augmenting much needed deleveraging." Competition and product transition are near-term risks. Bombardier competes with relatively large and much diversified players, some of which are launching new business jet aircraft that which could raise competitive risks for the company. S&P said, "In particular, we expect strong competition from Gulfstream Aerospace Corp.'s G700 aircraft (which competes with Bombardier's flagship Global 7500), deliveries of which are expected to start by late-2022, and with other aircraft to be launched within the next few years. In addition, in 2022 Bombardier is transitioning to a refreshed Challenger 3500 model (formerly Challenger 350), one of its bestselling planes; in 2023, it is relocating its Global assembly plant, and in the same year adding incremental manufacturing capacity (15%-20%); and managing ongoing supply chain and inflationary pressures. In our opinion, all of these could pose some risk to the company's ability to meet profit targets and execute on its deliveries (lending caution to our credit view) despite what we recognize are adequate management plans to mitigate such risks." Cyclical and new product investment capacity are longer-term headwinds. Bombardier's narrow focus on a niche (albeit currently growing) segment of the aviation market, along with the sector's historically very high cyclicality (potential 40%-60% peak-to-trough declines in deliveries) against a still-levered balance sheet, is a key limiting factor to the ratings. While the company's strategy to right size its operations and aircraft offerings to remain profitable at lower aircraft production levels is a supportive factor, Bombardier's niche focus could still drive large earnings and cash flow volatility, in S&P's opinion. Furthermore, investments in new aircraft could be needed over the next few years if the company is to remain competitive and support growth that could potentially be detrimental to FCF and leverage, particularly if market conditions weaken abruptly. S&P said, "The positive outlook reflects our improving conviction that management can spur further profitability improvements while expanding its business as evidenced by recent results and guidance for 2022. Although FCF will likely remain subdued in the near term owing to still-high fixed charges and one-time investments, we believe Bombardier can deleverage appropriately over the next 12-18 months to a balance sheet that can support its financial viability. "We could consider an upgrade within the next 12 months if the company demonstrates that it can manage to positive FCF through a sustained improvement in its profitability while remaining competitive for new orders. Under this scenario, we would expect Bombardier will sustain our base-case forecast for EBITDA and FCF for 2023 while maintaining adequate liquidity. "We could revise the outlook to stable over the next 12 months should Bombardier's earnings recovery stall as it fails to execute on incremental cost actions and/or revenue growth such that reported EBITDA and FCF is materially weaker than our base-case scenario, increasing the potential for a liquidity crisis." BRIGHT MOUNTAIN: Centre Lane Has 10.1% Equity Stake as of Nov. 5 ---------------------------------------------------------------- Centre Lane Partners Master Credit Fund II, L.P. disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Nov. 5, 2021, it beneficially owned 15,150,000 shares of common stock of Bright Mountain Media, Inc., representing 10.11 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1568385/000139834422003375/fp0072882_sc13g.htm 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 $72.71 million for the year ended Dec. 31, 2020, a net loss of $4.17 million for the year ended Dec. 31, 2019, and a net loss of $5.22 million for the year ended Dec. 31, 2018. As of March 31, 2021, the Company had $33.07 million in total assets, $30.67 million in total liabilities, and $2.41 million in total shareholders' equity. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 23, 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. CALLAWAY GOLF: S&P Raises ICR to 'B+', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based golf equipment, apparel, and entertainment company Callaway Golf Co. to 'B+' from 'B', reflecting the improved cash forecast, lower leverage in the 4x-4.5x range, and its view that recent margin improvements are largely sustainable. S&P said, "We also assigned our 'B+' issue-level and '3' recovery ratings to Callaway's proposed $950 million senior secured first-lien term loan due in 2029, proceeds from which will be used to refinance Callaway and Topgolf's term loans, put cash on the balance sheet, and pay fees and expenses. "We intend to withdraw the ratings on Topgolf and its debt upon completion of the transaction and debt repayment. "The stable outlook primarily reflects our expectation for steady golf equipment sales and strong revenue growth from new Topgolf venues, as well as cost controls supporting relatively stable margins. We forecast leverage of 4x-4.5x through 2023." Callaway Golf's fourth-quarter results exceeded S&P's expectations, primarily driven by higher profitability and cash flow at wholly owned subsidiary Topgolf International Inc. Callaway reported that Topgolf's outperformance has significantly reduced the amount of cash Callaway will need to contribute to it. The company projects it will only need to contribute another $70 million in aggregate over the next three years. S&P said, "The rating upgrade primarily reflects Topgolf's continued strong performance, our expectation for sustained margin improvement, and near-term positive free cash flow generation. Topgolf's EBITDA exceeded our most recent forecast by more than $20 million in the fourth quarter of 2021, driven by strong walk-in traffic, continued demand for social events and better-than-expected corporate event bookings. The company improved margins substantially in 2021, from better operating efficiency through actions such as simplifying food and beverage menus, reducing the number of managerial positions required to run venues, and operating leverage from a higher number of open venues that helped absorb selling, general, and administrative costs. The company raised prices and managed costs well through worsening supply chain headwinds and the emergence of the omicron coronavirus variant in the fourth quarter. We expect some incremental spending on labor will need to return to get to ideal staffing levels, and there could be some modest margin pressure if other input costs continue to rise, but we believe the margins the company achieved in 2021 are largely sustainable and should help the consolidated company reduce leverage to the low-4x area by the end of 2022. In addition to accelerating its deleveraging path, the better cash generation from higher profitability also reduces the amount of cash that Callaway will have to contribute to fund Topgolf's venue expansion plans. Although Callaway originally projected at the time of the acquisition announcement in late 2020 that it would need to contribute $322 million to Topgolf over the next few years, the company recently reported that it is $200 million ahead of that plan. Callaway now projects that it will only need to contribute an additional $70 million to Topgolf, which it will do in moderate amounts each of the next three years. "We now forecast that the consolidated company will generate positive free cash flow in 2023, sooner than we previously expected. Although Topgolf likely won't be free cash flow-positive on a stand-alone basis until 2024, we expect Callaway's robust cash flow from its golf equipment and apparel businesses should be sufficient in 2023 such that the consolidated entity will generate positive free cash flow." Topgolf's harvest case mitigates some of the downside risk. Callaway had a significant cash buffer of $518 million on its balance sheet (as of Dec. 31, 2021, pro forma for the proposed refinancing transaction), and a recently upsized $500 million asset-based lending (ABL) facility. This liquidity significantly reduces the risk that the company's cash flow will be meaningfully pressured even if demand falls or if Topgolf does not reach its goal of becoming self-funding by 2024. Nevertheless, S&P's rating on Callaway relies, in part, on its ability to mitigate the risk of a significant economic slowdown by enacting Topgolf's harvest case, which includes halting future venue development before breaking ground and reducing other discretionary capital expenditures (capex), allowing Topgolf to harvest the cash flows from its existing venues. Although it would take nine to 12 months to work through the near-term spending commitments on its partially built venues, the elimination of growth capital spending and preopening expenses beyond this inflection point would likely enable Topgolf to generate positive free cash flow and EBITDA well above its fixed charges. The company demonstrated its ability to quickly cut spending to preserve cash flow during the pandemic. Robust demand for golf equipment and low retail inventory levels will support growth. Following the initial shutdowns of the pandemic, the consumer desire for socially distanced outdoor activities drove a remarkable increase in golf participation and equipment sales. While the outsized growth rates have begun to moderate compared to 2020, demand remains robust. Callaway's golf equipment sales in 2021 were about 30% higher than the same period in 2019, with fourth-quarter sales still up nearly 6% compared with pre-pandemic levels despite limited supply. It is somewhat unclear how committed the new golfers that recently entered the sport will be once other entertainment options become more readily available to consumers after the pandemic subsides. In S&P's view, the industry's ability to retain these new consumers over the longer term will primarily depend on the desirability and value of the sport compared with other entertainment options. Nevertheless, we expect the surge in participation to be a tailwind for the golf industry over the next few years and anticipate both Callaway and Topgolf will likely benefit from the rise in golf participation. Callaway's customers, such as Dick's Sporting Goods, also appear optimistic on golf demand. Further, channel inventories are currently low, so manufacturers like Callaway will benefit from sell-in to replenish inventory even if demand wanes more than expected. S&P said, "The stable outlook primarily reflects our expectation for steady golf equipment sales and strong revenue growth from new Topgolf venues, as well as good cost control supporting relatively stable margins. We forecast leverage of 4x-4.5x through 2023. "We could consider higher ratings if we favorably reassess our view of Callaway's business risks, or if we believe it will sustain consolidated lease-adjusted leverage below 4x." This would most likely occur if: -- Topgolf continues to perform well and improve margins; -- Callaway manages costs through any significant pullback in golf equipment demand such that leverage does not increase materially; -- The company continues to offset most of the high input and labor cost inflation with price increases or productivity initiatives; and -- The company's convertible notes are redeemed or converted to equity. Although it is unlikely over the next 12 months given our forecast and the company's intention to reduce debt, S&P could consider lower ratings if leverage returns to and is sustained above 5x, or if free cash flow becomes significantly more negative because of weak operating performance. This could result from a combination of: -- A substantial decline in demand for golf equipment; -- Supply chain and inflation pressure that the company is not able to offset through price increases or productivity initiatives; -- Market share losses due to unsuccessful product launches or changing consumer preferences; -- Lower Topgolf visitation as the pandemic subsides and more entertainment alternatives return, and the company is unable to preserve margins; or -- The company adopts a more aggressive financial policy. ESG credit indicators: E-2, S-2, G-2 CARL MILLER: Gets Interim Cash Collateral Access ------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey has approved a stipulation Carl Miller Funeral Home, Inc. entered into with FMM Bushnell, LLC resolving the Debtor's Motion for Authority to Use Cash Collateral on an Interim Basis. The Court says the stipulation is approved through date of the final hearing, and the Parties will comply with the terms therein. The final hearing is scheduled for March 24, 2022 at 10 a.m. FMM is the holder of a secured commercial loan made on or about May 22, 2008, by Alternative Business Credit, LLC to the Debtor in the original principal amount of $495,000. The Loan is secured by, among other things, a duly and timely perfected first priority lien and senior security interest in all of the Debtor's assets and property, as well certain assets not owned by the Debtor. The Parties agree that the Debtor is authorized to use cash collateral limited to a weekly variance of not more than 5% in the aggregate and not more than 10% per line item, up to the date of a final hearing in order to maintain and preserve its assets and continue its business. The Parties agree that, as adequate protection, the Debtor will provide FMM with adequate protection payments in the amount of $4,000 per month for a period of three months. FMM is also granted replacement perfected security interest in and to all of the Debtor's now-existing and hereinafter acquired assets. The replacement liens and security interests granted are automatically deemed perfected upon the entry of the Order, within the necessity of FMM taking possession, filing financing statements, or other documents. A copy of the order and the projected weekly expenses is available at https://bit.ly/3H6nTyq from PacerMonitor.com. The Debtor projects $47,063.30 in total expenses. About Carl Miller Funeral Home, Inc. Carl Miller Funeral Home, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-10479) on January 20, 2022. In the petition signed by Pamela M. Dabney, shareholder and president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. Jenny R. Kasen, Esq., at Kasen & Kasen, P.C. represents the Debtor as counsel. FMM Bushnell, LLC, as lender, is represented by: Alana Bartley, Esq. Drake Loeb PLLC 555 Hudson Valley Avenue, Suite 100 New Windsor, NY 12553 Tel: (845) 561-0550 Fax: (845) 561-1235 Email: abartley@drakeloeb.com CARVER BANCORP: Posts $696K Net Income in Third Quarter ------------------------------------------------------- Carver Bancorp, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $696,000 on $5.67 million of total interest income for the three months ended Dec. 31, 2021, compared to a net loss of $1.31 million on $5.24 million of total interest income for the three months ended Dec. 31, 2020. For the nine months ended Dec. 31, 2021, the Company reported a net loss of $976,000 on $16.71 million of total interest income compared to a net loss of $2.93 million on $15.10 million of total interest income for the same period in 2020. As of Dec. 31, 2021, the Company had $722.81 million in total assets, $665.11 million in total liabilities, and $57.70 million in total equity. Management believes Carver Federal's short-term assets have sufficient liquidity to cover loan demand, potential fluctuations in deposit accounts and to meet other anticipated cash requirements, including interest payments on its subordinated debt securities. Additionally, Carver Federal has other sources of liquidity including the ability to borrow from the Federal Home Loan Bank of New York ("FHLB-NY") utilizing unpledged mortgage-backed securities and certain mortgage loans, the sale of available-for-sale securities and the sale of certain mortgage loans. Net borrowings decreased $20.8 million, or 55.9%, to $16.4 million at Dec. 31, 2021, compared to $37.2 million at March 31, 2021 as the Bank paid down $23.3 million of its PPP liquidity facility ("PPPLF") at the Federal Reserve. At Dec. 31, 2021, based on available collateral held at the FHLB-NY, Carver Federal had the ability to borrow from the FHLB-NY an additional $35.0 million on a secured basis, utilizing mortgage-related loans and securities as collateral. The Company also had $13.4 million in subordinated debt securities and added $2.5 million in low interest loans during the nine months ended Dec. 31, 2021. The Bank's most liquid assets are cash and short-term investments. The level of these assets is dependent on the Bank's operating, investing and financing activities during any given period. At Dec. 31, 2021 and March 31, 2021, assets qualifying for short-term liquidity, including cash and cash equivalents, totaled $65.7 million and $75.6 million, respectively. Carver Bancorp stated, "The most significant potential liquidity challenge the Bank faces is variability in its cash flows as a result of mortgage refinance activity. When mortgage interest rates decline, customers' refinance activities tend to accelerate, causing the cash flow from both the mortgage loan portfolio and the mortgage-backed securities portfolio to accelerate. In contrast, when mortgage interest rates increase, refinance activities tend to slow, causing a reduction of liquidity. However, in a rising rate environment, customers generally tend to prefer fixed rate mortgage loan products over variable rate products. Carver Federal is also at risk of deposit outflows due to a competitive interest rate environment." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1016178/000101617822000004/carv-20211231.htm About Carver Bancorp Headquartered in New York, Carver Bancorp, Inc., is the holding company for Carver Federal Savings Bank, a federally chartered savings bank. The Company conducts business as a unitary savings and loan holding company, and the principal business of the Company consists of the operation of its wholly-owned subsidiary, Carver Federal. Carver Federal was founded in 1948 to serve African-American communities whose residents, businesses and institutions had limited access to mainstream financial services. The Bank remains headquartered in Harlem, and predominantly all of its seven branches and four stand-alone 24/7 ATM centers are located in low- to moderate-income neighborhoods. Carver Bancorp reported a net loss of $3.89 million for the year ended March 31, 2021, a net loss of $5.42 million for the year ended March 31, 2020, and a net loss of $5.94 million for the year ended March 31, 2019. As of Sept. 30, 2021, the Company had $706.87 million in total assets, $650.66 million in total liabilities, and $56.22 million in total equity. CCMW, LLC: Cash Collateral Use Denied as Moot --------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, has denied the motion filed by CCMW, LLC for authorization to use cash collateral. The Court says the bid for continued cash collateral access is moot as the Chapter 11 Amended Plan of Liquidation filed December 13, 2021, has been confirmed and the interim Order entered has been superseded by the terms of the Plan. A copy of the order is available at https://bit.ly/3sMaGpo from PacerMonitor.com. About CCMW LLC Greensboro, N.C.-based CCMW, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 21-10395) on July 20, 2021. At the time of the filing, the Debtor had $1 million to $10 million in both assets and liabilities. Judge Benjamin A. Kahn oversees the case. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP and Lynn, Webb & Smith, PLLC serve as the Debtor's legal counsel and financial consultant, respectively. CHENIERE ENERGY INC: S&P Raises ICR to 'BB+', Outlook Positive -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating (ICR) on Cheniere Energy Inc. (CEI) to 'BB+' from 'BB'. The upgrade stems from improved financial metrics due to strong performance as well as significant debt repayment. S&P Global Ratings also affirmed its 'BBB-' rating, with a '1' recovery rating, on the company's senior secured debt and raised its rating on the company's senior unsecured debt to 'BB+' from 'BB', with a '3' recovery rating, in line with the ICR. The positive outlook reflects our expectation of continued strong cash flow and debt repayment consistent with the company's stated capital allocation policy. New trains and higher liquefied natural gas prices provide a foundation for strong forecast cash flow generation and improved financial metrics. In March 2021, Train 3 at Corpus Christi LNG reached substantial completion and was brought into service. In addition, during 2021, the supply and demand mismatch in the global market for natural gas created record spot liquefied natural gas (LNG) prices. CEI was able to take advantage of these higher prices in Asia and Europe by selling commissioning cargos as well as using its open position to realize significant incremental cash flow. On the back of these factors, the company experienced strong cash flow generation in 2021, exceeding its initial expectations. In addition, Cheniere recently announced that the substantial completion of tTrain 6 at Sabine Pass Liquefaction LLC (SPL) was achieved, further strengthening the cash flow generation of the Cheniere complex. With all nine trains operational, and our expectation of continued high LNG prices in the near term, S&P believes the company will continue to generate strong cash flow. This is further supported by the contractual structure underpinning the majority of the cash flows. Commitment to delever through capital allocation sets the stage for further strengthening of metrics consistent with an investment-grade rating. The company has been clear about its commitment to reducing overall debt in the complex and attaining an investment-grade rating. CEI executed on this commitment in 2021, with the overall reduction of $1.2 billion in debt across the Cheniere complex. This included $634 million in debt reduction at the CEI level. As a consequence of the debt reduction and increased cash flow, S&P expects that adjusted debt to EBITDA will be 5.5x-6.0x for 2021. In addition, the company has committed to repaying about $4 billion in aggregate debt through 2024 within the Cheniere complex. Toward that end, the company has already repaid $625 million in convertible notes at CEI in 2022 and S&P forecasts further reduction in overall debt through the remainder of the year. For the purposes of calculating credit metrics at CEI, S&P fully consolidates all the debt in the complex, including the projects. Therefore, debt reduction anywhere in the Cheniere complex, including at the projects, will benefit CEI's credit metrics. S&P said, "Based on the anticipated increase in cash flow and debt reduction, we forecast that leverage will be 3.75x-4.50x on a debt-to-EBITDA basis by 2023. All else being equal, we believe that this level of leverage could be consistent with an investment-grade rating." The ability to achieve such a rating will ultimately be determined by whether CEI continues with a capital allocation plan that leads to leverage in that range. S&P said, "The positive outlook reflects our expectation of continued strong cash flow generation from the company's existing nine trains as well as the incremental cash flow from cargos sold in the spot LNG market. In addition, the positive outlook reflects reduced leverage based on our expectation that the company will continue with its stated deleveraging plans. We expect that debt to EBITDA will be about 4.50x in 2022 and decline to about 3.75x in 2023. "We could raise the rating if we believe that debt to EBITDA will be below 4.5x on a sustained basis. This would likely be the result of both continued strong cash flow generation and debt repayment pursuant to the company's stated capital allocation plans." ESG credit indicators: E-3, S-2, G-2 Environmental factors are a moderately negative consideration in S&P's credit rating analysis on CEI, an operator of NGL regasification and liquefaction facilities on the U.S. Gulf Coast as well as a natural gas pipeline. Climate transition risks for the midstream industry, and Cheniere notably, relate to the risk that global gas demand might peak earlier than expected if renewable power generation is further accelerated by policies. However, this is offset to a certain degree by the role of natural gas in helping to balance renewables and seasonal demand. S&P could revise the outlook to stable if CEI experiences an unanticipated interruption at its facilities that results in a material reduction in cash flow or the company undertakes additional leverage that results in debt to EBITDA rising above 5.5x during our forecast period. CHENIERE ENERGY PARTNERS: S&P Raises ICR to 'BB+', Outlook Pos. --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Cheniere Energy Partners L.P. (CQP) to 'BB+' from 'BB'. The upgrade reflects the core relationship with Cheniere Energy Inc. (CEI) as well as strengthened cash flow. S&P Global Ratings also affirmed its 'BBB-' rating, with a '1' recovery rating, on the company's senior secured debt and raised its rating on the company's senior unsecured debt to 'BB+' from 'BB', with a '4' recovery rating, in line with the ICR. The positive outlook reflects the outlook on CEI, as S&P considers CQP to be core to CEI. Completion of train 6 and improved liquefied natural gas prices provide a foundation for strong forecast cash flow generation and improved metrics. Cheniere recently announced that substantial completion of Train 6 at Sabine Pass Liquefaction LLC (SPL) was achieved, further strengthening CQP's cash flow generation. With all six trains operational, and our expectation of continued high liquefied natural gas (LNG) prices in the near term, we believe the company will continue to generate strong cash flow. This is further supported by the structure underpinning the majority of the cash flows whereby about 85% are under medium-to-long term contracts (weighted-average remaining life of 16 years) with investment-grade-rated counterparties. In addition, during 2021, the supply and demand mismatch in the global market for natural gas created record spot LNG prices. CQP was able to take advantage of these higher prices in Asia and Europe by selling commissioning cargos as well as using its open position to realize significant incremental cash flow. On the back of these factors, the company experienced strong cash flow generation in 2021, exceeding its initial expectations. Commitment to delever through capital allocation sets the stage for further strengthening of metrics. The company has been clear about its commitment to reducing the overall amount of debt in the complex. During 2021, CQP was able to reduce its leverage in conjunction with the refinancing of the $1 billion 2022 maturity at SPL. The company replaced a portion of this debt with amortizing debt, and repaid $418 million of the debt through cash on hand and the migration of $100 million to CQP. This resulted in a $418 million reduction in debt, with debt at SPL falling over time through the use of amortizing debt. This debt reduction along with the increased cash flow has strengthened the company's financial risk profile. The rating action on CQP reflects the core relationship with CEI. CEI is a majority shareholder in CQP with about 50.6%; the balance is held by Blackstone Group Inc., Brookfield Asset Management Inc., and the public. CEI has a total of nine trains; with six trains at SPL held via CQP and three at Cheniere Corpus Christi Holdings LLC (CCH). With CQP's business aligned with CEI, we believe CEI and CQP constitute a group, and CQP is core to CEI. Furthermore, CEI's commitment and support toward CQP is reflected by the recent debt paydown at the subsidiary level. Based on this, we align the rating on CQP with the rating action taken on CEI. Given the nature of the relationship between CQP and CEI, the outlook on CQP reflects the positive outlook on CEI. S&P could raise the rating on CQP if IT raised the rating on CEI. S&P could take a negative rating action on CQP if it takes a negative rating action on CEI. ESG credit indicators: E-3, S-2, G-2 Environmental factors are a moderately negative consideration in S&P's credit rating analysis on CQP, an operator of LNG regasification and liquefaction facilities on the U.S. Gulf Coast as well as a natural gas pipeline. Climate transition risks for the midstream industry, and Cheniere notably, relate to the risk that global gas demand could peak earlier than expected if renewable power generation is further accelerated by policies. However, this is offset to a certain degree by the role of natural gas in helping to balance renewables and seasonal demand. CINEMA SQUARE: Cash Collateral Deal with Wilmington Trust OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, has approved the stipulation between Cinema Square, LLC and Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of COMM 2016-DC2 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2016-DC2, authorizing the Debtor to use cash collateral. As previously reported by the Troubled Company Reporter, the parties agree that the Debtor may continue using cash collateral through June 30, 2022. A copy of the order is available at https://bit.ly/3sUzTxS from PacerMonitor.com. About Cinema Square, LLC Cinema Square, LLC is the owner of a small shopping center located at 6917 El Camino Real, Atascadero, CA 93422. There are several tenants, the primary tenant is a movie theater, the Galaxy Theater. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10634) on June 14, 2021. In the petition signed by Jeffrey C. Nelson, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Deborah J. Saltzman oversees the case. William C. Beall, Esq., at Beall & Burkhardt, APC is the Debtor's counsel. CRC INVESTMENTS: Unsecureds to Recover 100% in Liquidating Plan --------------------------------------------------------------- CRC Investments, LLC, filed with the U.S. Bankruptcy Court for the Middle District of North Carolina an amended Disclosure Statement for Plan of Liquidation dated Feb. 14, 2022. CRC Investments, LLC is a North Carolina limited liability company that presently conducts business operations running a hospitality business with lodging and an event venue known as The 1906 Pine Crest Inn located at 85 Pine Crest Lane, Tryon, North Carolina 28782 (the "Inn" or the "Assets"). The Assets consist of 35-room hotel and conference center that houses a restaurant and a gift shop, several cabins, furniture, fixtures, inventory, supplies, computing technology, websites, and bank accounts as well as the 9.5 acres of real property. The tax value of the real property is $3,053,573.00 and the Debtor's estimated value of the remaining personal property is $240,999.27. This is a plan of liquidation. The Debtor shall sell the Assets in a controlled fashion and at the highest value attainable in order to maximize the return to the Estate. The Cash proceeds received from these efforts shall constitute and be added to Available Cash, as that term is defined in the Plan. Under the Plan certain claims shall be paid upon the expiration of the Liquidation Sale Period and certain other claims shall be paid from Available Cash on the Distribution Date by the Distribution Agent and distributed in accordance with the Plan of Liquidation to creditors in the order and priority as established therein. The Debtor has entered into negotiation based on a letter of intent (the "LOI") with At-ease Ranches and Retreats, Inc. (the "Buyer") for $2,685,000.00. The Buyer has until February 2, 2022 to negotiate a contract with the Debtor. Once a contract for sale has been drafted, the Debtor shall file a Motion to Authorize Sale under §363. Any contract from the LOI would have to pay all allowed secured and unsecured claims in full. As a secondary measure, CRC has moved to hire Asheville Realty Group and 110 Broadway, LLC d/b/a Dancing Dragonfly Realty as joint realtors to sell the Assets. If authorized by the Court, the Listing Agreement has compensation exceptions for certain interested parties with whom the Debtor has already had negotiations and shall expire on June 30, 2022. The list price of the Assets shall be no less than $2,748,000. The sale of the Assets shall occur within the Liquidation Sale Period, unless otherwise modified by the Court upon request of the Debtor. If the property is not under contract by September 30, 2022, the Debtor shall engage a reputable auction company to conduct an auction of the Sale Assets. The Assets shall be sold at auction and said auction sale shall close on or before December 31, 2022 (the "Auction"). Upon the sale of the Assets, whether pursuant to the § 363 Sale Motion or Auction, the purchase price, less customary closing costs associated therewith, to include, but not limited to, brokers commission, real property taxes and seller closing costs ("Net Sales Price"), shall be distributed at closing to the holders of Allowed Secured Claims. Any excess funds, after the payment of the Allowed Secured Claims from the Net Sales Price, shall be paid to the Disbursing Agent at closing and added to the Available Cash then existing. Class IX consists of all creditors holding Allowed General Unsecured Claims, including the portion of any priority or Secured Claim in this proceeding which may be determined to be unsecured by Order of this Court. The total of Allowed Class IX General Unsecured Claims is $40,890.11. The Allowed Claims in Class VII, General Unsecured Creditors shall be paid from Available Cash and from the liquidation of the Asset. The distribution to Class IX Creditors shall occur no later than 60 days after the closing of the liquidation of the Asset. Class IX shall receive the remaining proceeds until 100% of Allowed Unsecured Claims are paid in full. This Class is impaired. Class X shall consist of the members or owners of the equity interests of the Debtor limited liability company on the day immediately preceding the date of Confirmation of the Plan. The holders of equity membership interests shall retain their equity membership interests in the Debtor limited liability company with all rights and interest in said equity membership interests as of the date of the Order confirming the Chapter 11 Plan subject to the terms and conditions of the Plan of Reorganization as confirmed. The Class X Equity Membership Interest Holders shall receive no payment or dividends as equity membership interest holders until the Class IX General Unsecured Creditors have received their payments as required under the Plan or have been paid in full, whichever event occurs first. The provisions of this Plan provide for the liquidation of the Debtor's most substantial and valuable asset, the Inn, in order to satisfy its secured debt obligations and to create Available Cash to distribute to its remaining creditors in an effort to satisfy all claims in full. The Debtor shall have approximately six months from the Effective Date of the Plan to sell the Real Property. Should a sale not be consummated on or before September 30, 2022, the Debtor shall employ the services of a reputable auction company to liquidate the Sale Assets through an auction that is to occur no later than December 31, 2022, with the funds be dispersed pursuant to the terms of this Plan. A full-text copy of the Disclosure Statement dated Feb. 14, 2022, is available at https://bit.ly/3HWnP5L from PacerMonitor.com at no charge. Attorney for Debtor: Erik M. Harvey BENNETT GUTHRIE PLLC 1560 Westbrook Plaza Drive Winston Salem, NC 27103 Telephone: (336) 765-3121 Fax: (336) 765-8622 About CRC Investments CRC Investments, LLC, doing business as 1906 Pine Crest Inn and Restaurant, filed a petition under Subchapter V of Chapter 11 (Bankr. M.D. N.C. Case No. 21-80172) on May 6, 2021, listing as much as $10 million in both assets and liabilities. Carl Ray Caudie, Jr., general manager, signed the petition. Judge Lena Mansori James oversees the case. Joshua H. Bennett, Esq., at Bennett Guthrie PLLC, represents the Debtor as legal counsel. DAME CONTRACTING: Cash Collateral Deal with IRS OK'd ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York has approved the stipulation between Dame Contracting, Inc. and the U.S. government, on behalf of the U.S. Internal Revenue Service, authorizing the Debtor to use cash collateral. The Debtor requires the use of cash collateral to pay costs and expenses necessary to operate its business and preserve and maintain its business. The IRS has asserted that it holds a lien on all assets of the Debtor, to secure tax liabilities in the approximate amount of $1,487,991. The proceeds of the Debtor's operations and collection of accounts receivable constitute cash collateral of the IRS. The IRS consents to the use of cash collateral (i) in the ordinary course of business for payment of expenses incurred, or to be incurred in the operation of its business, (ii) for payment of any filing fees or United States Trustee fees in connection with the Proceedings, and (iii) for payment of any professional fees and expenses, to the extent allowed in the Proceedings, provided however, that the IRS specifically reserves and does not waive the right to object to the allowance of any such professional fees and expenses. As adequate protection for the Debtor's use of cash collateral, the IRS is granted a continuing post-petition security interest in all of the assets of the Debtor and all substitutions therefore which are created, acquired and in which the Debtor obtains an interest subsequent to the filing of the petition. The Adequate Protection Lien will be subject only to the IRS Lien and to any other valid pre-petition security interest or lien to the extent existing and perfected as of the commencement of the Proceedings. The Adequate Protection Lien will be deemed a valid, enforceable and perfected lien to secure the Post-Petition Loss; and such lien will remain valid and perfected in the event of dismissal or conversion of the Proceedings, or release of any property of the estate, without the necessity that the IRS make any filings or recordings or otherwise perfect its lien under applicable law. As additional adequate protection for any Post-Petition Loss, the Debtor will make a payment of $24,800 per month to the IRS for the earlier of (i) 5 years, (ii) until a Chapter 11 Plan is confirmed by the Court, or (iii) the case is closed. Future payments will be made by the Debtor on or before the 15th of each month to the IRS Office, with the first payment being due on March 15, 2022. These events constitute an "Event of Default:" a. If the Debtor fails to make any tax deposits when due, and such nonpayment has not been cured within three business days after notice from the IRS; b. If the Debtor fails to make any Adequate Protection Payments when due, and such nonpayment has not been cured within three business days after notice from the IRS; c. If the Debtor fails to pay any balance of post-petition taxes due upon the filing of tax return, and such nonpayment has not been cured within three business days after notice from the IRS; or d. If the Debtor fails to file any tax returns when due (or, as such due date may be extended) and such failure has not been cured within ten business days after notice from the IRS. A copy of the order is available at https://bit.ly/3I8elnV from PacerMonitor.com. About Dame Contracting, Inc. Dame Contracting, Inc. is a New York corporation founded in 1996 as a small family-owned construction business. The Company has been operated and managed by James Connolly and Lara McNeil. Mr. Connolly is the sole shareholder and the President. Ms. McNeil is the Vice President and Secretary. Dame Contracting is engaged in carpentry construction for private and municipal jobs, ranging from retain stores and restaurants to schools and other municipal structures. Dame Contracting sought protection under Chapter 11 of the U.S.Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-71627) on September 13, 2021. In the petition signed by James Connolly, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alan S. Trust oversees the case. Adam P. Wofse, Esq., at LaMonica Herbest & Maniscalco, LLP, is the Debtor's counsel. DEMZA MASONRY: Unsecured Creditors to Split $16K in Plan -------------------------------------------------------- Demza Masonry, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan of Reorganization dated Feb. 14, 2022. Demza Masonry, LLC is a mason subcontractor that provides masonry in the commercial, industrial, pharmaceutical, and multi-unit residential new building construction segment. Debtor operates out of rented property at 15 High Street, Whitehouse Station, New Jersey. The government shutdowns in response to the COVID-19 pandemic in addition to the judgment against Demza for a previous business venture by one of its owners requires Demza to reorganize under Chapter 11 of the Bankruptcy Code. This is a reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan by continuing to generate income from the Debtor's continued operation of its business. The Effective Date of the proposed Plan is the date by which the Order Confirming the plan becomes a final order. Class One are holders of General Unsecured Claims, including allowed deficiency claims of creditors in prior classes and the claims of Creditors not otherwise classified under the Plan. Subject to objection of claims in accordance with the Plan, the Debtor estimates the amount of claim in this class to total $1,304,818.34. Commencing on the first day of the first month following the Effective Date of the Plan (the "Initial Payment") and quarterly thereafter for a total of 20 quarters, the Debtor shall make payments on a pro rata basis to undisputed, liquidated, noncontingent claims as scheduled or filed, subject to timely objection to the validity or extent of each claim holders (the "Allowed Unsecured Claims") in an amount equal to one-fourth of the annual projected net income of the Debtor (as projected in the Cash Flow Analysis). Accordingly, over the life of the Plan Class One holders will share pro rata in the total amount of $16,334.58. The ownership interests in the Debtor's assets shall not be altered as a consequence of the Plan. The Plan will be funded from a combination of (i) funds on hand in the estate at the time of Confirmation; and (ii) net cash flow of the Reorganized Debtor received during the sixty months of the Plan beginning on the Effective Date of the Plan. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Disclosure Statement dated Feb. 14, 2022, is available at https://bit.ly/3Bpo86o from PacerMonitor.com at no charge. Attorneys for Debtor-In-Possession: SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Tel: 973-696-8391 dstevens@scura.com David L. Stevens About Demza Masonry Demza Masonry, LLC is a New Jersey based mason subcontractor that provides masonry in the commercial, industrial, pharmaceutical, and multi unit residential new building construction segment. The Debtor filed Chapter 11 Petition (Bankr. D.N.J. Case No. 21 18868) on November 16, 2021. David L. Stevens, Esq. of SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP is the Debtor's Counsel. In the petition signed by Willie J. Dempsey, member, the Debtor disclosed $1 million to $10 million in assets and $500,000 to $1 million in liabilities. DIGIPATH INC: Incurs $290K Net Loss in First Quarter ---------------------------------------------------- Digipath, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $290,325 on $699,585 of revenues for the three months ended Dec. 31, 2021, compared to a net loss of $390,637 on $500,385 of revenues for the three months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $2.12 million in total assets, $3.31 million in total liabilities, $333,600 in series B convertible preferred stock, and a total stockholders' deficit of $1.52 million. As of Dec. 31, 2021, the Company's balance of cash on hand was $90,305, and the Company had negative working capital of $1,320,360 and an accumulated recurring losses of $18,241,978. DigiPath stated, "We currently may not have sufficient funds to sustain our operations for the next twelve months and we may need to raise additional cash to fund our operations and expand our lab testing business. As we continue to develop our lab testing business and attempt to expand operational activities, we expect to experience net negative cash flows from operations in amounts not now determinable, and will be required to obtain additional financing to fund operations through common stock offerings to the extent necessary to provide working capital. We have and expect to continue to have substantial capital expenditure and working capital needs. "The Company has incurred recurring losses from operations resulting in an accumulated deficit, and ... the Company's cash on hand is not sufficient to sustain operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management is actively pursuing new customers to increase revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. In the event sales do not materialize at the expected rates, management would seek additional financing or would attempt to conserve cash by further reducing expenses. There can be no assurance that we will be successful in achieving these objectives, becoming profitable or continuing our business without either a temporary interruption or a permanent cessation. In addition, additional financing may result in substantial dilution to existing stockholders." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1502966/000149315222004537/form10-q.htm About DigiPath Headquartered in Las Vegas, Nevada, Digipath, Inc. -- http://www.digipath.com-- offers full-service testing lab for cannabis, hemp and ancillary cannabis and hemp infused products serving growers, dispensaries, caregivers, producers, patients and eventually all end users of cannabis and botanical products. Digipath reported a net loss of $686,503 for the year ended Sept. 30, 2021, compared to a net loss of $2.31 million for the year ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had $1.89 million in total assets, $2.94 million in total liabilities, and a total stockholders' deficit of $1.05 million. Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Dec. 29, 2021, citing that the Company has recurring losses from operations and insufficient working capital, which raises substantial doubt about its ability to continue as a going concern. ECO LIGHTING: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: Eco Lighting USA LLC 217 Huyler Street South Hackensack, NJ 07606 Business Description: Eco Lighting manufactures standard and custom lighting solutions using the latest LED chip and electronic Induction Lighting Technologies. The Company manufactures a wide selection of LED and Induction light fixtures, retrofits, and bulbs that are designed to save money through reduced energy consumption, vastly reduced maintenance, and reduced installation costs. Chapter 11 Petition Date: February 18, 2022 Court: United States Bankruptcy Court District of New Jersey Case No.: 22-11314 Debtor's Counsel: Bruce H. Levitt, Esq. LEVITT & SLAFKES, P.C. 515 Valley Street, Suite 140 Maplewood, NJ 07040 Tel: (973) 313-1200 Fax: (973) 313-1240 Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Sean Blackman as member. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/PNI4PBA/Eco_Lighting_USA_LLC__njbke-22-11314__0001.0.pdf?mcid=tGE4TAMA ENTEGRIS INC: S&P Affirms 'BB+' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating on Entegris Inc. S&P also affirmed its 'BBB-' issue-level and '2' recovery rating on the senior secured credit facility, as well as its 'BB' issue-level and '5' recovery ratings on the existing senior unsecured notes. At the same time, S&P assigned 'BBB-' issue-level and '2' recovery ratings to the new term loan. The stable outlook reflects S&P's expectation that Entegris will continue to benefit from strong demand in the semiconductor industry over at least the next 12 months, maintain revenue growth while modestly improving profitability, enabling stable deleveraging in the 12-24 months post transaction close. Entegris has entered into a definitive agreement to acquire CMC Materials Inc., a provider of chemical mechanical planarization (CMP) polishing slurries and CMP pads, through a cash and stock transaction totaling $6.5 billion. S&P said, "While closing net leverage of 4x will be high, strong industry fundamentals and a track record of conservative financial policy support our forecast of deleveraging. While Entegris has made smaller acquisitions with cash on hand the past few years, it has not pursued a substantial leveraged transaction since ATMI in 2014. We estimate leverage will be near 4x at closing, which is expected to be at the end of 2022. However, we project leverage to decline to mid-2x by the end of 2024, based on the strong demand fundamentals in the semiconductor supply chain and the company's track record of integrating acquisitions and paying down debt using its free cash flow. Although the contribution of CMC will strengthen Entegris' product portfolio, we continue to view leverage sustained over 3x as inconsistent with the current rating and our forecast for leverage reduction is a key support of our ratings affirmation. The potential divestment of CMC's business segments that are not strategically aligned with Entegris' core portfolio would also enable a faster deleveraging path, although we do not build them into our base-case due to uncertainty around timing and valuation. While we expect capital expenditures (capex) to be elevated over the next few years as the company invests in capacity, annual free cash flow generation of around $400 million-$600 million should provide additional support. "The stable outlook reflects our expectation that Entegris will outperform the overall semiconductor industry and maintain stable EBITDA margins in the low- to mid-30% area. While we project leverage to be elevated due to the debt-funded acquisition of CMC Materials, we expect the company to delever through strong performance and consistent free cash flow generation." S&P could lower the rating if -- Integration of CMC causes significant disruption to business operations, such that leverage is sustained over 3x; -- Management adopts a more aggressive financial policy including pursuing substantial acquisitions that cause leverage to remain above 3x for a sustained period; and -- Slowdown in the semiconductor industry or execution missteps hurt operational performance, leading to significant revenue declines, share losses, and/or margin pressure. Although unlikely over the next 12 months given the elevated starting leverage and S&P's view that Entegris will continue to pursue strategic acquisitions that could absorb the cushion within its current ratings, it could consider an upgrade over the longer term if: -- Company achieves consistent operating performance; and -- Maintains a conservative financial policy with a commitment to maintain leverage below 1.5x through an industry cycle. ESCADA AMERICA: Wins Cash Collatral Access Thru April 15 -------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, has authorized Escada America LLC to use cash collateral on a final basis in accordance with the budget, with a 15% variance, through April 15, 2022. As adequate protection for the use of cash collateral, Eden Roc International, LLC, Mega International, LLC, and Escada Sourcing and Production, LLC will have replacement liens to the same validity, priority, and extent as their respective liens existed as of the Petition Date. The Court says the stay pursuant to Fed.R.Bankr.P. 6004 is waived. A copy of the order is available at https://bit.ly/3I2MGEL from PacerMonitor.com. About Escada America Escada America owns and operates a clothing store in New York. Escada America sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 22-10266) on Jan. 18, 2022. In the petition filed by Kevin Walsh, director of finance, Escada America estimated assets and liabilities between $1 million and $10 million. The case is handled by the Honorable Judge Sheri Bluebond. John Patrick M. Fritz, Esq., of LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P., is the Debtor's counsel. ESCALON MEDICAL: Reports $66K Net Loss for Second Quarter --------------------------------------------------------- Escalon Medical Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss applicable to common shareholders of $66,160 on $2.70 million of net revenues for the three months ended Dec. 31, 2021, compared to net income applicable to common shareholders of $85,470 on $2.90 million of net revenues for the three months ended Dec. 31, 2020. For the six months ended Dec. 31, 2021, the Company reported net income applicable to common shareholders of $238,054 on $5.37 million of net revenues compared to a net loss applicable to common shareholders of $124,053 on $5.31 million of net revenues for the six months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $5.24 million in total assets, $3.51 million in total liabilities, and $1.72 million in total shareholders' equity. The Company's total cash on hand as of Dec. 31, 2021 was approximately $1,066,000 excluding restricted cash of approximately $256,000 compared to approximately $1,651,000 of cash on hand and restricted cash of $256,000 as of June 30, 2021. Approximately $48,000 was available under its line of credit as of Dec. 31, 2021. "Because our operations have not historically generated sufficient revenues to enable profitability, we will continue to monitor costs and expenses closely and may need to raise additional capital in order to fund operations. "We expect to continue to fund operations from cash on hand and through capital raising sources if possible and available, which may be dilutive to existing stockholders, through revenues from the licensing of our products, or through strategic alliances. Additionally, we may seek to sell additional equity or debt securities through one or more discrete transactions, or enter into a strategic alliance arrangement, but can provide no assurances that any such financing or strategic alliance arrangement will be available on acceptable terms, or at all. Moreover, the incurrence of indebtedness in connection with a debt financing would result in increased fixed obligations and could contain covenants that would restrict our operations. "As of Dec. 31, 2021 the Company had an accumulated deficit of approximately $68.6 million, incurred recurring losses from operations and negative cash flows from operating activities. These factors raise substantial doubt regarding our ability to continue as a going concern, and our ability to generate cash to meet our cash requirements for the following twelve months as of the date of this form 10-Q," Escalon stated. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/862668/000086266822000004/esmc-20211231.htm About Escalon Headquartered in Wayne, Pennsylvania, Escalon Medical Corp. operates in the healthcare market, specializing in the development, manufacture, marketing and distribution of medical devices for ophthalmic applications. Escalon reported a net loss of $52,023 for the year ended June 30, 2021, compared to a net loss of $650,280 for the year ended June 30, 2020. As of June 30, 2021, the Company had $5.68 million in total assets, $4.22 million in total liabilities, and $1.46 million in total shareholders' equity. Marlton, New Jersey-based Friedman LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Sept. 27, 2021, citing that the Company's significant accumulated deficit and recurring losses from operations and negative cash flows from operating activities in prior years raise substantial doubt about the Company's ability to continue as a going concern. GOPHER COURIER: May Use Cash Collateral --------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has authorized Gopher Courier Service, Inc. to use cash collateral, which may be subject to a security interest of the U.S. Department of Treasury, Internal Revenue Service and the Massachusetts Department of Revenue. The Debtor requires the use of cash collateral to preserve its operation and the value of its assets. The Debtor is permitted to use cash collateral up to the amounts stated for any line item for the purposes identified in the Budget, with a 15% variance, through the date of the final hearing. As adequate protection, the IRS and the MDOR are granted continuing postpetition replacement liens, to the extent that the Secured Parties had a pre-petition security interest, and security interests in all post-petition property of the estate of the same type against which they held validly perfected liens and security interests as of the Petition Date. The Replacement Liens will maintain the same priority, validity and enforceability as the liens on the collateral, and will be recognized only to the extent of any diminution in the value of the collateral resulting from the use of cash collateral pursuant to the Order. A continued hearing on the matter is scheduled for April 28, 2022 at 11 a.m. A copy of the order and the Debtor's 13-week budget from February 1 to May 2, 2022 is available at https://bit.ly/3oTy4jC from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $36,772 for the week ending February 7, 2022; $48,802 for the week ending February 14, 2022; $17,552 for the week ending February 21, 2022; $56,552 for the week ending February 28, 2022; $32,017 for the week ending March 7, 2022; $56,002 for the week ending March 14, 2022; $19,752, for the week ending March 22, 2022; $21,252 for the week ending March 28, 2022; $69,502 for the week ending April 4, 2022; $19,767 for the week ending April 11, 2022; $56,002 for the week ending April 18, 2022; $21,252 for the week ending April 25, 2022; and $56,002 for the week ending May 2, 2022. About Gopher Courier Service Gopher Courier Services, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 21-40929) on Dec. 24, 2021, disclosing as much as $1 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. The Debtor is represented by Robert W. Kovacs Jr., Esq., at Kovacs Law, P.C. GREEN VALLEY: ML Country Unsecureds to Recover Up to 100% in Plan ----------------------------------------------------------------- Green Valley at ML Country Club, LLC, and ML Country Club, LLC submitted a Modified Second Disclosure Statement describing Chapter 11 Liquidating Plan dated Feb. 15, 2022. In the bankruptcy, an Adversary Proceeding was filed against the Homeowners Association to address the property restriction. An Agreement was reached between debtors and the homeowners and a Consent Order Resolving Adversary Action addressing the property restriction issue with the homeowners was entered on May 25, 2021. Prior to the bankruptcy being filed, a Purchase and Sale Agreement had been entered into with Edgewood Properties to sell all assets for $3,500,000.00. A dispute arose between the Debtors and the Buyer regarding the status of certain requirements under the Purchase and Sale Agreement and as a result Debtor's proposed to reject the Agreement of Purchase and Sale. Buyer asserted there would be significant rejection damages and a commission if not sold to Buyer. The parties have amicably resolved their differences and the Purchase and Sale Agreement is being assumed subject to bankruptcy court approval. The Plan is designed to settle all of the existing debts of Debtor by selling all of its assets. The provisions for claims in the Plan are in full, complete and final satisfaction of all claims, known or unknown, mature or unmatured, contingent, of every kind whatsoever that can or could be asserted against the Debtor. The Plan envisions the Debtor to fund the Plan through current operations until either sale and/or refinance. At that point Debtors will borrow funds to satisfy the first mortgage of WSFS and borrow an additional $350,000.00 to pay interest and carrying costs until the asset sale is complete. Debtor has substantially reduced monthly expenditures and reorganized operations to be able to contribute to expenses and operate until the sale. Class 1 consists of the Secured Claim of WSFS with balance of $2,627,373.90 as of the petition date. Payments of $7000 per month except December through February. Up to Balance of $2,715,094.70 from sale of collateral which includes 1.5% interest post petition on principal balance (excluding the $50,000 dispute resolution) until sale anticipated to be $75,441.60 as of March 5, 2023. Interest to adjust to actual sale date. Class 2 consists of the Claim of WSFS with balance of $200,078.64 + costs and expenses not already included in the foreclosure judgment of $255,118.33 for a total of $455,196.97. Payments of $500 per month until sale of collateral. Interest at 4% on principal. Post petition attorneys fees and interest until sale estimated to be $45,000.00 for a total due at sale of $480,196.97 + interest at 4% after March 5, 2023. Interest to adjust to actual sale date. Class 7 consists of General Unsecured claims of ML Country Club. This Class has total amount of filed claims of $58,478.69 (total excludes Forward Financing claim (Lendini), Ocean City Married couple and American Legion all of which should have been filed in Green Valley. Class 7 shall receive pro rata distribution from proceeds of sale of ML Country Club assets. Total payout depends on sale of assets. Anticipated distribution up to 100%. The Plan will be funded by the sale of all assets. An Agreement of sale has been entered with both debtors selling all of their assets. ML is selling the real estate and lawn maintenance equipment for $3,375,000 and Green Valley is selling its assets, primarily the liquor license for $125,000. A full-text copy of the Modified Second Disclosure Statement dated Feb. 15, 2022, is available at https://bit.ly/3v02EMr from PacerMonitor.com at no charge. Counsel for the Debtors: Robert N. Braverman, Esq. McDowell Law, PC 46 W. Main Street Maple Shade, NJ 08052 Telephone: (856) 482-5544 Email: rbraverman@mcdowelllegal.com About Green Valley at ML Country Club Green Valley at ML Country Club, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 21-11747) on March 3, 2021. In the petition signed by Louis Sacco, managing member, the Debtor disclosed up to $50,000 in assets and $1 million in liabilities. Affiliate ML Country Club, LLC also sought Chapter 11 protection (Bankr. D. N.J. Case No. 21-11745) on March 3, 2021. ML Country Club listed $1 million to $10 million in both assets and liabilities on the Petition Date. The cases are jointly administered under Green Valley LLC at ML Country Club LLC Judge Jerrold N. Poslusny, Jr., oversees the case. Robert N. Braverman, Esq., at McDowell Law P.C., is the Debtor's counsel. Wilmington Savings Fund Society, FSB, as Lender, is represented by Ballard Sphar, LLP. HAJJAR BUSINESS: March 29 Disclosure Statement Hearing Set ---------------------------------------------------------- Judge John K. Sherwood has entered an order within which March 29, 2022 at 10:00 am in Courtroom 3D, US Bankruptcy Court, 50 Walnut Street, Newark, NJ 07102 is the hearing to consider adequacy of the Disclosure Statement of Hajjar Business Holdings, LLC. In addition, written objections to the adequacy of the Disclosure Statement shall be filed and served no later than 14 days prior to the hearing. A full-text copy of the order dated Feb. 15, 2022, is available at https://bit.ly/3uZMnqD from PacerMonitor.com at no charge. Attorneys for Debtors: McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 (973) 622-1800 Anthony Sodono, III, Esq. (asodono@msbnj.com) Sari B. Placona, Esq. (splacona@msbnj.com) About Hajjar Business Holdings Hajjar Business Holdings, LLC and 12 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-12465) on Feb. 13, 2020. At the time of filing, Hajjar Business Holdings was estimated to have assets of between $100,000 to $500,000 and liabilities of between $50 million to $100 million. Judge John K. Sherwood oversees the Debtors' cases. Anthony Sodono, III, Esq. and Sari B. Placona, Esq., at McManimon, Scotland & Baumann, LLC, serve as counsel to the Debtors. Wilmington Trust, as lender, is represented by Duane Morris LLP. HORIZON GLOBAL: APSC Holdco, et al. Report 9.9% Equity Stake ------------------------------------------------------------ APSC Holdco II, L.P., Atlantic Park Strategic Capital Parallel Master Fund, L.P., and GASC APF, L.P. disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially owned 2,822,724 shares of common stock of Horizon Global Corporation, representing 9.9 percent of the shares outstanding. The percentage was calculated based on (i) 27,286,647 shares of Common Stock outstanding as of Nov. 1, 2021 as reported on the Issuer's Form 10-Q, filed on Nov. 4, 2021 and (ii) 1,225,724 shares of Common Stock issuable upon conversion of the 1,225,724 warrants beneficially owned. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/0001637655/000095014222000673/eh220225800_13ga1-horizon.htm About Horizon Global Horizon Global -- http://www.horizonglobal.com-- is a designer, manufacturer, and distributor of a wide variety of custom-engineered towing, trailering, cargo management and other related accessory products in North America, Australia and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer. Horizon Global reported a net loss attributable to the Company of $36.56 million for the 12 months ended Dec. 31, 2020, compared to net income attributable to the company of $80.75 million for the 12 months ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $468.33 million in total assets, $494.26 million in total liabilities, and a total shareholders' deficit of $25.93 million. HORIZON SATELLITES: Creditors to Get Proceeds From Liquidation -------------------------------------------------------------- Horizon Satellites, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Chapter 11 Plan of Liquidation dated Feb. 15, 2022. For 18 years, the Debtor has successfully operated a business that installed satellites and performed maintenance on satellites in people's homes. When the global Covid-19 pandemic struck, customers were suddenly not comfortable having workers come into their homes, and the workers themselves refused to do so after several of them contracted the virus. The Debtor was unable to return to pre-pandemic revenue levels and thus could not maintain its debt service. The Debtor was forced to make the difficult decision to seek Chapter 11 bankruptcy protection in order to wind down operations and liquidate its assets in a controlled and expeditious manner to achieve the maximum possible value for creditors. The Debtor's single significant asset prior to filing the bankruptcy case was a credit memo from Dish Network that the Debtor estimated was worth $80,000. The credit memo has now been converted into cash in the amount of $63,148. The Debtor has not generated any income since the case was filed. The Debtor is now holding $63,740 of cash to be disbursed to creditors under this Plan. The Debtor will cease operations upon confirmation of the Plan. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. The Plan will treat claims as follows: * Class 1 shall consist of the Secured Claim of Godwin Law Group, LLC. Godwin Law Group, LLC. has a secured claim against the Debtor in the amount of $25,500.00 by virtue of an attorney's lien. On the Effective Date, the Debtor shall pay Godwin $25,500.00 from the Cash. The Claim of Godwin is Unimpaired by the Plan. * Class 2 shall consist of the Secured Claim of Department of Treasury - Internal Revenue Service (the "IRS"). The IRS filed a Proof of Claim, which contains a secured portion in the amount of $28,560.02 (the "IRS Secured Claim"). The Debtor has been in discussions with the IRS regarding the validity of the IRS Secured Claim, however for purposes of this Plan, the Debtor anticipates paying the IRS Secured Claim as filed. On the Effective Date, the Debtor shall pay the IRS $28,560.02 from the Cash in full satisfaction of the IRS Secured Claim. * Class 3 shall consist of the Secured Claim of W. Keith Ramsey. W. Keith Ramsey filed a secured Proof of Claim (Claim No. 5) in the amount of $1,436,526.06 (the "Ramsey Claim") in which he states that his claim is secured by "Ownership in Satellites, Inc." and that the basis for perfection is "Possession of Stock." Under 11 U.S.C. §506(a), Ramsey's claim is bifurcated into a secured claim and an unsecured claim based on the value of the collateral securing the claim. Because the alleged collateral is equity in a bankrupt company which is filing a liquidating plan and has insufficient assets to pay creditors in full, the Ramsey claim shall be treated as a $0.00 secured claim (the "Ramsey Secured Claim"). The remaining balance of the Ramsay Claim shall be a treated as a Class 4 unsecured claim (the "Ramsey Unsecured Claim"). * Class 4 shall consist of Allowed Unsecured Claims. Each holder of an Allowed Unsecured Claim shall be entitled to receive such holder's pro rata share of Cash available after payment of Allowed Claims on the date that is seven business days after the Effective Date. Holders of Class 4 Claims are Impaired and are entitled to vote to accept or reject the Plan. Upon confirmation, the Debtor will be charged with administration of the Case. The Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. The Debtor will file all postconfirmation reports required by the United States Trustee's office or by the Subchapter V Trustee. The Debtor will also file the necessary final reports and may apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. The source of funds for the payments pursuant to the Plan is the Cash that was raised from the liquidation of the Debtor's assets. A full-text copy of the Chapter 11 Plan of Liquidation dated Feb. 15, 2022, is available at https://bit.ly/3s35kXH from PacerMonitor.com at no charge. Attorneys for the Debtor: ROUNTREE LEITMAN & KLEIN, LLC William A. Rountree Elizabeth Childers Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Tel: (404) 584-1238 E-mail: wrountree@rlklawfirm.com echilders@rlklawfirm.com About Horizon Satellites Horizon Satellites, Inc., a company based in Gainesville, Ga., filed a petition for Chapter 11 protection (Bankr. N.D. Ga. Case No. 21-21193) on Nov. 17, 2021, listing up to $50,000 in assets and up to $10 million in liabilities. CEO Christopher Reynolds signed the petition. Judge James R. Sacca oversees the case. The Debtor tapped Rountree, Leitman & Klein, LLC, as legal counsel and Stresser & Associates, P.C., as accountant. IBIO INC: Incurs $11.9 Million Net Loss in Second Quarter --------------------------------------------------------- iBio, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss attributable to the company of $11.92 million on $168,000 of revenues for the three months ended Dec. 31, 2021, compared to a net loss attributable to the company of $8.13 million on $705,000 of revenues for the three months ended Dec. 31, 2020. For the six months ended Dec. 31, 2021, the Company reported a net loss attributable to the company of $20.86 million on $379,000 of revenues compared to a net loss attributable to the company of $15.66 million on $1.12 million of revenues for the six months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $126.45 million in total assets, $35.85 million in total liabilities, and $90.60 million in total equity. As of Dec. 31, 2021, iBio had cash and cash equivalents plus debt securities of approximately $57.4 million, excluding $5.9 million of restricted cash. The Company now believes that it has adequate cash to support its activities through Sept. 30, 2023. "We are pleased to report that we have now added six new immuno-oncology assets to our pipeline in the six months since we announced our new drug discovery capabilities," said Tom Isett, Chairman & CEO of iBio. "Our most recent addition progressed the fastest, already advancing into late-discovery stage thanks to our deployment of artificial intelligence design capabilities. We are also leveraging our research on a novel peptide with anti-fibrotic effects into oncology by exploring its possible use in treating solid tumors with a strong fibrotic matrix. Meanwhile, we are in position to move our second-generation COVID-19 vaccine candidate towards the clinic and potentially address many of the unmet needs that remain in the fight against COVID-19 as it transitions to an endemic disease. Overall, we are elated to see in this quarter multiple new pipeline additions and advancements as a result of our recent investments in drug discovery R&D." Second Quarter and Recent Corporate Developments: * On Jan. 31, 2022, the Company reconvened its 2021 Annual Meeting to allow more of its stockholders to consider and vote on Proposal 4 (Reverse Stock Split) and Proposal 5 (Change in Authorized Shares). Although approximately 65% and 68% of the votes received were in favor of Proposal 4 and Proposal 5, respectively, the total number of shares voting were insufficient for them to pass. "We were pleased by the support we received for each of these proposals," said Mr. Isett. "Stockholders who chose to vote their shares did so in favor of Proposals 4 and 5 by a large margin of approximately 2-to-1. We will continue to work on solutions to overcome structural impediments to implementing the will of our voting stockholders and, more broadly, to ensure iBio is in position to continue to grow. In the meantime, we have made a number of adjustments to our operating and development plans in order to achieve our cash management objectives. These changes include deferring a number of planned new hires as well as less aggressively advancing the IBIO-100 program, to name a few. The adjustments will allow us to extend our cash runway by two quarters while still advancing IBIO-202 and other key Biopharmaceutical and Bioprocess initiatives." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1420720/000155837022001104/ibio-20211231x10q.htm About iBio Inc. iBio, Inc. -- http://www.ibioinc.com-- is a plant-based biologics manufacturing company. Its FastPharming System combines vertical farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins. iBio is developing proprietary products which include biopharmaceuticals for the treatment of cancers, as well as fibrotic and infectious diseases. The Company's subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with Glycaneering Development Services for advanced recombinant protein design. iBio reported a net loss attributable to the Company of $23.21 million for the year ended June 30, 2021, a net loss attributable to the company of $16.44 million for the year ended June 30, 2020, and a net loss attributable to the Company of $17.59 million for the year ended June 30, 2019. As of Sept. 30, 2021, the Company had $143.74 million in total assets, $43.21 million in total liabilities, and $100.53 million in total equity. ILAN DORON: Kevin Neiman Represents Farudi Claimants ---------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the Law Offices of Kevin S. Neiman, PC submitted a verified statement to disclose that it is representing Cyrus Farudi, Bob Yrigoyen, Roberta French-Yrigoyen, Glen Yrigoyenin, Marty Goon, Edo Cohen, Sohrob Farudi, Jared Hassan, Darren Wechsler, Nice Cards LLC, and Ryan Koster in the Chapter 11 cases of Ilan Doron. The Creditors all are owed money from debtor Ilan Doron. All but one of the Creditors is owed this money as a result of Doron's guaranty of, inter alia, payment by NCM Wireless, Inc. in relation to loans between each of the Creditors and NCM Wireless, Inc. Bob Yrigoyen, and Roberta Yrigoyen and Glen Yrigoyen, are owed money from Doron because Doron is a loan borrower in addition to borrower NCM Wireless, Inc. Further, the Creditors are all parties to that certain Settlement and Release Agreement dated on or about October 13, 2021, between and among themselves, Doron, NCM Wireless, Inc., and NCM Group LLC as successor-in-interest to NCM Wireless, Inc. As of Feb. 16, 2022, the Creditors and their disclosable economic interests are: Cyrus Farudi 4457 S. Hampton Circle Boulder, CO 80301 * Guaranty debt; co-party to Agreement; principal debt is $850,000 Bob Yrigoyen 474 S. Hidden Island Lane Coeur D Alene, ID 83814 * Lender debt; co-party to Agreement; principal debt is $732,775.72 Roberta French-Yrigoyen Glen Yrigoyen 517 Faye Lane Redondo Beach, CA 90277 * Guaranty and lender debt; co- party to Agreement; principal debt is $350,000 Marty Goon 140 Rustling Leaf Place Kearneysville, WV 25430 * Guaranty debt; co-party to Agreement; principal debt is $528,873.21 Edo Cohen 1664 Hi Point Street Los Angeles, CA 90035 * Guaranty debt; co-party to Agreement; principal debt is $300,000 Sohrob Farudi 42375 Calle Lagartija Temecula, CA 92592 * Guaranty debt; co-party to Agreement; principal debt is $360,000 Jared Hassan 1877 Orchard Avenue Boulder, CO 80304 * Guaranty debt; co-party to Agreement; principal debt is $200,000 Darren Wechsler 4542 Linnean Avenue NW Washington DC 20008 * Guaranty debt; co-party to Agreement; principal debt is $100,000 Nice Cards LLC 3935 Washington, Rd #1035 Canonsburg, PA 15317 * Guaranty debt; co-party to Agreement; principal debt is $100,000 Ryan Koster 400 W. Hopkins Avenue Unit 5 Aspen, CO 81611 * Guaranty debt; co-party to Agreement; principal debt is $100,000 Between January 12, 2022, and January 18, 2022, the Creditors retained the Firm to represent them in connection with this case. Each party comprising the Creditors, in his, her, or its capacity as such, is aware of, has requested and consented to the Firm's representation of the Creditors. No party comprising the Creditors represents or purports to represent any other entities in connection with this chapter 11 case except as set forth in the next sentence. Mr. Cyrus Farudi has been appointed attorney-in-fact by the other Creditors "to take any action and to execute any instrument that [he] deems reasonably necessary or advisable to accomplish the purposes of this agreement and otherwise represent the interests" of the Creditors in this matter. The Firm does not hold any claims against, or interests in, Doron. The Firm can be reached at: LAW OFFICES OF KEVIN S. NEIMAN, PC Kevin S. Neiman, Esq. 999 18th Street, Suite 1230 S Denver, CO 80202 Tel: (303) 996-8637 Fax: (877) 611-6839 E-mail: kevin@ksnpc.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3BMkLXH The Chapter 11 case is In re Ilan Doron (Bankr. S.D. Fla. Case No. 21-21964-RAM). INNERLINE ENGINEERING: Wins Cash Collateral Access Thru April 30 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division, has authorized Innerline Engineering, Inc. to use cash collateral on an interim basis in accordance with the budget, with a 15% variance, through April 30, 2022. The debtor will provide adequate protection to secured creditors by making monthly payments through April 30, beginning upon entry of the order, as follows: a. HOP Capital: $3,000; b. Danny Song: $1,000; c. U.S. Small Business Administration: $731; and d. Internal Revenue Service: $5,078. Secured creditors holding valid, pre-petition liens secured by the cash collateral used by the Debtor post-petition are granted a replacement lien on all post-petition revenues of the Debtor to the same extent, priority and validity (if any) that their liens attached to the cash collateral. The scope of the replacement lien is limited to the amount (if any) that cash collateral diminishes post-petition as a result of the post-petition use of cash collateral by the Debtor. The Debtor is prohibited from using the cash collateral for payment to insiders unless and until the Debtor has satisfied all requirements under the Bankruptcy Code and the U.S. Trustee's guidelines for payment to insiders. A further hearing on the Debtor's cash collateral use is scheduled for March 22 at 2:30 p.m. A copy of the order is available at https://bit.ly/3LHDIzd from PacerMonitor.com. About Innerline Engineering Corona, Cal.-based Innerline Engineering, Inc. --http://www.innerlineengineering.com/-- offers a variety of services to municipalities, utility owners, industrial facilities and commercial property owners for the maintenance of their underground utilities. Innerline Engineering filed a petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 21-14305) on Aug. 9, 2021, listing as much as $10 million in both assets and liabilities. Thomas J.C. Yeh, chief financial officer, signed the petition. Judge Wayne E. Johnson oversees the case. Resnik Hayes Moradi LLP serves as the Debtor's bankruptcy counsel. INTEGRATED GROUP: Unsecureds Will Get 7% to 10% of Claims in Plan ----------------------------------------------------------------- Integrated Group, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a First Amended Plan of Reorganization for Small Business dated Feb. 14, 2022. The Debtor is a limited liability corporation formed in July 2010. The Debtor is engaged in business warehousing, distributing and installing office furniture. The Debtor is seeking to reorganize its operations and debt obligations in an effort to achieve profitability. These efforts have included the sale of an Atlanta, Georgia affiliate in 2018, moving to smaller, lower cost premises and implementing other cost saving measures. The Plan provides for payments from the Debtor's ongoing business operations. Secured Creditors and equipment lessors are proposed to continue receiving monthly payments in accordance with the applicable lease agreements and loan documents. Priority Tax Claims are proposed to be paid in full over a period of 5 years through quarterly payments with interest at the lower of the 5% per annum or the applicable statutory interest rates. Unsecured Creditors are proposed to be paid a total of $360,000 in quarterly distributions over a period of 4 years, plus additional distributions in years 2 through 5 based on the Debtor's financial performance. The Debtor estimates that the aggregate amount of Unsecured Claims is approximately Four Million Dollars. Thus, Unsecured Creditors are projected to realize between 7% to 10% of their allowed claims, or more, depending upon the Debtor's operating results and resulting formula distributions to Unsecured Creditors. Class 6 consists of General Unsecured Claims. Unsecured Creditors will receive pro rata distributions of the following payments. Four (4) quarterly payments of $15,000 commencing 120 days after confirmation, followed by 12 quarterly payments of $25,000. In addition, commencing with the second quarter of 2023, Unsecured Creditors may receive additional distributions contingent upon the Debtor's performance. Specifically, in any quarter where the Debtor's net profit exceeds $50,000, Unsecured Creditors will receive as an additional distribution one-half of the excess over $50,000. The term "net profit" is defined as all cash receipts during the quarter, less all cash disbursements during the quarter. The Debtor's projections indicate that Unsecured Creditors will become eligible for these "formula distributions" starting in the fourth quarter of 2023. No distributions will be forwarded to Unsecured Creditors until there is a minimum of $50,000 available to distribute. Class 7 consists of Equity Interest Holders Michael Boyle with 85% and Valerie Boyle with 15%. Interest holders shall retain equity interest in the Debtor. There are no payments required to be made on the Effective Date. The Debtor expects to have sufficient cash on hand, together with the balance of the financing requested by the Debtor, to make the $12,500 payment due to Forsgate in mid February, 2022 and satisfy its ongoing expenses as reflected on the Debtor's cash flow projections. The Debtor has provided income and expense projections. The Debtor's financial projections show that the Debtor will have sufficient positive cash flow, after paying operating expenses, to fund the Plan payments. A full-text copy of the First Amended Plan of Reorganization dated Feb. 14, 2022, is available at https://bit.ly/3GXznnT from PacerMonitor.com at no charge. Debtor's Counsel: David Edelberg, Esq. Scarinci Hollenbeck, LLC 1100 Valley Brook Avenue Lyndhurst, New Jersey 07101 dedelberg@sh-law.com About Integrated Group Integrated Group LLC manufactures office furniture, including fixtures. Integrated Group sought bankruptcy protection (Bankr. D.N.J. Case No. 21-12484) on March 26, 2021. In the petition signed by Michael Boyle, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge John K. Sherwood oversees the case. David Edelberg, Esq., at SCARINCI HOLLENBECK, is the Debtor's counsel. JAGUAR HEALTH: Signs Exchange Deal With Royalty Interest Holder --------------------------------------------------------------- Jaguar Health, Inc. entered into a privately negotiated exchange agreement with a holder of royalty interest in the Company. Pursuant to the Exchange Agreement, the Company issued 2,375,000 shares of common stock to such holder in exchange for a $1,733,750 reduction in the outstanding balance of the royalty interest held by such holder. The shares of common stock that were issued in the exchange transaction were issued in reliance on the exemption from registration provided under Section 3(a)(9) of the Securities Act of 1933, as amended. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar Health reported a net loss and comprehensive loss of $33.81 million for the year ended Dec. 31, 2020, a net loss and comprehensive loss of $38.54 million for the year ended Dec. 31, 2019, and a net loss of $32.15 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $59.26 million in total assets, $37.70 million in total liabilities, and $21.55 million in total stockholders' equity. JAR 259 FOOD: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Jar 259 Food Corp. 259-11 Union Turnpike Glen Oaks, NY 11004 Chapter 11 Petition Date: February 18, 2022 Court: United States Bankruptcy Court Eastern District of New York Case No.: 22-40304 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: James C. Vandermark, Esq. Heidi J. Sorvino, Esq. Andrew E. Arthur, Esq. WHITE & WILLIAMS LLP 7 Times Square Suite 2900 New York, NY 11036-6524 Tel: 215-864-7000 Fax: 215-864-7123 Email: vandermarkj@whiteandwilliams.com sorvinoh@whiteandwillaims.com arthura@whiteandwilliams.com Total Assets: $224,996 Total Liabilities: $10,400,906 The petition was signed by Amandeep Singh as vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UFBXI5Q/Jar_259_Food_Corp__nyebke-22-40304__0001.0.pdf?mcid=tGE4TAMA LIMETREE BAY: Cash Collateral Stipulation Okayed ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has approved the stipulation Limetree Bay Refining, LLC entered into with: -- the ad hoc group of lenders under the Amended and Restated Credit Agreement, dated as of December 24, 2020 among Limetree Bay Refining, LLC, as borrower, Limetree Bay Refining Holdings II, LLC, as holdings, Limetree Bay Refining Operating, LLC and Limetree Bay Refining Marketing, LLC as guarantors, the lenders from time to time party thereto, and Wilmington Trust, National Association, as successor administration agent, the Prepetition Term Agent; and -- Goldman Sachs Bank USA, as Project Collateral Agent and Goldman Sachs Bank USA as administrative agent under the Credit Agreement, dated as of November 20, 2018, among LBRM, as borrower, LBR and LBRO, as guarantors, and LBRH II as holdings, each lender party thereto from time to time, and the Revolving Administrative Agent, in connection with the Final Order (I) Authorizing the Debtors to (A) Obtain Postpetition Senior Secured Superpriority Financing and (B) Use of Cash Collateral, (II) Granting Adequate Protection to Prepetition Secured Parties, (III) Modifying the Automatic Stay, and (IV) Granting Related Relief. On August 27, 2021, the Court entered the Final DIP Order. On January 24, 2022, the DIP Repayment Event occurred. Paragraph 16 of the Final DIP Order provides that a Cash Collateral Termination Event will occur if on or before the date of a DIP Repayment Event, the Debtors and the Prepetition Agents have not agreed to the terms and conditions of the Debtors' continued consensual use of Cash Collateral, the adequate protection to be provided to the Prepetition Secured Parties and the terms of a budget. As a result of the occurrence of the DIP Repayment Event, the Parties have entered into the Stipulation to supplement the terms of the Final DIP Order and provide for the consensual interim use of the cash collateral. To avoid the occurrence of a Cash Collateral Termination Event under Paragraph 16 of the Final DIP Order, the Parties have agreed on a Cash Collateral Budget. The parties desire and intend that the Final DIP Order will continue and remain in full force and effect, subject to the changes contained therein, and that the Prepetition Secured Parties will have all oversight of the Approved Budget as provided to the DIP Agent thereunder. The Debtors are permitted to use the cash collateral in accordance with the Approved Budget and to make disbursements in accordance therewith. The Prepetition Secured Parties will have the same oversight of the Budget as had been provided to the DIP Agent under the Final DIP Order. Further, the Debtors are authorized and directed to pay all reasonable and documented fees and expenses of the Prepetition Agents, as provided in the Approved Budget and subject to review consistent with the mechanics provided for in Paragraph 8 of the Final DIP Order. In addition to the Cash Collateral Termination Events set forth in the Final DIP Order, each of the following will constitute a Cash Collateral Termination Event under Paragraph 16 of the Final DIP Order, unless waived in writing (delivery by email or other electronic means being sufficient) by each Prepetition Agent: a. if by March 4, 2022, an order granting conditional approval of the combined disclosure statement and plan of liquidation of the Debtors has not been entered by the Court, which order and Combined Disclosure Statement and Plan will be acceptable to the Prepetition Agents; b. if by April 8, 2022, an order granting final approval and confirmation of the Combined Disclosure Statement and Plan has not been entered by the Court, which order and Combined Disclosure Statement and Plan will be acceptable to the Prepetition Agents; and c. if by April 15, 2022, the Combined Disclosure Statement and Plan has not been consummated and the effective date thereunder has not occurred. A copy of the order is available at https://bit.ly/3s12LWe from PacerMonitor.com. About Limetree Bay Refinery Limetree Bay Energy is a large-scale energy complex strategically located in St. Croix, U.S. Virgin Islands. The complex consists of Limetree Bay Refining, a refinery with peak processing capacity of 650 thousand barrels of petroleum feedstock per day, and Limetree Bay Terminal, a 34-million-barrel crude and petroleum products storage a nd marine terminal facility serving the refinery and third-party customers. Limetree Bay Refining, LLC, restarted operations in February 2021, and is capable of processing around 200,000 barrels per day. Key restart work at the site began in 2018, including the 62,000 barrels per day modern, delayed Coker unit, extensive desulfurization capacity, and a reformer unit to produce clean, low-sulfur transportation fuels. The restart project provided much needed economic development in the U.S.V.I. and created more than 4,000 construction jobs at its peak. Limetree Bay Refining, LLC and its affiliates sought Chapter 11 protection on July 12, 2021. The lead case is In re Limetree Bay Services, LLC (Bankr. S.D. Texas Case No. 21-32351). Limetree Bay Terminals, LLC did not file for bankruptcy. In the petitions signed by Mark Shapiro, chief restructuring officer, Limetree Bay Services disclosed up to $10 million in assets and up to $50,000 in liabilities. Limetree Bay Refining, LLC, estimated up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Baker Hostetler as legal counsel and B. Riley Financial Inc. as restructuring advisor. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases on July 26, 2021. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. 405 Sentinel, LLC, serves as administrative and collateral agent for the DIP lenders. LIT'L PATCH OF HEAVEN: Seeks Continued Cash Collateral Access ------------------------------------------------------------- Lit'l Patch of Heaven Inc., asks the U.S. Bankruptcy Court for the District of Colorado for authority to continue using cash collateral and provide adequate protection to properly secured creditors. The Debtor requires the continued use of cash collateral pursuant to the new budget in accordance with the terms of the Cash Collateral Agreement. The Cash Collateral Agreement authorizes the Debtor to renew the continued use of cash collateral by filing a new budget and providing notice of the new budget upon all secured creditors. The Debtor asserts that approval of the Budget and authorization for its continued use of cash collateral in accordance with the Cash Collateral Agreement is in the best interest of the Debtor, its creditors, and the estate as it will allow the Debtor to maintain its ongoing business operations and to generate revenue as it works to consummate a sale of the Property. A copy of the motion and the Debtor's budget for the period from February to July 2022 is available at https://bit.ly/3uZrGLv from PacerMonitor.com. The Debtor projects $166.229 in total receipts and $165,340 in total disbursements. About Lit'l Patch of Heaven Lit'l Patch of Heaven Inc., a Thornton, Colo.-based owner and operator of an assisted living residence facility, filed a Chapter 11 petition (Bankr. D. Colo. Case No. 19-16119) on July 17, 2019. In the petition signed by Jeff Kraft, chief executive officer, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $1 million. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's bankruptcy counsel. Jeremy Bell has been appointed as Patient Care Ombudsman in the Debtor's case. LIVEONE INC: Incurs $11.8 Million Net Loss in Third Quarter ----------------------------------------------------------- LiveOne, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $11.79 million on $32.89 million of revenue for the three months ended Dec. 31, 2021, compared to a net loss of $8.73 million on $19.12 million of revenue for the three months ended Dec. 31, 2020. For the nine months ended Dec. 31, 2021, the Company reported a net loss of $35.08 million on $93.58 million of revenue compared to a net loss of $26.45 million on $44.19 million of revenue for the same period during the prior year. As of Dec. 31, 2021, the Company had $82.64 million in total assets, $85.49 million in total liabilities, and a total stockholders' deficit of $2.84 million. "Our long-term ability to continue as a going concern is dependent upon our ability to increase revenue, reduce costs, achieve a satisfactory level of profitable operations, and obtain additional sources of suitable and adequate financing. Our ability to continue as a going concern is also dependent its ability to further develop and execute on our business plan. We may also have to reduce certain overhead costs through the reduction of salaries and other means and settle liabilities through negotiation. There can be no assurance that management's attempts at any or all of these endeavors will be successful," LiveOne stated in the filing. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001491419/000121390022007503/f10q1221_liveoneinc.htm About LiveOne Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (formerly known as LiveXLive Media, Inc.) is a global talent-first, interactive music, sports, and entertainment subscription platform delivering premium content and livestreams from the world's top artists. LiveOne's other major wholly-owned subsidiaries are LiveXLive, PPVOne, Slacker Radio, React Presents, Gramophone Media, Custom Personalization Solutions, and PodcastOne. LiveXLive Media reported a net loss of $41.82 million for the year ended March 31, 2021, compared to a net loss of $38.93 million for the year ended March 31, 2020. As of Sept. 30, 2021, the Company had $89.58 million in total assets, $86.96 million in total liabilities, and $2.62 million in total stockholders' equity. Los Angeles, California-based BDO USA, LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated July 14, 2021, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. LIVEWELL ASSISTED: Wins Cash Collateral Access Thru March 4 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has authorized Livewell Assisted Living, Inc. to use cash collateral on an interim basis. The Debtor has no other source of readily available cash with which to obtain the funds and supplies necessary to continue its ongoing operations. The possible lienholders of the Debtor's cash collateral are: Creditor Balance owed -------- ------------ U.S. Small Business Administration $510,017 Itria Ventures $54,483 Forward Financing $114,062 Vox Funding $80,300 Delta Bridge Funding $33,973 Wynwood Capital Group $44,970 United Fund USA $24,481 Seabrook Funding $52,465 EBF Holdings $66,960 CFG Merchant Funding $117,520 Green Grass Capital $47,680 The Debtor is authorized and permitted to use cash collateral for its post-petition necessary and reasonable operating expenses for the period of February 7, 2022 through March 4, 2022, as set forth in the budget, with a line-item variance not to exceed 10%. The terms and conditions of the Order provide adequate protection of the interests, if any, of the Secured Creditors for the Debtor's interim use of the cash collateral. A further hearing on the matter is scheduled for March 3 at 10:30 A.M. A copy of the order is available at https://bit.ly/34VtNW1 from PacerMonitor.com. About Livewell Assisted Living Livewell Assisted Living, Inc., a part of the continuing care retirement communities industry, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 22-00264) on Feb. 7, 2022, listing up to $500,000 in assets and up to $10 million in liabilities. Justin Beckett, president, signed the petition. Judge David M. Warren oversees the case. Travis Sasser, Esq., at Sasser Law Firm represents the Debtor as legal counsel. MAUNESHA RIVER: Seeks Cash Collateral Access Thru May 22 -------------------------------------------------------- Maunesha River Dairy, LLC asks the U.S. Bankruptcy Court for the Western District of Wisconsin for authority to use cash collateral through May 22, 2022, and grant adequate protection to creditors with an interest in cash collateral. The Debtor requires the use of cash collateral to pay reasonable and necessary costs of operating Maunesha's dairy farm. The entities with an interest in the Debtor's cash collateral are BMO Harris Bank, N.A., Farmers & Merchants Union Bank, and Agri-Max Financial Services, LP. The current cash collateral order in effect is set to expire at 12:00 a.m. on February 21 and MRD desires to continue using cash collateral through May 20, 2022 and has submitted an extended 13-week budget. The changes of note in the Budget are: a. For the next three months, Maunesha's payments to FMUB will increase to $44,000, reflecting principal and interest due under renewal notes entered into by Dennis Ballweg and FMUB. b. Maunesha will no longer pay CNH for the three Husky Spreaders it was renting from Dennis Ballweg as the Husky Spreaders have been sold and the funds tendered to CNH's counsel. As before, pursuant to the Budget: a. Interest-only payments, based on the principal pre-Petition balance due, will be made to BMO and SBA; b. Contractual payments to secured creditors holding valid and perfected purchase-money security interests shall continue to be made; c. Contractual lease payments shall continue to be made; d. Payments to professionals shall continue to be made; e. Periodic sales and purchases of livestock will be made to maintain and grow the herd; and f. Ordinary and necessary business expenses as outlined in the Budget will continue to be paid as incurred. As adequate protection, the Debtor proposes to provide BMO, FMUB and AGRI-MAX replacement liens in post-petition collateral, to the extent they each have a perfected pre-Petition lien; payment of interest-only payments on BMO's secured claim; principal and interest payments to FMUB for three months; maintenance of insurance on the Collateral; and payment of any taxes which may become liens on the Collateral. The Debtor further proposes payment to all secured creditors with purchase-money security interests, including AGRI-MAX, to the terms of their respective contracts as adequate protection and as additional adequate protection for BMO and FMUB. The Order further proposes to pay SBA interest-only payments based upon the principal balance due. A copy of the motion is available at https://bit.ly/3LEo8V3 from PacerMonitor.com. About Maunesha River Dairy, LLC Maunesha River Dairy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case. No. 21-11157) on May 27, 2021. In the petition signed by Dennis E. Ballweg, the member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. Jane F. Zimmerman, Esq., at Murphy Desmond S.C. is the Debtor's counsel. MEGAMEDIA ENTERPRISES: Unsec. Creditors to Recover 55% in 60 Months ------------------------------------------------------------------- MegaMedia Enterprises of Illinois, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois an Amended Plan of Reorganization dated Feb. 15, 2022. The Debtor is a for Profit Corporation formed on April 16, 2018, under the laws of the State of Illinois. The Debtor is in the business of printing and distributing a local community newspaper entitled the "Austin Voice" on the west side of Chicago in the Austin District. The Debtor has procured additional grants and advertising has increased which the Debtor believes will aid the Debtor in proposing and feasible consensual plan of reorganization. The debtor commenced this Chapter 11 to preserve the business, to take advantage of new grants available and most importantly to continue the serve a community in need of its services. The debtor filed this Bankruptcy to restructure its debt, lease obligations and to provide payment to its creditors in an orderly structured manner consistent with the applicable requirement of the bankruptcy code. The debtor estimates that there will be distributions to unsecured creditors made after payment to administrative claims paid over 5 years and shall total $66,930.00. The debtor is the proponent and disbursing agent of this Plan. This Plan provides for distribution to the holders of allowed claims from the continued operation of the Debtor's Business. The debtor has nominal physical assets of any monetary value. The debtor's true value is measured int its good will, advertisers, and grants. Class 1 consists of the allowed nonpriority unsecured claims in the total amount of $121,692.23 which includes the large unsecured claim of Des Plaines Publishing in the amount of $118,297.11. Des Plaines will receive an initial down payment of $7,500.00. The over-all distribution to this class shall total 55% of the total claim in the aggregate amount of $66,930.72 in monthly payments after application of the initial down payment in the amount of $990.51 without interest for 60 Months. All payments shall begin on the 10st day of the month following the effective date of the Plan. Class 2 consists of Shareholder Interest. The Debtor is a closely held corporation. Isaac Jones is the sole shareholder of the Debtor. Under the plan, Isaac Jones will retain her stock interest in the Debtor. Class 4 is not impaired by the plan. All of the assets of the Debtor and this estate shall vest in the Debtor upon Confirmation of the Plan subject only to the terms and conditions of this Plan. Upon completion of all payments under the plan, the claim of Des Plaines publishing shall be deemed compromised and paid in full, with full release of claim to apply to Isaac Jones and all other agents, managers, officers and affiliates of the debtor. This Plan is self-executing. The Debtor shall not be required to execute any newly created documents to evidence the claims, liens or terms of repayment to the holder of any Allowed Claim. A full-text copy of the Amended Plan of Reorganization dated Feb. 15, 2022, is available at https://bit.ly/3JDfiVv from PacerMonitor.com at no charge. Attorney for Debtor: William E. Jamison, Jr. LAW OFFICE WILLIAM E. JAMISON 53 W. Jackson Blvd Suite # 801 Chicago, IL 60604 (312) 226-8500 Atty# 6218244 About MegaMedia Enterprises MegaMedia Enterprises of Illinois, Inc., filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 21-09060) on July 29, 2021. William E. Jamison, Jr., Esq., of WILLIAM E. JAMISON & ASSOCIATES, is the Debtor's counsel. METROHAVANA TOWN: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: MetroHavana Town Homes, LLC 3265 Bird Ave #102 Miami, FL 33133 Chapter 11 Petition Date: February 18, 2022 Court: United States Bankruptcy Court Southern District of Florida Case No.: 22-11349 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Christina Vilaboa-Abel, Esq. CAVA LAW, LLC 1390 S Dixie Hwy., Suite 11107 Coral Gables, FL 33146-2936 Tel: (786) 675-6830 Email: christina@cavalegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kelly Beam as owner. The Debtor indicates in its list of 20 largest unsecured creditors as N/A. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VDLZCLY/MetroHavana_Town_Homes_LLC__flsbke-22-11349__0001.0.pdf?mcid=tGE4TAMA MOUNTAIN VISTA: Unsecured Creditors to be Paid in Full in Plan -------------------------------------------------------------- Mountain Vista Holdings, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement for First Amended Plan of Reorganization. The Debtor is a Limited Liability Company which owns a tract of real property, which Debtor proposes to develop. The property has a market value of approximately $2,000,000. Based on the financial information, there is substantial equity in this property, and all creditors, both, secured, unsecured, and priority, can be paid in full. The Debtor can refinance the property, paying all creditors in full, including all administrative claims, priority claims and general unsecured claims, leaving a substantial sum for equity olders. Class 4 consists of General Unsecured Claims. Creditor 3.1 Delsa Homes, LLC has $650,000 amount of scheduled claim. This claim is doubtful and was scheduled as disputed. The dollar value of this claim, if any, will be determined prior to payment, either through claims litigation or an adversary proceeding. In the Debtor's opinion, this creditor has a zero-value claim, and therefore Delsa Homes is not a creditor. Nevertheless, it is Debtor's opinion that this claim has a nuisance value of under $10,000. This class of claims is unimpaired, as Debtor proposes to pay the allowed amount of this claim, if any, in full. The source of the funds to pay this creditor is the refinance of the Debtor's property. Creditor 3.3 Mohammad Kashani has been determined to be a duplicate listing of claim of Creditor 3.1. Creditor 3.2 Ford & Diullo has $35,000 total amount of claim. This creditor shall be paid in full on the effective date of the Plan. The soure of the funds to pay this creditor is the refinance of the Debtor's property. This claim is unimpaired. The Plan provides that these interests are the equity holders of the Debtor. As required by the Absolute Priority Rule, this class of interests shall receive no money, property, or distributions from the Debtor until all other creditors in all other classes have been fully paid. At that time, all remaining property if any, shall revert to the Debtor, and equity security holders shall retain their interest in the Debtor. The Plan provides for its implementation by funding the Plan through the refinancing of the Debtor's real property. Creditors should be aware that the Bankruptcy Code requires that the Debtor receive Court permission for the borrowing of these funds. The Plan requires the Debtor to petition the Court in advance of incurring said Debt. Until the refinancing of the property, miscellaneous expenses of this Chapter 11 case, including U.S. Trustee fees, are being funded by David Thomas. A full-text copy of the Disclosure Statement dated Feb. 15, 2022, is available at https://bit.ly/3H2eVSV from PacerMonitor.com at no charge. Attorney for the Debtor: Alan M. Lurya, Esq. Law Offices of Alan M. Lurya 15615 Alton Parkway, Suite 450 Irvine, CA 92618 Tel: (949) 440-3230 Email: alanlurya@yahoo.com About Mountain Vista Mountain Vista Holdings, LLC, a company based in Laguna Beach, Calif., filed a petition for Chapter 11 protection (Bankr. C.D. Calif. Case No. 21-12479) on Oct. 12, 2021, listing up to $10 million in assets and up to $1 million in liabilities. D. Scott Abernathy, manager, signed the petition. Judge Erithe A. Smith oversees the case. The Debtor tapped the Law Offices of Alan M. Lurya as legal counsel. MULLEN AUTOMOTIVE: Incurs $36.5 Million Net Loss in First Quarter ----------------------------------------------------------------- Mullen Automotive Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $36.46 million for the three months ended Dec. 31, 2021, compared to a net loss of $4.99 million for the three months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $45.41 million in total assets, $55.90 million in total liabilities, and a total deficiency in stockholders' equity of $10.49 million. As of Feb. 14, 2022 (the date of this Quarterly Report), the Company has yet to generate any revenue from its business operations. To date, the Company has funded its capital expenditure and working capital requirements through equity and debt capital. The Company's ability to successfully commence commercial operations and expand its business will depend on many factors, including the Company's working capital needs, the availability of equity or debt financing and, over time, its ability to generate cash flows from operations. Mullen stated, "The Coronavirus ("COVID-19") continues to impact countries, communities, supply chains and markets, global financial markets, and various industries. To date, COVID-19 has had a material and disruptive impact on our strategy in EV product development and the ability to obtain external financing to fund its development activities. Company management is unable to predict whether the global pandemic will continue to have a material impact on our future financial condition and results of operations. "As an early-stage development company, our ability to access capital is critical. Our management plans to raise additional capital through a combination of equity and debt financings, strategic alliances, and licensing arrangements. Company management has evaluated whether there are any conditions and events, considered in aggregate, which raise substantial doubt about its ability to continue as a going concern over the next twelve months from the date of filing this report. Since inception, we have incurred significant accumulated losses of approximately $186.8 million, and management expects to continue to incur operating losses over the near future. Proceeds from the business combination with Net Element, the exercise of warrants, and a qualified public offering, should they materialize, are expected to provide Mullen with sufficient liquidity and capital resources to fund its operating expenses and capital requirements for at least the next 12 months. The financial statements do not include any adjustments that might result from the outcome of this uncertainty." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1499961/000155837022001130/muln-20211231x10q.htm About Mullen Mullen Automotive Inc. (fka Net Element Inc.) is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer's life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership. Mullen Automotive reported a net loss of $44.24 million for the year ended Sept. 30, 2021, compared to a net loss of $30.18 million for the year ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had $17.17 million in total assets, $78.88 million in total liabilities, and a total deficiency of $61.71 million. Fort Lauderdale, Florida-based Daszkal Bolton LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Dec. 29, 2021, citing that the Company has sustained net losses, has indebtedness in default, and has liabilities in excess of assets of approximately $42.5 million at Sept. 30, 2021, which raise substantial doubt about its ability to continue as a going concern. NABORS INDUSTRIES: S&P Raises ICR to 'B-', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Bermuda-based drilling contractor Nabors Industries Ltd. to 'B-' from 'CCC+' and removed the rating from CreditWatch, where S&P had placed it with positive implications on Nov. 18, 2021. The outlook is stable. S&P said, "At the same time, we raised our issue-level rating on the company's senior priority guaranteed notes to 'B' from 'B-' with a recovery rating of '2', indicating our expectation for substantial recovery (70%-90%; rounded estimate 85%) in the event of payment default. We also raised our issue-level rating on Nabors' unsecured guaranteed notes to 'CCC' from 'CCC-' and our issue-level rating on Nabors unsecured notes to 'CCC' from 'CCC-'. The recovery rating remains '6', indicating our expectation of a negligible recovery in the event of payment default. "The stable outlook reflects our expectation that the company's liquidity will remain adequate and credit measures will improve as it continues to focus on balance sheet improvement and debt reduction." The 'B-' issuer credit rating reflects an improved near-term debt maturity profile and completion of a new revolving credit facility. In November 2021 Nabors issued $700 million of new senior priority guaranteed debt and subsequently was successful in negotiating a new $350 million revolving credit facility which provides for financial flexibility. The new credit agreement includes a $100 million accordian feature, a basket for additional indebtedness, including term loans and letters of credit up to $150 million secured by liens, which may include liens on the collateral securing the credit facility, and in the event of future increases in consolidated net tangible assets, a grower base for term loans up to $100 million secured by liens on assets outside the credit facility's collateral. The new facility allows for the company to issue up to approximately $430 million of additional senior priority guaranteed notes even if the facility is fully drawn. S&P believes this financial flexibility and what it expects to be continued free cash flow will enable Nabors to help reduce its total debt outstanding including paying off its $105 million of debt due in 2023 and $287 million of debt due in 2024. However, the rating is constrained by larger maturities due in 2025 and 2026, and we revised the anchor by one-notch downward as a result. The oilfield services industry continues to improve and we expect market conditions to remain positive for the next year. Nabors reported free cash flow of $312 million, including asset sales, for the full year 2021 and we expect about $50 million to $100 million of free cash flow in 2022. S&P said, "Additionally, we expect stronger commodity prices in 2022 to lead to increased drilling activity, especially among private companies in the U.S. Lower 48. Nabors expects its active fleet to increase by about 9 to 10 rigs in the lower 48 in the first quarter of 2022 as well as margin improvement as heightened demand supports price increases. Nabors' NDS technology continues to gain traction and we expect this segment to grow in 2022 and becomed a bigger percentage of total EBITDA. Internationally, we expect a slower start to 2022 but we expect improvements in both utilization and day rates as the year progresses with growth from the SANAD newbuilds and in Latin America. Financially, we expect improving EBITDA and lower debt levels as the company uses free cash flow for debt reduction. We forecast S&P Global Ratings-adjusted funds from operations (FFO) to debt of around 15%-20% and adjusted debt to EBITDA in the range of 3.5x-4x." S&P said, "The stable outlook reflects the company's improved near-term debt schedule, the successful refinancing of its revolving credit facility and improving financial measures. In addition, we expect free cash flow will continue to go towards debt reduction. "We could lower the rating if FFO to debt approaches 12% or if Nabors' liquidity weakens. Such a scenario is possible if capital expenditures are higher than our current expectations or commodity prices decrease such that demand for Nabors' services decreases below our expectations. "Although we consider it unlikely at this time, an upgrade would be possible if Nabors' continues to reduce its total debt load and addresses its medium-term debt maturities including its notes maturing in 2025." ESG credit indicators: E4, S2, G2 Environmental factors are a negative consideration on S&P's credit rating analysis of Nabors Industries Ltd. due to its expectation that the energy transition will result in lower demand for services and equipment as accelerating adoption of renewable energy sources lowers demand for fossil fuels. Additionally, the industry faces an increasingly challenging regulatory environment, both domestically and internationally, that has included limits on fracking activity in certain jurisdictions, as well as the pace of new and existing well permits. To help offset these concerns, Nabors is operating relatively environmentally friendly rigs (17 duel-fuel, 2 biodiesel, 3 with advanced energy management systems, 3 grid powered, and 54 dual-fuel-capable rigs in the Lower 48), has developed technology to improve the accuracy and transparency of greenhouse gas reporting on the rig site, and is evaluating carbon capture, emissions minimization, power storage, and power management technologies. NATGASOLINE LLC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB-' rating on Natgasoline LLC's (Natgasoline) series 2018 tax-exempt bonds, term loan B (TLB), and revolving credit facility. The '2' recovery rating is unchanged, indicating its expectation of substantial (70%-90%; rounded estimate: 75%) recovery in a hypothetical default scenario. The stable outlook reflects S&P's expectation that production rates will be about nameplate capacity, and methanol prices will remain supportive. Natgasoline is a natural gas-based methanol production facility in Beaumont, Texas, with a nameplate capacity of about 1.7 million metric tons per year (mmta). Natgasoline has extensive access to distribution and logistics infrastructure and connections to both Golden Triangle and TETCO header systems, which provide redundant access to multiple natural gas pipelines and nearby storage. The project is a joint venture of OCI N.V. and Proman USA, with each owning a 50% stake. Natgasoline is positioned in the lowest quartile of the cost curve for methanol production due to its access to low-cost natural gas feedstock, which is abundant in the U.S. Methanol prices are volatile and highly correlated to the macroeconomic environment and other factors, including underlying commodity prices, worldwide demand, and new supply. S&P expects Natgasoline will produce at about nameplate capacity since its operational issues related to the waste heat boiler have been resolved. Natgasoline's recurring operational setbacks, which resulted in lower-than-nameplate capacity production since the plant came online in 2018, should now be permanently resolved. Those issues largely stemmed from a problematic initial waste heat boiler (WHB), which was replaced at the end of 2021. Since the repair, the plant has been running at about nameplate capacity of approximately 5,000 metric tons per day (tmt/day). As a result, under our base-case scenario, we project that long-term average production will be higher at about 1.55 mmta-1.60 mmta, compared with our previous expectations of 1.50 mmta-1.55 mmta. This improved production should stem from the plant running near nameplate capacity with a high utilization rate of about 90%-95%. In industrial plants, WHBs are a critical part of the waste heat recovery process, by removing heat from fluids that need to be cooled, and generating steam from that heat, which can then be used in other applications. Methanol prices should remain supportive, despite the ongoing economic uncertainty and normalization from currently elevated prices. S&P expects methanol prices will normalize to about $350-$360 per metric ton (/mt) from currently elevated levels. North American non-discounted prices are about $620/mt, compared with about $480/mt in January 2021. Even with lower realized prices, Natgasoline should still generate substantial cash flows, given its low cost of production at less than $200/mt. The normalization of methanol prices should be spurred by additional supply coming online, combined with demand improving; for example, S&P expects higher production from Iran and U.S. Gulf Coast producers. The demand from China should also increase, as two new methanol-to-olefins plants are scheduled to come online. However, methanol pricing remains highly volatile and dependent on many macroeconomic factors, including the strength of industrial growth. The outlook for industrial production is still subject to much uncertainty due to the COVID-19 pandemic, virus variants, global energy shortages, and supply chain disruptions. Looking back at the supply and demand dynamics during 2021, methanol prices strengthened substantially due to lower global supply, as demand has largely stayed flat. The lower supply was caused by a variety of factors, including lower production due to high energy costs, planned and unplanned outages, weather events affecting Gulf Coast plants, and lower output from China. China has been limiting industrial energy consumption and prioritizing the use of its coal, which it employs as a feedstock in its methanol production. Natgasoline's minimum DSCR remains supportive of the rating. Under our revised assumptions, Natgasoline's minimum projected DSCR is still commensurate with the 'BB-' rating, at 1.89x in 2030 compared with 1.86x at the time of our previous review. This period coincides with some major turnaround work, as well as the scheduled principal amortization of the tax-exempt bonds. Natgasoline's revised average DSCR is about 3.43x, which is slightly above our previous expectation of 3.15x. S&P also projects DSCRs above 4.0x during our outlook horizon, which it believes will provide sufficient cushion given the volatile nature of methanol pricing. Natgasoline's capital structure, combined with the estimated useful life of the plant through 2048, should not be an impediment to refinancing the TLB balance due in November 2025. S&P anticipates that the balance should be about $525 million, as it is not modelling any cash sweep with this security because the project has the option to issue incremental senior secured debt up to $900 million of total first-lien debt or if forward-looking, first-lien net debt-to-EBITDA is below 3x. Furthermore, the project has not paid back more than the 1% annual principal mandatory amortization since the TLB was issued. In contrast, the tax-exempt bonds have a fully amortizing structure of about $50 million per year, starting from 2025 until maturity in 2031. S&P said, "The stable outlook on Natgasoline reflects our expectation that production rates will be stable and near nameplate capacity, and methanol prices will remain supportive. Our minimum DSCR of 1.89x, which still supports the 'BB-' rating, occurs in 2030, which coincides with a period of major maintenance and debt service due to the amortization of the tax-exempt bonds. "We could take a negative rating action if Natgasoline's cash flow deteriorates materially, such that the DSCR falls to 1.75x on a consistent basis. This could stem from depressed commodity prices or operational challenges that lead to a significant increase in operating costs or require a plant shutdown for an extended period, affecting production volume. "We could consider an upgrade if we believed that, given the volatile nature of methanol, Natgasoline could consistently achieve debt service coverage exceeding 3.0x in all years of our base-case projection, including the refinancing period. This could stem from substantial improvements in methanol prices in the market or the acquisition of long-term offtake contracts that provide price and volume certainty, but absent any material increase in natural gas feedstock prices." O'CONNOR CONSTRUCTION: May Use Cash Collateral Thru July 31 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has authorized O'Connor Construction Group, LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance and provide adequate protection. The Debtor requires the use of cash collateral to pay actual, ordinary and necessary operating expenses. As of the Petition Date, liens or other interests are asserted against the cash collateral of the Debtor by the United States Small Business Administration, Breakout Capital, CIT Bank NA, Union Funding Source, Inc., and Green Capital Funding. While Union Funding Source and Green Capital assert security interests in the property they claim they purchased from the Debtor pre-petition, they take issue with their designation as creditors due to the nature of their prepetition transaction with the Debtor. As adequate protection, the Secured Creditors will receive a replacement lien in post-petition assets of the same character as their respective prepetition collateral and proceeds of post-petition assets of the same character as their respective prepetition collateral. The Adequate Protection Liens will (i) be supplemental to and in addition to the prepetition liens or interests of each respective Interest Holder, (ii) be accorded the same validity and priority as enjoyed by the prepetition liens or interests immediately prior to the Petition Date, (iii) be deemed to have been perfected automatically effective as of the entry of the Order without the necessity of filing of any UCC-1 financing statement, state or federal notice, mortgage or other similar instrument or document in any state or public record or office and without the necessity of taking possession or control of any collateral. As additional adequate protection for the interests of Breakout Capital LLC in the Cash Collateral, the Debtor will commence making adequate protection payments to Breakout Capital LLC on or before March 1, 2022, and on the first day of each month thereafter until otherwise directed by the Court or by operation of law, in the amount of $10,000. The Debtor's use of cash collateral will terminate immediately terminate upon the earlier of July 31, 2022, or the occurrence of any of the following: a. 10 days following either a Secured Creditor's delivery of a notice (either written or via email) of a breach by the Debtor of any obligation under the Order which breach remains uncured or otherwise continues to exist at the end of such 10 day notice period; b. Conversion of the Debtor's Chapter 11 case to a case under Chapter 7 of the Bankruptcy Code; c. The appointment of a trustee pursuant to Section 1104 of the Bankruptcy Code; and d. The entry of any order modifying, reversing, revoking, staying, rescinding, vacating or amending the Order without the express prior written consent of Secured Creditors (and no such consent will be implied from any action, inaction, course of conduct or acquiescence by Secured Creditors). A copy of the order and the Debtor's budget for the period from February to July 2022 is available at https://bit.ly/3GT8fGA from PacerMonitor.com. The Debtor projects $1,524,940 in total cash receipts and $1,205,164 in total cash payments. About O'Connor Construction Group, LLC Based in Poolville, Texas, O'Connor Construction Group, LLC has over 30 years of experience as a commercial/industrial contractor specializing in food storage/processing facilities and provides turnkey design, construction and construction management services for projects nationwide, but focusing primarily in the South/Southwest. O'Connor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-40187-11) on January 28, 2022. In the petition signed by Paul O'Connor, member/manager, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Union Funding Source, Inc., as secured creditor, is represented by Shanna M. Kaminski, Esq. at Kaminski Law, PLLC. ONEMAIN HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit ratings on OneMain Holdings Inc. and its subsidiary OneMain Finance Corp. to 'BB'. The outlook is stable. At the same time, S&P raised its unsecured debt rating on OneMain to 'BB'. S&P also raised its issue rating on AGFC Capital Trust's preferred stock to 'B'. The upgrade reflects OneMain's steady operating performance and our expectation that this performance will likely remain strong over the next year. S&P expects origination volume will likely exceed pre-pandemic levels in 2022 as forbearance programs expire, government stimulus fades, and subprime consumer demand remains robust. This year the company expects managed receivables growth of 5%-10%. Stronger-than-expected credit performance led to a decline in the company's loan loss reserve to 10.9% of receivables as of Dec. 31, 2021, from 12.6% as of Dec. 31, 2020, though this remained marginally above 10.7% following the Current Expected Credit Losses implementation in January 2020. At year-end 2021, the company's leverage, measured as debt to adjusted total equity (ATE), was 5.7x. Credit performance has normalized as enhanced stimulus programs fade, but operational risk remains as the company tries to grow its new product lines. Net charge-offs for year-end 2021 were 4.2%, down 134 basis points compared with the year-ago period. S&P expects net charge-offs to return to the historical average of about 6% as origination volume rises, government stimulus recedes, and consumer repayment behavior changes due to inflation. In 2021, OneMain launched two separate credit cards: Brightway and Brightway+. While the company issued about 66,000 credit cards last year, it plans to grow its credit card receivables at a prudent pace in 2022. The company also has a whole loan sale program, through which it anticipates selling about $180 million in loans each quarter but to retain servicing rights. By 2025, the company's goal is to double its number of customers and increase the amount of customers with two or more products to above 50%, from approximately 20% currently. While S&P views product diversity as a positive rating factor generally, it continues to closely monitor risks from launching new products, particularly given the relative risk of nonprime consumer lending. The stable outlook indicates S&P Global Ratings' expectation that, over the next 12 months, OneMain will maintain its competitive position in nonprime consumer lending and operate with leverage of 4.5x-6.0x on a sustained basis. S&P expects the company to maintain adequate liquidity, net charge-offs to remain around 6.0%, and the company to retain its existing funding mix. Downside scenario S&P said, "We could lower our ratings over the next 12 months if debt to ATE rises above 6.5x or if net charge-offs substantially rise and erode earnings. We could also lower the ratings if regulatory actions impede the company's business, if the company takes on large debt-funded initiatives, or if competition increases in the nonprime consumer lending industry such that risk-adjusted yields decline and weaken earnings." Upside scenario An upgrade its unlikely over the next 12 months. Over time, S&P could raise the ratings, if leverage remains below 4.5x, net-charge-off ratio remains around 6%, and the firm keeps its well-diversified funding mix and better-than-peer liquidity. ORGANIC EVOLUTION: Seeks to Extend Exclusivity Period to April 29 ----------------------------------------------------------------- Organic Evolution, Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusivity period to file a Chapter 11 plan to April 29, and the period to solicit acceptances for the plan to June 30. The exclusivity period refers to the 120-day period during which only the company can file a plan of reorganization after a bankruptcy petition. The extension, if granted by the court, will give Organic Evolution more time to stabilize its business, which is dependent on the company reestablishing its relationships with suppliers. The court order that allowed Organic Evolution to obtain unsecured credit and the ability of the company to pre-pay for product will help alleviate concerns of some of its suppliers, according to a motion filed by the company in court. The exclusivity motion is on the court's calendar for Feb. 23. About Organic Evolution Organic Evolution, a Delray Beach, Fla.-based company that offers computer peripheral equipment, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-20036) on Oct. 19, 2021, listing up to $50,000 in assets and up to $10 million in liabilities. Richard Logis, president, signed the petition. Judge Erik P. Kimball oversees the case. Brian S. Behar, Esq., at Behar, Gutt & Glazer, PA serves as the Debtor's legal counsel. PADDOCK ENTERPRISES: Updates Non-Asbestos Claims Pay Details ------------------------------------------------------------ Paddock Enterprises, LLC, submitted a First Amended Plan of Reorganization and Revised Disclosure Statement dated Feb. 14, 2022. The Debtor, the Asbestos Claimants Committee and the Future Claimants' Representative believe that the Plan provides a fair and reasonable recovery to current asbestos claimants and future asbestos Demand holders and that acceptance of the Plan is in the best interests of all claimants and Demand holders (including asbestos claimants and Demand holders). The Plan will result in a permanent resolution of all current and future asbestos personal injury claims against the Debtor (defined in the Plan as "Asbestos Claims"). The centerpiece of the Plan is the establishment of a trust (as defined in the Plan, the "Asbestos Trust") to process and pay Asbestos Claims pursuant to Asbestos Trust Distribution Procedures ("TDP"). The Plan Proponents believe that the Plan will result in payment in full of Asbestos Claims by the Asbestos Trust pursuant to the TDP. In addition, O-I Glass will provide funding pursuant to the terms of the OI Glass Indemnification Agreements as necessary to ensure payment in full of all Non-Asbestos Claims against the Debtor. Class 3 consists of Asbestos Claims. An Asbestos Claim is either (a) a General Asbestos Claim or (b) an Indirect Asbestos Claim. As of the Effective Date, liability for all Asbestos Claims shall automatically, and without further act, deed or court order, be channeled exclusively to and assumed by the Asbestos Trust, the applicable Plan Documents and the Confirmation Order. Each Asbestos Claim shall be resolved in accordance with the terms, provisions and procedures of the Asbestos Trust Agreement and the TDP. The sole recourse of a Holder of an Asbestos Claim on account of such Asbestos Claim shall be to the Asbestos Trust, and each such Holder shall have no right whatsoever at any time to assert its Asbestos Claim against any Protected Party. Class 4 consists of all General Unsecured Claims. General Unsecured Claims that have neither been Allowed nor Disallowed as of the Effective Date shall pass through this Plan and the Chapter 11 Case and be reinstated. Except to the extent a Holder of an Allowed General Unsecured Claim agrees to different treatment of such General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall be paid in full plus Postpetition Interest in Cash, on, or as soon as practicable after the later of: (a) the Effective Date, (b) the date on which such General Unsecured Claim becomes an Allowed General Unsecured Claim, (c) the date such General Unsecured Claim becomes due and payable according to its terms, or (d) such other date as mutually may be agreed to by and between the Holder of such General Unsecured Claim and the Debtor or Reorganized Debtor. Class 4 is Unimpaired under this Plan. The Asbestos Trust will be funded with cash and securities totaling $610 million, consisting principally of (a) $601.5 million in Cash delivered on the Effective Date and (b) a note (defined in the Plan as the "Payment Note") in the principal amount of $8.5 million, secured by a pledge (defined in the Plan as the "Pledge") of 100% of the Equity Interests in the Reorganized Debtor. The Asbestos Trust will be administered by one or more Asbestos Trustees. On the Effective Date and pursuant to the Plan, the Bankruptcy Court shall appoint the individuals designated by the ACC and FCR and identified in the Asbestos Trust Agreement to serve as the initial Asbestos Trustees. The ACC and FCR have designated LeAnne Jackson, Allen Schwartz, and Hon. George Silver to serve as the initial Asbestos Trustees. The Asbestos Trust will assume sole responsibility for paying Asbestos Claims and the expenses of the Asbestos Trust. Procedures for Resolving and Treating Disputed Non Asbestos Claims All Disputed Non-Asbestos Claims against the Debtor shall be subject to the provisions of Article VI of the Plan, provided, however, Article VI of the Plan shall not apply to Environmental Claims or Causes of Action except those included in any (i) Filed Proofs of Claim or (ii) written agreements whereby the Holder thereof and the Debtor or Reorganized Debtor, as applicable, agree to treat such Environmental Claim or Cause of Action as under the provisions of Article VI of the Plan. All Asbestos Claims shall be resolved and paid by the Asbestos Trust in accordance with Section 8.3 of the Plan, the Asbestos Trust Agreement, and the TDP. Treatment of Disputed Non-Asbestos Claims A Non-Asbestos Claim (whether or not a Proof of Claim has been Filed on behalf of such Claim) shall only become an Allowed Claim to the extent such Claim satisfies the definition of "Allowed." No bar date has been established in the Chapter 11 Case for the filing of Non-Asbestos Claims, and Holders of Non-Asbestos Claims are not required to, and should not, File Proofs of Claim in the Chapter 11 Case on account of such Non Asbestos Claims; provided however that the Debtor or the Reorganized Debtor, as applicable, reserves all rights to (i) object to any Non-Asbestos Claim for which a Proof of Claim is Filed (ii) otherwise dispute, object to, or assert any defense with respect to a Non-Asbestos Claim; or (iii) request that the Bankruptcy Court adjudicate any dispute with respect to any Non Asbestos Claim, subject to the terms of the O-I Glass Indemnification Agreements, as applicable. After the Effective Date, the Reorganized Debtor shall have and retain any and all rights and defenses the Debtor had prior to the Effective Date with respect to any Non-Asbestos Claim that has not been Allowed and any General Unsecured Claim or Environmental Claim or Cause of Action that has neither been Allowed nor Disallowed as of the Effective Date will be reinstated or pass through as if the Chapter 11 Case had not been commenced and shall survive the Effective Date of the Plan with all parties reserving their rights with respect thereto, and the Reorganized Debtor shall retain the authority to object, prosecute any pending objection, litigate, settle or otherwise compromise any such Claim. Counsel to the Debtor: Jeffrey E. Bjork Kimberly A. Posin Christina M. Craige Helena G. Tseregounis LATHAM & WATKINS LLP 355 South Grand Avenue, Suite 100 Los Angeles, CA 90071 Telephone: (213) 485-1234 Facsimile: (213) 891-8763 - and - George A. Davis Christopher J. Kochman Brian S. Rosen Jonathan J. Weichselbaum 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 Facsimile: (212) 751-4864 John H. Knight Michael J. Merchant Brendan J. Schlauch Sarah Silveira RICHARDS, LAYTON & FINGER, P.A. One Rodney Square, 920 N. King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Counsel to the Official Committee of Asbestos Personal Injury Claimants: Kevin C. Maclay, Esq. Todd E. Phillips, Esq. Kevin M. Davis, Esq. CAPLIN & DRYSDALE, CHARTERED One Thomas Circle, NW, Suite 1100 Washington, D.C. 20005 Tel: (202) 862-5000 Fax: (202) 429-3301 Marla R. Eskin Mark T. Hurford CAMPBELL & LEVINE, LLP 222 Delaware Avenue, Suite 1620 Wilmington, DE 19801 Telephone: (302) 426-1900 Fax: (302) 426-9947 Counsel to the Future Claimants' Representative: Robert S. Brady Edwin J. Harron Sharon M. Zieg Sara Beth A.R. Kohut YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000, North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Counsel to O-I Glass, Inc.: Derek C. Abbott Brett S. Turlington MORRIS NICHOLS ARSHT & TUNNELL LLP 1201 North Market Street, Suite 1600 Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 About Paddock Enterprises Paddock Enterprises, LLC's business operations are exclusively focused on (i) owning and managing certain real property and (ii) owning interests in, and managing the operations of, its non debtor subsidiary, Meigs, which is developing an active real estate business. It is the successor-by-merger to Owens-Illinois, Inc., which previously served as the ultimate parent of the company. Paddock Enterprises is a direct, wholly-owned subsidiary of O-I Glass. Paddock Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-10028) on Jan. 6, 2020. At the time of the filing, the Debtor disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Richards, Layton & Finger P.A. and Latham & Watkins LLP as legal counsel, Alvarez & Marsal North America LLC as a financial advisor, Riley Safer Holmes & Cancila, LLP as special counsel, and David J. Gordon of DJG Services, LLC as a chief restructuring officer. Prime Clerk, LLC is the claims, noticing, and solicitation agent and administrative advisor. PARKER MEDICAL: Seeks to Use Accounts Receivable ------------------------------------------------ Parker Medical Holding Company, Inc. and Midwest Medical Associates, Inc. ask the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to, among other things, continue collecting pre-petition account receivable and use the collected cash collateral to pay costs of actual collection under existing pre-petition contracts, and preserve net proceeds of collection as adequate protection. Debtor Midwest Associates has roughly $85,000,000 of pre-Petition accounts receivable. Two wholly owned subsidiaries of Debtor Parker Medical -- Midwest Medical DME Enterprises, LLC and Midwest Medical Enterprises -- have roughly $7,050,000 of pre-Petition accounts receivable. According to the Debtors, the accounts receivable are not cash collateral. However, the collections on accounts receivable will be deposited in cash collateral accounts of Debtor Midwest Associates and Debtor Parker Medical. The documents evidencing the pre-Petition accounts receivable held by Debtor Midwest Associates are invoices issued by Debtor Midwest Associates to approximately 15 insurance companies. First-Citizens Bank holds a disputed security interest on a disputed Note obligation. The bank asserts a security interest in pre-Petition accounts receivable and proceeds of collection of the accounts receivable. There is a pre-Petition dispute between the Debtors and First Citizens Bank. It identifies a State Court jury case in which First-Citizens Bank filed a Complaint seeking judgment on a $3,000,000 line of credit account in the name of Debtor Parker Medical. Debtors Parker Medical and Midwest Associates, and non-Debtor Richard L. Parker, Sr. filed their Answers, Affirmative Defenses, and Counterclaims. The Debtors and non-Debtor Richard L. Parker, Sr. alleged Affirmative Defenses to the First-Citizens Bank Complaint, and denied liability. The Debtors and non-Debtor Richard L. Parker, Sr. also filed three separate joint compulsory Counterclaims each seeking judgment in excess of $10,000,000. Non-Debtor Richard L. Parker, Sr. also filed a fourth Counterclaim seeking judgment in excess of $10,000,000. The Debtors assert that the preservation of cash collateral in the manner set out in the Debtors' AR Collection/Cash Collateral Preservation Plan is in the best interest of all creditors because the cash collateral is preserved for use in the Debtors' Plans or Joint Plan. The Debtors' use of deposits in cash collateral accounts will depend on whether the First-Citizens Bank's alleged secured claim is allowed in any amount, and if so, in what amount. To the extent cash collateral deposits exceed any allowed First-Citizens Bank secured claim, the funds in the accounts can be used otherwise in Debtors' Plans or Joint Plan, including treatment of unsecured creditors. The Debtors' AR Collection/Cash Collateral Preservation Plan does not provide for use or consumption of cash collateral deposited in the Debtors' cash collateral accounts. Rather, the net collections of pre-Petition accounts receivable will be preserved in cash collateral accounts until entry of: (i) agreed Consent Order between the Debtors and First-Citizens Bank establishing an amount of an allowed secured First-Citizens Bank claim on cash collateral; or (ii) the amount of any final judgment in favor of First-Citizens Bank on the jury trial and judgement of the removed State Court jury trial regarding First-Citizens Bank's Complaint against Debtors and the Debtors' Affirmative Defenses, Answer, and Compulsory Counterclaims. The duration of preservation of alleged cash collateral would be from the date of entry of Order granting Debtors' Motion and continuing until entry of the referenced Consent Order or final judgement regarding the trial of the removed State Court jury trial case, including Complaint, Affirmative Defenses, Answer, and Counterclaims. According to the Debtors, First-Citizens Bank is not subjected to any risk of loss of cash collateral which will be preserved under the Debtors' AR Collection/Cash Collateral Preservation Plan. No replacement lien is required or reasonable, because no cash collateral will be disbursed except on Court Order. No cash payments or other adequate protection requirements are necessary or reasonable because Debtors' AR Collection/Cash Collateral Preservation Plan completely protects First-Citizens Bank from risk of loss of collateral between the date of Order granting the Debtors' instant Motion, and the date of Order determining the dollar amount of any allowed, secured claim of First-Citizens Bank either by consent or after final Order is entered. A copy of the motion is available at https://bit.ly/358xfMH from PacerMonitor.com. About Parker Medical Holding Company Parker Medical Holding Company, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-50369) on Jan. 14, 2022. The petition was signed by Richard L. Parker, Sr., president. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Jimmy L. Paul, Esq. and Drew V. Greene, Esq., at Chamberlain Hrdlicka White Williams & Aughtry, serve as the Debtor's counsel. PARMELEE INVESTMENTS: Amends SPS Secured Claim Pay Details ---------------------------------------------------------- Parmelee Investments, LLC, submitted a First Amended Disclosure Statement describing First Amended Chapter 11 Plan dated Feb. 15, 2022. The Debtor owns and manages an investment property located at 6504 Parmelee Ave., Los Angeles, CA 90001-1244 (hereinafter "Subject Property"). The Subject Property is a triplex and currently worth $225,000.00 in its current condition. The Debtor's Plan calls for a whole scale renovation and rehabilitation of the Subject Property so the Subject Property can be sold for a profit, or leased to pay its obligations until it can be sold for a profit or leased. As set forth herein, upon the Court's approval of the Disclosure Statement and Plan, the Debtor is able to reorganize itself with funds from its managing member, Zabi Nowaid. Further, Zabi Nowaid shall pay $4,021.72 a month to SPS for the payment of Claim No. 1 until the Debtor is able to make such payments directly from the income it will generate from the lease of the Property. As part of its Plan, the Debtor was able to negotiate an "Amended Stipulation for Adequate Protection" ("AP Stipulation") with SPS which was approved by the Court via the "Order Granting Motion for Relief of Stay" ("APO"). The APO shall be in effect until the Debtor fully pays off Proof of Claim No. 1. Class 1 consists of the Secured Claim of SPS. SPS Claim of $537,307.46 is to be paid via monthly installment payments of $4,021.72. This secured claim will be paid at 100% of claim. Debtor proposed to pay any and all real property taxes, insurance and homeowner's association dues (if any) for the Subject Property until the Secured Claim is fully paid. SPS' Deed of Trust shall remain in place upon the confirmation of the Debtor's Plan. However, after Proof of Claim No. 1 has been fully paid off, SPS' Deed of Trust shall be reconveyed, released, and SPS shall remove any encumbrance on the Subject Property. Like in the prior iteration of the Plan, General Unsecured Creditors in Class 2 will be paid at 10% of claim. As part of its Plan, Solar Wing, LLC and Moreno Services, LLC will be required to agree that the payments shall fully and finally satisfy the debts as to the Debtor and the Subject Property which are the subject of the recorded Mechanic's Liens on the Subject Property. Moreover, Solar Wing and Moreno Services will be required to execute the full and complete satisfaction of liens and release/remove the same from the Subject Property's title. The Debtor has the ability to fund its Plan from the Debtor's principal whom has cash on hand to fund the entire Plan. A full-text copy of the First Amended Disclosure Statement dated Feb. 15, 2022, is available at https://bit.ly/3H1RNnC from PacerMonitor.com at no charge. Attorney for the Debtor: Matthew Abbasi, Esq. ABBASI LAW CORPORATION 6320 CANOGA AVE., SUITE 220 WOODLAND HILLS, CALIFORNIA 91367 TEL: (310)358-9341 FAX: (888) 709-5448 EMAIL: MATTHEW@MALAWGROUP.COM About Parmelee Investments Parmelee Investments, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10002) on Jan. 3, 2021, listing under $1 million in both assets and liabilities. Matthew Abbasi, Esq., at Abbasi Law Corporation, is the Debtor's legal counsel. PETROTEQ ENERGY: Announces CORT IP Valuation of $229M to $326M -------------------------------------------------------------- Petroteq Energy, Inc. has retained Peak Value IP, LLC to provide a third party valuation of Petroteq's Clean Oil Recovery Technology (CORT), the proprietary intellectual property (IP) behind oil sands extraction process. Petroteq's Technology is considered a "clean technology" and is an environmentally safe and sustainable technology. While the Technology is applicable to both "water-wet" (Canada) and "hydrocarbon wet" (Utah) oils sands sediments, deposits and materials, the technology does not utilize water in its processing operations and thus there is no requirement to build and manage large tailings ponds and wastewater treatment and disposal systems and facilities. The proprietary solvents utilized in the operations of the technology are generally fully recovered and recycled, thus substantially mitigating environmental impact. Through application of the CORT, the Company (acting through its operating subsidiaries in Utah) is able to produce a relatively sweet heavy crude oil from the Asphalt Ridge oil sands deposits without generating wastewater that would potentially harm the environment, in addition, during the course of its crude extraction and production operations, leaves a clean residual sand that can be returned to the environment or marketed as an industrial sand. The current assets consist of Petroteq's active patents, patent applications, and associated trade secrets and know how, related to the extraction of crude oil from oil sands. The Peak Value valuation conclusions in this report are based on accepted practices using fair market value (FMV) and investment value (IV) standards, while utilizing widely recognized and internationally accepted methods valuing business enterprise, such as Cash, Market and Income Approaches. Peak Value utilized data provided by Petroteq, along with public information and industry knowledge of intellectual property licensing. In addition, Peak Value reviewed the historical costs as well as expected future revenue as it relates to the assets. This effort involved a team of financial advisory experts who have a broad experience valuing asset of this nature. Peak Value IP's valuation study of Petroteq's CORT indicated a fair market value (FMV) ranging from $229 Million to $326 Million. The analysis of investment value (IV) ranging from $598 million to $850 million. The analysis has also considered a proposed production facility to be operated in Utah that will produce 5,000 barrels of oil per day. The valuation also encompasses the value of the separated sand as salable to third-parties, providing additional value to the IP beyond the market of oil. The deployment of the IP into multiple oil sand fields is a critical milestone in achieving Petroteq's goals for IP adoption. Petroteq's CTO and interim CEO, Dr. Vladimir Podlipsky, has commented, "The Peak Value IP report re-affirms to our shareholders the substantial value of the company's underlying assets and intellectual property rights. Our commercial opportunity is supported by volumes of data and should provide a commercial viability to financial parties to advance." About Petroteq Energy Inc. Petroteq Energy Inc. -- www.Petroteq.energy -- is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. Petroteq is currently focused on developing its oil sands resources at Asphalt Ridge and upgrading production capacity at its heavy oil extraction facility located near Vernal, Utah. Petroteq Energy reported a net loss and comprehensive loss of $9.47 million for the year ended Aug. 31, 2021, a net loss and comprehensive loss of $12.38 million for the year ended Aug. 31, 2020, and a net loss and comprehensive loss of $15.79 million for the year ended Aug. 31, 2019. As of Nov. 30, 2021, the Company had $79.79 million in total assets, $10.67 million in total liabilities, and $69.12 million in total shareholders' equity. Vancouver, British Columbia, Canada-based Hay & Watson, the Company's auditor since 2012, issued a "going concern" qualification in its report dated Dec. 14, 2021, citing that the Company has had recurring losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. PETROTEQ ENERGY: Closes US$750K Equity Subscription --------------------------------------------------- Petroteq Energy Inc. closed the US$750,000 subscription for 6,250,000 units of Petroteq at a price of US$0.12 per unit originally announced by the Company on Aug. 4, 2021. Each unit consists of (i) one common share of the Company, and (ii) one transferable share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share of the Company at a price of US$0.128 per share for 24 months. The net proceeds will be used by Petroteq on its extraction technology in Asphalt Ridge, Utah and for working capital. The warrant was originally announced to be exercisable at US$0.12 but was amended to US$0.128. The units, the underlying common shares and warrants, and the common shares issuable upon exercise of the warrants have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws. The units were offered and sold in reliance on an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws, and were issued as "restricted securities" (as defined in Rule 144 under the U.S. Securities Act). In addition, the securities issuable in the equity financing are subject to a Canadian four-month hold period. About Petroteq Energy Inc. Petroteq Energy Inc. -- www.Petroteq.energy -- is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. Petroteq is currently focused on developing its oil sands resources at Asphalt Ridge and upgrading production capacity at its heavy oil extraction facility located near Vernal, Utah. Petroteq Energy reported a net loss and comprehensive loss of $9.47 million for the year ended Aug. 31, 2021, a net loss and comprehensive loss of $12.38 million for the year ended Aug. 31, 2020, and a net loss and comprehensive loss of $15.79 million for the year ended Aug. 31, 2019. As of Nov. 30, 2021, the Company had $79.79 million in total assets, $10.67 million in total liabilities, and $69.12 million in total shareholders' equity. Vancouver, British Columbia, Canada-based Hay & Watson, the Company's auditor since 2012, issued a "going concern" qualification in its report dated Dec. 14, 2021, citing that the Company has had recurring losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. PHI GROUP: Delays Filing of Dec. 31 Form 10-Q --------------------------------------------- PHI Group, Inc. filed a Form 12b-25 with the Securities and Exchange Commission related to delayed filing of its Quarterly Report on Form 10-Q for the period ended Dec. 31, 2021. The Company said it is unable to file, without unreasonable effort and expense, its Form 10-Q for the fiscal quarter ended Dec. 31, 2021, due to the requirement for additional time by the auditors to review its financial information to be included in the referenced Form 10-Q. About PHI Group Headquartered in Irvine, California, PHI Group, Inc. (www.phiglobal.com) primarily focuses on advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as "Reserved Alternative Investment Fund", and building the Asia Diamond Exchange in Vietnam. The Company also engages in mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group reported a net loss of $6.55 million for the year ended June 30, 2021, a net loss of $1.32 million for the year ended June 30, 2020, and a net loss of $2.93 million for the year ended June 30, 2019. As of Sept. 30, 2021, the Company had $3.56 million in total assets, $6.08 million in total liabilities, and a total stockholders' deficit of $2.51 million. PHIO PHARMACEUTICALS: Mitchell Kopin, et al. Report 5.7% Stake -------------------------------------------------------------- Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially owned 811,832 shares of common stock of PHIO Pharmaceuticals Corp., representing 5.7 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1533040/000121390022006700/ea155275-13ga2intra_phio.htm About Phio Pharmaceuticals Marlborough, Massachusetts-based Phio Pharmaceuticals Corp. -- http://www.phiopharma.com-- is a biotechnology company developing the next generation of immuno-oncology therapeutics based on its self-delivering RNAi therapeutic platform. The Company's efforts are focused on silencing tumor-induced suppression of the immune system through its proprietary INTASYL platform with utility in immune cells and/or the tumor micro-environment. The Company's goal is to develop powerful INTASYL therapeutic compounds that can weaponize immune effector cells to overcome tumor immune escape, thereby providing patients a powerful new treatment option that goes beyond current treatment modalities. Phio Pharmaceuticals reported a net loss of $8.79 million for the year ended Dec. 31, 2020, a net loss of $8.91 million for the year ended Dec. 31, 2019, and a net loss of $7.36 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $27.94 million in total assets, $2.70 million in total liabilities, and $25.25 million in total stockholders' equity. PHOENIX HOLDINGS: Case Summary & Two Unsecured Creditors -------------------------------------------------------- Debtor: Phoenix Holdings & Investments LLC 315 Flatbush Ave, Suite 424 Brooklyn, NY 11217 Business Description: Phoenix Holdings & Investments is primarily engaged in renting and leasing real estate properties. The Debtor is the fee simple owner of a real property located at 512 Classon Avenue, Brookyln, NY 11238 valued at $1.1 million. Chapter 11 Petition Date: February 18, 2022 Court: United States Bankruptcy Court Eastern District of New York Case No.: 22-40292 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Avrum J. Rosen, Esq. LAW OFFICES OF AVRUM J. ROSEN, PLLC 38 New St Huntington, NY 11743-3327 Tel: 631-423-8527 Fax: 631-423-4536 E-mail: arosen@ajrlawny.com Total Assets: $1,100,000 Total Liabilities: $2,056,355 The petition was signed by Israel Spitzer as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6765XZI/Phoenix_Holdings__Investments__nyebke-22-40292__0001.0.pdf?mcid=tGE4TAMA PLATINUM GROUP: Completes Purchase, Cancellation of US$20M Notes ---------------------------------------------------------------- Platinum Group Metals Ltd. has completed the privately negotiated purchase and cancellation of the Company's US$20 million 6 7/8% Convertible Senior Subordinated Notes due July 1, 2022 pursuant to the agreements previously announced on Jan. 20, 2022. On the purchase of the Notes, the Company issued to the holders, on a private placement basis, an aggregate of 11,793,509 Common Shares of the Company in consideration for the principal outstanding balance of the Notes, being a price of approximately US$1.695 per share. The Company also paid accrued and unpaid interest on the Notes in cash. The Company purchased US$12.0 million of the Notes from an affiliate of Kopernik Global Investors, LLC on Feb. 4, 2022 and US$8.0 million of the Notes from affiliates of Franklin Templeton Investments on Feb. 10, 2022. Franklin is a "related party" of the Company (as defined by Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101")) and the Company is relying on the exemptions from both the formal valuation requirement and the minority shareholder approval requirement under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves Franklin, exceeds 25 per cent of the Company's market capitalization calculated in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the closing dates of the above transactions as it has negotiated the above transactions on an expedited basis. The Common Shares issuable upon the purchase of the Notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act, and in Canada will be subject to a four-month restricted period from the issue date of the Common Shares. About Platinum Group Metals Headquartered in British Columbia, Canada, Platinum Group Metals Ltd. -- http://www.platinumgroupmetals.net-- is a platinum and palladium focused exploration, development and operating company conducting work primarily on mineral properties it has staked or acquired by way of option agreements or applications in the Republic of South Africa and in Canada. Platinum Group reported a loss of $13.06 million for the year ended Aug. 31, 2021, a loss of $7.13 million for the year ended Aug. 31, 2020, a loss of $16.78 million for the year ended Aug. 31, 2019, and a loss of $41.02 million for the year ended Aug. 31, 2018. PLATINUM GROUP: Completes US$6M Non-Brokered Private Placement -------------------------------------------------------------- Platinum Group Metals Ltd. reported the closing of a non-brokered private placement of common shares at price of US$1.695 per common share as previously announced on Jan. 25, 2022. An aggregate of 3,539,823 common shares were subscribed for and issued to existing major beneficial shareholder, Hosken Consolidated Investments Limited, resulting in gross proceeds to the Company of US$6.0 million. On Feb. 11, 2022 the Company used a portion of the net proceeds of the Private Placement to pay all accrued interest and repay the US$3.0 million principal balance of a senior secured facility with Sprott Private Resource Lending II (Collector), LP and the other lenders party thereto. The balance of proceeds from the Private Placement will be used by the Company for general corporate and working capital purposes. After the repayment of the 2019 Sprott Facility principal balance due, the Company is now debt free. Importantly, the Company's pledge of its South African assets as security against the 2019 Sprott Facility has been fully released. Pricing of the Private Placement was set to be consistent with the equity consideration paid in Common Shares of the Company for the Company's recent purchase of its outstanding 6 7/8% Convertible Senior Subordinated Notes. The Private Placement allowed HCI to return to a near 26% interest in the Company, as it held prior to the purchase and cancellation of the Notes. Securities purchased pursuant to the Private Placement may not be traded for a period of four months plus one day from the closing of the Private Placement on Feb. 11, 2022. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act. HCI is a "related party" of the Company (as defined by Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101")) and the Company relied on the exemptions from both the formal valuation requirement and the minority shareholder approval requirement under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves HCI, exceeds 25 per cent of the Company's market capitalization calculated in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing date of the above transactions as it has negotiated the above transactions on an expedited basis. The Company relied on the exemption for "Eligible Interlisted Issuers" under Section 602.1 of the TSX Company Manual in connection with the listing of the common shares on the Toronto Stock Exchange ("TSX") under the Private Placement. About Platinum Group Metals Headquartered in British Columbia, Canada, Platinum Group Metals Ltd. -- http://www.platinumgroupmetals.net-- is a platinum and palladium focused exploration, development and operating company conducting work primarily on mineral properties it has staked or acquired by way of option agreements or applications in the Republic of South Africa and in Canada. Platinum Group reported a loss of $13.06 million for the year ended Aug. 31, 2021, a loss of $7.13 million for the year ended Aug. 31, 2020, a loss of $16.78 million for the year ended Aug. 31, 2019, and a loss of $41.02 million for the year ended Aug. 31, 2018. PULMATRIX INC: CVI Investments, Heights Capital Report 4.2% Stake ----------------------------------------------------------------- CVI Investments, Inc. and Heights Capital Management, Inc. disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 2,461,111 shares of common stock of Pulmatrix, Inc., representing 4.2 percent of the shares outstanding. The Company's Proxy Statement, filed on Dec. 30, 2021, indicates there were 56,249,062 Shares outstanding as of Dec. 17, 2021. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1574235/000110465922022563/tm226115d23_sc13ga.htm About Pulmatrix Pulmatrix, Inc. -- http://www.pulmatrix.com-- is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE technology. The Company's proprietary product pipeline includes treatments for serious lung diseases such as allergic ronchopulmonary aspergillosis and lung cancer, as well as neurologic disorders such as acute migraine. Pulmatrix's product candidates are based on iSPERSE, its proprietary engineered dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes. Pulmatrix reported a net loss of $19.31 million for the year ended Dec. 31, 2020, a net loss of $20.59 million for the year ended Dec. 31, 2019, and a net loss of $20.56 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $55.75 million in total assets, $10.56 million in total liabilities, and $45.19 million in total stockholders' equity. RED RIVER WASTE: Cash Collateral Access, $2MM DIP Loan OK'd ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has authorized Red River Waste Solutions, LP to use cash collateral on a final basis and obtain post-petition financing. The Debtor is permitted to obtain postpetition financing up to an aggregate principal amount of $2 million on a final basis pursuant to the Debtor-in-Possession Credit Agreement and other agreements and documents related to the Financing among the Debtor, as borrower, and Euclid Investments Funding I LLC, as lender. The Debtor will use the Financing to: (i) pay costs, fees and expenses associated with or payable under the Financing under the terms of the Final Order; (ii) repay the Weldon Smith DIP Facility in an amount of $500,000 plus all accrued and unpaid interest and fees; (iii) pay professional fees subject to the Approved Budget; (iv) provide ongoing working-capital requirements of the Debtor and to pay fees, costs, expenses and other administrative expenses relating to the Chapter 11 Case; and (v) make the currently identified capital expenditures and other payments of postpetition payables as permitted under the DIP Credit Agreement. The DIP Lender is committed to lend the Debtor an additional $250,000, for an aggregate commitment of $2.25 million, and subject to a second draw of $250,000 upon the filing with the Court of (i) a motion requesting approval of proposed bidding procedures, reasonably acceptable to the DIP Lender, for the sale of all or substantially all of the Debtor's assets; or (ii) a chapter 11 plan of reorganization that provides for indefeasible payment in full, in cash of all obligations owing under the DIP Loan Documents. The Debtor is authorized to use proceeds of the Financing to repay the Weldon Smith DIP Facility in an amount of $500,000 plus all accrued and unpaid interest and fees, in the amounts and at the times set forth in the Approved Budget. As security for the DIP Obligations, effective and perfected as of the Final Order Entry Date, the following security interests and liens, are granted by the Debtor to the DIP Lender on the DIP Collateral: a. First-Priority Lien on Unencumbered Property Pursuant to Section 364(c)(2). Upon the Debtor's repayment of the Weldon Smith DIP Facility in an amount of $500,000 plus all accrued and unpaid interest and fees, a first priority security interest in and lien on all unencumbered DIP Collateral, but only up to the Smith DIP Repayment Total, subject only to the Carve-Out. b. Third Priority Lien on Unencumbered Property Pursuant to Section 364(c)(2). Following a Second Priority Lien held collectively by (i) Union Bank; (ii) Comerica Bank; and TBK Bank, SSB (AP Parties) only up to the extent of the aggregate diminution in the value of the AP Parties' pre-petition collateral that occurred from October 14, 2021 through February 11, 2022, in an actual amount to be determined by the Court, provided, however, that in no event will the Second Priority Lien exceed $500,000, or otherwise agreed upon by the Debtor, the DIP Lender and the AP Parties, a third priority security interest in and lien on, pursuant to 364(c)(2) of the Bankruptcy Code, all unencumbered DIP Collateral. c. Fourth Priority Lien on the DIP Vehicles. For the avoidance of doubt, following a third priority security interest in and lien on all unencumbered DIP Collateral, nothing limits the Fourth Priority Lien held collectively by the AP Parties, only up to the extent of the aggregate diminution in the value of the AP Parties' pre-petition collateral that occurred after February 11, 2022, in an actual amount to be determined by the Court. d. Junior Lien on Certain Encumbered Property Pursuant to Section 364(c)(3). A junior security interest in and lien on all DIP Collateral that is subject to valid, perfected, and non-avoidable liens on property of the Debtor that are in existence on the Petition Date, subject to the Carve-Out. e. Liens Senior to Certain Other Liens. Except as otherwise set forth in the Final Order, the DIP Liens will not be subject or subordinate to (a) any lien or security interest that is avoided and preserved for the benefit of the Debtor and its estate under section 551 of the Bankruptcy Code, or (b) any liens arising after the Petition Date including, without limitation, liens granted under prior orders of the Court, or any liens or security interests granted in favor of any federal, state, municipal, or other governmental unit, commission, board, or court for any liability of the Debtor. The DIP Lender's liens and security interests in DIP Collateral are subordinate to a "Carve-Out" for: (i) the fees and expenses incurred by bankruptcy professionals (x) whose retention has been approved by the Bankruptcy Court which are incurred but unpaid as of the delivery of the Carve-Out Trigger Notice and (y) provided for in the Approved Budget; (ii) the fees and expenses in an amount not to exceed $100,000 incurred from and after the delivery of a Carve-Out Trigger Notice by bankruptcy professionals whose retention has been approved by the Bankruptcy Court; and (iii) the fees owed pursuant to 28 U.S.C. section 1930 or fees owed the clerk of the Bankruptcy Court. A copy of the order and the Debtor's budget for the period from January 31 to May 8, 2022 is available at https://bit.ly/3v1pV0k from Stretto, Inc., the claims agent. The Debtor projects $12,382,000 in total cash sources and $12,567,000 in total cash expenses for the period. About Red River Waste Solutions Red River Waste Solutions LP is a Dripping Springs, Texas-based company that provides waste management services. It also offers solid waste and garbage pickup, recycling, industrial waste collection, disposal, and landfill management services. Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million in assets and up to $100 million in liabilities. James Calandra, chief restructuring officer of Red River Waste Solutions, signed the petition. Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the Debtor's legal counsel. The Debtor's official committee of unsecured creditors tapped Womble Bond Dickinson (US) LLP as legal counsel and Rock Creek Advisors, LLC as financial advisor. Stretto, Inc. is the claims and noticing agent. RELMADA THERAPEUTICS: RTW Investments, Roderick Wong Own 7.9% Stake ------------------------------------------------------------------- RTW Investments, LP and Roderick Wong disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 2,186,324 shares of common stock of Relmada Therapeutics, Inc., representing 7.9 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1553643/000090266422001597/p22-0374sc13ga.htm About Relmada Therapeutics Inc. Relmada Therapeutics is a late-stage pharmaceutical company addressing diseases of the central nervous system (CNS), with a focus on major depressive disorder (MDD). For the nine months ended Sept. 30, 2021, the Company reported a net loss of $91.37 million. Relmada Therapeutics reported a net loss of $59.45 million for the year ended Dec. 31, 2020, compared to a net loss of $15 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $90.93 million in total assets, $18.25 million in total current liabilities, and $72.69 million in total stockholders' equity. RELMADA THERAPEUTICS: Venrock, et al. Report 8.2% Equity Stake -------------------------------------------------------------- In a Schedule 13 filed with the Securities and Exchange Commission, these entities and individuals disclosed that as of March 26, 2021, they beneficially own 2,270,072 shares of common stock of Relmada Therapeutics, Inc., representing 8.2 percent of the shares outstanding: * Venrock Healthcare Capital Partners II, L.P. * VHCP Co-Investment Holdings II, LLC * Venrock Healthcare Capital Partners III, L.P. * VHCP Co-Investment Holdings III, LLC * Venrock Healthcare Capital Partners EG, L.P. * VHCP Management II, LLC * VHCP Management III, LLC * VHCP Management EG, LLC * Nimish Shah * Bong Koh This percentage is calculated based upon 27,726,084 shares outstanding after completion of the Issuer's public offering, as reported in the prospectus supplement dated Dec. 8, 2021 and filed with the Securities and Exchange Commission on Dec. 10, 2021. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1553643/000110465922022875/tm226174d11_sc13g.htm About Relmada Therapeutics Inc. Relmada Therapeutics is a late-stage pharmaceutical company addressing diseases of the central nervous system (CNS), with a focus on major depressive disorder (MDD). For the nine months ended Sept. 30, 2021, the Company reported a net loss of $91.37 million. Relmada Therapeutics reported a net loss of $59.45 million for the year ended Dec. 31, 2020, compared to a net loss of $15 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $90.93 million in total assets, $18.25 million in total current liabilities, and $72.69 million in total stockholders' equity. RIVER MILL: Seeks to Extend Exclusivity Period to May 11 -------------------------------------------------------- River Mill, LLC asked the U.S. Bankruptcy Court for the Middle District of Louisiana to extend the exclusivity period to file a Chapter 11 plan to May 11, and the period to solicit acceptances for the plan to July 11. The exclusivity period refers to the 120-day period during which only the company can file a plan of reorganization after a bankruptcy petition. The extension, if granted by the court, will give the company more time to market for sale its shopping center in Port Allen, La., and to finalize the build-out or renovation of the leased suites at the shopping center. River Mill is currently in negotiations to obtain financing for the property, according to a motion filed by the company in court. The exclusivity motion is on the court's calendar for March 9. About River Mill River Mill, LLC owns and operates a shopping center located at 3235 Highway 1 South, Port Allen, La. River Mill filed a Chapter 11 petition (Bankr. M.D. La. Case No. 21-10485) on Oct. 13, 2021, listing as much as $10 million in both assets and liabilities. Judge Douglas D. Dodd oversees the case. Tristan Manthey, Esq., and Cherie Dessauer Nobles, Esq., at Fishman Haygood, LLP serve as the Debtors' bankruptcy attorneys. The First, A National Banking Association, a secured creditor, is represented by Bartley P. Bourgeois, Esq., at The Cohn Law Firm, LLC. ROBERT J STROUMPOS: Wins Cash Collateral Access Thru April 30 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, has authorized Robert J Stroumpos DDS, PC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance, through April 30, 2022. The Court says that within 10-days of entry of the Order, and continuing monthly thereafter, the Debtor must remit to the Subchapter Trustee, Drew McManigle, interim compensation in the amount of $1,000, as reflected in the Budget. The interim compensation amount is subject to adjustment by the Court upon the request of any interested party and the Court's approval of the Trustee's fee application under 11 U.S.C. section 330. As adequate protection for the use of Cash Collateral, the U.S. Small Business Administration is granted replacement liens on all post-petition cash collateral and post-petition acquired property to the same extent and priority they possessed as of the Petition Date. The liens currently held by the Local Texas Tax Authorities or which will arise during the course of the case pursuant to applicable non-bankruptcy law, will neither be primed by nor subordinated to any liens granted thereby or pursuant to the Order. Furthermore, from the proceeds of the sale of any of the Debtor's assets located in the state of Texas, the Debtor will set aside $9,052 in a segregated account as adequate protection for the secured claims of the Local Texas Tax Authorities prior to the distribution of any proceeds to any other creditor. The Local Texas Tax Authorities' liens will attach to these proceeds to the same extent and with the same priority as the liens they now hold against the property of the debtors. These funds will be on the order of adequate protection and will constitute neither the allowance of the claims of the Local Texas Tax Authorities, nor a cap on the amounts they may be entitled to receive. A final hearing on the matter is scheduled for April 27, at 11:00 a.m. A copy of the order and the Debtor's 14-day and 30-day budget is available at https://bit.ly/3uVTbFS from PacerMonitor.com. The Debtor projects $125,000 in total receipts and $90,172 in total cash disbursements for the 30-day period. The Debtor projects $62,500 in total receipts and $45,086 in total cash disbursements for the 14-day period. About Robert J Stroumpos DDS, PC Robert J Stroumpos DDS, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-80010) on January 25, 2022. In the petition signed by Robert Stroumpos, owner/president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq. at The Lane Law Firm is the Debtor's counsel. ROOSEVELT INN: Exclusivity Period Extended to June 30 ----------------------------------------------------- Judge Ashely Chan of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania extended the exclusivity period for Roosevelt Inn, LLC and Roosevelt Motor Inn, Inc. to file a Chapter 11 plan to June 30. The company can solicit acceptances for the plan until Aug. 31. About Roosevelt Inn and Roosevelt Motor Inn Roosevelt Inn, LLC is a Philadelphia-based company that operates in the traveler accommodation industry. Roosevelt Inn and its affiliate, Roosevelt Motor Inn, Inc., filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Penn. Lead Case No. 21-11697) on June 16, 2021, listing as much as $10 million in both assets and liabilities. Anthony Uzzo, manager, signed the petitions. Judge Ashely M. Chan presides over the cases. The Debtors tapped Karalis, PC as bankruptcy counsel; Asterion, Inc. as financial advisor; A. Uzzo & Company, CPA's PC as bookkeeper; and Blank Rome, LLP and Reed Smith, LLP as special counsel. S-TEK 1 LLC: Wins Cash Collateral Access Thru Mar 31 ---------------------------------------------------- Judge Robert H. Jacobvitz of the U.S. Bankruptcy Court for the District of New Mexico approved the motion of S-Tek 1 LLC to use cash collateral from January 1, 2022 through March 31, 2022. The Debtor is permitted to use cash collateral in the ordinary course of business to pay expenses listed on the budget. Surv-Tek, Inc. is a non-insider creditor that holds, claims, or may claim liens against cash collateral by operation of a security agreement dated December 28, 2018 between the Debtor and Surv-Tek. The Court ruled that Surv-Tek is granted a replacement lien in property of the same type in which it held a lien on the Petition Date that the Debtor acquires postpetition, to the extent that the combined value of the cash collateral and eligible receivables is less than the value of such collateral on the Petition Date. If the amount of cash collateral and eligible receivables is less than the required cash collateral base amount on the last day of the calendar month, the Debtor must either pay Surv-Tek the difference as adequate protection, or file a report with supporting documentation showing that the combined value of cash collateral and eligible receivables has been restored by the 21st day of the following month to at least the required cash collateral base. S-Tek's authority to use Cash Collateral will cease upon default under the order. S-Tek will be in default of its authority to use cash collateral if: (i) S-Tek fails to comply in a material respect with any requirements of the Order and, if such failure is curable, it is not cured within 10 days after written notice to S-Tek's counsel, Nephi D. Hardman, Esq., sent via email to nephi@turnaroundbk.com, and S-Tek does not within that time file a motion with the Court to contest or excuse the alleged default; or (ii) the case is converted to a case under chapter 7 or is dismissed. Surv-Tek may waive any default. A copy of the order and the Debtor's budget for the period from January to March 2022 is available for free at https://bit.ly/36noijs from PacerMonitor.com. The Debtor projects $$144,810 in total cash and $105,190 in total expenses for February 2022. About S-Tek 1 Based in Albuquerque, N.M., S-Tek 1 LLC, also known as SurvTek -- https://www.survtek.com/ -- is a land surveying and consulting firm providing services to both the private and public sectors throughout New Mexico. S-Tek 1 filed a Chapter 11 petition (Bankr. D.N.M. Case No. 20-12241) on Dec. 2, 2020. In its petition, the Debtor disclosed $355,177 in assets and $2,251,153 in liabilities. Randy Asselin, managing member, signed the petition. Judge Robert H. Jacobvitz presides over the case. The Debtor tapped Nephi D. Hardman Attorney at Law, LLC as its bankruptcy counsel and FPM & Associates, LLC as its accountant. SCHOOL DISTRICT: Case Summary & 12 Unsecured Creditors ------------------------------------------------------ Debtor: School District Services, Inc. 8875 NW 145th Ave Rd Morriston, FL 32668 Business Description: The Debtor offers school bus transportation services. Chapter 11 Petition Date: February 17, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-00636 Debtor's Counsel: Marshall G. Reissman, Esq. THE REISSMAN LAW GROUP, P.A. 1700 66th Street North, Suite 405 Saint Petersburg, FL 33710 Tel: 727-322-1999 Fax: 727-327-7999 E-mail: marshall@reissmanlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Ivery Luckey as CEO. A full-text copy of the petition containing, among other items, a list of the Debtor's 12 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/QQUT5HY/School_District_Services_Inc__flmbke-22-00636__0001.0.pdf?mcid=tGE4TAMA SENIOR HEALTHCARE: PCO Says Facility Lacks County License --------------------------------------------------------- Stevanne Ellis, the duly appointed Patient Care Ombudsman for Senior Healthcare, Inc., filed with the U.S. Bankruptcy Court for the District of Maryland a report, dated February 17, 2022, regarding the Debtor's health care facility. The PCO reported that there were no concerns noted by residents during the visit at the Debtor's facility at Trudie's Home. However, the PCO received a notice from the Montgomery County Department of Health and Human Services that the facility does not have a current county license and is not in compliance with the county fire codes. A copy of the Ombudsman Report is available for free at https://9k.gg/DXPEs from PacerMonitor.com. The Ombudsman may be reached at: Stevanne Ellis Office of the State Long-Term Care Ombudsman 301 W. Preston Street, Ste. 1007 Baltimore, MD 21201 Telephone: (410) 767-2161 E-mail: stevanne.ellis@maryland.gov About Senior Healthcare Inc. Senior Healthcare, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 21-15037) on Aug. 2, 2021, listing as much as $1 million in assets and as much as $500,000 in liabilities. Judge Thomas J. Catliota oversees the case. Cohen Baldinger & Greenfeld, LLC serves as the Debtor's legal counsel. Stevanne Ellis, from the Office of the State Long-Term Care Ombudsman at Maryland Department of Aging, has been appointed as patient care ombudsman. SM ENERGY: S&P Upgrades ICR to 'B+', Outlook Stable --------------------------------------------------- S&P Global Ratings raised its issuer credit rating on SM Energy Co., a U.S -based oil and gas exploration and production (E&P) company, to 'B+' from 'B-'. S&P said, "Additionally, we raised our rating on the company's 10% senior secured second-lien notes due 2025 to 'BB' from 'B+'. The '1' recovery rating indicates our expectation for a very high (90%-100%; rounded estimate: 95%) recovery of principal to creditors in the event of a payment default. "We raised our rating on the company's senior unsecured notes to 'BB-' from 'B'. The '2' recovery rating indicates our expectation for a substantial (70%-90%; rounded estimate: 85%) recovery of principal to creditors in the event of a payment default. "The stable outlook reflects our view that SM Energy will use positive free cash flow to reduce long-term debt. Additionally, it reflects our revised expectations that debt to EBITDA will strengthen to the mid-1.0x area and fund from operations (FFO) to debt to the high 50% range over the next 12 months. "Our upgrade reflects the company's improved credit measures under our revised commodity price assumptions. We expect the company to prioritize excess cash flow toward continued debt reduction, following the recent redemption of its 5% senior unsecured notes due 2024. The company has stated its intention to both achieve a 1.0x debt to EBITDA target and $1 billion of net debt before engaging in shareholder distributions. An overall lower debt burden should support credit quality given an improved ability for the company to handle future commodity price volatility. We now expect FFO to debt will rise to the high 50% to low 60% range in 2022 while debt to EBITDA decreases to the mid to low 1.0x area. At the same time, we expect SM Energy to generate meaningful free cash flow over the next two years." After its recent debt paydown, the company has a much stronger maturity profile with the nearest maturity in 2025. SM Energy's 2025 maturities include $447 million 10% second-lien notes and $349 million remaining on its 5.626% senior unsecured notes. This compares to the steep near-term maturity profile the company faced as oil process plummeted at the beginning of 2020, combined with limited liquidity and an inability to access the capital markets, which resulted in some below par debt repurchases. Thus far, the Austin Chalk has produced results economically in line with the company's Midland Basin acreage. While the Austin Chalk has a history of inconsistent results from other operators, SM Energy has demonstrated strong and consistent results from this play over the past year. S&P still views the play with some caution, but note the company's continued stance to spend within free operating cash flow provides a margin of safety as it develops this acreage. S&P said, "The stable outlook reflects our view that SM Energy will use free cash flow to reduce its overall debt load. Additionally, it reflects our revised expectations that debt to EBITDA will strengthen to the mid-1.0x area and FFO to debt to the high-50% range over the next 12 months. "We could lower the rating if SM Energy's credit ratios weaken such that FFO to debt declines well below 45% on a sustained basis, or if the company meaningfully outspends free cash flow. "We could raise our rating on SM Energy if it increases production and proved developed reserves to be more in line with higher-rated peers while maintaining FFO to debt comfortably above 45%." ESG credit indicators: E-4, S-2, G-2 S&P said, "Environmental factors are a negative consideration in our rating analysis on SM Energy as the exploration and production industry contends with an accelerating energy transition and adoption of renewable energy sources. We believe falling demand for fossil fuels will lead to lower profitability and returns for the industry as it fights to retain and regain investors that seek higher return investments." That said, the company has been taking steps toward internally controlled environment practices, including utilizing its first electric frack fleet in October 2020 and reducing its flaring percentage by 67% to 0.81% as of 2020 compared with 2019, and tracks a number of ESG measures using sustainable accounting standards board (SASB) reporting. The company has reduced GHG intensity (down 37%) and methane intensity (down 20%), and improved freshwater intensity (improved 55%), including a 67% reduction in flaring in 2020 when compared to 2019. Further, the company provides detailed disclosure of transition risks and opportunities. SOLID BIOSCIENCES: Boxer Entities Report 4.7% Equity Stake ---------------------------------------------------------- Boxer Capital, LLC, Boxer Management Inc., and Joe Lewis disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially owned 5,336,031 shares of common stock of Solid Biosciences Inc., which include 2,158,329 shares of common stock that Boxer Capital has the right to acquire pursuant to a warrant to purchase common stock issued in connection with a previously announced private placement. The amount represents 4.7 percent of the shares outstanding. MVA Investors and Aaron Davis do not own any shares of common stock. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1465837/000119312522041949/d274651dsc13ga.htm About Solid Biosciences Headquartered in Cambridge, MA, Solid Biosciences -- www.solidbio.com -- is a life sciences company focused on advancing transformative treatments to improve the lives of patients living with Duchenne. Disease-focused and founded by a family directly impacted by Duchenne, the Company's mandate is simple yet comprehensive work to address the disease at its core by correcting the underlying mutation that causes Duchenne with its lead gene therapy candidate, SGT-001, as well as our recently announced next-generation gene therapy candidate, SGT-003. Solid Biosciences reported a net loss of $88.29 million for the year ended Dec. 31, 2020, a net loss of $117.22 million for the year ended Dec. 31, 2019, and a net loss of $74.80 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $248.99 million in total assets, $25.62 million in total liabilities, and $223.36 million in total stockholders' equity. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 15, 2021, citing that the Company has incurred losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. SOLID BIOSCIENCES: EcoR1 Capital, Oleg Nodelman Report 8.3% Stake ----------------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, these entities reported beneficial ownership of shares of common stock of Solid Biosciences Inc. as of Dec. 31, 2021: Shares Percent Beneficially of Reporting Person Owned Class ---------------- ------------ -------- EcoR1 Capital, LLC 9,202,702 8.3% Oleg Nodelman 9,202,702 8.3% EcoR1 Capital Fund Qualified, L.P. 8,369,907 7.6% The percentages reported in this Schedule 13G are based on 110,295,600 shares of Common Stock outstanding as of Nov. 1, 2021, as reported in the Issuer's Form 10-Q filed on Nov. 3, 2021. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1587114/000093583622000166/solidbiosciences13ga.htm About Solid Biosciences Headquartered in Cambridge, MA, Solid Biosciences -- www.solidbio.com -- is a life sciences company focused on advancing transformative treatments to improve the lives of patients living with Duchenne. Disease-focused and founded by a family directly impacted by Duchenne, the Company's mandate is simple yet comprehensive work to address the disease at its core by correcting the underlying mutation that causes Duchenne with its lead gene therapy candidate, SGT-001, as well as our recently announced next-generation gene therapy candidate, SGT-003. Solid Biosciences reported a net loss of $88.29 million for the year ended Dec. 31, 2020, a net loss of $117.22 million for the year ended Dec. 31, 2019, and a net loss of $74.80 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $248.99 million in total assets, $25.62 million in total liabilities, and $223.36 million in total stockholders' equity. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 15, 2021, citing that the Company has incurred losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. STEREOTAXIS INC: Redmile Group Reports 9.1% Equity Stake -------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, these entities reported beneficial ownership of shares of common stock of Stereotaxis, Inc. as of Dec. 31, 2021: Shares Percent Beneficially of Reporting Person Owned Class ---------------- ------------ -------- Redmile Group, LLC 7,308,325 9.1% Jeremy C. Green 7,308,325 9.1% Redmile Strategic Master Fund, LP 4,537,557 5.9% Redmile Capital Offshore II Master Fund, Ltd. 2,770,768 3.6% A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1289340/000110465922023148/tm226094d35_sc13ga.htm About Stereotaxis Based in St. Louis, Missouri, Stereotaxis, Inc. -- http://www.stereotaxis.com-- designs, manufactures and markets an advanced robotic magnetic navigation system for use in a hospital's interventional surgical suite, or "interventional lab", that the Company believes revolutionizes the treatment of arrhythmias by enabling enhanced safety, efficiency, and efficacy for catheter-based, or interventional, procedures. The Company's primary products include the Genesis RMN System, the Odyssey Solution, and related devices. The Company also offers to its customers the Stereotaxis Imaging Model S x-ray System. For the nine months ended Sept. 30, 2021, the Company reported a net loss of $7.36 million. Stereotaxis reported a net loss of $6.65 million for the year ended Dec. 31, 2020, compared to a net loss of $4.59 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $61.92 million in total assets, $21.76 million in total liabilities, $5.58 million in convertible preferred stock, and $34.57 million in total stockholders' equity. STONEWAY CAPITAL: Exclusivity Period Extended to Feb. 28 -------------------------------------------------------- Judge James Garrity, Jr. of the U.S. Bankruptcy Court for the Southern District of New York extended the exclusivity period for Stoneway Capital Ltd. and its affiliates to file a Chapter 11 plan to Feb. 28 and solicit acceptances for the plan to April 29. About Stoneway Capital Corp. Stoneway Capital Corporation is a limited corporation incorporated in New Brunswick, Canada, formed for the purpose of owning and operating, through its Argentine subsidiaries, power generation projects that will provide electricity to the wholesale electricity markets in Argentina. The Argentine subsidiaries operate four power-generating plants in Argentina that provide electricity to the wholesale electricity market in Argentina. Stoneway is 100% owned by GRM Energy Investment Limited. On Oct. 8, 2020, Stoneway commenced proceedings under the Canada Business Corporations Act (the "CBCA"). The Debtors were well on the way toward closing the consensual restructuring when on Dec. 4, 2020, the Argentine Supreme Court issued a decision in an ongoing noise discharge dispute involving one of the Generation Facilities located in Pilar, Argentina. The Argentine Supreme Court Decision created significant uncertainty as it overturned a decision of the federal appeals court in San Martin, Buenos Aires. As a result of the looming expiration of the informal standstill arrangement, the Debtors commenced chapter 11 cases in the U.S. in order to put the automatic stay in place, maintain the status quo pending resolution of the various issues in Argentina, and ensure that neither the Indenture Trustee nor the Argentine Trustee takes any action that could be detrimental or value destructive to the Company. Stoneway Capital Ltd. and five related entities, including Stoneway Capital Corp., sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion. Judge James L. Garrity, Jr. oversees the cases. The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel, Bennett Jones LLP as Canadian counsel, Lazard Freres & Co. LLC as investment banker, and RSM Canada LLP as tax services provider. Prime Clerk, LLC is the claims agent and administrative advisor. On Feb. 10, 2022, the Debtors filed their proposed joint Chapter 11 plan and disclosure statement with the court. TITLE QUEST: Unsecured Creditors Will Get 1% of Claims in 5 Years ----------------------------------------------------------------- Title Quest Investments, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Combined Disclosure Statement and Chapter 11 Plan of Reorganization for Small Business (the "CDP") dated Feb. 14, 2022. The Debtor is a real estate title company and is in the business of reviewing title, issuing title insurance policies, facilitating closings, and recording documents related to real estate transactions. The Debtor leases office space at 18503 Pines Boulevard, Suite 213, Pembroke Pines, FL 33029-1405 (the "Business Location"). At the time of filing in Chapter 11, the Debtor had multiple lawsuits pending against it. Small Business Financial Solutions (treated in Class 3 - unsecured), obtained a judgment and garnished the Debtor's bank accounts. This directly affected the Debtor and its ability to meet its financial obligations compelling Debtor to file in Chapter 11 on August 17, 2021. The Debtor continues to operate the business as a debtor-in possession. In the first 4 1/2 months of the bankruptcy (August 17, 2021 through December 31, 2021), the Debtor averaged a net of $2,152.00 per month available to fund a plan. That amount includes the $2,000.00 monthly adequate protection payments to First Home Bank. The adequate payment of $2,000.00 will transition to plan payments in the same amount over 60 months to repay First Home Bank's secured claim of $120,000.00 (Class 2). The total monthly payment needed for the proposed Plan is $3,067.46 which is comprised of First Home for $2,000.00; SBA for $821.70; and General Unsecured Creditor for $245.76. Beginning in March 2022, due to a change of insurance company and reduction of the insurance premium, the Debtor will have an additional $1,000.00 per month available to fund the Plan. In addition, the Debtor has reduced its cable/internet utility from $900.00 a month to $450.00 a month to be used for plan payments. Class 1 consists of the secured business loan of the US Small Business Administration in the amount of $137,357.00 (POC-1). The Debtor is the obligor on the note (signed May 19, 2018) and the principals are guarantors and mortgagors. The loan provides for 360 monthly payments of $594.00, commencing May 2019. As of the date of the filing of the petition, the loan was $10,692.00 in arrears. Debtor shall ratify the loan and cure the default over 60 months. Class 2 consists of the secured claim of First Home Bank in the amount of $120,000.00. As of the petition date, the total claim equaled $312,023.18 (POC-8). The Debtor shall make 60 monthly payments of $2,000.00. The lien(s) held by First Home on the collateral shall remain in place until the loan is repaid in full. The Bank's unsecured claim of $192,023.18 shall be included in Class 3. Class 3 consists of all allowed unsecured general claims. There are 11 allowed general unsecured claims totaling $1,474,537.52. Class 3 creditors shall receive a total distribution in the amount of $14,745.38 or 1% of their claims (the "Plan Payments"). The Plan Payments will be made over 5 years in 20 quarterly payments of $737.27. The first payment will be made on or before the Effective Date and continuing every quarter thereafter. This class is impaired. Upon the effective date of the Debtor's CDP, Elizabeth Questell and Jose Questell shall remain equity shareholders in the newly reorganized Debtor in their pre-petition equity amount. Upon the effective date of the Debtor's CDP, the equity interest holders shall remain equity shareholders in the newly reorganized Debtor. In order to assist in funding the Debtor's business operations under the CDP, the Debtor may retain any cash on hand, funds in its bank accounts, and amounts received from accounts receivable to pay accounts payable. A full-text copy of the Combined Disclosure Statement and Plan of Reorganization dated Feb. 14, 2022, is available at https://bit.ly/3v0eTse from PacerMonitor.com at no charge. Attorney for Debtor: Chad T. Van Horn, Esq. Van Horn Law Group, PA 330 N. Andrews Ave., Suite 450 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlwgroup.com About Title Quest Investments Title Quest Investments LLC -- http://www.titlequestinvestments.com/-- which operates in Pembroke Pines, Florida, is in the business of reviewing real estate title, issuing insurance policies, facilitating real estate closings, and recording documents related to real estate transactions. The company filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 21-17969) on Aug. 17, 2021. On the Petition Date, the Debtor was estimated to have $50,000 to $100,000 in assets and $500,000 to $1,000,000 in liabilities. Elizabeth Questell, managing member, signed the petition. Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A., is the Debtor's counsel. UNDER ARMOUR: S&P Alters Outlook to Positive, Affirms 'BB' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S. apparel company Under Armour Inc. to positive from stable and affirmed all of its ratings, including its 'BB' issuer credit rating, because S&P believes its S&P Global Ratings-adjusted leverage will likely remain below 3x. S&P said, "The positive outlook reflects the potential that we will raise our rating over the next 12 months if the company meets our forecast and we are confident its financial policy will not become significantly more aggressive than we currently assume. "The outlook revision reflects our view that the pandemic has accelerated Under Armour's pricing strategy to boost its brand image. Prior to the pandemic, the company embarked on a turnaround strategy to reduce the level of promotional pricing for its namesake brand, primarily in North America. To achieve this, management put less inventory into the system and became more strategic about its targeted customer base. That said, the pandemic has led to lean inventory levels for most apparel and footwear companies. This is due to the constant uncertainty and supply chain constraints related to the pandemic, which have caused retailers to order less inventory and led to less product reaching store shelves. The sector recovered faster than we originally anticipated because consumers quickly shifted their spending to products from services and away from activities after the initial lockdown shock of the pandemic led retailers to employ high promotional activity to clear their inventory. The ongoing uncertainty and indeterminate length of the pandemic have led to steady demand for Under Armour's and its peers' products, which are selling at their full price points given lean inventory levels. Therefore, the company is now better positioned to be strategic about its inventory levels and avoid returning to the heavy promotional pricing that previously eroded its brand equity. "Given these dynamics, it is hard to discern if Under Armour's success is sustainable. While we do not forecast that the favorable trends from 2021 will persist, we believe the company is better positioned to grow revenue and execute on its pricing strategy. Under Armour's inventory levels were down 9% in 2021, relative to 2020, after being flat year over year in 2020. Due to elevated ocean freight costs and issues with procuring transit and labor, the company cannot sufficiently fill its inventory to meet demand. If demand trends reverse, we would expect Under Armour to continue to execute on its strategy and avoid adding inventory at heavy discounts to chase sales. "We expect the company's financial policy to remain conservative as it begins to utilize its abnormally high cash balance. Under Armour's management is targeting leverage in line with that of its investment-grade peers, though it has not issued a formal financial policy target. We expect the company to repay the remainder of its initial $500 million notes when they become callable in December 2022, leaving it with $600 million of funded debt outstanding. We estimate Under Armour's fiscal-year 2021 leverage (prior to the release of its annual filing) is under 1x due to its continued strong demand and $1.7 billion cash balance, which we net 95% of against its debt. However, we do not expect it to maintain its leverage at this level over the near- to medium-term because the company needs to make capital expenditure (capex) investments that it delayed due to the pandemic-related uncertainty and volatility. Additionally, we believe management may use its excess cash for share repurchases, , although no formal authorization exists. Under Armour may also use some of its cash to undertake tuck-in innovation- and/or expertise-based acquisitions, though we do not expect such activities to increase its reported debt balances. We forecast the company's leverage will be near 2x over the next 12 months and anticipate any deterioration would stem from EBITDA erosion primarily caused by inflation. "We expect Under Armour to continue to increase its revenue, though at a slower rate than in 2021. The current inflationary environment is pressuring consumer discretionary spending, though U.S. consumers still appear healthy from a savings perspective. However, we expect the return to travel and social activities to continue, which will cause consumers to diversify where they spend their extra money. Therefore, our base case assumes a low-single-digit percent expansion in the company's overall revenue, mostly due to increased sales in international markets. According to the company, its brand reputation has not been harmed by the legacy challenges it faces in North America and continues to be viewed as a premium sportswear brand internationally. We believe the company's international expansion and diversification will continue to be a major focus. Under Armour announced it increased its revenue by 27% in 2021, which was supported by a 40.8% rise in Europe, the Middle East, and Africa (EMEA), a 32.3% improvement in the Asia-Pacific region (APAC), a 29.4% gain in North America, and an 18.5% expansion in Latin America. The key supports for the improvement in the company's revenue were its sales of new products at higher prices (although lower than at Nike and Adidas) and fewer products sold through discount channels. It is hard to assess whether Under Armour can sustain its growth levels in North America, which were supported by the increased level of consumer spending due to pent-up demand, continued demand for athletic apparel over business attire, and the additional savings provided by government stimulus in 2021. S&P said, "However, we note the composition of the company's business continues to evolve--including significantly reduced sales to the off-price channel, less promotional and discount activities, and a revamped brand marketing strategy--and that it has had success with its recent product launches. Additionally, Under Armour has refocused and is utilizing highly targeted digital advertising to attract its target performance athlete demographic. Maintaining its market share will depend on how well management's merchandising and pricing strategies resonate with customers, as well as its ability to form successful endorsement relationships with high-profile athletes, such as Tom Brady and Stephen Curry. Lastly, we believe the ongoing trend toward casualization, along with the elevated consumer focus on health and wellness, will continue to support the demand for Under Armour's products." S&P sid, "We forecast the company's profitability will decline in fiscal year 2023, though we expect less volatility going forward. We forecast Under Armour's EBITDA margin will contract by about 300 basis points (bps) in fiscal year 2023 due to elevated costs for ocean and air freight and labor. We estimate the company's EBITDA margin (prior to the release of its annual filing) is in the mid-teens percent area, which is lower than those of its larger direct competitors. Although, we expect some contraction due to the current macroeconomic environment, we believe the brand's improving performance and new strategy will lead to less volatility (such as during 2016-2018, when the company's EBITDA margins declined to the high-single-digit percent area from the mid-teens percent area while its revenue declined and it lost market share). We believe Under Armour will return to a more normalized level of expense management, including a healthy level of marketing spending. Given the company's lower price point relative to that of its leading peers, we believe it has a greater ability to take pricing to offset inflation than its stronger peers. Under Armour is rounding out its current $525 million-$575 million restructuring program and we estimate another $60 million of costs in fiscal year 2023. In the past, the size of its restructuring programs and their frequency has also contributed to the volatility of its earnings. "We apply a negative one-notch comparable rating analysis modifier to reflect the risks around the sustainability of Under Armour's credit metrics because it has a large cash balance that will likely decline over the next fiscal year and lacks an external guided financial policy. There is also uncertainty around the current demand trends for the company's products amid the ongoing macroeconomic headwinds related to the pandemic." ESG credit indicators: E-2 S-2 G-2 The positive outlook reflects the potential that S&P will raise its rating on Under Armour over the next 12 months if it meets its forecast and S&P is confident its financial policy will not become significantly more aggressive than we currently assume. S&P could raise its ratings on Under Armour if it believes: -- Its sales and profitability will improve because of strengthening customer confidence and successful brand rebuilding that stabilizes its North American segment; and -- It will sustain leverage of less than 3x and establish a track record of prudently utilizing its cash. S&P could revise its outlook on Under Armour to stable if its leverage increases above 3x on a sustained basis. S&P's believe this could occur if: -- The company does not execute on its business priorities, including its restructuring initiatives, pricing strategies, and cash flow generation improvement; and -- Its financial policy becomes more aggressive such that it uses cash and additional debt to fund acquisitions and dividends or to repurchase its stock. UNIVERSITY OF THE ARTS: Fitch Affirms BB Rating on $49MM 2017 Bonds ------------------------------------------------------------------- Fitch Ratings has affirmed the rating on approximately $49 million of series 2017 bonds issued by the Philadelphia Authority for Industrial Development, PA on behalf of The University of the Arts (UArts) at 'BB'. In addition, Fitch has affirmed UArts' Long-Term Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Negative. SECURITY The bonds are secured by general, unrestricted revenues of UArts as well as a first lien mortgage on certain university property (i.e. three academic and/or residential buildings) in Philadelphia, PA. ANALYTICAL CONCLUSION The 'BB' IDR and bond rating reflect the university's limited financial flexibility, which has been susceptible to operating and market volatility through the coronavirus pandemic. Fitch's 'bbb' assessment of the university's revenue defensibility reflects midrange selectivity and student performance indicators. Weak enrollment in fall 2020 cut net student revenues by nearly 30% in fiscal 2021, and Fitch considers UArts' recent enrollment volatility to be an asymmetric rating factor. Fall 2021 enrollment and fiscal 2022 student revenue are moderately higher than the prior year. Fitch's 'bbb' assessment of the university's operating risk reflects a history of consistent yet thin cash flow margins and high capital needs. The university exhibits a financial profile consistent with the 'bb' assessment, with AF to adjusted debt levels providing variable but currently adequate capacity to absorb revenue and investment stresses. The Negative Outlook reflects Fitch's concern that enrollment and associated revenue pressures may persist, given the university's niche academic offerings, elevating the risk of additional pressure on net tuition revenues and weakening UArts' balance sheet in a downside stress scenario. KEY RATING DRIVERS Revenue Defensibility: 'bbb' Pressured Demand in Niche Market The university's 'bbb' revenue defensibility assessment reflects its modest acceptance rates, more moderate matriculation, and pressured enrollment, and is consistent with UArts' niche market, as well as a relatively price-sensitive student base. Student-generated revenues, including net tuition and fees as well as auxiliary revenues, were extremely volatile in fiscal 2021, declining nearly 30% due to the nature of UArts' academic offerings and management's decision to remain mostly virtual throughout the year. Fitch's assessment of revenue defensibility reflects asymmetric rating factor considerations due to the risks of weakening demand. Favorably, fall 2021 enrollment increased from the prior year, and student-generated revenues are tracking well above fiscal 2021. Revenues from donors, trust, and endowment remain stable and sustainable. Operating Risk: 'bbb' Limited Cash Flow; High but Manageable Capital Needs The 'bbb' operating risk assessment reflects UArts' steady performance in fiscal 2021, due to proactive expense management and institutional federal relief funds. Cash flow expectations in fiscal 2022 are tempered by the university's spending plans for a return to in-person instruction and refocused academic programming in the midst of a more moderate revenue rebound. Lifecycle investment needs remain high but manageable with near-term major capital projects being completed by fiscal 2023 entirely funded by pledged donor support. Financial Profile: 'bb' Thin Balance Sheet Cushion UArt's 'bb' financial profile assessment reflects its relatively high leverage and the relative vulnerability of the university's business profile to market and operating risk. Over time AF/adjusted debt levels have exhibited considerable volatility, bouncing between 25% in fiscal 2020 and 53% in fiscal 2021. This variability has been driven by significant capex in fiscal 2020 as well as by strong market returns in fiscal 2021. The university's AF cushion remains thin relative to the potential for future revenue volatility and spending pressures, limiting the university's ability to absorb any further economic and revenue stresses through Fitch's downside stress scenario. Asymmetric Additional Risk Considerations No asymmetric additional risk considerations apply to UArt's rating. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A trend of increasing enrollment through at least fiscal 2022, with net tuition and discounting levels approaching historical norms; -- Sustained maintenance of AF to adjusted debt at or above 40%. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Continued demand pressure evidenced by enrollment declines or heightened discount levels, which further suppress student revenues beyond fiscal 2021; -- Failure to maintain cash flow margins at levels consistently above 7% and comfortably covering annual debt service requirements; -- A trend of AF to adjusted debt persistently below 30%. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. CREDIT PROFILE The University of the Arts is an independent, co-educational university established in 1876, located in downtown Philadelphia. UArts offers 24 undergraduate and 19 graduate programs through six schools: Design, Art, Film, Dance, Theater, and Music. UArts' student body is primarily undergraduates and comprises more than 1,500 students on a full time equivalent (FTE) enrollment basis, two-thirds of whom reside in either Pennsylvania or New Jersey. In 1969, the Middle States Commission on Higher Education first accredited UArts institution-wide. The most recent 10-year reaccreditation was in 2019. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. US RADIOLOGY: S&P Affirms 'B-' Issuer Credit Rating, Outlook Pos. ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on US Radiology Specialists Holdings LLC (USRS). At the same time, S&P affirmed its 'B-' issue-level rating and '3' recovery rating on company's secured first-lien debt, indicating its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. S&P said, "Our positive outlook reflects our belief that USRS could achieve and sustain adjusted free operating cash flow (FOCF) to debt of 3% or more if acquisition activity is moderate. However, we see some risk to this forecast given heavy consolidation activity in the radiology sector. Although USRS' credit metrics improved over last couple of quarters as patient volume recovered, they might be pressured if the company makes additional large acquisitions. USRS' EBITDA margin improved to 23% for the trailing 12 months ended Sept. 30, 2021, from 17% in 2019. This is largely attributed to operational leverage from improved scale over the last four years and improved revenue cycle management (RCM), partially offset by integration costs and wage inflation amid U.S.-wide staffing shortages. Since its establishment in 2018, the company pursued a rapid expansion strategy with revenue growth of more than five times ($860 million estimated for 2022 from $158 million in 2018). USRS completed the acquisition of two radiology practices in November 2021, funded with a mix of debt and rollover equity. S&P said, "The transaction was consistent with our expectations given the fragmented nature of the radiology services market and consolidation efforts by large industry participants such as USRS. We believe the company might continue aggressively pursuing large debt-financed acquisitions that would likely raise both leverage and interest expense. We believe gaining scale is beneficial in USRS' negotiations with payers but exposes it to meaningful integration risks and could keep leverage over 6.5x for the next two years. Since we believe integration expenses will be recurring due its aggressive growth strategy, we burden EBITDA with this expense and include it in our EBITDA measure." S&P's rating primarily reflects USRS' small scale of operations in a fragmented market and narrow focus on radiology, somewhat offset by decent business diversity and a strong competitive position. The rating is constrained by the company's narrow focus on imaging and radiology services, $860 million estimated for 2022 pro forma for acquisitions, risk of adverse reimbursement changes, and limited history under current ownership. USRS has a geographical concentration in only four states (Texas, North Carolina, Arizona, and Georgia, which contribute 75% of revenue). The company generates approximately 69% revenue from commercial payers and is largely in-network for 99% of its contracts. S&P said, "Most of its business is in outpatient settings (approximately 80%), which we view favorably as payers are billed globally (bundled professional and technical fee). This helps it negotiate higher rates with payers. The company also benefits from catering to both outpatient imaging and radiology physician services in an integrated manner in many of its markets, which we view positively compared to other competitors." Adverse reimbursement changes, combined with ongoing acquisition and integration costs, may pressure margins in the coming years.In 2020, the U.S. Centers for Medicare and Medicaid Services (CMS) cut reimbursement for radiology services in its 2021 Medicare physician fee schedule and a further 4% in 2022. USRS' margin was relatively insulated from these rate cuts due to its presence in outpatient settings. S&P said, "The company's Medicare revenue exposure is about 20%, and we expect a small adverse impact. At the same time, we note that USRS' cost structure, in which the large part of physicians' compensation is tied to company earnings, should enable it to offset a meaningful part of the reimbursement reduction. In addition, we believe USRS' ability to drive organic revenue growth, driven by slight rate increases and new contracts, and volume increases due to shift of patient volumes to outpatient centers that should partially offset rate cuts." S&P's positive outlook reflects its belief that USRS could sustain adjusted FOCF to debt of 3% or more if acquisition activity is moderate, though S&P sees some risk to this forecast given heavy consolidation activity in radiology sector. S&P could revise the outlook to stable if: -- The company's performance falls short of our base case; and -- Free cash flow is lower than expected. This may be due to large debt-financed acquisition, which may pressure EBITDA margin due to large integration costs, resulting in FOCF to debt below 3%. S&P could lower the ratings if the company pursues a more aggressive debt-financed acquisition than we anticipate. S&P would consider raising the rating if the company sustains FOCF to debt at 3% and above in the coming years despite lower reimbursement and ongoing merger and acquisition activity. US TELEPACIFIC: S&P Cuts ICR to 'SD', Secured Debt Rating to 'D' ---------------------------------------------------------------- S&P Global Ratings lowered its ratings on U.S.-based competitive telecommunications and cloud provider U.S. TelePacific Holdings Corp. (d/b/a TPx Communications) to 'SD' (selective default) from 'CCC-'. S&P also lowered its issue-level rating on the company's senior secured debt to 'D' from 'CCC-'. S&P will reassess the issuer credit rating and issue-level rating on the new debt in the next couple of weeks. TPx completed an exchange of its $582 million outstanding senior secured term loan B due May 2023 for a new super senior term loan B due May 2026 (to be rated at a later date). It also extended the maturity of the $25 million revolving credit facility to November 2025 from May 2022. S&P lowered its ratings on TPx following the completion of the exchange of its revolving credit facility and term loan. S&P views the transaction as distressed and tantamount to a default based on the following: -- S&P believes there was a high likelihood of a conventional default without the transaction, given the sizable maturity in May 2023; -- The term loan was trading at distressed levels at around 70 cents on the dollar; -- The company's less-than-adequate liquidity; and -- Secured creditors are receiving less than what was originally promised. Although lenders are receiving a coupon increase to secured overnight financing rate (SOFR) + 650 basis points (bps) from LIBOR + 600 bps, the company has the option to pay SOFR + 100 bps in cash and 725 bps PIK during the first two years. S&P said, "We plan to reevaluate the issuer credit rating in the near term based on our conventional assessment of default risk. As part of the transaction, TPx will receive a $70 million equity injection over the next three quarters, including $40 million at amendment close, from its private equity sponsor Siris. Our review will focus on the long-term viability of the company's capital structure and liquidity position, pro forma for the equity infusion and reset covenants, as its transitions its business." VANCE AND SON'S: Unsecured Creditors to be Paid in Full in 5 Years ------------------------------------------------------------------ Vance and Son's Enterprises, Inc., filed with the U.S. bankruptcy Court for the Western District of Virginia an Amended Plan of Reorganization dated Feb. 15, 2022. Vance and Sons Enterprises, Inc. was formed in April 2013 by Greg Vance, Eddie Vance and Ida Vance. The Debtor owns a skating rink along with a single wide trailer park and double wide trailer park, all located in Clintwood, Virginia. The double whammy of the skating rink being shut down and the failure of the tenants to pay rent caused serious cash flow problems for the Debtor, rendering it unable to make its payment to Miners Exchange Bank. Miners Exchange Bank called the note into default, efforts to negotiate a cure/reinstatement with the Bank were unsuccessful, and as a result the Debtor filed its chapter 11, subchapter V case on October 14, 2021 in order to halt the pending foreclosure. Since the chapter 11 filing, the skating rink has reopened and is generating cash flow The Debtor has received some but not all of the rent relief money promised by the government, and is able to pay its current bills. Based on its projected cash flow from the skating rink and rentals, the Debtor is confident that it can fund its chapter 11 plan. Class 2 consists of Miners Exchange Bank Secured Claim. Pursuant to the bank, its anticipated debt, including principal, interest, late charges and attorneys fees (the "Bank Debt") as of March 23, 2022 will be $199,854.00. After application of the lump sum payment, the debt will be $194,854.00. The Debtor will reamortize the Bank Debt over 10 years at a floating interest rate of 1.75% over prime (currently prime is 3.25%). Interest rate to adjust semi-annually on July 1 and January 1 each year. First payment, due on March 23, 2022, to be $2,066.73. The entire balance shall balloon and become payable in full, 5 years from the Effective Date. Class 3 consists of Dickenson County Secured Claim. The secured claim of Dickenson County secured by an inchoate lien against all of the Debtor's real estate, in the current amount of $17,018.00, shall be paid in full by equal monthly payments, including 4% interest, over 5 years. The payment in the amount of $313.40 per month shall commence on the Effective Date. Class 4 consists of Dickenson County Priority Claim. The Debtor's priority claim in the amount of $2,350.00 shall be paid in full by equal monthly payments including 4% interest, over 5 years in the amount of $43.28 per month. Payments shall commence on the Effective Date. Class 5 consists of General Unsecured Claims. The Debtor's general unsecured claims are comprised solely of the Dickenson County unsecured claim in the amount of $750.00. The Debtor shall pay that claim, in full, by payments to Dickenson County, commencing on the Effective Date, for 5 years. The monthly payment amount will be $12.63 per month. The Debtor will continue to operate its skating rink and rental properties in the ordinary course of its business. From its operating income, it will make the payments required to Classes 1, 2, 3, 4, and 5. A full-text copy of the Amended Plan of Reorganization dated Feb. 15, 2022, is available at https://bit.ly/3LO8NkQ from PacerMonitor.com at no charge. Counsel for the Debtor: Andrew S. Goldstein, Esq. Magee Goldstein Lasky & Sayers, P.C. Post Office Box 404 Roanoke, VA 24003-0404 Tel: (540) 343-9800 Fax: (540) 343-9898 Email: agoldstein@mglspc.com About Vance and Son's Enterprises Clintwood, Va.-based Vance and Son's Enterprises, Inc. filed a petition for Chapter 11 protection (Bankr. W.D. Va. Case No. 21-70691) on Oct. 14, 2021, listing up to $10 million in assets and up to $500,000 in liabilities. Clinton Vance, president of Vance and Son's, signed the petition. Magee Goldstein Lasky & Sayers, P.C., is the Debtor's legal counsel. VISTAGEN THERAPEUTICS: Venrock Healthcare, et al. Own 8% Stake -------------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, these entities and individuals disclosed that as of Dec. 331, 2021, they beneficially owned 16,047,286 common stock of VistaGen Therapeutics, Inc., representing eight percent of the shares outstanding: * Venrock Healthcare Capital Partners II, L.P. * VHCP Co-Investment Holdings II, LLC * Venrock Healthcare Capital Partners EG, L.P. * VHCP Management II, LLC * VHCP Management EG, LLC * Nimish Shah * Bong Koh This percentage is calculated based upon 199,702,333 shares of the Issuer's common stock outstanding as of Nov. 9, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on Nov. 10, 2021. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1411685/000110465922022889/tm226174d14_sc13ga.htm About VistaGen Headquartered in San Francisco, California, VistaGen Therapeutics -- http://www.vistagen.com-- is a biopharmaceutical company committed to developing and commercializing innovative medicines with the potential to go beyond the current standard of care for anxiety, depression, and other CNS disorders. VistaGen reported a net loss and comprehensive loss of $17.93 million for the fiscal year ended March 31, 2021, a net loss and comprehensive loss of $20.77 million for the year ended March 31, 2020, and a net loss and comprehensive loss of $24.59 million for the year ended March 31, 2019. As of Sept. 30, 2021, the Company had $100.50 million in total assets, $19.84 million in total liabilities, and $80.66 million in total stockholders' equity. VYANT BIO: Renaissance Entities Hold Less Than 1% Equity Stake -------------------------------------------------------------- Renaissance Technologies LLC and Renaissance Technologies Holdings Corporation disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2021, they beneficially own 96,342 shares of common stock of Vyant Bio, Inc., representing 0.33 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1037389/000103738922000103/vynt-13g_20211231.txt About Vyant Bio Vyant Bio, Inc. (formerly known as Cancer Genetics, Inc.) is emerging as an advanced biotechnology drug discovery company. Vyant Bio is rapidly identifying small and large molecule therapeutics to treat central nervous system (CNS) and oncology-related disorders. Vyant Bio reported a net loss of $8 million for the year ended Dec. 31, 2020, a net loss of $6.71 million for the year ended Dec. 31, 2019, and a net loss of $20.37 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $61.22 million in total assets, $5.30 million in total liabilities, and $55.92 million in total stockholders' equity. WHITE RABBIT: Wins Cash Collateral Access ----------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington at Vancouver has authorized White Rabbit Ventures, Inc., dba Matrix Roofing, and Home Solutions dba Matrix Roof+Home to use cash collateral to pay prepetition wages. The Debtor is authorized to pay these prepetition employee obligations: a. wages, salaries, sick pay, holiday pay, related benefits and all federal, state and local payroll-related taxes, deductions and withholdings pertaining to such payments accrued by employees of the Debtor prepetition; b. vacation benefits related to the prepetition services which have accrued in accordance with existing policies and practices of the Debtor and which become payable subsequent to the Petition Date on account of services rendered to the Debtor, whether prior to or after the Petition Date, provided that such benefits shall not exceed a period of three weeks for any one employee; c. worker's compensation and related benefits and claims of employees of the Debtor which arose or accrued prior to the Petition Date; and d. payments to maintain the insurance coverage and benefits set forth above. The Debtor's banks are authorized to honor properly payable checks for the payment of the Prepetition Employee Obligations. A copy of the order is available at https://bit.ly/36nBcOp from PacerMonitor.com. About White Rabbit Ventures, Inc. White Rabbit Ventures, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-40173-MJH) on February 14, 2022. In the petition signed by Wendy J. Marvin, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mary Jo Heston oversees the case. Geoffrey Groshong, Esq., at Groshong Law PLLC is the Debtor's counsel. WIRTA HOTELS: Hearing on Exclusivity Bid Set for March 17 --------------------------------------------------------- Judge Christopher Alston of the U.S. Bankruptcy Court for the Western District of Washington is set to hold a hearing on March 17 to consider Wirta Hotels, LLC's motion to extend the period during which only the company can file a Chapter 11 plan. The bankruptcy judge will also consider approval of the company's disclosure statement detailing its proposed plan of reorganization at the March 17 hearing. Judge Alston had earlier issued a bridge order extending the exclusivity period to file and solicit acceptances for the company's plan to Feb. 23, subject to potential further extension. The plan provides for the payment of all of Wirta Hotels' creditors in full over time. The plan and the disclosure statement were filed by the company on Dec. 10 last year. About Wirta Hotels Wirta Hotels, LLC owns and operates Quality Inn & Suites at Olympic National Park, a hotel located at 134 River Road, Sequim, Wash. Wirta Hotels filed a petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 21-11556) on Aug. 13, 2021, listing $3,136,280 in assets and $5,193,377 in liabilities. Judge Christopher M. Alston oversees the case. Foster Garvey, PC and Premier Capital Associates, LLC serve as the Debtor's legal counsel and financial consultant, respectively. Geoffrey Groshong has been appointed as Subchapter V Trustee for the Debtor. [^] BOND PRICING: For the Week from February 14 to 18, 2022 ----------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- Accelerate Diagnostics Inc AXDX 2.500 73.050 3/15/2023 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Basic Energy Services Inc BASX 10.750 3.657 10/15/2023 Basic Energy Services Inc BASX 10.750 3.657 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 23.856 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 12.750 107.784 12/1/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 24.742 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 12.750 103.580 12/1/2026 EnLink Midstream Partners LP ENLK 6.000 78.000 N/A Endo Finance LLC / Endo Finco Inc ENDP 5.375 71.571 1/15/2023 Endo Finance LLC / Endo Finco Inc ENDP 5.375 71.571 1/15/2023 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Competitive Holdings Co LLC TXU 1.280 0.072 1/30/2037 GNC Holdings Inc GNC 1.500 0.488 8/15/2020 GTT Communications Inc GTTN 7.875 13.550 12/31/2024 GTT Communications Inc GTTN 7.875 13.750 12/31/2024 General Electric Co GE 4.000 82.701 N/A Goodman Networks Inc GOODNT 8.000 46.500 5/11/2022 Kraton Polymers LLC / Kraton Polymers Capital Corp KRA 4.250 103.209 12/15/2025 Kraton Polymers LLC / Kraton Polymers Capital Corp KRA 4.250 103.570 12/15/2025 MAI Holdings Inc MAIHLD 9.500 25.056 6/1/2023 MAI Holdings Inc MAIHLD 9.500 25.056 6/1/2023 MAI Holdings Inc MAIHLD 9.500 25.056 6/1/2023 MBIA Insurance Corp MBI 11.501 6.625 1/15/2033 MBIA Insurance Corp MBI 11.501 6.625 1/15/2033 Nine Energy Service Inc NINE 8.750 42.676 11/1/2023 Nine Energy Service Inc NINE 8.750 42.410 11/1/2023 Nine Energy Service Inc NINE 8.750 42.422 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 Corp REV 6.250 43.122 8/1/2024 Ruby Pipeline LLC RPLLLC 8.000 88.000 4/1/2022 Ruby Pipeline LLC RPLLLC 8.000 86.294 4/1/2022 Sears Holdings Corp SHLD 6.625 0.195 10/15/2018 Sears Holdings Corp SHLD 8.000 2.500 12/15/2019 Sears Holdings Corp SHLD 6.625 0.626 10/15/2018 Sears Roebuck Acceptance SHLD 6.750 1.076 1/15/2028 Sears Roebuck Acceptance SHLD 7.000 1.052 6/1/2032 Sears Roebuck Acceptance SHLD 7.500 0.818 10/15/2027 Sears Roebuck Acceptance SHLD 6.500 1.017 12/1/2028 Sempra Texas Holdings Corp TXU 5.550 13.500 11/15/2014 Southern Co/The SO 5.500 99.041 3/15/2057 Talen Energy Supply LLC TLN 9.500 84.685 7/15/2022 Talen Energy Supply LLC TLN 9.500 84.685 7/15/2022 Talen Energy Supply LLC TLN 6.500 42.625 9/15/2024 Talen Energy Supply LLC TLN 6.500 42.625 9/15/2024 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 Trousdale Issuer LLC TRSDLE 6.500 33.150 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. 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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., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9474. 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