/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220316.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, March 16, 2022, Vol. 26, No. 74 Headlines 11500 SPACE CENTER: Taps Houston Partners Realty as Broker 237 WEST 54TH: Twin Summit to Auction Interests on April 27 A.G. DILLARD: Seeks to Hire Shelton & Company CPAs as Accountant AEMETIS INC: Incurs $47.15 Million Net Loss in 2021 AEMETIS INC: Registers 1.3 Million Shares Under 2019 Plan AGSPRING MISSISSIPPI: Wins Continued Cash Collateral Access ALPINE 4 HOLDINGS: Inks Deal With A.G.P. to Sell $50M Common Shares ARYA'S VINTAGE CLOSET: Files for Chapter 11 Bankruptcy Protection BASIC ENERGY: C&J Employees Lose Bid to Recover Wage Claims BLADE GLOBAL: Amends Plan to Include Plano ISD Secured Claims Pay BOY SCOUTS: Judge Sets Trial to Consider Bankruptcy Plan Approval BOY SCOUTS: Plan Wins Support of More Than 85% of Survivors BSPV-PLANO: Wins Cash Collateral Access Thru March 18 CAMBER ENERGY: Signs $100M Securities Purchase Deal With Investor CANNTRUST HOLDINGS: Completes CAD$17-Million Financing, Exits CCAA CAPITALS AREAS: Taps The Weiss Law Group as Bankruptcy Counsel CITE LLC: Unsecureds to Get Share of Cash Flow or Asset Liquidation CLEARPOINT NEURO: Incurs $14.4 Million Net Loss in 2021 CROWN AMERICAS: S&P Rates New $500MM Senior Unsecured Notes 'BB-' CUSTOM TRUCK: Incurs $3.7 Million Net Loss in Fourth Quarter CYPRESS CREEK: Wins Interim Cash Collateral Access CYTOSORBENTS CORP: Posts $24.6 Million Net Loss in 2021 DDM LAND: Seeks to Hire Stehlik Law Firm as Bankruptcy Counsel DETROIT, MI: S&P Raises GO Debt Rating to 'BB', Outlook Positive DIOCESE OF CAMDEN: Amends Tort Claims Pay Details DIVINE INTERVENTION: Limited Interests Up for Sale June 22 DJ'S TOWING: Unsecureds to Get $1,500 per Quarter for 20 Quarters DRO 15R LLC: Case Summary & Six Unsecured Creditors EDGEWATER HOLDINGS: U.S. Trustee Unable to Appoint Committee EDUCATIONAL TECHNICAL: Unsecureds Will Get 3% Dividend over 5 Years ELECTRO SALES: Updates Bexar County Secured Claims Pay Details ESSA PHARMA: All Six Proposals Passed at Annual Meeting FIGUEROA MOUNTAIN: Has Deal on Cash Collateral Access FLORIDA HOMESITE: Seeks to Tap Susan D. Lasky as Legal Counsel FORE MACHINE: Gets Court Approval to Tap Stretto as Claims Agent FORE MACHINE: Seeks to Hire Winston & Strawn as Legal Counsel GOOD GUYZ INVESTMENTS: U.S. Trustee Unable to Appoint Committee GRAND TRAVERSE ACADEMY: S&P Rates 2022 Bonds Rating to 'BB' HARRIS PHARMACEUTICAL: Trustee Gets OK to Hire Accountant HHCS PHARMACY: Taps Herron Hill Law Group as Bankruptcy Counsel HKBH PRESCHOOLS: U.S. Trustee Unable to Appoint Committee HOME DECOR: Taps Law Offices of Henry F. Sewell as Counsel HYSTER-YALE MATERIALS: S&P Lowers ICR to 'B-' on Weaker Results INOC PROPERTIES: Seeks to Hire Colliers as Real Estate Broker ION GEOPHYSICAL: PNC Sells Loan Under 2014 Agreement to Noteholders ISLAND INDUSTRIES: Taps Alexander Thompson Arnold as Accountant ISLAND INDUSTRIES: Taps The Winchester Law Firm as Special Counsel JAGUAR HEALTH: Reports $52.6 Million Net Loss for 2021 JONES SODA: Incurs $1.3 Million Net Loss in Fourth Quarter K&L TRAILER: May 5 Plan Confirmation Hearing Set K&L TRAILER: Updates JB&B & ServisFirst Secured Claims Pay Details KLMKH INC: Files for Chapter 11 Bankruptcy Protection LAUREATE EDUCATION: S&P Withdraws 'B+' Issuer Credit Rating LOCAL 584: PBGC Approves Special Financial Assistance Application LOMENT INC: U.S. Patents Up for Judicial Sale on July 19 LWO ACQUISITIONS: Wins Cash Collateral Access MANNY'S MEXICAN: Amends Park Bank Secured Claims Pay Details MODELL'S SPORTING: Trustee Accuses Former CEO of Self-Dealing MOLAOI RESTAURANT: Gets OK to Hire Saranto Calamas as Accountant MYOMO INC: Incurs $10.4 Million Net Loss in 2021 N.G. PURVIS: Seeks to Tap Charles Aris as Executive Recruiter NMJ RESTAURANT: Seeks to Hire Hoffman, Larin & Agnetti as Counsel NN INC: Incurs $13.2 Million Net Loss in 2021 NOISE SOLUTIONS: Wins Final Cash Collateral Access NORDIC AVIATION: Cash Collateral Access, $4.5MM DIP Loan OK'd NS8 INC: Gets Court Okay to Pay Defrauded Investors $38 Million OLYMPIA SPORTS: Wins Cash Collateral Access PHOENIX PROPERTIES: Gets Interim Cash Collateral Access PINNACLE CONSTRUCTORS: Wins Cash Collateral Access PRIME ECO: Files Emergency Bid to Use Cash Collateral PUERTO RICO: Teachers Union Fails to Stop Bankruptcy Exit QUANTUM DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors R & G SERVICES: Has Deal on Cash Collateral Access RENNOVA HEALTH: Announces Reverse Common Stock Split RIVERA FAMILY: Amends Park Bank Secured Claims Pay Details ROCKALL ENERGY: March 17 Deadline Set for Panel Questionnaires ROCKALL ENERGY: Unsecureds to Get 0% in Prepackaged Plan SALEM MEDIA: S&P Upgrades ICR to 'B-' on Improved Performance SAVVA'S RESTAURANT: Seeks to Hire Zimmerman Company as Accountant SAVVA'S RESTAURANT: Seeks to Tap Pryor & Mandelup as Legal Counsel SCHULDNER LLC: Wins Cash Collateral Access Thru May 31 SEBSEN ELECTRIC: Gets Court Approval to Hire Special Counsel SEP SOFTWARE: Unsecured Creditors to Get $406K over 5 Years SILVERSIDE SENIOR: Amends Chippewa Secured Claims Pay Details SOUTH SKY: Seeks Continued Cash Collateral Access SOUTH SKY: Seeks to Hire Agentis PLLC as Bankruptcy Counsel STEVEN K. THOMAS: Unsecureds Will Get 1.97% of Claims in Plan STONE CLINICAL: Taps Jan Hayden of Baker as Expert Witness SUNLIGHT PROPERTIES: Seeks to Hire David Mincin as Legal Counsel TEXOMA AUTO: Case Summary & Five Unsecured Creditors TPT GLOBAL: To Partner With City of Tuskegee to Develop Smart City UTHARA INC: Case Summary & Six Unsecured Creditors VERTEX AEROSPACE: S&P Places 'B' ICR on Watch Positive on Merger WELDING & FABRICATION: Unsecureds to be Paid in Full in Plan WISHING WELL: Gets OK to Hire Danielle Roth as Real Estate Agent YELLOW CORP: Settles Litigation With U.S. Defense Department [*] 24 Robbins Russell Litigators to Join Kramer Levin [*] Stacy Tecklin to Lead Glenn Agre's Distressed Debt Practice ********* 11500 SPACE CENTER: Taps Houston Partners Realty as Broker ---------------------------------------------------------- 11500 Space Center, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Houston Partners Realty, LLC as real estate broker. The Debtor needs a real estate broker for the purpose of procuring and entering into a lease agreement with Voyages of Houston, LLC. The Debtor and Houston Partners Realty agreed to a reduced commission of $604,000, payable upon rent commencement. Patrick Dando, a real estate agent at Houston Partners Realty, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick M. Dando Houston Partners Realty, LLC 11700 Space Center Blvd., St. 104 Houston, TX 77059 Telephone: (713) 951-9300 About 11500 Space Center 11500 Space Center, LLC, a company based in Houston, filed a Chapter 11 petition (Bankr. S.D. Texas Case No. 21-32299) on July 6, 2021, listing as much as $50 million in both assets and liabilities. John Kevin Munz, president, signed the petition. Judge David R. Jones oversees the case. Haselden Farrow, PLLC serves as the Debtor's legal counsel. 237 WEST 54TH: Twin Summit to Auction Interests on April 27 ----------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code, Twin Summit NY LLC ("secured party") will sell certain collateral, including without limitation, all the limited liability company interests in 237 West 54th Owner LLC ("membership interests") held by 237 West 54th Mezz Two Owner LLC ("mezzanine borrower") to the highest and qualified bidder at a public sale on April 27, 2022, at 10:00 a.m., via Cisco WebEx platform or web-based video conferencing or telephonic conferencing program selected by the secured party, as well as in person at Schlam Stone & Dolan LLP, 26 Broadway, 19th Floor, New York, New York 10004. The sale will be conducted by Mannion Auctions LLC by Matthew D. Mannion, auctioneer, at 305 Broadway, Suite 200, New York, New York. Interested parties who intend to bid on the membership interests, must contact the secured party's counsel, Joshou Wurtzel at (212) 612-1226 or jwurtzel@shclamstone.com to receive the terms of public sale and biddinger instructions. A.G. DILLARD: Seeks to Hire Shelton & Company CPAs as Accountant ---------------------------------------------------------------- A.G. Dillard, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ Shelton & Company, CPAs, PC as its accountant. The Debtor needs an accountant to prepare its taxes and any auditing that may be required, and to assist in maintaining records and software for financial reporting purposes throughout its Chapter 11 case. The hourly rates of the firm's professionals are as follows: Mason Brugh $250 Staff Accountant $175 Mason Brugh, co-managing director at Shelton & Company, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mason Brugh Shelton & Company, CPAs, PC 3316 Naval Reserve Road Lynchburg, VA 244501 Telephone: (434) 846-9640 Facsimile: (434) 846-9642 Email: info@constructioncpas.com About A.G. Dillard A.G. Dillard, Inc. is an excavating contractor in Troy, Va. It provides a wide variety of site construction services, including site remodeling, clearing and demolition, pond repair or conversion, excavating and grading, site concrete, and paving. A.G. Dillard sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 22-60115) on Feb. 9, 2022, listing up to $50 million in both assets and liabilities. Alan G. Dillard, III, president, signed the petition. Judge Rebecca B. Connelly oversees the case. The Debtor tapped Robert S. Westermann, Esq., at Hirschler Fleischer, PC as bankruptcy counsel; Michie, Hamlett, Lowry, Rasmussen & Tweel, PLLC as special counsel; RJ Reuter, LLC as financial advisor; and Shelton & Company, CPAs, PC as accountant. AEMETIS INC: Incurs $47.15 Million Net Loss in 2021 --------------------------------------------------- Aemetis, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $47.15 million on $211.95 million of revenues for the year ended Dec. 31, 2021, compared to a net loss of $36.66 million on $165.56 million of revenues for the year ended Dec. 31, 2020. "Revenues for 2021 increased 28% compared to 2020 due to increased demand for low carbon transportation fuels and as the economy continued to rebound from COVID-19 disruptions," said Todd Waltz, chief financial officer of Aemetis. "Revenues during 2021 increased to $212 million compared to $166 million during 2020. Property acquired for carbon intensity reduction projects were $30.5 million for 2021 as our engineering and construction teams moved forward with the initiatives outlined in our Five-Year Plan," added Waltz. "We are pleased with the milestones accomplished during 2021 and early 2022, including the acquisition of the 125-acre Riverbank Industrial Complex for our sustainable aviation fuel and renewable diesel plant, as well as signing $2.5 billion of off-take agreements with major airlines and $3.2 billion with a leading travel stop chain," said Eric McAfee, Chairman and CEO of Aemetis. "The Aemetis Biogas RNG project progressed with construction on the next phase of 15 dairy digesters, completing construction of a substantial portion of our 32-mile biogas pipeline extension, building the biogas conditioning hub and completing the utility gas pipeline interconnection unit. We also received a drilling study from Baker Hughes confirming the feasibility of injecting more than two million metric tons per year of CO2 for sequestration in the unique formations under our two biofuels plant sites in California. Importantly, we recently closed two credit facilities with an aggregate availability of up to $100 million to fund the completion of all of the carbon reduction projects at the Keyes ethanol plant and provide all of the funding prior to project financing for the jet/diesel plant and the two carbon sequestration wells. We invite investors to review the updated Aemetis Corporate Presentation and the Aemetis Investor Presentation on the Aemetis home page prior to the earnings call." As of Dec. 31, 2021, the Company had $160.83 million in total assets, $65.33 million in total current liabilities, $215.74 million in total long term liabilities, and a total stockholders' deficit of $120.24 million. Aemetis stated, "We operate in a volatile market in which we have limited control over the major components of input costs and product revenues, and are making investments in future facilities and facility upgrades that improve the overall margin while lessening the impact of these volatile markets. As such, we expect cash provided by operating activities to fluctuate in future periods primarily because of changes in the prices for corn, ethanol, WDG, DCO, CDS, biodiesel, waste fats and oils, glycerin, non-refined palm oil and natural gas. To the extent that we experience periods in which the spread between ethanol prices, and corn and energy costs narrow or the spread between biodiesel prices and waste fats and oils or palm oil and energy costs narrow, we may require additional working capital to fund operations. "As a result of negative capital and negative operating results, and collateralization of substantially all of the company assets, the Company has been reliant on its senior secured lender to provide additional funding. In order to meet its obligations during the next twelve months, the Company will need to either refinance the Company's debt or receive the continued cooperation of senior lender. This dependence on the senior lender raises substantial doubt about the Company's ability to continue as a going concern. The Company plans to pursue the following strategies to improve the course of the business." Financial Results for the Three Months Ended December 31, 2021 Revenues were $64.4 million for the fourth quarter of 2021, compared to $37.3 million for the fourth quarter of 2020. The selling price of ethanol increased from $1.60 per gallon during the fourth quarter of 2020 to $3.36 per gallon during the fourth quarter of 2021. The delivered corn price rose from an average of $5.61 per bushel during the fourth quarter of 2020 to $7.23 per bushel during the fourth quarter of 2021. The Company's California Ethanol and Dairy Natural Gas segments accounted for all of the reported consolidated gross profit in both periods. Gross profit for the three months ended Dec. 31, 2021 was $12.7 million, compared to a gross loss of $3.4 million during the same period in 2020. The gross profit increase was attributable to stronger ethanol and wet distillers grain pricing during the fourth quarter of 2021 compared to the fourth quarter of 2020. Selling, general and administrative expenses increased to $7.5 million during the fourth quarter of 2021, compared to $4.3 million during the fourth quarter of 2020, principally due to a $2.5 million non-cash, share based compensation charge. Operating profit was $5.2 million for the fourth quarter of 2021, compared to an operating loss of $7.7 million during the fourth quarter of 2020. Net loss was $881,000 for the fourth quarter of 2021, compared to a net loss of $14.6 million for the fourth quarter of 2020. Cash at the end of the fourth quarter of 2021 was $7.8 million, compared to $592,000 at the end of the fourth quarter of 2020. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/738214/000165495422002831/amts_10k.htm About Aemetis Headquartered in Cupertino, California, Aemetis, Inc. -- http://www.aemetis.com-- is an international renewable natural gas, renewable fuels and byproducts company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products. The Company operates in two reportable geographic segments: "North America" and "India." AEMETIS INC: Registers 1.3 Million Shares Under 2019 Plan --------------------------------------------------------- Aemetis, Inc. filed a Form S-8 registration statement with the Securities and Exchange Commission for the purpose of registering 1,338,470 shares of the company's common stock, $0.001 par value per share, under the Amended and Restated Aemetis, Inc. 2019 Stock Plan, which common stock is in addition to the shares of common stock registered on the company's Form S-8 filed on March 14, 2021, Aug. 28, 2020 and March 12, 2020. The total number of shares of the company's common stock issuable under the 2019 Plan, as of March 10, 2022, is 384,726 shares, plus an additional number of shares of common stock subject to options or other awards granted under the company's Second Amended and Restated 2007 Stock Plan, as amended, that were outstanding as of the effective date of the 2019 Plan and that on or after the effective date of the 2019 Plan, are forfeited, cancelled, returned to the company for failure to satisfy vesting requirements, settled for cash or otherwise terminated without payment being made thereunder. A full-text copy of the prospectus is available for free at: https://www.sec.gov/Archives/edgar/data/738214/000165495422002910/amtx_s8.htm About Aemetis Headquartered in Cupertino, California, Aemetis, Inc. -- http://www.aemetis.com-- is an international renewable natural gas, renewable fuels and byproducts company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products. The Company operates in two reportable geographic segments: "North America" and "India." Aemetis reported a net loss of $47.15 million for the year ended Dec. 31, 2021, compared to a net loss of $36.66 million for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $160.83 million in total assets, $65.33 million in total current liabilities, $215.74 million in total long-term liabilities, and a total stockholders' deficit of $120.24 million. AGSPRING MISSISSIPPI: Wins Continued Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has authorized Agspring Mississippi Region, LLC and its debtor-affiliates to continue using cash collateral and provide additional adequate protection to term lenders. The Bridge Lenders and the Term Lenders have required the Debtors to meet these milestones: (a) February 18, 2022, deliver to the Bridge Lenders and the Term Lenders a draft plan of liquidation; (b) February 25, 2022, deliver to the Bridge Lenders and the Term Lenders a draft disclosure statement; and (c) March 4, 2022, (i) file a disclosure statement and plan reasonably acceptable to the Bridge Lenders and the Term Lenders, (ii) file a motion, in form and substance reasonably satisfactory to the Bridge Lenders and the Term Lenders, seeking approval of the disclosure statement and solicitation procedures, and (iii) seek the scheduling of a combined disclosure statement and plan hearing on March 25, 2022, or the earliest date thereafter on which the Court is available. The failure of the Debtors to comply with the Plan Milestones will constitute a Termination Event under the DIP Order. In late January, the Court granted the Debtors' request to extend their exclusivity periods to file and solicit acceptances of a bankruptcy plan. No party, other than the Debtors, may file any plan through and including May 9 and no party, other than the Debtors, may solicit votes to accept a proposed plan filed with the Court through and including July 8. Either (a) as additional adequate protection to the adequate protection provided to the Prepetition Secured Parties under the DIP Order, and/or (b) as the payment of the proceeds of the sale of collateral, which proceeds are not necessary to a effective reorganization within the meaning of section 362(d)(2) of the Bankruptcy Code, the Debtors are directed to pay Term Lenders $8,870,281 within two business days of entry of the Order, which will be applied against and will reduce the Prepetition Term Obligations. A copy of the order is available at https://bit.ly/3Il0E4x from PacerMonitor.com. About Agspring Mississippi Region Operating as a holding company, Agspring Mississippi Region, LLC -- https://agspring.com/ -- focuses on grain, oilseed, and specialty crop handling, processing, and logistics operations. Agspring and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 21-11238) on Sept. 10, 2021. In the petition signed by Kyle Sturgeon, chief restructuring officer, Agspring listed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP and Dentons US, LLP as bankruptcy counsel; Faegre Drinker Biddle & Reath LLP as special counsel; Piper Sandler & Co. as investment banker; and MERU, LLC as restructuring advisor. Kyle Sturgeon, managing director at MERU, serves as the Debtors' chief restructuring officer. ALPINE 4 HOLDINGS: Inks Deal With A.G.P. to Sell $50M Common Shares ------------------------------------------------------------------- Alpine 4 Holdings, Inc. entered into a sales agreement with A.G.P./Alliance Global Partners, under which the Company may offer and sell, from time to time at its sole discretion, shares of its Class A Common Stock, $0.0001 par value per share, to or through the Agent as its sales agent or principal, having an aggregate offering price of up to $50,000,000. Pursuant to the Agreement, sales of the Placement Shares, if any, will be made under the Company's effective Registration Statement on Form S-3 (File No. 333-252539), previously filed with the Securities and Exchange Commission and declared effective on Feb. 10, 2021, and the prospectus supplement relating to this offering, filed on March 8, 2022, by any method that is deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The Agent will use commercially reasonable efforts to sell the Placement Shares from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Agent a commission of three percent of the gross proceeds from each sale of the Placement Shares sold through the Agent under the Agreement. The Company will also reimburse the Agent for certain specified expenses, including expenses of counsel to the Agent. The Agreement contains representations, warranties and covenants that are customary for transactions of this type. In addition, the Company has provided the Agent with customary indemnification rights. The Agent is not under any obligation to purchase any of the Placement Shares on a principal basis pursuant to the Agreement, except as otherwise agreed by the Agent and the Company in writing, and its obligations to sell the Placement Shares under the Agreement are subject to satisfaction of certain conditions, including customary closing conditions. About Alpine 4 Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. As of April 14, 2021, the Company was a holding company that owned nine operating subsidiaries: ALTIA, LLC; Quality Circuit Assembly, Inc.; Morris Sheet Metal, Corp; JTD Spiral, Inc.; Deluxe Sheet Metal, Inc.; Excel Construction Services, LLC; SPECTRUMebos, Inc.; Impossible Aerospace, Inc.; and Vayu (US), Inc. Alpine 4 Holdings reported a net loss of $8.05 million for the year ended Dec. 31, 2020, compared to a net loss of $3.13 for the year ended Dec. 31, 2019, and a net loss of $7.91 million for the year ended Dec. 31, 2018. As of June 30, 2021, the Company had $94.03 million in total assets, $47.12 million in total liabilities, and $46.91 million in total stockholders' equity. ARYA'S VINTAGE CLOSET: Files for Chapter 11 Bankruptcy Protection ----------------------------------------------------------------- RK Consultants reports that Dov Charney, founder of the formerly high-flying retailer American Apparel Inc., filed for bankruptcy along with his latest business venture, a vintage clothing store, Arya's Vintage Closet LLC. According to a court filing, Arya's Vintage Closet has between 1 and 49 unsecured creditors and funds are available to its unsecured creditors. Charney was forced into bankruptcy court because he owed $30 million to a hedge fund involved with American Apparel, which shut down all of its outlets and became an online retailer after going through two of its own bankruptcies. About Arya's Vintage Closet Arya's Vintage Closet LLC is a clothing retailer located at 2900 Bristol Street Suite J202 Costa Mesa, CA 92627. Arya's Vintage Closet LLC sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 22-10392) on March 9, 2022. In the petition filed by Dov Arieh Charney, as manager, Arya's Vintage Closet LLC listed estimated total assets between $100,000 and $500,000 and estimated total liabilities between $100,000 and $500,000. William N Lobel, of Theodora Oringher PC, is the Debtor's counsel. BASIC ENERGY: C&J Employees Lose Bid to Recover Wage Claims ----------------------------------------------------------- Daniel Gill, of Bloomberg Law, reports that a group of former employees with wage claims against C&J Wells Services Inc. filed their proofs of claim too late in the company's bankruptcy to be able to recover anything, a federal appeals court ruled. The 67 workers, who filed the proofs of claim nearly three years after the cut-off date, were unable to show that the delay resulted from "excusable neglect," the U.S. Court of Appeals for the Fifth Circuit said Thursday, March 10, 2022. Creditors in bankruptcy cases must file proofs of claim indicating how much the debtor owed them as of the date of the bankruptcy filing. About Basic Energy Services Basic Energy Services, Inc. -- http://www.basices.com/-- provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. Its operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana. Specifically, Basic Energy Services has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. Basic Energy Services and 12 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-90002) on Aug. 17, 2021. As of March 31, 2021, Basic Energy disclosed total assets of $331 million and debt of $549 million. Judge David R. Jones oversees the cases. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Alixpartners LLP as restructuring advisor, and Lazard Freres & Company as financial advisor. Prime Clerk is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases. Snow & Green, LLP and Brown Rudnick, LLP serve as the committee's legal counsel. * * * C&J Well Services had been owned by Fort Worth-based Basic Energy Services Inc., which last 2021 paid about $94 million for its California operations. Dallas-based Berry bought it out of Basic's bankruptcy case, effective Oct. 1, 2021 for about $43 million. Already under Berry's control, C&J will formally become a subsidiary of the oil producer by Nov. 1, 2021 and its 910 employees -- 97 percent of its payroll under Basic -- will join Berry's 347 employees engaged in oil exploration and production. BLADE GLOBAL: Amends Plan to Include Plano ISD Secured Claims Pay ----------------------------------------------------------------- Blade Global Corporation submitted a Third Amended Plan of Reorganization dated March 10, 2022. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $1,959,720. 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 $1,959,710.55 as of May 31, 2022. This cash will be sufficient to pay the remaining projected administrative claims, including professional fees, and the claim of Shadow, of $1,088,145.86. The remaining cash of $871,564.69, including a loan of up to $85,000.00 from Shadow and recoveries from litigation against Equinix, will be used to pay priority tax claims totaling $799,597.05. The remainder will be distributed pro rata to holders of allowed Class 3 general unsecured claims. These funds, with the proceeds of Debtor's litigation against Equinix, Inc., are defined herein as "Net Cash." Class 2A consists of the Secured claim of Collin County Tax Assessor/Collector in the amount of $25,804.79. The Collin County Tax Assessor/Collector shall retain the lien against its collateral for 2020 Ad Valorem Taxes and may after the Effective Date assert its legal, equitable and contractual rights against it without modification by this Plan. Collin County shall apply any monies recovered to obtain release of the lien on collateral against an agreed priority claim in the amount of $17,807.71. The remaining amount of the agreed priority claim shall be paid in full in cash on the Effective Date. Collin County shall have an allowed general unsecured claim for $8,258.47 which shall be treated as an allowed Class 3 claim under this Plan. Class 2B consists of the Secured Claim of Plano Independent School District in the amount of $38,042.47. The Plano Independent School District (the "School District") shall retain the lien against its collateral for 2020 and 2021 Ad Valorem Property Taxes and may after the Effective Date assert its legal, equitable and contractual rights against it without modification by this Plan. Collin County shall apply any monies recovered to obtain release of the lien on collateral against an agreed priority claim in the amount of $25,000.00. The remaining amount of the agreed priority claim shall be paid in full in cash on the Effective Date. The School District shall have an allowed general unsecured claim for $13,042.47 which shall be treated as an allowed Class 3 claim under this Plan. Class 3 consists of Non-priority unsecured creditors. Holders of allowed general unsecured claims will receive a pro rata distribution of all Net Cash on the Effective Date. They shall receive further distributions from litigation recoveries from Equinix. Class 3 claimants shall receive a distribution of the first $200,000 of such recoveries and 50% of all recoveries in excess of that sum within 90 days of receipt thereof. Holders of claims for allowed final professional compensation shall receive the other 50% distributions from litigation recoveries from Equinix, if any until paid in full. Any remaining distributions from litigation recoveries from Equinix shall be paid to Class 3 claimants. 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 tax claims on the Effective Date. The Debtor will distribute recoveries from its litigation against Equinix, net of legal fees and costs incurred, within 90 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 Third Amended Plan of Reorganization dated March 10, 2022, is available at https://bit.ly/3KEcR5G 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. BOY SCOUTS: Judge Sets Trial to Consider Bankruptcy Plan Approval ----------------------------------------------------------------- Randall Chase of the Associated Press reports that more than two years after the Boy Scouts of America sought bankruptcy protection amid an onslaught of child sex abuse allegations, a judge will determine whether to confirm its proposed reorganization plan in a trial beginning Monday, March 14, 2022. The trial in U.S. Bankruptcy Court in Delaware is expected to stretch over several weeks as attorneys and witnesses battle over a host of complex issues, including insurance rights, liability releases, the value of some 80,000 child sex abuse claims and how such a huge number of claims came to be filed. The Boy Scouts, based in Irving, Texas, sought bankruptcy protection in February 2020 in an effort to halt hundreds of individual lawsuits and create a fund for men who say they were sexually abused as children involved in Scouting. Although the organization faced 275 lawsuits at the time, it found itself the subject of more than 82,000 sexual abuse claims in the bankruptcy case. The reorganization plan calls for the Boys Scouts and its roughly 250 local councils to contribute up to $786 million in cash and property and assign certain insurance rights to a fund for abuse claimants. In return, the BSA and councils would be released from further liability. The BSA's two largest insurers, Century Indemnity Co. and The Hartford, would contribute $800 million and $787 million, respectively, into the compensation fund. Other insurers have agreed to contribute about $69 million. The organization’s former largest troop sponsor, the Church of Jesus Christ of Latter-day Saints, commonly known as the Mormon church, has agreed to contribute $250 million for abuse claims involving the church. Congregations affiliated with the United Methodist Church have agreed to contribute $30 million. The troop-sponsoring organizations and settling insurers also would be released from further liability in exchange for their contributions. All told, the compensation fund would total more than $2.6 billion, which would be the largest aggregate sexual abuse settlement in U.S. history. The average recovery per claimant, however, would be significantly less than in other settlements of sex abuse scandals involving large numbers of victims. The University of Southern California, for example, agreed last year to an $852 million settlement with more than 700 women who accused a longtime campus gynecologist of sexual abuse. The BSA's plan faces objections from several opponents, including the bankruptcy trustee, who acts as a watchdog in such cases to ensure compliance with U.S. bankruptcy code. Opponents argue, among other things, that the proposed liability releases for non-debtor third parties -- including local BSA councils, insurers and troop-sponsoring organizations -- violate the due process rights of abuse claimants and are not authorized under the bankruptcy code. Several insurers that have not settled maintain the procedures for distributing funds to abuse claimants violate the insurers' rights under policies they issued and would allow payment of claims that would not win damages in civil lawsuits. The trial comes just over a month after the Boy Scouts announced a settlement with the official abuse claimants committee in the case. The committee was appointed by the U.S. bankruptcy trustee to represent the best interests of all sexual abuse survivors. The official committee had long maintained that the BSA's plan to compensate abuse victims was "grossly unfair," but said last month that it had won important concessions in lengthy negotiations with the BSA and other parties. The revised plan, for example, provides abuse claimants the ability to sue insurance companies and local troop-sponsoring organizations, such as churches and civic groups, that do not enter into settlements within one year of the reorganization plan taking effect. It also includes enhanced child protection measures for Boy Scouts going forward and provisions to ensure independent governance of the compensation fund. A previous version of the BSA's plan garnered support from about 73.5% of 53,596 claimants who voted on it. The judge allowed a second round of voting, which ended last Monday, March 7, 2022, so claimants could consider the plan changes. Those results showed 56,536 claimants submitted ballots, with 85.7% voting to accept the plan. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BOY SCOUTS: Plan Wins Support of More Than 85% of Survivors ----------------------------------------------------------- The Boy Scouts of America (BSA)'s Proposed Plan of Reorganization has won overwhelming support from survivors of past abuse in Scouting, with more than 85% voting to approve the Plan. If approved by the Court in the confirmation hearing beginning this week, the Plan is set to establish the largest sexual abuse compensation fund in the history of the United States—currently valued at $2.7 billion and expected to increase as additional settlement agreements are reached. "We are enormously grateful to the survivor community whose bravery, patience, and support has been instrumental in the formation of this Plan," said Dan Ownby, BSA National Chair. "Our hope is that the confirmation of the BSA's Plan will bring this financial restructuring process to an end, providing survivors with equitable compensation, and the closure they deserve while preserving the mission of Scouting for young people for years to come." In addition to offering compensation for survivors, the BSA's Plan of Reorganization includes a range of provisions designed to strengthen the organization's existing youth protection protocols. The initiatives will include the hiring of a Youth Protection Executive, the formation of an advisory Youth Protection Committee, and updates to current membership policies. Plus, the Plan designates the Honorable Barbara Houser, a retired bankruptcy judge with significant mediation experience as the Settlement Trustee responsible for overseeing all aspects of the Settlement Trust. The Plan also designates as claims administrators the Honorable Diane Welch and Honorable Michael Reagan, retired federal judges with experience addressing child sexual abuse, to coordinate thorough and independent claim review. Co-chair of the Tort Claimants Committee (TCC) Dr. Doug Kennedy said, "We've stayed strong throughout this process to ensure that the voices of survivors were heard, and that's exactly what happened—this Plan represents the youth protection and independent trust governance that the TCC advocated for. While money alone will never be enough to compensate Survivors for what they have suffered, the current $2.7 billion, the funds from future settlements, and the mechanism for further recoveries from non-settling insurers and responsible charter organizations provides a solid foundation for the Settlement Trustee to begin the compensation process. With these important changes, the TCC firmly supports approval of the Plan." Judge Laurie Silverstein will decide whether to approve the BSA's Plan of Reorganization through a confirmation hearing beginning March 14. The confirmation hearing is expected to last several weeks, and the Court will consider the voting results from survivors alongside a number of other factors. Further court approval will be required for final confirmation. The BSA initiated its financial restructuring in February 2020 to achieve two key imperatives: equitably compensate survivors who were harmed during their time in Scouting and continue carrying out its mission for years to come. Scouting programs, including unit meetings and activities, council events, other Scouting adventures and countless service projects, have continued throughout this process. More information and updates about the restructuring are available via the national organization's dedicated restructuring website, www.BSArestructuring.org. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BSPV-PLANO: Wins Cash Collateral Access Thru March 18 ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, has authorized BSPV-Plano, LLC to use cash collateral on an interim basis in accordance with the budget from the petition date through March 18, 2022. The Court says the Debtor may use $877,000 from the "Project Fund" held under the Indenture (cash collateral) during the Interim Period, solely in the amounts set forth and for the purposes specified in the Interim Budget. The Debtor will first use $50,000 remaining under the "Cash Injection from BSPV Equity Holders" line item before expending any cash collateral pursuant to the interim order. As adequate protection, Huntington National Bank, in its capacity as trustee for certain pre-petition bonds and as secured lender to the Debtor, is granted post-petition replacement liens against all property of the Debtor, with the same extent and priority as the Bond Trustee had with respect to property of the Debtor as of the Petition Date. Any and all such replacement liens are deemed automatically perfected without the need for further action by the Bond Trustee or any other person or entity, and the Bond Trustee may record or present the Order as evidence thereof. In the event of any diminution in the value of Bond Trustee's collateral caused by the Debtor's use of cash collateral, the Bond Trustee will be granted a superpriority administrative claim under section 507(b) of the Bankruptcy Code for any such diminution in value. The final hearing on the matter is scheduled for March 18 at 2 p.m. A copy of the order is available at https://bit.ly/3KKXubF from PacerMonitor.com. About BSPV-Plano, LLC BSPV-Plano, LLC is developing a 31.5-acre, "55+" Independent Senior Luxury Apartment Community with 318 units of apartment inventory, that is known and branded as "The Bridgemoor at Plano," and located at 1109 Park Vista Road in Plano, Texas. BSPV-Plano, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-40276) on March 1, 2022. In the petition signed by Richard Shaw, manager, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Thomas D. Berghman, Esq., at Munsch Hardt Kopf and Harr, PC, is the Debtor's counsel. CAMBER ENERGY: Signs $100M Securities Purchase Deal With Investor ----------------------------------------------------------------- As disclosed by Camber Energy, Inc. in its Current Report Filed on Form 8-K filed with the Securities and Exchange Commission on Jan. 5, 2022: (i) The Company and an accredited institutional investor entered into a stock purchase agreement on Dec. 30, 2021 pursuant to which the Investor purchased from the Company 10,544 shares of newly designated Series G redeemable convertible preferred stock, having a face value of $10,000 per share, for an aggregate price of $100,000,000, representing at a 5% original issue discount; (ii) The Purchase Price was paid by the Investor via payment of $5,000,000 in cash on Dec. 31, 2021, and the execution and delivery of four Promissory Notes from the Investor in favor of Company, each in the amount of $23,750,000 and payable by the Investor to the Company on March 31, 2022, June 30, 2022, Sept. 30, 2022 and Dec. 31, 2022, respectively; (iii) There are 2,636 shares of Series G Preferred Stock associated with each Note; (iv) The Investor may not convert the shares of preferred stock associated with each Note into shares of common stock or sell any of the underlying shares of common stock unless that Note is paid in full by the Investor; and (v) The Company may in its sole discretion redeem the 2,636 shares of Series G Preferred Stock associated with each Note by paying the Investor $1,375,000 as full consideration for such redemption. On March 10, 2022, the Company paid the Investor $1,375,000 and redeemed the 2,636 shares of Series G Preferred Stock associated with the March Note, thereby canceling the March Note and reducing the number of shares of Series G Preferred Stock outstanding from 10,544 to 7,908. As mentioned above, the Investor may not convert any of the remaining shares of preferred stock associated with any remaining Note into shares of common stock or sell any of the underlying shares of common stock unless that Note is paid in full by the Investor, and the Company may redeem the shares of Series G Preferred Stock associated with each Note by paying the Investor $1,375,000 as full consideration for such redemption. About Camber Energy Based in Houston, Texas, Camber Energy -- http://www.camber.energy -- is primarily engaged in the acquisition, development and sale of crude oil, natural gas and natural gas liquids from various known productive geological formations, including from the Hunton formation in Lincoln, Logan, Payne and Okfuskee Counties, in central Oklahoma; the Cline shale and upper Wolfberry shale in Glasscock County, Texas; and Hutchinson County, Texas, in connection with its Panhandle acquisition which closed in March 2018. Camber Energy reported a net loss of $8.61 million for the year ended Dec. 31, 2020, compared to a net loss of $10.79 million for the year ended Dec. 31, 2019. As of Sept. 30, 2020, the Company had $11.79 million in total assets, $32.48 million in total liabilities, $38 million in temporary equity, and a total stockholders' deficit of $58.68 million. Dallas, Texas-based Turner, Stone & Company, L.L.P., issued a "going concern" qualification in its report dated Nov. 19, 2021, citing that the Company has incurred significant losses from operations and had an accumulated deficit as of March 31, 2020 and 2019. These factors raise substantial doubt about its ability to continue as a going concern. CANNTRUST HOLDINGS: Completes CAD$17-Million Financing, Exits CCAA ------------------------------------------------------------------ CannTrust Holdings Inc. (unlisted) on March 15, 2022, disclosed that its subsidiary, CannTrust Equity Inc. ("CannTrust Equity"), has completed its previously announced financing for aggregate cash proceeds of approximately CAD$17 million, as approved by the Ontario Superior Court on February 25, 2022 (the "Financing"). A group of investors led by Marshall Fields International B.V., a subsidiary of Kenzoll B.V., a Netherlands-based private equity investment company, has invested CAD $11.2 million to acquire a 90% equity interest in CannTrust Equity and provided a CAD $5.5 million secured credit facility to CannTrust Equity, which is subordinated to the existing $22.5 million credit facility arranged by Cortland Credit Lending Corporation. The Company retains the remaining 10% of the common shares of CannTrust Equity. With the completion of the Financing, the companies comprising the CannTrust Group, have emerged from their Court-supervised proceedings under the Companies Creditors Arrangement Act ("CCAA"), effective immediately. "This marks the end of one long journey and the beginning of a new, exciting era for CannTrust. Today we can take our first step forward, focusing our attention on the bright future that lies ahead, with our new partners, Kenzoll." said Greg Guyatt, Chief Executive Officer, CannTrust. "There's lots to get done, but the entire team is excited to progress our 2022 strategy and announce our new company name." The Company plans to convene a meeting of its shareholders within the next four months. In the meantime, the Company intends to explore alternatives for either applying to the Ontario Securities Commission ("OSC") for an order revoking the OSC's "failure-to-file" Cease Trade Order dated April 13, 2020 or for taking steps to obtain a stock exchange listing for the common shares of CannTrust Equity. About CannTrust CannTrust -- http://www.canntrust.com/-- is a federally regulated licensed cannabis producer in Canada. It is proudly Canadian, operating a portfolio of brands including estora, Liiv, Synr.g and XSCAPE, specifically designed to surprise and delight patients and consumers. Its greenhouse produces Grade A cannabis flower, with products currently being sold in dried flower, pre-roll, vape, oil drops and capsule formats. Founded in 2013, its continued success in the medical cannabis market and subsequent expansion into the recreational business, led CannTrust being named Licensed Producer of the Year at the Canadian Cannabis Awards 2018. CannTrust Holdings Inc. in April 2020 commenced with the Ontario Superior Court of Justice (Commercial List) proceedings under the Companies' Creditors Arrangement Act (Canada). CannTrust selected Ernst & Young Inc. as monitor in the CCAA proceedings. The Ontario Court granted an order staying creditors of CannTrust, CannTrust Inc., CTI Holdings (Osoyoos) Inc., and Elmcliffe Investments Inc., as well as the plaintiffs in the putative class actions and other litigation brought against the Companies, from enforcing their claims. CAPITALS AREAS: Taps The Weiss Law Group as Bankruptcy Counsel -------------------------------------------------------------- Capitals Areas Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ The Weiss Law Group, LLC as its legal counsel. The firm will render these services: (a) file the required schedules, statements, and reports; (b) settle negotiations; (c) advise the Debtor concerning administration of the estate; (d) file necessary motions; (e) defend the Debtor in any contested matters or adversary proceedings in this court; and (f) confirm the disclosure statement and reorganization plan. Brett Weiss, Esq., the primary attorney in this representation, will be paid at his hourly rate of $595. Mr. Weiss disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brett Weiss, Esq. The Weiss Law Group, LLC 8843 Greenbelt Road, Suite 299 Greenbelt, MD 20770 Telephone: (301) 924-4400 Facsimile: (240) 627-4186 Email: brett@BankruptcyLawMaryland.com About Capitals Areas Properties Capitals Areas Properties, LLC, a Washington, DC-based company primarily engaged in renting and leasing real estate properties, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 22-00041) on March 7, 2022, listing as much as $10 million in both assets and liabilities. Christopher Bailey, managing member, signed the petition. The Weiss Law Group, LLC serves as the Debtor's legal counsel. CITE LLC: Unsecureds to Get Share of Cash Flow or Asset Liquidation ------------------------------------------------------------------- Cite, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Plan of Reorganization and Disclosure Statement dated March 10, 2022. Cite owns and operates a fine dining restaurant located at 505 N Lake Shore Drive, 70th Floor, Chicago, IL 60611. The Debtor also owns the real estate comprising (a) the 70th floor at 505 N. Lake Shore Drive (the space where the restaurant is located) and (b) offices for the restaurant on the 2nd Floor at 505 N. Lake Shore Drive. Prior to the filing of the Chapter 11 Case, Republic Bank had filed suit to foreclose on the Debtor's real property. A receiver was appointed for the real property and the receiver obtained an order evicting Cite from the restaurant location on the 70th floor of 505 N. Lake Shore Drive. This caused the closure of the restaurant in late November, 2021. Additionally, prior to the Chapter 11 Case, Araco had sued the Debtor and Non-Debtor Affiliates regarding defaults on a prior loan. Cite filed the Chapter 11 Case to (a) regain possession of the restaurant; (b) provide breathing room from Creditors, (c) take advantage of the protections afforded to small businesses under Subchapter V of the Bankruptcy Code, and (d) complete its operational restructuring to further develop the profitability of the restaurant. The Plan contemplates two scenarios. The first is a sale of the Debtor's real property that would effectively result in a liquidation of the Debtor's assets in which it is expected that only secured creditors will receive a distribution. The second scenario involves a sale with a leaseback of the real property and continued operation of the Debtor's restaurant. Under this scenario, the Plan contemplates the payment of all creditors' claims in full. Cite's Unsecured Creditors include parties that have loaned money to Cite, trade creditors including equipment and food suppliers to the restaurant, service providers to the restaurant and Cite's principal Evangeline Gouletas. The total of non-insider unsecured creditor's claims are approximately $662,000. Evangeline Gouletas has asserted a claim in the amount of approximately $633,000. Class 2 consists of General Unsecured Claims. Each non-insider general unsecured creditor will receive either (i) a pro rata share of the Debtor's projected free Cash flow over the term of the Plan or (ii) a pro rata share of the proceeds of the liquidation of the Debtor's assets. The holder of the insider unsecured claim, Evangeline Gouletas will subordinate the payment of her claim to the payment of all other Plan payments. The source of the funds for the payments of Class 2 Claims will come the continuing operations of the Debtor's restaurant. If the real property is sold with a leaseback option, the Debtor will lease the real property and continue to operate the restaurant going forward. After the payment of all expenses from the operation of the restaurant, the Debtor will pay the free cash flow to unsecured creditors on a pro rata basis, on the first of each month beginning on the Effective Date and continuing each month thereafter over a three year period. The Debtor will retain the right to pay the claims in full at a time sooner than three years from the Effective Date. The Debtor is currently in negotiations to convert the restaurant to a private social club, which would allow the Debtor to recude expenses and increase revenue. This would allow the Debtor to pay the unsecured claims faster than three years. The Debtor will continue to operate the restaurant until such time as they are able to complete the conversion to a private social club. If the Debtor's real property is sold without the leaseback option, the Debtor will no longer operate after the sale. In that event, all remaining assets of the Debtor will be sold and the proceeds will paid to creditors, in their respective priority, and unsecured creditors will receive payments of claims in their pro rate share of the proceeds. The Class 2 Claims are impaired. The Holders of Class 2 Claims are entitled to vote. Class 3 consists of Equity Interest Holders. Evangeline Gouletas' Equity Interest in Cite, LLC will be retained. The Class 3 Claim is unimpaired. The Holder of the Class 3 Claim is deemed to accept the Plan and shall not be entitled to vote. The Plan will be funded via either (a) the sale of the real property with no leaseback and an eventual liquidation of the Debtor's remaining assets or (b) the sale and leaseback of the Debtor's real property and then continued operations of the restaurant. A full-text copy of the Disclosure Statement dated March 10, 2022, is available at https://bit.ly/3w4navP from PacerMonitor.com at no charge. Attorneys for Debtor: Matthew E. McClintock, Esq. (Atty. No. 6280574) Jeffrey Dan, Esq. (Atty. No. 6242750) 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Facsimile: (312) 277-2310 E-mail: mattm@goldmclaw.com jeffd@goldmclaw.com About Cite LLC Cite LLC, an American restaurant business, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-13730) on Dec. 3, 2021. In the petition signed by Evangeline Gouletas, managing member, the Debtor disclosed $5,517,547 in total assets and $7,945,223 in total liabilities. Judge Janet S. Baer oversees the case. The Golding Law Offices, PC serves as the Debtor's counsel. CLEARPOINT NEURO: Incurs $14.4 Million Net Loss in 2021 ------------------------------------------------------- Clearpoint Neuro, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $14.41 million on $16.30 million of total revenue for the year ended Dec. 31, 2021, compared to a net loss of $6.78 million on $12.83 million of total revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $65.58 million in total assets, $16.79 million in total liabilities, and $48.79 million in total stockholders' equity. At Dec. 31, 2021, the Company had cash and cash equivalent balances aggregating $54.1 million, resulting primarily from the 2021 public equity offering and the private note issuances pursuant to the 2020 Financing Transaction. "We have incurred net losses since our inception which has resulted in a cumulative deficit at December 31, 2021 of approximately $134 million. In addition, our use of cash from operations amounted to $12.7 million for the year ended December 31, 2021. Since inception, we have financed our operations principally from the sale of equity securities and the issuance of notes payable," Clearpoint said. "In January 2020, the Company entered into the Securities Purchase Agreement (the "SPA") with the 2020 Convertible Noteholders under which the Company issued the First Closing Notes having an aggregate principal amount of $17.5 million, resulting in proceeds, net of financing costs and a commitment fee paid to one of the 2020 Convertible Noteholders, of approximately $16.8 million. From the net proceeds received from the issuance of the First Closing Notes, which have a five-year term, the Company repaid and retired the 2010 Secured Notes that otherwise would have matured in October and November 2020. "The SPA also gave us the right, but not the obligation, to request one of the 2020 Convertible Noteholders to purchase an additional $5.0 million in principal amount of the Second Closing Note. On December 29, 2020, under the terms of an Amendment to the SPA which, among other provisions, increased the principal amount of the Second Closing Note, we issued the Second Closing Note to the 2020 Convertible Noteholder in the principal amount of $7.5 million," the Company said. On Feb. 23, 2021, the Company completed a public offering of 2,127,660 shares of its common stock. Net proceeds from the offering were approximately $46.8 million after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. Based on the foregoing, in management's opinion, cash and cash equivalent balances at Dec. 31, 2021, are sufficient to support the Company's operations and meet its obligations for at least the next twelve months. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1285550/000128555022000003/clpt-20211231.htm About ClearPoint Neuro ClearPoint Neuro formerly MRI Interventions, Inc. -- http://www.clearpointneuro.com-- is a medical device company that develops and commercializes innovative platforms for performing minimally invasive surgical procedures in the brain under direct, intra-procedural magnetic resonance imaging, or MRI, guidance. Applications of the Company's current product portfolio include deep-brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics, and gene therapy to the brain. Clearpoint Neuro reported a net loss of $5.54 million for the year ended Dec. 31, 2019, and a net loss of $6.16 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $68.70 million in total assets, $24.58 million in total liabilities, and $44.12 million in total stockholders' equity. CROWN AMERICAS: S&P Rates New $500MM Senior Unsecured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating to Crown Americas LLC's proposed $500 million senior unsecured notes. S&P expects it will use the proceeds for general corporate purposes, which include the financing of share repurchases previously announced. The rating is the same as the existing ratings on Crown Americas' existing debt. The recovery rating is '6', indicating its expectation of negligible recovery (0%-10%; rounded estimate: 5%) in a default scenario. At the same time, S&P has also revised the recovery rating on Crown Holdings' credit facilities, including the secured debt issued at Crown European Holdings S.A., Crown Americas LLC, and Crown Metal Packaging Canada, to '1' from '2', indicating our expectation of very high recovery (90%-100%; rounded estimate: 90%) in a default scenario. The 'BBB-' issue-level rating remains unchanged. The recovery rating revision follows the substantial debt repayment the company completed following the sale of its European Tinplate business. S&P said, “The other ratings on the Crown Holdings remain unchanged, including our 'BB+' issuer credit rating and stable outlook. Though we view this financing as leveraging, we believe that Crown will still operate within the bounds set for the current rating, including maintaining S&P Global Ratings'-adjusted debt leverage below 5x. Crown is a leading designer and manufacturer of metal packaging, including beverage cans, closures and caps, food cans, and aerosol cans, as well as transit packaging solutions. Our ratings on Crown incorporate its strong competitive position in the markets it competes in, global footprint, and consistent cash flows generation. The rating also considers the company's financial policy, which include significant stock buybacks." Issue Ratings - Recovery Analysis Key analytical factors -- S&P said, "Our analysis assumes a simulated default in 2027 and a gross enterprise value (EV) of $6.12 billion. We applied a 6x multiple to an estimated distressed emergence EBITDA of $1.02 billion. A payment default would require a substantial and unexpected decline in Crown's profitability and cash flow, likely because of a sharp drop in demand for metal containers, cost pressures, client attrition, and the substitution of plastic for metal packaging. Even so, we use a 6.0x multiple--in line with the other leading packaging companies--to reflect Crown's favorable business position including scale advantages, geographic and product diversification, and established and stable customer relationships." -- S&P assumes roughly 25% of this value relates to the U.S. (Crown Americas and domestic subsidiaries), 45% to foreign subsidiaries (Crown European Holdings S.A. [CEH] and subsidiaries), and 30% to various JV interests (10% for Asian JVs, which roll up under CEH, and 20% for the Latin American JVs, which roll up under Crown Americas). -- Crown's debt structure consists of a $1.65 billion senior secured revolving credit facility, $1.346 billion of dollar equivalent term loans, $2.125 billion in senior unsecured notes issued by U.S. subsidiaries, $2.943 billion USD equivalent in senior unsecured notes issued by European subsidiaries, $390 million in structurally subordinated debentures issued by a U.S. intermediate holding company, plus some debt directly at various foreign subsidiaries and various domestic and foreign accounts receivable securitization and factoring programs. -- Credit facility borrowings in the U.S. benefit from a lien on most of Crown's domestic assets (excluding mortgages on real estate and 35% of the equity in its foreign subsidiaries) and 65% of the equity in its first-tier foreign subsidiaries. Direct borrowings by foreign subsidiaries have additional guarantees and collateral. S&P assumes the $1.65 billion revolver is 85% drawn at default, with about two-thirds of borrowed in the U.S. A collection allocation mechanism (CAM) would equalize recovery rates for all bank tranches, despite the better guarantor and collateral terms for the non-U.S. borrowings. -- The senior notes issued by CEH would have a structurally senior claim to the non-U.S. value (relative to U.S. debt), although this claim is unsecured and effectively junior to foreign secured borrowings (including those under the credit facility). -- The '6' recovery rating on Crown America's unsecured notes reflects S&P's expectation for negligible recovery (0%-10%; rounded estimate: 5%). While these notes are guaranteed by Crown's domestic subsidiaries, they are effectively junior to the substantial amount of secured debt and structurally senior borrowings at foreign non-guarantor subsidiaries. The unsecured debentures issued by Crown Cork and Seal also have a '6' recovery rating (0%-10%; rounded estimate: 0%) as they are structurally junior to Crown's other debt because they lack guarantees from operating subsidiaries. Simulated default assumptions (in millions) -- Simulated year of default: 2027 -- EBITDA at emergence: $1,020 -- EBITDA multiple: 6.0x Simplified waterfall -- Net EV (after 5% administrative costs): $5,815 -- Valuation split (JVs/Crown European/Crown Americas): 30%/45%/25% -- JV net EV: $1,744 -- JV direct borrowings (estimated): $102 -- JV third-party equity interests: $600 -- Residual JV value (split Crown Americas/Crown European): $1041 ($545/$495) -- Crown European net EV: $3,112 (including $495 from JVs) -- Accounts receivables financing claims at Crown European: $269 -- Foreign credit facility borrowings: $802 -- Value available to unsecured Crown European creditors: $2,041 -- Crown European unsecured notes: $2,978 --Recovery expectations-full range/rounded estimate: 50%-70%/65% (capped) -- Residual value available to U.S. creditors: None -- Crown Americas EV: $1,454 -- Adjustment for U.S. accounts/receivable securitizations: $254 -- Net value to Crown Americas from JV interests (Collateral/unpledged): $545 ($355/$191) -- Estimated credit facility collateral value: $2,356* -- Secured credit facility debt: $2,597 -- Estimated recovery from collateral/total: 91%/91% --Recovery expectations-full range/rounded estimate: 90%-100%/90% -- Total value available to unsecured claims: $191 -- Crown Americas senior unsecured notes: $1,881 -- Deficiency claim on secured credit facility: $240 -- Deficiency claim on CEH unsecured debt: $938 -- Total unsecured claims: $2,990 --Recovery expectations-full range/rounded estimate: 0%-10%/5% -- Remaining value for debentures: $0 -- Unguaranteed debentures: $404 million --Recovery expectations-full range/rounded estimate: 0%-10%/0% Notes: Debt amounts include six months of accrued interest that we assume will be owed at default. Collateral available to the credit facility reflects a "Collection Allocation Mechanism" (or CAM) which combines the value from direct foreign (non-guarantor) credit facility borrowings, domestic borrowings/collateral, and equity pledges in non-guarantors. S&P assumes usage of 85% for the cash flow revolver at default. CUSTOM TRUCK: Incurs $3.7 Million Net Loss in Fourth Quarter ------------------------------------------------------------ Custom Truck One Source, Inc. reported a net loss of $3.71 million on $356.44 million of total revenue for the three months ended Dec. 31, 2021, compared to a net loss of $7.33 million on $83.26 million of total revenue for the three months ended Dec. 31, 2020. For the 12 months ended Dec. 31, 2021, the Company reported a net loss of $181.50 million on $1.17 billion of total revenue compared to a net loss of $21.28 million on $302.74 million of total revenue for the 12 months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $2.68 billion in total assets, $440.58 million in total current liabilities, $1.38 billion in total long-term liabilities, and $858.51 million in total stockholders' equity. CTOS had cash and cash equivalents of $35.9 million as of Dec. 31, 2021, and debt outstanding net of cash and cash equivalents, including finance leases, was $1,320.8 million as of Dec. 31, 2021. The Company's pro forma leverage ratio, which is net debt divided by pro forma EBITDA, was 4.09 as of Dec. 31, 2021. The Company's pro forma leverage ratio, adjusted for $9.8 million of charges taken during the second quarter primarily related to increased reserves of leasing receivables and inventories, was 3.97 as of Dec. 31, 2021. Availability under the senior secured credit facility was $347.0 million as of Dec. 31, 2021. For the twelve months ended Dec. 31, 2021, the Company added $188.4 million to its rental fleet ($47.2 million in the three months ended Dec. 31, 2021). "Our strong fourth quarter results capped off a year of significant achievement for the company, which, along with continued strong fundamentals in our end markets, provides a solid basis for our positive outlook for 2022," said Fred Ross, chief executive officer of CTOS. "Our employees met the challenges presented by the integration, as well as issues outside of our control, such as supply chain constraints and inflationary pressures, to achieve these results. Customer demand across all three of our business segments remains very strong and we continue to see the benefits of our unique business model and our significant scale. As we head further into 2022, we look forward to continuing to deliver the unrivaled service that our customers have come to expect from us and driving significant value for our shareholders." A full-text copy of the press release is available for free at: https://www.sec.gov/Archives/edgar/data/1709682/000170968222000029/ex991q4-2021pressrelease.htm About Custom Truck Custom Truck One Source, Inc. (formerly known as Nesco Holdings, Inc.) is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The Company's coast-to-coast rental fleet of more than 9,600 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit investors.customtruck.com. The Company reported a net loss of $27.05 million for the year ended Dec. 31, 2019, a net loss of $15.53 million for the year ended Dec. 31, 2018, and a net loss of $27.10 million for the year ended Dec. 31, 2017. CYPRESS CREEK: Wins Interim Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has authorized Cypress Creek Emergency Medical Services Association to use cash collateral on an emergency basis in accordance with the budget, with a 10% variance. The budget is approved only on a line by line basis so funds not used in one line will not be credited for use to any other line. The Debtor is not permitted to pay more than the aggregate of $13,650 of any pre-bankruptcy wages, salary and benefits owed to any single employee and doing so is strictly prohibited. The Debtor is also not authorized to pay any pre-petition claim and nothing in the Order will be construed to authorize the Debtor to pay any pre-petition claim. With respect to the line item for Koronis on the budget, (i) the Debtor is not authorized to pay Koronis more than it actually is contractually entitled to, and (ii) (a) to the extent Koronis collects money after the filing of the bankruptcy petition, the Debtor is authorized to pay Koronis for those services, however, (b) to the extent that Koronis collected money prior to the filing of the bankruptcy petition, then absent further Court order the Debtor is not authorized to and the Debtor will not pay Koronis for the services. A final hearing on the matter is scheduled for April 18, 2022 at 10 a.m. A copy of the order is available at https://bit.ly/3J7Apzp from PacerMonitor.com. About Cypress Creek Cypress Creek Emergency Medical Services Association is an emergency medical service provider based in Spring, Texas. Cypress Creek filed a petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 21-33733) on Nov. 18, 2021, listing as much as $10 million in both assets and liabilities. Wren Nealy, Jr., chief executive officer, signed the petition. Judge Christopher M. Lopez oversees the case. The Debtor tapped Annie Catmull, Esq., at O'ConnorWesler, PLLC as legal counsel and J. Patrick Magill of Magill, PC as chief restructuring officer. CYTOSORBENTS CORP: Posts $24.6 Million Net Loss in 2021 ------------------------------------------------------- Cytosorbents Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $24.56 million on $40.11 million of total product sales for the year ended Dec. 31, 2021, compared to a net loss of $7.84 million on $39.45 million of total product sales for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $89.52 million in total assets, $26.94 million in total liabilities, and $62.58 million in total stockholders' equity. Cytosorbents stated, "Since inception, our operations have been primarily financed through the private and public placement of our debt and equity securities. At December 31, 2021, we had current assets of approximately $64,299,000 including cash, cash equivalents and restricted cash on hand of approximately $53,825,000 and had current liabilities of approximately $13,690,000. As of December 31, 2021, $25 million of our total shelf amount was allocated to our ATM facility, all of which is still available. Also, we expect to receive approximately $736,000 in cash from the approved sale of our net operating losses and research and development credits from the State of New Jersey in the first half of 2022. "We believe that we have sufficient cash to fund our operations and clinical trial activities well into the future." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1175151/000141057822000331/ctso-20211231x10k.htm About CytoSorbents Based in Monmouth Junction, New Jersey, CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 70 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure and patient death. Cytosorbents a net loss of $19.26 million for the year ended Dec. 31, 2019, and a net loss of $17.21 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $95.07 million in total assets, $24.46 million in total liabilities, and $70.61 million in total stockholders' equity. DDM LAND: Seeks to Hire Stehlik Law Firm as Bankruptcy Counsel -------------------------------------------------------------- DDM Land Management, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Stehlik Law Firm PC, LLO as its legal counsel. The firm's services include: (a) examining claims, instituting necessary proceedings and objections, and conducting various negotiations necessary to effect any adjustments; (b) representing the Debtor in all legal matters arising during the continuation of business and the control of assets; and (c) defending and prosecuting all motions, proceedings, and actions initiated by and against the Debtor. As disclosed in court filings, Stehlik Law Firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Galen E. Stehlik, Esq. Stehlik Law Firm PC, LLO 724 W Koenig St. Grand Island, NE 68801 Tel: (308) 675-4035 Email: galen.stehlik@stehliklawfirm.com About DDM Land Management DDM Land Management, LLC sought Chapter 11 protection (Bankr. D. Neb. Case No. 22-40140) on Feb. 23, 2022, listing up to $10 million in both assets and liabilities. Dan McKeon, sole member, signed the petition. Judge Thomas L. Saladino oversees the case. Stehlik Law Firm PC, LLO serves as the Debtor's legal counsel. DETROIT, MI: S&P Raises GO Debt Rating to 'BB', Outlook Positive ---------------------------------------------------------------- S&P Global Ratings raised its rating on Detroit, Mich.'s unlimited-tax general obligation (GO) debt to 'BB' from 'BB-'. The outlook is positive. At the same time, S&P raised its ratings to 'BBB-' from 'BB+' on the Michigan Finance Authority's Local Government Loan Program bonds (City of Detroit financial recovery income tax revenue and refunding local project bonds), series 2014F-1 and F-2, issued for Detroit and secured by its municipal income taxes, and on the authority's Local Government Loan Program bonds (Public Lighting Authority [PLA] local project bonds), series 2014B, issued for the Detroit PLA and secured by the city's user utility tax (UUT). The outlook on both ratings is positive. "The upgrade reflects Detroit's growing revenues and improved budget position, sustained reserves, and overall increasing flexibility with substantial federal funds and a bolstered retiree protection fund (RPF)," said S&P Global Ratings credit analyst John Sauter. S&P said, "Detroit remains, in our view, on a trajectory to meet increasing pension costs in the near and long term within a balanced budget framework, and if it does so, we could raise the rating. We feel the city has fiscal discipline and flexibility that can keep it on track should it experience economic slowdowns or higher-than-forecasted pension increases." The 'BBB-' ratings reflect application of S&P's "Priority-Lien" criteria, which factors in both the strength and stability of the pledged revenues, as well as the general credit quality of the municipality where taxes are distributed and/or collected (the obligor's creditworthiness [OC]). The priority-lien rating on both pledges is limited by our view of Detroit's creditworthiness (BB/Positive). Therefore, the one-notch upgrade and positive outlook on the GO rating on Detroit result in the same actions on these income- and UUT-secured obligations. S&P said, "We view Detroit as facing elevated social risks, specifically social capital risks. Commuting patterns changed significantly through the pandemic and more than 30% of nonresidents continue to work remotely. This translates to revenue losses directly from refunds, but also slowed recovery of jobs that rely on a regular course of business and leisure activity in the city. Detroit's population trend remains a risk, as do its high poverty levels, as these can limit revenue-raising abilities and increase service needs. The city's leadership views building up its residential tax base as fundamental to its future and invests significant resources in these efforts. Successes to date are reflected in increasing property values, improved public safety metrics, and reduced poverty rates; and substantial new job creation within the city likely reflects the private sector's recognition of an increasingly skilled labor force. Detroit reduced its poverty rate by nearly 9% from 2014 to 2019, lowering it to 31%, but 2020 Census figures show an increase to 35%. "We see governance as a strength, with strong fiscal controls, formal long-term forecasting, well-framed policies that are consistently met, and commitment to long-term goals that keeps the city's rebound moving forward. We do not consider there to be high environmental risk. Detroit is building a sustainability plan and continues to seek solutions to fight flooding of the Detroit River in certain pockets of the city. It also anticipates that federal infrastructure act funding will yield substantial investment in lead pipe removal, road repair, and broadband expansion." DIOCESE OF CAMDEN: Amends Tort Claims Pay Details ------------------------------------------------- The Diocese of Camden, New Jersey, submitted a Third Amended Disclosure Statement describing Third Amended Chapter 11 Plan dated March 10, 2022. The Plan constitutes a Chapter 11 plan of reorganization. In the Diocese's opinion, the treatment of Claims under the Plan provides a greater recovery for Creditors than that which is likely to be achieved under other alternatives. The Plan classifies Tort Claims into two classes: Class 5 Tort Claims Other Than Unknown Tort Claims, and Class 6 Unknown Tort Claims. All Tort Claims are classified into Class 5 unless the claim was not filed by the Bar Date and is held by an individual meeting certain criteria such that the individual was not required to file a claim prior to the Bar Date. The Plan proposes to create a Trust to fund payments for Class 5 and Class 6 Claims pursuant to the guidelines in the Plan and Trust Agreement. The Trust will be funded by $50,000,000 in cash from the Debtor and $10,000,000 in cash from the Other Catholic Entities. As of the date of this Disclosure Statement, 324 non-duplicative Class 5 Claims have been filed, which will share collectively in the funds contributed to the Trust. The Debtor has reached a proposed settlement with its insurers whereby the insurers will contribute $30,000,000 to the Trust for the benefit of holders of Class 5 and Class 6 Claims in exchange for a release of all liability under the Debtor's insurance policies. This settlement has not yet been approved by the Court, and the Tort Committee intends to object to the proposed settlement on the basis that this contribution is inadequate in light of, among other things, the claims held by the Debtor against its insurers and the value of claims in Class 5 and Class 6. If the settlement with the insurers is not approved by the Court, the Plan provides that the insurance policies shall be assigned to the Trust for the benefit of holders of Class 5 and Class 6 Claims. The Trust will then have the responsibility for litigating the claims against the insurers at its sole cost and expense. There is no guarantee that the Trust will be successful in this litigation in light of the defenses that the insurance companies have to these claims. Litigation may be long and costly. The Plan proposes that the Diocese, and all of its affiliated entities and persons including, but not limited to, the Parishes, Missions, Schools, and Catholic Ministry Entities, including employees and agents of each, other than accused perpetrators of abuse, and all Settling Insurers will be released, and all currently pending and future causes of action against these parties will be forever barred. The Tort Committee asserts that treatment of Tort Claims under the Plan is inadequate, and that the Plan should not be approved. As set forth in the Tort Committee Statement, the Tort Committee recommends that Tort Claimants vote to reject the Plan. On March 7, 2022, the Tort Committee filed a Motion to Disallow Proofs of Claim filed by the Other Catholic Entities, seeking to disallow certain claims filed by the Other Catholic Entities. The Motion is scheduled to be heard on April 6, 2022. Class 3 consists of General Unsecured Claims. Class 3 is Impaired, and each holder of a Class 3 Claim is entitled to vote to accept or reject the Plan. The Tort Committee asserts that the Debtor is artificially impairing creditors in Class 3 for the sake of cramming the Plan down. The Diocese shall pay Allowed Class 3 Claims a 75% dividend over 5-years. Allowed Class 3 Claimants shall have the option to elect to receive a payment of 50% of their claim within 60 days after the Effective Date in full satisfaction of their respective Claims. A Class 5 Claim means a Tort Claim other than an Unknown Tort Claim. The Plan creates a Trust to fund payments to Class 5 Claimants entitled to such payments under the Plan, Trust Agreement, and Trust Distribution Plan. Class 5 Claimants' share of the Trust Assets is the only amount, if any, they will be entitled to receive from the Covered Parties and the Settling Insurers. During the course of the Chapter 11 proceedings, two substantial Tort Claimants contacted the Diocese to resolve their Claims. The RH Claimants, represented by Carl Poplar, Esq. agreed to resolve their Claims, as follows: (i) an allowed Claim of $100,000.00 paid in equal annual installments over ten years; and (ii) an allowed claim of $75,000.00 paid in equal annual installments over ten years. In connection with this resolution, the Diocese filed a Motion for Entry of an Order to Approve Settlement of Controversy by and Among the Diocese and the RH Claimants Pursuant to Federal Rule of Bankruptcy 9019(a) seeking approval of a settlement with the RH Claimants. After oral argument, the Court granted the RH Motion, without prejudice to all parties' rights in connection with the plan reorganization process. Based on the valuations, the Diocese believes that Class 5 Claimants will receive 100% of the value of their claims. The Diocese believes the value of Class 5 claims are $34,398,744. The Diocese and the Covered Parties have agreed to fund the Plan with $60,000,000. The Settling Insurers have agreed to contribute $30,000,000 to the Trust in accordance with the Insurance Settlement Agreement and upon certain other conditions. Thus, the Diocese asserts that Class 5 Claims will be paid in full. The Tort Committee disagrees with the adequacy of the Covered Parties' contributions and asserts that claimants in Class 5 will receive significantly less than 100% of the value of their claims. A Class 6 Claim means an Unknown Tort Claim. Except with respect to the Reorganized Debtor and the Covered Parties, nothing in the Plan is intended to affect, in any way, the rights of any Unknown Tort Claimant against any Joint Tortfeasor, except that Unknown Tort Claimants may not collect, or obtain a reallocation of the share of any judgment initially allocated to a Covered Party, from any Joint Tortfeasor. As of the Effective Date, the liability of the Covered Parties and Settling Insurers for all Class 6 Claims shall be assumed fully by the Trust, without further act, deed, or court order and pursuant to the Channeling Injunction, shall be satisfied solely from the Unknown Tort Claims Reserve. No Person is obligated to pay additional funds into the Unknown Tort Claims Reserve. Class 6 Claimants are enjoined from filing any future Claims against any Covered Party or Settling Insurer and may not proceed in any manner against any such Persons in any forum whatsoever. Class 8 consists of Non-Abuse Tort Claims which are tort claims against the Diocese that are not Abuse claims. Class 8 is Impaired, and each holder of a Class 8 Claim is entitled to vote to accept or reject the Plan. Allowed Class 8 Claims shall be paid a pro rata portion of a $100,000 distribution. The Diocese shall contribute $50,000 to be designated for Class 8 Claims. Catholic Charities, Diocese of Camden, Inc. will transfer $50,000 to the Diocese to be designated for Class 8 Claimants within 2 business days after the Confirmation Order has become a Non-Appealable Order in exchange for a release of all Class 8 Claims against it. This contribution amount is contingent upon the receipt by Catholic Charities of releases from third party claims. Cash and other assets with a value of $50,000,000 will be paid or transferred, as applicable, to the Trust Account as provided in the Plan subject to reversion if any proceeds are not needed to fund the Trust. A full-text copy of the Third Amended Disclosure Statement dated March 10, 2022, is available at https://bit.ly/3w5o8b1 from PacerMonitor.com at no charge. Counsel to Debtor: Richard D. Trenk, Esq. Robert S. Roglieri, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Second Floor Roseland, New Jersey 07068 Tel: (973) 622-1800 E-mail: rtrenk@msbnj.com rroglieri@msbnj.com About The Diocese of Camden, NJ The Diocese of Camden, New Jersey is a nonprofit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. The Diocese is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. The petition was signed by Reverend Robert E. Hughes, vicar General and vice president. At the time of the filing, the Debtor had total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland & Baumann, LLC, is the Debtor's legal counsel. DIVINE INTERVENTION: Limited Interests Up for Sale June 22 ---------------------------------------------------------- Jones Lang Lasalle, on behalf of Finch Property Holdings I LLC ("secured party"), will offer for sale on June 22, 2022, at 10:00 a.m. (New York Time) at the Offices of Greenberg Traurig LLP, located at One Vanderbilt Avenue, New York, New York 10017, these partnership and limited liability company interests (i) a 0.01% general partnership interests (being 100% of the general partnership), and an 89.9% limited partnership ("Divine Intervention"); (ii) 100% of the limited and general partnership interests in Divine Alchemy LP ("Divine Alchemy"); (iii) 100% of the general and limited partnership interests in Abbotts Resurrection LP ("Abbotts Resurrection"); (iv) 100% of the limited liability company interests in 677 North Broad Associates LLC ("Borrowers"). All bids must be for cash, and the successful bidder must be prepared to deliver immediately available good funds as and when required by the terms of sale and otherwise comply with the bidding requirements provided for in the terms of sale. Further information concerning the collateral, the requirements for obtaining information and bidding on the collateral and the terms of sale governing the sale of the collateral can be found at http://www.phillyportfoliouccsale.com/ Jones Lang Lasalle can be reached at: Jones Lang Lasalle Attn: Brett Rosenberg Tel: +1 212-812-5926 Email: brett.rosenberg@am.jll.com DJ'S TOWING: Unsecureds to Get $1,500 per Quarter for 20 Quarters ----------------------------------------------------------------- DJ's Towing & Transport LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Chapter 11 Subchapter V Plan dated March 10, 2022. DJ's Towing & Transport LLC was started in 2013. In 2015, the company transitioned to trucking and 80% of its freight are food products. The Debtor sought to set up its base of operations in South Carolina as a trucker friendly state. In September of 2020, Debtor reached out to First Home Bank, a lender with a lien on some of its trucks, and requested that it provide the titles to South Carolina so that the transition could be effected. The Bank assured it would facilitate, but then caused undue and highly prejudicial delay, including losing titles, that caused the business to shut down and effectively led to this bankruptcy filing. Class V consists of Administrative Convenience Unsecured Creditors. Any creditor with an allowed unsecured claim of less than $5000, or any creditor who elects to reduce its unsecured claim to $5000, shall receive a dividend of the lesser of twenty percent of its claim, or $500, within 180 days of the effective date of the Plan. Debtor is unaware of any creditoes who would be afforded this treatment in the absence of election. Class VI consists of General Unsecured Creditors. Unsecured claims, including the bifurcated claims of secured creditors, are estimated to be $300,000 and shall receive a collective dividend of $1500 per quarter to be distributed proratedly to each unsecured creditor in proportion that each creditor's claim amount is to the total amount of allowed unsecured claims for 20 calendar quarters. If the plan is confirmed on a nonconsensual basis, the Subchapter V trustee will make all such payments in accordance with Section 6(2). If the Debtor incurs other administrative claims that must be paid out over the term of the plan, these payments will impact the dividend to unsecured creditors. The sole equity interest holder of the Debtor is Rodin Bodhu who will retain his interest and is unimpaired. The Debtor has the capacity to apply its net disposable income for 5 years toward a payment to its creditors, or if necessary, to the supervision and control of the Subchapter V trustee for execution of the plan. A full-text copy of the Chapter 11 Subchapter V Plan dated March 10, 2022, is available at https://bit.ly/3MHOi9M from PacerMonitor.com at no charge. About DJ's Towing & Transport LLC DJ's Towing & Transport LLC is a trucking and logistics company. DJ's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-21882) on Dec. 21, 2021. In the petition signed by Rodin Bodhu, managing member, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Erik P. Kimball oversees the case. Julianne Frank, Atty at Law, is the Debtor's counsel. DRO 15R LLC: Case Summary & Six Unsecured Creditors --------------------------------------------------- Debtor: DRO 15R LLC 942 Pennsylvania Ave. Miami Beach, FL 33139 Chapter 11 Petition Date: March 14, 2022 Court: United States Bankruptcy Court Southern District of Florida Case No.: 22-12017 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Tel: (954) 353-2200 E-mail: mroher@markroherlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Raziel Ofer as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/5YMSZ4A/DRO_15R_LLC__flsbke-22-12017__0001.0.pdf?mcid=tGE4TAMA EDGEWATER HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Edgewater Holdings Miami, LLC, according to court dockets. About Edgewater Holdings Edgewater Holdings Miami, LLC is a company based in Hialeah, Fla., which conducts business under the name Fortuna House Apartments. The company is part of the traveler accommodation industry. Edgewater filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-10882) on Feb. 2, 2022, listing $5,037,200 in assets and $3,695,403 in liabilities. Daniel Marzano, manager, signed the petition. The Debtor tapped Lydecker, LLP as legal counsel. EDUCATIONAL TECHNICAL: Unsecureds Will Get 3% Dividend over 5 Years ------------------------------------------------------------------- Educational Technical College, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement and Plan of Reorganization dated March 10, 2022. The Debtor is a corporation duly established and organized under the laws of the Commonwealth of Puerto Rico since 1982. It was originally named as Academia Centro Costura since it was dedicated to offering courses to the apparel and sewing industry. Class 7 consists of Priority Unsecured Claims. The Debtor listed unsecured priority claims in the total amount of $90,835. The Debtor is in the process of reconciling these claims and understands that the same may be subject to adjustments. All unsecured priority governmental claims not previously classified priority claims and/or any priority portion of any debt to any of the governmental units, allowed and ordered to be paid by the Court, will receive payment in full of their allowed claim and/or the agreed amount plus prevailing prime interest as of confirmation date, over a period ending no later than 5 years from the date of the order for relief or as agreed by the parties. Class 8 consists of Banco Popular de Puerto Rico. Banco Popular de Puerto Rico filed Claims No. 10 in the amount of $243,067 and Claim No. 11 in the amount of $240,674. Both claims were filed as general unsecured claims. On March 4, 2022, the Debtor received notice that the first PPP loans was forgiven under the PPP program. The Debtor has not received the SBA forgiveness determination for the second loan but it expects that the second loan will also be forgiven since the Debtor fully complied with the requirements for forgiveness of loan. Therefore, any debt under this Class will be fully satisfied by the effective date. Class 9 includes the allowed unsecured amounts owed to Department of Labor, Department of Treasury, Internal Revenue Service State Insurance Fund and any deficiency that may be owed to the Department of Education. Estimated liability as of this date is in the amount of $183,614. This amount is subject to further reconciliation and adjustment. This class will be paid a 3% dividend of its allowed claim on a quarterly basis during 5 years. Class 10 will include all allowed amounts of general unsecured creditors listed by the Debtor and those who have filed claims. Estimated liability as of this date is in the amount of $742,483.64. This class will be paid a 3% dividend of its allowed claim on a quarterly basis during 5 years commencing one year after the effective date or upon the collection of any award of damages obtained in Adversary Proceeding No. 21-0085 (EAG), whichever is first. This Class is impaired. Class 11 consists of the general unsecured creditors consisting of the contingent, disputed and/or unliquidated claims. Claims filed under this Class are in the amount of $968,113.79. The Debtor disputes the liability to members of this class and these claims are contingent as of this date. Members of this class may opt to receive treatment under Class 10. Class 12 includes all equity and interest holders who are the owners of the stock of the Debtor. These are Mr. Emilio Huykeand Ms. Carmen Huyke, Debtor's shareholders and directors. This class will not receive any dividend unless all senior classes are paid in full. Main funding of the plan will be from any proceeds to be obtained from the litigation against ATUE under Adversary Proceeding No. 21-0085, Debtor's operations, the sale of property of the estate not necessary for the reorganization and the collection of accounts receivable. A full-text copy of the Disclosure Statement dated March 10, 2022, is available at https://bit.ly/3pYRap9 from PacerMonitor.com at no charge. Attorney for Debtor: Carmen D. Conde Torres, Esq. Luisa S. Valle Castro, Esq. William Alemany Mendez, Esq. C. Conde & Assoc. 254 De San Jose Street, Suite 5 Old San Juan, PR 00901-1523 Telephone: (787) 729-2900 Facsimile: (787) 729-2203 Email: condecarmen@condelaw.com About Educational Technical College Bayamon, P.R.-based Educational Technical College, Inc. filed a voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 21-02392) on Aug. 9, 2021, listing $1,969,503 in assets and $1,407,201 in liabilities. Emilio E. Huyke, president of Educational Technical College, signed the petition. Judge Edward A. Godoy oversees the case. Carmen D. Conde Torres, Esq., at C. Conde & Assoc., and Dage Consulting CPA's, PSC serve as the Debtor's legal counsel and accountant, respectively. ELECTRO SALES: Updates Bexar County Secured Claims Pay Details -------------------------------------------------------------- Electro Sales & Service, Inc., submitted a Second Amended Plan of Reorganization dated March 10, 2022. The means necessary for the execution of the Debtor's Plan shall be the liquidation of its assets, including the marketing and sale of the Debtor's commercial real estate. All of the Debtor's real property shall be sold with within 180 days from the Confirmation Date. The properties shall be sold to the highest bidder for cash with no contingencies. The properties will be marketed and sold with the assistance of Remax New Heights, the real agent approved by the Bankruptcy Court. All Allowed Claims of creditors shall be paid in full from the proceeds of the sales. Class III consists of the Allowed Secured Claim of Bexar County Texas. The Allowed Secured Claim of the Bexar County Texas in the approximate amount of $6,139.41 shall be paid in full from the sale of the property at 3941 Eisenhauer Rd, San Antonio, Texas 78218. The property shall be sold within 180 days of the Confirmation Date, and such sale shall close on or before December 31, 2022. Interest on this claim will accrue at 12% per annum. Bexar County Texas shall retain its lien on said property until the claim is paid in full. Class III is Impaired. Class IV consists of the Allowed Secured Claim of Bexar County Texas. The Allowed Secured Claim of the Bexar County Texas in the amount of $6,109.28 shall be paid in full from the sale of the property at 2750 S. Loop 1604 E, San Antonio, Texas 78229. The property shall be sold within 180 days of the Confirmation Date, and such sale shall close on or before December 31, 2022. Interest on this claim will accrue at the rate of 12% per annum. Bexar County Texas shall retain its lien on said property until the claim is paid in full. Class IV is Impaired. Like in the prior iteration of the Plan, Class V consists of all Allowed General Unsecured Claims of creditors, which are not otherwise classified. This class insists solely of the claim of American Express in the amount of $1,179.00. This claim shall be paid in full from either the sale of the property at 3941 Eisenhauer Rd, San Antonio, Texas 78218 or the property at 2750 S. Loop 1604 E, San Antonio, Texas 78229, whichever one occurs first. These properties shall be sold within 180 days of the Confirmation Date. Class V is Impaired. The only executory contract or unexpired lease the Debtor has is with Attaur Rehman, who is leasing the property located at 3539 Eisenhauer Road, San Antonio, Texas. The received rental payments of $2850.00 per month under the lease which will expire on October 31, 2023, unless renewed by the parties. This lease is expressly assumed by the Debtor under the Plan as of the Effective Date. A full-text copy of the Second Amended Plan dated March 10, 2022, is available at https://bit.ly/3tOnb48 from PacerMonitor.com at no charge. Attorney for the Debtor: David T. Cain, Esq. LAW OFFICE OF DAVID T. CAIN 8626 Tesoro Dr., Suite 811 San Antonio, Texas 78217 Tel: (210) 308-0388 Fax: (210) 503-5033 About Electro Sales & Service Electro Sales & Service filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-50546) on May 3, 2021. At the time of the filing, the Debtor disclosed $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Ronald B. King oversees the case. David T. Cain, Esq., is the Debtor's legal counsel. ESSA PHARMA: All Six Proposals Passed at Annual Meeting ------------------------------------------------------- ESSA Pharma Inc. held its 2022 annual general meeting of shareholders at which the stockholders: (1) approved a proposal to set the number of directors for the ensuing year at eight; (2) elected David R. Parkinson, Richard M. Glickman, Gary Sollis, Franklin M. Berger, Scott Requadt, Marella Thorell, Alex Martin, and Sandy Zweifach as directors; (3) approved, on a non-binding, advisory basis, the compensation of the company's named executive officers; (4) approved, on a non-binding, advisory basis, the frequency of solicitation of advisory shareholder approval of executive compensation; (5) approved the appointment and remuneration to be paid to the auditor; and (6) approved the ESSA Pharma Inc. 2021 Omnibus Incentive Plan. About Essa Vancouver, BC-based Essa Pharma, Inc. -- www.essapharma.com -- is a clinical stage pharmaceutical company, focused on developing novel and proprietary therapies for the treatment of prostate cancer in patients whose disease is progressing despite treatment with current standard of care therapies, including second-generation anti-androgen drugs such as abiraterone, enzalutamide, apalutamide, and darolutamide. ESSA Pharma reported a loss and comprehensive loss of $36.81 million for the year ended Sept. 30, 2021, a loss and comprehensive loss of $23.45 million for the year ended Sept. 30, 2020, and a net loss and comprehensive loss of $12.75 million for the year ended Sept. 30, 2019. As of Dec. 31, 2021, the Company had $191.49 million in total assets, $3.95 million in total liabilities, and $187.54 million in shareholders' equity. FIGUEROA MOUNTAIN: Has Deal on Cash Collateral Access ----------------------------------------------------- Figueroa Mountain Brewing, LLC, White Winston Select Asset Funds, LLC, and SCS Acquisition LLC, successor-in-interest to Montecito Bank & Trust, have advised the U.S. Bankruptcy Court for the Central District of California, Northern Division, that they have reached an agreement regarding Figueroa's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The parties agree the Debtor is authorized to use cash collateral on a final basis through the earlier of (a) June 12, 2022, or (b) the date on which the Debtor's cash on hand falls below falls below the Cash Floor of $698,865. If the Debtor's cash on hand falls below $698,865, then the Debtor will: (a) immediately notify counsel for the Secured Creditors in writing; (b) if unable to reach further agreement with the Secured Creditors for the continued use of cash collateral, within two court days of sending the Required Notification file an emergency motion for continued authority to use cash collateral and request that the Court hear such motion at its earliest opportunity; (c) be authorized to continue using cash collateral in accordance with the Stipulation and the Budget until the hearing on such emergency motion; and (d) the $750,000 will not be transferred to a third party, including the Secured Parties or Creekstone, other than payments of approved Budget expenses including in accordance with clause (c) above so long as they are not payments to the Secured Parties or Creekstone, without prior Court order entered after a hearing set on regular notice. During the Authorization Period, the Debtor may use cash collateral solely to pay the expenses set forth in the budget or such further budget that may be approved by the Parties or the Court, with a 25% variance. White Winston and SCS will continue to receive, as adequate protection, replacement liens in post-petition collateral for any diminution in their collateral as of the Petition Date arising from the Debtor's use of such collateral but only to the same extent, applicability and validity as the prepetition liens held by White Winston and SCS. A copy of the motion and the Debtor's budget through the week of June 13, 2022, is available for free at https://bit.ly/3u2pHE6 from PacerMonitor.com. The Debtor projects $115,620 in total sales and $143,122 for the week beginning March 28. About Figueroa Mountain Brewing LLC Founded in 2020, Figueroa Mountain Brewing, LLC -- https://www.figmtnbrew.com/ -- is in the business of manufacturing beer with principal place of business in Buellton, Calif. Figueroa Mountain Brewing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5, 2020. Jaime Dietenhofer, the company's manager, signed the petition. At the time of filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of the same range. Judge Martin R. Barash oversees the case. Lesnick Prince & Pappas LLP is the Debtor's legal counsel. FLORIDA HOMESITE: Seeks to Tap Susan D. Lasky as Legal Counsel -------------------------------------------------------------- Florida Homesite Developers, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Susan D. Lasky, PA as its legal counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties in the continued management of its financial affairs; (b) advising the Debtor regarding its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) preparing legal documents; (d) protecting the interest of the Debtor in all matters pending before the court; (e) representing the Debtor in negotiation with its creditors in the preparation of a reorganization plan. Susan Lasky, Esq., agreed to perform said services at the reduced hourly rates of $400 for attorney fees and $200 for paralegal services. Prior to the petition date, the firm received the total sum of $7,500. Ms. Lasky disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Susan D. Lasky, Esq. Susan D. Lasky, PA 320 S.E. 18 St. Ft. Lauderdale, FL 33316 Telephone: (954) 400-7474 Facsimile: (954) 206-0628 Email: Sue@SueLasky.com About Florida Homesite Developers Florida Homesite Developers, LLC, a company based in Delray Beach, Fla., filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-14081) on April 28, 2021, listing as much as $10 million in both assets and liabilities. Valerie Johnson, managing member, signed the petition. Judge Mindy A. Mora oversees the case. Susan D. Lasky, Esq., serves as the Debtor's legal counsel. FORE MACHINE: Gets Court Approval to Tap Stretto as Claims Agent ---------------------------------------------------------------- Fore Machine, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stretto, Inc. as claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. Prior to the petition date, the Debtors provided Stretto an advance retainer in the amount of $25,000. Sheryl Betance, senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: 714.716.1872 Email: sheryl.betance@stretto.com About Fore Machine Fore Machine, LLC is a manufacturer of aircraft engines and engine parts in Haltom City, Texas. Fore Machine, LLC and its affiliates, Aero Components, LLC and Fore Aero Holdings, LLC, sought Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 22-40487) on March 7, 2022. In the petition signed by Jens Verloop, chief financial officer, Fore Machine listed as much as $50 million in both assets and liabilities. The Debtors tapped Winston & Strawn, LLP as legal counsel and Alvarez and Marsal North America, LLC as financial advisor. Bankruptcy Management Solutions, Inc., doing business as Stretto, is the claims and noticing agent. FORE MACHINE: Seeks to Hire Winston & Strawn as Legal Counsel ------------------------------------------------------------- Fore Machine, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Winston & Strawn, LLP as legal counsel. The firm's services include: (a) advising the Debtors regarding their powers and duties in the continued management and operation of their businesses and properties; (b) advising and consulting the Debtors on their conduct during these Chapter 11 cases; (c) attending meetings and negotiating with representatives of creditors and other parties; (d) taking all necessary actions to protect and preserve the Debtors' estates; (e) preparing pleadings; (f) representing the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; (g) advising the Debtors in connection with any potential sale of assets; (h) appearing before the bankruptcy court and any appellate courts; (i) advising the Debtors regarding tax matters; (j) taking any necessary action to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (k) performing all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The hourly rates of the firm's attorneys and staff range as follows: Partners $890 - $1,945 Of Counsel $795 - $1,370 Associates $640 – $1,045 Paralegals $230 - $400 Practice Support $165 - $985 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $500,000 from the Debtors. Winston & Strawn provided the following in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Winston has represented one or more of the Debtors in other capacities since July 16, 2021. Such rates were subject to the same periodic increases from 2021 to 2022 which, like many of its peer law firms, occurs twice a year in the form of: (i) step increases historically awarded in the ordinary course on the basis of advancing seniority and promotion and (ii) periodic increases within each attorney's and paraprofessional's current level of seniority. The step increases do not constitute "rate increases" (as the term is used in the U.S. Trustee Guidelines). Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Answer: Although the Debtors and Winston have not prepared a formal budget and staffing plan, Winston provided the Debtors with a good faith estimate of its fees in connection with these Chapter 11 cases, which is reflected in the line item for "Restructuring Professional Fees" in the Debtors' interim budget. Timothy Walsh, Esq., a partner at Winston & Strawn, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Timothy W. Walsh, Esq. James T. Bentley, Esq. Emma Fleming, Esq. Winston & Strawn LLP 200 Park Avenue New York, NY 10166-4193 Telephone: (212) 294-6700 Facsimile: (212) 294-4700 Email: twalsh@winston.com jbentley@winston.com efleming@winston.com About Fore Machine Fore Machine, LLC is a manufacturer of aircraft engines and engine parts in Haltom City, Texas. Fore Machine, LLC and its affiliates, Aero Components, LLC and Fore Aero Holdings, LLC, sought Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 22-40487) on March 7, 2022. In the petition signed by Jens Verloop, chief financial officer, Fore Machine listed as much as $50 million in both assets and liabilities. The Debtors tapped Winston & Strawn, LLP as legal counsel and Alvarez and Marsal North America, LLC as financial advisor. Bankruptcy Management Solutions, Inc., doing business as Stretto, is the claims and noticing agent and administrative advisor. GOOD GUYZ INVESTMENTS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Good Guyz Investments, LLC, according to court dockets. About Good Guyz Investments Good Guyz Investments, LLC, a company in Sunny Isles Beach, Fla., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-10728) on Jan. 30, 2022, listing up to $1 million in assets and up to $10 million in liabilities. Bryan Goldstein, manager, signed the petition. Judge Laurel M. Isicoff oversees the case. The Law Offices of Richard R. Robles, P.A. serves as the Debtor's legal counsel. GRAND TRAVERSE ACADEMY: S&P Rates 2022 Bonds Rating to 'BB' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating to Grand Traverse Academy (GTA), Mich.'s series 2022 public school academy refunding bonds. At the same time, S&P affirmed its 'BB' long-term rating on GTA's series 2007 public school academy revenue and refunding debt. The outlook on all ratings is stable. Total pro forma debt is $10.54 million consisting solely of the series 2022 bonds. GTA expects to use proceeds from the issuance to current refund its existing 2007 debt, which was used to construct and equip the school's current facilities, as well as refund prior obligations. GTA also intends to use proceeds to fully fund a debt service reserve at maximum annual debt service (MADS) of $992,000 and pay costs of issuance. This issuance is intended to generate annual debt service savings and has a fairly level debt payment schedule over the 14-year maturity through 2036.The series 2022 bonds are a general obligation of GTA, secured by 20% of its per-pupil state aid and a first-mortgage lien on its land and facilities. According to the bond documents, in any year commencing after June 30, 2023, GTA covenants to maintain an annual debt service coverage covenant of 1.0x when days' cash on hand is at least 60 days'. Alternatively, when days' cash on hand is below 60 days', GTA covenants to maintain at least 1.1x annual debt service coverage during the fiscal year. "We assessed GTA's enterprise profile as adequate, characterized by its long operating history, very solid charter standing and high academic performance, somewhat offset by a trend of enrollment fluctuations, and lack of a meaningful waitlist," said S&P Global Ratings credit analyst Mel Brown. "We assessed GTA's financial profile as vulnerable, characterized by its smaller operating base below $10 million, trend of positive operating results in recent years, expense flexibility as demonstrated by management's willingness to reduce costs in response to revenue fluctuations, an incrementally improving unrestricted cash position and MADS coverage that is healthy for the rating." S&P said, "The stable outlook reflects S&P Global Ratings' opinion that over our outlook period, we expect GTA to continue balancing financial operations while modestly growing its unrestricted cash position and maintaining its debt profile. Additionally, we expect GTA to generally preserve its market position with enrollment just under 900 students, steady retention, and maintain its high academic standards, reflecting an overall credit profile consistent with the current rating. The rating and outlook reflect our expectation for steady financial operations over the outlook, though enrollment will likely continue to soften. Initially chartered in 1999 by Lake Superior State University, GTA is a public charter school in Traverse City. It serves 792 pre-kindergarten through 12th-grade students. GTA's curriculum is centered on the William Glasser Quality School model, which integrates choice theory and character education. Lake Superior State University, the charter authorizer, recently renewed GTA's charter in 2021 for a seven-year term through June 2028." HARRIS PHARMACEUTICAL: Trustee Gets OK to Hire Accountant --------------------------------------------------------- Amy Denton Harris, the Subchapter V trustee appointed in Harris Pharmaceutical, Inc.'s Chapter 11 case, received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Hughes, Snell & Co., PA as accountant. The trustee needs the assistance of an accountant to file amended payroll tax returns for the tax years 2020 and 2021 to claim employee retention credits. Hughes, Snell & Co. estimates that the fees for preparation of the amended tax returns will be between $5,000 to $7,500. Sharon Thompson, a certified public accountant at Hughes, Snell & Co., disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sharon Thompson, CPA Hughes, Snell & Co., PA 1470 Royal Palm Square Boulevard Fort Myers, FL 33919 Telephone: (239) 939-2233 Facsimile: (239) 939-0554 Email: info@hughessnell.com About Harris Pharmaceutical Harris Pharmaceutical, Inc. is a manufacturer of pharmaceutical and medicine products in Fort Myers, Fla. Harris Pharmaceutical filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-08071) on Oct. 29, 2020, disclosing $4,229,666 in total assets and $2,207,513 in total liabilities as of Sept. 30, 2021. Judge Caryl E. Delano oversees the case. The Debtor tapped the Law Office of Leon A. Williamson, Jr., PA as bankruptcy counsel. Amy Denton Harris is the Subchapter V trustee appointed in the Debtor's case. Stichter, Riedel, Blain & Postler P.A., Westerman Ball Ederer Miller Zucker & Sharfstein, LLP, and David R. Softness, P.A. serve as the trustee's special counsels. Hughes, Snell & Co., PA is tapped as accountant. HHCS PHARMACY: Taps Herron Hill Law Group as Bankruptcy Counsel --------------------------------------------------------------- HHCS Pharmacy, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Herron Hill Law Group, PLLC as its legal counsel. The firm's services include: (a) advising the Debtor concerning the operation of its business in compliance with Chapter 11 and orders of the bankruptcy court; (b) defending any causes of action on behalf of the Debtor; (c) preparing legal papers; (d) assisting in the formulation of a plan of reorganization and preparation of a disclosure statement; and (e) providing all services of a legal nature in the field of bankruptcy law. The hourly rates of Herron Hill's attorneys and staff are as follows: Kenneth D. Herron, Jr. $475 Peter N. Hill $475 Paralegals $150 Herron Hill received a retainer of $21,738 from the Debtor. Kenneth Herron, Jr., Esq., an attorney at Herron Hill Law Group, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kenneth D. Herron, Jr., Esq. Herron Hill Law Group, PLLC P.O. Box 2127 Orlando, FL 32802 Telephone: (407) 648-0058 Email: chip@herronhilllaw.com About HHCS Pharmacy HHCS Pharmacy, Inc., doing business as Freedom Pharmacy, provides complete specialty pharmacy services and disease management programs for its patients throughout the world. It fills outpatient prescriptions, plus scripts for all types of intravenous solutions, medical supplies, aerosol equipment and much more. In addition, the company offers natural medicines, vitamins, dietary supplements and a full online store of over-the-counter care products. HHCS Pharmacy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00703) on Feb. 25, 2022, listing up to $500,000 in assets and up to $10 million in liabilities. Jerrett M. McConnell is the Subchapter V trustee appointed in the Debtor's case while the Honorable Lori V. Vaughan is the bankruptcy judge assigned to handle the case. Kenneth D. Herron, Jr., Esq., at Herron Hill Law Group, PLLC serves as the Debtor's legal counsel. HKBH PRESCHOOLS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of HKBH Preschools LLC, according to court dockets. About HKBH Preschools HKBH Preschools LLC, doing business as Soaring Eagles Academy, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 22-10618) on Jan. 26, 2022, disclosing as much as $1 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor is represented by Gary M. Murphree, Esq., at A.M. LAW, LLC. HOME DECOR: Taps Law Offices of Henry F. Sewell as Counsel ---------------------------------------------------------- Home Decor Liquidators, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ the Law Offices of Henry F. Sewell, Jr., LLC as its bankruptcy counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties in the continued management and operation of its business and property; (b) attending meetings and negotiating with representatives of creditors and other parties-in-interest, and advising and consulting on the conduct of the Chapter 11 case; (c) taking necessary action to protect and preserve the Debtor's estate; (d) reviewing and preparing all documents and agreements as they become necessary and desirable; (e) reviewing and preparing all legal papers necessary to the administration of the estate; (f) negotiating and preparing a plan of reorganization, disclosure statement and all related documents, and taking any necessary action to obtain confirmation of such plan; (g) reviewing and objecting to claims, and analyzing, recommending, preparing and bringing any causes of action created under the Bankruptcy Code; (h) advising the Debtor in connection with any sale of assets; (i) appearing before the bankruptcy court, any appellate courts, and the Office of the U.S. Trustee; and (j) performing all other necessary legal services for the Debtor. The firm received retainer payments from the Debtor in the total amount of $27,500. The hourly rates of the firm's attorneys are as follows: Henry F. Sewell, Jr. $395 Eric Silva $295 In addition, the firm will seek reimbursement for expenses incurred. Henry Sewell, Jr., Esq., sole member of the Law Offices of Henry F. Sewell, Jr., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Henry F. Sewell, Jr., Esq. Law Offices of Henry F. Sewell, Jr., LLC 2965 Peachtree Road, NW, Suite 555 Atlanta, GA 30305 Telephone: (404) 926-0053 Email: hsewell@sewellfirm.com About Home Decor Liquidators Home Decor Liquidators, LLC, a company in Duluth, Ga., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-51278) on Feb. 15, 2022, listing as much as $10 million in both assets and liabilities. Christopher I. Prescott, president, signed the petition. The Law Offices of Henry F. Sewell, Jr., LLC serves as the Debtor's legal counsel. HYSTER-YALE MATERIALS: S&P Lowers ICR to 'B-' on Weaker Results --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Ohio-based lift-truck manufacturer Hyster-Yale Materials Handling Inc. to 'B-' from 'B' and its issue-level rating on its senior secured debt to 'B+' from 'BB-'. S&P's '1' recovery rating on the senior secured debt is unchanged. It removed the ratings from CreditWatch, where we placed them Nov. 5, 2021, with negative implications. The negative outlook reflects the 1-in-3 chance S&P could lower the rating if the vulnerability to unfavorable inflation and supply chain conditions continues to persist, which could prevent Hyster-Yale from deleveraging and erode its liquidity position. The company may continue to face challenges in delivering on its backlog if supply chain challenges persist and working capital requirements may remain elevated if commodity price volatility persists. The downgrade reflects Hyster-Yale's elevated leverage primarily due to ongoing supply chain constraints, high input-cost inflation, and elevated working capital borrowings. In fiscal 2021, Hyster-Yale's S&P Global Ratings-adjusted EBITDA declined to a loss of $2 million from about positive $127 million during fiscal 2020 on significant supply chain disruptions. The company ended the fourth quarter with a historically high backlog of 105,300 units. This extended delivery lead times substantially, which affected the company's ability to address cost inflation. Additionally, continued supply chain constraints and further increase in some material and logistics costs, led to significant margin contraction for trucks in backlog. Working capital usage also increased substantially to about $181 million due to higher inventory costs. These developments caused leverage to spike, and the company drew on its revolver to fund its working capital build. Hyster-Yale implemented initiatives that could provide relief in the second half of the fiscal year. Management took several actions to mitigate current operational challenges, most notably price increases, delayed strategic initiatives in its lift-truck business, and cutting general and administrative costs. The company is booking new trucks at projected target margins based on future expected costs at the time of production. However, due to the size of the backlog, many orders slotted for production through the first three quarters of 2022 do not reflect the full effect of price increases. As such, S&P forecasts Hyster-Yale's leverage will remain elevated above 10x in fiscal 2022 before gradually improving significantly in 2023 as its price increases and cost-saving measures fully take hold. S&P said, "We expect Hyster-Yale's liquidity should remain adequate over the coming 12 months. Our base-case forecast assumes management programs will alleviate supply chain bottlenecks and new production plans will reduce inventory by using current stock to build out trucks. This should enable the company to stabilize its working capital position and--combined with sequentially improving operating performance throughout the year and delayed capital spending projects--support near break-even free cash flow. However, we acknowledge there are risks to our forecast, which incorporates the stabilization of operating trends supported by improved product and transportation cost expectations as well as better visibility for component availability and logistical constraints through the year. To the extent that Hyster-Yale management has not forecast cost expectations accurately through 2022, break-even operating profit may be delayed. We expect the company to maintain adequate sources of liquidity over the coming 12 months, supported by about $66 million cash on the balance sheet and $165 million unused borrowing capacity. We believe these sources are sufficient to meet Hyster-Yale's expected uses of liquidity, which primarily include forecast operating losses, annual debt amortization, working capital, capital expenditures (capex), and dividends. We will monitor the company's liquidity availability over the next few quarters to compare management's forecast to assure liquidity remains adequate and acceptable for the rating." The negative outlook reflects a potential downgrade on Hyster-Yale's vulnerability to the persistently unfavorable inflation and supply chain conditions, which could prevent it from deleveraging and erode its liquidity position. The company may continue to face challenges in delivering on its backlog if supply chain constraints persist and working capital remains elevated amid persistent commodity price volatility. S&P could lower its rating on Hyster-Yale over the next 12 months if: -- S&P believes the company's S&P Global Ratings-adjusted leverage will remain very high with due to persistently high inventories, which could indicate deteriorating liquidity and weak access to incremental capital. This could occur if the company does not sufficiently improve its earnings and meet projections for the third and fourth quarters of 2022, for instance due to continued supply chain constraints or increasing input costs; or -- Its liquidity sources (including cash and revolver availability) materially decline because of weakened operating performance. S&P could revise its outlook to stable if: -- S&P believes the company can deliver on its backlog and begin to generate operating profit such that S&P Global Ratings-adjusted leverage will improve comfortable below 10x; and -- The company performs well against its forecast by reducing inventory, stabilizing cash flow, and improving liquidity. ESG credit indicators: E-2, S2, G2 INOC PROPERTIES: Seeks to Hire Colliers as Real Estate Broker ------------------------------------------------------------- INOC Properties, LP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Colliers as real estate broker. The Debtor needs the assistance of a broker for the sale of its apartment complex named Creekside Apartments located at 22063 FM 1098, Prairie View, Texas. Colliers will render these services: (a) meet and confer with owners of the Debtor to collect data; (b) assemble a list of qualified strategic and financial buyers; (c) commence solicitation process upon the Debtor's approval of a buyer list; (d) confer with interested parties and pre-qualify them for further review; (e) sign nondisclosure agreements (NDAs) elevating a pre-qualified party to a potential buyer status; (f) coordinate preliminary due diligence review of appropriate materials; and (g) at the Debtor's direction, assist with the preparation of additional material to facilitate a successful closing. The Debtor will compensate the broker a commission of 6 percent of the property's gross sales price. As disclosed in court filings, Colliers is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tom Condon James Humphries Colliers International 1233 West Loop South, Suite 900 Houston, TX 77057 Telephone: (713) 222-2111 Email: tom.condon.jr@colliers.com james.humphries@colliers.com About INOC Properties INOC Properties, LP, a limited partnership in Prairie View, Texas, sought Chapter 11 protection (Bankr. S.D. Texas Case No. 21-33906) on Dec. 6, 2021, disclosing $1 million to $10 million in both assets and liabilities. Kollye Kilpatrick, president, signed the petition. Judge Christopher M. Lopez oversees the case. Brandon J. Tittle, Esq., at Tittle Law Group, PLLC serves as the Debtor's legal counsel. ION GEOPHYSICAL: PNC Sells Loan Under 2014 Agreement to Noteholders ------------------------------------------------------------------- ION Geophysical Corporation announced that PNC Bank, National Association, has sold and assigned its commitment and outstanding loans under ION's Revolving Credit and Security Agreement dated Aug. 22, 2014 to certain holders of ION's 2025 Notes (the "purchasing lenders"). In addition, ION entered into a First Amendment to the Second Forbearance and Seventh Amendment to the Credit Agreement with the purchasing lenders pursuant to which, among other things, the purchasing lenders have agreed to extend the current forbearance through April 4, 2022. The company also announced that it had entered into Amendment No. 2 to the Forbearance Agreement with holders of more than 79% of its 2025 Notes to continue their forbearance through April 4, 2022. The forbearances are subject to the terms and conditions of the relevant agreements. ION remains in continuing discussions with the holders of its 2025 Notes and other indebtedness regarding various strategic alternatives to strengthen its financial position and maximize stakeholder value. These strategic alternatives include, among others, a sale or business combination transaction or sales of assets, any of which may be executed as part of an in-court or out-of-court restructuring process. About ION Geophysical Corp. Headquartered in Houston, Texas, ION (NYSE: IO) -- http://www.iongeo.com-- is an innovative, asset light global technology company that delivers powerful data-driven decision-making offerings to offshore energy, ports and defense industries. The Company is entering a fourth industrial revolution where technology is fundamentally changing how decisions are made. The Company provides its services and products through two business segments -- E&P Technology & Services and Operations Optimization. ION Geophysical reported a net loss of $37.11 million for the year ended Dec. 31, 2020, compared to a net loss of $47.21 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $190.91 million in total assets, $256.07 million in total liabilities, and a total deficit of $65.17 million. Houston, Texas-based Grant Thornton LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Feb. 11, 2021, citing that as of Dec. 31, 2020, the Company had outstanding $120.6 million aggregate principal amount of its 9.125% Senior Secured Second Priority Notes, which mature on Dec. 15, 2021. The Notes, classified as current liabilities, caused the Company's current liabilities to exceed its current assets by $150.9 million and its total liabilities exceed its total assets by $71.1 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. * * * As reported by the TCR on Jan. 6, 2022, S&P Global Ratings lowered its issuer credit rating on U.S.-based marine seismic data company ION Geophysical Corp. to 'D' from CCC'. S&P said the downgrade reflects ION Geophysical's missed interest and principal payments on its 8% senior secured notes due 2025 and its 9.125% unsecured notes due 2021. ISLAND INDUSTRIES: Taps Alexander Thompson Arnold as Accountant --------------------------------------------------------------- Island Industries, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Alexander Thompson Arnold, PLLC as its accountant. The firm's services include: (a) tax advice and preparation of federal and state tax returns for the fiscal year ended Feb. 28, 2022 and subsequent years for the Debtor; (b) other services as needed during the course of the Debtor's Chapter 11 case. The hourly rates of the firm's professionals are as follows: Charles McLean $380 Staff and Other Accountants $150 - $380 Charles McLean, a certified public accountant at Alexander Thompson Arnold, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles McLean Alexander Thompson Arnold, PLLC 227 Oil Well Road Jackson, TN 38305 Telephone: (731) 427-8571 Facsimile: (731) 424-5701 Email: info@atacpa.net About Island Industries Island Industries, Inc. is a Memphis, Tenn.-based distributor of pipe and component products serving a variety of markets. Island Industries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-20380) on Feb. 2, 2022, listing as much as $10 million in both assets and liabilities. Judge Jennie D. Latta oversees the case. The Debtor tapped Glankler Brown, PLLC as bankruptcy counsel, The Winchester Law Firm PLLC as special counsel, and Alexander Thompson Arnold, PLLC as accountant. ISLAND INDUSTRIES: Taps The Winchester Law Firm as Special Counsel ------------------------------------------------------------------ Island Industries, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ The Winchester Law Firm, PLLC as special counsel. The Debtor needs the assistance of a special litigation counsel to prosecute the appeal from the judgment in the case styled ASC Engineered Solutions, LLC v. Island Industries, LLC, Case No. 2:20-cv-02284-JPM-cgc, in the U.S. District Court for the Western District of Tennessee. John Horne, Esq., the primary attorney in this representation, will be paid at his hourly rate of $300, plus out-of-pocket expenses. Mr. Horne disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John D. Horne, Esq. The Winchester Law Firm PLLC P.O. Box 17236 6060 Poplar Avenue, Ste. 295 Memphis, TN 38119 Telephone: (901) 685-9222/(901) 685-9260 About Island Industries Island Industries, Inc. is a Memphis, Tenn.-based distributor of pipe and component products serving a variety of markets. Island Industries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-20380) on Feb. 2, 2022, listing as much as $10 million in both assets and liabilities. Judge Jennie D. Latta oversees the case. The Debtor tapped Glankler Brown, PLLC as bankruptcy counsel, The Winchester Law Firm PLLC as special counsel, and Alexander Thompson Arnold, PLLC as accountant. JAGUAR HEALTH: Reports $52.6 Million Net Loss for 2021 ------------------------------------------------------ Jaguar Health, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss and comprehensive loss of $52.60 million on $4.34 million of product revenue for the year ended Dec. 31, 2021, compared to a net loss and comprehensive loss of $33.81 million on $9.39 million of product revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $53.27 million in total assets, $41.41 million in total liabilities, and $11.85 million in total stockholders' equity. "2021 was a year of transition and progress for Jaguar's plant-based drug pipeline for human health," said Lisa Conte, the Company's president and CEO, "as we continued enrollment in our OnTarget Phase 3 clinical trial of crofelemer for prophylaxis of cancer therapy-related diarrhea (CTD) and advanced this key pipeline initiative with the presentation at December's San Antonio Breast Cancer Symposium of Phase 2 crofelemer data for prophylaxis in chemotherapy-related diarrhea; received Orphan Drug Designation in the European Union for crofelemer for short bowel syndrome; formed Napo Therapeutics in Milan, Italy, which was subsequently funded as a result of the merger of Napo Therapeutics with Milan-based Dragon SPAC S.p.A. and for which Jaguar Health is the majority shareholder; and completed a license agreement with Napo Therapeutics for exclusive rights to crofelemer and lechlemer in Europe. In December we also excitingly and importantly received FDA conditional approval for Canalevia-CA1 (crofelemer) for treatment of chemotherapy-induced diarrhea (CID) in dogs." "As of March 11, 2022, the filing date of Jaguar's annual report on Form 10-K for the year 2021, the Company's cash position was approximately $18.5 million, and the Company had a public float exceeding $75 million. Therefore, the Company remains "shelf eligible," said Conte. "There are benefits of having a shelf registration statement on Form S-3 in place, rather than a registration statement on S-1. At present, we have continuing flexibility to issue registered shares quickly and opportunistically, including in connection with potential future business transactions such as asset acquisitions, purchases of product, payments for services, and license deals, and we are pleased with the flexibility the ATM financing program provides." "Fourth quarter 2021 Mytesi net revenue was approximately $2.1 million versus approximately $0.6 million in the third quarter of 2021. This increase of 230%, or $1.5 million, largely represents the important realization of the benefits - from both a financial perspective and the standpoint of improved patient access - from Jaguar's shift to distributing Mytesi through a closed network of specialty pharmacies," said Conte. "The process of transitioning to a closed network of specialty pharmacies resulted in a one-time, short-term underrepresentation of Mytesi utilization. As anticipated, Mytesi revenue, primarily in the third and fourth quarters of 2021, was impacted by this transition as wholesalers in the retail distribution channel drew down their inventory of typically more than two-month's volume. Our closed network of specialty pharmacies typically orders on a just-in-time inventory business model." "I am pleased to report that the Company completed the process of transitioning its Mytesi volume to a closed network of specialty pharmacies (rather than to wholesalers that resell the product to retail pharmacies) this past January," said Ian Wendt, Jaguar's chief commercial officer, "and that no significant Mytesi inventory is left in the retail distribution channel. Mytesi new prescription volume, the metric we believe to be the best indicator of growth in patient demand, increased 10.4% in the fourth quarter of 2021 over the third quarter of 2021, and increased by 2.1% in the year 2021 over the year 2020. The transition to a closed network of specialty pharmacies has resulted in a meaningful reduction in Mytesi distribution costs and a higher average net price and assists in the preparation of the Company's U.S. commercial distribution network for potential future indication expansion of crofelemer to other populations of patients with complex medical needs, such as CTD and SBS." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001585608/000155837022003435/jagx-20211231x10k.htm 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 $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. JONES SODA: Incurs $1.3 Million Net Loss in Fourth Quarter ---------------------------------------------------------- Jones Soda Co. announced its financial results for the fourth quarter and full year ended Dec. 31, 2021. Jones Soda reported a net loss of $1.34 million on $2.91 million of revenue for the three months ended Dec. 31, 2021, compared to a net loss of $918,000 on $2.46 million of revenue for the three months ended Dec. 31, 2020. For the 12 months ended Dec. 31, 2021, the Company reported a net loss of $1.81 million on $14.79 million of revenue compared to a net loss of $3 million on $11.90 million of revenue for the 12 months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $10.25 million in total assets, $5.63 million in total liabilities, and $4.62 million in total shareholders' equity. At Dec. 31, 2021, cash and cash equivalents totaled $4.7 million compared to $5.9 million at Sept. 30, 2021, and $4.6 million at Dec. 31, 2020. Apart from the $3 million in aggregate principal amount of its currently outstanding convertible debt instruments issued in February 2022, the Company does not have any substantial debt and continues to actively evaluate a new line of credit. Subsequent to year-end, the Company raised $11.0 million in concurrent financials in connection with its acquisition of Pinestar Gold as part of the Company's planned strategic entry into the cannabis sector. Management Commentary "2021 was a transformative year spearheaded by strategic partnerships and increased sales across all channels," said Mark Murray, president and CEO of Jones Soda. "We made great progress expanding our base business across multiple channels, while continuing to focus on our unique labels to increase consumer awareness. We exceeded internal expectations and completed the first year of our three-year turnaround plan with 24% year-over-year revenue growth, a gross profit margin improvement of 720 basis points, and heightened national awareness. "From a marketing standpoint, the revival of our Turkey and Gravy soda after a ten-year hiatus was an enormous success during the fourth quarter garnering $7.5 million in ad value and over 1.3 billion online impressions. We believe these engagement levels are a testament to the power and community of the Jones Soda brand. Jones has always been known for thinking outside of the box, creating engaging labels, and experimenting with flavors. During the quarter we also announced a key retail expansion with Meijer. It had been five years since Jones products had been in Meijer stores and we are proud of our achievement to have Jones Soda reintroduced to the large retailer across 210 stores in six Midwest states. "Subsequent to the end of the year, we announced multiple partnerships with celebrities and companies, including professional boxer Mike Tyson and Wesana Health to launch a line of Nootropic supplements, UFC Women's Bantamweight Champion Julianna Pena to raise our brand profile, and The ICEE Company as part of our Special Release Program. Additionally, we are planning to launch our cannabis portfolio by the end of Q1 and expect it will be an immediate hit with consumers as we leverage the strength and community of the Jones Soda brand. "Looking at where we sit today, 2022 has started off strong. In conjunction with our expected strategic entry into the cannabis sector, we recently listed on the Canadian Securities Exchange as we look to increase the liquidity of our shares and appeal to a broader investor base. We are also making strides expanding distribution within the club channel, foodservice channel, and alternative channels. Operationally, we continue to work with our supply chain partners to navigate the challenging business environment and we've been able to increase prices to offset some of the cost impacts. With our solid foundation in place, we believe we are just getting started on our turnaround. In fact, we expect for this momentum of revenue growth to continue into 2022." A full-text copy of the press release is available for free at: https://www.sec.gov/Archives/edgar/data/1083522/000117184322001776/exh_991.htm About Jones Soda Headquartered in Seattle, WA, Jones Soda Co. -- www.jonessoda.com -- develops, produces, markets and distributes premium beverages primarily in the United States and Canada through its network of independent distributors and directly to its national and regional retail accounts. The Company also sells products in select international markets. The Company's products are sold in grocery stores, convenience and gas stores, on fountain in restaurants, "up and down the street" in independent accounts such as delicatessens, sandwich shops and burger restaurants, as well as through its national accounts with several large retailers. Jones Soda reported a net loss of $3 million for the year ended Dec. 31, 2020, compared to a net loss of $2.78 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $11.05 million in total assets, $5.14 million in total liabilities, and $5.91 million in total shareholders' equity. Seattle, Washington-based BDO USA, LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 24, 2021, citing that the Company has suffered recurring losses from operations and has negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. K&L TRAILER: May 5 Plan Confirmation Hearing Set ------------------------------------------------ On March 10, 2022, Gary M. Murphey, Chapter 11 Trustee for debtor K&L Trailer Leasing, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a First Amended Plan of Liquidation and Modified Disclosure Statement. Judge Suzanne H. Bauknight approved the Modified Disclosure Statement and ordered that: * April 28, 2022, is fixed as the last day for filing written acceptances or rejections of the First Amended Plan. * April 28, 2022, is fixed as the last day for filing and serving written objections to confirmation of the First Amended Plan. * May 5, 2022, at 10:00 a.m., in Bankruptcy Courtroom 1-C, First Floor, Howard H. Baker, Jr. United States Courthouse, Knoxville, Tennessee, is fixed for the hearing on confirmation of the First Amended Plan. A full-text copy of the order dated March 10, 2022, is available at https://bit.ly/3inW377 from PacerMonitor.com at no charge. Attorneys for Trustee: William L. Norton, III BRADLEY 1600 Division St., Suite 700 Nashville, Tennessee 37203 Tel: (615) 252-2397 E-mail: bnorton@bradley.com About K & L Trailer Leasing K&L Trailer Leasing, Inc., a company based in Knoxville, Tenn., filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 20-31620) on June 29, 2020. At the time of the filing, Debtor was estimated to have $10 million to $50 million in both assets and liabilities. Judge Suzanne H. Bauknight oversees the case. Gentry Tipton & McLemore, P.C., is the Debtor's bankruptcy counsel. Gary M. Murphey was appointed as Debtor's Chapter 11 trustee. He is represented by Bradley Arant Boult Cummings. K&L TRAILER: Updates JB&B & ServisFirst Secured Claims Pay Details ------------------------------------------------------------------ Gary M. Murphey, Chapter 11 Trustee for debtor K&L Trailer Leasing, Inc., submitted a Disclosure Statement accompanying First Amended Plan of Liquidation dated March 10, 2022. Greeneville Federal Bank which has filed Claims No. 59 and 70, as amended, that assert a secured claim in the amount of $2,393,742.00 and $995,926.00 respectively and liens on trailers sold by K&L Trailer Sales and Leasing, Inc. to the Debtor. The priority of these liens are the subject of pending adversary proceedings brought by the Trustee and Greeneville Federal. Pursuant to the Plan, Greeneville has the right to amend these Claims to conform to the final determinations in the adversary proceedings. ServisFirst Bank filed Claim No. 56 asserting a secured claim in the aggregate amount of $1,786,190.24. The priorities of First Bank's security interests are yet to be determined in the Escrow Adversary initiated by the Trustee and Greeneville Federal. Class 6 shall consist of the all of the Secured Claims of JB&B Capital, LLC which amounts will be determined by the value of the trailers purchased by JPM Financial pursuant to the Asset Purchase Agreement and will be paid in full, without interest, on or before the Effective Date of the Plan, less the Surcharge Claim payable to the Trustee. Class 7 shall consist of the all of the Secured Claims of ServisFirst Bank which amounts will be determined by the value of the trailers purchased by JPM Financial pursuant to the Asset Purchase Agreement and will be paid in full, without interest, on or before the Effective Date of the Plan, less the Surcharge Claim payable to the Trustee. Like in the prior iteration of the Plan, Class 9 shall consist of all Unsecured Claims that are not otherwise included in another Class. Allowed Claims within this Class shall be paid Pro Rata the net proceeds available to Distribution following the payment of Administrative Expenses, Liquidating Expenses and Priority Claims. As of November 30, 2021, the Trustee estimates that he will have approximately $480,000 for payment of Unsecured Claims and $2,093,295.26 in escrow that is being held for the payment of Secured Claims with liens on trailers sold to JPM Financial. These escrow amounts will be paid upon the resolution of the Escrow Adversaries. The combined total of noninsider unsecured claims after the resolution of the Escrow Adversaries is approximately $9,889,770.95. The allowance of these unsecured claims remain subject to review and challenge by the Trustee, but based on these amounts, the Pro Rata Distribution under the Plan would be approximately 5% on Allowed Claims in Class 9. Upon Confirmation, the Trustee will retain all any Excluded Assets defined in the Asset Purchase Agreement with JPM Financial. In general, this includes tax credits, cash equivalents, certain books and records of the Debtor that have not otherwise been destroyed, assets removed from the sale by a Secured Creditor, and Causes of Actions that the estate may hold under state law or the Bankruptcy Code. The Trustee asserts that the Chapter 11 process has enabled the Trustee to sell assets as a going concern and thus maximize the amount to be collected and minimize the expenses to the estate. This knowledge of the operations has also enabled the Trustee to resolve disputes and pursue preference actions more efficiently. Accordingly, the Trustee asserts that this Plan is in the best interest of creditors and the equity holders. A full-text copy of the Disclosure Statement dated March 10, 2022, is available at https://bit.ly/3CON0W8 from PacerMonitor.com at no charge. Attorneys for Trustee: William L. Norton, III BRADLEY 1600 Division St., Suite 700 Nashville, Tennessee 37203 Tel: (615) 252-2397 E-mail: bnorton@bradley.com About K & L Trailer Leasing K&L Trailer Leasing, Inc., a company based in Knoxville, Tenn., filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 20-31620) on June 29, 2020. At the time of the filing, Debtor was estimated to have $10 million to $50 million in both assets and liabilities. Judge Suzanne H. Bauknight oversees the case. Gentry Tipton & McLemore, P.C., is the Debtor's bankruptcy counsel. Gary M. Murphey was appointed as Debtor's Chapter 11 trustee. He is represented by Bradley Arant Boult Cummings. KLMKH INC: Files for Chapter 11 Bankruptcy Protection ----------------------------------------------------- On March 11, 2022, ORPHEUM Property, Inc. (OTC: PLFF), a Delaware corporation, announced that effective March 10, 2022, a division of the Company, KLMKH, Inc., filed a Chapter 11 (Subchapter V) bankruptcy petition in North Carolina. The timing of the filing was in response to a scheduled auction of KLMKH's assets related to a $4.67MM judgment issued and reported last summer. With all negotiations with the lender being unsuccessful, the petition was filed to give KLMKH an opportunity to meet its financial obligations in full. The separate assets and liabilities of the Company are not part of or affected by the KLMKH filing. The Company has been expanding its scope of operations, including into cryptocurrency tokens, a Crypto COLO Center and several other energy sectors. The Company has established three separate subsidiaries to be used in connection with a major project that will yield significant revenues. Negotiations are in the final stages and once fully executed will include advance payments that should be sufficient to retire all debt and provide significant capital to invest in the Company's oil and gas holdings, purchase additional holdings, and fund expanding renewable energy divisions. Management and the Board are confident that the need for Chapter 11 protection for KLMKH should be unnecessary within 60 days, by which time the Company intends to have the judgment paid in full from revenues, advances and loans. Update on Tokens In October 2021, the Company published a release reporting that it had contracted to receive $25,000,000 in XUSD tokens, offset by a Convertible Note for the tokens being developed by the Company. The Company received 31,911 XUSD tokens that began marketing in late 2021 at a rate exceeding the purchase price paid. The Company subsequently sold 5,000 XUSD tokens to a related party in early 2022 in exchange for a Promissory Note in the amount of $5,000,000. Recently, however, the issuer of the XUSD tokens developed a more reliable coin known as RoRa tokens that are backed with sufficient assets and replaced the Company's remaining XUSD tokens with an equal value of the new coin ($20,000,000) based on the pre-sale valuation. The RoRa tokens will not enter the public market until June of this year; therefore, the actual value of the tokens will not be established until mid-year. About KLMKH Inc. KLMKH Inc. is a public energy company based in Charlotte, North Carolina. THe company is focused on the oil, gas and solar industries. KLMKH Inc. sought voluntary Chapter 11 bankruptcy protection (W.D.N.C. Case No. 22-30102) on March 10, 2022. In petition signed by Randolph F. Franklin, as chief executive officer, KLMKH listed estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The case is handled by Honorable Judge J. Craig Whitley. The company has between 1 and 49 unsecured creditors. In its petition, it states that funds are available for unsecured creditors. Bradley E. Pearce, of Pearce Law PLLC, is the Debtor's counsel. LAUREATE EDUCATION: S&P Withdraws 'B+' Issuer Credit Rating ----------------------------------------------------------- S&P Global Ratings has withdrawn its 'B+' issuer credit rating on Laureate Education Inc. at the company's request. The outlook was stable at the time of withdrawal. At the same time, S&P withdrew its 'B+' issue-level and '3' recovery ratings on the company's previously proposed $500 million senior secured term loan B facility. Laureate was planning to issue the term loan to fund shareholder returns, but decided not to pursue the transaction at this time. LOCAL 584: PBGC Approves Special Financial Assistance Application ----------------------------------------------------------------- The Pension Benefit Guaranty Corporation (PBGC) on March 14, 2022, disclosed that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Local 584 Pension Plan (Local 584 Plan). The plan, based in New York City, New York, covers 2,172 participants in the transportation industry. The Local 584 Plan became insolvent in July 2021. At that time, PBGC started providing financial assistance to the plan. As required by law, the Local 584 Plan reduced participants' benefits to the PBGC guarantee levels, which was roughly 50 percent below the benefits payable under the terms of the plan. PBGC's approval of the SFA application enables the plan to restore all benefit reductions caused by the plan's insolvency and to make payments to retirees to cover prior benefit reductions. SFA will enable the plan to pay retirement benefits without reduction for many years into the future. The plan will receive $224.6 million in SFA, including interest to the expected date of payment to the plan. "Without this Special Financial Assistance, these 2,172 transportation workers would not receive the retirement benefits they have earned through years of hard work," said U.S. Secretary of Labor Marty Walsh, chair of the Pension Benefit Guaranty Corporation's Board of Directors. "With funding from President Biden's American Rescue Plan, these workers now have the assurance of the secure retirement they deserve." In addition to the $224.6 million of SFA paid to the plan, PBGC's Multiemployer Insurance Program will be repaid $5.2 million, which is the amount of the plan's outstanding loans, including interest, for the financial assistance PBGC provided beginning in July 2021 and ending on the expected date of payment of SFA to the plan. About the Special Financial Assistance Program The SFA Program was enacted as part of the American Rescue Plan Act of 2021 (ARP). The program is expected to provide funding to over 250 severely underfunded multiemployer pension plans and will ensure that over three million of America's workers, retirees, and their families receive the pension benefits they earned through many years of hard work. The SFA Program requires plans to demonstrate eligibility for SFA and to calculate the amount of assistance pursuant to ARP and PBGC's regulations. A plan may use the funds only to pay plan benefits and administrative expenses. SFA and earnings thereon must be segregated from other plan assets and plans are not obligated to repay SFA to PBGC. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including an annual statement documenting compliance with the terms and conditions. PBGC is authorized to conduct periodic audits of multiemployer plans that receive SFA. The SFA Program operates under an Interim Final Rule which was published in the Federal Register on July 12, 2021. The Interim Final Rule included a request for public comments. PBGC is currently reviewing those comments and may incorporate changes in the Final Rule in response to comments that PBGC received. About PBGC PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency's two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed pension plans. The Single-Employer Insurance Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multiemployer Insurance Program is financed by insurance premiums. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer money. On the Web: http://www.PBGC.gov/ LOMENT INC: U.S. Patents Up for Judicial Sale on July 19 -------------------------------------------------------- Tailwind Services LLC ("sale agent") will sell at a public judicial sale on July 19, 2022, at 10:30 a.m. (Central) pursuant to an order of the Circuit Court of Cook County in favor of the plaintiff judgment holder ("judgment holder") Loment Inc.'s right, title, and interest in and to the following U.S. patents: nos. 10,038,735; 10,009,305; 9,760,867; 9,684,887; 9,331,927; 9,231,900, 8,924,495; 8,880,625; 8,799,386; 8,799,385; D667,441; D667,440; D667,439; D667,438; D667;437; D667,436; and D667,435. Interested parties must contact: Tailwind Services LLC Attn: Gregg Szilagyi 209 South LaSalle Street Chicago, Illinois 60601 Tel: (312) 663-0801 Email: gs@tailserv.com Loment Inc. operates as an integrated communications technology company. The Company provides telephone voice and data communications services. LWO ACQUISITIONS: Wins Cash Collateral Access --------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas has authorized LWO Acquisitions Company LLC, d/b/a Circuitronics, Inc. to use cash collateral on a final basis in accordance with the budget, with a 10% variance and provide adequate protection. The Debtor requires the use of cash collateral to continue the Debtor's operations, including to pay employees, vendors and suppliers, maintain essential utility services, and to maintain insurance. The Debtor is party to a Credit Agreement dated as of December 19, 2014 with Gladstone Capital Corporation. Pursuant to a Pledge and Security Agreement dated December 19, 2014, the Debtor's obligations under the Credit Agreement and the Notes are secured by (1) a blanket lien in substantially all assets of the Debtor, including all accounts and proceeds thereof, (2) a guaranty by the Debtor's corporate parent, Circuitronics EMS Holdings, LLC, and (3) a blanket lien in all assets of Holdings, including the capital stock of the Debtor. As of the Petition Date, the Debtor is liable to the Prepetition Lender in the approximate amount of $24,258,921, all of which is due and owing under the Credit Agreement and the Notes. As adequate protection for the Debtor's use of cash collateral, the Prepetition Lender is granted, to the extent not already included in or a part of Prepetition Collateral, a replacement security interest in, and lien against, effective as of the Petition Date without the necessity of Prepetition Lender taking any further action, all right, title and interest in any property acquired by the Debtor after the Petition Date. The Replacement Liens will have the same priority, validity, force, and effect as the liens that they replace; provided, however, that no Replacement Lien is granted on any causes of action or recoveries under Chapter 5 of the Bankruptcy Code. To the extent the Replacement Liens granted to the Prepetition Lender do not provide the Prepetition Lender with adequate protection of its interests in the cash collateral, the Prepetition Lender will have a superpriority administrative expense claim. The Replacement Liens and Superpriority Administrative Claim are subject and subordinate to a carve out of funds for all fees required to be paid to the Clerk of the Bankruptcy Court and the Office of the United States Trustee. The Replacement Liens are, and will be, valid, perfected, enforceable, and effective as of the Petition Date without the need for any further action by the Debtor or the Prepetition Lender, or the necessity of execution or filing of any instruments or agreements. These events constitute an "Event of Default:" a. If the Debtor's actual operating disbursements exceed the amount set forth in the Budget by more than the Budget Variance without the prior written consent of the Prepetition Lender or further authority from the Court; b. If the Debtor pays obligations not shown on the Budget without the prior written consent of the Prepetition Lender or further authority from the Court; c. If any representations made by the Debtor after the commencement of the Case in any report or financial statement delivered to the Prepetition Lender proves to have been false or misleading in any material respect as of the time when made or given (including by omissions of material information necessary to make such representation, warranty or statement not misleading); d. The Debtor fails to timely provide the information required under Paragraph 5 of this Final Order and the failure continues for more than three business days following written request by the Prepetition Lender; e. If a trustee or examiner, with the authority to affect the operation of the Debtor's business, is appointed in this Case without the Prepetition Lender's consent; f. If the Case is converted to a case under chapter 7 without the Prepetition Lender's consent; or g. If the Case is dismissed without the Prepetition Lender's consent. A copy of the order and the Debtor's 13-week budget is available at https://bit.ly/37kV0lT from PacerMonitor.com. The budget provides for total operating disbursements, on a weekly basis, as follows: $145,201 for the week ending February 4, 2022; $401,305 for the week ending February 11, 2022; $257,262 for the week ending February 18, 2022; $26,709 for the week ending February 25, 2022; $194,635 for the week ending March 4, 2022; $499,142 for the week ending March 11, 2022; $308,552 for the week ending March 18, 2022; $323,787 for the week ending March 25, 2022; $344,080 for the week ending April 1, 2022; $158,336 for the week ending April 8, 2022; $326,490 for the week ending April 15, 2022; $349,232 for the week ending April 22, 2022; and $372,783 for the week ending April 29, 2022. About LWO Acquisitions Company LLC LWO Acquisitions Company LLC, d/b/a Circuitronics, Inc. is a provider of specialized printed circuit board assembly and related electronic manufacturing services. Circuitronics offers a broad set of capabilities to customers, including prototype development, complex and ruggedized PCB assembly, electromechanical assembly, system integration/configuration, and direct fulfillment solutions. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-40256-elm11) on February 2, 2022. The petition was signed by Rob Subia, chief executive officer. As of the Petition Date, the Debtor's unaudited balance sheet reflected total assets of $12,412,700, total liabilities of $29,932,944, and equity of ($17,520,244). Jeff P. Prostok, Esq., at Forshey and Prostok LLP, is the Debtor's counsel. MANNY'S MEXICAN: Amends Park Bank Secured Claims Pay Details ------------------------------------------------------------ Manny's Mexican Cocina, Inc., a debtor affiliate of Rivera Family Holdings, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated March 10, 2022. This Amended Plan modifies only the Park Bank Provisions. Class III consists of the claim of Park Bank (La Crosse Branch). Rivera Family Holdings, LLC and Manny's Mexican Cocina, Inc. shall pay to Park Bank, La Crosse, a secured creditor the monthly amount of $21,863.42 (but payable in a weekly amount of $5,084.51). Note #5006, #5000, #5007 and legal fees is in the amount of $1,149,784.71 as of November 1, 2021, Note #5006 shall be amortized over 15 years from commencement date November 1, 2021 at 6.0% interest (3.25 + SBA risks), and Note #5000 is amortized over 9 years and Note #5007 is amortized over 11 years. The real estate tax escrow is part of the Plan. Note #5006 (Studio 16 deficiency) in the amount of $1,439,988.94 as of November 1, 2021 and shall be amortized over 15 years from the commencement date of April 1, 2022 at 2.0% interest. Like in the prior iteration of the Plan, all unsecured creditors who file claims or are listed in the Schedules as unliquidated and their claims are approved by the Court shall be paid in full within 30 days after the confirmation order is signed. The allowed unsecured claims total $1,070.00. Rivera Family Holdings, LLC and Manny's Mexican Cocina, Inc. are proposing an organized plan funded from operating entities of Manny's Mexican Cocina, Inc. and Manny's Cocina of Eau Claire, Inc. A full-text copy of the Amended Disclosure Statement dated March 10, 2022, is available at https://bit.ly/3I3KD2E from PacerMonitor.com at no charge. Attorney for the Debtor: Galen W. Pittman, Esq. Pittman & Pittman Law Offices, LLC 712 Main Street La Crosse, WI 54601 Telephone: (608) 784-0841 Facsimile: (608) 784-2206 About Manny's Mexican Cocina Manny's Mexican Cocina, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wis. Case No. 21-12059) on Oct. 6, 2021. Lynnae Rivera, company owner, signed the petition. Judge Catherine J. Furay oversees the case. Galen W. Pittman, Esq., at Pittman & Pittman Law Offices, LLC and TAP Consulting, LLC, serve as the Debtor's legal counsel and accountant, respectively. MODELL'S SPORTING: Trustee Accuses Former CEO of Self-Dealing ------------------------------------------------------------- Jeannie O'Sullivan of Law360 reports that the liquidating trustee of Modell's Sporting Goods Inc. launched a New Jersey bankruptcy court lawsuit accusing the great-grandson of the company's founder of using his executive role and company resources to enrich his family-owned interests as the failing retailer descended into insolvency. In a partially redacted adversary proceeding filed Thursday, March 10, 2022, in MSGI's Chapter 11 case, MSGI Liquidation Trust alleged former company CEO Mitchell B. Modell rejected restructuring advice to shutter underperforming stores or find a buyer and instead forced the company to limp along amid falling profits to ensure it continued making store rent payments to real estate companies. About Modell's Sporting Goods Modell's Sporting Goods -- https://www.modells.com/ -- is a family-owned and operated retailer of sporting goods, athletic footwear, active apparel, and fan gear. Modell's Sporting Goods operates stores throughout New York, New Jersey, Pennsylvania, Connecticut, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and the District of Columbia. Modell's Sporting Goods, Inc., and its affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 20-14179) on March 11, 2020. Modell's Sporting Goods was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Vincent F. Papalia was the case judge. The Debtors tapped Cole Schotz P.C. as counsel; Berkeley Research Group, LLC, as restructuring advisor; and Prime Clerk LLC as claims agent. On March 23, 2020, the Office of the United States Trustee appointed the Official Committee of Unsecured Creditors of Modell's Sporting Goods. The Committee retained Lowenstein Sandler LLP, as counsel. MOLAOI RESTAURANT: Gets OK to Hire Saranto Calamas as Accountant ---------------------------------------------------------------- Molaoi Restaurant Corp., doing business as Blue Door Souvlakia, received approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Saranto Calamas, CPA, PC as its accountant. Saranto Calamas will render these services: (a) address all accounting duties of the Debtor during its Chapter 11 case; (b) complete monthly operating reports and other documents required by the Office of the U.S. Trustee; (c) prepare and complete tax returns regularly as required by the Debtor's business; (d) assist and guide with budgeting and financial planning; and (e) prepare all necessary and desirable reports, summaries and statements required in the Debtor's case. The hourly rates of the firm's professionals are as follows: Partners $350 Staff Accountants $250 Administrative Staff $125 In addition, the firm will seek reimbursement for expenses incurred. Saranto Calamas, CPA, managing partner, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Saranto Calamas, CPA Saranto Calamas, CPA, PC 640-D Belle Terre Road Port Jefferson, NY 11777 Telephone: (631) 900-3778 Facsimile: (631) 928-1492 Email: info@saranto.com About Molaoi Restaurant Molaoi Restaurant Corp., doing business as Blue Door Souvlakia, filed a petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 22-40017) on Jan. 5, 2022, listing as much as $1 million in both assets and liabilities. Kyriaki Vitale, president, signed the petition. Judge Jil Mazer-Marino oversees the case. The Debtor tapped Koutsoudakis & Iakovou Law Group, PLLC as legal counsel and Saranto Calamas, CPA, PC as accountant. MYOMO INC: Incurs $10.4 Million Net Loss in 2021 ------------------------------------------------ Myomo, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $10.37 million on $13.86 million of revenue for the year ended Dec. 31, 2021, compared to a net loss of $11.56 million on $7.58 million of revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $20.10 million in total assets, $4.69 million in total liabilities, and $15.41 million in total stockholders' equity. The Company has an accumulated deficit of approximately $78,062,000 and $67,690,000 at Dec. 31, 2021 and 2020, respectively. Cash used in operating activities was approximately $9,548,000 and $9,033,000 for the years ended Dec. 31, 2021 and 2020, respectively. The Company has historically funded its operations through financing activities, including raising equity and debt capital. Myomo said, "Management's operating plans are primarily focused on scaling up its operations, increasing the proportion of patients carrying commercial health insurance with payers that have historically reimbursed for the Company's products, and continued work with the Centers for Medicare and Medicaid Services, or CMS, and their billing contractors regarding reimbursement of its products. In addition, the Company believes that it has access to capital resources through payment of a license fee associated with the Company's entry into a joint venture and technology license agreement with Beijing Ryzur Medical Investment Co. Ltd., possible public or private equity offerings, including usage of its ATM facility (approximately $13.7 million remaining availability as of Dec. 31, 2021), exercises of outstanding warrants, additional debt financings, or other means. Additional debt financing may contain terms that are not favorable to the Company or its stockholders. Historical losses, quantitatively, give rise to substantial doubt regarding the Company's ability to continue to operate as a going concern. However, based on the company's latitude as to the timing and amount of certain expenses, and its current cash position, the Company believes that substantial doubt about its liquidity is mitigated for at least twelve months from the issuance date of these financial statements. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001369290/000156459022009827/myo-10k_20211231.htm About Myomo Headquartered in Cambridge, Massachusetts, Myomo, Inc. -- http://www.myomo.com-- is a wearable medical robotics company that offers expanded mobility for those suffering from neurologicaldisorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. Myomo reported a net loss of $10.71 million for the year ended Dec. 31, 2019, and a net loss of $10.32 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $17.46 million in total assets, $4.31 million in total liabilities, and $13.15 million in total stockholders' equity. N.G. PURVIS: Seeks to Tap Charles Aris as Executive Recruiter ------------------------------------------------------------- N. G. Purvis Farms, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Charles Aris, Inc. to recruit qualified candidates who will fill the presidential or general managerial position within the company. Charles Aris will be compensated a total service charge equal to 30 percent of the candidate's first year cash compensation. The estimated total service charge for this search is $67,500. In addition, the firm will seek reimbursement for expenses incurred. Eric Spell, an agribusiness practice leader at Charles Aris, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Spell Charles Aris, Inc. 299 N. Greene Street Greensboro, NC 27401 Telephone: (336) 217-9116 Email: eric.spell@charlesaris.com About N. G. Purvis Farms N. G. Purvis Farms, Inc., operates throughout the Southeast as a farrow-to-finish pork producer, which breeds, farrows, weans, and raises weaner pigs, feeder pigs, and market hogs, and then sold to pork processors. It owns and operates 12 farms in North Carolina and two farms in Georgia, together with associated facilities, on which it maintains herds of sows, breeds piglets, and raises market hogs. It contracts with numerous independent growers to feed and finish at their facilities weaned pigs and feeder pigs furnished and owned by the company into market hogs. N. G. Purvis Farms sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01068) on May 6, 2021. In the petition signed by Jerry M. Purvis, Sr., president, the Debtor disclosed $34,268,361 in assets and $53,126,237 in liabilities. Judge David M. Warren oversees the case. The Debtor tapped Butler & Butler, LLP and Hendren, Redwine, Malone PLLC as bankruptcy counsel, Robbins May & Rich LLP as special counsel, Frost PLLC as accountant, and NutriQuest Business Solutions LLC as restructuring advisor. Steve Weiss of NutriQuest Business Solutions serves as the Debtor's chief restructuring officer. Professional Swine Management, LLC and Dr. Attila Farkas of Carthage Veterinary Service, Ltd. are the Debtor's consultants. On May 27, 2021, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed an official committee of unsecured creditors. The committee tapped Waldrep Wall Babcock & Bailey, PLLC as legal counsel and Dundon Advisers, LLC as financial advisor. NMJ RESTAURANT: Seeks to Hire Hoffman, Larin & Agnetti as Counsel ----------------------------------------------------------------- NMJ Restaurant & Marketplace, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Hoffman, Larin & Agnetti, PA as its bankruptcy counsel. The firm's services include: (a) advising the Debtor with respect to its duty; (b) advising the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) preparing legal documents; (d) protecting the interest of the Debtor in all matters pending before the court; (e) representing the Debtor in negotiations with creditors; and (f) proposing and seeking confirmation of a plan of reorganization. The Debtor paid the firm a pre-bankruptcy retainer of $7,500. The hourly rates of the firm's attorneys and staff are as follows: Michael Hoffman, Esq. $430 Other Attorneys and Paralegals $100 - $450 In addition, the firm will seek reimbursement for expenses incurred. Michael Hoffman, Esq., a partner at Hoffman, Larin & Agnetti, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael S. Hoffman, Esq. Hoffman, Larin & Agnetti, P.A. 909 North Miami Beach Blvd., Suite 201 North Miami Beach, FL 33162 Telephone: (305) 653-5555 Facsimile: (305) 940-0090 Email: mshoffman@hlalaw.com About NMJ Restaurant & Marketplace NMJ Restaurant & Marketplace, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-11361) on Feb. 20, 2022, listing as much as $1 million in both assets and liabilities. Niva Bishouty, an authorized representative, signed the petition. Michael S. Hoffman, Esq., at Hoffman, Larin & Agnetti, P.A. serves as the Debtor's legal counsel. NN INC: Incurs $13.2 Million Net Loss in 2021 --------------------------------------------- NN, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $13.23 million on $477.58 million of net sales for the year ended Dec. 31, 2021, compared to a net loss of $100.59 million on $427.53 million of net sales for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $579.10 million in total assets, $301.11 million in total liabilities, $53.81 million in series D perpetual preferred stock, and $224.19 million in total stockholders' equity. Warren Veltman, president and chief executive officer, said "Our team made meaningful progress towards achieving our long-term goals during fiscal year 2021. Despite the ongoing challenges facing our Company and the industries we serve, we are optimistic given the trends in our businesses, including the continued growth in our sales pipeline and in new business wins heading into the new year. In January 2022, we welcomed Andrew Wall as our Chief Commercial Officer who will be responsible for advancing our business growth strategy and capturing additional market share driven by end market megatrends. Our sales pipeline includes several new programs of meaningful size that utilize capabilities across Mobile and Power Solutions in strategic growth areas such as electric vehicles and the power grid. Subsequent to year-end, we successfully adjusted our debt covenants with no increase in interest rate and announced the closure of our Taunton facility to rationalize our manufacturing footprint and cost structure. We are confident that these actions provide the platform we need to achieve growth and deliver increased shareholder value during 2022." Fourth Quarter GAAP Results Net sales were $110.4 million, a decrease of 7.3% from the fourth quarter of 2020, primarily driven by lower sales in Mobile Solutions which was partially offset by an increase in Power Solutions sales. Loss from operations was $3.8 million compared to an operating loss of $1.0 million in the fourth quarter of 2020, primarily as a result of lower sales, irregular customer production scheduling due to supply chain constraints, and material and labor cost inflation. Income from operations in the Mobile Solutions segment was $0.7 million compared to $4.6 million for the same period in 2020. Loss from operations for Power Solutions segment was $0.1 million compared to income from operations of $1.8 million for the same period in 2020. Net income was $0.5 million compared to net income of $147.4 million for the same period in 2020. The reduction in net income was primarily driven by the gain on sale of the former Life Sciences business in 2020, partially offset by the discontinuation of hedge accounting on an interest rate swap which resulted in a loss of $14.8 million during the fourth quarter of 2020. Mike Felcher, NN senior vice president and CFO, commented, "We are pleased with the progress we made during 2021 and look forward to building on the momentum in our operations during 2022. Our successfully completed financing strengthens our balance sheet and provides us with a solid foundation to pursue opportunistic initiatives that will drive long-term growth. While our team faced several challenges during the second half of fiscal 2021, the recovery in Mobile Solutions and continued momentum in Power Solutions reinforces our confidence in our 2025 sales growth targets." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000918541/000091854122000039/nnbr-20211231.htm About NN Inc. NN, Inc. -- www.nninc.com -- is a global diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies primarily for the electrical, automotive, general industrial, aerospace and defense, and medical markets. Headquartered in Charlotte, North Carolina, NN has 31 facilities in North America, Europe, South America, and China. NN, Inc. reported a net loss of $46.74 million for the year ended Dec. 31, 2019, and a net loss of $262.99 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $594.71 million in total assets, $318.49 million in total liabilities, $51.38 million in Series D perpetual preferred stock, and $224.83 million in total stockholders' equity. NOISE SOLUTIONS: Wins Final Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania has authorized Noise Solutions USA, Inc. to use cash collateral on a final basis in accordance with the agreed Stipulation Allowing Interim Use of Cash and Establishing Adequate Protection. First National Bank of Pennsylvania, which holds liens on the cash collateral, consents, retroactively, to the Debtor's use of the cash collateral on and after the Petition Date, which authority to use cash collateral will be incorporated into the Debtor's proposed Small Business Chapter 11 Plan Dated February 3, 2022, and any amended Chapter 11 Plans filed by the Debtor -- unless terminated sooner by FNB upon five business days' written notice to the Debtor and its counsel via email due to an Event of Default as defined in the Cash Collateral Stipulation. FNB extended a $1 million loan to the Debtor under a 2013 promissory note. FNB declared the loan in default in September 2020. As of November 5, 2021, the Debtor owed $463,036 under the loan. Pursuant to the Stipulation, the Debtor may use cash collateral only for the purposes set forth in the Budget and any revised budgets filed thereafter, and only up to the respective aggregate Amount of disbursements set forth in the Budget(s) for each category of expense and for each month up to and until termination of the Cash Collateral Stipulation by FNB (with no greater than a 10% variance for each item in the Budget). FNB has relied on the Budget filed at Docket 78 and any subsequently revised Budgets filed in connection with the Cash Collateral Stipulation in consenting to the entry of the Cash Collateral Stipulation and the Order. The Debtor will timely and strictly comply with the Budget in all respects, and FNB may, but will have no duty to, monitor such compliance. The Debtor will not exceed the budget attached as Exhibit "B" or any revised budget filed by the Debtor or use funds from one budget category for other items unless the Debtor obtains express consent from FNB. FNB reserves the right to terminate the Debtor's use of collateral upon review of any subsequent budgets filed by the Debtor replacing prior budgets. As further protection for FNB's interests in the cash collateral and collateral, the Debtor is required to pay $1,616 to FNB beginning on December 1, 2021, and continuing on the first day of each month thereafter until the Stipulation terminates. Pursuant to the Court order, the Debtor is required to make monthly escrow payments of $1,000 to the Subchapter V Trustee to be held in escrow for his fees and expenses in the case pending further court order, beginning on March 15 and every 15th of the month thereafter. A copy of the order is available at https://bit.ly/3tSy45h from PacerMonitor.com. About Noise Solutions Noise Solutions (USA), Inc. is a Sharon, Pa.-based provider of engineered industrial noise suppression for the energy sector. Noise Solutions filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Penn. Case No. 21-10616) on Nov. 5, 2021, listing up to $50,000 in assets and up to $10 million in liabilities. Scott K. MacDonald, president and chief executive officer, signed the petition. Donald R. Calaiaro, Esq., at Calaiaro Valencik and The Law Office of Stephen S. Photopoulos serve as the Debtor's bankruptcy counsel and special counsel, respectively. First National Bank of Pennsylvania, as lender, is represented by: John B. Joyce, Esq. Grenen & Birsic, P.C. One Gateway Center, 9th Floor Pittsburgh, PA 15222 E-mail: jjoyce@grenenbirsic.com NORDIC AVIATION: Cash Collateral Access, $4.5MM DIP Loan OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Virginia has authorized Nordic Aviation Capital Designated Activity Company and its affiliates to, among other things, use cash collateral and obtain postpetition financing from New York Life Insurance Company and New York Life Insurance Annuity Corporation. The Debtors are permitted to borrow, and SAFE Capital 2015-1 LLC is authorized to guarantee (to the extent provided in the court order and in the Governing DIP Agreement), borrowings up to an aggregate principal amount of $4,500,000 in DIP Loans (plus interest, fees, indemnities and other expenses and other amounts provided for in the Governing DIP Agreement), subject to and in accordance with the Interim Order, the DIP Documents and the Budget. The proceeds of the DIP Facility and cash collateral will be used solely for the purposes permitted under the DIP Documents, the Interim Order and in accordance with the Budget. As adequate protection, the Prepetition SAFE Parties are granted first-priority priming liens on the Prepetition Collateral and all unencumbered assets of the DIP Borrowers and junior liens on all other assets of the DIP Borrowers, superpriority administrative expense claims against the DIP Borrowers, and Payment in full, in cash and in immediately available funds, all the reasonable and documented professional and advisory fees, costs and expenses of the Prepetition SAFE Party Professionals. The DIP Liens are subject to a "Carve Out" for: (a) all fees required to be paid to the Clerk of the Court and to the Office of the United States Trustee under 28 U.S.C. section 1930(a) plus interest at the statutory rate pursuant to 31 U.S.C. section 3717; (b) all reasonable fees and expenses up to $20,000 incurred by a trustee under section 726(b) of the Bankruptcy Code; (c) to the extent allowed, whether by interim order, procedural order, or otherwise, all unpaid fees and expenses -- Allowed Professional Fees -- incurred by persons or firms retained by the DIP Borrowers pursuant to section 327, 328 or 363 of the Bankruptcy Code and the Committee (if any) pursuant to section 328 or 1103 of the Bankruptcy Code at any time before or on the first business day following delivery by the DIP Lenders of a Carve Out Trigger Notice, whether allowed by the Court prior to or after delivery of a Carve Out Trigger Notice; and (d) Allowed Professional Fees of Professional Persons in an aggregate amount not to exceed $750,000 incurred after the first business day following delivery by the NYL DIP Lenders of the Carve Out Trigger Notice, to the extent allowed at any time, whether by interim order, procedural order, or otherwise. The DIP Loan matures on the earliest of: (a) nine months from the Petition Date; (b) consummation of a Chapter 11 plan with respect to the DIP Borrowers; (c) consummation of sale of all or substantially all of the DIP Borrowers' assets, and (d) acceleration of the DIP Loans and termination of commitments under the NYL DIP Documents. A further hearing on the matter is scheduled for March 31, 2022 at 11 a.m. A copy of the order is available at https://bit.ly/3I9Z84X from PacerMonitor.com. About Nordic Aviation Capital Nordic Aviation Capital is the leading regional aircraft lessor serving almost 70 airlines in approximately 45 countries. Its fleet of 475 aircraft includes ATR 42, ATR 72, De Havilland Dash 8, Mitsubishi CRJ900/1000, Airbus A220 and Embraer E-Jet family aircraft. On Dec. 17, 2021, Nordic Aviation Capital Pte. Ltd., NAC Aviation 17 Limited, NAC Aviation 20 Limited, and Nordic Aviation Capital A/S each filed petitions seeking relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va.). On Dec. 19, 2021, Nordic Aviation Capital Designated Activity Company and 112 affiliated companies also filed petitions seeking Chapter 11 relief. The lead case is In re Nordic Aviation Capital Designated Activity Company (Bankr. E.D. Va. Lead Case No. 21-33693). Judge Kevin R. Huennekens oversees the cases. The Debtors tapped Kirkland & Ellis and Kutak Rock, LLP as bankruptcy counsels and the law firms of Clifford Chance, LLP, William Fry, LLP and Gorrissen Federspiel as corporate counsels. N.M. Rothschild & Sons Limited, Ernst & Young, LLP and PricewaterhouseCoopers, LLP serve as the Debtors' financial advisor, restructuring advisor and tax advisor, respectively. Epiq Corporate Restructuring, LLC is the claims and noticing agent. Akin Gump Strauss Hauer & Feld LLP serves as counsel to the NAC 29 Ad Hoc Noteholder Group. Linklaters LLP serves as counsel to the NAC 29 Facilities Group. Weil, Gotshal & Manges LLP and McGuireWoods LLP, act as co-counsel to the Moelis/Weil/NRF Creditor Group. Milbank LLP and Hunton Andrews Kurth LLP, act as co-counsel to the NAC 33/34 Creditor Group. Milbank LLP and LimNexus LLP, act as co-counsel to the Silver Point Creditors. Allen & Overy LLP, is as counsel to PFA Asset Management A/S. The firm is also counsel to certain export credit agency lenders. Freshfields Bruckhaus Deringer LLP, is counsel to certain of the Debtors' shareholders. NS8 INC: Gets Court Okay to Pay Defrauded Investors $38 Million --------------------------------------------------------------- Daniel Gill of Bloomberg Law reports that former cyber fraud prevention company NS8 Inc. will liquidate in bankruptcy after getting court approval of its plan to pay a total of at least $38 million to defrauded investors. The Las Vegas-based company now known as Cyber Litigation Inc. has or will recover the money via asset sales and litigation, according to court filings. The amount falls short of the nearly $136 million that investors put into NS8 before former CEO Adam Rogas was arrested on federal securities and wire fraud charges in September 2020. About NS8 Inc. Las Vegas-based NS8 Inc. -- https://www.ns8.com/ -- is a developer of a comprehensive fraud prevention platform that combines behavioral analytics, real-time scoring, and global monitoring to help businesses minimize risk. NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702) on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the chief restructuring officer. The Debtor was estimated to have $10 million to $50 million in assets and $100 million to $500 million in liabilities at the time of the filing. The Hon. Christopher S. Sontchi is the case judge. The Debtor tapped Blank Rome LLP and Cooley LLP as its legal counsel, and FTI Consulting Inc. as its financial advisor. Stretto is the claims agent. * * * The company changed its name to Cyber Litigation after it sold substantially all of its assets to Codium Software LLC in December 2020. OLYMPIA SPORTS: Wins Cash Collateral Access ------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania, has authorized Olympia Sports, Inc. to use cash collateral on an interim basis in accordance with the budget. The Small Business Administration asserts a security interest in, among other things, accounts receivable, equipment, inventory, and proceeds thereof, to secure its liens. The SBA has filed a UCC-1 Financing Statement. The Debtor is permitted to use cash collateral for these purposes: a. maintenance and preservation of its assets; b. the continued operation of its business, including but not limited to payroll, payroll taxes, employee expenses, and insurance costs; c. the completion of work-in-process; and d. the purchase of replacement inventory. As adequate protection for use of cash collateral, the Secured Creditor is granted a replacement perfected security interest under Section 361(2) of the Bankruptcy Code to the extent the Secured Creditor's cash collateral is used by the Debtor. To the extent the adequate protection provided proves insufficient to protect the Secured Creditor's interest in and to the cash collateral, the Secured Creditor will have a superpriority administrative expense claim, pursuant to Section 507(b) of the Bankruptcy Code, senior to any and all claims against the Debtor under Section 507(a) of the Bankruptcy Code. The replacement lien and security interest granted is automatically deemed perfected upon entry of the Order without the necessity of the Secured Creditor taking possession, filing financing statements, mortgages or other documents. The Debtor is also directed to make $731 in monthly payments to the SBA and pay prepetition wages. If payment of the wages is made, the Debtor will pay the related withholding taxes to the taxing authorities. The final hearing on the matter is scheduled for March 30, 2022 at 12:30 p.m. A copy of the order and the Debtor's budget for March and April 2022 is available for free at https://bit.ly/3w9tBxC from PacerMonitor.com. The Debtor projects $113,256 in total monthly revenue for March. About Olympia Sports, Inc. Olympia Sports, Inc. owns and operates a shoes and clothing retail store. Olympia Sports sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10535) on March 2, 2022. In the petition signed by Jae Ko, president, the Debtor disclosed $426,214 in assets and $1,001,666 in liabilities. Judge Ashely M. Chan oversees the case. Robert N. Braverman, Esq. at McDowell Law, PC is the Debtor's counsel. PHOENIX PROPERTIES: Gets Interim Cash Collateral Access ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Georgia, Savannah Division, has authorized Phoenix Properties of Savannah, LLC to use cash collateral belonging to Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust solely as Trustee of Cherrywood SB Commercial Mortgage Loan Trust 2016-1 on an interim basis. The Debtor is permitted to use cash collateral only to pay its monthly payroll expenses in the amount of $2,000. An additional $1,500 may be set aside each month to cover the costs of repairs and such other unbudgeted expenses as from time to time may arise. The Debtor will immediately turn over to Wilmington Savings Fund $100,000, of the $199,292, in rent monies held by Debtor. Wilmington Savings Fund will apply the $100,000, to its indebtedness in accordance with the existing loan documents executed by the Debtor. The Debtor will continue to collect rent from its tenants which rents will be held in the Debtor's fiduciary account and not commingled with any other funds. The Court will defer consideration of Debtor's request concerning the $8,856, of unauthorized post-petition payments until a later date. A final hearing on the matter is scheduled for April 6, 2022 at 10 a.m. A copy of the order is available at https://bit.ly/35SM2fz from PacerMonitor.com. About Phoenix Properties of Savannah Phoenix Properties of Savannah, LLC is a Savannah, Ga.-based company engaged in renting and leasing real estate properties. Phoenix Properties of Savannah filed a petition for Chapter 11 protection (Bankr. S.D. Ga. Case No. 21-40785) on Dec. 2, 2021, listing as much as $10 million in both assets and liabilities. Judge Edward J. Coleman, III oversees the case. James L. Drake, Jr., PC serves as the Debtor's legal counsel. PINNACLE CONSTRUCTORS: Wins Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, has authorized Pinnacle Constructors, Inc. to use cash collateral on an interim basis in accordance with the budget until the final hearing. In addition to the expenses set forth in the Budget, the Debtor is authorized to use cash collateral for payment of: (i) allowed professional fees and disbursements to the Debtor's professionals, that are specifically approved by the Court in the case, including the Subchapter V Trustee, and (ii) any fees payable to the Clerk of the Bankruptcy Court. As interim adequate protection for the use of, and any diminution in the value of, the collateral, Southeast Community Capital Corporation d/b/a/ Pathway Lending and Renasant Bank are granted replacement security interests in the Debtor's post-petition property and proceeds thereof. The replacement liens and security interests granted will be deemed perfected upon entry of the Order without the necessity of the Lenders taking possession of any collateral or filing financing statements or other documents. The Debtor is granted a carve-out and authority to use cash collateral for payment of: (i) subject to the above reservations, allowed professional fees and disbursements to professionals whose employment has been approved by the Court; (ii) allowed fees and disbursements, including monies to be escrowed, to the Subchapter V Trustee appointed in the case; and (iii) any fees payable to the Clerk of the Bankruptcy Court. Notwithstanding anything stated herein to the contrary, the Debtor will not use cash collateral to investigate or pursue causes of action against the Lenders. The final hearing on the matter is scheduled for April 5, 2022 at 9:30 a.m. A copy of the order is available at https://bit.ly/3tO7UR0 from PacerMonitor.com. About Pinnacle Constructors, Inc. Pinnacle Constructors, Inc. is a Tennessee corporation that provides underground utility work specializing in large diameter water, sewer, and storm drainage projects. The company also performs site grading with a focus on land development in new subdivisions, and heavy equipment hauling and relocation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 22-00670) on March 4, 2022. In the petition signed by Kevin Webb, president, the Debtor disclosed up to $10 million in both assets and liabilities. Nancy King, Esq., at EmergeLaw, PLC is the Debtor's counsel. Southeast Community Capital Corporation d/b/a/ Pathway Lending, as lender, is represented by: J. Timothy Street, Esq. Johnston & Street 236 Public Square Suite 103 Franklin, TN 37064 Tel: (615) 791-1819 Email: jtstreet@johnstonandstreet.com Renasant Bank, as lender, is represented by: David W. Houston, IV, Esq. J. Patrick Warfield, Esq. Burr & Forman 222 Second Ave. South, Suite 2000 Nashville, TN 37201 Tel: (615) 724-3000 Email: dhouston@burr.com pwarfield@burr.com PRIME ECO: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- Prime Eco Group, Inc. asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral through and including confirmation. The Debtor needs to use the cash collateral to avoid immediate and irreparable harm to the estate and, in that absent such use, the Debtor would be required to cease operations and not be able to meet its financial obligations. The Debtor needs to continue its business in order to propose a plan of reorganization. The Debtor has court authority to file its plan and disclosure statement until March 29, 2022. One of the creditors insists the Debtor commit to filing the plan and disclosure statement on March 29 or commit to convert to a proceeding under chapter 7. Without being able to predict future traps that may interfere with the ability to file a plan and disclosure statement on March 29, the Debtor cannot commit to convert to a proceeding under chapter 7 if for some reason something unexpected causes it to need an extension of time for filing the plan and disclosure statement. The Debtor owes Austin Financial Services, Inc., the Small Business Administration, and Fairview Investment Fund V, LP. Pursuant to the Bankruptcy Code, the Debtor either needs consent from these creditors or court authority to extend access to cash collateral. The Debtor is filing its motion on an emergency basis since the Debtor cannot spend any money until the motion is heard and granted. Payroll is due March 18, 2022, and the funds for payroll have to be turned over to the payroll company a couple of days in advance of payroll. The cash collateral at issue is income from Debtor's regular business. The Debtor has 13-month budget should cover all anticipated expenses of the Debtor through confirmation. The Debtor consents to continued replacement liens for all three secured creditors. A copy of the motion is available at https://bit.ly/3N19bgu from PacerMonitor.com. About Prime Eco Group and Prime Eco Supply Prime Eco Group, Inc. is a manufacturing company specializing in specialty chemicals. Prime Eco Group and Prime Eco Supply, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 21-32560 and 21-32561) on July 30, 2021. At the time of filing, Prime Eco Group disclosed $3,057,685 in assets and $3,587,476 in liabilities while Prime Eco Supply disclosed $107,969 in assets and $527,681 in liabilities. The Law Office of Margaret M. McClure is the Debtor's legal counsel. PUERTO RICO: Teachers Union Fails to Stop Bankruptcy Exit --------------------------------------------------------- Daniel Gill, of Bloomberg Law, reports that a federal appeals court refused to block Puerto Rico from implementing its debt-cutting plan, clearing away a key obstacle to the Commonwealth's ability to issue new debt and end its main bankruptcy case. In a short, one paragraph ruling, a three-judge panel rejected a request by a teacher's union to halt Puerto Rico's exit from bankruptcy while an appeal of the reorganization plan moves ahead. The ruling is a victory for the Commonwealth and the federal oversight board, which has been planning to swap out the legacy debt with new restructured bonds by March 15, 2022. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ('PROMESA'). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets, as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. QUANTUM DEVELOPMENT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Quantum Development Charlotte, LLC 2001 Hartwicke Place Charlotte, NC 28270 Chapter 11 Petition Date: March 15, 2022 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 22-30113 Judge: Hon. Laura T. Beyer Debtor's Counsel: R. Keith Johnson, Esq. LAW OFFICES OF R. KEITH JOHNSON, P.A. 1275 S. Hwy. 16 Stanley, NC 28164 Tel: 704-827-4200 Fax: 704-827-4477 Email: kjparalegal@bellsouth.net Total Assets: $38,317 Total Liabilities: $2,018,392 The petition was signed by Richard D. Campbell as member/manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LBVJDMI/Quantum_Development_Charlotte__ncwbke-22-30113__0001.0.pdf?mcid=tGE4TAMA R & G SERVICES: Has Deal on Cash Collateral Access -------------------------------------------------- R & G Services and the U.S. Small Business Administration have informed the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, that they have reached an agreement regarding the Debtor's cash collateral and now desire to memorialize the terms of this agreement into an agreed order. Pre-petition, on May 31, 2020, the Debtor executed a U.S. Small Business Administration Note, pursuant to which the Debtor obtained a loan in the amount of $260,000. The terms of the Note require the Debtor to pay principal and interest payments of $1,267 every month beginning 12 months from the date of the Note over the 30 year term of the SBA Loan. The SBA Loan has an annual rate of interest of 3.75% and may be prepaid at any time without notice of penalty. Pursuant to the SBA Loan Authorization and Agreement executed on May 31, 2020, the Debtor is required to "use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring in the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code lien filing fees and a third-party UCC handling charge of $100 which will be deducted from the Loan amount. As evidenced by a Security Agreement executed on May 31, 2020 and a validly recorded UCC-1 filing on June 8, 2020 as Filing Number 207787851429, the SBA Loan is secured by all tangible and intangible personal property. The Parties agree that any and all of the Personal Property Collateral constitutes the cash collateral of the SBA, pursuant to 11 U.S.C. section 363(a). The SBA consents to the Debtor's use of cash collateral on the terms set forth herein. Other than the Debtor's use of cash collateral on the terms set forth therein, the Debtor represents to the SBA that it will make no additional or unauthorized use of the cash collateral retroactive from the SBA Loan date until May 31, 2022 or the entry of an Order Confirming the Debtor's Plan of Reorganization, whichever occurs earlier, for ordinary and necessary expenses as set forth in the projection. The Debtor's use of cash collateral may be renewed upon subsequent stipulation with SBA or by order of the Court. As adequate protection, retroactive to the Petition Date, SBA will receive a replacement lien on all post-petition revenues of the Debtor to the same extent, priority and validity that its lien 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 Debtor's post-petition use of cash collateral. The replacement lien is valid, perfected and enforceable and will not be subject to dispute, avoidance, or subordination, and this replacement lien need not be subject to additional recording. The SBA is authorized to file a certified copy of the cash collateral order and any other necessary and related documents to further perfect its lien. The SBA will be entitled to a super-priority claim over the life of the Debtor's bankruptcy case, pursuant to 11 U.S.C. sections 503(b), 507(a)(2) and 507(b), which claim will be limited to any diminution in the value of SBA's collateral, pursuant to the SBA Loan, as a result of the Debtor's use of cash collateral on a post-petition basis. The Stipulation will remain in effect until May 31, 2022, or until the Parties enter into an amended Stipulation or a consensual Chapter 11 Plan, or until the case is converted or dismissed, whichever first occurs. A copy of the stipulation is available at https://bit.ly/3w9h1yo from PacerMonitor.com. About R & G Services R & G Services Inc., doing business as AAMCO Aliso Viejo, is located at 27802 Aliso Creek Road, Suite D170 Aliso Viejo, CA 92656. For the past 8 years, the company used names like AAMCO Aliso Viejo, AAMCO Aliso Lake Forest, and AAMCO Aliso Transmissions. R & G Services sought voluntary Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 22-10364) on March 4, 2022. In the petition filed by German Ramirez, principal and only shareholder, R & G Services Inc. listed estimated assets between $50,000 to $100,000 and estimated liabilities between $1 million to $10 million. The case is handled by Honorable Judge Erithe A. Smith. Anthony Obehi Egbase, Esq., at A.O.E Law & Associates, APC, is the Debtor's counsel. RENNOVA HEALTH: Announces Reverse Common Stock Split ---------------------------------------------------- Rennova Health, Inc. announced a 1 for 10,000 reverse stock split of its outstanding common stock effective at 5:00 pm, Eastern Time, on March 15, 2022, and that the Company's common stock will open for trading today on a post-split basis. As a result of the reverse stock split, every 10,000 shares of the Company's common stock issued and outstanding on the Effective Time will be consolidated into one issued and outstanding share, except to the extent that the reverse stock split results in any of the Company's stockholders owning a fractional share, which fractional share will be in that case paid in cash. In connection with the reverse stock split, there will be no change in the nominal par value per share of $0.0001. Trading of the Company's common stock will continue, on a split-adjusted basis, with the opening of the markets today. Based on the number of shares currently outstanding on March 9, 2022, the reverse stock split will reduce the number of shares of the Company's common stock outstanding from approximately 44 billion pre-reverse split shares to approximately 4.4 million post-reverse split. All outstanding preferred shares, stock options, warrants, and equity incentive plans immediately prior to the reverse stock split generally will be appropriately adjusted by dividing the number of shares of common stock into which the preferred shares, stock options, warrants and equity incentive plans are exercisable or convertible by 10,000 and multiplying the exercise or conversion price by 10,000, as a result of the reverse stock split. The Company has retained its transfer agent, Computershare, Inc., to act as its exchange agent for the reverse stock split. As necessary, Computershare will provide stockholders of record as of the Effective Time a letter of transmittal providing instructions for the exchange of their stock certificates. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split. The reverse stock split was approved by the directors of the Company on March 9, 2022, pursuant to a resolution adopted by written consent of the holders of the majority of the total voting power of the Company's securities on Dec. 15, 2021. About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates three rural hospitals and a physician's office in Tennessee and a physician's office in Kentucky and provides diagnostics and supportive software solutions to healthcare providers. Rennova Health reported a net loss of $18.34 million for the year ended Dec. 31, 2020, compared to a net loss of $48.03 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $20.50 million in total assets, $58.01 million in total liabilities, and a total stockholders' deficit of $37.51 million. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has recognized recurring losses and negative cash flows from operations, and has minimal revenue producing activities. This raises substantial doubt about the Company's ability to continue as a going concern. RIVERA FAMILY: Amends Park Bank Secured Claims Pay Details ---------------------------------------------------------- Rivera Family Holdings, LLC, a debtor affiliate of Manny's Mexican Cocina, Inc., submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated March 10, 2022. This Amended Plan modifies only the Park Bank Provisions. Class III consists of the claim of Park Bank (La Crosse Branch). Rivera Family Holdings, LLC and Manny's Mexican Cocina, Inc. shall pay to Park Bank, La Crosse, a secured creditor the monthly amount of $21,863.42 (but payable in a weekly amount of $5,084.51). Note #5006, #5000, #5007 and legal fees is in the amount of $1,149,784.71 as of November 1, 2021, Note #5006 shall be amortized over 15 years from commencement date November 1, 2021 at 6.0% interest (3.25 + SBA risks), and Note #5000 is amortized over 9 years and Note #5007 is amortized over 11 years. The real estate tax escrow is part of the Plan. Note #5006 (Studio 16 deficiency) in the amount of $1,439,988.94 as of November 1, 2021 and shall be amortized over 15 years from the commencement date of April 1, 2022 at 2.0% interest. Like in the prior iteration of the Plan, all unsecured creditors who file claims or are listed in the Schedules as unliquidated and their claims are approved by the Court shall be paid in full within 30 days after the confirmation order is signed. The allowed unsecured claims total $1,070.00. Rivera Family Holdings, LLC and Manny's Mexican Cocina, Inc. are proposing an organized plan funded from operating entities of Manny's Mexican Cocina, Inc. and Manny's Cocina of Eau Claire, Inc. A full-text copy of the Amended Disclosure Statement dated March 10, 2022, is available at https://bit.ly/3Jr9YoR from PacerMonitor.com at no charge. Attorney for the Debtor: Galen W. Pittman, Esq. Pittman & Pittman Law Offices, LLC 712 Main Street La Crosse, WI 54601 Telephone: (608) 784-0841 Facsimile: (608) 784-2206 About Rivera Family Holdings Rivera Family Holdings, LLC, a privately-held company in Onalaska, Wis., filed a petition for Chapter 11 protection (Bankr. W.D. Wis. Case No. 21-12062) on Oct. 6, 2021, listing as much as $10 million in both assets and liabilities. Lynnae Rivera, authorized representative, signed the petition. Judge Catherine J. Furay presides over the case. Galen W. Pittman, Esq., at Pittman & Pittman Law Offices, LLC and TAP Consulting, LLC serve as the Debtor's legal counsel and accountant, respectively. ROCKALL ENERGY: March 17 Deadline Set for Panel Questionnaires -------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Rockall Energy Holdings, LLC, ET AL. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a Questionnaire available at https://bit.ly/3tlJGPf and return by email it to Erin Marie Schmidt -- erin.schmidt2@usdoj.gov -- and Lisa L. Lambert -- lisa.l.lambert@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on March 17, 2022. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Rockall Energy Holdings, LLC Privately held Rockall Energy Holdings, LLC, and its affiliates are primarily engaged in oil and natural gas exploration and production, with over 100,000 net acres located in the Williston Basin in North Dakota and the Salt Basin plays in Louisiana and Mississippi. Dallas-based Rockall also owns assets in Mississippi that the Company believes are well-suited to develop a carbon capture utilization and storage business, including enhanced oil recovery and CO2 sequestration. Rockall sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-90000) on March 9, 2022. In the petition signed by David Mirkin, chief financial officer, the Debtor disclosed up to $500 million in both assets and liabilities. Vinson & Elkins LLP represents the Debtor as counsel. ROCKALL ENERGY: Unsecureds to Get 0% in Prepackaged Plan -------------------------------------------------------- Rockall Energy Holdings, LLC, and its fifteen direct and indirect Debtor subsidiaries, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for Joint Prepackaged Chapter 11 Plan dated March 10, 2022. Rockall is a multi-faceted oil and gas company with an E&P business currently operating in over 100,000 net acres split between the Williston Basin in North Dakota -- the Northern Assets and the Salt Basin plays in Mississippi and Louisiana -- the Southern Assets. The Plan, which is the result of significant arms'-length negotiations with the Debtors' key creditor constituents, provides for the marketing and sale process to sell any or all of the Debtors' assets to continue after the Petition Date, with the goal of achieving the highest recoveries possible for all stakeholders. The sale process and Plan are supported by the Consenting Creditors -- who are willing sellers -- but who have also agreed to support a back-up equitization alternative pursuant to the Plan if the sale process does not yield satisfactory bids. The Debtors are commencing solicitation of the Plan with the support of the Consenting Creditors -- the Holders of 100% of the outstanding principal amount of the Class 3 Secured Parties Claims -- who on the date hereof entered into the Restructuring Support Agreement. After extensive, arm's-length negotiations, the Company, the Term Loan Lenders, the Term Loan Agent, and Shell agreed on the terms of a consensual in-court sale process, with a backup alternative equitization, and entered into the Restructuring Support Agreement. Certain key elements of the Restructuring Support Agreement and Plan include: * the Company agrees to run a value-maximizing Sales Process and, if a Payout Event occurs, the Company will sell any portions of its assets in a sale consummated via the Plan; * the Consenting Creditors agree to vote in favor of the Plan and, if no Payout Event occurs, the Secured Parties Claims would convert to equity in Reorganized Rockall (or potentially be partially satisfied in cash if a sale of less than all assets occurs); * as part of the Sales Process, the Company will seek rejection of the Steel Reef Contracts to enable a competitive and robust Sales Process that maximizes the potential value of the Company's assets; * the DIP Lenders agree to provide the Company with a senior secured superpriority credit facility in an aggregate principal amount of at least $17 million of new money term loans, of which $5 million shall be available on an interim basis and the remaining $12 million shall be available on a final basis; * the Holders of General Unsecured Claims and Rockall Equity Interests shall not receive any distribution unless all senior Claims are paid in full or otherwise treated as Unimpaired as a result of the Sales Process; and * the Company and the Consenting Creditors agree that, notwithstanding anything in the Restructuring Support Agreement, the Company and the Term Loan Lenders may terminate the Restructuring Support Agreement in certain circumstances, including, with respect to the Company, to the extent necessary to comply with their fiduciary duties under applicable law. Class 4 consists of all General Unsecured Claims. Holders of General Unsecured Claims shall not receive any distribution on account of such General Unsecured Claims unless all senior Claims, including all Class 1 Other Priority Claims, Class 2 Other Secured Claims, and Class 3 Secured Parties Claims, are paid in full or otherwise as agreed by the Holders of Claims in such Classes or are treated as Unimpaired. On the Effective Date, in the event that there are no proceeds from the Sale Process available for payment of Class 4 General Unsecured Claims, all General Unsecured Claims shall be cancelled, released, discharged, and extinguished. The allowed unsecured claims total $27,509,057. This Class will receive a distribution of 0% of their allowed claims. On or prior to the Effective Date, the Liquidation Trust shall be established in accordance with the Liquidation Trust Agreement for the purpose of liquidating the Liquidation Trust Assets, resolving all Disputed Claims to the extent related to the Liquidation Trust Assets, making all distributions of the proceeds of the Liquidation Trust Assets to Holders of Allowed Claims in accordance with the terms of the Plan and otherwise implementing the Plan. On the Effective Date, the Debtors or the Reorganized Debtors, as applicable, shall make all distributions required to be made under the Plan, including funding the Claims Reserve and the Professional Fee Escrow Account, using Cash on hand as of the Effective Date, including Cash from operations and the proceeds of borrowings under the DIP Facility to the extent permitted by the terms of the DIP Credit Agreement. All remaining Cash on hand as of the Effective Date, after payment of all distributions required to be made on the Effective Date, including Cash from operations and the proceeds of borrowings under the DIP Facility, but excluding the Cash funded into the Claims Reserve and the Professional Fee Escrow Account, shall be retained by or transferred to, as applicable, the Reorganized Debtors. A full-text copy of the Disclosure Statement dated March 10, 2022, is available at https://bit.ly/3q2XEn4 from PacerMonitor.com at no charge. Proposed Attorneys for the Debtors: Michael A. Garza Matthew J. Pyeatt Trevor G. Spears 2001 Ross Ave., Suite 3900 Dallas, TX 75201 David S. Meyer George R. Howard Lauren R. Kanzer 1114 Avenue of the Americas, 32nd Floor New York, NY 10036 VINSON & ELKINS LLP About Rockall Energy Holdings Rockall Energy Holdings is a mid-sized oil exploration and production company. Rockall Energy and its affiliates sought Chapter 11 bankruptcy protection (Bank. N.D. Tex. Lead Case No. 22-90000) on March 9, 2022. In the petition filed by David Mirkin, as chief financial offer, Rockall Energy Holdings estimated assets and debt between $100 million and $500 million. The cases are handled by Honorable Judge Mark X. Mullin. The Debtors tapped VINSON & ELKINS LLP as counsel; LAZARD FRERES & CO., LLC as investment banker; and ANKURA CONSULTING GROUP, LLC, as restructuring advisor. STRETTO, INC., is the claims agent. SALEM MEDIA: S&P Upgrades ICR to 'B-' on Improved Performance ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Salem Media Group Inc. to 'B-' from 'CCC+'. S&P said, "At the same time, we raised our issue-level ratings on the company's 2028 super senior secured notes to 'B+' from 'B', and its 2024 senior secured notes to 'B-' from 'CCC'. We revised the recovery rating on the company's 2024 senior secured notes to '4' from '5', given the partial repayment of this debt in 2021. The stable outlook reflects our expectation that Salem will maintain leverage at about 5x-5.2x and will generate sufficient cash flow to meet operating and fixed-charge obligations in 2022 "We now view the company's capital structure as sustainable given earnings improvement, voluntary debt repayment, and extended debt maturities. In 2021, the company voluntarily repaid $43 million of its 2024 senior secured notes and refinanced approximately $113 million of the 2024 notes, extending its maturity until 2028. Salem currently has $57.7 million of its 2024 notes outstanding, which we believe can be addressed through a combination of debt repayment using expected free operating cash flow (FOCF) generation and its access to $50 million of delayed draw notes, which can only be used to repay the 2024 notes. The company's S&P Global Ratings-adjusted gross leverage was 4.6x as of Dec. 31, 2021. We expect leverage will increase to the low-5x area in 2022 due to elevated costs to support investment in the company's digital offerings. We expect leverage will remain around 5x in 2023. "We do not expect broadcast radio advertising revenue will ever fully recover from the pandemic, but the company's block programming is relatively stable. We expect revenue for the broadcast radio industry will only reach about 85% of 2019 revenue in 2022 before resuming pre-pandemic declines in the low-single-digit percent area as advertising dollars continue to shift toward digital formats. Broadcast radio advertising's revenue could also be hurt by changes in consumer behavior as a result of the pandemic since it largely depends on listening in vehicles, which could decline if consumers increasingly work from home. While broadcast radio advertising had short lead times before the pandemic, they fell further during the pandemic. We believe this change may be permanent, further reducing the predictability of future performance." However, unlike its peers, almost 30% of Salem's revenue comes from block programming, which has shown more earnings resilience than broadcast advertising since the start of the pandemic. This is primarily due to efforts by the company's national ministry clients to sustain their on-air content. S&P expects Salem's block programming revenue to improve 3%-5% in 2022 given recent price increases enacted by the company, strong renewal rates by existing ministries, and the launch of new programming. The expected improvement in block programming revenue, combined with an expected uptick in political revenue from the U.S. midterm elections, will help offset the impact of low incremental revenue from the company's nonpolitical broadcast advertising in 2022. Longer term, we believe the segment could face pressure from competitors offering compelling alternatives or other forms of digital media that could take share away from Salem or limit its ability to enact price increases. S&P said, "We expect the company to generate modest FOCF in 2022. We expect the company to generate FOCF of $12 million-$14 million in 2022, leading to FOCF to debt of 5%-7%. Salem could use it's free cash flow, combined with potential proceeds from asset sales, to further repurchase its senior notes in 2022. However, Salem has limited room to sustain earnings underperformance without the need to draw on its asset-based lending (ABL) facility, given its limited cash balance of $1.8 million. "The stable outlook reflects our expectation that Salem will maintain leverage of about 5x-5.2x and will generate sufficient cash flow to meet operating and fixed-charge obligations in 2022." S&P could lower the rating if: -- FOCF became negative or the company were to experience a liquidity shortfall; -- This could occur because of slower-than-expected revenue growth coupled with the company being unable to sufficiently cut costs to offset its revenue declines. While unlikely at this time, S&P could raise the rating if: -- Its FOCF to debt increased above 10% on a sustained basis, -- Leverage was below 5x on a sustained basis, and -- The company were able payoff its 2024 senior secured notes at or before maturity. ESG credit indicators: E-2, S-2, G-2 SAVVA'S RESTAURANT: Seeks to Hire Zimmerman Company as Accountant ----------------------------------------------------------------- Savva's Restaurant, Inc., doing business as Harvest Diner, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Zimmerman Company, CPA as accountant. The Debtor requires an accountant to prepare and file its monthly operating reports, required tax returns and to provide accounting assistance in connection with its financial reporting. Elliot Zimmerman, a certified public accountant at Zimmerman Company, will be paid at his hourly rate of $300. Robert Wilson, the sole proprietor of Zimmerman Company, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Elliot Zimmerman, CPA Zimmerman Company, CPA 2442 Bellmore Ave., Suite 1 Bellmore, NY 11710 Telephone: (516) 781-2001 Facsimile: (516) 781-1087 About Savva's Restaurant Savva's Restaurant, Inc., doing business as Harvest Diner, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-70382) on March 4, 2022, disclosing $5,625,000 in total assets and $2,485,720 in total liabilities. Kyriacos Savva, president, signed the petition. Judge Louis A. Scarcella oversees the case. The Debtor tapped Pryor & Mandelup, LLP as legal counsel and Zimmerman Company, CPA as accountant. SAVVA'S RESTAURANT: Seeks to Tap Pryor & Mandelup as Legal Counsel ------------------------------------------------------------------ Savva's Restaurant, Inc., doing business as Harvest Diner, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Pryor & Mandelup, LLP as its legal counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties in the continued management of its business and property; (b) representing the Debtor before the bankruptcy court and at all hearings on matters pertaining to its affairs; (c) assisting the Debtor in the preparation and negotiation with its creditors of a plan of reorganization; (d) preparing legal papers; and (e) performing all other necessary legal services for the Debtor. The firm received a general retainer of $25,000 from the Debtor. The hourly rates of the firm's counsel and staff are as follows: Partners and Of Counsel $525 - $425 Associates $250 - $375 Paralegals $150 Robert Pryor, Esq., a member of Pryor & Mandelup, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Pryor, Esq. Pryor & Mandelup, LLP 675 Old Country Road Westbury, NY 11590 Telephone: (516) 997-0999 Email: rlp@pryormandelup.com About Savva's Restaurant Savva's Restaurant, Inc., doing business as Harvest Diner, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-70382) on March 4, 2022, disclosing $5,625,000 in total assets and $2,485,720 in total liabilities. Kyriacos Savva, president, signed the petition. Judge Louis A. Scarcella oversees the case. The Debtor tapped Pryor & Mandelup, LLP as legal counsel and Zimmerman Company, CPA as accountant. SCHULDNER LLC: Wins Cash Collateral Access Thru May 31 ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Minnesota has authorized Schuldner, LLC to use cash collateral in which Wilmington Trust, National Association, as Trustee for the Benefit of the Holders of B2R Mortgage Trust 2016-1 Mortgage Pass-Through Certificates, has an interest, through May 31, 2022. The Court says the Debtor is authorized to grant Wilmington Trust, as and for adequate protection of its secured interest, a replacement lien and post-petition security interest, to the same validity, priority and extent of its security interest held pre-petition, in any and all new cash collateral of the Debtor. The replacement lien will secure it against diminution of the value of its collateral, as it existed as of the commencement of the case. A copy of the order is available at https://bit.ly/35VxHPj from PacerMonitor.com. About Schuldner, LLC Duluth, Minnesota-based Schuldner, LLC is engaged in activities related to real estate. The company filed a Chapter 11 petition (Bankr. D. Minn. Case No. 21-50323) on July 6, 2021. In the petition signed by Carl Green, chief manager, the Debtor disclosed $1,150,200 in total assets and $2,530,877 in total liabilities. Judge William J. Fisher is assigned to the case. Joseph W. Dicker, P.A. is the Debtor's counsel. SEBSEN ELECTRIC: Gets Court Approval to Hire Special Counsel ------------------------------------------------------------ Sebsen Electric, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Walters, Levine, Parisi & DeGrave, PA as its special counsel. The Debtor needs the assistance of a special counsel in collecting payment from delinquent customers. The hourly rates of the firm's counsel and staff are as follows: Attorneys $300 - $400 Paralegal $165 The firm has requested a retainer of $2,500 from the Debtor. As disclosed in court filings, the firm neither represents nor holds any interest adverse to the Debtor, its estate, or its creditors in the matters upon which it is to be engaged. The firm can be reached through: Stuart Jay Levine, Esq. Walters, Levine, Parisi & DeGrave, PA 601 Bayshore Blvd., Ste. 720 Tampa, FL 33606 Phone: (813) 254-7474 Fax: (813) 254-7341 About Sebsen Electric Sebsen Electric, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-03626) on July 12, 2021, disclosing $545,466 in total assets and $888,950 in total liabilities. Ruediger Mueller serves as the Debtor's Subchapter V trustee. Judge Catherine Peek McEwen oversees the case. The Debtor tapped Buddy D. Ford, PA as bankruptcy counsel and Walters, Levine, Parisi & DeGrave, PA as special counsel. SEP SOFTWARE: Unsecured Creditors to Get $406K over 5 Years ----------------------------------------------------------- SEP Software Corporation filed with the U.S. Bankruptcy Court for the District of Colorado an Amended Small Business Plan of Reorganization under Subchapter V dated March 10, 2022. Debtor licenses bankrupt and disaster recovery software which was created by and is owned by SEP AG, a German company. Debtor has the exclusive right to sell the software in North America. Debtor sells the software through its distributor, Climb Channel Solutions. Debtor ran into problems for a number of reasons: first, it fell behind on its royalty payments to SEP AG. SEP AG is Debtor's largest creditor as a result. SEP AG, however, has generally been happy with the direction of Debtor and has consistently been willing to work with Debtor. SEP AG alone would not have led to this bankruptcy filing. The real issue for Debtor came in the form of two lawsuits filed by former employees and independent contractors of Debtor, involving disputed compensation. Debtor ultimately ran out of the resources to fight those lawsuits, and had to resort to bankruptcy protection in an effort to allow itself the ability to reorganize. Debtor intends to increase its marketing efforts in order to generate sufficient revenue to both allow it to make a distribution to unsecured creditors, and to be a viable business moving forward. Class 3 consists of the Cure Claim of SEP AG. Over the years, Debtor has fallen behind on its royalty payments to SEP AG and now owes it $1,113,215.78. As a cure of the outstanding obligation under 11 U.S.C. § 365, and in furtherance of allowing Debtor to continue to use the license, SEP AG shall have the option to either (a) treat its claim as an unsecured claim under Class 4; or (b) convert its claim to equity in the reorganized debtor in Class 5. To the extent SEP AG selects Option B, it shall receive 11,132,160 new shares of the Debtor. SEP AG shall notify the Debtor of its decision in writing on or before the Effective Date. Under either scenario, SEP AG shall authorize Debtor to continue to use its license. Class 4 consists of those unsecured creditors of Debtor who hold Allowed Claims. There are a total of $2,296,605 in general unsecured claims, which amount includes the full amount of SEP AG's claim. Of that amount, all but $203,378 is either disputed or is contingent upon the decision of SEP AG. General unsecured creditors shall be paid quarterly in an amount equal to 50% of Debtor's Net Income for the quarter. To the extent Debtor has more than $50,000 in the bank at the end of any quarter, in addition to 50% of net profits, the Debtor shall distribute all amounts in the bank in excess of $50,000 as well. Based on the Debtor's projections, assuming SEP AG converts its debt to equity, and assuming all other claims are allowed, general unsecured creditors are projected to receive 34.3% of their prepetition claim. Class 5 includes the interests in Debtor held by the its pre confirmation shareholders. Class 5 is impaired by this Plan. On the Effective Date of the Plan, Class 5 Interest Holders shall retain their interests in Debtor which they owned prior to the Petition Date. If, however, SEP AG opts to convert its unsecured claim to equity, the percentage interest of each Class 5 Equity Holder will be reduced. On the Petition Date, there were 870,000 outstanding shares of the Debtor. Thus, prepetition equity will be diluted significantly. In the absence of a cure of SEP AG's prepetition claim, however, the Debtor will lose the right to sell its only product, and the value of the prepetition equity will be $0.00. Additionally, and as noted by one of the objections filed to the original plan, equity only put up $87.00 for their shares. Thus, while they are being diluted, it is not a significant financial loss for the prepetition equity. As a result, while prepetition equity will be diluted, it is still in a better position than it would have been in otherwise. The Debtor projects to pay unsecured creditors $406,102 over the course of 5-years. On March 3, 2022, the Debtor closed on a $56,921 order, which the Debtor expects to receive annually. Thus, Debtor projects making its first distribution to unsecured creditors in March 2023. On the Effective Date of the Plan, Mr. Russell Wine, the CEO of Debtor, shall be appointed for the purpose of carrying out the terms of the Plan, and taking all actions deemed necessary or convenient to consummating the terms of the Plan. Prior to the Petition Date, Mr. Wine made a salary of $90,000.00. Mr. Wine will continue to make that same salary moving forward, with annual increases of 4%. A full-text copy of the Amended Plan of Reorganization dated March 10, 2022, is available at https://bit.ly/3KFmz7V from PacerMonitor.com at no charge. Attorneys for SEP Software: Jonathan M. Dickey, #46981 Kutner Brinen Dickey Riley, P.C. 1660 Lincoln St., Suite 1720 Denver, CO 80264 Telephone: 303- 832-2400 Email: jmd@kutnerlaw.com About SEP Software Corporation SEP Software Corporation is a Dover, Del.-based technology company that provides a single backup and disaster recovery solution for hybrid environments of any size. SEP Software filed a petition for Chapter 11 protection (Bankr. D. Colo. Case No. 21-14963) on Sept. 29, 2021, listing up to $50,000 in assets and up to $10 million in liabilities. Russell Wine, chief executive officer of SEP Software, signed the petition. Judge Michael E. Romero oversees the case. Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C., is the Debtor's legal counsel, while Arkose Tax and Consulting serves as the accountant. SILVERSIDE SENIOR: Amends Chippewa Secured Claims Pay Details ------------------------------------------------------------- Silverside Senior Living, LLC and Graceway South Haven, LLC, submitted a First Amended Plan of Liquidation dated March 10, 2022. The Plan proposes to pay the Debtors' creditors from the remaining collection of Graceway's accounts receivable, the recovery from the Avoidance Actions and proceeds from the ERC. On the Petition Date, Graceway estimated that its collectable accounts receivable had a value of approximately $250,000.00. In the ordinary course of winding down its operations, Graceway engaged a billing company, Varipro, to assist with collection of the remaining accounts receivable. Since the involvement of Varipro, Graceway has estimated that as of the Petition Date the collectable accounts receivable had a value of approximately $718,302.09, excluding Medicare and Medicaid claims. The projected recovery is based on unpaid claims reflected in Graceway's billing program with a service date within one year of the Petition Date which remained viable pursuant Section 108(a) of the Bankruptcy Code. The amounts collected as of the filing of this Plan have been deposited into the debtor-in-possession checking account at Pinnacle Bank. The Debtors agreed with LARA and Bureau of Community and Health Systems (BCHS) to reject License No. 1070000074 used in connection with its 93 bed CON. On October 13, 2021, the Court entered an Order Granting Stipulation Allowing the Michigan Department of Licensing and Regulatory Affairs to Revoke the Skilled Nursing Home Facility License No. 1070000074 issued to Debtor Graceway South Haven, LLC in Accord with Section 362(b)(4). The Plan provides for full payment in cash of (a) the allowed Administrative Claims of Debtors' professionals, the Subchapter V Trustee and the Health Care Ombudsman; (b) the priority wage claims; and (c) the any allowed Administrative Claims against the Debtors' estates ((a), (b) and (c), collectively "Group Claims"). The Debtors' priority and general unsecured creditors, including the deficiency claims of the Debtors' secured creditors, shall receive a distribution of the proceeds that are available after payment in cash and in full of the allowed secured claims and the Group Claims. The Debtors do not anticipate that there will be funds available for a distribution to the general unsecured creditors. The Debtors' Insiders and equity security holders will receive no recovery under this Plan and shall, upon confirmation of the Plan, surrender their equity interests. Group II shall consist of the pre-petition priority wage claims of the Debtors' employees. The Group II claims shall be paid up to $125,912,49 from the Chippewa Carveout. In the event the IRS is successful in asserting set off rights in the ERC Refund, the Debtors shall seek a surcharge of the ERC Refund and reserve the right to seek a surcharge of the accounts receivable under Section 506(c) to satisfy the Group II claims in full. Class III shall consist of secured claim of Chippewa. The Class III claim will be paid in full from the (i) proceeds of the Graceway accounts receivable after the satisfaction of the Class I and Class II claims, and (ii) from the ERC Refund, after the satisfaction of the Chippewa Carveout, to the extent the IRS is not permitted to a setoff of the ERC Refund. The liens supporting the Class III claim shall remain in full force and effect until paid in full less any reduction based on the Class III creditor's pro rata share of any potential surcharge claim on its collateral. Class III is impaired, to the extent it may be reduced by a surcharge against the Debtors' accounts receivable. Like in the prior iteration of the Plan, Class V shall consist of the allowed general Unsecured Claims of Creditors of the Debtors. On the Petition Date, the Debtors' combined non-insider general unsecured trade debt totaled approximately $1,940,823.93. The Debtors do not anticipate that there will be any funds available for distribution to the Class V creditors. The Debtors are actively pursuing collection on the outstanding Graceway accounts receivable. All such collections shall be deposited into the Graceway DIP account for disbursement under this Plan. On the Petition Date, the Debtors had no personal property that could be liquidated for the benefit of creditors. On December 10, 2021, the Debtors submitted the ERC Application in the amount of $427,371,24 refundable credits. The ERC Application was submitted under the provisions of Section 505 of the Bankruptcy Code which requires the IRS to fully process the refund claims within 120 days. Moreover, the Debtors anticipate recovery in excess of $100,000 from the Avoidance Actions. The Plan shall be funded through the proceeds of the collection of Graceway's accounts receivable, the recovery of the ERC Refund and resolution of the Avoidance Actions. The Debtors reserve the right to amend the Plan. A full-text copy of the First Amended Plan of Liquidation dated March 10, 2022, is available at https://bit.ly/3t9xl09 from PacerMonitor.com at no charge. Attorneys for the Debtors: Lynn M. Brimer, Esq. Pamela S. Ritter, Esq. Strobl Sharp PLLC 300 East Long Lake Road, Suite 200 Bloomfield Hills, MI 48304-2376 Phone: (248) 540-2300 Fax: (248) 205-2786 Email: lbrimer@strobllaw.com pritter@strobllaw.com About Silverside Senior Living Silverside Senior Living, LLC and its affiliate, Graceway South Haven, LLC, sought Chapter 11 protection (Bankr. E.D. Mich. Lead Case No. 21-44887) on June 7, 2021. In the petitions signed by CEO Anthony Fischer, Jr., the Debtors disclosed total assets of up to $50,000 and liabilities of up to $10 million. Judge Lisa S. Gretchko oversees the cases. The Debtors tapped Strobl Sharp PLLC as bankruptcy counsel and CND Law as special healthcare counsel. Cole, Newton & Duran serves as the Debtors' accountant. SOUTH SKY: Seeks Continued Cash Collateral Access ------------------------------------------------- South Sky Aviation Corporation D/B/A Florida Aviation Academy ask the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to continue using cash collateral through March 31, 2022 and provide adequate protection to the U.S. Small Business Administration. The SBA has a perfected security interest in all of the Debtor's assets arising from an COVID-19 Economic Injury Disaster Loan from the SBA in the principal amount of $150,000, evidenced by a form UCC-1 Financing Statement filed with the Florida Secured Transaction Registry on June 9, 2020. As of the Petition Date, the payoff balance of the EIDL Loan is $153,907. The First Interim Cash Collateral Order authorizes the Debtor to use the SBA's cash collateral for ordinary operating expenses necessary to prevent immediate and irreparable harm through March 18, 2022. The Debtor is in the process of preparing a 120-day budget that projects estimated revenue and expenses. The budgeting process has become more cumbersome than anticipated as the Debtor has experienced an unprecedented increase in the costs of parts as well as an unprecedented delay in getting said parts on a timely basis. The Debtor, with the SBA's consent has agreed to the submission of a second interim budget through and including March 31, 2022. The Second Interim Budget includes only those ordinary operating expenses necessary to prevent immediate and irreparable harm through the second interim period. The Debtor also requests the Court to conduct a hearing to a date on the week of March 28, 2022 but prior to the expiration of the term of the Second Interim Budget (i.e., April 1, 2022). A copy of the motion is available at https://bit.ly/3w69XCJ from PacerMonitor.com. About South Sky Aviation Corporation South Sky Aviation Corporation is an FAA-approved Part 141 flight school that has been training professional pilots for 21 years. South Sky Aviation is located in Pompano Beach, Florida, and situated at a general aviation airport with three runways and an air traffic control tower. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-11769-SMG) on March 3, 2022. In the petition signed by John Fitzgerald, president and director, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Robert P. Charbonneau, Esq., at Agentis PLLC, is the Debtor's counsel. SOUTH SKY: Seeks to Hire Agentis PLLC as Bankruptcy Counsel ----------------------------------------------------------- South Sky Aviation Corporation, doing business as Florida Aviation Academy, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Agentis, PLLC as bankruptcy counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties in the continued management of its affairs; (b) advising the Debtor regarding its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) preparing legal papers; (d) protecting the interests of the Debtor and the estate in all matters pending before the court; and (e) representing the Debtor in negotiations with its creditors in the preparation of a Chapter 11 plan. The hourly rates of the firm's counsel and staff are as follows: Attorneys $315 - $640 Paralegals $85 - $235 Robert Charbonneau, Esq., a shareholder of Agentis, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert P. Charbonneau, Esq. Agentis PLLC 55 Alhambra Plaza, Suite 800 Coral Gables, FL 33134 Telephone: (305) 722-2002 Email: rpc@agentislaw.com About South Sky Aviation Corporation South Sky Aviation Corporation, doing business as Florida Aviation Academy, is an FAA-approved Part 141 flight school that has been training professional pilots for 21 years. It is located in Pompano Beach, Fla., and situated at a general aviation airport with three runways and an air traffic control tower. South Sky Aviation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-11769) on March 3, 2022, disclosing up to $500,000 in assets and up to $1 million in liabilities. Aleida Martinez-Molina serves as the Subchapter V trustee. Judge Scott M. Grossman oversees the case. Robert P. Charbonneau, Esq., at Agentis PLLC, is the Debtor's legal counsel. STEVEN K. THOMAS: Unsecureds Will Get 1.97% of Claims in Plan ------------------------------------------------------------- Steven K. Thomas, Inc., d/b/a Hearing Care and Audiology, 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 dated March 10, 2022. The Debtor, a Florida corporation, was originally founded in 2003. Steven K. Thomas is the President and sole owner of the Debtor. The Debtor is a hearing care and audiology business with offices located in Boynton Beach, Florida and Atlantis, Florida (the "Business"). The Debtor has received an offer to sell the Business Assets to a third-party for the sum of $100,000 (the "Sale Proceeds"). The Sale Proceeds will be used to fund the Debtor's CDP. After the effective date of the order confirming the Debtor's CDP and payments to creditors pursuant to the CDP, the Debtor's entity will cease operations and will file to dissolve the Debtor pursuant to Florida law. Contemporaneously with the filing of this CDP, the Debtor has filed a Motion to Sell the Business Assets free and clear of liens and encumbrances pursuant to 11 U.S.C. Sec. 363 (the "363 Motion"). The Debtor continues to operate the business as a debtor-in possession. In 2019, the Debtor had gross sales of $381,564 and as a result of the COVID shutdown, gross revenues greatly reduced in 2020 to $198,413; and $148,411.00 in 2021 (as of the date of filing on 10/20/21). From the date of filing through January 2022, the Debtor averaged a net of $22,475 per month with expenses of $21,234. This annualizes income at approximately $269,700.13 and expenses at approximately $254,807. This would allow for plan payments approximately $14,000 per year or $1,166.66 per month. Of that $1,166.00 per month, the Debtor would be required to pay the SBA approximately $731.00 per month for its secured lien and administrative fees of at least $500.00 per month (attorney fees and costs associated with the Chapter 11), leaving virtually no distribution available to unsecured creditors. With the sale of the Business Assets, the Sale Proceeds of $100,000.00, with SBA approval, would be used to pay the SBA, after a carveout for any U.S. Trustee fees, VHLG's attorney fees and costs, and a $5,000.00 pot for distribution to unsecured creditors (1.97%). If the Debtor is unable to sell the Business Assets, then there will most likely be no funds available for unsecured creditors and at best, the distribution would be $3,840.00 over 60 months (1.5%). Class 1 consists of the secured Economic Injury Disaster Loan of the U.S. Small Business Administration (the "SBA") in the amount of $144,417.71 (the "EIDL Loan") entered into by the Debtor in May 2020. Upon the sale of the Debtor's Assets, the sale proceeds of $100,000.00 will be held in trust by the Van Horn Law Group, P.A. pending confirmation. The SBA will receive the balance of the sale proceeds after administrative expenses due to the Van Horn Law Group, P.A. and the Office of the U.S. Trustee and payment of priority claims. Class 2 consists of all allowed unsecured general claims. There are 6 allowed general unsecured claims totaling $254,445. Class 2 creditors shall receive a total distribution in the amount of $5,012.57 or 1.97% of their claims (the "Plan Payments"). The funds to pay the distribution will be from the Debtor's DIP account. Any monies still held in the DIP account over and above $5,000.00 will be remitted to the SBA. The Plan Payments will be in a lump sum to each creditor on or before the Effective Date. This class is impaired. Upon the effective date of the Debtor's CDP, subject to the sale of the Business Assets of which the Sale Proceeds will be used to fund the CDP, the newly reorganized Debtor will cease operations and dissolve the company. Upon the Effective Date of the Debtor's CDP, the Debtor's plan payments will be funded from the proceeds realized from the sale of the Business Assets which Sale Proceeds are to be held in trust pending distribution to creditors, and cash from the Debtor's bank account. Accordingly, Debtor asserts that it is able to perform all of its obligations under the CDP, and as such, the CDP satisfies § 1129(a)(11) of the Code. A full-text copy of the Combined Disclosure Statement and Plan dated March 10, 2022, is available at https://bit.ly/37uAi3a 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 Steven K. Thomas Inc. Steven K. Thomas Inc. filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-20074) on Oct. 20, 2021, listing up to $50,000 in assets and up to $500,000 in liabilities. Judge Mindy A Mora presides over the case. Chad Van Horn, Esq., at Van Horn Law Group, Inc. serves as its attorney STONE CLINICAL: Taps Jan Hayden of Baker as Expert Witness ---------------------------------------------------------- Stone Clinical Laboratories LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Jan Hayden, Esq., an attorney at Baker, Donelson, Bearman, Caldwell, & Berkowitz, PC. The Debtor needs an expert witness to render a fairness opinion relating to its claims against Stone Clinical Laboratories of Florida, LLC and the other defendants named in a derivative action filed in state court. The firm received a $30,000 retainer from the Debtor. The hourly rates of the firm's counsel and staff are as follows: Shareholders $325 - $700 Associates $225 - $450 Paralegals $200 In addition, the firm will seek reimbursement for expenses incurred. Jan Hayden, a shareholder of Baker, Donelson, Bearman, Caldwell, & Berkowitz, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jan Hayden Baker, Donelson, Bearman, Caldwell, & Berkowitz, PC 201 St. Charles Avenue, Suite 3600 New Orleans, LA 70170 Telephone: (504) 566-5200 Facsimile: (504) 636-4000 Email: jhayden@bakerdonelson.com About Stone Clinical Laboratories Stone Clinical Laboratories, LLC is a full-service clinical reference laboratory that specializes in preventative and molecular diagnostics testing. The company is based in New Orleans, La. On July 15, 2021, Whale Capital, L.P., Hologic, Inc. and Woman's Hospital Foundation filed an involuntary Chapter 11 petition against the Debtor. On Jan. 10, 2022, the court entered the order for relief, thereby, commencing the Chapter 11 case (Bankr. E.D. La. Case No. 21-10923). The petitioning creditors are represented by The Derbes Law Firm LLC, Jaffe Raitt Heuer & Weiss P.C., and The McCarthy Law Firm. Judge Meredith S. Grabill presides over the case. Heller, Draper & Horn, LLC and Gordian Seaport Advisors, LLC serve as the Debtor's legal counsel and investment banker, respectively. SUNLIGHT PROPERTIES: Seeks to Hire David Mincin as Legal Counsel ---------------------------------------------------------------- Sunlight Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ David Mincin, Esq., an attorney at Mincin Law, PLLC, as its legal counsel. Mr. Mincin will render these services: (a) institute, prosecute or defend any lawsuits, adversary proceedings or contested matters arising out of the Debtor's Chapter 11 proceeding; (b) assist in obtaining court approval to recover and liquidate estate assets; (c) assist in determining priorities and status of claims and in filing objections thereto where necessary; (d) assist in the preparation of a disclosure statement and Chapter 11 plan; and (e) perform all other necessary legal services. The attorney received a $5,000 retainer from Val Grigorian, the Debtor's managing member. Mr. Mincin will be compensated at his hourly rate of $350, plus reimbursement for expenses incurred. In court papers, Mr. Mincin disclosed that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Mincin holds office at: David Mincin, Esq. Mincin Law, PLLC 7465 W. Lake Mead Blvd., Ste. 100 Las Vegas, NV 89128 Telephone: (702) 852-1957 Email: dmincin@mincinlaw.com About Sunlight Properties Sunlight Properties, LLC is the fee simple owner of five real properties in Las Vegas, with a total current value of $2.58 million. Sunlight Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 22-10708) on March 1, 2022, disclosing $2,581,500 in total assets and $1,348,000 in total liabilities. Val Grigorian, managing member, signed the petition. David Mincin, Esq., at Mincin Law, PLLC serves as the Debtor's legal counsel. TEXOMA AUTO: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: Texoma Auto Remarketing, LLC 1803 Thomas Lee Bonham, TX 75418 Chapter 11 Petition Date: March 15, 2022 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 22-40323 Debtor's Counsel: Eric A. Liepins, Esq. ERIC A. LIEPINS 12770 Coit Road Suite 850 Dallas, TX 75251 Tel: 972-991-5591 Fax: 972-991-5788 E-mail: eric@ealpc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dustin Ford, managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/OODZYEY/Texoma_Auto_Remarketing_LLC__txebke-22-40323__0001.0.pdf?mcid=tGE4TAMA TPT GLOBAL: To Partner With City of Tuskegee to Develop Smart City ------------------------------------------------------------------ Global Tech, Inc. intends to partner with the City of Tuskegee, Alabama to locate and invest in the development, management and operation of a "Smart City". The discussions have included a multi-purpose Industrial Business Park, Smart Residential Living, a Film and Television Studio and much more. The City of Tuskegee is offering the Joint Partnership land, as needed and agreed upon, and proposes to support the financing of the project through Municipal Bonds, New Tax credits, Bank and Grant financing for the overall "Smart City" development. Completion of the project, estimated to be in three years, should add to the State's GDP while bringing jobs directly and indirectly to the region and creating a self-sustaining ecosystem. Using advanced manufacturing robotics, TPT will support the Joint Partnership to recycle shipping containers as the initial core of the construction project. Each unit is intended to be joined together in a cutting-edge Leadership in Energy and Environmental Design "LEED" based "Stack" construction. TPT intends to be involved in the Joint Partnership to develop the "Smart City" infrastructure consisting of new transportation capabilities, renewable energy generation and implementation, waste management technologies, telecommunications hardware, 5G wireless cell towers, medical facilities, fiber and broadband last-mile wireless technology and much more. The "Smart City" is intended to attract global companies from such diverse industries as aerospace and defense, telecommunications and satellites, semiconductor chip manufacturing, Biotechnology, IoT and Cyber Security, Electric Mobility. "We are always seeking ways to enhance the economy of the city and this Joint Partnership with TPT will mean creating a self-sustaining "Smart City" with modern business parks, better roads, modern schools and universities, and an economic opportunity for everyone living here. We are proud to be able to make such an advanced technology announcement alongside a partner like TPT Global Tech," said Mayor Lawrence F. Haygood. "The City of Tuskegee and TPT Global Tech, we are together," said City Councilman and former Mayor of Tuskegee, the Honorable Mayor Johnny Ford. "We are proud to partner with TPT Global Tech which should serve as an ideal concept for other cities in the United States and around the world". "This is a huge day for Tuskegee and an even bigger opportunity for TPT and we are exceptionally proud to be a part of a major project like this one that will bring sustainability to the area and which should continue to benefit from it for years to come. The TPT Global Tech team is looking forward to returning to Tuskegee on March 21, 2022 to meet with the City Council, Mayor the Honorable Tony Haygood, the Economic Development Director, Mr. Joe Turnham, the City Manager, Mr. Derrick Swanson, and the City Attorney, Mr. Milton Davis, to discuss our intent in locating and investing in Tuskegee. At that time we look forward to discussing the cost and size of our Smart City development project, the land needed the method of financing (municipal bonds, new tax credits, banking, grants etc.), the environmental impact, our Strategic Partnership Agreement which is currently being reviewed by the City Attorney's office and whatever details are needed to be agreed upon, as we move forward," said TPT Chairman and CEO Stephen J. Thomas III. "With this initiative, TPT Global Tech should be able to help build a stronger global business corridor which should lead to developing domestic industries, attracting global companies, creating jobs and developing economic opportunity for the people of Tuskegee, Alabama while expanding TPT's reach and involvement in the type of "Smart City" projects where our expertise is maximized." About TPT Global Tech TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as echnology solutions. TPT Global Tech offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS). It offers carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT Global Tech also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cell phone services, Mobile phones Cell phone Accessories and Global Roaming Cell phones. TPT Global reported a net loss attributable to the Company's shareholders of $8.07 million for the year ended Dec. 31, 2020, compared to a net loss attributable to the company's shareholders of $14.03 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $11.77 million in total assets, $42.75 million in total liabilities, $5.03 million in total mezzanine equity, and a total stockholders' deficit of $36 million. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has suffered recurring losses from operations and has insufficient cash flows from operations to support working capital requirements. These factors raise substantial doubt about the Company's ability to continue as a going concern. UTHARA INC: Case Summary & Six Unsecured Creditors -------------------------------------------------- Debtor: Uthara, Inc. 23665 Moulton Parkway Laguna Woods, CA 92637 Chapter 11 Petition Date: March 14, 2022 Court: United States Bankruptcy Court Central District of California Case No.: 22-10421 Debtor's Counsel: Brandon Tittle, Esq. TITTLE LAW GROUP, PLLC 5550 Granite Pkwy Suite 220 Plano, TX 75024 Tel: 972-987-5094 E-mail: btittle@tittlelawgroup.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Stewart Edington, chief financial officer. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/YBFF7SI/Uthara_Inc__cacbke-22-10421__0001.0.pdf?mcid=tGE4TAMA VERTEX AEROSPACE: S&P Places 'B' ICR on Watch Positive on Merger ---------------------------------------------------------------- S&P Global Ratings placed its ratings on Madison, Miss.-based government services provider Vertex Aerospace Services Corp., including its 'B' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects S&P's view that the transaction could meaningfully improve Vertex's credit profile by reducing leverage. Vertex, a portfolio company of private investment firm American Industrial Partners, has entered into an agreement to combine with Vectrus Inc., a government critical mission support services provider, in an all-stock merger that values Vertex at $2.1 billion. S&P said, "The CreditWatch positive placement reflects the possibility we would raise our ratings on Vertex after its merger with Vectrus is complete. We view the combination of Vertex and Vectrus as a positive, improving the combined entity's scale and diversification and enabling it to further compete for larger and broader contract opportunities with various agency customers. We expect to reassess our ratings on Vertex after the transaction closes, likely in the third quarter. "We expect to resolve the CreditWatch when the transaction closes and anticipate raising the ratings on Vertex one notch. Alternatively, we would reassess our ratings on Vertex if the transaction fails to close, most likely affirming the ratings and with a stable outlook." WELDING & FABRICATION: Unsecureds to be Paid in Full in Plan ------------------------------------------------------------ Welding & Fabrication, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Small Business Plan of Reorganization under Subchapter V dated March 10, 2022. The Debtor is a general contracting corporation specializing in welding and fabrication. The business premises, rented by the Debtor, are located at 3120 SW 19th Street, Unit 143, Hallandale, Florida 33009. The Debtor filed chapter 11 bankruptcy to restructure its debts, streamline its financial structure, and attempt to resolve ongoing litigation. The Debtor will make one, lump sum payment to all general unsecured creditors, paying Allowed claims in full. As the Debtor has Cash in the approximate amount of $110,000.00, and general unsecured claims are less than $16,000.00, the Plan is feasible. The final Plan payment will be paid on the Effective Date. This Plan under chapter 11 of the Code proposes to pay creditors of the Debtor from Cash on hand and operating income, unless otherwise stated. Non-priority unsecured creditors holding allowed claims will receive distributions in one, lump same payment in the full amount of their claim, so long as these claims against the Debtor do not exceed $20,000.00 in the aggregate. This Plan also provides for the payment of Administrative and Priority Claims. The Plan will treat claims as follows: * Class 1 consists of the Allowed Secured Claim of the U.S. Small Business Administration ("SBA") relating to a small business loan pursuant to the Loan Authorization Agreement (SBA Loan #5861177810). The Debtor estimates the claim amount is $117,220.00. Installment payments, including principal and interest, of $574.00 monthly, shall continue to be paid pursuant to the terms of the loan documents. The balance of principal and interest will be payable 30 years from the date of the promissory note. The interest shall continue to accrue at the rate of 3.75% per annum and will accrue only on funds actually advanced from the date(s) of each advance. * Class 2 consists of Allowed General Unsecured Claims. The Debtor estimates the aggregate amount of Allowed Class 2 Claims totals approximately $15,948.96. If the Debtor's Plan is confirmed, and the total Class 2 Claims are less than $20,000.00 in the aggregate, then each holder of an Allowed general unsecured claim against the Debtor shall be paid in full on the Effective Date. These payments shall be in full satisfaction, settlement, release, and extinguishment of their respective Allowed Claims. The Class 2 Claims are Unimpaired. * Class 3 consists of the Debtor's Equity Interests in assets of the estate, which are retained under the Plan. All property of the Estate shall be re-vested in the Reorganized Debtor. This Class is Unimpaired. All payments as provided for in the Plan shall be funded from the Debtor's Cash on hand and operating income, unless otherwise stated. A full-text copy of the Plan of Reorganization dated March 10, 2022, is available at https://bit.ly/36jM9AA from PacerMonitor.com at no charge. Attorneys for the Debtor: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431. Tel: 901-525-1322 Fax: 901-525-2389 Email: awernick@wernicklaw.com About Welding & Fabrication Welding & Fabrication, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-10364) on Jan. 15, 2022, listing as much as $500,000 in both assets and liabilities. Judge Scott M Grossman oversees the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC, is the Debtor's legal counsel. WISHING WELL: Gets OK to Hire Danielle Roth as Real Estate Agent ---------------------------------------------------------------- Wishing Well Property Investments, LLC Series 1 received approval from the U.S. Bankruptcy Court for the District of Nevada to employ Danielle Roth, a realtor at Rossum Realty Unlimited, to sell its properties. Ms. Roth will receive no commission upon consummation of any such sale. Ms. Roth disclosed in a court filing that she is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The realtor can be reached through: Danielle Roth Rossum Realty Unlimited 3875 S. Jones Blvd., Ste. 101 Las Vegas, NV 89103 Telephone: (702) 368-1850 Facsimile: (702) 368-7780 About Wishing Well Property Investments Las Vegas-based Wishing Well Property Investments, LLC Series 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 22-10005), disclosing $2,899,046 in assets and $1,433,401 in liabilities. Russell Roth, managing member, signed the petition. Judge August B. Landis oversees the case. Christopher P. Burke, Esq., at The Law Office of Christopher P. Burke serves as the Debtor's legal counsel. YELLOW CORP: Settles Litigation With U.S. Defense Department ------------------------------------------------------------ Yellow Corporation has reached an agreement with the United States government, settling a nearly 13-year-old civil litigation with the Department of Defense relating to credits for the reweigh of certain freight shipments between 2005 and 2013, all of which pre-date current management. In reaching that agreement, Yellow admitted no liability while denying the government's core allegations. The agreement will enable the company and its 30,000 freight professionals to remain centrally focused on transporting goods for more than 200,000 customers, including the Department of Defense, with whom Yellow has enjoyed a customer relationship dating back to World War ll. The men and women of Yellow take great pride in the critical work they perform each day on behalf of America's men and women in uniform. As a vital partner in the Department of Defense's supply chain, Yellow's freight professionals transport mission-critical goods to and from military installations across the United States. "We remain confident that we complied with the then-existing rules and our contractual obligations. While we believe we had strong defenses, we decided, in the best interests of all parties, to resolve this matter for a small fraction of the amount originally demanded," said Leah Dawson, Yellow's executive vice president and general counsel. "We are pleased to have come to a resolution," said Darren Hawkins, CEO of Yellow. "Now we can continue to focus on the important work ahead. With our nation's current supply chain constraints and the critical role Yellow plays in delivering freight, there's no time for distraction. Putting this matter behind us also helps Yellow move forward with its corporate mission of transforming our nearly 100-year-old company into one of the nation's preeminent super-regional and long-haul less-than-truckload carriers." About Yellow Corporation Yellow Corporation -- www.myyellow.com -- owns a comprehensive logistics and less-than-truckload (LTL) network in North America with local, regional, national, and international capabilities. Through its teams of experienced service professionals, Yellow Corporation offers flexible supply chain solutions, ensuring customers can ship industrial, commercial, and retail goods with confidence. Yellow Corporation, headquartered in Overland Park, Kan., is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company HNRY Logistics. Yellow Corp reported a net loss of $109.1 million for the year ended Dec. 31, 2021, a net loss of $53.5 million for the year ended Dec. 31, 2020, and a net loss of $104 million for the year ended Dec. 31, 2019. As of Dec. 31, 2021, the Company had $2.42 billion in total assets, $824.1 million in total current liabilities, $1.48 billion in long-term debt, $88.2 million in pension and postretirement, $118.9 million in operating lease liabilities, $275.7 million in claims and other liabilities, and a total shareholders' deficit of $363.5 million. [*] 24 Robbins Russell Litigators to Join Kramer Levin ------------------------------------------------------ Kramer Levin and Robbins Russell on March 11, 2022, disclosed that Robbins Russell is joining Kramer Levin. The move brings 24 Robbins Russell litigators to Kramer Levin and gives Kramer Levin a strong Washington, D.C., office from which to continue growing both firms' nationally recognized trial and appellate practices. The combination forms one of the nation's most lauded and experienced teams of trial and appellate lawyers capable of leading the full range of "bet-the-company" cases and high-profile trials. Since its founding in 2001, Robbins, Russell, Englert, Orseck & Untereiner LLP has staked out a national reputation for handling the biggest litigation challenges in trial courts, appellate courts, bankruptcy courts and the U.S. Supreme Court. The firm's lawyers have an impressive track record, having tried to verdict dozens of jury trials and arguing 45 times in the U.S. Supreme Court. "This is an exciting day at Kramer Levin as we welcome an exceptional team of litigators from Robbins Russell to further strengthen our pre-eminent litigation practice," said Kramer Levin co-managing partners Paul H. Schoeman and Howard T. Spilko. "I believe Kramer Levin and Robbins Russell have the best trial lawyers in the country. The addition of the Robbins Russell team, particularly their strength in complex commercial litigation and appellate work, is a perfect combination, giving Kramer Levin an even greater depth and breadth of experience to handle and win the biggest, most complex cases," said Barry H. Berke, who chairs Kramer Levin's Litigation department. The Robbins Russell team joining Kramer Levin includes 11 partners, two counsel, 11 associates, and 14 professional staff. The partners are Brandon L. Arnold, Alison C. Barnes, Roy T. Englert, Jr., Lee Turner Friedman, Ariel N. Lavinbuk, Matthew M. Madden, Gary A. Orseck, Barry J. Pollack, Lawrence S. Robbins, William J. Trunk and Jennifer S. Windom. The counsel are Deneen J. Melander and Michael L. Waldman. Mr. Orseck will join Kramer Levin's executive committee, and he and Ms. Windom will serve as co-managing partners of the Washington, D.C., office. When the move is finalized in the coming weeks, Kramer Levin will total 400 lawyers in offices in New York, Menlo Park, C.A., Paris and Washington, D.C. "We are extremely proud of what Robbins Russell has accomplished in the past two decades, and we look forward to expanding the services we provide our clients by teaming with Kramer Levin's extraordinarily talented lawyers, who have practices that perfectly complement our work," Mr. Orseck said. The combination helps Kramer Levin grow its existing Washington, D.C., practice representing clients facing congressional investigations and matters before the Department of Justice, the Securities and Exchange Commission, and other federal agencies. In addition, it connects Robbins Russell's pre-eminent bankruptcy litigators with Kramer Levin's renowned bankruptcy practice. The move also creates strong synergies in the financial services, professional services and health care sectors, as well as in white collar and appellate matters. Kramer Levin's new Washington, D.C., office will be known as Kramer Levin Robbins Russell and is located at 2000 K Street NW. About Kramer Levin Naftalis & Frankel LLP Kramer Levin -- http://www.kramerlevin.com/-- provides its clients proactive, creative and pragmatic solutions that address today's most challenging legal issues. The firm is headquartered in New York with offices in Silicon Valley and Paris and fosters a strong culture of involvement in public and community service. [*] Stacy Tecklin to Lead Glenn Agre's Distressed Debt Practice --------------------------------------------------------------- Glenn Agre Bergman & Fuentes LLP on March 14, 2022, disclosed that Stacy Tecklin has joined the firm as a partner and will lead the firm's new Distressed Debt & Claims Trading practice. She will be based in the firm's New York office. Known for her distinctive background in transactional corporate law, Ms. Tecklin maintains a complex distressed debt practice, representing buyers and sellers of a wide range of special situations investments, including syndicated par and distressed loans, bankruptcy claims, and post-reorganization proceeds. Leading hedge funds, broker-dealers, and special situation investors rely on Ms. Tecklin's counsel for all components of distressed debt and claims trading transactions. From the pre-trade diligence phase through closing, Ms. Tecklin assists clients with analysis of credit agreements, trading and collateral issues, and bankruptcy case and claim information. She regularly advises her sophisticated client base on the applicability of restructuring support and forbearance agreements and the transferability of post-reorganization assets. "Stacy is a dynamic and talented lawyer with a deep breadth of experience counseling organizations with investments in distressed assets across the country," said Andrew K. Glenn, managing partner of Glenn Agre. "As we continue to strategically grow our firm, her leadership -- coupled with an extensive background in distressed debt -- complements our world-class bankruptcy and restructuring practice and provides a new service to our sophisticated client base." A former general counsel for a portfolio company, Ms. Tecklin has a keen understanding of the bankruptcy and restructuring process from an in-house perspective, adding unique value for clients who have filed for Chapter 11 bankruptcy protection or are going through a reorganization. Advising both buy-side and sell-side clients in her distressed debt practice, Ms. Tecklin collaborates with the firm's bankruptcy and restructuring lawyers to offer the most informed counsel on complex restructuring, credit, and liquidity issues. "While Glenn Agre is still a burgeoning national firm, it's comprised of a seasoned team of lawyers with a quickly growing reputation as a destination bankruptcy and restructuring practice," noted Ms. Tecklin. "I look forward to continuing to grow my practice alongside this phenomenal group and provide enhanced services to my clients." Glenn Agre's Distressed Debt & Claims Trading practice will assist sophisticated hedge funds and institutional credit investors of all sizes in transactions involving the acquisition and disposition of distressed investments. Using innovative strategies to maximize value and minimize risk, the team will guide clients through complex issues in primary and secondary loan trades, bankruptcy claims, and special situations investments. Before joining Glenn Agre, Ms. Tecklin was special counsel at Katten Muchin Rosenman LLP. She is an active member of the Loan Syndication and Trading Association (LSTA) and serves on the LSTA Trade Practices and Forms Committee. Ms. Tecklin received her J.D. from Hofstra School of Law and her B.A. from Hofstra University. She is admitted to practice in New York. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***