/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220323.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 23, 2022, Vol. 26, No. 81 Headlines 212 EAST 72ND: Voluntary Chapter 11 Case Summary 220 52ND STREET: Court Rules on Bank's Chapter 11 Trustee Bid 317 NORTH CENTER: Gets OK to Hire Red Tree CPAs as Accountant 36TH STREET PROPERTY: Case Summary & One Unsecured Creditor 424 GROUP: Seeks to Hire Spheriens Avvocati as Litigation Counsel ACCELER8 REAL: Seeks to Tap Armory Consulting as Financial Advisor AL NGPL: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable AMN HEALTHCARE: Moody's Alters Outlook on Ba2 CFR to Positive ARKANSAS HOUSE: Seeks to Employ Thompson & Associates as Accountant ATLAS FINANCIAL: Chapter 15 Case Summary B&G FOODS: S&P Downgrades ICR to 'B', Outlook Stable BASA INVESTMENTS: Seeks to Hire CN Advisory as Accountant BELLA VENEZIA: Seeks to Employ Joel M. Aresty as Bankruptcy Counsel BLACKSTONE MORTGAGE: S&P Ups ICR to 'BB-' on Stable Performance BRODIE HOLDINGS: Trustee Taps A & G Realty as Real Estate Advisor BUYK CORP: Files Chapter 11 Bankruptcy Petition CANADA FLUOSPAR: Obtains CCAA Initial Stay Order CAPITAL EQUITY: Seeks to Hire Bach Law Offices as Legal Counsel CAR STEREO: Unsecureds Will Get 20% of Claims in Subchapter V Plan CASSWAY CONTRACTING: Seeks to Tap Kirby Aisner & Curley as Counsel CEDAR HAVEN: April 21 Plan & Disclosure Hearing Set CENTENNIAL RESOURCE: S&P Upgrades ICR to 'B', Outlook Stable CITY WIDE COMMUNITY: Reaches Catalyst & COD Stipulations CLOUD49 LLC: Seeks to Employ Hayward PLLC as Bankruptcy Counsel CLYDESDALE ACQUISITION: Moody's Assigns 'B3' CFR, Outlook Stable CLYDESDALE ACQUISITION: S&P Assigns 'B' ICR, Outlook Stable COLEMAN COMMERCIAL: Seeks to Hire Carl Moser as Accountant CORTLAND ENERGY: Seeks to Tap Batinga CPA as Accountant EKSO BIONICS: Chief Commercial Officer Resigns ELI & ALI: Unsecureds' Recovery Hiked to 14.7% of Claims ENVIRONMENTAL CHARTER SCHOOLS: S&P Assigns 'BB+' ICR ESCADA AMERICA: Seeks to Employ Holthouse as Accountant FIRST CHOICE: Amends GMN Toms Secured Claim Pay Details FORUM DINER: Seeks to Hire Morrison Tenenbaum as Bankruptcy Counsel FULL HOUSE: Posts $11.7 Million Net Income in 2021 GATA III: Gets OK to Hire Kevin Ghafouria of Life Realty as Broker GOLDEN FLEECE: Unsecureds Will Get 20.4% of Claims in Plan GUILDWORKS LLC: Taps Motschenbacher & Blattner as Legal Counsel HACIENDA HOLDINGS: Seeks Cash Collateral Access HARSCO CORP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR HELIUS MEDICAL: Incurs $18.1 Million Net Loss in 2021 HORIZON GLOBAL: Frederick Henderson Quits as Director HR 442 CORP: Case Summary & Seven Unsecured Creditors HUGHES SATELLITE: Moody's Affirms Ba3 CFR, Outlook Remains Stable JAGUAR HEALTH: Issues 1.8M Common Shares to Royalty Interest Holder JONES SODA: Incurs $1.8 Million Net Loss in 2021 KARTES LEASING: Seeks to Hire Peter N. Greenfeld as Special Counsel KR CITRUS: Seeks Cash Collateral Access LEAR CAPITAL: May 2, 2022 Claims Filing Deadline Set LEGACY EDUCATION: Plans to Uplist to Nasdaq LITTLE WASHINGTON: Case Summary & 20 Largest Unsecured Creditors LOCAL MOTION: Unsecureds' Recovery Hiked to 13.66% in Plan LUX AMBER: Delays Filing of Form 10-Q for Quarter Ended Jan. 31 MARKEL CATCO: Bankruptcy Court Approves Buy-Out Transaction MARRONE BIO: To Merge With Bioceres in All-Stock Transaction MAXLINEAR INC: S&P Upgrades ICR to 'BB' on Rapid Deleveraging MICHAEL A. GLEIBER: Has $225,000 Accord with Seacoast MINE HILL: Seeks to Hire Nagel Rice as Special Counsel NINETY-FIVE MADISON: Taps Rosenberg & Estis as Special Counsel NMJ RESTAURANT: Seeks to Hire Shevlin & Atkins as Special Counsel NORDIC AVIATION: Affiliates Tap Spiro & Browne as Legal Counsel NORTHWEST BANCORPORATION: Catherine Steege Named as Ch.11 Trustee NTS W. USA: Fifth Ave. Landlord Can Enforce Guarantee vs Abasic PALACE THEATER: United States Trustee Says Plan Not Feasible PARKER MEDICAL: UST Seeks Case Conversion or Chapter 11 Trustee PUERTO RICO: Ankura Served as Adviser in Restructuring PUERTO RICO: Mammoth Energy Comments on Bankruptcy Developments R & G SERVICES: Seeks to Hire A.O.E. Law as Bankruptcy Counsel SOLID BIOSCIENCES: Incurs $72.2 Million Net Loss in 2021 STONE CLINICAL: Committee Taps Liskow & Lewis as Legal Counsel STONE CLINICAL: Seeks to Tap Chehardy as Special Litigation Counsel SWIFT STAFFING: Seeks to Hire Jarrell Group as Accountant SWISSBAKERS INC: Files Emergency Bid to Use Cash Collateral TPC GROUP: Moody's Lowers CFR to Caa3 Amid Limited Default URBAN ONE: Swings to $40.7 Million Net Income in 2021 YU HUA LONG: Creditors Chan & Kwan Propose Liquidating Plan [*] Ned Schodek Joins Schulte Roth's Business Reorganization Group ********* 212 EAST 72ND: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: 212 East 72nd Street LLC 212 East 72nd Street New York, NY 10021 Business Description: The Debtor is in the business of owning and operating certain real estate located at 212 East 72nd Street, New York, a Townhome consisting of 4 1/2 floors, 5,700 square feet and valuable air rights. Chapter 11 Petition Date: March 22, 2022 Court: United States Bankruptcy Court Southern District of New York Case No.: 22-10351 Judge: Hon. Lisa G. Beckerman Debtor's Counsel: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, NY 10018 Tel: 212-867-9595 Email: leo@leofoxlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Evanthia Koutis as member. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/I7Q2F6I/212_East_72nd_Street_LLC__nysbke-22-10351__0001.0.pdf?mcid=tGE4TAMA 220 52ND STREET: Court Rules on Bank's Chapter 11 Trustee Bid ------------------------------------------------------------- Bankruptcy Judge Elizabeth S. Stong entered a conditional order directing the appointment of a Chapter 11 trustee for 220 52nd Street, LLC. Pacific Premier Bank sought appointment of a Chapter 11 trustee. The request was made pursuant to the conditions set for the Debtor to comply with an agreement to vacate its New York property by April 30, 2022, and to adjourn the closing date of the sale to May 1, 2022. In the event that any of the conditions is not satisfied by Debtor, the bank requests that a Chapter 11 Trustee be conditionally appointed without another hearing. In a three-page order, Judge Stong found that cause exists under 11 U.S.C. section 1104(a)(l) and that the appointment of a Chapter 11 Trustee is in the interests of creditors under 11 U.S.C. section 1104(a)(2). The Debtor; Ruslan Agarunov, individually and as the sole member of the Debtor; and BHM Supplies, Inc., have consented to the entry of the order. Pursuant to the Order, BHM Supplies and Agarunov will vacate the second floor of the property owned by the Debtor located at 137 Kreischer Street, Staten Island, New York, on or before March 24, 2022. BHM Supplies, Agarunov and the Debtor will submit a sworn statement to the Court on or before March 25 attesting that Agarunov and BHM Supplies have vacated the second floor of the New York Property and left the second floor of the New York Property in broom clean condition as required by the Contract of Sale. On or before April 1, the Debtor will close on the sale of the New York Property pursuant to the Contract of Sale approved by the Court. On or before April 4, payment to Pacific from the net proceeds of the closing of the sale shall be received. In the event of non-compliance, counsel for Pacific will file a statement of non-compliance with the Court. In the event that the sale of the New York Property closes on or before April 1, and on or before April 4, Pacific is paid from the net proceeds of such sale (to the extent of the amounts due Pacific), then the order directing appointment of a Chapter 11 trustee will be null and void. Upon any of the triggering events set forth, the United States Trustee is directed to appoint a Chapter 11 trustee. Pacific is represented by: Kenneth S. Yudell, Esq. Aronauer & Yudell, LLP 60 East 42nd Street, Suite 1420 New York, NY 10165 Tel: (212) 755-6000 Fax: (212) 755-6006 About 220 52nd Street LLC 220 52nd Street, LLC, a company based in Staten Island, N.Y., filed a petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-44646) on July 30, 2019, listing $4,760,124 in assets and $3,705,011 in liabilities. Ruslan Agarunov, president of 220 52nd Street, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor tapped The Law Offices of Alla Kachan P.C. as bankruptcy counsel, Wisdom Professional Services Inc. as accountant, and Andrew Feldman, P.C. as special counsel. 317 NORTH CENTER: Gets OK to Hire Red Tree CPAs as Accountant ------------------------------------------------------------- 317 North Center Avenue Building, LLC received approval from the U.S. Bankruptcy Court for the District of Montana to employ Red Tree CPAs as its accountant. The Debtor requires the assistance of an accountant to prepare its income tax returns and provide income tax consulting services. Red Tree CPAs will charge a flat fee of $600 to prepare the tax returns. As disclosed in court filings, Red Tree CPAs does not represent interests adverse to the Debtor and its estate. The firm can be reached through: Bradley D. Brown, CPA Red Tree CPAs 2222 Broadwater Ave Billings, MT 59102 Phone: +1 406-656-7359 Email: admin@redtreecpa.com About 317 North Center Avenue Building 317 North Center Avenue Building, LLC filed a petition for Chapter 11 protection (Bankr. D. Mont. Case No. 21-10118) on Oct. 18, 2021, listing as much as $500,000 in both assets and liabilities. Judge Benjamin P. Hursh oversees the case. Patten, Peterman, Bekkedahl & Green, PLLC and Red Tree CPAs serve as the Debtor's legal counsel and accountant, respectively. 36TH STREET PROPERTY: Case Summary & One Unsecured Creditor ----------------------------------------------------------- Debtor: 36th Street Property Inc. 47-29 Bell Blvd Bayside, NY 11361 Business Description: The Debtor is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: March 22, 2022 Court: United States Bankruptcy Court Eastern District of New York Case No.: 22-40563 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Lawrence Morrison, Esq. MORRISON TENENBAUM 87 Walker Street, Floor 2, New York, NY 10013 Tel: 212-620-0938 Email: lmorrison@m-t-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Ae Sook Choi as president. Wilmington Trust NAT Asso is listed as the Debtor's only unsecured creditor holding a claim of $14,200,000. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BBJ7MYY/36TH_STREET_PROPERTY_INC__nyebke-22-40563__0001.0.pdf?mcid=tGE4TAMA 424 GROUP: Seeks to Hire Spheriens Avvocati as Litigation Counsel ----------------------------------------------------------------- 424 Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Spheriens Avvocati as its special litigation counsel. The Debtor requires an Italian counsel to provide legal services in a litigation filed in Italy by Twentyfourseven SRL, a creditor. The hourly rates of the firm's counsel and staff are as follows: Pier Luigi Roncaglia EUR600 Francesco Rossi EUR400 Valeria Zanon EUR290 Edoardo Ormi EUR260 Paralegal EUR140 In addition, the firm will seek reimbursement for expenses incurred. Pier Luigi Roncaglia, Esq., an attorney at Spheriens Avvocati, 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: Pier Luigi Roncaglia, Esq. Spheriens Avvocati Piazza della Liberta, 13 Viale Don Minzoni, 1 50129 Firenze Telephone: +39 055263381 Facsimile: +39 0552633800 Email: pierluigi.roncaglia@spheriens.com About 424 Group 424 Group, Inc., a Los Angeles-based company that owns and operates a clothing store, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-19407) on Dec. 23, 2021, listing as much as $10 million in both assets and liabilities. Gregory Kent Jones serves as the Subchapter V trustee. Judge Sandra R. Klein oversees the case. The Debtor tapped Daniel J. Weintraub, Esq., and James R. Selth, Esq., at Weintraub & Selth, APC as bankruptcy attorneys and Spheriens Avvocati as special Italian litigation counsel. ACCELER8 REAL: Seeks to Tap Armory Consulting as Financial Advisor ------------------------------------------------------------------ Acceler8 Real Estate Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Armory Consulting Co. as its financial advisor. Armory Consulting will render these services: (a) provide oversight and assistance with the preparation of schedules of assets and liabilities, the statement of financial affairs, and monthly operating reports, and related compliance items; (b) assist in the development of a plan of reorganization or other such bankruptcy plan; (c) communicate and negotiate with the Debtor's various constituencies towards achieving a plan or Chapter 11 bankruptcy sale; and (d) perform such other services in connection with the Debtor's bankruptcy. The hourly rates of the firm's professionals are as follows: James Wong $475 Staff $275 Armory Consulting received a retainer of $5,000 from SNS Global USA, an entity unaffiliated with the Debtor. James Wong, a principal at Armory Consulting, 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: James Wong Armory Consulting Co. 3943 Irvine Blvd., Suite 253 Irvine, CA 92602 Telephone: (714) 222-5552 Email: jwong@armoryconsulting.com About Acceler8 Real Estate Group Acceler8 Real Estate Group, LLC is a Carlsbad, Calif.-based company engaged in activities related to real estate. Acceler8 Real Estate Group filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 22-00165) on Jan. 28, 2022, listing up to $10 million in assets and up to $1 million in liabilities. Richard Kofoed, chief executive officer, signed the petition. Judge Christopher B. Latham oversees the case. The Debtor tapped Marc C. Forsythe, Esq., at Goe Forsythe & Hodges, LLP as legal counsel and Armory Consulting Co. as financial advisor. AL NGPL: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable -------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on AL NGPL Holdings LLC and its 'B+' issue-level rating on its term loan B ($411 million outstanding) due 2028. S&P's '3' recovery rating on the term loan remains unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The stable outlook on AL NGPL reflects S&P's forecast for leverage of 7.3x-7.5x and EBITDA interest coverage of about 2.8x in 2022. AL NGPL is a subsidiary of Arclight Capital Partners LLC that holds a 25% non-controlling equity interest in NGPL Holdings LLC. S&P expects AL NGPL's leverage to be in the 7.3x-7.5x range and its EBITDA interest coverage to remain below 3.0x this year. S&P's 'B+' issuer credit rating on AL NGPL reflects the differentiated credit quality between AL NGPL and NGPL Holdings LLC. In March 2021, Arclight Capital Partners, through its holding company AL NGPL, acquired a 25% ownership interest in NGPL Holdings from Kinder Morgan Inc. and Brookfield Infrastructure Partners L.P. NGPL Holdings is the ultimate parent of Natural Gas Pipeline Co. of America. AL NGPL relies on distributions from NGPL Holdings to service its term loan due 2028 because it does not have any other substantive assets. S&P said, "Therefore, we rate AL NGPL under our noncontrolling equity interest criteria (NCEI). As such, our view of AL NGPL's credit profile incorporates its financial ratios, NGPL Holdings' cash flow stability, the company's ability to influence NGPL Holdings' financial policy, as well as its ability to liquidate its investment in NGPL Holdings to repay the term loan." S&P said, "We expect the company to receive steady distributions from NGPL Holdings over the life of the term loan. The asset-level cash flows are supported by the significant scale of the NGPL pipeline system, its access to all major U.S. natural gas basins -- including the Permian and Appalachian -- and its robust credit profile underpinned by its 90% take-or-pay revenue. While investment-grade customers account for 70% of the company's revenue, it derives the remainder from lower-credit-quality companies that must post credit enhancement, which mitigates its counterparty risk. The average duration of NGPL pipeline contracts is about eight years. With its 5 billion cubic feet per day (Bcf/d) of throughput volume and 60% market share in the Chicago area, we view the NGPL pipeline as a critical component of U.S. energy infrastructure. As such, NGPL Holdings' cash flow stability is a positive factor in our assessment. "Our neutral view of AL NGPL's corporate governance and financial policy stems from its substantial governance rights over NGPL Holdings. NGPL Holdings is required to distribute all of its available cash to AL NGPL, Kinder Morgan, and Brookfield on a quarterly basis. As such, we believe NGPL Holdings has an incentive to maintain consistent or growing distributions. AL NGPL holds a controlling vote with respect to any actions that require supermajority approval and may influence the level of available cash distributions. This could occur due to changes in NGPL's distribution policy, its definition of available cash, the debt at NGPL Holdings and its subsidiaries (including NGPL Pipeco LLC), as well as asset sales and budget increases. The calculation of the entity's available cash is determined by a majority vote. "We expect AL NGPL's debt to EBITDA to be in the 7.3x-7.5x range in 2022 before declining below 6.0x in 2023 supported by its 75% excess cash sweep and steady distributions from NGPL HoldCo. At the same time, we project its EBITDA interest coverage ratio will improve above 3.0x in 2023 from 2.8x in 2022. This leads us to assess its financial metrics as neutral. We also note that the term loan B collateral package includes 25% of the $1 billion of outstanding shareholder notes issued by MidCo LLC, a subsidiary of NGPL Holdings, to Kinder Morgan, Brookfield, and Arclight. "Our view of AL NGPL's ability to liquidate its investment in NGPL Holdings is negative because of the company's private ownership. "The stable outlook on AL NGPL reflects our forecast for leverage of 7.3x-7.5x and EBITDA interest coverage of about 2.8x in 2022. We expect it to strengthen these credit metrics in the following years as it receives steady distributions from NGPL Holdings and reduces its debt balance via excess cash sweeps. "We could lower our rating on AL NGPL if NGPL Holdings' credit quality deteriorated such that NGPL PipeCo's leverage exceeded 4.5x. This could occur due to prolonged increases in its operating expenditure, an inability to renew expiring contracts at competitive rates, or a substantial increase in its debt to fund growth projects. We could also consider taking a negative rating action if AL NGPL's leverage deteriorates to 7.5x on a forward-looking basis. "We could consider taking a positive rating action on AL NGPL if its EBITDA interest coverage ratio exceeds 3.0x and its debt to EBITDA declines below 5.5x. We could also upgrade the company if we raise our issuer credit rating on NGPL PipeCo. This could occur if it achieves S&P Global Ratings-adjusted debt to EBITDA of less than 3.5x on a consistent basis." ESG credit indicators: E-3, S-2, G-2 Environmental factors are a moderately negative consideration in S&P's credit rating analysis of AL NGPL Holdings LLC. AL NGPL holds a 25% noncontrolling interest in NGPL PipeCo, which primarily comprises two FERC-regulated interconnected gas pipelines. The U.S. currently derives about 35% of its power generation from natural gas. However, NGPL PipeCo is susceptible to longer-term volume declines from utilities because of reduced demand for hydrocarbons and declining drilling activity amid the transition to renewable energy sources. AMN HEALTHCARE: Moody's Alters Outlook on Ba2 CFR to Positive ------------------------------------------------------------- Moody's Investors Service affirmed AMN Healthcare, Inc.'s Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating and Ba3 ratings on the company's senior unsecured notes. At the same time, Moody's changed the outlook to positive from stable. The company's Speculative Grade Liquidity Rating of SGL-1 is unchanged. The outlook change to positive from stable reflects the meaningful boost in revenues and profits from a combination of increased business volumes and the company's ability to translate high demand for its services into higher profit margins. The affirmation of Ba2 CFR reflects Moody's expectations that the business environment will remain volatile given the uncertainties posed by a multitude of factors including rising inflation, shortage of healthcare professionals, and possible regulatory actions to curb rapidly increasing healthcare expenses. While the company's financial leverage is likely to remain low in the next 12-18 months, the abovementioned will impact the company's business overtime. The company's SGL-1 reflects a very good liquidity profile over the next 12-18 months with sustained positive free cash flow and access to a largely undrawn $400 million revolving credit facility. Social considerations are material to this rating action, given the substantial implications of the coronavirus pandemic for public health and safety. Unlike many other healthcare service companies, AMN has benefitted from the increased demand for travel nurse staffing services as more patients needed care and the pool of full-time nurse professionals shrunk due to reasons including burnout, COVID infection-related absences and premature retirement. A substantial part of this benefit will scale down in the next 12-18 months as the pandemic gradually ebbs. Ratings affirmed: Issuer: AMN Healthcare, Inc. Corporate Family Rating at Ba2 Probability of Default Rating at Ba2-PD $350 million senior unsecured notes due 2029 at Ba3 (LGD4) $500 million senior unsecured notes due 2027 at Ba3 (LGD4) Outlook Actions: Issuer: AMN Healthcare, Inc. Outlook, Changed To Positive From Stable RATINGS RATIONALE AMN Healthcare's Ba2 CFR reflects the company's leading market position in the temporary healthcare staffing industry and a very good liquidity profile. The rating also reflects Moody's expectations that the company will maintain low financial leverage well below 2.5 times in the next 12-18 months. However, the company's ratings will remain constrained by the company's business model which Moody's believes is sensitive to rising inflation, shortage of healthcare professionals, and possible regulatory actions to curb rapidly increasing healthcare expenses in the near term. Moody's expects that the company's profitability will normalize in the next 12-18 months, and as a result, the financial leverage will rise to a more sustainable level. The company's nurse and allied solutions business is cyclical and still accounts for a majority of the company's revenue, but the concentration in this business has reduced in recent years. Further, Moody's expects that the company will continue its expansion through acquisitions which may result in a temporary increase in the company's debt/EBITDA leverage from time to time. AMN's ratings are supported by the company's very good liquidity reflected by its Speculative Grade Rating of SGL-1 rating. Moody's expects the company to have $200-$250 million in positive annual free cash flow, availability of $29 million in cash, and access to approximately $379 million under its $400 million revolver as of 12/31/2021. The Ba3 rating on the $350 million and $500 million unsecured notes, one notch below the Ba2 Corporate Family Rating, reflects the junior position of notes in the capital structure compared to the senior secured $400 million revolver (unrated). The revolver is secured by substantially all of the company's assets and guaranteed by the company's subsidiaries. ESG considerations are material to AMN's credit profile. Social considerations are material given the substantial implications of the coronavirus pandemic for public health and safety. In terms of governance risk, as a provider of clinical labor solutions, AMN is exposed to reputational and compliance risks if the traveling staff is involved in malpractice or fraud. As a publicly traded company, AMN's transparency, disclosures, accountability, and compliance are likely to be better than its private equity-owned peers. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains strong revenue in the next 12-18 months. In addition, Moody's expects the company to maintain its expanded scale and diversification acquired in the recent 1-2 years. Balanced growth through organic business expansion and acquisitions while sustaining Debt/EBITDA below 3.0 times could support upward rating momentum. The ratings could be downgraded if Moody's expects AMN's debt/EBITDA to exceed 3.5 times or if the company adopts a more aggressive acquisition strategy or financial policy. Furthermore, a weakening of liquidity or sustained decline in free cash flow could also result in a downgrade. AMN is the largest provider of workforce solutions and staffing services to healthcare facilities in the United States. The company's services include managed services programs, vendor management systems, recruitment process outsourcing and consulting services. The company is publicly traded, and its fiscal year 2021 revenues were approximately $4.0 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ARKANSAS HOUSE: Seeks to Employ Thompson & Associates as Accountant ------------------------------------------------------------------- Arkansas House Works, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to hire Thompson & Associates, PLLC as its accountant. The Debtor requires an accountant to prepare its tax returns and operating reports, and provide general accounting services. Ben Thompson, CPA, the firm's accountant who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ben Thompson, CPA Thompson & Associates, PLLC 1150 Bob Courtway Drive, Suite 300 Conway, AR, 72032 Phone: (501)327-3100 Fax: (501)327-3384 Email: bthomp@conwaycorp.net About Arkansas House Works Arkansas House Works, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 22-70114) on Feb. 2, 2022, listing up to $50,000 in assets and up to $1 million in liabilities. Beverly I. Brister, Esq., serves as the Subchapter V trustee. Judge Bianca M. Rucker oversees the case. Marc Honey, Esq., at Honey Law Firm, P.A. and Thompson & Associates, PLLC serve as the Debtor's legal counsel and accountant, respectively. ATLAS FINANCIAL: Chapter 15 Case Summary ---------------------------------------- Chapter 15 Debtor: Atlas Financial Holdings, Inc. Cricket Square, Hutchins Drive P.O. Box 2681 KY1-1111, Cayman Islands Type of Business: Atlas Financial is a financial service holding company for a number of direct and indirect subsidiaries that operate in the commercial automobile insurance sector in the United States, with a highly specialized market orientation and focus on insurance for the "light" commercial automobile sector, including taxi cabs, limousine/livery, business auto, and historically non-emergency paratransit, as a technology-and analytics-driven managing general agency. Chapter 15 Petition Date: March 4, 2022 Court: United States Bankruptcy Court Southern District of New York Case No.: 22-10260 Judge: Hon. Lisa G. Beckerman Foreign Representative: Atlas Financial Holdings, Inc. Cricket Square, Hutchins Drive P.O. Box 2681 KY1-1111, Cayman Islands Foreign Proceeding: In the Matter of Atlas Financial Holdings, Inc., Cause No. FSD 3 of 2022 (IKJ) before the Grand Court of Cayman Islands Scheme of Arrangement under Cayman Islands law pursuant to section 86 of The Companies Act. Foreign Representative's Counsel: R. Craig Martin DLA PIPER LLP (US) 1251 Avenue of the Americas, 27th Floor New York, NY 10020 Tel: 302-468-5655 Email: craig.martin@us.dlapiper.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HWET7FY/Atlas_Financial_Holdings_Inc_and__nysbke-22-10260__0001.0.pdf?mcid=tGE4TAMA B&G FOODS: S&P Downgrades ICR to 'B', Outlook Stable ---------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Parsippany, N.J.-based packaged food company B&G Foods Inc. to 'B' from 'B+'. At the same time, S&P lowered its issue-level rating on the company's senior secured credit facilities to 'BB-' from 'BB' and the rating on its senior unsecured notes to 'B-' from 'B'. The stable outlook reflects S&P's expectation over the next 12 months that B&G will successfully increase prices to offset further inflationary pressures, with S&P adjusted leverage sustained in the 6x–7x area over the next couple of years. S&P said, "The downgrade reflects B&G's elevated S&P adjusted leverage above 7x in 2021 on organic revenue declines, margin compression, and our expectation for S&P adjusted leverage in the high-6x area in 2022. The company's organic revenue declined 8.3% in 2021 because of lower volumes, partially offset by increased pricing and favorable product mix. Still, 2021 organic revenues exceeded pre-pandemic 2019 levels. Sales of the company's biggest brand Green Giant declined roughly 15% on tough comparisons in 2020 due to a COVID-19 pandemic-related increase in at-home food consumption and labor-related supply chain constraints that resulted in certain products being placed on allocation. We expect organic revenue growth of roughly 1%-3% in 2022, due to continued price increases, partially offset by lower volumes. B&G's Crisco acquisition contributed to overall revenue growth of 4.5% in 2021, and we expect Crisco to generate roughly $300 million in sales in 2022. We see ongoing risks to our revenue forecast from potentially higher than expected consumer elasticity and continued supply chain disruption. "B&G's margin declined in 2021 from high input cost inflation; we expect increased costs to continue to weigh on margins in 2022. Gross margins declined roughly 250 basis points (bps) in 2021 as commodity prices surged, such as higher soybean oil prices for Crisco, in addition to sharply higher transportation and packaging costs. The company raised prices in 2021 and in the first quarter of 2022, however there is a lag effect for pricing to offset these higher costs, pressuring gross margins in the near term. We expect gross margins to rebound in the second half of 2022 and into 2023 as B&G realizes price increases. In addition, we expect the conclusion of some closure and realignment costs related to manufacturing and distribution facilities, as well as the implementation of some cost-saving initiatives will improve overall margin roughly 100 bps in 2023." The company has signaled its willingness to use equity to reduce leverage. B&G entered into an at-the-market (ATM) equity offering in 2021 under which it may offer up to 7.5 million shares of common stock. The company sold roughly 3.7 million shares of common stock under this program in 2021, generating roughly $112 million in proceeds, which were used to reduce revolver borrowings from the Crisco acquisition. S&P said, "We expect the company can generate roughly an additional $100 million-$110 million in proceeds assuming remaining shares are sold at recent prices, with proceeds expected to be used to continue repaying revolver borrowings. This will contribute to modest deleveraging to the high-6x area in 2022, on an S&P adjusted basis. We view any further equity issuance to repay debt beyond the current ATM program as supportive for the rating and a potential catalyst for faster than expected deleveraging. However, this is not part of our base-case forecast." Leverage will remain high over the long term due to B&G's aggressive acquisition strategy. Historically, the company has increased leverage to fund frequent acquisitions but quickly restored it to target levels through profit growth and debt repayment. However, the challenging operating environment has precluded such deleveraging following the Crisco acquisition. S&P expect B&G will look to leverage its scale and continue to pursue acquisitions, while managing S&P adjusted leverage in the 6x-7x range over the next couple of years. The stable outlook reflects S&P's expectation over the next 12 months that B&G will successfully implement price increases to offset further inflationary pressures, with S&P adjusted leverage sustained at 6x-7x over the next couple of years. S&P could lower the ratings if it believes B&G will sustain S&P adjusted leverage above 7x. This could occur if: -- B&G's margin deteriorates further on continued high inflation and the company cannot offset it with pricing actions and cost savings; -- Demand weakens as COVID-19 pandemic-related restrictions ease and consumers significantly reduce at-home food consumption; -- Covenant cushion remains tight or we believe the company could breach its leverage covenant without a waiver or amendment; or -- The company does not proactively repay debt and instead pursues additional large, debt-financed acquisitions, or shareholder returns. S&P could raise the ratings if it believes B&G will sustain S&P adjusted leverage below 5.5x. This could occur if: -- The company repays debt with equity issuances; -- Takes actions to mitigate inflationary pressures and improve EBITDA; and -- Does not undergo additional large, debt-financed acquisitions while leverage is elevated. BASA INVESTMENTS: Seeks to Hire CN Advisory as Accountant --------------------------------------------------------- Basa Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire CN Advisory, LLC to provide general bookkeeping and federal income tax preparation services. The hourly rates charged by the firm for its services are as follows: Partners $320 per hour Manager $220 per hour Staff $140 per hour Assistants $95 per hour Cristian Nieto, the firm's accountant who will be providing the services, disclosed in a court filing that he and his firm are disinterested as required by Section 327(a) of the Bankruptcy Code. The firm can be reached through: Cristian N. Nieto CN Advisory, LLC 4000 Ponce De Leon, Blvd., Suite 470 Coral Gables, FL 33146 Phone: +1 305-697-7562 Email: cnieto@cnadvisory.com About Basa Investments Basa Investments, LLC is the owner of two real properties and a commercial property in Florida, having a total current value of $1.07 million. The company is based in Lake Worth, Fla. Basa Investments filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-10741) on Jan. 31, 2022, listing $1.07 million in assets and $1.50 million in liabilities. Maria Yip serves as the Subchapter V trustee. Judge Erik P. Kimball oversees the case. Laudy Luna, Esq., at Cuneo, Reyes & Luna, LLC and CN Advisory, LLC serve as the Debtor's legal counsel and accountant, respectively. BELLA VENEZIA: Seeks to Employ Joel M. Aresty as Bankruptcy Counsel ------------------------------------------------------------------- Bella Venezia 211, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Joel M. Aresty, P.A. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) giving advice to the Debtor with respect to its powers and duties and the continued management of its business operations; (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; and (e) representing the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. Joel Aresty, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309 1st Ave S Tierra Verde FL 33715 Phone: 305-904-1903 Fax: 800-899-1870 Email: Aresty@Mac.com About Bella Venezia Bella Venezia 211, LLC filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-11738) on March 2, 2022, listing as much as $500,000 in both assets and liabilities. Laurent Bezaquen, authorized representative, signed the petition. Judge Robert A. Mark oversees the case. The Debtor tapped Joel M. Aresty P.A. as legal counsel. BLACKSTONE MORTGAGE: S&P Ups ICR to 'BB-' on Stable Performance --------------------------------------------------------------- S&P Global Ratings raised its issuer credit and senior secured ratings on Blackstone Mortgage Trust Inc. (BXMT) to 'BB-' from 'B+'. The outlook is stable. S&P said, "The upgrade is based on our expectation the company will continue to report stable operating results during 2022 while continuing to navigate any obstacles that remain in commercial real estate from the pandemic, particularly in office. The company has reported better-than-expected earnings and stable portfolio performance through 2021 while shifting originations more toward multifamily, where we see less relative risk. "The stable outlook reflects our expectation that over the next year, BXMT will report mostly stable asset quality trends while maintaining adequate liquidity and leverage of 3.0x-4.0x, as measured by debt to adjusted total equity. Pandemic-related changes in commercial real estate, such as in the office market, may still create challenges for the company and other lenders in the next few years, but we expect it to work through those while maintaining leverage, funding, and liquidity around current levels. "We could downgrade the company in the next six to 12 months if asset quality deteriorates or if BXMT does not maintain adequate liquidity, in our view. We could also downgrade the company if leverage rises above 4.5x. "We could raise the rating on BXMT over the next 12 months if the company maintains leverage below 2.75x or if the company diversifies its funding profile such that it greatly reduces its reliance on repurchase agreements for funding." BRODIE HOLDINGS: Trustee Taps A & G Realty as Real Estate Advisor ----------------------------------------------------------------- Zvi Guttman, the Chapter 11 trustee for Brodie Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire A & G Realty Partners, LLC as his real estate advisor. The firm will render these services: a. ascertain the trustee's goals, objectives and financial parameters with respect to the sale of the Debtor's properties; b. prepare and implement a marketing plan to sell the properties; c. conduct a sale or auction process; d. represent the trustee in, and negotiate, the sale of the properties; e. provide testimony or other evidence in support of any relief sought by the trustee from the bankruptcy court in connection with the sale and in connection with a plan of reorganization; f. assist the trustee and his counsel in the documentation of sale transactions; and g. report periodically to the trustee regarding the status of the project. A & G will earn a commission equal to 4 percent of the gross sales price of the property. As disclosed in court filings, A & G is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Emilio Amendola Mike Matlat A&G Realty Partners 445 Broadhollow Rd Melville, NY 11747 Phone: +1 631-420-0044 Email: emilio@agrep.com mike@agrep.com About Brodie Holdings Chestertown, Md.-based Brodie Holdings, LLC filed a petition for Chapter 11 protection (Bankr. D. Md. Case No. 21-16309) on Oct. 5, 2021, listing as much as $10 million in both assets and liabilities. Harry Kaiser, managing member, signed the petition. Judge Thomas J. Catliota oversees the case. The Debtor tapped Tate M. Russack, Esq., at RLC, PA Lawyers & Consultants as legal counsel and Larry Strauss, Esq., CPA and Associates, Inc. as accountant. On Feb. 22, 2022, the court approved the appointment of Zvi Guttman as Chapter 11 trustee. Shapiro Sher Guinot & Sandler and A & G Realty Partners, LLC serve as the trustee's legal counsel and real estate advisor, respectively. BUYK CORP: Files Chapter 11 Bankruptcy Petition ----------------------------------------------- Buyk, the real-time retail grocery delivery service that launched in New York City and Chicago in 2021, has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The company intends to use the Chapter 11 proceedings to wind down operations and dispose of inventory and assets. As of March 4th, the company has ceased all operations from its 39 stores in New York City and Chicago. James Walker, Buyk's Chief Executive Officer, said: "We have diligently explored all possible options and partnerships to restructure Buyk and keep the business going, however, the war in Ukraine and subsequent restrictions in funding have unfortunately made it impossible to continue operations. "I am extremely proud of the entire Buyk team for their amazing achievements since we launched the business last year. These are truly some of the most talented and dedicated people I have had the pleasure to work with in my career and I wish them much success in the future." About Buyk Buyk is a real-time retail grocery delivery service that was launched in September 2021 with the mission of giving back time to American consumers. The company delivered groceries and essential items to customers' doorsteps in 15 minutes or faster -- with no minimum spend and no delivery fee. Buyk operated a network of 39 stores in New York and Chicago. Buyk Corp. filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 22-10328) on March 17, 2022. The Debtor's counsel: Mark S. Lichtenstein Akerman LLP Tel: (212) 259-8707 E-mail: mark.lichtenstein@akerman.com CANADA FLUOSPAR: Obtains CCAA Initial Stay Order ------------------------------------------------ Pursuant to an order made on Feb. 21, 2022, of the Supreme Court of Newfoundland and Labrador General Division, Grant Thornton Limited was appointed interim receiver of Canada Fluorspar (NL) Inc. and Canada Fluorspar Inc. The Interim Receiver was appointed upon an application made by PricewaterhouseCoopers Inc., in its capacity as court-appointed receiver and manager of Bridging Finance Inc. and Bridging Income Fund LP formerly Sprott Bridging Income Fund LP. On application by the Interim Receiver, the Court granted an initial order pursuant to the Companies Creditors Arrangement Act dated March 11, 2022 over Canada Fluorspar (NL) Inc., Canada Fluorspar Inc., and Newspar. Grant Thornton Limited was appointed Monitor. A copy of the Initial Order and materials relating to this proceeding can be found here https://tinyurl.com/y2a7ahf2. Further inquiries, contact the Interim Receiver at CanadaFluorspar@ca.gt.com. Grant Thornton can be reached at: Grant Thornton Attn: Phil Clarke Sean MacNeil Nova Centre, North Tower, Suite 1000 1675 Grafton Street Halifax, NS B3J 0E9 Email: Phil.Clarke@ca.gt.com Sean. MacNeil@ca.gt.com Counsel for Canada Fluospar Inc.: Cox & Palmer Attn: Darren O'Keefe Allison Philpott 235 Water Street St. Jonh's, NL A1C 1B6 Email: dokeefe@coxandpalmer.com aphilpott@coxandpalmer.com Canada Fluorspar (NL) Inc. -- http://canadafluorspar.ca/home/-- Canada Fluorspar Inc. is a mineral exploration company. The Company is developing a fluorspar project in St. Lawrence, Newfoundland, Canada, as well as trying to reactivate existing underground fluorspar mines. CAPITAL EQUITY: Seeks to Hire Bach Law Offices as Legal Counsel --------------------------------------------------------------- Capital Equity Land Trust #2140215 seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Bach Law Offices, Inc. as its legal counsel. The firm will render these legal services: (a) negotiate with creditors; (b) prepare a Chapter 11 plan and disclosures statement; (c) examine and resolve claims filed against the estate; (d) prepare and prosecute adversary matters; and (e) represent the Debtor in matters before the bankruptcy court. The firm received an initial retainer of $11,738 from the Debtor. Paul Bach, Esq., and Penelope Bach, Esq., the primary attorneys in this representation, will be paid $425 per hour. Both attorneys 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: Paul M. Bach, Esq. Bach Law Offices, Inc. P.O. Box 1285 Northbrook, IL 60062 Telephone: (847) 564-0808 Facsimile: (847) 564-0985 Email: pnbach@bachoffices.com About Capital Equity Land Trust Capital Equity Land Trust #2140215 sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-02580) on March 7, 2022, listing up to $10 million in assets and up to $1 million in liabilities. Tiffany Webb, member of First Premier Funding LLC, signed the petition. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., and Penelope N. Bach, Esq., at Bach Law Offices, Inc. serve as the Debtor's bankruptcy attorneys. CAR STEREO: Unsecureds Will Get 20% of Claims in Subchapter V Plan ------------------------------------------------------------------ Car Stereo Trading, Inc., and MD Audio Engineering, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Second Amended Joint Plan of Reorganization for Small Business under Subchapter V dated March 17, 2022. Both Debtors are Florida corporations in the business of importing/ exporting, automotive audio parts manufactured in China and Korea in accordance with the specifications developed by their principal, Jose Telle, and utilizing tooling specifically designed for that purpose. This Second Amended Plan of Reorganization proposes to pay creditors the Debtors from cash flow from operations. The Debtors' Amended Plan proposes to pay back a portion of the allowed amount of certain non-priority unsecured claims ( the Accounts Receivable Lenders and Other General Unsecured Claims) but also includes incentives for the Debtors to make payments prior to the expiration of five years from the Effective Date of the Plan and makes allowances for the Debtors' inability to make payments. The Amended Plan further proposes to pay back one hundred percent of the allowed amount of certain non-priority unsecured claims (the Vendors). This Plan also provides for the payment of administrative expense claims and priority claims in full or as agreed. Class 2.1 consists of General Unsecured Claims of Vendors which include Deccon international Limited (claim #8 Car Stereo), Deccon international Limited (claim #9 MD Audio), and Asian Elite (no claim filed). Each creditor in Class 2.1 shall be paid 100% in equal monthly payments installments over the life of the plan commencing on the Effective Date with no interest. Class 2.2 consists of General Unsecured Creditors. Claims filed against MD Audio include Terence Williams (claim #17), Complete Business Solutions (claim #14), Freeman Expositions (claim #11), Shtizel Inc. (claim #6), and Law Offices of Renier Cruz (claim #5). Each allowed creditor in Class 2.2 shall be paid 20% of their claim in equal monthly installments over the life of the plan commencing on the Effective Date with no interest. Class 3.1 consists of Equity Interest holder Jose Telle. There shall be no distribution to the equity interest holders under the confirmed Plan and no dividends to this class. The Debtors will jointly fund the plan from current and future income. The creditors will be paid from current and projected future income received by the Debtors. Some of the obligations are joint, some are owed by one or the other, however, the Debtors will apply their combined income to pay the allowed creditors under this Plan. The Debtors submit that there will be sufficient income to make all distributions pursuant to the Plan. The Plan Proponents have each provided projected financial information for January 2022 – December 2026. Combined, the Debtors show a net profit, exclusive of payments under the Amended Plan, of $2,561,769.50 over the 60 month term. The means necessary for the implementation of this Plan include the Debtors' cash flow from operations for a period of 5 years. The Debtors' financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. The estimated cash on hand necessary as of the First Payment Date of this Plan is $60,000.00. The final Plan payment is expected to be paid on June 1, 2027. A full-text copy of the Second Amended Joint Plan dated March 17, 2022, is available at https://bit.ly/3IubogW from PacerMonitor.com at no charge. Counsel for Chapter 11 Debtors: SIMPSON LAW GROUP 1126 S. Federal Highway, #326 Ft. Lauderdale, FL 33316 (954) 524-4141 Telephone (954) 763-5117 Facsimile Email: sbsimpson@simpson-law-group.com About Car Stereo Trading Car Stereo Trading, Inc., and MD Audio Engineering, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 21-11393) on Feb. 12, 2021. In the petition signed by Jose L. Telle, president, Car Stereo Trading disclosed $3,633,571 in assets and $512,847 in liabilities. MD Audio Engineering, Inc., had between $1 million and $10 million in both assets and liabilities at the time of the filing. Judge Laurel M. Isicoff oversees the cases. The Debtors tapped The Law Offices of the General Counsel and Simpson Law Group, LLP as bankruptcy counsel. Sanchelima & Associates, P.A. serves as the Debtors' special counsel. CASSWAY CONTRACTING: Seeks to Tap Kirby Aisner & Curley as Counsel ------------------------------------------------------------------ Cassway Contracting Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirby Aisner & Curley, 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 property and affairs; (b) negotiating with creditors and work out a plan of reorganization and taking the necessary legal steps in order to effectuate such a plan; (c) preparing legal papers; (d) appearing before the bankruptcy court; (e) attending meetings and negotiating with representatives of creditors and other parties-in-interest; (f) advising the Debtor in connection with any potential sale of its business and assets; (g) taking any necessary action to obtain approval of a disclosure statement and confirmation of a plan of liquidation; and (h) performing all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Partners $450 - $550 Associates $295 Paraprofessionals $150 The firm received a pre-bankruptcy retainer in the total amount of $24,955.50 from the Debtor. Dawn Kirby, Esq., an attorney at Kirby Aisner & Curley, 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: Dawn Kirby, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: dkirby@kacllp.com About Cassway Contracting Corp. Cassway Contracting Corp. is a drywall contractor to commercial and residential buildings in the New York and New Jersey metro areas. Cassway Contracting sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22107) on March 5, 2022. In the petition signed by James Cassidy, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Dawn Kirby, Esq., at Kirby Aisner & Curley LLP serves as the Debtor's legal counsel. CEDAR HAVEN: April 21 Plan & Disclosure Hearing Set --------------------------------------------------- Cedar Haven Acquisition, LLC filed with the U.S. Bankruptcy Court for the District of Delaware a motion for an order approving the adequacy of the Disclosures in the Combined Disclosure Statement and Plan. On March 17, 2022, Judge J. Kate Stickles granted the motion and ordered that: * The Combined Plan and Disclosure Statement is conditionally approved for solicitation purposes only on an interim basis. * April 13, 2022 is fixed as the last day to file all Ballots in order to be counted as votes to accept or reject the Combined Plan and Disclosure Statement. * April 21, 2022 at 10:00 a.m. is the final hearing on the approval of the Combined Plan and Disclosure Statement. * April 13, 2022 is fixed as the last day to file objections to confirmation of the Combined Plan and Disclosure Hearing. Counsel for the Debtor: William E. Chipman, Jr., Esq. Mark L. Desgrosseilliers, Esq. Mark D. Olivere, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza, 1313 North Market St., Suite 5400 Wilmington, Delaware 19801 Telephone: (302) 295-0191 Facsimile: (302) 295-0199 Email: chipman@chipmanbrown.com desgross@chipmanbrown.com olivere@chipmanbrown.com About Cedar Haven Acquisition Cedar Haven Acquisition, LLC -- https://cedarhaven.healthcare/ -- is a licensed skilled nursing facility located in Lebanon, Pa., that offers professionally supervised nursing care and related medical and health services to persons whose needs are such that they can only be met in a nursing facility on an inpatient basis because of age, illness, disease, injury, convalescence or physical or mental infirmity. It was formed in 2014 through the sale of Cedar Haven Healthcare Center by the Lebanon County Commissioners to Cedar Haven. Cedar Haven Acquisition and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 19-11736) on August 2, 2019. At the time of the filing, Cedar Haven Acquisition estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The cases are assigned to Judge Christopher S. Sontchi. William E. Chipman Jr., Esq., at Chipman Brown Cicero & Cole, LLP, represents the Debtors. Stretto is the Debtor's claims agent. Andrew Vara, the acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Aug. 20, 2019. The committee tapped Potter Anderson & Corroon LLP as its legal counsel and Ryniker Consultants LLC as its financial advisor. CENTENNIAL RESOURCE: S&P Upgrades ICR to 'B', Outlook Stable ------------------------------------------------------------ S&P Global Ratings revised its forecast to reflect Denver-based independent oil, natural gas, and natural gas liquids (NGL) exploration and production (E&P) company Centennial Resource Development's debt reduction and its recently revised oil and natural gas assumptions. S&P said, "We now expect credit measures to strengthen over the next two years, including funds from operations (FFO) to debt between 50% and 60% in 2022. "We raised our issuer credit rating on Centennial to 'B' from 'B-' and our issue-level rating on its unsecured debt to 'B+' from 'B' with a recovery rating of '2', indicating our expectation of a substantial recovery in the event of default. "The stable outlook reflects our expectation that the company will maintain FFO to debt in the 50%-60% range over the next year while generating free cash flow for debt reduction and shareholder returns." The upgrade reflects Centennial's improved financial results, supported by stronger oil, natural gas, and NGL prices and debt repayment. S&P Global Ratings recently raised its near-term crude oil and natural gas prices assumptions and now anticipates West Texas Intermediate (WTI) crude oil to average $80 per barrel for the remainder of 2022 and $65/bbl in 2023 and Henry Hub natural gas prices to average $4 per million Btu (mmBtu) for the remainder of 2022 and $3.25/mmBtu in 2023. With Centennial reducing its debt on its revolving credit facility and our revised pricing forecast, S&P now expects FFO to debt of 50%-60% and debt to EBITDA of 1x-1.5x over the next 12 months. Centennial reduced total debt by $262 million over the course of fiscal 2021 and reduced credit facility borrowings by $305 million. The debt reduction was driven by free cash flow generation as well as a divestiture of non-core acreage. In addition, Centennial recently amended and extended its credit facility, pushing out the maturity to February 2027 and increasing the elected commitment amount $750 million with a borrowing base of $1.15 billion. The company has no near-term maturities; its next senior unsecured note matures in 2026. Centennial has hedged about 35% of its expected 2022 oil production (oil was approximately 50% of total production in 2021), which allows for upside, considering where current oil prices are trading. Centennial plans to continue operating two rigs and is targeting oil production growth of 10%-15% in 2022. Free cash flow should support additional debt reduction and shareholder initiatives. Centennial has stated that it expects to generate over $400 million of free cash flow in 2022 and over $775 million of cumulative free cash flow in fiscals 2022 and 2023 at current strip pricing. S&P said, "We expect Centennial to continue to use its cash for additional debt reduction, as well to support its $350 million share repurchase program over the next two years. We do not expect Centennial to increase its total debt load to support shareholder initiatives." S&P sai,d "We apply a negative credit analysis to our anchor score of 'B+' reflecting Centennial's smaller scale and size and lack of geographic diversity compared to higher rated peers. "The stable outlook reflects our view that Centennial will use free cash flow for additional debt reduction. While we expect some shareholder returns, we do not expect Centennial to increase its overall debt load. We expect FFO to debt of about 50%-60% and debt to EBITDA of 1.0x-1.5x over the next 12 months. "We could lower the rating if Centennial's credit ratios weakened such that FFO to debt declined below 30% or if the company meaningfully outspent free cash flow, causing higher-than-expected debt. This could occur if crude oil and natural gas prices retreated from current levels and Centennial did not adjust the level of capital spending and shareholder returns to align with cash flow. "We could raise our rating on Centennial if it increased production and reserves more in line with higher-rated peers while maintaining FFO to debt comfortably above 45%. In addition, we could raise ratings if we expected Centennial to sustain FFO to debt well above 60%, likely driven by a continued period of high crude oil and natural gas prices." ESG credit indicators: E-4, S-2, G-2 S&P said, "Environmental factors are a negative consideration in our credit rating analysis on Centennial Resource Development Inc. because the E&P industry contends with an accelerating energy transition and adoption of renewable energy sources. We believe falling demand for fossil fuels will lead to declining profitability and returns for the industry as it fights to retain and regain investors that seek higher return investments. To help address these concerns, Centennial has reduced its percentage of natural gas flared (1.5% in second quarter of 2021), increased its recycled water usage to 48%, reduced its trucked produced water (1%), and completed an electric substation in Texas that has enabled it to transition a majority of its well-sites to electric power." CITY WIDE COMMUNITY: Reaches Catalyst & COD Stipulations -------------------------------------------------------- City-Wide Community Development Corporation, ("CWCDC"); and its wholly-owned subsidiaries, Lancaster Urban Village Residential, LLC, ("LUVR"), and Lancaster Urban Village Commercial, LLC ("LUVC") (collectively, the "Debtors") submitted a Consolidated Second Amended Disclosure Statement for the Second Amended Plan, as both modified, on March 17, 2022. On January 24, 2022, Debtors entered into a stipulation with Catalyst on January 24, 2022, to extend the objection time of Catalyst to allow continued settlement discussions thru the date of the final hearing on disclosure (the "Catalyst Stipulation"). These actions led to only one remaining objection that was timely filed by the deadline objection on January 25, 2022, ("the COD Objection"). However, Catalyst by the Catalyst Stipulation had preserved the right to make a timely objection on the date of the final disclosure hearing unless a settlement was reached. The modifications proposed herein for Catalyst disclose the final proposed settlement terms, subject to approval after notice and hearing, to resolve Catalyst disputes as to the adequacy of disclosure and obtain consensual terms to the Plan as modified. Debtors and the City reached an additional stipulation to attempt to reduce disputed issues on disclosure objections (the "COD Stipulation"). To effectuate the COD Stipulation, the parties agreed to file another agreed motion for continuance and provide a proposed agreed order to prepare a continuance for the disclosure hearing. The same disclosure hearing was continued to a date after resolution of disputes requiring objections to claims procedures by Order entered February 4, 2022. The sole proof of claim dispute subject to resolution by contested claims procedure is City of Dallas POC 18-1. This claim relates to payments due to the City of Dallas on the 1 million dollars note from proceeds of sale or refinancing after satisfaction of the senior debt and solely from net proceeds, if any, from the Residential portion of the project. The other proof of claim, City of Dallas POC 16-1, was believed at the time of the COD Stipulation to be another claim resolvable by contested claims procedures on whether the claim was based on executory contract principles. After further examination, Debtors conceded that the transaction was an executory contract. Therefore, resolution of this claim will not be the result of a contested objection to claim based on whether the transaction is or is not an executory contract capable of assumption upon cure of defaults. To assure feasibility, Debtors will agree to the filing a Lis Pin den that freezes the Opal land from sale or encumbrances awaiting final order of this Court. Debtors will also escrow the amount of $250,000 with First American Title Company to apply to any deficiency that arises from the return of the property secured by COD liens, or balance left over after set-off of recoverable damages. This modified disclosure modifies the Second Amended Disclosure Statement based on changes also made to the Second Amended Plan. The Second Amended Disclosure Statement as modified is made in satisfaction of the 11 U.S.C. §1125(f) requirements for adequate disclosure for reorganizations. This Plan provides, with exception of the COD, POC 16-1 claim which must await the resolution of the adversary proceeding, payment in full of other Secured and Unsecured Allowed Claims either within 30 days of the Effective Date or under their respective terms. In the case of resolution of COD POC 16-1, treatment of the claim shall await the final, non appealable order under the adversary proceeding. Unsecured creditors, including claims of pre-professional fees not requiring Court approval and trade accounts again with the exception of Catalyst, will be paid 100% of their Allowed Claims in one single lump sum payment to be made within 30 days of the Effective Date. Catalyst, as a creditor, will be paid on its Class 3 Allowed Secured Claim, the principal and accrued pre-petition interest amount of its $2.5 million secured note, or $3.220 million, and attorneys' fees for an over-secured creditor after notice and hearing of $230,000, or such other amount as Allowed after notice and hearing as an Allowed Secured Claim for a total estimated at $3.450 million. This payment will be made as part of a compromise and settlement pursuant to Bankr. R. 9019, (the "Catalyst Settlement") approved after notice and hearing combined with the over-secured creditor hearing on attorney's fees, which Debtors agree to support up to the $230,000. Catalyst, under the Catalyst Settlement, waives any rights to an Allowed Unsecured Claim under the ancillary services management agreement, the Allowed Secured Claim under the Note for post petition default interest, or otherwise as documented in the Catalyst POC filed in the Residential Case (POC#2); the Commercial Case (POC#4) and the CWCDC case (POC#114). If, however, the 11 USC 506(b) claim is disallowed the $230,000, then and in that event, Catalyst and Debtors will reach a mutual agreement to an Allowed Unsecured Claim or Allowed Secured Claim up to the $3.450 million amount. A full-text copy of the Consolidated Second Amended Disclosure Statement dated March 17, 2022, is available at https://bit.ly/367rFLL from PacerMonitor.com at no charge. Counsel for the Debtor: Kevin S. Wiley, Sr. WILEY LAW GROUP, PLLC 325 N. St. Paul Street, Suite 2250 Dallas, Texas 78201 Tel: (214) 537-9572 Fax: (972) 498-1117 E-mail: kwiley@wileylawgroup.com About City-Wide Community Development Corp. City-Wide Community Development Corp. and affiliates are primarily engaged in renting and leasing real estate properties. City-Wide Community Development Corp. and affiliates Lancaster Urban Village Residential, LLC and Lancaster Urban Village Commercial, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 21-30847) on April 30, 2021. In the petitions signed by Sherman Roberts, president and chief executive officer, the Debtors disclosed $12,026,657 in assets and $10,332,946 in liabilities. Judge Michelle V. Larson oversees the cases. Kevin S. Wiley, Sr., Esq. and Kevin S. Wiley, Jr., Esq. at the Wiley Law Group, PLLC, are the Debtors' legal counsel. CLOUD49 LLC: Seeks to Employ Hayward PLLC as Bankruptcy Counsel --------------------------------------------------------------- Cloud49, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Hayward, PLLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) giving the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) advising the Debtor of its responsibilities under the Bankruptcy Code; (c) assisting the Debtor in preparing and filing the required bankruptcy schedules, statement of affairs, monthly financial reports, the initial report and other documents; (e) representing the Debtor in adversary proceedings and other contested or uncontested matters, both in the bankruptcy court and in other courts of competent jurisdiction concerning matters related to its bankruptcy proceedings and financial affairs; (f) representing the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approval of such sales or refinancing; and (g) assisting the Debtor in the formulation of a plan of reorganization and disclosure statement, and in taking the necessary steps to obtain approval of the disclosure statement and plan. The firm's hourly rates are as follows: Ron Satija, Esq. $450 Todd Headden, Esq. $325 Other attorneys $250 - $450 Paralegal $195 Hayward received the sum of $10,000 from the Debtor. Todd Headden, Esq., a member of the firm, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Todd Headden, Esq. Hayward, PLLC 901 Mopac Expressway South, Building 1, Suite 300 Austin, TX 78746 Tel: 737-881-7100 Email: theadden@haywardfirm.com. About Cloud49 LLC Cloud49, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 22-10085) on Feb. 11, 2022, listing as much as $1 million in both assets and liabilities. Judge Tony M. Davis oversees the case. Todd Brice Headden, Esq., at Hayward, PLLC and Chamblee Ryan, P.C. represent the Debtor as bankruptcy counsel and special counsel, respectively. CLYDESDALE ACQUISITION: Moody's Assigns 'B3' CFR, Outlook Stable ---------------------------------------------------------------- Moody's Investors Service assigned a B3 corporate family rating and a B3-PD Probability of Default Rating to Clydesdale Acquisition Holdings, Inc., doing business as Novolex. At the same time, Moody's assigned a B2 rating to the new first lien senior secured credit facilities, including the revolver and the first lien term loan, and a B2 rating to the new senior secured notes issued by Clydesdale. Moody's also assigned a Caa2 rating to the new senior unsecured notes issued by Clydesdale. The rating outlook is stable. Proceeds of the first lien term loan, senior secured notes and the senior unsecured notes will be used by Apollo Global Management to acquire the controlling stake of Novolex from The Carlyle Group, pay down existing debt and pay related fees and expenses. Apollo will also invest in this transaction in the form of cash equity. "The B3 corporate family rating considers Novolex's ability to generate free cash flow, its large scale relative to its plastic packaging peers, and its diversified portfolio covering both plastic and fiber-based packaging products, counterbalanced with elevated leverage after the proposed transaction and moderate profitability," said Motoki Yanase, VP - Senior Credit Officer at Moody's. As for the environmental, social and governance (ESG) factors considered in the rating, Novolex will be privately owned by Apollo, a private equity firm, after the proposed transaction. Apollo controls Novolex's financial policy, which could result in actions that favors shareholders over creditors. The Carlyle Group, the existing sponsor, will also retain a minority stake in Novolex. Moody's took the following actions: Assignments: Issuer: Clydesdale Acquisition Holdings, Inc. Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Gtd Senior Secured first Lien Term Loan, Assigned B2 (LGD3) Gtd Senior Secured first Lien Revolving Credit Facility, Assigned B2 (LGD3) Gtd Senior Secured Notes, Assigned B2 (LGD3) Gtd Senior Unsecured Notes, Assigned Caa2 (LGD5) Outlook Actions: Issuer: Clydesdale Acquisition Holdings, Inc. Outlook, Assigned Stable RATINGS RATIONALE The B3 corporate family rating is supported by Novolex's ability to generate stable free cash flow (FCF) supported by moderate levels of capital spending and a track record of debt paydown despite historical bolt-on acquisitions. The rating also benefits from the company's scale with over $4 billion of revenues, and its diversified portfolio of both plastic and fiber-based packaging products, which enables the company to provide a variety of product offerings to its customers. About three-quarters of sales are generated with food and delivery end-users, which provide stable demand. Around 50% of Novolex's raw materials are from renewable or recycled sources, and about 90% of its products can be recycled or composted, supporting the competitiveness of the products. A diversified customer base and long-standing relationships with large customers also help stabilize sales. These strengths are counterbalanced with high leverage of about 8.1x debt/EBITDA, pro forma for the transaction based on the 2021 numbers. The credit profile also reflects the company's moderate EBITDA margin between 14.5% and 16.5% in the past several years, reflecting a large portion of the company's products being commodity-type packaging used by foodservice, grocery and retail markets. Moody's expects Novolex to maintain a good liquidity profile over next 12 months. After the proposed leveraged buyout transaction, Moody's expects the company to have limited cash on hand but liquidity will be supplemented by positive FCF generation in the next 12-18 months and full availability on the $500 million revolver. The revolver expires in 2027 and the first lien term loan expires in 2029. The revolver has a springing covenant of maximum first lien net leverage ratio when EBITDA falls more than 35% from that of the closing date. There are no financial covenants for the term loan. The term loan amortization is 1% a year. Most of the assets are fully encumbered by the senior secured credit facilities, limiting alternative liquidity sources. The proposed first lien credit facilities, including the revolver and the term loan, and the senior secured notes are rated B2, one-notch above the CFR. The higher rating reflects the priority position of the debt in the capital structure and loss absorption provided by the unsecured notes. The revolver and the term loan are secured by a first priority lien on substantially all the assets of the borrower and its guarantor subsidiaries, as well as all of the equity interests of the borrower directly held by the borrower's direct parent, subject to certain exceptions. The loans are guaranteed by the direct parent and the borrower's existing and subsequently acquired or organized wholly-owned domestic subsidiaries. Security and guarantors for the senior secured notes are the same with those of the first lien credit facilities. The senior unsecured notes are rated Caa2, two-notches below the CFR, which reflects the subordination of this instrument to the first lien credit facilities and the expectation of loss in value in a default scenario. The borrower and the guarantor subsidiaries are the same as the first lien credit facilities. The stable outlook reflects Moody's expectation that Novolex will generate positive FCF, which supports debt reduction and improved leverage over the next 12-18 months. As proposed, the new first lien credit facilities are expected to provide covenant flexibility that if utilized could negatively impact creditors. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if the company demonstrates debt paydown and improves its credit metrics, including debt/EBITDA below 6.0x on a sustained basis, EBITDA/Interest coverage over 3.0x and FCF/debt sustainably above 5%. Moody's could downgrade the rating if the company's operating performance deteriorates. Specifically, ratings could be downgraded if debt/EBITDA remains above 7.0x, EBITDA/Interest falls below 1.5x or FCF/debt falls below 2%. Headquartered in Hartsville, South Carolina, Clydesdale Acquisition Holdings, Inc., doing business as Novolex, is a manufacturer of paper and plastic packaging products, ranging from bags for grocery, retail and food service markets to can liners, specialty films and lamination products, rigid food packaging and environmentally friendly packaging products. The company recorded about $4.2 billion of revenues for 2021. After the proposed transaction, Apollo will have more than an 85% stake in Novolex and Carlyle the remainder. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2021. CLYDESDALE ACQUISITION: S&P Assigns 'B' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Clydesdale Acquisition Holdings Inc. with a stable outlook, the same as the rating on Flex Acquisition. S&P said, "We also assigned our 'B' issue-level rating and '3' recovery rating to the proposed $2.63 billion of first-lien term loans and will assign the same rating to the proposed $750 million senior secured notes, and 'CCC+' issue-level rating and '6' recovery rating to the proposed $1.23 billion of senior unsecured notes. "The stable outlook reflects our expectation that demand growth continues and Novolex will effectively manage its operations such that adjusted EBITDA will eclipse $650 million and leverage will come down to the low-7x area in 2022." Apollo Global Management is purchasing a majority stake in Flex Acquisition Holdings Inc. (d/b/a Novolex) from Carlyle. It will merge Flex Acquisition into Clydesdale Acquisition Holdings Inc., which will issue the new debt raised to partially finance the acquisition. Novolex demonstrated strong revenue growth in 2021. Broader economic reopening following the COVID-19 pandemic increased demand for Novolex's products. The company reported pro forma revenues were up about 20% for food and delivery services and about 28% for performance solutions. However, much of the growth can attributed to higher pricing as the company passed through higher inflationary costs, elevated beyond industry expectations. Resin and fiber costs, labor, logistics, and energy were all material increases. Over three quarters of the company's contracts have pass-throughs for raw materials, which limited the impact of the consistent inflationary pressures through the year. In addition, Novolex negotiated other increases for other non-material costs. Despite these price increases, Novolex finished 2021 with S&P adjusted EBITDA margins in the 14.5% area, down from 15.7% in 2020, but with higher overall EBITDA. S&P said, "We expect continued EBITDA growth in 2022. Overall, we expect the sector's inflationary increases to slow through the year, although we recognize there is uncertainty given the events in Ukraine and its global effects should the conflict be prolonged. We still believe the company is better positioned to manage price/cost than in 2021. With the last three acquisitions within paper packaging, Novolex is fairly evenly diversified between resin and fiber raw materials. With continued strong demand and tight inventory, we expect market dynamics should lead to stronger earnings, including revenue growth in the mid-single-digit percent area and our adjusted EBITDA between $650 million and $700 million, resulting in adjusted leverage in the low-7x area in 2022. "Financial policy will continue to be aggressive under the new sponsor. The transaction will add an incremental $1 billion of debt. We expect the company to continue using free cash flows, as well capacity under its $500 million credit facility, to finance bolt-on acquisitions to complement its organic growth. As leverage improves through higher earnings, we believe there could be greater pressure for shareholder rewards should fitting acquisitions not materialize. "The stable outlook reflects our expectation that improving end-market demand will support Novolex's sizable free cash flow generation, such that leverage should improve below 7.5x in the next 12 months. The company could pursue small bolt-on acquisitions as part of its growth strategy, but our forecast does not consider large debt-funded transactions that would meaningfully weaken credit measures on a sustained basis." S&P could lower the ratings if: -- Sales volumes decline or there is significant margin pressure, such that leverage exceeds 7.5x on a sustained basis; or -- Novolex pursues acquisitions or shareholder rewards that raise leverage to this level. Although unlikely, S&P could raise the rating if: -- Novolex continues to strengthen its credit metrics, such that leverage approaches 5x on a sustained basis; and -- The company and its financial sponsor commit explicitly to financial policies that support leverage of about 5x. ESG credit indicators: E3, S2, G3 S&P said, "Environmental factors are a moderately negative consideration in our credit rating analysis of Novolex. The company has a large portfolio of products within flexible and rigid packaging, including some exposure to single-use plastics (grocery bags – less than 12% of revenues) that could be subject to regulatory and substitution risk over the long term. As waste and pollution concerns rise among customers and consumers, we generally view plastic packaging, with its limited recyclability and overall low recycling rates, as having a larger pollution impact than other substrates. Governance is also a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of controlling owners. This also reflects generally finite holding periods and a focus on maximizing shareholder returns." COLEMAN COMMERCIAL: Seeks to Hire Carl Moser as Accountant ---------------------------------------------------------- Coleman Commercial Properties, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Carl Moser, an accountant practicing in Colo. The Debtor needs an accountant to prepare and file its tax return for the 2021 tax year. Mr. Moser will be paid at his hourly rate of $65. Mr. Moser disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Coleman Commercial Properties Coleman Commercial Properties, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-10666) on March 1, 2022, listing as much as $1 million in both assets and liabilities. Mark David Dennis serves as the Subchapter V trustee. The Debtor tapped Berken Cloyes PC as legal counsel and Carl J. Moser as accountant. CORTLAND ENERGY: Seeks to Tap Batinga CPA as Accountant ------------------------------------------------------- Cortland Energy, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Batinga CPA, PLLC as its accountant. The firm's services include: (a) preparing federal tax returns and state franchise returns; (b) adjusting books and records of the Debtor to the extent necessary; (c) preparing Form 1065 with supporting schedules; (d) preparing the Texas Franchise Report; (e) performing any minor bookkeeping necessary for preparation of the income tax returns; and (f) consulting with the Debtor regarding tax planning. Batinga agrees to provide tax return preparation services based upon a fixed fee, and bookkeeping services and tax consulting services based upon an hourly rate of $200 and $250, respectively. Edward Batinga, CPA, an authorized representative of Batinga CPA, 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: Edward Batinga, CPA Batinga CPA, PLLC 23218 Red River Drive Katy, TX 77494 Telephone: (281) 836-0002 Facsimile: (281) 836-0304 Email: info@batingacpa.com About Cortland Energy Cortland Energy, LLC is an LPG blending and packaging company that blends high purity propane, butane, and isobutane then packages the LPG into cylinders at its facility located in El Campo, Texas, and distributes its products to its regional distributors and direct customers. Cortland Energy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 21-60098) on Dec. 1, 2021, listing as much as $10 million in both assets and liabilities. Jarrod B. Martin serves as the Subchapter V trustee. Judge David R. Jones oversees the case. The Debtor tapped Susan Tran Adams, Esq., at Tran Singh, LLP as bankruptcy counsel; Fertitta & Reynal, LLP as special litigation counsel; and Batinga CPA, PLLC as accountant. EKSO BIONICS: Chief Commercial Officer Resigns ---------------------------------------------- William Shaw, the chief commercial officer of Ekso Bionics Holdings, Inc., notified the Board of Directors of his intention to resign as chief commercial officer of the Company effective March 11, 2022 in connection with his retention as an employee at another company. On March 10, 2022, the Company and Mr. Shaw entered a Transition Services Agreement pursuant to which Mr. Shaw has agreed to continue to assist the Company as a consultant supporting transition matters and other special projects from the effective time of his resignation until June 30, 2022. During the Transition Period, Mr. Shaw will be entitled to receive (i) payment of his bonus for the first quarter ended March 31, 2022 without proration in accordance with the bonus program established by the Company's board of directors, subject to agreement to a full release of claims and the other terms of the Transition Agreement; (ii) continued vesting of his equity incentive awards; (iii) compensation at a rate of $225.00 per hour or $1,800.00 per day, and (iv) $2,500 for each (up to two) candidate directly sourced by Mr. Shaw should they be selected and hired by the Company. About Ekso Bionics Ekso Bionics -- http://www.eksobionics.com-- designs, develops, and markets exoskeleton products that augment human strength, endurance and mobility. Its exoskeleton technology serves multiple markets and can be utilized both by able-bodied persons and persons with physical disabilities. Ekso Bionics reported a net loss of $9.76 million for the year ended Dec. 31, 2021, a net loss of $15.83 million for the year ended Dec. 31, 2020, a net loss of $12.13 million for the year ended Dec. 31, 2019, and a net loss of $26.99 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $50.73 million in total assets, $11.67 million in total liabilities, and $39.06 million in total stockholders' equity. ELI & ALI: Unsecureds' Recovery Hiked to 14.7% of Claims -------------------------------------------------------- Eli & Ali, LLC, submitted an Amended Disclosure Statement for the Plan of Reorganization dated March 17, 2022. The Debtor has continued to operate its business and has operated profitably during the Chapter 11 Case. As a result of the Debtor's improvement in operations, the Debtor is now in a position to successfully emerge from Chapter 11 and effectuate the Plan. The Debtor operates from a leased premises 206 Meserole Avenue, Brooklyn, New York 11222. The Debtor has an agreement to continue the occupancy from July 2022 until December 2022 at a slightly higher rent. Prior to its termination in December 2022 the Debtor will have to either negotiate a further extension of the use and occupancy agreement or relocate. In the event the Debtor is unable to extend its use and occupancy agreement and has to relocate, the expense and disruption may have a negative impact on the Debtor's operations. Class 1 consists of the Allowed Priority Claims of the taxing authorities. This class consists of a claim filed by the New York City Department of Finance for unpaid New York City corporation tax in the amount of $821.52. The Debtor will pay this claim in full within 30 days of the Effective Date of the Plan. Class 3 consists of one secured claim held by T.D. Bank in the outstanding principal amount of $149,354. The Debtor will pay this amount, plus accrued interest of $7,696 and legal fees of $10,000 as follows: 59 payments of $1,922 and on the 60th month, a balloon payment of $82,985. The payments include interest of 5.5% on the outstanding principal. To secure the payment, Jeffrey Ornstein and his spouse, Susan Ornstein, will guaranty the payments and secure the loan with a mortgage on their residence. The Debtor will pay approximately $3,826.00 in costs to record the mortgage. Class 4 consists of one partially secured claim held by the United States Small Business Administration for an Economic Injury Disaster Loan ("EIDL") which was received by the Debtor on or about May 2020. This loan was part of the pandemic relief program initiated by the government in response to the government's mandatory business shutdowns. The loan balance is $155,285.56 of which $64,996.23 is secured. The balance of $90,289.33 is unsecured and will be treated as a Class 5 general unsecured creditor. The secured $64,996.23 plus interest at 3.75%, will be paid in sixty equal consecutive monthly payments of $1,189.68 each. Class 5 consist of 24 holders of Allowed General Unsecured Claims. This class totals approximately $576,363. This class includes the partially unsecured claim of the Small Business Administration in the amount of $90,289.33. This class will be paid $80,000 or 14.7% of its Allowed Claims with quarterly payments commencing within 30 days of the Effective Date of the Plan. This class will receive a total of $80,000 payable in twenty equal, consecutive, quarterly payments of $4,000 each commencing 30 days after the Effective Date of the Plan. The general unsecured creditors are impaired. Jeffrey Ornstein, the sole member of the Debtor's LLC has contributed $50,000 of new value to the Debtor and will also secure the payment to TD Bank with a mortgage on his residence. In exchange for this capital contribution and the new collateral mortgage on his residence, he shall retain his 100% interest in the Debtor. The Class 6 is impaired. The Plan shall be effectuated from a new value contribution by Jeffrey Ornstein to be used for the settlement with Capital One. The balance of the payments are to be funded from ongoing business operations. Projections indicate the Debtor will have sufficient income to meet all of its payment obligations under the Plan. The payments to be paid under the Plan to Class 3 will be $1,922.45 a month and the payments for Class 4 will be $1,190. The payments to be paid under the Plan to Class 5 will be $4,000.00 per quarter for twenty consecutive quarters (equal to $1,333.33 per month). Accordingly the monthly payments will be $4,445. A full-text copy of the Amended Disclosure Statement dated March 17, 2022, is available at https://bit.ly/34YtjOZ from PacerMonitor.com at no charge. Counsel to the Debtor: Heath S. Berger, Esq. BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Tel: (516) 747-1136 E-mail: hberger@bfslawfirm.com About Eli & Ali Saying that it faced financial difficulties caused by the shutdown of restaurants during the first wave of the Covid 19 pandemic, Eli & Ali LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40920) on April 7, 2021. In the petition signed by Jeffrey Ornstein, managing member, the Debtor disclosed $270,150 in assets and $1,427,375 in liabilities. Judge Jil Mazer-Marino oversees the case. Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler & Goodman, LLP, is the Debtor's counsel. Capital One, National Association, the prepetition lender, is represented by Troutman Pepper Hamilton Sanders LLP. ENVIRONMENTAL CHARTER SCHOOLS: S&P Assigns 'BB+' ICR ---------------------------------------------------- S&P Global Ratings assigned its 'BB+' issuer credit rating (ICR) to Environmental Charter Schools, Calif., (ECS). The outlook is stable. The rating reflects S&P's view of ECS': -- Track record of steady enrollment growth since inception, which S&P expects will accelerate through 2025, as new grades are added at the high school level; -- Healthy liquidity position for the rating level, although days' cash could decline as the network's expense base rises; -- Stable market position, as demonstrated by solid academics, good demand despite a small waitlist, and a positive authorizer relationship; and -- Proactive and experienced management team, coupled with active support from a diverse and independent eight-member board. These strengths are somewhat offset by: -- Inconsistent financial results, although pro forma maximum annual debt service coverage (MADS) is sound at 1.51x based on audited fiscal 2021 operations. Management projects slightly weaker coverage of about 1.25x for fiscal years 2023 and 2024, before performance is expected to improve if enrollment targets are realized; -- The impact of the proposed borrowing, which will result in a high debt-per-student ratio, that could moderate if enrollment growth targets are met; and -- The inherent uncertainty associated with charter schools that the charter can be revoked or not renewed for failure to perform under its terms, and since the final maturity of the loan in 2056 exceeds the existing charter's term. Located in the communities of Lawndale, Gardena, and Inglewood, bordering the city of Los Angeles, ECS opened the first of its four schools, ECS Lawndale High School, in 2001, and has since added one high school and two middles schools in 2010, 2013, and 2021, respectively. As of fall 2022, ECS serves 1,329 students in grades six through 12, and is operating at close to 75% of capacity of the four schools, following the proposed expansion. ECS was founded with the mission of preparing students in low-income communities of color to become critical thinkers equipped to graduate college. S&P said, "We view the risks posed by the pandemic and any emerging coronavirus variants to public health and safety as an elevated social risk for the sector under our environmental, social, and governance factors, given the potential impact on modes of instruction and state funding, on which charter schools depend to support operations. For ECS, the recent increase in per pupil funding and ongoing enrollment growth have helped to mitigate some near-term risk, although we will continue to monitor the impact of the pandemic on the budgets of the State of California and the ECS network. Environmental risks in California are typically elevated given the state's exposure to extreme weather conditions like drought and wildfires, in addition to elevated seismic risk. However, this is mitigated, in our view, by the network's urban location, and the ability to operate its schools remotely. We believe the school's environmental and governance risks are in line with our view of the sector as a whole." "The stable outlook reflects our expectation that ECS will experience increased enrollment growth meeting current projections, sustain good academic outcomes, and realize more consistent financial metrics in line with those of peers," said S&P Global Ratings credit analyst Peter Murphy. S&P said, "We could lower the rating if enrollment projections are not met, resulting in weaker operations, liquidity, and MADS coverage beyond current expected levels. "Conversely, within our two-year outlook horizon, we could raise the rating if enrollment meets or exceeds projections, resulting in stronger financial performance, MADS coverage, and liquidity position relative to anticipated levels, with a moderating debt burden." ESCADA AMERICA: Seeks to Employ Holthouse as Accountant ------------------------------------------------------- Escada America, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Holthouse, Carlin & Van Trigt, LLP to prepare its 2021 tax returns and provide tax consulting services. The firm's hourly rates are as follows: Doug Andersen $600 Brianne Ryan $380 Ada Lee $430 Alejandra Lopez $380 Jose Mendoza $380 Seniors $210 - $270 Staff $160 - $200 Hans Gustafsson, CPA, a partner at Holthouse, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Hans Gustafsson, CPA Holthouse, Carlin & Van Trigt LLP 350 W. Colorado Blvd., 5th Floor Pasadena, CA 91105 Tel: 626.463.7213 Email: mcoury@glankler.com About Escada America Escada America, LLC, owner of a clothing store in New York, sought Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 22-10266) on Jan. 18, 2022, listing as much as $10 million in both assets and liabilities. Kevin Walsh, director of finance, signed the petition. The case is handled by Judge Sheri Bluebond. John Patrick M. Fritz, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP and Holthouse, Carlin & Van Trigt, LLP serve as the Debtor's legal counsel and accountant, respectively. FIRST CHOICE: Amends GMN Toms Secured Claim Pay Details ------------------------------------------------------- First Choice Trucking LLC submitted a First Modified Disclosure Statement describing Chapter 11 Plan dated March 17, 2022. This is a plan of reorganization. In other words, the Proponent seeks to either secure take-out financing to pay off GMN Toms River, LLC or, if unsuccessful, sell its sole asset of real property to pay GMN while preserving its equity. The Debtor plan to obtain financing as well as capital contribution from its sole member, Robert Schlumpf, to pay all creditor in full. The Debtor has financing in place and is waiting on the outcome of its motion to Reduce the Claim of GMN so it can provide the lender with an accurate payoff figure. Class 1 consists of the Secured Claim of GMN Toms River, LLC in the amount of $624,486.87 secured by foreclosure judgment on real property commonly known as 208 Bennett Road, Howell Township, Monmouth County, New Jersey. The Debtor shall attempt to obtain financing to pay the claim of GMN in full within 60 days of the Effective Date (the "GMN Loan"). The Principal of the Debtor will finance the GMN Loan with a separate end loan to be finalized within 60 days of the Effective Date. In the event the Debtor is unable to secure the GMN Loan, the real property securing this claim will be listed for sale and sold within 9 months from the Effective Date. The creditor in this Class will be paid in full upon the sale of the real property. To the extent net proceeds are insufficient to pay GMN's judgment in full, the unpaid balance shall be reclassified as unsecured. In the event the Debtor is unsuccessful in the marketing and sale of the Property within the timeframe, GMN shall be free to proceed with remedies allowable by state law. The holder of the Claim in this Class shall retain the lien it held on the Petition Date with the same priority as existed on the Petition Date. Except to the extent modified by the terms of the Plan, all rights of the holder of the Claim in this Class shall remain as set forth in the prepetition tax lien and as provided by applicable nonbankruptcy law. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 3 consists of Unsecured claims not entitled to priority totaling approximately $9,412.44. While it is seeking to obtain financing, the Debtor initially will make monthly payments of $160.00 per month to be distributed pro rata to Allowed Claims in this Class. Funds for these payments shall be contributed as capital contributions by the Debtor's sole member, Robert Schlumpf. If the Debtor is able to obtain financing sufficient to pay off the balance, these payments shall be made from said financing. In the event the Debtor is unable to secure financing and therefore required to sell the Property following the expiration of its financing deadline (60 days from the Effective Date), the balance of these payments shall be made from the proceeds of the sale of its property. * Class 4 consists of Debtor's ownership interests in their assets. The Debtor shall retain ownership of their assets except to the extent provided in the Plan. The funds needed to fulfill the Debtor's obligations under the Plan will be derived either from obtaining financing or from the sale of the Property. The Debtor is in the process of finalizing its financing with a lender to provide the GMN Loan as well a separate end-loan lender to be funded by the principal of the Debtor. A full-text copy of the First Modified Disclosure Statement dated March 17, 2022, is available at https://bit.ly/3ilC4pp from PacerMonitor.com at no charge. Debtor's Counsel: Timothy P. Neumann Esq. Geoffrey P. Neumann, Esq. BROEGE, NEUMANN, FISCHER & SHAVER LLC 25 Abe Voorhees Dr Manasquan, NJ 08736-3560 Tel: (732) 223-8484 Fax: (732) 223-2416 E-mail: timothy.neumann25@gmail.com E-mail: geoff.neumann@gmail.com About First Choice Trucking First Choice Trucking is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor's sole asset is a six-acre warehouse and office located in Freehold, NJ, having a current value of $1 million. The Debtor filed a Chapter 11 petition (Bankr. D.N.J. Case No. 21-18098) on Oct. 18, 2021. In the petition signed by Robert Schlumpf, the Debtor disclosed $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Timothy P. Neumann Esq., of BROEGE, NEUMANN, FISCHER & SHAVER LLC, is the Debtor's counsel. FORUM DINER: Seeks to Hire Morrison Tenenbaum as Bankruptcy Counsel ------------------------------------------------------------------- Forum Diner Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison Tenenbaum, PLLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the management of its estate; (b) assisting in any amendments of bankruptcy schedules and other financial disclosures, and in the preparation, review or amendment of a disclosure statement and plan of reorganization; (c) negotiating with creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; (d) preparing reports and legal papers to be filed by the Debtor in the case; (e) appearing before the bankruptcy court; and (f) performing all other legal services for the Debtor. The firm's hourly rates are as follows: Lawrence F. Morrison, Esq. $595 Brian J. Hufnagel, Esq. $495 Associates $380 Paraprofessionals $200 Morrison Tenenbaum received a retainer fee in the amount of $15,000. Lawrence Morrison, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lawrence F. Morrison, Esq. Morrison Tenenbaum, PLLC 87 Walker Street, Floor 2 New York, NY 10013 Phone: 212-620-0938 Email: lmorrison@m-t-law.com About Forum Diner Corp Forum Diner Corp. is a Bay Shore, N.Y.-based company operating in the restaurants industry. Forum Diner filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-40265) on Feb. 15, 2022, listing $85,214 in assets and $1,480,475 in liabilities. Gerard R. Luckman, Esq., serves as the Subchapter V trustee. Judge Nancy Hershey Lord oversees the case. Morrison Tenenbaum, PLLC, led by Lawrence F. Morrison, Esq., serves as the Debtor's legal counsel. FULL HOUSE: Posts $11.7 Million Net Income in 2021 -------------------------------------------------- Full House Resorts, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $11.71 million on $180.16 million of revenues for the year ended Dec. 31, 2021, compared to net income of $147,000 on $125.59 million of revenues for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $473.84 million in total assets, $361.13 million in total liabilities, and $112.72 million in stockholders' equity. As of Dec. 31, 2021, the Company had $265.3 million of cash and equivalents, including $176.6 million of restricted cash dedicated to the construction of Chamonix. The Company currently estimates that between $7 million and $9 million of cash is required for its day-to-day operations, including for on-site cash in its slot machines, change and redemption kiosks, and cages. The Company believes that current cash balances, together with the available borrowing capacity under its revolving credit facility and cash flows from operating activities, will be sufficient to meet its liquidity and capital resource needs for the next 12 months of operations. On a consolidated basis, cash provided by operations during 2021 was $29.5 million, compared to $9.0 million in 2020. Trends in the Company's operating cash flows tend to follow trends in operating income, excluding non-cash charges, but are also affected by changes in working capital accounts, such as receivables, prepaid expenses, and payables. Compared to 2020, the increase in our operating cash flows during 2021 was primarily due to our strong operating performance. Such results were brought on by a combination of higher volumes reflecting the gradual relaxation of pandemic-related business restrictions during the 2021 period, as well as more higher operating margins from the reexamination of our cost structure, specifically focusing on labor and marketing efficiencies company-wide. On a consolidated basis, cash used in investing activities during 2021 was $37.2 million, compared to $2.6 million 2020. Capital expenditures in 2021 primarily related to the Company's Chamonix construction project, which continued to progress in 2021, and real estate purchases in Cripple Creek. This amount also includes approximately $2.0 million for capital expenditures made in 2021 at Silver Slipper to repair damage caused by Hurricane Zeta. Cash used in investing activities during 2020 were primarily related to capital expenditures for Chamonix. On a consolidated basis, cash provided by financing activities during 2021 was $235.3 million, while cash provided by financing activities during 2020 was $1.5 million. In February and March 2021, respectively, the Company received $310.0 million of gross proceeds from the issuance of its 2028 Notes and $46.0 million of gross proceeds from the Company's underwritten equity offering. These cash inflows in 2021 were partially offset by the payoff of the Prior Notes (including the related prepayment premiums), as well as expenses related to its debt and offerings. Cash provided by financing activities in 2020 primarily reflect $5.6 million of unsecured loans under the CARES Act, which were forgiven in full in accordance with their terms by the U.S. Small Business Administration in December 2021. Full House Resorts stated, "We have significant outstanding debt and contractual obligations, in addition to planned capital expenditures related to the construction of Chamonix and American Place. Our principal debt matures in February 2028. Certain planned capital expenditures designed to grow the Company, such as the permanent American Place facility and the potential expansion of Silver Slipper, may require additional financing and/or temporarily reduce the Company's ability to repay debt. "Our operations are subject to financial, economic, competitive, regulatory and other factors, many of which are beyond our control. Such factors include the potential effects of COVID-19 and its variants. The extent to which our liquidity in future periods may be affected by COVID-19 and its variants may largely depend on future developments. Such future developments are highly uncertain and cannot be accurately predicted at this time." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/891482/000155837022003680/fll-20211231x10k.htm About Full House Resorts Inc. Headquartered in Las Vegas, Nevada, Full House Resorts -- www.fullhouseresorts.com -- owns and/or operates casino and related hospitality and entertainment facilities, which includes offering casino gambling, hotel accommodations, dining, golfing, RV camping, sports betting, entertainment and retail outlets, among other amenities. The Company currently owns or operates five casino properties in four states - Mississippi, Colorado, Indiana and Nevada. * * * This concludes the Troubled Company Reporter's coverage of Full House Resorts until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. GATA III: Gets OK to Hire Kevin Ghafouria of Life Realty as Broker ------------------------------------------------------------------ Gata III, LLC received approval from the U.S. Bankruptcy Court for the District of Nevada to employ Kevin Ghafouria, a real estate broker at Life Realty. The Debtor requires a broker for a potential sale of its real properties located at 120 Cassia Way and 375 N. Stephanie St., Building 3, in Henderson, Nev. The broker will receive a commission of 5 percent of the gross sales price. Mr. Ghafouria disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The broker can be reached at: Kevin Ghafouria Life Realty 2225 Village Walk Drive, Suite 260 Henderson, NV 89052 Phone: (702) 277-5537 Fax: (702) 777-2957 About Gata III Gata III, LLC is a Las Vegas-based company primarily engaged in renting and leasing real estate properties. Gata III filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-10690) on Feb. 15, 2021, listing as much as $10 million in both assets and liabilities. Brian Shapiro serves as the Subchapter V trustee. Judge Natalie M. Cox oversees the case. Larson & Zirzow, LLC, led by Zachariah Larson, Esq., serves as the Debtor's legal counsel. GOLDEN FLEECE: Unsecureds Will Get 20.4% of Claims in Plan ---------------------------------------------------------- Golden Fleece Beverages, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Subchapter V Plan of Reorganization dated March 17, 2022. On January 15, 2020, the Debtor was formed as a Delaware corporation for the express purpose of purchasing the secured debt that Argo Tea, Inc. owed to Caribou Coffee Company, Inc. After raising $3.15 million in equity capital, the Debtor purchased the Argo debt from Caribou for $1.6 million. The Argo debt was secured by substantially all of the assets of Argo and its subsidiaries. The Plan provides that all Allowed Administrative Expenses will be paid in full in the amount allowed by the Court upon the Effective Date of the Plan, in the ordinary course of business after the Effective Date or as soon thereafter as may be practicable, or upon such other terms agreed upon by the Debtor and the holders of Allowed Administrative Expenses. The Debtor estimates that Allowed Administrative Expenses to be paid under the Plan will total approximately $135,000 as of the Effective Date. Though the Plan also provides that all Allowed Priority Tax Claims will be paid in full in the ordinary course of business after the Effective Date, the Debtor believes that it is substantially up to date on its tax obligations and that Priority Tax Claims do not exceed $500. Class 1 is comprised of all Miscellaneous Secured Claims, if any, against the Debtor. The Plan provides that the holders of Class 1 Allowed Miscellaneous Secured Claims shall be Rendered Unimpaired by the Reorganized Debtor, except to the extent that the holder of a particular Allowed Miscellaneous Secured Claim consents to a different treatment. The Debtor is unaware of any undisputed Claims that fit within Class 1, and it has included this Class out of an abundance of caution in the event that any such Claims are asserted and Allowed. Class 2 is comprised of all Priority Unsecured Claims against the Debtor. The Plan provides that all Class 2 Allowed Priority Unsecured Claims will be paid in the full amount allowed by the Court upon the Effective Date of the Plan or upon such other terms agreed upon by the Debtor and the holders of Allowed Priority Unsecured Claims. Most of the priority claims against the Debtor as of the Petition Date were satisfied through first day orders entered at the beginning of the Case. Therefore, the Debtor estimates that Allowed Priority Unsecured Claims to be paid under the Plan will total approximately $2,000 as of the Effective Date. Class 3 is comprised of all General Unsecured Claims against the Debtor. Each holder of an Allowed Class 3 General Unsecured Claim shall receive Cash or its equivalent in an amount equal to the holder's pro rata share of five annual distributions following the Effective Date and totaling $300,000 in the aggregate. Specifically, the five annual distributions shall consist of (i) a $30,000 aggregate distribution on or before December 31, 2022; (ii) a $60,000 aggregate distribution on or before December 31, 2023; (iii) a $65,000 aggregate distribution on or before December 31, 2024; (iv) a $70,000 aggregate distribution on or before December 31, 2025; and (v) a $75,000 aggregate distribution on or before December 31, 2026. These distributions shall be backstopped by the commitment of the Lender, which is an entity that shall be created and capitalized by certain of the Debtor's board members, to lend the Reorganized Debtor such amounts as may be necessary to ensure that the distributions to Class 3 creditors are made. On the basis of $1,470,487.28 in undisputed General Unsecured Claims against the Estate, the Debtor estimates that holders of Allowed Class 3 General Unsecured Claims will eventually receive approximately 20.4% of their Claims under the Plan. Class 4 is comprised of all Equity Interests in the Debtor. Each holder of an Equity Interest in the Debtor shall retain its prepetition interest in the Debtor, subject to dilution caused by any post-Effective Date capital raising that the Debtor may endeavor to pursue. The Plan contemplates its funding from the Debtor's existing cash, its working capital assets, and its future business operations. The Debtor contemplates that these sources, plus the cash flows generated from the Debtor's business, will be sufficient to meet all of Debtor's obligations under the Plan. To the extent that the Debtor's resources prove insufficient to make any contemplated distributions to Allowed Class 3 General Unsecured Claims, the Debtor shall borrow funds from the Lender to make such distributions. The Debtor shall make all distributions to holders of Allowed Claims as required by the Plan. A full-text copy of the Subchapter V Plan of Reorganization dated March 17, 2022, is available at https://bit.ly/36b1KCS from PacerMonitor.com at no charge. The Debtor is represented by: Robert M. Fishman Peter J. Roberts Cozen O'Connor 123 North Wacker Drive, Suite 1800 Chicago, IL 60606 P: (312) 382-3100 F: (312) 382-8910 rfishman@cozen.com proberts@cozen.com About Golden Fleece Beverages Golden Fleece Beverages, Inc., a Chicago-based company that operates a beverage manufacturing business, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case No. 21-12228) on Oct. 27, 2021, listing $2,489,378 in assets and $1,658,654 in liabilities. Candace MacLeod, president of Golden Fleece Beverages, signed the petition. Judge David D. Cleary oversees the case. Robert M. Fishman, Esq., and Peter J. Roberts, Esq., at Cozen O'Connor represent the Debtor as bankruptcy attorneys. Clark Hill, PLC is the Debtor's special intellectual property counsel. GUILDWORKS LLC: Taps Motschenbacher & Blattner as Legal Counsel --------------------------------------------------------------- Guildworks, LLC and Guildworks-Works, LLC seek approval from the U.S. Bankruptcy Court for the District of Oregon to employ Motschenbacher & Blattner, LLP as their bankruptcy counsel. The firm's services include: (a) consulting with the Debtors' owner concerning the administration of the Chapter 11 cases; (b) advising the Debtors' owner with regard to the Debtors' rights, powers and duties; (c) investigating and, if appropriate, prosecuting on behalf of the estate claims and causes of action belonging to the estate; (d) advising the Debtors' owner concerning alternatives for restructuring the Debtors' debts and financial affairs pursuant to a Chapter 11 plan or, if appropriate, liquidating the Debtors' assets; and (e) preparing bankruptcy schedules, statements and lists required to be filed by the Debtors under the Bankruptcy Code and applicable procedural rules. The hourly rates of the firm's counsel and staff are as follows: Nicholas J. Henderson, Partner $455 Troy G. Sexton, Associate $375 Legal Assistants and Paralegals $80 - $175 The firm will require a $25,000 retainer deposit. Troy Sexton, Esq., an attorney at Motschenbacher & Blattner, 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: Troy G. Sexton, Esq. Motschenbacher & Blattner, LLP 117 SW Taylor Street, Suite 300 Portland, OR 97204 Telephone: (503) 417-0517 Facsimile: (503) 417-0527 Email: tsexton@portlaw.com About Guildworks and Guildworks, LLC and Guildworks-Works, LLC are full-service design, specification, fabrication and installation enterprises specializing in innovative custom solutions providing fabric architecture, tension structures, and fabric-formed environments for any imaginable application. The companies are based in Portland, Ore. On March 14, 2022, Guildworks and Guildworks-Works sought Chapter 11 bankruptcy protection (Bankr. D. Ore. Lead Case No. 22-30388). Both Debtors listed up to $500,000 in assets and up to $100 million in liabilities at the time of the filing. Judge Teresa H. Pearson oversees the cases. Troy G. Sexton, Esq., at Motschenbacher & Blattner, LLP serves as the Debtors' legal counsel. HACIENDA HOLDINGS: Seeks Cash Collateral Access ----------------------------------------------- Hacienda Holdings, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, for authority to use cash collateral and provide adequate protection to MJH Farming, LLC. The Debtor intends to reorganize its business to operate its greenhouses to produce goods and products for sale in the market and restaurant. As of the Petition Date, the Debtor has approximately $19 in cash and cash equivalents. The Debtor is not owed any accounts receivable. The Debtor owns crops and seeds valued at $25,000, various farming equipment valued at approximately $35,000, and computer equipment valued at approximately $3,500. As of the Petition Date, the Debtor owes approximately $4,502,245 to MJH Farming, which claim is secured by the Debtor's Property, which is valued at approximately $1,100,000 based on an appraisal obtained by MJH Farming. In addition, the Debtor owes approximately $33,128 for 2020 real property taxes and $27,830 for 2021 real property taxes, which are secured by the Property. As adequate protection for the use of the Creditor's cash collateral (if any), the Debtor proposes to grant the Creditor a replacement lien with the same validity, extent, and priority as its prepetition lien. The Debtor continues to incur debtor-in-possession expenses, including professional fees, and monthly obligations pursuant to its agreements with the various clients. As a result, the Debtor requires the use of cash collateral to pay these expenses during the chapter 11 proceeding. The Debtor estimates it will require a monthly working capital operating reserve of $29,173. to continue to maintain monthly operations, and depending on the month, a greater or lesser amount will be required each comparable period thereafter. A copy of the motion and the Debtor's budget for the period from April 2021 to April 2022 is available at https://bit.ly/3N8XjsO from PacerMonitor.com. The Debtor projects $604,000 in gross sales and $231,888 in total operating expenses. About Hacienda Holdings, LLC Hacienda Holdings, LLC owns approximately 130.14-acres (83 +/- acres of which are usable) located at or around 3145 Austin Merritt Road in Groveland. The property includes one completed 291,000 SF hydroponic greenhouse structure and a second greenhouse structure of equivalent size currently under construction. The property has the capacity to support up to four hydroponic greenhouse structures. In addition, there is a fresh produce market and another greenhouse attached to the market, as well as a restaurant that operates from a trailer. Hacienda Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00998) on March 21, 2022. In the petition signed by Colin Farnum, managing member, the Debtor disclosed $1,164,718 in assets and $6,710,220 in liabilities. Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC is the Debtor's counsel. HARSCO CORP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BB-' issuer credit rating on Harsco Corp., a provider of industrial recycling and environmental resource management. S&P also affirmed its 'BB' issue-level ratings on the company's first-lien credit facilities and 'B+' issue-level ratings on the company's senior unsecured notes. S&P said, "The stable outlook reflects our view that demand for Harsco's services will remain strong, despite the potential for inflationary pressure, foreign exchange rates, and exited contracts to modestly dampen EBITDA growth. We believe free cash flow will be positive, and for Harsco to maintain S&P Global Ratings-adjusted leverage at or below 5x the next 12 months, excluding the potential sale of the rail business." The outlook revision primarily reflects Harsco's deleveraging over the past 12 months. S&P Global Ratings-adjusted EBITDA fell to 5x as of Dec. 31, 2021 from 5.6x the previous year. S&P said, "While the figure was at the high end of our previous expectation of 4.5x-5x, we believe the possibility of a lower rating has been significantly reduced over the next 12 months. In addition, Harsco has announced its intention to divest its rail business and we expect the company to apply proceeds toward debt reduction. In our opinion, a favorable sale price could lead to S&P Global Ratings-adjusted leverage of less than 4x in 2022. Although we believe the company may continue to experience some volatility in earnings, we expect Harsco to maintain leverage at or below 5x over the next 12 months, even excluding the potential sale of the rail business." Harsco's earnings volatility could stem from ongoing inflationary pressures from raw material price increases, labor, freight, and maintenance costs. Harsco's performance is, in part, correlated with commodity production levels. While not as volatile as commodity prices themselves, we believe the business remains relatively cyclical. S&P said, "In our view, moderate end market demand will continue to support Harsco's operating performance over the next 12 months. Higher volumes and commodity prices in Harsco Environmental, as well as growth within hazardous materials in Clean Earth, contributed to good performance in 2021. Revenues of its continuing operations were more than $1.8 billion and S&P Global Ratings' adjusted EBITDA margins improving by roughly 170 basis points. Over the next 12 months, we expect strong end market demand with increased mill services and growth from eco-products (previously applied products) to benefit Harsco Environmental, and both price and volume to benefit Clean Earth, resulting in low single-digit revenue growth for 2022. "We expect the company to generate modest positive free operating cash flow (FOCF) in 2022. We believe positive operating trends should support Harsco's earnings in 2022, and for leverage to continue to improve as the company divests the rail business. Although the company has generated negative reported FOCF in 2020 and 2021, we forecast the company to generate FOCF of about $20 million-$25 million in 2022, based on steady demand for its services, cost reductions, and continued contributions from acquisitions made in 2019 and 2020. "The stable outlook reflects our view that demand for Harsco's services will remain strong, despite macroeconomic headwinds. As a result, we expect Harsco to maintain S&P Global Ratings-adjusted leverage at or below 5x, even excluding the potential sale of its rail business, over the next 12 months. "We could lower our rating on Harsco if we expect S&P Global Ratings-adjusted debt to EBITDA to increase above 5x over the next 12 months without a credible plan to reduce leverage. This could occur if material costs increase substantially, or operating performance is weaker than anticipated. Although less likely given the company's financial goals, we could lower the rating if Harsco completed substantial debt-financed acquisitions or shareholder returns that also increased leverage above 5x." S&P could raise its rating on Harsco if: -- The continued evolution of the business toward environmental solutions translates into less cyclical operating and financial performance; -- S&P Global Ratings-adjusted debt to EBITDA remains below 4x throughout the business cycle; and -- The company consistently generates positive FOCF. ESG Credit Indicators: E-2, S-2, G-2 S&P said, "ESG factors are an overall neutral consideration in our credit rating analysis of Harsco Corp. The company provides environmental services for the metals industry and eco-products (58% of 2021 revenue), and hazardous waste solutions (42%). We believe the company is well-positioned to enhance its hazardous waste solutions portion of the business. Harsco has committed to reducing the energy and carbon intensity of their operations by 2025, and to avoid more than 25 million tons of carbon emissions from their recycling and repurposing solutions from 2019 to 2025." HELIUS MEDICAL: Incurs $18.1 Million Net Loss in 2021 ----------------------------------------------------- Helius Medical Technologies, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $18.13 million on $522,000 of total operating revenue for the year ended Dec. 31, 2021, compared to a net loss of $14.13 million on $661,000 of total operating revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $14.10 million in total assets, $2.85 million in total liabilities, and $11.26 million in total stockholders' equity. Cash used in operating activities for the 12 months ended Dec. 31, 2021 was $13.4 million compared to $11.7 million in the prior year. As of Dec. 31, 2021, the Company had cash of $11.0 million, compared to $3.3 million at Dec. 31, 2020. The Company had no debt outstanding at Dec. 31, 2021. Philadelphia, Pennsylvania-based BDO USA, LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 14, 2022, citing that the Company has incurred substantial net losses since its inception, has an accumulated deficit of $137.0 million as of Dec. 31, 2021 and the Company expects to incur further net losses in the development of its business. These conditions raise substantial doubt about its ability to continue as a going concern. Fourth Quarter 2021 Financial Results Total revenue for the fourth quarter of 2021 increased to $258,000, a 35% increase compared to $191,000 in the fourth quarter of 2020, and was comprised primarily of product sales in both periods. Gross profit for the fourth quarter of 2021 was $129,000, compared to gross loss of $10,000 in the fourth quarter of 2020. Operating expenses for the fourth quarter of 2021 increased to $4.2 million, compared to $3.0 million in the fourth quarter of 2020, an increase of $1.2 million. The planned increase primarily resulted from increased clinical and development activities preparing for the U.S. commercial launch of PoNS. Operating loss for the fourth quarter of 2021 increased $1.1 million to $4.1 million, compared to $3.0 million in the fourth quarter of 2020. Net loss was $4.1 million for the fourth quarter of 2021, compared to $2.5 million in the corresponding prior year period. The basic and diluted net loss per share for the fourth quarter was $1.31 per share, compared to $1.77 per share, for the fourth quarter of 2020. "The fourth quarter was an exciting and noteworthy time for the Company. While preparing for the U.S. commercial launch of PoNS for multiple sclerosis, we also received market authorization in Australia for use of PoNS to improve balance and gait, launched our Therapeutic Experience Program with NYU Langone, announced a collaborative clinical trial in stroke with the Medical University of South Carolina, and grew to 37 clinic locations in Canada," stated Dane Andreeff, president and chief executive officer of Helius. "In the U.S., the first PoNS prescriptions were received this month, and with the planned finalization of our pivotal stroke trial design and further expansion of TEP expected by the end of the second quarter, 2022 should be another eventful year for Helius, and we look forward to providing updates as our activities progress." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001610853/000156459022010124/hsdt-10k_20211231.htm About Helius Medical Helius Medical Technologies -- http://www.heliusmedical.com-- is a neurotech company focused on neurological wellness. Its purpose is to develop, license or acquire non-invasive technologies targeted at reducing symptoms of neurological disease or trauma. HORIZON GLOBAL: Frederick Henderson Quits as Director ----------------------------------------------------- Frederick A. Henderson, a current member of the Board of Directors of Horizon Global Corporation, with a term expiring at the Company's 2022 Annual Stockholder Meeting, notified the Company he will not stand for re-election at the 2022 Annual Meeting. Mr. Henderson currently serves as Chair on the Board's Audit Committee, and his service in this role will also end effective as of the 2022 Annual Meeting. His retirement from the Board did not result from a disagreement with the Company. The Board expressed its thanks to Mr. Henderson for his many significant contributions, including his exemplary leadership of the Audit Committee. The size of the Board will decrease from nine to eight members, effective as of the 2022 Annual Meeting. About Horizon Global Horizon Global -- http://www.horizonglobal.com-- is a designer, manufacturer, and distributor of a wide variety of custom-engineered towing, trailering, cargo management and other related accessory products in North America, Australia and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer. Horizon Global reported a net loss of $33.12 million for the 12 months ended Dec. 31, 2021, compared to a net loss of $37.98 million for the 12 months ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $438.92 million in total assets, $479.17 million in total liabilities, and a total shareholders' deficit of $40.25 million. HR 442 CORP: Case Summary & Seven Unsecured Creditors ----------------------------------------------------- Debtor: HR 442 Corp 47-29 Bell Blvd. Bayside, NY 11361 Business Description: HR 442 Corp is part of the traveler accommodation industry. Chapter 11 Petition Date: March 22, 2022 Court: United States Bankruptcy Court Eastern District of New York Case No.: 22-40562 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street Floor 2 New York, NY 10013 Tel: 212-620-0938 Email: lmorrison@m-t-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Ae Sook Choi, president. A copy of the Debtor's list of seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ACD3OAI/HR_442_CORP__nyebke-22-40562__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AEPYD2I/HR_442_CORP__nyebke-22-40562__0001.0.pdf?mcid=tGE4TAMA HUGHES SATELLITE: Moody's Affirms Ba3 CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Investors Service affirmed Hughes Satellite Systems Corporation's Ba3 corporate family rating, Ba3-PD probability of default rating, Ba1 senior secured notes rating, and B2 senior unsecured notes rating. Hughes' speculative grade liquidity rating was maintained at SGL-1. The outlook remains stable. "The CFR affirmation reflects expectations that the company will continue to maintain stable credit metrics while it manages through its satellite capacity constraints", said Peter Adu, Moody's Vice President and Senior Analyst. Affirmations: Issuer: Hughes Satellite Systems Corporation Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Senior Secured Regular Bond/Debenture, Affirmed Ba1 (LGD2) Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5) from (LGD4) Outlook Actions: Issuer: Hughes Satellite Systems Corporation Outlook, Remains Stable RATINGS RATIONALE Hughes' Ba3 CFR benefits from: (1) its North American market leading position in satellite-based consumer broadband internet; (2) moderate leverage (adjusted Debt/EBITDA) and Moody's expectation that the metric will be sustained below 2.5x in the next 12 to 18 months, absent acquisitions (was 2.1x for 2021); (3) good long term growth prospects when its new geosynchronous (GEO) satellite (Jupiter 3 or EchoStar XXIV) is launched because of rising demand for broadband internet globally; and (4) very good liquidity. The rating is constrained by: (1) its controlled ownership and lack of transparency on strategy and forward view indications; (2) limited growth opportunity in its consumer broadband internet business until its new GEO satellite is launched due to satellite capacity constraints; (3) competitive threats from evolving technology, increasing supply of communication satellites and US government broadband funding, which skews towards terrestrial telecom operators due to fiber buildouts; and (4) acquisition event risk. Hughes has two classes of debt: (1) Ba1-rated $750 million senior secured notes due August 2026; and (2) B2-rated $750 million senior unsecured notes due August 2026. The Ba1 rating on the secured notes, which is two notches above the CFR, benefit from preferential access to realization proceeds and loss absorption capacity provided by the unsecured notes. The B2 rating on the unsecured notes is two notch below the CFR to reflect their junior ranking in the debt capital structure. Moody's Loss Given Default (LGD) methodology suggests that the unsecured notes be rated one notch below the CFR due to the balance of secured and unsecured debt in the capital structure. However, as there is uncertainty around the company's go-forward capital structure, Moody's has opted to apply a one notch override to the LGD methodology outcome for the unsecured notes. Hughes is expected to have very good liquidity (SGL-1) over the next 12 months. Sources approximate $1.6 billion while it has no debt maturities in this timeframe. Sources include $1.3 billion of cash and marketable securities and Moody's expected free cash flow of $250 million in the next four quarters. Hughes maintains a large cash balance because it does not have a bank revolving credit facility. The company has limited flexibility to generate liquidity from asset sales. Hughes has low refinancing risk until 2026 when $1.5 billion of secured and unsecured notes come due. The outlook is stable because Moody's expects stable operating performance, maintenance of very good liquidity and leverage sustained below 2.5x in the next 12 to 18 months despite satellite capacity constraints and delayed construction and launch of its new GEO satellite. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Hughes' rating could be upgraded if there is a clear commitment from the company that leverage will be sustained below 2.5x (2.1x for 2021), the Jupiter 3 satellite is launched successfully, and there is material growth in subscribers and EBITDA. The rating could be downgraded if there are material declines in subscribers and EBITDA or if leverage is sustained above 3.5x (2.1x for 2021). A downgrade could also occur if liquidity becomes weak. The principal methodology used in these ratings was Communications Infrastructure published in February 2022. Hughes Satellite Systems Corporation, a wholly-owned subsidiary of EchoStar Corporation and headquartered in Englewood, Colorado, provides satellite-based broadband internet to consumers and small to medium sized businesses. Hughes also manufactures/provides satellite network technologies and services to corporations and governments. Revenue for the year ended December 31, 2021 was $2 billion. JAGUAR HEALTH: Issues 1.8M Common Shares to Royalty Interest Holder ------------------------------------------------------------------- Jaguar Health, Inc. entered into a privately negotiated exchange agreement on March 4, 2022, with a holder of royalty interest in the Company. Pursuant to the First Exchange Agreement, the Company issued 2,000,000 shares of common stock to such holder in exchange for an $828,400 reduction in the outstanding balance of the royalty interest held by such holder. On March 9, 2022, the Company entered into a privately negotiated exchange agreement with a holder of royalty interest in the Company. Pursuant to the Second Exchange Agreement, the Company issued 1,850,000 shares of common stock to such holder in exchange for a $747,215 reduction in the outstanding balance of the royalty interest held by such holder. The shares of common stock that were issued in the exchange transaction described above were issued in reliance on the exemption from registration provided under Section 3(a)(9) of the Securities Act of 1933, as amended. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar Health reported a net loss and comprehensive loss of $52.60 million for the year ended Dec. 31, 2021, a net loss and comprehensive loss of $33.81 million for the year ended Dec. 31, 2020, a net loss and comprehensive loss of $38.54 million for the year ended Dec. 31, 2019, and a net loss of $32.15 million for the year ended Dec. 31, 2018. As of Dec. 31, 2021, the Company had $53.26 million in total assets, $41.41 million in total liabilities, and $11.85 million in total stockholders' equity. JONES SODA: Incurs $1.8 Million Net Loss in 2021 ------------------------------------------------ Jones Soda Co. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $1.81 million on $14.79 million of revenue for the year ended Dec. 31, 2021, compared to a net loss of $3 million on $11.90 million of revenue for the year ended Dec. 31, 2020. The Company also reported a net loss of $2.78 million for the year ended Dec. 31, 2019. 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. Fourth Quarter 2021 Financial Results Revenue in the fourth quarter of 2021 increased 18% to $2.9 million compared to $2.5 million in the prior year period. The revenue growth was primarily attributable to the continued sales momentum of Jones' core bottled soda products. Gross profit as a percentage of revenue increased 260 basis points to 26.5% for the fourth quarter of 2021 compared to 23.9% in the year-ago period. The improvement in gross profit margin reflects the Company's continued shift to a more favorable product mix. Net loss for the fourth quarter of 2021 was $1.3 million, or $(0.02) per share, compared to a net loss of $0.9 million, or $(0.01) per share, in the fourth quarter of 2020. The increase in net loss was primarily attributable to the added operating expenses related to the Company's expected strategic entry into the cannabis sector, which were approximately $0.4 million in the fourth quarter of 2021. Adjusted EBITDA1 in the fourth quarter of 2021 was $(1.2) million compared to $(0.8) million the prior year period. 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 Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1083522/000143774922006106/jsda20211231_10k.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. KARTES LEASING: Seeks to Hire Peter N. Greenfeld as Special Counsel ------------------------------------------------------------------- Kartes Leasing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire the Law Offices of Peter N. Greenfeld, P.C. as its special counsel. The Debtor requires legal assistance in the case styled Premier Easy, Inc. vs. Kartes Leasing, LLC, Case No. CV2022-090413, in the Superior Court of Maricopa County, State of Arizona. The hourly rates charged by the firm's attorneys and paralegals are as follows: Attorneys $200 per hour Paralegals $75 per hour As disclosed in court filings, the Law Offices of Peter N. Greenfeld does not represent interests adverse to the Debtor and the bankruptcy estate. The firm can be reached through: Peter N. Greenfeld, Esq. Law Offices of Peter N. Greenfeld, P.C. 1212 East Osborn, Suite 115 Phoenix, AZ 85014 Phone: +1 602-956-4226 Email: pgreenfeld@azfranchiseelaw.com About Kartes Leasing Kartes Leasing, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 22-00997) on Feb. 18, 2022, listing up to $1 million in assets and up to $500,000 in liabilities. Joseph E. Cotterman serves as the Subchapter V trustee. Judge Brenda Moody Whinery oversees the case. D. Lamar Hawkins, Esq., at Guidant Law, PLC and the Law Offices of Peter N. Greenfeld, P.C. serve as the Debtor's bankruptcy counsel and special counsel, respectively. KR CITRUS: Seeks Cash Collateral Access --------------------------------------- KR Citrus, Inc. says it immediately needs to use cash collateral to maintain operations. Accordingly, KR Citrus asks the U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, for authority to use cash collateral. The cash collateral sought to be used are proceeds from sales of citrus products and dragon fruit nursery products. The amount of cash collateral sought to be used for the subject period is approximately $180,632. The proceeds are held by The Home Depot due to a "claimed" but disputed security interest being asserted by Vox Funding, LLC. The subject proceeds are subject to a Producer's Lien held by PTF, a partnership; a blanket lien including farm products asserted by FarmLink; a lien asserted by the Small Business Administration; and the disputed security interest claimed by Vox. A copy of the motion is available at https://bit.ly/3L2CwoP from PacerMonitor.com. About KR Citrus, Inc. KR Citrus, Inc. is a California corporation is engaged in the fruit and vegetable preserving and specialty food manufacturing business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-10416) on March 18, 2022. In the petition signed by James Reed, chief executive officer, the Debtor disclosed $2,002,186 in assets and $1,590,819 in liabilities. Judge Jennifer E. Niemann oversees the case. Riley C. Walter, Esq., at Wanger Jones Helsley is the Debtor's counsel. LEAR CAPITAL: May 2, 2022 Claims Filing Deadline Set ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set May 2, 2022, as the last date for persons or entities to file their claims against Lear Capital Inc. The Court also set Sept. 30, 2022, as the deadline for governmental units to file their claims against the Debtors. All parties asserting claims against the Debtor, may file a proof of claim through the website of the Debtor's claims agent at https://onlineclaims.bmcgroup.com/LearCapital/claim/Filing410. Alternative, proofs of claim may be submitted by: a) first claim mail to: BMC Group Attn: Lear Capital Claims Processing PO Box 901001 Los Angeles, CA 90009 b) overnight delivery to: BMC Group Attn: Lear Capital Claims Processing 3732 West, 120th Street Hawthorne, CA 90250 About Lear Capital Inc. Lear Capital Inc. is a silver- and gold-coin dealer based in Los Angeles, California. Lear Capital Inc. sought voluntary Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10165) on March 2, 2022, to weather possible future legal claims associated with its sales practices as well as customer disclosures. The case is handled by Honorable Judge Brendan Linehan Shannon. As of Feb. 28, 2022, Lear Capital had assets of $34,449,619 against liabilities of $22,355,066. Shulman Bastian Friedman & Bui LLP is the Debtor's general counsel. Morris James LLP is the Debtor's local counsel. Paladin Management Group is the financial advisor. BMC Group Inc. is the claims agent. LEGACY EDUCATION: Plans to Uplist to Nasdaq ------------------------------------------- Legacy Education Alliance, Inc. has announced its strategic initiatives for the next 12 months, including to effect a Nasdaq uplisting. In connection with this initiative, Legacy Education is releasing a presentation outlining its business and Nasdaq uplisting strategy. "Our goal is to combine Legacy's history of real estate, financial and entrepreneurial education and mentoring with Coopersmith's career-focused, low-cost degree completion program. We seek to build a sales and mentoring team that expands our universe of students, and helps guide them on their personal path to fulfilment of career and financial goals," Legacy Education CEO Barry Kostiner said. "I am delighted to have the opportunity to present at the Family Office Experience symposium in Dubai at the end of March. I currently devote approximately half of my time to SPACs and half to building Legacy Education. We are working towards partnering with Andrew McDonald to work with Legacy Education as a platform for investment in real estate, both in partnership with our students, as well as the launching of real estate SPAC investment vehicles of which the expectation is that Legacy Education would be a participant in the sponsor. Additionally, we have launched an active social media strategy, with guidance from Ari Zoldan at Quantum Media. We will share our vision with investors and students at: https://www.linkedin.com/in/barry-kostiner/recent-activity/shares/ and https://www.youtube.com/c/EliteLegacyEducation/playlists." As part of its strategic initiatives, Legacy Education is embarking on a number of transactions intended to strengthen the Company's balance sheet and strategic positioning, including relationships with Exampil and multiple education guidance counselors, marketers and non-profits. The foundation of the proposed Legacy Education Nasdaq uplisting is the potential spinoff of the existing Legacy Education business, which was previously approved by shareholders, and the proposed acquisition of Coopersmith Career Consulting. Barry Kostiner further explained, "We are excited about building Legacy Education as a leading EdTech innovator. We are negotiating the acquisition of Coopersmith Career Services, my family's online degree education business, as well as negotiating a potential collaboration with Exampil, an Indian peer-to-peer EdTech and AI company. At $0.15 / share, we have a market cap of under $6 mm. In contrast, based on publicly available information, Coursera has a market cap over $2.3 bn, and in 2021 they had a net loss of $145 mm. Only 12% of Coursera's revenues came from online degrees, with 29% from enterprise services and 59% from non-proctored course certificates that cannot be used towards a degree. We believe Legacy Education is well positioned to raise capital and build a profitable education business that helps students complete degrees, launch careers and start their journey to fulfilling financial and life goals." About Legacy Education Cape Coral, Fla.-based, Legacy Education Alliance, Inc. -- http://www.legacyeducationalliance.com-- is a provider of practical and value-based educational training on the topics of personal finance, entrepreneurship, real estate investing strategies and techniques. Legacy Education Alliance reported a net income of $16.01 million for the year ended Dec. 31, 2020, compared to a net income of $9.95 million for the year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $2.17 million in total assets, $23.67 million in total liabilities, and a total stockholders' deficit of $21.50 million. MaloneBailey, LLP, in Houston, Texas, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 9, 2021, citing that the Company has a net capital deficiency and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. LITTLE WASHINGTON: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Little Washington Fabricators, Inc. PO Box 304 Wagontown, PA 19376 Chapter 11 Petition Date: March 22, 2022 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 22-10695 Judge: Hon. Eric L. Frank Debtor's Counsel: Albert A. Ciardi III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 E-mail: aciardi@ciardilaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Douglas L. Howe as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/OGNZYWI/Little_Washington_Fabricators__paebke-22-10695__0006.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/IBGDF3I/Little_Washington_Fabricators__paebke-22-10695__0001.0.pdf?mcid=tGE4TAMA LOCAL MOTION: Unsecureds' Recovery Hiked to 13.66% in Plan ---------------------------------------------------------- Local Motion MN, LLC, submitted a Second Modified Plan of Reorganization under Subchapter V dated March 17, 2022. The second modified chapter 11 plan of reorganization proposes to pay creditors of the Debtor with all of the projected disposable income of the Debtor for a 60 month period. The Debtor was formed in 2015 by one of the current stakeholders, David Seeley. The service mark on the name "Local Motion" continues to be held by David Seeley as an individual pursuant to United State Patent and Trademark filing #78232182, and is subject to the security interest of Richard H. Nicholson, the holder of the Class 1 claim, and the second priority claim of 8624 Monticello, LLC, the holder of the Class 2 claim. Prior to the forming of the debtor in 2015, the company existed as another entity formed in 1998, but the focus of the company from the beginning was local and intra-Minnesota household goods moving and storage, and the company did quite well until 2008. Class 1 consists of the claim of Richard H. Nicholson, as collateral agent. The Class 1 Claim, with a balance of $265,798.68 will be paid in full, in cash until said Class 1 Claim is paid in full, as follows: (a) for a period of 60 months from the Effective Date at the annual interest rate of 5.0%, with a principal and interest payment of $5,015.95 per month, on an amortizing basis of principal and interest, on a five year amortization schedule. However, so long as Netsirv, LLC is current on its obligations under the November 1, 2020 Second Forbearance Agreement between Richard H. Nicholson and Netsirv, LLC, the $5,015.95 payment will be made to 8625 Monticello, LLC as a payment in addition to and not in reduction of the Class 2 secured claim of $164,343.69. Upon being given notice by Richard H. Nicholson that Netsirv is in default under the November 1, 2020 Second Forbearance Agreement, the $5,015.95 payment will be made to Richard H. Nicholson. The holder of the Class 1 Claim shall retain its first priority lien secured by all the assets of the Debtor. Should the Debtor's assets be liquidated outside the sale of inventory and the collection of accounts receivable in the ordinary course of business, the Class 1 Claim will retain its first priority security interest in the full amount of the debt owed to it. Class 2 consists of the Claim of 8625 Monticello, LLC. The Class 2 Claim, with a total balance of $914,853.82, will be paid its secured claim of $164,343.69 in full, in cash until said Class 2 Claim is paid in full, as follows: (a) for a period of 60 months from the Effective Date at the annual interest rate of 5.0%, with a principal and interest payment of $3,101.37 per month, on an amortizing basis of principal and interest, on a five year amortization schedule. Any payments received by 8625 Monticello, LLC will be paid as additional secured claim payments, recognizing that any payments made by Netsirv, LLC to reduce the secured claim of Richard H. Nicholson should inure to the benefit of the second priority secured claim and not to the Debtor. The holder of the Class 2 Claim shall retain its second priority lien partially secured by all the assets of the Debtor. The unsecured portion of this claim will be treated in Class 3. Should the Debtor's assets be liquidated outside the sale of inventory and the collection of accounts receivable in the ordinary course of business, the Class 2 Claim will retain its security interest in the full amount of the debt owed to it, subject only to the first priority security interest held by the Class 1 Claim. Class 3 consists of Allowed General Unsecured Claims. As of the date hereof, the Debtor estimates the total pool of allowed general unsecured claims to be approximately $3,018,500. In full satisfaction of such claims, each Holder of a Class 3 claim shall receive its pro rata share of $267,629.00 over the length of this Plan. The percentage payment to each Class 3 creditor is approximately 13.66%, and such percentage will increase if funds are paid in the Retained Actions On the Effective Date, all of the Debtor's respective rights, title, and interest in and to all assets shall vest in the reorganized Debtor, and in accordance with section 1141 of the Bankruptcy Code. The reorganized Debtor shall retain all causes of action, including without limitation causes of action that may exist under sections 542, 544 through 550 and 558 of the Bankruptcy Code or under similar state laws (collectively, the "Retained Actions"). The Debtor plans to bring adversary actions against the following, and any net recovery will supplement the payments to Class 3. A full-text copy of the Second Modified Plan of Reorganization dated March 17, 2022, is available at https://bit.ly/3CZPZuH from PacerMonitor.com at no charge. Attorney for the Debtor: John D. Lamey III, Esq. 980 Inwood Ave N Oakdale, MN 55128 651-209-3550 Fax 651-789-2179 About Local Motion MN Local Motion MN, LLC, is a full-service moving & storage company based in Roseville, MN. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 21-31539) on Sept. 10, 2021. In the petition signed by Mitchel Rittenhouse, chief financial officer, the Debtor disclosed $415,142 in assets and $3,591,884 in liabilities. Judge Katherine A. Constantine oversees the case. John D. Lamey III, Esq., at Lamey Law Firm, P.A., is the Debtor's counsel. LUX AMBER: Delays Filing of Form 10-Q for Quarter Ended Jan. 31 --------------------------------------------------------------- Lux Amber, Corp. filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Quarterly Report on Form 10-Q for the period ended Jan. 31, 2022. The Company said it needs additional time to complete the auditor's review of its financial statements, in order to complete the quarterly report on Form 10-Q prior to filing. About Lux Amber Corp. Headquartered in Frisco, TX, Lux Amber, Corp., formed on Jan. 19, 2018, is an international specialty chemical company. LAC has three wholly owned subsidiaries: Worldwide Specialty Chemicals, Inc., Industrial Chem Solutions, Inc., and Safeway Pest Elimination, LLC. Lux Amber reported a net loss of $1.98 million for the year ended April 30, 2021, compared to a net loss of $1.49 million for the year ended April 30, 2020. As of Oct. 31, 2021, the Company had $3.41 million in total assets, $2.82 million in total liabilities, and $587,031 in total equity. Plano, Texas-based Whitley Penn LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Sept. 29, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. MARKEL CATCO: Bankruptcy Court Approves Buy-Out Transaction ----------------------------------------------------------- Markel Corporation and Markel CATCo Investment Management Ltd. ("MCIM") on March 16 announced court approval of the buy-out transaction and schemes of arrangement (the "Buy-Out Transaction") being undertaken by Markel CATCo Reinsurance Fund Ltd. (the "Private Fund") and the CATCo Reinsurance Opportunities Fund (the "Public Fund" and together with the Private Fund, the "Funds"). These two insurance-linked securities funds are currently in runoff and are managed by MCIM, the Funds' Bermuda-based investment manager. On February 16, 2022, the Bermuda Court issued an order to convene meetings of the investors in the Funds for purposes of voting on whether to proceed with the Buy-Out Transaction that would allow for the accelerated distribution of remaining capital to investors in the Funds. On March 4, 2022, meetings of investors in the Funds were held at which the investors overwhelmingly voted to proceed with the Buy-Out Transaction. On March 11, 2022, the Bermuda Court issued orders approving the Buy Out Transaction (the "Bermuda Orders"). On March 16, 2022, the United States Bankruptcy Court for the Southern District of New York entered orders approving the enforcement in the United States of the Bermuda Orders pursuant to Chapter 15 of the United States Bankruptcy Code. All material conditions for closing the Buy-Out Transaction have now been satisfied. As previously announced, the Buy-Out Transaction will be facilitated by affiliates of Markel Corporation that will provide funding up to $50 million to buy-out substantially all of the retrocessional segregated accounts of the Funds and will provide tail risk cover that will allow for the return of trapped collateral to investors in the Aquilo Fund, a segregated account of the Private Fund. Additionally, Markel Corporation will make payments to or for the benefit of investors in the Funds, net of insurance proceeds, of approximately $100 million. Under the terms of the Buy-Out Transaction, participants in the Buy-Out Transaction will retain the right to receive any upside at the end of the applicable run-off period if Markel CATCo Re Ltd.'s held reserves exceed the amounts necessary to pay ultimate claims. The affiliates of Markel Corporation financing the Buy-Out Transaction expect to receive a return of all their funding in relation to the full buy-out of the Funds by the end of the run-off periods. Effective at closing, all investors in the Funds, the Markel CATCo Group Companies (MCIM, the Funds and Markel CATCo Re Ltd.), Markel Corporation and each of their related parties, among others, will grant mutual releases of all claims related to the Buy-Out Transaction, the Markel CATCo Group Companies' businesses and the investors' investments in the Funds. Also at closing, the two lawsuits filed by investors in the Private Fund against the former Chief Executive Officer of MCIM will be dismissed with prejudice. It is expected that the closing of the Buy-Out Transaction will occur in late March 2022. About Markel Corporation Markel Corporation (NYSE: MKL) -- http://www.markel.com/-- is a diverse financial holding company serving a variety of niche markets. The company's principal business markets and underwrites specialty insurance products. In each of the company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. MARRONE BIO: To Merge With Bioceres in All-Stock Transaction ------------------------------------------------------------ Bioceres Crop Solutions Corp. and Marrone Bio Innovations, Inc. have entered into a definitive agreement to combine the companies in an all-stock transaction. Under the terms of the transaction, which has been unanimously approved by the Board of Directors of both companies, each share of MBI common stock will be exchanged at closing for ordinary shares of Bioceres at a fixed ratio of 0.088, representing a value of approximately $236 million, based on the Bioceres and MBI share prices at market close on March 15, 2022 and the number of current outstanding MBI shares. This transaction will combine Bioceres' expertise in bionutrition and seed care products with MBI's leadership in the development of biological crop protection and plant health solutions, creating a global leader in the development and commercialization of sustainable agricultural solutions. The companies together operate in 46 countries with approximately 640 employees, including two wholly owned manufacturing facilities and research and development (R&D) facilities located in Davis, California, and Rosario, Argentina. "We are very excited about the value creation that will result from this combination for customers, employees and investors," said Bioceres Chief Executive Officer Federico Trucco. "By combining our current commercialized products and pipelines, we will be in a position to serve all major agriculture input categories with low environmental impact, highly efficacious, biological based solutions." Trucco added, "MBI's commercial footprint in North America and Europe will strongly complement our existing efforts in these geographies, while Bioceres' leadership in Latin America will provide an excellent channel for MBI's portfolio in these important row-crop markets. Together, we will create a winning platform in one of the most dynamic segments of agriculture." "Our merger has the potential to accelerate global reach, broaden our product offerings and expand our R&D programs," said Kevin Helash, chief executive officer of Marrone Bio. "Consumer and grower demand is accelerating for agricultural products that help produce safe, affordable food in a sustainable manner. We will be able to further serve that market opportunity and provide our distribution partners and our growers with greater returns on investment." Helash noted that the merger is anticipated to generate $8 million in annual cost synergies, the majority of which relate to the elimination of duplicative public company expenses and consulting fees. "MBI and Bioceres have a shared culture of innovation and entrepreneurial spirit. With complementary R&D capabilities, the combination unlocks many additional possibilities for further groundbreaking commercial solutions," Helash concluded. "Bioceres has a proven track record in successfully integrating and scaling up businesses that have cultures focused on the commercialization of innovation. Since we integrated Rizobacter just over five years ago, revenue almost tripled and margins have expanded, driving ~4x increase in EBITDA. Rizobacter had the team, the products, the industrial capabilities and strong customer relationships needed to materialize growth, and we partnered with their leadership to unlock the opportunity," said Enrique Lopez Lecube, Bioceres' CFO. "Concurrent with Rizobacter's acquisition, Bioceres negotiated a $45 million long-term loan, today fully repaid, that brought in the financial resources to execute on our ambitious plans. Similarly, today we are announcing that in connection with the merger, we have agreed to terms for up to $45 million in long-term committed capital in the form of a convertible loan. In addition to each company's existing cash position, we estimate that pro forma cash will be around $100 million. Finally, we are also announcing the conversion to equity of 75% of the 2023 convertible loan, with the other 25% restructured into a new 4-year loan," added Lopez Lecube. "We are excited that the scale created by this combination with Bioceres can accelerate and expand the commercialization of Marrone's existing products. The combined companies will have the quality, experience and depth of management as well as the financial resources to realize the full potential of Marrone's pipeline," said Dwight Anderson, managing partner at Ospraie Ag Science LLC, the largest shareholder of MBI. The combined company will have a diverse customer base, product portfolio and geographic reach across a wide range of crops, positioned to serve the massive market opportunity emerging from the bio-reduction and replacement of chemical ag inputs. Key products in the combined companies' R&D pipelines include Bioceres' HB4 drought tolerance program in wheat and soybeans and MBI's breakthrough research in bioherbicides. Additionally, MBI recently submitted regulatory packages for its novel bioinsecticide/bionematicide products MBI-306 and MBI-206 to the U.S. Environmental Protection Agency and Brazilian authorities for approval, respectively. Transaction Details The transaction is expected to close in the third quarter of calendar 2022, subject to the approval of MBI shareholders, regulatory clearance and other customary closing conditions. Shareholders representing approximately 49% of MBI's outstanding shares of common stock have entered into customary transaction support agreements, agreeing to vote their shares in favor of the merger agreement and transactions contemplated thereby. Upon close, MBI shareholders will own approximately 16 million shares of Bioceres, with at least two individuals designated by MBI to be appointed to Bioceres' board of directors. Linklaters LLP is serving as legal counsel to Bioceres. Roth Capital Partners is serving as financial advisor to MBI, and Morrison & Foerster LLP is serving as legal counsel to MBI. Bioceres Financing And Capitalization Update In connection with the transaction, Bioceres has agreed to terms for a capital commitment with a principal amount between $37.5 million and $45 million in the form of a convertible loan. The loan will mature four years after closing and accrue interest at an annual rate of 9%, of which 5% will be payable in cash and 4% in-kind. At any time up to maturity the lenders will have the option to convert the loan into common shares of Bioceres at a strike price of $18 per share. Bioceres will have the option for a voluntary prepayment beginning 30 months after the date on which the loan has been effected. Bioceres has also entered into an agreement with holders of a convertible note with an outstanding principal amount of $49.1 million that matures in March 2023. Under such agreement, and pursuant to the terms of the convertible note, the holders of the convertible note have committed to convert 75% of the outstanding principal amount into shares of common stock of Bioceres. The remaining 25% of the principal amount outstanding will be rolled into a new loan facility with a maturity of 4 years and no rights to convert into equity. Under the proposed terms, the closing of the conversion of the existing convertible notes and closing of the related new term loan are expected to occur within six weeks, and the closing of the new convertible loan is conditioned on, and will occur simultaneously with the closing of the transaction. The terms of the conversion, new term loan and new convertible loan described above are subject to negotiation and execution of customary definitive documentation. A full-text copy of the Agreement and Plan of Merger is available for free at: https://www.sec.gov/Archives/edgar/data/1441693/000149315222007027/ex2-1.htm About Marrone Bio Innovations Based in Davis, California, Marrone Bio Innovations, Inc. -- http://www.marronebio.com-- discovers, develops and sells innovative biological products for crop protection, plant health and waterway systems treatment. The Company's products are sold through distributors and other commercial partners to growers around the world for use in integrated pest management and crop protection systems that improve efficacy and increase yields and quality while protecting the environment. Its products are often used in conjunction with or as an alternative to other agricultural solutions to control pests and enhance plant nutrition and health. Marrone Bio reported a net loss of $20.17 million for the year ended Dec. 31, 2020, a net loss of $37.17 million for the year ended Dec. 31, 2019, and a net loss of $20.21 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $82.14 million in total assets, $51.51 million in total liabilities, and $30.63 million in total stockholders' equity. MAXLINEAR INC: S&P Upgrades ICR to 'BB' on Rapid Deleveraging ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based provider of radio-frequency, analog, and mixed-signal integrated circuits MaxLinear Inc. to 'BB' from 'BB-'. S&P also raised its issue-level rating on the company's first-lien term loan to 'BB' from 'BB-' based on a recovery rating of '3'. S&P said, "The stable outlook reflects our expectation that MaxLinear will continue to benefit from good attach rates on its Wi-Fi products and ongoing 5G infrastructure spending such that revenue grows in the mid-teens percent area and EBITDA margins stay in the mid-to-high 20% area. We expect this to result in leverage in the low-to-mid 1x area and free operating cash flow (FOCF) to debt in the 50% area. We also expect a balanced acquisition strategy that supports long-term leverage not well exceeding 2x." MaxLinear has benefitted from cost synergies, good product demand, and the ability to cross-sell its acquired Wi-Fi products. In addition to term loan reductions, this has supported a decrease in leverage to 1.5x at the end of 2021 compared with our previous expectation in the mid-2x area. S&P said, "We expect MaxLinear to continue maintaining leverage well below 2x in 2022, supported by demand tailwinds and cross-selling opportunities. The rating action reflects MaxLinear's faster-than-expected deleveraging to 1.5x in 2021, supported by debt reduction of about $40 million and strong performance characterized by pro forma revenue growth of about 27% and EBITDA margins improving to 25.5%. We believe the company could reduce leverage further toward the low-1x area in 2022, driven by revenue growth in the mid-teens percent area helped by ongoing demand tailwinds from 5G infrastructure spending and the ability to increase the attach rate of its Wi-Fi, Ethernet, and other chipsets with its existing modem and gateway front-end products. We also expect operating leverage gains to help support EBITDA margins in the mid-to-high 20% area. "While we note the uncertain supply environment could have an unforeseen adverse impact on near-term performance, we would still expect leverage to likely remain below 2x, barring sizable debt-funded acquisitions, and in line with similar 'BB' rated peers. We also note MaxLinear's revenue concentration in the relatively cyclical and volatile broadband, connectivity and communications infrastructure end markets." While MaxLinear is somewhat acquisitive, the company has a good track record of integration success and post-close deleveraging. S&P said, "We consider MaxLinear to be quite acquisitive, having undertaken two debt-funded acquisitions over the past five years: Exar Corp. in 2017 and Intel's home gateway division in 2020. While both deals contributed to closing pro forma leverage of above 3x, the company had been able to successfully integrate those businesses and rapidly reduce leverage back to below 3x. While the integration of potentially larger scale acquisitions may be more complex, MaxLinear's recent history gives us some confidence in the execution of its acquisition strategy. We expect such acquisitions to continue as the company may seek to increase its revenue scale and improve business diversification." MaxLinear should continue generating strong FOCF supported by a capital expenditure (capex)-lite operating model. With growing EBITDA and modest capex due to the company's outsourced manufacturing model, S&P expects FOCF to remain strong at $170 million-$190 million in 2022 despite the prospect of increasing interest rates. This should allow for further debt reductions and shareholder distributions, assuming the company does not undertake significant acquisitions. S&P said, "The stable outlook reflects our expectation that MaxLinear will continue to benefit from good attach rates on its Wi-Fi products and ongoing 5G infrastructure spending such that revenues grow in the mid-teens percent area and EBITDA margins stay in the mid-to-high 20% area. We expect this to result in leverage in the low-to-mid 1x area and FOCF-to-debt in the 50% area. We also expect the company to maintain an acquisition strategy that supports long-term leverage not well exceeding 2x." S&P could lower its rating if: -- MaxLinear were unable to successfully manage the ongoing difficult supply chain environment or sales execution issues such that it experienced sustained revenue and EBITDA declines; and -- S&P expected leverage could exceed 3x or FOCF to debt fall materially below 15% on a sustained basis while also accounting for potential cyclical market downturns. This could be due to an aggressive financial policy involving large debt-funded acquisitions. S&P could raise its rating if: -- MaxLinear maintained organic revenue growth in the double-digit percent area such that it gained further scale while improving its end-market and customer diversification and maintaining EBITDA margins well above 20%; and -- S&P expects leverage to remain below 1x on a sustained basis even after accounting for acquisitions and shareholder distributions. This could be driven by further debt prepayments and a clearly defined financial policy that focuses less on large debt-funded acquisitions. ESG credit indicators: E-2, S-2, G-2 MICHAEL A. GLEIBER: Has $225,000 Accord with Seacoast ----------------------------------------------------- Michael A. Gleiber, M.D., P.A. and Michael A. Gleiber ask the U.S. Bankruptcy Court for the Southern District of Florida to approve an agreement that resolves their disputes with Seacoast National Bank. Seacoast timely filed a proof of claim in each Debtor's chapter 11 case, asserting a $499,806 claim, arising from its pre-petition loans to Gleiber PA in the total principal amount of $500,000, issued pursuant to a promissory note personally guaranteed by Gleiber. Seacoast has served Rule 2004 discovery requests upon, and has scheduled Rule 2004 examinations for, the Debtors and several insiders and related parties in this case. Seacoast commenced an adversary proceeding (adv. no. 21-01404-MAM) on December 20, 2021, by filing a complaint asserting claims seeking to except the Seacoast Claim from Debtors' bankruptcy discharge under 11 U.S.C. section 523(a) and objecting to the Debtors' discharge under 11 U.S.C. sections 1192, 1141 and 727(a). The Debtors filed an answer, affirmative defenses and counterclaims to the Seacoast Complaint on February 10, 2022. Gleiber PA filed a motion to dismiss its chapter 11 case on January 19, 2022. Seacoast filed an objection to the motion and competing motion for conversion of the Gleiber PA chapter 11 case to chapter 7 on February 10, 2022, and a motion to appoint an examiner in the Gleiber PA chapter 11 case on February 28, 2022. Examiner Bid In consultation with the U.S. Trustee and the Subchapter V Trustee, Seacoast modified the relief sought to request that, rather than appointing a separate examiner that is a stranger to this case, the Subchapter V Trustee's duties be expanded to perform examining duties. The U.S. Trustee and the Subchapter V Trustee consented to the amended relief sought. At the recent hearing on the Debtor's Motion to Dismiss, the Court made its own observations that the appointment of an examiner would appear to be the appropriate relief to address the issues raised by Seacoast and other interested parties related to incomplete discovery, a multitude of questionable transfers, and lack of clarity for dissipation of the Debtor's tangible assets. Seacoast believed expanding the Subchapter V Trustee's duties to include Examining Duties would (i) negate any patient care issues identified by the Debtor, (ii) address the Court's observations of the need for an independent investigation as the most appropriate relief under the circumstances, and (iii) be the most efficient way to conduct an investigation as the Subchapter V Trustee already has familiarity with the case, the Debtor's financial affairs and the outstanding issues. According to Seacoast, the Examining Duties of the Subchapter V Trustee should include: (i) audit all transfers by the Debtor and its owner, Dr. Michael A. Gleiber, which has also sought Chapter 11 protection, from January 1, 2018 through the date of appointment, (ii) audit the disposition of assets by the Debtors since January 1, 2018, and (iii) determine the current assets in possession or control of the Debtors. The Debtors' finances are intertwined: the bank records Seacoast has been able to obtain (including its own records) show the Debtors constantly transferring significant sums between their accounts, writing checks between their accounts and overdrafting, and regularly withdrawing large amounts of cash from the P.A.'s accounts for apparently no business purpose. Moreover, Dr. Gleiber has not been able to provide any receipts for his alleged sales of over $2.2 million of gold, silver, watches and jewelry, which occurred approximately within two years prepetition. Dr. Gleiber's fixed, liquidated, unsecured debts are scheduled to exceed $5.6 million. $225,000 Accord The Debtors have determined that it makes eminent business sense, as a sound exercise of their business judgment in the best interests of the estate and creditors, to resolve their disputes with Seacoast. The Settlement Agreement is conditioned upon entry of final non-appealable orders approving the Agreement and dismissing the Gleiber PA chapter 11 case. The salient terms of the Settlement Agreement are: (a) The Debtors will pay $225,000 to Seacoast in cleared funds as follows: (i) $10,000 due and payable by April 15, 2022, and (ii) $215,000 due and payable by September 30, 2022. (b) Seacoast will obtain a consent judgment against the Debtors, jointly and severally, in the full amount of the Seacoast Claim, upon its section 523(a) claims asserted in the Seacoast AP. Seacoast agrees to forbear from enforcement and execution of Seacoast Judgment pending timely payment and receipt of the Settlement Payment, which shall be deemed payment in full satisfaction, accord and release of the Seacoast Judgment. (c) Seacoast's discharge objection claims and the Debtors' counterclaims asserted in the Seacoast AP shall be dismissed with prejudice. (d) The Rule 2004 Discovery shall be abated then withdrawn upon settlement approval. (e) The parties agree to general mutual releases as specifically delineated in the Agreement. The Debtors have raised certain defenses and counterclaims to the Seacoast Claim and in the Seacoast AP, which have been challenged by Seacoast and will lead to fact-intensive, time-consuming litigation if not dismissed by dispositive motion. While the Debtors stand by the merits of their defenses and counterclaims, they cannot say that the successful prosecution of same through litigation is likely or even probable. Moreover, each of the insider transferees of Gleiber PA have asserted new value and ordinary course of business defenses to the potential avoidance of any alleged loan repayments by Gleiber PA in the one-year period prior to the Gleiber PA bankruptcy filing. After incurring substantial administrative expense in litigating their disputes, the Debtors believe there will be collectability issues in respect of any money judgment entered in the Seacoast AP. Gleiber PA is no longer operating and has no ability to generate future revenues to satisfy any claims asserted against Gleiber PA. Gleiber is currently unemployed and similarly lacks any income that can be used to satisfy a money judgment. As discussed at the status conference in the adversary proceeding (adv. no. 21-01404-MAM) held March 9, 2022, the Debtors request that the Court schedule the hearing to approve the Settlement for April 12, 2022, at 1:30 p.m. Seacoast National Bank is represented by: Eyal Berger, Esq. Amanda Klopp, Esq. Akerman LLP 201 E. Las Olas Blvd., Suite 1800 Fort Lauderdale, FL 33301 Tel: (954) 463-2700 Fax: (954) 463-2224 Email: eyal.berger@akerman.com amanda.klopp@akerman.com About Michael A. Gleiber, M.D., P.A. West Palm Beach, Fla.-based Michael A. Gleiber, M.D., P.A. offers surgical services related to the spine. Dr. Michael A. Gleiber, the P.A.'s principal and 100% owner, is the sole orthopedic spine surgeon employed by the practice. The P.A. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-17287) on July 28, 2021. In the petition signed by Dr. Gleiber, its president, the P.A. listed as much as $50,000 in assets and as much as $10 million in liabilities. Dr. Gleiber also sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-17289) and both cases are jointly administered before Judge Mindy A. Mora. Nathan G. Mancuso, Esq., at Mancuso Law, P.A., represents the Debtors as legal counsel. Seacoast National Bank is represented by Akerman LLP. Maria Yip was appointed subchapter V trustee in each case on July 30, 2021. MINE HILL: Seeks to Hire Nagel Rice as Special Counsel ------------------------------------------------------ Mine Hill Anesthesia, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Nagel Rice, LLP as special counsel. The Debtors require legal assistance in a class action lawsuit against Horizon Healthcare Services, Inc. (Case No. 2:21-cv-17815-JXN-LDW) pending in the U.S. District Court for the District of New Jersey. The firm will receive a contingent fee, which is one-third of all monies recovered plus payment of costs incurred. Bruce Nagel, Esq., a partner at Nagel Rice, 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: Bruce H. Nagel, Esq. Nagel Rice, LLP 103 Eisenhower Parkway Roseland, NJ 07068 Telephone: (973) 618-0400 Facsimile: (973) 618-9194 Email: bnagel@nagelrice.com About Mine Hill Anesthesia Mine Hill Anesthesia, LLC and its affiliates, Mine Hill Surgical Center, LLC and Champey Pain Group, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-11577) on Feb. 25, 2022. At the time of the filing, Mine Hill listed up to $50,000 in assets and up to $10 million in liabilities. Judge Erik P. Kimball oversees the cases. The Debtors tapped Shraiberg Landau & Page PA as legal counsel and Nagel Rice, LLP as special counsel. NINETY-FIVE MADISON: Taps Rosenberg & Estis as Special Counsel -------------------------------------------------------------- Ninety-Five Madison Company, LP seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Rosenberg & Estis, P.C. as its special counsel. The Debtor needs the firm's legal advice on issues that may arise in connection with documenting a financing of its commercial building located at 95 Madison Ave., N.Y. The hourly rates charged by the firm for its services are as follows: Michael E. Lefkowitz, Member $725 John D. Giampolo, Member $675 David Fries, Of Counsel $500 Matthew LoBello, Associate $330 Members and Counsel $395 - $985 Associates $230 - $480 Paralegals, Law Clerks, Staff $210 - $290 As disclosed in court filings, Rosenberg & Estis is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael E. Lefkowitz, Esq. Rosenberg & Estis, P.C. 733 3rd Ave New York, NY 10017 Phone: +1 212-867-6000 Email: mlefkowitz@rosenbergestis.com About Ninety-Five Madison Company Ninety-Five Madison Company, L.P. filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-10529) on May 22, 2021, listing up to $100 million in assets and up to $10 million in liabilities. Judge Sean H. Lane oversees the case. Glenn Agre Bergman & Fuentes, LLP and Rosenberg & Estis, P.C. serve as the Debtor's bankruptcy counsel and special counsel, respectively. The Debtor filed its proposed Chapter 11 plan of reorganization on Sept. 12, 2021, which provides for payment in full of its creditors. NMJ RESTAURANT: Seeks to Hire Shevlin & Atkins as Special Counsel ----------------------------------------------------------------- NMJ Restaurant & Marketplace, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Shevlin & Atkins, Attorneys at Law as its special counsel. The firm will represent the Debtor in its sales tax dispute and negotiations for the sale and of the Debtor's business. Shevlin Atkins will charge $350 per hour for the services of its associates and $450 per hour for partners. As disclosed in court filings, Shevlin Atkins is disinterested within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Barry T. Shelvin, Esq. Shevlin & Atkins, Attorneys at Law 1111 Kane Concourse Suite 619 Bay Harbor Islands, FL 33154 Phone: 305.868.0304 Fax: 305.868.0338 Email: Barry@shevlinatkins.com About NMJ Restaurant & Marketplace NMJ Restaurant & Marketplace, Inc. sought protection 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. Michael S. Hoffman, Esq., at Hoffman, Larin & Agnetti, P.A. and Shevlin & Atkins, Attorneys at Law serve as the Debtor's bankruptcy counsel and special counsel, respectively. NORDIC AVIATION: Affiliates Tap Spiro & Browne as Legal Counsel --------------------------------------------------------------- Nordic Aviation Capital A/S and four other affiliates of Nordic Aviation Capital Designated Activity Company seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Spiro & Browne, PLC as their legal counsel. The firm will advise the Debtors, at the sole direction of their disinterested directors, Jame Donath and Anthony Horton, with respect to any matters that arise in connection with their restructuring efforts in which a conflict exists between the Debtors and their affiliates, directors or officers. The hourly rates charged by the firm for its services are as follows: David K. Spiro $400/hour David G. Browne $400/hour Paralegals/Legal Interns $150/hour Contractors To be determined David Browne, Esq., a partner at Spiro & Browne, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Browne disclosed that: -- Spiro & Browne has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- No Spiro & Browne professional included in the engagement has varied his rate based on the geographic location of the Debtors' bankruptcy cases; -- Spiro & Browne has not represented the Debtors in the 12 months prior to their bankruptcy filing; and -- The Debtors have approved the budget and staffing plan for the period from Feb. 23 to April 30, 2022. The firm can be reached through: David K. Spiro, Esq. David G. Browne, Esq Spiro & Browne, PLC 2400 Old Brick Road Glen Allen, VA 23060 Telephone: (804) 573-9220 Email: dspiro@sblawva.com dbrowne@sblawva.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. NORTHWEST BANCORPORATION: Catherine Steege Named as Ch.11 Trustee ----------------------------------------------------------------- Judge Carol A. Doyle of the U.S. Bankruptcy Court for the Northern District of Illinois approved the appointment of Catherine Steege as Chapter 11 Trustee for Northwest Bancorporation of Illinois, Inc. The appointment of Ms. Steege was made at the behest of the U.S. Trustee. About Northwest Bancorporation of Illinois Northwest Bancorporation of Illinois, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case No. 21-08123) on July 2, 2021, listing as much as $50 million in both assets and liabilities. Judge Janet S. Baer oversees the case. The Debtor tapped Taft Stettinius & Hollister, LLP as legal counsel and Janney Montgomery Scott, LLC as financial advisor and investment banker. The U.S. Trustee for Region 11 appointed an official committee of unsecured creditors on Aug. 4, 2021. The committee is represented by Jeffrey D. Sternklar, LLC and SmithAmundsen, LLC. Catherine Steege serves as the Debtor's Chapter 11 Trustee. NTS W. USA: Fifth Ave. Landlord Can Enforce Guarantee vs Abasic --------------------------------------------------------------- 605 Fifth Avenue Property Owner, LLC, sued Abasic, S.A., to enforce a guarantee on a commercial lease held by Abasic's subsidiary, debtor NTS W. USA Corp. Owner made the premises available to NTS on April 1, 2020. NTS originally intended to renovate the premises to open a retail store. Unfortunately, however, NTS's plans coincided with the COVID-19 pandemic. In late March, New York's governor issued executive orders locking down businesses, including non-essential construction work. By May 2020, NTS had stopped reporting any progress on its renovation efforts. NTS filed for bankruptcy in the Southern District of New York on July 22, 2020. During the bankruptcy proceedings, NTS rejected the lease. NTS also initiated an adversary proceeding against Owner seeking to avoid its obligations under the lease. Among other arguments, NTS claimed the lease was no longer enforceable due to impossibility or frustration of purpose. The bankruptcy court ruled against NTS in the adversary proceeding, and its ruling was affirmed by the District Court. That decision is currently on appeal before the U.S. Court of Appeals for the Second Circuit. On November 25, 2020, the bankruptcy court approved NTS's Chapter 11 Plan of Reorganization. Article VIII.E of the Plan contained a provision in which NTS's creditors released NTS and its "affiliates" from liability. Meanwhile, Owner took other measures to recoup its losses. Owner applied NTS's $742,630 security deposit to the lease. It has also since rented the property to several other tenants, albeit for shorter periods and lower rent than in the agreement with NTS. Judge Denise Cote of the United States District Court for the Southern District of New York denies the defendant's motion and grants the plaintiff's motions. The Guarantee is enforced. According to Judge Cote, the Plan does not release claims against Abasic that arise from the Guarantee. The release provision refers to "officers, directors, principals," and other entities who might otherwise have derivative or vicarious liability for claims released under the Plan. Abasic's obligations under the Guarantee, however, are not derivative of NTS's obligations under the lease, the judge notes. As the Guarantee makes clear, Abasic's liability is "primary and not secondary," and persists regardless of whether NTS has a defense to liability under the lease, the judge points out. Abasic argues the COVID-19 pandemic, and the government's response to it, have frustrated the purpose of the agreement with Owner, because consumer demand at its storefront has fallen so sharply as to make its business economically infeasible. Judge Cote, however, rules the disruption caused by the COVID-19 pandemic is not sufficient to totally frustrate the purpose of the lease, much less the Guarantee. Abasic can still attempt to operate a retail establishment on Fifth Avenue, as many businesses continue to do, even if it is unprofitable, the judge says. New York courts have therefore overwhelmingly held that the COVID-19 pandemic does not give rise to a frustration-of-purpose defense to a commercial lease, the judge points out. The case is 605 FIFTH PROPERTY OWNER, LLC, Plaintiff, v. ABASIC, S.A. Defendant, No. 21cv811 (DLC)(S.D.N.Y.). A full-text copy of Judge Cote's Opinion and Order dated March 8, 2022, is available at https://tinyurl.com/79cbnzuy from Leagle.com. Jay B. Solomon, Esq. -- jsolomon@bbgllp.com -- Belkin Burden Goldman, LLP, New York, NY, for plaintiff. Eric Roman, Esq. -- eric.roman@afslaw.com -- Devon Austin Rettew, Esq. -- austin.rettew@afslaw.com -- Arent Fox LLP (NY), New York, NY, James H. Hulme, Esq. -- james.hulme@afslaw.com -- Arent Fox LLP, Washington, DC, for defendant. About NTS W. USA Corp. NTS W. USA Corp., based in Central Valley, NY, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-35769) on July 22, 2020. The Hon. Cecelia G. Morris presides over the case. In the petition signed by CRO Brian K. Ryniker, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. ARENT FOX LLP, serves as bankruptcy counsel to the Debtor. Stretto is the claims agent and administrative advisor. PALACE THEATER: United States Trustee Says Plan Not Feasible ------------------------------------------------------------ United States Trustee Patrick S. Layng objects to the Amended Plan of Reorganization of Palace Theater, LLC. In support of this objection, the United States Trustee states as follows: * The 2022 projected revenues in support of the Plan rely on the Debtor receiving an additional $400,000 from grant proceeds or from Anthony Tomaska as requested in the pending motion to incur post-petition financing filed at Docket 168. * The U.S. Trustee and Kraemer Brothers have both objected to that motion and as outlined in those objections, it remains unclear whether 94 North will receive the $400,000 grant proceeds. * The Plan should not be confirmed unless and until the grant proceeds are confirmed and the Motion is resolved because the Plan is not feasible without those funds. * In addition to the losses, the Debtor continues to fall behind on its accounts payable, which have shown a clear upward trend in 2021, from $39,963 in September to $139,298 in December, representing a 249% increase. In other words, the Debtor has continued to incur debt post-petition. * The claim of the IRS should be recalculated to ensure payments end in a date that is no longer than five years from the petition date, not the Effective Date. * The Plan does not address Trustee Wallo's role upon confirmation. The Plan does not explain in section 7.01, or elsewhere, the role of Trustee Wallo in the Plan's implementation. * In section 3.02 of the Plan, the administrative professional fees are itemized, and the total provided is $60,000. The total appears to be a typographical error as section 7.03 explains that the fees actually total $360,000. Based on the cash flow forecast, the Debtor will have negative cash flow if it pays these fees in full in 30 days. A full-text copy of the United States Trustee's objection dated March 17, 2022, is available at https://bit.ly/3D7dmmo from PacerMonitor.com at no charge. About Palace Theater Wisconsin-based Palace Theater, LLC, is a privately held company in the performing arts business. The Palace Theater is a theatre destination, producing classic broadway productions, children's theatre shows, comedy and concerts, with both original artists and tribute concerts. Palace Theater filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 21-11714) on Aug. 16, 2021, disclosing total assets of $9,086,225 and total liabilities of $6,449,452. Anthony J. Tomaska, managing member, signed the petition. The Debtor tapped Steinhilber Swanson, LLP as legal counsel and Martin J. Cowie as accountant. PARKER MEDICAL: UST Seeks Case Conversion or Chapter 11 Trustee --------------------------------------------------------------- Mary Ida Townson, United States Trustee for Region 21, asks the U.S. Bankruptcy Court for the Northern District of Georgia to enter an order converting the Chapter 11 case of Parker Medical Holding Company, Inc. and its debtor-affiliates, Midwest Medical Associates, Inc. and Peachtree Medical Products, LLC, to one under Chapter 7 or, in the alternative, appointing a Chapter 11 Trustee for the Debtors. The U.S. Trustee explains that the largest creditor in these cases has filed a motion to convert the Debtors' cases, demonstrating creditors do not have confidence in the management of the Debtors' president or manager/chief executive officer, Richard L. Parker, Sr., of the Debtors or his ability to successfully reorganize these entities. The U.S. Trustee also contends Mr. Parker cannot provide a sound business justification for causing the Debtors to transfer in excess of $1.6 million to himself or entities that he controls, and Mr. Parker has admitted the decision to transfer the funds was "arbitrary." According to the U.S. Trustee, creditors and the bankruptcy case will benefit from the appointment of a Chapter 11 trustee because collection of accounts receivable will be necessary to the formulation of a successful plan of reorganization. Given Mr. Parker's arbitrary decision to transfer significant assets out of the Debtors' possession and inability to conduct an investigation of those transfers, the appointment of a chapter 11 trustee is in the best interests of creditors and the estate. In its Amended Schedule A/B, Parker Medical listed assets with a total value of $4,940,956 consisting of its 100% interests in Midwest and Midwest Medical Enterprises, LLC. In its Schedule A/B (Case No. 22-50372), Midwest listed accounts receivable as an asset. The accounts receivable, all of which are more than 90 days old, have a face value of $84,717,384, but the Debtor has determined only approximately $3,176,467 are likely to be collectible. Of the scheduled accounts receivable, the Debtors estimate no more than 5% (or $4,235,869) of the receivables are collectable. Hearing on the matter is set for April 8, 2022 at 9:00 a.m. in Courtroom 1203 in Atlanta. About Parker Medical Holding Company Parker Medical Holding Company, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-50369) on Jan. 14, 2022. The petition was signed by Richard L. Parker, Sr., president. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Jimmy L. Paul, Esq., and Drew V. Greene, Esq., at Chamberlain Hrdlicka White Williams & Aughtry, serve as the Debtor's counsel. PUERTO RICO: Ankura Served as Adviser in Restructuring ------------------------------------------------------ Ankura Consulting, LLC, an independent global expert and advisory services firm, on March 16 disclosed that, on March 15, 2022, the Plan of Adjustment for the Commonwealth of Puerto Rico (the "Commonwealth" or "Puerto Rico") went effective. On January 18, 2022, U.S. District Court Judge Hon. Laura Taylor Swain approved the Plan of Adjustment that set the restructuring terms for approximately $34 billion of debt, which is the largest restructuring of municipal debt in U.S. history. The Plan of Adjustment paves the way for Puerto Rico to exit from bankruptcy with a stable and sustainable balance sheet. Through the implementation of the Plan of Adjustment, Puerto Rico reduces the total amount of central government debt from $34 billion to $7.4 billion; cuts Puerto Rico's maximum annual debt service payments from a maximum of $4.2 billion to $1.15 billion; and lowers per capita debt by 86%. "This is a great collective achievement for Puerto Rico, thanks to the fiscal and economic team of the Government, the Legislature, the Financial Oversight and Management Board (the "Oversight Board"), and all those who have worked over the past five years to get to this historic moment," said Fernando Batlle, Ankura's Chairman of Latin America, who is leading all aspects of Ankura's advisory work for the Government. He continued, "The consummation of the Commonwealth Plan of Adjustment is the 'reset' button for Puerto Rico and starts a new era of fiscal stability with new opportunities to shape a successful, modern economy." Philip Gund, Global Leader of Ankura's Turnaround & Restructuring practice, commented, "Fernando and the Ankura team worked collaboratively with the Government, the Fiscal Oversight Board and its constituencies and advisors while keeping the best interests of the Commonwealth at the forefront of the restructuring." In addition to the rightsizing of the Commonwealth's balance sheet, the Plan of Adjustment also includes elements that promote and ensure that the Commonwealth maintains fiscally responsible policies and avoids the mistakes of the past, including: the establishment of debt management guidelines that govern future public indebtedness and the establishment and funding of a pension reserve trust to meet future pension obligations. Kevin Lavin, CEO of Ankura, remarked, "The Plan of Adjustment puts Puerto Rico on a path to grow again the Island's economy, encouraging investment by restoring investors' confidence in Puerto Rico, which in turn will promote economic development and job creation." He continued, "We are honored to have been involved in this historic moment, and as our team continues to advise the Government in other initiatives, our goal will continue to be the betterment of the Commonwealth and its people." About Ankura Ankura Consulting Group, LLC -- http://www.ankura.com/-- is an independent global expert services and advisory firm that delivers services and end-to-end solutions to help clients at critical inflection points related to change, risk, disputes, finance, performance, distress, and transformation. The Ankura team consists of more than 1,700 professionals serving 3000+ clients across 55 countries who are leaders in their respective fields and areas of expertise. Collaborative lateral thinking, hard-earned experience, expertise, and multidisciplinary capabilities drive results and Ankura is unrivaled in its ability to assist clients to Protect, Create and Recover Value. 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. * * * The two Title III plans of adjustment have been confirmed to date, for the Commonwealth and COFINA debtors. PUERTO RICO: Mammoth Energy Comments on Bankruptcy Developments --------------------------------------------------------------- Mammoth Energy Services, Inc. on March 14, 2022, issued the following statement in response to Puerto Rico's governor Gov. Pedro Pierluisi's attempt to terminate the $8.3 billion dollar bankruptcy agreement that would have allowed the Puerto Rico Electric Power Authority ("PREPA") to emerge from bankruptcy and pay its creditors: "This is yet another example of Puerto Rico and PREPA continuing their resistance to pay their bills. I commend Judge Laura Taylor Swain for directing the Puerto Rico Fiscal Management and Oversight Board ("FOMB") to advance a new deal for PREPA immediately. While PREPA has begun addressing amounts owed to post-bankruptcy creditors, Mammoth's subsidiary Cobra Acquisitions LLC ("Cobra") is still owed more than $340 million dollars for work completed nearly three years ago. PREPA is running out of excuses, and it is well past time for them to make their creditors whole," said Arty Straehla, Chief Executive Officer of Mammoth. During a recent meeting of the FOMB in Puerto Rico, board member Justin Peterson made the following comments on the need to hold PREPA accountable: https://www.youtube.com/watch?v=0p3iRwyOfs8 JUSTIN PETERSON: "As some of you know, who follow me on Twitter, I have called attention to this matter because I think it is important that PREPA be held accountable. Just so everybody understands that I had the opportunity to have lunch with Arty Straehla, who is the CEO of Mammoth in DC one day he came to see me. So, after the hurricane when Puerto Rico needed help, they called these guys, and they you know on a moment's notice deployed people to help bring emergency restoration to the grid and they were paid some and but not all and PREPA continued to run the meter and ask a lot of this company who swung into action and did what it was contracted to do, and they haven't been paid. And so I agree with everything our chairman said that you know we want to work with FEMA and work with the process and make sure that everything that deserves to be paid is paid but I just I just want to underscore for everybody what these guys did and I also want to underscore that something that you said which is that when Members of Congress have asked FEMA are you telling PREPA not to pay these guys and FEMA'S denied it and so again you know maybe more fake news that we have to deal with that we have to look into but thank you for your comments." Following Hurricane Maria (September 2017) in Puerto Rico and its complete destruction of the island's power grid, Mammoth, through Cobra, was awarded an initial $200 million restoration contract in 2017. Through five separate amendments to the original contract, the aggregate contract amount was eventually increased to $945 million. PREPA awarded a second contract of up to $900 million to Cobra in response to a Request for Proposals ("RFP") process. As of February 28, 2022, Mammoth, through Cobra, is owed $344 million including $117 million in interest charges, as specified in the contract, on remaining invoices for work Cobra completed nearly three years ago. Mammoth Energy Services, Inc. Mammoth (NASDAQ: TUSK) -- http://www.mammothenergy.com-- is an integrated, growth-oriented energy services company focused on the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. The Company also provides products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves. Mammoth's suite of services and products include: infrastructure services, well completion services, natural sand and proppant services, drilling services and other energy services. 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. * * * The two Title III plans of adjustment have been confirmed to date, for the Commonwealth and COFINA debtors. R & G SERVICES: Seeks to Hire A.O.E. Law as Bankruptcy Counsel -------------------------------------------------------------- R & G Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ A.O.E. Law & Associates, APC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor on matters relating to the administration of the estate, and on the Debtor's rights and remedies with respect to the estate's assets and claims of creditors; (b) representing the Debtor's interest in suits arising in or related to the bankruptcy case, including adversary proceedings; (c) assisting in the preparation of legal papers. The hourly rates charged by the firm's attorneys and paralegals are as follows: Principle Counsel $450 per hour Associate $350 - $400 per hour Paralegal $150 - $200 per hour The firm received a retainer in the amount of $25,000. As disclosed in court filings, A.O.E Law & Associates is a disinterested person pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony O. Egbase, Esq. A.O.E. Law & Associates, APC 350 South Figueroa St Ste 189 Los Angeles, CA 90071 Tel: 213-620-7070 Fax: 213-620-1200 Email: info@aoelaw.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, Calif. For the past eight years, the company used names such as AAMCO Aliso Viejo, AAMCO Aliso Lake Forest, and AAMCO Aliso Transmissions. R & G Services sought voluntary Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 22-10364) on March 4, 2022, listing up to $100,000 in assets and up to $10 million in liabilities. German Ramirez, principal and shareholder of R & G Services, signed the petition. Judge Erithe A. Smith oversees the case. A.O.E Law & Associates, APC, led by Anthony Obehi Egbase, Esq., is the Debtor's legal counsel. SOLID BIOSCIENCES: Incurs $72.2 Million Net Loss in 2021 -------------------------------------------------------- Solid Biosciences Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $72.19 million on $13.62 million of revenue for the year ended Dec. 31, 2021, compared to a net loss of $88.29 million on zero revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $232.38 million in total assets, $24.17 million in total liabilities, and $208.21 million in total stockholders' equity. As of Dec. 31, 2021, the Company had an accumulated deficit of $476,757,000. The Company used $77,764,000 of cash in operations for the year ended Dec. 31, 2021. Solid Biosciences stated, "The Company expects to continue to generate operating losses in the foreseeable future. Based upon its current operating plan, the Company expects that its cash, cash equivalents and available-for-sale securities of [$207,779,000] as of December 31, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of these financial statements. However, the Company has based this estimate on assumptions that may prove to be wrong, and its operating plan may change as a result of many factors currently unknown to it. As a result, the Company could deplete its capital resources sooner than it currently expects. The Company expects to finance its future cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances or licensing arrangements. If the Company is unable to obtain funding, the Company would be forced to delay, reduce or eliminate some or all of its research and development programs, preclinical and clinical testing or commercialization efforts, which could adversely affect its business prospects." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1707502/000156459022009963/sldb-10k_20211231.htm About Solid Biosciences Headquartered in Cambridge, MA, Solid Biosciences -- www.solidbio.com -- is a life sciences company focused on advancing transformative treatments to improve the lives of patients living with Duchenne. Disease-focused and founded by a family directly impacted by Duchenne, the Company's mandate is simple yet comprehensive work to address the disease at its core by correcting the underlying mutation that causes Duchenne with its lead gene therapy candidate, SGT-001, as well as our recently announced next-generation gene therapy candidate, SGT-003. Solid Biosciences reported a net loss of $117.22 million for the year ended Dec. 31, 2019, and a net loss of $74.80 million for the year ended Dec. 31, 2018. As of Sept. 30, 2021, the Company had $248.99 million in total assets, $25.62 million in total liabilities, and $223.36 million in total stockholders' equity. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 15, 2021, citing that the Company has incurred losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. STONE CLINICAL: Committee Taps Liskow & Lewis as Legal Counsel -------------------------------------------------------------- The official committee of unsecured creditors of STONE Clinical Laboratories, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Liskow & Lewis, APLC as its legal counsel. The firm's services include: a. advising the committee with respect to its rights, duties and powers in the Debtor's Chapter 11 case; b. assisting the committee in consultation with the Debtor; c. analyzing the claims of creditors and the Debtor's capital structure, and negotiating with the Debtor; d. assisting the committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and the operation of the Debtor's business; e. assisting the committee in its investigation of the liens and claims of the Debtor's lenders and the prosecution of any claims or causes of action revealed by such an investigation; f. assisting the committee in its analysis of, and negotiations with, the Debtor or any third-party concerning matters related to, among other things, the assumption of or rejection of leases of non-residential real property and executory contracts, asset dispositions, financing or other transactions and the terms of a plan of reorganization or liquidation for the Debtor; g. assisting the committee in communicating with unsecured creditors regarding significant matters; h. representing the committee at court hearings and other proceedings; i. reviewing and analyzing applications, orders, statements of operations and bankruptcy schedules filed with the court; j. preparing pleadings and applications; k. performing other necessary legal services for the committee. Liskow's hourly rates for attorneys range from $240 to $750 while the hourly rates for paralegals range from $185 to $225. The following professionals primarily responsible for providing services to the Debtor and their expected rates are as follows: Michael D. Rubenstein $500 per hour Joseph P. Herbert $500 per hour Phillip K. Jones, Jr. $500 per hour Courtney H. Turkington $280 per hour As disclosed in court filings, Liskow is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael D. Rubenstein, Esq. Liskow & Lewis, APLC 822 Harding Street P.O. Box 52008 Lafayette, LA 70503 Tel: 337-232-7424 Fax: 337-267-2399 Email: mdrubenstein@liskow.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. David Asbach, acting U.S. Trustee for Region 5, appointed an official committee of unsecured creditors on Feb. 3, 2022. The committee is represented by Liskow & Lewis, APLC. STONE CLINICAL: Seeks to Tap Chehardy as Special Litigation Counsel ------------------------------------------------------------------- Stone Clinical Laboratories LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ the law firm of Chehardy, Sherman, Williams, Recile, Hays as its special litigation counsel. The Debtor requires a special counsel to participate in written discovery, depositions, motion practice, hearings, trial preparation, among other litigation actions. The hourly rates of the firm's counsel and staff are as follows: Matthew A. Sherman $375 Patrick R. Follette $350 Nicholas R. Varisco $150 Senior Partners $570 New Associates $150 Paraprofessionals $100 - $145 In addition, the firm will seek reimbursement for expenses incurred. Matthew Sherman, Esq., a partner at Chehardy, 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: Matthew A. Sherman, Esq. Chehardy, Sherman, Williams, Recile, Hays 1 Galleria Blvd., Suite 1100 Metairie, LA 70001 Telephone: (504) 830-4130 Email: mas@chehardy.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 Stone Clinical Laboratories. 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. The Debtor tapped Heller, Draper & Horn, LLC as legal counsel; Gordian Seaport Advisors, LLC as investment banker; and the law firm of Chehardy, Sherman, Williams, Recile, Hays as special litigation counsel. SWIFT STAFFING: Seeks to Hire Jarrell Group as Accountant --------------------------------------------------------- Swift Staffing Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Jarrell Group, PLLC as its accountant. The firm's services include: a. examining the Debtor's books and records; b. obtaining information with respect to the claims giving rise to the assessment and payment of taxes; c. working directly with state and federal taxing authorities to determine the amount of taxes the Debtor owed; and d. seeking powers of attorney to transact with the taxing authorities. Greg Jarrell, the firm's accountant who will be providing the services, will charge $175 per hour. Mr. Jarrell disclosed in a court filing that his firm is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Greg Jarrell, CPA Jarrell Group PLLC 111 E. Troy Street, Suite C Tupelo, MI 38804 Phone: +1 662-346-5801 Email: gjarrell@jarrellgroupcpa.com About Swift Staffing Holdings Swift Staffing Holdings, LLC, is a full-service provider of staffing services with offices across the United States. Swift Staffing Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 18-10616) on Feb. 21, 2018. On Feb. 22, 2018, nine Swift Staffing affiliates filed Chapter 11 petitions (Bankr. N.D. Miss. Case Nos. 18-10626 to 18-10634). The cases were administratively consolidated into Swift Staffing's bankruptcy case. In the petition signed by Rodney Clay Dial, manager, Swift Staffing listed as much as $10 million in both assets and liabilities. Judge Selene D. Maddox presides over the cases. The Debtors tapped Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC as legal counsel; Jewel Bunch as consultant; and Jarrell Group, PLLC as accountant. SWISSBAKERS INC: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Swissbakers, Inc. asks the U.S. Bankruptcy Court for the District of Massachusetts for authority to use cash collateral and to schedule a hearing on an emergency basis on or before March 24, 2022. The Debtor requires the use of cash collateral to continue to operate its business. The Debtor expanded its business in 2013 by opening four additional locations. With the expansion, first to Allston and then the other locations, the Debtor borrowed more than $3 million from various individuals. The expansion occurred too quickly and by 2019 the Debtor found it difficult to keep up with its obligations. After a temporary shutdown in December 2019, an advisory board was put together and a plan to fix the business was put into place. Three months later, during the midst of lease negotiations with Harvard, COVID-19 was declared an international pandemic. The pandemic worsened the Debtor's financial situation. As occurred with all restaurants, the Debtor was forced to limit its business to take-out and a substantially reduced customer base, leaving the Debtor with next to no revenue. Only through sheer determination of the owners, Thomas and Helene Stohr, the Debtor survived the pandemic. The business did not receive round 1 or round 2 PPP or Small Business Relief Funds. All employees were laid off and for many months the business was operated entirely by Helene, Thomas and Nicolas Stohr. The business is now operating profitably at its Allston and Reading locations (the other three locations having been closed). In addition to its retail bakery and cafe, the Debtor also has a wholesale and catering operation, but on a smaller scale than had existed previously. The Debtor's assets are subject to these liens in the order of priority listed: a. Salem Five Cents Savings Bank holds a first priority security interest in all of the Debtor's assets to secure an outstanding obligation in the amount of $113,112. The indebtedness to Salem Five is subject to a personal guaranty of Thomas and Helene secured by a mortgage on their residence. b. The Internal Revenue Service has a tax lien on the Debtor's assets. The total indebtedness to IRS is $180,784. It is believed that most, but not all, of the IRS tax lien is in second position. c. Thomas Leach holds a third priority security interest in all of the Debtor's assets to secure an outstanding obligation in the amount of $45,000. d. US Foods, Inc. has filed a UCC-1 financing statement with the Massachusetts Secretary of State, claiming a security interest in all of the Debtor's assets. The Debtor has no recollection of having signed a security agreement with US Foods. US Foods is owed $27,920. e. The Massachusetts Department of Revenue has a tax lien on the Debtor's assets. The total amount due Mass. DOR is $71,266. The Debtor estimates that the fair value of its assets, excluding motor vehicles that are not subject to a perfected security interest, is approximately $150,000, consisting of cash in the amount of $7,355, accounts receivable with a face amount of $2,515, inventory with a book value of $8,393 and equipment that the Debtor believes is worth approximately $130,000. The Debtor believes that the liquidation value of the assets is significantly less than the amount of Salem Five's secured claim. The claims of Thomas Leach, US Foods and Mass. DOR are wholly unsecured and are therefore not entitled to adequate protection. Because the liquidation value of the assets is less than Salem Five's claim, IRS's claim is also not entitled to adequate protection. The claim of Salem Five is adequately protected in that it is secured by a mortgage on the guarantors' residence with sufficient equity to cover the entirety of Salem Five's debt. Prior to the commencement of the case, the Debtor had entered into payment agreements with Salem Five, IRS and Mass. DOR to pay each as follows: a. $2,316 per month to Salem Five. b. $1,000 per month to IRS. c. $1,000 per month to Mass. DOR. The Debtor proposes that it continue to make these payments to Salem Five and to IRS on account of their secured claims. Because Mass. DOR's claim is unsecured, the Debtor will not be making payments on this claim at this time but intends to resume them in connection with a plan of reorganization, which it expects to file within the next 30 days. The Debtor otherwise proposes as adequate protection that the secured creditors be granted a replacement lien on all post-petition assets to the extent of the diminution in value of their collateral to attach in the same order of priority as currently exists. A copy of the motion and the Debtor's budget from March 27 to April 17, 2022 is available at https://bit.ly/3ivO4oc from PacerMonitor.com. The Debtor projects total expenses, on a weekly basis, as follows: $18,077 for the week ending March 27, 2022; $19,729 for the week ending April 3, 2022; $18,577 for the week ending April 10, 2022; and $11,893 for the week ending April 17, 2022. About Swissbakers, Inc. Swissbakers, Inc. is a family-owned European bakery. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10357) on March 18, 2022. In the petition signed by Nicolas Stohr, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Joseph S.U. Bodoff, Esq., at Rubin and Rudman LLP is the Debtor's counsel. TPC GROUP: Moody's Lowers CFR to Caa3 Amid Limited Default ---------------------------------------------------------- Moody's Investors Service downgraded TPC Group Inc.'s ratings to Caa3 following the limited default due to a missed interest payment on its secured debt. Moody's downgraded the Corporate Family Rating to Caa3 from Caa1, the Probability of Default Rating to Caa3-PD/LD from Caa1-PD, the first lien priming notes to B3 from B2, and first lien notes to Caa3 from Caa2. The outlook is negative. TPC entered into a forbearance agreement with its lenders in early February after the missed interest payment; this agreement was recently extended till April 18, 2022, and may be extended further. As part of the forbearance agreement, the company has issued $52 million in additional priming notes to a select group of noteholders. While the company and its private equity sponsors continue to work with noteholders to find a favorable resolution to the missed interest payment and to restructure the company's debt, the delays in reaching a solution are a negative for the credit. The downgrade to Caa3 reflect the fact that in bankruptcy, noteholders could be required to take a meaningful haircut to outstanding debt at TPC, given the uncertainty over future cash outflows related to the explosion and fire at TPC's Port Neches facility in November 2019. Downgrades: Issuer: TPC Group Inc. Corporate Family Rating, Downgraded to Caa3 from Caa1 Probability of Default Rating, Downgraded to Caa3-PD/LD from Caa1-PD Senior Secured Global Notes, Downgraded to B3 (LGD2) from B2 (LGD2) Gtd Senior Secured Global Notes, Downgraded to Caa3 (LGD4) from Caa2 (LGD4) Outlook Actions: Issuer: TPC Group Inc. Outlook, Remains Negative RATINGS RATIONALE TPC's Caa3 CFR reflects expectations for a debt restructuring or bankruptcy following its missed interest payment, as well as tightening liquidity. It also reflects Moody's view of an average recovery on TPC's debt given the value of the business and the potential proceeds from its insurance policies. While the company's financial performance has been unusually weak since the pandemic, Moody's expects a meaningful recovery in 2022 due to higher C4 Processing volumes owing to ongoing improvements at its facilities, and increased profitability in the Performance Products segment. Demand across its portfolio is expected to improve relative to 2021 and increase enough to get the company closer to cash flow breakeven for the full year. However, there continues to be significant uncertainty over cash outflows related to third party claims from the Port Neches incident. Liquidity is weak as the company's missed interest payment is beyond the grace period and it is operating under a waiver from noteholders. If the company and the Ad Hoc Group representing noteholders does not come to an agreement on revising the capital structure, TPC will likely file for, or be pushed into, bankruptcy fairly quickly. The negative outlook reflects the uncertainty over the recovery for noteholders until a formal agreement with the Ad Hoc Group is reached or it files for bankruptcy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TPC's ratings could be upgraded should it successfully achieve an out of bankruptcy restructuring of its debt maturities, which results in a sustainable level of debt and interest expense going forward with an adequate liquidity profile. TPC's probability of default rating could be downgraded to D should it pursue a formal reorganization under US Bankruptcy Code. The principal methodology used in these ratings was Chemical Industry published in March 2019. TPC Group Inc., headquartered in Houston, Texas, is a processor of crude C4 hydrocarbons (primarily butadiene, butene-1, isobutene) and differentiated isobutene derivatives. The company operates through two business segments: C4 Processing and Performance Products (PP). Revenues can range from less than $1.0 to $1.6 billion depending on commodity prices and production volumes. TPC is owned by private equity funds managed by First Reserve Management, L.P. and SK Capital Partners. URBAN ONE: Swings to $40.7 Million Net Income in 2021 ----------------------------------------------------- Urban One, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing consolidated net income of $40.67 million on $441.46 million of net revenue for the year ended Dec. 31, 2021, compared to a consolidated net loss of $6.57 million on $376.34 million of net revenue for the year ended Dec. 31, 2020. As of Dec. 31, 2021, the Company had $1.26 billion in total assets, $989.97 million in total liabilities, $17.02 million in redeemable noncontrolling interests, and $254.12 million in total stockholders' equity. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001041657/000155837022003668/uone-20211231x10k.htm About Urban One Headquartered in Silver Spring, Maryland, Urban One, Inc. (together with its subsidiaries) -- www.urban1.com -- is a diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. As of Dec. 31, 2021, the Company owned and/or operated 64 independently formatted, revenue producing broadcast stations (including 54 FM or AM stations, 8 HD stations, and the 2 low power television stations it operates) branded under the tradename "Radio One" in 13 urban markets in the United States. * * * This concludes the Troubled Company Reporter's coverage of Cascade Bancorp until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. YU HUA LONG: Creditors Chan & Kwan Propose Liquidating Plan ----------------------------------------------------------- Creditors Daniel Chan and Tina Kwan ("Plan Proponents") filed with the U.S. Bankruptcy Court for the Central District of California a Chapter 11 Plan of Liquidation for Yu Hua Long Investments, LLC, and a corresponding Disclosure Statement. The Debtor is a California limited liability company which was engaged in the development of real property located in the City of Monterey Park, California, composed of six parcels (collectively, the "Property"). The Property was transferred to the Debtor in August 2015 by Magnus Sunhill Group, LLC ("Magnus"). The Property, together with rights in the Project, was transferred by Magnus to the Debtor pursuant to a Written Agreement for Sale of Development Project (the "Sale Agreement"). The Sale Agreement provides, among other things, for the transfer by Magnus, as seller, of the Property and rights relating to the Project to the Debtor, as buyer, in exchange for the assumption by the Debtor of "all liabilities, known and unknown, past or present," of Magnus. The transfer of the assets and liabilities to the Debtor only led to the initiation of more litigation, including fraudulent transfer actions, and ultimately to the Debtor commencing this case by filing a voluntary petition under Chapter 11 of the Bankruptcy Code on September 26, 2016 (the "Petition Date"). The Plan proposes to complete the liquidation of the Debtor through a combination of: (A) proposed elective settlements offered to the Holders of certain Claims in Classes 2, 3 and 5, which settlements are automatically triggered if the Holder of such Claim votes to accept the Plan; (B) partial subordination of the Magnus Member Claims (either as Remaining Magnus Member Claims in Class 5 or as Settled Magnus Capital Account Claims in Class 4); (C) the appointment of an Estate Representative to resolve any Disputed Claims and complete the liquidation of the Debtor's remaining assets; and (D) the funding of various reserves to ensure payment of Claims and the expenses of the Estate Representative according to the Plan priorities, terms and conditions. The elective settlement proposed for the Carter Claim under Class 2 of the Plan would compromise certain disputes being litigated in the Carter Litigation that the Carter Claim is not secured and/or should be reduced, disallowed or subordinated. The amounts in which Claim Nos. 24 and 27 would be deemed Allowed under Class 3 of the Plan reflect a compromised reduction of the filed amounts of such Claims for post-Petition Date interest. The elective settlements proposed for Claim Nos. 6 and 17 under Class 3 of the Plan would compromise certain disputes that could be raised regarding such Claims on behalf of the Estate related to interest accrual and/or partial satisfaction of such Claims. The partial subordination of the Magnus Member Claims contemplated by the Plan is based upon arguments that could be advanced on behalf of the Estate that, inter alia, because these Claims arise from the Holder's status as members of Magnus (i.e. holders of equity interests), they must be treated as junior to other debt Claims against Magnus and the Debtor in accordance with section 510(a) of the Bankruptcy Code. The Plan Proponents understand that the Magnus Members dispute that the Magnus Member Claims should be subordinated to other Claims, and that at least some of the Magnus Members have further asserted that the transfer of the Property and the Projects rights to the Debtor may be void or avoidable under applicable law. The settlement of the Magnus Member Claims proposed via elective Class 4 treatment under the Plan would resolve these disputed issues by liquidating Magnus Member Claims that are voted to accept the Plan in Allowed amounts that correspond to documented capital contributions made by the Magnus Members. These documented capital contribution amounts proposed for treatment of Settled Magnus Capital Account Claims have been reviewed and vetted by the Chapter 11 Trustee. Class 3 General Unsecured Claims consisting of Claim Nos. 6, 8, 17, 24, 27 and any other Claim that is not otherwise classified or entitled to priority under the Plan; these Claims either (a) have already become Allowed, (b) are deemed Allowed under the Plan, (c) may become Allowed in a settled amount proposed under the Plan if the Holder votes such Claim to accept the Plan, or (d) will have an earmarked portion of the Disputed Claims Reserve set aside pending a determination of the Allowed amount of such Claim. Class 6 Equity Interests consisting of all Equity Interests in the Debtor, which shall be extinguished; the Holders of Equity Interests receive no distribution on account thereof under the Plan. The Plan Proponents believe the Plan is feasible because it provides for a complete liquidation of the Debtor and has adequate means of implementation for this purpose. A full-text copy of the Disclosure Statement dated March 17, 2022, is available at https://bit.ly/3woAXgM from PacerMonitor.com at no charge. Special Bankruptcy Co-Counsel for Plan Proponents: NATHAN A. SCHULTZ LAW OFFICE OF NATHAN A. SCHULTZ, P.C. 10621 Craig Road Traverse City, MI 49686 Telephone: 310-429-7128 E-mail: nschultzesq@gmail.com About Yu Hua Long Investments Yu Hua Long Investments, LLC, is engaged in the development of real property located in the City of Monterey Park, California. Yu Hua Long Investments filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-22745) on Sept. 26, 2016, estimating less than $1 million in both assets and liabilities. Judge Deborah J. Saltzman presides over the case. Timothy J. Yoo was appointed Chapter 11 trustee for the Debtor. The Trustee hired Levene Neale Bender Yoo & Brill, LLP as bankruptcy counsel; Re/Max Omega as broker; R.Y. Properties, Inc. as real property consultant; and SLBiggs as accountant. [*] Ned Schodek Joins Schulte Roth's Business Reorganization Group ------------------------------------------------------------------ Schulte Roth & Zabel disclosed that Ned S. Schodek has joined the firm as a partner in the Business Reorganization Group, based in the New York office. Mr. Schodek focuses his practice on representing creditors (with a focus on fund clients), ad hoc creditor groups, debtors, acquirers of assets, and other parties-in-interest in large and complex prepackaged, pre-negotiated and traditional Chapter 11 bankruptcies, out-of-court workouts, debtor-in-possession financings, adversary proceedings, and broker-dealer liquidations. "I'm thrilled to join SRZ's outstanding restructuring team, to help guide clients through what continues to be a very dynamic market," said Mr. Schodek. "Between inflationary pressures, the prospect of higher interest rates, uncertainty regarding the pandemic's impact on market demand, and global instability, the need has never been more acute for investment managers and other institutions to assess their risk profiles and for companies to consider opportunistic recapitalizations and access to liquidity." Mr. Schodek also advises financial institutions in closing out and structuring new derivatives transactions with distressed entities. He is a former Co-Chair of the Courts and Legislation Subcommittee of the Committee on Bankruptcy and Corporate Reorganization of the New York City Bar Association. "We are so excited Ned is joining us," said Douglas Mintz, Partner and Co-Chair of SRZ's Business Reorganization Group. "He's an awesome attorney and a great addition to our top-tier restructuring practice." "Ned joins a Business Reorganization group that has seen client demand for our services double since 2020. During that time, the group has worked on a number of high-profile restructurings, including Puerto Rico, American Achievement Corporation, Trimark, and PG&E, among many others," said Adam Harris, Partner and Co-Chair of SRZ's Business Reorganization Group. "Our clients look to us for strategic guidance to manage their way through these highly complex restructurings and Ned adds specific experience that will help our clients achieve their desired results." "Ned's background and expertise further strengthens our ability to advise clients in an unpredictable economy, particularly on the creditor side of the equation," said Schulte Roth & Zabel co-managing partner Marc Elovitz. "SRZ has an industry-leading private funds practice. We look forward to Ned's insights as we help our clients navigate growth opportunities and challenges alike," Schulte Roth & Zabel co-managing partner David Efron continued. Schulte Roth & Zabel continues to add substantial talent in strategic practice areas to address emerging client needs in both the public and private markets. Ned joins new partner Alexander Kim, who recently joined the Intellectual Property, Sourcing & Technology Group. Other strategic hires include Douglas S. Mintz in the Business Reorganization Group, Mike Flynn, Jeffrey Symons and Brian C. Miner in the M&A and Securities Group, Gayle Klein in the Litigation Group, and Gregory Ruback in the Finance and Derivatives Group. About Schulte Roth & Zabel Schulte Roth & Zabel LLP -- http://www.srz.com-- is a full-service law firm with offices in New York, Washington, DC and London. As one of the leading law firms serving the financial services industry, the firm regularly advises clients on corporate and transactional matters and provides counsel on regulatory, compliance, enforcement and investigative issues. The firm's practices include: bank regulatory; bankruptcy & creditors' rights litigation; blockchain technology & digital assets; broker-dealer regulatory & enforcement; business reorganization; complex commercial litigation; cybersecurity; distressed debt & claims trading; distressed investing; education law; employment & employee benefits; energy; environmental; finance & derivatives; financial institutions; hedge funds; individual client services; insurance; intellectual property, sourcing & technology; investment management; litigation; litigation finance; mergers & acquisitions; PIPEs; private equity; real estate; real estate capital markets & REITs; real estate litigation; regulated funds; regulatory & compliance; securities & capital markets; securities enforcement; securities litigation; securitization; shareholder activism; tax; and white collar defense & government investigations. ********* 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. 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