/raid1/www/Hosts/bankrupt/TCR_Public/220329.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, March 29, 2022, Vol. 26, No. 87
Headlines
1933 ASSOCIATES: Unsecured Creditors to be Paid in Full in Plan
2123 PARTNERS: Unsecured Creditors to be Paid in Full in Plan
424 GROUP: Unsecured Creditors Will Get 58% of Claims in Plan
4E BRANDS NORTH: Committee Taps Munsch as Texas Counsel
4E BRANDS NORTH: Committee Taps Tucker Ellis as Bankruptcy Counsel
AINOS INC: Incurs $3.9 Million Net Loss in 2021
ALL FOR ONE MEDIA: GS Capital Reports 9.9% Equity Stake
ALPINE 4 HOLDINGS: Mike Loyd Quits as Director
ALTO MAIPO: Amends Alto Maipo Senior Secured Obligations Details
ARKANSAS HOUSE: Seeks to Hire Honey Law Firm as Bankruptcy Counsel
BACTERIOSCAN INC: Seeks to Hire UHY LLP as Financial Consultant
BASA INVESTMENTS: Taps Keller Williams as Real Estate Broker
BETHELITE COMMUNITY: Case Summary & Seven Unsecured Creditors
BITNILE HOLDINGS: Subsidiary to Acquire TurnOnGreen
BIZGISTICS INC: Gets Court Approval to Hire Auctioneers
BOARDRIDERS INC: Moody's Lowers CFR to Caa2 & Secured Debt to Caa1
BRINTON AND PAVILION APARTMENTS: S&P Withdraws 'CCC-' Bonds Rating
CAMDEN DIOCESE: Jeff Anderson Represents Abuse Survivor Claimants
CANO HEALTH: Inks Employment Contracts With Two Execs
CLOUD49 LLC: U.S. Trustee Unable to Appoint Committee
COLGATE ENERGY: S&P Upgrades ICR to 'B', Outlook Stable
COTTAGE GROVE: Seeks Chapter 11 Bankruptcy Protection
DIAMONDHEAD CASINO: Incurs $1.5 Million Net Loss in 2021
DOCTOR DREDGE: Gets OK to Employ William G. Haeberle as Accountant
DONNELLEY FINANCIAL: S&P Withdraws 'BB-' Issuer Credit Rating
ELITE HOME PRODUCTS: Files for Chapter 11 Bankruptcy
ENERGY CONVERSION: Suit vs. Ovonyx, Micron Stands
ENOVATIONAL CORP: Case Summary & 20 Largest Unsecured Creditors
FORE MACHINE: Taps Stretto Inc. as Administrative Advisor
GENERAL CANNABIS: To Hold 2022 Annual Meeting in June
HIGHLAND CAPITAL: Suit by Ex-CEO's Firms Dismissed
KDB LLC: Taps Bradshaw Fowler as General Reorganization Counsel
KING MOUNTAIN: Reaches Equipment Purchase Agreement with Dry Creek
LATAM AIRLINES: Process Moves Forward After Disclosures Okayed
LCN PARTNERS: Seeks to Hire Ciardi Ciardi as Bankruptcy Counsel
LEFT FRAME: May 11 Disclosure Statement Hearing Set
LEFT FRAME: Unsecured Creditors Will Get 10% of Claims in Plan
LTL MANAGEMENT: Opposes Talc Claimants' 3rd Circuit Appeal Request
MALLINCKRODT PLC: Court Denies Creditor Payments Appeals
MARSHALL MEDICAL: Fitch Affirms 'BB+' IDR, Outlook Stable
MARSHALL SPIEGEL: Objection to Wintrust Bank's Claim Overruled
MICH'S MACCS: Exclusivity Period Extended to May 31
MINE HILL ANESTHESIA: Gets Interim OK to Hire Shraiberg as Counsel
MMPR MEDICAL: U.S. Trustee Unable to Appoint Committee
NEW MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
NMJ RESTAURANT: U.S. Trustee Unable to Appoint Committee
OLYMPUS WATER: Moody's Rates New $300MM Incremental Term Loan 'B2'
ORCHIDS PAPER: Fraud Transfer Claims v. CFOs, Directors Trimmed
ORGANIC EVOLUTION: Exclusivity Period Extended to April 29
PARAMOUNT GLOBAL: S&P Assigns 'BB+' Rating on Jr. Sub Debentures
PRECIPIO INC: Carl Iberger Quits as CFO; Interim CFO Appointed
PRO-DEMOLITION INC: Taps Grennan Fender as Accountant
PWM PROPERTY: Gets 4-Month Extension for Plan Filing
ROCKALL ENERGY: Taps Stretto as Claims and Noticing Agent
RVR GENERAL: Seeks to Hire M. Jones and Associates as Legal Counsel
SERVICE KING COLLISION: Hires AlixPartners as Restructuring Adviser
SERVICE PROPERTIES: Moody's Lowers CFR to B1, Outlook Remains Neg.
SOO HOTELS: $884K Sale to Shareholder Shammami to Fund Plan
STANFORD CHOPPING: Ends In Chapter 11 Bankruptcy
STATION CASINOS: S&P Affirms 'B+' ICR, Outlook Positive
STONEWAY CAPITAL: Exclusivity Period Extended to May 16
STONEWAY CAPITAL: Gets Court OK to Solicit Votes on CBCA Plan
SUNLIGHT PROPERTIES: Seeks to Hire Genesis Realty Group as Broker
TCP INVESTMENT: Amends Tax Secured Claims; Plan Hearing April 27
TCP INVESTMENT: April 27 Plan Confirmation Hearing Set
VANTAGE SPECIALTY: Moody's Rates $54MM 1st Lien Loan Add-on 'Caa1'
[^] Large Companies with Insolvent Balance Sheet
*********
1933 ASSOCIATES: Unsecured Creditors to be Paid in Full in Plan
---------------------------------------------------------------
1933 Associates LP filed with the U.S. Bankruptcy Court for the
Eastern District of New York a Disclosure Statement in respect to
Chapter 11 Plan of Reorganization.
The Debtor is a limited partnership that owns two properties,
residential apartment buildings located at 1933 Spring Garden
Street, Philadelphia, Pennsylvania and 1919 Spring Garden Street,
Philadelphia, Pennsylvania.
The Debtor purchased the 1933 Property in 1999 for $199,000.00 with
financing obtained from Roxborough Manayunk Bank. During 2000 the
Debtor renovated and rehabbed the 1933 Property using funds from
its principal.
The proceeds necessary for the satisfaction of Claims will come
from a Plan Contribution in the Debtor by Myron Berman, the father
of Corey Berman, the Debtor's managing partner, estimated to be
approximately $700,000.00, but will be less if the Bankruptcy Court
disallows some or all of the legal fees for counsel to Investors
and counsel to Sterling. That amount will be sufficient to
reinstate Sterling's mortgage and to pay all the other claims and
expenses in this case in full.
Myron Berman is selling some of his real estate interests to raise
the funds to make the Plan Contribution which will reinstate the
Sterling mortgage and pay all the other claims and expenses in this
case. Myron Berman owns a significant percentage of Convention
Center Parking LP and expects to receive approximately $2.4 million
from the sale. The parties to the contract anticipate that the
contract will close on August 1, 2022. The Plan Contribution of
Myron Berman will not be a loan and the Debtor will not incur any
obligation to repay Myron Berman the Plan Contribution.
All future payments to Sterling will be paid from the rental income
of the 1933 Property and the 1919 Property. Financial projection of
the income and expenses of the 1933 Property and the 1919 Property
through February 1, 2027 shows that the Debtor will be able to make
all the payments to Sterling and pay all the expenses of the 1933
Property and the 1919 Property. The payment of the loan when due
will come from a refinance of the Property. A letter from R.
Brenner Green, president of Real Property Capital, Inc., states
that the Debtor will be able to refinance the 1933 Property and the
1919 Property at that time.
Class 1 shall consist of the secured claims of City of
Philadelphia/School District of Philadelphia in the amount of
$474.18 and the Water Revenue Board in the amount of $231.83. These
claims together with any accrued interest will be paid in full on
the Effective Date. City of Philadelphia/School District of
Philadelphia and the Water Revenue Board are unimpaired and will
not vote on the Plan.
Class 2 shall consist of the secured claim of Sterling which holds
a mortgage on the 1933 Property and the 1919 Property. The Debtor
will reinstate the mortgage on the Effective Date by paying all the
arrears due on the Effective Date in the amount determined by the
Court or agreed between the Debtor and Sterling. The Debtor will
pay the note and mortgage monthly according to the terms of the
note until February 1, 2027, or sooner at the option of the Debtor,
when the Debtor will pay the balance owed to Sterling under the
note and mortgage on the date of payment.
Class 3 shall consist of those creditors holding Unsecured Claims
to the extent that such Claims are allowed by the Court. The
Internal Revenue Service filed a general unsecured claim in the
amount of $28,600.00 consisting almost all in penalties, although
no tax is owed. The Debtor intends to object to to this claim. City
of Philadelphia/School District of Philadelphia filed a general
unsecured claim in the amount of $4,210.78. The Debtor scheduled
eleven general unsecured claims of tenants for security deposits,
Philadelphia Electric Company for electric services, and
Philadelphia Gas Works for gas services. Those claims total
$9,520.90. All allowed Class 3 claims will be paid in full on the
Effective Date, or if the Debtor objects to any Class 3 claim, the
day of a final order allowing the claim. This class is unimpaired.
Class 4 shall consist of the Equity Security Holders of the Debtor
whose interest will not be impaired or diluted. The Debtor has two
partners, Corey Berman who is the 99% limited partner of the Debtor
and 1933 Building, Inc. who is the 1% general partner of the
Debtor. Corey Berman own 100% of the shares of 1933 Building, Inc.
Corey Berman has acceded to the Plan and shall retain his interest
in the Reorganized Debtor.
A full-text copy of the Disclosure Statement dated March 24, 2022,
is available at https://bit.ly/3DkCTbW from PacerMonitor.com at no
charge.
About 1933 Associates
1933 Associates LP, a company that is primarily engaged in renting
and leasing real estate properties, filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 21-42981) on Nov. 30, 2021, listing $3,021,000 in total
assets and $1,547,467 in total liabilities. Corey M. Berman, sole
partner, signed the petition. Judge Jil Mazer-Marino oversees the
case. Rosenberg, Musso & Weiner, LLP serves as the Debtor's
counsel.
2123 PARTNERS: Unsecured Creditors to be Paid in Full in Plan
-------------------------------------------------------------
2123 Partners LP filed with the U.S. Bankruptcy Court for the
Eastern District of New York a Disclosure Statement in respect to
Chapter 11 Plan of Reorganization.
The Debtor is a limited partnership that owns three properties,
residential apartment buildings located at 2123 Spring Garden
Street, Philadelphia, Pennsylvania, 2125 Spring Garden Street,
Philadelphia, Pennsylvania, and 1909 Green Street, Philadelphia.
The Debtor purchased the 2123 Property and the 2125 Property in
2004, both for $440,000, with financing obtained from Royal Bank.
During the next eighteen to twenty-four months, the Debtor
renovated and rehabbed the 2123 Property and the 2125 Property
using funds from its principal.
The Debtor filed its chapter 11 case to prevent the foreclosure
sale and to provide for the payment of its creditors. Sterling
also commenced an action against Corey Berman in the United States
District Court for the Eastern District of Pennsylvania on his
personal guarantee of the note that the Debtor gave to Sterling.
The Plan provides that the Sterling action against Corey Berman
will be enjoined as of the Effective Date of the Plan.
The proceeds necessary for the satisfaction of Claims will come
from a Plan Contribution in the Debtor by Myron Berman, the father
of Corey Berman, the Debtor's managing partner, estimated to be
approximately $1,250,000, but will be less if the Bankruptcy Court
disallows some or all of the legal fees for counsel to Investors
and counsel to Sterling. That amount will be sufficient to
reinstate Sterling's mortgage and to pay all the other claims and
expenses in this case in full.
Myron Berman is selling some of his real estate interests to raise
the funds to make the Plan Contribution which will reinstate the
Sterling mortgage and pay all the other claims and expenses in this
case. A contract for the sale of 142 44 North Broad Street,
Philadelphia by Convention Center Parking LP together with the
First Amendment to the contract. Myron Berman owns a significant
percentage of Convention Center Parking LP and expects to receive
approximately $2.4 million from the sale.
The parties to the contract anticipate that the contract will close
on August 1, 2022. Another partnership in which Myron Berman has a
61% interest is negotiating a contract to sell property. The sale
should close by August 2022 and Myron Berman's share of the sales
proceeds will be approximately $6 million. The Plan Contribution of
Myron Berman will not be a loan and the Debtor will not incur any
obligation to repay Myron Berman the Plan Contribution.
All future payments to Sterling will be paid from the rental income
of the 2123 Property, the 2125 and the 1909 Property. The financial
projection of the income and expenses of the 2123 Property, the
2125 and the 1909 Property through February 1, 2027 which shows
that the Debtor will be able to make all the payments to Sterling
and pay all the expenses of the 2123 Property, the 2125 and the
1909 Property. The payment of the loan when due will come from a
refinance of the Property.
Class 1 shall consist of the secured claims of City of
Philadelphia/School District of Philadelphia in the amount of
$11,181.00 and the Water Revenue Board in the amount of $1134.21.
These claims together with any accrued interest will be paid in
full on the Effective Date. City of Philadelphia/School District of
Philadelphia and the Water Revenue Board are unimpaired and will
not vote on the Plan.
Class 2 shall consist of the secured claim of Sterling which hold a
mortgage on the the 2123 Property, the 2125 Property, and the 1909
Property. The Debtor will reinstate the mortgage on the Effective
Date by paying all the arrears due on the Effective Date in the
amount determined by the Court or agreed between the Debtor and
Sterling. When the note and mortgage are reinstated the principal
balance will be $2,312,063.00 as of September 30, 2022. The Debtor
will pay the note and mortgage monthly according to the terms of
the note until February 1, 2027, or sooner at the option of the
Debtor, when the Debtor will pay the balance owed to Sterling under
the note and mortgage on the date of payment. On February 1, 2027,
the principal balance due to Sterling will be $2,017,041.00.
Class 3 shall consist of those creditors holding Unsecured Claims
to the extent that such Claims are allowed by the Court. The
Internal Revenue Service filed a general unsecured claim in the
amount of $37,916,92 consisting almost all in penalties, although
no tax is owed. The Debtor intends to object to to this claim. City
of Philadelphia/School District of Philadelphia filed a general
unsecured claim in the amount of $2,509.93. The Debtor scheduled
twelve general unsecured claims of tenants for security deposits,
Philadelphia Electric Company for electric services, and
Philadelphia Gas Works for gas services. Those claims total
$11,321.59. All allowed Class 3 claims will be paid in full on the
Effective Date, or if the Debtor objects to any Class 3 claim, the
day of a final order allowing the claim. This class is unimpaired
and is not entitled to vote for or against the Plan.
Class 4 shall consist of the Equity Security Holders of the Debtor
whose interest will not be impaired or diluted. The Debtor has
three partners, Corey Berman who is the 49.5% limited partner of
the Debtor, Keith Eagle who is the 49.5% limited partner of the
Debtor, and 2123 GP Corp. Inc. which is the 1 % general partner of
the Debtor. Corey Berman owns 50% of the shares of 2123 GP Corp.
and Keith Eagle owns the other 50%. Corey Berman and Keith Eagle
have acceded to the Plan and shall retain their interest in the
Reorganized Debtor.
A full-text copy of the Disclosure Statement dated March 24, 2022,
is available at https://bit.ly/3894yRt from PacerMonitor.com at no
charge.
About 2123 Partners
2123 Partners LP, a company that is primarily engaged in renting
and leasing real estate properties, filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 21-42983) on Nov. 30, 2021, listing $5,533,000 in total
assets and $3,046,630 in total liabilities. Corey M. Berman, sole
partner, signed the petition. Judge Nancy Hershey Lord oversees
case. Rosenberg, Musso & Weiner, LLP, serves as the Debtor's
counsel.
424 GROUP: Unsecured Creditors Will Get 58% of Claims in Plan
-------------------------------------------------------------
424 Group, Inc. filed with the U.S. Bankruptcy Court for the
Central District of California a Small Business Chapter 11 Plan
dated March 22, 2022.
The Debtor is a California corporation formed in 2009 and is owned
by Katrina Sirdofsky (51%) and Guillermo Andrade (49%).
The Debtor sought bankruptcy relief after the Covid-19 pandemic
severely impacted its business affairs and it fell behind with
several vendors and the landlord for its Los Angeles retail store.
The Chapter 11 filing prevented the foreclosure of some of the
Debtor's intellectual property, specifically a 90% interest in
Italian trademark number 302017000022094 and European Union
trademarks numbers 017961030 and 016411142 owned by the Debtors.
This and the Debtor's other intellectual property are the most
valuable assets of the Chapter 11 bankruptcy estate "Estate").
As this is a liquidating Plan, projections for future operations
are not applicable. Prior to or following confirmation of this
Plan, the Debtor will sell or substantially all of its assets. It
will also liquidate its claims and causes of actions held by the
Estate. The Reorganized Debtor will collect and distribute all of
the proceeds received from the sale and litigation recoveries on a
pro rata basis to the holders of allowed claims in accordance with
the terms of this Plan.
It is currently projected that all allowed secured claims, if any,
and allowed administrative and priority claims will be paid in full
and the holders of allowed general unsecured claims will receive a
distribution equal to approximately 58% of their claims. In the
event the Debtor's claim objections to the Andrade ($382,300.00)
and Twentyfourseven s.r.l. ($57,864,05) claims are sustained and
the Debtor achieves the expected recoveries on the Causes of
Action, the approximate distribution shall increase to
approximately 69% to allowed claim holder.
The actual distribution could be higher or lower and will depend
upon the sales price of the assets, the collection of accounts
receivable if not sold, the amount the Debtor realizes from the
Causes of Action and the total of allowed unsecured claims
participating in the distribution under the Plan after all claim
objections are resolved.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 58 cents on the dollar. This Plan also provides
for the payment of allowed secured, administrative and priority
claims.
General Unsecured Claims in Class 3 total $2,724,597.
This Plan proposes to pay creditors of the Debtor from the sale of
all or substantially all of its asset and the liquidation, through
settlement or litigation, of its Causes of Action. The Reorganized
Debtor shall distribute all of the proceeds from the sale and the
recovery on the Causes of Action in accordance with the terms of
the Plan.
Attorney of the Plan Proponent:
Daniel J. Weintraub, Esq.
James R. Selth, Esq.
Weintraub & Selth, APC
11766 Wilshire Boulevard, Suite 1170
Los Angeles, CA 90025
Tel: (310) 207-1494
Fax: (310) 442-0660
Email: jim@wsrlaw.net
About 424 Group Inc.
424 Group, Inc., a Los Angeles-based company that owns and operates
a clothing store, sought protection under Chapter 11 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. Katrina Sirdofsky, president of 424 Group, signed the
petition.
Judge Sandra R. Klein oversees the case.
Daniel J. Weintraub, Esq., and James R. Selth, Esq., at Weintraub &
Selth, APC, are the Debtor's bankruptcy attorneys.
4E BRANDS NORTH: Committee Taps Munsch as Texas Counsel
-------------------------------------------------------
The official committee of unsecured creditors of 4E Brands North
America, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Munsch Hardt Kopf & Harr, P.C.
as Texas counsel.
The firm's services include:
a. advising the committee on all legal issues as they arise;
b. representing and advising the committee regarding the terms
of any sales of assets and plans of reorganization or liquidation,
and assisting the committee in negotiations with the Debtor and
other parties;
c. investigating the Debtor's assets and pre-bankruptcy
conduct;
d. investigating the relationship between the Debtor and its
immediate and ultimate parent companies and the events leading up
to the Food & Drug Administration recall of the Debtor's hand
sanitizer products in 2020;
e. investigating the nature and extent of the Debtor's
liabilities related to methanol-contaminated hand sanitizer,
including recall-related costs and personal injury claims;
f. preparing legal papers;
g. representing the committee in all proceedings in the
bankruptcy case;
h. assisting and advising the committee throughout the
administration of the Debtor's estate; and
i. providing other necessary legal services.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Shareholders $400 to $750 per hour
Associates $300 to $460 per hour
Paralegals $100 to $280 per hour
The firm will also seek reimbursement for out-of-pocket expenses
incurred.
Thomas Berghman, Esq., a partner at Munsch Hardt Kopf & Harr,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Thomas D. Berghman, Esq.
Munsch Hardt Kopf & Harr, P.C.
500 N. Akard Street, Suite 3800
Dallas, TX 75201
Tel: (214) 855-7500
Fax: (214) 855-7584
Email: tberghman@munsch.com
About 4E Brands North America
4e Brands North America, LLC is a manufacturer personal care and
hygiene products based in San Antonio, Texas. Its brand name
products include Blumen Hand Sanitizer, Assured Hand Sanitizer, and
various otherhand sanitizers and hand soaps. The Debtor is no
longer operating.
4e Brands North America sought Chapter 11 bankruptcy protection
(Bankr. S.D. Texas Case No. 22-50009) on Feb. 22, 2022. In the
petition filed by David Dunn as chief restructuring officer, 4e
Brands North America listed up to $50,000 in assets and up to $50
million in liabilities.
The case is handled by Judge David R. Jones.
Matthew D. Cavenaugh, Esq., at Jackson Walker, is the Debtor's
legal counsel. Stretto is the claims agent.
The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on March 1, 2022. The committee tapped Tucker
Ellis, LLP as bankruptcy counsel and Munsch Hardt Kopf & Harr, P.C.
as Texas counsel.
4E BRANDS NORTH: Committee Taps Tucker Ellis as Bankruptcy Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of 4E Brands North
America, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Tucker Ellis, LLP as its
bankruptcy counsel.
The firm's services include:
a. advising the committee on all legal issues as they arise;
b. representing and advising the committee regarding the terms
of any sales of assets and plans of reorganization or liquidation,
and assisting the committee in negotiations with the Debtor and
other parties;
c. investigating the Debtor's assets and pre-bankruptcy
conduct;
d. investigating the relationship between the Debtor and its
immediate and ultimate parent companies and the events leading up
to the Food & Drug Administration recall of the Debtor's hand
sanitizer products in 2020;
e. investigating the nature and extent of the Debtor's
liabilities related to methanol-contaminated hand sanitizer,
including recall-related costs and personal injury claims;
f. preparing legal papers;
g. representing the committee in all proceedings in the Debtor's
Chapter 11 case;
h. assisting the committee throughout the administration of the
Debtor's estate; and
i. providing other necessary legal services for the committee.
The hourly rates charged by the firm for its services are as
follows:
Partners $430 to $535 per hour
Associates $295 per hour
Paraprofessionals $85 per hour
The firm will also seek reimbursement for out-of-pocket expenses.
Thomas Fawkes, Esq., a partner at Tucker Ellis, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Thomas R. Fawkes, Esq.
Tucker Ellis, LLP
233 S. Wacker Dr. Suite 6950
Chicago, IL 60606
Tel: (312) 256-9425
Fax: (312) 624-6309
Email: thomas.fawkes@tuckerellis.com
About 4E Brands North America
4e Brands North America, LLC is a manufacturer personal care and
hygiene products based in San Antonio, Texas. Its brand name
products include Blumen Hand Sanitizer, Assured Hand Sanitizer, and
various otherhand sanitizers and hand soaps. The Debtor is no
longer operating.
4e Brands North America sought Chapter 11 bankruptcy protection
(Bankr. S.D. Texas Case No. 22-50009) on Feb. 22, 2022. In the
petition filed by David Dunn as chief restructuring officer, 4e
Brands North America listed up to $50,000 in assets and up to $50
million in liabilities.
The case is handled by Judge David R. Jones.
Matthew D. Cavenaugh, Esq., at Jackson Walker, is the Debtor's
legal counsel. Stretto is the claims agent.
The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on March 1, 2022. The committee tapped Tucker
Ellis, LLP as bankruptcy counsel and Munsch Hardt Kopf & Harr, P.C.
as Texas counsel.
AINOS INC: Incurs $3.9 Million Net Loss in 2021
-----------------------------------------------
Ainos, Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss of $3.89 million
on $594,563 of revenues for the year ended Dec. 31, 2021, compared
to a net loss of $1.45 million on $16,563 of revenues for the year
ended Dec. 31, 2020.
As of Dec. 31, 2021, the Company had $40.82 million in total
assets, $30.63 million in total liabilities, and $10.20 million in
total stockholders' equity.
As of Dec. 31, 2021, the Company had available cash and cash
equivalents of 1,751,499. The Company anticipates business
revenues and further potential financial support from outside
sources to fund its operations over the next twelve months. The
Company has based this estimate on assumptions that may prove to be
wrong and it could exhaust its available capital resources sooner
than it expects. To finance its continuing operations, the Company
said it will need to raise additional capital, which cannot be
assured.
Houston, Texas-based PWR CPA, LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
March 18, 2022, citing that the Company has negative working
capital at Dec. 31, 2021, has incurred recurring losses and
recurring negative cash flow from operating activities, and has an
accumulated deficit which raises substantial doubt about its
ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1014763/000165495422003463/aimd_10k.htm
About Ainos
Ainos, Inc., formerly known as Amarillo Biosciences, Inc., is a
diversified healthcare company engaged in the research and
development and sales and marketing of pharmaceutical and biotech
products. The Company is engaged in developing medical
technologies for point-of-care testing and safe and novel medical
treatment for a broad range of disease indications. The Company is
a Texas corporation incorporated in 1984.
ALL FOR ONE MEDIA: GS Capital Reports 9.9% Equity Stake
-------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, GS Capital Partners, LLC disclosed that as of March 11,
2022, it beneficially owns 533,690,750 shares of common stock of
All For One Media Corp., representing 9.9% based on the March 11th,
2022 outstanding share count of 5,390,815,661. A full-text copy of
the regulatory filing is available for free at:
https://www.sec.gov/Archives/edgar/data/1286459/000149315222007343/formsc13ga.htm
About All For One Media
All for One Media Corp., incorporated in the State of Utah on March
2, 2004, is a media and entertainment company focused on creating,
launching, and marketing original pop music groups commonly
referred to as "boy bands" and "girl groups." The Company's former
operations were in the business of acquiring, training, and
reselling horses with an emphasis in the purchase of thoroughbred
weanlings or yearlings that were resold as juveniles.
All For One reported a net loss of $3.12 million for the year ended
Sept. 30, 2021, compared to a net loss of $8.74 million for the
year ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had
$122,622 in total assets, $18.61 million in total current
liabilities, and a total stockholders' deficit of $18.49 million.
Boca Raton, Florida-based Salberg & Company, P.A., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Dec. 17, 2021, citing that the Company has a net loss
and cash used in operations of $3,115,470 and $660,935,
respectively, for the year ended Sept. 30, 2021. Additionally, the
Company had an accumulated deficit of $27,568,913 and working
capital deficit of $18,491,425 as of Sept. 30, 2021. These matters
raise substantial doubt about the Company's ability to continue as
a going concern.
ALPINE 4 HOLDINGS: Mike Loyd Quits as Director
----------------------------------------------
Mike Loyd resigned as member of the Board of Directors of Alpine 4
Holdings, Inc.
Alpine 4 Holdings accepted Mr. Loyd's resignation and said there
were no disputes or disagreements between him and the Company
relating to the Company's operations, policies, or practices. The
Company thanks Mr. Loyd for his service on the Board and wishes him
the very best as he continues in his career at Old National
Bancorp.
The Board has begun interviewing new candidates to replace Mr.
Loyd.
About Alpine 4
Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a
publicly traded conglomerate that is acquiring businesses that fit
into its disruptive DSF business model of drivers, stabilizers, and
facilitators. As of April 14, 2021, the Company was a holding
company that owned nine operating subsidiaries: ALTIA, LLC; Quality
Circuit Assembly, Inc.; Morris Sheet Metal, Corp; JTD Spiral, Inc.;
Deluxe Sheet Metal, Inc.; Excel Construction Services, LLC;
SPECTRUMebos, Inc.; Impossible Aerospace, Inc.; and Vayu (US),
Inc.
Alpine 4 Holdings reported a net loss of $8.05 million for the year
ended Dec. 31, 2020, compared to a net loss of $3.13 for the year
ended Dec. 31, 2019, and a net loss of $7.91 million for the year
ended Dec. 31, 2018. As of June 30, 2021, the Company had $94.03
million in total assets, $47.12 million in total liabilities, and
$46.91 million in total stockholders' equity.
ALTO MAIPO: Amends Alto Maipo Senior Secured Obligations Details
----------------------------------------------------------------
Alto Maipo SpA and Alto Maipo Delaware LLC submitted Revised
Versions of the Plan and Disclosure Statement dated March 22,
2022.
The parties spent the majority of February 2022 in intense
negotiations over a revised plan structure, and have reached
agreement on the terms of a further amended RSA (the "Third Amended
RSA") and plan structure.
As of the date hereof, the following parties have executed the
current version of the Restructuring Support Agreement: Alto Maipo;
AES Andes; Norgener Renovables SpA; Banco De Crédito e
Inversiones, DNB Bank ASA, Itaú Corpbanca, Cerberus, Santana S.A.,
Moneda Deuda Latinoamericana Fondo de Inversión, Moneda Alturas II
Fondo de Inversión, CVIC Cayman Securities Ltd., CVI EMCOF Cayman
Securities Ltd., CVI CVF IV Cayman Securities Ltd., CVI AV Cayman
Securities LP., CVI AA Cayman Securities LP., Carval GCF Cayman
Securities Ltd., and Carval CCF Cayman Securities Ltd.
The Restructuring Support Agreement is currently supported by
holders of approximately 50% of the Debtors' senior secured debt.
Additionally, the Debtors have executed an amendment to the DIP
Credit Agreement that extends the date by which the Debtors must
file a Plan that is acceptable to the DIP Lenders to February 28,
2022.
The Plan described, and as filed contemporaneously herewith, is
consistent with the terms of Third Amended RSA, which includes
certain necessary revisions to resolve the near-term liquidity
shortfall (including certain deferrals from the Sponsor, Strabag,
and the Senior Lenders; an increase in the size of the Amended &
Restated Secured Exit Financing Facility; and an additional $15
million in working capital to be contributed by the Sponsor).
Class 1 consists of all Alto Maipo Senior Secured Obligations.
Subject to occurrence of the Effective Date, the Alto Maipo Senior
Secured Obligations are hereby Allowed. On the Effective Date, each
Holder of an Allowed Alto Maipo Senior Secured Obligation shall
receive, without setoff or recoupment by any Debtor or Reorganized
Debtor, its Pro Rata Share of the 1L Secured Obligations and
Amended & Restated 2L Secured Obligations, which shall, in the
aggregate, represent a 60.0-66.8% recovery on the total face amount
of the total Allowed Alto Maipo Senior Secured Obligations.
Class 6 consists of Strabag's Other Claims. In consideration of
Strabag's Other Claims that are Allowed, Strabag shall be entitled
to payment as follows less any payments on account of any such
items made prior to the Effective Date (all terms used in
subsections as defined in the Tunneling Contract):
* (1) $ $761,030 upon completion of signed Change Order 1; (2)
$326,240 upon completion of signed Change Order 2; and (3) $53,827
upon completion of signed Change Order 4; provided that payments
due to Strabag pursuant to (1), (2), and (3) shall be subject to
deferral until December 31, 2022, and shall bear interest at a rate
of 4.0% per annum; (4) $10,000,000 upon substantial completion of
Volcan (Milestone F), which payment shall be subject to deferral
until it is paid pursuant to the excess cash flow sweep [(as
described in the Restructuring Term Sheet)], shall bear interest at
a rate of 4.0% per annum, and shall be payable pursuant to the
excess cash flow sweep; and (5) approximately $6,268,021 in
insurance proceeds to be paid by Seguros Generales Suramericana,
S.A. and Chilena Consolidada S.A. corresponding to insurance claims
(No. 118495032, No. 119488886, No. 19448014, and No. 119448021)
against the Construction All Risks insurance policy (Policy No.
4492152) (or the amount determined to be payable in connection with
such claims in connection with such policy), which amount shall be
subject to deferral until December 31, 2022, and shall bear
interest at a rate of 4.0% per annum from the date of receipt by
the Company until payment to Strabag.
Like in the prior iteration of the Plan, On the Plan Effective
Date, each Holder of an Allowed General Unsecured Claim in Class 4,
whether subordinated or unsubordinated, shall have its Claim
cancelled, released, and discharged and without any distribution.
Class 4 is Impaired.
The only other asserted secured Claim that was timely filed is a
Claim by Bradley Arant Boult Cummings LLP, a U.S. law firm that
represents Alto Maipo in the CNM Arbitration and asserts a $3
million success fee. The Debtors intend to satisfy this Claim via
assumption of the contract with Bradley and payment of the asserted
success fee as cure cost.
On March 10, 2022 the Debtors filed a motion to assume the PPA, as
well as a motion seeking enforcement by the Bankruptcy Court of the
automatic stay with respect to certain actions taken by MLP during
the pendency of the Chapter 11 Cases. There are no outstanding
defaults under the PPA, and the Debtors detailed in the motion
their performance to date (acknowledging that their most
significant obligation under the PPA – to provide power to MLP
after the Project reaches COD – has not yet been triggered) and
their intention and ability to continue performing thereunder.
The Debtors shall fund distributions under the Plan with (1) Cash
on hand, including Cash from operations; and (2) the Amended &
Restated Secured Obligations. Cash payments to be made pursuant to
the Plan will be made by the Reorganized Debtors. Subject to the
terms of the Definitive Documents, the Reorganized Debtors shall be
entitled to transfer funds between and among themselves as they
determine to be necessary or appropriate to enable the Reorganized
Debtors to satisfy their obligations under the Plan. any changes in
intercompany account balances resulting from such transfers shall
be accounted for and settled in accordance with the Debtors'
historical intercompany account settlement practices and shall not
violate the terms of the Plan.
Counsel for Debtors:
Pauline K. Morgan, Esq.
Sean T. Greecher, Esq.
S. Alexander Faris, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
Email: pmorgan@ycst.com
sgreecher@ycst.com
afaris@ycst.com
Pauline K. Morgan, Esq.
Sean T. Greecher, Esq.
S. Alexander Faris, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
Email: pmorgan@ycst.com
sgreecher@ycst.com
afaris@ycst.com
About Alto Maipo
Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction. The project
comprises two run-of-the-river plants with a combined installed
capacity of 531 megawatts. The run-of-the-river project is a joint
venture between U.S. utility subsidiary AES Gener and Chilean
mining company Antofagasta Minerals (AMSA).
Alto Maipo Delaware LLC and Alto Maipo SpA sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17,
2021. Javier Dib, board president and chief restructuring officer,
signed the petitions. At the time of the filing, Alto Maipo
Delaware LLC estimated between $1 billion and $10 billion in both
assets and liabilities.
The cases are handled by Judge Karen B. Owens.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Cleary
Gottlieb Steen & Hamilton LLP as legal counsel; Nelson Contador
Abogados & Consultores SpA as local Chilean counsel; AlixPartners,
LLP as financial advisor; and Lazard Freres & Co. LLC and Lazard
Chile SpA as investment banker. Prime Clerk, LLC is the claims,
noticing and administrative agent.
ARKANSAS HOUSE: Seeks to Hire Honey Law Firm as Bankruptcy Counsel
------------------------------------------------------------------
Arkansas House Works, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Arkansas to employ Honey Law
Firm, P.A. to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. advising and consulting with the Debtor concerning questions
arising in the administration of the estate and the Debtor's rights
and remedies with regard to estate's assets and claims of
creditors;
b. representing the Debtor's interest in adversary proceedings
or contested matters arising in or related to the Chapter 11 case;
c. investigating and prosecuting preference and other actions
arising under the Debtor's avoidance powers;
d. assisting in the preparation of legal papers and advising the
Debtor in connection with the operation of or termination of the
operation of its business;
e. assisting in the preparation of a plan of reorganization and
presenting the plan to the court for approval and confirmation;
and
f. performing other necessary legal services for the Debtor.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Attorneys $350 per hour
Associates $175 to $225 per hour
Paralegals $125 per hour
The firm will also seek reimbursement for out-of-pocket expenses.
The Debtor paid the firm the sum of $22,634 prior to the petition
date.
Marc Honey, Esq., a partner at Honey Law Firm, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Marc Honey, Esq.
Jennifer Wyse, Esq.
Alexandra Honey, Esq.
Honey Law Firm, P.A.
PO Box 1254
Hot Springs, AR 71902
Tel: (501) 321-1007
Email: mhoney@honeylawfirm.com
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.
BACTERIOSCAN INC: Seeks to Hire UHY LLP as Financial Consultant
---------------------------------------------------------------
BacterioScan, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Missouri to employ UHY, LLP as
financial consultant.
The Debtor requires a financial consultant to assist in the
evaluation and implementation of its Chapter 11 plan, including
cash flow projections and financial modeling.
Patrick Stark, a partner at UHY, charges an hourly fee of $395. The
billing rates for other UHY professionals range from $225 to $300
per hour.
Meanwhile, the fee for the preliminary valuation and analysis of
the Debtor's financial projections is $8,000.
Mr. Stark disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Patrick E. Stark
UHY LLP
15 Sunnen Drive Suite 100
St. Louis, MO 63143
Tel: (314) 789-5963/(314) 615-1250
Email: pstark@uhy-us.com
About BacterioScan Inc.
BacterioScan, Inc. is a medical device company in Saint Louis, Mo.,
dedicated to changing the way infectious disease is diagnosed and
treated. Its platform is built on the expedited detection and
antibiotic susceptibility testing of pathogens.
BacterioScan filed its voluntary petition for Chapter 11 protection
(Bankr. E.D. Mo. Case No. 21-44179) on Nov. 15, 2021, listing up to
$1 million in assets and up to $10 million in liabilities. Kenneth
Howard, chairman of BacterioScan, signed the petition.
Judge Bonnie L. Clair presides over the case.
John J. Hall, Esq., at Lewis Rice, LLC and UHY, LLP serve as the
Debtor's legal counsel and financial consultant, respectively.
BASA INVESTMENTS: Taps Keller Williams as Real Estate Broker
------------------------------------------------------------
Basa Investments, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Keller Williams
Realty Partners SW as its real estate broker.
The Debtor requires a real estate broker to market for sale its
real property located at 944 Market St., West Palm Beach, Fla.
Jose Fernandez, a partner at Keller Williams, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jose Fernandez
Keller Williams Realty Partners SW
2000 NW 150th Avenue, Suite 1100
Pembroke Pines, FL 33027
Tel: (954) 237-0400
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.
BETHELITE COMMUNITY: Case Summary & Seven Unsecured Creditors
-------------------------------------------------------------
Debtor: Bethelite Community Baptist Church Inc.
36-38 West 123 Street
New York, NY 10027
Business Description: The Debtor is a not-for-profit church, that
owns a building located at 36-38 West 123rd
Street, New York. The Debtor operates a
small private school, which is also not for
profit; and houses several members of its
congregation who are homeless.
Chapter 11 Petition Date: March 27, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-10374
Debtor's Counsel: Lewis W. Siegel, Esq.
LEWIS W. SIEGEL
60 East 42nd Street - Suite 4000
New York, NY 10165
Tel: (212) 286-0010
Email: LWS@LWSEsq.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by James Manning, pastor.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/ZEPXYWY/Bethelite_Community_Baptist_Church__nysbke-22-10374__0001.0.pdf?mcid=tGE4TAMA
BITNILE HOLDINGS: Subsidiary to Acquire TurnOnGreen
---------------------------------------------------
BitNile Holdings, Inc. and its subsidiary TurnOnGreen, Inc., an
electronic vehicle charging and power solutions company, have
entered into a securities purchase agreement with Imperalis Holding
Corp., a publicly traded subsidiary of BitNile, whereby TurnOnGreen
will, upon closing, become a subsidiary of Imperalis.
Upon completion of the Acquisition, which is contingent upon the
completion of an audit of TurnOnGreen and each party's satisfaction
or waiver of certain customary closing conditions set forth in the
SPA, Imperalis will change its name to TurnOnGreen and, through an
upstream merger whereby the current TurnOnGreen will cease to
exist, have two operating subsidiaries, TOG Technologies Inc. and
Digital Power Corporation. Promptly following the closing of the
Acquisition, Imperalis will dissolve its three dormant
subsidiaries. Subsequent to the Acquisition, BitNile will assist
TurnOnGreen in pursuing an uplisting to the Nasdaq Capital Market,
subject to Nasdaq's seasoning rules and other criteria for
listing.
The Company anticipates that stockholders of BitNile will in due
course receive a dividend of securities of TurnOnGreen. BitNile
expects to distribute to BitNile stockholders approximately 140
million of its common shares and an equal number of warrants to
purchase such shares of TurnOnGreen at the time of the record date
to be set therefor, subject to regulatory approval and compliance
with US federal securities laws.
Milton "Todd" Ault, III, the Company's executive chairman, said,
"We are excited to sponsor the acquisition of TurnOnGreen by
Imperalis that will, upon closing of the SPA, result in a publicly
traded company, TurnOnGreen, dedicated to continuing the
development, manufacturing and sales of its proprietary power
solutions and EV charging systems serving both residential and
commercial segments. We look forward to TurnOnGreen's contribution
towards enabling the electrification of American vehicles and its
participation in reshaping the nation's infrastructure to support
this green technology." Ault continued, "We structured this
transaction to benefit our stockholders who have been supportive of
our transformation from a power solutions company in 2016 to a
diversified holding company serving multiple sectors and developing
and deploying an array of innovative technologies and products. We
believe this transaction, creating a pureplay public company
focused on EV chargers and power solutions, will be accretive in
value for our stockholders."
Upon the closing of the Acquisition, TurnOnGreen will continue to
be led by its Chief Executive Officer, Amos Kohn and its Chief
Revenue Officer, Marcus Charuvastra.
"We look forward to the closing of the acquisition and the ability
of TurnOnGreen to leverage public markets to drive the development
and distribution of our innovative technology," said Amos Kohn, CEO
of TurnOnGreen. "TurnOnGreen has a team of experienced
professionals, and we are excited about the stockholders of BitNile
becoming stockholders of TurnOnGreen and together continuing the
journey to deliver on the vision of making green energy technology
a part of our everyday lives."
About BitNile Holdings
BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) is a diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company owns and operates a data center
at which it mines Bitcoin and provides mission-critical products
that support a diverse range of industries, including
defense/aerospace, industrial, automotive, telecommunications,
medical/biopharma, and textiles. In addition, the Company extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary. BitNile's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.
BitNile reported a net loss of $32.73 million for the year ended
Dec. 31, 2020, a net loss of $32.94 million for the year ended Dec.
31, 2019, and a net loss of $32.98 million for the year ended Dec.
31, 2018. As of Sept. 30, 2021, the Company had $225.72 million in
total assets, $24.74 million in total liabilities, and $200.98
million in total stockholders' equity.
BIZGISTICS INC: Gets Court Approval to Hire Auctioneers
-------------------------------------------------------
Bizgistics, Inc. received approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Ritchie Bros.
Auctioneers (America) Inc., and Ironplanet, Inc. to market and
conduct an auction of its properties, including truck, trailer, and
equipment.
The compensation for RB Group is set at 10 percent (with a minimum
of $100) of the sale price for the properties, which will be paid
from the sale proceeds.
Jen Rabinowitz, a partner at Ritchie Bros., disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jen Rabinowitz
Ritchie Bros. Auctioneers Inc.
P.O. Box. 6429
Lincoln, NE 68506
Tel: (800) 211-3983
Email: jrabinowitz@ritchiebros.com
About Bizgistics Inc.
Bizgistics, Inc., a freight transportation arrangement services
provider in Rydal, Pa., filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
21-02197) on Sept. 12, 2021, listing as much as $10 million in both
assets and liabilities. Aaron R. Cohen serves as Subchapter V
trustee.
Judge Roberta A. Colton oversees the case.
The Debtor tapped Underwood Murray PA as bankruptcy counsel, Erik
Johanson PLLC as special litigation counsel, and Redcross, Martin &
Associates, Inc. as accountant.
BOARDRIDERS INC: Moody's Lowers CFR to Caa2 & Secured Debt to Caa1
------------------------------------------------------------------
Moody's Investors Service downgraded Boardriders, Inc.'s corporate
family rating to Caa2 from Caa1, probability of default rating to
Caa2-PD from Caa1-PD, and senior secured super priority credit
facility rating to Caa1 from B3. Concurrently, Moody's affirmed the
company's Caa3 senior secured bank credit facility rating. The
outlook was changed to stable from negative.
The downgrades reflect the company's continued cash outflows in
part driven by investments to support its business transformation,
as well as its weak credit metrics and near-term debt maturities.
As of January 31, 2022, Moody's-adjusted debt/EBITDA was just under
8x and EBIT/interest expense was 0.4x. Despite the recent ABL
extension and upsize, Moody's views overall liquidity as adequate
over the next 12 months. While revenue trends are positive, with
sales modestly exceeding pre-pandemic levels in Q1 FY 2022 across
the company's regions, inflationary and supply chain pressures
could impede the company's ability to reduce leverage. In addition,
a potential loss of the company's business in Russia, although it
represents a small part of total revenue and earnings, will be a
headwind.
A List of Affected Credit Ratings is available at
https://bit.ly/3DerLNC
RATINGS RATIONALE
Boardriders' Caa2 rating is constrained by its weak credit metrics
and near-term debt maturities. Since the acquisition of Billabong
in 2018, the company has generally underperformed its targets and
generated meaningful negative free cash flow driven by
restructuring and working capital investments. Liquidity is
adequate outside of the company's debt maturities, reflecting
Moody's expectation that near term cash flow needs will be
supported by balance sheet cash and availability under the
asset-based revolver, foreign lines of credit, and delayed draw
term loan. In addition, macroeconomic headwinds pose a risk to
Boardriders' earnings recovery and ability to reduce leverage.
At the same time, the rating reflects the company's portfolio of
well-known brand names, geographic and channel diversification, and
solid market position in a highly fragmented global industry. In
addition, Moody's expects credit metrics to improve to 6.2x
debt/EBITDA and 0.7x EBIT/interest expense in 2022, driven by
earnings growth, as near-term inflationary and foreign exchange
pressures are mitigated by recovering consumer demand, price
increases and foreign exchange hedges. The rating is also supported
by the significant amount of convertible and other debt held by the
company's financial sponsor, which creates optionality in
addressing the capital structure.
The stable outlook reflects the positive trends in the company's
operating performance and Moody's expectations for adequate
liquidity outside of the debt maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade would require significant earnings growth and an
improvement in cash flow generation, such that there is increased
potential for a timely and economical refinancing transaction.
Ratings could be downgraded if liquidity erodes through greater
than expected cash flow burn, covenant violations, or if the
company's probability of default otherwise increases.
Boardriders, Inc. designs and distributes branded apparel,
footwear, accessories, and related products under six primary
brands including Quiksilver, Billabong, ROXY, DC Shoes, RVCA and
Element. The company is majority owned by funds managed by Oaktree
Capital Management, L.P. Revenue was approximately $1.7 billion for
the twelve months ended January 31, 2022.
The principal methodology used in these ratings was Apparel
published in June 2021.
BRINTON AND PAVILION APARTMENTS: S&P Withdraws 'CCC-' Bonds Rating
------------------------------------------------------------------
S&P Global Ratings has withdrawn its ratings on the following
issues:
-- 'CCC-' long-term rating on the Pennsylvania Housing Finance
Agency's series 2015 special limited obligation revenue bonds,
issued for Brinton Apartments Penn (Brinton Manor Apartments and
Brinton Towers Apartments Project); and
-- 'CCC (sf)' long-term rating on the Philadelphia Authority for
Industrial Development's series 2016A and 2016B senior housing
revenue bonds, issued for Pavilion Apartments Penn LLC (The
Pavilion).
"We are withdrawing these ratings because we have not received
critical information for our credit analysis from JPC Charities,
the owner of these two projects, regarding project performance,
management policies, and ability and willingness to pay upcoming
debt service payments for the projects," said S&P Global Ratings
credit analyst Daniel Pulter. Additionally, S&P has not received
audited financial statements for the fiscal year ending Dec. 31,
2020, for the Pavilion project.
S&P said, "We first indicated that these ratings could be withdrawn
for quality and sufficiency of information considerations on Feb.
23, 2022, when we placed them on CreditWatch with negative
implications. Because we have not received the abovementioned
information, we are unable to update our assessments of coverage
and liquidity, management and governance, and market position for
the projects. As such we have determined, in accordance with our
methodologies and policies, that we lack sufficient information to
maintain our ratings on these projects."
CAMDEN DIOCESE: Jeff Anderson Represents Abuse Survivor Claimants
-----------------------------------------------------------------
In the Chapter 11 cases of The Diocese of Camden, New Jersey, the
law firm of Jeff Anderson & Associates, P.A., submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing Sexual Abuse
Survivors.
Jeff Anderson & Associates individually represents each Sexual
Abuse Survivor Claimant listed on the Statement. Due to
confidentiality, each Claimant has been identified by their
Survivor Proof of Claim number assigned by the Clerk of the Court.
The names and addresses of the confidential claimants are available
to permitted parties who have executed a confidentiality agreement
and have access to the Survivor Proof of Claim Forms.
Pursuant to the individual retainer agreements, Jeff Anderson &
Associates was individually retained by each Claimant listed in
Exhibit A to pursue claims for damages against the Diocese of
Camden as a result of sexual abuse. This includes representing and
acting on behalf of each Claimant in the bankruptcy case. Exemplar
copies of each form of retainer statement authorizing Jeff Anderson
& Associates to act on behalf of each Claimant and providing for
the payment of Jeff Anderson & Associates' fees and costs has been
filed with this Statement. The form of retainer agreement
pertaining to each Claimant is indicated on Exhibit A. Jeff
Anderson & Associates' interest relative to each Claimant is
outlined in the exemplar retainer agreements and set forth by New
Jersey Court Rule 1:21-7.
Each Claimant maintains an individual economic interest against the
Debtor Diocese of Camden that has been disclosed in the Survivor
Proof of Claim Forms.
The Firm can be reached at:
JEFF ANDERSON & ASSOCIATES PA
Jeffrey Anderson, Esq.
Michael Finnegan, Esq.
Trusha Goffe, Esq.
505 Thornall Street, Suite 405
Edison, NJ 08837
Tel: (609) 901-5010
E-mail: jeff@andersonadvocates.com
mike@andersonadvocates.com
trusha@andersonadvocates.com
A copy of the Rule 2019 filing is available at
https://bit.ly/3uyJs6E at no extra charge.
About The Diocese of Camden
The Diocese of Camden, New Jersey is a non-profit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. It is the secular legal embodiment of the Roman
Catholic Diocese of Camden, a juridic person recognized under Canon
Law.
The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
Reverend Robert E. Hughes, vicar general and vice president, signed
the petition. In the petition, the Debtor disclosed total assets
of $53,575,365 and liabilities of $25,727,209.
Judge Jerrold N. Poslusny Jr. oversees the case.
The Debtor tapped McManimon, Scotland & Baumann, LLC, as its
bankruptcy counsel, Eisneramper, LLP, as financial advisor, Cooper
Levenson P.A. and Duane Morris LLP as special counsel. Prime Clerk
LLC is the Debtor's claims and noticing agent and administrative
advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured trade creditors in the Debtor's Chapter 11
case. The committee is represented by Porzio, Bromberg & Newman,
P.C.
CANO HEALTH: Inks Employment Contracts With Two Execs
-----------------------------------------------------
Cano Health, Inc. entered into an employment agreement with Mark
Novell, the Company's chief accounting officer. The initial term
of the Novell Employment Agreement ends on March 15, 2025 unless
earlier terminated and will automatically extend for successive
one-year terms unless the Company or Mr. Novell deliver a written
non-renewal notice no later than 90 days prior to the expiration of
the initial or renewal term.
Under the terms of the Novell Employment Agreement, Mr. Novell will
receive an annual base salary of $245,000, subject to potential
merit increases (but not decreases) each year. The Novell
Employment Agreement also provides for a target annual bonus in the
amount of at least 25% of base salary. The amount of the actual
bonuses will be determined by the Company's board of directors or
compensation committee. Subject to approval by the Company's board
of directors, Mr. Novell will also be eligible to receive an annual
equity award with target value of $196,000. Mr. Novell is also
eligible to participate in the Company's employee benefit plans
generally in effect from time to time.
In the event of a termination of Mr. Novell's employment by the
Company without "cause" (as defined in the Novell Employment
Agreement, including due to its delivery of a non-renewal notice)
or by his resignation for "good reason" (as defined in the Novell
Employment Agreement), subject to Mr. Novell's execution and
non-revocation of a separation agreement containing, among other
things, a release of claims in favor of the Company and its
affiliates, Mr. Novell will be entitled to receive (i) base salary
continuation for twelve months following his termination date
(ignoring any reduction that constitutes good reason), (ii) any
earned but unpaid incentive compensation with respect to the
completed year prior to the year in which the termination occurs;
(iii) a pro-rated portion of his target bonus for the year in which
his termination occurs (ignoring any reduction that constitutes
good reason), and (iv) subject to Mr. Novell's election to receive
continued health benefits under COBRA and copayment of premium
amounts at the active employees' rate, payment of remaining
premiums for participation in the Company's health benefit plans
until the earliest of (A) twelve months following termination; (B)
the date he becomes eligible for group medical plan benefits under
any other employer's group medical plan; or (C) the expiration of
Mr. Novell's COBRA health continuation period.
In addition, in lieu of the payments and benefits, in the event
that Mr. Novell's employment is terminated by the Company without
"cause" (including due to the Company's delivery of a non-renewal
notice), or by him for "good reason," in each case, within twelve
months following a "sale event" as defined in the Company's 2021
Stock Option and Incentive Plan and subject to Mr. Novell's
execution and non-revocation of a separation agreement containing,
among other things, a release of claims in favor of the Company and
its affiliates, Mr. Novell will be entitled to receive (i) an
amount in cash equal to two-times the sum of (x) Mr. Novell's then
current base salary (ignoring any reduction that constitutes good
reason) and (y) the average annual incentive compensation paid to
Mr. Novell in each of the two completed years prior to the year of
his date of termination (provided that if incentive compensation
has not been paid to Mr. Novell for each of the prior two years,
the amount shall be his target bonus for the current year)
(ignoring any reduction that constitutes good reason); (ii) a
pro-rated portion of his target bonus for the year in which his
termination occurs (ignoring any reduction that constitutes good
reason); (iii) any earned but unpaid incentive compensation with
respect to the completed year prior to the year in which the
termination occurs; (iv) full acceleration of vesting of all
outstanding equity awards (with any performance-based vesting
criteria deemed satisfied based on actual performance as of such
termination), and (v) subject to Mr. Novell's election to receive
continued health benefits under COBRA and copayment of premium
amounts at the active employees' rate, payment of remaining
premiums for participation in the Company's health benefit plans
until the earliest of (A) twelve months following termination; (B)
the date he becomes eligible for group medical plan benefits under
any other employer's group medical plan; or (C) the expiration of
Mr. Novell's COBRA health continuation period.
The cash severance payable to Mr. Novell upon a termination of
employment is generally payable over the twelve months following
the date of termination, subject to potential six-month delay if
required by Section 409A of the Internal Revenue Code of 1986, as
amended.
Employment Agreement with David Armstrong
On March 15, 2022, the Company also entered into a new employment
agreement with David Armstrong, the Company's chief compliance
officer, general counsel and corporate secretary. The initial term
of the Armstrong Employment Agreement ends on March 15, 2025 unless
earlier terminated and will automatically extend for successive
one-year terms unless the Company or Mr. Armstrong deliver a
written non-renewal notice no later than 90 days prior to the
expiration of the initial or renewal term.
Under the terms of the Armstrong Employment Agreement, Mr.
Armstrong will receive an annual base salary of $235,000, subject
to potential merit increases (but not decreases) each year. The
Armstrong Employment Agreement also provides for a target annual
bonus in the amount of at least 30% of base salary. The amount of
the actual bonuses will be determined by the Company's board of
directors or compensation committee. Subject to approval by the
Company's board of directors, Mr. Armstrong will also be eligible
to receive an annual equity award with target value of $543,000.
Mr. Armstrong is also eligible to participate in the Company's
employee benefit plans generally in effect from time to time.
In the event of a termination of Mr. Armstrong's employment by the
Company without "cause" (as defined in the Armstrong Employment
Agreement, including due to the Company's delivery of a non-renewal
notice) or by his resignation for "good reason" (as defined in the
Armstrong Employment Agreement), subject to Mr. Armstrong's
execution and non-revocation of a separation agreement containing,
among other things, a release of claims in favor of the Company and
its affiliates, Mr. Armstrong will be entitled to receive (i) base
salary continuation for twelve months following his termination
date (ignoring any reduction that constitutes good reason), (ii)
any earned but unpaid incentive compensation with respect to the
completed year prior to the year in which the termination occurs;
(iii) a pro-rated portion of his target bonus for the year in which
his termination occurs (ignoring any reduction that constitutes
good reason), and (iv) subject to Mr. Armstrong's election to
receive continued health benefits under COBRA and copayment of
premium amounts at the active employees' rate, payment of remaining
premiums for participation in the Company's health benefit plans
until the earliest of (A) twelve months following termination; (B)
the date he becomes eligible for group medical plan benefits under
any other employer's group medical plan; or (C) the expiration of
Mr. Armstrong's COBRA health continuation period.
In addition, in lieu of the payments and benefits, in the event
that Mr. Armstrong's employment is terminated by the Company
without "cause" (including due to the Company's delivery of a
non-renewal notice), or by him for "good reason," in each case,
within twelve months following a "sale event" as defined in the
Company's 2021 Stock Option and Incentive Plan and subject to Mr.
Armstrong's execution and non-revocation of a separation agreement
containing, among other things, a release of claims in favor of the
Company and its affiliates, Mr. Armstrong will be entitled to
receive (i) an amount in cash equal to two-times the sum of (x) Mr.
Armstrong's then current base salary (ignoring any reduction that
constitutes good reason) and (y) the average annual incentive
compensation paid to Mr. Armstrong in each of the two completed
years prior to the year of his date of termination (provided that
if incentive compensation has not been paid to Mr. Armstrong for
each of the prior two years, the amount shall be his target bonus
for the current year) (ignoring any reduction that constitutes good
reason); (ii) a pro-rated portion of his target bonus for the year
in which his termination occurs (ignoring any reduction that
constitutes good reason); (iii) any earned but unpaid incentive
compensation with respect to the completed year prior to the year
in which the termination occurs; (iv) full acceleration of vesting
of all outstanding equity awards (with any performance-based
vesting criteria deemed satisfied based on actual performance as of
such termination), and (v) subject to Mr. Armstrong's election to
receive continued health benefits under COBRA and copayment of
premium amounts at the active employees' rate, payment of remaining
premiums for participation in the Company's health benefit plans
until the earliest of (A) twelve months following termination; (B)
the date he becomes eligible for group medical plan benefits under
any other employer's group medical plan; or (C) the expiration of
Mr. Armstrong's COBRA health continuation period.
The cash severance payable to Mr. Armstrong upon a termination of
employment is generally payable over the twelve months following
the date of termination, subject to potential six-month delay if
required by Section 409A of the Code.
About Cano Health
Cano Health (NYSE: CANO) -- canohealth.com -- is a high-touch,
technology-powered healthcare company delivering personalized,
value-based primary care to more than 250,000 members. With its
headquarters in Miami, Florida, Cano Health is transforming
healthcare by delivering primary care that measurably improves the
health, wellness, and quality of life of its patients and the
communities it serves. Founded in 2009, Cano Health has more than
4,000 employees, and operates primary care medical centers and
supports affiliated providers in eight states and Puerto Rico.
Cano Health reported a net loss of $116.74 million in 2021, a net
loss of $71.06 million in 2020, and a net loss of $19.78 million in
2019. As of Dec. 31, 2021, the Company had $2.14 billion in total
assets, $1.34 billion in total liabilities, and $798.57 million in
total stockholders' equity.
CLOUD49 LLC: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 6 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Cloud49, LLC.
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.
COLGATE ENERGY: S&P Upgrades ICR to 'B', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
oil and gas exploration and production (E&P) company Colgate Energy
Partners III LLC to 'B' from 'B-'.
S&P said, "At the same time, we raised our issue-level rating on
the company's senior unsecured notes to 'B+' from 'B'. The '2'
recovery rating remains unchanged, indicating our expectation for
substantial (70%-90%; rounded estimate: 85%) recovery of principal
for creditors in the event of a payment default.
"The stable outlook reflects our view that Colgate's credit metrics
will remain strong as it continues to expand its production and
proved reserves over the next two years while generating material
positive free cash flow.
"In our view, the company has successfully integrated its recent
acquisitions while maintaining conservative credit metrics."
Colgate's acquisitions of assets from Luxe and Occidental have
nearly doubled its proved reserve base while also adding contiguous
acreage to its position in the Permian Basin. The company now holds
102,000 net acres in the Delaware Basin of West Texas with proved
reserves of 249 million barrels of oil equivalent (mmboe) as of
year-end 2021 (U.S. Securities and Exchange Commission
(SEC)-reported value), of which about 50% was oil and about 56% was
proved developed.
S&P's upgrade reflects the company's improved production profile
and longer track record of expansion.
S&P said, "Colgate has organically increased its production by 30%
to 59,258 barrels of oil equivalent per day (boe/d) from 45,570
boe/d in the third quarter of 2021, which has somewhat alleviated
our concerns surrounding its limited experience operating the newly
acquired acreage as it looks to further ramp up its production
despite an average decline rate of 40%. That said, the company's
expected pace of expansion for 2022 is not in line with our prior
projections. For example, Colgate is running a five-rig program,
which it could potentially ramp up to six in the second quarter;
however, we note the risk of its drilling pace could be negatively
affected by increased capital expenditure (capex) as well as
industrywide supply chain disruptions.
"We continue to view the company's private-equity capital policy
stance as aggressive, though we see some potential exit
opportunities.
"Private-equity companies hold five of the seven seats on Colgate's
board and its management team holds the remaining two. In our view,
this concentration gives its financial sponsors significant
influence over its strategic direction, as well as the ability to
influence its financial policy and, ultimately, its capital
structure. The company paid out a $146 million special dividend
using the proceeds from a debt issuance last year and has already
announced $300 million of dividends for 2022. That said, exit
opportunities such as through a consolidation or an IPO, which were
previously less available to smaller private players, are now more
plausible given Colgate's increased scale and the current commodity
price environment.
"The stable outlook on Colgate reflects our view that its credit
metrics will remain strong as it continues to expand its production
and proved reserves over the next two years and generates material
positive free cash flow. We expect the company to continue issuing
dividends while evaluating strategic exit opportunities in a
consolidating industry. We assume pro forma debt to EBITDA of about
1.1x and funds from operations (FFO) to debt in the 80%-90% range
in 2022.
"We could lower our rating on Colgate if we expect its production
to weaken materially below our current expectations, which could
occur because of operating difficulties (specifically as it relates
to its growth execution or supply chain challenges). Additionally,
we could consider downgrading the company if its profitability
weakens, possibly due to constrained Permian takeaway capacity, or
its liquidity materially declines.
"We could upgrade Colgate if it materially expands its scale to be
in line with that of its higher-rated peers while maintaining
strong credit measures, including FFO to debt remaining above
60%."
ESG credit indicators: E-4, S-2, G-3
S&P said, "Environmental factors are a negative consideration in
our rating analysis of Colgate Energy Partners III LLC because the
E&P industry is contending with an accelerating energy transition
and the increasing 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.
Governance is a moderately negative consideration. Our assessment
of the company's financial risk profile as highly leveraged
reflects its corporate decision-making that prioritizes the
interest of its controlling owners, which is in line with our view
of the majority of rated entities owned by private-equity sponsors.
Our assessment also reflects private-equity sponsors' generally
finite holding periods and focus on maximizing shareholder
returns."
COTTAGE GROVE: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Real estate company Cottage Grove Center LLC filed for bankruptcy
protection in Oregon.
According to a court filing, Cottage Groves Center estimates
between 1 to 49 creditors, including Banner Bank, Citi Bank, and
Ryan Bates Construction & Concrete. Its petition states that funds
are available to unsecured creditors.
About Cottage Grover Center
Cottage Grove Center LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Section 101(51B)).
Cottage Grove Center sought Chapter 11 bankruptcy protection
(Bankr. D. Ore. Case No. 22-60332) on March 24, 2022. In the
petition filed by Richard J. Gordon as managing member, Cottage
Grove Center listed estimated assets up to $50,000 and estimated
liabilities between $1 million and $10 million. Ted A. Troutman of
TROUTMAN LAW FIRM P.C., is the Debtor's counsel.
DIAMONDHEAD CASINO: Incurs $1.5 Million Net Loss in 2021
--------------------------------------------------------
Diamondhead Casino Corporation filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $1.52 million for the year ended Dec. 31, 2021, compared to
a net loss of $2.22 million for the year ended Dec. 31, 2020.
As of Dec. 31, 2021, the Company had $5.56 million in total assets,
$15.71 million in total liabilities, and a total stockholders'
deficit of $10.15 million.
Marlton, New Jersey-based Friedman LLP, the Company's auditor since
2004, issued a "going concern" qualification in its report dated
March 21, 2022, citing that the Company has incurred significant
recurring net losses over the past several years. In addition, the
Company has no operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
The Company had an accumulated deficit of $43,394,070 at Dec. 31,
2021. Due to its lack of financial resources, the Company has been
forced to explore other alternatives, including a sale of part or
all of the Property.
DiamondHead Casino stated, "The Company has had no operations since
it ended its gambling cruise ship operations in 2000. Since that
time, the Company has concentrated its efforts on the development
of its Diamondhead, Mississippi property. That development is
dependent upon the Company obtaining the necessary capital, through
either equity and/or debt financing, unilaterally or in conjunction
with one or more partners, to master plan, design, obtain permits
for, construct, open, and operate a casino resort."
"In the past, in order to raise capital to continue to pay on-going
costs and expenses, the Company has borrowed funds, through Private
Placements of convertible instruments as well as through other
secured notes...The Company is in default with respect to payment
of both principal and interest under the terms of most of these
instruments. In addition, at December 31, 2021, the Company had
$10,717,660 of accounts payable and accrued expenses and $82,091 in
cash on hand."
"The above conditions raise substantial doubt as to the Company's
ability to continue as a going concern within one year after the
date of that the consolidated financial statements are issued."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/844887/000149315222007339/ex99-1.htm
About DiamondHead
Headquartered in Alexandria, Virginia, DiamondHead Casino
Corporation owns a total of approximately 400 acres of unimproved
land in Diamondhead, Mississippi. Active subsidiaries of the
Company include Mississippi Gaming Corporation, which owns the
approximate 400-acre site and Casino World, Inc.
DOCTOR DREDGE: Gets OK to Employ William G. Haeberle as Accountant
------------------------------------------------------------------
Doctor Dredge, LLC received approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ William G. Haeberle,
P.A. to provide accounting services necessary to administer its
Chapter 11 bankruptcy proceeding.
The firm's compensation includes $250 for the preparation of past
due monthly operating reports, and a monthly fee of $200. The
retainer fee is $1,500.
As disclosed in court filings, the firm is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
William G. Haeberle, CPA
William G. Haeberle, P.A.
4446-1A Hendricks Ave., Suite 245
Jacksonville, FL 32207
Tel: (904) 245-1304
About Doctor Dredge
Doctor Dredge, LLC specializes in underwater excavation projects
throughout the Southeastern United States, covering the states of
Alabama, Georgia and Florida. Founded in 2006, the company, which
is based in Saint Augustine, Fla., provides both mechanical and
hydraulic dredging services.
Doctor Dredge filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00192) on Jan.
31, 2022, listing $217,557 in assets and $1,640,512 in liabilities.
Aaron R. Cohen serves as Subchapter V trustee.
Judge Jacob A. Brown presides over the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP and William G. Haeberle, P.A. serve as the Debtor's legal
counsel and accountant, respectively.
DONNELLEY FINANCIAL: S&P Withdraws 'BB-' Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' issuer credit rating on
Donnelley Financial Solutions Inc. (DFIN) at the issuer's request.
At the time of the withdrawal, its outlook on the company was
stable.
At the same time, S&P withdrew its 'BB' issue-level rating and '2'
recovery rating on DFIN's senior secured term loan and revolving
facility. The company fully repaid the outstanding balance on its
senior unsecured notes in October 2021 and no longer requires a
rating.
ELITE HOME PRODUCTS: Files for Chapter 11 Bankruptcy
----------------------------------------------------
Vince Sullivan of Law360 reports that a New Jersey textile product
distributor that serves some of the country's largest retailers
filed for Chapter 11 protection late Wednesday, March 23, 2022,
blaming a COVID-19-related surge in prices and ongoing supply chain
troubles for an inability to cover its trade debt obligations.
In initial court filings, Elite Home Products said increases in the
price of raw materials as well as jumps in freight costs ahead of
the COVID-19 pandemic in early 2020 continued to worsen over the
next two years, reaching unprecedented levels.
About Elite Home Products
Elite Home is a home textile company that offers a wide variety of
sheets, duvets/comforter covers, bedding ensembles, quilt sets,
blankets & throws, and flannel.
Elite Home Poducts sought Chapter 11 bankruptcy protection (Bankr.
D.N.J Case No. 22-12353) on March 24, 2022. In the petition filed
by Scott R. Perretz, as president, Elite Home Products listed
estimated
assets of $6,314,175 and estimated total liabilities of
$11,104,637.
GENOVA BURNS LLC, led by Daniel M. Stolz, Scott S. Rever, and
Gregory S. Kinoian, Esq., serves as the Debtor's counsel. WINNE,
BANTA, BASRALIAN & KAHN, P.C. is the Debtor's special counsel.
GETZLER HENRICH & ASSOCIATES, LLC is the Debtor's financial
advisor, and SAX LLP is its accountant.
ENERGY CONVERSION: Suit vs. Ovonyx, Micron Stands
-------------------------------------------------
John Madden, liquidation trustee for Energy Conversion Devices,
Inc., filed an adversary proceeding alleging multiple claims under
Michigan law, including breach of contract, alter ego/successor
liability, tortious interference with contract, fraudulent
transfer, aiding and abetting tortious interference with contract,
and declaratory judgment, against five defendants: Ovonyx, Inc.;
Micron Technology, Inc.; Tyler Lowrey; Ovonyx Memory Technology,
LLC; and Intel Corporation.
All five defendants initially moved for dismissal under Fed. R.
Civ. P. 12(b)(6), for failure to state a claim, which was granted
in part and denied in part. After extensive discovery and filing of
answers, the bankruptcy court dismissed the only claim against
Tyler Lowrey and recently entered a stipulation dismissing claims
against Intel Corporation. While the other three defendants remain
in the case, only two of the three defendants, Ovonyx, Inc. and
Micron Technology, Inc., moved to dismiss for lack of standing.
In that motion to dismiss, filed essentially two years after the
Trust terminated, Ovonyx and Micron argued that the Plaintiff Trust
no longer has standing to prosecute any of the claims in this
adversary proceeding, because, under Section 6.01 of the Trust
Agreement, the Trust terminated on August 28, 2019. The Defendants
further argued that the Trustee's limited wind-up powers do not
give him standing to continue prosecuting the case.
On November 24, 2021, Judge Tucker entered an Opinion and Order
denying defendants' motion to dismiss. Judge Tucker said the issue
before the court "turns on the meaning of a winding-up provision in
the liquidation trust agreement." Judge Tucker ultimately:
"f[ound] and conclude[d] that despite the termination of the Trust
under Section 6.01, Section 6.03 of the Trust Agreement
unambiguously gives the Liquidation Trustee both the authority and
a duty to continue prosecuting this adversary proceeding to
conclusion. And this includes prosecution of all claims asserted in
the First Amended Complaint, and in any amended complaint that the
Court grants leave for Plaintiff to file against the present
Defendants in this adversary proceeding. The Plaintiff Trust
therefore does continue to have standing to prosecute this case,
and prosecute it to conclusion, including any and all appeals by
any party, no matter how long that may take."
Ovonyx and Micron filed the a Motion for Leave to Appeal the
Bankruptcy Court's Order Denying Their Motion to Dismiss for lack
of standing. They argued that an interlocutory appeal is necessary
to resolve the controlling question of law of whether a liquidation
trust loses standing to pursue pending litigation when it
terminates under the express terms of the trust agreement. Ovonyx
and Micron argue that this issue would be unreviewable on a final
judgment, necessitating an interlocutory appeal.
Judge Paul D. Borman of the United States District Court for the
Eastern District of Michigan, Southern Division, denied the Motion
for Leave to File Appeal, finding that the Ovonyx and Micron fail
to satisfy the threshold requirement for a grant of interlocutory
review -- a "controlling question of law" -- because, although
standing is generally considered a controlling question of law, the
bankruptcy court did not find, as a matter of law, that trusts have
standing to pursue litigation after termination of the trust.
Judge Borman points out the bankruptcy court found, under its
interpretation of the terms of the Liquidation Trust Agreement at
issue in this case, and specifically that Agreement's winding up
provision, Section 6.03, that this Trust has the authority and duty
to continue to pursue the adversary proceeding. The bankruptcy
court stated that its decision "turns on the meaning of a
winding-up provision in the liquidation trust agreement," Judge
Borman notes.
The bankruptcy court's interpretation of the Trust Agreement (as
providing the Trust with authority and duty to continue prosecuting
its adversary proceeding), although a question of law, is not a
"controlling question of law" as contemplated by section 1292(b),
Judge Borman concludes.
A full-text copy of the Opinion and Order dated March 14, 2022, is
available at https://tinyurl.com/5axtnvzh from Leagle.com.
The adversary proceeding is captioned ENERGY CONVERSION DEVICES
LIQUIDATION TRUST, Plaintiff/Appellee, v. OVONYX, INC., TYLER
LOWREY, MICRON TECHNOLOGY, INC., OVONYX MEMORY TECHNOLOGY, LLC, and
INTEL CORPORATION, Defendants/Appellants, Case No. 22-10004 (E.D.
Mich.).
About Energy Conversion
Based in Detroit, Energy Conversion Devices --
http://energyconversiondevices.com/-- was a pioneer in materials
science and renewable energy technology development. The company
was awarded over 500 U.S. patents and international counterparts
for its achievements. ECD's United Solar wholly owned subsidiary
was a global leader in building-integrated and rooftop
photovoltaics for over 25 years. The company manufactured, sold
and installed thin-film solar laminates that convert sunlight to
clean, renewable energy using proprietary technology.
ECD and affiliate United Solar Ovonic LLC sought Chapter 11
protection (Bankr. E.D. Mich. Case No. 12-43166 and 12-43167) on
Feb. 14, 2012. Affiliate Solar Integrated Technologies, Inc.,
filed a petition for relief under Chapter 7 of the Bankruptcy Code
(Bankr. E.D. Mich. Case No. 12-43169) on the same day.
William Christopher Andrews, chief financial officer and executive
vice president, signed the petitions.
Judge Thomas J. Tucker presided over the cases.
Aaron M. Silver, Esq., Judy B. Calton, Esq., and Robert B. Weiss,
Esq., at Honigman Miller Schwartz & Cohn LLP, in Detroit, Michigan,
served as counsel to the Debtors.
ECD estimated assets and debt between $100 million and $500 million
as of the Petition Date. ECD had estimated in court papers that it
was worth $986 million, based on nearly $800 million of investment
in the manufacturing unit.
An official committee of unsecured creditors was represented by
Foley and Lardner, LLP, as counsel and Scouler & Company, LLC, as
financial advisor.
The Debtors canceled an auction to sell USO as a going concern and
discontinued the court-approved sale process after failing to
receive an acceptable qualified bid by the bid deadline. Quarton
Partners served as the companies' investment banker. The Debtors
also hired auction services provider Hilco Industrial to prepare
for an orderly sale of the companies' assets.
In August 2012, the Debtors won confirmation of their Second
Amended Chapter 11 Plan of Liquidation. The Plan was declared
effective in September 2012. Under the Plan, unsecured creditors
owed up to $337 million in claims were to expect a recovery between
50.1% and 59.3%. The Plan created a trust to sell remaining assets
and distribute proceeds in the order of priority laid out in
bankruptcy law.
ENOVATIONAL CORP: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Enovational Corp.
1427 Rhode Island Avenue, NW
PH 2
Washington, DC 20005
Business Description: Enovational is a data-driven web and app
development company based in Washington,
D.C.
Chapter 11 Petition Date: March 26, 2022
Court: United States Bankruptcy Court
District of Columbia
Case No.: 22-00055
Debtor's Counsel: Maurice VerStandig, Esq.
THE BELMONT FIRM
1050 Connecticut Ave., NW
Suite 500
Washington, DC 20036
Tel: (202) 991-1101
Email: mac@dcbankruptcy.com
Total Assets: $15,169,413
Total Liabilities: $6,191,395
The petition was signed by Vlad Enache, chief executive officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/SLTE7TI/Enovational_Corp__dcbke-22-00055__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Advanced Network Consulting Loan $300,000
1200 G Street, N.W.
Suite 806
Washington, DC 20005
2. Alliantgroup LP $25,125
3009 Post Oak Blvd
Suite 2000
Houston, TX 77056
3. Anthony Watkins $30,000
c/o Nalex Technology Solutions
9406 Piaffe Circle
Upper Marlboro, MD 20772
4. Artwoom Contractor $7,000
Selisce 13, 10000
Zagreb, Hrvatska
5. Chase Bank Credit Cards $124,823
Attn: Bankruptcy
P.O. Box 15298
Wilmington, DE
19850-5298
6. Citibank Citicorp Revolving Line $100,381
Srvs/Centralized Bk Dept of Credit
Po Box 790034
St. Louis, MO 63179
7. District Advisory, LLC Accounting $8,810
1200 18th Street, NW Services
Suite 700
Washington, DC 20036
8. FTI Consulting LLC Former Lease $113,000
16701 Melford Agreement
Boulevard
Suite 200
Bowie, MD 20715
9. Go 360 Cloud Contractor $90,800
H No - 10-6-46/1/1,
Brundavan
Colony, Lin
K V Ranga
Reddy, Ranga Reddy Hyderabad
Telangana 500079 India
10. Go 360 Cloud Contractor $1,039,625
Private Limited
H No - 10-6-46/1/1,
Brundavan
Colony, Lin
K V Ranga
Reddy,Ranga Reddy
Hyderabad
Telangana 500079
India
11. Nalex Technology Solutions Loan $20,000
9406 Piaffe Circle
Upper Marlboro, MD 20772
12. Namely, Inc. Payroll Services $72,657
195 Broadway
15th Floor
New York, NY 10007
13. Navitas Business Contractor $65,880
Consulting, Inc.
13454 Sunrise
Valley Drive
Suite 240
Herndon, VA 20171
14. Polka Dot Sky Software Contractor $196,360
8442 Bells Ridge Terrace
Rockville, MD 20854
15. Potomac Integration Contractor $52,800
& Consulting, LLC
10833 Bird Song Pass
Columbia, MD 21044
16. Productboard Inc. Software $8,000
612 Howard Street
4th Floor
San Francisco, CA 94105
17. Saovaluck Lim Loan $340,000
2124 Sahalea Ter
Silver Spring, MD 20905
18. Vanta $9,625
369 Hayes St.
San Francisco, CA 94102
19. Vire Consulting Loan $250,000
1612 K Street, NW
Suite 802
Washington, DC 20006
20. Yulishana 401(k) Audit $10,000
316 Bromley Cross Drive
San Jose, CA 95119
FORE MACHINE: Taps Stretto Inc. as Administrative Advisor
---------------------------------------------------------
Fore Machine, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Stretto, Inc. as administrative advisor.
The firm's services include:
a. assisting with, among other things, solicitation, balloting,
and tabulation of votes, and preparing any related reports in
support of confirmation of a Chapter 11 plan, and processing
requests for documents;
b. preparing an official ballot certification and, if necessary,
testifying in support of the ballot tabulation results;
c. assisting with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs, and
gathering data in conjunction therewith;
d. providing a confidential data room, if requested; and
e. managing and coordinating any distributions pursuant to a
Chapter 11 plan.
The firm will be paid a retainer in the amount of $25,000.
Sheryl Betance, a senior managing partner at Stretto, disclosed in
a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: Sheryl.betance@stretto.com
About Fore Machine
Fore Machine, LLC is a manufacturer of aircraft engines and engine
parts in Haltom City, Texas.
Fore Machine and its affiliates, Aero Components, LLC and Fore Aero
Holdings, LLC, sought Chapter 11 protection (Bankr. N.D. Texas Lead
Case No. 22-40487) on March 7, 2022. In the petition signed by Jens
Verloop, chief financial officer, Fore Machine listed as much as
$50 million in both assets and liabilities.
The Debtors tapped Winston & Strawn, LLP as legal counsel and
Alvarez and Marsal North America, LLC as financial advisor.
Bankruptcy Management Solutions, Inc., doing business as Stretto,
is the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on March 18, 2022. The committee is represented
by Cantey Hanger, LLP.
GENERAL CANNABIS: To Hold 2022 Annual Meeting in June
-----------------------------------------------------
General Cannabis Corp disclosed in a Form 8-K filing with the
Securities and Exchange Commission that it plans to hold its Annual
Meeting of Shareholders in early June 2022.
The record date for the determination of shareholders entitled to
receive notice of and to vote at the 2022 Annual Meeting will be on
or about April 20, 2022. Because the Company did not hold an
annual meeting of shareholders in 2021, the Company is using this
Form 8-K to provide the due date for the submission of any
qualified shareholder proposals or qualified shareholder
nominations. The location of the 2022 Annual Meeting will be as
set forth in the Company's proxy statement for the 2022 Annual
Meeting, to be filed prior to the 2022 Annual Meeting with the
SEC.
In accordance with Rule 14a-8 under the Securities Exchange Act of
1934, as amended, any shareholder proposal intended to be
considered for inclusion in the Company's proxy materials for the
2022 Annual Meeting must be delivered to, or mailed to and received
at, the Company's principal executive offices located at 1901 S.
Navajo Street, Denver, Colorado 80223 Attention: Secretary, on or
before the close of business on April 15, 2022, which the Company
has determined to be a reasonable time before it expects to begin
to print and distribute its proxy materials for the 2022 Annual
Meeting. In addition to complying with this deadline, shareholder
proposals intended to be considered for inclusion in the Company's
proxy materials for the 2022 Annual Meeting must also comply with
all applicable SEC rules, including Rule 14a-8, as well as the
Company's bylaws.
About General Cannabis Corp
Headquartered in Denver, Colorado, General Cannabis Corp --
http://www.generalcann.com-- offers a comprehensive national
resource to the regulated cannabis industry. The Company is a
trusted partner to the cultivation, production and retail sides of
the cannabis business.
General Cannabis reported a net loss of $7.68 million for the year
ended Dec. 31, 2020, a net loss of $15.48 for the year ended Dec.
31, 2019, and a net loss of $16.97 million for the year ended Dec.
31, 2018. As of Sept. 30, 2021, the Company had $22.79 million in
total assets, $10.62 million in total liabilities, and $12.17
million in total stockholders' equity.
HIGHLAND CAPITAL: Suit by Ex-CEO's Firms Dismissed
--------------------------------------------------
Judge Stacey G. Jernigan of the United States Bankruptcy Court for
the Northern District of Texas, Dallas Division, granted the
Defendants' request to dismiss, in its entirety, the adversary
proceeding captioned CHARITABLE DAF FUND, L.P., AND CLO HOLDCO
LTD., Plaintiffs, v. HIGHLAND CAPITAL MANAGEMENT, L.P., HIGHLAND
HCF ADVISOR, LTD., AND HIGHLAND CLO FUNDING, LTD., Defendants,
Adversary No. 21-03067 (Bankr. N.D. Tex.). Judge Jernigan
concludes that all of the claims in the Complaint are precluded by
the doctrines of collateral estoppel and judicial estoppel.
Highland Capital Management, L.P., filed a voluntary Chapter 11
petition on October 16, 2019, in the United States Bankruptcy Court
for the District of Delaware. The court subsequently transferred
venue of the Bankruptcy Case to the Northern District of Texas,
Dallas Division, on December 4, 2019.
An adversary proceeding was filed in April 2021, after confirmation
but before the effective date of Highland's Chapter 11 plan. There
were originally three Defendants named in the Adversary Proceeding:
(i) Highland, and (ii) two non-Debtor affiliates which Highland
controls that are called Highland HCF Advisor, Ltd., and Highland
CLO Funding Ltd. HCLOF was later dismissed by agreement with the
Plaintiffs. Highland's CEO, James P. Seery, was named in the
Complaint initiating the Adversary Proceeding as a "potential"
Defendant but has not been added. The Plaintiffs are two entities
allegedly controlled and/or directed by James Dondero, Highland's
founder and former CEO: (i) Charitable DAF Fund, L.P., which is a
Cayman Island-based hedge fund designated as a "donor-advised
fund," originally seeded with funds from Highland, and (ii) CLO
Holdco, Ltd., which is also a Cayman Island-based entity, wholly
owned and controlled by the DAF. Until at least mid-January 2021,
Grant Scott, Mr. Dondero's life-long friend and college roommate,
was the sole director of the DAF and also of CLO Holdco (neither of
which otherwise had any officers or employees).
The Complaint, which was originally filed in the United States
District Court for the Northern District of Texas, Dallas Division,
but was referred to the Bankruptcy Court, asserts claims against
Highland and HHCFA under the Racketeer Influenced and Corrupt
Organizations statute (15 U.S.C. Section 1961, et seq. ("RICO")),
Breach of Fiduciary Duty, Breach of Contract, Negligence, and
Tortious Interference with Contract -- all relating to the Debtor's
pursuit and effectuation during the Bankruptcy Case of a compromise
and settlement agreement with a creditor known as HarbourVest,
which agreement was fully vetted and approved by the Bankruptcy
Court (after notice to creditors and parties in interest), pursuant
to Federal Rule of Bankruptcy Procedure 9019.
In dismissing the complaint, Judge Jernigan notes that in order to
understand the conclusion of this court, one must review matters
that happened during the Bankruptcy Case. Although a court
generally limits its inquiry on a motion to dismiss to the
plaintiff's complaint or any documents attached to the complaint, a
court may also take judicial notice of matters that are part of the
public record when considering a motion to dismiss, the judge
says.
The relevant public record includes: (a) the HarbourVest Settlement
Motion, and the exhibits admitted into evidence in support; (b) the
Transfer Agreement; (c) Mr. Dondero's Objection to the HarbourVest
Settlement; (d) the Objection to the HarbourVest Settlement of
Dugaboy Investment Trust and Get Good Trust (i.e, Mr. Dondero's
family trusts), (e) CLO Holdco's Objection to the HarbourVest
Settlement, (f) the Omnibus Replies; (g) the January 14, 2021
Hearing Transcript at which the Bankruptcy Court considered and
approved the HarbourVest Settlement; and (h) the HarbourVest
Settlement Order.
Because the Court believes the doctrines of collateral estoppel and
judicial estoppel bar the claims of the Plaintiffs as a matter of
law, the court -- for the sake of efficiency and judicial economy
-- declined to address the other arguments of Highland.
Specifically, Highland has argued that, even if all of the
Plaintiffs' claims are not barred as a matter of law by preclusion
or estoppel theories, Plaintiffs have failed to state plausible
claims upon which relief can be granted with regard to the all of
counts in the Complaint based on the RICO statute, Breach of
Fiduciary Duty, Breach of Contract, Negligence, and Tortious
Interference with Contract, Judge Jernigan holds. While this court
is inclined to agree with these arguments, the court will refrain
from addressing them until such time as any higher court may
instruct this court to address them, the judge says.
A full-text copy of the Memorandum Opinion and Order dated March
11, 2022, is available at https://tinyurl.com/2p8p3ed8 from
Leagle.com.
About Highland Capital Management
Highland Capital Management, LP, was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans. Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.
Highland Capital Management sought Chapter 11 protection (Bank. D.
Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case
was transferred to the U.S. Bankruptcy Court for the Northern
District of Texas and was assigned a new case number (Bank. N.D.
Texas Case No. 19-34054). Judge Stacey G. Jernigan is the case
judge.
At the time of the filing, Highland had between $100 million and
$500 million in both assets and liabilities.
The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel, Foley & Lardner LLP as special Texas counsel, and Teneo
Capital, LLC as litigation advisor. Kurtzman Carson Consultants,
LLC, is the claims and noticing agent.
The U.S. Trustee for Region 6 appointed a committee of unsecured
creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP
and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and
FTI Consulting, Inc. as financial advisor.
KDB LLC: Taps Bradshaw Fowler as General Reorganization Counsel
---------------------------------------------------------------
KDB, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Iowa to hire Bradshaw, Fowler, Proctor &
Fairgrave, P.C. to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) advising and assisting the Debtor with respect to
compliance with the requirements of the Office of the U.S.
Trustee;
(b) advising the Debtor concerning matters of bankruptcy law,
including the rights and remedies of the Debtor with regard to its
assets and with respect to the claims of creditors;
(c) representing the Debtor in any proceedings or hearings in
the bankruptcy court and in any action in other courts where the
Debtor's rights under the Bankruptcy Code may be litigated or
affected;
(d) conducting examinations of witnesses, claimants or adverse
parties, and preparing reports, accounts, and pleadings related to
the Chapter 11 case;
(e) advising the Debtor concerning the requirements of the
Bankruptcy Code and applicable rules as the same affect the Debtor
in the proceeding;
(f) assisting the Debtor in the negotiation, formulation,
confirmation, and implementation of a Chapter 11 plan;
(g) making any court appearances on behalf of the Debtor; and
(h) performing other necessary legal services for the Debtor.
The firm's hourly rates are as follows:
Jeffrey D. Goetz, Esq. $400
Associates $125 - $300
Jeanie Bouck $90 - $125
The firm received $10,000 as pre-bankruptcy funds from the Debtor.
Jeffrey Goetz, 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:
Jeffrey D. Goetz, Esq.
Bradshaw, Fowler, Proctor & Fairgrave, P.C.
801 Grand Avenue, Suite 3700
Des Moines, IA 50309-8004
Tel: 515-246-5817
Fax: 515-246-5808
Email: goetz.jeffrey@bradshawlaw.com
About KDB LLC
KDB, LLC filed a petition for Chapter 11 protection (Bankr. S.D.
Iowa Case No. 22-00250) on March 16, 2022, listing up to $50,000 in
assets and liabilities. Rick Larson, managing member, signed the
petition.
Bradshaw, Fowler, Proctor & Fairgrave PC, led by Jeffrey D. Goetz,
Esq., serves as the Debtor's legal counsel.
KING MOUNTAIN: Reaches Equipment Purchase Agreement with Dry Creek
------------------------------------------------------------------
King Mountain Tobacco Company, Inc., submitted a Third Amended
Disclosure Statement for Third Amended Plan of Reorganization dated
March 22, 2022.
The Plan provides for full payment to all nonaffiliate creditors
from the proceeds of its Escrow Accounts, and from amounts
generated from the Debtor's business operations, which, in the
Debtor's opinion, provides greater recovery than which is likely
under a liquidation of King Mountain Tobacco Company. Accordingly,
the Debtor believes that approval of the Plan is in the best
interests of all creditors.
Notwithstanding, in August 2020, the Department of the Treasury
sent the Debtor a final notice and demand for repayment of the
outstanding FET. According to the government's calculation, the
amount owed prepetition based on the TTB's amended proof of claim
filed on August 17, 2021 is $77,208,411.36, consisting of
approximately $38,362,299.67 in principal tax, $16,374,833.39 in
interest on tax, $18,681,199.64 in penalties, and $3,790,078.66 in
interest on penalties. The government threatened to levy against
the Debtor' assets if payment was not made within thirty days of
the Debtor's receipt of the demand letter.
The Debtor was not in a financial position to repay the
approximately $77 million owed to TTB, and a levy of the Debtor's
assets would likely result in the cessation of the Debtor's
operations and the loss of jobs on the Yakama Nation Reservation.
The Debtor therefore made the difficult decision to commence this
case, to provide it with an opportunity to address its outstanding
obligations in a manner that allows it to remain in operation going
forward.
Following the Debtor's cessation of all agricultural activities,
the equipment used in those activities became idle and surplus. The
equipment consists of tractors and other related equipment, and
irrigation equipment located on a number of local parcels. The
Debtor earlier entered into a temporary lease of the irrigation
equipment with Dry Creek Corp., which had agreed to take over the
Debtor's farming operations for the 2021 season. Dry Creek was
therefore the logical buyer to approach as to the irrigation
equipment, and hopefully also as to the farming equipment.
To that end, the Debtor and Dry Creek negotiated and executed an
Equipment Purchase Agreement, pursuant to which Dry Creek would
purchase all irrigation equipment and designated farming equipment
for a total cash purchase price of $992,420.00. On February 1,
2022, the Debtor filed its Motion for Order Approving Sale of
Irrigation and Farming Equipment to Dry Creek Corp., seeking court
approval of the sale to Dry Creek, subject to higher and better
offers at the hearing. No other offers on the equipment were
received, and the court approved the sale of the equipment to Dry
Creek on February 18, 2022.
The Debtor is obligated to the TTB based upon federal excise taxes,
penalties and interest. The TTB's Claim is secured pursuant to 26
U.S.C. § 6321 and Washington UCC Financing Statement File No.
2020-269-8819-9. The TTB's Proof of Claim filed on November 23,
2020, as amended on August 17, 2021, sets forth a total claim of
$77,208,411.36, allegedly fully secured pursuant to 26 U.S.C. Sec.
6321–6323.
The Debtor is obligated to the IRS on the portion of its claim that
is a Priority Tax Claim, in the amount of $100,399.45, which is
included in the IRS Proof of Claim filed on September 21, 2021. The
Debtor is also obligated to the FDA on a portion of its claim that
is a Priority Tax Claim, in the amount of $54,670.44, which is
included in the FDA Proof of Claim filed on March 24, 2021.
The Debtor's records reflect unsecured claims as of the Petition
Date total $795,254.29.
Trina Wheeler does business in the cattle industry. Ms. Wheeler
owned approximately 1,250 head of cattle as of the Petition Date.
The Debtor paid many expenses on Ms. Wheeler's behalf over the
years and has maintained a receivable account reflecting each of
the advances. Ms. Wheeler sold much of the herd during 2021 and
segregated the proceeds, which are being held in her attorney's
trust account.
The amount owing from Ms. Wheeler totals $2,329,567.19 (the
"Wheeler Receivable"). As detailed in the Plan and the Plan Support
Agreement, following the Effective Date the Equity Holder shall
satisfy the Wheeler Receivable in full by way of a partial cash
payment on the Effective Date, the setoff of amounts the Debtor
owes the Equity Holder for future years' rent and a wholly owned
affiliate on its prepetition claim, and the execution of a
promissory note that would be secured in first position by the
remainder of the herd. All cash proceeds shall be paid to the TTB.
Each Allowed Claim in Classes 1–9 shall be paid in full, with
interest accruing at the rate specified in the Plan, if any, from
income generated from the Debtor's business operations, from the
sales of surplus assets and from future distributions (interest
income and principal release payments) from the Escrow Accounts, as
specified in the Plan.
A full-text copy of the Third Amended Disclosure Statement dated
March 22, 2022, is available at https://bit.ly/3IGUf3K from
PacerMonitor.com at no charge.
The Debtor is represented by:
James L. Day
Richard B. Keeton
BUSH KORNFELD LLP
601 UNION STREET, SUITE 5000
SEATTLE, WA 98101
Tel: (206) 292-2110
E-mail: jday@bskd.com
E-mail: rkeeton@bskd.com
About King Mountain Tobacco
King Mountain Tobacco Company, Inc., is a Native American-owned
premium tobacco manufacturer. It was founded by Delbert and Trina
Wheeler and incorporated in November 2005 under the laws of the
Yakama Nation, and registered as a foreign corporation with the
State of Washington. Its products are 100% manufactured in the
United States. King Mountain has paid Yakama Nation over $10
million in taxes over the past 10 years, which has been used to
assist the community in a variety of ways. On the Web:
https://www.kingmountaintobacco.com/
King Mountain Tobacco Company sought Chapter 11 protection (Bankr.
W.D. Wash. Case No. 20-01808) on Sept. 25, 2020. The Debtor
disclosed total assets of $28,586,378 and total liabilities of
$92,425,329 as of the bankruptcy filing. The Hon. Whitman L. Holt
is the case judge. James L. Day, Esq., at Bush Kornfeld LLP,
serves as the Debtor's legal counsel.
LATAM AIRLINES: Process Moves Forward After Disclosures Okayed
--------------------------------------------------------------
Daniel Martinez Garbuno of Simple Flying reports that South
American carrier LATAM is making progress with the Court and can
begin the solicitation process to get the approval on its Plan of
Reorganization.
LATAM is eyeing to exit its Chapter 11 bankruptcy proceedings in
the second half of 2022.
LATAM Airlines Group is moving forward with its Chapter 11
bankruptcy process. Yesterday, the group's Disclosure Statement was
approved in the United States. In the last few months, the company
filed five revised documents concerning its Plan of Reorganization
(first filed on November 26, 2021), and now it is ready to move on
to the next stage, gathering votes in favor.
The resolution of the US Bankruptcy Court establishes that the
documentation provided by LATAM is sufficient to allow the group to
commence solicitation of votes. During this process, LATAM will
seek approval of the Plan from its creditors. LATAM is the last
remaining Latin American carrier in Chapter 11; Avianca exited in
2021, and Aeromexico did the same last week.
LATAM will begin the process of soliciting votes to approve the
Plan shortly and has until May 2, 2022, to seek the approval of the
Plan.
On May 17 and 18, 2022, the Court will evaluate LATAM's Plan of
Reorganization. This is the last milestone of the bankruptcy
process in the United States, after which the airline will
officially announce its exit from Chapter 11.
LATAM's funding
Last third week of March 2022, LATAM filed (and received approval)
of a new amended and restated debtor-in-possession financing
proposal. The new proposal enables LATAM to access US$3.7 billion
in liquidity and refinance its DIP loan agreement.
Additionally, the Court also approved LATAM’s backstop agreement
supporting the Plan, which includes approximately US$5.4 billion in
committed funds.
Upon the emergence of its Chapter 11 process, LATAM would have a
total debt of approximately US$7.26 billion and liquidity of about
US$2.67 billion. In a statement, LATAM said that these amounts have
been determined as "a conservative debt load and appropriate
liquidity" in a period of continued uncertainty for global
aviation.
Challenges and opportunities ahead
LATAM Airlines Group has stated that the financial performance of
the company post-COVID is heavily dependent on economic conditions
in the countries in which it operates.
The airline added, "Passenger and cargo demand is heavily cyclical
and highly dependent on global and local economic growth, economic
expectations, and foreign exchange rate variations, among other
things. In the past, LATAM's business has been adversely affected
by global economic recessionary conditions, weak economic growth in
Chile, recessions in Brazil and Argentina, and poor economic
performance in certain emerging market countries."
The COVID-19 pandemic continues as a factor that could adversely
impact LATAM's business. Nonetheless, LATAM has seen a favorable
recovery in the last few months.
For March 2022, the group estimates a passenger operation of up to
67% compared to the same month of 2019. Colombia and Brazil's
domestic operations are driving LATAM's recovery; both have
estimated operational levels above 2019 (165% and 101%,
respectively). Cargo is also flying strong, with a 100% operational
recovery this month.
Additionally, the airline recently announced it expects to receive
70 Airbus A320neo and two Boeing 787-9 aircraft in the next seven
years. The deliveries dates are scheduled through 2028.
About LATAM Airlines
LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.
LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.
LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.
The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.
The Hon. James L. Garrity, Jr., is the case judge.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. Prime Clerk LLC is the claims agent.
LCN PARTNERS: Seeks to Hire Ciardi Ciardi as Bankruptcy Counsel
---------------------------------------------------------------
LCN Partners, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to hire Ciardi Ciardi &
Astin to serve as legal counsel in its Chapter 11 case.
The firm's hourly rates are as follows:
Albert A. Ciardi III, Esq. $575 per hour
Jennifer C. McEntee, Esq. $425 per hour
Daniel S. Siedman, Esq. $375 per hour
Stephanie Frizlen $120 per hour
Albert Ciardi III, 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:
Albert A. Ciardi III, Esq.
Ciardi Ciardi & Astin
1905 Spruce Street
Philadelphia, PA 19103
Tel.: (215) 557-3550
Fax: (215) 557-3551
Email: aciardi@ciardilaw.com
About LCN Partners
LCN Partners, Inc. filed a petition for Chapter 11 protection
(Bankr. E.D. Pa. Case No. 22-10665) on March 17, 2022, listing up
to $1 million in assets and liabilities. Joseph E. Robbins,
president, signed the petition.
Judge Ashely M. Chan oversees the case.
The Debtor tapped Ciardi Ciardi & Astin as legal counsel.
LEFT FRAME: May 11 Disclosure Statement Hearing Set
---------------------------------------------------
Judge Janice D. Loyd has entered an order within which May 11,
2022, at 10:00 o'clock a.m. is the hearing to consider the approval
of the Disclosure Statement filed by Debtor Left Frame Lofts, LLC.
In addition, April 29, 2022, is fixed as the last day for filing
and serving in accordance with Rule 3017(a), Fed. R. Bankr. P.,
written objections to the Disclosure Statement.
A full-text copy of the order dated March 24, 2022, is available at
https://bit.ly/3tKLx07 from PacerMonitor.com at no charge.
Attorneys for Debtor:
O. Clifton Gooding
Mark B. Toffoli
Gooding Law Firm, P.C.
204 North Robinson Avenue, Suite 1235
Oklahoma City, Oklahoma 73102
Tel: 405.948.1978
Fax: 405.948.0864
E-mail: cgooding@goodingfirm.com
mtoffoli@goodingfirm.com
About Left Frame
Left Frame Lofts, LLC, a company based in Oklahoma City, filed a
petition for Chapter 11 protection (Bankr. W.D. Okla. Case No. 21
13153) on Dec. 1, 2021, listing $3.18 million in assets and $3.27
million in liabilities. Justin Schovanec, manager, signed the
petition.
The Debtor tapped O. Clifton Gooding, Esq., at Gooding Law Firm,
P.C., as legal counsel.
LEFT FRAME: Unsecured Creditors Will Get 10% of Claims in Plan
--------------------------------------------------------------
Left Frame Lofts, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Oklahoma a Disclosure Statement describing Plan
of Reorganization dated March 24, 2022.
Debtor Left Frame Lofts, LLC is an Oklahoma limited liability
company engaged in residential real property development in the
state of Oklahoma, primarily in Oklahoma County, Oklahoma.
Debtor was in the middle of construction of a condominium complex
in Oklahoma City, Oklahoma County, Oklahoma. Two critical events
happened. The first was the inability to raise additional money to
finish the project at the time; second was the onset of the Global
Pandemic.
The Plan proposes to reorganize Debtor's principal liabilities.
Revenues to support the Plan and payments to be made under the Plan
will be provided by the Debtor and its continued work as a
residential construction developer.
Class 1 includes the Allowed Secured Claim of BancCentral, National
Association. The holder of a Class 1 Claim shall be paid prior to
the Effective Date $67,244.64, and, beginning April 5, 2022,
monthly payment of $22,414.88 ($16,400.01 regular payment,
$6,014.87 towards arrearage, at 6.10% interest). Upon completion of
the Debtor's real estate development project, assuming the same
cashflows, the Debtor will either (i) continue to pay the Class 1
Claim pursuant to the original note and mortgage with all default
provisions in place; (ii) sell the properties and pay the Class 1
Claim its outstanding balance; or (iii) refinance the property and
pay the Class 1 Claim its outstanding balance.
Class 2 includes the Allowed Secured Claim of the Oklahoma County
Treasurer, for payment of 2021 real estate ad valorem taxes, as
follows: $7,502.33 has been paid in the ordinary course of business
and currently nothing is owed. Except to the extent that the Class
2 Claim has been paid by Debtor prior to the Effective Date or the
holder of the Claim has agreed otherwise, the holder of a Class 2
Claim shall be paid deferred cash payments over a period not
exceeding three years after the date of filing equal to (in the
aggregate) the amount of the Allowed Claim, including an interest
component calculated pursuant to 26 U.S.C. Sec. 6621(a)(2).
Class 3 consists of Unsecured Claims. Unsecured claims are as
follows: Jesse Crissup $50,000.00 (per filed proof of claim);
Matthew Crow $200,000.00 (per filed proof of claim); Elaine
Schnebel $50,000.00 (per filed proof of claim); Mark and Jana
Schnebel $100,000.00 (per filed proof of claim); and Michael Glenn
Davis, Judy Fayne Harris and Davis Engineering Co. $99,560.00 (per
filed proof of claim). Class 3 claimants shall receive payment of
approximately 10% of the Allowed Unsecured Claim to be distributed
after all debt to the Class 1 Creditor has been satisfied.
After confirmation, Debtor will continue to operate the Estate by
continuing to act as a real estate developer (the "Reorganized
Debtor"). The Reorganized Debtor will make every effort to repay
Creditors pursuant to the terms of the Plan including determining
allowed claims, filing tax returns and distributing funds to
creditors.
The Debtor estimates that its earnings from services rendered will
enable it to make the payments to creditors as required in the
Plan, which are estimated to be approximately $22,414.88 per month.
The Reorganized Debtor will be entitled to object to and/or seek
disallowance of Claims, to prosecute any avoidance action and to
litigate or compromise any other right or cause of action.
A full-text copy of the Disclosure Statement dated March 24, 2022,
is available at https://bit.ly/3LkNdTN from PacerMonitor.com at no
charge.
Attorneys for Debtor:
O. Clifton Gooding
Mark B. Toffoli
Gooding Law Firm, P.C.
204 North Robinson Avenue, Suite 1235
Oklahoma City, Oklahoma 73102
Tel: 405.948.1978
Fax: 405.948.0864
Email: cgooding@goodingfirm.com
EMAIL: mtoffoli@goodingfirm.com
About Left Frame
Left Frame Lofts, LLC, a company based in Oklahoma City, filed a
petition for Chapter 11 protection (Bankr. W.D. Okla. Case No.
21-13153) on Dec. 1, 2021, listing $3.18 million in assets and
$3.27 million in liabilities. Justin Schovanec, manager, signed the
petition. The Debtor tapped O. Clifton Gooding, Esq. at Gooding
Law Firm, P.C., as legal counsel.
LTL MANAGEMENT: Opposes Talc Claimants' 3rd Circuit Appeal Request
------------------------------------------------------------------
Vince Sullivan of Law360 reports that the bankrupt talc unit of
Johnson & Johnson, LTL Management, objected late Wednesday, March
23, 2022, to requests from the two talc claimants committees in its
Chapter 11 case to take their appeals of a New Jersey bankruptcy
judge's decision not to dismiss the case directly to the Third
Circuit.
In the objection, LTL Management LLC argues there are no legal
questions to be addressed by the Third Circuit because the issues
involved in the bankruptcy court's decision have been well settled
in the jurisdiction over the past three decades, creating a
situation where existing precedents can be applied to the facts of
the LTL case.
About LTL Management
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
About Johnson & Johnson
Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.
Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey. The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.
The corporation had worldwide sales of $82.6 billion in 2020.
MALLINCKRODT PLC: Court Denies Creditor Payments Appeals
--------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge
Thursday, March 24, 2022, denied requests to hold distributions
from drugmaker Mallinckrodt's Chapter 11 plan while appeals of how
the funds are being divided up are pending, saying it is likely the
appeals will be heard before the money goes out.
At a virtual hearing, U.S. Bankruptcy Judge John T. Dorsey denied
requests to stay distributions from a trust fund established under
Mallinckrodt's Chapter 11 plan to pay unsecured creditors, saying
the appellants had not made their case for a delay and that the
appeals will probably be heard before the end of April 2022.
About Mallinckrodt PLC
Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly-owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would reduce
total debt by $1.3 billion and resolve opioid-related claims
against them.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor. Prime Clerk, LLC, is the claims agent.
The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.
On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid related claimants. The OCC tapped Akin
Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz as
Delaware co-counsel, Province Inc. as financial advisor, and
Jefferies LLC as investment banker.
* * *
Mallinckrodt in February announced that its Plan of Reorganization
was confirmed by the Bankruptcy Court. The Plan will deleverage
Mallinckrodt's balance sheet by approximately $US1.3 billion and
resolve thousands of lawsuits the company was facing prior to the
Chapter 11 proceedings by channeling opioid claims and many other
litigation and general unsecured claims to various creditor trusts.
The Plan was confirmed after a 16-day trial.
MARSHALL MEDICAL: Fitch Affirms 'BB+' IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Marshall Medical Center's (MMC) Issuer
Default Rating (IDR) at 'BB+'.
The Rating Outlook is Stable.
SECURITY
Bond security is not applicable since MMC's only rating is the
IDR.
ANALYTICAL CONCLUSION
The rating affirmation reflects MMC's dominate market position as
the sole health care provider in its service area as well as
improved operating and financial profiles offset by longer-term
capital requirements (beyond the Outlook period) in order to
maintain adequate plant age and comply with California's (CA) 2030
seismic requirements for hospital buildings.
MMC saw significant liquidity growth over the last two fiscal years
(Oct. 31 YE) bolstered by retroactive provide fee revenues, receipt
of CARES Act funding to offset pandemic-related expenses, and most
recently, robust realized investment gains (in fiscal 2021) as a
result of favorable market performance. As such, MMC's leverage
metrics improved to 86% at fiscal 2021 relative to pre-pandemic
cash to adjusted debt of 52%.
Although a combination of MMC's key rating drivers may suggest a
higher rating, Fitch is of the opinion that the hospital's credit
profile is more susceptible to near-term operating volatility given
its exposure to CA's Hospital Quality Assurance Fee (HQAF) program
and limited balance sheet flexibility to absorb sizable capital
investments should CA's seismic requirements remain at current
levels. Fitch will assess future seismic-related capex plans and
its impact on MMC's credit profile as more information becomes
available.
KEY RATING DRIVERS
Revenue Defensibility: 'bbb'
Leading Market Share and Adequate Payor Mix
MMC's midrange revenue defensibility reflects its dominant market
position as the sole health care provider in a rural and
economically healthy community with limited competition for acute
care services. The hospital's market share has held relatively
steady at 47% as of 2020 (latest information available). Medicaid
and self-pay exposure accounted for 21% of gross revenues in fiscal
2021, while Medicare exposure remains high at 58% at fiscal 2021
given the area's aging population. MMC also benefits from
California's (HQAF) program given its demographics and rural
designation, which Fitch expects will continue.
Operating Risk: 'bbb'
Stable Operations Expected; Long-term Capex Required
Fitch believes MMC has weathered the pandemic fairly well as
demonstrated by its operating performance over the last couple of
years and YTD results. MMC reported a healthy operating EBITDA
margin of 6.9% as of fiscal 2021, which included a nominal amount
CARES Act funding of $200,000. Management credited its fairly
stable workforce, lower than expected COVID-19 admissions, and
strong inpatient and outpatient volume growth as factors that
contributed to its profitable fiscal year despite the pandemic.
As of Dec. 2021, the state designated MMC as a COVID-19 surge
hospital providing access to several resources, including clinical
staff. Additionally, the hospital recorded $19 million in HQAF
provider fee revenues in fiscal 2021. The current 12-month
rendition of the HQAF program that started January 2022 is still
pending approval by the Center for Medicare and Medicaid Services
(CMS). Expectations for when the current cycle will be approved is
unknown at this time. MMC does not recognize the revenue until the
current cycle is approved, which has driven its historical
volatility in operations.
Given favorable market performance, MMC also realized a sizable
$14.6 million investment gain in fiscal 2021, which bolstered
liquidity levels. Fitch views the hospital's asset allocation as
having moderate exposure to equity markets with 36% of its
investment portfolio is directed to equities as of Oct. 31, 2021
with the remaining invested in cash and fixed income.
Average age of plant is adequate at 13.5 years as of fiscal 2021.
Short-term capital plans are considered manageable however given
CA's seismic requirements for hospitals, MMC will need to undertake
several structural and nonstructural capital upgrades in order to
use its facilities beyond 2030. Management is in the process of
reviewing its master facility plans to address the needed
investments in order to maintain operable facilities. Fitch will
assess the any future capital outlay and its impact on the
hospital's credit profile as more information becomes available
over the next year or two.
Financial Profile: 'bbb'
Improved Capital-Related Ratios
Days cash on hand (DCOH) improved to 118 days at fiscal 2021
relative to pre-pandemic DCOH of 55 days as of fiscal 2019.
Approximately $21.8 million of Medicare advance payments and $2.3
million of deferred FICA payments were excluded from fiscal 2021
unrestricted cash and investments as these funds will eventually be
repaid. The hospital's cash to adjusted debt was 85.9% and net
adjusted debt to adjusted EBITDA (NADAE) was adequate at 0.5x as of
fiscal 2021. Fitch's forward-looking scenario analysis indicates
leverage metrics will see modest improvements over the next several
years with maintenance of key leverage metrics that continue to
support the 'bbb' financial profile.
Asymmetric Additional Risk Considerations
No asymmetric risk considerations were used in this rating
determination.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Maintenance a midrange operating risk assessment with
sustained operating EBITDA margins of about 8% or greater
coupled with cash to adjusted debt sustained above 90% post
pandemic.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- If operating EBITDA margins trend below 6% on a consistent
basis;
-- Significant addition of debt to fund seismic-related capex
resulting in deterioration of capital-related ratios that no
longer support the current rating category.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
Marshall Medical Center (MMC) is a not-for-profit stand-alone
hospital located in Placerville, CA, approximately 45 miles east of
Sacramento. The hospital operates a 111-bed general acute-care
hospital as well as several rural clinics and provides health care
services to the residents of El Dorado County. MMC maintains a
strong market position in its service area with competition mainly
from Kaiser Permanente as well as other tertiary providers in the
greater Sacramento area. The hospital generated approximately $294
million of total revenues as of fiscal 2021 (Oct. 31 YE).
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
MARSHALL SPIEGEL: Objection to Wintrust Bank's Claim Overruled
--------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division, overruled debtor Marshall Spiegel's
Objection to Claim #2-1 of Wintrust Bank, N.A.
Spiegel argues Wintrust inappropriately honored a draw request on a
letter of credit issued by Wintrust on behalf of Spiegel, as
applicant, in favor of Eugene E. Murphy, Jr., as attorney for
several creditors who had obtained sanctions orders from the
Circuit Court of Cook County. While not challenging that the
overall circumstances under which the Letter of Credit, as an
appellate bond, should be drawn, Spiegel argues Wintrust should be
held to the standard of strict compliance with the terms of the
Letter of Credit and, necessarily, that if such a standard is
applicable, the court should hold Wintrust's honor of the draw was
inappropriate and that the Claim should be disallowed.
The Objection, according to Bankruptcy Judge Timothy A. Barnes,
fails at the most basic level to show how the Letter of Credit's
own language should be interpreted as Spiegel suggests and not as
Wintrust has done. Further, Judge Barnes holds that Spiegel has
failed to account for application of Illinois statutes, the state
whose law governs the Letter of Credit, and the Letter of Credit's
own terms. Thus, even if Spiegel were successful in his strict
compliance argument, Spiegel has failed to carry his burden to
rebut the presumed allowance of the filed Claim, the Court holds.
A full-text copy of the Memorandum Decision dated March 11, 2022,
is available at https://tinyurl.com/4ew7mh9w from Leagle.com.
About Marshall Spiegel
Marshall Spiegel sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-21625) on Dec. 16,
2020. The Debtor is represented by David Lloyd, Esq.
The U.S. Trustee for Region 11 on March 3 appointed an official
committee to represent unsecured creditors in the Chapter 11 case
of Marshall Spiegel.
MICH'S MACCS: Exclusivity Period Extended to May 31
---------------------------------------------------
Judge David Jones of the U.S. Bankruptcy Court for the Southern
District of New York extended the exclusivity period for Mich's
Maccs, LLC to file a Chapter 11 plan to May 31 and to confirm the
plan to July 15.
Under U.S. bankruptcy rules, companies in Chapter 11 protection
have the sole right to craft and formally propose turnaround plans
unless a judge strips them of that right.
Mich's Maccs is selling substantially all of its assets through an
auction and the results of the auction will dictate the company's
next step in its Chapter 11 case, according to its attorney, Julie
Cvek Curley, Esq., at Kirby Aisner & Curley, LLP.
The auction will start on April 26 and the results will be released
no later than April 28. A court hearing to consider approval of the
sale to the winning bidder is scheduled for May 10.
About Mich's Maccs
Mich's Maccs, LLC is a manufacturer and seller of artisanal
chocolate-covered coconut treats.
Mich's Maccs sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 21-11567) on Sept. 3, 2021, listing
up to $50,000 in assets and up to $1 million in liabilities.
Michelle Goldberg, president of Mich's Maccs, signed the petition.
Judge David S. Jones oversees the case.
Kirby Aisner & Curley, LLP is the Debtor's legal counsel.
MINE HILL ANESTHESIA: Gets Interim OK to Hire Shraiberg as Counsel
------------------------------------------------------------------
Mine Hill Anesthesia, LLC and its affiliates received interim
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to employ Shraiberg Page, P.A. as their legal counsel.
The firm's services include:
a. advising the Debtors regarding matters of bankruptcy law in
connection with their Chapter 11 cases;
b. advising the Debtors of the requirements of the Bankruptcy
Code pertaining to the administration of the cases and the U.S.
Trustee Guidelines related to the daily operation of their business
and administration of their estate;
c. representing the Debtors in all proceedings before the
bankruptcy court;
d. preparing legal documents;
e. negotiating with creditors, preparing and seeking
confirmation of a plan of reorganization and related documents, and
assisting the Debtors with implementation of any plan; and
f. performing all other necessary legal services for the
Debtors.
The firm's attorneys will be paid at hourly rates ranging from $350
to $600 while legal assistants will be paid at $275 per hour.
Shraiberg Page will also receive reimbursement for out-of-pocket
expenses.
The retainer fee is $75,000.
Bradley Shraiberg, Esq., a partner at Shraiberg Page, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Bradley S. Shraiberg, Esq.
Joshua Lanphear, Esq.
Shraiberg Page, P.A.
2385 NW Executive Center Drive, Suite 300
Boca Raton, FL 33431
Tel: (561) 443-0800
Fax: (561) 998-0047
Email: bss@SP.law
jlanphear@SP.law
About Mine Hill Anesthesia
Mine Hill Anesthesia, LLC and its affiliates, Mine Hill Surgical
Center, LLC and Champey Pain Group, LLC, filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Lead Case No. 22-11577) on Feb. 25, 2022. Tarek Kirk Kiem serves as
Subchapter V trustee.
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 Page, P.A. as bankruptcy counsel and
Nagel Rice, LLP as special counsel.
MMPR MEDICAL: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of MMPR Medical Consulting Services, LLC, according to
court dockets.
About MMPR Medical Consulting
MMPR Medical is a single asset real estate debtor (as defined in 11
U.S.C. Section 101(51B)). It owns an investment property located
at 9669 SW 96 St., Miami, having a liquidation value of $900,000.
MMPR Medical Consulting filed its voluntary petition for relief
under Chapter11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
22-11369) on Feb. 21, 2022, listing $901,000 in assets and
$1,565,584 in liabilities. Vidal A. Jimenez, manager, signed the
petition.
Judge Robert A. Mark oversees the case.
Michael A. Frank, Esq. at the Law Offices of Frank & De La Guardia
represents the Debtor as legal counsel.
NEW MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: The New Mountain Laurel Resort & Spa, LLC
139-27 Queens Blvd
Jamaica, NY 11435
Business Description: The Debtor is an owner and operator of
a resort and spa located at 81 Treetops
Circle, White Haven, PA.
Chapter 11 Petition Date: March 25, 2022
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 22-40620
Judge: Hon. Jil Mazer-Marino
Debtor's Counsel: Avrum J. Rosen, Esq.
LAW OFFICES OF AVRUM J. ROSEN, PLLC
38 New St
Huntington, NY 11743-3327
Tel: 631-423-8527
Fax: 631-423-4536
Email: arosen@ajrlawny.com
Total Assets: $728,783
Total Liabilities: $6,712,758
The petition was signed by Ana Olson as independent manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2CRQ43I/The_New_Mountain_Laurel_Resort__nyebke-22-40620__0001.0.pdf?mcid=tGE4TAMA
NMJ RESTAURANT: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of NMJ Restaurant & Marketplace, Inc., according to court
dockets.
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.
OLYMPUS WATER: Moody's Rates New $300MM Incremental Term Loan 'B2'
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Olympus Water
US Holding Corporation's proposed $300 million incremental senior
secured term loan. The company's B3 Corporate Family Rating, B3-PD
probability of default rating, B2 ratings on the existing first
lien term loan and senior secured notes, as well as the Caa2 rating
on the senior unsecured notes remain unchanged. However, the
secured debt risks a rating downgrade, if the company issues any
additional first lien debt or the proportion of first lien debt
increases further relative to the unsecured debt. The proceeds of
the incremental term loan will be used to reduce the outstanding
amount of the asset-based revolving credit facility and raise its
cash balance for business operations. The ratings outlook is
stable.
Assignments:
Issuer: Olympus Water US Holding Corporation
Senior Secured Term Loan B, Assigned B2 (LGD3)
RATINGS RATIONALE
The incremental debt issuance highlights the company's higher
working capital needs as a result of strong demand, cost inflation,
inventory buildup ahead of the pool season, safety stock to
mitigate supply chain challenges and other contingencies after the
merger of Solenis and Sigura. Olympus Water has recently drawn
about $200 million from its ABL revolver. The incremental term loan
will free up the availability under the revolver and raise the
company's liquidity (cash and revolver) to over $500 million.
Olympus Water's rating is constrained by the aggressive financial
leverage with about $4.1 billion gross debt (including the
incremental term loan). The profit margin of its mature water
treatment business will likely reverse to more normalized levels in
the next several years after hitting record high in 2021, due to
its exposure to commodity products and the lack of cost passthrough
mechanism for most of its products. However, good demand for water
treatment chemicals and tight supply conditions will allow the
company to pass on most of its cost inflation to customers and keep
its earnings elevated, albeit lower than 2021, in the next 12-18
months compared to historical levels. As large transaction-related
expenses have already been paid, Moody's expect the company to use
free cash flows to reduce debt and improve its debt leverage to
below 7x in the next two years. Management also indicated potential
earnings growth in areas such as consumer and food packaging and
value-added services.
Olympus Water's rating reflects its leading market positions in
water treatment for pulp and paper manufacturers, industrial
customers, municipalities, residential and commercial pools. The
critical nature of water treatment and the company's well
established customer relations lead to good business visibility and
recurring revenues. The rating is also supported by Olympus Water's
large business scale, a diverse customer base in many industries
and globally diversified business operations.
The $300 million incremental term loan ranks pari passu with the
existing $1.7 billion senior secured first lien term loans and the
$1.4 billion senior secured notes. They are rated B2, one notch
above the B3 CFR, reflecting their preferential position in the
capital structure and the loss absorption cushion provided by the
senior unsecured notes and other unsecured obligations. Both the
first lien term loans and secured notes share the first priority
lien on substantially all the fixed assets and second priority lien
on all ABL collateral. The $700 million senior unsecured notes are
rated Caa2, two notch below the B3 CFR, due to the effective
subordination to a substantial amount of secured debt.
Olympus Water's adequate liquidity is supported by its available
cash on hand, expected free cash flows and availability under the
new 5-year $500 million ABL revolver. The ABL revolver contains a
springing consolidated fixed charge coverage covenant set at 1.00x.
The covenant springs into effect if the ABL revolver's availability
is less than the greater of 10% of the line cap or $25 million.
Moody's expects the company to remain compliant with this
covenant.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's could upgrade the rating with expectations for the company
to improve profitability, reduce adjusted leverage to below 6 times
on a sustained basis, and generate strong free cash flows. Moody's
could downgrade the rating with expectations for declining volumes,
declining profitability, or adjusted financial leverage above 8
times, negative free cash flow or diminishing liquidity. The B2
ratings on the secured term loans and notes could be downgraded, if
the company continues to issue secured debt or the proportion of
secured debt increases further relative to the unsecured debt.
Olympus Water US Holding Corporation (which comprises Solenis and
Sigura) produces chemicals used in the manufacturing process for
pulp and paper products, industrial and municipal water treatment,
pool and spa markets. Its products and service help customers
improve operational efficiency, enhance product quality and reduce
environmental impact. In late 2021, Platinum Equity Advisors, LLC
acquired Solenis from Clayton, Dublier, and Rice and BASF and
combined Solenis with its existing portfolio company Sigura to form
Olympus Water. The company has a pro-forma sales of about $3.5
billion.
The principal methodology used in this rating was Chemical Industry
published in March 2019.
ORCHIDS PAPER: Fraud Transfer Claims v. CFOs, Directors Trimmed
---------------------------------------------------------------
On May 4, 2021, Buchwald Capital Advisors LLC, the Liquidating
Trustee for OPP Liquidating Company, Inc., commenced an adversary
proceeding against:
-- the Debtor's former Chief Financial Officers, Keith
Schroeder, Rodney D. Gloss, and Mindy Bartel;
-- the Debtor's former Chief Executive Officer, Jeffrey S.
Schoen; and
-- members of the Debtor's Board of Directors, Steven R.
Berlin, John C. Guttilla, Douglas E. Hailey, Elaine MacDonald, and
Mark Ravich.
The Liquidating Trustee's Amended Complaint asserts claims for
breach of fiduciary duties against Schoen and the former CFO
Defendants (Count I), breach of fiduciary duties against the BOD
Defendants (Count II), aiding and abetting the breach of fiduciary
duties against the BOD Defendants (Count III), and avoidance of
fraudulent transfers under federal and state law against all
Defendants (Count IV). Those claims are premised on pre-petition
activities related to the Debtor's expansion plans on the East and
West Coasts, the Debtor's internal operations, and the Debtor's
payment of compensation, stipends, and other benefits to the
Defendants.
In essence, the Amended Complaint contends Schoen pushed the BOD to
approve a simultaneous, ill-advised, and poorly implemented
expansion on the East and West Coasts. It alleges that the BOD
Defendants did not adequately inform themselves of the advisability
of those plans and allowed Schoen free rein instead of fulfilling
their fiduciary role. As a result, the Debtor exceeded the
expansion budget by more than $50 million, was unable to operate
any of its three plants efficiently, incurred significant
operational losses, violated the covenants of its loans, and
ultimately was forced to file bankruptcy. In addition, the Debtor
experienced substantial turnover of its CFO, who failed to maintain
accurate records or to restate financial statements when it became
apparent they were inaccurate. Notwithstanding those problems and
the breach of their fiduciary duties by the Defendants, the Amended
Complaint alleges that the Debtor continued to make substantial
payments to the Defendants, for which it did not receive equivalent
value.
On August 13, 2021, the CEO and BOD Defendants and, separately, the
Former CFO Defendants filed the Motions to Dismiss the Liquidating
Trustee's First Amended Complaint in its entirety for failure to
state a claim under Fed.R.Civ.P. Rule 12(b)(6).
Judge Mary F. Walrath of the United States Bankruptcy Court for the
District of Delaware grants the Motion to Dismiss with respect to
Count IV and denies with respect to Counts I-III.
With respect to Count IV, Judge Walrath agrees with the Defendants
that to state a claim to avoid a constructively fraudulent transfer
under state law or the Bankruptcy Code, the plaintiff must allege,
inter alia, facts showing the Debtor was insolvent at the time of
the transfer. While the allegations of the Amended Complaint with
respect to the solvency of the Debtor are conclusory, the Court
says the Amended Complaint contains detailed allegations of the
significant continuing losses suffered by the Debtor during the
expansion efforts. Those continuing losses resulted in at least
nine breaches of the Debtor's agreement with its Lenders, requiring
the Debtor to agree to more onerous terms to avoid a default, Judge
Walrath says. The Court concludes these allegations are sufficient
to state a plausible claim the Debtor (1) was insolvent at the time
of the transfers or became insolvent as a result thereof, (2) was
engaged, or was about to engage in business or a transaction, for
which the remaining assets of the Debtor was unreasonably small in
relation to the business or transaction, or (3) intended to incur,
or believed or reasonably should have believed that it would incur,
debts beyond its ability to pay as they came due.
The Defendants also argue the Amended Complaint fails to allege
facts showing that the Debtor did not receive reasonably equivalent
value in exchange for their compensation. They note that the
Amended Complaint fails to allege that the amounts paid to the
Defendants were over-market or otherwise excessive. They also
contend that there are no allegations that the Defendants did not
render the services for which they were paid.
The Liquidating Trustee argues the Debtor received less than
reasonably equivalent value in exchange for the compensation and
benefits paid to the Defendants because they breached their
fiduciary duties as detailed in the Amended Complaint.
Judge Walrath points out that neither the Delaware statute nor the
Bankruptcy Code defines "reasonably equivalent value." However, the
Third Circuit has held that courts should define the scope and
meaning of the term by conducting a totality of the circumstances
analysis. The Court explained that this analysis consists of three
factors: "(1) whether the transaction was at arm's-length, (2)
whether the transferee acted in good faith, and (3) the degree of
difference between the fair market value of the assets transferred
and the price paid.".
Judge Walrath also points out the Third Circuit has held that, even
where a transaction is at arm's-length and the transferee acted in
good faith, a transfer may nonetheless be avoidable if the actual
value of what was given in exchange was not equivalent to the value
of the transfer. Similarly, the Court is required to determine in
this case whether the services provided by the Defendants were
worth the compensation paid to them.
According to Judge Walrath, the allegations of the Amended
Complaint that the Defendants failed to act in good faith or
perform their essential fiduciary duties in conducting and
monitoring the Debtor's operations and expansion do raise a
question as to the value of the services the Defendants provided to
the Debtor. Therefore, the Court concludes the Amended Complaint
does contain factual allegations sufficient, if true, to establish
that the Debtor received less than reasonably equivalent value for
the compensation paid to the Defendants.
The Court agrees with the Defendants that the Amended Complaint is
deficient because it fails to identify the specific transfers or
the total amounts sought to be avoided. In order "to satisfy
Twombly and Iqbal, the Trustee would have to provide specific facts
as to which [defendant] received which transfer," Judge Walrath
says. The Liquidating Trustee must put the individual Defendants
on notice by pleading with particularity the details of the alleged
transfers it seeks to avoid: namely the transfer date, the amount,
the name of the transferor, and the name of the transferee.
Judge Walrath notes the Amended Complaint provides only a list of
each Defendant's name and the time period during which he/she
received compensation and benefits. Nowhere in the Amended
Complaint does the Liquidating Trustee identify the specific
amounts or dates of the transfers. Consequently, the Court
concludes the Amended Complaint fails to provide sufficient facts
to put the Defendants on notice of what fraudulent transfers are
sought to be avoided.
Therefore, the Court finds the Amended Complaint fails to state a
claim for avoidance of the compensation and benefits paid to the
Defendants as fraudulent transfers. As a result, the Court
dismisses Count IV.
A full-text copy of Judge Walrath's Memorandum Opinion dated March
14, 2022, is available at https://tinyurl.com/dkchmms3 from
Leagle.com.
The adversary proceeding is BUCHWALD CAPITAL ADVISORS LLC, As
Liquidating Trustee of the Orchids Paper Products Liquidating
Trust, Plaintiffs, v. JEFFREY S. SCHOEN, et al., Defendants,
Jointly Administered, Adv. Proc. No. 21-50431 (MFW)(Bankr. D.
Del.).
About Orchids Paper Company
Headquartered in Pryor, Oklahoma, Orchids Paper Products Company --
http://www.orchidspaper.com/-- was a national supplier of consumer
tissue products primarily serving the at home private label
consumer market.
Orchids Paper Products Company and two of its subsidiaries filed
for bankruptcy protection (Bankr. D. Del. Lead Case No. 19-10729)
on April 1, 2019. As of Feb. 28, 2019, the Debtors posted total
assets $322,061,000 and total debt of $260,864,000. The petitions
were signed by Richard S. Infantino, interim chief strategy
officer.
The Hon. Mary F. Walrath oversees the cases.
The Debtors tapped Polsinelli PC as counsel; Deloitte Transactions
And Business Analytics LLP as chief strategy officer; Houlihan
Lokey Capital, Inc., as investment banker; and Prime Clerk LLC as
claims and notice agent.
Andrew Vara, acting U.S. trustee for Region 3, on April 15, 2019,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases. The Committee
retained Lowenstein Sandler LLP, as counsel; and CKR Law LLP as its
Delaware counsel.
ORGANIC EVOLUTION: Exclusivity Period Extended to April 29
----------------------------------------------------------
Judge Erik Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida extended to April 29 the period during which
only Organic Evolution, Inc. can file a Chapter 11 plan.
The company can solicit acceptances for the plan until June 30,
2022.
About Organic Evolution
Organic Evolution, Inc., a Delray Beach, Fla.-based company that
offers computer peripheral equipment, filed its voluntary petition
for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-20036) on
Oct. 19, 2021, listing up to $50,000 in assets and up to $10
million in liabilities. Richard Logis, president, signed the
petition.
Judge Erik P. Kimball oversees the case.
Brian S. Behar, Esq., at Behar, Gutt & Glazer, PA serves as the
Debtor's legal counsel.
PARAMOUNT GLOBAL: S&P Assigns 'BB+' Rating on Jr. Sub Debentures
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to New
York City-based Paramount Global's proposed fixed-to-fixed rate
junior subordinated debentures (junior debentures).
S&P said, "We attribute "intermediate" equity content to the
proposed debentures, reflecting their junior position in the
capital structure, the debentures' long-dated maturity, and their
relative size compared to the pro forma capital structure. As a
result, we will only include 50% of the debentures in our leverage
calculation. The debt is due in 40 years. However, interest to be
paid on the debt increases by 25 basis points (bps) in year five
(2027), and a further 75 bps in year 25 (2047). Because we consider
the cumulative 100-bps increase a material step-up under our
criteria, we believe Paramount has an incentive to call the debt on
the date of the second step-up. We consider the date of the second
step-up as the effective maturity date because Paramount has not
included provisions on replacement capital when the second step-up
takes place. As a result, we will reclassify the subordinated notes
as having no equity content when the period remaining to effective
maturity shortens to less than 20 years.
"We expect Paramount will use the proceeds for general corporate
purposes and to repay debt. The issuance will result in modestly
lower S&P adjusted debt and leverage as the notes will be treated
as 50% debt and 50% equity.
"The hybrid issuance will provide additional leverage capacity as
Paramount continues to invest heavily to grow its streaming
platforms, primarily Paramount+ and Pluto TV. We expect incremental
investments in content, marketing, and new international market
launches to weigh on EBITDA and cash flow over the next two years
as the company forecasts peak streaming losses in 2023 before
EBITDA begins to improve. Paramount has taken various steps to
improve its balance sheet over the past year (equity and hybrid
issuance and the sale of noncore assets) to strengthen its leverage
profile in advance of its streaming investment cycle demonstrating
its prudent financial policy and commitment to its 'BBB' rating.
While we expect leverage to temporarily increase above the 3x S&P
Global Ratings-adjusted leverage threshold for the rating in 2022,
the pending sale of Simon & Schuster, if approved by the courts,
could provide about a 0.5x reduction in leverage, which should
return leverage below 3x once it is completed.
"The stable outlook reflects our expectation that the company will
maintain adjusted leverage below 3x even as it accelerates its
investments in its streaming platforms. The stable outlook also
assumes the company will preserve its position in the TV ecosystem
by maintaining broad distribution of its core networks while
growing its streaming platforms to mitigate the decline in legacy
TV."
PRECIPIO INC: Carl Iberger Quits as CFO; Interim CFO Appointed
--------------------------------------------------------------
Carl Iberger, Precipio, Inc.'s chief financial officer for the past
five years, has resigned as CFO effective as of March 21, 2022.
Mr. Iberger wishes to spend more time with his family and therefore
has made the decision to step down. Matt Gage, who currently
serves as Director of Financial Reporting and Analysis has been
promoted to interim chief financial officer of the Company
effective immediately.
Mr. Gage joined Precipio following its acquisition of Transgenomic
in July of 2017. He has worked closely with Mr. Iberger, and
managed the Company's accounting functions as well as the public
filings. Matt brings with him over 30 years of experience in
company finance, 25 of them within publicly traded companies. His
experience and knowledge of the company's business, finances, and
internal controls and procedures makes him the ideal candidate for
this role. Precipio and its board of directors welcome Mr. Gage to
his new role and will support him during the transition and going
forward.
"It has been an incredible 6 years and I truly am proud to have
been part of such an amazing team of people. It was an honor to
work closely with Ilan and the Board, and I have no doubt that Matt
will do exceptionally well as the Interim CFO. At the age of 69, I
am looking forward to the next chapter of my life as I spend more
time with my family," stated Carl Iberger, former CFO of Precipio.
"We are so pleased to have Matt take over as Interim CFO. His
knowledge of the processes and procedures will allow him to
transition into his new role well," stated Ilan Danieli, Precipio's
CEO. Danieli continues "Carl has been a pillar of stability,
guidance, and support to the Company, and to me personally, and has
enabled me the privilege of focusing on growing the business,
knowing that the Company's financial matters are in his extremely
capable hands. His managerial, organizational and interpersonal
skills are outstanding; he has been a mentor to me, and a friend.
Carl's impact on our company and our people has been invaluable
over these years. His departure is a bittersweet moment for us
all."
About Precipio
Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market. The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.
Precipio reported a net loss of $10.6 million for the year ended
Dec. 31, 2020, compared to a net loss of $13.24 million for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$33.54 million in total assets, $6.28 million in total liabilities,
and $27.26 million in total stockholders' equity.
Hartford, CT-based Marcum LLP issued a "going concern"
qualification in its report dated March 29, 2021, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
PRO-DEMOLITION INC: Taps Grennan Fender as Accountant
-----------------------------------------------------
Pro-Demolition, Inc. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Grennan Fender, LLP as
accountant.
The Debtor requires an accountant to prepare its 2021 tax returns
and provide general accounting and tax consulting services.
The firm will be paid $7,500 for the 2021 account reconciliation of
the Debtor's books and records, a flat fee of $1,000 per month for
ongoing accounting work for 2022, and a fee of $2,500 for the 2021
federal tax returns and $350 for state returns.
The firm will also receive reimbursement for out-of-pocket
expenses.
Pablo Medina, an account manager at Grennan Fender, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Pablo Medina
Grennan Fender, LLP
1000 Legion Place, Suite 701
Orlando, FL 32801
Tel: (407) 896-4931
Fax: (407) 894-2094
About Pro-Demolition Inc.
Pro-Demolition, Inc. is a demolition company doing business since
1999. It engages in building structure demolition, land clearing,
tree removal, and excavation for residential and commercial
properties.
Pro-Demolition filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. M. D. Fla. Case No. 22-00267) on Jan.
26, 2022, disclosing up to $10 million in both assets and
liabilities. Aaron R. Cohen serves as Subchapter V trustee.
Judge Lori V. Vaughan oversees the case.
Justin M. Luna, Esq., at Latham Luna Eden and Beaudine, LLP and
Grennan Fender, LLP serve as the Debtor's legal counsel and
accountant, respectively.
PWM PROPERTY: Gets 4-Month Extension for Plan Filing
----------------------------------------------------
Leslie A. Pappas of Law360 reports that the bankrupt owner of two
luxury office towers in New York and Chicago won a four-month
extension to file its Chapter 11 plan Thursday, March 24, 2022, but
it came with a warning from a Delaware bankruptcy judge to pick up
the pace.
Though she said at a virtual hearing Thursday that she didn't
understand the debtors' "elongated" timeline, U.S. Bankruptcy Judge
Mary F. Walrath of the District of Delaware ordered PWM Property
Management LLC to file its plan by June and get it confirmed by
August. PWM, which owns a 44-floor building at 245 Park Ave.
About PWM Property Management
PWM Property Management LLC, et al., are primarily engaged in
renting and leasing real estate properties. They own two premium
office buildings, namely 245 Park Avenue in New York City, a
prominent commercial real estate assets in Manhattan's prestigious
Park Avenue office corridor, and 181 West Madison Street in
Chicago, Illinois.
On Oct. 31, 2021, PWM Property Management LLC and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
21-11445). PWM estimated assets and liabilities of $1 billion to
$10 billion as of the bankruptcy filing.
The cases are pending before the Honorable Judge Mary F. Walrath
and are being jointly administered for procedural purposes under
Case No. 21-11445.
The Debtors tapped White & Case LLP as restructuring counsel; Young
Conaway Stargatt & Taylor, LLP as local counsel; and M3 Advisory
Partners, LP as restructuring advisor. Omni Agent Solutions is the
claims agent.
ROCKALL ENERGY: Taps Stretto as Claims and Noticing Agent
---------------------------------------------------------
Rockall Energy Holdings, LLC and its affiliates received approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to employ Stretto as claims and noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases.
Prior to the petition date, the Debtors provided Stretto an advance
retainer in the amount of $25,000.
Sheryl Betance, a senior managing director at Stretto's Corporate
Restructuring, disclosed in court filings that her firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: Sheryl.betance@stretto.com
About Rockall Energy Holdings
Rockall Energy Holdings is a mid-sized oil exploration and
production company based in Dallas, Texas.
Rockall Energy and its affiliates sought Chapter 11 bankruptcy
protection (Bank. N.D. Texas Lead Case No. 22-90000) on March 9,
2022. In the petition filed by David Mirkin, as chief financial
offer, Rockall Energy Holdings estimated assets and debt between
$100 million and $500 million.
The cases are handled by Judge Mark X. Mullin.
The Debtors tapped Vinson & Elkins, LLP as legal counsel; Lazard
Freres & Co., LLC as investment banker; and Ankura Consulting
Group, LLC as restructuring advisor. Stretto, Inc. is the claims
and noticing agent and administrative advisor.
The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on March 18, 2022. The committee is represented
by Pachulski Stang Ziehl & Jones, LLP.
RVR GENERAL: Seeks to Hire M. Jones and Associates as Legal Counsel
-------------------------------------------------------------------
RVR General Construction, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire M.
Jones and Associates, PC to serve as legal counsel in its Chapter
11 case.
The firm's hourly rates are as follows:
Michael Jones, Esq. $550
Sara Tidd, Esq. $450
Michael David, Esq. $350
Paralegal $100
Law Clerk $100
The firm received a $20,000 retainer from the Debtor for use as
costs and fees incurred in the case.
Michael Jones, 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:
Michael Jones, Esq.
M. Jones and Associates, PC
505 N Tustin Ave, Ste 105
Santa Ana, CA 92705
Tel.: (714) 795-2346
Fax: (888) 341-5213
Email: mike@MJonesOC.com
About RVR General
RVR General Construction, Inc. is a foundation, structure and
building exterior contractor in Fontana, Calif.
RVR General Construction filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
22-10891) on March 12, 2022, listing $1,253,217 in assets and
$4,584,498 in liabilities. Caroline Djang serves as Subchapter V
trustee.
Judge Magdalena Reyes Bordeaux oversees the case.
The Debtor tapped M. Jones & Associates, PC as legal counsel.
SERVICE KING COLLISION: Hires AlixPartners as Restructuring Adviser
-------------------------------------------------------------------
Alexander Gladstone of The Wall Street Journal reports that
Blackstone Inc.'s Service King Collision Repair Centers Inc. has
engaged AlixPartners LLP as a restructuring adviser as the company
contends with headwinds in its business and faces a looming debt
maturity, according to people familiar with the matter.
Investors in the company's $775 million senior loan in recent weeks
signed nondisclosure agreements with the company in order to
negotiate debt restructuring terms, the people familiar with the
matter said. The company faces a debt maturity in July 2022.
About Service King Collision Repair
Service King Collision Repair -- https://www.serviceking.com/ -- is
a national automotive collision repair company operating in 24
states and the District of Columbia across the U.S. It was founded
in 1976 by Eddie Lennox in Dallas. The Carlyle Group purchased
majority ownership of Service King in 2012. After growing the
chain from 49 Texas locations to more than 175 locations in 20
states, it sold a majority stake to Blackstone in July 2014.
Carlyle has maintained a minority stake. In 2017, Bloomberg
reported that Blackstone and Carlyle explored a sale of the chain
for as much as $2 billion.
SERVICE PROPERTIES: Moody's Lowers CFR to B1, Outlook Remains Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Service
Properties Trust ("SVC") including its corporate family rating to
B1 from Ba2 and its guaranteed and non-guaranteed senior unsecured
ratings to Ba3 and B1, from Ba1 and Ba2, respectively. The
speculative grade liquidity (SGL) rating was downgraded to SGL-4
from SGL-3. The outlook remains negative.
The ratings downgrade reflects significant liquidity pressures and
minimal cushion related to debt near-term maturities, with $500
million in senior notes due in both Q3 2022 and 2023, plus the full
amount outstanding on its $1.0 billion revolver. The company's
maintains limited financial flexibility until it is able to resume
normal financing activity through a return to compliance with
certain covenants under its public senior notes.
Downgrades:
Issuer: Service Properties Trust
Corporate family rating, Downgraded to B1 from Ba2
Gtd. senior unsecured debt, Downgraded to Ba3 from Ba1
Gtd. senior unsecured debt shelf, Downgraded to (P)Ba3 from
(P)Ba1
Senior unsecured debt, Downgraded to B1 from Ba2
Senior unsecured debt shelf, Downgraded to (P)B1 from (P)Ba2
Speculative grade liquidity rating, Downgraded to SGL-4 from
SGL-3
Outlook Actions:
Issuer: Service Properties Trust
Outlook remains Negative
RATINGS RATIONALE
SVC's B1 CFR reflects the company's meaningful scale and portfolio
of assets, including hotels and net lease service and necessity
based retail properties, which provide diversification to cash
flows. Key challenges include modest cash flows and EBITDA related
to its hotel portfolio, as the REIT seeks to normalize income and
reduce leverage amid an improving, but still challenging lodging
environment.
SVC's ratings also consider governance risks associated with its
financial policy given its high leverage and inability to meet
certain minimum bond covenant levels. The company has taken on a
material change in capital structure and shift away from an
unsecured funding strategy in recent years, with the issuance of
guaranteed senior notes as well as credit agreement amendments to
extend financial covenant waivers in exchange for a pledge of real
estate collateral.
SVC's SGL-4 rating reflects a weak liquidity profile over the next
twelve months until it is able to resume compliance with its bond
incurrence covenant. The company drew down the full amount
available on its $1.0 billion line of credit in the first quarter
of 2021 in order to have ample liquidity to run the business and in
advance of being below the required level under one of its bond
covenants, which currently prevents the company from incurring
additional debt. Near-term liquidity is supported by $944 million
in cash on hand and approximately $500 million of in-process asset
sales expected to close in the first half of 2022. Debt maturities
include $500 million in senior notes due in both Q3 2022 and 2023,
plus the full amount outstanding on its $1.0 billion revolver,
which comes due in July 2022 with two six-month extension options.
Moody's expect the company to repay its near-term maturities and
revolver balance with available cash on hand and proceeds from
completed asset sales. SVC maintains a large unencumbered portfolio
but the size and quality of this pool diminished with the delivery
of first lien mortgages on certain properties in order to secure
obligations under its credit agreement in 2020.
The negative outlook reflects the cash flow declines SVC has
experienced within its lodging business, which has resulted in high
Net Debt/EBITDA. The slow recovery in its lodging business and
slower than expected sale of some of its hotels will make it
challenging for SVC to continue to reduce debt levels. The outlook
also reflects the REIT's limited financial flexibility and the
possibility of a downgrade if the company's in-process initiatives
to repay debt and enhance liquidity are not executed as planned by
the first half of 2022.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A downgrade of SVC's ratings could occur should the company fail to
maintain sufficient liquidity related to near-term maturities.
Fixed charge coverage below 1.5x or Net Debt/EBITDA above 11x on a
sustained basis, and/or a lack of improvement in hotel cash flows
could also lead to a downgrade.
SVC's ratings could be upgraded if the REIT were to resume
compliance and maintain good cushion with all bank and bond
covenants, as well as ample long-term liquidity. A return to a
largely unsecured funding strategy, reducing Net Debt/EBITDA below
8x and demonstration of earnings stability on a sustained basis,
particularly in its hotel business would also support an upgrade.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms Methodology published in July 2021.
SOO HOTELS: $884K Sale to Shareholder Shammami to Fund Plan
-----------------------------------------------------------
Soo Hotels, Inc., submitted a First Amended Small Business Plan of
Liquidation under Subchapter V dated March 22, 2022.
In accordance with the Purchase Agreement, dated March 18, 2022,
between the Trustee and Dominic Shammami or a higher bidder
("Buyer"), the Buyer has agreed subject to bankruptcy court
approval to purchase, and the Debtor has agreed to sell, the
Business Property.
If the Sale Motion has not closed as of the Effective Date, this
Plan proposed to effectuate the terms of the Sale Motion through
the plan confirmation process. The Sale Motion provides, in
pertinent part:
* Debtor's assets should be sold in a chapter 11 section 363
sale by which all non-insider creditors will receive a 100% payout.
Pursuant to the purchase agreement by Shareholder Dominic Shammami,
Dominic Shammami proposes to pay the non-insider unsecured
creditors 100% or assume their debts, pay all of the administrative
expenses, to pay money to the other shareholder, Salwan Atto and to
disclaim any distribution to himself to resolve potential claims
that the estate may have against him.
* One of the purposes of chapter 11 is to get creditors paid and
to maximize the value of the Debtor's assets for the benefit of
creditors and all parties in interest. ("Finally, Debtor has
proffered that the proceeds from the proposed sale, when combined
with other assets being liquidated, will be sufficient to pay non
insider creditors in full, so that only insider creditors are
likely to be at risk of being adversely affected if the price was
insufficient").
* The present sale proposed by this motion provides a means to
sell all property of the Debtor before this Court but not any
assets owned by third parties such as the real estate currently
owned by the present Landlord.
* The key terms of the sale are as follows:
-- Subject to higher offers, Shammami will pay $300,000.00 in
cash, plus $242,627.34 sufficient to allow payment in full of all
noninsider allowed general unsecured creditors in full at closing
and will assume the obligations of the Choice Hotels franchise
agreement valued at its claim of $341,332.31 claim of Choice Hotels
for a total purchase price of $883,959.65;
-- Of the $542,627.34, $242,627.34 shall be disbursed to all
allowed non-insider general unsecured claims which shall be paid at
closing and may be paid from the Purchased Assets less amounts
retained by the Trustee to allow for payment of court approved
administrative expense claims; The estimated amount of all claims
of the Debtor but subject to claims objections total $242,627.34.
The proposed purchase by Dominic Shammami is viable because only
property of the bankruptcy estate would be sold and there is a
signed lease between Debtor and the owner of the real estate, St.
Marie Hospitality. Shareholder Salwan Atto emailed to Dominic
Shammami the lease in 2017, that Salwan Atto had signed, that was
further executed by Dominic Shammami and Dia Shammami. Rent has
been paid from Debtor for the benefit of the owner of the real
estate, St. Marie Hospitality, since the inception of Debtor by
Debtor making the payments to the mortgage holder on the real
estate.
General unsecured Claims are not secured by property of the estate
and are not entitled to priority under § 507(a) of the Code. The
Class GUC shall be paid from whatever assets remain after the
Closing, however, it is contemplated that all non-insider creditors
will have already been paid at Closing. Because it is unclear as to
the base amount of claims, it cannot be determined what percentage
unsecured creditors will receive.
To the extent necessary for confirmation, Debtor shall pay all
claims that have not been paid at Closing no less than the pro rata
liquidation value dividend, however, Debtor does not believe that
there are any allowed insider claims that are valid other than the
claim filed by Dominic Shammami, which he is willing to waive if he
is the successful bidder. Debtor contemplates that all non-insider
claims will be paid at 100% or their liabilities will be
consensually assumed by the Purchaser.
Dominic Shammami and Salwan Atto are the equity security holders of
the Debtor. It is contemplated under the Sale Motion that the
winning bidder, if it is one of the current equity owners, will
keep their equity interest in the Debtor, and the other shareholder
will surrender their interest. If the winning bidder is neither of
the current equity security holders, the current equity security
holders will retain their equity interests in Debtor.
Debtor believes that it will have proceeds to fund all payments
contemplated by the Sale Motion and this Plan. Due to COVID related
issues, there was a downturn generally in hospitality, however,
Debtor's vacancy rate has improved now that vaccines are available.
On Confirmation of the Plan, all remaining property of the Debtor,
tangible and intangible, including, without limitation, licenses,
furniture, fixtures and equipment, will revert, free and clear of
all Claims and Equitable Interests except as provided in the Plan,
to the Debtor.
Because the plan is a liquidating plan, Debtor's projections
indicate that Debtor will cease operating once all of its assets
have been sold.
A full-text copy of the First Amended Chapter 11 Plan dated March
22, 2022, is available at https://bit.ly/3wHjxfQ from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Robert Bassel, Esq.
Clinton, MI 49236
Tel: (248) 835-7683
Email: bbassel@gmail.com
About Soo Hotels
Soo Hotels, Inc. filed a Chapter 11 petition (Bankr. E.D. Mich.
Case No. 21-45708) on July 7, 2021. At the time of the filing, the
Debtor had between $500,000 and $1 million in both assets and
liabilities. Dominic Shammami, principal, signed the petition.
Robert Bassel serves as the Debtor's legal counsel.
STANFORD CHOPPING: Ends In Chapter 11 Bankruptcy
------------------------------------------------
Stanford Chopping Inc. has filed for bankruptcy protection in
California.
Stanford Chopping specializes in harvesting crops and it is
categorized under silo filing and chopping services. The company
is doing business in different names like Jackie Stanford, Larry
Stanford, Stanford & Son's, and Stanford Chopping.
On March 24, 2022, California-based professional service provider
Stanford Chopping Inc. seeks Chapter 11 bankruptcy protection in
the Eastern District of California.
About Stanford Chopping
Stanford Chopping Inc. is a chopping services provider in Madera,
California. The company is doing business as Jackie Stanford,
Larry Stanford, Stanford & Son's, and Stanford Chopping.
Stanford Chopping filed a petition under Chapter 11, SubChapter V
of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-10472) on
March 24, 2022. The case is assigned to Honorable Judge Rene
Lastreto II. The Debtor estimated assets and debt of $500,001 to
$1 million as of the bankruptcy filing.
STATION CASINOS: S&P Affirms 'B+' ICR, Outlook Positive
-------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on Las Vegas-based
casino operator Station Casinos LLC, including its 'B+' issuer
credit rating, and removed them from CreditWatch, where S&P placed
them with positive implications on May 12, 2021.
The positive outlook reflects the possibility that the company's
S&P Global Ratings-adjusted leverage will remain under 5x over the
next few years if its EBITDA performance is in line with, or
exceeds, S&P's forecast, its development spending remains within
budget, and if shareholder returns are moderate.
Station's good EBITDA growth and use of asset sale proceeds in 2021
significantly reduced its leverage, which will likely enable it to
absorb heightened development spending, moderate shareholder
returns, and a potential EBITDA decline while maintaining S&P
Global Ratings-adjusted leverage in the mid- to high-4x area.
S&P said, "Our forecast for the company's S&P Global
Ratings-adjusted leverage incorporates our assumption that its
EBITDA generation will be sufficient to fund a large portion of its
anticipated capex and shareholder returns. Nevertheless, we assume
its EBITDA declines by 5%-15% year over year in 2022 because
inflation and higher gas prices may begin to pressure consumers'
discretionary spending later this year. We believe many of the
factors that supported Station's strong revenue growth in 2021,
including the lack of leisure and travel alternatives, a high level
of accumulated consumer savings, and the receipt of government
stimulus funds, will no longer be a benefit in 2022. We also assume
that the inflationary pressures affecting food costs and wages may
offset some of the benefits from the cost cuts management
implemented over the past several quarters, which will lead to a
modest deterioration in its EBITDA margin in 2022. Despite our
forecast for weaker performance, we still expect Station's revenue
and EBITDA to remain above 2019 levels.
"Further, we forecast Station will spend up to $500 million on
capex in both 2022 and 2023, which includes a total of $750 million
for the development of its Durango project (a casino resort located
in the Las Vegas valley). In our base-case scenario, we also assume
about $110 million of annual dividends to its shareholders and that
it uses the remaining $154 million of availability under its share
repurchase authorization over the next year or so.
"Although we forecast Station's S&P Global Ratings-adjusted
leverage will remain below our 5x upgrade threshold through 2023,
leverage in the mid- to high-4x area would provide it with a
minimal cushion to absorb unforeseen events. Therefore, before
raising our rating, we want to ensure that the company has a
sufficient cushion relative to our upgrade threshold to absorb
unexpected declines in its EBITDA, higher-than-anticipated
development spending, or increased shareholder returns.
"We believe Station will pursue additional development
opportunities, which could periodically increase its leverage."
Station holds about 300 acres of undeveloped land in the Las Vegas
region and about eight acres in the Reno, Nev. area. In addition to
its Durango resort development, which is underway, the company has
publicly indicated that it is in the early development stages on at
least two additional projects in the Las Vegas area. S&P said,
"Although we expect Station to focus on Durango over the next 18
months and not begin to invest materially in additional projects
before Durango is largely complete, we anticipate these other
development projects will lead to heightened capex over time. We
also believe the company may be able to partly offset the potential
leveraging effects of its future development projects with the
incremental cash flow from Durango. We expect Station to take a
balanced approach to returning capital to its shareholders during
years when its development spending is elevated. Therefore,
although we assume the company will continue to repurchase shares
and pay dividends in 2022 and 2023, we expect its level of
shareholder returns will be more moderate than in 2021.
Nevertheless, Station's ability to maintain S&P Global
Ratings-adjusted leverage of comfortably below 5x could be
jeopardized if it begins to ramp up its development spending for
new projects before substantially completing Durango."
Specifically, this could occur if there is an unexpected decline in
its operating performance during a period of heightened development
spending or if it returns a greater level of cash to its
shareholders than we currently expect.
The positive outlook on Station reflects the possibility that its
S&P Global Ratings-adjusted leverage will remain below 5x over the
next few years if its EBITDA performance is in line with, or
exceeds, S&P's forecast and its development spending remains within
budget.
S&P said, "We could raise our ratings on Station by one notch if we
believe it will sustain S&P Global Ratings-adjusted leverage of
less than 5x after incorporating its potential operating
volatility, development spending, and shareholder returns.
"We could revise our outlook on Station to stable if we no longer
believe it can sustain S&P Global Ratings-adjusted leverage of less
than 5x. This could occur if its EBITDA underperforms our forecast
by about 10% or its development spending is materially higher than
we assume. We could lower our ratings on Station if we believe it
will maintain S&P Global Ratings-adjusted leverage of more than
6x."
ESG credit indicators: E-2; S-3; G-2
STONEWAY CAPITAL: Exclusivity Period Extended to May 16
-------------------------------------------------------
Judge James Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York extended to May 16 the period during
which only Stoneway Capital Ltd. and its affiliates can file a
Chapter 11 plan.
The companies can solicit acceptances for the plan until July 15.
The companies filed their proposed joint Chapter 11 plan early last
month under which senior noteholders would share a pool of $462.5
million of new notes. Under the plan, senior noteholders may
recover as little as 16% while term loan holders will get as little
as 4.5%, according to the disclosure statement detailing the plan.
About Stoneway Capital Corp.
Stoneway Capital Corporation is a limited corporation incorporated
in New Brunswick, Canada, formed for the purpose of owning and
operating, through its Argentine subsidiaries, power generation
projects that will provide electricity to the wholesale electricity
markets in Argentina. The Argentine subsidiaries operate four
power-generating plants in Argentina that provide electricity to
the wholesale electricity market in Argentina.
Stoneway is 100% owned by GRM Energy Investment Limited.
On Oct. 8, 2020, Stoneway commenced proceedings under the Canada
Business Corporations Act (the "CBCA"). The Debtors were well on
the way toward closing the consensual restructuring when on Dec. 4,
2020, the Argentine Supreme Court issued a decision in a noise
discharge dispute involving one of the Generation Facilities
located in Pilar, Argentina. The Argentine Supreme Court decision
created significant uncertainty as it overturned a ruling by the
federal appeals court in San Martin, Buenos Aires.
As a result of the looming expiration of a informal standstill
arrangement, the Debtors commenced chapter 11 cases in the U.S. to
put the automatic stay in place, maintain the status quo pending
resolution of the various issues in Argentina, and ensure that
neither the Indenture Trustee nor the Argentine Trustee takes any
action that could be detrimental or value destructive to the
Company.
Stoneway Capital Ltd. and five related entities, including Stoneway
Capital Corp., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated
liabilities of $1 billion to $10 billion and assets of $500 million
to $1 billion.
Judge James L. Garrity, Jr. oversees the cases.
The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel,
Bennett Jones LLP as Canadian counsel, Lazard Freres & Co. LLC as
investment banker, and RSM Canada LLP as tax services provider.
Prime Clerk, LLC is the claims agent and administrative advisor.
On Feb. 10, 2022, the Debtors filed their proposed joint Chapter 11
plan and disclosure statement with the court.
STONEWAY CAPITAL: Gets Court OK to Solicit Votes on CBCA Plan
-------------------------------------------------------------
Stoneway Capital Corporation ("SCC"), Stoneway Power Generation
Inc. ("Stoneway Power") and 12386399 Canada Limited ("ArrangeCo"
and together with SCC and Stoneway Power, the "Applicants")
announced March 24, 2022, that the Ontario Superior Court of
Justice (Commercial List) (the "Court") has issued an interim order
(the "Interim Order") pursuant to section 192 of the Canada
Business Corporation Act (the "CBCA"), which, among other things:
i. declares that, for the purposes of considering and voting on
the Applicants' amended and restated plan of arrangement pursuant
to the CBCA (the "CBCA Plan of Arrangement" and the proceedings
commenced in connection therewith, the "CBCA Proceedings"), certain
of the votes cast in respect of the Second Amended Joint Plan Under
Chapter 11 of the Bankruptcy Code (as amended, the "Chapter 11
Plan") submitted by certain of the Applicants and certain of their
affiliates (collectively, the "Chapter 11 Debtors") in proceedings
(the "Chapter 11 Proceedings") commenced under chapter 11 of title
11 of the United States Code in the United States Bankruptcy Court
for the Southern District of New York (the "US Court") shall
constitute votes cast in the same amount (whether accepting or
rejecting the Chapter 11 Plan) for a resolution (the "Arrangement
Resolution") authorizing, adopting and approving the Applicants'
proposed arrangement under the CBCA pursuant to the CBCA Plan of
Arrangement; and
ii. authorizes and directs the distribution of voting and
solicitation materials to parties entitled to vote on the CBCA Plan
of Arrangement (the "Solicitation Packages"), which will be
comprised of, among other things:
a. the Disclosure Statement for Debtors' Second Amended
Joint Plan Under Chapter 11 of the Bankruptcy Code (the "Disclosure
Statement") and each of its exhibits, including the CBCA Plan of
Arrangement, the Arrangement Resolution and the Chapter 11 Plan;
b. ballots used for voting on the Chapter 11 Plan and the
CBCA Plan of Arrangement; and
c. an order entered by the US Court on March 21, 2022,
approving the adequacy of the Disclosure Statement and the
procedures for soliciting votes on the Chapter 11 Plan and CBCA
Plan of Arrangement (the "Solicitation and Voting Procedures").
The primary purpose of the CBCA Plan of Arrangement and the Chapter
11 Plan is to implement one or more sale transactions (the "Sale
Transactions"), pursuant to which a newly formed entity, which will
be an affiliate of MSU Energy Holding Ltd. ("SCC UK") and, as
directed by SCC UK, one or more of SCC UK's subsidiaries
(collectively, the "Buyer"), will acquire the business enterprise
of the Applicants and their subsidiaries and affiliates
(collectively, the "Stoneway Group"), including substantially all
of the assets of SCC and certain partnership interests of Stoneway
Energy International LP and Stoneway Energy LP. If consummated, the
Chapter 11 Plan and the CBCA Plan of Arrangement will result in,
among other things (collectively, the "Restructuring
Transaction"):
i. the consummation of the Sale Transactions, with the transfer
of all assets subject to the Sale Transactions free and clear of
all claims and liens to the Buyer;
ii. each holder of an allowed claim (a "Senior Notes Claim") in
respect of SCC's 10.000% senior secured notes due 2027 in the
outstanding principal amount of approximately US$588.98 million
(the "Senior Notes") receiving a pro rata distribution of: (i)
US$300 million aggregate principal amount of first-lien secured
notes (the "New First Lien Notes"); and (ii) US$162.5 million
aggregate principal amount of second-lien secured notes, each to be
issued by SCC UK, in full and complete satisfaction of such allowed
Senior Notes Claim;
iii. each holder of an allowed claim (a "Term Loan Claim") in
respect of the secured term credit facility in the outstanding
principal amount of approximately US$217.61 million under which GRM
Energy Investment Limited is the borrower and Stoneway Capital Ltd,
Stoneway Group LP and Stoneway Power are the guarantors (the "Term
Loan"), receiving a pro rata share of: (i) US$10 million aggregate
principal amount of the New First Lien Notes; and (ii)
non-convertible preferred equity of SCC UK, in full and complete
satisfaction of such allowed Term Loan Claim;
iv. the satisfaction of all outstanding principal and interest
under a US$16.5 million super-priority secured debtor-in-possession
financing facility provided to the Chapter 11 Debtors in the
Chapter 11 Proceedings (the "DIP Facility") through: (i) the
distribution to holders of claims in respect of the DIP Facility of
super-priority first-lien secured notes to be issued by SCC UK (the
"New Super-Priority First Lien Notes"); and (ii) any accrued
interest on the DIP Facility that results in the principal (after
payment in kind interest) exceeding US$16.5 million being paid in
full in cash;
v. each holder of an allowed claim (a "Promissory Note Claim")
in respect of certain promissory notes in the aggregate principal
amount of approximately US$1.36 million (the "Promissory Notes")
receiving New Super-Priority First Lien Notes in an amount equal to
the aggregate principal amount of its allowed Promissory Note
Claim;
vi. the cancellation and discharge of the DIP Facility, the
Senior Notes, the Term Loan and the Promissory Notes; and
vii. the amalgamation of SCC, Stoneway Power and ArrangeCo.
Voting on the CBCA Plan Arrangement
The Interim Order directs the Applicants to employ the Solicitation
and Voting Procedures approved in the Chapter 11 Proceedings in
lieu of convening a meeting of holders of Senior Notes Claims and
Term Loan Claims in respect of the CBCA Plan of Arrangement, and to
solicit votes from such holders using the Solicitation Packages
distributed in connection with the Chapter 11 Plan. Votes cast by
holders of Senior Notes Claims and Term Loan Claims on the Chapter
11 Plan shall constitute votes cast in the same amount (whether
accepting or rejecting the Chapter 11 Plan) for the Arrangement
Resolution approving the CBCA Plan of Arrangement. Pursuant to the
Solicitation and Voting Procedures, the deadline for holders of
Senior Notes Claims and Term Loan Claims to cast votes on the
Chapter 11 Plan is April 25, 2022, at 4:00 p.m. (prevailing Eastern
Time). A summary of the Solicitation and Voting Procedures is set
forth in the Notice of Hearing to Consider Confirmation of the
Debtors' Second Amended Joint Plan Under Chapter 11 of the
Bankruptcy Code and Relating Voting and Objection Deadlines,
attached as Exhibit A.
Additional details in respect of voting on the Chapter 11 Plan and
the CBCA Plan of Arrangement are contained in the Disclosure
Statement, the Voting and Solicitation Procedures and the Interim
Order, each of which are available on the website of Prime Clerk
LLC, the notice and claims agent appointed in the Chapter 11
Proceedings - https://cases.primeclerk.com/StonewayCapital (the
"Prime Clerk Website").
Court Approval and Implementation
If the CBCA Plan of Arrangement is approved by the affirmative vote
of at least 66⅔% of the votes cast by holders of Senior Notes
Claims and the holders of claims that relate to or are in respect
of any guarantee of the Term Loan provided by SCC and Stoneway
Power and the Chapter 11 Plan is approved by the requisite majority
of creditors entitled to vote on the Chapter 11 Plan, the
Applicants will attend a hearing before the Court currently
scheduled for May 3, 2022, to seek an order approving the CBCA Plan
of Arrangement (the "Final Order").
In connection with Court approval of the CBCA Plan of Arrangement,
the Applicants expect to seek approval of, among other things: (i)
the release of certain claims as provided for in CBCA Plan of
Arrangement and the Chapter 11 Plan; and (ii) the discharge of
certain guarantees and, if applicable, certain security interests
conveyed in respect of the Senior Notes by the Stoneway Group's
operating subsidiaries in Argentina.
Completion of the Restructuring Transaction will be subject to,
among other things, approval of each of the CBCA Plan of
Arrangement and the Chapter 11 Plan by the requisite majority of
creditors entitled to vote on such plans, such other approvals as
may be required by the Court and the US Court, and any other
applicable approvals, the issuance of the Final Order approving the
CBCA Plan of Arrangement by the Court, and the satisfaction or
waiver of applicable conditions precedent to the Restructuring
Transaction. Subject to the receipt of all requisite approvals and
the satisfaction or waiver of the other conditions to completion of
the Restructuring Transaction, the Stoneway Group is working
towards completing the Restructuring Transaction in May 2022.
Additional information in connection with the implementation of the
Restructuring Transaction, the CBCA Proceedings and the Chapter 11
Proceedings will be made available on the Prime Clerk Website.
About Stoneway Capital Corp.
Stoneway Capital Corporation is a limited corporation incorporated
in New Brunswick, Canada, formed for the purpose of owning and
operating, through its Argentine subsidiaries, power generation
projects that will provide electricity to the wholesale electricity
markets in Argentina. The Argentine subsidiaries operate four
power-generating plants in Argentina that provide electricity to
the wholesale electricity market in Argentina.
Stoneway is 100% owned by GRM Energy Investment Limited.
On Oct. 8, 2020, the Company commenced proceedings under the Canada
Business Corporations Act (the "CBCA"). The Debtors were well on
the way toward closing the consensual restructuring when on Dec. 4,
2020, the Argentine Supreme Court issued a decision in an ongoing
noise discharge dispute involving one of the Generation Facilities
located in Pilar, Argentina. The Argentine Supreme Court Decision
created significant uncertainty as it overturned a decision of the
federal appeals court in San Martin, Buenos Aires.
As a result of the looming expiration of the informal standstill
arrangement, the Debtors commenced chapter 11 cases in the U.S. in
order to put the automatic stay in place, maintain the status quo
pending resolution of the various issues in Argentina, and ensure
that neither the Indenture Trustee nor the Argentine Trustee takes
any action that could be detrimental or value destructive to the
Company.
Stoneway Capital Ltd. and five related entities, including Stoneway
Capital Corp., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated
liabilities of $1 billion to $10 billion and assets of $500 million
to $1 billion.
Judge James L. Garrity, Jr., oversees the cases.
The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel,
Bennett Jones LLP as Canadian counsel, Lazard Freres & Co. LLC as
investment banker, and RSM Canada LLP as tax services provider.
Prime Clerk, LLC is the claims agent and administrative advisor.
SUNLIGHT PROPERTIES: Seeks to Hire Genesis Realty Group as Broker
-----------------------------------------------------------------
Sunlight Properties, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to hire Genesis Realty Group, a
real estate broker based in Las Vegas, Nev.
The Debtor requires the assistance of a real estate broker to sell
its properties located at 1405 Nellis Boulevard, #2006, Las Vegas;
11553 White Cliffs Ave., Las Vegas; and 10037 Distant Rain, Las
Vegas.
The Debtor has agreed to pay a commission of 5 percent of the gross
purchase price of each property sold. The commission will be split
equally between Genesis Realty Group and the buyer's agent.
Gohar Grigorian, the firm's broker 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:
Gohar Grigorian
Genesis Realty Group
5071 N. Rainbow Blvd., Site 110
Las Vegas, NV 89130
Tel: (702) 328-5402
About Sunlight Properties
Sunlight Properties, LLC is the fee simple owner of five real
properties in Las Vegas, with a total current value of $2.58
million.
Sunlight Properties sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 22-10708) on March 1,
2022, disclosing $2,581,500 in total assets and $1,348,000 in total
liabilities. Val Grigorian, managing member, signed the petition.
David Mincin, Esq., at Mincin Law, PLLC serves as the Debtor's
legal counsel.
TCP INVESTMENT: Amends Tax Secured Claims; Plan Hearing April 27
----------------------------------------------------------------
TCP Investment Properties, LLC, submitted a Second Amended
Disclosure Statement for Plan of Reorganization dated March 24,
2022.
The Plan contemplates the continued business operations of the
Debtor as the Reorganized Debtor following confirmation. The Plan
provides for the sale of the Debtors' properties or the refinancing
of Debtor's obligations to its sole secured creditor, Whitaker
Bank, and payment in full of all Non-Insider Unsecured Creditors
from ongoing income from its rental operations.
On August 9, 2021, the Court entered an Agreed Order for Interim
Use of Cash Collateral and to Shorten and Limit Notice of Hearing.
The Court subsequently entered an Agreed Order for Continued Use of
Cash Collateral on August 27, 2021. Collectively, these cash
collateral orders are referred to herein as the "Cash Collateral
Orders." The Debtor and Whitaker Bank agreed to the use of cash
collateral to pay certain ad valorem taxes during the pendency of
the case. To date, the Debtor has been operating in compliance with
the Cash Collateral Orders.
Class 2 shall consist of all ad valorem tax Secured Claims as of
the Petition Date. In full satisfaction of the Claims of the City
of Richmond and Madison County, Kentucky the Debtor shall, on the
Effective Date, or such other date as may be agreed on, pay the
amount of such Allowed Secured Claim to the Class 2 Creditor, in
such amounts as are established by applicable law.
There is a disputed Madison County 2020 tax bill in excess of
$20,000 for a parcel identified as 593 Regency Circle, Richmond,
Kentucky. The bill includes property which the Debtor sold and the
Debtor is working with the Madison County PVA to adjust the bill.
The Debtor owed the City of Richmond ad valorem taxes in the amount
of $23,230.22 as of December 31, 2021 and paid approximately
$10,000 towards said outstanding taxes in January 2022. The Debtor
estimates the remaining balance due the City of Richmond is
approximately $14,000.00. The Class 2 Claims are not Impaired.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 3 shall consist of the Allowed Non-Insider Unsecured
Claims (other than Priority Claims) which include any unknown,
contingent, disputed or unliquidated Claims of Non-Insiders that
are Allowed pursuant to the provisions of the Plan. Class 3
consists of four claims, each for less than $1,000.00. After
payment of all Allowed Administrative and Priority Claims each
holder of an Allowed Claim in Class 3 shall receive payment in full
of their Allowed Claim within 24 months after the Effective Date.
The Class 3 Claims are Impaired.
* Class 4 shall consist of Allowed Insider Unsecured Claims.
Class 4 Claims are limited to the Claims of Charles & Carolyn
Glodt, John M. Williams, Esq., Paul W. Baker, and the Estate of
Thurman Parsons. After payment of all Allowed Administrative
Claims, Priority Claims and Class 3 Claims, each holder of an
Allowed Claim in Class 4 shall receive a distribution equal to its
pro rata share of the Reorganized Debtor's Net Profits from its
operations for a period of 3 years post-Confirmation.
* Class 5 consists of those Persons or entities holding equity
or membership Interests in the Debtor - Paul W. Baker (100%). The
Plan provides that on the Effective Date, the equity interests in
the Debtor will be retained by the existing member. Mr. Baker
agrees he will take no wages, salary or draw from the Reorganized
Debtor for a period of 36 months after the Confirmation Date;
provided, however, that Mr. Baker shall be reimbursed for any
actual expenses incurred in managing and operating the Reorganized
Debtor. The Class 5 Interest is not Impaired.
Under the Plan, the Reorganized Debtor will seek to refinance its
loans with Whitaker Bank or will seek a buyer for its properties.
Debtor will use its ongoing income from its rental operations to
make monthly interest payments to Whitaker and plan payments to all
Non-Insider Unsecured Creditors. Based on the financial projections
attached to this Disclosure Statement, the Debtor should have
sufficient cash flow to pay all normal and customary operating
expenses and be capable of funding its Plan of reorganization.
A hearing to consider the confirmation of the Plan will be held
before the United States Bankruptcy Court for the Eastern District
of Kentucky, 100 East Vine Street, Third Floor, Lexington, Kentucky
40507, on April 27, 2022.
April 20, 2022 is voting deadline for ballots to be counted as
votes.
A full-text copy of the Second Amended Disclosure Statement dated
March 24, 2022, is available at https://bit.ly/3LiTaAL from
PacerMonitor.com at no charge.
Counsel for the Debtor:
DELCOTTO LAW GROUP PLLC
Dean A. Langdon, Esq.
KY Bar No. 40104
200 North Upper Street
Lexington, Kentucky 40507
Telephone: (859) 231-5800
Facsimile: (859) 281-1179
E-mail: dlangdon@dlgfirm.com
About TCP Investment Properties
TCP Investment Properties, LLC, was organized in March 2012 for the
purpose of acquiring a multi-unit residential development in
Richmond, Ky. It owns 18 townhomes in 4-plexes and a clubhouse,
with a combined current value of $3.67 million.
TCP Investment filed a Chapter 11 petition (Bankr. E.D. Ky. Case
No. 21-50906) on Aug. 4, 2021, disclosed $3,667,501 in total assets
and $2,971,137 in total liabilities. Paul W. Baker, a member of
TCP Investment, signed the petition. Judge Tracey N. Wise oversees
the case. Delcotto Law Group PLLC is the Debtor's counsel.
TCP INVESTMENT: April 27 Plan Confirmation Hearing Set
------------------------------------------------------
TCP Investment Properties, LLC, filed with the U.S. Bankruptcy
Court for the Eastern District of Kentucky a Second Amended
Disclosure Statement for Plan of Reorganization.
On March 24, 2022, Judge Tracey N. Wise approved the Second Amended
Disclosure Statement and ordered that:
* April 27, 2022, beginning at 9:30 a.m. in the United States
Bankruptcy Court, 100 East Vine Street, Third Floor, Lexington,
Kentucky is the hearing to consider confirmation of the Debtor's
Amended Plan.
* April 20, 2022 is fixed as the last day for filing and
serving written objections to confirmation of the Plan and the last
day for remitting ballots and written acceptances or rejections of
the Plan.
A full-text copy of the order dated March 24, 2022, is available at
https://bit.ly/3DhR55i from PacerMonitor.com at no charge.
Counsel for the Debtor:
DELCOTTO LAW GROUP PLLC
Dean A. Langdon, Esq.
KY Bar No. 40104
200 North Upper Street
Lexington, Kentucky 40507
Telephone: (859) 231-5800
Facsimile: (859) 281-1179
dlangdon@dlgfirm.com
About TCP Investment Properties
TCP Investment Properties, LLC, was organized in March 2012 for the
purpose of acquiring a multi-unit residential development in
Richmond, Ky. It owns 18 townhomes in 4-plexes and a clubhouse,
with a combined current value of $3.67 million.
TCP Investment filed a Chapter 11 petition (Bankr. E.D. Ky. Case
No. 21-50906) on Aug. 4, 2021, disclosed $3,667,501 in total assets
and $2,971,137 in total liabilities. Paul W. Baker, a member of
TCP Investment, signed the petition. Judge Tracey N. Wise oversees
the case. Delcotto Law Group PLLC represents the Debtor.
VANTAGE SPECIALTY: Moody's Rates $54MM 1st Lien Loan Add-on 'Caa1'
------------------------------------------------------------------
Moody's Investors Service has assigned a Caa1 rating to Vantage
Specialty Chemicals, Inc.'s $54 million non-fungible first lien
term loan add-on due 2024. Moody's also assigned a Caa1 rating to
the $75 million senior secured revolving credit facility that was
extended from October 2022 to January 2024. The incremental term
loan, borrowing on the revolving credit facility, an equity
contribution from the sponsors, rollover equity, as well as a
seller's note, were used to acquire JEEN International and
BotanicalsPlus, Inc. (collectively JEEN) as well as pay fees and
expenses. Vantage's Caa1 Corporate Family Rating, Caa1-PD
Probability of Default Rating and Caa3 senior secured second lien
term loan rating are unchanged. The outlook is stable.
"The acquisition of JEEN will stretch the balance sheet, but
combined with Moody's expectation for further improvement in
revenues and earnings, as well as the strategic rationale for the
deal, Vantage's credit metrics are expected to improve and support
the existing rating," said Domenick R. Fumai, Moody's Vice
President and lead analyst for Vantage Specialty Chemicals, Inc.
Assignments:
Issuer: Vantage Specialty Chemicals, Inc.
Gtd Senior Secured First Lien Term Loan, Assigned Caa1 (LGD3)
Gtd Senior Secured Revolving Credit Facility, Assigned Caa1
(LGD3)
RATINGS RATIONALE
The existing ratings are not affected despite the increase in gross
debt because Moody's believes the acquisition of JEEN will add
significant customization and formulation capabilities and product
offerings to Vantage's existing platform that should be accretive
to revenue and EBITDA. JEEN will enhance Vantage's personal care
business, which has performed well throughout the pandemic, and is
expected to improve EBITDA margins. Vantage has also identified
potential cost synergies for headcount, redundancies in non-labor
costs and procurement. JEEN has experienced double-digit growth
over the last several years, particularly in the independent brand
segment, while JEEN and BotanicalsPlus should continue to benefit
from favorable consumer trends for natural and clean products.
Vantage's rating is constrained by elevated leverage resulting from
an acquisitive financial strategy and lack of free cash flow
generation, which has limited its ability to reduce financial
leverage. Although Vantage's Debt/EBITDA, including Moody's
standard adjustments, has improved from 9.2x as of March 31, 2021,
and pro forma for the transaction, will be approximately 8.4x, it
remains elevated and is more reflective of the "Caa" rating
category. Gross debt levels are also high relative to the size of
the company's asset base. Moreover, despite several acquisitions
that have increased geographic diversity, Vantage's revenue and
EBITDA are heavily concentrated in the US. Vantage has improved
operational flexibility through several transactions such as
Leuna-Tenside and Textron Plimon; however, a high degree of
operational risk still exists as the company is extremely dependent
on two manufacturing sites located in Gurnee, Illinois and
Chicago.
Vantage's rating is supported by the company's established market
positions in oleochemicals and their expanded specialty derivatives
portfolio, which have a wide range of applications, including
personal care, food, consumer products and industrial specialties.
Moody's expects volume growth, further pricing gains and favorable
mix to drive revenue and EBITDA growth in 2022 as some of the
company's industrial end markets such as lubricants and
metalworking that have been impacted by the pandemic continue to
show improvement. Vantage's oleochemical business should also
benefit from higher oil prices as their products are derived from
natural fats like tallow and the majority of the products they
compete with are produced from petrochemicals.
The stable outlook assumes that Vantage's financial and operational
performance will improve in 2022 as volumes, revenues and EBITDA
grow because of continued growth in their end markets, as well as
pricing and mix initiatives.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's would likely consider a downgrade if there is a further
significant deterioration in EBITDA compared to Moody's base case
scenario, free cash flow becomes meaningfully negative on a
sustained basis, if liquidity falls below $50 million or if the
company makes a debt-financed acquisition or distribution to its
sponsor. Ratings could also be downgraded if their 2024 maturities
are not refinanced before they become current next year.
Moody's would consider an upgrade if financial leverage, including
Moody's standard adjustments, is sustained below 7.5x, balance
sheet debt is materially reduced, the company experiences
substantial revenue growth and free cash flow generation, and the
private equity sponsors demonstrate a commitment to more
conservative financial policies.
ESG CONSIDERATIONS
Moody's also evaluates environmental, social and governance factors
in Vantage's rating. Governance risks are elevated due to majority
private equity ownership by H.I.G. Capital, which includes a board
of directors with majority representation by members affiliated
with the sponsor, and reduced financial disclosure requirements as
a private company. Vantage also has high financial leverage
compared to most public companies and an acquisitive strategy.
Environmental and social risks are below average for a chemical
company. Vantage does not currently have any significant
environmental litigation or claims. Social risks are low as a
number of raw materials used are derived from natural products such
as almond, jojoba, palm oil and animal fats, which are natural and
renewable. Vantage is committed to efficient use of water in
irrigation, and farming practices that avoid land erosion.
The principal methodology used in these ratings was Chemical
Industry published in March 2019.
Vantage Specialty Chemicals, Inc. based in Chicago, Illinois, is a
privately-held company that focuses on natural ingredient products
including those derived from animal fat and vegetable oil. The
company operates four business segments, Personal Care, Food,
Performance Materials and Oleochemicals, and produces more than
2,000 products for over 3,500 customers in 50 countries. In October
2017, H.I.G Capital acquired the majority equity stake in Vantage
from its previous owner, The Jordan Company. Vantage reported
revenue of $830 million for the last twelve months ended September
30, 2021.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN AXDX* MM 83.0 -35.1 66.4
AEMETIS INC DW51 GR 160.8 -120.2 -44.6
AEMETIS INC AMTX US 160.8 -120.2 -44.6
AEMETIS INC AMTXGEUR EU 160.8 -120.2 -44.6
AEMETIS INC AMTXGEUR EZ 160.8 -120.2 -44.6
AEMETIS INC DW51 GZ 160.8 -120.2 -44.6
AEMETIS INC DW51 TH 160.8 -120.2 -44.6
AEMETIS INC DW51 QT 160.8 -120.2 -44.6
AERIE PHARMACEUT AERI US 431.4 -17.3 230.7
AERIE PHARMACEUT AERIEUR EU 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 GR 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 TH 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 QT 431.4 -17.3 230.7
AERIE PHARMACEUT 0P0 GZ 431.4 -17.3 230.7
ALPHA CAPITAL -A ASPC US 231.1 212.7 1.0
ALPHA CAPITAL AC ASPCU US 231.1 212.7 1.0
ALTENERGY ACQU-A AEAE US 0.5 -0.1 -0.1
ALTENERGY ACQUIS AEAEU US 0.5 -0.1 -0.1
ALTICE USA INC-A 15PA GZ 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A ATUS US 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A ATUSEUR EU 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A 15PA TH 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A 15PA GR 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A ATUS* MM 33,215.0 -870.9 -1,945.5
ALTICE USA INC-A ATUS-RM RM 33,215.0 -870.9 -1,945.5
ALTIRA GP-CEDEAR MOC AR 39,523.0 -1606.0 -2,496.0
ALTIRA GP-CEDEAR MOD AR 39,523.0 -1606.0 -2,496.0
ALTIRA GP-CEDEAR MO AR 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MO US 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MO SW 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC PHM7 TH 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MO TE 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MO* MM 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MOEUR EU 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC ALTR AV 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC PHM7 GZ 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC 0R31 LI 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MO CI 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MOUSD SW 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC PHM7 GR 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MOEUR EZ 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC PHM7 QT 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP INC MO-RM RM 39,523.0 -1606.0 -2,496.0
ALTRIA GROUP-BDR MOOO34 BZ 39,523.0 -1606.0 -2,496.0
AMC ENTERTAINMEN AMC US 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN AH9 GR 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN AMC4EUR EU 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN AMC* MM 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN AH9 TH 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN AH9 QT 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN AH9 GZ 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN AMC-RM RM 10,821.5 -1789.5 82.4
AMC ENTERTAINMEN A2MC34 BZ 10,821.5 -1789.5 82.4
AMERICAN AIR-BDR AALL34 BZ 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL US 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL* MM 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE A1G GR 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE A1G TH 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE A1G GZ 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL11EUR EU 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL AV 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL TE 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE A1G SW 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE 0HE6 LI 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL11EUR EZ 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE A1G QT 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL-RM RM 66,467.0 -7340.0 -1,670.0
AMERICAN AIRLINE AAL_KZ KZ 66,467.0 -7340.0 -1,670.0
AMPLIFY ENERGY C AMPY US 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ TH 455.1 -64.8 -39.4
AMPLIFY ENERGY C MPO2EUR EU 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ GR 455.1 -64.8 -39.4
AMPLIFY ENERGY C MPO2EUR EZ 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ GZ 455.1 -64.8 -39.4
AMPLIFY ENERGY C 2OQ QT 455.1 -64.8 -39.4
APA CORP APA US 13,303.0 -5.0 263.0
APA CORP 2S3 GR 13,303.0 -5.0 263.0
APA CORP APA11EUR EU 13,303.0 -5.0 263.0
APA CORP APA* MM 13,303.0 -5.0 263.0
APA CORP 2S3 TH 13,303.0 -5.0 263.0
APA CORP 2S3 GZ 13,303.0 -5.0 263.0
APA CORP APA-RM RM 13,303.0 -5.0 263.0
APA CORP 2S3 QT 13,303.0 -5.0 263.0
APA CORP - BDR A1PA34 BZ 13,303.0 -5.0 263.0
ARCH BIOPARTNERS ARCH CN 1.5 -4.0 -0.7
ARCH BIOPARTNERS ACHFF US 1.5 -4.0 -0.7
ASCENT SOLAR TEC ASTI US 12.8 -2.8 3.8
ATLAS TECHNICAL ATCX US 420.5 -151.5 81.3
AUTOZONE INC AZO US 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZ5 GR 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZ5 TH 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZ5 GZ 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZOEUR EZ 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZO AV 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZ5 TE 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZO* MM 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZOEUR EU 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZ5 QT 14,078.5 -3137.5 -1,780.9
AUTOZONE INC AZO-RM RM 14,078.5 -3137.5 -1,780.9
AUTOZONE INC-BDR AZOI34 BZ 14,078.5 -3137.5 -1,780.9
AVID TECHNOLOGY AVID US 274.0 -124.1 -14.8
AVID TECHNOLOGY AVD GR 274.0 -124.1 -14.8
AVID TECHNOLOGY AVD TH 274.0 -124.1 -14.8
AVID TECHNOLOGY AVD GZ 274.0 -124.1 -14.8
AVIS BUD-CEDEAR CAR AR 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR US 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA GR 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR* MM 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR2EUR EZ 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA TH 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA QT 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CAR2EUR EU 22,600.0 -209.0 -561.0
AVIS BUDGET GROU CUCA GZ 22,600.0 -209.0 -561.0
BANYAN ACQUISI-A BYN US 0.4 0.0 -0.4
BANYAN ACQUISITI BYN/U US 0.4 0.0 -0.4
BATH & BODY WORK BBWI US 6,026.0 -1517.0 1,719.0
BATH & BODY WORK LTD0 TH 6,026.0 -1517.0 1,719.0
BATH & BODY WORK LTD0 GR 6,026.0 -1517.0 1,719.0
BATH & BODY WORK BBWI* MM 6,026.0 -1517.0 1,719.0
BATH & BODY WORK LTD0 QT 6,026.0 -1517.0 1,719.0
BATH & BODY WORK LBEUR EZ 6,026.0 -1517.0 1,719.0
BATH & BODY WORK BBWI AV 6,026.0 -1517.0 1,719.0
BATH & BODY WORK LBEUR EU 6,026.0 -1517.0 1,719.0
BATH & BODY WORK LTD0 GZ 6,026.0 -1517.0 1,719.0
BATH & BODY WORK BBWI-RM RM 6,026.0 -1517.0 1,719.0
BAUSCH HEALTH CO BHC CN 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BHC US 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF GR 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF GZ 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF TH 29,202.0 -34.0 409.0
BAUSCH HEALTH CO VRX1EUR EU 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BVF QT 29,202.0 -34.0 409.0
BAUSCH HEALTH CO VRX1EUR EZ 29,202.0 -34.0 409.0
BAUSCH HEALTH CO VRX SW 29,202.0 -34.0 409.0
BAUSCH HEALTH CO BHCN MM 29,202.0 -34.0 409.0
BELLRING BRAND-A BR6 TH 600.6 -46.9 151.9
BELLRING BRAND-A BRBR1EUR EU 600.6 -46.9 151.9
BELLRING BRANDS BRBR US 600.6 -46.9 151.9
BELLRING INTERME 1998018D US 600.6 -46.9 151.9
BELLRING INTERME BR6 GR 600.6 -46.9 151.9
BELLRING INTERME BR6 GZ 600.6 -46.9 151.9
BIOCRYST PHARM BCRX US 588.2 -107.0 462.4
BIOCRYST PHARM BO1 GR 588.2 -107.0 462.4
BIOCRYST PHARM BO1 TH 588.2 -107.0 462.4
BIOCRYST PHARM BCRXEUR EU 588.2 -107.0 462.4
BIOCRYST PHARM BO1 QT 588.2 -107.0 462.4
BIOCRYST PHARM BCRX* MM 588.2 -107.0 462.4
BIOCRYST PHARM BCRXEUR EZ 588.2 -107.0 462.4
BIOHAVEN PHARMAC BHVN US 1,077.2 -683.0 342.1
BIOHAVEN PHARMAC 2VN GR 1,077.2 -683.0 342.1
BIOHAVEN PHARMAC BHVNEUR EU 1,077.2 -683.0 342.1
BIOHAVEN PHARMAC 2VN TH 1,077.2 -683.0 342.1
BLUEACACIA LTD BLEUU US 254.7 -7.8 -7.8
BLUEACACIA LTD-A BLEU US 254.7 -7.8 -7.8
BOEING CO-BDR BOEI34 BZ 138,552.0 -14846.0 26,674.0
BOEING CO-CED BAD AR 138,552.0 -14846.0 26,674.0
BOEING CO-CED BA AR 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA PE 138,552.0 -14846.0 26,674.0
BOEING CO/THE BOE LN 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA US 138,552.0 -14846.0 26,674.0
BOEING CO/THE BCO TH 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA SW 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA* MM 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA TE 138,552.0 -14846.0 26,674.0
BOEING CO/THE BCO GR 138,552.0 -14846.0 26,674.0
BOEING CO/THE BAEUR EU 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA EU 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA-RM RM 138,552.0 -14846.0 26,674.0
BOEING CO/THE BCO GZ 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA AV 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA CI 138,552.0 -14846.0 26,674.0
BOEING CO/THE BAUSD SW 138,552.0 -14846.0 26,674.0
BOEING CO/THE BCOD PO 138,552.0 -14846.0 26,674.0
BOEING CO/THE BAEUR EZ 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA EZ 138,552.0 -14846.0 26,674.0
BOEING CO/THE BCO QT 138,552.0 -14846.0 26,674.0
BOEING CO/THE BACL CI 138,552.0 -14846.0 26,674.0
BOEING CO/THE BA_KZ KZ 138,552.0 -14846.0 26,674.0
BOMBARDIER INC-B BBDBN MM 12,764.0 -3089.0 713.0
BOXED INC BOXD US 231.6 -1.6 53.5
BRIDGEBIO PHARMA 2CL GR 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA 2CL GZ 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA BBIOEUR EU 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA 2CL TH 1,012.8 -865.6 753.8
BRIDGEBIO PHARMA BBIO US 1,012.8 -865.6 753.8
BRIDGEMARQ REAL BRE CN 78.6 -56.5 6.9
BRIGHTSPHERE INV 2B9 GR 714.8 -17.6 0.0
BRIGHTSPHERE INV BSIGEUR EU 714.8 -17.6 0.0
BRIGHTSPHERE INV BSIG US 714.8 -17.6 0.0
BRINKER INTL BKJ GR 2,457.3 -327.4 -348.8
BRINKER INTL EAT US 2,457.3 -327.4 -348.8
BRINKER INTL EAT2EUR EU 2,457.3 -327.4 -348.8
BRINKER INTL BKJ QT 2,457.3 -327.4 -348.8
BRINKER INTL EAT2EUR EZ 2,457.3 -327.4 -348.8
BRINKER INTL BKJ TH 2,457.3 -327.4 -348.8
BROOKFIELD INF-A BIPC US 10,086.0 -1424.0 -4,187.0
BROOKFIELD INF-A BIPC CN 10,086.0 -1424.0 -4,187.0
BRP INC/CA-SUB V B15A GR 5,030.9 -132.8 48.7
BRP INC/CA-SUB V DOOO US 5,030.9 -132.8 48.7
BRP INC/CA-SUB V DOO CN 5,030.9 -132.8 48.7
BRP INC/CA-SUB V DOOEUR EU 5,030.9 -132.8 48.7
BRP INC/CA-SUB V B15A GZ 5,030.9 -132.8 48.7
BRP INC/CA-SUB V B15A TH 5,030.9 -132.8 48.7
CACTUS ACQUISITI CCTSU US 0.2 -0.3 -0.3
CACTUS ACQUISITI CCTS US 0.2 -0.3 -0.3
CALUMET SPECIALT CLMT US 2,127.9 -385.1 -267.2
CEDAR FAIR LP FUN US 2,313.0 -698.5 -117.9
CENTRUS ENERGY-A 4CU TH 572.4 -141.9 72.6
CENTRUS ENERGY-A 4CU GR 572.4 -141.9 72.6
CENTRUS ENERGY-A LEU US 572.4 -141.9 72.6
CENTRUS ENERGY-A LEUEUR EU 572.4 -141.9 72.6
CENTRUS ENERGY-A 4CU GZ 572.4 -141.9 72.6
CF ACQUISITION-A CFVI US 300.7 290.4 -1.0
CF ACQUISITON VI CFVIU US 300.7 290.4 -1.0
CHENIERE ENERGY CHQ1 TH 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 SW 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG* MM 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 GR 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG US 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG2EUR EU 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 QT 39,258.0 -33.0 363.0
CHENIERE ENERGY LNG2EUR EZ 39,258.0 -33.0 363.0
CHENIERE ENERGY CHQ1 GZ 39,258.0 -33.0 363.0
CHOICE CONSOLIDA CDXX-U/U CN 173.8 -3.3 0.0
CHOICE CONSOLIDA CDXXF US 173.8 -3.3 0.0
CINEPLEX INC CX0 GR 2,114.8 -219.7 -414.4
CINEPLEX INC CPXGF US 2,114.8 -219.7 -414.4
CINEPLEX INC CGX CN 2,114.8 -219.7 -414.4
CINEPLEX INC CX0 TH 2,114.8 -219.7 -414.4
CINEPLEX INC CGXEUR EU 2,114.8 -219.7 -414.4
CINEPLEX INC CGXN MM 2,114.8 -219.7 -414.4
CINEPLEX INC CX0 GZ 2,114.8 -219.7 -414.4
CLEAR CHANNEL OU CCO US 5,299.4 -3194.0 21.6
CLEAR CHANNEL OU C7C1 GR 5,299.4 -3194.0 21.6
CLEAR CHANNEL OU CCO1EUR EU 5,299.4 -3194.0 21.6
COEPTIS THERAPEU COEP US 0.2 -0.6 -0.6
COGENT COMMUNICA OGM1 GR 984.6 -373.1 328.6
COGENT COMMUNICA CCOI US 984.6 -373.1 328.6
COGENT COMMUNICA CCOIEUR EU 984.6 -373.1 328.6
COGENT COMMUNICA CCOI* MM 984.6 -373.1 328.6
COMMUNITY HEALTH CYH US 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 GR 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 QT 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CYH1EUR EU 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 TH 15,217.0 -810.0 1,115.0
COMMUNITY HEALTH CG5 GZ 15,217.0 -810.0 1,115.0
COMPOSECURE INC CMPO US 131.4 -407.6 17.8
CONSENSUS CLOUD CCSI US 559.6 -333.8 20.7
CONSILIUM ACQUIS CSLMU US 0.5 0.0 0.0
CONSILIUM ACQUIS CSLM US 0.5 0.0 0.0
COVEO SOLUTIONS CVO CN 346.2 266.4 199.0
CPI CARD GROUP I PMTSEUR EU 268.1 -121.0 80.9
CPI CARD GROUP I PMTS US 268.1 -121.0 80.9
CRIXUS BH3 ACQ-A BHAC US 0.3 0.0 -0.3
CRIXUS BH3 ACQUI BHACU US 0.3 0.0 -0.3
D2L INC DTOL CN 123.1 -201.4 -224.6
DECARBONIZATIO-A DCRD US 321.4 -57.0 0.9
DECARBONIZATION DCRDU US 321.4 -57.0 0.9
DELEK LOGISTICS DKL US 935.1 -104.0 -73.8
DELL TECHN-C DELL US 92,735.0 -1580.0 -11,186.0
DELL TECHN-C DELL1EUR EZ 92,735.0 -1580.0 -11,186.0
DELL TECHN-C 12DA TH 92,735.0 -1580.0 -11,186.0
DELL TECHN-C 12DA GZ 92,735.0 -1580.0 -11,186.0
DELL TECHN-C 12DA GR 92,735.0 -1580.0 -11,186.0
DELL TECHN-C DELL1EUR EU 92,735.0 -1580.0 -11,186.0
DELL TECHN-C DELLC* MM 92,735.0 -1580.0 -11,186.0
DELL TECHN-C 12DA QT 92,735.0 -1580.0 -11,186.0
DELL TECHN-C DELL AV 92,735.0 -1580.0 -11,186.0
DELL TECHN-C DELL-RM RM 92,735.0 -1580.0 -11,186.0
DELL TECHN-C-BDR D1EL34 BZ 92,735.0 -1580.0 -11,186.0
DENNY'S CORP DENN US 435.5 -65.3 -28.3
DENNY'S CORP DENNEUR EU 435.5 -65.3 -28.3
DENNY'S CORP DE8 GR 435.5 -65.3 -28.3
DENNY'S CORP DE8 TH 435.5 -65.3 -28.3
DENNY'S CORP DE8 GZ 435.5 -65.3 -28.3
DIEBOLD NIXDORF DBD SW 3,507.2 -837.0 137.9
DIEBOLD NIXDORF DBDEUR EU 3,507.2 -837.0 137.9
DIEBOLD NIXDORF DBD GR 3,507.2 -837.0 137.9
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MSCI INC 3HM GR 5,506.7 -163.5 892.5
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POTBELLY CORP PTB GR 253.2 -2.4 -41.8
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RADIUS HEALTH IN 1R8 TH 181.5 -252.3 78.3
RADIUS HEALTH IN 1R8 QT 181.5 -252.3 78.3
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RAPID7 INC RPD US 1,296.0 -126.0 -35.9
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REVLON INC-A REV* MM 2,602.1 -1857.2 412.7
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SHARECARE INC SHCR US 783.7 608.5 336.5
SHARECARE INC SHCREUR EU 783.7 608.5 336.5
SHARECARE INC 8DJ0 GZ 783.7 608.5 336.5
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SIRNAOMICS LTD 2257 HK 110.2 -94.2 11.0
SIX FLAGS ENTERT 6FE GR 2,968.6 -460.1 52.8
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SLEEP NUMBER COR SNBR US 919.5 -425.0 -699.2
SLEEP NUMBER COR SL2 GR 919.5 -425.0 -699.2
SLEEP NUMBER COR SNBREUR EU 919.5 -425.0 -699.2
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SMILEDIRECTCLUB SDC* MM 794.6 -134.4 289.5
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SQL TECHNOLOGIES SKYX US 12.0 -0.1 8.8
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SQUARESPACE IN-A SQSPEUR EU 899.5 -13.5 -25.2
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THUNDER BRIDGE C TBCPU US 414.9 394.0 -5.6
THUNDER BRIDGE-A TBCP US 414.9 394.0 -5.6
TORRID HOLDINGS CURV US 578.5 -258.3 -76.1
TRANSAT A.T. TRZ CN 1,899.8 -429.6 37.6
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TRAVEL + LEISURE WD5A GR 6,588.0 -794.0 688.0
TRAVEL + LEISURE 0M1K LI 6,588.0 -794.0 688.0
TRAVEL + LEISURE WD5A QT 6,588.0 -794.0 688.0
TRAVEL + LEISURE WYNEUR EU 6,588.0 -794.0 688.0
TRAVEL + LEISURE WYNEUR EZ 6,588.0 -794.0 688.0
TRAVEL + LEISURE WD5A GZ 6,588.0 -794.0 688.0
TRISTAR ACQUISIT TRIS/U US 0.7 -0.1 -0.8
TRISTAR ACQUISIT TRIS US 0.7 -0.1 -0.8
TRIUMPH GROUP TG7 GR 1,752.5 -812.0 365.1
TRIUMPH GROUP TGI US 1,752.5 -812.0 365.1
TRIUMPH GROUP TG7 TH 1,752.5 -812.0 365.1
TRIUMPH GROUP TGIEUR EU 1,752.5 -812.0 365.1
TRIUMPH GROUP TG7 GZ 1,752.5 -812.0 365.1
TUPPERWARE BRAND TUP GR 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP US 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP GZ 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP1EUR EU 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP TH 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP1EUR EZ 1,255.4 -207.1 92.3
TUPPERWARE BRAND TUP QT 1,255.4 -207.1 92.3
UBIQUITI INC UI US 890.8 -4.2 418.7
UBIQUITI INC 3UB GR 890.8 -4.2 418.7
UBIQUITI INC UBNTEUR EU 890.8 -4.2 418.7
UBIQUITI INC 3UB TH 890.8 -4.2 418.7
UNISYS CORP USY1 GR 2,419.5 -64.4 380.5
UNISYS CORP USY1 TH 2,419.5 -64.4 380.5
UNISYS CORP UIS US 2,419.5 -64.4 380.5
UNISYS CORP UIS1 SW 2,419.5 -64.4 380.5
UNISYS CORP UISEUR EU 2,419.5 -64.4 380.5
UNISYS CORP UISCHF EU 2,419.5 -64.4 380.5
UNISYS CORP USY1 GZ 2,419.5 -64.4 380.5
UNISYS CORP USY1 QT 2,419.5 -64.4 380.5
UNISYS CORP UISEUR EZ 2,419.5 -64.4 380.5
UNISYS CORP UISCHF EZ 2,419.5 -64.4 380.5
UNITI GROUP INC UNIT US 4,809.2 -2113.8 0.0
UNITI GROUP INC 8XC GR 4,809.2 -2113.8 0.0
UNITI GROUP INC 8XC TH 4,809.2 -2113.8 0.0
UNITI GROUP INC 8XC GZ 4,809.2 -2113.8 0.0
VECTOR GROUP LTD VGR US 871.1 -841.6 306.5
VECTOR GROUP LTD VGR GR 871.1 -841.6 306.5
VECTOR GROUP LTD VGREUR EU 871.1 -841.6 306.5
VECTOR GROUP LTD VGR TH 871.1 -841.6 306.5
VECTOR GROUP LTD VGR QT 871.1 -841.6 306.5
VECTOR GROUP LTD VGR GZ 871.1 -841.6 306.5
VERISIGN INC VRS TH 1,983.8 -1260.5 194.7
VERISIGN INC VRSN US 1,983.8 -1260.5 194.7
VERISIGN INC VRS GR 1,983.8 -1260.5 194.7
VERISIGN INC VRSNEUR EU 1,983.8 -1260.5 194.7
VERISIGN INC VRS GZ 1,983.8 -1260.5 194.7
VERISIGN INC VRSN* MM 1,983.8 -1260.5 194.7
VERISIGN INC VRSNEUR EZ 1,983.8 -1260.5 194.7
VERISIGN INC VRS QT 1,983.8 -1260.5 194.7
VERISIGN INC VRSN-RM RM 1,983.8 -1260.5 194.7
VERISIGN INC-BDR VRSN34 BZ 1,983.8 -1260.5 194.7
VERISIGN-CEDEAR VRSN AR 1,983.8 -1260.5 194.7
VIVINT SMART HOM VVNT US 2,785.6 -1740.1 -531.4
VMWARE INC-BDR V2MW34 BZ 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 GR 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 TH 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMW US 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 GZ 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMW* MM 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMWEUR EZ 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMWA AV 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A VMWEUR EU 28,676.0 -876.0 -1,685.0
VMWARE INC-CL A BZF1 QT 28,676.0 -876.0 -1,685.0
W&T OFFSHORE INC UWV GR 1,193.2 -247.2 33.9
W&T OFFSHORE INC WTI US 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV SW 1,193.2 -247.2 33.9
W&T OFFSHORE INC WTI1EUR EU 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV TH 1,193.2 -247.2 33.9
W&T OFFSHORE INC UWV GZ 1,193.2 -247.2 33.9
WALDENCAST ACQ-A WALD US 345.7 309.6 0.4
WALDENCAST ACQUI WALDU US 345.7 309.6 0.4
WAVERLEY CAPIT-A WAVC US 217.2 -5.2 2.3
WAVERLEY CAPITAL WAVC/U US 217.2 -5.2 2.3
WAYFAIR INC- A W US 4,570.0 -1619.0 795.0
WAYFAIR INC- A W* MM 4,570.0 -1619.0 795.0
WAYFAIR INC- A 1WF QT 4,570.0 -1619.0 795.0
WAYFAIR INC- A WEUR EU 4,570.0 -1619.0 795.0
WAYFAIR INC- A 1WF GZ 4,570.0 -1619.0 795.0
WAYFAIR INC- A WEUR EZ 4,570.0 -1619.0 795.0
WAYFAIR INC- A 1WF GR 4,570.0 -1619.0 795.0
WAYFAIR INC- A 1WF TH 4,570.0 -1619.0 795.0
WAYFAIR INC- BDR W2YF34 BZ 4,570.0 -1619.0 795.0
WEBER INC - A WEBR US 1,690.9 -169.4 91.7
WINGSTOP INC WING1EUR EU 249.2 -309.5 30.5
WINGSTOP INC WING US 249.2 -309.5 30.5
WINGSTOP INC EWG GR 249.2 -309.5 30.5
WINGSTOP INC EWG GZ 249.2 -309.5 30.5
WINMARK CORP GBZ GR 26.9 -39.1 7.5
WINMARK CORP WINA US 26.9 -39.1 7.5
WORLDWIDE WEBB A WWACU US 0.7 0.0 -0.7
WORLDWIDE WEBB-A WWAC US 0.7 0.0 -0.7
WW INTERNATIONAL WW US 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 GR 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 TH 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 GZ 1,428.9 -456.4 42.0
WW INTERNATIONAL WTWEUR EZ 1,428.9 -456.4 42.0
WW INTERNATIONAL WTW AV 1,428.9 -456.4 42.0
WW INTERNATIONAL WTWEUR EU 1,428.9 -456.4 42.0
WW INTERNATIONAL WW6 QT 1,428.9 -456.4 42.0
WW INTERNATIONAL WW-RM RM 1,428.9 -456.4 42.0
WYNN RESORTS LTD WYR TH 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNN* MM 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNN US 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYR GR 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNNEUR EU 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYR GZ 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNNUSD EU 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNNEUR EZ 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYR QT 12,530.8 -836.2 1,588.0
WYNN RESORTS LTD WYNN-RM RM 12,530.8 -836.2 1,588.0
YELLOW CORP YEL GR 2,425.6 -363.5 219.4
YELLOW CORP YEL1 TH 2,425.6 -363.5 219.4
YELLOW CORP YELL US 2,425.6 -363.5 219.4
YELLOW CORP YEL QT 2,425.6 -363.5 219.4
YELLOW CORP YRCWEUR EU 2,425.6 -363.5 219.4
YELLOW CORP YRCWEUR EZ 2,425.6 -363.5 219.4
YELLOW CORP YEL GZ 2,425.6 -363.5 219.4
YUM! BRANDS -BDR YUMR34 BZ 5,966.0 -8373.0 117.0
YUM! BRANDS INC TGR TH 5,966.0 -8373.0 117.0
YUM! BRANDS INC TGR GR 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUM* MM 5,966.0 -8373.0 117.0
YUM! BRANDS INC TGR GZ 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUMUSD SW 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUM US 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUMEUR EZ 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUM AV 5,966.0 -8373.0 117.0
YUM! BRANDS INC TGR TE 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUMEUR EU 5,966.0 -8373.0 117.0
YUM! BRANDS INC TGR QT 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUM SW 5,966.0 -8373.0 117.0
YUM! BRANDS INC YUM-RM RM 5,966.0 -8373.0 117.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***