/raid1/www/Hosts/bankrupt/TCR_Public/230706.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, July 6, 2023, Vol. 27, No. 186
Headlines
125 MIDWOOD STREET: SARE Seeks Chapter 11 Bankruptcy
1325 LLC: Exclusivity Period Extended to August 4
1376 CHURCH: SARE Files Subchapter V Case
AAD CAPITAL: Seeks to Extend Plan Exclusivity to August 29
ACPRODUCTS INC: Calamos CHIF Marks $510,900 Loan at 20% Off
ACPRODUCTS INC: Calamos COIF Marks $471,600 Loan at 20% Off
ACPRODUCTS INC: Calamos STRF Marks $589,500 Loan at 20% Off
ACQUAFREDDA ENTERPRISES: Case Summary & One Unsecured Creditor
ALL-CARE PHARMACY: Unsecureds to Split $250K over 5 Years
AMERITRANS EXPRESS: Investigated by DOL Amid Bankruptcy
AR LANDSCAPING: Taps Davis Miles McGuire Gardner as Legal Counsel
ARBAH HOTEL: Unsecureds Will Get 100% in Liquidating Plan
B AND C BROS: Unsecureds Will Get 5% of Claims in Subchapter V Plan
BANQ INC: Taps Diamond McCarthy as Special Litigation Counsel
BAUSCH HEALTH: Calamos CHIF Marks $255,063 Loan at 19% Off
BAUSCH HEALTH: Calamos STRF Marks $288,750 Loan at 19% Off
BDC GROUP INC: Taps Equipment Marketers as Appraiser
BELLA VENEZIA: August 24 Plan Confirmation Hearing Set
BENZRENT 7: Exclusivity Period Extended to August 5
BJL EXPRESS: Taps Milton Jones as Bankruptcy Attorney
BROWNIE'S MARINE: Christopher Constable Resigns as CEO
CBS TRUCKING: Seeks Cash Collateral Access
CINEWORLD GROUP: Files for Administration in the U.K.
DAHLIA MEDITERRANEAN: Files Subchapter V Case
DTK PROPERTIES: Gets OK to Hire Boyer Terry as Legal Counsel
ENTERCOM MEDIA: Calamos CHIF Marks $1.5M Loan at 39% Off
ENTERCOM MEDIA: Calamos COIF Marks $1.5M Loan at 39% Off
ENTERCOM MEDIA: Calamos STRF Marks $1.7M Loan at 39% Off
ENVISION HEALTHCARE: Affiliates Tap Katten as Special Counsel
ENVISION HEALTHCARE: Taps Alvarez & Marsal as Restructuring Advisor
ENVISION HEALTHCARE: Taps Bain & Company as Consultant
ENVISION HEALTHCARE: Taps Jackson Walker as Co-Counsel
ENVISION HEALTHCARE: Taps Kirkland & Ellis as Bankruptcy Counsel
ENVISION HEALTHCARE: Taps KPMG as Tax Consultant
ENVISION HEALTHCARE: Taps PJT Partners as Investment Banker
ENVISTACOM LLC: Unsecureds Will Get 0% to 40.71% in Plan
EVANGELICAL RETIREMENT: Seeks to Hire Polsinelli as Co-Counsel
GALLERIA 2425: Voluntary Chapter 11 Case Summary
GREELEY LAND: Seeks to Extend Acceptance Period to September 30
GZC TRANSPORT: Seeks to Hire Farsad Law Office as Counsel
HC LIQUIDATING: Seeks to Extend Plan Exclusivity to August 25
HENRRY DELIVERY: Wins Interim Cash Collateral Access
HONEY CREEK PARTNERS: Seeks to Extend Plan Exclusivity to Sept. 25
INNERLINE ENGINEERING: Amends Unsecured Claims Pay Details
ITTELLA INTERNATIONAL: Seeks $3MM DIP Loan from UMB Bank
JND PROPERTIES: Lands in Chapter 11 Bankruptcy
KEN FARRINGTON: Wins Cash Collateral Access Thru Aug 2
LUNYA CORP: Files for Chapter 11 Protection
M & S TRUCKING: Continued Operations to Fund Plan
MACDREMMA INC: Unsecureds Will Get 13% in Consensual Plan
MEDIAMATH HOLDINGS: Seeks Cash Collateral Access Thru Sept 29
N.F. INTERNATIONAL: Taps Milton Jones as Bankruptcy Attorney
NEO ACCOUNTING: Starts Subchapter V Bankruptcy Case
NORTHERN CONTRACTORS: Bid to Use Cash Collateral Denied as Moot
PATAGONIA HOLDCO: Calamos CHIF Marks $1M Loan at 18% Off
PATAGONIA HOLDCO: Calamos COIF Marks $995,000 Loan at 18% Off
PATAGONIA HOLDCO: Calamos STRF Marks $1.1M Loan at 18% Off
PERFORMERS THEATRE: Case Summary & 20 Largest Unsecured Creditors
PHOENIX TELECOM: Taps Stichter Riedel Blain & Postler as Counsel
PONTCHARTRAIN LLC: Volutary Chapter 11 Case Summary
PROSPERITAS LEADERSHIP: Court OKs Cash Collateral Access Thru Aug 8
R L BURNS: Wins Cash Collateral Access Thru July 18
RELOADED GAMES: Seeks Chapter 11 Bankruptcy Protection
RETAILING ENTERPRISES: Taps GGG Partners as Financial Advisor
ROBBINS SERVICE: Gets OK to Hire REH CPA as Accountant
ROBBINS SERVICE: Wins Cash Collateral Access on Final Basis
SANIBEL REALTY: Exclusivity Period Extended to August 11
SANUWAVE HEALTH: Inks 4th Amendment to NH Expansion Agreement
SANUWAVE HEALTH: Lisa Sundstrom No Longer Qualifies as Officer
SATURNO DESIGN: Seeks Cash Collateral Access
SENIOR CARE: Court OKs Cash Collateral Access Thru Aug 7
SERTA SIMONS: Emerges from Chapter 11 Bankruptcy
SIANA OIL & GAS: Lands in Chapter 11 Bankruptcy
STAT EMERGENCY: Case Summary & 20 Largest Unsecured Creditors
SUGAR CREEK: Files for Chapter 11 Bankruptcy Protection
SUPOR PROPERTIES: Case Summary & Three Unsecured Creditors
SUREFUNDING LLC: Seeks to Extend Plan Exclusivity to August 10
SVB FINANCIAL: Faces Year-End Deadline for $2-Billion FDIC Fight
TANTUM COMPANIES: Court OKs $450,000 DIP Loan from Guaranty Bank
TEAM HEALTH: Calamos CHIF Marks $2.6M Loan at 34% Off
TEAM HEALTH: Calamos COIF Marks $2.3M Loan at 34% Off
TEAM HEALTH: Calamos STRF Marks $2.9M Loan at 34% Off
TESSEMAE'S LLC: August 30 Disclosure Statement Hearing Set
THUNDER CONSTRUCTION: U.S. Trustee Unable to Appoint Committee
TRUCK DEPOT: Case Summary & 20 Largest Unsecured Creditors
UNITED SAFETY: Commences Subchapter V Bankruptcy Case
VENATOR MATERIALS: Taps Kirkland & Ellis as Legal Counsel
WCS PROPERTY: Files Emergency Bid to Use Cash Collateral
WELCH & WELCH: Seeks Approval to Hire Bankruptcy Attorneys
WESTERN GLOBAL: CEO & Founder Neff Buys Debt to Keep Co. Alive
WHITESTONE BREWERY: Taps Vine Financial Partners as Bookkeeper
WW INTERNATIONAL: Calamos CHIF Marks $1.7M Loan at 31% Off
WW INTERNATIONAL: Calamos STRF Marks $1.9M Loan at 31% Off
YIWAN TRADING: Files Bare-Bones Chapter 11 Petition
[*] 30th Distressed Investing Conference Set for Nov. 29
[*] Claims Trading Report -- June 2023
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
125 MIDWOOD STREET: SARE Seeks Chapter 11 Bankruptcy
----------------------------------------------------
125 Midwood Street Partners LLC filed for chapter 11 protection in
the Eastern District of New York.
The Debtor owns the property at 125 Midwood Street, Brooklyn, NY
11225, valued at $2,408,000.
According to court filings, the Debtor estimates between $1 million
and $10 million in debt owed to 1 to 49 creditors. The petition
states that funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 17, 2023, at 12:00 p.m.
About 125 Midwood Street Partners
125 Midwood Street Partners LLC is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
125 Midwood Street Partners sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42074) on June
12, 2023. In the petition filed by Yolanda Shivers as managing
member, the Debtor reports estimated assets and liabilities between
$1 million and $10 million each.
The Debtor is represented by:
Nnenna Okike Onua, Esq.
McKinley Onua & Associates
125 Midwood Street
Brooklyn, NY 11225
Tel: 718-522-0236
Email: nonua@mckinleyonua.com
1325 LLC: Exclusivity Period Extended to August 4
-------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the
Southern District of Florida extended 1325, LLC's exclusivity
period for filing a chapter 11 plan and disclosure statement to
August 4, 2023. The judge also extended the Debtor's exclusivity
period to solicit acceptans thereof to November 4, 2023.
Benzrent 7, LLC is represented by:
Joel M. Aresty, Esq.
JOEL M. ARESTY, P.A.
309 1st Ave S
Tierra Verde, FL 33715
Tel: (305) 904-1903
Email: Aresty@Mac.com
About 1325 LLC
1325, LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-10031) on Jan. 4,
2023, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities. Judge Robert A Mark presides over the
case.
Joel M. Aresty, Esq., at Joel M. Aresty, P.A. is the Debtor's
legal counsel.
1376 CHURCH: SARE Files Subchapter V Case
-----------------------------------------
1376 Church LLC, a Single Asset Real Estate, filed for chapter 11
protection in the Northern District of California. The Debtor
elected on its voluntary petition to proceed under Subchapter V of
chapter 11 of the Bankruptcy Code.
The Debtor owns the real property of the estate commonly known as
1376 Church Street, San Francisco, CA 94114-3949, APN 6552-005.
According to court filings, 1376 Church LLC estimates between $1
million and $10 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
A tele/videoconference meeting of creditors under 11 U.S.C. Section
341(a) is slated for July 11, 2023 at 10:30 a.m.
About 1376 Church LLC
1376 Church LLC is engaged in activities related to real estate.
1376 Church LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-30379) on
June 14, 2023. In the petition filed by Tony Garnicki, as managing
member, the Debtor reports estimated assets and liabilities between
$1 million and $10 million each.
The Honorable Bankruptcy Judge Hannah L Blumenstiel oversees the
case.
The Debtor is represented by:
Matthew D. Metzger, Esq.
Belvedere Legal, PC
1390 Market Street, Suite 200
San Francisco, CA 94102
Tel: 415-513-5980
Fax: 415-513-5985
Email: info@belvederelegal.com
AAD CAPITAL: Seeks to Extend Plan Exclusivity to August 29
----------------------------------------------------------
AAD Capital Partners LLC and Market Street Shreveport LLC ask the
U.S. Bankruptcy Court for the Northern District of Georgia to
extend their exclusive period to solicit acceptances of a plan to
August 29, 2023.
The Debtors claim that they have made significant progress in
moving the chapter 11 cases to a successful completion,
including:
(i) filing the amended plan and disclosure statement, which
incorporates comments from creditors and other parties-
in-interest, and
(ii) reaching a settlement agreement with Arena, the
approval of which is set for hearing on July 17, 2023.
The Debtors explained that the resolution with Arena will assist
in paving a way for negotiations and an ultimate consensual plan
of reorganization.
This is the Debtors' second request for extension. The Court
previously extended their exclusive period to obtain acceptances
of a plan to June 30, 2023.
AAD Capital Partners LLC and Market Street Shreveport LLC are
represented by:
J. Robert Williamson, Esq.
Ashley Reynolds Ray, Esq.
SCROGGINS & WILLIAMSON, P.C.
4401 Northside Parkway, Suite 450
Atlanta, GA 30327
Tel: (404) 893-3880
Email: rwilliamson@swlawfirm.com
aray@swlawfirm.com
- and -
Scott F. Gautier, Esq.
Maria J. Cho, Esq.
FAEGRE DRINKER BIDDLE & REATH LLP
1800 Century Park East, Suite 1500
Los Angeles, CA 90067
Tel: (310) 203-4000
Email: scott.gautier@faegredrinker.com
maria.cho@faegredrinker.com
- and -
Michael T. Gustafson, Esq.
FAEGRE DRINKER BIDDLE & REATH LLP
320 South Canal Street, Suite 3300
Chicago, IL 60606
Telephone: (312) 569-1000
Email: mike.gustafson@faegredrinker.com
About AAD Capital Partners
AAD Capital Partners LLC, doing business as Peachtree Battle
Business Services, is a domestic limited liability company.
AAD Capital Partners LLC filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-58223) on Oct. 12, 2022. Market Street Shreveport LLC sought
Chapter 11 protection (Bankr. N.D. Ga. Case No. 22-58302) on Oct.
14, 2023. In the petition filed by Edward Chen, as managing
member and owner, AAD Capital reported assets and liabilities
between $10 million and $50 million.
The Debtors are represented by Ashley Reynolds Ray of Scroggins &
Williamson, P.C.
Arena Limited SPV, LLC, as secured creditor, is represented by
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP and
R. Joseph Naus, Esq. at Wiener, Weiss & Madison, a Professional
Corporation.
ACPRODUCTS INC: Calamos CHIF Marks $510,900 Loan at 20% Off
-----------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $510,900
loan extended to ACProducts, Inc to market at $407,675, or 80% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 9.409% per annum (3 mo. LIBOR + 4.25% to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos COIF Marks $471,600 Loan at 20% Off
-----------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$471,600 loan extended to ACProducts, Inc to market at $376,316, or
80% of the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Calamos COIF's Form N-CSR for the fiscal
year ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 9.409% per annum (3 mo. LIBOR + 4.25%) to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos STRF Marks $589,500 Loan at 20% Off
-----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $589,500 loan
extended to ACProducts, Inc to market at $470,395, or 80% of the
outstanding amount, as of April 30, 2023, according to a disclosure
contained Calamos STRF's Form N-CSR for the fiscal year ended April
30, 2023, filed with the Securities and Exchange Commission on June
28, 2023.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 9.40% per annum (6 mo. LIBOR + 4.25%) to ACProducts,
Inc. The loan is scheduled to mature on May 17, 2028.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
ACProducts, Inc., headquartered in The Colony, TX, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACQUAFREDDA ENTERPRISES: Case Summary & One Unsecured Creditor
--------------------------------------------------------------
Debtor: Acquafredda Enterprises, LLC
3098 Dare Pl
Bronx, NY 10465-4108
Business Description: The Debtor owns five properties in Bronx,
NY, having a total aggregate value of $4.25
million based on Debtor's estimate.
Chapter 11 Petition Date: July 5, 2023
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 23-11064
Debtor's Counsel: H Bruce Bronson, Esq.
BRONSON LAW OFFICES, P.C.
480 Mamaroneck Ave
Harrison, NY 10528-1621
Email: hbbronson@bronsonlaw.net
Total Assets: $10,300,100
Estimated Liabilities: $5,177,968
The petition was signed by Susan Acquafredda as managing member.
The Debtor listed Gino O Longo at 12920 20th Ave, College Point,
NY, as its sole unsecured creditor holding a claim of $69,242 as
payment of architect services.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/F5PMKBI/Acquafredda_Enterprises_LLC__nysbke-23-11064__0001.0.pdf?mcid=tGE4TAMA
ALL-CARE PHARMACY: Unsecureds to Split $250K over 5 Years
---------------------------------------------------------
All-Care Pharmacy, LLC, a.k.a. Avrio Pharmacy, filed with the U.S.
Bankruptcy Court for the District of Arizona a Plan of
Reorganization dated June 29, 2023.
The Debtor is one of the few compounding pharmacies in the State of
Arizona. Founded in 2013, the Debtor sells and dispenses specialty
medications to treat such diseases as human immunodeficiency virus,
hepatitis C, and Crohn's disease.
With the MCA lenders continuing to automatically withdraw
substantial payments from the Debtor's account, the Debtor was left
cash-strapped and unable to fully pay its ongoing liabilities.
Facing defaults on several of its outstanding loans and other
financing agreements, the Debtor sought reorganization under
Chapter 11 to restructure its debt to an equitable and manageable
level.
Through this reorganization, the Debtor will restructure its
liabilities and clean up its balance sheet so that it can return to
profitability. The Debtor intends to use its postpetition income to
fund payments due under the Plan and provide a return to Creditors
in excess of what they would receive in a chapter 7 liquidation.
Class II consists of all Allowed Unsecured Claims against the
Debtor that are not entitled to classification in any other Class,
currently asserted in filed Proofs of Claim and the Schedules in
the total amount of $2,035,540, with Claims remaining subject to
objection and modification through this Plan. The Debtor shall pay
holders of Allowed Class II Claims their pro rata share of
$250,000.00.
The Debtor shall make the following annual payments beginning one
year from the Effective Date and continuing the same day each year
thereafter until it has made all payments:
Annual Payment Amount
-------------- ------
One year after the Effective Date $50,000
Two years after the Effective Date $50,000
Three years after the Effective Date $50,000
Four years after the Effective Date $50,000
On or before Five years after the $50,000
Effective Date
In addition to the foregoing, the Debtor will pay any proceeds
received from avoided and recovered transfers and the Epiphany
Litigation that remain after payment of costs and the payments and
credits. No prepayment penalty shall apply to Class II. Class II is
impaired.
Class II also includes Creditors whose Claims are premised on
financing leases or disguised financing, but do not have a
perfected security interest in the leased Property. These Creditors
include De Lage, including successors and assigns (but excluding De
Lage's Class I(h) Allowed Claim) and LCC.
Class III consists of all Allowed Equity Interests arising by
virtue of a member's ownership interest in the Debtor. Class III
shall retain their Equity Interests in the Debtor to the same
extent and validity and upon the same terms as their pre-petition
Equity Interest. Class III is unimpaired.
Upon the Effective Date, the Debtor will begin making payments to
Creditors in accordance with the Plan. The Debtor projects it will
have accumulated sufficient funds over the course of the
reorganization to pay all Administrative Claims and cure all
Executory Contract arrearages, if any, as of the Effective Date.
The Debtor's postconfirmation performance will generate the funds
necessary to service the remaining payments due under the term of
the Plan.
The Plan proposes repayment in full of the Debtor's Administrative
and Priority Tax Claims within the required statutory period. In
addition, the Plan proposes to pay Class I Secured Creditors the
full value of their Claims with interest. Finally, while General
Unsecured Creditors would receive no payment in a liquidation, the
Plan proposes to make a distribution to such Creditors based on the
Debtor's projected Disposable Income as well as any proceeds from
avoided transfers, and results in a substantial and meaningful
return to such Creditors.
A full-text copy of the Plan of Reorganization dated June 29, 2023
is available at https://urlcurt.com/u?l=5ivPet from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Michael A. Jones, Esq.
Philip J. Giles, Esq.
David B. Nelson, Esq.
Allen, Jones & Giles, PLC
1850 N. Central Ave., Suite 1150
Phoenix, AZ 85004
Phone: 602-256-6000
Fax: 602-252-4712
Email:mjones@bkfirmaz.com
pgiles@bkfirmaz.com
dnelson@bkfirmaz.com
About All-Care Pharmacy
All-Care Pharmacy, LLC, operates one of the few compounding
pharmacies in Arizona. All-Care Pharmacy sells and dispenses
specialty medications to treat such diseases as human
immunodeficiency virus, hepatitis C, and Crohn's disease. All-Care
Pharmacy also sells and dispenses commercial fertility products, as
well as Compounded medications for human and animal populations.
Over the years, it has focused more of its operations on
compounding pharmaceuticals for human and veterinary and pet uses.
All-Care Pharmacy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02061) on March 31,
2023. In the petition signed by Raef Hamaed, its member, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Brenda K. Martin oversees the case.
Michael A. Jones, Esq., at Allen, Jones and Giles, PLC, is the
Debtor's legal counsel.
AMERITRANS EXPRESS: Investigated by DOL Amid Bankruptcy
-------------------------------------------------------
Clarissa Hawes of FreightWaves reports that Ameritrans Express LLC,
a contract delivery service for the U.S. Postal Service, has filed
for Chapter 11 bankruptcy amid claims by some of its contractors
that they have not been paid since March.
Ameritrans Express LLC, headquartered in Dumfries, Virginia, filed
its petition in the U.S. Bankruptcy Court for the Eastern District
of Virginia on Wednesday, June 28, 2023.
The company was founded by Frederick Amankwaa in 2013 and is a
contract delivery service provider for the Postal Service.
Members of a Facebook group, which was set up by Ameritrans
contractors in March, claim they haven't been paid since then. One
member of the group alleges she hasn't been able to access the
money she contributed to her 401(k) account.
As of publication, Ameritrans' attorney, Jonathan B. Vivona, had
not responded to FreightWaves' request seeking comment.
According to Ameritrans' website, the company has mail delivery
contractors in more than 30 states and posted job openings earlier
this week.
Mail contractors in several states have filed claims with the U.S.
Department of Labor.
"Wage and Hour Division records show an open investigation with the
mentioned employer but it cannot discuss additional details until
the investigation is concluded," a DOL spokesperson told
FreightWaves in an email on Friday, June 29, 2023.
The filing lists Ameritrans' assets as between $10 million and $50
million and its liabilities as between $1 million and $10 million.
Ameritrans stated that it has up to 999 creditors and maintained
that funds will be available for distribution to unsecured
creditors once it pays administrative fees.
Ameritrans' largest secured creditors include 13 factoring
companies that are owed nearly $3.2 million.
About Ameritrans Express
Ameritrans Express LLC is part of the general freight trucking
industry.
Ameritrans Express LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E. D. Va. Case No.: 23-11055) on June 29,
2023. In the petition filed by Frederick Amankwaa, as owner, the
Debtor reports estimated estimated assets between $10 million and
$50 million and estimated liabilities between $1 million and $10
million.
The Debtor is represented by:
Jonathan B. Vivona, Esq.
VIVONA PANDURANGI, PLC
211 Park Avenue
Falls Church, VA 22046
Tel: 703-739-1353
Fax: 703-337-0490
Email: jvivona@vpbklaw.com
AR LANDSCAPING: Taps Davis Miles McGuire Gardner as Legal Counsel
-----------------------------------------------------------------
AR Landscaping, LLC received approval from the U.S. Bankruptcy
Court for the District of Arizona to employ Davis Miles McGuire
Gardner, PLLC as its legal counsel.
The Debtor requires legal counsel to:
a. give advice regarding the rights, duties and powers of the
Debtor;
b. prepare and file statements, schedules, Chapter 11 plan and
other documents necessary to be filed by the Debtor in its Chapter
11 case;
c. represent the Debtor at hearings, meetings of creditors,
conferences, trials, and other proceedings; and
d. perform other necessary legal services.
The firm will be paid at these rates:
Partners $380 to $450 per hour
Associates $220 to $295 per hour
Paralegals $160 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $9,717.
M. Preston Gardner, Esq., a partner at Davis Miles McGuire Gardner,
disclosed in a court filing that the firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
M. Preston Gardner, Esq.
Davis Miles McGuire Gardner, PLLC
40 E. Rio Salado Parkway, Suite 425
Tempe, AZ 85281
Tel: (480) 733-6800
Fax: (480) 733-3748
Email: pgardner@davismiles.com
About AR Landscaping
AR Landscaping, LLC, doing business as AR Rentals, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.
Ariz. Case No. 23-03901) on June 12, 2023, with $100,001 to
$500,000 in assets and $500,001 to $1 million in liabilities.
Christopher Simpson, Esq., at Osborn Maledon P.A. has been
appointed as Subchapter V trustee.
The Debtor is represented by M. Preston Gardner, Esq., at Davis
Miles McGuire Gardner, PLLC.
ARBAH HOTEL: Unsecureds Will Get 100% in Liquidating Plan
---------------------------------------------------------
Arbah Hotel Corp. filed with the U.S. Bankruptcy Court for the
District of New Jersey a Small Business Plan of Liquidation dated
June 29, 2023.
The Debtor is a Corporation which has historically operated a hotel
with related facilities at the property commonly known as 2750
Tonnelle Avenue, North Bergen, New Jersey.
The Debtor owns the property commonly known as 2750 Tonnelle
Avenue, North Bergen, New Jersey, which consists of the Real
Property located at 2750 Tonnelle Avenue, North Bergen, NJ (±3.73
Acres plus Hotel and separate building) (Block 58, Lots 1, 116 and
118), as well as all equipment, furniture and other assets located
therein.
The Debtor ceased active operations of the hotel in January 2021,
in response to the issues caused by the COVID-19 Pandemic and New
Jersey Emergency Orders.
As of the Petition Date, the Debtor had $62,678.77 in funds
remaining in a prepetition bank account. Prior to the Petition
Date, pursuant to the proceedings in the New York Guardianship
case, the Debtor transferred no less than $200,000 to the Temporary
Receiver in that case.
Pursuant to the financial projections which are submitted in
support of this Plan, the Debtor proposes to operate for a period
of no less than nine months from the filing of this Plan during
which time the Debtor will market and sell the Debtor's Real
Property and other assets (subject to Court approval). The Debtor
proposes to obtain post-petition financing in the approximately
amount of $1,800,000 prior to the Confirmation of the Plan to
finance post-petition operations and expenses pending the sale of
the Debtor's assets.
The sale of the Debtor's real property and other assets is
estimated to be valued at $25,000,000.
The Debtor proposes a Liquidation of the Debtor's assets.
Class 4 consists of General Unsecured Claims in the total amount of
$957,188. The Debtor anticipates that this amount will be further
reduced once its claims motion is filed and addressed by the Court.
Class 4 General Unsecured Claims will be paid in full (100%) of the
allowed claims on the Effective Date of Plan.
Class 5 consists of General Unsecured Claims held by Insiders of
the Debtor total $36,033,203. The Debtor anticipates that this
amount will be reduced once its claims motion is filed and
addressed by the Court. Class 5 General Unsecured Claims held by
Insiders will be paid in full as allowed after Class 4 Claims are
fully satisfied in allowed amounts with Class 5 Claims being paid
amounts as allowed on the Effective Date of Plan.
Clss 6 consists of Equity Interest Holders Steven Silverberg (85%)
Mark Wysocki (15%). Class 6 Equity Security Holders will be paid
their percentage share of the Debtor's remaining assets after
satisfaction of all claims in other classes. Pursuant to the
Consent Order entered in this case on April 26, 2023, until the
determination by the Guardianship Court of Silverberg's capacity
when he executed documents giving Wysocki a power of attorney in
May of 2020 and allegedly transferred to Wysocki fifteen percent of
Silverberg's interest in the Debtor, any potential proceeds from
the liquidation or sale of the Debtor's real property to Wysocki as
a purported equity security holder shall be held in escrow by
Debtor's counsel. As of the date of the Plan, the Guardianship
Court has not made the determination of the issues.
The Debtor shall use the estimated funds on hand upon the Effective
Date of the Plan plus anticipated post-petition financing (subject
to Court approval), to make initial distributions for
Administrative Expenses and the ongoing operations of the Debtor.
This is a Liquidating Plan. The balance of the allowed claims shall
be paid upon the Effective Date of the Plan. The primary asset of
the Debtor is the real property commonly known as 2750 Tonnelle
Avenue, North Bergen, NJ 07047 (Hudson County), and the buildings
and improvements thereon and therein, including, but not limited
to, the hotel and second building. Debtor anticipates that subject
to marketing, the sale value of the assets of the Debtor will be
approximately $25,000,000.00.
Pending the Sale of the Debtor's Assets and Property, the Debtor
will operate pursuant to the Cash Flow Projections which are
submitted herewith. The Debtor proposes to operate from Cash on
Hand (which includes amounts to be recovered from pre-petition
transfers to a receiver) with additional financing (subject to
court approval) in accordance with the Cash Flow Projections.
The Cash Flow Projections project the period through March 2024
during which time the Debtor proposes to market and sell the
Property. The Debtor projects expenses of $1,353,656. The expenses
include the regular operating costs of the Debtor, anticipated and
estimated professional fees, as well as projected costs of
post-petition financing. The Debtor's Plan is expressly contingent
on the Debtor's ability to secure post-petition financing in the
estimated amount of $1,800,000 to cover the projected financial
costs as well as the projected payments to allowed Administrative
Claims.
A full-text copy of the Liquidating Plan dated June 29, 2023 is
available at https://urlcurt.com/u?l=2dQad9 from PacerMonitor.com
at no charge.
About Arbah Hotel Corp.
Arbah Hotel Corp., doing business as Meadowlands View Hotel, is a
3.5-star business-friendly hotel in North Bergen, New Jersey.
Arbah Hotel Corp. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-11467)
on Feb. 24, 2023. In the petition filed by Mark Wysocki, vice
president and operations manager, the Debtor reported assets
between $10 million and $50 million and liabilities between
$100,000 and $500,000.
Joseph L Schwartz has been appointed as Subchapter V trustee.
The Debtor is represented by:
Justin M Gillman, Esq.
Gillman, Bruton & Capone, LLC
2750 Tonnelle Avenue
North Bergen, NJ 07047
Tel: (732) 661-1664
Fax: (732) 661-1707
Email: jgillman@gbclawgroup.com
B AND C BROS: Unsecureds Will Get 5% of Claims in Subchapter V Plan
-------------------------------------------------------------------
B and C Bros., LLC, filed with the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania a First Plan of Reorganization
under Subchapter V.
The Debtor is a Pennsylvania corporation in the business of install
and repairing heating, ventilation and air conditioning (HVAC)
units throughout the Delaware Valley to commercial businesses.
Debtor was forced to file this chapter 11 due to three factors: (1)
the threat of a mechanics lien being placed on one of the jobs that
they were unable to collect from their subcontractor who did the
work; (2) hard money lenders automatically withdrawing payments in
the amount of approximately $6,000 each week from the debtor’s
bank account; and (3) a massive error in overpayment to independent
contractors.
Subchapter V of the Small Business Reorganization Act (the "SBRA")
was created specifically with this type of Debtor in mind. The
Debtor is a typical "mom and pop" business that has operated in
Bucks County since 2016. The Debtor believes this proposed Plan of
Reorganization is fair and equitable based on the Debtor's
projected disposable income and thus, entirely feasible.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow operations.
Valley Bank is the only secured creditor and did not file a Proof
of Claim. Valley Bank will be paid in full through the plan.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately administrative and priority claims 5%. This Plan
also provides for the payment of administrative and priority
claims.
Class 1 Priority Claim will be paid in full, in cash, upon the
later of the effective date of this Plan, or the date on which such
claim is allowed by a final non-appealable.
Class 2 Secured claim of Valley Bank to be paid in full through the
Plan.
Class 3 Non-priority unsecured creditors shall be paid 5% in each
unsecured claim. This Class is impaired.
Class 4 Equity security holders Bill and Chad Davies to retain
their interest in the Reorganized Debtor.
Debtor will fund the Plan from the income from its regular business
operations.
The final Plan payment is expected to be paid in 2028.
A full-text copy of the Subchapter V Plan dated July 2, 2023 is
available at https://urlcurt.com/u?l=OEHIW2 from PacerMonitor.com
at no charge.
About B and C Bros.
B and C Bros., LLC, is in the business of operating a commercial
plumbing and heating business with its assets in Bucks County,
Pennsylvania.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 23-10986-amc) on April
12, 2023. In the petition signed by Bill Davies, managing member,
the Debtor disclosed up to $50,000 in both assets and liabilities.
Attorney for the Debtor:
Maggie S. Soboleski, Esq.
Center City Law Offices, LLC
2705 Bainbridge Street
Philadelphia, PA 19107
BANQ INC: Taps Diamond McCarthy as Special Litigation Counsel
-------------------------------------------------------------
Banq Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Nevada to employ Diamond McCarthy, LLP as special
litigation counsel.
The Debtor needs the firm's legal assistance in connection with a
case (Case No. 22-cv-00773) filed in the U.S. District Court,
District of Nevada, asserting claims for violations of the Defend
Trade Secrets Act, Nevada Uniform Trade Secrets Act, Computer Fraud
and Abuse Act, and Unlawful Acts Regarding Computers.
The firm will be paid a contingency fee of 37.5 percent of the
gross amount recovered.
The Debtor paid the firm a retainer of $40,000.
Allan Diamond, Esq., a partner at Diamond McCarthy, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Allan B. Diamond, Esq.
Diamond McCarthy, LLP
909 Fannin Street, 37th Floor
Houston, TX 77010
Tel: (713) 333-5100
Fax: (713) 333-5199
Email: allan.diamond@diamondmccarthy.com
About Banq Inc.
Banq Inc. is a developer of digital payment, banking and crypto
systems in Las Vegas.
Banq Inc. filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Nev. Case No. 23-12378) on June 13,
2023, with $17,725,914 in assets and $5,451,447 in liabilities.
Brian Shapiro has been appointed as Subchapter V trustee.
Bart Larsen, Esq., at Shea Larsen, PC and Diamond McCarthy, LLP
serve as the Debtor's bankruptcy counsel and special litigation
counsel, respectively.
BAUSCH HEALTH: Calamos CHIF Marks $255,063 Loan at 19% Off
----------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $255,063
loan extended to Bausch Health Companies, Inc. to market at
$206,687, or 81% of the outstanding amount, as of April 30, 2023,
according to a disclosure contained in Calamos CHIF's Form N-CSR
for the fiscal year ended April 30, 2023, filed with the Securities
and Exchange Commission on June 28, 2023.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 10.240% per annum (1 mo. SOFR + 5.25%) to Bausch
Health Companies, Inc. The loan is scheduled to mature on February
2, 2027.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Bausch Health Companies develops drugs for unmet medical needs in
central nervous system disorders, eye health and gastrointestinal
diseases, as well as contact lenses, intraocular lenses, ophthalmic
surgical equipment, and aesthetic devices.
BAUSCH HEALTH: Calamos STRF Marks $288,750 Loan at 19% Off
----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $288,750 loan
extended to Bausch Health Companies Inc to market at $233,986, or
81% of the outstanding amount, as of April 30, 2023, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 10.240% per annum (1 mo. SOFR + 5.25% to Bausch Health
Companies Inc. The loan is scheduled to mature on February 1,
2027.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Bausch Health Companies Inc develops drugs for unmet medical needs
in central nervous system disorders, eye health and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
BDC GROUP INC: Taps Equipment Marketers as Appraiser
----------------------------------------------------
BDC Group, Inc. received approval from the U.S. Bankruptcy Court
for the Northern District of Iowa to hire Equipment Marketers &
Appraisers to conduct an appraisal of its construction equipment.
The firm will be paid a flat fee of $2,500, plus out-of-pocket
travel expenses.
Craig Hilpipre, a member of Equipment Marketers & Appraisers,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Craig Hilpipre
Equipment Marketers & Appraisers
3826 Cedar Heights Dr.
Cedar Falls, IA 50613
Tel: (319) 266-3578
About BDC Group Inc.
BDC Group, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Iowa Case No. 23-00484) on June 13,
2023. In the petition signed by Dennis Bruce, president, the Debtor
disclosed up to $50 million in both assets and liabilities.
Judge Thad J. Collins oversees the case.
Austin J. Peiffer, Esq., at AG & Business Legal Strategies,
represents the Debtor as legal counsel.
Mary Jensen, Acting U.S. Trustee for Region 12, appointed an
official committee to represent unsecured creditors in the Debtor's
Chapter 11 case. The committee is represented by Smith Gambrell &
Russell, LLP.
BELLA VENEZIA: August 24 Plan Confirmation Hearing Set
------------------------------------------------------
Bella Venezia 211, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Florida an Amended Disclosure Statement
and Amended Plan.
On June 29, 2023, Judge Robert A. Mark approved the Disclosure
Statement and ordered that:
* August 24, 2023 at 2:00 p.m. in 301 N. Miami Ave. Courtroom
#4, Miami, FL 33128 is the confirmation hearing.
* July 31, 2023 is the deadline for filing and serving fee
applications.
* August 10, 2023 is the deadline for filing ballots accepting
or rejecting the Plan.
* August 10, 2023 is the deadline for filing objections to
confirmation.
A copy of the order dated June 29, 2023 is available at
https://urlcurt.com/u?l=A3q2Db from PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Joel M. Aresty, Esq.
Joel M. Aresty, P.A.
309 1st Ave S
Tierra Verde FL 33715
Phone: 305-904-1903
Fax: 800-899-1870
Email: Aresty@Mac.com
About Bella Venezia
Bella Venezia 211, LLC, filed a petition for Chapter 11 protection
(Bankr. S.D. Fla. Case No. 22-11738) on March 2, 2022, listing as
much as $500,000 in both assets and liabilities. Laurent Bezaquen,
authorized representative, signed the petition.
Judge Robert A. Mark oversees the case.
The Debtor tapped Joel M. Aresty P.A. as legal counsel.
BENZRENT 7: Exclusivity Period Extended to August 5
---------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the
Southern District of Florida extended Benzrent 7's exclusivity
period for filing a chapter 11 plan and disclosure statement to
August 5, 2023. The judge also extended the Debtor's exclusivity
period to solicit acceptans thereof to November 5, 2023.
Benzrent 7, LLC is represented by:
Joel M. Aresty, Esq.
JOEL M. ARESTY, P.A.
309 1st Ave S
Tierra Verde, FL 33715
Tel: (305) 904-1903
Email: Aresty@Mac.com
About Benzrent 7
Benzrent 7, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-15165) on July 5,
2022, with as much as $1 million in both assets and liabilities.
Judge Robert A. Mark oversees the case.
Joel M. Aresty, Esq., at Joel M. Aresty, PA serves as the
Debtor's legal counsel.
BJL EXPRESS: Taps Milton Jones as Bankruptcy Attorney
-----------------------------------------------------
BJL Express, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Georgia to employ Milton Jones, Esq., a
practicing attorney in Lovejoy, Ga., to handle its Chapter 11
case.
The Debtor requires a bankruptcy attorney to:
(a) prepare pleading and applications;
(b) conduct examination;
(c) advise the Debtor of its rights, duties and obligations;
(d) consult with and represent the Debtor with respect to a
Chapter 11 plan;
(e) perform those legal services incidental and necessary to the
day-to-day operation of the Debtor's business, including, but not
limited to, institution and prosecution of necessary legal
proceedings, and general business and corporate legal services;
and
(f) take other actions incident to the proper preservation and
administration of the Debtor's estate and business.
Mr. Jones charges $250 per hour for his services and $150 per hour
for his legal assistants. In addition, the attorney will seek
reimbursement for out-of-pocket expenses incurred.
The Debtor paid the attorney a retainer in the amount of $10,000.
As disclosed in court filings, Mr. Jones is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Mr. Jones holds office at:
Milton D. Jones, Esq.
PO Box 533
Lovejoy, GA 30250
Tel: (770) 899-8486
Email: miltondjonesatty@gmail.com
About BJL Express
BJL Express, LLC, a company in Jonesboro, Ga., operates in the
general freight trucking industry.
BJL Express filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-54963) on May 29,
2023, with $81,128 in assets and $1,004,297 in liabilities. Gary
Murphey has been appointed as Subchapter V trustee.
Judge Sage M. Sigler oversees the case.
The Debtor tapped Milton Jones, Esq., a practicing attorney in
Lovejoy, Ga., to handle its Chapter 11 case.
BROWNIE'S MARINE: Christopher Constable Resigns as CEO
------------------------------------------------------
Christopher Constable submitted his resignation as chief executive
officer of Brownie's Marine Group, Inc., effective July 7, 2023.
Mr. Constable will remain a member of the Company's Board of
Directors and in a consulting capacity until further notice. Mr.
Constable's resignation did not arise from any disagreement with
the Company on any matter relating to the Company's operations,
policies or practices, according to a Form 8-K filed by the Company
with the Securities and Exchange Commission.
Robert Carmichael, the Company's chairman, president and chief
financial officer, will assume the role of chief executive officer
on July 7, 2023. Since April 2004, Mr. Carmichael has served as
chairman and president, and from April 2004 until November 2020, as
chief executive officer. Mr. Carmichael has served as chief
financial officer since 2017 and a director since 2005.
About Brownie's Marine
Headquartered in Pompano Beach, Florida, Brownie's Marine Group,
Inc., owns and operates a portfolio of companies with a
concentration in the industrial, and recreational diving industry.
The Company, through its subsidiaries, designs, tests,
manufactures, and distributes recreational hookah diving,
yacht-based scuba air compressors and nitrox generation systems,
and scuba and water safety products in the United States and
internationally.
Brownie's Marine reported a net loss of $1.89 million for the year
ended Dec. 31, 2022, compared to a net loss of $1.59 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company
had $5.32 million in total assets, $2.90 million in total
liabilities, and $2.41 million in total stockholders' equity.
Margate, Florida-based Assurance Dimensions, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 30, 2023, citing that the Company had a net loss of
approximately $1,893,000 and cash used in operating activities of
approximately $678,000 for the year ended Dec. 31, 2022 as well as
an accumulated deficit of approximately $16,437,000 as of Dec. 31,
2022. These factors raise substantial doubt about the Company's
ability to continue as a going concern.
CBS TRUCKING: Seeks Cash Collateral Access
------------------------------------------
CBS Trucking, Inc. asks the U.S. Bankruptcy Court for the Southern
District of New York for authority to use cash collateral and
provide adequate protection.
The Debtor has two creditors that assert liens on the Debtor's
receivables, and one creditor that asserts a blanket lien on all of
the Debtor's collateral.
On April 27, 2020, the Debtor executed and delivered to ReadyCap
Lending, LLC, a Business Loan Agreement, a Note and Security
Agreement that is guaranteed by the Small Business Administration.
As of the Petition Date, the Debtor was indebted to ReadyCap in the
approximate amount of $1.1 million. ReadyCap was granted a
security interest in the Debtor's receivables.
Under the terms of the Note, repayment of the Loan was to be made
in monthly installment payments over the course of 120 months with
a floating interest rate equal to the Prime Rate plus 2.750%
adjusted quarterly. The initial interest rate was 7.50%.
Prior to the Petition Date, on March 16, 2020, ReadyCap filed a
UCC-1 Financing Statement with the New York Secretary of State,
bearing Filing Number 2020003165340565.
The Debtor disputes the validity of ReadyCap's claim and takes the
position ReadyCap failed to properly perfect its security interest
in the Debtor's collateral.
In addition, the Loan is personally guaranteed by the Debtor's
principal Sokol Bala, his wife Merjola Bala, and Mr. Bala's family
members Sokol Hoxha and Eva Lalaj.
Thereafter, on December 9, 2022, the Debtor executed and delivered
to ReadyCap a forbearance agreement; whereby ReadyCap granted the
Debtor a three-month deferment period with payments to resume on
February 1, 2023.
On October 18, 2020, the Debtor executed and delivered to Key Bank
a commercial loan agreement that is guaranteed by the SBA. The
principal amount of the Loan was approximately $50,000. The current
interest rate is believed to be 11.99%. Key Bank was granted a
security interest in the Debtor's receivables. As of the Petition
Date, the Debtor was indebted to Key Bank in the approximate amount
of $49,928.
In order to perfect its security interest in the Debtor's
receivables, Key Bank filed a UCC-1 Financing Statement with the
New York Secretary of State, bearing Filing Number
202010187807326.
The Interim Order provides that, as adequate protection for the use
of cash collateral, the Debtor will grant Key Bank a replacement
lien in all of the Debtor's pre-petition and post-petition assets
and proceeds.
The Replacement Liens will be subject and subordinate only to: (a)
United States Trustee fees payable under 28 U.S.C. Section 1930 and
31 U.S.C Section 3717; (b) professional fees of duly retained
professionals in the Chapter 11 case as may be awarded pursuant to
sections 330 or 331 of the Code or pursuant to any monthly fee
order entered in the Debtor's Chapter 11 case; and (c) the fees and
expenses of a hypothetical Chapter 7 trustee to the extent of
$10,000.
The Debtor submits that, in order to preserve the Debtor's estate
and ensure the viability of the Debtor during the Chapter 11 case,
Key Bank should be granted a Replacement Lien with the same nature,
extent and validity of their pre-petition liens, subject to
investigation by any creditors or committee appointed in the
Debtor's Chapter 11 case.
In addition to the liens and security interests proposed to be
granted pursuant thereto, the Debtor will continue making the
monthly debt service payments as provided for in the Key Bank Loan
and in accordance with the terms set forth therein.
The Debtor submits that, in order to preserve the Debtor's estate
and ensure the viability of the Debtor during the Chapter 11 case,
it is critical that the Court approve the proposed adequate
protection payments to Key Bank and the grant to it a Replacement
Lien with the same nature, extent and validity of Key Bank
pre-petition lien, subject to investigation by any creditors or
committee appointed in the Debtor's Chapter 11 case.
A copy of the motion is available at https://urlcurt.com/u?l=Vo5187
from PacerMonitor.com.
About CBS Trucking, Inc.
CBS Trucking, Inc. is part of the general freight trucking
industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-35547) on June 30,
2023. In the petition signed by Sokol Bala, president, the Debtor
disclosed $448,619 in assets and $1.236 million in liabilities.
Judge Cecelia G. Morris oversees the case.
James J. Rufo, Esq., at Law Office of James J. Rufo, represents the
Debtor as legal counsel.
CINEWORLD GROUP: Files for Administration in the U.K.
------------------------------------------------------
Cineworld and certain of its subsidiaries announced that the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division has confirmed their third amended joint chapter 11 plan of
reorganisation (the "Plan") at a hearing on 28 June 2023. This
milestone paves the way for the Group Chapter 11 Companies to
implement the restructuring transactions contemplated by the Plan
and to successfully emerge from their Chapter 11 cases, after they
have satisfied certain conditions to the effectiveness of the Plan.
Cineworld continues to expect to emerge from the Chapter 11 cases
in July 2023.
Among other things, the Plan involves the release of approximately
$4.53 billion of the Group's funded indebtedness, the execution of
a fully backstopped rights offering to raise gross proceeds of $800
million and the provision of $1.46 billion in new debt financing.
As announced on 26 June 2023, it is envisaged that Cineworld Group
plc (and not any of the operating companies or subsidiaries in the
rest of the Group) would, subject to an order of the court in
England, enter into administration shortly prior to the emergence
of the Group Chapter 11 Companies from their Chapter 11 cases.
As previously announced, given the level of existing debt that is
proposed to be released under the Plan, there will not be any
recovery for holders of Cineworld's existing equity interests.
"The confirmation of our plan of reorganisation is a significant
milestone as Cineworld moves towards emerging from this process in
a strong financial position and with a more resilient capital
structure," said Mooky Greidinger, Chief Executive Officer of
Cineworld. "I want to thank our incredible employees as well as our
customers, vendors, lenders and other stakeholders who supported us
throughout this process. Cineworld remains focused on refining and
growing our global business and cinemas for our guests around the
world and delivering the most immersive and cutting-edge cinema
experiences that make us the 'Best Place to Watch a Movie.'"
The Plan contemplates that a newly incorporated company ("NewCo")
will become the sole owner of the Group upon emergence from the
Chapter 11 cases. In accordance with the terms of the Plan, a new
board of directors for NewCo (the "NewCo Board") will be appointed
as of the effective date of the Plan.
On 28 June 2023, the Group Chapter 11 Companies filed an updated
supplement to the Plan (the "Plan Supplement") with the Bankruptcy
Court which, among other things, set out that the Group Chapter 11
Companies expect the NewCo Board to include Eric Foss as Chairman.
Mr. Foss has served as Chairman and CEO of two Fortune 200
companies and has extensive global business experience in the food,
beverage and service industries. Mr. Foss served as CEO of Aramark
from 2012 and as Chairman and CEO from 2015 until his retirement in
2019. Prior to Aramark he was Chief Executive Officer of Pepsi
Beverages Company and Chairman and CEO of The Pepsi Bottling Group.
Mr. Foss currently serves on the Board of Directors at Cigna,
Diversey Holdings Ltd, Primo Water Company and Selina Hospitality
PLC.
The Company understands that the selection of additional NewCo
Board members is ongoing.
A copy of the Plan Supplement, including additional information
regarding the NewCo Board, is available at the website set out
below.
Business as usual
The Group continues to operate its global business and cinemas as
usual without interruption and this will not be affected by the
Group Chapter 11 Companies' emergence from their Chapter 11 cases,
including the entry of Cineworld Group plc into administration. The
Group and its brands around the world - including Regal, Cinema
City, Picturehouse and Planet - are continuing to welcome customers
to cinemas as usual. The Group continues to honour the terms of all
existing customer membership programmes, including Regal Unlimited
and Regal Crown Club in the United States and Cineworld Unlimited
in the UK.
UK Administration
According to a June 26 announcement, as set out in the Plan
Supplement, it is expected that, as part of the completion steps
for the Proposed Restructuring and shortly prior to the Group
Chapter 11 Companies' emergence from their Chapter 11 cases, the
board of directors of Cineworld Group will apply to the court in
England for an administration order in respect of Cineworld Group
plc. The administration application would only apply to Cineworld
Group plc itself (as the listed parent company of the Group) and
not to any of the operating companies or subsidiaries in the rest
of the Group, which would continue to operate as usual without
interruption. Any administration order would not affect the status
or rights of any of the Group's employees.
It is envisaged that, once administrators have been appointed, they
will take steps through which substantially all of Cineworld Group
plc's assets will be transferred to its wholly owned subsidiary,
Crown UK Holdco Limited ("Crown"), and a newly incorporated company
to be controlled by the Group's lenders will become the sole owner
of Crown, with Cineworld Group plc ceasing to have any interest in
Crown or the rest of the Group. As such, although the Plan is
intended to allow the business of the Group to emerge from the
Chapter 11 cases as a continued going concern, it will not achieve
a rescue of Cineworld Group plc itself.
As a consequence of this and following an application by Cineworld
to the Financial Conduct Authority (the "FCA"), it is expected that
the listing of Cineworld Group plc's ordinary shares (the "Shares")
on the premium listing segment of the Official List of the FCA (the
"Listing") and the admission to trading of the Shares on the London
Stock Exchange plc's main market for listed securities (the
"Admission to Trading") will be suspended shortly following any
decision by the Board to make an application to appoint
administrators in respect of Cineworld Group plc, currently
expected to take place in July 2023. Cineworld further confirms
that the Listing and the Admission to Trading are expected to be
cancelled at 8.00 a.m. on the business day following the actual
appointment of administrators in respect of Cineworld Group plc.
About Cineworld Group
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the United States.
According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. Judge Marvin
Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23,
2022. The committee tapped Weil, Gotshal & Manges, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc. as financial advisor; and Perella Weinberg
Partners, LP as investment banker.
DAHLIA MEDITERRANEAN: Files Subchapter V Case
---------------------------------------------
Dahlia Mediterranean LLC filed for chapter 11 protection in the
Eastern District of Virginia.
According to court filings, Dahlia Mediterranean estimates between
$500,000 and $1 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 19, 2023 at 11:00 a.m.
The Debtor's Chapter 11 Plan Small Business Subchapter V is due by
Sept. 19, 2023. A hearing is scheduled for Sept. 28, 2023, at
11:00 AM at Judge Kindred's Courtroom, 200 S. Washington Street,
3rd Floor, Courtroom III, Alexandria, VA.
About Dahlia Mediterranean
Dahlia Mediterranean LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 23-11029) on June 21,
2023. In the petition filed by Abdalla Hashish, as co-owner, the
Debtor reported assets between $1 million and $10 million and
estimated liabilities between $500,000 and $1 million.
The Subchapter V trustee:
Stephen Metz
Offit Kurman
7501 Wisconsin Avenue, Suite 1000W
Bethesda, MD 20814
Tel: (240) 507-1700
Email: smetz@offitkurman.com
The Debtor is represented by:
Richard Owen Bolger, Esq.
Bolger Law Firm, PLLC
106 Moore Avenue, SW
Vienna, VA 22180
Tel: (703) 383-9585
Fax: (703) 383-3116
E-mail: richard@bolgerlaw.com
DTK PROPERTIES: Gets OK to Hire Boyer Terry as Legal Counsel
------------------------------------------------------------
DTK Properties, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Georgia to employ Boyer Terry, LLC as
its legal counsel.
The Debtor requires legal counsel to:
a. give advice with respect to the powers and obligations of the
Debtor in the continued operation of its business;
b. prepare legal papers;
c. continue existing litigation, if any, to which the Debtor may
be a party and conduct examinations incidental to the
administration of the Debtor's estate;
d. take necessary actions for the proper preservation and
administration of the Debtor's estate;
e. assert, as directed by the Debtor, all claims it has against
others;
f. analyze the Debtor's assets and liabilities and determine the
extent, validity, and priority of all claims and interests in its
Chapter 11 case;
g. assist the Debtor in the preparation of its disclosure
statement and plan of reorganization; and
h. perform all other legal services for the Debtor.
The firm will be paid at the rate of $350 per hour and will be
reimbursed for out-of-pocket expenses incurred.
Christopher Terry, Esq., a partner at Boyer Terry, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Christopher W. Terry, Esq.
Boyer Terry, LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Tel: (478) 742-6481
Email: chris@boyerterry.com
About DTK Properties
DTK Properties, LLC, a company in Dublin, Ga., filed its voluntary
petition for Chapter 11 protection (Bankr. S.D. Ga. Case No.
23-30080) on June 7, 2023, with as much as $1 million to $10
million in both assets and liabilities. Daniel M. King Jr., sole
member, signed the petition.
Judge Susan D. Barrett oversees the case.
Christopher W. Terry, Esq., at Boyer Terry, LLC serves as the
Debtor's legal counsel.
ENTERCOM MEDIA: Calamos CHIF Marks $1.5M Loan at 39% Off
--------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $1,527,000
loan extended to Entercom Media Corp to market at $938,151, or 61%
of the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 7.525% per annum (1 mo. LIBOR + 2.50%) to Entercom
Media Corp. The loan is scheduled to mature on November 18, 2024.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Entercom Media Corp is in the broadcasting industry.
ENTERCOM MEDIA: Calamos COIF Marks $1.5M Loan at 39% Off
--------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$1,505,000 loan extended to Entercom Media Corp to market at
$924,634, or 61% of the outstanding amount, as of April 30, 2023,
according to a disclosure contained in Calamos COIF's Form N-CSR
for the fiscal year ended April 30, 2023, filed with the Securities
and Exchange Commission on June 28, 2023.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 7.525% per annum (1 mo. LIBOR + 2.50.%) to Entercom
Media Corp. The loan is scheduled to mature on November 18, 2024.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
Entercom Media Corp is in the broadcasting industry.
ENTERCOM MEDIA: Calamos STRF Marks $1.7M Loan at 39% Off
--------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $1,755,000 loan
extended to Entercom Media Corp to market at $1,078,228 or 61% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 7.525% per annum (1 mo. LIBOR + 2.50%) to Entercom
Media Corp. The loan is scheduled to mature on November 18, 2024.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Entercom Media Corp is in the broadcasting industry.
ENVISION HEALTHCARE: Affiliates Tap Katten as Special Counsel
-------------------------------------------------------------
Envision Healthcare Corporation's affiliates, AmSurg HoldCo, LLC
and AmSurg, LLC, seek approval from the U.S. Bankruptcy Court for
the Southern District of Texas to hire Katten Muchin Rosenman, LLP
as special counsel.
Katten will provide independent legal services on behalf of and at
the sole direction of Pamela Corrie and Harvey Tepner in their
capacity as independent managers on AmSurg's boards of managers.
These services include:
a. reviewing and evaluating any strategic transaction or
series of transactions, and considering whether it is fair and in
the best interests of AmSurg and its subsidiaries and shareholders
to proceed with a transaction;
b. consulting with the management and AmSurg's advisors with
respect to discussions and negotiations regarding the terms and
conditions of a transaction and other communications regarding any
transaction;
c. taking such further actions as may be requested by the
officers of AmSurg or the board of managers in connection with the
foregoing;
d. reviewing, discussing, considering, negotiating, approving,
authorize, and acting upon any matter related to a transaction in
which a conflict exists between AmSurg or its stakeholders and
members of the board (other than the independent managers) under
applicable law;
e. taking further actions, at AmSurg's expense, which the
independent managers deem necessary, proper or advisable consistent
with these resolutions, to carry out fully the intent and purposes
of these resolutions; and
f. conducting investigations and analyses related to any
conflict matters.
The firm will be paid at these rates:
Partners $945 to $1,985 per hour
Of Counsel $965 to $1,600 per hour
Associates $625 to $1,000 per hour
Paraprofessionals $310 to $720 per hour
The retainer fee is $301,853.
Steven Reisman, Esq., a partner at Katten, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
Mr. Reisman also disclosed the following in accordance with
Appendix B-Guidelines for reviewing fee applications:
Question: Did Katten agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?
Response: No.
Question: Do any of the Katten professionals in this engagement
vary their rate based on the geographical location of the Debtors'
Chapter 11 cases?
Response: No.
Question: If Katten has represented AmSurg in the 12 months
prepetition, disclose the firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the firm's billing
rates and material financial terms have changed postpetition,
explain the difference and the reasons for the difference.
Response: From Jan. 1, 2023 to the petition date, Katten has
followed these hourly billing rates: partners, $945 to $1,985; of
counsel, $965 to $1,600; associates, $625 to $1,000;
paraprofessionals, $310 to $720.
Question: Have the Debtors approved the firm's budget and
staffing plan, and if so, for what budget period?
Response: Yes. Katten, in conjunction with the independent
managers, has developed a budget and staffing plan for these
Chapter 11 cases for the period from May 15 to Aug. 31, 2023.
The firm can be reached through:
Steven J. Reisman, Esq.
Katten Muchin Rosenman, LLP
50 Rockefeller Plaza
New York, NY 10020
Tel: (212) 940-8800
Email: sreisman@katten.com
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by White & Case, LLP.
ENVISION HEALTHCARE: Taps Alvarez & Marsal as Restructuring Advisor
-------------------------------------------------------------------
Envision Healthcare Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Alvarez & Marsal North America, LLC as restructuring
advisor.
The firm's services include:
a. assistance with financial and liquidity forecasting,
including, but not limited to, the development of a 13-week cash
flow and liquidity forecast;
b. assistance with the identification and implementation of
liquidity and cash flow improvement opportunities for the Debtors'
operations;
c. assistance with the identification of executory contracts
and leases and performance of cost/benefit evaluations with respect
to the affirmation or rejection of each;
d. assistance to Debtors' management team and counsel focused
on the coordination of resources related to the ongoing Chapter 11
cases;
e. assistance with the preparation of financial information
for distribution to creditors and others, including, but not
limited to, cash flow projections and budgets, cash receipts and
disbursement analysis, analysis of various asset and liability
accounts, and analysis of proposed transactions for which court
approval is sought;
f. assistance with liquidity planning and vendor management as
necessary to minimize cash burn and support vendor payments and
negotiations;
g. assistance with the assessment and development of an
actionable plan to separate the AmSurg, LLC business, which
includes determining the labor and non-labor cost adjustments
required for standalone operations and developing a standalone cost
model;
h. assistance with the evaluation of executive and board
compensation arrangements and development of alternative
compensation structures;
i. court testimony with respect to financial and restructuring
matters within the purview of the firm;
j. assistance with the review and preparation of information
and analysis necessary for the confirmation of a Chapter 11 plan;
k. assistance with the preparation of financial-related
disclosures required by the court; and
l. other restructuring advisory services.
Alvarez & Marsal will be paid at these rates:
Managing Directors $1,025 to $1,375 per hour
Directors $775 to $975 per hour
Analysts/Associates $425 to $775 per hour
The firm received from the Debtors a retainer in the amount of $2
million.
Dennis Stogsdill, a partner at Alvarez & Marsal, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Dennis Stogsdill
Alvarez & Marsal North America, LLC
600 Madison Avenue
New York, NY 10022
Tel: +1 (212) 759 4433
Email: dstogsdill@alvarezandmarsal.com
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by White & Case, LLP.
ENVISION HEALTHCARE: Taps Bain & Company as Consultant
------------------------------------------------------
Envision Healthcare Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Bain & Company, Inc. as consultant.
The firm will provide these services:
Near-Term Priorities (to be completed by Aug. 31)
a. Design and execute a near-term cost savings program,
including through a reorientation of the Company's operational
structure.
b. Assist with the creation of a Transformation Management
Office, which is designed to simplify the organization and realize
efficiencies in 2023 and beyond. The Transformation Management
Office will develop project plans and processes, set savings and
target plans, ensure delivery of those savings targets, assist with
project design decisions and strategy, and provide support for
bankruptcy-enabled savings with respect to contracts and leases.
c. Assist with re-designing business functions to better meet
the needs of service lines, resulting in savings and effectiveness
improvements.
Medium-Term Priorities
a. Assist the Debtors with the realization of further cost
savings following exits from geographical areas and potentially
sub-scale service lines.
b. Work with the Debtors to implement an end-to-end redesign
of their clinician experience, with the goal of creating a system
that optimizes recruiting and retention of clinical talent.
c. redesign business processes to support the above end-to-end
clinical experience, allowing for a transition of the Debtors'
software away from EmWorks.
d. continue to provide Transformation Management Office
support.
Bain & Company will be paid a fixed monthly fee of $1,224,000.
The firm received a retainer in the amount of $1,225,000.
Joshua Weisbrod, a partner at Bain & Company, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
Bain & Company can be reached at:
Joshua Weisbrod
Bain & Company, Inc.
1114 6th Ave., 43rd Floor
New York, NY 10036
Tel: (646) 562-8000
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by White & Case, LLP.
ENVISION HEALTHCARE: Taps Jackson Walker as Co-Counsel
------------------------------------------------------
Envision Healthcare Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Jackson Walker, LLP as conflict counsel and co-counsel
with Kirkland & Ellis.
The firm's services include:
a. providing the Debtors with legal advice regarding local
rules, practices and procedures, including Fifth Circuit law;
b. providing services in connection with the administration of
the Debtors' Chapter 11 cases, including, without limitation,
preparing agendas, hearing notices and witness and exhibit lists,
and coordinating with chambers;
c. reviewing and commenting on proposed drafts of pleadings to
be filed with the court;
d. at the request of the Debtors, appearing in court and at
any meeting with the U.S. Trustee and creditors;
e. performing all other services assigned by the Debtors to
the firm as conflicts counsel and co-counsel; and
f. providing legal advice on any matter in which Kirkland &
Ellis may have a conflict.
Jackson Walker will be paid at these rates:
Partners $595 to $1,650 per hour
Associates $475 to $785 per hour
Paraprofessionals $230 to $425 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Jackson Walker received a retainer in the amount of $395,000.
Matthew Cavenaugh, Esq., a partner at Jackson Walker, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
Mr. Cavenaugh also disclosed the following in accordance with
Appendix B-Guidelines for reviewing fee applications filed by
attorneys in larger Chapter 11 cases:
Question: Did the firm agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?
Response: No.
Question: Do any of the Jackson Walker professionals in this
engagement vary their rate based on the geographical location of
the Debtors' Chapter 11 cases?
Response: No.
Question: If the firm has represented the Debtors in the 12
months prepetition, disclose the firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the firm's billing
rates and material financial terms have changed postpetition,
explain the difference and the reasons for the difference.
Response: Mr. Cavenaugh's hourly rate is $1,045. The rates of
other attorneys at the firm range from $475 to $1,650 per hour
while the paraprofessional rates range from $230 to $425 per hour.
The firm represented the Debtors during the weeks immediately
before the petition date, using the foregoing hourly rates.
Question: Have the Debtors approved the firm's budget and
staffing plan, and if so, for what budget period?
Response: The firm has not prepared a budget and staffing
plan.
Jackson Walker can be reached at:
Matthew D. Cavenaugh, Esq.
Jackson Walker, LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
Email: mcavenaugh@jw.com
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by White & Case, LLP.
ENVISION HEALTHCARE: Taps Kirkland & Ellis as Bankruptcy Counsel
----------------------------------------------------------------
Envision Healthcare Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Kirkland & Ellis, LLP and Kirkland & Ellis International,
LLP as legal counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and
duties in the continued management and operation of their
businesses and properties;
b. advising and consulting on the conduct of the Debtors'
Chapter 11 cases, including all of the legal and administrative
requirements of operating in Chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties involved in the Debtors' cases;
d. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action threatened or commenced against the
Debtors, and representing the Debtors in negotiations concerning
litigation in which they are involved, including objections to
claims filed against the estates;
e. preparing pleadings;
f. representing the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
g. advising the Debtors in connection with any potential sale
or disposition of their assets;
h. appearing before the bankruptcy court and appellate
courts;
i. advising the Debtors regarding tax matters;
j. taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related
thereto; and
k. performing all other necessary legal services for the
Debtors in connection with the prosecution of their Chapter 11
cases, including (i) analyzing the Debtors' leases and contracts
and the assumption, assignment or rejection thereof; (ii) analyzing
the validity of liens against the Debtors' assets; and (iii)
advising the Debtors on corporate, litigation, and related
regulatory matters.
The firm will be paid at these rates:
Partners $1,195 to $2,245 per hour
Of Counsel $820 to $2,125 per hour
Associates $685 to $1,395 per hour
Paraprofessionals $295 to$575 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received an advance retainer in the amount of $2 million.
Joshua Sussberg, Esq., president of Joshua A. Sussberg, P.C., a
partner of the Kirkland & Ellis firms, disclosed that the firms are
"disinterested" pursuant to Section 101(14) of the Bankruptcy
Code.
Mr. Sussberg also disclosed the following in accordance with
Appendix B-Guidelines for reviewing fee applications:
Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?
Response: No.
Question: Do any of the Kirkland professionals in this
engagement vary their rate based on the geographic location of the
Debtors' Chapter 11 cases?
Response: No.
Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed postpetition,
explain the difference and the reasons for the difference.
Response: As of Jan. 1, 2023, Kirkland's current hourly rates
for services rendered on behalf of the Debtors range as follows:
partners, $1,195 to $2,245; of counsel, $820 to $2,125; associates,
$685 to $1,395; paraprofessionals, $295 to $575. The firm
represented the Debtors during the period from Jan. 1 to Dec. 31,
2022, using the hourly rates as follows: partners, $1,135 to
$1,995; of counsel, $805 to $1,845; associates, $650 to $1,245;
paraprofessionals, $265 to $495.
Question: Have the Debtors approved Kirkland's budget and
staffing plan,
and, if so, for what budget period?
Response: Yes, for the period from May 15 to Aug. 31, 2023.
Mr. Sussberg can be reached at:
Joshua A. Sussberg, Esq.
Joshua A. Sussberg, P.C.
Kirkland & Ellis, LLP
Kirkland & Ellis International, LLP
601 Lexington Avenue
New York, NY 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: jsussberg@kirkland.com
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by White & Case, LLP.
ENVISION HEALTHCARE: Taps KPMG as Tax Consultant
------------------------------------------------
Envision Healthcare Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ KPMG, LLP.
The Debtors require a tax consultant to:
a. provide services with respect to the tax consequences of
potential alterations to the Debtors' legal entity structure or
capital structure;
b. gain an understanding of the legal or tax organizational
structure and capital structure of the Debtors;
c. assess the Debtors' balance sheet to determine whether, and
to what extent, the Debtors may be eligible for the "insolvency"
exception under Section 108(a) of title 26 of the United States
Code (IRC);
d. gain an understanding of the Debtors' net operating losses
(NOLs), tax credits or IRC Section 163(j) carry forwards allocable
to each legal entity and inquire about pre-existing limitations
(i.e., IRC Section 382 ownership changes) that may limit the
ability of the Debtors to utilize such carry forwards;
e. conduct preliminary high-level discussions with the Debtors
to understand the amount of cancellation of indebtedness income
(CODI) that may be recognized with respect to any debt
restructuring and assess public trading data (to the extent
available);
f. review the Debtors' separate company tax basis balance sheets
and stock basis calculations, to the extent already available;
g. outline key tax considerations associated with various
proposed restructuring options;
h. prepare CODI analysis and calculations;
i. prepare separate company tax attribute allocations (e.g., net
operating losses, tax basis balance sheets);
j. analyze impact of CODI on the Debtors' tax attributes
(potentially under Treas. Reg. Section 1.1502-28);
k. prepare subsidiary stock basis calculations (to the extent
necessary);
l. model cash taxes with respect to the prospective
restructuring scenarios and post restructuring tax profile;
m. provide advice concerning tax efficient restructuring
alternatives based upon the business terms of the restructuring
plan (including step plans and related technical advice);
n. provide advice on tax considerations related to any internal
restructuring of the legal entity structure of the Debtors;
o. provide advice on tax considerations related to the internal
transfer or external disposition of any discrete assets;
p. analyze proper tax treatment of transaction costs (including
the deductibility of any debt restructuring costs);
q. provide original issue discount accrual calculations on any
existing or newly issued debt;
r. provide historic "ownership change" analysis for IRC Section
382 purposes (to the extent necessary);
s. provide prospective "ownership change" tracking for IRC
Section 382 purposes based on potential restructuring scenarios;
t. calculate any relevant IRC Section 382 limitations (including
IRC Section 382(l)(5) and (l)(6), to the extent applicable) for any
historic or prospective "ownership changes" (including net
unrealized built-in gain or loss and recognized built-in gain or
loss considerations);
u. assess any tax notices or audits received from various taxing
jurisdictions (to the extent applicable);
v. assess any potential tax refunds and any procedures related
thereto (to the extent applicable);
w. provide advice concerning income tax reporting requirements
related to the aforementioned items;
x. issue any tax memoranda or opinions necessary to document any
positions related to the aforementioned matters; and
y. advise on any international tax or state income, franchise or
transfer tax considerations related to any of the aforementioned
matters.
KPMG will be paid at these rates:
Partners $1,040 to $1,121 per hour
Managing Directors $975 to $1,040 per hour
Directors $894 per hour
Managers $748 to $813 per hour
Senior Associates $618 per hour
Associates $374 per hour
Paraprofessionals $244 per hour
The firm received a retainer in the amount of $500,000.
David Helenbrook, a partner at KPMG, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
David R. Helenbrook
KPMG LLP
1201 Demonbreun Street, Suite 1100
Nashville, TN 37203
Tel: (615) 244-1602
Fax: (615) 248-5631
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by White & Case, LLP.
ENVISION HEALTHCARE: Taps PJT Partners as Investment Banker
-----------------------------------------------------------
Envision Healthcare Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ PJT Partners, LP.
The Debtors require an investment banker to:
a. assist in the evaluation of the Debtors' businesses and
prospects;
b. assist in the development of the Debtors' long-term business
plan and related financial projections;
c. assist in the development of financial data and presentations
to the Boards of Directors, creditors and third parties;
d. analyze the Debtors' financial liquidity and evaluate
alternatives to improve such liquidity;
e. analyze various restructuring scenarios and the potential
impact of these scenarios on the recoveries of those stakeholders
impacted by the restructuring;
f. provide strategic advice with regard to restructuring or
refinancing the Debtors' obligations;
g. evaluate the Debtors' debt capacity and alternative capital
structures;
h. participate in negotiations among the Debtors and their
creditors, suppliers, lessors, and other interested parties;
i. value securities offered by the Debtors in connection with a
restructuring;
j. advise the Debtors and negotiate with lenders with respect to
potential waivers, amendments or forbearances of various credit
facilities and other obligations;
k. assist in arranging financing for the Debtors, as requested;
l. provide expert witness testimony; and
m. provide advisory services that are customarily provided in
connection with the analysis and negotiation of a transaction
similar to a potential transaction (e.g. sale, merger or other
disposition of all or a portion of the Debtors or their assets),
restructuring, capital raise or amendment of the Debtors'
obligations.
PJT Partners will be compensated as follows:
a. A monthly advisory fee of $250,000.
b. A capital raising fee to be calculated as:
-- Senior Debt. One percent of the total issuance size for
senior debt financing (including, but not limited to, any "new
money" or the "roll-up" portion of any debtor-in-possession
financing), excluding senior debt financing that is or may
constitute a structured financing.
-- Junior Debt. Two percent of the total issuance size for (i)
structured financing, (ii) junior debt financing, or (iii)
unsecured debt financing (including, without limitation, financing
that is junior in right of payment, second lien, subordinated or
unsecured debt).
-- Equity Financing. Three percent of the issuance amount for
equity financing.
c. A $30 million fee earned and payable upon consummation of a
restructuring, including the consummation of a Chapter 11 plan or
any other restructuring.
d. A fee payable upon the consummation of a transaction (e.g.
sale, merger or other disposition of all or a portion of the
Debtors or their assets), equal to a market-based fee to be
negotiated by the parties in good faith.
e. A fee equal to $900,000, earned and payable upon the
execution of any amendment, waiver, forbearance or other agreement
effecting the amendment.
The Debtors paid the firm $2,276,240.57 for fees earned and
expenses incurred prior to the petition date. PJT Partners also
received advance payments from the Debtors in the aggregate amount
of $237,096.77.
Steven Zelin, a partner at PJT Partners, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Steven Zelin
PJT Partners, LP
280 Park Avenue
New York, NY 10017
Tel: (212) 364-7800
Email: info@pjtpartners.com
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by White & Case, LLP.
ENVISTACOM LLC: Unsecureds Will Get 0% to 40.71% in Plan
--------------------------------------------------------
Envistacom, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Georgia a Combined Disclosure Statement and
Plan of Liquidation dated July 3, 2023.
The Debtor is a family-owned Georgia limited liability company that
was founded by Alyssa Carson in 2011 and was previously
headquartered in Duluth, Georgia with 18 international operating
locations.
Following its founding, the Debtor quickly became a significant
contractor in design, integration, deployment, training, and
operations and maintenance for the United States military’s
global strategic and tactical communications.
As set forth in the Deed of Assignment, Envistacom's creditor
obligations as of the commencement of the ABC Proceeding consisted
of (a) approximately $9.6 million in secured debt obligations and
(b) approximately $36 million in unsecured debt obligations. As of
May 10, 2023, the Debtor's creditor obligations consisted of (a)
approximately $5.096 million in secured debt obligations and (b)
approximately $30.5 million in unsecured debt obligations.
Envistacom remained focused on meeting current government demands
and prioritizing completion of its ongoing missions with the DoD
with its sale and marketing effort. To ensure continued
transparency, Envistacom engaged in frequent communications with
DoD representatives during the sale process and in the weeks
leading up to the ABC Proceeding and worked aggressively with
various contract counterparties to ensure that ongoing government
missions were uninterrupted.
On February 14, 2023, Envistacom, as seller, and Trace Systems
Inc., as purchaser, entered into that certain Asset Purchase
Agreement, governing the purchase and sale of the assets and
assumed liabilities critical to maintaining that certain prime
contract (W15P7T-20-D-0008) (the "Prime Contract") between the
Debtor and the DoD and the related delivery order (W15P7T-20-F
0262) (the "Delivery Order" and together with the Prime Contract,
the "GFSR Contracts"), the purpose of which was for the DoD to
procure services for the Program Manager Tactical Network for
Global Field Service Representative Support ("GFSR") to perform
mission-critical operational and maintenance support of
communication equipment. Through the quick and decisive action of
Trace, the U.S. government, and Envistacom, a successful novation
of the GFSR Contracts was completed in late February 2023.
On July 16, 2023, Bullseye, as Auctioneer, intends to commence
online bidding for the De Minimis Assets stored at building 300 of
the Leased Premises (collectively, the "Building 300 Assets"). On
July 25, 2023, a public inspection of the Building 300 Assets will
occur. On July 26, 2023 at 10:00 a.m., the bid deadline for the
Building 300 Assets will occur. On July 27, 2023, successful
bidders will have the opportunity to remove their purchased
Building 300 Assets from the Leased Premises.
Class 4 consists of all General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim shall receive, on account of and in
exchange for such Allowed General Unsecured Claim, following
payment in full of the Northern Trust Secured Claim, its Pro Rata
share of the Liquidating Trust Interests, or such other less
favorable treatment as to which the Debtor or Liquidating Trust, as
applicable, and the Holder of such Allowed General Unsecured Claim
shall have agreed upon in writing.
For the avoidance of doubt, Holders of General Unsecured Claims
shall not receive any distribution unless, and until, the Northern
Trust Secured Claim is paid in full. Class 4 is Impaired. The
allowed unsecured claims total $30,500,000.00. This Class will
receive a distribution of 0% to 40.71% of their allowed claims.
Class 5 consists of Existing Interests. On the Effective Date, all
Existing Interests will be cancelled, released, and extinguished,
and each such Holder of an Existing Interest shall not be entitled
to, and shall not receive or retain, any property or interest in
property on account of such Existing Interest. Holders of Existing
Interests are conclusively deemed to have rejected the Plan.
Therefore, Holders of Existing Interests are not entitled to vote
to accept or reject the Plan.
The Debtor's Cash on hand and the Liquidating Trust Assets shall be
used to fund the distributions to Holders of Allowed Claims against
the Debtor in accordance with the treatment of such Claims provided
pursuant to the Plan and subject to the terms provided herein.
A full-text copy of the Combined Disclosure Statement and Chapter
11 Plan dated July 3, 2023 is available at
https://urlcurt.com/u?l=KNMlB4 from PacerMonitor.com at no charge.
Counsel for the Debtor:
Daniel M. Simon, Esq.
McDermott Will & Emery, LLP
1180 Peachtree Street NE, Suite 3350
Atlanta, GA 30309
Tel: (404) 260-8535
Fax: (404) 393-5260
Email: dsimon@mwe.com
About Envistacom
A group of creditors including MAG DS Corp., Amentum Services Inc.,
SteelGate LLC, Momentum Decisive Solutions USA Inc., and L3
Technologies, Inc. filed a Chapter 7 petition against Envistacom,
LLC on March 21, 2023. The petitioning creditors are represented by
Matthew Levin, Esq.
On May 10, 2023, the Chapter 7 case was converted to one under
Chapter 11 (Bankr. N.D. Ga. Case No. 23-52696). Judge Jeffery W.
Cavender oversees the case.
McDermott Will & Emery, LLP serves as the Debtor's legal counsel.
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Scroggins & Williamson, P.C. as legal counsel and
Katie S. Goodman, managing partner at GGG Partners, LLC, as chief
liquidation officer.
EVANGELICAL RETIREMENT: Seeks to Hire Polsinelli as Co-Counsel
--------------------------------------------------------------
Evangelical Retirement Homes of Greater Chicago, Inc. seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Illinois to employ Polsinelli PC as co-counsel with Dopkelaw,
LLC.
The firm's services include:
a. appearing as bankruptcy counsel to the Debtor in its Chapter
11 bankruptcy proceedings, including, without limitation, with
respect to matters involving the issues for which Polsinelli is
responsible pursuant to the terms of its engagement agreement and
subject to the court's order approving such agreement;
b. assisting with and being responsible for all matters
associated with any disposition of the Debtor's assets, including,
without limitation, the anticipated sponsor substitution or sale
transaction involving the Debtor;
c. assisting the Debtor with all regulatory matters;
d. reviewing pleadings; and
e. assisting with any other issues as coordinated with the
Debtor's proposed general bankruptcy counsel, Dopkelaw LLC.
The firm will be paid at these rates:
Shareholders $750 to $1,180 per hour
Associates $560 to $720 per hour
Paraprofessionals $315 to $480 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Jeremy Johnson, Esq., a partner at Polsinelli, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jeremy R. Johnson, Esq.
Polsinelli, PC
600 3rd Avenue, 42nd Floor
New York, NY 10016
Tel: (212) 684-0199
Fax: (212) 684-0197
Email: jeremy.johnson@polsinelli.com
About Evangelical Retirement Homes
of Greater Chicago
Evangelical Retirement Homes of Greater Chicago, Incorporated
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ill. Case No. 23-07541) on June 9, 2023. In the
petition signed by its chief executive officer, Michael Flynn, the
Debtor disclosed $10 million to $50 million in assets and $100
million to $500 million in liabilities.
Judge Timothy A. Barnes oversees the case.
Bruce C. Dopke, Esq., at Dopkelaw LLC and Polsinelli, PC serve as
the Debtor's legal counsels.
The U.S. Trustee for Region 11 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Crane, Simon, Clar & Goodman.
GALLERIA 2425: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Galleria 2425 Owner LLC
1001 West Loop South 700
Houston, TX 77027
Business Description: Galleria 2425 is a Single Asset Real Estate
as defined in 11 U.S.C. Section 101(51B).
Chapter 11 Petition Date: July 5, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 23-60036
Judge: Hon. Christopher M. Lopez
Debtor's Counsel: Melissa S. Hayward, Esq.
HAYWARD PLLC
7600 Burnet Road, Suite 530
Austin, TX 78757
Tel: 214-755-7100
Email: mhayward@haywardfirm.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Dward Darjean as manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/LQAHPVI/Galleria_2425_Owner_LLC__txsbke-23-60036__0001.0.pdf?mcid=tGE4TAMA
GREELEY LAND: Seeks to Extend Acceptance Period to September 30
---------------------------------------------------------------
Greeley Land, LLC asks the U.S. Bankruptcy Court for the District
of Colorado to extend its exclusive period to solicit and obtain
acceptances of a chapter 11 modified plan of liquidation to
September 30, 2023.
The Debtor pointed out that it has a plan on file as well as an
approved disclosure statement and has taken actionable steps in
furtherance of its plan, including moving to engage an appraiser
and a broker to sell the Debtor's real property. The Court
approved the disclosure statement at the hearing on June 23,
2023, and subsequently set the confirmation hearing for the plan
on September 27 and 28, 2023 per the parties' request.
The Debtor has previously requested for an extension to its
exclusivity period to September 11, 2023, but is amending its
request due to the dates of the upcoming confirmation hearing.
Greeley Land, LLC is represented by:
Michael J. Pankow, Esq.
Amalia Y. Sax-Bolder, Esq.
Suzanne K. Daigle, Esq.
BROWNSTEIN HYATT FARBER SCHRECK, LLP
675 15th Street, Suite 2900
Denver, CO 80202
Tel: (303) 223-1100
Email: mpankow@bhfs.com
asax-bolder@bhfs.com
sdaigle@bhfs.com
About Greeley Land
Greeley Land, LLC, an apartment building operator, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022, with
$10 million to $50 million in both assets and liabilities.
Judge Michael E. Romero presides over the case.
Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at
Brownstein Hyatt Farber Schreck, LLP are the Debtor's bankruptcy
attorneys.
GZC TRANSPORT: Seeks to Hire Farsad Law Office as Counsel
---------------------------------------------------------
GZC Transport, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of California to employ Farsad Law Office
as its bankruptcy counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
property;
b. taking necessary action to avoid any liens against the
Debtor's property, if needed;
c. representing the Debtor in consultations with creditors
regarding the administration of its Chapter 11 case, including
creditors holding liens on the property;
d. advising and taking any action to stay foreclosure
proceedings against any of the Debtor's property;
e. preparing legal papers;
f. preparing a disclosure statement and plan of reorganization;
g. representing the Debtor in any manner relevant to a review of
any contractual obligations and asset collection and dispositions;
h. preparing documents relating to the disposition of assets;
i. advising the Debtor on finance and finance-related matters
including the sale of the Debtor's assets;
j. advising the Debtor on issues associated with the acts,
conduct, assets, liabilities and financial condition of the Debtor,
and any other matters relevant to its bankruptcy case or to the
formulation of a plan of reorganization;
k. assisting the Debtor in the negotiation, formulation,
preparation and submission of a plan of reorganization and
disclosure statement;
l. preparing status conference statements and appearing at court
hearings;
m. obtaining the necessary approval of disclosure statement and
soliciting ballots as necessary for plan confirmation; and
n. providing other necessary advice and services as the Debtor
may require in connection with this case, including advising and
assisting the Debtor with respect to resolving disputes with any
creditor that may arise;
The firm will be paid at these rates:
Arasto Farsad $350 per hour
Nancy Weng $350 per hour
Paralegals $100 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtor paid the firm a retainer of $13,262.
As disclosed in court filings, Farsad Law Office is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Arasto Farsad, Esq.
Nancy Weng, Esq.
Farsad Law Office, P.C.
1625 The Alameda, Suite 525
San Jose, CA 95126
Tel: (408) 641-9966
Fax: (408) 866-7334
Email: farsadlaw1@gmail.com;
nancy@farsadlaw.com
About GZC Transport
GZC Transport, LLC, a company in San Jose, Calif., filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Calif.
Case No. 23-50602) on June 7, 2023, with $1 million to $10 million
in both assets and liabilities. Lin Dee Liu, managing member,
signed the petition.
Judge M. Elaine Hammond oversees the case.
Farsad Law Office, P.C. serves as the Debtor's legal counsel.
HC LIQUIDATING: Seeks to Extend Plan Exclusivity to August 25
-------------------------------------------------------------
HC Liquidating, Inc. asks the U.S. Bankruptcy Court for the
District of Delaware to extend its exclusive periods for the
filing of a chapter 11 plan and solicitation of accepatance
thereof to August 25, 2023 and October 23, 2023, respectively.
The Debtor claims the requested extension is reasonable given its
progress to date and the current posture of its chapter 11 case.
The Debtor stated that, together with its advisors, it has worked
diligently to administer its case as efficiently as possible to
minimize administrative expenses and maximize the recovery
available. The Debtor also stated that it took great efforts to
monetize substantially all of its assets.
The Debtor further stated that it has undertaken significant
efforts to move its chapter 11 case toward confirmation, and that
it has worked diligently to inform, involve and negotiate with
the unsecured creditors' committee on various issues.
The initial exclusive filing period ends on June 26, 2023, while
the initial exclusive solicitation period ends August 23, 2023.
HC Liquidating Inc. is represented by:
Norman L. Pernick, Esq.
Andrew J. Roth-Moore, Esq.
Michael E. Fitzpatrick, Esq.
COLE SCHOTZ P.C.
500 Delaware Avenue, Suite 1410
Wilmington, DE 19801
Tel: (302) 652-3131
Email: npernick@coleschotz.com
aroth-moore@coleschotz.com
mfitzpatrick@coleschotz.com
- and -
Brian L. Davidoff, Esq.
Keith P. Banner, Esq.
GREENBERG GLUSKER LLP
2049 Century Park East, Suite 2600
Los Angeles, CA 90067
Tel: (310) 553-3610
Email: bdavidoff@greenbergglusker.com
kbanner@greenbergglusker.com
About HC Liquidating Inc.
HC Liquidating Inc., formerly HyreCar Inc. is a nationwide leader
operating a carsharing marketplace for ridesharing and food and
package delivery nationwide via its proprietary technology
platform.
HyreCar filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10259) on Feb. 25,
2023, with $10 million to $50 million in both assets and
liabilities. Mark Allen, manager, signed the petition.
The Debtor tapped Greenberg Glusker Fields Claman & Machtinger
LLP and Cole Schotz, PC as legal counsel; and Zukin Partners, LLC
as investment banker. Donlin, Recano & Company, Inc. is the
claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Blank Rome, LLP and Dundon Advisers, LLC serve as the committee's
legal counsel and financial advisor, respectively.
HENRRY DELIVERY: Wins Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Henrry Delivery Services, Inc. to use
the cash collateral of C T Corporation System as Representative,
Corporation Service Company as Representative, and Acme Company, on
an interim basis, retroactive to December 14, 2022.
The Debtor is permitted to use cash collateral to pay:
(a) amounts expressly authorized by the Court, including
monthly payments to the Subchapter V trustee;
(b) the current and necessary expenses set forth in the
budget, plus an amount not to exceed 10% for each line item; and
(c) additional amounts as may be expressly approved in writing
by the Secured Creditors.
As adequate protection, the Secured Creditors will have perfected
post-petition liens against cash collateral to the same extent and
with the same validity and priority as their prepetition liens,
without the need to file or execute any document as may otherwise
be required under applicable non bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditors.
A continued hearing on the matter is set for August 31, 2023 at
1:30 p.m.
A copy of the Court's order is available at
https://urlcurt.com/u?l=jy6vl6 from PacerMonitor.com.
About Henrry Delivery Services
Henrry Delivery Services, Inc., is a delivery company which
subcontracts to do deliveries for big-box stores.
Henrry Delivery Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-04921) on Dec.
14, 2022, with up to $500,000 in assets and up to $100,000 in
liabilities. Henrry Campos Pena, president, signed the petition.
Judge Catherine Peek McEwen oversees the case.
The Debtor tapped Buddy D. Ford, Esq., at Buddy D. Ford, P.A. as
legal counsel and A+ Accounting & Tax as accountant.
HONEY CREEK PARTNERS: Seeks to Extend Plan Exclusivity to Sept. 25
------------------------------------------------------------------
Honey Creek Partners, L.P. asks the U.S. Bankruptcy Court for the
Northern District of Texas to extend the exclusive period during
which it may file a plan and solicit confirmation thereof to
September 25, 2023 and November 21, 2023, respectively.
Unless extended, the Debtor's exclusive filing period terminates
on June 26, 2023, while its exclusive solicitation period
terminates on August 23, 2023.
The Debtor stated that a plan has not been filed because it may
not be necessary in its case.
The Debtor disclosed that it has a pending motion for approval of
a contract to sell 1,300 acres of real estate that, if closed,
would pay creditors in full and return a substantial amount to
equity. The Debtor explained that if the sale contract moves
forward, it believes that the first closing contemplated under
the contract will generate sufficient funds to pay allowed claims
leaving little to be accomplished by a plan.
Honey Creek Partners, L.P. is represented by:
Charles B. Hendricks, Esq.
Emily S. Wall, Esq.
CAVAZOS HENDRICKS POIROT, P.C.
900 Jackson Street, Suite 570
Dallas, TX 75202
Tel: (214) 573-7307
Email: ewall@chfirm.com
About Honey Creek Partners
Honey Creek Partners, L.P., formerly known as Honey Creek Ranch
Corporation, is a limited partnership in Flower Mound, Texas.
Honey Creek Partners filed its voluntary petition for Chapter 11
protection (Bankr. N.D. Texas Case No. 23-30339) on Feb. 24, 2023,
with $50 million to $100 million in assets and $1 million to $10
million in liabilities. Judge Stacey G. Jernigan oversees the
case.
Charles B. Hendricks, Esq., at Cavazos Hendricks Poirot, P.C. and
Griffin Harris, PLLC serve as the Debtor's bankruptcy counsel and
special real estate counsel, respectively.
INNERLINE ENGINEERING: Amends Unsecured Claims Pay Details
----------------------------------------------------------
Innerline Engineering, Inc., submitted a First Amended Disclosure
Statement describing Third Amended Plan dated July 3, 2023.
At the petition date, the Debtor's financials showed that the
Debtor's business had already rebounded, and that the Debtor could
propose a feasible and reasonable plan of reorganization that
complies with Sections 1129 and 1191 of the Bankruptcy Code.
As of May 30, 2023, the postpetition profit and loss statement on
an accrual basis ("Accrual P&L") shows net income of $943,299.
Postpetition, cost of goods sold ("COGs") have been excellent as it
is only 40% ($1,780,801) of the total revenue ($4,463,155) based on
the Accrual P&L.
As of May 30, 2023, the postpetition profit and loss statement on a
cash basis ("Cash P&L") shows net income of $913,103. Postpetition,
cost of goods sold ("COGs") have been excellent as it is only 40%
($1,736,980) of the total revenue ($4,363,075) based on the Cash
P&L.
The Debtor's ability to collect receivables on a timely basis has
been outstanding pursuant to the Debtor's MORs and collecting
receivables is the critical and integral factor for healthy cash
flow. Postpetition, the receivables within 30 days made up 80% of
the total receivables. The receivables within 60 days made up 84%
of the total receivables. The receivables with 90 days made up 86%
of the total receivables. The receivables of more than 90 days made
up 14% of the total receivables.
The Debtor has unbilled revenue from current projects of $602,618
and an additional $1,351,092 left to be earned on those contracts.
As such, the Debtor has a steady stream of revenue for the
foreseeable future from its current contracts. The Debtor has
currently bid on 16 new projects.
As set forth in the Trustee's Second Supplemental Brief and the
Debtor's Status Report, the Debtor and Trustee thereafter
negotiated revised proposed treatment to the unsecured class. The
Debtor has agreed that general unsecured creditors will
additionally receive annual lump sum payments that are equal to 25%
of the Debtor's net annual income for the prior year. This proposed
equitable treatment ensures that the unsecured creditors share in
any increases in the Debtor's profits.
As such, the Debtor files this amended Disclosure Statement and
Plan, in order to incorporate the negotiated treatment for the
unsecured class and to update the financial information as it is
now outdated.
Class 15 consists of General Unsecured Claims. In the present case,
the Debtor estimates that general unsecured debts total
approximately $3,317,274, (the total amount excludes the DIR claim,
but the liability will be included in this class in whatever amount
is ultimately determined, if any).
Class 15 will be paid as follows:
* $3,000 every quarter for 5 years
* $5,000 annually for 5 years in December of each year
* This equals $85,000 which is estimated to pay approximately
2.56% of each claim.
In addition, the Debtor shall make an annual disbursement of 25%
from its actual net profits. The net profits will not include funds
that must be allocated for working capital and regular/ongoing
business expenditures. Rather, the annual 25% disbursement will be
taken from the net cash disbursement that would normally go to the
principals.
The annual 25% disbursement will be paid by May 15 of the following
calendar year to correspond and coordinate with the preparation and
filing of the Debtor's parent company's tax returns. This class
includes: the claims of Inner Assets, APS Environmental, Dig Vac,
Herc Rentals, Midwest/MECC and Translease, which are all rendered
unsecured due to the value of the Debtor's assets and the amounts
owed to senior lienholders.
The Debtor will fund the Plan from the operation of its business
and the funds that it has/will have accumulated in its DIP bank
accounts.
A full-text copy of the First Amended Disclosure Statement dated
July 3, 2023 is available at https://urlcurt.com/u?l=7AGJ6Y from
PacerMonitor.com at no charge.
Debtor's Counsel:
Matthew D. Resnik, Esq.
W. Sloan Youkstetter, Esq.
RHM LAW LLP
17609 Ventura Blvd., Suite 314
Encino, CA 91316
Telephone: (818) 285-0100
Facsimile: (818) 855-7013
Email: matt@RHMFirm.com
sloan@RHMFirm.com
About Innerline Engineering
Innerline Engineering, Inc., which provides pipeline cleaning and
inspection services, filed a Chapter 11 bankruptcy petition (Bankr.
C.D. Cal. Case No. 22-10545) on Feb. 14, 2022.
In the petition signed by J.C. Yeh, chief financial officer, the
Debtor disclosed $1,885,915 in assets and $9,163,707 in
liabilities.
The Hon. Wayne E. Johnson oversees the case.
Matthew D. Resnik, Esq., of RESNIK HAYES MORADI, LLP, is the
Debtor's counsel.
ITTELLA INTERNATIONAL: Seeks $3MM DIP Loan from UMB Bank
--------------------------------------------------------
Ittella International LLC and affiliates ask the U.S. Bankruptcy
Court for the Central District of California, Los Angeles Division,
for authority to use cash collateral and obtain post-petition
financing.
The Debtors seek to obtain postpetition financing from UMB Bank,
N.A. consisting of (a) an aggregate principal amount of up to $3
million in "new money" revolving loans and (b) rolled-up loans
under a Prepetition Credit Agreement held by the Lender, in an
aggregate amount of $3 million in principal upon entry of the
Interim Order, in accordance with the terms and conditions set
forth in the DIP Credit Agreement, and all other terms and
conditions of the DIP Documents.
The Debtors require the use of cash collateral and DIP loan
proceeds to make the payments authorized by other first-day orders,
conduct a meaningful sale process, and fund their operations
worldwide.
In May 2021, Tattooed Chef, Inc. acquired New Mexico Food
Distributors, Inc. and Karsten Tortilla Factory, LLC for a total
purchase price of $34.1 million, and, on December 21, 2021, through
BCI Acquisition, Inc., acquired substantially all of the assets and
assumed certain liabilities from Belmont Confections, Inc. (located
in Ohio) for a total purchase price of $16.7 million.
In August 2022, TCI, through TTCF-NM Holdings Inc., entered into an
equipment purchase agreement with Desert Premium Group, LLC
pursuant to which the Debtors acquired certain manufacturing,
production, and storage assets, organized workforce, as well as
assumed a lease for an 80,000-square foot manufacturing facility
located in Albuquerque, New Mexico, for a purchase price of
approximately $10.4 million.
When the Debtors went public in 2020, the brand had household
awareness of under 6%, were available in only 4 major retailers
nationwide, and were in less than 4,000 stores. Since then, brand
awareness has grown to over 26% of households, and the Debtors'
products are carried by over 40 retailers in over 23,000 retail
stores. The Debtors invested over $100 million on marketing and
in-store promotions to achieve this growth within such a short time
period.
After the corporate acquisitions and the substantial outlay of
funds to develop the market for the Debtors' products, the Debtors
found themselves short on cash. In August 2022, the Debtors engaged
a financial advisor to pursue new financing through a "PIPE"
transaction whereby an institutional or accredited investor would
acquire shares in TCI at a below market price, or through other
financing methods that might be available to the Debtors. In
October, the Debtors' auditors advised the Debtors that certain
adjustments and restatements to their financial statements were
required, which affected the Debtors' financial statements for the
preceding six financial quarters.
Over the next eight months, the Debtors diligently explored
alternative financing and funding solutions. However, due to the
Debtors' restated financial statements, changes in the capital
markets, and the general economic conditions affecting the Debtors'
market segment, the Debtors were unable to obtain any new
financing. Although the Debtors experienced revenue growth from
$147 million in 2020 to $230 million in 2022, TCI's share price
declined dramatically, particularly over the first quarter of 2023.
During this time period, the Debtors' liquidity became constrained
and the Debtors fell behind on payments to suppliers and other
parties necessary to the continued operation and profitability of
their business.
Although the Debtors have done everything possible to reduce
operating expenses over the last nine months, such reduction in
expenses has not resulted in sufficient savings to preserve the
Debtors' ability to timely pay its obligations and satisfy customer
demand. In addition, the costs of compliance with public company
reporting and other requirements have been substantial.
Prior to the Petition Date, the Debtors entered into the Amended
and Restated Loan and Security Agreement dated as of June 30, 2022
as subsequently amended by the Joinder and First Amendment to
Amended and Restated Loan and Security Agreement dated as of August
5, 2022 and the Second Amendment to Amended and Restated Loan and
Security Agreement dated as of June 17, 2023, pursuant to which
Ittella, as borrower, and Ittella's Chef, LLC, NMFD, Karsten and
BCI as guarantors, obtained a revolving credit facility subject to
the credit limit of $25 million.
As of the Petition Date, the amount of Lender's claim is (a)
$18.180 million in principal, and (b) $44,284 in accrued interest,
plus (c) approximately $50,000 in reimbursable attorneys' fees,
plus (d) $558,120 in contingent letter of credit reimbursement
expenses, plus (d) other fees, costs, indemnities. The Lender is
entitled to default interest, fees and expenses after the Petition
Date pursuant to section 506(b) of the Bankruptcy Code.
Prior to the Petition Date, the Lender was in an overadvance
position. Notwithstanding the overadvance, the Lender made a
discretionary advance in the amount of $435,000 on June 30, 2023,
pursuant to the Prepetition Credit Agreement to ensure that the
Debtors had adequate liquidity to make critical payments,
including, without limitation the payment of employee wages.
These events constitute an "Termination Event":
a. The date that is 45 days after the Petition Date unless a
Final Order is entered;
b. The failure of Debtors to file a motion to establish bid
procedures for the sale of assets in form acceptable to Lender
within 30 days after the Petition Date;
c. The occurrence of an "Event of Default" as defined in the
DIP Loan Agreement and the passage of any applicable cure period
set forth therein;
d. The failure of the Debtors to comply with the budget and
reporting requirements of the Interim Order;
e. Any other material breach by the Debtor of any other
obligations, representations, warranties or covenants in the
Interim Order, which material breach is not cured on or within
three business days after written notice of such breach is given to
the Debtor; or
f. Reversal, vacatur, or modification (without consent of the
Lender) of the Interim Order.
As adequate protection, the Lender will be granted valid,
enforceable, binding, non-avoidable, and fully perfected first
priority priming (as applicable) liens on and senior security
interests in substantially all of the property, assets, and other
interests in property and assets of the DIP Loan Parties.
A copy of the motion is available at https://urlcurt.com/u?l=scXsjl
from PacerMonitor.com.
About Ittella International LLC
Ittella International LLC supplies plant-based products.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:23-bk-14154-SK) on
July 2, 2023. In the petition signed by Salvatore Galletti, chief
executive officer, the Debtor disclosed up to $50 million in both
assets and liabilities.
David L. Neale, Esq., at Levene, Neale, Bender, Yoo and Golubchik
LLP, represents the Debtor as legal counsel.
JND PROPERTIES: Lands in Chapter 11 Bankruptcy
----------------------------------------------
JND Properties LLC filed for chapter 11 protection in the Western
District of Pennsylvania.
JND Properties is a real estate management company. It was
formerly a member of Majestic Hills, LLC, a Pennsylvania limited
liability company, who was created to develop the Majestic Hills
residential development in Washington County, Pennsylvania.
As of the Petition Date, JND Properties has been involved in a
multitude of lawsuits against various parties, including but not
limited to, NVR, Inc. d/b/a Ryan Homes (the homebuilder), North
Strabane Township (the municipality), various contractors and
subcontractors, and homeowners.
According to court filings, JND Properties estimates $1 million to
$10 million in debt to 1 to 49 creditors. The petition states that
funds will not be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 18, 2023, at 2:00 p.m. The upcoming 341(a) meeting is
scheduled to be held by phone. Call 1-877-612-9054 and use access
code 4831906 to join the meeting.
Proofs of claim are due by Aug. 19, 2023.
About JND Enterprises
JND Enterprises, LLC -- https://jndproperties.com/ -- is a
developer of multi-family homes.
JND Enterprises filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
23-21298) on June 15, 2023. In the petition signed by Joseph
DeNardo, member, the Debtor disclosed $1 million to $10 million in
both assets and liabilities.
William G Krieger has been appointed as Subchapter V trustee.
David Z. Valencik, Esq., at Calaiaro Valencik, serves as the
Debtor's counsel.
KEN FARRINGTON: Wins Cash Collateral Access Thru Aug 2
------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Ken Farrington Tractor & Landclearing,
Inc. to use cash collateral on an interim basis in accordance with
the budget, through August 2, 2023.
The Debtor requires the use of cash collateral to fund ordinary
business operations and necessary expenses.
The Debtor is permitted to use cash collateral to pay amounts
expressly authorized by the Court, including payments to the
Subchapter V Trustee and the current and necessary expenses as set
forth in the Budget, plus an amount not to exceed 10% for each line
item; and additional amounts as may be expressly approved in
writing by the U.S. Small Business Administration.
As adequate protection, the SBA is granted valid, attached, choate,
enforceable, perfected, and continuing security interests in, and
liens upon, all post-petition assets of the Debtor of the same
character and type, to the same nature, extent, and validity as the
items and encumbrances of the SBA attached to the Debtor's assets
prior to the petition date.
The SBA will hold allowed administrative claims under 11 U.S.C.
section 507(b) with respect to the adequate protection obligations
of the Debtor to the extent that the replacement liens on
Post-Petition Collateral do not adequately protect the diminution
in value of the interests of the SBA in its pre-petition
collateral. The administrative claims will be junior and
subordinate only to any superpriority claim of the kind ordered by
the Court, and will be subject to Court approval.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under all applicable loan and
security documents.
A final hearing on the matter is set for August 2 at 11 a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=5qsr8D from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$9,675 for the week of July 3 2023;
$9,675 for the week of July 10, 2023;
$13,510 for the week of July 17, 2023;
$9,675 for the week of July 24, 2023; and
$11,527 for the week of July 31, 2023.
About Ken Farrington Tractor & Landclearing, Inc.
Ken Farrington Tractor & Landclearing, Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Banker M.D. Fla. Case No.
23-01935) on May 22, 2023.
In the petition signed by Kenneth J. Farrington, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Tiffany P. Geyer oversees the case.
Daniel A. Velasquez, Esq., at the Latham Luna E den and Beaudine,
LLP, represents the Debtor as legal counsel.
LUNYA CORP: Files for Chapter 11 Protection
-------------------------------------------
Anna Hensel of Modern Retail reports that direct-to-consumer
startup Lunya has filed for a Chapter 11 bankruptcy in the hopes of
reorganizing its business.
Specifically, Lunya filed for Chapter 11 under the subchapter V
provision on June 16, 2023. The provision is geared toward small
businesses with unsecured debts of no more than $7.5 million, and
is designed to help them move through the Chapter 11 process -- the
goal of which is to allow a company to reorganize and remain in
business -- more quickly and cheaply.
Lunya's Chapter 11 filing provides a window into the major problems
plaguing DTC brands right now: namely, Apple's iOS 14 changes have
hurt brands that were heavily reliant on digital marketing to drive
sales through their own website. And while some brands have been
able to return to growth by opening more retail stores, others are
getting dragged down by expensive leases.
In a statement to Modern Retail, Lunya CEO Blair Lawson said that
she's been working to improve Lunya’s profitability since taking
over the top job from founder Ashley Merrill one year ago. "We have
dramatically reduced our operating expenses, streamlined our team,
optimized inventory, and improved marketing efficiency," she
wrote.
She added that Lunya filed a Chapter 11 under subchapter V as "a
final step to making Lunya a profitable and self-sufficient
business. This filing will allow us to continue to operate the
business as usual while clearing some old liabilities and expensive
retail leases. I'm very optimistic about Lunya's future. Our
Subchapter V filing will allow us to turn the corner to
profitability and focus on Lunya’s mission to elevate rest."
According to a declaration from Lawson as part of the Chapter 11
filing, Lunya's revenue peaked at just over $50 million in 2020 and
2021. By 2022, its revenue had fallen to just $35 million.
Trouble for the company began in mid-2021. That year, Lunya
significantly increased its inventory levels, believing that
Covid-induced e-commerce growth would continue.
But starting in June 2021, Lunya's "monthly revenues began to
decline over the prior year," which the company blamed on Apple's
iOS 14 changes. Lawson wrote that this "severely impaired the
brand's ability to effectively target advertisements to social
media users based on their interests and proclivity to purchase."
In turn, "team members ordered approximately sixty percent (60%)
more inventory than was ultimately needed to support 2021 sales."
That wasn't the company's only issue. Lunya opened a handful of
stores between 2020 and 2022, and now operates seven owned retail
stores in total. But, in this "effort to diversify channels, the
team entered into a number of retail lease agreements for retail
locations that were too large and with rents that were too high for
the size of Lunya's business."
About Lunya Company
Lunya Company is a Los Angeles-based brand selling sleepwear
through its own ecommerce site (Lunya.co), seven own-branded retail
stores, and certain select wholesale partners.
Lunya Company filed a petition under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. D. Del. Case No. 23-10783) on June 16,
2023, with $1 million to $10 million in assets and $10 million to
$50 million in liabilities. Blair Lawson, chief executive officer,
signed the petition.
Judge Brendan Linehan Shannon oversees the case.
David Klauder has been appointed as Subchapter V trustee.
Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, P.C.,
is the Debtor's legal counsel.
M & S TRUCKING: Continued Operations to Fund Plan
-------------------------------------------------
M & S Trucking of Lockesburg, LLC, filed with the U.S. Bankruptcy
Court for the Western District of Arkansas a Plan of Reorganization
for Small Business under Subchapter V dated June 29, 2023.
The Debtor is an Arkansas limited liability company in good
standing and is a going concern engaged in commerce as a logging
and timber cutting and hauling firm with services in Southwest
Arkansas from its principal place of business in Lockesburg,
Arkansas.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of approximately $23,000.00 a
month. The Debtor shall pay into the plan for 60 months.
This Plan of Reorganization proposes to pay creditors of the Debtor
from operation of the Debtor's business.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately $00.11 cents on the dollar. This Plan also
provides for the payment of administrative and priority claims.
Class 12 Unsecured Non-priority Claims. The claims of this class
total approximately $160,500.00. This class will be paid in annual
pro rata installments, and no interest will accrue on the claims of
this class. Payment to this class will be made annually for the
length of the Plan. Payment will be made on the anniversary date of
the Effective Date of this Plan. Payments to this class shall be
pro rata. The annual funding for payments to this class of claims
is $15,000.00 each year of the Plan. This class of claims is
impaired.
Class 13 Interests of the Equity Security Holders of the Debtor.
The Debtor has two equity security holders, Marlowe King and Sherry
King. The Kings shall continue to manage the Debtor's business and
shall be paid a salary but shall receive no dividend or capital
distribution on account of their equity until all payments under
this Plan are made.
The Debtor will continue to engage in the logging and timber
business and any other lawful activity.
A full-text copy of the Plan of Reorganization dated June 29, 2023
is available at https://urlcurt.com/u?l=GVR94G from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Stanley V. Bond, Esq.
Bond Law Office
P.O. Box 1893
Fayetteville, AR 72702-1893
Telephone: (479) 444-0255
Facsimile: (479) 235-2827
Email: attybond@me.com
About M & S Trucking of Lockesburg
M & S Trucking of Lockesburg, LLC, is in the freight car loading
and unloading business. The company is based in Lockesburg, Ark.
M & S Trucking of Lockesburg filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark.
Case No. 23-70348) on March 17, 2023, with $1,196,698 in assets and
$1,722,521 in liabilities. Shari Sherman has been appointed as
Subchapter V trustee.
Judge Richard D. Taylor oversees the case.
The Debtor is represented by Stanley V. Bond, Esq., at Bond Law
Office.
MACDREMMA INC: Unsecureds Will Get 13% in Consensual Plan
---------------------------------------------------------
MacDremma, Inc., filed with the U.S. Bankruptcy Court for the
Central District of California a Subchapter V Plan of
Reorganization dated June 29, 2023.
The Debtor is a fitness facility commonly known as an "Anytime
Fitness" franchise. Additionally, the Debtor has added some
wellness services that it offers to its clients/members.
Debtor's owner and managing member, Michael Heinold ("Mike") formed
the company in June 2018 and funded the company with his own
savings and retirement funds and an SBA loan obtained from Midland
("SBA Loan").
Unfortunately, shortly after the Debtor opened its Gym, the COVID
pandemic hit the country/world and the Gym was force closed for
nearly 10 months which put the Debtor in a hole that it would
ultimately not be able to climb out of on its own.
For 2023, the Debtor was on a path to do even better, however, with
the increased payment being owed to the Debtor's landlord to catch
up the COVID arrears, the increase in the interest due on the SBA
Loan with rising interest rates, and Mike having little funds to
put into the Debtor from his own funds, after working full time for
the Debtor to run all of its operations at a salary of far under
market/reasonable pay, the Debtor simply could not continue without
seeking relief under the Code.
Class 3A consists of Convenience Claims. This class includes any
allowed unsecured claim of $500.00 or less; and any allowed
unsecured claim larger than $10,000.00 but whose holder agrees to
reduce its allowed claim to $1,000.00. Each member of this class
shall receive on the Effective Date, or as soon as practicable
thereafter, a single payment equal to 100% of the allowed claim.
This class is unimpaired and not entitled to vote on the plan.
Class 3B consists of General Unsecured Claims. If the Plan is
consensual General Unsecured Creditors will receive 13% of allowed
or filed Claims over 60 months and Mike will waive payment of his
Claim. If the Plan is nonconsensual General Unsecured Creditors in
Claim 3B will receive 6% of allowed or filed Claims over 36 months
and Mike will not waive payment of his Claim.
Class 4 consists of Equity Interest Holder Michael Heinold. Equity
interest holder, will retain his interest ("Stock").
The Plan will be funded through:
* $72,000 of cash which is expected to be available on the
date of the Plan confirmation hearing; and
* Additional cash from projected disposable income (projected
to be $4,784/month for the 5 years following confirmation for a
total of $287,066 for a consensual plan or $172,224 over a 3-year
period in a non-consensual plan).
A full-text copy of the Subchapter V Plan dated June 29, 2023 is
available at https://urlcurt.com/u?l=qjSEZv from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Summer Shaw, Esq.
SHAW & HANOVER, PC
44-901 Village Court, Suite B
Palm Desert, CA 92260
Telephone:(760) 610-0000
Facsimile: (760) 687-2800
E-mail: ss@shaw.law
About MacDremma Inc.
MacDremma, Inc., is a fitness facility commonly known as an
"Anytime Fitness" franchise. MacDremma filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 23-11301) on March 31, 2023. The Debtor is represented by
Summer Shaw, Esq. of SHAW & HANOVER, PC.
MEDIAMATH HOLDINGS: Seeks Cash Collateral Access Thru Sept 29
-------------------------------------------------------------
MediaMath Holdings, Inc. and affiliates ask the U.S. Bankruptcy
Court for the District of Delaware for authority to use cash
collateral and provide adequate protection, through September 29,
2023.
The Debtors require the use of cash collateral to preserve and
maximize the value of their assets.
Certain of the Debtors are borrowers or guarantors under an Amended
and Restated Credit and Guaranty Agreement, dated as of April 21,
2022, by and among Debtor MediaMath Holdings, Inc. and certain
subsidiaries of the Debtors, the other credit parties party thereto
from time to time, the lenders party thereto from time to time, and
Goldman Sachs Specialty Lending Group, L.P., as administrative
agent and collateral agent. The Credit Agreement, which
memorializes the terms of the Debtors' first lien funded
indebtedness, is made up of a term loan in the amount of $11
million and a revolving facility in an aggregate amount not to
exceed $80 million. As of the Petition Date, the Debtors had
approximately $95 million of aggregate principal first lien funded
indebtedness, including accrued and unpaid interest.
The Debtors' use of cash collateral will terminate through the
earliest to occur of:
(a) the date on which Prepetition Agent provides, via
facsimile, electronic mail, or overnight mail, written notice to
counsel for Debtors, counsel for any Committee, and the United
States Trustee of the occurrence and continuance of an Event of
Default and the occurrence of the "Termination Date";
(b) the date that is 21 days following the entry of the
Proposed Order if the Final Order is not entered in form and
substance satisfactory to Prepetition Agent by such date;
(c) the date of the Final Hearing, if the Proposed Interim
Order is modified at the Final Hearing in a manner unacceptable to
Prepetition Agent;
(d) the date of the consummation of the sale, collection or
other disposition of all, or substantially all, of the assets of
the Debtors;
(e) the date on which the Prepetition Debt is Paid in Full;
(f) the date of confirmation of the Plan and
(g) September 30, 2023.
The Proposed Interim Order provides a Carve-Out of (i) certain fees
and expenses for the Carveout Professionals incurred prior to the
Termination Date and (ii) fees and costs of the Carveout
Professionals incurred after the Termination Date, subject to a cap
of $200,000, all as detailed more fully in the Proposed Interim
Order, provided, for the avoidance of doubt, that the Debtors may
use up to $5.5 million of cash collateral to fund the costs of the
Applicable Debtors' estates accrued through the Termination Date,
subject to the funding of the Carveout.
As adequate protection for the use of cash collateral and
Prepetition Collateral, the Debtors propose providing the
Prepetition Secured Parties with, among other things: (a) perfected
security interests, and replacement liens upon all Prepetition
Collateral and Postpetition Collateral, for any diminution in value
of the Prepetition Collateral; (b) an Allowed Bankruptcy Code
section 507(b) claim; and (c) upon any sale or disposition of the
assets, which sale or disposition having been for cash
consideration, such use of cash consideration to be applied until
the Prepetition Debt has been Paid in Full pursuant to the
Prepetition Documents.
A copy of the motion is available at https://urlcurt.com/u?l=GK1cWn
from PacerMonitor.com.
About MediaMath Holdings, Inc.
MediaMath Holdings, Inc. develops and delivers digital advertising
media and data management technology solutions to advertisers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30,
2023. In the petition signed by Neil Nguyen, chief executive
officer, the Debtor disclosed up to $500 million in both assets and
liabilities. As of the Petition Date, the Debtors had about $95
million of first lien funded debt.
Judge Laurie Selber Silverstein oversees the case.
The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as legal
counsel, FTI CONSULTING, INC. as financial advisor, and EPIQ
CORPORATE RESTRUCTURING, LLC as claims and restructuring agent.
N.F. INTERNATIONAL: Taps Milton Jones as Bankruptcy Attorney
------------------------------------------------------------
N.F. International Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Milton Jones,
Esq., a practicing attorney in Lovejoy, Ga., to handle its Chapter
11 case.
The Debtor requires a bankruptcy attorney to:
(a) prepare pleading and applications;
(b) conduct examination;
(c) advise the Debtor of its rights, duties and obligations;
(d) consult with and represent the Debtor with respect to a
Chapter 11 plan;
(e) perform those legal services incidental and necessary to the
day-to-day operation of the Debtor's business, including, but not
limited to, institution and prosecution of necessary legal
proceedings, and general business and corporate legal services;
and
(f) take other actions incident to the proper preservation and
administration of the Debtor's estate and business.
Mr. Jones charges $250 per hour for his services and $150 per hour
for his legal assistants. In addition, the attorney will seek
reimbursement for out-of-pocket expenses incurred.
The Debtor paid the attorney a retainer in the amount of $15,000.
As disclosed in court filings, Mr. Jones is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Mr. Jones holds office at:
Milton D. Jones, Esq.
PO Box 533
Lovejoy, GA 30250
Tel: (770) 899-8486
Email: miltondjonesatty@gmail.com
About N.F. International
N.F. International Inc., a company in Lawrenceville, Ga., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 23-54962) on May 28, 2023, with $97,900
in assets and $3,297,730 in liabilities. Tamara Miles Ogier, Esq.,
at Ogier, Rothschild & Rosenfeld, PC has been appointed as
Subchapter V trustee
Judge Sage M. Sigler oversees the case.
The Debtor tapped Milton Jones, Esq., a practicing attorney in
Lovejoy, Ga., to handle its Chapter 11 case.
NEO ACCOUNTING: Starts Subchapter V Bankruptcy Case
---------------------------------------------------
NEO Accounting & Tax Services LLC filed for chapter 11 protection
in the Middle District of Florida. The Debtor elected on its
voluntary petition to proceed under Subchapter V of chapter 11 of
the Bankruptcy Code.
In February of 2017, NEO Accounting & Tax Services and Pearl Road
Real Estate purchased the assets of Lou-Ray Associates, Inc. NEO
was intended to be the operating company and purchased the
furniture, equipment, and clients of the accounting practice of
Lou-Ray for $2,304,000. Pearl was intended to be the land owner
company and purchased the office building located at 1378 Pearl
Road and two rental houses located at 1388 Pearl Road and 1392
Pearl Road for $1,000,000. In order to purchase the firm and real
property, Gotit Group Brunswick bought a 15% equity position in NEO
and Pearl that provided the down payment of $400,000. The
remainder of the purchase price, loan issue costs and start up
costs were paid through an SBA loan through Key Bank and seller
notes of $100,000 on the building and $160,000 on the accounting
practice. The Gotit equity investment terms were, in hindsight,
detrimental to the firm because, although Gotit was only a 15%
equity owner, any distributions made to the Debtors’ other owner
Brett Mangon also had to be paid to Gotit in equal amounts.
Also, during the purchase due diligence phase, Mangon was provide
with financial information of Lou-Ray with revenue amounts that
were significantly higher than anything NEO every realized. Mangon
was shown average annual revenue of $2,100,000. NEO never did
better than $1,700,000 in any year. In addition, NEO was unaware
of the demographics of Lou-Ray's client base. Many of the business
clients were older and would soon sell their businesses. When a CPA
firm is purchased in general the purchaser can expect a 15%-20%
loss of revenue from clients leaving. NEO experienced that type of
loss as well as significant losses from clients that sold their
business shortly after NEO purchased the business. The loss of
revenue lead to the opening and use of the line of credit that is
currently at its maximum borrowing amount of $250,000.
The COVID-19 pandemic led to further loss of clients due to closure
of many restaurant clients and other clients that simply could not
continue in business through the pandemic. NEO obtained an EIDL
loan that it was used to pay down part of the original SBA loan
with Key Bank ($716,216), buy out Gotit's equity position
($600,000), and fund operations during the pandemic. NEO's annual
revenue has stabilized at around $1.2 million to $1.3 million per
year. However, that revenue is simply not enough to cover monthly
debt service costs of almost $45,000 per month as well as cover
costs of operations such as wages, software costs, etc.
Because of NEO and Pearl's in ability to service its current debt
structure, a Chapter 11 proceeding was determined by the Debtor's
management as the best and only chance to save the Debtor's
business and restructure its debts.
The Debtor filed the chapter 11 petition to stabilize its business
in a way that will allow it to rebuild its business in new markets
where opportunities exist, and to restructure its finances.
According to court filings, NEO Accounting & Tax Services has
$4,188,118 in debt owed to 1 to 49 creditors. The petition states
that funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 10, 2023 at 10:00 a.m.
About NEO Accounting & Tax
NEO Accounting & Tax Services LLC is a Single Asset Real Estate as
defined in 11 U.S.C. Section 101(51B). NEO is the operating
entity.
NEO Accounting & Tax Services sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No.
23-50868) on June 27, 2023. In the petition filed by Brett J.
Mangon, as managing member, the Debtor reports total assets
$1,255,817 and total liabilities of $4,188,118.
Honorable Bankruptcy Judge Alan M Koschik oversees the case.
The Debtor is represented by:
Anthony J. DeGirolamo, Esq.
1378 Pearl Rd
Brunswick, OH 44212-3469
Tel: (330) 305-9700
Fax: (330) 305-9713
E-mail: tony@ajdlaw7-11.com
NORTHERN CONTRACTORS: Bid to Use Cash Collateral Denied as Moot
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
denied as moot the motion to use cash collateral filed Northern
Contractors, LLC as the case has been dismissed.
A copy of the order is available at https://urlcurt.com/u?l=EaQm4C
from PacerMonitor.com.
About Northern Contractors, LLC
Northern Contractors, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-11047) on June
5, 2023.
In the petition signed by Rory Butler, managing member, the Debtor
disclosed up to $1 million in both assets and liabilities.
Judge Christopher M. Alston oversees the case.
Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., from
PacerMonitor.com.
PATAGONIA HOLDCO: Calamos CHIF Marks $1M Loan at 18% Off
--------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $1,054,700
loan extended to Patagonia Holdco LLC to market at $863,093, or 82%
of the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 10.473% per annum (3 mo. SOFR + 5.75%) to Patagonia
Holdco LLC. The loan is scheduled to mature on August 1, 2029.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Patagonia Holdco LLC is a holding company fully owned and
established by Stonepeak Partners LP, a private equity firm
specializing in infrastructure and real estate investments, to hold
the Latin American assets acquired from Lumen Technologies, Inc.
PATAGONIA HOLDCO: Calamos COIF Marks $995,000 Loan at 18% Off
-------------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$995,000 loan extended to Patagonia Holdco LLC to market at
$814,238, or 82% of the outstanding amount, as of April 30, 2023,
according to a disclosure contained in Calamos COIF's Form N-CSR
for the fiscal year ended April 30, 2023, filed with the Securities
and Exchange Commission on June 28, 2023.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 10.473% per annum (3 mo. SOFR + 5.75%) to Patagonia
Holdco LLC. The loan is scheduled to mature on August 1, 2029.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
Patagonia Holdco LLC is a holding company fully owned and
established by Stonepeak Partners LP, a private equity firm
specializing in infrastructure and real estate investments, to hold
the Latin American assets acquired from Lumen Technologies, Inc.
PATAGONIA HOLDCO: Calamos STRF Marks $1.1M Loan at 18% Off
----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $1,194,000 loan
extended to Patagonia Holdco LLC to market at $977,086, or 82% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 10.473% per annum (3 mo. SOFR + 5.75%) to Patagonia
Holdco LLC. The loan is scheduled to mature on August 1, 2029.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Patagonia Holdco LLC is a holding company fully owned and
established by Stonepeak Partners LP, a private equity firm
specializing in infrastructure and real estate investments, to hold
the Latin American assets acquired from Lumen Technologies, Inc.
PERFORMERS THEATRE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Performers Theatre Workshop, Inc.
131 Millburn Avenue
Millburn, NJ 07041
Business Description: The Debtor provides performing arts
education to students of all ages and
abilities.
Chapter 11 Petition Date: July 5, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-15772
Debtor's Counsel: Douglas J. McGill, Esq.
WEBBER MCGILL LLC
100 E. Hanover Avenue
Suite 401
Cedar Knolls, NJ 07927
Tel: (973) 739-9559
Fax: (973) 739-9575
Email: dmcgill@webbermcgill.com
Total Assets: $46,207
Total Liabilities: $2,645,103
The petition was signed by Dean Kravitz as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/PA5XCAA/Performers_Theatre_Workshop_Inc__njbke-23-15772__0001.0.pdf?mcid=tGE4TAMA
PHOENIX TELECOM: Taps Stichter Riedel Blain & Postler as Counsel
----------------------------------------------------------------
Phoenix Telecom, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Florida to employ Stichter Riedel
Blain & Postler, P.A. as its legal counsel.
The firm's services include:
a. rendering legal advice with respect to the Debtor's powers
and duties;
b. preparing legal papers;
c. appearing before the court and the United States Trustee to
represent and protect the interests of the Debtor;
d. assisting with and participating in negotiations with
creditors and other parties in interest in preparing a Chapter 11
plan and taking necessary legal steps to confirm such a plan;
e. representing the Debtor in all adversary proceedings,
contested matters, and matters involving administration of the
Debtor's Chapter 11 case; and
f. other necessary legal services.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred.
The firm received from the Debtor a retainer of $15,000.
Jodi Daniel Dubose, Esq., a partner at Stichter Riedel Blain &
Postler, disclosed in a court filing that the firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Jodi Daniel Dubose, Esq.
Stichter Riedel Blain & Postler, P.A.
110 E. Madison Street, Suite 200
Tampa, FL 33602
Tel: (850) 637-1836
Email: jdubose@srbp.com
About Phoenix Telecom
Phoenix Telecom, Inc., a company in Cantonment, Fla., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Fla. Case No. 23-30408) on June 14, 2023, with $1
million to $10 million in both assets and liabilities. Jerrett
McConnell, Esq., at McConnell Law Group, P.A. has been appointed as
Subchapter V trustee.
Jodi Daniel Dubose, Esq., at Stichter, Riedel, Blain & Postler,
P.A. is the Debtor's legal counsel.
PONTCHARTRAIN LLC: Volutary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Pontchartrain, LLC
468 N. Camden Drive
Beverly Hills, CA 90210
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: July 5, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-14185
Judge: Hon. Neil W. Bason
Debtor's Counsel: Rhonda Walker, Esq.
ATTORNEY AT LAW
440 E. Huntington Blvd.. Ste. 300
Arcadia, CA 91006
Tel: 626-577-7322
Email: rwalker_law@yahoo.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marshall F. Dismuke as managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/GDAI4IY/Pontchartrain_LLC__cacbke-23-14185__0001.0.pdf?mcid=tGE4TAMA
PROSPERITAS LEADERSHIP: Court OKs Cash Collateral Access Thru Aug 8
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Prosperitas Leadership Academy, Inc.
to use cash collateral on an interim basis in accordance with the
budget, through August 8, 2023.
The Debtor is permitted to use cash collateral to pay:
(a) amounts expressly authorized by the Court, including
payments to the United States Trustee for quarterly fees;
(b) the current and necessary expenses set forth in the
budget; and
(c) additional amounts as may be expressly approved in writing
by the Creditor.
As adequate protection, Black Business Investment Fund will have a
perfected post-petition lien against cash collateral to the same
extent and with the same validity and priority as its pre-petition
lien, without the need to file or execute any documents as may
otherwise be required under applicable nonbankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Creditor.
A continued preliminary hearing on the matter is set for August 8
at 10 a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=PhqqO1 from PacerMonitor.com.
The Debtor projects total operating expenses, on a monthly basis,
as follows:
$84,57 for July 2023;
$84,57 for August 2023;
$84,57 for September 2023;
$84,57 for October 2023;
$84,57 for November 2023; and
$84,57 for December 2023.
About Prosperitas Leadership Academy, Inc.
Prosperitas Leadership Academy, Inc. is a public charter school for
residents of Orange County, California.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02443) on June 21,
2023. In the petition signed by Michael Spence, Board president,
the Debtor disclosed $2,009,763 in assets and $2,533,820 in
liabilities.
Judge Grace E. Robson oversees the case.
Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC, represents the
Debtor as legal counsel.
R L BURNS: Wins Cash Collateral Access Thru July 18
---------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized R L Burns, Inc. to use cash collateral
on an interim basis through July 18, 2023.
The Debtor is authorized to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the United
States Trustee for quarterly fees; (b) the current and necessary
expenses set forth in the; and (c) additional amounts as may be
expressly approved in writing by Creditor within 48 hours of the
Debtor's request.
The U.S. Small Business Administration, Truist Bank, NA and
Guarantee Company of North America USA will have a perfected
post-petition lien against cash collateral to the same extent and
with the same validity and priority as the pre-petition lien,
without the need to file or execute any documents as may otherwise
be required under applicable non-bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the SBA, Truist, and Guarantee.
A continued hearing on the matter is set for July 18 at 11 a.m.
A copy of the order is available at https://urlcurt.com/u?l=Q0L6jN
from PacerMonitor.com
About R L Burns, Inc.
R L Burns, Inc. is a full-service general contractor headquartered
in Downtown Orlando that has provided quality construction
solutions in the greater Central Florida area for more than 29
years. Its project history includes a wide variety of construction
projects, including community centers, parks, medical facilities,
education facilities, office buildings, and transportation
facilities.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02186) on June 2,
2023. In the petition signed by CEO Robert L. Burns Sr., the Debtor
disclosed $751,416 in assets and $3,997,262 in liabilities.
Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC, represents the
Debtor as legal counsel.
RELOADED GAMES: Seeks Chapter 11 Bankruptcy Protection
------------------------------------------------------
Reloaded Games Inc. filed for chapter 11 protection in the District
of Central California.
According to court filings, Reloaded Games Inc. has $2,366,660
in debt to 1 to 49 creditors. The petition states that funds will
not be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 12, 2023, at 2:00 PM at UST-SA2, TELEPHONIC MEETING.
CONFERENCE LINE:1-866-919-3126, PARTICIPANT CODE:3803126.
Proofs of claims are due by Aug. 30, 2023.
About Reloaded Games
Reloaded Games Inc. creates and publishes games. The Company offers
online multiplayer games, as well as allows users to download and
play games. Reloaded Games operates worldwide.
Reloaded Games Inc. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11269) of
June 22, 2023. In the petition filed by Bjorn Book-Larsson, as CEO,
the Debtor reports total assets of $59,512 and total liabilities of
$2,366,660.
The Honorable Bankruptcy Judge Scott C. Clarkson oversees the
case.
The Debtor tapped The Hinds Law Group, APC, as general bankruptcy
counsel, and Foundation Law Group LLP, led by co-founder and
partner
Terry K. Quan, as general corporate counsel.
The Subchapter V trustee:
Robert P. Goe
17701 Cowan
Building D, Suite 210
Irvine, CA 92614
(949) 789-2460
(949) 955-9437
bktrustee@goeforlaw.com
The Debtor's counsel:
James Andrew Hinds, Jr, Esq.
The Hinds Law Group, APC
5904 Warner Avenue
Suite A#140
Huntington Beach, CA 92649
Tel: (310) 617-1877
Email: jhinds@hindslawgroup.com
RETAILING ENTERPRISES: Taps GGG Partners as Financial Advisor
-------------------------------------------------------------
Retailing Enterprises, LLC received approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ GGG
Partners, LLC as its financial advisor.
The Debtor requires a financial advisor to:
a. assist in the preparation of bankruptcy schedules and monthly
operating reports;
b. advise the Debtor with respect to finances and guide the
Debtor in making sound financial decisions;
c. prepare financial documents; and
d. provide financial advice to the Debtor in negotiation with
its creditors and in the preparation of a confirmable Chapter 11
plan.
The firm will be paid at the rate of $425 per hour and will be
reimbursed for out-of-pocket expenses incurred.
The retainer fee is $15,000.
Katie Goodman, managing partner at GGG Partners, disclosed in a
court filing that the firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Katie Goodman
GGG Partners, LLC
2870 Peachtree Road #502
Atlanta, GA 30305
Office: (404) 256-0003 ext. 225
Direct: (404) 293-0137
Email: kgoodman@gggpartners.com
About Retailing Enterprises
Retailing Enterprises, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-14169) on
May 30, 2023, with $10 million to $50 million in assets and $50
million to $100 million in liabilities. Mauricio Krantzberg,
president, signed the petition.
Judge Scott M. Grossman oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC and GGG Partners, LLC
serve as the Debtor's legal counsel and financial advisor,
respectively.
ROBBINS SERVICE: Gets OK to Hire REH CPA as Accountant
------------------------------------------------------
Robbins Service Group, LLC received approval from the U.S.
Bankruptcy Court for the Western District of North Carolina to
employ REH CPA, PLLC as its accountant.
The firm's services include:
a. preparing federal and applicable state income tax returns
with supporting schedules for the Debtor;
b. preparing county property tax returns;
c. preparing or assisting in preparing monthly and annual
financial statements;
d. assisting the Debtor's management in preparing analytical
reports regarding the Debtor's operations; and
e. providing such other consulting and planning services as
reasonably requested by the Debtor's management including, without
limitation, assisting in the preparation of schedules of assets and
liabilities and statement of financial affairs as required under
Bankruptcy Rule 1007.
The firm will be paid $350 per hour for business consulting and tax
preparation services, and $105 per hour for accounting consulting
services.
Mark Thompson, a partner at REH CPA, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Mark Thompson
REH CPA, PLLC
223 Williamson Road, Suite 104
Mooresville, NC 28117
Tel: (704) 662-8249
About Robbins Service Group
Robbins Service Group, LLC is a North Carolina limited liability
company that operates a landscaping business under the name
Whispering Pines Landscaping. Its services generally include
landscape design, installation, and maintenance. Robbins'
geographic focus is primarily the Lake Norman area.
Robbins Service Group sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-40082) on May 15,
2023, with $1 million to $10 million in both assets and
liabilities. Michael A. Robbins, president and chief executive
officer, signed the petition.
Judge Craig Whitley oversees the case.
The Debtor tapped Matthew L. Tomsic, Esq., at Rayburn Cooper &
Durham, P.A. as legal counsel and REH CPA, PLLC as accountant.
ROBBINS SERVICE: Wins Cash Collateral Access on Final Basis
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Shelby Division, authorized Robbins Service Group, LLC to
use cash collateral a final basis in accordance with the budget,
with a 10% variance.
The Debtor entered into an SBA Loan with Aquesta Bank on July 31,
2020. On July 28, 2020, Aquesta Bank filed a UCC-1 Financing
Statement with the Secretary of State of North Carolina, asserting
a blanket lien on the Debtor's assets, including current and future
accounts and general intangibles. United Community Bank is the
successor in interest to Aquesta Bank by merger. UCB is the current
holder of the SBA loan.
Additionally, at various times, the Debtor entered into certain
agreements with the MCAs. While the Debtor disputes any interest in
its cash collateral by the MCAs, the Court has proceeded with the
presumption that UCB and the MCAs hold valid debts owed by the
Debtor and that the Debtor's cash collateral is subject to valid,
perfected security interests securing the debts in favor of UCB and
the MCAs.
UCB's interest in cash collateral, to the extent such interest
exists, is adequately protected by an equity cushion (if any),
replacement liens, and monthly adequate protection payments to be
applied pursuant to the loan documents of $8,125 to be paid by the
Debtor to UCB no later than the first of each month.
As adequate protection, UCB and the MCAs are granted replacement
liens in postpetition assets to the same extent and priority
ultimately determined to have existed pre-petition for all cash
collateral actually expended for the duration of the Order. Subject
only to the Carve-Out, no costs or expenses of administration that
have been or may be incurred in these proceedings, any conversion
of these proceedings pursuant to 11 U.S.C. section 1112, or in any
other proceeding related thereto, and no priority claims are, or
will be, prior to or on a parity with the allowed secured claim of
UCB or the MCAs against the Debtor to the extent such an allowed
secured claim exists. UCB shall receive payments of $8,125 to be
paid by the Debtor no later than the first of each month (unless a
different date is mutually agreed to by UCB and the Debtor) as
additional adequate protection.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=tVPlTb from PacerMonitor.com.
The Debtor projects $261,625 in gross profit and $248,998 in total
operating expenses for the period from June 19 to August 11, 2023.
About Robbins Service Group, LLC
Robbins Service Group, LLC is a North Carolina limited liability
company that operates a landscaping business doing business as
Whispering Pines Landscaping. Robbins' services generally include
landscape design, installation, and maintenance. Robbins'
geographic focus is primarily the Lake Norman area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-40082) on May 15,
2023. In the petition signed by Michael A. Robbins, president and
CEO, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Craig Whitley oversees the case.
Matthew L. Tomsic, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor as legal counsel.
SANIBEL REALTY: Exclusivity Period Extended to August 11
--------------------------------------------------------
Judge Robert A. Mark of the U.S. Bankruptcy Court for the
Southern District of Florida extended Sanibel Realty Trust, LLC's
exclusive periods to file a chapter 11 plan and to solicit
acceptances thereof to August 11, 2023 and October 9, 2023,
respectively.
Sanibel Realty Trust, LLC, a company in Miami, Fla., filed a is
represented by:
Nathan G. Mancuso, Esq.
MANCUSO LAW, P.A.
Boca Raton Corporate Centre
7777 Glades Rd., Suite 100
Boca Raton, FL 33434
Telephone: (561) 245-4705
Facsimile: (561) 226-2575
Email: ngm@mancuso-law.com
About Sanibel Realty Trust
Sanibel Realty Trust, LLC, a company in Miami, Fla., filed a
petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 22-18729) on Nov. 11, 2022. In the
petition filed by its manager, Javier Perez, the Debtor reported
between $1 million and $10 million in both assets and liabilities.
Judge Robert A. Mark oversees the case.
The Debtor is represented by Nathan G. Mancuso, Esq., at Mancuso
Law, P.A.
SANUWAVE HEALTH: Inks 4th Amendment to NH Expansion Agreement
-------------------------------------------------------------
SANUWAVE Health, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it entered into a Fourth
Amendment to Note and Warrant Purchase and Security Agreement,
which amends that certain Note and Warrant Purchase and Security
Agreement, dated as of Aug. 6, 2020, with the noteholder party
thereto and NH Expansion Credit Fund Holdings LP, as agent.
The Amendment provides for (i) the extension of the Agent's and the
Holder's forbearance of exercising their remedies arising from
Existing Defaults (as defined in the NWPSA) to the earlier of (x)
the occurrence of an event of default and (y) Dec. 31, 2023. The
Amendment also added a non-refundable consent fee in an amount of
two percent of the original principal amount of the notes issued
pursuant to the NWPSA, payable in cash on the maturity date or on
such earlier date as provided for in the NWPSA, and defers interest
that would otherwise have been due on June 30, 2023 and Sept. 30,
2023. Instead, this interest will be compounded and added to the
principal amount of the Notes and bear interest at a rate of 20.25%
per annum. Finally, the Amendment adds a covenant to the NWPSA
that requires the Company to complete an equity financing that
results in gross cash proceeds of at least $2.5 million by July 15,
2023.
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and
shock wave technology company using patented systems of
noninvasive, high-energy, acoustic shock waves or low intensity and
non-contact ultrasound for regenerative medicine and other
applications. The Company's focus is regenerative medicine
utilizing noninvasive, acoustic shock waves or ultrasound to
produce a biological response resulting in the body healing itself
through the repair and regeneration of tissue, musculoskeletal, and
vascular structures. The Company's two primary systems are
UltraMIST and PACE. UltraMIST and PACE are the only two Food and
Drug Administration (FDA) approved directed energy systems for
wound healing.
SANUWAVE reported a net loss of $10.29 million for the year ended
Dec. 31, 2022, compared to a net loss of $27.26 million for the
year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$19.87 million in total assets, $60.88 million in total
liabilities, and a total stockholders' deficit of $41.01 million.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company has incurred recurring losses and
needs to raise additional funds to meet its obligations and sustain
its operations and the occurrence of the events of default on the
Company's debt. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SANUWAVE HEALTH: Lisa Sundstrom No Longer Qualifies as Officer
--------------------------------------------------------------
The Board of Directors of Sanuwave Health, Inc. completed a
detailed review of the current functions and responsibilities of
Lisa Sundstrom, chief talent officer and secretary of the Company,
and based upon such review, determined that Ms. Sundstrom no longer
satisfies the definition of "officer" set forth in Rule 16a-1(f)
promulgated under the Securities Exchange Act of 1934 or the
definition of "executive officer" set forth in Rule 3b-7 under the
Exchange Act.
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and
shock wave technology company using patented systems of
noninvasive, high-energy, acoustic shock waves or low intensity and
non-contact ultrasound for regenerative medicine and other
applications. The Company's focus is regenerative medicine
utilizing noninvasive, acoustic shock waves or ultrasound to
produce a biological response resulting in the body healing itself
through the repair and regeneration of tissue, musculoskeletal, and
vascular structures. The Company's two primary systems are
UltraMIST and PACE. UltraMIST and PACE are the only two Food and
Drug Administration (FDA) approved directed energy systems for
wound healing.
SANUWAVE reported a net loss of $10.29 million for the year ended
Dec. 31, 2022, compared to a net loss of $27.26 million for the
year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$19.87 million in total assets, $60.88 million in total
liabilities, and a total stockholders' deficit of $41.01 million.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company has incurred recurring losses and
needs to raise additional funds to meet its obligations and sustain
its operations and the occurrence of the events of default on the
Company's debt. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SATURNO DESIGN: Seeks Cash Collateral Access
--------------------------------------------
Saturno Design, LLC asks the U.S. Bankruptcy Court for the District
of Oregon for authority to use cash collateral and provide adequate
protection.
The Debtor requires the use of cash collateral to continue its
operations.
T Bank, National Association and the U.S. Small Business
Association may claim an interest in the Debtor's cash collateral.
Like many businesses across the world, the Debtor suffered as a
result of the COVID-19 pandemic and other exogenous factors,
including a challenging macroeconomic environment. The Debtor's
revenues, and its ability to service its debts, were also
temporarily depressed starting in or about November 2022 when,
during the middle of communications with the IRS regarding asserted
tax liabilities, the IRS issued a tax levy, notwithstanding that
employee retention (ERC) credits owed to the Debtor were of a value
several times greater than the asserted tax liabilities.
The Debtor also experienced an unfortunate issue whereby its
invoicing system indicated that bills had been sent to clients even
though such bills had not been sent. The billing problems were also
exacerbated by the IRS tax levy. This perfect storm of unfortunate
events significantly disrupted the Debtor's operations and impeded
cash flow, but are now resolved and will not impact the Business on
a go-forward basis.
The Debtor is the borrower under the Loan Agreement dated on August
31, 2016 between the Debtor and T Bank. Under the T Bank Loan
Agreement, T Bank made a loan to the Debtor in the original
principal sum of $2.472 million.
The T Bank Note is secured by, among other things, a Security
Agreement, dated as of August 31, 2016, executed by the Debtor as
grantor, for the benefit of T Bank as beneficiary, which was
evidenced by a UCC-1 Financing Statement filed on September 21,
2016 as Filing No. 90963721 with the state of Oregon. The current
amount owed under the T Bank Loan is $1.078 million.
The Debtor is also the borrower under an SBA EIDL loan in the
original principal amount of $162,000. The SBA Loan is secured by,
among other things, a Security Agreement executed by Debtor as
grantor, for the benefit of the SBA as beneficiary, which was
evidenced by a UCC-1 Financing Statement filed on August 2, 2020 as
Filing No. 92509774 with the state of Oregon. The current amount
owed under the SBA Loan is $161,918.
As of the Petition Date, the Debtor has $28,679 in cash collateral
held as cash in accounts at Bank of America and U.S. Bank and
$94,112 in cash collateral in the form of accounts receivable.
The Debtor is willing to grant the Lenders replacement liens. The
Debtor proposes that the Adequate Protection Liens have the same
extent, priority, validity, and status as the Lenders' prepetition
liens. The Adequate Protection Liens provide substantial new value
to the Lenders because the Business will continue to generate
accounts receivable which would otherwise not be secured pursuant
to 11 U.S.C. section 552 and will thereby adequately protect the
Lenders from diminution in value (if any) associated with Debtor's
use of cash collateral during this likely expeditious Chapter 11
proceeding.
A copy of the motion is available at https://urlcurt.com/u?l=rxLrs3
from PacerMonitor.com.
About Saturno Design, LLC
Saturno Design, LLC owns and operates a business that provides
website development and software solutions to the legal industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 23-31455) on July 3, 2023.
In the petition signed by Rodolfo Bozas, managing partner, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.
Tara J. Schleicher, Esq., at Foster Garvey P.C., represents the
Debtor as legal counsel.
SENIOR CARE: Court OKs Cash Collateral Access Thru Aug 7
--------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Senior Care Living VII, LLLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance.
The Debtor is permitted to use cash collateral until the earlier of
August 7, 2023, or the occurrence of a Termination Event, but only
on the terms of the Interim Order. The Debtor's cash collateral
access will be limited solely to the amounts, times, and categories
of expenses listed in the Budget.
Validus Senior Living will remain as manager of the Debtor's
assisted living facility.
As adequate protection of the Trustee's interests in its
collateral, the Trustee will have a valid, perfected, and
enforceable replacement lien and security interest in all assets of
the Debtor existing on or after the Petition Date of the same type
as set forth in the Bond Documents.
The Debtor will provide, or will cause Validus to provide, the
Trustee with (a) a weekly census of residents residing at the ALF
and (b) a weekly summary of all receipts and disbursements as
compared to the Budget. The Weekly Reporting will be provided to
the Trustee by 5 p.m. E.T. on the second business day of each week
with respect to the week ending the prior Friday.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Trustee. The Debtor will provide proof of
insurance upon written request.
A Termination Event will be deemed to have occurred three days
after written notice sent by the Trustee to the Debtor, its
counsel, and the United States Trustee of the occurrence of any of
the following pursuant to the Order:
a. The Debtor fails to comply with the Budget (subject to the
Permitted Variance) and terms governing the Budget;
b. The Debtor terminates Validus as manager of the ALF and/or
fails to satisfy its postpetition payment obligations to Validus;
or
c. The Debtor fails to comply with, keep, observe, or perform
any of its agreements or undertakings under the Interim Order.
A further hearing on the matter is scheduled for August 7 at 2:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=uWen5y
from PacerMonitor.com.
About Senior Care Living VII
Senior Care Living VII, LLC sought Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Lead Case No. 22-00103) on Jan. 10, 2022, listing
up to $50 million in both assets and liabilities.
Judge Caryl E. Delano oversees the case.
Michael C. Markham, Esq., at Johnson Pope Bokor Ruppel & Burns,
LLP, is the Debtor's legal counsel while SC&H Group, Inc. serves as
the Debtor's financial advisor.
SERTA SIMONS: Emerges from Chapter 11 Bankruptcy
------------------------------------------------
Serta Simmons Bedding, LLC, a leading global sleep company, on June
29, 2023, announced that it has concluded its financial
restructuring and emerged from Chapter 11, marking the completion
of a critical step in the company's turnaround effort.
"The financial restructuring process we completed today signifies
an important step forward that will enable us to accelerate our
turnaround and strengthen our leadership position in the market,"
said Shelley Huff, CEO, SSB, in the June 29 statement. "The Serta
and Beautyrest brands in our portfolio have a deep heritage in
innovation and have played meaningful roles in the lives of
consumers for generations. With our financial restructuring behind
us, we are taking steps to drive growth by getting back to our
innovation roots, reinvesting in our iconic brands, and nailing the
fundamentals of our business with a focus on commercial and supply
chain excellence."
SSB, which has been executing on its strategic initiatives over the
past 18 months, is advancing its turnaround across the following
pillars:
* Leading with Product Innovation - The company is bringing
significant newness to the market this year through the refresh of
the vast majority of its product portfolio. Looking ahead, SSB will
more frequently update its product mix to deliver consumer-driven
innovations as well as high-value products across brands and price
points.
* Brand Reinvigoration - Alongside SSB's commitment to
innovation, the company is increasing marketing investments and
sharpening its brand positioning to create greater differentiation
for the brands in its portfolio, as well as maximize the potential
of each brand.
* Commercial Excellence - As it brings new products to market,
SSB is focused on better supporting retail partners and their sales
associates to drive sales growth. The company is also leveraging
its direct-to-consumer platforms to test new shopping concepts and
improve the omnichannel consumer experience.
* Operating a High-Performing Supply Chain - The investments SSB
continues to make in its supply chain are enabling the company to
efficiently deliver quality products and excellent service levels
to retail partners and sleepers. Supply chain enhancements include
the implementation of new processes and technology as well as the
optimization and upgrading of its manufacturing network.
"As we execute our turnaround, we will become an even stronger
partner to retailers and will help them better serve their
customers with our trusted brands and refreshed product portfolio,"
added Huff.
As SSB emerges from Chapter 11, a new Board of Directors has been
appointed to oversee the company. Previous board members Huff and
Brandi Thomas (Group Vice President and Chief Audit Executive,
General Electric) will continue to hold board positions.
Established private equity investor Mark Genender (Managing
Partner, Bristol Growth Capital, LLC), who previously sat on the
Simmons Board, will serve as Chairman. The rest of the Board is
made up of business leaders with relevant experience in
manufacturing, consumer durables and retail, including Charlie
Eitel (Former CEO, Simmons Bedding Company), Jim Fogarty (CEO,
FULLBEAUTY Brands), Alan Shaw (Former President and CEO, North
America, Electrolux), and an additional board member to be
announced.
"I look forward to partnering with Shelley and the management team,
as well as the rest of the Board of Directors and the company's
investors, to help advance SSB's turnaround effort," said Genender.
"Serta and Beautyrest are among the most valuable brands in the
industry. These brands, in combination with SSB's strategic areas
of focus, executive leadership, and investor support, will drive
the next phase of growth for the company."
SSB is emerging with ample liquidity and a more flexible capital
structure that will enable it to execute its turnaround. As a
result of the Chapter 11 process, SSB successfully reduced its
funded debt from approximately $1.9 billion to approximately $315
million. The nearly $1.6 billion debt reduction lowers the
company's annual cash interest expense by more than $100 million,
enabling more investments back into the business. In addition, in
connection with emergence, SSB has obtained a $100 million
revolving credit facility which, along with substantial cash on
hand and cash generated from operations, will provide additional
financial flexibility to support the company's strategic
initiatives.
About Serta Simmons Bedding
Serta Simmons Bedding, together with its non-debtor affiliates, are
manufacturers and marketers of bedding products in North America,
operating various bedding manufacturing facilities across the
United States and Canada.
Serta Simmons Bedding, LLC, filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90020) on Jan. 23, 2023. The petitions were signed by John
Linker, chief financial officer, treasurer and assistant secretary.
At the time of filing, the Debtors estimated $1 billion to $10
billion in both assets and liabilities.
During the Chapter 11 process, Weil, Gotshal & Manges LLP served as
SSB's legal counsel, Evercore Group L.L.C. served as SSB's
investment banker and FTI Consulting, Inc., served as SSB's
financial and restructuring advisor. Epiq Corporate Restructuring,
LLC, is the claims and noticing agent.
Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview
Partners served as financial advisor and investment banker, to an
ad hoc group of SSB's priority lenders.
SIANA OIL & GAS: Lands in Chapter 11 Bankruptcy
-----------------------------------------------
Siana Oil & Gas Co. LLC filed for chapter 11 protection in the
Southern District of Texas.
The Debtor is an oil and gas company with properties in New Mexico,
Texas, Mississippi and Louisiana.
The Debtor filed a motion to extend its deadline to file its
schedules of assets and liabilities, statement of financial
affairs
and other 521 documents to July 19, 2023. The Debtor has been
required to spend time since the bankruptcy filing in preserving
the business and obtaining new accounting services.
According to court filings, Siana Oil estimates between $1 million
and $10 million in debt owed to 1 to 49 creditors. The petition
states that funds will not be available to unsecured creditors.
About Siana Oil & Gas
Siana Oil & Gas Co. LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-32279) on June 22,
2023. In the petition filed by Tom M. Ragsdale, as president, the
Debtor reports estimated assets between $10 million and $50 million
and estimated liabilities between $1 million and $10 million.
The Debtor is represented by:
Reese W Baker, Esq.
Baker & Associates
PO Box 2246
Conroe, TX 77305-2246
Email: courtdocs@bakerassociates.net
STAT EMERGENCY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: STAT Emergency Medical Services, Inc.
520 W. Third Street
Flint, MI 48503
Chapter 11 Petition Date: July 5, 2023
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 23-31085
Judge: Hon. Joel D. Applebaum
Debtor's Counsel: Kim K. Hillary, Esq.
SCHAFER AND WEINER, PLLC
40950 Woodward Ave., Suite 100
Bloomfield Hills, MI 48304
Tel: (248) 540-3340
Email: khillary@schaferandweiner.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Stephen M. Lund as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/OQVOXRY/STAT_Emergency_Medical_Services__miebke-23-31085__0005.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/GRUS3JA/STAT_Emergency_Medical_Services__miebke-23-31085__0001.0.pdf?mcid=tGE4TAMA
SUGAR CREEK: Files for Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Sugar Creek Acquisition LLC filed for chapter 11 protection in the
Eastern District of Missouri.
Sugar Creek Acquisition is a regional craft brewery located in St.
Louis, Missouri. On the Petition Date, the Debtor employed 21
hourly employees and 12 salaried employees which include
management, office staff, and other necessary staff.
The Debtor's primary secured creditor is Midwest Regional Bank.
The petition states that funds will be available to unsecured
creditors.
The Debtor filed motions to use cash collateral and pay prepetition
wages of employees.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 12, 2023 at 1:00 p.m. in Room Telephonically on telephone
conference line: 1-866-705-0185 (participant passcode: 7914594).
About Sugar Creek Acquisition
Sugar Creek Acquisition LLC is a regional craft brewery located in
St. Louis, Missouri.
Sugar Creek Acquisition sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No.
23-42041) on June 12, 2023. In the petition filed by James
Gorczyca, as manager, the Debtor reported $4.183 million in assets
against $10.96 million in liabilities as of April 30, 2023.
Stephen D. Coffin has been appointed as Subchapter V trustee.
The Debtor is represented by:
Spencer P. Desai, Esq.
The Desai Law Firm, LLC
45 Progress Parkway
Maryland Heights, MO 63043
The Subchapter V trustee:
Stephen D. Coffin
Attorney at Law, MBA
The Small Business Law Center
2705 St. Peters-Howell Rd, Suite A
St. Peters, MO 63376
Tel: (636) 244-5252
Fax: (636) 486-1788
E-mail: scoffin@tsblc.com
SUPOR PROPERTIES: Case Summary & Three Unsecured Creditors
----------------------------------------------------------
Debtor: Supor Properties Bergen Avenue LLC
433 Bergen Avenue
Kearny, NJ 07032
Chapter 11 Petition Date: July 5, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-15758
Debtor's Counsel: Jay Meyers, Esq.
J. MEYERS PLLC
10055 Yamato Rd. Ste. 110
Boca Raton, FL 33498
Tel: (718) 273-2525
Fax: (718) 273-2525
Email: jm@561legalstrategy.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Joseph Supor III as authorized member,
co-trustee of Marital Trust.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/3F4NSKA/Supor_Properties_Bergen_Avenue__njbke-23-15758__0001.0.pdf?mcid=tGE4TAMA
SUREFUNDING LLC: Seeks to Extend Plan Exclusivity to August 10
--------------------------------------------------------------
SureFunding, LLC asks the U.S. Bankruptcy Court for the District
of Delaware to extend the exclusive periods during which it may
file a plan and solicit acceptances thereof to August 10, 2023
and to October 12, 2023, respectively.
The Debtor stated that it has made good faith progress toward
reorganization through mediation, and such negotiations of the
revised form of combined plan and disclosure statement with the
plaintiff-noteholders and Abernathys. The Debtor explained that
it is seeking an extension in order to finalize the plan to
incorporate the terms agreed-upon at mediation.
Unless extended, the Debtor's exclusive periods for filing and
solicitation end on June 26, 2023 and August 28, 2023,
respectively.
SureFunding, LLC is represented by:
Carl N. Kunz, III, Esq.
Jeffrey R. Waxman, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Tel: (302) 888-6800
Email: ckunz@morrisjames.com
jwaxman@morrisjames.com
About SureFunding LLC
Las Vegas-based SureFunding, LLC was founded by Jason and Justin
Abernathy in 2014 as a private investment vehicle. It opened in
2015 to outside investors, many of which were family, friends and
business acquaintances. Its investments are in short-term,
high-yield assets.
SureFunding sought Chapter 11 protection (Bankr. D. Del. Case No.
20-10953) on April 14, 2020, with $10 million to $50 million in
both assets and liabilities. Judge Laurie Selber Silverstein
oversees the case.
The Debtor tapped Carl N. Kunz, III, Esq., and Jeffrey R. Waxman,
Esq., at Morris James, LLP as bankruptcy attorneys; Carlyon Cica
Chtd. and Milligan Rona Duran & King, LLC as special litigation
counsels; and Ted Gavin of Gavin/Solmonese, LLC as chief
restructuring and liquidation officer.
Bayard, P.A. represents the ad hoc committee of SureFunding
noteholders.
SVB FINANCIAL: Faces Year-End Deadline for $2-Billion FDIC Fight
-----------------------------------------------------------------
Amelia Pollard and Steven Church of Bloomberg News report that SVB
Financial Group, the bankrupt former parent of Silicon Valley Bank,
is seeking to exit court protection by Jan. 1, 2024, to protect
billions of dollars worth of tax benefits that would go to
creditors. The timeline could be challenged by an ongoing fight
with the Federal Deposit Insurance Corp. over $2 billion of
deposits.
SVB Financial has just a few months to resolve the dispute with
federal regulators over the recovery of the deposits, which became
trapped when Silicon Valley Bank entered FDIC receivership in
March, company attorney James Bromley said during a court hearing
in Manhattan.
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC, as
financial advisor.
TANTUM COMPANIES: Court OKs $450,000 DIP Loan from Guaranty Bank
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Charlotte Division, authorized Tantum Companies, LLC and
affiliates to use cash collateral and obtain postpetition
financing, on an interim basis.
The Debtors is permitted to enter into a secured credit line in an
aggregate principal amount of $450,000 with Guaranty Bank as
lender, and grant the DIP Lender postpetition liens and security
interests in all of the assets constituting the Prepetition
Collateral with such liens securing the DIP Loan having priority
pari passu with the Prepetition Liens.
The DIP Loan will be due and payable in full upon the earlier of:
i) December 31, 2023, and
ii) the effective date under any confirmed Chapter 11 Plan.
Tantum Companies is obligated to Guaranty Bank & Trust Company for
a loan under:
-- a Loan Agreement dated December 8, 2020 between the Tantum
and Guaranty Bank; and
-- a Promissory Note dated December 8, 2020 granted by the
Debtor in favor of Guaranty Bank in the principal amount of $10.4
million.
The Prepetition Loan is set to mature on December 8, 2025. As of
the Petition Date, the current outstanding balance due under the
Prepetition Loan Agreement and the Prepetition Note was in the
approximate amount of $10.861 million. The Prepetition Loan
Agreement contains customary representations, warranties, and
customary material affirmative and negative covenants.
The Prepetition Loan was made under the Main Street Lending
Program, which was a loan program established by the Federal
Reserve to make loans to small and medium-sized business impacted
by the COVID-19 pandemic. Guaranty Bank serves as the agent bank
administering the Prepetition Loan through the Main Street Lending
Program.
Tantum also maintained an unsecured credit card facility with the
Guaranty Bank. Tantum used the Credit Card Facility to fund many of
the expenses of Tantum specifically including necessary expenses
leading up to the filing of these bankruptcy cases. As of the
Petition Date, the amount owed under the Credit Card Facility was
$185,378.
Guaranty Bank also made purchase money equipment loans to Tantum
secured by purchase money security interest in certain equipment at
three corporate operated stores. The current balance on the
Equipment Loans is $1.845 million.
As adequate protection, Guaranty Bank will (i) maintain the
Prepetition Liens on the Prepetition Collateral, to the extent and
priority that existed prepetition, and (ii) be granted a
replacement security interest in and liens on any of the DIP
Collateral in which the Prepetition Lender did not have valid,
perfected liens and security interests as of the Petition Date.
These events constitute an "Event of Default":
(i) The failure to pay the DIP Loan in full upon the maturity
date,
(ii) Any sale of material assets of the Debtors under 11
U.S.C. section 363,
(iii) The dismissal of the bankruptcy cases, or conversion of
such cases to Chapter 7,
(iv) Failure of the Debtors to file a plan of reorganization
acceptable to the DIP Lender within 120 days from the Petition
Date, and
(v) Breach of any provision of the Interim Order or the Final
Order or of any provision of any of the Loan Documents.
A final hearing on the matter is set for August 9, 2023 at 9:30
a.m.
A copy of the Court's order Debtor's budget is available at
https://urlcurt.com/u?l=YKktFE from PacerMonitor.com.
The Debtor projects total scheduled payments for operations, on a
weekly basis, as follows:
$47,959 for the week ending July 3, 2023;
$7,000 for the week ending July 10, 2023;
$20,000 for the week ending July 17, 2023;
$7,000 for the week ending July 24, 2023; and
$15,000 for the week ending July 31, 2023
About Tantum Companies, LLC
Tantum Companies, LLC is part of the restaurant industry. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D.N.C. Case No. 23-30407) on June 26, 2023. In the
petition signed by CEO Mark Cote, the Debtor disclosed up to $10
million in assets and up to $50 million in liabilities.
Judge Craig Whitley oversees the case.
Robert A. Cox, Jr., Esq., at Hamilton Stephens Steele + Martin,
PLLC, represents the Debtor as legal counsel. Blystone and
Donaldson is the Debtor's financial advisor.
TEAM HEALTH: Calamos CHIF Marks $2.6M Loan at 34% Off
-----------------------------------------------------
Calamos Convertible and High-Income Fund has marked its $2,607,984
loan extended to Team Health Holdings, Inc to market at $1,713,445,
or 66% of the outstanding amount, as of April 30, 2023, according
to a disclosure contained in Calamos CHIF's Form N-CSR for the
fiscal year ended April 30, 2023, filed with the Securities and
Exchange Commission on June 28, 2023.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 10.232% (1 mo. SOFR + 5.25%) to Team Health Holdings,
Inc. The loan is scheduled to mature on March 2, 2027.
Calamos Convertible and High-Income Fund was organized as a
Delaware statutory trust on March 12, 2003 and is registered under
the Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on May
28, 2003.
Team Health Holdings, Inc. is a provider of physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TEAM HEALTH: Calamos COIF Marks $2.3M Loan at 34% Off
-----------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$2,394,555 loan extended to Team Health Holdings, Inc to market at
$1,573,223, or 66% of the outstanding amount, as of April 30, 2023,
according to a disclosure contained in Calamos COIF's Form N-CSR
for the fiscal year ended April 30, 2023, filed with the Securities
and Exchange Commission on June 28, 2023.
Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 10.232% (1 mo. SOFR + 5.25%) to Team Health Holdings,
Inc. The loan is scheduled to mature on March 2, 2027.
Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940 as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.
Team Health Holdings, Inc. is a provider of physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TEAM HEALTH: Calamos STRF Marks $2.9M Loan at 34% Off
-----------------------------------------------------
Calamos Strategic Total Return Fund has marked its $2,903,392 loan
extended to Team Health Holdings, Inc to market at $1,907,529, or
66% of the outstanding amount, as of April 30, 2023, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 10.232% per annum (1 mo. SOFR + 5.25% to Team Health
Holdings, Inc. The loan is scheduled to mature on March 2, 2027.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
Team Health Holdings, Inc. is a provider of physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TESSEMAE'S LLC: August 30 Disclosure Statement Hearing Set
----------------------------------------------------------
Judge Nancy V. Alquist has entered an order within which August 30,
2023 at 2:00 P.M., in Courtroom 2A of the U.S. Bankruptcy Court,
U.S. Courthouse, 101 West Lombard Street, Baltimore, Maryland 21201
is the hearing to consider the approval of the Disclosure
Statement.
Judge Alquist further ordered that July 28, 2023 is fixed as the
last day for filing and serving written objections to the
Disclosure Statement.
A copy of the order dated June 29, 2023 is available at
https://urlcurt.com/u?l=0sllIJ from PacerMonitor.com at no charge.
Counsel for the Debtor:
Gary H. Leibowitz, Esq.
Cole Schotz P.C.
300 E. Lombard Street, Suite 1450
Baltimore, MD 21202
Tel: (410)528-2971
Fax: (410)528-9401
Email: gleibowitz@coleschotz.com
About Tessemae's LLC
Tessemae's, LLC is a flavor-forward food Debtor that makes
clean-label, organic salad dressing. The Debtor is based in
Baltimore, Md.
Tessemae's sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-10675) on Feb. 1, 2023.
In the petition signed by its chief strategy officer, Demian Costa,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
The Debtor tapped Gary H. Leibowitz, Esq., at Cole Schotz PC as
legal counsel and Aurora Management Partners Inc. as financial
advisor.
DIP lenders Tesse Fund I, LLC, MCDJR-Tesse, LLC and PMCDTESSE, LLC,
are represented by Richard L. Costella, Esq., at Tydings &
Rosenberg, LLP.
THUNDER CONSTRUCTION: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------------
The U.S. Trustee for Region 21 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Thunder Construction Corp.
About Thunder Construction
Thunder Construction Corp. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-13835) on May 16, 2023, with $100,001 to $500,000 in assets and
as much as $50,000 in liabilities. Judge Robert A. Mark oversees
the case.
Ariel Sagre, Esq., at Sagre Law Firm, P.A. represents the Debtor as
counsel.
TRUCK DEPOT: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: The Truck Depot LLC
23012 NE Sandy Blvd.
Fairview, OR 97024
Chapter 11 Petition Date: July 5, 2023
Court: United States Bankruptcy Court
District of Oregon
Case No.: 23-31457
Judge: Hon. Peter C. Mckittrick
Debtor's Counsel: Ted A. Troutman, Esq.
TROUTMAN LAW FIRM P.C.
5075 SW Griffith Dr.
Ste 220
Beaverton, OR 97005
Tel: 503-292-6788
Fax: 503-596-2371
Email: tedtroutman@sbcglobal.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Aurel Davidyan as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2IEWCDA/The_Truck_Depot_LLC__orbke-23-31457__0001.0.pdf?mcid=tGE4TAMA
UNITED SAFETY: Commences Subchapter V Bankruptcy Case
-----------------------------------------------------
United Safety and Alarms Inc. filed for chapter 11 protection in
the Southern District of Florida. The Debtor elected on its
voluntary petition to proceed under Subchapter V of chapter 11 of
the Bankruptcy Code.
The Debtor is a leader in security and surveillance with its
principal place of business in Broward County, Florida. The
Debtor's customers include airlines, city parks, cruise ships and
diverse commercial and governmental entities throughout Florida.
The Debtor
employs a highly trained and professional team to provide peace of
mind to private residential customers and communities in South
Florida with monitored burglar alarm, fire alarm and access control
systems.
The Debtor's primary asset is a portfolio of alarm monitoring
contracts, its related cash flow and monitoring fee receivables
paid by third party security companies that own non-customer
security services contracts. The book value of the Portfolio is
approximately $1,350,000 as of May 31, 2023. In addition, the
Debtor owns vehicles (primarily work vans), that are subject to
loans with CarMax, Chase Financial and GM Financial. The Debtor
holds security and installation equipment at its headquarters with
a book value of $113,090 as of May 31, 2023.
Sherif Assal is the Debtor's sole shareholder and director.
By filing this Chapter 11 case, the Debtor can press the pause
button to allow the company to focus on its operations, decrease
expenses, increase cash flow and restructure its secured and
unsecured debt.
The Debtor is a defendant in litigation pending in Broward County
Circuit Court styled Alarm Funding Associate, LLC v. Benham
Security, Inc., et al, Case No. CACE 19-024458 (25). The
litigation is still in the discovery phase and the Plaintiff's
claims are contingent, unliquidated, disputed and subject to
setoff. A Suggestion of
Bankruptcy has been filed.
The company will use this breathing room to reorganize its
obligations through a Subchapter V plan as expeditiously as
possible.
According to court filings, United Safety estimates between $1
million and $10 million in debt owed to 50 to 99 creditors. The
petition states that funds will be available to unsecured
creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for July 27, 2023 at 3:00 p.m.
About United Safety and Alarms
United Safety and Alarms Inc. --
https://www.unitedsafetyandalarms.com/ -- has developed and
implemented comprehensive security and surveillance systems for
homes, businesses, events and government organizations and home
security systems in North West Florida.
United Safety and Alarms Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-14861) on June 22, 2023. In the petition filed by Sherif Assal,
as sole director, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Scott M Grossman oversees the case.
Soneet Kapila is the Subchapter V trustee.
The Debtor is represented by:
Paul J. Battista, Esq
VENABLE LLP
100 SE 2nd St.
44th Floor
Miami, FL 33131
Tel: 305-349-2300
VENATOR MATERIALS: Taps Kirkland & Ellis as Legal Counsel
----------------------------------------------------------
Venator Materials PLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as
their legal counsel.
The firms' services include:
a. advising the Debtors with respect to their powers and
duties in the continued management and operation of their
businesses and properties;
b. advising and consulting on the conduct of the Debtors'
Chapter 11 cases, including all of the legal and administrative
requirements of operating in Chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties involved in the Debtors' Chapter 11
cases;
d. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which they are involved, including objections to claims filed
against the estates;
e. preparing pleadings;
f. representing the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
g. advising the Debtors in connection with any potential sale
of assets;
h. appearing before the bankruptcy court and any appellate
courts;
i. advising the Debtors regarding tax matters;
j. taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related
thereto; and
k. performing all other necessary legal services for the
Debtors in connection with the prosecution of these Chapter 11
cases, including (i) analyzing the Debtors' leases and contracts
and the assumption and assignment or rejection thereof; (ii)
analyzing the validity of liens against the Debtors' assets; and
(iii) advising the Debtors on corporate and litigation matters.
The firm will be paid at these rates:
Partners $1,195 to $2,245 per hour
Of Counsel $820 to $2,125 per hour
Associates $685 to $1,395 per hour
Paraprofessionals $295 to $575 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtors an advanced retainer in the
amount of $500,000.
Steven Serajeddini, Esq., president of Steven N. Serajeddini, P.C.,
a partner of Kirkland & Ellis, disclosed in court filings that the
firms are "disinterested" pursuant to Section 101(14) of the
Bankruptcy Code.
Mr. Serajeddini also disclosed the following in accordance with
Appendix B-Guidelines for reviewing fee applications:
Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?
Response: No.
Question: Do any of the Kirkland professionals in this
engagement vary their rate based on the geographic location of the
Debtors' Chapter 11 cases?
Response: No.
Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's
billing rates and material financial terms have changed
postpetition, explain the difference and the reasons for the
difference.
Response: Kirkland's current hourly rates for services rendered
on behalf of the Debtors range as follows: Partners, $1,195 to
$2,245 per hour; Of Counsel, $820 to $2,125 per hour; Associates
$685 to $1,395 per hour; Paraprofessionals $295 to $575 per hour.
Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget period?
Response: Yes, pursuant to the DIP Order, professionals
proposed to be retained by the Debtors are required to provide
weekly estimates of fees and expenses incurred in these Chapter 11
cases.
The firms can be reached through:
Steven Serajeddini, Esq.
Steven N. Serajeddini, P.C.
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
Phone: +1 212 446 5984
Email: steven.serajeddini@kirkland.com
About Venator
Venator (NYSE: VNTR) is a global manufacturer and marketer of
chemical products that comprise a broad range of pigments and
additives that bring color and vibrancy to buildings, protect and
extend product life, and reduce energy consumption. It markets its
products globally to a diversified group of industrial customers
through two segments: Titanium Dioxide, which consists of its TiO2
business, and Performance Additives, which consists of its
functional additives, color pigments and timber treatment
businesses. Based in Wynyard, U.K., Venator employs approximately
2,800 associates and sells its products in more than 106
countries.
After reaching terms of a Prepackaged Plan, the Debtors Materials
PLC, and 23 affiliated companies filed petitions seeking relief
under chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. Case No. 23-90301) on May 14, 2023. The Debtors' cases have
been assigned to Judge David R Jones.
In connection with the prepackaged Chapter 11 and recapitalization
process, the Debtors tapped Kirkland & Ellis as legal counsel;
Moelis & Company as financial advisor; Alvarez & Marsal as
operational advisor; and PricewaterhouseCoopers, LLP as accounting
advisor. Epiq Corporate Restructuring, LLC is the claims, noticing,
and solicitation agent.
WCS PROPERTY: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
WCS Property Group, LLC asks the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division, for authority to use
cash collateral on an emergency basis retroactive to the petition
date.
The Debtor requires the use of cash collateral to fund its
operating expenses and costs of administration in the Chapter 11
case.
The Kiger Sr. Family Trust may claim a lien on the Debtor's cash
and accounts receivable.
The Debtor estimates the Trust's claim is secured by $5 million,
including $81,098 in cash and accounts receivable which the Debtor
expects to collect.
As adequate protection for the use of cash collateral, the Debtor
offers the Trust:
a. Post-petition replacement liens on the Secured Creditor
Assets to the same extent, validity, and priority as existed
pre-petition;
b. The right to inspect the Secured Creditor Assets on 48
hours notice, provided that said inspection does not interfere with
the operations of the Debtor; and
c. Copies of monthly financial documents generated in the
ordinary course of business and other information as the Trust may
reasonably request with respect to the Debtor's operations.
A copy of the motion is available at https://urlcurt.com/u?l=TP6Mvb
from PacerMonitor.com.
About WCS Property Group, LLC
WCS Property Group, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02820) on July
3, 2023. In the petition signed by Taylor Santos, co-manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Buddy D. Ford, Esq. represents the Debtor as legal counsel.
WELCH & WELCH: Seeks Approval to Hire Bankruptcy Attorneys
----------------------------------------------------------
Welch & Welch Planting Company, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Tennessee to employ
Thomas Strawn, Esq., and T. Verner Smith, Esq., as bankruptcy
attorneys.
The bankruptcy attorneys' services include:
a. advising the Debtor with respect to its powers and duties in
the continued operation of it its farming operation;
b. assisting the Debtor in the preparation of its statement of
financial affairs, schedules, statement of executory contract and
unexpired leases, and legal documents;
c. representing the Debtor in any proceeding that is instituted
to reclaim property or obtain relief from the automatic stay
imposed by Section 362 of the Bankruptcy Code or that seeks the
turnover or recovery of property;
d. assisting in the formulation, negotiation and confirmation of
a plan of reorganization (and accompanying ancillary documents);
e. assisting in the investigation of the assets, liabilities and
financial condition of the Debtor that may be required;
f. representing the Debtor at hearings or matters pertaining to
its affairs;
g. providing counseling and representation with respect to the
assumption or rejection of executory contracts and leases and other
bankruptcy-related matters;
h. representing the Debtor in matters that may arise in
connection with its farming operations, financial and legal
affairs, and dealings with creditors and other parties involved in
the Debtor's Chapter 11 case;
i. rendering advice on general corporate and litigation issues
relating to the case; and
j. other necessary legal services.
Both attorneys charge $300 per hour for their services and $100 per
hour for paralegal services. In addition, the attorneys will seek
reimbursement for out-of-pocket expenses incurred.
The retainer is $15,000.
As disclosed in court filings, Messrs. Strawn and Smith are
"disinterested persons" pursuant to Section 101(14) of the
Bankruptcy Code.
The attorneys hold office at:
Thomas H. Strawn, Esq.
400 Masonic Street
Dyersburg, TN 38024
Tel: (731) 285-3375
-- and --
T. Verner Smith, Esq.
Law Office of Verner Smith
367 A N. Parkway Suite 2
Jackson, TN 38305
Tel: (731) 423-1888
Email: gayle@vernersmith.com
About Welch & Welch Planting Company
Based in Dyersburg, Tenn., Welch & Welch Planting Company, LLC is
involved in the farming business.
Welch & Welch Planting Company filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No.
23-10623) on Sept. 22, 2022, with $1 million to $10 million in both
assets and liabilities. Joe Welch, president, signed the petition.
Judge Jimmy L. Croom oversees the case.
The Debtor is represented by T. Verner Smith, Esq., at the Law
Office of Verner Smith and Thomas H. Strawn, Esq., a practicing
attorney in Dyersburg, Tenn.
WESTERN GLOBAL: CEO & Founder Neff Buys Debt to Keep Co. Alive
--------------------------------------------------------------
Erin Hudson and Reshmi Basu of Bloomberg News report that Western
Global Airlines LLC founder and Chief Executive Officer Jim Neff
bought the cargo airline's deeply distressed secured debt as the
company veers toward a Chapter 11 bankruptcy filing, according to
people with knowledge of the matter.
The move comes just three years after Western Global raised $400
million in a bond deal that handed Neff a payout as part of a
minority stake sale to employees. Neff still owns more than 60% of
the company, one of the people said.
About Western Global
Western Global Airlines, LLC, is an American cargo airline based
in
Estero, Florida. The company's services include aircraft leasing,
commercial charters and military charters. Its main hub is
located
at Southwest Florida International Airport in Fort Myers, Florida.
WHITESTONE BREWERY: Taps Vine Financial Partners as Bookkeeper
--------------------------------------------------------------
Whitestone Brewery, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Vine Financial
Partners, LLC as bookkeeper.
The firm's services include:
a. catch up of 2022 and 2023 financial statements and accounting
transactions;
b. accounts payable, year-end 1099 reporting;
c. sales and purchase order processing;
d. monthly sales tax and TABC reporting;
e. monthly bank and credit card account reconciliations;
f. monthly journal entries, as needed, and review of the general
ledger;
g. monthly financial statement preparation;
h. maintenance of the Brewery Management System integration with
Vine Financial Online and other integrations;
i. monthly Chapter 11 operating reports for the curt; and
j. other bookkeeping and accounting services.
The firm will be compensated at $1,125 per month.
Christel Ricks Gustafson, a partner at Vine Financial Partners,
disclosed in a court filing that the firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Christel Ricks Gustafson
Vine Financial Partners, LLC
4425 S. MopacExpy.
Bldg. IV, Suite 701,
Austin, TX 75735,
Email: christel@vinefp.com
Whitestone Brewery, LLC operates in the beverage manufacturing
industry. The company is based in Cedar Park, Texas.
Whitestone Brewery sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Texas Case No. 23-10325) on May
5,2023, with up to $1 million in assets and up to $10 million in
liabilities. Ryan Anglen, owner, signed the petition.
The Debtor tapped Charlie Shelton, Esq., at Hayward PLLC as legal
counsel and Vine Financial Partners, LLC as bookkeeper.
WW INTERNATIONAL: Calamos CHIF Marks $1.7M Loan at 31% Off
----------------------------------------------------------
Calamos Convertible and High Income Fund has marked its $1,752,975
loan extended to WW International Inc to market at $1,202,979, or
69% of the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Calamos CHIF's Form N-CSR for the fiscal
year ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos CHIF is a participant in a Bank Loan that accrues interest
at a rate of 8.530% per annum (1 mo LIBOR + 3.50%) to WW
International Inc. The loan is scheduled to mature on April 13,
2028.
Calamos Global Dynamic Income Fund was organized as a Delaware
statutory trust on April 10, 2007 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
June 27, 2007.
WW International Inc. formerly weight watchers international Inc.,
is a global company headquartered in the US that offers weight loss
and maintenance, fitness, and mindset services such as the weight
watchers comprehensive diet program.
WW INTERNATIONAL: Calamos STRF Marks $1.9M Loan at 31% Off
----------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $1,975,050 loan
extended to WW International Inc to market at $1,355,378, or 69% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained Calamos STRF's Form N-CSR for the fiscal year
ended April 30, 2023, filed with the Securities and Exchange
Commission on June 28, 2023.
Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 8.530% per annum (1 mo. LIBOR + 3.50%) to WW
International Inc. The loan is scheduled to mature on April 13,
2028.
Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.
WW International Inc. formerly weight watchers international Inc.,
is a global company headquartered in the US that offers weight
loss.
YIWAN TRADING: Files Bare-Bones Chapter 11 Petition
---------------------------------------------------
Yiwan Trading Company Limited filed for chapter 11 protection
without stating a reason.
According to court filings, Yiwan Trading estimates between $10
million and $50 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 28, 2023, at 10:00 AM at UST-LA3, TELEPHONIC MEETING.
CONFERENCE LINE:1-866-811-2961, PARTICIPANT CODE:9609127.
About Yiwan Trading Company Limited
Yiwan Trading Company Limited belongs to the manufacturing
industry.
Yiwan Trading Company Limited sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-13978) on June
27, 2023. In the petition filed by Jiayuan Li, as co-president and
director, the Debtor reported assets and liabilities between $10
million and $50 million.
Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case.
The Debtor is represented by:
Anthony Bisconti, Esq.
Bienert Katzman Littrell Williams LLP
9170 Wilshire Blvd.
Ste. 500 #B
Los Angeles, CA 90210
Tel: 213-528-3400
Email: tbisconti@bklwlaw.com
[*] 30th Distressed Investing Conference Set for Nov. 29
--------------------------------------------------------
Save that date!
The 2023 DISTRESSED INVESTING CONFERENCE will be held Nov. 29,
2023, in-person at the Harmonie Club in Manhattan. The event is
presented by Beard Group, Inc.
Top industry experts gather together to discuss the latest topics
and trends in the distressed investing industry. Now on its 30th
year, this value-packed event features special presentations from
keynote speakers, live panel discussions and networking sessions
with other insolvency professionals.
Registration details coming soon. Visit
https://www.distressedinvestingconference.com for more
information.
For sponsorship opportunities, contact:
Will Etchison
305-707-7493
will@beardgroup.com
[*] Claims Trading Report -- June 2023
--------------------------------------
There were at least 260 claims that changed hands in Chapter 11
corporate cases in June 2023:
No. of Claims
Debtor Transferred
------ -----------
Sorrento Therapeutics, Inc. 81
Celsius Network LLC 37
FTX Trading Ltd. 30
National Realty Investment Advisors LLC 15
Hamon Holdings Corporation 11
Olympia Sports Acquisitions, LLC 11
Vallecito Gas, LLC 8
Pier 1 Imports, Inc. 4
Dean Foods Company 3
Fox Subacute at Mechanicsburg, LLC 3
Green Roads, Inc. 3
GWG Holdings, Inc. 3
IEH Auto Parts Holding LLC 3
Lehman Brothers Holdings Inc. 3
Life Partners Holdings, Inc. 3
Allied Healthcare Products, Inc. 2
Ara Macao Holdings, L.P. 2
BlockFi Inc. 2
Ericksen, Arbuthnot, Kilduff,
Day & Lindstrom Inc 2
Fairport Baptist Homes 2
Matheson Flight Extenders, Inc. 2
MERISOL VILLAGES, LLC 2
Randolph Hospital, Inc. 2
Stein Mart, Inc. 2
Tricida, Inc. 2
Aston Custom Homes & Design, Inc. 1
BORREGO COMMUNITY HEALTH FOUNDATION 1
Boy Scouts of America 1
Burts Construction, Inc 1
CBC Restaurant Corp. 1
Clovis Oncology, Inc. 1
Core Scientific, Inc. 1
Creative Investors, Inc. 1
Deville Corp. 1
FHC Holdings Corporation 1
Genesis Global Holdco, LLC 1
HyreCar, Inc 1
Independent Pet Partners Holdings, LLC 1
Legacy EJY, Inc 1
Osceola Fence Supply, LLC 1
Pacific Bend, Inc. 1
Party City Holdco Inc 1
RTW Retailwinds, Inc. 1
Seaside Investment Inc. 1
Serta Simmons Bedding, LLC 1
Star Mountain Resources, Inc. 1
VJGJ, INC. 1
Notable claim purchasers for the month of June 2023 are:
Argo Partners
Attn: Paul Berg
12 West 37th Street, Ste. 900
New York, NY 10018
Phone: (212) 643-5442
Attestor Value Master Fund LP
c/o Attestor Limited
Attn: Steve Gillies
7 Seymour Street
London, W1H 7JW, England
Tel: +44(0)20-7074-9653
E-mail: settlements@attestorcapital.com
Bradford Capital Holdings, LP
Attn: Brian L. Brager
P.O. Box 4353
Clifton, NJ 07012
E-mail: bbrager@bradforcapitalmgmt.com
Cherokee Debt Acquisition, LLC
Attn: Vladimir Jelisavcic
Email: vjel@cherokeeacq.com
1384 Broadway, Suite 906
New York, NY 10018
Contrarian Funds, LLC
Attn: Alpa Jimenez
411 West Putnam Ave., Suite 425
Greenwich, CT 06830
Tel: 203-862-8259
Fax: 203-485-5910
E-mail: tradeclaimsgroup@contrariancapital.com
Fair Harbor Capital, LLC
Ansonia Finance Station
PO Box 237037
New York, NY 10023
Tel: (212) 967-4035
Invictus Global Management, LLC
Attn: Cindy Chen Delano
310 Comal Street, Building A, Suite 229
Austin, TX 78702
Tel: (512) 359-8450
TR Capital Management LLC
TRC Master Fund LLC
Attn: Terrel Ross
PO Box 633
Woodmere, NY 11598
Tel: (516) 255-1801
VonWin Capital Management, L.P.
80 West 40th Street, 3rd Floor
New York, NY 10018
Tel: (212) 889-1354
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re GAI Remodeling
Bankr. E.D. Wisc. Case No. 23-22646
Chapter 11 Petition filed June 9, 2023
See
https://www.pacermonitor.com/view/56QAVLI/GAI_Remodeling__wiebke-23-22646__0001.0.pdf?mcid=tGE4TAMA
represented by: Nicholas W. Kerkman, Esq.
KERKMAN & DUNN
E-mail: nkerkman@kermandunn.com
In re LRSMB LLC
Bankr. N.D. Cal. Case No. 23-30414
Chapter 11 Petition filed June 27, 2023
See
https://www.pacermonitor.com/view/TEPTGUY/LRSMB_LLC__canbke-23-30414__0001.0.pdf?mcid=tGE4TAMA
represented by: Joseph Angelo, Esq.
GALE, ANGELO, JOHNSON & PATRICK, P.C.
E-mail: jangelo@gajplaw.com
In re The Merry Mart, LLC
Bankr. M.D. Fla. Case No. 23-01487
Chapter 11 Petition filed June 27, 2023
See
https://www.pacermonitor.com/view/BAXYMUI/The_Merry_Mart_LLC__flmbke-23-01487__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Luz Ma Aesthetics Inc.
Bankr. S.D. Fla. Case No. 23-14986
Chapter 11 Petition filed June 27, 2023
See
https://www.pacermonitor.com/view/KGGAICQ/Luz_Ma_Aesthetics_Inc__flsbke-23-14986__0001.0.pdf?mcid=tGE4TAMA
represented by: Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
E-mail: chad@cvhlawgroup.com
In re Jason Charles Santamaria
Bankr. N.D. Ga. Case No. 23-56015
Chapter 11 Petition filed June 27, 2023
represented by: Benjamin Keck, Esq.
In re Hanah Director
Bankr. D.N.J. Case No. 23-15515
Chapter 11 Petition filed June 27, 2023
represented by: Geoffrey Neumann, Esq.
In re Bedford Holdings Corp
Bankr. E.D.N.Y. Case No. 23-41963
Chapter 11 Petition filed June 27, 2023
See
https://www.pacermonitor.com/view/RHFNBSQ/Bedford_Holdings_Corp__nyebke-23-41963__0019.0.pdf?mcid=tGE4TAMA
represented by: Pasquale Calcagno, Esq.
CALCAGNO & ASSOCIATES
E-mail: pcalcagno@firstgotham.com
In re Jay Deli Corp.
Bankr. E.D.N.Y. Case No. 23-42271
Chapter 11 Petition filed June 27, 2023
See
https://www.pacermonitor.com/view/ILLPZJA/Jay_Deli_Corp__nyebke-23-42271__0001.0.pdf?mcid=tGE4TAMA
represented by: Peter A. Joseph, Esq.
LAW OFFICES OF PETER A. JOSEPH
E-mail: peterj177@gmail.com
In re Rbgb Hamptons Home LLC
Bankr. E.D.N.Y. Case No. 23-72304
Chapter 11 Petition filed June 27, 2023
See
https://www.pacermonitor.com/view/ME7KAFI/Rbgb_Hamptons_home_llc__nyebke-23-72304__0001.0.pdf?mcid=tGE4TAMA
represented by: Andrew G. Neal, Esq.
LAW OFFICES OF ANDREW G. NEAL
E-mail: Andrewnealesq@aol.com
In re Jeffery Van Tyson and Sharon Willis Tyson
Bankr. E.D.N.C. Case No. 23-01785
Chapter 11 Petition filed June 27, 2023
represented by: George Oliver, Esq.
In re Ocean Sega International, LLC
Bankr. N.D. Tex. Case No. 23-31333
Chapter 11 Petition filed June 27, 2023
See
https://www.pacermonitor.com/view/5U25CLY/Ocean_Sega_International_LLC__txnbke-23-31333__0001.0.pdf?mcid=tGE4TAMA
represented by: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
E-mail: joyce@joycelindauer.com
In re Mitree Michael Piromgraipakd and Elena Joyce Thia
Piromgraipakd
Bankr. C.D. Cal. Case No. 23-12819
Chapter 11 Petition filed June 28, 2023
represented by: Summer Shaw, Esq.
In re Todd Kennedy and Julia Kennedy
Bankr. S.D. Ill. Case No. 23-30439
Chapter 11 Petition filed June 28, 2023
represented by: Steven Wallace, Esq.
In re David Brian Miller
Bankr. D. Kan. Case No. 23-20725
Chapter 11 Petition filed June 28, 2023
represented by: Chelsea Williamson, Esq.
In re Apache Mill Tailings USA, Inc.
Bankr. D. Nev. Case No. 23-12582
Chapter 11 Petition filed June 28, 2023
See
https://www.pacermonitor.com/view/LUSIQ6Q/APACHE_MILL_TAILINGS_USA_INC__nvbke-23-12582__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 1352 Dickens Street LLC
Bankr. E.D.N.Y. Case No. 23-42317
Chapter 11 Petition filed June 28, 2023
See
https://www.pacermonitor.com/view/N4WWZVA/1352_Dickens_Street_LLC__nyebke-23-42317__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 601 18th Street LLC
Bankr. E.D.N.Y. Case No. 23-42318
Chapter 11 Petition filed June 28, 2023
See
https://www.pacermonitor.com/view/NXRE3QQ/601_18th_Street_LLC__nyebke-23-42318__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Bastille Development Corp
Bankr. E.D.N.Y. Case No. 23-42300
Chapter 11 Petition filed June 28, 2023
See
https://www.pacermonitor.com/view/RPXBILI/Bastille_Development_Corp__nyebke-23-42300__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Chatham Communications Corporation
Bankr. W.D.N.Y. Case No. 23-20308
Chapter 11 Petition filed June 28, 2023
See
https://www.pacermonitor.com/view/UUERKQQ/Chatham_Communications_Corporation__nywbke-23-20308__0001.0.pdf?mcid=tGE4TAMA
represented by: David H. Ealy, Esq.
CRISTO LAW GROUP LLC
E-mail: dealy@trevettcristo.com
In re Eyewear Shop LLC
Bankr. D.P.R. Case No. 23-01967
Chapter 11 Petition filed June 28, 2023
See
https://www.pacermonitor.com/view/5FD2OQY/EYEWEAR_SHOP_LLC__prbke-23-01967__0001.0.pdf?mcid=tGE4TAMA
represented by: Carlos Alberto Ruiz, Esq.
LCDO. CARLOS ALBERTO RUIZ, CSP
E-mail:
carlosalbertoruizquiebras@gmail.com
In re Diversified Power Systems, Inc.
Bankr. N.D. Tex. Case No. 23-41834
Chapter 11 Petition filed June 28, 2023
See
https://www.pacermonitor.com/view/KYL4LLQ/Diversified_Power_Systems_Inc__txnbke-23-41834__0001.0.pdf?mcid=tGE4TAMA
represented by: Craig D. Davis, Esq.
DAVIS, ERMIS & ROBERTS, P.C.
E-mail: davisdavisandroberts@yahoo.com
In re SOL Properties LLC
Bankr. N.D. Cal. Case No. 23-30422
Chapter 11 Petition filed June 29, 2023
See
https://www.pacermonitor.com/view/ZUOFQII/SOL_Properties_LLC__canbke-23-30422__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Rainmaker Health Solutions Hamlin Inc.
Bankr. M.D. Fla. Case No. 23-02602
Chapter 11 Petition filed June 29, 2023
See
https://www.pacermonitor.com/view/Y6TK2HY/Rainmaker_Health_Solutions_Hamlin__flmbke-23-02602__0001.0.pdf?mcid=tGE4TAMA
represented by: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
E-mail: jeff@bransonlaw.com
In re Delta Wholesale Tire Center, Inc.
Bankr. E.D. Mich. Case No. 23-31065
Chapter 11 Petition filed June 29, 2023
See
https://www.pacermonitor.com/view/2HA4KJA/Delta_Wholesale_Tire_Center_Inc__miebke-23-31065__0001.0.pdf?mcid=tGE4TAMA
represented by: George E. Jacobs, Esq.
BANKRUPTCY LAW OFFICES
E-mail: george@bklawoffice.com
In re Nicholas B Clifford, Jr. and Maria L Clifford
Bankr. E.D. Mo. Case No. 23-42277
Chapter 11 Petition filed June 29, 2023
represented by: Robert E. Eggmann, Esq.
CARMODY MACDONALD P.C.
In re Christian Love
Bankr. E.D. Va. Case No. 23-11065
Chapter 11 Petition filed June 29, 2023
represented by: Elizabeth Douglass, Esq.
In re Laurie Ellen Pace
Bankr. W.D. Va. Case No. 23-60695
Chapter 11 Petition filed June 29, 2023
represented by: Andrew Goldstein, Esq.
MAGEE GOLDSTEIN LASKY & SAYERS, PC
In re Aaron M Syring
Bankr. W.D. Wash. Case No. 23-11189
Chapter 11 Petition filed June 29, 2023
represented by: James Dickmeyer, Esq.
In re IGIT Logistics, LLC
Bankr. C.D. Cal. Case No. 23-11357
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/JMBGV3I/IGIT_Logistics_LLC__cacbke-23-11357__0001.0.pdf?mcid=tGE4TAMA
represented by: Onyinye N. Anyama, Esq.
ANYAMA LAW FIRM, APC
E-mail: info@anyamalaw.com
In re Afton Blockchain LLC
Bankr. D. Del. Case No. 23-10878
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/UZ4APPY/Afton_Blockchain_LLC__debke-23-10878__0001.0.pdf?mcid=tGE4TAMA
represented by: Evan T. Miller, Esq.
BAYARD, P.A.
E-mail: emiller@bayardlaw.com
In re Filtech SPV LLC
Bankr. D. Del. Case No. 23-10879
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/DHOPWKQ/Filtech_SPV_LLC__debke-23-10879__0001.0.pdf?mcid=tGE4TAMA
represented by: Evan T. Miller, Esq.
BAYARD, P.A.
E-mail: emiller@bayardlaw.com
In re Midwest Blockchain Inc.
Bankr. D. Del. Case No. 23-10880
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/DK3TGYQ/Midwest_Blockchain_Inc__debke-23-10880__0001.0.pdf?mcid=tGE4TAMA
represented by: Evan T. Miller, Esq.
BAYARD, P.A.
E-mail: emiller@bayardlaw.com
In re Uniform Factory Outlet of Washington L.L.C.
Bankr. M.D. Fla. Case No. 23-01531
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/VU5FFSI/Uniform_Factory_Outlet_of_Washington__flmbke-23-01531__0001.0.pdf?mcid=tGE4TAMA
represented by: David E. Otero, Esq.
AKERMAN LLP
E-mail: david.otero@akerman.com
In re AHR Inc.
Bankr. S.D. Ind. Case No. 23-02823
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/V4UK7QA/AHR_Inc__insbke-23-02823__0001.0.pdf?mcid=tGE4TAMA
represented by: Sarah L. Fowler, Esq.
BLACKWELL BURKE AND RAMSEY PC
E-mail: sfowler@bbrlawpc.com
In re Brow Bar Inc.
Bankr. S.D. Ind. Case No. 23-02821
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/UXMD5LA/Brow_Bar_Inc__insbke-23-02821__0001.0.pdf?mcid=tGE4TAMA
represented by: Sarah L. Fowler, Esq.
BLACKWELL BURKE AND RAMSEY PC
E-mail: sfowler@bbrlawpc.com
In re Ilari Auto Service, Inc.
Bankr. W.D. Ky. Case No. 23-31541
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/TH6CSFA/Ilari_Auto_Service_Inc__kywbke-23-31541__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael W. McClain, Esq.
GOLDBERG SIMPSON LLC
E-mail: mmcclain@goldbergsimpson.com;
sdaniel-harkins@goldbergsimpson.com
In re Geary Trigleth
Bankr. S.D. Miss. Case No. 23-01504
Chapter 11 Petition filed June 30, 2023
represented by: J. Newman, Esq.
In re Sonya M. Ingram and Kevin D. Ingram
Bankr. D.S.C. Case No. 23-01924
Chapter 11 Petition filed June 30, 2023
represented by: William Penn, Esq.
PENN LAW FIRM, LLC
In re William Jack Leslie Newton
Bankr. M.D. Tenn. Case No. 23-02363
Chapter 11 Petition filed June 30, 2023
In re St. Sebastian's Hotels, LLC
Bankr. S.D. Tex. Case No. 23-32399
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/UQWJUFY/St_Sebastians_Hotels_LLC__txsbke-23-32399__0001.0.pdf?mcid=tGE4TAMA
represented by: Reese W. Baker, Esq.
BAKER & ASSOCIATES
E-mail: courtdocs@bakerassociates.net
In re Morris Housing Project LLC
Bankr. S.D. Tex. Case No. 23-32419
Chapter 11 Petition filed June 30, 2023
See
https://www.pacermonitor.com/view/OH2FDHY/Morris_Housing_Project_LLC__txsbke-23-32419__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re I See You Network
Bankr. D.N.J. Case No. 23-15696
Chapter 11 Petition filed July 1, 2023
See
https://www.pacermonitor.com/view/XXSCDSA/I_See_You_Network__njbke-23-15696__0001.0.pdf?mcid=tGE4TAMA
represented by: Vera McCoy, Esq.
VMC ENTERPRISES, LLC
E-mail: vmbankruptcy@yahoo.com
In re RVN Television
Bankr. D.N.J. Case No. 23-15695
Chapter 11 Petition filed July 1, 2023
See
https://www.pacermonitor.com/view/XHGLHNQ/RVN_Television_RVN__njbke-23-15695__0001.0.pdf?mcid=tGE4TAMA
represented by: Vera McCoy, Esq.
VMC ENTERPRISES, LLC
E-mail: vmbankruptcy@yahoo.com
In re Mark V Construction & Paint LLC
Bankr. D.N.J. Case No. 23-15698
Chapter 11 Petition filed July 2, 2023
See
https://www.pacermonitor.com/view/SUPQ7XQ/Mark_V_Construction__Paint_LLC__njbke-23-15698__0001.0.pdf?mcid=tGE4TAMA
represented by: Ellen M. McDowell, Esq.
MCDOWELL LAW, PC
E-mail: emcdowell@mcdowelllegal.com
In re Maine Consulting, LLC
Bankr. C.D. Cal. Case No. 23-14168
Chapter 11 Petition filed July 3, 2023
See
https://www.pacermonitor.com/view/HFP4JKQ/Maine_Consulting_LLC__cacbke-23-14168__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re AC & CB Enterprises, LLC
Bankr. M.D. Fla. Case No. 23-01562
Chapter 11 Petition filed July 3, 2023
See
https://www.pacermonitor.com/view/QXUAVUQ/AC__CB_Enterprises_LLC__flmbke-23-01562__0001.0.pdf?mcid=tGE4TAMA
represented by: Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
E-mail: chad@cvhlawgroup.com
In re Andrew Michael Demos
Bankr. S.D. Fla. Case No. 23-15254
Chapter 11 Petition filed July 3, 2023
represented by: Craig Kelley, Esq.
In re Sparkle Maids, LLC
Bankr. M.D. Ga. Case No. 23-40398
Chapter 11 Petition filed July 3, 2023
See
https://www.pacermonitor.com/view/VGGFX4Y/Sparkle_Maids_LLC__gambke-23-40398__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Colony Donkey, LLC
Bankr. E.D. Tex. Case No. 23-41174
Chapter 11 Petition filed July 3, 2023
See
https://www.pacermonitor.com/view/7U2AJPI/Colony_Donkey_LLC__txebke-23-41174__0001.0.pdf?mcid=tGE4TAMA
represented by: Eric A. Liepins, Esq.
ERIC A. LIEPINS
E-mail: eric@ealpc.com
In re Lewisville Donkey, LLC
Bankr. E.D. Tex. Case No. 23-41176
Chapter 11 Petition filed July 3, 2023
See
https://www.pacermonitor.com/view/75YIKOA/Lewisville_Donkey_LLC__txebke-23-41176__0001.0.pdf?mcid=tGE4TAMA
represented by: Eric A. Liepins, Esq.
ERIC A. LIEPINS
E-mail: eric@ealpc.com
In re Mario Alberto Rodriguez
Bankr. S.D. Tex. Case No. 23-70131
Chapter 11 Petition filed July 3, 2023
*********
Monday's edition of the TCR delivers a list of indicative prices
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