/raid1/www/Hosts/bankrupt/TCR_Public/240214.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, February 14, 2024, Vol. 28, No. 44
Headlines
1488 BUSCHWICK: Voluntary Chapter 11 Case Summary
225 BOWERY: Plan Exclusivity Period Extended to March 20
35 NORTH ELLIOTT: Case Summary & One Unsecured Creditor
4452 BROADWAY: Property Sale Proceeds to Fund Plan Payments
66 BARRY: Seeks to Tap Compass California II as Real Estate Broker
A1 PROPERTIES: Seeks Approval to Hire LSCV CPA as Accountant
ABILITY AUTOS: Seeks to Hire Lane Law Firm as Bankruptcy Counsel
AEROFABB LLC: Hires Stevens Martin Vaughn & Tadych as Counsel
ALR CONSTRUCTION: Seeks to Hire Moore & Brooks as Legal Counsel
ALR CONSTRUCTION: Seeks to Tap Tagnesi and Green CPAs as Accountant
AMERA RE: Case Summary & 12 Unsecured Creditors
AMWINS GROUP: S&P Assigns 'B+' Rating on Senior Secured Notes
AMYRIS INC: Plan Exclusivity Period Extended to March 6
ARCHBISHOP OF BALTIMORE: Seeks to Extend Exclusivity to July 25
AUDACY INC: Drops BMI Merger Lawsuit With $25.4 Million Stock Deal
AURORA GRACE: Seeks to Hire Center City Law as Bankruptcy Counsel
AVENTIS SYSTEMS: Gets OK to Hire Perilla Knox as Special Counsel
BENDED PAGE: Seeks Approval to Hire Watson Coon Ryan as Auditor
BIOLASE INC: Expects Full Year 2023 Operating Loss of $17M to $20M
BISHOP OF SANTA ROSA: Plan Exclusivity Period Extended to July 3
BLOCKFI INC: U.S. Trustee Slams Move to Seal Three Arrows Deal
BOROHUB GARDENS: Seeks to Hire Avrum Rosen as Bankruptcy Counsel
CANO HEALTH: $150MM Wilmington Savings DIP Loan Has Interim OK
CARVANA CO: Jane Street Acquires 5.4% Equity Stake
CASH CLOUD: Seeks to Hire Conway Baxter Wilson as Special Counsel
CNX RESOURCES: S&P Rates New $400MM Senior Unsecured Notes 'BB'
CUPCAKE QUILTS: Hires Fealy Law Firm PC as Counsel
DARMARC LIMITED: Seeks to Hire Diller & Rice as Bankruptcy Counsel
DAWG'S SPORTS: $538K Unsecured Claims to Get 2% over 60 Months
DAYFORCE INC: S&P Upgrades Long-Term ICR to 'BB-', Outlook Stable
DEAN GUTIERREZ: Seeks to Hire Will Allan Law as Litigation Counsel
DIOCESE OF ROCKVILLE CENTRE: Opposes Revival of 31 Abuse Claims
DMK PHARMACEUTICALS: Gets OK to Tap BMC as Claims Agent
DMK PHARMACEUTICALS: Seeks Court OK to Tap Gellert as Local Counsel
EISNER ADVISORY: S&P Rates $795MM Secured 1st-Lien Term Loan 'B-'
ENDEAVOR ENERGY: S&P Places 'BB+' ICR on Watch Pos. on Merger
ENTRUST ENERGY: Fights Storm Rates Bankruptcy Court Order
FAIR STATE BREWING: Case Summary & 20 Largest Unsecured Creditors
FLORIDIAN POOLS: Seeks Chapter 11 Bankruptcy
GENESIS GLOBAL: Asks Court Okay to Sell Grayscale Trust Stake
GILLIAM CONSTRUCTION: Hits Chapter 11 Bankruptcy
GOL LINHAS: U.S. Trustee Appoints Creditors' Committee
GOTO GROUP: Gets $100 Million New Capital, Launches Debt Exchange
GREENUP INDUSTRIES: Taps Jones Walker as Litigation Counsel
GRETTA TRANSPORTATION: Taps Schneider & Stone as Bankruptcy Counsel
HAMILTON ELITE: Hires Seifert & Associates as Bankruptcy Counsel
HARBOR CUSTOM: Seeks to Tap FitzGerald Kreditor as Special Counsel
HIGHER GROUND: Seeks to Hire Keck Legal as Bankruptcy Counsel
ILIFF HOSPITALITY: Case Summary & 10 Unsecured Creditors
INFINERA CORP: Brown Advisory, 2 Others Report Equity Stake
INFINERA CORP: FMR LLC, Abigail Johnson Report 14.99% Equity Stake
INFINITY COMMERCIAL: Case Summary & Five Unsecured Creditors
INTERNATIONAL GRANITE: Voluntary Chapter 11 Case Summary
INVIVO THERAPEUTICS: Hires Landis Rath & Cobb as Legal Counsel
INVIVO THERAPEUTICS: Hires Sonoran Capital as Financial Advisor
INVIVO THERAPEUTICS: Hires SSG Advisors as Investment Banker
INVIVO THERAPEUTICS: Taps Kurtzman Carson as Administrative Advisor
INVIVO THERAPEUTICS: Will Hold Chapter 11 Auction of Assets
IPWE INC: Seeks to Hire Auction Advisors LLC as Broker
KATMINT LLC: Seeks to Hire Rachel S. Blumenfeld as Legal Counsel
KELHAM VINEYARD: Trustee Hires West Auctions Inc. as Appraiser
KING WINDSHIELDS: Case Summary & Six Unsecured Creditors
LEE & MAIN: Gets OK to Tap Woltz and Associates as Auctioneer
MAYA J ATX: Files Amendment to Disclosure Statement
MERCON COFFEE: Seeks to Hire Ordinary Course Professionals
MERCY HOSPITAL: Seeks to Hire CBRE Inc. as Real Estate Broker
MOUNTAINSKY LANDSCAPING: Asset Sale Proceeds & Income to Fund Plan
MYOMO INC: AIGH Capital, Orin Hirschman Report 9.9% Equity Stake
NATIONAL RIFLE ASSOCIATION: NY Court Proposes to Dismiss AG Claims
NATIONAL RIFLE ASSOCIATION: Plans to Nix AG Claims from Trial
NEWSOME TRUCKING: Taps Paul Reece Marr as Bankruptcy Counsel
OCEANWIDE PLAZA: Involuntary Chapter 11 Case Summary
OUTKAST ELECTRICAL: Case Summary & 20 Largest Unsecured Creditors
PACKABLE HOLDINGS: Creditors Can Sue Company's Insiders
PEGASUS HOME: Plan Exclusivity Period Extended to March 21
PLEASANT HEIGHTS: Seeks to Hire Minion & Sherman as Legal Counsel
PREFERRED BUILDERS: Gets Approval to Hire Dal Lago Law as Counsel
QUICKWAY ESTATES: Case Summary & One Unsecured Creditor
REFRESH2O WATER: Amends Unsecured & Dept. of Revenue Secured Claims
RENALYTIX PLC: CMS Publishes Draft Local Coverage Determination
RENEE REALTY: Voluntary Chapter 11 Case Summary
RESTORATION FOREST: Hires Potter Anderson & Corroon as Counsel
RESTORATION FOREST: Seeks to Hire 'Ordinary Course' Professionals
RESTORATION FOREST: Seeks to Hire Intrepid as Investment Banker
RESTORATION FOREST: Seeks to Hire Kroll as Administrative Advisor
RESTORATION FOREST: Taps Riveron to Provide CRO and Other Personnel
RESTORATION FOREST: U.S. Trustee Appoints Creditors' Committee
S.M.M. INVESTMENTS: Hires Anyama Law Firm as Bankruptcy Counsel
SALLY BEAUTY: S&P Rates Subsidiary's New Sr. Unsecured Notes 'BB-'
SAVESOLAR CORPORATION: Taps Silver Birch as Investment Banker
SHEN'S PEKING: Hires Craig I. Kelley as Bankruptcy Counsel
SIENTRA INC: Case Summary & 30 Largest Unsecured Creditors
SIENTRA INC: Files Chapter 11 to Facilitate Section 363 Sale
SOTERA HEALTH: S&P Affirms 'BB-' ICR Despite Elevated Leverage
SREE AKSHAR: Seeks to Hire Bond Law Office as Attorney
TARZANA PLAZA: Hires Elkins Kalt Weintraub as Litigation Counsel
TISCHER CREEK: S&P Lowers 2018A Refunding Bond Rating to 'BB'
TOPPOP LLC: Seeks to Hire Kantrow Law Group as Special Counsel
TORITO SHELTON: Seeks to Hire Neil Crane as Bankruptcy Counsel
TRANSDIGM INC: S&P Rates Secured Note Facilities And Revolver 'B+'
TRANSPORT SERVICE: Rolling Stock, Real Estate Proceeds to Fund Plan
TURBO FINANCIAL: Seeks to Hire Vestcorp LLC as Accountant
U.S. CREDIT: Seeks to Hire RoofTop Finance as Business Broker
UA LEASING: Seeks to Hire Gutnicki LLP as Bankruptcy Counsel
US CREDIT: U.S. Trustee Appoints Creditors' Committee
VIVAKOR INC: May Issue 40M Shares Under Equity and Incentive Plan
WEITLUND CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
WEWORK INC: Restructuring Efforts May Have Stalled
YOUNG POULTRY: Continued Operations to Fund Plan
ZIGI USA: U.S. Trustee Appoints Creditors' Committee
ZYMERGEN INC: Will Liquidate After Selling Its Properties
[*] Bissinger Oshman Among Top 25 Dispute Resolution Firms
*********
1488 BUSCHWICK: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: 1488 Buschwick LLC
208 Hamrod Street
Brooklyn NY 11237
Business Description: The Debtor is engaged in activities
related to real estate.
Chapter 11 Petition Date: February 13, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-40663
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Joshua Bronstein, Esq.
LAW OFFICES OF JOSHUA BRONSTEIN & ASSOCIATES
PLLC
114 Soundview Drive
Port Washington, NY 11050-1555
Tel: (516) 698-0202
E-mail: jbrons5@yahoo.com
Total Assets: $3 million
Total Debts: $3 million
The petition was signed by Solomon Stanley 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/M22FBRY/1488_Buschwick_LLC_1488_Bushwick__nyebke-24-40663__0001.0.pdf?mcid=tGE4TAMA
225 BOWERY: Plan Exclusivity Period Extended to March 20
--------------------------------------------------------
Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District
of Delaware extended 225 Bowery LLC's exclusive periods to file its
plan of reorganization or liquidation, and solicit acceptances
thereof to March 20, 2024 and May 20, 2024, respectively.
As shared by Troubled Company Reporter, 225 Bowery has submitted a
First Amended Chapter 11 Plan pursuant to which holders of Allowed
General Unsecured Claims are grouped in Class 8. If the Debtor
consummates a Reorganization transaction, each Holder of an Allowed
General Unsecured Claim will receive its Pro Rata share of the GUC
Reorganization Payments, which will be paid in four equal
installments on each of (i) a date chosen by the Plan Administrator
that is not later than six months following the Effective Date,
(ii) a Business Day in January 2025 chosen by the Plan
Administrator, (iii) a Business Day in July 2025 chosen by the Plan
Administrator, and (iv) a Business Day in December 2025 chosen by
the Plan Administrator; provided however that if a General
Unsecured Claim is not Allowed as of the date of any such payment,
the Holder will receive such payment within 30 days following the
Allowance of that General Unsecured Claim.
If the Debtor consummates an Asset Sale Wind-Down, a GUC Wind-Down
Pool will be distributed Pro Rata to Class 5, Class 6, Class 7 and
Class 8 such that each Holder of (A) an Allowed Mechanic's Lien
Bond Claim, (B) an Allowed Mechanic's Lien Claim, (C) an Allowed
Union Claim and (D) an Allowed General Unsecured Claim will receive
its Pro Rata share of the GUC Wind-Down Pool.
In a December 2023 report, TCR said that under a Reorganization,
each Holder of an Allowed General Unsecured Claim will recover 20%
of their claims but nothing under an Asset Sale Wind-Down.
Class 8 is impaired.
"GUC Reorganization Payments" means, if the Debtor consummates the
Reorganization, Cash payments equal to the lesser of (a) $825,000,
or (b) an amount sufficient to provide a 20% recovery on account of
each Allowed General Unsecured Claim.
"GUC Wind-Down Pool" means, if the Debtor consummates an Asset Sale
and implements the Plan through the Asset Sale Wind-Down, the Asset
Sale Proceeds after satisfaction of all Claims against the Debtor
that are either (i) Secured, (ii) entitled to priority under the
Bankruptcy Code, or (iii) otherwise entitled, pursuant to the
Bankruptcy Code, to payment before satisfaction of, or distribution
on account of, any Unsecured Claim, provided that, in the context
of an Asset Sale to the Secured Lender via a Credit Bid, such
amount shall be $0.00.
A copy of the First Amended Chapter 11 Plan dated Jan. 19, 2024, is
available at https://tinyurl.ph/mFNJq from PacerMonitor.com.
Counsel to the Debtor:
Gerard S. Catalanello, Esq.
James J. Vincequerra, Esq.
Stephen M. Blank, Esq.
Dylan S. Cassidy, Esq.
Kimberly J. Schiffman, Esq.
ALSTON & BIRD LLP
90 Park Avenue
New York, NY 10016
Telephone: (212) 210-9400
Facsimile: (212) 210-9444
E-mails: Gerard.Catalanello@alston.com
James.Vincequerra@alston.com
Stephen.Blank@alston.com
Dylan.Cassidy@alston.com
Kimberly.Schiffman@alston.com
- and -
Michael R. Nestor, Esq.
Matthew B. Lunn, Esq.
Ryan M. Bartley, Esq.
Andrew A. Mark, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Rodney Square
Wilmington, DE 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
E-mails: mnestor@ycst.com
mlunn@ycst.com
rbartley@ycst.com
amark@ycst.com
About 225 Bowery
225 Bowery, LLC, is a New York-based company operating in the
traveler accommodation industry.
225 Bowery sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10094) on Jan. 24,
2023. In the petition signed by its chief restructuring officer,
Nat Wasserstein, the Debtor reported $50 million to $100 million in
both assets and liabilities.
Judge Brendan L. Shannon oversees the case.
Alston & Bird LLP and Young Conaway Stargatt and Taylor, LLP
represent the Debtor as legal counsel while Nat Wasserstein of
Lindenwood Associates, LLC serves as the Debtor's chief
restructuring officer.
Bank Hapoalim B.M., as lender, is represented by Scott S. Balber,
Esq., at Herbert Smith Freehills New York, LLP.
35 NORTH ELLIOTT: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: 35 North Elliott LLC
123 Church Avenue
Brooklyn, NY 11218
Business Description: 35 North Elliott is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: February 13, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-40654
Debtor's Counsel: Paul Hollender, Esq.
CORASH & HOLLENDER
1200 South Avenue
Suite 201
Staten Island, NY 10314
Tel: 718-442-4424
Fax: 718-273-4847
E-mail: info@silawfirm.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Rahim Siunykalimi as managing member.
The Debtor listed HSBC Bank c/o LOGS Legal 175 Mile Crossing
Blvd Rochester, NY 14624, as its sole unsecured creditor holding a
claim of $620,459.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/C3GHUFY/35_North_Elliott_LLC__nyebke-24-40654__0001.0.pdf?mcid=tGE4TAMA
4452 BROADWAY: Property Sale Proceeds to Fund Plan Payments
-----------------------------------------------------------
4452 Broadway Mazal LLC submitted a Disclosure Statement for the
Amended Plan of Liquidation dated February 6, 2024.
The Plan provides for either the sale of the Property by Auction to
be held pursuant to the Bid Procedures and the resulting Sale
Proceeds which will fund payments under the Plan.
Class 1 consists of the Allowed Secured Tax Claim. The holder of
the Secured Tax Claim shall receive, in full and final satisfaction
of such Claim, Cash from the Sale Proceeds in an amount equal to
such Claim, payable at Closing. Should there be a sale to the
Mortgage Lender or its designee or assignee, the Mortgage Lender
shall satisfy the Secured Tax Claim in full or the Mortgage Lender
may take the Property subject to the Secured Tax Claim.
Class 2 consists of the Mortgage Claim held by the Mortgage Lender.
The holder of the Mortgage Claim shall receive a gross amount of
$25,500,000 in Cash at the Closing from the Sale Proceeds from a
sale to someone other than the Mortgage Lender. If the Mortgage
Lender (or its assignee, nominee, or designee) is the Purchaser
pursuant to a credit bid, the Mortgage Lender shall receive the
Property and fund Fee Claims, including payments to the Debtor's
real estate broker.
Class 3 consists of Other Secured Claims. Each holder of an Allowed
Other Secured Claim shall receive on the Effective Date, if the
Sale Proceeds exceed the aggregate amount of the Class 2 Mortgage
Claim, Allowed Administrative Claims (including Professional Fees),
Allowed Administrative Tax Claims, Allowed Priority Claims, and
Allowed Class 1 Secured Tax Claims, holders of Allowed Other
Secured Claims shall receive on the Effective Date such excess Sale
Proceeds consistent with the relative priority of each Other
Allowed Secured Claim. In the event the Sales Proceeds do not
exceed the aggregate amount of the Class 2 Mortgage Claim, Allowed
Administrative Claims (including Professional Fees), Allowed
Administrative Tax Claims, Allowed Priority Claims, and Allowed
Class 1 Secured Tax Claims, or exceed such aggregate amount but are
insufficient to pay the Allowed Other Secured Claims in full, each
Allowed Other Secured Claim will be deemed, in whole or in part, an
Allowed General Unsecured Claim in Class 4 and receive the
treatment set forth in section 4.4 of this Plan.
Class 4 consists of General Unsecured Claims against the Debtor.
Except to the extent that a holder of an Allowed General Unsecured
Claim against the Debtor has agreed to less favorable treatment of
such Claim, each holder of an Allowed General Unsecured Claim shall
receive on the Effective Date, if the Sale Proceeds exceed the
aggregate amount of the Class 2 Mortgage Claim, Allowed
Administrative Claims (including Professional Fees), Allowed
Administrative Tax Claims, Allowed Priority Claims, Allowed Class 1
Secured Tax Claims, and Allowed Class 3 Other Secured Claims, its
Pro Rata share of the remaining Sale Proceeds, if any. If the
Mortgage Lender (or its assignee, nominee or designee) is the
Purchaser based on a credit bid, the Mortgage Lender will provide a
distribution of $75,000.00 to holders of Claims in Class 4, which
shall be shared by holders of General Unsecured Claim on a pro rata
basis.
The holders of Existing Equity Interests will receive on the
Effective Date their Pro-Rata share of the Sale Proceeds, if any,
after payment in full of the Class 2 Mortgage Claim, Allowed
Administrative Claims (including Professional Fees), Allowed
Administrative Tax Claims, Allowed Priority Claims, Allowed Class1
Secured Tax Claims, Allowed Class 3 Other Secured Claims, and
Allowed Class 4 General Unsecured Claims.
The Mortgage Lender has agreed to accept a gross amount of
$25,500,000.00 on account of its Mortgage Claim so long as such
payment is made by April 15, 2024. The Property will be sold at an
Auction to be held as soon as practicable after the Effective
Date.
A full-text copy of the Disclosure Statement dated February 6, 2024
is available at https://urlcurt.com/u?l=lxIGRf from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Fred B. Ringel, Esq.
Clement Yee, Esq.
LEECH TISHMAN
ROBINSON BROG, PLLC
875 Third Avenue
New York, NY 10022
Tel: (212) 603-6300
About 4452 Broadway Mazal
4452 Broadway Mazal LLC is the owner of the real property and
improvements located at 4452 Broadway, New York, New York 10040
(Block 2170, Lots 62 and 400). The Property is located in the
Washington Heights neighborhood of Manhattan. Prior to the Chapter
11 filing, the Debtor was in the process of developing the Property
into a mixed-use property consisting of modern retail spaces and
luxury condominiums.
4452 Broadway Mazal LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
23-11832) on Nov. 16, 2023. The petition was signed by Nir Amsel
as authorized signatory. At the time of filing, the Debtor
estimated $10 million to $50 million in both assets and
liabilities.
500 Summit Avenue Mazal LLC, an affiliate of the Debtor, filed its
own chapter 11 case (Case No. 23-11831).
LEECH TISHMAN ROBINSON BROG, PLLC, is the Debtors' legal counsel.
66 BARRY: Seeks to Tap Compass California II as Real Estate Broker
------------------------------------------------------------------
66 Barry Lane, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of California to employ Compass
California II, Inc. as real estate broker.
The Debtor requires the services of a real estate broker in
connection with the sale of its property located at 66 Barry Lane,
Atherton, Calif.
The real estate broker will receive commission in an amount equal
to no more than 5 percent of the purchase price for the property,
which will be split with the broker for the buyer pursuant to
market standards.
William Henry Haze, a real estate agent at Compass California II,
disclosed in a court filing that his firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
William Henry Haze
Compass California II, Inc.
891 Beach Street
San Francisco, CA 94109
Telephone: (415) 250-3988
Email: butch@compass.com
About 66 Barry Lane
66 Barry Lane, LLC, a company in San Jose, Calif., filed its
voluntary Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-51443) on Dec. 11, 2023, with up to $50 million in both assets
and liabilities.
Judge Dennis Montali oversees the case.
Brent D. Meyer, Esq., at Meyer Law Group, LLP represents the Debtor
as bankruptcy counsel.
A1 PROPERTIES: Seeks Approval to Hire LSCV CPA as Accountant
------------------------------------------------------------
A1 Properties KC LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Missouri to employ LSCV, CPA PC as its
accountants.
LSCV, CPA has agreed to act as accountants for the preparation of
the Debtor's federal and state corporate income tax returns, for
the preparation and compilation of financial statements for use in
the filing of bankruptcy, and for the filing of the Monthly
Operating Report, and for accounting, bookkeeping, and consulting
services as requested.
The Debtor has agreed to pay a flat rate of $2,500 for the
preparation of the 2023 tax returns. The Debtor has agreed to pay
for all other matters at an hourly fee.
The firm's hourly rates are:
John Vohs $275
Staff $100 to $275
LSCV, CPA and its members are disinterested parties as defined in
11 U.S.C. Sec. 101(14), representing no interest adverse to the
Debtor or the Debtor's estate on the matters upon which they are to
be engaged, according to court filings.
The firm can be reached through:
John Vohs, CPA
LSCV CPAs PC
4800 College Blvd. Suite #2
Overland Park, KS 66211
Phone: (913) 491-1040
About A1 Properties KC
A1 Properties KC LLC filed a voluntary petition for Chapter 11
protection (Bankr. W.D. Mo. Case No. 23-41518) on Oct. 30, 2023,
listing up to $50,000 in estimated assets and up to $1 million in
estimated liabilities.
Judge Brian T. Fenimore oversees the case.
Colin N. Gotham, Esq., at Evans & Mullinix, PA serves as the
Debtor's counsel.
ABILITY AUTOS: Seeks to Hire Lane Law Firm as Bankruptcy Counsel
----------------------------------------------------------------
Ability Autos, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ The Lane Law Firm,
PLLC as bankruptcy counsel.
The Debtor requires legal counsel to:
(a) assist, advise, and represent the Debtor relative to the
administration of the Chapter 11 case;
(b) assist, advise, and represent the Debtor in analyzing its
assets and liabilities, investigating the extent and validity of
lien and claims, and participating in and reviewing any proposed
asset sales or dispositions;
(c) attend meetings and negotiate with representatives of
secured creditors;
(d) assist the Debtor in the preparation, analysis, and
negotiation of any plan of reorganization and disclosure statement
accompanying the plan;
(e) take all necessary action to protect and preserve the
interests of the Debtor;
(f) appear, as appropriate, before the bankruptcy court, the
appellate courts, and other courts in which matters may be heard;
and
(g) perform all other necessary legal services in this case.
The hourly rates of the firm's counsel and staff are as follows:
Robert C. Lane $595
Joshua Gordon $550
Associate Attorneys $500
Paraprofessionals $150 - 250
In addition, the firm will seek reimbursement for expenses
incurred.
From September 22 to December 12, 2023, the firm received a total
retainer of $27,500 from the Debtor.
Robert Lane, Esq., an attorney at The Lane Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robert C. Lane, Esq.
The Lane Law Firm, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Telephone: (713) 595-8200
Facsimile: (713) 595-8201
Email: notifications@lanelaw.com
About Ability Autos
Ability Autos, LLC and R.A.M. Advertizing, Inc. filed petitions
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 24-30351) on January 31, 2024. Jarrod Martin,
Esq., a practicing attorney in Houston, serves as Subchapter V
trustee.
At the time of the filing, Ability Autos disclosed up to $500,000
in both assets and liabilities while R.A.M. Advertizing disclosed
up to $50,000 in assets and $100,001 to $500,000 in liabilities.
Judge Jeffrey P. Norman oversees the cases.
Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor
as bankruptcy counsel.
AEROFABB LLC: Hires Stevens Martin Vaughn & Tadych as Counsel
-------------------------------------------------------------
aerofabb, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of North Carolina to hire Stevens Martin Vaughn &
Tadych, PLLC as its bankruptcy counsel.
The firm will provide these services:
a. prepare on behalf of Debtor necessary applications,
complaints, answers, orders, reports, motions, notices, plan of
reorganization, disclosure statement, and other papers necessary to
Debtor's reorganization case;
b. perform all necessary legal services in connection with the
Debtor's reorganization, including Court appearances, research,
opinions and consultations on reorganization options, direction,
and strategy; and
c. perform all other legal services for Debtor which may be
necessary in this Chapter 11 case.
The firm will be paid at these rates:
William P. Janvier $540 per hour
Kathleen O'Malley $340 per hour
Law clerks and paralegals $165 per hour
The firm will be paid a retainer in the amount of $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Stevens Martin, Esq., a partner at Vaughn & Tadych, PLLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Stevens Martin, Esq.
VAUGHN & TADYCH, PLLC
2225 W. Millbrook Road,
Raleigh, NC 27612
Tel.: (919) 582-2300
Email: komalley@smvt.com
About aerofabb, LLC
aerofabb, LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-00381) on Feb. 6,
2024, listing $100,001 to $500,000 in both assets and liabilities.
Judge Joseph N Callaway oversees the case.
William P Janvier, Esq at Stevens Martin Vaughn & Tadych, PLLC
repreents the Debtor as counsel.
ALR CONSTRUCTION: Seeks to Hire Moore & Brooks as Legal Counsel
---------------------------------------------------------------
ALR Construction, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Tennessee to employ the law firm
of Moore & Brooks.
The Debtor requires legal counsel to prepare and file bankruptcy
statements and schedules; negotiate cash collateral orders; prepare
a plan of reorganization; negotiate with creditors regarding
claims; appear in court; and provide general legal and bankruptcy
advice and representation.
The hourly rates of the firm's counsel and staff are as follows:
James R. Moore $300
Brenda G. Brooks $300
Paralegal $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000 from the Debtor.
Brenda Brooks, Esq., a partner at Moore & Brooks, disclosed in a
court filing that her firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brenda G. Brooks, Esq.
James R. Moore, Esq.
Moore & Brooks
6223 Highland Place Way, Ste. 102
Knoxville, TN 37919
Telephone: (865) 450-5455
Fax: (865) 622-8865
Email: bbrooks@moore-brooks.com
About ALR Construction
ALR Construction, Inc., a company in White Pine, Tenn., filed
Chapter 11 petition (Bankr. E.D. Tenn. Case No. 24-30127) on
January 25, 2024, with up to $500,000 in assets and up to $10
million in liabilities. Raymond Graham IV, president, signed the
petition.
Judge Suzanne H. Bauknight oversees the case.
The Debtor tapped Brenda G. Brooks, Esq., and James R. Moore, Esq.,
at Moore & Brooks as legal counsels and the firm of Tagnesi and
Green CPAs, PLLC as accountant.
ALR CONSTRUCTION: Seeks to Tap Tagnesi and Green CPAs as Accountant
-------------------------------------------------------------------
ALR Construction, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Tennessee to employ the firm of
Tagnesi and Green CPAs, PLLC as its accountant.
The firm's services include:
(a) ongoing monthly recording, categorizing, and reconciling
financial transactions;
(b) preparation of monthly operating reports in the Debtor's
bankruptcy case; and
(c) preparation of tax returns.
The firm will charge the Debtor $622.50 for the ongoing monthly
recording, categorizing, and reconciling of financial transactions.
In addition, the firm will charge $300 per hour for principals and
$150 per hour for non-licensed accountants for the preparation of
monthly operating reports and the preparation of tax returns and
tax compliance.
Cassondra Tagnesi, CPA, a member of Tagnesi and Green CPAs,
disclosed in a court filing that her firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Cassondra Tagnesi, CPA
Tagnesi and Green CPAs PLLC
320 N. Cedar Bluff Rd.
Knoxville, TN 37923
Telephone: (865) 234-2460
Facsimile: (865) 234-2470
Email: info@tandgcpa.com
About ALR Construction
ALR Construction, Inc., a company in White Pine, Tenn., filed
Chapter 11 petition (Bankr. E.D. Tenn. Case No. 24-30127) on
January 25, 2024, with up to $500,000 in assets and up to $10
million in liabilities. Raymond Graham IV, president, signed the
petition.
Judge Suzanne H. Bauknight oversees the case.
The Debtor tapped Brenda G. Brooks, Esq., and James R. Moore, Esq.,
at Moore & Brooks as legal counsels and the firm of Tagnesi and
Green CPAs, PLLC as accountant.
AMERA RE: Case Summary & 12 Unsecured Creditors
-----------------------------------------------
Debtor: Amera RE
975 E Riggs Rd 12-105
Chandler, AZ 85249
Business Description: Amera RE owns and operates Executive Inn
Stillwater hotel.
Chapter 11 Petition Date: February 12, 2024
Court: United States Bankruptcy Court
Western District of Oklahoma
Case No.: 24-10314
Debtor's Counsel: Amanda R. Blackwood, Esq.
BLACKWOOD LAW FIRM, PLLC
512 NW 12th Street
Oklahoma OK 73103
Tel: (405) 309-3600
E-mail: amanda@blackwoodlawfirm.com
Total Assets: $1,659,533
Total Liabilities: $2,581,464
The petition was signed by Joshua Murakami as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/AA4BPGY/Amera_RE__okwbke-24-10314__0001.0.pdf?mcid=tGE4TAMA
AMWINS GROUP: S&P Assigns 'B+' Rating on Senior Secured Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating and '3' recovery
rating to Amwins Group Inc.'s $750 million senior secured notes due
2029. The '3' recovery rating indicates its expectation for
meaningful recovery (50%-70% rounded estimate: 50%) in the event of
a payment default.
S&P expects Amwins will use the proceeds of this offering for
general corporate purposes including acquisitions and to pay
related transaction fees and expenses, with any remaining proceeds
available to pay a dividend to shareholders.
Including this transaction, pro forma adjusted leverage increases
modestly to 5.5x and pro forma EBITDA interest coverage, using
current SOFRs, is 2.7x. Both metrics are within S&P's tolerances
for the rating.
Amwins continued to report strong performance for the first nine
months of 2023, with revenue growth of 18.7% and S&P Global
Ratings-adjusted EBITDA margin of 36.4%. Organic growth was
favorable across all divisions with the company benefiting from
strong insurance pricing, market share growth, and continued flow
of business from admitted to nonadmitted markets. S&P expects
Amwins' performance to remain strong in 2024 across all segments.
AMYRIS INC: Plan Exclusivity Period Extended to March 6
-------------------------------------------------------
Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District
of Delaware extended Amyris, Inc., and its Affiliated Debtors'
exclusive periods to file their plan of reorganization, and solicit
acceptances thereof to March 6, 2024 and May 6, 2024,
respectively.
As shared by Troubled Company Reporter, citing a report by Jonathan
Randles of Bloomberg News, Judge Thomas M. Horan has held he'd
approve the Debtors' bankruptcy-exit plan which provides Amyris
with as much as $160 million in exit financing backstopped by Foris
Ventures LLC, an investment firm affiliated with Kleiner Perkins
Chairman L. John Doerr, and other lenders that financed the
company's Chapter 11 restructuring. Doerr was also a member of
Amyris' board of directors when it filed bankruptcy in August 2023.
Amyris' restructuring plan hands control of the biotechnology
business to Doerr.
Counsel to the Debtors:
Richard M. Pachulski, Esq.
Debra I. Grassgreen, Esq.
James E. O'Neill, Esq.
Jason H. Rosell, Esq.
Steven W. Golden, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 N. Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899-8705
Tel: (302) 652-4100
Fax: (302) 652-4400
Email: rpachulski@pszjlaw.com
dgrassgreen@pszjlaw.com
joneill@pszjlaw.com
jrosell@pszjlaw.com
sgolden@pszjlaw.com
About Amyris Inc.
Amyris (Nasdaq: AMRS) -- http://www.amyris.com/-- is a synthetic
biotechnology company, transitioning the Clean Health & Beauty and
Flavors & Fragrances markets to sustainable ingredients through
fermentation and the company's proprietary Lab-to-Market(TM)
technology platform. This Amyris platform leverages
state-of-the-art machine learning, robotics and artificial
intelligence, enabling the company to rapidly bring new innovation
to market at commercial scale. Amyris ingredients are included in
over 20,000 products from the worldps top brands, reaching more
than 300 million consumers. Amyris also owns and operates a family
of consumer brands that is constantly evolving to meet the growing
demand for sustainable, effective and accessible products.
Amyris, Inc, et al., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11131) on Aug. 9,
2023. The petitions were signed by Han Kieftenbeld as interim chief
executive officer & chief financial officer.
In the petition, Amyris disclosed $679,679,000 in assets and
$1,327,747,000 in liabilities.
Pachulski Stang Ziehl & Jones LLP serves as the Debtors' bankruptcy
counsel. Fenwick & West, LLP is the Debtorps corporate counsel.
The Debtors tapped PricewaterhouseCoopers LLP as their financial
advisor, while Intrepid Investment Bankers LLC serves as the
Debtors' investment banker. Stretto, Inc., is the Debtors' claims,
noticing, solicitation agent and administrative adviser.
ARCHBISHOP OF BALTIMORE: Seeks to Extend Exclusivity to July 25
---------------------------------------------------------------
Roman Catholic Archbishop of Baltimore asked the U.S. Bankruptcy
Court for the District of Maryland to extend the periods within
which the Debtor have the exclusive right to file a plan of
reorganization and obtain acceptance thereof to July 25, 2024 and
September 23, 2024, respectively.
The Debtor asserts that its case is certainly complex although not
as large as some cases. As noted, to move forward with a
confirmable plan of reorganization, certain complex issues must
first be resolved, including, but not limited to, the issues at the
center of the forthcoming Adversary Proceeding. The outcome of the
Adversary Proceeding will determine the scope of funds available to
fund the Debtor's plan of reorganization.
The Debtor further asserts that it must receive and review each
claim filed by creditors, primarily those claims arising from
abuse, before it can formulate an adequate plan of reorganization
in addition to resolution of the Adversary Proceeding. Until the
Claims Bar Date passes, the Debtor will not be able to quantify the
number and dollar amount of the claims against its estate.
Additionally, with respect to claims arising from abuse, the Debtor
anticipates some claims may be submitted without adequate
information and the Debtor will therefore be required to serve
discovery on these claimants. This discovery process will further
delay the Debtor's ability to quantify the number and dollar amount
of the claims against its estate.
The Debtor claims that it would be difficult, if not impossible to
formulate a confirmable plan of reorganization until a proper
determination of the scope of the insurance proceeds and abuse
claims is made. Under the unique and complex circumstances of this
Chapter 11 Case, the proposed extension of the Debtor's Exclusive
Periods is appropriate.
Attorneys for the Debtor:
Catherine K. Hopkin, Esq.
YVS LAW, LLC
185 Admiral Cochrane Drive, Suite 130
Annapolis, MD 21401
Tel: 443-569-0788
Fax: 410-571-2798
Email: chopkin@yvslaw.com
- and -
Blake D. Roth, Esq.
Tyler N. Layne, Esq.
HOLLAND & KNIGHT LLP
511 Union Street, Suite 2700
Nashville, TN 37219
Tel: 615.244.6380
Fax: 615.244.6804
Email: blake.roth@hklaw.com
tyler.layne@hklaw.com
- and -
Philip T. Evans, Esq.
HOLLAND & KNIGHT LLP
800 17th Street, NW, Suite 1100
Washington, DC 20006
Tel: 202.457.7043
Email: philip.evans@hklaw.com
About Roman Catholic Archbishop of Baltimore
Roman Catholic Archbishop of Baltimore is a non-profit religious
institution that maintains its principal place of business at 320
Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon
Law and Maryland law, the RCAB holds property, including real
property, as a corporation sole for the purposes of erecting
churches, parsonages, burial grounds, or schools according to the
discipline and government of the Roman Catholic Church, with all
such property to be used only for such purposes.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on September 29,
2023. In the petition signed by William E. Lori, archbishop, the
Debtor disclosed $100 million to $500 million in assets and $500
million to $1 billion in liabilities.
Judge Michelle M. Harner oversees the case.
The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal
counsel; Keegan Linscott & Associates, PC as financial and
restructuring advisor; and Gallagher Evelius & Jones LLP as special
counsel. Epiq Corporate Restructuring LLC is the claims, noticing,
and balloting agent.
The U.S. Trustee for Region 5 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of The Roman
Catholic Archbishop of Baltimore. The committee hires Stinson LLP
as counsel. Tydings & Rosenberg LLP as local counsel.
AUDACY INC: Drops BMI Merger Lawsuit With $25.4 Million Stock Deal
------------------------------------------------------------------
Alex Wittenberg of Law360 reports that Audacy Inc. has agreed to
drop a potential shareholder lawsuit over performing rights company
Broadcast Music Inc.'s sale to an investor group in exchange for at
least $25.4 million in stock under a settlement approved by a Texas
bankruptcy judge on Monday, February 5, 2024.
About Audacy Inc.
Philadelphia, Pa.-based Audacy Inc., formerly Entercom
Communications Corp., is a multi-platform audio content and
entertainment company with a collection of local music, news and
sports brands, a premium podcast creator, major event producer,
and
digital innovator. At its core, Audacy's business is creating
premium audio content, including news programming, sports radio,
music stations, and podcasts, and then distributing that content to
listeners by radio broadcast, podcasts, and other digital means.
As of Sept. 30, 2023, Audacy had $2.79 billion in total assets and
$2.66 billion in total liabilities.
Audacy and its affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90004) on
Jan. 7, 2024 with a Prepackaged Plan that will reduce debt from
$1.9 billion to approximately $350 million.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Latham & Watkins, LLP and Porter Hedges, LLP as
legal counsel; PJT Partners, LP as investment banker; FTI
Consulting, Inc., as financial advisor; and Epiq Corporate
Restructuring as claims agent. The Debtors also hired KPMG, LLP to
provide tax compliance, tax consulting, accounting advisory and
valuation services.
AURORA GRACE: Seeks to Hire Center City Law as Bankruptcy Counsel
-----------------------------------------------------------------
Aurora Grace LLC filed an amended application seeking approval from
the U.S. Bankruptcy Court for the Eastern District of Pennsylvania
to hire Center City Law Offices, LLC as its counsel.
The firm's services include:
a) preparing papers required to be filed in connection with
this bankruptcy proceeding including all schedules, statement of
financial affairs, lists of creditors, review of operating reports
and other papers;
b) giving the Debtor legal advice with respect to the powers
and duties as debtors in possession;
c) representing the Debtor at its initial debtor interview,
its first meeting of creditors, all status hearings; confirmation
hearings and any Rule 2004 examinations;
d) preparing on behalf of the debtor in possession, all
necessary applications, answers, complaints, motions, orders,
reports and all legal papers; and
e) performing all other legal services for the Debtor as
Debtor in Possession as may be required and necessary concerning
the continued administration of this case including the preparation
of the disclosure statement, if necessary, disposable income test
and plan of reorganization.
The firm will charge $275 per hour for services rendered by its
principal.
The Debtor paid a retainer fee of $10,000 to the law firm.
Maggie S. Soboleski, sole proprietor of the firm, disclosed in a
court filing that she is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Maggie S. Soboleski, Esq.
CENTER CITY LAW OFFICES, LLC
2705 Bainbridge Street
Philadelphia, PA 19107
About Aurora Grace
Aurora Grace LLC is a limited liability company in Pennsylvania.
Aurora Grace sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Pa. Case No. 23-13863) on December 22, 2023, with
assets of $100,000 to $500,000 and liabilities of $500,000 to $1
million. Aurora Wold, sole member, signed the petition.
The Debtor is represented by Maggie S. Soboleski, Esq., at Center
City Law Offices, LLC.
AVENTIS SYSTEMS: Gets OK to Hire Perilla Knox as Special Counsel
----------------------------------------------------------------
Aventis Systems, Inc. and Cortavo, Inc. received approval from the
U.S. Bankruptcy Court for the Northern District of Georgia to
employ Perilla Knox & Hildebrandt LLP to assist with intellectual
property matters.
The firm will be paid at these rates:
John W. Greenwald $530 per hour
Daniel Hong $395 per hour
Paralegals $150-$200 per hour
As disclosed in court filings, Perilla Knox & Hildebrandt neither
holds nor represents any interests adverse to the Debtors or their
estates.
The firm can be reached through:
John W. Greenwald, Esq.
PERILLA KNOX & HILDEBRANDT LLP
44 Milton Ave Suite 144
Alpharetta, GA 30009
Phone: (770) 927-7802
About Aventis Systems
Aventis Systems, Inc., a company in Atlanta, offers custom IT
solutions to build and operate complete physical and virtual
infrastructures. The comprehensive solutions include refurbished
and new hardware, system and application software, and an array of
in-depth managed services including infrastructure consultation,
cloud hosting and migration, virtualization deployment, data and
disaster recovery, security consultation, hardware relocation, and
equipment buyback.
Aventis Systems and affiliate, Cortavo, Inc., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead
Case No. 23-51162) on Feb. 6, 2023. In the petition signed by its
chief executive officer, Hessam Lamei, Aventis Systems disclosed up
to $50 million in assets and up to $10 million in liabilities.
Judge Lisa Ritchey Craig oversees the cases.
The Debtors tapped Anna Humnicky, Esq., at Small Herrin, LLP as
bankruptcy counsel; AI Law as special counsel; and Nichols, Cauley
& Associates, LLC as accountant.
BENDED PAGE: Seeks Approval to Hire Watson Coon Ryan as Auditor
---------------------------------------------------------------
Bended Page, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to employ Watson Coon Ryan, LLC to conduct
the annual audit of Debtor's 401(k) plan.
Watson Coon Ryan has agreed to conduct the 401(k) audit for the
2022 tax year, to issue an opinion on the financial statements and
supplemental schedules, and to prepare any supplemental schedules
that may be required by ERISA for payment of $9,000.
The firm's hourly rates are:
Jeremy Ryan, Reviewing Partner $305
Karl Flower, Engagement Partner $305
Brett Denson, Senior Staff $154
As disclosed in a court filing, Watson Coon Ryan is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Karl Flower
Watson Coon Ryan, LLC
6025 S Quebec St #260
Centennial, CO 80111
Phone: (303) 792-3020
About Bended Page, LLC
Bended Page, LLC is a book store owner in Denver, Colorado.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 23-14679) on October 16,
2023. In the petition signed by Bradford Dempsey, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Michael E. Romero oversees the case.
Andrew D. Johnson, Esq., at Onsager Fletcher Johnson Palmer LLC,
represents the Debtor as legal counsel.
BIOLASE INC: Expects Full Year 2023 Operating Loss of $17M to $20M
------------------------------------------------------------------
BIOLASE, Inc. issued a press release announcing certain preliminary
unaudited revenue results for the fiscal year ended Dec. 31, 2023,
a recap of the Company's 2023 key accomplishments, and anticipated
operational and product milestones for 2024. The Company is
updating that information with the following preliminary
information regarding net operating loss: full-year 2023 net
operating loss is expected to be in the range of $17 million to $20
million, achieving 21% to 33% improvement over 2022 as cost-saving
initiatives announced during the second quarter ended June 30, 2023
were realized, including an approximate 20% reduction in the
Company's U.S. workforce, as well as decreased advertising, travel
and trade-show related sales and marketing expenses and a decrease
in legal and consulting for general and administrative expenses.
About Biolase
Biolase, Inc. -- http://www.biolase.com-- is a medical device
company that develops, manufactures, markets, and sells laser
systems in dentistry and medicine. BIOLASE's products advance the
practice of dentistry and medicine for patients and healthcare
professionals. BIOLASE's proprietary laser products incorporate
approximately 259 actively patented and 24 patent-pending
technologies designed to provide biologically and clinically
superior performance with less pain and faster recovery times.
Biolase reported a net loss of $28.63 million in 2022, a net loss
of $16.16 million in 2021, a net loss of $16.83 million in 2020, a
net loss of $17.85 million in 2019, and a net loss of $21.52
million in 2018. As of Sept. 30, 2023, the Company had $38.74
million in total assets, $32.86 million in total liabilities, $5.55
million in total mezzanine equity, and $332,000 in total
stockholders' equity. The Company had cash and cash equivalents of
approximately $7.8 million on Sept. 30, 2023.
Costa Mesa, California-based BDO USA, LLP, the Company's auditor
since 2005, issued a "going concern" qualification in its report
dated March 28, 2023, citing that the Company has suffered
recurring losses from operations and has had negative cash flows
from operations for each of the three years ended December 31,
2022. These factors, among others, raise substantial doubt about
its ability to continue as a going concern.
The Company incurred losses from operations and used cash in
operating activities for the three and nine months ended September
30, 2023, and for the years ended December 31, 2022, 2021, and
2020. The Company's recurring losses, level of cash used in
operations, and potential need for additional capital, along with
uncertainties surrounding the Company's ability to raise additional
capital, raise substantial doubt about its ability to continue as a
going concern, the Company said in its Quarterly Report for the
period ended Sept. 30, 2023.
BISHOP OF SANTA ROSA: Plan Exclusivity Period Extended to July 3
----------------------------------------------------------------
Judge Charles Novack of the U.S. Bankruptcy Court for the Northern
District of California extended The Roman Catholic Bishop of Santa
Rosa's exclusive periods to file a plan of reorganization and to
solicit acceptances thereof to July 3, 2024 and September 2, 2024,
respectively.
In requesting an extension of the Exclusivity Periods, the Diocese
of Santa Rosa said it is seeking to negotiate a plan of
reorganization as early as practicable which will: (a) allocate its
remaining assets fairly among legitimate competing interests for
such property; (b) provide a process to fully, fairly and
expeditiously liquidate claims of survivors; and (c) permit the
Diocese to carry on its essential ministries and services so it can
continue to meet the needs of the Non-Debtor Catholic Entities,
parishioners, and others who rely on the Diocese's ministry,
education, and charitable outreach. The Claims Bar Date has now
passed and the process of evaluating claims has begun. The Court
has initiated a global mediation process, which the Debtor expects
to take place in early 2024.
According to the Diocese, "To some extent, the Debtor benefits from
the experience of other dioceses who preceded the Debtor into
Chapter 11. Of the approximately 32 Chapter 11 diocesan or
religious organization cases filed prior to the Debtor's filing,
approximately 22 of those cases have resulted in consensually
confirmed reorganization plans. In virtually all of those cases,
terms for a consensual reorganization plan were reached following a
mediation process in which the Debtor, Non-Debtor Entities,
Insurers and the creditors' committee representing the interests of
survivors of sexual abuse participated."
The Diocese said it is working to promote this process to determine
the parties' interests and contributions to fund a plan to obtain
the greatest possible recovery for creditors. Until those issues
are resolved, the Diocese said it will not be in a position to file
a proposed reorganization plan.
The Roman Catholic Bishop of Santa Rosa is represented by:
Paul J. Pascuzzi, Esq.
Jason E. Rios, Esq.
Thomas R. Phinney, Esq.
FELDERSTEIN FITZGERALD
WILLOUGHBY PASCUZZI & RIOS LLP
500 Capitol Mall, Suite 2250
Sacramento, CA 95814
Tel: (916) 329-7400
Email: ppascuzzi@ffwplaw.com
jrios@ffwplaw.com
tphinney@ffwplaw.com
About The Roman Catholic Bishop of Santa Rosa
The Roman Catholic Bishop of Santa Rosa is a diocese, or
ecclesiastical territory, of the Roman Catholic Church in the
northern California region of the United States, named in honor of
St. Rose of Lima.
Abuse victims filed hundreds lawsuits after the state of California
paused for three years its statute of limitation on claims for
child sexual abuse. The pause ended on Dec. 31, 2022.
Facing more than 200 new legal claims over childhood sexual abuse,
the Roman Catholic Bishop of Santa Rosa, also known as the Diocese
of Santa Rosa, filed a Chapter 11 petition (Bankr. N.D. Calif. Case
No. 23-10113) on March 13, 2023. The Debtor estimated $10 million
to $50 million in both assets and liabilities.
The Hon. Charles Novack is the case judge.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP as bankruptcy counsel; GlassRatner Advisory & Capital
Group, LLC as financial advisor; and Donlin, Recano & Company, Inc.
as claims agent. Shapiro Galvin Shapiro & Moran, Weinstein &
Numbers, LLP, and Foley & Lardner, LLP serve as special counsels.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP and Berkeley Research Group, LLC serve as the
committee's legal counsel and financial advisor, respectively.
BLOCKFI INC: U.S. Trustee Slams Move to Seal Three Arrows Deal
--------------------------------------------------------------
Clara Geoghegan of Law360 reports that an agreement between former
cryptocurrency exchange BlockFi Inc. and defunct hedge fund Three
Arrows Capital that released a tangle of claims against each other
should be public, the Office of the U. S. Trustee told a New Jersey
bankruptcy court Monday, adding that sealing the entire settlement
keeps information from parties that might object to the deal.
About BlockFi Inc.
BlockFi Inc. says it's building a bridge between digital assets and
traditional financial and wealth management products to advance the
overall digital asset ecosystem for individual and institutional
investors.
BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.
BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.
BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.
BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.
BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius
and Voyager in their separate Chapter 11 cases.
BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC, as strategic
and
communications advisor. Kroll Restructuring Administration, LLC,
is the notice and claims agent.
BOROHUB GARDENS: Seeks to Hire Avrum Rosen as Bankruptcy Counsel
----------------------------------------------------------------
Borohub Gardens, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ the Law Offices of
Avrum J. Rosen, PLLC as its bankruptcy counsel.
The Debtor requires legal counsel to:
(a) prepare and file amended schedules, statement of financial
affairs, and other documents required by the court;
(b) represent the Debtor at the meeting of creditors;
(c) prepare legal papers in connection with the Debtor's
Chapter 11 case; and
(e) render legal advice in connection with all matters pending
before the court.
The Debtor agreed to pay the firm an initial retainer of $20,000.
Avrum Rosen, Esq., a member of the firm, disclosed in a court
filing that his firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alex E. Tsionis, Esq.
The Law Offices of Avrum J. Rosen, PLLC
38 New Street
Huntington, NY 11743
Telephone: (631) 423-8527
Email: atsionis@ajrlawny.com
About Borohub Gardens
Borohub Gardens, LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 23-44469) on Dec. 4, 2023, with as much as $1
million in both assets and liabilities.
Judge Jil Mazer-Marino oversees the case.
The Law Offices of Avrum J. Rosen, PLLC serves as the Debtor's
bankruptcy counsel.
CANO HEALTH: $150MM Wilmington Savings DIP Loan Has Interim OK
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Cano Health, Inc. and affiliates to use cash collateral and obtain
postpetition financing, on an interim basis.
The Debtors is permitted to receive a superpriority senior secured
multiple draw debtor-in-possession term loan credit facility in an
aggregate principal amount of $150 million from a consortium of
lenders, and agented by Wilmington Savings Fund Society, FSB. The
Debtor may withdraw $50,000 in accordance with the interim order.
As of the Petition Date, the Debtors have a little over $2 million
in cash on hand and thus require immediate access to the DIP
Financing and authority to use cash collateral to ensure that they
have sufficient liquidity to operate their healthcare business and
continue delivering high-quality health care services to their
patients.
The DIP facility is due and payable on the earliest of:
1. the date that is 8 months after the closing date;
2. the date on which all DIP Loans are accelerated and all
unfunded Commitments (if any) have been terminated in accordance
with the DIP Credit Agreement, by operation of law or otherwise;
3. the date the Bankruptcy Court orders a conversion of the
Chapter 11 Cases to a chapter 7 liquidation or the dismissal of the
chapter 11 case of any Debtor;
4. the closing of any sale of assets pursuant to 11 U.S.C.
Section 363, which when taken together with all other sales of
assets since the closing date, constitutes a sale of all or
substantially all of the assets of the Loan Parties; and
5. the effective date of any chapter 11 plan of
reorganization.
The Debtors are required to comply with these milestones:
1. Entry by the Bankruptcy Court of the Interim Order within 3
days following the Petition Date;
2. By no later than 5 p.m. (Eastern Time) on the date that is
28 days after the Petition Date;
3. The Borrower must have obtained receipt of indications of
interest for a sale of substantially all of the assets of the
Debtors;
4. Entry by the Bankruptcy Court of the Final Order within 35
days following the Petition Date;
5. Entry by the Bankruptcy Court of an order approving the
Disclosure Statement by the date that is no later than 90 days
following the Petition Date;
6. Entry by the Bankruptcy Court of an order confirming an
Acceptable Plan (as defined in the DIP Credit Agreement) that is
consistent with the RSA no later than 125 days following the
Petition Date; and
7. The effective date of an Acceptable Plan no later than 140
days following the Petition Date (which date must be extended by 45
days in the event an Acceptable Plan has not gone effective solely
due to any healthcare-related regulatory approvals or any pending
approval under the Hart-Scott-Rodino Act; provided that such date
must be no earlier than as agreed in the Restructuring Support
Agreement.
The Debtors are also required to maintain liquidity of not less
than $20 million as of the last business day of each calendar
week.
The Debtors' outstanding funded indebtedness is comprised of
obligations incurred by the Debtors under (i) the Credit Suisse
Revolving Credit Facility, (ii) the Credit Suisse Term Loan
Facility, (iii) the Sidecar Credit Facility, and (iv) senior
unsecured notes in the aggregate principal amount of $300 million.
As of the Petition Date, the Debtors' capital structure includes
approximately $933.1 million in outstanding prepetition secured
debt obligations in aggregate.
Under a Credit Agreement dated November 23, 2020, the Debtors
obtained (i) a senior secured term loan in an aggregate principal
amount of $875 million, (ii) a delayed draw term loan in an
aggregate principal amount of $175 million, and (iii) a revolving
credit facility in a maximum aggregate available amount thereunder
of $120 million.
Credit Suisse AG, Cayman Islands Branch, serves as administrative
agent and collateral agent, under the Credit Agreement. As of the
Petition Date, the Debtors owed $751.5 million under the Credit
Suisse Credit Agreement, including $631.5 million under the Credit
Suisse Term Loan and $120 million under the Credit Suisse Revolving
Credit Facility.
Under a Credit Agreement dated February 24, 2023, the Debtors
obtained a term loan in an aggregate principal amount equal to
$150 million. JPMorgan Chase Bank, N.A., serves as administrative
agent and collateral agent under this Side-Car Credit Agreement.
The loans under the Side-Car Credit Agreement are scheduled to
mature on November 23, 2027. As of the Petition Date, the Debtors
owed $181.6 million under the Side-Car Credit Agreement.
As adequate protection for the use of cash collateral, the
Prepetition Administrative Agents, for the benefit of themselves
and the other Prepetition Secured Parties are granted:
1. Additional and replacement, valid, binding, enforceable,
non-avoidable, and effective and automatically perfected
postpetition security interests in and liens on all DIP Collateral
and, upon entry of the Final Order, all proceeds or property
recovered from Avoidance Actions.
2. To the extent provided by 11 U.S.C. sections 503(b),
507(a), and 507(b), allowed administrative expense claims in each
of the Cases ahead of and senior to any and all other
administrative expense claims in such Cases to the extent of any
postpetition Diminution in Value, but junior to the Carve Out and
the DIP Superpriority Claims.
3. Payment of all reasonable and documented fees and expenses,
including all reasonable and documented fees and expenses of
counsel and other professionals retained as provided for in the DIP
Documents and this Interim Order, including, for the avoidance of
doubt, of (i) the DIP Agent Advisors; (ii) Freshfields Bruckhaus
Deringer US LLP, as counsel to the CS Prepetition Administrative
Agent; (iii) Proskauer Rose LLP, as counsel to the Sidecar
Prepetition Administrative Agent; and (iv) the DIP/First Lien
Advisors.
A final hearing on the matter is set for March 7, 2024 at 10 a.m.
A copy of the motion is available at https://urlcurt.com/u?l=xWt4sk
from PacerMonitor.com.
About Cano Health, Inc.
Cano Health, Inc. together with their non-debtor affiliates, are
independent primary care physician group.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10164) on February
4, 2024. In the petitions signed by Mark Kent, authorized
signatory, the Debtors disclosed $1,211,931,000 in assets and
$1,471,032,000 in liabilities.
The Debtors tapped RICHARDS, LAYTON & FINGER, P.A. and WEIL,
GOTSHAL & MANGES LLP as legal counsel, HOULIHAN LOKEY, INC. as
investment banker, ALIXPARTNERS, LLP as financial advisor, QUINN
EMANUEL URQUHART & SULLIVAN, LLP as special counsel, and KURTZMAN
CARSON CONSULTANTS LLC as claims agent.
Gibson, Dunn & Crutcher LLP and Pachulski, Stang, Ziehl & Jones LLP
are the counsel to the Ad Hoc First Lien Group ArentFox Schiff LLP
represents Wilmington Savings Fund Society, FSB as DIP Agent, as
legal counsel.
Freshfields Bruckhaus Deringer US LLP is the counsel to the Agent
under the Credit Suisse Credit Agreement.
Proskauer Rose LLP is the counsel to the Agent under the Side-Car
Credit Agreement.
CARVANA CO: Jane Street Acquires 5.4% Equity Stake
--------------------------------------------------
Jane Street Group, LLC disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2023, it
beneficially owned 6,172,353 shares of common stock of Carvana Co.,
representing 5.4 percent of the shares outstanding. A full-text
copy of the regulatory filing is available for free at:
https://www.sec.gov/Archives/edgar/data/1690820/000159588824000005/CVNA.txt
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is an e-commerce platform for buying and
selling used cars. Carvana.com allows someone to purchase a
vehicle from the comfort of their home, completing the entire
process online, benefiting from a 7-day money back guarantee, home
delivery, nationwide inventory selection and more. Customers also
have the option to sell or trade-in their vehicle across all
Carvana locations, including its patented Car Vending Machines, in
more than 300 U.S. markets.
Carvana Co. reported a net loss of $2.89 billion for the year ended
Dec. 31, 2022, a net loss of $287 million for the year ended Dec.
31, 2021, and a net loss of $462 million for the year ended Dec.
31, 2020. As of Sept. 30, 2023, Carvana had $7.02 billion in total
assets, $7.23 billion in total liabilities, and a total
stockholders' deficit of $202 million.
* * *
As reported by the TCR on Sept. 13, 2023, S&P Global Ratings raised
its issuer credit rating on U.S.-based Carvana Co. to 'CCC+' from
'D'. S&P said, "The negative outlook reflects our expectation that
we could downgrade the company if the company's performance were to
deteriorate further such that we believe liquidity would become
constrained or if we believe there is a likelihood the company
could conduct a distressed restructuring over the next 12 months.
The upgrade to 'CCC+' reflects the near-term improvement in the
company's liquidity position, though the capital structure remains
unsustainable."
Moody's Investors Service upgraded Carvana Co.'s corporate family
rating to Caa3 from Ca, the TCR reported on Sept. 22, 2023. Moody's
said the upgrade of Carvana's CFR to Caa3 reflects the completion
of its debt exchange that pushes out some near-term maturities,
reduces outstanding debt and materially reduces cash interest
expense in the two years following the exchange.
CASH CLOUD: Seeks to Hire Conway Baxter Wilson as Special Counsel
-----------------------------------------------------------------
Cash Cloud, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to employ Conway Baxter Wilson LLP/s.r.l. as
its special litigation counsel.
The firm will provide counsel on the various Canadian statutory and
common law issues raised in the BitAccess Arbitration. This
includes all aspects of discovery, pre-trial motion practice,
trial/hearings, and post-trial services, if necessary.
The firm's rates range from $300 to $750 Canadian Dollars per hour.
Kevin Caron's rate for this matter is $450 Canadian Dollars per
hour and he will be the primary attorney working on this matter.
The Debtor provided the firm with a retainer, of which $59,104.59
Canadian Dollars was remaining on the Petition Date.
Mr. Caron assured the court that his firm is a "disinterested
person" within the meaning of 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Kevin Caron, Esq.
Conway Baxter Wilson LLP/s.r.l.
400-411 Roosevelt Ave
Ottawa, ON K2A 3X9
Canada
Phone: (613) 288-0149
Email: kcaron@conwaylitigation.ca
About Cash Cloud
Cash Cloud Inc., doing business as Coin Cloud, operates automated
teller machines for buying and selling Bitcoin, Ethereum, Dogecoin,
and more than 40 other digital currencies with cash, card and
more.
Cash Cloud sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Nev. Case No. 23-10423) on Feb. 7, 2023, with $50
million to $100 million in assets and 100 million to $500 million
in liabilities. Chris McAlary, president of Cash Cloud, signed the
petition.
Judge Mike K. Nakagawa oversees the case.
The Debtor tapped Fox Rothschild, LLP as bankruptcy counsel; Baker
& Hostetler, LLP as regulatory counsel; and Province, LLC as
financial advisor. Stretto is the claims agent.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's case. The committee
tapped McDonald Carano, LLP and Seward & Kissel, LLP as legal
counsels; and FTI Consulting, Inc. as financial advisor.
CNX RESOURCES: S&P Rates New $400MM Senior Unsecured Notes 'BB'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to Pittsburgh-based oil and gas exploration and
production company CNX Resources Corp.'s proposed $400 million
senior unsecured notes due 2032. The '3' recovery rating reflects
its expectation for meaningful recovery (50%-70%; rounded estimate:
65%) in the event of a payment default.
S&P expects proceeds from the offering will be used to refinance
the company's existing $350 million senior unsecured notes due
2027, repay outstanding borrowings under the company's
reserve-based lending facility (about $52 million as of Dec. 31,
2023), and for general corporate purposes. Therefore, the
transaction will not affect the company's total debt amount.
Issue Ratings – Recovery Analysis
Key analytical factors
-- S&P's simulated default scenario contemplates a payment default
in 2029 amid prolonged low commodity prices consistent with the
conditions of prior defaults in the sector.
-- S&P's valuation reflects a company-provided PV-10 report that
uses its recovery price deck assumptions of $2.50 per million
British thermal units for Henry Hub natural gas and $50 per barrel
for West Texas Intermediate crude oil.
-- S&P assumes the company's credit facility is fully drawn at
default. The facility is secured by a first lien on substantially
all the company's oil and natural gas properties.
-- S&P caps its recovery rating on unsecured debt at '3' for
issuers rated 'BB-' or higher. This reflects the risk that
incremental debt issued prior to default would reduce recovery
prospects.
Simulated default assumptions
-- Simulated year of default: 2029
-- Gross enterprise value: $2.9 billion
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): $2.8
billion
-- Secured first-lien debt claims: $1.2 billion
--Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Total value available to unsecured claims: $1.5 billion
-- Senior unsecured debt claims: $1.9 billion
--Recovery expectations: 50%-70% (rounded estimate: 65%,
capped)
Note: All debt amounts include six months of prepetition interest.
CUPCAKE QUILTS: Hires Fealy Law Firm PC as Counsel
--------------------------------------------------
Cupcake Quilts, LLC, seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Fealy Law Firm, PC as
counsel.
The firm will provide these services:
a. analyzing of the financial situation, and rendering advice
and assistance to the Debtor;
b. advising the Debtor with respect to its duties as Debtor;
c. preparing and filing of all appropriate petitions,
schedules of assets and liabilities, statements of affairs,
answers, motions and other legal papers;
d. representing the debtor at the first meeting of creditors
and such other services as may be required during the course of the
bankruptcy proceedings;
e. representing the debtor in all proceedings before the Court
and in any other judicial or administrative proceeding where the
rights of the Debtor may be litigated or otherwise affected;
f. preparing and filing of Chapter 11 Plan of Reorganization;
and
g. assisting to the Debtor in any matters relating to or
arising out of the captioned case
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received from the Debtor a retainer in the amount of
$11,738.
Vicky M. Fealy, Esq., a partner at Fealy Law Firm, PC, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Vicky M. Fealy, Esq.
FEALY LAW FIRM, PC
1235 North Loop
W Ste 1005
Houston, TX 77008
Tel: (713) 526-5220
Fax: (713) 526-5227
Email: vfealy@fealylawfirm.com
About Cupcake Quilts, LLC
AMK Investment Properties, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
24-00099) on Jan. 9, 2024, listing $100,001 to $500,000 in both
assets and liabilities.
Judge James M Carr oversees the case.
Eric C. Welch, Esq. at Welch, Gregg & Company, LLC represents the
Debtor as counsel.
DARMARC LIMITED: Seeks to Hire Diller & Rice as Bankruptcy Counsel
------------------------------------------------------------------
Darmarc Limited Liability Company seeks approval from the U.S.
Bankruptcy Court for the Northern District of Ohio to employ Diller
& Rice, LLC.
The Debtor requires legal counsel to:
(a) give advice with respect to the rights, powers and duties
of the Debtor in this Chapter 11 case;
(b) advise and assist the Debtor in the preparation of
schedules and statement of financial affairs;
(c) assist and advise the Debtor in connection with the
administration of this case;
(d) analyze the claims of creditors and negotiate with such
creditors;
(e) investigate the acts, conduct, assets, rights, liabilities
and financial condition of the Debtor and its business;
(f) advise and negotiate with respect to the sale of any or
all assets of the Debtor;
(g) investigate, file, and prosecute litigation on behalf of
the Debtor;
(h) propose a plan of reorganization;
(i) appear and represent the Debtor at hearings, conferences,
and other proceedings;
(j) prepare or review legal papers filed with the court;
(k) institute or continue any appropriate proceedings to
recover assets of the estate;
(1) perform other legal services.
The hourly rates of the firm's counsel and staff are as follows:
Eric Neuman $315
Raymond L. Beebe $315
Steven Diller $350
Paraprofessionals $150
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $7,500 from the
Debtor.
Steven Diller, Esq., an attorney at Diller & Rice, disclosed in a
court filing that his firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Steven L. Diller, Esq.
Diller & Rice, LLC
124 East Main Street
Van Wert, OH 45891
Telephone: (419) 238-5025
Facsimile: (419) 238-4705
Email: Steven@drlawllc.com
About Darmarc Limited Liability Company
Darmarc Limited Liability Company sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-30193)
on Feb. 1, 2024. In the petition signed by Marc Ferguson,
authorized representative, the Debtor disclosed as much as $1
million in both assets and liabilities.
Judge John P. Gustafson oversees the case.
Steven L. Diller, Esq., at Diller & Rice, LLC represents the Debtor
as legal counsel.
DAWG'S SPORTS: $538K Unsecured Claims to Get 2% over 60 Months
--------------------------------------------------------------
Dawg's Sports Bar & Grill, LLC, submitted an Amended Plan of
Reorganization for Small Business dated February 5, 2024.
The Plan proposes to pay administrative and priority claims in full
unless otherwise agreed. The Debtor estimates approximately 2% will
be paid on account of general unsecured claims pursuant to the
Plan.
The Priority Tax Claim of the Pennsylvania Department of Revenue
shall be amortized over a period of 60 months at the interest rate
of 8.0%. The Debtor will make monthly payments to the Pennsylvania
Department of Revenue in the amount of $1,845.78 to be applied to
principal and interest pursuant to the amortization schedule.
Payments shall begin on or before the last day of the month of the
month following the effective date of the Plan. Subsequent payments
shall be made by the Debtor on or before the last day of the month
every month thereafter until this claim is paid in full pursuant to
the terms contained in this Plan.
Class 2 consists of General Unsecured Claims. Class 2 General
unsecured Claims that will receive distributions pursuant to the
Plan total $537,967.82. The Debtor shall make a distribution of
$175.00 per month that shall be divided and paid pro-rata to all
allowed Class 2 claims. Payments shall begin on or before the last
day of the month of the month following the effective date of the
Plan. Subsequent payments shall be made by the Debtor on or before
the last day of the month every month thereafter for a total of 60
payments. Total payment to Class 2 creditors shall be $10,500.00,
which will pay all allowed General Unsecured Creditors
approximately 2% of their allowed claims.
Martin Sivic will continue to own 100% of the membership interest
of the Debtor.
The Plan will be funded through ongoing operations of the Debtor's
sports bar/restaurant business.
The Debtor's financial projections demonstrate the Debtor's ability
to make all future Plan payments in the aggregate amount of
$445,130.70 during the Plan term (the "Plan Funding"). Plan Funding
is in an amount equal to the Debtor's disposable income as defined
in Section 1191(d) of the Bankruptcy Code.
A full-text copy of the Amended Plan dated February 5, 2024 is
available at https://urlcurt.com/u?l=bjdsd7 from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Christopher M. Frye, Esq.
STEIDL & STEINBERG, PC
2830 Gulf Tower
707 Grant Street
Pittsburgh, PA 15219
Telephone: (412) 391-8000
Email: chris.frye@steidl-steinberg.com
About Dawg's Sports Bar & Grill
Dawg's Sports Bar & Grill, LLC, operates as a sports bar/restaurant
in Belle Vernon, Pennsylvania.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-21874) on Sep. 1,
2023, listing $50,001 to $100,000 in assets and $500,001 to $1
million in liabilities.
Judge Gregory L. Taddonio oversees the case.
Christopher M. Frye, Esq. at Steidl & Steinberg, is the Debtor's
counsel.
DAYFORCE INC: S&P Upgrades Long-Term ICR to 'BB-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on
Minneapolis-based human capital management (HCM) software provider
Dayforce Inc. (previously Ceridian HCM Holding Inc.) to 'BB-' from
'B+'. At the same time, S&P also raised its issue-level ratings on
the company's revolver to 'BB-' from 'B+'.
S&P said, "Additionally, we assigned a 'BB-' rating and '3'
recovery rating (65% recovery) to Dayforce's proposed $650 million
senior secured term loan due in 2031 and proposed $350 million
senior secured revolver due in 2029.
"The stable outlook reflects our expectation that Dayforce's
strategy to reinvest in new products and expand across adjacent
markets will grow its EBITDA and diversify its operations. In our
view, the company's strong growth from its cloud-based products and
robust customer retention rates will improve leverage to about 2.5x
and support significant positive free operating cash flow (FOCF).
"The upgrade and financial risk profile revision to significant
reflects the upward revision of our forecast of Dayforce's credit
metrics for fiscal 2024 and the concurrent improvement in FOCF. The
company exited 2023 with leverage close to 2.6x and FOCF about $100
million, improving to about 2.5x in 2024 (pro forma the Eloomi
acquisition). Consequently, we revised our assessment of Dayforce's
financial risk profile to significant from aggressive. In 2024, we
expect the company to focus on expanding its Dayforce functionality
by rolling out new features and expanding its add-ons (like
Dayforce Wallet). For 2023, sales from these add-on features
represented above 30% of total sales, which we expect to increase
to at least 50% in 2024.
"Further, there are significant tailwinds driving modernization of
human resource (HR) systems and processes, which we expect to
continue even through the softer macroeconomic environment. As a
result, we now forecast 2024 EBITDA and FOCF of $280 million-$300
million (we expense software development costs) and $140
million-$150 million, respectively.
"Absent additional debt-funded acquisitions, we now forecast S&P
Global Ratings' adjusted leverage ratio of about 2.5x for fiscal
2024. Nonetheless, based on current market conditions, portfolio
composition, and investment practices, a 100-basis point (bps)
decrease in market investment rates would decrease Dayforce's float
revenue by approximately $25 million; the potential volatility
associated with float revenue and its impact on credit metrics is
captured in our financial risk profile assessment of significant.
"We expect Dayforce to further expand its customer base and
penetrate addressable markets with additional cloud-based products
and enhancements in payroll capabilities." During 2023, Dayforce
grew its recurring revenue by 28% (excluding float revenue), driven
by the robust momentum from large enterprise customer wins, strong
execution for its full suite adoption, and continued improvements
in operational efficiencies. Additionally, tax migration from
legacy products to Dayforce contributed about 490 bps of growth for
the year to Dayforce recurring revenue.
The cloud recurring revenue stream spans 160 countries and has a
customer retention rate of above 97%, and the company continues to
accelerate its global market penetration strategy. Moreover, by
introducing new add-on modules and features, the company increased
its sales to customers purchasing the full Dayforce suite to about
40% from the mid-30% area last year. S&P believes Dayforce's cloud
recurring revenues are less volatile because they focus on
enterprise business customers that usually have multiyear contracts
and have high customer switching costs.
As a result, the revenue per employee per month for customers
adopting the full Dayforce suite is higher compared that for
unbundled offerings. S&P believes its increased focus on
innovations in the Dayforce platform and international expansion of
its ancillary products like Dayforce Wallet across Europe as well
as Asia-Pacific will be a key catalyst for higher growth over the
long term.
The 111% increase in float revenue to $169 million for 2023 was
driven by an increase in average yield of 90 bps compared with last
year. S&P believes the company's float revenue will remain similar
in 2024, assuming interest rate reductions starting in June 2024.
Despite ongoing investments in global expansion, Dayforce will
improve its profitability with a continued mix shift toward its
high-margin cloud business. Almost 80% of Dayforce's revenues for
fiscal 2023 were derived from cloud products. At the same time, the
share of legacy Bureau revenues has been declining year over year.
As lower sales and marketing costs and increased automation reduced
operating costs, Dayforce improved its S&P Global Ratings' adjusted
EBITDA margin for fiscal 2023 by almost 500 bps year over year
(most of the improvement in EBITDA came from float revenue).
S&P said, "However, we anticipate the company will continue to
invest heavily in software development of Dayforce products, which
are very sticky and have high margins. We also expect its 2024
sales and marketing spend (as a percentage of revenue) to increase
as Dayforce increases upselling within its existing customer base
and geographically expands its customer base. Nonetheless, we
believe incremental top-line growth of 10%-12% for fiscal 2024
(compared with the company's guidance of about 14%) will expand its
margin despite the higher operating costs.
"We expect Dayforce to fund its increased investments in product
innovation with incremental FOCF generation.Dayforce has a
capital-light business model, which helps it focus more on
advancements toward automation, personalized content and
communication, and talent acquisition. This aids customer retention
over the long-term. Historically, management has had a prudent
approach of limiting shareholder distributions and instead
allocating capital toward improving its scale globally and
increasing market share.
"We expect the company will continue the same capital allocation
policy and will reinvest its FOCF in organic and acquisitive
business investments to expand. Moreover, we believe it will
continue deleveraging (mostly from increases in EBITDA) in the next
fiscal year, and management has committed to a target net leverage
of 2x-3x (which is equivalent to S&P Global Ratings' adjusted net
leverage of 3x-4x).
"The stable outlook on Dayforce reflects our expectation that the
company's reinvestments in new products and expansion across
adjacent markets will lead to EBITDA growth and diversification of
its operations. In our view, the company's strong growth from its
cloud-based products and robust customer retention rates will
improve its leverage below 2.5x and support positive FOCF."
S&P could lower the ratings if:
-- Dayforce's S&P Global Ratings' adjusted debt to EBITDA remains
above 3.5x and its S&P Global Ratings' adjusted FOCF to debt is
below 10%; or
-- The company adopts an aggressive growth strategy for its
cloud-based HCM software offerings, along with high debt-funded
business investments, which pressure its near-term profitability
and deleveraging strategy.
Although unlikely, S&P could raise the ratings if:
-- Dayforce sustains S&P Global Ratings' adjusted debt to EBITDA
well below 2.5x and FOCF to debt of above 15%; or
-- The company exhibits sustainable organic revenue growth in the
double-digit percent area from its cloud-based products and
increases scale by adding more customers and upselling new
products.
S&P would also expect the company to continue to demonstrate a
commitment to a conservative financial policy and increased float
revenues such that its S&P Global Ratings' adjusted debt to EBITDA
remains below 2.5x including acquisitions.
DEAN GUTIERREZ: Seeks to Hire Will Allan Law as Litigation Counsel
------------------------------------------------------------------
Dean Gutierrez Investments LP seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire, PLLC,
as its special litigation counsel.
The firm's services include:
a. assisting the Movant in analyzing/prosecuting/etc. claims
owned by the estate against third parties;
b. preparing and filing such pleadings as are necessary to
pursue the estate's claims against third parties;
c. conducting appropriate examinations of witnesses, claimants
and other parties in interest in connection with such litigation;
d. representing the Movant in any adversary proceedings and
other proceedings before the Court and in any other judicial or
administrative proceeding in which the claims may be affected;
e. collecting any judgment that may be entered in the
contemplated litigation;
f. handling any appeals that may result from the contemplated
litigation;
g. performing any other legal services that may be appropriate
in connection with the prosecution of the litigation.
The firm will advance all cases expenses and receive 35 percent of
any recovery whether by way of settlement, judgment, or otherwise.
The firm and its members are "disinterested persons" within the
definition of Section 101(14) of the Bankruptcy Code, according to
court filings.
The firm can be reached through:
William N. Allan, IV, Esq.
WILL ALLAN LAW FIRM, PLLC
13526 George Rd., Suite 200
San Antonio, TX 78230
Telephone: (210) 742-9455
Facsimile: (210) 742-4742
Email: serveall@willallanlaw.com
About Dean Gutierrez Investments
Dean Gutierrez Investments, LP's business is in operating a food
restaurant in Brownsville, Cameron County, Texas and in
constructing residences on subdivision lots in Cameron County,
Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 23-10116) on July 3,
2023, with as much as $1 million in both assets and liabilities.
Melissa Gutierrez, general partner, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
Antonio Martinez Jr., Esq., at the Law Office of Antonio Martinez,
Jr. PC represents the Debtor as bankruptcy counsel.
DIOCESE OF ROCKVILLE CENTRE: Opposes Revival of 31 Abuse Claims
---------------------------------------------------------------
Emlyn Cameron of Law360 reports that the Roman Catholic Diocese of
Rockville Centre told a New York federal court that 31 sex abuse
claims dismissed by a bankruptcy judge in its Chapter 11 case
shouldn't be revived on appeal because they were accusations
against people and institutions the diocese doesn't control.
About The Roman Catholic Diocese
of Rockville Centre, New York
The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.
To deal with sexual abuse claims, the Roman Catholic Diocese of
Rockville Centre, New York, filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as
$500 million in both assets and liabilities. Judge Martin Glenn
oversees the case.
The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant. Epiq Corporate
Restructuring, LLC is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case. The
committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin
Moscou Faltischek, PC as its bankruptcy counsel and special real
estate counsel, respectively.
Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.
DMK PHARMACEUTICALS: Gets OK to Tap BMC as Claims Agent
-------------------------------------------------------
DMK Pharmaceuticals Corp. and its affiliates received approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
BMC Group, Inc. as claims and noticing agent.
BMC will oversee the distribution of notices and will assist in the
maintenance, processing, and docketing of proofs of claim filed in
the Chapter 11 cases of the Debtors.
The Debtors provided BMC Group a retainer in the amount of $7,500.
Tinamarie Feil, president of BMC Group, disclosed in a court filing
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Tinamarie Feil
BMC Group, Inc.
600 1st Avenue
Seattle, WA 98104
Telephone: (206) 499-2169
Email: tfeil@bmcgroup.com
About DMK Pharmaceuticals
DMK Pharmaceuticals Corporation and its affiliates are composed of
a family of pharmaceutical companies that own various therapies
treating different indications. Over time, the Debtors' portfolio
of treatments has focused on treatment of the opioid epidemic, both
in an emergency setting and in the prophylactic treatment of Opioid
Use Disorder.
DMK Pharmaceuticals and its affiliates filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 24-10153) on Feb. 2, 2024. In the petition signed by
its chief financial officer, Seth Cohen, DMK Pharmaceuticals
disclosed $10 million to $50 million in both assets and
liabilities.
The Debtors tapped Gellert Scali Busenkell & Brown, LLC and Nelson,
Mullins, Riley & Scarborough, LLP as legal counsels; and Rock Creek
Advisors, LLC as financial advisor. BMC Group, Inc. is the claims
and noticing agent.
DMK PHARMACEUTICALS: Seeks Court OK to Tap Gellert as Local Counsel
-------------------------------------------------------------------
DMK Pharmaceuticals Corp. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Gellert Scali Busenkell & Brown, LLC.
The Debtors require a local bankruptcy counsel to:
(a) provide advice and prepare all necessary documents
regarding debt restructuring, bankruptcy, and asset dispositions;
(b) take all necessary actions to protect and preserve the
Debtors' estate during the pendency of these Chapter 11 cases;
(c) prepare legal papers;
(d) counsel the Debtors with regard to their rights and
obligations;
(e) appear in court and protect the interests of the Debtors
before the court; and
(f) perform all other legal services for the Debtors.
The hourly rates of the firm's counsel and staff are as follows:
Michael Busenkell $500
Associates/Of Counsel $275 - $425
Paraprofessionals $125 - $225
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also received a retainer in the amount of $50,000.
Michael Busenkell, Esq., a partner at Gellert Scali Busenkell &
Brown, disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael Busenkell, Esq.
Gellert Scali Busenkell & Brown, LLC
1201 N. Orange Street, Suite 300
Wilmington, DE 19801
Telephone: (302) 425-5812
Facsimile: (302) 425-5814
Email: mbusenkell@gsbblaw.com
About DMK Pharmaceuticals
DMK Pharmaceuticals Corporation and its affiliates are composed of
a family of pharmaceutical companies that own various therapies
treating different indications. Over time, the Debtors' portfolio
of treatments have focused on treatment of the opioid epidemic,
both in an emergency setting and in the prophylactic treatment of
Opioid Use Disorder.
DMK Pharmaceuticals filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10153) on
Feb. 2, 2024. In the petition signed by Seth Cohen, chief financial
officer, the Debtors disclosed $8,957,411 in total assets and
$13,922,050 in total liabilities as of Sept. 30, 2023.
The Debtors tapped Gellert Scali Busenkell & Brown, LLC and Nelson,
Mullins, Riley & Scarborough LLP as counsel and Rock Creek
Advisors, LLC as financial advisor. BMC Group, Inc. is the claims
and noticing agent.
EISNER ADVISORY: S&P Rates $795MM Secured 1st-Lien Term Loan 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Eisner Advisory Group LLC's proposed $795
million senior secured first-lien term loan due 2031. The '3'
recovery rating indicates its expectation for meaningful (50%-70%;
rounded estimate: 55%) recovery in the event of a payment default.
The company plans to use the proceeds from the proposed loan to
repay its existing first-lien term loan due 2028 ($726 million
outstanding), repay $50 million of borrowings under its existing
revolving credit facility, and pay related transaction fees and
expenses. Additionally, the proposed transaction would extend the
maturity date of Eisner's revolver by two years (with approximately
$30 million drawn pro forma for the debt paydown).
Although the transaction will increase the amount of first-lien
debt in the company's capital structure and somewhat reduce the
recovery prospects for its first-lien debtholders, S&P's recovery
and issue-level ratings on its first-lien debt are unchanged.
S&P said, "Our 'B-' issuer credit rating and stable outlook on
Eisner are unchanged. We forecast the company will increase its
revenue by about 30% in fiscal year 2024 supported by both organic
and inorganic expansion. We expect Eisner's pro forma S&P Global
Ratings-adjusted total leverage will be elevated at more than 8x in
fiscal year 2024, which we view as very high but adequate for the
rating."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- S&P assigned its 'B-' issue-level rating and '3' recovery
rating to the company's proposed $795 million senior secured term
loan due 2031 and $130 million revolving credit facility due 2029.
The '3' recovery rating indicates its expectation for meaningful
(50%-70%; rounded estimate: 55%) recovery.
-- S&P's simulated scenario contemplates a default in 2026 due to
aggressive shareholder-friendly activities that add to its high
debt levels, a weak operating performance stemming from adverse
events that affect the company's reputation, the loss of key
clients to competitors, and difficulty in attracting and retaining
qualified professionals.
-- S&P believes that if Eisner defaulted, its debtholders would
look to maximize their recovery through a reorganization.
Eisner Advisory Group LLC is the borrower. The senior secured
facilities are secured by a first-priority security interest in all
tangible and intangible assets of the borrower and the guarantors.
The debt is guaranteed by Eisner Advisory HoldCo LLC and its direct
and indirect wholly owned material domestic subsidiaries.
Default assumptions include an 85% draw on the revolving credit
facility. S&P said, "We have valued the company on a going-concern
basis using a 5.5x multiple of our projected emergence EBITDA,
which is in line with the multiples we use for similar-size
companies in its industry but lower those we use for larger
consulting companies."
Simulated default assumptions:
-- Year of default: 2026
-- EBITDA at emergence: About $103 million
-- EBITDA multiple: 5.5x
-- Revolving credit facility: 85% drawn at default.
Simplified waterfall
-- Gross enterprise value: About $564 million
-- Net enterprise value (after 5% administrative costs): About
$536 million
-- Value available to senior secured debt: About $536 million
-- Senior secured debt claims: About $928 million
--Recovery expectations: 50%-70% (rounded estimate: 55%)
ENDEAVOR ENERGY: S&P Places 'BB+' ICR on Watch Pos. on Merger
-------------------------------------------------------------
S&P Global Ratings placed all its ratings on privately-held oil and
gas exploration and production company Endeavor Energy Resources
L.P., including its 'BB+' issuer and issue-level ratings, on
CreditWatch with positive implications.
On Feb. 12, 2024, U.S.-based oil and gas exploration and production
(E&P) company Diamondback Energy Inc. announced it had entered into
a definitive agreement to merge with Endeavor Energy in a
transaction valued at about $26 billion, including the assumption
of Endeavor's debt.
The CreditWatch placement reflects the likelihood that S&P will
raise its ratings on Endeavor to equalize them with those of
higher-rated Diamondback following the close of the transaction.
S&P anticipates this will take place in the fourth quarter of 2024,
subject to the satisfaction of customary closing conditions.
S&P said, "The CreditWatch placement reflects the likelihood that
we could raise our issuer and issue-level ratings on Endeavor
following the close of the transaction to equalize them with
Diamondback. We will likely view Endeavor as a core entity of
Diamondback given the strategic fit of the assets--which are
located in the Permian Basin--and Diamondback's assumption of
Endeavor's outstanding debt (around $907 million as of Sept. 30,
2023)."
The transaction was approved by the board of directors of
Diamondback and received all necessary approvals from Endeavor.
Upon closing, Endeavor's equity holders will own approximately
39.5% of the combined company and designate four board members,
mutually agreed by Diamondback and Endeavor.
S&P said, "The placement of all ratings on CreditWatch with
positive implications reflects the likelihood that we will raise
the issuer credit rating on Endeavor to equalize it with the issuer
credit rating on Diamondback upon close of the transaction--which
we anticipate in the fourth quarter of 2024--and assuming the
transaction is completed as proposed and there are no significant
changes to our current operating assumptions."
ENTRUST ENERGY: Fights Storm Rates Bankruptcy Court Order
---------------------------------------------------------
Alex Wolf and Randi Love of Bloomberg Law report that the Electric
Reliability Council of Texas told a federal appeals court it should
order a bankruptcy judge to abstain from adjudicating litigation
over an extreme spike in energy prices during the state’s
historic 2021 winter storm.
ERCOT, which operates Texas' unique electric grid, urged the US
Court of Appeals for the Fifth Circuit on Monday, February 5, 2024,
to overturn a 2022 bankruptcy court ruling sustaining a suit
brought by the trustee representing creditors of former electric
utility Entrust Energy Inc.
About Entrust Energy
Houston, Texas-based Entrust Energy, Inc. generates, transmits and
distributes electrical energy to homes and businesses.
Entrust Energy and 14 of its affiliates sought Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 21-31070) on
March 30, 2021. At the time of the filing, Entrust Energy
disclosed total assets of between $100 million and $500 million and
total liabilities of between $50 million and $100 million.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Baker & Hostetler, LLP and Alvarez & Marsal
North America, LLC as their legal counsel and financial advisor,
respectively. BMC Group, Inc., is the claims noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on April 28,
2021. McDermott Will & Emery, LLP and FTI Consulting, Inc., serve
as the committee's legal counsel and financial advisor,
respectively.
FAIR STATE BREWING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Fair State Brewing Cooperative
d/b/a GMST
2075 Ellis Ave
Saint Paul, MN 55114
Business Description: The Debtor is a consumer-owned brewery.
Chapter 11 Petition Date: February 13, 2024
Court: United States Bankruptcy Court
District of Minnesota
Case No.: 24-30381
Judge: Hon. Katherine A Constantine
Debtor's Counsel: Kenneth Edstrom, Esq.
SAPIENTIA LAW GROUP
120 S 6th St Ste 100
Minneapolis MN 55402
Tel: 612-756-7100
Email: kene@sapientialaw.com
Total Assets: $6,101,388
Total Liabilities: $5,162,568
The petition was signed by D. Evan Sallee as CEO.
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/RIMK5OI/Fair_State_Brewing_Cooperative__mnbke-24-30381__0001.0.pdf?mcid=tGE4TAMA
FLORIDIAN POOLS: Seeks Chapter 11 Bankruptcy
--------------------------------------------
Floridian Pools Inc. filed for chapter 11 protection in the
Southern District of Florida.
The Debtor reported between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Feb. 26, 2024, at 9:00 AM at UST-LA3, TELEPHONIC MEETING.
About Floridian Pools
Floridian Pools, Inc., is a swimming pool contractor based in
Florida.
Floridian Pools, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-10782) on Jan. 28, 2024, listing up to $50,000 in assets and $1
million to $10 million in liabilities.
Judge Mindy A Mora presides over the case.
The Debtor is represented by:
Mark S. Roher, Esq.
Law Office of Mark S. Roher, P.A.
440 Tall Pines Road, Suite A
West Palm Beach, FL 33401
Telephone: (954) 353-2200
Email: mroher@markroherlaw.com
GENESIS GLOBAL: Asks Court Okay to Sell Grayscale Trust Stake
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Genesis Global Holdco LLC
sought bankruptcy court permission to sell all of its shares in
three digital asset trusts managed by Grayscale Investments LLC,
together worth an estimated $1.6 billion.
Genesis asked the US Bankruptcy Court for the Southern District of
New York on Friday, February 5, 2024, to authorize the distressed
crypto lender to liquidate its stakes in the Grayscale Bitcoin
Trust, the Grayscale Ethereum Trust, and the Grayscale Ethereum
Classic Trust—investment vehicles with immense holdings of each
cryptocurrency. The debtor company estimates its holdings in the
Bitcoin trust alone to be worth about $1.4 billion.
About Genesis Global
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat currency. Genesis
Global Holdco, LLC owns 100% of GGC and GAP.
Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.
At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include
Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia
(Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis
Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.
The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as
bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez
& Marsal Holdings, LLC as financial advisor; and Moelis & Company,
LLC as investment banker. Kroll Restructuring Administration, LLC,
is the Debtors' claims and noticing agent and administrative
advisor.
The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP. The U.S.
Trustee for Region 2 appointed an official committee to represent
unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped White & Case, LLP as bankruptcy counsel; Houlihan
Lokey Capital, Inc., as investment banker; Berkeley Research Group,
LLC as financial advisor; and Kroll as information agent.
GILLIAM CONSTRUCTION: Hits Chapter 11 Bankruptcy
------------------------------------------------
Gilliam Construction Inc. filed for chapter 11 protection in the
District of Nevada.
The Debtor reported $1,142,700 in debt owed to 1 and 49 creditors.
The Petition states funds will be available to unsecured
creditors.
About Gilliam Construction
Gilliam Construction Inc., doing business as Gilliam Construction,
offers new construction and remodeling services in Reno, Nevada.
Gilliam Construction Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.
24-50090) on Jan. 29, 2024. In the petition filed by Jeremiah
Gilliam, as president, the Debtor reported total assets of $159,251
and total liabilities of $1,142,700
The Debtor is represented by:
Kevin A. Darby
Darby Law Practice, Ltd
5470 KIETZKE LANE #300
RENO, NV 89511
Tel: 775.322.1237
Fax: 775.996.7290
Email: kevin@darbylawpractice.com
GOL LINHAS: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of GOL Linhas
Aereas Inteligentes S.A. and its affiliates.
The committee members are:
1. SMBC Aviation Capital Limited
IFSC House, IFSC
Dublin 1, Ireland
Attn: Shane Matthews
Tel: 353 1 859 9000
shane.matthews@smbc.aero
2. WWTAI AirOpCo II DAC
c/o FTAI Aviation LLC
415 West 13th St., 7th Fl.
New York, NY 10014
Attn: Stacy Kuperus, Chief Portfolio Officer
Tel: 332 239 7604
skuperus@ftaiaviation.com
3. Genesis Aircraft Services Limited
7th Floor Block I, Central Park,
Leopardstown, Dublin 18, D18 HCP5, Ireland
Attn: Anna Reimers, Chief Legal Officer
Tel: +353 1 525 0999
areimers@genesis.aero
4. Honeywell International
855 S. Mint St.
Charlotte, NC 28202
Attn: Dieter Hase, Assistant Treasurer
Tel: 980 326 9337
dieter.hase@honeywell.com
5. Inframerica Concessionaria do Aeroporto de Brasilia S.A.
Area especial s/n. Lago Sul, Brasilia, Distrito Federal
Brasil, CEP 71608-900
Attn: Valter Barcellos Costa, Legal Officer
Tel: +55 61 3214-6932
vcosta@inframerica.aero
6. Sindicato Nacional dos Aeronautas (SNA)
Brazil, Sao Paulo SP
Rua Barao de Goiania, n#76
Congonhas 04612-020
Attn: Henrique Hacklaender, President
Tel: +55 11 5090-5100
presidencia@aeronautas.org.br
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About GOL Linhas
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes and its affiliates and subsidiaries
voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 24-10118) on Jan. 25, 2024. As of the bankruptcy filing,
the Debtors estimated $1 billion to $10 billion in both assets and
liabilities.
Judge Martin Glenn oversees the cases.
The Debtors tapped Milbank, LLP as bankruptcy counsel; Seabury
Securities, LLC as restructuring advisor, financial advisor and
investment banker; Alixpartners, LLP as financial advisor; and
Hughes Hubbard & Reed, LLP as aviation counsel. Kroll
Restructuring Administration, LLC is the claims agent.
GOTO GROUP: Gets $100 Million New Capital, Launches Debt Exchange
-----------------------------------------------------------------
GoTo Group, Inc., the leading brand in making IT management,
support, and business communications easy, on Feb. 5, 2024,
announced the launch of a debt exchange offer open to all of its
existing term loans (the "Existing Term Loans") and its 5.50%
Senior Secured Notes due 2027 (the "Existing Notes"), pursuant to
an agreement with a majority of holders of its Existing Term Loans
and Existing Notes. All exchange participants will receive new
term loans or new notes, as applicable, with an improved security
position, and tighter covenants and other restrictions. The
exchange offer is open to all lenders and noteholders.
The Company also confirms that on Feb. 5, 2024, a private debt
exchange transaction was consummated with holders of a majority of
its Existing Term Loans and Existing Notes.
Signaling stakeholders’ confidence in the Company, certain
lenders collectively invested $100 million in connection with the
closing of the debt exchange. In addition, concurrent with the
closing of the private debt exchange, 100% of the revolving lenders
agreed to extend the maturity of the $250 million revolving credit
facility for over 2 years, further strengthening the Company's
liquidity position.
The Company expects to significantly decrease its debt balance and
reduce its interest expense as part of the transaction. There will
be no change in GoTo's equity ownership as a result of the
transaction.
"This transaction solidifies our financial foundation, and we are
encouraged by the strong support of our financial partners," said
Rich Veldran, Chief Executive Officer, GoTo. "As we drive into the
future, we are well-positioned to enhance our competitive position
in our markets and look forward to executing our strategic plan."
Kirkland & Ellis LLP served as the Company's legal advisor and PJT
Partners LP served as its financial advisor in the transaction.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal
advisor and Evercore Group LLC served as financial advisor to an ad
hoc group of holders of Existing Term Loans and Existing Notes in
the transaction.
The exchange of the Company's Existing Term Loans will be open
until Feb. 12, 2024, and the exchange of the Company's Existing
Notes will be open until March 5, 2024, with an early tender date
on February 16, 2024, for early exchange consideration as set forth
in a Confidential Exchange Offering Memorandum (the "Exchange Offer
Memorandum"). Full details of the terms and conditions of the
exchange offer of the Existing Notes are described in the Exchange
Offer Memorandum. Eligible holders of the Existing Notes are
encouraged to read the Exchange Offer Memorandum, as it contains
important information regarding the exchange offer. Holders of
Existing Notes may go to www.dfking.com/goto to confirm their
eligibility to participate in the exchange.
Requests for the Exchange Offer Memorandum and other documents
relating to the exchange offer may be directed to D.F. King & Co.,
Inc., the exchange agent and information agent for the Exchange
Offer, toll free at (800) 967-5079 or toll at (212) 269-5550, email
at goto@dfking.com. None of the Company, any of its subsidiaries or
affiliates, or any of their respective officers, boards of
directors, members or managers, the exchange agent and information
agent or the trustee of the Existing Notes or the new notes is
making any recommendation as to whether eligible holders should
tender any Existing Notes, and no one has been authorized by any of
them to make such a recommendation.
About GoTo
GoTo, formerly LogMeIn Inc., is a flexible-work provider of
software as a service and cloud-based remote work tools for
collaboration and IT management.
Featuring flagship products GoTo Resolve, GoTo Connect, and LogMeIn
Rescue, the GoTo portfolio helps securely support and connect
businesses to what's most important: their teams and customers.
For over 20 years, the company has been dedicated to robust
security, including zero trust authentication, and powers more than
1 billion remote support sessions and 1 million customers with
easy-to-use, built-for-IT solutions that save businesses time and
money.
With over $1 billion in annual revenue, the remote-centric company
is headquartered in Boston, Massachusetts, with more than 3,000
GoGetters across North America, South America, Europe, Asia, and
Australia.
* * *
Bloomberg News reported GoTo Group Inc. has reached a framework for
a debt exchange deal with a group of lenders. That plan would
reduce the software maker's debt while tightening protections for
creditors that participate in the deal, according to people
familiar with the situation. The deal would also include roughly
$100 million of new money and the debt exchange would be open to a
broader group of lenders. Bloomberg previously reported in April
2023 that a lender group has engaged Paul Weiss Rifkind Wharton &
Garrison for advice.
In January 2024, S&P Global Ratings lowered all its ratings on
GoTo, including its issuer credit rating to 'CCC+' from 'B-'. S&P
also lowered its rating on its senior secured debt to 'CCC+' from
'B-'. The ratings firm said GoTo faces high business execution
risk to stabilize the business amid an increasing challenging and
competitive collaboration market.
"While we expect GoTo will have sufficient liquidity over the next
12 months, it will incur cash flow deficits after debt service and
maintain elevated leverage in 2023 and 2024. The company's
adjusted debt to EBITDA spiked to 9.3x as of Sept. 30, 2023,
compared to 6.2x at the end of 2021. This coincides with peak
demand for
collaboration technologies amid the COVID-19 pandemic. We forecast
leverage to
remain elevated at about 9.6x in 2023 and 9.2x in 2024. Given
business challenges, we believe material deleveraging will be
difficult and any improvements to its credit profile will likely be
modest over the next year or two," S&P said.
In December 2023, Fitch Ratings downgraded the Long-Term Issuer
Default Ratings of LMI Parent, L.P. and its subsidiary, GoTo Group,
Inc., fka LogMeIn, Inc., to 'CCC+' from 'B-'. The first lien debt
was downgraded one notch to 'B-' from 'B'. The downgrade to 'CCC+'
reflects concerns regarding the Company's limited liquidity, which
has been diminishing. Fitch believes the Company's access to a $250
million revolver is restricted due to the Company pushing up
against its financial covenant for leverage. In addition, the
Company's revenues continue to show modest overall declines.
Fitch explained GoTo's ability to draw on its $250 million revolver
due August 2025 is dependent on having its first lien net leverage
ratio below 7.9x. Due to declining EBITDA, there is very limited
covenant headroom. As of the end of 3Q23, the bank defined first
lien net leverage ratio was 7.73x, down slightly from 7.86x at the
end of 2Q23. There were no revolver borrowings.
GREENUP INDUSTRIES: Taps Jones Walker as Litigation Counsel
-----------------------------------------------------------
Greenup Industries, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Louisiana to employ Jones Walker
LLP as its special litigation counsel.
The firm will render these services:
a. advise the Debtor with respect to the pending litigation;
b. advise and assist the Debtor regarding general corporate
matters, and assist bankruptcy counsel as reasonable and
appropriate in relation to the pending litigation;
c. defend the Debtor with respect to the pending litigation;
d. perform all other necessary legal services for the Debtor
in connection with the pending litigation or any other matter that
the Debtor and its bankruptcy counsel finds is necessary and
appropriate; and
e. provide any other litigation services on behalf of the
Debtor that the Debtor and its bankruptcy counsel feel is
appropriate and necessary.
The firm will charge these hourly rates:
General Litigation Partners $450 to $490
General Litigation Associates $390
Bankruptcy Attorneys $430 to $600
Support Staff $260 to $280
L. Etienne Balart, a partner of Jones Walker, assured the court
that the firm is a "disinterested person," as that term is defined
in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
L. Etienne Balart, Esq.
JONES WALKER LLP
201 St. Charles Ave
New Orleans, LA 70170-5100
Telephone: (504) 582-8584
Facsimile: (504) 589-8584
About Greenup Industries, LLC
Greenup Industries, LLC is a provider of specialized services and
procurement support to a diverse clientele, including the oil and
gas, construction, telecommunication, and other industries, as well
as city, parish, state, and federal governments. The company is
based in Kenner, La.
Greenup Industries sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 23-12179) on December 20,
2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Rodney D. Greenup, Jr., president and sole
member, signed the petition.
Judge Meredith S. Grabill oversees the case.
Michael E. Landis, Esq., at Heller, Draper & Horn, LLC represents
the Debtor as legal counsel.
GRETTA TRANSPORTATION: Taps Schneider & Stone as Bankruptcy Counsel
-------------------------------------------------------------------
Gretta Transportation, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire Schneider &
Stone to handle its Chapter 11 case.
The firm will be paid at these rates:
Attorney $400 per hour
Paralegal $175 per hour
The firm received a retainer in the amount of $6,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ben Schneider, Esq., a partner at Law Office of Schneider & Stone,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Ben Schneider, Esq.
SCHNEIDER & STONE
8424 Skokie Blvd., Suite 200
Skokie, IL 60077
Tel: (847) 933-0300
Fax: (847) 676-2676
Email: ben@windycitylawgroup.com
About Gretta Transportation, Inc.
Gretta Transportation, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-16678) on Dec. 13, 2023, listing $500,001 to $1 million in
assets and $1,000,001 to $10 million in liabilities.
Judge Jacqueline P Cox presides over the case.
Ben L Schneider, Esq. at Schneider & Stone represents the Debtor as
counsel.
HAMILTON ELITE: Hires Seifert & Associates as Bankruptcy Counsel
----------------------------------------------------------------
Hamilton Elite Properties LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District to Wisconsin to hire
Seifert & Associates as its bankruptcy counsel.
The firm will render these services:
a) assist and advise Debtor relative to the administration of
this proceeding;
b) advise Debtor with respect to its powers and duties as
debtor-in-possession in the continued management and operation of
its business and property;
c) represent the Debtor before the Bankruptcy Court and advise
the Debtor on pending litigation, hearings, motions, and decisions
of the Bankruptcy Court;
d) review and advise the Debtor regarding applications,
orders, and motions filed with the Bankruptcy Court by third
parties in this proceeding;
e) attend meetings conducted pursuant to section 341(a) of the
Bankruptcy Code and represent Debtor at all examinations;
f) communicate with creditors and other parties in interest;
g) assist Debtor in preparing all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;
h) confer with other professionals retained by Debtor and
other parties in interest;
i) negotiate and prepare Debtor's chapter 11 plan, related
disclosure statement, and all related agreements and documents and
take any necessary actions on Debtor's behalf to obtain
confirmation of the plan; and
j) perform all other necessary legal services and provide all
other necessary legal advice to Debtor in connection with this
chapter 11 case.
The firm will be paid at these rates:
Attorneys $350 per hour
Paralegals $175 per hour
Joseph W. Seifert, Esq., a partner at Seifert & Associates, assured
the court that the firm is a "disinterested person," as that term
is defined in section 101(14) of the Bankruptcy Code and modified
by section 1107(b).
The firm can be reached through:
Joseph W. Seifert, Esq.
SEIFERT & ASSOCIATES
757 N. Broadway, Ste 300
Milwaukee, WI 53202
Phone: (414) 273-9900
Email: seifert38@gmail.com
About Hamilton Elite Properties LLC
Hamilton Elite Properties LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No.
24-20348) on Jan. 25, 2024, listing $100,001 to $500,000 in both
assets and liabilities.
Joseph W. Seifert, Esq. at Seifert Law Office represents the Debtor
as counsel.
HARBOR CUSTOM: Seeks to Tap FitzGerald Kreditor as Special Counsel
------------------------------------------------------------------
Harbor Custom Development, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Western District of
Washington to employ FitzGerald Kreditor Bolduc Risbrough LLP as
its special counsel.
The Debtor will provide legal advice and services in connection
with all of their corporate governance and securities matters,
particularly to take the Debtor, which was then a private company,
public by representing the Debtor in connection with preparation
for and then conducting a firm commitment underwritten initial
public offering of $12.2 million and a concurrent listing on the
Nasdaq stock exchange.
The firm will be paid at these hourly rates:
Lynne Bolduc, Partner Attorney $525
Josephine Aranda, Securities Attorney $495
Ike Ubaka, Corporate Attorney $370
Kaylee Poynter, Paralegal $195
The firm received a retainer in the amount of $25,000.
As disclosed in a court filing, FitzGerald is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Lynne Bolduc, Esq.
FITZGERALD KREDITOR BOLDUC RISBROUGH LLP
2 Park Plaza, Suite 850
Irvine, CA 92614
Phone: (949) 788-8900
Email: lbolduc@FKBRlegal.com.
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. is a real estate development
company involved in all aspects of the land development cycle,
including land acquisition, entitlement, development, construction
of project infrastructure, home and apartment building
construction, marketing, and sales of various residential
projects.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-42180) on December
11, 2023. In the petition signed by Shelly Crocker, chief
restructuring officer, the Debtor disclosed $223,981,000 in assets
and $172,528,500 in liabilities.
Judge Mary Jo Heston oversees the case.
Aditi Paranjpye, Esq., at CAIRNCROSS & HEMPELMANN, P.S., represents
the Debtor as legal counsel.
HIGHER GROUND: Seeks to Hire Keck Legal as Bankruptcy Counsel
-------------------------------------------------------------
Higher Ground Empowerment Center Church, Inc. seeks approval from
the U.S. Bankruptcy Court for the Northern District of Georgia to
hire Keck Legal, LLC as its bankruptcy counsel.
The firm's services include:
a. giving the Debtor legal advice with respect to its powers
and duties as debtor-in-possession in the management of its
property;
b. preparing on behalf of the Debtor as debtor-in-possession
necessary schedules, applications, motions, answers, orders,
reports and other legal matters;
c. assisting in examination of the claims of creditors;
d. assisting with formulation and preparation of the
disclosure statement and plan of reorganization and with the
confirmation and consummation thereof; and
e. performing all other legal services for Debtor as
debtor-in-possession that may be necessary.
The firm will be paid at these rates:
Benjamin R. Keck $445 per hour
Craig Cooper $350 per hour
Hayden Hall $165 per hour
Miriam Lochridge $165 per hour
Miguel Quinonez $95 per hour
The firm received a retainer in the amount of $20,000.
Keck Legal represent no interest adverse to Debtor as
debtor-in-possession or the estate in the matters upon which it is
to be engaged, as disclosed in the court filings.
The firm can be reached through:
Benjamin Keck, Esq.
Keck Legal, LLC
2566 Shallowford Rd. Suite 104-252
Atlanta, GA 30345
Tel: (678) 641-1720
Email: bkeck@kecklegal.com
About Higher Ground
Empowerment Center Church, Inc.
Higher Ground Empowerment Center Church, Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr.
N.D. Ga. Case No. 24-51362) on Feb. 5, 2024, listing $1,000,001 to
$10 million in assets and $500,001 to $1 million in liabilities.
Benjamin R Keck, Esq. at Keck Legal, LLC represents the Debtor as
counsel.
ILIFF HOSPITALITY: Case Summary & 10 Unsecured Creditors
--------------------------------------------------------
Debtor: Iliff Hospitality, LLC, a New Mexico Corporation
5701 Iliff Rd NW
Albuquerque, NM 87105
Business Description: Iliff Hospitality is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: February 12, 2024
Court: United States Bankruptcy Court
District of New Mexico
Case No.: 24-10132
Judge: Hon. David T. Thuma
Debtor's Counsel: Joseph Yar, Esq.
VELARDE & YAR
PO Box 11055
Albuquerque, NM 87192
Tel: (505) 248-1828
E-mail: joseph@velardeyar.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dennis F. Gerlt as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/MH3V7RA/Iliff_Hospitality_LLC_a_New_Mexico__nmbke-24-10132__0001.0.pdf?mcid=tGE4TAMA
INFINERA CORP: Brown Advisory, 2 Others Report Equity Stake
-----------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchagne
Commission, these entities reported beneficial ownership of shares
of common stock of Infinera Corp. as of Dec. 31, 2023:
Shares Percent
Beneficially of
Reporting Person Owned Class
Brown Advisory Incorporated 14,820,495 6.5%
Brown Investment Advisory & Trust Company 74,834 0%
Brown Advisory LLC (BALLC) 14,745,661 6.5%
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1138639/000108514624000979/infna1_20924.htm
About Infinera Corp.
Headquartered in Sunnyvale, Calif., Infinera Corp. --
www.infinera.com -- is a semiconductor manufacturer and a global
supplier of networking solutions comprised of networking equipment,
optical semiconductors, software and services.
Infinera Corporation reported a net loss of $76.04 million for the
year ended Dec. 31, 2022, a net loss of $170.78 million for the
year ended Dec. 25, 2021, a net loss of $206.72 million for the
year ended Dec. 26, 2020, and a net loss of $386.62 million for the
year ended Dec. 28, 2019.
INFINERA CORP: FMR LLC, Abigail Johnson Report 14.99% Equity Stake
------------------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G/A filed
with the Securities and Exchange Commission on Feb. 8, 2024, that
they beneficially owned 34,038,565 shares of common stock of
Infinera Corp., representing 14.999% of the shares outstanding.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/315066/000031506624001199/filing.txt
About Infinera Corp.
Headquartered in Sunnyvale, Calif., Infinera Corp. --
www.infinera.com -- is a semiconductor manufacturer and a global
supplier of networking solutions comprised of networking equipment,
optical semiconductors, software and services.
Infinera Corporation reported a net loss of $76.04 million for the
year ended Dec. 31, 2022, a net loss of $170.78 million for the
year ended Dec. 25, 2021, a net loss of $206.72 million for the
year ended Dec. 26, 2020, and a net loss of $386.62 million for the
year ended Dec. 28, 2019.
INFINITY COMMERCIAL: Case Summary & Five Unsecured Creditors
------------------------------------------------------------
Debtor: Infinity Commercial Insurance Incorporated
d/b/a Infinity Insurance Partners /Kotten & Associates
6991 E. Camelback Rd., Ste. D300
Scottsdale, AZ 85251
Business Description: The company primarily operates in the
Insurance industry.
Chapter 11 Petition Date: February 13, 2024
Court: United States Bankruptcy Court
District of Arizona
Case No.: 24-01044
Debtor's Counsel: Christopher C. Simpson, Esq.
OSBORN MALEDON, P.A
2929 N. Central Avenue
Suite 2100
Phoenix, AZ 85012
Tel: 602-640-9349
Fax: 602-640-9050
E-mail: csimpson@omlaw.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jessica R. Loomis as president/founder.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/DCJ75MI/Infinity_Commercial_Insurance__azbke-24-01044__0001.0.pdf?mcid=tGE4TAMA
INTERNATIONAL GRANITE: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: International Granite & Stone, LLC
401 Douglas Rd E
Oldsmar, FL 34677
Chapter 11 Petition Date: February 12, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-00706
Judge: Hon. Roberta A Colton
Debtor's Counsel: Edward J. Peterson, Esq.
JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
400 N Ashley Dr. #3100
Tampa, FL 33602
Tel: 813-225-2500
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Christopher L. Stewart 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/7IHTOUI/International_Granite__Stone__flmbke-24-00706__0001.0.pdf?mcid=tGE4TAMA
INVIVO THERAPEUTICS: Hires Landis Rath & Cobb as Legal Counsel
--------------------------------------------------------------
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. seek approval from the U.S. Bankruptcy Court for the District
of Delaware to hire Landis Rath & Cobb LLP as its bankruptcy
counsel.
The firm's services include:
a. providing legal advice regarding Delaware local rules,
practices, precedents, and procedures and providing substantive and
strategic advice on how to accomplish the Debtors' goals in
connection with the prosecution of these cases, in all aspects of
each bankruptcy proceeding;
b. advising and assisting the Debtors with respect to their
rights, powers and duties as debtors-in-possession and taking all
necessary action to protect and preserve the Debtors' estates,
including prosecuting actions on the Debtors' behalf, defending any
actions commenced against the Debtors, negotiating all disputes
involving the Debtors, and preparing objections to claims filed
against the Debtors' estates;
c. preparing and filing necessary pleadings, motions,
applications, proposed orders, notices, schedules, and other
documents, and reviewing all financial and other reports to be
filed in these Chapter 11 Cases, and advising the Debtors
concerning, and preparing responses to, applications, motions,
other pleadings, notices and other papers that may be filed and
served in these cases;
d. handling inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of these Chapter 11 Cases;
e. appearing in this Court and any appellate courts to
represent and protect the interests of the Debtors and their
estates;
f. attending meetings including any meeting of creditors and
negotiating with representatives of creditors and other
parties-in-interest;
g. advising and assisting the Debtors in maximizing value in
these Chapter 11 Cases, including, without limitation, in
connection with the sales of assets, other transactions and/or a
disclosure statement and chapter 11 plan and all documents related
thereto, and taking all further actions as may be required in
connection with any sale, disclosure statement or plan during these
Chapter 11 Cases; and
h. performing all other necessary legal services for the
Debtors in connection with the prosecution of these Chapter 11
Cases, including, but not limited to: (i) analyzing the Debtors'
leases and contracts and the assumptions, rejections, or
assignments thereof, (ii) analyzing the validity of liens against
the Debtors, (iii) advising the Debtors on litigation matters, and
(iv) developing a reorganization or liquidation strategy.
The firm will be paid at these rates:
Partners $750 to $1,275 per hour
Associates $450 to $600 per hour
Paralegals $310 to $350 per hour
Legal Assistants $220 per hour
The firm received from the Debtors an advance retainer of
$150,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew McGuire, Esq., a partner at Landis Rath & Cobb, disclosed
in a court filing that his firm is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew B. McGuire, Esq.
LANDIS RATH & COBB LLP
919 Market Street, Suite 1800
Wilmington, DE 19801
Telephone: (302) 467-4416
Email: mcguire@lrclaw.com
About InVivo Therapeutics Corporation
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. are a research and clinical-stage biomaterials and
biotechnology company with a focus on treatment of spinal cord
injuries.
The Debtors concurrently filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-10137) on Feb 1, 2024. The petitions were signed by Richard
Christopher as chief financial officer. As of Sep. 30, 2023, the
Debtors estimated $9,584,000 in total assets and $666,000 in total
liabilities.
Judge Mary F. Walrath presides over the case.
Matthew B. McGuire, Esq. and Joshua B. Brooks, Esq. at LANDIS RATH
& COBB LLP represent the Debtors as counsel.
INVIVO THERAPEUTICS: Hires Sonoran Capital as Financial Advisor
---------------------------------------------------------------
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. seek approval from the U.S. Bankruptcy Court for the District
of Delaware to hire Sonoran Capital Advisors, LLC as its financial
advisor.
The firm's services include:
(a) performing a financial review of the Debtors' business,
including, but not limited to, a review and assessment of financial
information, as well as short and long-term projected cash flows;
(b) assisting the Debtors with the creation of weekly cash
flow projections and reports;
(c) providing assistance with the Debtors' analysis of
potential liquidity scenarios and their impact on strategic
decisions that will maximize the value of the Debtors and their
estates;
(d) liaising with the Debtors, Debtors' counsel, board
members, and creditor constituencies;
(e) assisting with the creation of motions and other documents
that the Debtors may need to file with the Court, including, among
other things, the Schedules of Assets and Liabilities, Statement of
Financial Affairs, and Monthly Operating Reports;
(f) assisting with and attending the meeting with creditors as
required by section 341 of the Bankruptcy Code and the initial
debtor interview with the Office of the United States Trustee for
the District of Delaware (the "U.S. Trustee");
(g) assisting with any business aspects of any plan
confirmation process undertaken by the Debtors, including an
analysis of the feasibility of any proposed plan, completion of any
required liquidation analysis, solicitation of votes from
creditors, testimony at any plan confirmation hearing, and
execution of any plan confirmed by the Court; and
(h) providing other services as may be reasonably requested by
the Debtors from time to time.
The firm will be paid at these rates:
Managing Directors $595 per hour
Senior Consultants $495 per hour
Directors $395 per hour
Associates $295 per hour
Analysts $195 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Sonoran received a retainer in the amount of $100,000.
Matthew Foster, a managing director at Sonoran Capital Advisors,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Matthew Foster
SONORAN CAPITAL ADVISORS, LLC
1733 N. Greenfield Rd., Suite 104
Mesa, AZ 85205
Telephone: (480) 825-6650
About InVivo Therapeutics Corporation
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. are a research and clinical-stage biomaterials and
biotechnology company with a focus on treatment of spinal cord
injuries.
The Debtors concurrently filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-10137) on Feb 1, 2024. The petitions were signed by Richard
Christopher as chief financial officer. As of Sep. 30, 2023, the
Debtors estimated $9,584,000 in total assets and $666,000 in total
liabilities.
Judge Mary F. Walrath presides over the case.
Matthew B. McGuire, Esq. and Joshua B. Brooks, Esq. at LANDIS RATH
& COBB LLP represent the Debtors as counsel.
INVIVO THERAPEUTICS: Hires SSG Advisors as Investment Banker
------------------------------------------------------------
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. seek approval from the U.S. Bankruptcy Court for the District
of Delaware to hire SSG Advisors, LLC as its investment banker.
The firm will render these services:
(a) advise the Debtors on, and assist the Debtors in the
preparation of, an information memorandum describing the Debtors
and their management and financial status for use in discussions
with prospective purchasers and assist in the due diligence process
for a potential sale transaction;
(b) assist the Debtors in developing a list of suitable
potential buyers who will be contacted on a discreet and
confidential basis after approval by the Debtors;
(c) coordinate the execution of confidentiality agreements for
potential buyers wishing to review the information memorandum;
(d) assist the Debtors in coordinating site visits for
interested buyers and work with the management team to develop
appropriate presentations for such visits;
(e) solicit competitive offers from potential buyers;
(f) advise and assist the Debtors in structuring the sale
transaction, negotiating the sale transaction agreements with
potential buyers and evaluating the proposals from potential
buyers, including, without limitation, advising and negotiating
with respect to sale transaction structures that include, as may be
necessary or desirable, licenses, milestone and royalty payments
and/or assignments of intellectual property; and
(g) otherwise assist the Debtors, their attorneys and
accountants, as necessary, through closing on a best efforts basis.
The firm will receive compensation as follows:
a. Monthly fee of $50,000 per month for the second month of
SSG's engagement, prepaid; plus $25,000 for the third month of
SSG's engagement, prepaid; and $25,000 per month on the 1st of each
month throughout the remainder of the Engagement Term. An
agreed-upon Adjusted Monthly Fee of $5,000 per month was paid for 3
months pre-petition.
b. Sale Fee: Upon the consummation of a sale transaction to
any party, SSG shall be entitled to a fee, payable in cash, in
federal funds via wire transfer or certified check, at and as a
condition of closing of such sale transaction and as a direct
carveout from proceeds and cash on hand, equal to 5 percent of
Total Consideration.
Teresa Kohl, managing director at SSG, disclosed in a court filing
that she is a "disinterested person" pursuant to Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Teresa C. Kohl
SSG Advisors, LLC
300 Barr Harbor Drive, Suite 420
West Conshohocken, PA 19428
Tel: (610) 940-1094
(610) 940-9521
Fax: (610) 940-4719
Email: tkohl@ssgca.com
About InVivo Therapeutics Corporation
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. are a research and clinical-stage biomaterials and
biotechnology company with a focus on treatment of spinal cord
injuries.
The Debtors concurrently filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-10137) on Feb 1, 2024. The petitions were signed by Richard
Christopher as chief financial officer. As of Sep. 30, 2023, the
Debtors estimated $9,584,000 in total assets and $666,000 in total
liabilities.
Judge Mary F. Walrath presides over the case.
Matthew B. McGuire, Esq. and Joshua B. Brooks, Esq. at LANDIS RATH
& COBB LLP represent the Debtors as counsel.
INVIVO THERAPEUTICS: Taps Kurtzman Carson as Administrative Advisor
-------------------------------------------------------------------
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. seek approval from the U.S. Bankruptcy Court for the District
of Delaware to hire Kurtzman Carson Consultants LLC as its
administrative advisor.
The firm's services include:
(a) assisting with, among other things, the preparation of the
Debtors' schedules of assets and liabilities, schedules of
executory contracts and unexpired leases and statements of
financial affairs;
(b) assisting with, among other things, solicitation,
balloting, tabulation and calculation of votes, as well as
preparing any appropriate reports required in furtherance of
confirmation of any chapter 11 plan;
(c) generating an official ballot certification and
testifying, if necessary, in support of the ballot tabulation
results for any chapter 11 plan(s) in the Chapter 11 Cases;
(d) generating, providing and assisting with claims
objections, exhibits, claims reconciliation and related matters;
and
(e) providing such other claims processing, noticing,
solicitation, balloting and administrative services, but not
included in the Section 156(c) Application, as may be requested by
the Debtors from time to time.
The Debtors provided KCC a retainer in the amount of $40,000.
Evan Gershbein, executive vice president of Kurtzman, 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:
Evan Gershbein
KURTZMAN CARSON CONSULTANTS LLC
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Tel: (310) 823-9000
Email: egershbein@kccllc.com
About InVivo Therapeutics Corporation
InVivo Therapeutics Corporation and InVivo Therapeutics Holdings
Corp. are a research and clinical-stage biomaterials and
biotechnology company with a focus on treatment of spinal cord
injuries.
The Debtors concurrently filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-10137) on Feb 1, 2024. The petitions were signed by Richard
Christopher as chief financial officer. As of Sep. 30, 2023, the
Debtors estimated $9,584,000 in total assets and $666,000 in total
liabilities.
Judge Mary F. Walrath presides over the case.
Matthew B. McGuire, Esq. and Joshua B. Brooks, Esq. at LANDIS RATH
& COBB LLP represent the Debtors as counsel.
INVIVO THERAPEUTICS: Will Hold Chapter 11 Auction of Assets
-----------------------------------------------------------
Clara Geoghegan of Law360 reports that bankrupt biotechnology
developer InVivo Therapeutics Corp. will auction its assets and
hopefully propose a Chapter 11 wind down plan in April, attorneys
told a Delaware bankruptcy court Monday, February 5, 2024, at a
first day hearing.
About Invivo Therapeutics
InVivo Therapeutics Corporation is a research and clinical-stage
biomaterials and biotechnology company with a focus on treatment of
spinal cord injuries.
InVivo Therapeutics and InVivo Therapeutics Holdings Corp. sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del.
Case No. 24-10137) on Feb. 1, 2024. In the petition filed by
Richard Christopher, chief financial officer, the Companies
reported assets of $9,584,000 and liabilities of $666,000.
The Hon. Mary F. Walrath presides over the cases.
The Debtors tapped Landis Rath & Cobb LLP as bankruptcy counsel.
Wilmer Cutler Pickering Hale and Dorr LLP is the Debtors' special
corporate counsel. Sonoran Capital Advisors, LLC is the Debtors'
financial advisor and SSG Advisors LLC is the Debtors' investment
banker.
IPWE INC: Seeks to Hire Auction Advisors LLC as Broker
------------------------------------------------------
IPWE Inc., seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Auction Advisors LLC as broker.
The firm will provide these services:
a. work with the Debtor to create and implement a strategy for
the sale of the Business, including preparation of appropriate and
customary marketing materials; and
b. present all bona fide offers to Debtor and assist the
Debtor in developing and negotiating counteroffers until a sale
agreement is signed and all contingencies are satisfied or waived.
The firm will be paid at $25,000 flat fee.
The firm will be paid a flat fee of $25,000) if the sale of the
Business is to Granicus IP, LLC. In the event that the sale is
consummated with another bidder other than Granicus or with
Granicus for a purchase price higher than that set forth in the
Stalking Horse Term Sheet, the firm will be entitled to the Flat
Fee plus 25 percent of the difference between the ultimate sale
price and the price set forth in the Stalking Horse Term Sheet.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Leann Pinto, a partner at Auction Advisors LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Leann Pint
Auction Advisors LLC
1350 Avenue of Americas, 2nd Floor
New York, NY 10019
Tel: (800) 862-4348
About IPWE Inc.
IPwe, Inc. has been at the forefront of developing blockchain
solutions for IP strategy, collaborating with leading blockchain
providers such as IBM, Hyperledger, and CasperLabs since 2018. The
Debtor's cutting-edge IP strategy solution, Smart Intangible Asset
Management, utilizes dynamic patent NFTs and its proprietary AI
algorithm to consolidate IP data and generate data-driven metrics,
including valuations, ratings, and benchmarks for every patent.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10078) on Jan. 24,
2024, with $156,169 in assets and $7,292,376 in liabilities. Leann
M. Pinto, chief executive officer, signed the petition.
Judge Craig T. Goldblatt oversees the case.
Ronald S. Gellert, Esq., at Gellert Scali Busenkell & Brown, LLC
represents the Debtor as legal counsel.
KATMINT LLC: Seeks to Hire Rachel S. Blumenfeld as Legal Counsel
----------------------------------------------------------------
The Katmint, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to employ The Law Office of Rachel
S. Blumenfeld PLLC as its attorneys.
The firm will provide these services:
a. give advice to the Debtor with respect to its powers and
duties as Debtor-in-Possession and the continued management of its
property and affairs.
b. negotiate with creditors of the Debtor and work out a plan
of reorganization and take the necessary legal steps in order to
effectuate such a plan including, if need be, negotiations with
creditors and other parties in interest;
c. prepare on behalf of the Debtor all necessary schedules,
application, motions, answers, orders, reports, and other legal
papers required for the Debtor that seek protection from its
creditors under Chapter 11 of the Bankruptcy Code;
d. appear before the Bankruptcy Court to protect the interest
of the Debtor and to represent the Debtor in all matters pending
before the Court;
e. represent the Debtor, if need be, in connection with
obtaining post petition financing;
f. take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
and
g. perform all other legal services of the Debtor which may be
necessary for the preservation of the Debtor's estate and to
promote the best interest of the Debtor, its creditors and its
estate.
The firm will be paid at these rates:
Rachel S. Blumenfeld, Esq. $525 per hour
Of counsel $450 per hour
Paraprofessional $150 per hour
The firm received a retainer in the amount of $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Rachel S. Blumenfeld, Esq., a partner at Law Office of Rachel S.
Blumenfeld PLLC, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD PLLC
26 Court Street, Suite 2220
Brooklyn, NY 11242
Tel: (718) 858-9600
Fax: (718) 858-9601
About The Katmint LLC
The Katmint, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-44477) on December 5,
2023, with $50,001 to $100,000 in assets and $500,001 to $1 million
in liabilities.
Judge Nancy Hershey Lord oversees the case.
Rachel S. Blumenfeld, Esq., at the Law Office of Rachel S.
Blumenfeld represents the Debtor as bankruptcy counsel.
KELHAM VINEYARD: Trustee Hires West Auctions Inc. as Appraiser
--------------------------------------------------------------
Michael G. Kasolas, Chapter 11 Trustee of Kelham Vineyard & Winery,
LLC, filed a second application seeking approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
West Auctions, Inc. as his personal property appraiser.
The firm will conduct an appraisal of the Debtor's non-wine asset
personal property located at 360 Zinfandel Lane, St. Helena.
The firm will be paid $200 per hour, plus reimbursement of costs
and expenses.
As disclosed in a court filing, West Auctions is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Donna Bradshaw
West Auctions, Inc.
P.O. Box 278
Woodland, CA 95776
Tel: (530) 661-0490
About Kelham Vineyard & Winery, LLC
Kelham Vineyard & Winery, LLC is a family-owned and operated
vineyard in St. Helena, Calif.
On July 20, 2023, creditor Main Street Cottage, LLC filed
involuntary Chapter 11 petition against Kelham Vineyard & Winery
(Bankr. N.D. Calif. Case No. 23-10384). The petitioning creditor is
represented by Rebekah Parker, Esq., a practicing attorney in
Oceanside, Calif.
Judge William J. Lafferty, III oversees the case.
Ryan C. Wood, Esq., serves as Kelham Vineyard & Winery's bankruptcy
attorney.
KING WINDSHIELDS: Case Summary & Six Unsecured Creditors
--------------------------------------------------------
Debtor: King Windshields, Inc.
7125 East Southern Avenue
Suite 111
Mesa, AZ 85209
Business Description: The Debtor offers auto glass repair service
in Mesa, Arizona.
Chapter 11 Petition Date: February 12, 2024
Court: United States Bankruptcy Court
District of Arizona
Case No.: 24-00998
Judge: Hon. Brenda Moody Whinery
Debtor's Counsel: Allan D. NewDelman, Esq.
ALLAN D. NEWDELMAN, P.C.
80 East Columbus Avenue
Phoenix, AZ 85012
Tel: 602-264-4550
Fax: 602-277-0144
E-mail: anewdelman@adnlaw.net
Total Assets: $252,633
Total Liabilities: $1,179,864
The petition was signed by Daniel Frederick as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/O2LX76I/KING_WINDSHIELDS_INC__azbke-24-00998__0001.0.pdf?mcid=tGE4TAMA
LEE & MAIN: Gets OK to Tap Woltz and Associates as Auctioneer
-------------------------------------------------------------
Lee & Main Street, LLC received approval from the U.S. Bankruptcy
Court for the Western District of Virginia to employ Woltz and
Associates, Inc. as auctioneer.
The Debtor requires an auctioneer to sell its real property by a
public auction.
The firm will receive a commission of 5 percent if the highest
bidder by credit bid is Freedom First Federal Credit Union. If not,
the commission shall be the amount of the buyer's premium.
James Woltz, president of Woltz and Associates, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James Woltz
Woltz and Associates, Inc.
23 Franklin Road, SW
Roanoke, VA 24011
Telephone: (540) 342-3560
Facsimile: (540) 342-3741
Email: info@woltz.com
About Lee & Main Street
Lee & Main Street, LLC owns real property located at 201 S Main St.
and 105 Lee St., Blacksburg, Va. The property consists of
redevelopment townhouse lots and a building to be remodeled valued
at $1.1 million in the aggregate.
Lee & Main Street filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. W.D. Va. Case No. 23-70603) on Sept.
8, 2023, with $1,307,413 in assets and $1,877,184 in liabilities.
Jonathan Butt, co-manager and member, signed the petition.
Judge Paul M. Black oversees the case.
Scot Farthing, Esq., at Farthing Legal, PC represents the Debtor as
bankruptcy counsel.
MAYA J ATX: Files Amendment to Disclosure Statement
---------------------------------------------------
Maya J ATX, LLC, submitted an Amended Disclosure Statement for the
Plan of Reorganization.
The Debtor. It is a Texas limited liability company which owns real
property in Austin, Texas. The Debtor is owned by Ali Choudhri. Mr.
Choudhri is an entrepreneur from Houston, Texas.
The BridgeCo entities contend that the owner of the Debtor is
actually Shahnaz Choudhri, Mr. Choudhri's mother. This is based
upon a document signed by Drew Dennett which transferred the equity
interest to Ms. Choudhri. It is the Debtor's understanding that a
prior assignment from Drew Dennett to Ali Choudhri is the governing
document and that the subsequent document is of no force and
effect.
NIA ATX, LLC executed an "Assignment of Opportunity" dated November
1, 2022 to Maya J Assets, which was meant to refer to Maya J ATX,
LLC. The assignment covered any and all rights to, options,
business opportunities or otherwise to purchase and develop the
property known as 2103 Nueces Street, Austin, TX 78705.
Simultaneously, the Debtor signed a note for $10 million to NIA
ATX, LLC dated November 1, 2022. A deed of trust securing the note
was executed on September 5, 2023 and recorded the same day.
The two properties owned by the Debtor are uniquely situated for
the reason that taken together they are one of four properties in
the West Campus area of the University of Texas which are zoned for
a thirty story structure. Debtor's plan is to obtain entitlements
for the enhanced development and sell the properties. Debtor will
spend at least $250,000 on development soft costs and will begin
marketing the properties for sale within six months of the
Effective Date of the Plan.
The plan will be funded from three sources. 50 BH Acquisition, LLC
shall advance up to $1.0 million to the Debtor pursuant to the
terms of the BH Draw Note. The BH Draw Note shall bear interest at
the rate of 9.5% per annum. The BH Draw Note shall be secured by a
junior lien upon the real property assets owned by the Debtor. The
maturity of the BH Draw Note shall be the earlier of eighteen
months after the Effective Date or the date upon which the Debtor's
real property shall be sold or refinanced. Second, Debtor intends
to continue to rent 2103 Nueces to Wranglers Nueces, LLC for
$18,000.00 per month. Finally, both Debtors intend to rent out
their parking lot space to food trucks.
50 BH Acquisition, LLC shall advance up to $1.0 million to the
Debtor pursuant to the terms of the BH Draw Note. 50 BH
Acquisition, LLC is another entity owned by Ali Choudhri. It will
make the payments from its available cash. The BH Draw Note shall
bear interest at the rate of 9.5% per annum. The BH Draw Note shall
be secured by a junior lien upon the real property assets owned by
the Debtor. The maturity of the BH Draw Note shall be the earlier
of eighteen months after the Effective Date or the date upon which
the Debtor's real property shall be sold or refinanced.
The Plan proposes to increase the value of the properties by
obtaining entitlements to construct a 30-story building on 21013
Nueces and 2515/2513 San Gabriel and then to sell or refinance the
properties once their value has been enhanced through the
entitlement process. 50 BH Acquisitions, LLC, a related party, will
loan funds of up to $1.0 million to pay the ad valorem taxes and
make payments to Magnolia and Cypress during the entitlement and
sales process and to fund development costs. 50 BH Acquisitions
will loan the money from its available cash. The loans from 50 BH
Acquisitions, LLC will fund six months of interest payments to the
BridgeCo entities. The remaining amounts owed will be paid through
sale or refinance of the three tracts owned by the Debtors.
Class 6 consists of the Claim of NIA ATX, LLC. Debtor has scheduled
the claim of NIA ATX, LLC at $10,000,000 and $7,000,000. NIA filed
a deed of trust on the same day as the bankruptcy filing. This deed
of trust is subject to avoidance under the Bankruptcy Code. Class 6
shall not retain its liens which shall be avoided. The pre-petition
claim of NIA ATX, LLC shall be converted into equity on the
Effective Date.
The Class 7 Unsecured Creditors shall receive payment of their
Allowed Claims 90 days after the Effective Date or on the date on
which the claim becomes an Allowed Claim whichever is later.
The Plan will ultimately be funded from sale or refinance of the
Debtor's properties. Thus, the Plan depends upon both the ability
of 50 BH Acquisitions, LLC to fund the interim costs and the
Debtor's ability to market the Nueces and San Gabriel tracts.
A full-text copy of the Amended Disclosure Statement dated February
6, 2024 is available at https://urlcurt.com/u?l=c5H8EP from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Stephen Sather, Esq.
BARRON & NEWBURGER, PC
7320 N. MoPac Expy, Suite 400
Austin, TX 78731
Tel: (512) 476-9103
Fax: (512) 279-0310
Email: gsiemankowski@bn-lawyers.com
About Maya J ATX LLC
Maya J ATX LLC was formed as a Texas limited liability company on
March 31, 2022. It owns real estate located at 2513 and 2515 San
Gabriel Street and 2103 Nueces Street.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10737) on September
5, 2023. In the petition signed by Drew Dennett, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Shad Robinson oversees the case.
James Q. Pope, Esq., at The Pope Law Firm, represents the Debtor as
legal counsel.
MERCON COFFEE: Seeks to Hire Ordinary Course Professionals
----------------------------------------------------------
Mercon Coffee Corp. and affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
certain professionals employed in the ordinary course of business.
The OCP's include:
GALA Corporate Services
Federico Boyd Ave. & 51st St.
PANAMA CITY, PANAMA CITY
Legal Services -- Corporate Lawyers (Curacao)
Aleman Cordero Galindo
3rd Floor, Yamraj Building
Market Square
PO BOX 3175
Road Town, British Virgin Islands
Legal Services -- Corporate Lawyers (VGB)
Trident Trust Company BVI Ltd
C9CJ+VCP, Road Town
Islas Vírgenes Britanicas
Legal Services -- Corporate Lawyers (VGB)
Angel Rafael Herrera Chinchilla
Barrio Guamilito
2 calle, 11 avenida
San Pedro Sula, Cortes
Legal Services -- Corporate Lawyers (Honduras)
Mauro Yimillen Garcia Valenzuela
Col. Las Brisas 22 cll,
9 ave. # 2203
San Pedro Sula, Cortes
Accounting Services -- External Accountants (Honduras)
Contabilita.Sig Ltda
AL OLIVIO BREGALDA,
485. VARGINHA
Minas Gerais 37062-680
Accounting Services -- External Accountants (Brazil)
Murilo Ramos Da Silva
R CLAUDIA BOTELHO 17
MIRANTE CONQUISTA -
CANDEIAS - VITORIA DA
CONQUISTA - BA - 45028190
Accounting Services -- External Accountants (Brazil)
N & L Contabilidade Assess Emp Ltda
R CLOVIS MACHADO,
176, SALA 402
VITORIA - ES 29050-585
Legal Services -- Corporate Lawyers (Brazil)
Plbrasil Assessoria Empresarial Ltd
AV RIO BRANCO, 110.
Rio de Janeiro, Rio de Janeiro
20040-001
Legal Services -- Credit Recovery Lawyer (Brazil)
Souza Barquete Soc Advogados
Av. Augusto de Lima, 1568, Sala 1310
Barro Preto, Belo Horizonte/MG
Legal Services -- Corporate Lawyers (Brazil)
AARPI YARDS 4 avenue Van Dyck.
PARIS, 0000075116
Legal Services -- Corporate Lawyers (FRA)
Lidet Abebe Tizazu Law Office
Bole Sub City
Woreda 03. Addis Ababa
Legal Services -- Corporate Lawyers (Ethiopia)
Santos Netos Advogados
R. Funchal,
418 - 22o andar - Vila Olimpia
Sao Paulo - SP, 04551-060, Brasil
Legal Services -- Corporate Lawyers (The Netherlands)
DLA Piper Nederland N.V.
Amstelveenseweg 638
1081 JJ Amsterdam, Netherlands
Legal Services -- Corporate Lawyers (The Netherlands)
Spigt Dutch Caribbean N.V.
Scharlooweg 29.
Willemstad, Curacao
Legal Services -- Corporate Lawyers (The Netherlands)
Apex Corporate Services, S. A.
Tower calle 53 este,
urb. Marbella Panama, Rep.
Panama
Legal Services -- Corporate Lawyers (Panama)
Seacoast Corp
AVE FEDERICO BOYD No. 18
y Cal. Distrito y Provincia de
Panama, Panama
Legal Services -- Corporate Lawyers (Panama)
Sucre Arias & Reyes Intl Inc.
Avenida Ricardo Arango &, C. 61
Este, Panama
Legal Services -- Corporate Lawyers (Panama)
DBA Pronto Notary Public
3485 W Flagler St, Ste 500
Florida 33125, USA
Legal Services -- Corporate Lawyers (USA)
Donahue & Partners LLP
5 Times Square
New York, NY 10036-6530
Legal Services -- Corporate Lawyers (USA)
Grant Thornton
757 3rd Avenue #9
New York, NY 10017-2013
Legal Services -- Fiscal Lawyers (USA)
Post & Romero
804 Douglas Rd, Ste 365
Coral Gables, FL 33134
Legal Services -- Corporate Lawyers (USA)
Washington Express Visa
1001 Connecticut Ave NW # 710
Washington, DC 20036
Legal Services -- Corporate Lawyers (USA)
Adda Marisol Dubon Mohr
41 Ave 15-73 Zona 5
Jardines. Guatemala
Legal Services -- Labor Lawyer (Guatemala)
BLP Abogados, S.A.
Diagonal seis (10-50) zona 10.
Guatemala, GUATEMALA
Legal Services -- Corporate Lawyers (Guatemala)
Ernst & Young, S.A.
5a. Avenida 5-55 Zona 14 Ed.
Europlaza Torre 1, Nivel 7,
Guatemala
Legal Services -- Fiscal Lawyers (Guatemala)
GT Audit Services
Guatemala, S.A.
5a Av 5-55 Ed. Europlaza
Zona 14 Torre I 1504. Guatemala
Legal Services -- Fiscal Lawyers (Guatemala)
Alexander & Baaten Legal Services B
Gaitoweg 2. WILLEMST
P.O Box 4900
Legal Services -- Corporate Lawyers(Curacao)
Intertrust (Curacao) B.V.
Kaya WFG (jombi) Mensing 14,
Zeelandia Office Park
Willemstand Curacao
Legal Services -- Corporate Lawyers (Curacao)
Baez Cortez y Cia Ltda
Planes de Altamira,contiguo.
Managua, Managua
Accounting Services -- External Accountants (Nicaragua)
The Debtor does not believe that any of the OCPs have an interest
materially adverse to the Debtor, its creditors, or other parties
in interest with respect to the matters on which they are to be
employed.
About Mercon Coffee
Mercon Coffee Corp. -- https://www.merconcoffeegroup.com/ -- is a
supplier of green coffee to the international coffee roasting
industry. Mercon is headquartered in the Netherlands and has
offices around the globe.
Mercon Coffee Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11945) on Dec. 7,
2023. In the petition filed by CRO Harve Light, the Debtor
reported assets and liabilities between $100 million and $500
million each.
Judge Michael E. Wiles oversees the case.
The Debtors are represented by Blaire Cahn, Esq. at Baker &
McKenzie LLP.
MERCY HOSPITAL: Seeks to Hire CBRE Inc. as Real Estate Broker
-------------------------------------------------------------
Mercy Hospital, Iowa City, Iowa and its affiliates seek approval
from the U.S. Bankruptcy Court for the Northern District of Iowa to
employ CBRE, Inc. as real estate broker.
CBRE will advise and assist the Debtors in connection with the sale
of their real property located at 601 E. Bloomington Street, Iowa
City, Johnson County, Iowa, including: (a) providing a sales
strategy to market the real estate; (b) communicating and
negotiating offers, counteroffers, and notices with prospective
buyer(s); (c) providing prospective buyer(s) access to the real
estate, and (d) assistance with the purchase and closing of the
real estate.
CBRE would be entitled to a sale commission equal to 5 percent of
the gross sales price of the real estate, to be paid at closing of
the sale of the real estate.
In the event the real estate is sold to the State University of
Iowa (or its related entities) or the City of Iowa City, CBRE's
commission will be reduced to 2.5 percent of the gross sales
price.
William Wright, a senior vice president and managing director at
CBRE, disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
William J. Wright
CBRE, Inc.
6900 Westown Parkway
West Des Moines, IA 50266
Telephone: (515) 224-4900
Facsimile: (515) 221-6652
About Mercy Hospital, Iowa City, Iowa
Mercy Hospital, Iowa City, Iowa is a Catholic-based Iowa nonprofit
corporation and a tax-exempt organization described in Section
501(c)(3) of the Internal Revenue Code of 1986 (as amended) that
operates an acute care community hospital and clinics located in
Iowa City, Iowa and surrounding communities.
Mercy Hospital and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Lead Case No.
23-00623) on August 7, 2023. In the petitions signed by Mark E.
Toney, chief restructuring officer, Mercy Hospital disclosed up to
$500 million in both assets and liabilities.
Judge Thad J. Collins oversees the cases.
The Debtors tapped Nyemaster Goode, P.C and McDermott Will & Emery
LLP as bankruptcy co-counsel, Toneykorf Partners, LLC as provider
of interim management services, H2C Securities Inc. as investment
banker, and Epiq Corporate Restructuring, LLC as notice and claims
agent.
An official committee of pensioners was appointed in these Chapter
11 cases. The committee tapped Day Rettig Martin, P.C. as its legal
counsel and HBM Management Associates, LLC as its financial
advisor.
MOUNTAINSKY LANDSCAPING: Asset Sale Proceeds & Income to Fund Plan
------------------------------------------------------------------
MountainSky Landscaping, LLC, and affiliates filed with the U.S.
Bankruptcy Court for the District of Colorado a Fourth Amended
Subchapter V Plan of Reorganization dated February 5, 2024.
MSL originally provided basic outdoor improvements, including
retaining walls, patios, and other outdoor structures.
Shiloh and Luca Churchill are brothers. Peter Churchill is their
father. While in their teens, Shiloh and Luca expressed an interest
in running a landscaping business. Peter supported the boys'
interests and initiative and formed MSL as the corporate entity for
the business. MSL is owned by Peter.
The Plan provides for the liquidation of real property owned by
Peter Churchill in Sedona, Arizona within one year and the
distribution of the net sale proceeds, anticipated to total
approximately $1.45 million, to the payment of Claims asserted in
Peter's case. This amount translates into an anticipated
approximately 81% distribution to claimants on account of their
principal, non-penalty Claims filed in Peter's case.
The Plan offers the holders of Disputed Claims in Peter's case a
choice: accept the pro rata share of the sale proceeds in exchange
for a complete release of Claims against all four estates or have
the pro rata share escrowed while the Disputed Claims are
litigated. Given the expense of litigation and the legitimate
factual and legal disputes arising in connection with the Disputed
Claims, the Debtors believe an 18% discount in exchange for
certainty and finality is a fair compromise.
Peter is 70 years old and will not be drawing a salary from MSL
after Plan approval, although he will stay active in the business.
His Plan is effectively a liquidating plan based upon the sale of
his only material non-exempt asset: the Sedona Property. Shiloh and
Luca propose to contribute income towards the repayment of their
creditors, if any remain after confirmation. MSL will contribute
income both from its operations and from income received from sales
of the One Percent Software towards the payments of Allowed Claims
in its case. MSL will pay a minimum of $590,000 to claimants, but
this is a floor. If software sales are higher than projected and/or
MSL operations exceed its conservative projection, distributions
could exceed $2.4 million.
MSL's interest in the One Percent Software is its only asset with
potential material liquidation value. Thus, the Plan offers
creditors the opportunity to back MSL over the next five years and
potentially recover 100% of their Allowed Claims versus the
alternative of a liquidation, the uncertainty of what could be
recovered from a sale of the One Percent Software interest, and the
receipt of potentially pennies on the dollar.
The Plan proposes to pay creditors from the sale of the Sedona
Property, Disposable Income generated from MSL's operations,
distributions from ProjexSpace, Inc., and Disposable Income from
Shiloh and Luca.
Class 5 consists of the Unsecured Claims Asserted Against Peter
Churchill. Twenty-three unsecured Claims were either asserted
against or scheduled by Peter. The allowed unsecured claims total
$1,797,524.43. The treatment of Claims asserted against Peter
assumes two different distribution dates: one after the sale of the
Sedona Property and one after all litigation regarding Disputed
Claims is completed. For the latter distribution, each claimant's
pro rata share shall be recalculated based upon the remaining pool
of claimants.
Source of Payments to Class 5 Claimants: Peter shall list the
Sedona Property for sale and close a sale of said Property on or
before December 31, 2024. From the gross sale price, Peter will pay
sale costs (estimated at 6% of sale price) and reserve $150,000 for
unpaid administrative expenses and future litigation costs (the
"Sedona Reserve") in Peter's Chapter 11 Case. The amount remaining
after these deductions is defined as the "Net Sedona Proceeds. "
The current estimated value of the Sedona Property is between
$1.5-1.9 million. Based upon the figures, and assuming a sale price
of $1.7 million, the Net Sedona Proceeds would be $1,448,000. Using
the total General Unsecured Amount of $1,797,524.43, such a result
would translate to an 81% distribution to claimants in Peter's
bankruptcy case. In his business judgment, Peter believes waiting
until the summer of 2024, at the earliest, to list the Sedona
Property for sale, will generate the best result for creditors
including, potentially, a higher recovery than 80%.
Class 8(a) consists of the Allowed Claims of unsecured creditors of
MSL. MSL shall contribute (a) its actual Disposable Income and (b)
any funds from the MCA Lenders Escrow not paid to Allowed Class 7
Claims to the payment of Allowed Class 8(a) Claims for five years
after the Effective Date, or until such Claims are paid in full;
provided, however, if MSL's actual Disposable Income is less than
the following annual Projected Disposable Income amounts, MSL shall
distribute a sufficient amount to the holders of Allowed Class 8(a)
Claims to ensure the claimants receive not less than the annual
Projected Disposable Income. Allowed Class 8(a) Claims shall be
paid on a Pro Rata basis in quarterly installments from the MSL
Creditor Account beginning the first full calendar quarter after
the Effective Date. Any trueup distribution to ensure payment of
the minimum amounts set forth above, if applicable, shall be made
on or within 30 days of the conclusion of the prior Plan year.
Class 8(a) Claims are Impaired.
Class 9(a) consists of the Allowed Claims of unsecured creditors of
Shiloh Churchill. Shiloh shall contribute his Disposable Income to
the payment of Allowed Class 9(a) Claims for five years after the
Effective Date, or until such Claims are paid in full; provided,
however, if Shiloh's actual Disposable Income is less than the
following annual Projected Disposable Income amounts, Shiloh shall
distribute a sufficient amount to the holders of Allowed Class 9(a)
Claims to ensure the claimants receive not less than the annual
Projected Disposable Income. Allowed Class 9(a) Claims shall be
paid on a Pro Rata basis in quarterly installments from the Shiloh
Creditor Account beginning the first full calendar quarter after
the Effective Date. Any true-up distribution to ensure payment of
the minimum amounts, if applicable, shall be made on or within 30
days of the conclusion of the prior Plan year. Class 9(a) Claims
are Impaired.
Class 10(a) consists of the Allowed Claims of unsecured creditors
of Luca Churchill. Luca shall contribute his Disposable Income to
the payment of Allowed Class 10(a) Claims for five years after the
Effective Date, or until such Claims are paid in full; provided,
however, if Luca's actual Disposable Income is less than the
following annual Projected Disposable Income amounts, Luca shall
distribute a sufficient amount to the holders of Allowed Class
10(a) Claims to ensure the claimants receive not less than the
annual Projected Disposable Income. Allowed Class 10(a) Claims
shall be paid on a Pro Rata basis in quarterly installments from
the Luca Creditor Account beginning the first full calendar quarter
after the Effective Date. Any trueup distribution to ensure payment
of the minimum amounts, if applicable, shall be made on or within
30 days of the conclusion of the prior Plan year. Class 10(a)
Claims are Impaired.
MSL, Shiloh, and Luca shall fund their Plan payment obligations
with their actual Disposable Income, provided, however, that each
Debtor will contribute not less than their respective Projective
Disposable Income. The value of the property to be distributed
under the Plan by MSL, Shiloh, and Luca shall not be less than each
such Debtor's Projected Disposable Income. No Debtor shall
distribute more under the Plan than the total amount of Allowed
Claims asserted against such Debtor. Peter shall fund his Plan
payment obligations with the Net Sedona Proceeds. Peter's sale of
the Sedona Property shall be subject to the approval of the
Bankruptcy Court.
A full-text copy of the Fourth Amended Plan dated February 5, 2024
is available at https://urlcurt.com/u?l=3ZZfdv from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
David V. Wadsworth, Esq.
Aaron J. Conrardy, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 West Main Street, Suite 200
Littleton, Colorado 80120
Phone: (303) 296-1999
Fax: (303) 296-7600
Email: dwadsworth@wgwc-law.com
aconrardy@wgwc-law.com
About MountainSky Landscaping
MountainSky Landscaping, LLC, is a company based in Fort Lupton,
Colo., which offers complete outdoor living and gardening designs
for residential and commercial sectors.
MountainSky filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-12744) on July
26, 2022, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. The Debtor has elected to proceed under
Subchapter V of Chapter 11. Joli A. Lofstedt is the Subchapter V
Trustee.
Judge Kimberley H. Tyson oversees the case.
The Debtor tapped Wadsworth Garber Warner Conrardy, P.C. as
bankruptcy counsel; Greenleaf Ruscitti, LLP and Overturf McGath &
Hull, P.C., as special counsels; and Harrison Advisory as forensic
accountant.
MYOMO INC: AIGH Capital, Orin Hirschman Report 9.9% Equity Stake
----------------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, AIGH Capital Management, LLC and Orin Hirschman
disclosed that as of Jan. 16, 2024, they beneficially owned
2,838,290 shares of common stock of Myomo, Inc., representing 9.9%
of the shares outstanding. A full-text copy of the regulatory
filing is available for free at:
https://www.sec.gov/Archives/edgar/data/1369290/000149315224005333/formsc13ga.htm
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc. --
http://www.myomo.com-- is a wearable medical robotics company that
offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $10.72 million for the year ended Dec.
31, 2022, compared to a net loss of $10.37 million for the year
ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $17.05
million in total assets, $6.03 million in total liabilities, and
$11.02 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
13, 2023, citing that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
Myomo has historically funded its operations through financing
activities, including raising equity and debt capital. In August
2023, the Company completed a public equity offering pursuant to
which it sold 5,413,334 shares of common stock and 1,920,000
pre-funded warrants at $0.60 per share or at $0.5999 per warrant,
generating proceeds after fees and expenses of approximately $3.9
million. In January 2023, the Company completed a public equity
offering pursuant to which it sold 13,169,074 shares of common
stock and 6,830,926 pre-funded warrants at $0.325 per share or at
$0.3249 per warrant, generating proceeds after fees and expenses of
approximately $5.7 million. During the fourth quarter of 2022, the
Company sold 692,914 shares of common stock under the Purchase
Agreement with Keystone at a weighted average sales price of $0.683
per share, generating proceeds after fees and expenses of
approximately $0.4 million. Proceeds from these financing
activities are helping the Company to sustain its operations.
Considering its balance of cash, cash equivalents and short-term
investments as of September 30, 2023, the Company's cash used from
operations over the last 12 months, expected cash requirements over
the next 12 months and uncertainty of reimbursement, particularly
CMS for Medicare Part B beneficiaries, management believes there is
substantial doubt regarding the Company's ability to continue as a
going concern, the Company said in its Quarterly Report for the
period ended Sept. 30, 2023.
NATIONAL RIFLE ASSOCIATION: NY Court Proposes to Dismiss AG Claims
------------------------------------------------------------------
Stewart Bishop of Law360 reports that a New York state judge on
Monday, Feburuary 5, 2024, raised the prospect of dismissing claims
from the trial of the National Rifle Association and key
executives, after the New York attorney general's office rested its
case in chief alleging widespread corruption at the nonprofit gun
rights organization.
About DMK Pharmaceuticals
DMK Pharmaceuticals (formerly known as Adamis Pharmaceuticals
Corporation) is a commercial stage neuro-biotech company primarily
focused on developing and commercializing products for the
treatment of opioid overdose and substance use disorders. DMK's
commercial products approved by the FDA include ZIMHI (naloxone)
Injection for the treatment of opioid overdose, and SYMJEPI
(epinephrine) Injection for use in the emergency treatment of acute
allergic reactions, including anaphylaxis.
The Company has incurred substantial recurring losses from
continuing operations, negative cash flows from operations, and is
dependent on additional financing to fund operations. The Company
incurred a net loss of approximately $1.4 million and $18.9 million
for the three months and nine months ended September 30, 2023,
respectively. As of September 30, 2023, the Company had an
accumulated deficit of approximately $323.5 million. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern within one year after the date the
financial statements are issued, according to the Company's
Quarterly Report for the period ended Sept. 30, 2023.
NATIONAL RIFLE ASSOCIATION: Plans to Nix AG Claims from Trial
-------------------------------------------------------------
Stewart Bishop of Law360 reports that New York judge floats nixing
some attorney-general's claims from National Rifle Association
trial.
A New York state judge on Monday, February 5, 2024, raised the
prospect of dismissing claims from the trial of the National Rifle
Association and key executives, after the New York attorney
general's office rested its case in chief alleging widespread
corruption at the nonprofit gun rights organization.
About National Rifle Association
Founded in 1871 in New York, the National Rifle Association of
America is a gun rights advocacy group. The NRA claims to be the
longest-standing civil rights organization and has more than five
million members.
Seeking to move its domicile and principal place of business to
Texas amid lawsuits in New York, the National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
21-30085) on Jan. 15, 2021. Affiliate Sea Girt LLC simultaneously
sought Chapter 11 protection (Case No. 21-30080).
The NRA was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.
Judge Harlin Dewayne Hale oversees the cases.
The Debtors tapped Neligan LLP and Garman Turner Gordon LLP as
their bankruptcy counsel, and Brewer, Attorneys & Counselors as
their special counsel.
The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on Feb. 4, 2021. Norton Rose Fulbright US, LLP
and AlixPartners, LLP serve as the committee's legal counsel and
financial advisor, respectively.
* * *
Following a 12-day trial, U.S. Bankruptcy Judge Harlin D. Hale
dismissed the National Rifle Association's Chapter 11 case May 11,
2021, after finding the group filed its petition in bad faith in
order to gain advantage in litigation brought by New York's
attorney general. New York Attorney General Letitia James sought
the dismissal of the case. The judge condemned the NRA's attempts
to avoid accountability, making clear that the organization's
actions were "not an appropriate use of bankruptcy."
NEWSOME TRUCKING: Taps Paul Reece Marr as Bankruptcy Counsel
------------------------------------------------------------
Newsome Trucking, Inc., seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Paul Reece
Marr, PC to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Paul Reece Marr, Esq. $450
Paralegal $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $20,000 and a filing
fee in the amount of $1,738.
Paul Reece Marr, Esq., an attorney at Paul Reece Marr, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
6075 Barfield Road; Suite 213
Sandy Springs, GA 30328
Telephone: (770) 984-2255
Email: paul.marr@marrlegal.com
About Newsome Trucking
Newsome Trucking, Inc. is a privately held trucking company serving
Cherokee County, Ga., and Cobb County, Ga., and the nearby areas.
The company offers local and long-haul trucking services with a
guarantee of on-time delivery. It offers a wide array of different
trucking services including cargo services, hauling services, and
grading services.
Newsome Trucking sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-20109) on Jan. 29,
2024, with $1 million to $10 million in both assets and
liabilities. Kevin R. Newsome, chief executive officer, signed the
petition.
Judge James R. Sacca oversees the case.
Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor
as legal counsel.
OCEANWIDE PLAZA: Involuntary Chapter 11 Case Summary
----------------------------------------------------
Alleged Debtor: Oceanwide Plaza LLC
645 W. 9th Street, Unit 110-625
Los Angeles CA 90015-0000
Involuntary Chapter
11 Petition Date: February 13, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-11057
Judge: Hon. Deborah J Saltzman
Petitioners' Counsel: Sara Chenetz, Esq.
PERKINS COIE LLP
1888 Century Park East, Suite 1700
Los Angeles, CA 90067-1721
Tel: 310-788-9900
Email: schenetz@perkinscoie.com
- and -
Nowell A. Lantz, Esq.
FINCH, THORNTON & BAIRD, LLP
4747 Executive Drive, Suite 700
San Diego, CA 92121-0000
Tel: 858-737-3100
Email: nlantz@ftblaw.com
- and -
Chelsea Zwart, Esq.
CHAPMAN GLUCKSMAN
11900 West Olympic Blvd., Suite 800
Los Angeles CA 90047-0000
Tel: 310-207-7722
Email: czwart@cgdrlaw.com
- and -
Richard Golubow, Esq.
WINTHROP GOLUBOW HOLLANDER, LLP
1301 Dove St, Ste 500
Newport Beach CA 92660-2467
Tel: 949-720-4135
Email: rgolubow@wghlawyers.com
- and -
Rosemary Nunn, Esq.
PROCOPIO, CORY, HARGREAVES & SAVITCH LLP
200 Spectrum Center Drive, Suite 1650
Irvine, CA 92618-0000
Tel: 949-705-0657
Email: Rosemary.Nunn@procopio.com
A full-text copy of the Involuntary Petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/6A3LO3I/Oceanwide_Plaza_LLC__cacbke-24-11057__0001.0.pdf?mcid=tGE4TAMA
Alleged creditors who signed the petition:
Petitioner Nature of Claim Claim Amount
1. Lendlease (US) Uncontroverted $2,512,743
Construction Inc. Prejudgment
200 Park Ave., 9th Floor Contractual
New York, NY 10166-0000 Interest
2. Standard Drywall, Inc. Stipulation Agreement $83,385
3100 Palisades Drive
Corona CA 92880-0000
3. Star Hardware, Inc. Stipulation Agreement $396,912
201 Ponderosa Avenue
Ontario CA 91762-0000
4. Woodbridge Glass Inc Stipulation Agreement $675,342
14321 MYFORD RD
Tustin CA 92780-0000
5. Mitsubishi Electric Stipulation Agreement $637,508
US, Inc.
5900-A Katella Avenue
Cypress CA 90630-0000
OUTKAST ELECTRICAL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Outkast Electrical Contractors, Inc.
39 Johnston Road
Dorchester Center, MA 02124
Business Description: The Debtor provides full-service commercial
electrical construction and renovation
services throughout the greater Boston area.
Chapter 11 Petition Date: February 13, 2024
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 24-10272
Judge: Hon. Janet E. Bostwick
Debtor's Counsel: John Sommerstein, Esq.
JOHN F. SOMMERSTEIN
1091 Washington Street
Gloucester, MA 01930
Tel: (617) 523-7474
Fax: (617) 523-7474
E-mail: jfsommer@aol.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paul Gray 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/QSX32RI/Outkast_Electrical_Contractors__mabke-24-10272__0001.0.pdf?mcid=tGE4TAMA
PACKABLE HOLDINGS: Creditors Can Sue Company's Insiders
-------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that the U.S. Bankruptcy
Court for the District of Delaware said Packable Holdings LLC's
creditors have standing to sue the fallen company's insiders under
the binding precedent of the Third Circuit.
The company, founded in 2010 and later backed in part by Carlyle
Group, sold health and beauty products online. After an attempt to
go public through a special purpose acquisition company fell apart,
Packable filed for bankruptcy and announced that it would liquidate
last year.
Creditors say the company's collapse was due to mismanagement and
self-dealing, and have filed suits against the company's founders
and other insiders.
About Packable Holdings
Packable Holdings, LLC, now known as Pack Liquidating, LLC, is a
multi-marketplace e-commerce enablement platform.
Packable Holdings and five affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
22-10797) on Aug. 29, 2022. In the petition filed by its chief
legal officer, Maria Harris, Packable Holdings reported between
$100 million and $500 million in both assets and liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Cooley LLP and Potter Anderson & Corroon, LLP as
legal counsels; Alvarez and Marsal North America, LLC as financial
advisor; and Hilco Merchant Resources, LLC as liquidation agent.
Epiq Corporate Restructuring, LLC is the claims agent.
On Sept. 13, 2022, the U.S. Trustee for Region 3 appointed the
official committee of unsecured creditors in the Debtors' cases.
The committee selected Kelley Drye & Warren, LLP and A.M. Saccullo
Legal, LLC as bankruptcy counsel; ASK, LLP as special litigation
counsel; and Dundon Advisers, LLC as financial advisor.
JPMorgan Chase Bank, N.A., as administrative agent, is represented
by Richards, Layton & Finger, P.A. and Morgan, Lewis & Bockius LLP.
PEGASUS HOME: Plan Exclusivity Period Extended to March 21
----------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware extended PHF, Inc. f/k/a Pegasus Home Fashions, Inc.
and Its Affiliated Debtors' exclusive periods to file their plan of
reorganization, and solicit acceptances thereof to March 21, 2024
and May 20, 2024, respectively.
As shared by Troubled Company Reporter, Judge Walrath has entered
an order approving the Combined Disclosure Statement and Plan of
PHF, Inc., et al. on an interim basis for solicitation purposes
only. The Confirmation Hearing is scheduled for Feb. 20, 2024 at
11:30 a.m. (prevailing Eastern Time).
The Debtors filed a combined Disclosure Statement and Plan for the
liquidation of their remaining Assets and distribution of the
proceeds of the Sale and the remaining Assets to the Holders of
Allowed Claims against the Debtors.
Under the Plan, Class 4 General Unsecured Claims total
$14,248,679.59 and will recover 1% of their claims.
Counsel to the Debtors:
Michael R. Nestor, Esq.
Kenneth J. Enos, Esq.
S. Alexander Faris, Esq.
Kristin L. McElroy, Esq.
Rodney Square
1000 North King Street
Wilmington, DE 19801
Telephone: (302) 571-6000
Facsimile: (302) 571-1253
Email: mnestor@ycst.com
kenos@ycst.com
afaris@ycst.com
kmcelroy@ycst.com
About Pegasus Home Fashions
Pegasus Home Fashions Inc., is a manufacturer of house furnishing
products based in Elizabeth, N.J.
Pegasus and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 23-11236) on Aug. 24, 2023. In the petition
filed by its chief executive officer, Timothy Boates, Pegasus
reported $100 million to $500 million in both assets and
liabilities.
The Debtors tapped Michael R. Nestor, Esq., at Young Conaway
Stargatt & Taylor, LLP as bankruptcy counsel; SSG Advisors, LLC as
investment banker; Reindeer Consulting Group, LLC as tax
consultant; Prager Metis CPAs, LLC as tax preparer and tax services
provider; and Timothy Boates of RAS Management Advisors, LLC as
interim chief executive officer. Epiq Corporate Restructuring, LLC
serves as the Debtors' administrative advisor and notice, claims,
solicitation and balloting agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Lowenstein Sandler, LLP and Morris James, LLP serve as
the committee's bankruptcy counsel and Delaware counsel,
respectively.
* * *
The Company filed for bankruptcy protection with a stalking horse
credit bid from an affiliate of Blue Torch Capital LP in August
2023 to secure additional funding and explore available
alternatives to the stalking horse proposal. With no competing
bids received, the Company cancelled an auction and proceeded with
the Blue Torch offer. The transaction closed in December 2023.
Blue Torch is a direct lender and investment manager that seeks to
invest in middle-market companies.
PLEASANT HEIGHTS: Seeks to Hire Minion & Sherman as Legal Counsel
-----------------------------------------------------------------
Pleasant Heights, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Minion & Sherman to
handle its Chapter 11 proceedings.
The firm will charge $350 an hour for its services, plus out of
pocket expenses.
The firm received a retainer in the amount of $9,750.
As disclosed in the court filings, Minion & Sherman is a
"disinterested person" within the meaning of 11 U.S.C. 101(14).
The firm can be reached through:
Scott D. Sherman, Esq.
MINION & SHERMAN
33 Clinton Road, Suite 105
West Caldwell, NJ 07006
Phone: (973) 559-5791
About Pleasant Heights, Inc.
Pleasant Heights, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No.
24-11146) on Feb. 6, 2024, listing $500,001 to $1 million in both
assets and liabilities.
Scott D. Sherman, Esq. at Minion & Sherman represents the Debtor as
counsel.
PREFERRED BUILDERS: Gets Approval to Hire Dal Lago Law as Counsel
-----------------------------------------------------------------
Preferred Builders of Florida, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Dal
Lago Law to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Mike Dal Lago $425 - $450
Christian Haman $360 - $375
Jennifer Duffy $340 - $350
Kim Christian $210 - $220
Colleen McLaughlin $125 - $165
Frances Vazquez $165
Grace Burnes $125
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a pre-bankruptcy retainer and filing fee in the
amount of $16,738 from the Debtor.
Michael Dal Lago, Esq., the owner and managing attorney at Dal Lago
Law, disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Michael R. Dal Lago, Esq.
Dal Lago Law
999 Vanderbilt Beach Road, Suite 200
Naples, FL 34108
Telephone: (201) 417-8229
Email: mike@dallagolaw.com
About Preferred Builders of Florida
Preferred Builders of Florida, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01528)
on December 17, 2023, with up to $50,000 in assets and $50,001 to
$100,000 in liabilities.
Judge Caryl E. Delano oversees the case.
Michael R. Dal Lago, Esq., represents the Debtor as legal counsel.
QUICKWAY ESTATES: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: Quickway Estates LLC
72 Horton Dr.
Monsey, NY 10952
Business Description: The Debtor is engaged in activities related
to real estate. The Debtor owns land and
building located at 5 Quickway Road, Monroe,
NY 10950 valued at $3 million.
Chapter 11 Petition Date: February 13, 2024
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 24-22114
Judge: Hon. Sean H. Lane
Debtor's Counsel: Jonathan S. Pasternak, Esq.
DAVIDOFF HUTCHER & CITRON LLP
605 Third Avenue
34th Floor
New York, NY 10158
Tel: 212-557-7200
Fax: 212 286 1884
Total Assets: $3,000,000
Total Liabilities: $2,575,965
The petition was signed by Mitchell Steiman as chief restructuring
officer.
The Debtor listed Samuel Kaufman located at 5 Quickway Road
Unit 201, Monroe, NY 10950, as its sole unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
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/OTZT46A/Quickway_Estates_LLC__nysbke-24-22114__0001.0.pdf?mcid=tGE4TAMA
REFRESH2O WATER: Amends Unsecured & Dept. of Revenue Secured Claims
-------------------------------------------------------------------
Refresh2O Water Systems, Inc., submitted a First Amended Plan of
Reorganization for Small Business dated February 5, 2024.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.
Class 4 consists of the Secured Claim of Pennsylvania Department of
Revenue. Class 4 is unimpaired. The one member of this Class, the
Pennsylvania Department of Revenue, will be paid the value of
Debtor's assets i.e., $21,010.00, plus interest at a rate of 8%,
within 5 years of the effective date of this plan with payments
commencing one month after all claims in Class 1, 2 and 3 are paid
in full.
Class 5 consists of Unsecured Non-priority Creditors. Members of
this class will receive 5% of their claims with 5 years of the
effective date of this plan with payments commencing one month
after all claims in Classes 1, 2, 3 and 4 are paid in full.
The claims, of which 5% of same will be paid, are as follows:
Revenue ($22,678.11); Labor and Industry ($18,015.18); IRS
($41,262.62); Windstream ($1,599.94); Enterprise ($500.00); PNC
($1,500.00); and Simon Lever ($4,000.00). This Class is impaired.
Equity security holders shall retain their interest in the Debtor.
The Debtor will make monthly payments of $2,800.00 beginning one
month after the effective date of the plan and continuing for a
total of 60 months.
The Debtor will fund this plan from income from its operation.
A full-text copy of the First Amended Plan dated February 5, 2024
is available at https://urlcurt.com/u?l=7fkd2H from
PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Gary J. Imblum, Esq.
Imblum Law Offices, P.C.
4615 Derry Street
Harrisburg, PA 17111
Phone: 717-238-5250
Fax: 717-558-8990
Email: gary.imblum@imblumlaw.com
About Refresh2O Water Systems
Refresh2O Water Systems, Inc., is in the business of in-home water
treatment sales, installation and service.
Refresh2O Water Systems sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-00327) on Feb.
15, 2023, with up to $50,000 in assets and up to $500,000 in
liabilities. Farley Lavonne Ferguson, president of Refresh2O Water
Systems, signed the petition.
Judge Henry W. Van Eck oversees the case.
Gary J. Imblum, Esq., at Imblum Law Offices PC, is the Debtor's
legal counsel.
RENALYTIX PLC: CMS Publishes Draft Local Coverage Determination
---------------------------------------------------------------
Renalytix plc announced that on Feb. 8, 2024 the Centers for
Medicare and Medicaid Services ("CMS") published a draft Local
Coverage Determination ("LCD") for the Company's KidneyIntelX and
kidneyintelX.dkd testing. The draft LCD can be accessed at
https://www.cms.gov/medicare-coverage-database/.
The established Medicare price for KidneyIntelX and
kidneyintelX.dkd is $950 per test. Distinct CPT Codes (Common
Procedural Terminology Codes) have been established for
KidneyIntelX and kidneyintelX.dkd and are published in CMS' 2024
Clinical Lab Fee Schedule.
The draft LCD specifies coverage for use of KidneyIntelX or
kidneyintelX.dkd for patients with diagnosed Type 2 diabetes and
Stage 1-3b Chronic Kidney Disease is reasonable and necessary. Any
specified limitations for use conform to the U.S. Food and Drug
Administration ("FDA") label for kidneyintelX.dkd.
The LCD was submitted by National Government Services ("NGS"). NGS
is a subsidiary of Elevance Health, Inc. (previously Anthem, Inc.),
a Medicare Administrative Contractor with CMS and responsible for
claim review and payment for testing performed in the Company's New
York City laboratory. A 45-day public comment period began on Feb.
8, 2024, and ends on March 23, 2024.
The Company formally requested an LCD from NGS, and submitted
substantial peer reviewed published evidence in support of coverage
of KidneyIntelX and kidneyintelX.dkd. NGS held a Contractor
Advisory Committee meeting on Aug. 29, 2023, where a panel of
external experts reviewed and discussed the clinical evidence. The
Company believes that based on the evidence, and the FDA's De Novo
Marketing Authorization for the kidneyintelX.dkd test, that there
was a strong basis for NGS determining that these tests are
reasonable and necessary for Medicare beneficiaries. Following the
Open Public Meeting NGS will review public comments and issue a
final LCD which is expected in calendar year 2024.
About Renalytix
Headquartered in United Kingdom, Renalytix (LSE: RENX) (NASDAQ:
RNLX) -- www.renalytix.com -- has engineered a new solution that
enables early-stage chronic kidney disease progression risk
assessment. The Company's lead product, KidneyIntelX, has been
granted Breakthrough Designation by the U.S. Food and Drug
Administration and is designed to help make significant
improvements in kidney disease prognosis, transplant management,
clinical care, patient stratification for drug clinical trials, and
drug target discovery.
Renalytix reported a net loss of $45.61 million for the 12 months
ended June 30, 2023, compared to a net loss of $45.28 million for
the 12 months ended June 30, 2022.
Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated Sept. 28, 2023, citing that the Company has suffered
recurring losses and negative cash flows from operations, expects
to incur additional losses and require substantial additional
capital to fund its operations, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
Renalytix plc stated in its Quarterly Report for the period ended
Sept. 30, 2023, that "The Company has incurred recurring losses and
negative cash flows from operations since inception and had an
accumulated deficit of $188.5 million as of September 30, 2023.
The Company anticipates incurring additional losses until such
time, if ever, that it can generate significant sales of
KidneyIntelX or any future products currently in development.
"As a result of its losses and projected cash needs, substantial
doubt exists about the Company's ability to continue as a going
concern. Substantial additional capital will be necessary to fund
the Company's operations, expand its commercial activities and
develop other potential diagnostic related products. The Company
is seeking additional funding through public or private equity
offerings, debt financings, other collaborations, strategic
alliances and licensing arrangements. The Company may not be able
to obtain financing on acceptable terms, or at all, and the Company
may not be able to enter into strategic alliances or other
arrangements on favorable terms, or at all. The terms of any
financing may adversely affect the holdings or the rights of the
Company's shareholders. If the Company is unable to obtain
funding, the Company may not be able to meet its obligations and
could be required to delay, curtail or discontinue research and
development programs, product portfolio expansion or
commercialization efforts, which could adversely affect its
business prospect."
RENEE REALTY: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Renee Realty, L.L.C.
d/b/a Slate Hill Winery, L.L.C
7622 Farmville Road
Farmville, VA 23901
Chapter 11 Petition Date: February 12, 2024
Court: United States Bankruptcy Court
Eastern District of Virginia
Case No.: 24-30508
Debtor's Counsel: Brittany B. Falabella, Esq.
HIRSCHLER FLEISCHER, P.C.
2100 East Cary Street
Richmond, VA 23223
Tel: 804-771-9500
Email: bfalabella@hirschlerlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Rodney S. Ferguson 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/NGT6YHI/Renee_Realty_LLC_dba_Slate_Hill__vaebke-24-30508__0001.0.pdf?mcid=tGE4TAMA
RESTORATION FOREST: Hires Potter Anderson & Corroon as Counsel
--------------------------------------------------------------
Restoration Forest Products Group, LLC and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Potter Anderson & Corroon LLP as counsel.
The Debtors require legal counsel to:
(a) give advice regarding the rights, powers, and duties of
the Debtors under Chapter 11 of the Bankruptcy Code;
(b) take action to protect and preserve the Debtors' estates;
(c) appear in court and at any meeting required by the U.S.
Trustee and any meeting of creditors at any given time on behalf of
the Debtors as their counsel;
(d) assist with any disposition of the Debtors' assets by sale
or otherwise;
(e) prepare legal papers;
(f) prepare the plan of reorganization;
(g) prepare the disclosure statement and any related documents
and pleadings necessary to solicit votes on the plan of
reorganization;
(h) prosecute on behalf of the Debtors any proposed plan and
seek approval of all transactions contemplated therein and, in any
amendments, thereto; and
(i) perform all other services assigned by the Debtors.
The hourly rates of the firm's counsel and staff are as follows:
Partner $765 - $1,590
Counsel $685 - $730
Associates $450 - $690
Paraprofessionals $315 - $445
In addition, the firm will seek reimbursement for expenses
incurred.
The firm provided the following in response to the request for
additional information set forth in Section D of the Revised U.S.
Trustee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: Potter Anderson has not agreed to a variation of its
standard or customary billing arrangement for this engagement.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Answer: None of Potter Anderson's professionals included in this
engagement have varied their rate based on the geographic location
of these Chapter 11 cases.
Question: If you represented the client in the twelve months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the twelve months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and reasons for the difference.
Answer: Potter Anderson has only represented the Debtors in
connection with this matter. The billing rates and material terms
of the representation prior to the Petition Date are the same as
the rates and terms described in this application.
Question: Has your client approved your respective budget and
staffing plan, and if so, for what budget period?
Answer: The Debtors and Potter Anderson expect to develop a
prospective budget and staffing plan for Potter Anderson's
engagement for the post-petition period as appropriate. In
accordance with the U.S. Trustee Guidelines, the budget may be
amended as necessary to reflect changed or unanticipated
developments.
M. Blake Cleary, Esq., a partner at Potter Anderson & Corroon,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
M. Blake Cleary, Esq.
Potter Anderson & Corroon LLP
1313 North Market Street, 6th Floor
Wilmington, DE 19801
Telephone: (302) 984-6000
Facsimile: (302) 658-1192
Email: bcleary@potteranderson.com
About Restoration Forest Products
Initially founded in 2008, Restoration Forest Products Group, LLC
is a sustainable forestry and wood products manufacturing company.
By operating as a vertically-integrated wood processer with
in-house harvesting, manufacturing, and distribution capabilities,
the company works to thin and restore the forests of Northern
Arizona. The company is based in Bellemont, Ariz.
Restoration Forest and three of its affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 24-10120) on Jan. 29, 2024,
with $100 million to $500 million in assets against $100 million to
$500 million in debt. Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP as bankruptcy
counsel; Intrepid Investment Bankers, LLP as investment banker; and
Riveron Management Services, LLC as restructuring and management
services provider. Kroll Restructuring Administration, LLC is the
Debtors' claims and noticing agent and administrative advisor.
RESTORATION FOREST: Seeks to Hire 'Ordinary Course' Professionals
-----------------------------------------------------------------
Restoration Forest Products Group, LLC and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ professionals used in the ordinary course of
business.
The Debtors need "ordinary course" professionals to continue to
provide legal, technical, accounting, consulting, and other related
services to them, upon which they rely on to manage their
day-to-day operations. The Debtors believe the continued employment
of these professionals is necessary to avoid disruption of their
normal business operations.
The OCPs are:
Alston & Bird LLP
Services: Immigration Services
Monthly Fee Cap: $8,000
Cascadia Cross Border Law Group LLC
Services: Immigration Services
Monthly Fee Cap: $2,000
Moss Adams LLP
Services: Financial Statement Audit and Assurance Services
Monthly Fee Cap: $10,000
Skinner Clouse Group PLLC
Services: Tax Compliance and Advisory Services
Monthly Fee Cap: $20,000
Squire Patton Boggs (US) LLP
Services: Government Relations Contractor, Corporate Counsel,
Intellectual Property, and Employment Counsel Services
Monthly Fee Cap: $60,000
The Debtors may pay such ordinary course professional 100 percent
of the fees and expenses incurred.
The Debtors do not believe that any of the ordinary course
professionals have an interest materially adverse to them, their
estates, their creditors, or other parties in interest in
connection with the matter upon which they are to be engaged.
About Restoration Forest Products
Initially founded in 2008, Restoration Forest Products Group, LLC
is a sustainable forestry and wood products manufacturing company.
By operating as a vertically-integrated wood processer with
in-house harvesting, manufacturing, and distribution capabilities,
the company works to thin and restore the forests of Northern
Arizona. The company is based in Bellemont, Ariz.
Restoration Forest and three of its affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 24-10120) on Jan. 29, 2024,
with $100 million to $500 million in assets against $100 million to
$500 million in debt. Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP as bankruptcy
counsel; Intrepid Investment Bankers, LLP as investment banker; and
Riveron Management Services, LLC as restructuring and management
services provider. Kroll Restructuring Administration, LLC is the
Debtors' claims and noticing agent and administrative advisor.
RESTORATION FOREST: Seeks to Hire Intrepid as Investment Banker
---------------------------------------------------------------
Restoration Forest Products Group, LLC and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Intrepid Investment Bankers, LLC as investment
banker.
The firm's services include:
(a) assisting the Debtors in analyzing their business,
operations, properties, financial conditions, and prospects;
(b) assisting the Debtors in their analysis and consideration of
financing alternatives;
(c) preparing and distributing the Debtors' company information
in connection with a transaction;
(d) identifying and soliciting potential acquirers, financing
sources or partners for a transaction;
(e) assisting in the determination of the form, structure,
terms, and pricing of a transaction;
(f) assisting the Debtors on tactics and strategies for
negotiating with potential counterparties and stakeholders and, if
requested by the Debtors, participating in such negotiations;
(g) advising the Debtors in the timing, nature and terms of new
securities, other consideration, or other inducements to be offered
pursuant to a transaction;
(h) rendering financial advice to the Debtors and participating
in meetings or negotiations with stakeholders and outside agencies
or appropriate parties in connection with a transaction;
(i) attending meetings of the Debtors' boards of directors or
governors, as applicable, and committees with respect to matters on
which Intrepid has been engaged to advise the Debtors;
(j) providing oral and written testimony, as necessary, with
respect to matters on which Intrepid has been engaged to advise the
Debtors; and
(k) providing other investment banking services as may be
mutually agreed by Intrepid and the Debtors.
The firm will be paid as follows:
(a) A non-refundable initial restructuring fee payable in the
amount of $100,000.
(b) A non-refundable monthly fee equal to $75,000 per month.
(c) A non-refundable financing fee, payable at each closing of a
financing.
(d) A restructuring fee equal to $900,000 payable upon the
consummation of a restructuring.
(e) A non-refundable sale fee payable upon the consummation of
any sale equal to the greater of: (i) $900,000; plus (ii) 1.5
percent of the aggregate consideration greater than $50,000,000.
(f) Reimbursement of reasonable out-of-pocket expenses
incurred.
Kenneth Garnett, a managing director at Intrepid Investment
Bankers, disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Kenneth Garnett
Intrepid Investment Bankers LLC
11755 Wilshire Boulevard, 22nd Floor
Los Angeles, CA 90025
Telephone: (310) 478-9000
Email: kgarnett@intrepidib.com
About Restoration Forest Products
Initially founded in 2008, Restoration Forest Products Group, LLC
is a sustainable forestry and wood products manufacturing company.
By operating as a vertically-integrated wood processer with
in-house harvesting, manufacturing, and distribution capabilities,
the company works to thin and restore the forests of Northern
Arizona. The company is based in Bellemont, Ariz.
Restoration Forest and three of its affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 24-10120) on Jan. 29, 2024,
with $100 million to $500 million in assets against $100 million to
$500 million in debt. Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP as bankruptcy
counsel; Intrepid Investment Bankers, LLP as investment banker; and
Riveron Management Services, LLC as restructuring and management
services provider. Kroll Restructuring Administration, LLC is the
Debtors' claims and noticing agent and administrative advisor.
RESTORATION FOREST: Seeks to Hire Kroll as Administrative Advisor
-----------------------------------------------------------------
Restoration Forest Products Group, LLC and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Kroll Restructuring Administration, LLC.
The Debtors require an administrative advisor to:
(a) assist with, among other things, solicitation, balloting,
and tabulation of votes, and prepare any related reports;
(b) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
(f) provide such other processing, solicitation, balloting,
and other administrative services.
Prior to the petition date, the Debtors provided Kroll an advance
in the amount of $50,000.
The hourly rates of the firm's professionals are as follows:
Analyst $30 - $60
Technology Consultant $35 - $110
Consultant/Senior Consultant $65 - $195
Director $175 - $245
Solicitation Consultant $220
Director of Solicitation $245
In addition, the firm will seek reimbursement for expenses
incurred.
Benjamin Steele, a managing director at Kroll Restructuring
Administration, disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Benjamin J. Steele
Kroll Restructuring Administration LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
Telephone: (212) 593-1000
About Restoration Forest Products
Initially founded in 2008, Restoration Forest Products Group, LLC
is a sustainable forestry and wood products manufacturing company.
By operating as a vertically-integrated wood processer with
in-house harvesting, manufacturing, and distribution capabilities,
the company works to thin and restore the forests of Northern
Arizona. The company is based in Bellemont, Ariz.
Restoration Forest and three of its affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 24-10120) on Jan. 29, 2024,
with $100 million to $500 million in assets against $100 million to
$500 million in debt. Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP as bankruptcy
counsel; Intrepid Investment Bankers, LLP as investment banker; and
Riveron Management Services, LLC as restructuring and management
services provider. Kroll Restructuring Administration, LLC is the
Debtors' claims and noticing agent and administrative advisor.
RESTORATION FOREST: Taps Riveron to Provide CRO and Other Personnel
-------------------------------------------------------------------
Restoration Forest Products Group, LLC and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Riveron Management Services, LLC as
restructuring advisor and designate Kenneth Latz, the firm's senior
managing director, as their chief restructuring officer.
The Debtors require a restructuring advisor to:
(a) perform a focused review of the Debtors' business,
operations, and recent historical operating results and cash
flows;
(b) review, analyze, and perform critical assessment of the
Debtors' financial projections, strategic plans, and other
information;
(c) evaluate near-term cash flow and financing requirements of
the Debtors;
(d) oversee and facilitate a process to identify, evaluate,
and implement initiatives to enhance profitability for the Debtors,
work in conjunction with their legal counsel and other members of
the senior management team;
(e) oversee and facilitate a process to identify, evaluate,
and implement one or more strategic alternatives to preserve and
maximize stakeholder value;
(f) provide information reasonable and relevant to
stakeholders, consult with key constituents, and other such parties
as necessary;
(g) advise and assist the Debtors in communications and
negotiations with key stakeholders;
(h) assist the Debtors with respect to development,
implementation, and maintenance of accounts payables, standard
inventory and fixed asset processes;
(i) assist the Debtors with efforts to prepare for the Chapter
11 cases;
(j) evaluate near term cash flows and financing requirements
of the Debtors as they relates to the Chapter 11 cases;
(k) assist the Debtors in the preparation and review of
bankruptcy specific reporting requirements;
(l) assist the Debtors with respect to their bankruptcy
related claims management and reconciliation process;
(m) assist the Debtors in development and review of their plan
of reorganization and related supporting analysis and exhibits;
(n) assist management, where appropriate, in communications
and negotiations with other constituents critical to the successful
execution of the Debtors' business plan or Chapter 11 cases;
(o) work with the Debtors, as appropriate, and its retained
investment banking professionals to assess any offer(s);
(p) work with the Debtors, as appropriate, and their
liquidator professional, to evaluate, market, and sell their
non-core assets;
(q) work with the Debtors, as appropriate, and their real
estate broker, to evaluate, market, and sell their non-core real
estate holding(s); and
(r) perform other matters as requested and as mutually
agreed.
The hourly rates of the firm's professionals are as follows:
Kenneth Latz, Chief Restructuring Officer $905
Michael Flynn, Senior Director $605
Robert Clark, Manager $505
Justin Williams, Manager $450
Ryan Herdler, Senior Associate $495
Senior Managing Director $865 - $1,450
Managing Director $710 - $960
Associate Director to Senior Director $580 - $850
Associate to Manager $450 - $565
Paraprofessional $275
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a pre-bankruptcy retainer from the Debtors in
connection with this engagement in the amount of $400,000.
Mr. Latz disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Kenneth Latz
Riveron Management Services, LLC
461 Fifth Avenue, 12th Floor
New York, NY 10017
Telephone: (954) 952-9245
Email: kenneth.latz@riveron.com
About Restoration Forest Products
Initially founded in 2008, Restoration Forest Products Group, LLC
is a sustainable forestry and wood products manufacturing company.
By operating as a vertically-integrated wood processer with
in-house harvesting, manufacturing, and distribution capabilities,
the company works to thin and restore the forests of Northern
Arizona. The company is based in Bellemont, Ariz.
Restoration Forest and three of its affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 24-10120) on Jan. 29, 2024,
with $100 million to $500 million in assets against $100 million to
$500 million in debt. Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP as bankruptcy
counsel; Intrepid Investment Bankers, LLP as investment banker; and
Riveron Management Services, LLC as restructuring and management
services provider. Kroll Restructuring Administration, LLC is the
Debtors' claims and noticing agent and administrative advisor.
RESTORATION FOREST: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of
Restoration Forest Products Group and its affiliates.
The committee members are:
1. BEP Engineering Services Ltd.
Attn: Bernhardt Pahlke
5454 192nd Street, Unit C
Surrey BC V3S 8E5
Phone: 604-575-3322
Email: admin@bepengineering.com
2. Duz Cho Forest Product Ltd.
Attn: Ngoc Khue Duong
P.O. Box 2350
Mackenzie, BC V0J 2C0, Canada
Phone: 250-788-3120
Email: kduong02@dcclp.com
3. Melvin Melton Services Inc.
Attn: Bret Foster
P.O. Box 988
Springerville, AZ 85938
Phone: 928-245-1006
Email: bcfoster@frontiernet.net
4. KTC Industrial Engineering Ltd.
Attn: Jan Karnik
Ste. 218, 12877-76 Avenue
Surrey, BC, Canada V3W1E6
Phone: 604-592-3123
Fax: 604-592-3124
Email: Jan.Karnik@ktceng,ca
5. LD&B LLC
Attn: Jacob Letner
P.O. Box 269
Showlow, AZ 85902
Phone: 928-487-0010
Email: jletner@ld-b.com
6. Froedge Machine & Supply Co., Inc.
Attn: Tom Harrison Froedge
317 Radio Station Road
Tompkinsville, KY 42167
Phone: 270-487-5891
Fax: 270-487-9479
Email: h.froedge@froedge.com
7. TS Distributors Inc.
DBA Yavapai Steel
Attn: Brad Stein
P.O. Box 431133
Houston, TX 77243
Phone: 832-467-5444
Email: bstein@tsdistributors.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Restoration Forest Products
Initially founded in 2008, Restoration Forest Products Group, LLC
is a sustainable forestry and wood products manufacturing company.
By operating as a vertically-integrated wood processer with
in-house harvesting, manufacturing, and distribution capabilities,
the company works to thin and restore the forests of Northern
Arizona. The company is based in Bellemont, Ariz.
Restoration Forest and three of its affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 24-10120) on Jan. 29, 2024,
with $100 million to $500 million in assets against $100 million to
$500 million in debt. Kenneth Latz, chief restructuring officer,
signed the petitions.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP as bankruptcy
counsel; Intrepid Investment Bankers, LLP as investment banker; and
Riveron Management Services, LLC as restructuring and management
services provider. Kroll Restructuring Administration LLC is the
Debtors' claims, noticing and solicitation agent.
S.M.M. INVESTMENTS: Hires Anyama Law Firm as Bankruptcy Counsel
---------------------------------------------------------------
S.M.M. Investments, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Anyama Law
Firm, APC as its general insolvency counsel.
The firm's services include:
a. provision of legal advice on issues, including the sale or
lease of property of the estate, use of cash collateral and
post-petition financing, requests for security interests, relief
from the automatic stay, and payment of pre-bankruptcy
obligations;
b. negotiation with creditors and preparing a plan of
reorganization and disclosure statement;
c. possible prosecution of claims of the estate and
preparation of objections to claims; and
d. provision of other necessary legal services concerning the
rights and remedies of the Debtor with regard to the assets of the
estate and with regard to secured, priority or unsecured claims,
which may be asserted in the bankruptcy case.
The firm's hourly rates are as follows:
Attorneys $400 per hour
Paralegals $150 per hour
The firm will be paid a retainer in the amount of $10,000 and
reimbursed for out-of-pocket expenses incurred.
Onyinye Anyama, Esq., a partner at Anyama Law Firm, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Onyinye N. Anyama, Esq.
ANYAMA LAW FIRM, APC
18000 Studebaker Road, Suite 325
Cerritos, CA 90703
Tel: (562) 645-4500
Fax: (562) 645-4494
Email: info@anyamalaw.com
About S.M.M. Investments, Inc.
S.M.M. Investments, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
24-10147) on Jan. 10, 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by Sergio
Moreno as chief executive officer.
Judge Barry Russell presides over the case.
Onyinye N Anyama, Esq. at ANYAMA LAW FIRM, A PROFESSIONAL CORP
represents the Debtor as counsel.
SALLY BEAUTY: S&P Rates Subsidiary's New Sr. Unsecured Notes 'BB-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '4'
recovery rating to Sally Beauty Holdings Inc. subsidiary Sally
Holdings LLC's proposed $600 million senior unsecured notes due
2032. The '4' recovery rating indicates its expectation for
meaningful recovery to lenders (30%-50%; rounded estimate: 40%).
S&P said, "We expect Sally Beauty will use the proceeds, along with
cash on balance sheet and availability under its asset-based
lending (ABL) facility, to refinance its existing $680 million of
senior unsecured notes. We revised our rounded estimate for
recovery on the unsecured debt to 40% from 35% to reflect that the
reduction in the company's outstanding notes will improve recovery
prospects. While we view the refinancing as modestly deleveraging,
we continue to forecast leverage in the mid- to high-2x area
through fiscal 2024.
"The company's earnings for its first-quarter-ended Dec. 31, 2023,
were in line with our expectations. Consolidated net sales declined
2.7% relative to the prior year period, primarily due to the
company's store optimization plan, which included the closure of
more than 300 stores. Moreover, consolidated comparable-store sales
declined a modest 0.8%, reflecting the impact of lower traffic
trends and inflationary pressures on its core consumer.
"We note global e-commerce sales were flat and believe this may
indicate an ability to drive customer engagement through its
expanding digital capabilities during a challenging operating
environment. At the same time, rolling-12-months S&P Global
Ratings'-adjusted EBITDA margin improved 40 basis points (bps) to
16.5% supported by higher product margins and savings from the
company's previously announced distribution center consolidation
and store optimization plan.
"Our 'BB-' issuer credit rating and stable outlook on parent Sally
Beauty are unchanged. This reflects our view that, although sales
and profitability will likely stay pressured over the next year
amid a challenging operating environment, SBH will sustain leverage
in the mid- to high-2x area."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
S&P's simulated default scenario considers a hypothetical default
in 2028 due to a combination of factors, including reduced consumer
spending, increased competitive pressure, and the failure of
Sally's merchandising strategies and store initiatives. This would
substantially erode its revenue and earnings.
It also assumes Sally would reorganize as a going concern to
maximize lenders' recovery prospects. S&P applies a 5.5x multiple
to its projected emergence-level EBITDA. This is higher than the 5x
multiple S&P typically apply to its retail peers to reflect the
company's unique market position as the largest beauty supply
retailer and distributor with a sizable private-label offering.
Simulated default assumptions
-- Simulated year of default: 2028
-- EBITDA at emergence: $183 million
-- Implied enterprise value multiple: 5.5x
-- Gross enterprise value at emergence: $1.01 billion
Simplified waterfall
-- Net enterprise value at default (after 5% administrative
costs): $958 million
-- ABL revolver claims*: $288 million
-- Senior secured term loan B claims*: $391 million
--Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Senior unsecured note and other unsecured claims*: $659
million
--Recovery expectations: 30%-50% (rounded estimate: 40%)
*All debt claims include six months of prepetition interest.
SAVESOLAR CORPORATION: Taps Silver Birch as Investment Banker
-------------------------------------------------------------
Savesolar Corporation, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Columbia to employ
Silver Birch, Inc., a Delaware corporation and BA Securities, LLC,
a Pennsylvania limited liability company as their investment
bankers.
The firm will render these services:
a. review the Debtor's business, markets, results of
operations, financial condition and prospects related to the Class
B Membership Interest;
b. prepare with the Debtor materials to solicit interest from
potential Investors and Lenders. Marketing materials may describe
the Debtor's business, markets, management, results of operations,
financial condition, prospects and competition;
c. direct and coordinate the due diligence process, including,
without limitation, the coordination of confidentiality agreements
and access to a data room;
d. manage the marketing process by providing the first
response to initial due diligence questions, coordinating requests
for additional information and scheduling meetings between the
Debtor and interested Investors and Lenders;
e. solicit indications of interest and assist the Debtor in
evaluating and comparing offers to acquire the Class B Membership
Interest;
f. assist the Debtor and its advisors through the closing
process; and
g. advise the Debtor, other professionals, and counsel on
other matters that may arrive from time to time during the
engagement.
The firm will be compensated as follows:
a. Retainer: The Debtor agrees to pay the Advisor a retainer
fee of $10,000 upon execution of the engagement agreement, payable
as soon as practical upon an invoice from SBG and/or BA. All fees
and expense reimbursement are subject to subsequent Bankruptcy
Court review and approval.
b. Transaction Fee: Upon and as a condition of the closing of
a Transaction, the Debtor also will pay to SBG and/or BA a
contingent transaction fee equal to 3.5 percent of the Total
Consideration. Any Transaction Fee is contingent upon the
consummation of a Transaction.
c. Restructuring Fee: In the event the Transaction involves
restructuring around the Class B Membership Interest in lieu of a
sale of the asset, the Debtor shall pay SBG and/or BA the greater
of a transaction fee of $100,000 or 3.5 percent of committed
capital, payable upon the confirmation of the plan of
reorganization.
The firm received a retainer in the amount of $10,000.
The bankers are "disinterested persons," as such term in defined in
the Bankruptcy Code section 101(14), as modified by Bankruptcy Code
section 1107(b) and as required by Bankruptcy Code, according to
court filings.
The firm can be reached through:
Jeffrey R. Manning
Silver Birch, Inc.
BA Securities, LLC
200 Barr Harbor Dr
Conshohocken, PA 19428
Phone: (484) 412-8788
About SaveSolar Corporation
SaveSolar Corporation, Inc. and SaveSolar Alpha Holdco, LLC filed
their voluntary petitions for relief under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D.D.C. Lead Case No. 23-00045) on
Feb. 2, 2023. In the petitions signed by SaveSolar President Karl
Unterlechner, both Debtors disclosed up to $10 million in assets
and up to $50 million in liabilities.
Judge Elizabeth L. Gunn oversees the cases.
The Debtors tapped Bradford F. Englander, Esq., at Whiteford Taylor
& Preston, LLP as legal counsel; CohnReznick, LLP as financial
advisor; and CohnReznick Capital Markets Securities, LLC as
investment banker.
SHEN'S PEKING: Hires Craig I. Kelley as Bankruptcy Counsel
----------------------------------------------------------
Shen's Peking II Restaurant, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire the
law firm of Kelley, Fulton & Kaplan P.L. as its bankruptcy
counsel.
The firm will render these services:
(a) give advice to the Debtor with respect to its powers and
duties as a Debtor in possession and the continued management of
its business operations;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary in the
administration of the case;
(d) protect the interest of the Debtor in all matters pending
before the court;
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
Craig I. Kelley and Kelley, Fulton & Kaplan P.L. have agreed to
perform the services at $475 per hour for partners' fees and $155
per hour for paralegal fees.
The firm has received a retainer in the amount of $22,500.
As disclosed in a court filing, Kelley, Fulton & Kaplan is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Craig I. Kelley, Esq.
KELLEY, FULTON & KAPLAN P.L.
1665 Palm Beach Lakes Boulevard, Suite 1000
West Palm Beach, FL 33401
Tel: (561) 491-1200
Fax: (561) 684-3773
Email: craig@kelleylawoffice.com
About Shen's Peking II Restaurant, Inc.
Shen's Peking II Restaurant, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr, S.D. Fla.
Case No. 24-10897) on Jan. 30, 2024, listing up to $50,000 in
assets and $500,001 to $1 million in liabilities. .
Judge Mindy A Mora presides over the case.
Craig I. Kelley, Esq. at Kelley, Fulton & Kaplan P.L. represents
the Debtor as counsel.
SIENTRA INC: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: Sientra, Inc.
3333 Michelson Drive, Suite 650
Irvine, CA 92612
Business Description: Sientra is a surgical aesthetics company
focused on empowering people to change their
lives through increased self-confidence and
self-respect. Sientra's platform of
products includes a comprehensive portfolio
of round and shaped breast implants, the
first fifth-generation breast implants
approved by the FDA for sale in the United
States; the industry's most complete tissue
expander portfolio including the ground-
breaking AlloX2 breast tissue expander (with
patented dual-port and integral drain
technology); the next-generation AlloX2Pro,
the first FDA-cleared MRI-compatible tissue
expander, the DermaSpan single port tissue
expander, and the Softspan range of
extremity expanders; the Viality with
AuraClens enhanced viability fat transfer
system; the SimpliDerm Human Acellular
Dermal Matrix; and BIOCORNEUM, the preferred
scar gel of plastic surgeons.
Chapter 11 Petition Date: February 12, 2024
Court: United States Bankruptcy Court
District of Delaware
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Sientra, Inc. (Main Case) 24-10245
Mist Holdings, Inc. 24-10246
Mist, Inc. 24-10247
Mist International, Inc. 24-10248
Judge: TBD
Debtors' Counsel: Laura Davis Jones, Esq.
David M. Bertenthal, Esq.
Timothy P. Cairns, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, Delaware 19899-8705
(Courier 19801)
Tel: 302-652-4100
Fax: 302-652-4400
Email: ljones@pszjlaw.com
dbertenthal@pszjlaw.com
tcairns@pszjlaw.com
- and -
Joshua A. Sussberg, P.C.
Nicole L. Greenblatt, P.C.
Elizabeth H. Jones, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: joshua.sussberg@kirkland.com
nicole.greenblatt@kirkland.com
elizabeth.jones@kirkland.com
Debtors'
Restructuring
Advisor: BERKELEY RESEARCH GROUP LLP
Debtors'
Investment
Banker: STIFEL AND MILLER BUCKFIRE
Total Assets as of Sept. 30, 2023: $139,933,000
Total Debts as of Sept. 30, 2023: $171,978,000
The petitions were signed by Ronald Menezes as president and CEO.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/P2HXPAA/Sientra_Inc__debke-24-10245__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Simatrix, Inc. Trade Claim $1,373,498
8168 Solutions Center
Chicago, IL 60677
Contact: Jean Nelson
Email: Jean.Nelson@Lubrizol.com
2. Elutia Inc. Trade Claim $551,044
PO Box 392191
Pittsburgh, PA 15251
Contact: Shanti Gibson
Email: billing@elutia.com
3. Nusil Technology LLC Trade Claim $457,288
PO Box 31001-2527
Pasadena, CA 91110
Contact: Debbie Richardson
Email: Debbie.Richardson@avan
torsciencesgcc.com
4. Salesforce-Com Trade Claim $361,945
PO Box 203141
Dallas, TX 75320
Contact: Nichole Gardner
Email: billing@salesforce.com
5. GI Partners Ets Fund Reit Landlord $359,254
Aggregator LP
GI ETS Santa Clara 2805 LLC
Four Embarcadero Center,
Suite 3200
San Francisco, CA 94111
Contact: Cathy Conner
Email: cathy.conner@cbre.com
6. KPMG LLP Professional $333,835
Dept. 0922 Services
PO Box 120922
Dallas, TX 75312-0922
Contact: Gerald Schemidt
Email: gschemidt@kpmg.com
7. Oracle America, Inc. Trade Claim $182,436
PO Box 884471
Los Angeles, CA
Contact: Accounts Receivable
Email: collections_us@oracle.com
8. Formulated Solutions, LLC Trade Claim $182,311
11775 Starkey Road
Largo, FL 33773
Contact: Peter Furman
Email: pfurman@formulatedsolutions.com
9. FEDEX Trade Claim $133,278
PO Box 7221
Pasadena, CA 91109-7321
Contact: Accounts Receivable
Email: fedex@billtrust.com
10. Beghou Consulting, LLC Professsional $125,000
PO Box 0452 Services
Evanston, IL 60204
Contact: Ravi Singh
Email: ravi.singh@beghouconsulting.com
11. Veranex, Inc. Trade Claim $123,708
5420 Wade Park Blvd, Suite 204
Raleigh, NC 27607
Contact: Sean Atwill
Email: sean.atwell@veranex.com
12. Synteract, Inc. Trade Claim $102,355
5909 Sea Otter Place
Carlsbad, CA 92010
Contact: Shahbaz Siddique
Email: shahbaz.siddique@syneoshealth.com
13. Donnelley Financial Solutions Professional $100,606
Donnelley Financial, LLC Services
P.O. Box 842282
Boston, MA 02284
Contact: Anne Livingston
Email: accounts-receivable@dfinsolutions. com
14. Secure Green, Inc. Trade Claim $98,519
304 S. Jones Blvd Ste 3924
Las Vegas, NV 89107
Contact: Allen Pham
Email: allen.pham@sientra.com
15. RSM US LLP Trade Claim $95,341
4650 E 53RD St
Davenport, IA 52807
Contact: Victor Kao
Email: Victor.Kao@rsmus.com
16. Insights First Strategic Trade Claim $88,800
Marketing
1556 Meyerwood Circle
Highlands Ranch, CO 8012
Contact: Tom Kessler
Email: TomKessler@Insights1st.com
17. Clark Smith Villazor LLP Professional $75,948
250 West 55th Street, 30th Floor Services
New York, NY 10019
Contact: Patrick Smith
Email: patrick.smith@csvllp.com
18. Nxtthing RPO, LLC Trade Claim $75,398
20 N. Meridian Street, Ste. 300
Indianapolis, IN 46204
Contact: Amina Mukati
Email: Amina.Mukati@employinc.com
19. 183 Degrees Strategic Trade Claim $74,689
Solutions LLC
1157 S Chanterella Dr
San Ramon, CA 94582
Contact: Raj Roychoudhury
Email: raj@183degrees.com
20. The Exhibit Company, Inc. Trade Claim $68,622
239 Old New Brunswick Road
Piscataway, NJ 08854
Contact: Tamara Timmons
Email: accounting@exhibitcompanyinc.com
21. Warehouse Anywhere LLC Trade Claim $67,553
8 Los Robles Street
Buffalo, NY 14221
Contact: Victoria Rajewski
Email: vrajewski@warehouseanywhere.com
22. NASDAQ, INC Services $65,500
The NASDAQ Stock Market, LLC
Lockbox 20200, PO Box 780200
Philadelphia, PA 19178
Contact: Sharon Asprer
Email: Sharon.Asprer@nasdaq.com
23. DLA Piper LLP (US) Professional $62,995
P.O. Box 780528 Services
Philadelphia, PA 19178
Contact: Erin Kruse
Email: erin.kruse@us.dlapiper.com
24. Mission Plasticos Foundation Trade Claim $62,500
8502 E. Chapman Ave. #447
Orange, CA 92869
Contact: Susan Williamson
Email: susan@missionplasticos.org
25. Fairview Business Professional $59,719
Associates, LLC Services
430 S Fairview Ave
Goleta, CA 93117
Contact: Letissia Bisquera
Email: letissia.bisquera@yardi.com
26. Health Trust Purchasing Trade Claim $55,450
Group, LP
1100 Dr Martin Luther King Jr Blvd
Nashville, TN 37203
Contact: Kristen Orr
Email: vendorbackup@healthrust pg.com
27. Shane Fadem Trade Claim $48,391
Contact: Shane Fadem
Email: shane.fadem@sientra.com
28. Medical Device Trade Claim $48,286
Manufacturers Association
1333 H St NW, Ste 400 W
Washington, DC 20005
Contact: Sheri Devinney
Email: sdevinney@medicaldevices.org
29. Realtime Media, LLC Trade Claim $46,864
1001 Conshohocken
State Rd
West Conshohocken, PA
19428
Contact: Jackie Stern
Email: jstern@rtm.co
30. Vesta, Inc. Trade Claim $42,704
8168 Solutions Center
Chicago, IL 60677
Contact: Jean Berg
Email: Jean.Berg@lubrizol.com
SIENTRA INC: Files Chapter 11 to Facilitate Section 363 Sale
------------------------------------------------------------
Sientra, Inc. (NASDAQ: SIEN), a surgical aesthetics company
developing and commercializing safe and innovative solutions for
the best aesthetic outcomes, announced that it filed for Chapter 11
protection in the United States Bankruptcy Court for the District
of Delaware on February 12, 2024. The Company further disclosed
that it intends to pursue a sale of its business under Section 363
of the Bankruptcy Code, while continuing to support its customers
during the Chapter 11 process. The Company seeks to execute an
expedited sale process.
Sientra will utilize existing cash reserves and $22.5 million in
new money debtor-in-possession financing from existing lenders to
facilitate the sale and support ongoing Company operations. The
debtor-in-possession financing will also include a "roll up" of
$67.5 million of Sientra's prepetition debt obligations. The
Company will continue to operate its business during this process.
"Our goal is to emerge from this process with increased financial
stability and positioned for long-term success under new ownership,
and we are very encouraged that multiple parties have expressed
interest in an acquisition of Sientra," said Ron Menezes, Sientra's
President and Chief Executive Officer. "We look forward to the
opportunity to become part of an organization that understands the
value of our broad product portfolio and legacy in plastic surgery.
In the interim, we remain focused on providing our customers with
quality service, continuous manufacturing, and access to our
products."
Court filings and information about the Chapter 11 case can be
found at a website maintained by the Company's claims agent Epiq
Corporate Restructuring, LLC at https://dm.epiq11.com/Sientra.
Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones are serving
as legal counsel, Stifel / Miller Buckfire is serving as investment
banker, and Berkeley Research Group, LLC is serving as financial
advisor.
About Sientra
Headquartered in Irvine, California, Sientra, Inc. --
http://www.sientra.com/-- is a medical aesthetics company uniquely
focused on becoming the leader of transformative treatments and
technologies focused on progressing the art of plastic surgery. The
Company was founded to provide greater choices to board certified
plastic surgeons and patients in need of medical aesthetics
products. The Company has developed a broad portfolio of products
with technologically differentiated characteristics, supported by
independent laboratory testing and strong clinical trial outcomes.
Los Angeles, California-based KPMG LLP, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
April 17, 2023, citing that the Company's recurring losses from
operations, insufficient cash flows generated from operations, and
need to obtain additional capital raise substantial doubt about its
ability to continue as a going concern.
SOTERA HEALTH: S&P Affirms 'BB-' ICR Despite Elevated Leverage
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit and issue-level
ratings on U.S.-based Sotera Health Holdings LLC. The outlook
remains stable.
The stable outlook reflects S&P's expectation that leverage will
decline below 5x in 2024 and generally remain below that level
thereafter, that cash on the balance sheet will be sufficient to
cover remaining litigation, and that the company will continue to
generate revenue growth, maintain very strong EBITDA margins, and
generate significant free cash flow.
Although legal settlement costs in 2023 raised S&P Global
Ratings-adjusted debt leverage above the 4x-5x range consistent
with the rating, S&P expects leverage will decline below 5x in 2024
and generally remain below that level thereafter. Sotera took on
additional debt in 2023 to fund a $408 million settlement with over
99% of the 882 claimants relating to alleged environmental issues
from a facility in Willowbrook, Ill. The company also entered into
an agreement to settle with 79 plaintiffs in Gwinnett and Cobb
Counties, Ga. for $35 million, in October 2023. This led to an
uptick in leverage.
The bulk of the outstanding litigation, relates to 220 personal
injury claims and 365 property cases, still in the early phases of
litigation in Cobb County, Ga. S&P understands that legal standards
appear to be more favorable for the company in that jurisdiction,
as demonstrated by a cap on punitive damages and the requirement
for dual causation to be established before awarding damages. The
company also faces some cases in Santa Teresa, N.M.
Although there is substantial uncertainty regarding the outcomes of
ongoing litigation, our base case expectation is that the company
will be able to address any remaining legal settlements from its
substantial cash balance of about $245 million as of September
2023.
S&P said, "We expect mid-single-digit revenue and EBITDA growth in
2023, which is lower than expected. The company experienced softer
volumes than expected in its laboratory and sterilization services
business lines, due to customer destocking. In addition, the
harvesting schedule of its Nordion business segment was back-end
loaded in 2023, with half of Nordion's annual revenues expected to
occur in the fourth quarter. Thus, we expect adjusted gross
leverage for 2023 in the low-5x area, a material improvement from
5.5x in the third quarter (net leverage was 4.9x). We expect Sotera
will continue deleveraging organically through low- to mid-
single-digit percentage EBITDA growth in 2024."
Sotera's competitive position is supported by strong underlying
demand for its services, and high barriers to competition. The fact
that there is more Cobalt-60 demand than Nordion is able to meet
each year allows the company to largely avoid margin contraction as
it can pass cost increases through to its customers. Strong
customer demand for contract sterilization services have enabled
both its Sterigenics business segment and competitor STERIS PLC's
AST segment to expand at healthy growth rates across multiple
modalities without sacrificing margins. S&P believes recent volume
softness is mostly attributable to customer inventory reductions
and it expects that to normalize in 2024.
Although the decline in pandemic-related demand has led to margin
contraction for its Nelson Labs business segment, S&P expects its
2023 revenues to be flat with 2022 and margins to still be above
30%. Notably, revenues for the segment are about 15% higher than in
2019, prior to the pandemic.
The high ownership interest by financial sponsors constrains our
view of financial policy. S&P said, "We believe that financial
sponsors are likely to reduce their stake in the company over
coming years, which together with deleveraging could support a
higher rating. Notably, when we determine that the company is no
longer effectively controlled by financial sponsor owners, likely
when their ownership interests decline below 40%, we expect to
shift our primary focus to net debt rather than gross debt.
The company appears well positioned to address evolving regulations
across its businesses. Although the European Union's new medical
device regulations continue to be delayed, S&P expects it will
provide a tailwind to Nelson Lab's demand within the next two to
three years.
S&P said, "In the U.S., we expect the Environmental Protection
Agency to finalize its National Emission Standards for Hazardous
Air Pollutants (NESHAP) regulations for ethylene oxide (EtO) within
the next few months. We expect the EPA's final regulations and
those of California's Proposed Amended Rule 1405 will not be overly
burdensome for Sterigenics. In fact, we expect it may help further
differentiate Sotera and STERIS from the smaller, less
well-resourced providers of sterilization services."
Within the Nordion business, the company has successfully navigated
a challenging regulatory environment with minimal disruptions from
its Russian-sourced Cobalt-60 despite nearly two years of
substantial sanctions on Russia from the U.S. and E.U. Given both
the diversity of its Co-60 sources and the timing of its harvesting
schedule, less than 3% of Sotera's 2023 revenue was at risk to
disruptions in Russian sourcing. S&P expects similarly low levels
of revenue will be at risk in 2024.
S&P said, "The stable outlook reflects our expectation that
leverage will decline below 5x in 2024 and generally remain below
that level thereafter, that cash on the balance sheet will be
sufficient to cover remaining litigation, and that the company will
continue to generate revenue growth, maintain very strong EBITDA
margins, and generate significant free cash flow.
"We could lower the rating if we expect Sotera's S&P Global
Ratings-adjusted leverage will be sustained above 5x."
Such a scenario is possible if:
-- Sterilization and testing demand weakens,
-- The company faces additional legal or environmental setbacks
that increase legal liabilities or weaken operational or financial
performance, or
-- The company pursues significant debt-financed acquisitions.
S&P said, "Although unlikely within the next 12 months, we could
upgrade Sotera if leverage declines below 4x, providing we expect
it will sustain leverage at that level. In addition, we would need
to see a material decrease in financial sponsor ownership (to about
40% or less) and further advances in the resolution of EtO
litigation matters.
"Social factors are a negative consideration in our rating of
Sotera Health Holdings LLC. The company spent over $408 million and
$35 million in 2023 to settle litigation in Illinois and Georgia,
respectively, relating to allegations that EtO emissions
contributed to health issues. We see risk of incremental legal
costs, primarily relating to cases in Georgia and New Mexico and we
expect regulators to more enact more aggressive regulation on EtO
emissions, which may burden the company with incremental costs.
"Governance factors are also a moderately negative consideration.
Our assessment of the company's financial policies reflects its
ownership by financial sponsors including corporate decision-making
that prioritizes the interests of its controlling owners. This is
consistent with our view of other rated entities controlled by
private-equity sponsors. This assessment reflects private-equity
owners' generally having finite holding periods and a focus on
maximizing shareholder returns, notwithstanding the partial initial
public offering of Sotera in 2020."
SREE AKSHAR: Seeks to Hire Bond Law Office as Attorney
------------------------------------------------------
Sree Akshar, Inc., seeks approval from the U.S. Bankruptcy Court
for the Western District of Arkansas to employ Bond Law Office as
attorney to handle its Chapter 11 case.
The firm will be paid at these rates:
Stanley Bond $350 per hour
Paraprofessional $100 per hour
The firm received from the Debtor a retainer in the amount of
$3,263, plus filing fee of $1,737.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Stanley Bond, Esq., a partner at Bond Law Office, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Stanley Bond, Esq.
BOND LAW OFFICE
PO Box 1893
Fayetteville, AR 72702-1893
Telephone: (479) 444-0255
Facsimile: (479) 235-2827
E-mail: attybond@me.com
About Sree Akshar, Inc.
Sree Akshar Inc., doing business as Four Points by Sheraton, is a
Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)).
Sree Akshar Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ariz. Case No. 24-70105) on Jan. 27,
2024. In the petition filed by Kunal Mody, as president, the Debtor
estimated assets and liabilities between $10 million and $50
million.
The Honorable Bankruptcy Judge Bianca M. Rucker oversees the case.
The Debtor is represented by Stanley V Bond, Esq. of Bond Law
Office.
TARZANA PLAZA: Hires Elkins Kalt Weintraub as Litigation Counsel
----------------------------------------------------------------
Tarzana Plaza Condominiums Association seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Elkins Kalt Weintraub Reuben Gartside LLP as its special litigation
counsel.
The firm will render these services:
a. represent the estate in any proceeding or hearing in this
Court and in any nonbankruptcy action where the rights of estate
property may be litigated or affected;
b. advise the Debtor and its counsel on HOA-related issues;
c. assist the Debtor's reorganization counsel, when requested,
with the drafting and prosecution of a Chapter 11 plan of
reorganization;
d. conduct examinations of witnesses, claimants, or adverse
parties, and to prepare and assist in the preparation of reports,
accounts, applications, motions, complaints, and orders;
e. file any motions, applications, or other pleadings
appropriate to effectuate the foregoing; and
f. perform any and all other legal services as may be
requested by the Debtor and/or its special reorganization counsel.
The firm will be paid at these rates:
Michael Gottfried $740 per hour
Roye Zur $640 per hour
Lauren Gans $550 per hour
Elkins Kalt is a "disinterested person" within the meaning of 11
U.S.C. Sec. 101(14) and does not hold or represent any interest
adverse to the estate, according to court filings.
The firm can be reached through:
Roye Zur, Esq.
ELKINS KALT WEINTRAUB REUBEN GARTSIDE LLP
10345 W. Olympic Boulevard
Los Angeles, CA 90064
Telephone: (310) 746-4400
Facsimile: (310) 746-4499
Email: rzur@elkinskalt.com
About Tarzana Plaza Condominiums Association
Tarzana Plaza Condominiums Association, filed a Chapter 11
bankruptcy petition (Bankr. C.D. Cal. Case No. 23-12372) on
November 11, 2023, disclosing under $1 million in both assets and
liabilities.
The Debtor is represented by TOTARO & SHANAHAN, LLP.
TISCHER CREEK: S&P Lowers 2018A Refunding Bond Rating to 'BB'
-------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB' from 'BB+'
on the Duluth Housing and Redevelopment Authority, Minn.'s series
2018A charter school lease revenue refunding bonds, issued for
Tischer Creek Duluth Building Co. on behalf of Duluth Public
Schools Academy (operating as Duluth Edison Charter School). The
outlook is negative.
"The rating action reflects our view of the school's persistent
enrollment declines, which pressured financial performance in
fiscal 2023 and led to a debt service coverage violation, and
expectations for weak operating margins in fiscal 2024," said S&P
Global Ratings credit analyst John Miceli.
The negative outlook reflects S&P's view of the school's
significant, sustained enrollment declines, which have the
potential to pressure operating ratios such as margins and debt
service coverage in the near term.
TOPPOP LLC: Seeks to Hire Kantrow Law Group as Special Counsel
--------------------------------------------------------------
TopPop, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to hire The Kantrow Law Group, PLLC,
as its special litigation counsel.
The firm will render these services:
(a) assist in the investigation and prosecution of potential
estate clams and causes of action, including potential avoidance
actions as may be necessary and or appropriate; and
(b) provide legal advice to the Debtor as needed with respect
to litigation matters.
The hourly rates charged by the firm's attorneys are as follows:
Partners $635 per hour
Associates $345 per hour
Fred Kantrow, Esq., a partner at Kantrow Law Group, 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:
Fred S. Kantrow, Esq.
THE KANTROW LAW GROUP, PLLC
732 Smithtown Bypass, Suite 101
Smithtown, NY 11787
Tel: (516) 703-3672
Email: fkantrow@thekantrowlawgroup.com
About TopPop LLC
TopPop LLC, doing business as TopPop Packaging, operates a beverage
manufacturing business in Amityville, N.Y.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-72310) on June 28,
2023, with $1 million to $10 million in assets and liabilities.
Gerard Luckman, Esq., a partner at Forchelli Deegan Terrana, LLP,
has been appointed as Subchapter V trustee.
Judge Alan S. Trust oversees the case.
Richard S. Feinsilver, Esq., at the Law Firm of Richard S.
Feinsilver is the Debtor's bankruptcy counsel.
TORITO SHELTON: Seeks to Hire Neil Crane as Bankruptcy Counsel
--------------------------------------------------------------
Torito Shelton, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Connecticut to employ The Law Offices of Neil
Crane, LLC as its counsel.
The Debtor requires legal counsel to:
(a) give advice with respect to the powers and duties of the
Debtor;
(b) represent the Debtor before the bankruptcy court at all
hearings and matters pertaining to its affairs;
(c) advise and assist the Debtor in the preparation and
negotiation of a plan of reorganization with its creditors;
(d) prepare legal papers;
(e) perform such other legal services for the Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Partners $400
Associates $250 - $350
Paralegals $75
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $22,500.
Stuart Caplan, Esq., an attorney at The Law Offices of Neil Crane,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Stuart H. Caplan, Esq.
The Law Offices of Neil Crane, LLC
2679 Whitney Avenue
Hamden, CT 06518
Telephone: (203) 230-2233
Email: stuart@neilcranelaw.com
About Torito Shelton
Torito Shelton, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No.
24-50036) on Jan. 22, 2024, with as much as $1 million in both
assets and liabilities. Ramon Michel, Sr., member, signed the
petition.
Judge Julie A. Manning oversees the case.
Stuart H. Caplan, Esq., at The Law Offices of Neil Crane, LLC
serves as the Debtor's bankruptcy counsel.
TRANSDIGM INC: S&P Rates Secured Note Facilities And Revolver 'B+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue level rating and '3'
recovery rating to TransDigm Inc.'s proposed new $2.2 billion
senior secured notes due 2029, $2.2 billion senior secured notes
due 2032, and new $810 million revolving credit facility due 2029.
The '3' recovery rating indicates its expectation of meaningful
(50%-70%; rounded estimate: 50%) recovery in the event of a
hypothetical default situation.
The company will use proceeds from the transaction to refinancing
the existing $4,400 million of 6.25% senior secured notes and its
existing $810 million revolver both due 2026. The issuer credit
rating remains 'B+'. S&P said, "We note that the transaction is
largely leverage-neutral. However, the refinance plan will address
TransDigm' s nearest maturities. We expect the company's S&P Global
adjusted debt to EBITDA to measure between 6.0x and 6.3x for fiscal
2024. Following the transaction, the closest material maturity is
not until 2027, when its $1.708 billion first lien term loan H and
$3.2 billion in subordinated notes come due."
TransDigm is a global designer, producer, and supplier of highly
engineered aircraft components for use on nearly all commercial and
military aircraft in service with a focus on aftermarket content
(75% of EBITDA). The company has over 40 product lines, including
actuators, ignition systems, gear pumps, valves, lighting, audio,
batteries, latching and locking devices, lavatory hardware, and
starter generators.
ISSUE RATINGS RECOVERY ANALSIS
Key Analytical Factors
-- TransDigm' s capital structure on a pro forma basis will
consist of the proposed $810 million revolving credit facility
maturing 2029, $450 million accounts (AR) receivable secured
facility, approximately $16.6 billion in senior secured debt, and
$5.4 billion in subordinated debt.
-- Other default assumptions include SOFR at 3.5%, the revolving
credit facility 85% drawn at default, and the AR facility 100%
drawn at default and is a priority claim.
Default Assumptions
-- Year of default: 2028
-- EBITDA emergence: $1.680 billion
-- EBITDA multiple: 6.0x
Simplified Waterfall
-- Net enterprise value (after 5% administrative costs): $9,580
million
-- Obligor/nonobligor split: 85%/15%
-- Priority claims (AR facility): $458 million
-- Value available to first lien claims: $8.62 billion
-- Estimated first lien claims: $17.0 billion
--Recovery expectation: 50%-70% (rounded estimate: 50%)
-- Value available to subordinated claims: $505 million
-- Estimated subordinate claims: $8.4 billion
--Recovery expectations: 0%
TRANSPORT SERVICE: Rolling Stock, Real Estate Proceeds to Fund Plan
-------------------------------------------------------------------
Transport Service of Central Indiana, Inc., filed with the U.S.
Bankruptcy Court for the Southern District of Indiana a Small
Business Chapter 11 Plan dated February 5, 2024.
Transport Service owned and operated a commercial trucking
operation. The business was closed prior to the Petition Date.
Transport Service had been in operation since 1981 by Dan Hockaday
as a truck service and maintenance business. On September 13, 2012,
Cathy Reed, Dan Hockaday's niece, entered into a purchase agreement
for the stock of the Debtor. Reed continued to operate the Debtor
as a truck service and maintenance business until the Debtor ceased
conducting business prior to the Petition Date.
On November 16, 2023, the Debtor, together with R&D Transport,
Inc., filed their Debtors' Motion Pursuant to Section 363 of the
Bankruptcy Code for an Order Authorizing and Approving the Sale of
Debtors' Assets at Auction Free and Clear of Liens, Claims,
Interests, and Encumbrances with Valid Liens to Attach to Sale
Proceeds and Request for Hearing Date (the "Sale Motion") whereby
the Debtors requested authority to sell Debtors' personal property
assets, including truck parts, equipment, vehicles, office
furnishings and miscellaneous personal property (collectively, the
"Assets") at public auction.
On December 14, 2023, the Assets were sold at auction by Don Smock
Auction Co., Inc. (the "Auctioneer") for the total gross sales
price of $25,896.34 (the "Gross Sale Proceeds"). From the Gross
Sale Proceeds, there were commissions for the Auctioneer in the
amount of $5,179.26, leaving a balance of $20,717.08 (the "Net Sale
Proceeds") to the bankruptcy estate, subject to valid secured
liens.
The length of the Plan is 3 years or upon completion of
disbursement of the proceeds from the liquidation of Transport
Service's assets.
Class 4 consists of General Unsecured Claims. General Unsecured
Claims shall include any merchant cash advance ("MCA") party's
claim that holds a claim allowed by court order. Only two MCAs have
filed timely claims in this case, and the Debtor scheduled all MCAs
as disputed, contingent, and unliquidated. Accordingly, those MCAs
that did not timely file a claim shall not have an Allowed Claim.
The unsecured creditors shall receive, on a pro-rata basis, the
General Unsecured Creditors shall receive a pro rata distribution
from the Net Rolling Stock Proceeds and the Net Real Estate
Proceeds.
Class 5 consists of Equity Holders. Cathy Reed shall remain the
sole member.
The source of funds used in this Plan for payments to creditors
shall be the Net Sales Proceeds, the Net Rolling Stock Proceeds,
and the Net Real Estate Proceeds after payment in full of
administrative and priority claims.
A full-text copy of the Chapter 11 Plan dated February 5, 2024 is
available at https://urlcurt.com/u?l=pO5zDn from PacerMonitor.com
at no charge.
The Debtor's Counsel:
David Krebs, Esq.
HESTER BAKER KREBS LLC
One Indiana Sq Suite 1330
Indianapolis IN 46204
Tel: 317-833-3030
E-mail: dkrebs@hbkfirm.com
About Transport Service of Central Indiana
Transport Service of Central Indiana, Inc. is a general freight
trucking company in Brownsburg, Ind.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-04975) on Nov. 8,
2023, with up to $50,000 in assets and $1 million to $10 million in
liabilities. Cathy Reed, president, signed the petition.
Judge James M. Carr oversees the case.
David Krebs, Esq., at Hester Baker Krebs, LLC, is the Debtor's
legal counsel.
TURBO FINANCIAL: Seeks to Hire Vestcorp LLC as Accountant
---------------------------------------------------------
Turbo Financial Improvement, LLC seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to employ Vestcorp,
LLC as its accountant.
The firm will render these services:
(a) prepare monthly operating reports;
(b) develop financial aspects of a Chapter 11 Plan and
disclosure statement;
(c) assist the Debtor and its counsel; and
(d) provide related accounting services required for the
administration of this case.
The hourly rates of the firm's professionals are as follows:
Managing Director $400
Principal $350
Accountant $250
Associate $195
Vestcorp is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Vestcorp LLC
623 Eagle Rock Ave., Ste. 364
West Orange, NJ 07052
Telephone: (973) 787-0123
About Turbo Financial Improvement
Turbo Financial Improvement, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 23-21986) on Dec. 29, 2023, with as much as $1 million in
both assets and liabilities. Rawan H. Qazear, authorized member,
signed the petition.
Judge John K. Sherwood oversees the case.
The Debtor tapped Brian Gregory Hannon, Esq., at the Law Office of
Norgaard O'Boyle as bankruptcy counsel and Vestcorp, LLC as
accountant.
U.S. CREDIT: Seeks to Hire RoofTop Finance as Business Broker
-------------------------------------------------------------
U.S. Credit, Inc. seeks approval from U.S. Bankruptcy Court for the
District of Massachusetts to employ RoofTop Finance, LLC as
business broker.
The Debtor needs a broker to assist in the marketing and sale of a
portfolio of home improvement loans.
RoofTop Finance will receive a commission of 1.5 percent of the
portfolio's purchase price.
Michael Scanlon, president of RoofTop Finance, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael Scanlon
RoofTop Finance, LLC
P.O. Box 6752
Incline Village, NY 89450
Telephone: (310) 265-3948
Email: mikes@rooftopfinance.com
About U.S. Credit
U.S. Credit, Inc. develops and administers custom lending programs
for large retailers, point-of-sale platforms and educational
institutions. It is based in Hyannis, Mass.
U.S. Credit filed its voluntary Chapter 11 petition (Bankr. D.
Mass. Case No. 24-10058) on Jan. 12, 2024, with $10 million to $50
million in both assets and liabilities. Stephen Galvin, president
and chief executive officer, signed the petition.
Judge Janet E Bostwick presides over the case.
Charles R. Bennett, Jr., Esq., at Murphy & King, P.C. represents
the Debtor as legal counsel.
UA LEASING: Seeks to Hire Gutnicki LLP as Bankruptcy Counsel
------------------------------------------------------------
UA Leasing, LLC and Alynevych, Inc. seek approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Gutnicki LLP.
The Debtors require legal counsel to negotiate with creditors;
prepare a Chapter 11 plan; examine and resolve claims filed against
the estates; prepare and prosecute adversary proceedings, if any;
prepare pleadings filed in the Chapter 11 case; interact with the
trustee in the case; attend court hearings; and otherwise represent
the Debtors in matters before the court.
The hourly rates of the firm's counsel are as follows:
Miriam Stein Granek $500
Other Attorneys $345 - $850
Miriam Stein Granek, Esq., an attorney at Gutnicki, disclosed in a
court filing that her firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Miriam R. Stein Granek, Esq.
Gutnicki LLP
4711 Golf Road, Suite 200
Skokie, IL 60076
Telephone: (847) 745-6592
Email: mgranek@gutnicki.com
About UA Leasing
UA Leasing, LLC, a company in Wood Dale, Ill., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.
Ill. Case No. 23-17234) on Dec. 25, 2023. Alynevych Inc., UA
Leasing's affiliate, filed its voluntary petition under Sub Chapter
V of Chapter 11 of the Bankruptcy Code on Jan. 8, 2024. The cases
are jointly administered under Case No. 23-17234.
At the time of the filing, UA Leasing disclosed $3,940,000 in
assets and $5,468,149 in liabilities while Alynevych disclosed $1
million to $10 million in both assets and liabilities.
Judge Timothy A. Barnes oversees the cases.
The Debtors tapped David Freydin, Esq., at the Law Offices of David
Freydin and Miriam R. Stein Granek, Esq., at Gutnicki LLP as
bankruptcy counsel.
US CREDIT: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------
The U.S. Trustee for Region 1 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of U.S.
Credit, Inc.
The committee members are:
1. Greg Lee
First Bank of Alabama
120 East North Street
Talladega, AL 35160
Phone: 256-761-22206
Email: glee@fbal.bank
2. Christin Hewitt
Georgia’s Own Credit Union
P.O. Box 105205
Atlanta, GA 30348
Phone: 404-881-2162
Email: ckhewitt@georgiasown.org
3. Mark Ramsdell
NobleBank & Trust
1509 Quintard Ave.
Anniston, AL 36201
Phone: 256-231-5962
Email: mramsdell@noblebank.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About U.S. Credit, Inc.
U.S. Credit develops and administers custom lending programs for
large retailers, point-of-sale platforms and educational
institutions.
U.S. Credit, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
24-10058) on Jan. 12, 2024. In the petition signed by Stephen
Galvin as president, chief executive officer, the Debtor estimated
$10 million to $50 million in both assets and liabilities.
Judge Janet E Bostwick presides over the case.
Charles R. Bennett, Jr., Esq. at Murphy & King, P.C. represents the
Debtor as counsel.
VIVAKOR INC: May Issue 40M Shares Under Equity and Incentive Plan
-----------------------------------------------------------------
Vivakor, Inc. filed a Form S-8 registration statement with the
Securities and Exchange Commission in accordance with the
requirement of Form S-8 under the Securities Act, to register
40,000,000 shares of Common Stock issuable pursuant to the Vivakor,
Inc. 2023 Equity and Incentive Plan. The 2023 Plan has been
previously approved by the Company's stockholders.
A full-text copy of the Registration Statement is available for
free at:
https://www.sec.gov/Archives/edgar/data/1450704/000182912624000864/vivakor_s8.htm
About Vivakor Inc.
Coralville, Iowa-based Vivakor, Inc. is an operator, acquirer and
developer of technologies and assets in the oil and gas industry,
as well as, related environmental solutions. Currently, the
Company's efforts are primarily focused on operating crude oil
gathering, storage and transportation facilities, as well as
contaminated soil remediation services.
Vivakor reported a net loss attributable to the Company of $19.44
million in 2022, a net loss attributable to the company of $5.48
million in 2021, a net loss attributable to the company of $2.18
million in 2020. As of Sept. 30, 2023, the Company had $76.12
million in total assets, $52.21 million in total liabilities, and
$23.90 million in total stockholders' equity.
"We have historically suffered net losses and cumulative negative
cash flows from operations, and as of September 30, 2023, we had an
accumulated deficit of approximately $62.1 million. As of
September 30, 2023 and December 31, 2022, we had a working capital
deficit of approximately $19 million and $3.7 million,
respectively. Subsequent to September 30, 2023, $10 million of the
working capital deficit was paid with an issuance of common stock
for a reduction in noted payable to a related party, of which our
CEO is a beneficiary (see Note 12). As of September 30, 2023, we
had cash of approximately $1.2 million, and we had obligations to
pay approximately $14.4 million (of which approximately $10 million
was satisfied through the issuance of our common stock under the
terms of the debt subsequent to September 30, 2023 (see Note 12))
of debt in cash within one year of the issuance of these financial
statements. Our CEO has also committed to provide credit support
through December 2024, as necessary, for an amount up to $8 million
to provide the Company sufficient cash resources, if required, to
execute its plans for the next twelve months. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern. We believe the liquid assets and CEO commitment
give us adequate working capital to finance our day-to-day
operations for at least twelve months through November 2024," said
Vivakor in its Quarterly Report for the period ended Sept. 30,
2023.
WEITLUND CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Weitlund Construction LLC
3501 NE 10th St
Ocala, FL 34470
Business Description: The Debtor owns 10 properties in Marion
County, Florida having an aggregate value of
$99,299.
Chapter 11 Petition Date: February 12, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-00424
Judge: Hon. Jason A. Burgess
Debtor's Counsel: Richard A. Perry, Esq.
RICHARD A. PERRY P.A.
820 East Fort King Street
Ocala, FL 34471-2320
Tel: 352-732-2299
E-mail: richard@rapocala.com
Total Assets: $99,299
Total Liabilities: $2,355,674
The petition was signed by Leamon G. Lunday as managing member.
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/JZUWVYQ/Weitlund_Construction_LLC__flmbke-24-00424__0001.0.pdf?mcid=tGE4TAMA
WEWORK INC: Restructuring Efforts May Have Stalled
--------------------------------------------------
Steven Church and Amelia Pollard of Bloomberg News report that
WeWork Inc.'s restructuring efforts appear to be stalled and the
company may not have enough money to pay rent, lawyers for
landlords and creditors said in bankruptcy court Monday.
The company has failed to update its business plan, left details
out of a key reorganization proposal and is either unwilling, or
unable, to pay the rent on at least some of the office space WeWork
uses to make money, creditor lawyers told the judge overseeing
WeWork's Chapter 11 bankruptcy.
"We don't want to see a truly, administratively insolvent estate,"
said Kris Hansen, an attorney representing WeWork's official
committee.
About WeWork Inc.
New York, NY-based WeWork Inc. is a global flexible workspace
provider, serving a membership base of businesses large and small
through its network of 779 Systemwide Locations, including 622
Consolidated Locations as of December 2022.
WeWork Inc. and its affiliates sought relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 23-19865) on Nov. 6,
2023. In its petition, WeWork Inc. reported $19 billion of
liabilities and $15 billion of assets.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, Cole Schotz PC, and Munger, Tolles & Olson LLP
as counsel; Alvarez & Marsal North America LLC and Province, LLC as
financial advisors; and PJT Partners LP as investment banker.
Softbank is represented by Weil Gotshal & Manges LLP and Wollmuth
Maher & Deutsch LLP as legal counsel and Houlihan Lokey Capital as
financial advisor.
The Ad Hoc Group of First Lien and Second Lien Lenders is
represented by Davis Polk & Wardwell LLP (Eli Vonnegut, Elliot
Moskowitz, Natasha Tsiouris, Jonah Peppiatt) and Greenberg Traurig
LLP (Alan Brody) as legal counsel and Ducera Partners LLC as
financial advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
YOUNG POULTRY: Continued Operations to Fund Plan
------------------------------------------------
Young Poultry Farm, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Mississippi a Subchapter V Plan of
Reorganization dated February 5, 2024.
The Debtor was formed in 2006 and has operated as Young Poultry
Farm, LLC. Debtor had expanded it to operate numerous chicken farm
houses and a small fleet of trucks and equipment.
The Debtor had a downturn in gross income from a reduction in
hauling rates and a decrease in the volume on the poultry side. The
COVID pandemic effected all parts of the economy as well as the
debtor's operations. As the debtor was trying to recover from these
problems, it was contacted by a third party funding agent, Chaya
Amira. The agent arranged for the debtor to seek money from
so-called "kabbage" funds, believing that the downturn in income
would resolve as the expenses reduced and income increased.
However, the agent exceeded her authority and hacked into the
debtor’s email and began conversing with the Kabbage lenders
posing as the debtor. This led to a continuous stream of new loans
and payments through automatic withdrawals from the debtor’s bank
account. This continuous loop of transactions depleted the Debtor's
cash flow. As a result, Debtor consulted bankruptcy counsel and
filed a bankruptcy thereafter.
Class 8 consists of General Unsecured Claims. The Holders of
Allowed General, Unsecured Claims will receive at least yearly
distributions from the Debtor that represent its projected
disposable income "PDI", if any. The Debtor's PDI will be paid to
General, Unsecured Creditors holding Allowed, General Unsecured
Claims for a period of five years from and after the entry of an
Order confirming the Plan.
General Unsecured Creditors are projected to receive $60,000.00
unless there are allowed priority claims or administrative claims.
The $60,000.00 over the life of the plan will go to administrative
claims first, then to allowed priority claims, and the balance, if
any, will go to the allowed general unsecured claims. Distribution
of any funds to unsecured creditors will take place at least once
yearly beginning with the anniversary of the Effective Date of the
plan.
The Debtor's equity security holder will maintain his ownership in
the Debtor.
The Debtor's means of execution of the Plan will be provided by
income the Debtor generates from its business operations and funds
in the DIP accounts.
The Debtor's financial projections show that the Debtor will have
an aggregate annual average cash flow, after paying monthly
expenses and post-confirmation taxes, of $12,000.00. The final plan
payment is expected to be paid three years from the effective date
of the Plan.
A full-text copy of the Subchapter V Plan dated February 5, 2024 is
available at https://urlcurt.com/u?l=x8gAAV from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Douglas M. Engell
Law Offices of Douglas M. Engell
PO BOX 309
Marion, MS 39342
Telephone: (601)693-6311
E-mail: dengell@dougengell.com
About Young Poultry Farm
Young Poultry Farm, LLC, is an enterprise which operates a poultry
farm in Neshoba County, Mississippi.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-02495), with $1
million to $10 million in both assets and liabilities. Louis Clay
Young, member, signed the petition.
Judge Jamie A. Wilson oversees the case.
Douglas M. Engell, Esq., at Doug Engll, is the Debtor's legal
counsel.
ZIGI USA: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Zigi USA,
LLC.
The committee members are:
1. Fujian Mosbon Trade Co., LTD
3F, No. 888 Meiyuan West Road, Chengxiang District
Putian City, Fujian Province, China
Telephone: +8613850220095
Email: claire.lee@vip.163.com
2. Wenling New East Trading Co., LTD
RM 1502, Haocheng Service Building
No. 838 Wanchang Middle Road
Chengdong Town, Wenling, Zhejiang, China
Telephone: +13586104166
Email: eleven@wlneweast.com
avazhang8811@gmail.com
3. Wenzhou Delang Imp. & Exp. Trade Co., LTD
No. 1168, Daohang Rd, Fazhan Area
Ruian City, Zhejiang Province, China
Telephone: +8613567746991
Email: tony@wzdelang.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Zigi USA
Zigi USA, LLC specializes in the wholesale sale of women's
footwear. The company is based in New York, N.Y.
Zigi USA filed Chapter 11 petition (Bankr. S.D. N.Y. Case No.
23-12102) on Dec. 31, 2023, with $10 million to $50 million in both
assets and liabilities.
Judge David S. Jones oversees the case.
Jacobs P.C. and FIA Capital Partners, LLC are the Debtor's legal
counsel and restructuring advisor, respectively. David Goldwasser
of FIA serves as the Debtor's chief restructuring officer.
ZYMERGEN INC: Will Liquidate After Selling Its Properties
---------------------------------------------------------
Jonathan Randles of Bloomberg News reports that biotech firm
Zymergen Inc., a subsidiary of Ginkgo Bioworks, won bankruptcy
court approval of a liquidation plan after laying off employees and
selling its assets.
Judge Karen Owens said Monday she'd approve Zymergen's Chapter 11
liquidation plan months after the firm filed for bankruptcy
protection in October 2023.
Zymergen, which merged with Ginkgo Bioworks in 2022, said at the
time it filed for bankruptcy that although the firm believed it had
extremely valuable assets the company continued to lose money.
About Zymergen Inc.
Zymergen, Inc., which was founded in April 2013, is a science and
material innovation company focused on designing, developing and
commercializing bio-based products for use in a variety of
industries. It is based in Emeryville, Calif.
Zymergen and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 23-11661) on Oct. 3, 2023. At the time of the
filing, Zymergen reported $100 million to $500 million in both
assets and liabilities.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal
counsel and Epiq Corporate Restructuring, LLC, as claims and
noticing agent.
The Official Committee of Unsecured Creditors retained Simpson
Thacher & Bartlett LLP as lead counsel, Landis Rath & Cobb LLP as
co-counsel, and Berkeley Research Group, LLC, as financial advisor.
[*] Bissinger Oshman Among Top 25 Dispute Resolution Firms
----------------------------------------------------------
The trial firm Bissinger, Oshman, Williams & Strasburger LLP been
selected among Houston's top 25 dispute resolution firms in the
2024 edition of Chambers USA Regional Spotlight Texas.
Recognized a second consecutive year for dispute resolution, BOWS
was honored for its work on matters involving private equity,
energy, trade secrets and employment covenants, hedge funds,
financial derivatives, corporate governance disputes, bankruptcy
litigation, international banking, real estate and construction
disputes.
"Individually and as a firm, we have earned a number of
professional honors that we take great pride in, but earning repeat
honors from Chambers is especially gratifying," said firm
co-founder David Bissinger. "Because of the robust vetting process
and the emphasis on client recommendations, this honor is a true
validation of the work we are doing."
The litigation boutique and its attorneys have also earned
professional honors from Best Law Firms, The Best Lawyers in
America, Benchmark Litigation, Texas Super Lawyers, Lawdragon and
the Houston Bar Association.
Considered among the most distinguished legal guides worldwide,
Chambers USA is published by Chambers and Partners. The 2024
Regional Spotlight recognizes 68 small to mid-sized firms across
the state for dispute resolution/litigation work.
The ranked firms were selected based on independent and in-depth
market analysis, coupled with an assessment of their experience,
expertise and caliber of talent. For more information, visit
https://chambers.com/legal-guide/usa-regional-spotlight-120.
About Bissinger, Oshman, Williams & Strasburger
Bissinger, Oshman, Williams & Strasburger LLP is a Houston-based
business trial and transaction firm focused on providing impactful,
cost-effective solutions to complex disputes and transactions
requiring careful attention, extensive experience and a high level
of sophistication.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
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the definitive compilation of stocks that are ideal to sell short.
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equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
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then-ending.
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