/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240520.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, May 20, 2024, Vol. 28, No. 140 Headlines 1457 REALTY: Unsecureds Owed $23K Unimpaired in Plan 185 BAINBRIDGE: Voluntary Chapter 11 Case Summary 2335 INVESTMENTS: Taps Compass California as Real Estate Broker 2TG LLC: Seeks to Hire The Lane Law Firm as Bankruptcy Counsel 3614 36TH AVE: Case Summary & Three Unsecured Creditors 502 E JED: Amends Unsecured Claims Pay Details 5120 REALTY: Seeks to Tap RE/MAX Real Estate as Real Estate Broker ACORDA THERAPEUTICS: Taps Togut Segal & Segal as Conflicts Counsel AES CORP: S&P Rates New Reset Junior Subordinated Green Notes 'BB' AIRSPAN NETWORKS: Seeks to Hire BDO USA P.C. as Accountant AKCAFE OF NEW YORK: Case Summary & 20 Largest Unsecured Creditors ALBION COLLEGE: S&P Lowers 2022 Revenue Bonds Rating to 'BB' ALLIANCE RESOURCE: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ALPACKA GROUP: June 6 Disclosure Statement Hearing Set ALPINE SUMMIT: Court Approves Disclosures and Confirms Plan AMBRI INC: Gets Approval to Hire Epiq as Claims and Noticing Agent AMERICAN ROCK: Invesco VVR Marks $101,000 Loan at 15% Off ANCHORED CARE: Seeks to Hire Hester Baker Krebs as Counsel APEX ACCOUNTING: Taps Kutner Brinen Dickey Riley as Legal Counsel ASURION LLC: Moody's Confirms 'B1' CFR, Outlook Stable ATARA BIOTHERAPEUTICS: Incurs $31.7M Net Loss in First Quarter ATHENA MEDICAL: Fine-Tunes Plan Documents BBCK ONE HOLDING: Seeks to Hire Ronald V. Bozzo as Accountant BESTWALL LLC: 4th Circ. Approves Sanctions vs. Law Firm BIOXCEL THERAPEUTICS: Posts $26.8 Million Net Loss in First Quarter BOROHUB GARDENS: Taps Morris E. Barenbaum as Real Estate Counsel BOVINE PROPERTIES: Hires Reiser Jennings & Co. PC as Accountant BREWBILT BREWING: Reports $64K Net Profit in First Quarter BRIDLE PATH: Class 2 Unsecureds Owed $281K to Get Full Payment CALIFORNIA QSR: Hires Law Offices of Michael Jay Berger as Counsel CARDIFF LEXINGTON: Incurs $283K Net Loss in First Quarter CASA SYSTEMS: To Seek Plan Confirmation on June 4, 2024 CENERGY LLC: Seeks to Hire Appraisal Excellence as Appraiser CENTRAL SQUARE: Voluntary Chapter 11 Case Summary CENTURYLINK INC: Invesco VVR Marks $2.6MM Loan at 27% Off CF SAFETY: Unsecureds to Get 4% Claims in Plan CHARGE ENTERPRISES: Files Amendment to Disclosure Statement CHARTER COMMUNICATIONS: S&P Affirms 'BB+' ICR, Outlook Stable CHECKOUT HOLDING: Invesco Dynamic Marks $222,000 Loan at 48% Off CHECKOUT HOLDING: Invesco Senior Marks $165,000 Loan at 47% Off CHOICE MARKET: Seeks to Hire Kutner Brinen Dickey Riley as Counsel CINCINNATI BELL: Moody's Rates New Revolving Credit Facility 'B1' CIRCLE C: Unsecureds to Get Paid After Secured Claims in Plan CITY BREWING: Invesco Dynamic Marks $1.8MM Loan at 23% Off CITY BREWING: Invesco Senior Marks $2.7MM Loan at 23% Off CLARIVATE SCIENCE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable CLOVER FOOD: Emerges from Chapter 11, To Expand Business CORTES ENTERPRISES: Taps El Bufete Del Pueblo as Bankruptcy Counsel COVALENT FACILITY: Taps Kutner Brinen Dickey Riley as Legal Counsel CQP HOLDCO: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable CREAGER MERCANTILE: Voluntary Chapter 11 Case Summary CREDIVALORES - CREDISERVICIOS: Case Summary & Unsecured Creditors CSC HOLDINGS: $2.50BB Bank Debt Trades at 18% Discount CUMBERLAND ACADEMY: Moody's Affirms Ba2 Rating on 2020A Bonds CURO GROUP: Bankruptcy Plan Confirmed, to Exit Chapter 11 in June DANLON INC: Case Summary & 20 Largest Unsecured Creditors DEL MONTE: $725MM Bank Debt Trades at 21% Discount DIGITAL MEDIA: Incurs $26.3 Million Net Loss in First Quarter DIOCESE OF SYRACUSE: Amends Abuse Claims Pay Details EAST ORANGE SD: Moody's Lowers Issuer Rating to Ba1 ECHOSTAR CORP: Incurs $108.4 Million Net Loss in First Quarter ECI PHARMACEUTICALS: Seeks to Tap Wernick Law as Bankruptcy Counsel EIGER BIOPHARMACEUTICALS: Taps Neligan LLP as Conflicts Counsel EL DORADO GAS: Trustee Taps Tiger Capital as Broker/Auctioneer ELETSON HOLDINGS: Claims to be Paid From New Value Contribution EMPIRE TODAY: Invesco Dynamic Marks $1.5MM Loan at 19% Off EMPIRE TODAY: Invesco Senior Marks $2.3MM Loan at 19% Off ENGINEERED INVESTMENTS: Expects Increase in Rental Income by June ENGLOBAL CORP: Incurs $1.4 Million Net Loss in First Quarter ENVIVA INC: Committee Taps Akin Gump Strauss Hauer as Lead Counsel ENVIVA INC: Committee Taps AlixPartners as Financial Advisor ENVIVA INC: Committee Taps Ducera Partners as Investment Banker ENVIVA INC: Committee Taps Hirschler Fleischer as Local Counsel ENVIVA INC: Committee Taps Kevin T. Howell as Industry Consultant EXPEDITOR SYSTEMS: Case Summary & 20 Largest Unsecured Creditors EXPRESS INC: Seeks to Hire Ordinary Course Professionals EYEPOINT PHARMACEUTICALS: Incurs $29.3M Net Loss in First Quarter FINCO I: S&P Affirms 'BB' ICR After Ownership Change FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 20% Discount FLINT GROUP: EUR170.4MM Bank Debt Trades at 21% Discount FLUENT INC: Incurs $6.28 Million Net Loss in First Quarter FOOBAR LLC: Seeks to Hire Larson & Zirzow as Bankruptcy Counsel FORM TECHNOLOGIES: Invesco VVR Marks $1.1MM Loan at 29% Off FORMATION HOLDINGS: Seeks to Tap Bonds Ellis as Bankruptcy Counsel FORZA PIPELINE: Seeks to Hire Legacy Real Estate as Broker FRANCHISE GROUP: $1BB Bank Debt Trades at 24% Discount FRANCHISE GROUP: $300MM Bank Debt Trades at 24% Discount FRINJ COFFEE: Hires Sanigok Consulting as Financial Consultant FRINJ COFFEE: Taps Tadjedin Thomas & Engbloom Law Group as Counsel GARRETT MOTION: S&P Raises Secured Debt Rating to 'BB' GENESIS GLOBAL: Court Confirms Amended Reorganization Plan GETTYSBURG RENTAL: Taps Stermer's Auction Service as Auctioneer GLOVES BUYER: Moody's Lowers Existing 1st Lien Loans to 'B3' GOOD GAMING: Incurs $865K Net Loss in 2023 GQ NCF CLERMONT: Seeks to Hire Stiberman Law as Bankruptcy Counsel GRAND FUSION: Voluntary Chapter 11 Case Summary GRAY TELEVISION: S&P Rates New $750MM Sr. Secured Term Loan F 'BB' GULTON INC: Taps Trenk Isabel Siddiqi & Shahdanian as Counsel HARDING HOUSE: Case Summary & 20 Largest Unsecured Creditors HBL SNF: PCO Seeks to Hire Rimon, P.C. as Substitute Counsel HELIUS MEDICAL: Incurs $2.52 Million Net Loss in First Quarter HNO INTERNATIONAL: Hires Barton to Replace BF Borgers as Auditor HOT CRETE: Seeks Approval to Hire Terra Point as Broker HOTOPP PROPERTIES: Taps Lemar Realty as Real Estate Agent INSIGHT ENTERPRISES: Moody's Assigns 'B2' CFR, Outlook Stable INTEGRATIVE MEDICAL: Taps Frank B. Lyon as Bankruptcy Counsel JAGUAR HEALTH: Incurs $9.4 Million Net Loss in First Quarter JUBILANT FLAME: Incurs $67K Net Loss in FY Ended Feb. 29 JUN ENTERPRISE: Case Summary & Five Unsecured Creditors KB HOME: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable KIDWELL GROUP: Air Quality Starts Subchapter V Bankruptcy in Fla. KNIGHT HEALTH: $450MM Bank Debt Trades at 53% Discount LANDOCITY INVESTORS: Case Summary & 12 Unsecured Creditors LAZARUS HOLDINGS: Seeks to Hire Slocum Law as Bankruptcy Counsel LEGACY CARES: Asset Sale Proceeds to Fund Plan LEGACY−XSPIRE: June 17 Plan & Disclosures Hearing Set LEWISBERRY PARTNERS: Taps Ciardi Ciardi & Astin as Legal Counsel LINDEN CENTER: Unsecureds Owed $6M-$25M to Get Share of Plan Funds LTL MANAGEMENT: Tosses Suit on Article Linking Talc to Cancer LUGG INC: Case Summary & 16 Unsecured Creditors MAGENTA BUYER: $3.18BB Bank Debt Trades at 43% Discount MATRIX PARENT INC: $160MM Bank Debt Trades at 66% Discount MAVERICK GAMING: $14.4MM Bank Debt Trades at 25% Discount MCDERMOTT INT'L: Invesco VVR Marks $1.3MM Loan at 47% Off MCDERMOTT INT'L: Invesco VVR Marks $159,000 Loan at 45% Off MCDERMOTT INT'L: Invesco VVR Marks $3.6MM Loan at 35% Off MCDERMOTT INT'L: Invesco VVR Marks $886,000 Loan at 58% Off MEDICAL PROPERTIES: S&P Downgrades ICR to 'B-' on Tenant Struggles MERCHANTS AUTOMOTIVE: $600MM Bank Debt Trades at 17% Discount MERCON COFFEE: Creditors to Get Proceeds From Liquidation MERCY HOTEL: Gets OK to Tap Rountree Leitman as Bankruptcy Counsel MILLENKAMP CATTLE: Hires Forbes Partners as Investment Banker MLN US HOLDCO: Invesco VVR Marks $2.8MM Loan at 40% Off MLN US HOLDCO: Steep Discount for Invesco VVR's $102,000 B Loan MLN US HOLDCO: Steep Discount for Invesco VVR's $2.6MM 3L Loan MLN US HOLDCO: Steep Discount for Invesco VVR's $6.8MM 2L Loan MODELL'S SPORTING: Ex-CEO Modell Reaches $23Mil. Deal With Trustee MUSTANG SHOP: Taps Boyd Law APC as Special Litigation Counsel MUZIK INC: Amends Wage & Commission Claims Pay Details NAKED JUICE: Invesco Senior Marks $798,000 Loan at 18% Off NELKIN & NELKIN: Taps Doyle Restrepo and Kerensky Law as Counsel NESV ICE: Court Confirms Chapter 11 Plan NEUEHEALTH INC: All Four Proposals Passed at Annual Meeting NEUROONE MEDICAL: Incurs $2.85 Million Net Loss in Second Quarter NOEL RUIZ NURSERY: Seeks Approval to Hire AM Law LLC as Attorney NORTH GEORGIA: Seeks to Hire Douglas Jacobson as Bankruptcy Counsel O-I GLASS: S&P Rates Proposed Senior Unsecured Notes 'BB-' OCEANWIDE PLAZA: Seeks to Hire Colliers and Hilco as Joint Brokers ONEMETA INC: Incurs $937K Net Loss in First Quarter OPTIMUS BUILDING: Court Approves Disclosure Statement ORCHID MERGER: Invesco Senior Marks $1.5MM Loan at 35% Off OWEN CONTINENTAL: Seeks to Hire Carmody MacDonald as Legal Counsel PATRIOT TRANSPORT: Case Summary & 20 Largest Unsecured Creditors PERKY JERKY: Trustee Seeks to Tap Onsager Fletcher as Legal Counsel PETCO HEALTH: $1.70BB Bank Debt Trades at 16% Discount PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 22% Discount PINNACLE FOODS: Hires Law Offices of Michael Jay Berger as Counsel PORTERFIELD-SCHEID MANAGEMENT: Taps CGA Law Firm as Counsel PORTSMOUTH SQUARE: Incurs $2.87 Million Net Loss in Third Quarter PRA GROUP: Fitch Assigns 'BB+(EXP)' Rating on Sr. Unsecured Debt PRA GROUP: Moody's Rates New $400MM Senior Unsecured Notes 'Ba3' PRECISIONOMICS LLC: Case Summary & One Unsecured Creditor PREMIER LANDSCAPING: Gets OK to Tap Kutner Brinen as Legal Counsel PRIMARY PRODUCTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable Q AND Q REALTY: Seeks to Hire Petroff Amshen as Legal Counsel REAL BRANDS: Incurs $152K Net Loss in First Quarter REDSTONE HOLDCO: $1.11BB Bank Debt Trades at 15% Discount REGAL SAND: Seeks to Tap Michael J. Duggar PLLC as Counsel RESHAPE LIFESCIENCES: Incurs $2.2 Million Net Loss in First Quarter RITE AID: Closes Hackensack, NJ Location RNF FIRE: Case Summary & 20 Largest Unsecured Creditors ROBERTSHAW US: Invesco VVR Marks $1.4MM Loan at 42% Off ROBERTSHAW US: Invesco VVR Marks $6.2MM Loan at 42% Off RODA LLC: Trustee Taps Bennington & Moshofsky as Accountant ROY BLACKWELL: Seeks to Hire Covington Realty as Auctioneer SANIBEL REALTY: Unsecureds Owed $500K to Get 10% of Claims in Plan SELECTIS HEALTH: Reports $1.03 Million Net Loss in First Quarter SEQUOIA RESOURCES: Court Approves PwC Bankruptcy Settlement SHARPLINK GAMING: Reports $12.3 Million Net Income in First Quarter SINCLAIR TELEVISION: Invesco VVR Marks $106,000 Loan at 16% Off SKC PROPERTIES: Seeks to Hire Choi & Ito as Bankruptcy Counsel SOLIGENIX INC: Posts $1.9 Million Net Loss in First Quarter SOTERA HEALTH: S&P Assigns New $1.5BB First-Lien Term Loan 'BB-' SOUTH HILLS: Case Summary & 30 Largest Unsecured Creditors STEWARD HEALTH: Gets OK to Hire Kroll as Claims and Noticing Agent STG LOGISTICS: Invesco VVR Marks $1.6MM Loan at 54% Off STG LOGISTICS: Nears Deal With Creditors on $30Mil. Liquidity STICKY'S HOLDINGS: Hits Chapter 11 Bankruptcy Protection SUNMEADOWS LLC: Seeks to Tap Armory Consulting as Financial Advisor SUPERMOOSE NEWCO: S&P Withdraws 'CCC+' Issuer Credit Rating SWF HOLDINGS: $1.63BB Bank Debt Trades at 16% Discount TAMKO BUILDING: Moody's Affirms 'B1' CFR, Outlook Stable TELESAT LLC: Invesco VVR Marks $3.5MM Loan at 40% Off TERRABELLA STUDIOS: Taps Seigfreid Bingham as Bankruptcy Counsel TERRAFORM LABS: Co. & Founder Do Kwon Slam SEC's $5.4 Bil. Sanction TJC SPARTECH: $345MM Bank Debt Trades at 20% Discount TMD HOLDINGS: Case Summary & 20 Largest Unsecured Creditors TPT GLOBAL: Reports $10.4 Million Net Loss in 2023 TRANSNETWORK LLC: S&P Affirms 'B' ICR on Incremental Debt Issuance TRAVELING BY GRACE: Unsecureds Will Get 100% over 5 Years TRUCK LITE: Sixth Street Marks $1.1MM Loan at 23% Off TURKEY LEG: Seeks to Hire Stephen S. Samuel as Accountant TURNING POINTS: Hires Omni Agent Solutions as Administrative Agent TWINLAB CONSOLIDATED: Incurs $2.1 Million Net Loss in First Quarter TWS ENTERPRISES: Taps Bach Law Offices as Bankruptcy Counsel TYCO GROUP: Hires Law Offices of Michael Jay Berger as Counsel UN MONDE: Incurs $24.7K Net Loss in First Quarter UNITEDLEX CORP: Invesco Dynamic Marks $930,000 Loan at 18% Off US TELEPACIFIC: Invesco VVR Marks $1.7MM 1L Loan at 61% Off US TELEPACIFIC: Invesco VVR Writes Off $167,000 3L Term Loan VICE GROUP: Gets Court Approval for Chapter 11 Liquidation Plan VICTORY TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors VUE INTERNATIONAL: Invesco VVR Marks EUR1.8MM Loan at 62% Off VUZIX CORP: Incurs $10 Million Net Loss in First Quarter WEISS MULTI-STRATEGY: Sparks Fight With Jefferies Over Bonuses WEWORK INC: Gets Conditional Nod of Plan Disclosures WEWORK INC: Unsecureds Claims to Get Nothing in Plan WINDTREE THERAPEUTICS: Posts $10.2-Mil. Net Income in First Quarter WINTA ASSET: Case Summary & Two Unsecured Creditors WOM SA: Seeks Approval to Hire White & Case as Bankruptcy Counsel WORLD AIRCRAFT: Hires Tiger Capital Group as Broker/Auctioneer ZAYO GROUP: $4.96BB Bank Debt Trades at 16% Discount ZAYO GROUP: EUR750MM Bank Debt Trades at 17% Discount [^] BOND PRICING: For the Week from May 13 to 17, 2024 ********* 1457 REALTY: Unsecureds Owed $23K Unimpaired in Plan ---------------------------------------------------- 1457 Realty LLC, submitted a Liquidating Plan and a Disclosure Statement. The centerpiece of the Plan is a private sale of the Debtor's principal asset, which is a two-family home commonly known as 1457 58th Street, Brooklyn, New York 11219, identified under Block 5699, Lot 51, in the Borough of Brooklyn (the "Property"). To that end, the Debtor has entered into a contract for the private sale of the Property. The sale price is $2,350,000 and the Closing will be held within 75 days after the entry of an order confirming the Plan. Although the proposed sale price of $2,350,000 is insufficient to satisfy the mortgage encumbering the Property, the Debtor, prior to the Closing of the Sale of the Property, will receive a cash infusion from Ari Birnhack, which cash infusion will be in an amount sufficient to enable the Debtor to pay all liens in full and close on the Sale of the Property, and to pay all of the Debtor's Allowed Claims and administrative expenses in full. The Debtor estimates Ari Birnhack's cash infusion to be between approximately $500,000 to $600,000. In the event the Property does not sell and the Closing fails, the Debtor will make a motion to dismiss its Chapter 11 case. Under the Plan, Class 4 General Unsecured Claims totaling $23,347. Class 4 Claimants will receive 100% distribution from the Debtor. This distribution will be funded from a combination of the cash infusion from Ari Birnhack and any rents accumulated by the Debtor, and will be paid within 30 days after the Effective Date together with interest at the federal judgment rate in effect on the Confirmation Date. Class 4 Claimants are unimpaired. The Plan will be funded by a combination of: (i) the proceeds from the Sale of the Property; (ii) the rents the Debtor has accumulated; and (iii) the cash infusion from Ari Birnhack. Attorneys for the Debtor: Avrum J. Rosen, Esq. Alex E. Tsionis, Esq. LAW OFFICES OF AVRUM J. ROSEN, PLLC 38 New Street Huntington, NY 11743 Tel: (631) 423-8527 A copy of the Disclosure Statement dated April 26, 2024, is available at https://tinyurl.ph/SniGn from PacerMonitor.com. About 1457 Realty LLC 1457 Realty LLC owns real estate located at 1457 58th Street Brooklyn, NY valued at $2.2 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42852) on Aug. 9, 2023. In the petition signed by Jacob Tauber, managing member, the Debtor disclosed $2,204,475 in assets and $2,523,347 in liabilities. Judge Elizabeth S. Stong oversees the case. Avrum J. Rosen, Esq., at Law Offices of Avrum J. Rosen, PLLC, represents the Debtor as legal counsel. 185 BAINBRIDGE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 185 Bainbridge Street, LLC 185 Bainbridge Street, LLC 26 Court Street Brooklyn, NY 11242 Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court Eastern District of New York Case No.: 24-42074 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Roger V. Archibald, Esq. ROGER VICTOR ARCHIBALD, PLLC 26 Court Street, Suite 711 Brooklyn, NY 11242 Tel: (718) 237-1111 Email: brooklynatty@hotmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jacintha Tucker as member. A copy of the Debtor's list of 20 largest unsecured creditors is now available for download. Follow this link to get a copy today https://www.pacermonitor.com. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/FOQY2XY/185_Bainbridge_Street_LLC__nyebke-24-42074__0001.0.pdf?mcid=tGE4TAMA 2335 INVESTMENTS: Taps Compass California as Real Estate Broker --------------------------------------------------------------- 2335 Investments LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Compass California II, Inc. as broker to list its real property at 795 Russell Lane Milpitas, CA. The firm will render these services: (a) advise the Debtor with respect to preparing the property for sale; and (b) act as listing agent to market and sell the property. The broker will be compensated at the rate of 4 percent of the gross sales price. As disclosed in the court filings, Compass does not hold any interest materially adverse to the Debtor or its estate. The firm can be reached through: Kathy Mehringer Compass California II, Inc. 7296 W. Manchester Avenue Los Angeles CA 90045 Mobile: (310) 498-9128 Office: (310) 498-9128 Email: kathy@compass.com About 2335 Investments 2335 Investments LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 2335 Investments is the owner of the real property located at 795 Russell Lane Milpitas, CA 95035, valued at $1.8 million. 2335 Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-50088) on Jan. 25, 2024. In the petition filed by Daniel Shaw, as managing member, the Debtor reported total assets of $1,819,744 and total liabilities amounting to $1,687,587. The Debtor is represented by Lars T. Fuller, Esq. at The Fuller Law Firm. 2TG LLC: Seeks to Hire The Lane Law Firm as Bankruptcy Counsel -------------------------------------------------------------- 2TG LLC, doing business as The True Gem, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Lane Law Firm, PLLC as counsel. The firm will provide these services: 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 the Debtor's 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 the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and to protect the interests of the Debtor before said courts and the United States Trustee; and g. perform all other necessary legal services in this case. The firm's counsel and staff will be paid at these hourly rates: Robert C. Lane, Partner $595 Joshua Gordon, Managing Associate $550 Associate Attorneys $425 - $500 Paraprofessionals $190 - $250 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $32,500 from the Debtor. Mr. Lane 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: Robert C. Lane, Esq. Joshua D. Gordon, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Joshua.gordon@lanelaw.com About 2TG LLC 2TG LLC, doing business as The True Gem, is a Dallas TX based jewelry brand specializing in custom jewelry design and in-house manufacturing. 2TG LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-31334) on May 6, 2024. In the petition signed by Andres Ramirez, partner, the Debtor disclosed $1,228,653 in assets and $2,836,900 in liabilities. Judge Michelle V. Larson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, PLLC serves as the Debtor's counsel. 3614 36TH AVE: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: 3614 36th Ave LLC 3614 36th Avenue Astoria, NY 11106 Business Description: The Debtor is the owner of real property located at 36-14 36th Ave, Astoria, NY 11106 valued at $1.65 million. Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court Eastern District of New York Case No.: 24-42069 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Julio E. Portilla, Esq. JULIO E. PORTILLA 380 Lexington Ave. 4th Floor New York, NY 10168 Tel: (212) 365-0292 Fax: (212) 365-4417 E-mail: jp@julioportillalaw.com Total Assets: $1,650,000 Total Liabilities: $1,671,374 The petition was signed by Nikolaos Mavromichalis as member. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/EYTONCQ/3614_36th_Ave_LLC__nyebke-24-42069__0001.0.pdf?mcid=tGE4TAMA 502 E JED: Amends Unsecured Claims Pay Details ---------------------------------------------- 502 E Jed Realty Corp. submitted a Fourth Amended Disclosure Statement for Plan of Liquidation dated May 2, 2024. The Debtor has engaged a broker to market the Debtor's real property located at 502 East 138th Street, Bronx, NY 10454 (the "Property") pursuant to Sections 363, 1123(a)(5)(D), and 1123(b)(4) of the Bankruptcy Code to obtain the highest and best price, in accordance with the applicable provisions of the Bankruptcy Code. General unsecured creditors are classified in Class 3 and will receive the net proceeds of sale of the Debtor's real estate after payment of administrative, secured, and priority claims. The Debtor projects that unsecured creditors will be paid in full, a 100% distribution. Secured creditors are classified in Classes 1, and 2 and they are also projected to be paid in full, contingent on the price obtained for the property. Class 3 consists of all general unsecured creditors. After sale of the Property at auction, unsecured creditors shall receive the net proceeds of sale after the payment of secured, administrative, and priority claims. The Debtor anticipates that all general unsecured creditors will be paid in full. If NPL Fund is the Successful Bidder based on a credit bid, it will provide a distribution of $11,599.64 (the "Unsecured Creditor Fund") to holders of Claims in Class 3 other than the NPL Fund Unsecured Claim, and NPL agrees to waive the right to receive any distribution from the Unsecured Creditor Fund as a member of this Class. Class 3 includes the portion of the NPL Fund Claim that is not secured by a valid, enforceable Lien on property of the Estate, if any, due to the NPL Claim being undersecured in accordance with Bankruptcy Code Section 506(a) (the "NPL Fund Unsecured Claim"). Under the Plan, equity interest holders will retain their interests. The equity holders will receive a distribution of the net proceeds of sale after payment of, administrative, priority, and Class 1, Class 2 and Class 3 Claims. The Debtor estimates that the distribution to the equity class to be between $450,000 and $1,450,000. Under the Plan the Debtor shall market the Property for sale through the retained real estate broker, through an auction procedure and sale motion that will be filed prior to confirmation. The net proceeds of sale shall be distributed to creditors pursuant to the Plan. A full-text copy of the Fourth Amended Disclosure Statement dated May 2, 2024 is available at https://urlcurt.com/u?l=F0M6Ww from PacerMonitor.com at no charge. Attorneys for the Debtor: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, NY 10013 Tel: (212) 620-0938 Fax: (646) 390-5095 About 502 E Jed Realty Corp. 502 E Jed Realty Corp., a company in Astoria, N.Y., which owns the Property, which is consists of 32 residential units plus 5 commercial units. The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-41316) on April 18, 2023, with $1 million to $10 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. Lawrence F. Morrison, Esq., at Morrison Tenenbaum, PLLC serves as the Debtor's legal counsel. 5120 REALTY: Seeks to Tap RE/MAX Real Estate as Real Estate Broker ------------------------------------------------------------------ 5120 Realty Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Alan S. Ng and RE/MAX Real Estate Professionals as its broker. The broker will assist with the marketing and sale of the Debtor's real property commonly known as 5118-5124 4th Avenue, Brooklyn, New York. The firm will be paid a commission of 4 percent of the sales price of the property. As 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: Alan S. Ng RE/MAX Real Estate Professionals 261 4th Ave Brooklyn, NY 11215 Phone: (347) 668-9809 About 5120 Realty Corp. 5120 Realty Corp. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the owner of a real property located at 5118-5124 4th Avenue, Brooklyn, New York valued at $7 million. 5120 Realty Corp. in Brooklyn, NY, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 24-41259) on March 22, 2024, listing $7,049,127 in assets and $5,804,864 in liabilities. Hui Zhen Kuang as vice president, signed the petition. Judge Elizabeth S Stong oversees the case. THE KANTROW LAW GROUP, PLLC serve as the Debtor's legal counsel. ACORDA THERAPEUTICS: Taps Togut Segal & Segal as Conflicts Counsel ------------------------------------------------------------------ Acorda Therapeutics Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Togut, Segal & Segal LLP as conflicts counsel. The Debtors require a conflicts counsel to represent them in matters that are in conflict of interest with their legal counsel, Baker & McKenzie. The hourly rates of the firm's counsel and staff are as follows: Kyle Ortiz, Partner $1,175 Other Partners $1,060 - $1,665 Associates $445 – $950 Counsel $975 - $1,195 Paralegals and Law Clerks $195 - $485 In addition, the firm will seek reimbursement for expenses incurred. Mr. Ortiz 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: Kyle J. Ortiz, Esq. Amanda C. Glaubach, Esq. Leila D. Ebrahimi, Esq. Togut, Segal & Segal LLP One Penn Plaza, Suite 3335 New York, NY 10119 Telephone: (212) 594-5000 Facsimile: (212) 967-4258 About Acorda Therapeutics Acorda Therapeutics Inc. is a biopharmaceutical company that has developed breakthrough products, therapies, and biotechnology to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. Acorda Therapeutics Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-22284) on April 1, 2024. In the petition signed by Michael A. Gesser, as chief financial officer, the Debtor disclosed total assets as of Dec. 31, 2023, of $108,525,000 and total debt as of Dec. 31, 2023, of $266,204,000. The Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Baker McKenzie as legal counsel; Togut, Segal & Segal LLP as conflicts counsel; Ernst & Young as financial advisor; and Ducera Partners and Leerink Partners as investment bankers. Kroll Restructuring Administration is the claims agent. Merz is being advised by Freshfields Bruckhaus Deringer US LLP as legal counsel, Morgan Stanley as investment banker, and Deloitte as financial and tax advisors. Senior Convertible Noteholders are being advised by King & Spalding as legal counsel and Perella Weinberg Partners as investment banker. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AES CORP: S&P Rates New Reset Junior Subordinated Green Notes 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating to The AES Corp.'s (AES) fixed-to-fixed rate reset junior subordinated green notes due Jan. 15, 2055. The company intends to allocate the net proceeds from the offering to eligible green projects, including their development, or redevelopment. Pending such allocation, AES intends to use the net proceeds for general corporate purposes. S&P said, "We classify the notes as having intermediate equity content because of their subordination (they will rank junior to all existing and future senior indebtedness of AES, including nonrecourse debt at subsidiaries), permanence (more than 30 years to maturity with no ability to call before Oct. 15, 2029, except under rating or tax events), and optional deferability features (interest is deferrable for up to 10 consecutive years, with no limit on the number of times deferral periods occur over the life of the instrument, as long as the deferral does not extend the maturity of the notes). Consequently, when calculating AES' credit ratios, we will treat the issuance as 50% equity. The notes are rated two notches below our 'BBB-' long-term issuer credit rating on AES to reflect the instrument's subordination and interest deferability features. "In line with our hybrid criteria, we will no longer recognize the notes as having intermediate equity content after Jan. 15, 2035, because the remaining term until their maturity will be less than 20 years. "The 'BBB-' long-term issuer credit rating with a stable outlook on the company is unchanged. We will publish a detailed analysis within the next few weeks." AIRSPAN NETWORKS: Seeks to Hire BDO USA P.C. as Accountant ---------------------------------------------------------- Airspan Networks Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ BDO USA, P.C. as their tax accountants. BDO will perform certain tax and accounting services for the Debtors, including tax compliance; tax consulting; net operating loss tax analysis; tax planning and compliance services; international tax consulting; transfer pricing assistance; and tax controversy support, foreign tax treaty analysis, and other tax accounting services requested by the Debtors. The firm will be paid at these rates: Principals/ Managing Director $725 to $1,150 per hour Director $650 to $850 per hour Manager $550 to $750 per hour Seniors $375 to $625 per hour Associates $175 to $375 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kevin Wilkes, a principal at BDO USA, P.C., 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: Kevin Wilkes BDO USA, P.C One International Place Boston, MA 02110 Tel: (617) 422-0700 About Airspan Networks Holdings Inc. Airspan Networks Holdings Inc. is a U.S.-based provider of groundbreaking, disruptive software and hardware for 5G Networks, and a pioneer in end-to-end Open RAN solutions that provide interoperability with other vendors. As a result of innovative technology and significant R&D investments to build and expand 5G solutions, Airspan believes it is well-positioned with 5G indoor and outdoor, Open RAN, private networks for enterprise customers and industrial use applications, fixed wireless access (FWA), Air-To-Ground, Neutral Host Networks and Utilities solutions to help mobile network operators of all sizes deploy their networks of the future, today. With over one million cells shipped to 1,000 customers in more than 100 countries, Airspan has global scale. On the Web: http://www.airspan.com/ Airspan Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10621) on March 31, 2024. In the petition filed by Glenn Laxdal, as president and chief executive officer, the Debtor reports total assets as of Sept. 30, 2023 amounting to $58,965,000 and total debts as of Sept. 30, 2023 of $176,745,000. The Honorable Bankruptcy Judge Thomas M. Horan oversees the case. Dorsey & Whitney LLP is serving as legal counsel to Airspan. VRS Restructuring Services, LLC is serving as Airspan's financial advisor and Intrepid Investment Bankers LLC is serving as Airspan's investment banker. Epiq is the claims agent. AKCAFE OF NEW YORK: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Akcafe of New York LLC 208 East 34th Street New York, NY 10016 Business Description: The Debtor owns the hookah lounge at 208 East 34th Street, New York, NY 10016. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Southern District of New York Case No.: 24-10853 Judge: Hon. David S. Jones Debtor's Counsel: Leo Jacobs, Esq. JACOBS P.C. 595 Madison Avenue FL 39 New York, NY 10022 Tel: (718) 772-8704 Email: leo@jacobspc.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ali Dogan 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://pacermonitor.com/view/6G7GI4Y/Akcafe_of_New_York_LLC__nysbke-24-10853__0001.0.pdf?mcid=tGE4TAMA ALBION COLLEGE: S&P Lowers 2022 Revenue Bonds Rating to 'BB' ------------------------------------------------------------ S&P Global Ratings lowered its long-term rating to 'BB' from 'BBB' on the Michigan Finance Authority's series 2022 higher education facilities limited obligation revenue and revenue refunding bonds, issued for Albion College, Mich. The outlook is negative. "The downgrade reflects our view of Albion's recent deterioration in several key credit metrics, primarily weakened liquidity due to significant structural operating deficits, which have led to continued reliance on the endowment for operations," said S&P Global Ratings credit analyst Travis Nauert. The downgrade also reflects S&P's opinion of Albion's limited demand flexibility, characterized by a small and decreasing enrollment, weakening matriculation rate albeit with higher applications, and high but improving tuition discount rate. S&P said, "The negative outlook reflects our expectation that enrollment and operations will likely remain pressured and the college will borrow the necessary funds from the endowment to meet its operating needs over the next two to three years, as well as the likelihood that liquidity pressure will remain. While we anticipate they will, should the college be unable to finalize an expected forbearance agreement or access additional liquidity, the rating could be lowered further. "The negative outlook reflects our view of projected operating deficits in the near term, which has strained the college's liquidity and led to expected borrowings from restricted endowment funds to meet operational needs. The outlook further reflects our expectation that enrollment growth will likely be challenging, making it difficult for the college to grow net tuition revenue. "We could lower the rating if Albion cannot borrow the expected funds necessary to meet near-term operating needs. We could also lower the rating should enrollment declines persist, leading to widening operating deficits and further weakening liquidity. We could also lower the rating if there is unexpected turnover in senior leadership. "We could revise the outlook to stable if Albion's liquidity position and operating performance improves such that it lessens its reliance on the endowment while maintaining stable enrollment and demand metrics, and without further turnover in senior leadership." ALLIANCE RESOURCE: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Long-Term Issuer Default Ratings (IDRs) of 'BB' to Alliance Resource Partners, L.P. (ARLP), Alliance Resource Operating Partners, L.P. and Alliance Coal, LLC. The Rating Outlook is Stable. Fitch has also assigned ratings of 'BB+'/'RR2' to Alliance Coal, LLC 's senior secured revolver and term loans and a 'BB'/'RR4' rating' to Alliance Resource Operating Partners, L.P.'s senior unsecured notes due 2025. The ratings and Outlook reflect Fitch's expectation that shipments and pricing will continue to support capex and modest investments in non-coal businesses and that ARLP will manage its EBITDA leverage to be below 1.0x on a sustained basis. Fitch expects cash flows to remain sufficient to allow deleveraging should capital markets access be limited. KEY RATING DRIVERS Favorable Operating Profile: Fitch believes ARLP is a well-run, mid-sized coal company and the largest coal producer in the eastern U.S. The company's earnings benefit from the high heat quality of its coal, a union free history (no other post-employment benefit liabilities) and the close proximity of operations to its customers and transport hubs. Coal operations are concentrated in underground mining and in ARLP's two largest operations, the River View Complex and the Tunnel Ridge Complex, which accounted for 28% and 22% of 2023 production, respectively. Operations benefit from stable geology, management's strong and lengthy operating track record, and a fair amount of flexibility at most mines, including the River View Complex, given the use of continuous miners. Operating and Financial Flexibility: Fitch expects cash flows to be more than sufficient to support operations and maintain a conservative financial profile. The company has been able and willing to downsize production and dial-back distributions and capex during weak energy prices, thereby allowing debt repayment. The company has also been able to scale-up when markets are strong without deterioration to its capital structure. Modest Financial Leverage: Fitch expects EBITDA leverage to be sustained below 1.0x. EBITDA leverage was 0.4x at Dec. 31, 2023 and has been not been above 1.5x over the past 10 years. Going forward, debt should be $550 million or below and Fitch expects ARLP's annual EBITDA to range between $690 million and $820 million. Coal Vulnerable to Climate Initiatives: Fitch believes steam coal volumes are vulnerable to coal power generation capacity closures but that the company's coal would be favored in remaining dispatch for its high heat and reliability of supply. While Fitch does not expect ARLP's volumes to be constrained in the medium term, the longer-term risk of coal power generation capacity closures is factored into the ratings. Improved Access to Capital: In 2023, Alliance Coal, LLC was able to obtain a four-year $425 million secured revolving credit facility and a $75 million secured term loan albeit with a springing maturity date of January 2025 if the Alliance Resource Operating Partners, L.P. notes are outstanding and Alliance Coal, LLC's liquidity is less than $200 million at that time. In January 2024, the company also upsized its A/R securitization facility to $90 million from $60 million and extended the maturity by one year to January 2025. Fitch notes that there have been few longer-term, fixed rating pubic financings for domestic coal producers over the past five years and that most domestic coal producers have been repaying public debt. Alliance Resource Operating Partners, L.P.'s has about $285 million outstanding under the $400 million senior unsecured note issue due in 2025, and Fitch expects this to be refinanced. Diversifying into Oil: Fitch views ARLP's growing exposure to oil and gas minerals royalties as positive to cash flows. Production of mineral interests aggregated 3.1 million barrels of oil equivalent in 2023. The company has no capital commitments associated with these interests and 2023 segment adjusted EBITDA from oil & gas royalties was $122 million or about 19% of total segment adjusted EBITDA less capex. DERIVATION SUMMARY Alliance Resource Partners, L.P. (ARLP) is larger and more profitable than Indonesian coal peers PT Indika Energy Tbk (BB-/Stable) and PT Golden Energy Mines Tbk (BB-/Stable). ARLP's EBITDA leverage is expected to be below 1.0x compared to PT Indika Energy's EBITDA leverage above 3.0x and PT Golden Energies EBITDA leverage below 0.5x. KEY ASSUMPTIONS - Shipments at roughly 33 million tons per year on average; - EBITDA margins average about 34%; - Average annual capex at about $440 million, weighted towards 2024 and 2025; - Annual distributions average about $237 million, weighted toward 2024; - No sustained borrowing expected under the Alliance Coal, LLC revolving credit facility. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade - An upgrade is unlikely in the near-term as the company's concentration and scale are commensurate with the rating. Factors that could, individually or collectively, lead to negative rating action/downgrade - EBITDA net leverage sustained above 1.5x; - Material deterioration in liquidity evidenced by weakened external funding access, liquidity is less than $200 million and/or failure to refinance upcoming maturities in a timely manner. LIQUIDITY AND DEBT STRUCTURE Solid Liquidity: Cash on hand was $134 million at March 31. 2024. Fitch expects ARLP to generate positive free cash flow on average, but for the $90 million securitization facility (to mature Jan. 10, 2025) and the Alliance Coal, LLC $425 million secured revolving credit facility (to mature March 9, 2027) to be utilized for near-term needs and letters of credit. At March 31, 2024, availability under the revolver was $384 million (LOC $44.1 million) and availability under the A/R securitization was $33 million. If the Alliance Resource Operating Partners, L.P. 2025 notes ($285 million outstanding at March 31, 2024) are still outstanding on Jan. 30, 2025, and Alliance Coal, LLC does not have liquidity of at least $200 million, the revolver and term loan ($56 million outstanding on March 31, 2024) will instead mature on Jan. 30, 2025. Alliance Coal, LLC Credit facility financial covenants include a consolidated debt to consolidated cash flow (substantially debt/EBITDA) maximum of 2.5x, a minimum interest coverage ratio of 3.0x and a CoalCo debt (excludes the Alliance Resource Operating Partners, L.P. notes and any refinancing) to consolidated cash flow maximum of 1.5x. The A/R securitization facility has been annually renewed. ISSUER PROFILE Alliance Resource Partners L.P. (ARLP) is a major steam coal producer primarily operating in the Illinois Basin. In 2023, 80.9% of tonnage was sold to electric utilities in the United States, of which, 100% had scrubbers. The company operates seven operating underground mining complexes in Illinois, Indiana, Kentucky, Maryland, Pennsylvania and West Virginia and operates a coal loading terminal on the Ohio River in Indiana. In 2023, the company's exports represented 15.7% of coal sales volumes. The company also owns mineral royalty interests in 67,700 net royalty acres in oil and gas producing regions, primarily the Permian, Anadarko, and Williston basins. DATE OF RELEVANT COMMITTEE 10 May 2024 ESG CONSIDERATIONS ARLP has an ESG Relevance score of '4' for GHG Emissions & Air Quality due to its exposure to emissions regulatory risk. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Alliance Resource Operating Partners, L.P. LT IDR BB New Rating WD senior unsecured LT BB New Rating RR4 Alliance Coal, LLC LT IDR BB New Rating senior secured LT BB+ New Rating RR2 Alliance Resource Partners, L.P. LT IDR BB New Rating WD ALPACKA GROUP: June 6 Disclosure Statement Hearing Set ------------------------------------------------------ Judge M. Elaine Hammond has entered an order that the Disclosure Statement of Alpacka Group, LLC, is tentatively approved. Written ballots accepting or rejecting the Plan must be submitted and received by May 30, 2024. Written objections to the Disclosure Statement or to confirmation of the Plan must be filed and served by May 30, 2024. The hearing on final approval of the Disclosure Statement and on confirmation of the Plan will occur on June 6, 2024, at 1:00 p.m. in Courtroom 11, 280 South First Street, San Jose, California. Parties can participate by Zoom or in person. A copy of the Order dated April 26, 2024, is available at https://tinyurl.ph/IMZFi from PacerMonitor.com. About Alpacka Group Alpacka Group, LLC, is engaged in the warehousing and storage business in San Jose, Calif. The Debtor filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-51312) on Nov. 8, 2023, with $385,984 in assets and $1,837,435 in liabilities. Michael Applebaum, member, signed the petition. Judge Elaine Hammond oversees the case. Michael W. Malter, Esq., at Binder & Malter, LLP, is the Debtor's legal counsel. ALPINE SUMMIT: Court Approves Disclosures and Confirms Plan ----------------------------------------------------------- Judge Marvin Isgur has entered an order approving the Disclosure Statement of Alpine Summit Energy Partners, Inc., et al., on a final basis. The Plan is approved in its entirety and confirmed. All objections are overruled and denied on the merits, with prejudice. Under Section 1126(f) of the Bankruptcy Code, the Debtors were not required to solicit votes from the holders of claims or interests, as applicable, in the unimpaired classes, each of which is conclusively presumed to have accepted the Plan. Holders of Class 7 (Section 510(b) Claims), Class 8 (Intercompany Claims), Class 9 (Intercompany Interests), and Class 10 (Parent Interests) (collectively, the "Deemed Rejecting Classes") are impaired under the Plan and are deemed to have rejected the Plan. The Plan satisfies the requirements of Section 1123(a)(3) of the Bankruptcy Code. Article III of the Plan specifies that Claims and Interests, as applicable, in Classes 3, 4, 6, 7, 8, 9 and 10 (the "Impaired Classes") are impaired under the Plan, and describes the treatment of such classes. Classes 1, 2 and 5 are each classes of unimpaired claims under the Plan and are conclusively presumed to have accepted the Plan pursuant to Section 1126(f) of the Bankruptcy Code. Nevertheless, because the Plan has not been accepted by the deemed rejecting classes, the Debtors seek confirmation of the Plan under Section 1129(b), solely with respect to such classes (collectively, the "Rejecting Classes"), rather than Section 1129(a)(8) of the Bankruptcy Code. Although Section 1129(a)(8) has not been satisfied with respect to the rejecting classes, the Plan is confirmable because the Plan does not discriminate unfairly and is fair and equitable with respect to the rejecting classes and thus satisfies Section 1129(b) of the Bankruptcy Code with respect to such classes. As a result, the requirements of Section 1129(b) are satisfied. The Plan satisfies the requirements of Section 1129(a)(10) of the Bankruptcy Code. As evidenced by the voting report, Classes 3, 4, and 6 voted to accept the Plan by the requisite numbers and amounts of Claims, determined without including any acceptance of the Plan by any insider. Liquidating Plan Alpine Summit Energy Partners, Inc., et al., submitted a Third Amended Liquidating Plan, dated April 19, 2024. Following the Effective Date, the Debtors' assets will be placed in two liquidating trusts: the GUC Trust and the Lienholder Trust. The Liquidating Trustees will be responsible for taking the necessary and appropriate actions to liquidate the remaining assets of the Debtors' estates, make distributions to holders of allowed claims, and to proceed with an orderly, expeditious, and efficient wind-down of the Debtors' estates in accordance with the terms of the Plan. Under the Plan, Class 6: General Unsecured Claims are impaired. Each holder of an allowed general unsecured claim will receive its Pro Rata share of the GUC Trust Assets once converted to cash pursuant to the GUC Trust Waterfall. "GUC Trust Assets" means (a) the GUC Trust Retained Causes of Action, (b) the Debtors' Contribution, (c) the Bank7 Contribution, and (d) any Cash remaining in the Lienholder Trust after the payment in full of all Allowed Claims (other than General Unsecured Claims) pursuant to the Lienholder Trust Waterfall. "GUC Trust Waterfall" means the priority of distributions by the GUC Trustee from the GUC Trust as set forth in Article V.G of this Plan. Article V.G: Priority of distributions by the GUC Trustee from the GUC Trust will be pursuant to the following waterfall: 1. To the GUC Trustee and his/her professionals for the reasonable and necessary, documented and out of pocket fees and expenses incurred in connection with the administration of the GUC Trust; and 2. To holders of Allowed General Unsecured Claims. All Distributions from the Lienholder Trust will be funded first from unencumbered Lienholder Trust Assets (including any unencumbered property after the payoff of the DIP Facility), then pro rata from the Sales Proceeds of each well/lease. Attorneys for the Debtors: Eric M. English, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. Michael B. Dearman, Esq. James A. Keefe, Esq. Jordan Stevens, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 E-mail eenglish@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com mdearman@porterhedges.com jkeefe@porterhedges.com jstevens@porterhedges.com A copy of the Order dated April 26, 2024, is available at https://tinyurl.ph/ELmxf from cases.ra.kroll.com, the claims agent. About Alpine Summit Energy Partners Alpine Summit Energy Partners Inc. and its affiliates develop, own, and operate oil and gas properties in several formations in Texas. Alpine Summit Energy Partners and its affiliates, including HB2 Origination, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90739) on July 5, 2023. In the petition filed by Craig Perry, CEO and Chairman of Board of Directors, Alpine Summit Energy Partners estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Affiliate Ageron Energy II, LLC estimated $100 million to $500 million in assets and $1 million to $10 million in liabilities. Affiliate HB2 Origination, LLC estimated $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey Capital, Inc. as investment banker; Huron Consulting Services, LLC as financial advisor; and White & Case LLP as special litigation counsel. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Reed Smith, LLP as bankruptcy counsel and Huron Consulting Services, LLC as restructuring advisor. Ryan Bouley of Huron serves as chief restructuring officer. AMBRI INC: Gets Approval to Hire Epiq as Claims and Noticing Agent ------------------------------------------------------------------ Ambri Inc. received approval from the U.S. Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC as claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. The firm will be paid at these hourly rates: IT/Programming $65 - $90 Case Managers $85 - $165 Consultants/ Directors/Vice Presidents $170 - $190 Solicitation Consultant $190 Executive Vice President, Solicitation $195 Executives No Charge The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtors provided Epiq an advance in the amount of $25,000. Alexander Warso, a consulting director at Epiq Corporate Restructuring, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alexander Warso Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Tel: (646) 282-2532 About Ambri Inc. Ambri Inc. specializes in the development of an advanced energy storage solution through its patented "Liquid MetalTM battery" technology. Ambri is a pre-revenue Liquid MetalTM battery technology company working to become a leading global provider of long-duration, grid-scale, energy storage that can solve the most critical issues facing today's electricity grid and enable wide-spread adoption of intermittent renewable energy as a 24-7 power source. The company is developing batteries that are expected to be low-cost, highly reliable, extremely safe, degrade only minimally over their lifespan, and can shift fundamentally how power grids operate and source their power, thereby contributing to the goal of a cleaner energy future. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10952) on May 5, 2024, with $50 million to $100 million in assets and liabilities. Nora Murphy, chief financial officer, signed the petition. Judge Laurie Selber Silverstein presides over the case. The Debtor tapped POTTER ANDERSON COROON LLP as counsel and GOODWIN PROCTER LLP as co-bankruptcy counsel. AMERICAN ROCK: Invesco VVR Marks $101,000 Loan at 15% Off --------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $101,000 loan extended to American Rock Salt Co. LLC to market at $85,575 or 85% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Second Lien Term Loan to American Rock Salt. The loan accrues interest at a rate of 12.69% (1 mo. Term SOFR + 7.25%) per annum. The loan matures on June 11, 2029. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 American Rock Salt Company LLC produces highway de-icing rock salt. The company operates a single mine in upstate New York and sells primarily to state and local government agencies in the northeastern United States. The firm is a wholly owned subsidiary of American Rock Salt Holdings, LLC, which is closely held by private investors including some members of management. The company does not publicly disclose its financial statements. Headquartered in Retsof, N.Y., American Rock Salt generated approximately $170 million in revenue for the 12 months ended December 31, 2023. ANCHORED CARE: Seeks to Hire Hester Baker Krebs as Counsel ---------------------------------------------------------- Anchored Care Residential Services, LLC seeks to hire the U.S. Bankruptcy Court for the Southern District of Indiana to hire Hester Baker Krebs LLC as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession and management of his property; b. take necessary action to avoid the attachment of any lien against the Debtor's property threatened by secured creditors holding liens; c. prepare on behalf of the Debtor as debtor-in-possession necessary petitions, answers, orders, reports and other legal papers; and d. perform all other legal services for the Debtor as debtor-in-possession which may be necessary herein, inclusive of the preparation of petitions and orders respecting the sale or release of equipment not found to be necessary in the management of its property, to file petitions and order for the borrowing funds; and it is necessary for the Debtor as debtor-in-possession to employ counsel for such professional services. The firm received an initial retainer prior to the filing of the bankruptcy proceeding in the sum of $4,000 of which $1,750 was applied to pre-petition services, leaving a balance of $2,250 for the bankruptcy retainer, including the $1,738 filing fee. The Debtor has agreed to pay an additional post-petition retainer of $6,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey Hester, Esq., an attorney at Hester Baker Krebs, 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: David R. Krebs, Esq. HESTER BAKER KREBS LLC One Indiana Sq. Suite 1330 Indianapolis IN 46204 Tel: (317) 608-1133 Email: dkrebs@hbkfirm.com About Anchored Care Residential Services, LLC Anchored Care Residential Services, LLC is a provider of home health care services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-02245) on April 30, 2024. In the petition signed by Delisa Savage, owner/member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge James M. Carr oversees the case. David Krebs, Esq., at HESTER BAKER KREBS LLC, represents the Debtor as legal counsel. APEX ACCOUNTING: Taps Kutner Brinen Dickey Riley as Legal Counsel ----------------------------------------------------------------- Apex Accounting and Tax, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, PC as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions that may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until a final decree herein the continuation of pending proceedings and to enjoin and stay until a final decree herein the commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor that may be necessary herein. The hourly rates of the firm's counsel and staff are as follows: Jeffrey S. Brinen $515 Jonathan M. Dickey $375 Keri L. Riley $375 The firm received a prepetition retainer in the amount of $11,666.67 from the Debtor. Keri Riley, Esq., an attorney at Kutner Brinen Dickey Riley, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: klr@kutnerlaw.com About Apex Accounting and Tax Apex Accounting and Tax, Inc. is a full-service accounting and tax firm licensed in Colo., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-12362) on May 3, 2024. The case is jointly administered in Case No. 24-12361. In the petition signed by Hong and Lew Spelgatti, owners/president, the Debtor disclosed $179,445 in assets and $4,299,054 in liabilities. Judge Michael E. Romero oversees the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC represents the Debtor as counsel. ASURION LLC: Moody's Confirms 'B1' CFR, Outlook Stable ------------------------------------------------------ Moody's Ratings has confirmed the B1 corporate family rating and B1-PD probability of default rating of Asurion, LLC. The rating agency also confirmed the Ba3 ratings on Asurion's senior secured revolving credit facility and senior secured first-lien term loans and the B3 ratings on its senior secured second-lien term loans. The rating outlook for Asurion is stable. This rating action concludes the review for downgrade initiated on April 02, 2024. RATINGS RATIONALE According to Moody's, the ratings confirmation reflects Asurion's completion of its 2023 audited financial statements and continued solid financial performance. Asurion's ratings are based on its strong market presence in mobile device services, including fulfillment, repair and administration, distributed through wireless carriers in the US, Japan and other selected international markets. Asurion also has a smaller but growing presence in extended warranty, service and replacement subscription plans for consumer electronics and appliances offered through major wireless carriers, retailers and other partners, and its own distribution channels, such as its repair shop network and a remote technician network. In both segments, a growing share of Asurion's revenue comes from comprehensive technical support bundled with other product offerings. Asurion has a record of efficient operations and healthy profit margins. A key credit challenge for Asurion is its business concentration among leading wireless carriers, although Asurion regularly negotiates multiyear contract extensions with the carriers. Another challenge is foreign exchange risk associated with Asurion's large Japanese business, which the company hedges through a range of derivatives that help protect enterprise value but add volatility to reported earnings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio below 5x; (ii) (EBITDA - capex) coverage of interest exceeding 3.5x; and (iii) free-cash-flow-to-debt ratio above 8%. Factors that could lead to a downgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio above 6.5x; (ii) (EBITDA - capex) coverage of interest below 2x; (iii) free-cash-flow-to-debt ratio below 4%; or (iv) loss of a major carrier relationship. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. Based in Nashville, Tennessee, Asurion is a global provider of insurance, repair, replacement, installation and technical support for mobile devices and other consumer electronics and appliances. Asurion generated revenue of $9 billion for the 12 months through March 2024. ATARA BIOTHERAPEUTICS: Incurs $31.7M Net Loss in First Quarter -------------------------------------------------------------- Atara Biotherapeutics, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $31.75 million on $27.36 million of total revenue for the three months ended March 31, 2024, compared to a net loss of $74.77 million on $1.23 million of total revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $165.27 million in total assets, $263.58 million in total liabilities, and a total stockholders' deficit of $98.31 million. Going Concern Atara said, "We have incurred operating losses since inception and we expect that existing cash, cash equivalents and short-term investments as of March 31, 2024, will not be sufficient to fund our planned operations for at least 12 months from the date of issuance of these condensed consolidated financial statements. Although we anticipate the receipt of certain payments from the amended and restated Pierre Fabre Commercialization Agreement in 2024 and 2025, such payments are contingent upon the successful filing and approval of the tab-cel BLA, as well as the completing of specific development and regulatory activities by us and actions taken by third parties, and are, therefore, uncertain at this time. "To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, we plan to secure additional capital, potentially through a combination of public or private security offerings; use of our ATM facility...; and/or strategic transactions. We may also need to raise additional funding as required based on the status of our development programs and our projected cash flows. Although we have been successful in raising capital in the past, and expect to continue to raise capital as required, there is no assurance that we will be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all, or identify and enter into any strategic transactions that will provide the capital that we will require. If we are unable to obtain sufficient funding on acceptable terms, we could be forced to delay, limit, reduce or terminate preclinical studies, clinical studies or other development activities for one or more of our product candidates, which could have a material adverse effect on our business, results of operations, and financial condition. Accordingly, we have concluded that substantial doubt exists with respect to our ability to continue as a going concern for at least 12 months after the issuance of the accompanying condensed consolidated financial statements. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1604464/000095017024056959/atra-20240331.htm About Atara Biotherapeutics Headquartered in Thousand Oaks, CA, Atara Biotherapeutics, Inc. -- atarabio.com -- is harnessing the natural power of the immune system to develop off-the-shelf cell therapies for difficult-to-treat cancers and autoimmune conditions that can be rapidly delivered to patients from inventory. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. San Francisco, California-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. ATHENA MEDICAL: Fine-Tunes Plan Documents ----------------------------------------- Athena Medical Group, LLC, submitted a Second Amended Plan of Reorganization dated May 2, 2024. Post-petition, WCS has targeted the Debtor's customers, contractors, employees, suppliers, and accountant/bookkeeper. Most recently, WCS interfered with a Tucson facility where the Debtor made "rounds" and provided wound care, which generated approximately $100,000 a month. After WCS's repeated harassment and interference with this customer, the customer terminated its relationship with the Debtor during the week of August 7, 2023, which will negatively impact the Debtor's revenue going forward. On April 28, 2023, WCS also sent a letter to one of the Debtor's customers wherein: (i) WCS admits that it is a competitor, and (ii) makes false claims about the Debtor allegedly violating anti-kickback rules. Similarly, WCS has been soliciting the Debtor's 1099 contractors that provide services for the Debtor, which led to the Debtor sending a cease and desist letter dated June 2, 2023. Like in the prior iteration of the Plan, the holder of such Allowed General Unsecured Claim will be paid a pro rata amount from the Class 3 Payments, up to the full amount of each holder's Allowed General Unsecured Claim. Class 4 consists of any Interests in the Debtor. The Holders of Class 4 Interest will retain their Interests in the Reorganized Debtor. Class 4 Interests are not impaired. The Reorganized Debtor will continue to be organized under its prepetition Operating Agreement and other organizational documents. The Reorganized Debtor's manager will continue to be Yancey Gaither. The Reorganized Debtor's members will remain the same as they existed as of the Petition Date, in the same percentage of ownership. The Reorganized Debtor will generate income from operating its business to fund all payments due under the Plan. The Reorganized Debtor will fund the Plan from its quarterly Projected Disposable Income received by the Debtor for 36 months only and all cash on hand as of the Effective Date, provided that the Reorganized Debtor shall not pay in the aggregate more than the 36 month Projected Disposable Income under the Plan. The Projected Disposable Income will be generated through business operations. In addition, any actual recoveries from the Claims Against Emerald, net of the fees and costs incurred, will be added as revenue generated from business operations and paid to the Trustee for distribution as projected disposable income. The Projected Disposable Income is set forth in the Projections and will be paid to the Trustee for disbursement first of the Trustee's post confirmation fees, second to satisfy the payments due to claims allowed in Class 1, third to satisfy the payment due to claims allowed in Class 2, with the remaining balance to be paid to the Allowed Claims in Class 3 on a pro rata basis. In no event shall the payments on account of the Allowed Claims in Class 1, Class 2, and Class 3 exceed the amount of the Allowed Claims. Indemnification Claim Under Operating Agreement The Amended Operating Agreement of Athena Medical Group, LLC effective May 9, 2022 is being assumed by the Debtor. Pursuant to the indemnification provision contained in the Operating Agreement, Trustee has received a demand from Yancey Gaither for the Debtor to indemnify and pay attorneys' fees and costs incurred by Mr. Gaither in his defense in a Utah state court litigation brought by WCS. Any amounts paid by the Debtor pursuant to Mr. Gaither's indemnity claim shall not be paid from the Debtor's Projected Disposable Income. Any amounts paid by the Debtor for Mr. Gaither's indemnity claim shall be paid only from the Debtor's cash on hand. The total amounts to be paid by the Debtor for the indemnity claim will be capped at the lesser of (i) $400,000 or (ii) the amount of cash on hand as of the Effective Date, minus a reasonable amount of cash for working capital, to be determined by the Debtor and approved by the Trustee in the Trustee's sole discretion. Indemnity claim amounts paid by the Debtor will (1) a cure payment of (a) $95,740 for attorneys' fees and costs based on invoices received by Mr. Gaither as of May 2, 2024 ($9,205 of which was pre-petition) plus (b) an additional amount of attorneys' fees and costs to be determined based on any additional invoices received by Mr. Gaither as of the Effective Date or other evidence of such fees and costs incurred as of the Effective Date; and (2) additional amounts requested by Mr. Gaither post-confirmation, as long as they do not exceed the cap. A full-text copy of the Second Amended Plan dated May 2, 2024 is available at https://urlcurt.com/u?l=YCRz4y from PacerMonitor.com at no charge. Attorneys for the Debtor: Isaac M. Gabriel, Esq. Alissa Brice Castaneda, Esq. Michael Galen, Esq. Dorsey & Whitney, LLP 2325 East Camelback Road, Suite 300 Phoenix, AZ 85016 Phone: (602) 735-2702 Fax: (480) 546-4248 Email: gabriel.isaac@dorsey.com Dorsey & Whitney, LLP 50 South Sixth Street, Suite 1500 Minneapolis, MN 55402 Telephone: (612) 340-2600 Andrew Holly (admitted pro hac vice) Email: holly.andrew@dorsey.com About Athena Medical Group Athena Medical Group, LLC -- https://athenamedgroup.com/ -- provides primary care, transitional care, chronic care management, remote patient monitoring, and telehealth services. The company is based in Phoenix, Ariz. Athena Medical Group filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-01635) on March 16, 2023, with total assets of $3,843,022 and total liabilities of $12,707,798. James E. Cross has been appointed as Subchapter V trustee. Judge Brenda K. Martin oversees the case. The Debtor tapped the Law Office of Mark J. Giunta as bankruptcy counsel; and Ball, Santin & McLeran and Simmons & Gottfried, PLLC, as special counsels. BBCK ONE HOLDING: Seeks to Hire Ronald V. Bozzo as Accountant ------------------------------------------------------------- BBCK One Holding Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Ronald V. Bozzo, CPA, an accountant based in River Edge New Jersey. The firm will render these services: (a) assist the Debtor in connection with preparing and filing of monthly operating reports; and (b) perform such other financial services for the Debtor, as may be necessary and appropriate herein. Mr. Bozzo will be paid at his hourly rate of $350. The accountant disclosed in a court filing that he is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Ronald V. Bozzo, CPA 117 Kinderkamack Rd. River Edge, NJ 07661 Telephone: (201) 343-8827 About BBCK One Holding Corp. BBCK One Holding Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-13913) on April 17, 2024. In the petition signed by John Cancelliere, president, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. The Debtor tapped McManimon, Scotland & Baumann, LLC as counsel and Ronald V. Bozzo, CPA, as accountant. BESTWALL LLC: 4th Circ. Approves Sanctions vs. Law Firm ------------------------------------------------------- Donald Morrison of Law360 reports that a split Fourth Circuit panel on Monday, April 29, 2024, refused to overturn more than $402,000 in sanctions against a law firm and its clients as part of bankruptcy proceedings for a Georgia-Pacific unit, saying the contempt and sanctions orders can't be appealed because they aren't final judgments. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BIOXCEL THERAPEUTICS: Posts $26.8 Million Net Loss in First Quarter ------------------------------------------------------------------- BioXcel Therapeutics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $26.79 million on $582,000 of revenues for the three months ended March 31, 2024, compared to a net loss of $52.80 million on $206,000 of revenues for the three months ended March 31, 2023. As of March 31, 2024, the Company had $82.32 million in total assets, $154.68 million in total liabilities, and a total stockholders' deficit of $72.36 million. BioXcel said, "The Company's history of significant losses, its negative cash flows from operations, potential near-term, increased covenant-driven payments under its Credit Agreement... its limited liquidity resources currently on hand, and its dependence on its ability to obtain additional financing to fund its operations after the current resources are exhausted, about which there can be no certainty, have resulted in management's assessment that there is substantial doubt about the Company's ability to continue as a going concern for a period of at least 12 months from the issuance date of the financial statements included in this Quarterly Report on Form 10-Q." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1720893/000155837024007481/btai-20240331x10q.htm About BioXcel Therapeutics, Inc. BioXcel Therapeutics, Inc. (Nasdaq: BTAI) -- bioxceltherapeutics.com -- is a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience. Its wholly owned subsidiary, OnkosXcel Therapeutics, is focused on the development of medicines in immuno-oncology. The Company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indications. Stamford, Connecticut-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualificatin in its report dated March 22, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. BOROHUB GARDENS: Taps Morris E. Barenbaum as Real Estate Counsel ---------------------------------------------------------------- Borohub Gardens, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Law Offices of Morris E. Barenbaum as its special real estate counsel. The firm will assist the Debtor in closing the sale of its property located at 4820 Bay Parkway, Brooklyn, New York. The firm will be paid a flat fee of $4,500. As disclosed in a court filing, Law Offices of Morris E. Barenbaum is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Morris E. Barenbaum, Esq. Law Offices of Morris E. Barenbaum 1100 Coney Island Ave, Ste 211 Brooklyn, NY 11230 Telephone: (718) 252-8600 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. BOVINE PROPERTIES: Hires Reiser Jennings & Co. PC as Accountant --------------------------------------------------------------- Bovine Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Reiser, Jennings & Co., PC as its accountant. The firm's services include: (a) prepare tax returns as necessary as the case progresses; (b) provide monthly accounting services and review monthly financial reports; (c) advise the Debtor of its tax and accounting obligations, duties, and responsibilities while in bankruptcy; (d) perform accounting for the estate's inventory and assembling books and records; and (e) take all other necessary action incident to the proper preservation and administration of this Chapter 11 bankruptcy. The firm's professionals will be paid at these rates: Jeff Jennings, CPA $280 Staff Accountant $200 Mr. Jennings 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: Jeff Jennings, CPA Reiser, Jennings & Co., PC 1706 Brady St., Suite 306 Midtown Plaza Davenport, IA 52808 Telephone: (563)322-6271 About Bovine Properties Bovine Properties is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor owns the real property located at 1902 7th Ave, Camanche IA 52730 valued at $5 million. Bovine Properties, LLC in Camanche, IA, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Iowa Case No. 24-00316) on April 10, 2024, listing $5,000,000 in assets and $19,588,665 in liabilities. Andrew Naeve as president, signed the petition. The Debtor tapped Ag & Business Legal Strategies as legal counsel and Reiser, Jennings & Co., PC as accountant. BREWBILT BREWING: Reports $64K Net Profit in First Quarter ---------------------------------------------------------- Brewbilt Brewing Company filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net profit of $63,887 on $341,256 of sales for the three months ended March 31, 2024, compared to a net loss of $2.72 million on $76,856 of sales for the three months ended March 31, 2023. As of March 31, 2024, the Company had $2.27 million in total assets, $18.95 million in total liabilities, $16.44 million in series A convertible preferred stock, $1.40 million in convertible preferred stock payable, and a total stockholders' deficit of $34.51 million. Brewbilt said, "As of March 31, 2024, the Company has a shareholders' deficit of $34,509,958 since its inception, working capital deficit of $16,850,667, negative cash flows from operations, and has limited business operations, which raises substantial doubt about the Company's ability to continue as going concern. The ability of the Company to meet its commitments as they become payable is dependent on the ability of the Company to obtain necessary financing or achieve a profitable level of operations. There is no assurance the Company will be successful in achieving these goals. "The Company does not have sufficient cash to fund its desired business objectives for its production and marketing for the next 12 months. The Company has arranged financing and intends to utilize the cash received to fund the production and marketing of more beers. This financing may be insufficient to fund expenditures or other cash requirements required to complete the product design for the augmented/virtual reality markets. There can be no assurance the Company will be successful in completing any new product development. The Company plans to seek additional funding if necessary, in private or public equity offerings to secure future funding for operations. There can be no assurance the Company will be successful in raising additional funding. If the Company is not able to secure additional funding, the implementation of the Company's business plan will be impaired. There can be no assurance that such additional financing will be available to the Company on acceptable terms or at all." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1399306/000139930624000009/brbl-10q.htm About BrewBilt Brewing Headquartered in Grass Valley, CA, BrewBilt Brewing is a licensed commercial craft brewer in Northern California. The Company began building its first processing brewery in 2021 and started delivering its craft beers in July of 2022. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 5, 2024, citing that the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. BRIDLE PATH: Class 2 Unsecureds Owed $281K to Get Full Payment -------------------------------------------------------------- Bridle Path Partners, LLC, submitted an Amended Plan of Reorganization, dated April 26, 2024. The Reorganized Debtor may secure additional financing, secured or unsecured, for purposes of operation and performance under the Plan provided that any such financing will not create liens with priority over liens held by holders of allowed claims in Class 1 absent the consent of the holders of such allowed claims. Below are the unsecured claims with corresponding treatment: Class 2 - Undisputed Nonpriority Unsecured Claims. Class 2 consists of claims of Reeve & Associates, Inc. in the amount of $268,417 and Smith Harvigsen PLLC in the amount of $13,081. These creditors will be paid in full by the reorganized debtor through funding which will be provided by Lotus. In consideration for the payment to the Reorganized Debtor used to pay these creditors, these creditors will assign any and all of their claims to Lotus. No interest will be paid on these claims. Class 3-Disputed Nonpriority Unsecured Claim of the City of Wellsville. Wellsville filed a proof of claim in this case on Feb. 28, 2024, but the proof of claim is deficient in that it does not articulate a statute, ordinance, contractual agreement or other basis for the claim. To the extent that the court requires the debtor to include Wellsville's claim in Class 2, the debtor requests that the court estimate Wellsville's claim at zero for purposes of voting and distribution under the Plan until such time as the debtor's objection to Wellsville's Claim is resolved. The claims are to be paid from future revenue, cash on hand, additional financing or any other source available to the Reorganized Debtor. Attorneys for the Debtor: Andres Diaz, Esq. Timothy J. Larsen, Esq. DIAZ &LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Tel: (801) 596-1661 Fax: (801) 359-6803 E-mail: courtmail@adexpresslaw.com A copy of the Plan of Reorganization dated April 26, 2024, is available at https://tinyurl.ph/GrCgf from PacerMonitor.com. About Bridle Path Partners Bridle Path Partners, LLC, a company in Alpine, Utah, offers leather and hide tanning and finishing services. Bridle Path Partners filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 23-23960) on Sept. 8, 2023, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Patrick B. Burns of Lync Construction, LLC, managing member of Bridle Path Partners, signed the petition. Judge Kevin R. Anderson oversees the case. The Debtor tapped Andres Diaz, Esq., at Diaz & Larsen as bankruptcy counsel and Scott R. Bridge, Esq., at Kesler Rust as special counsel. CALIFORNIA QSR: Hires Law Offices of Michael Jay Berger as Counsel ------------------------------------------------------------------ California QSR Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Law Offices of Michael Jay Berger as counsel. The firm will provide these services: a. assist the Debtor in planning a reorganization of its business; b. assist the Debtor in compliance with the requirements of the OUST; c. write to, speak to, and meet in person with creditors of the Debtor as needed to ensure that they respect the automatic stay, to explain the facts and circumstances surrounding the case, to investigate possible claims against the Debtor, and to gain its cooperation with regards to the continued business of the Debtor; and d. requires that Debtor's counsel do a large amount of work at the beginning of the case and during the first 120 days of the case. At the same time, Debtor's counsel generally may not file an application for payment of his fees more frequently than once every 120 days. The firm will be paid at these rates: Michael Jay Berger $645 per hour Sofya Davtyan $595 per hour Robert Poteete $475 per hour Senior paralegals $275 per hour Paralegals $200 per hour The firm was paid a retainer in the amount of $20,000 plus the $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Jay Berger, Esq., a partner at Law Offices of Michael Jay Berger, 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: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor, Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: rnichael.bergerbankruptcypower.com About California QSR Management, Inc. California QSR Management, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-11017) on April 22, 2024, listing $168,469 in assets and $5,086,596 in liabilities. The petition was signed by Imran Damani as president. Judge Rene Lastreto II presides over the case. Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER represents the Debtor as counsel. CARDIFF LEXINGTON: Incurs $283K Net Loss in First Quarter --------------------------------------------------------- Cardiff Lexington Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $283,104 on $2.66 million of revenue for the three months ended March 31, 2024, compared to a net loss of $15,991 on $2.71 million of revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $22.61 million in total assets, $15.35 million in total liabilities, $6.04 million in total mezzanine equity, and $1.21 million in total stockholders' equity. Cardiff Lexington said, "The Company had sustained recurring operating losses since its inception and has an accumulated deficit of $69,118,853 as of March 31, 2024. These factors raise a substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might result if the Company is unable to continue as a going concern. "The ability of the Company to continue as a going concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management is in continuous discussions with prospective investors and believes the raising of capital will allow the Company to fund its cash flow shortfalls and pursue new acquisitions. There can be no assurance that the Company will be able to obtain sufficient capital from debt or equity transactions or from operations in the necessary time frame or on terms acceptable to it. Should the Company be unable to raise sufficient funds, it may be required to curtail its operating plans. In addition, increases in expenses may require cost reductions. No assurance can be given that the Company will be able to operate profitably on a consistent basis, or at all, in the future. Should the Company not be able to raise sufficient funds, it may cause cessation of operations." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/811222/000168316824003207/cardiff_i10q-033124.htm About Cardiff Lexington Headquartered in Las Vegas, NV, Cardiff Lexington Corporation is an acquisition holding company focused on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for its stockholders. Jericho, New York-based Grassi & Co., CPAs, PC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2024, citing that the Company has sustained an accumulated deficit and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. CASA SYSTEMS: To Seek Plan Confirmation on June 4, 2024 ------------------------------------------------------- Judge Karen B. Owens has entered an order that the Disclosure Statement Casa Systems, Inc., et al., is conditionally approved. That a combined hearing, at which the Court will consider, the final approval of the adequacy of the Disclosure Statement and confirmation of the Plan, will be held on June 4, 2024, at 2:30 p.m., prevailing Eastern Time. Any objections to the adequacy of the Disclosure Statement and confirmation of the Plan must be filed on or before May 28, 2024 at 5:00 p.m., prevailing Eastern Time. The Confirmation Schedule is approved as follows: * Voting Record Date was on April 22, 2024. * Solicitation Commencement Date was on April 26, 2024. * Deadline to File Objections to Claims for Voting Purposes will be on May 10, 2024. * Deadline to File Plan Supplement will be on May 10, 2024. * Deadline to File Rule 3018 Motion will be on May 17, 2024. * Voting Deadline will be on May 28, 2024 at 5:00 p.m., ET. * Release Opt-In Deadline will be on May 28, 2024 at 5:00 p.m., ET. * Deadline to File Plan Voting Report will be on May 31, 2024. * Deadline to File Confirmation Brief will be on May 31, 2024. Plan of Liquidation Casa Systems, Inc., et al., submitted an Amended Joint Plan of Liquidation. Class 4 consists of the General Unsecured Claims against the Debtors. All holders of general unsecured claims will not receive any distribution. Notwithstanding the foregoing, to the extent there are any Net Distributable Proceeds, each holder of a general unsecured Claim will receive its pro rata share of the Net Distributable Proceeds. Class 4 is impaired. The Debtors will engage in a process for the sale of all or substantially all of their assets. The Debtors will seek the approval of the Sale Orders, which will approve the sale of all or substantially all of the Debtors' assets to one or more purchasers, including the Cloud/RAN Purchaser pursuant to the Cloud/RAN APA, and the Cable Stalking Horse Bidder pursuant to the Cable Stalking Horse APA, or, if such higher or better bids are received consistent with the Bidding Procedures Order, to the Purchaser pursuant to the highest or best bidder. The Plan Administrator will wind-down the affairs and operations of the Debtors, their Estates, and their Affiliates, as applicable, including, but not limited to: (i) expeditiously and efficiently liquidating the Net Distributable Assets, if any, including, if appropriate, through the prosecution of any Claims or Causes of Action of the Debtors preserved under the terms of this Plan; (ii) distributing the proceeds thereof to the Holders of Term Facility Claims or, if applicable, distributing the Net Distributable Proceeds, if any, according to the Distribution Waterfall; and (iii) procuring any appropriate insurance to facilitate the Wind-Down, including appropriate D&O Liability Insurance Policies. The Debtors or the Plan Administrator (as applicable) will fund distributions under the Plan with the proceeds from the Sale Transactions and the Net Distributable Proceeds, if any, all in accordance with the terms of the Plan. Attorneys for the Debtors: Joseph Barry, Esq. Joseph M. Mulvihill, Esq. Timothy R. Powell, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Rodney Square Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: jbarry@ycst.com jmulvihill@ycst.com tpowell@ycst.com SIDLEY AUSTIN LLP Stephen E. Hessler, Esq. Patrick Venter, Esq. Margaret R. Alden, Esq. 787 Seventh Avenue New York, NY 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 E-mail: shessler@sidley.com pventer@sidley.com malden@sidley.com Ryan L. Fink, Esq. One South Dearborn Chicago, IL 60603 Tel: (312) 853-7000 Fax: (312) 853-7036 E-mail: ryan.fink@sidley.com Julia Philips Roth, Esq. 1999 Avenue of the Stars Los Angeles, CA 90067 Tel: (310) 595-9500 Fax: (310) 595-9501 E-mail: julia.roth@sidley.com A copy of the Order dated April 26, 2024, is available at https://tinyurl.ph/fAUDh from PacerMonitor.com. A copy of the Plan of Liquidation dated April 26, 2024, is available at https://tinyurl.ph/PvfvZ from PacerMonitor.com. About Casa Systems Casa Systems, Inc. (Nasdaq: CASA) is a next-gen technology leader that supports mobile, cable, and wireline communications services providers with market leading solutions. Casa's virtualized and cloud-native software solutions modernize operators' network architectures, expand the range of services they can offer their consumer and commercial customers, accelerate time to revenue and reduce the TCO of their network infrastructure and operations. Casa's suite of open, cloud-native network solutions unlocks new ways for service providers to quickly build flexible networks and service offerings that maximize revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional service providers worldwide. On the Web: http://www.casasystems.com/ On April 3, 2024, Casa Systems, Inc., and two of its affiliates each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Csae No. 24-10695). In the petition filed by CFO Edward Durkin, Casa Systems estimated assets and liabilities between $100 million and $500 million each. The Debtors' cases have been assigned to the Honorable Karen B. Owens. Casa has engaged Sidley Austin LLP as legal counsel, Ducera Partners LLC as financial advisor, and Alvarez & Marsal North America, LLC as restructuring advisor. Epiq is the claims agent. CENERGY LLC: Seeks to Hire Appraisal Excellence as Appraiser ------------------------------------------------------------ Cenergy, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Appraisal Excellence Ltd. as appraiser. The firm will render these services: a. make site visits to view and assess the nature and condition of the commercial equipment, compile photos and other data; and b. prepare a report using data gathered via the site visits and other acceptable methodology to value the commercial equipment; and c. testify at any hearings on valuation of KLC collateral, objection to KLC's claim, confirmation of the Debtors' Plan, and any other similar or related proceedings in these cases, if necessary or advisable in consultation with Debtors' counsel; Richard Wanke of Appraisal Excellence Ltd. has proposed to be engaged at the rate of $300 per hour for all services, and an estimated total cost of $10,000 to $12,000. As disclosed in the court filings, Richard Wanke of Appraisal Excellence Ltd. are both "disinterested persons" within the meaning of 11 U.S.C Sec. 101(14). The appraiser can be reached through: Richard Wanke Appraisal Excellence Ltd. 1428 Frederic St Eau Claire, WI 54701-4012 Phone: (715) 834-5151 About Cenergy, LLC Cenergy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wisc. Case No. 23-11558) on September 1, 2023. In the petition signed by K. Michael Buck, authorized individual, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. Craig E. Stevenson, Esq., at Dewitt LLP, represents the Debtor as legal counsel. CENTRAL SQUARE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Central Square Terrace LLC 225 Prospect Street Hingham, MA 02043 Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court District of Massachusetts Case No.: 24-10952 Judge: Hon. Janet E Bostwick Debtor's Counsel: Peter M. Daigle, Esq. DAIGLE LAW OFFICE 1550 Falmouth Road Suite 10 Centerville, MA 02632 Tel: (508) 771-7444 Fax: (508) 771-8286 Email: pmdaigleesq@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Laura J. Barry as authorized representative. The Debtor indicated it has no unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CH37F3Y/Central_Square_Terrace_LLC__mabke-24-10952__0001.0.pdf?mcid=tGE4TAMA CENTURYLINK INC: Invesco VVR Marks $2.6MM Loan at 27% Off --------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $2,613,000 loan extended to CenturyLink, Inc. to market at $1,913,321 or 73% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Term Loan B to CenturyLink. The loan accrues interest at a rate of 7.69% (1 mo. Term SOFR + 2.25%) per annum. The loan matures on March 15, 2027. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 CenturyLink, Inc, headquartered in Monroe, Louisiana, is an integrated communications company that provides an array of communications services to residential, business, governmental and wholesale customers. CF SAFETY: Unsecureds to Get 4% Claims in Plan ---------------------------------------------- CF Safety Training and Consulting, LLC, submitted a First Amended Plan of Reorganization, dated April 21, 2024. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $10,130. The final Plan payment is expected to be paid on June of 2029 or 5 years from the date of confirmation. . Under the Plan, Class 3 – Non-priority unsecured creditors are impaired. Debtor projects an unsecured percentage of 4% depending upon claims objections and other avoidance actions. Secured debt will be paid in equal monthly payments and unsecured claims will be paid in the last 12 months of the plan or as funds become available. Attorneys for the Debtor: Aaron C. Amore, Esq. AMORE LAW PLLC 206 West Liberty St. Charles Town, WV 25414 Tel: (304) 885-4117 E-mail: aaron@amorelaw.com A copy of the Plan of Reorganization dated April 26, 2024, is available at https://tinyurl.ph/GckoZ from PacerMonitor.com. About CF Safety Training and Consulting CF Safety Training and Consulting, Inc. is a safety company that provides a wide range of services to companies in construction, general industry, maritime and agriculture. The company is based in Shenandoah Junction, W.Va. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 23-00598) on December 26, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Russell Frederick Collins, member and manager, signed the petition. Judge David L. Bissett oversees the case. Aaron C. Amore, Esq., at Amore Law, PLLC represents the Debtor as bankruptcy counsel. CHARGE ENTERPRISES: Files Amendment to Disclosure Statement ----------------------------------------------------------- Charge Enterprises, Inc., submitted a Conformed Combined Disclosure Statement and Prepackaged Chapter 11 Plan of Reorganization dated May 2, 2024. The Plan effects a balance-sheet restructuring of the Debtor by cancelling all existing preferred and common stock in the Debtor and converting funded secured debt of the Debtor into new common stock of the Reorganized Debtor, while providing for payment in full of all Allowed administrative, priority (if any), secured (if any), and general unsecured (i.e., non-subordinated) claims against the Debtor. The Conformed Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of General Unsecured Claims. With respect to any Allowed General Unsecured Claims, at the option of the Reorganized Debtor: (i) the legal, equitable, and contractual rights to which the General Unsecured Claim entitles the holder thereof shall be left unaltered; (ii) the General Unsecured Claim shall be left Unimpaired in the manner described in section 1124(2) of the Bankruptcy Code; or (iii) on or as soon as practicable after the later of (a) the Effective Date or (b) the date on which such Claim is Allowed, the General Unsecured Claim shall be paid in full, in Cash. The allowed unsecured claims total $1,782,308 to $2,407,308. This Class will receive a distribution of 100% of their allowed claims. This Class is unimpaired. * On the Effective Date, each Common Interest shall be canceled, released, and extinguished, and will be of no further force or effect, and the holder thereof shall receive no recovery or distribution under the Plan on account of its Common Interest. Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, on the Effective Date, the provisions of the Plan shall constitute a good-faith compromise and settlement of all Claims (including, without limitation, the Prepetition Lender Claims), Interests, Causes of Action, and controversies released, settled, compromised, discharged, satisfied, or otherwise resolved pursuant to the Plan. The Reorganized Debtor shall fund distribution under the Plan as follows: * The Reorganized Debtor shall use Cash on hand to fund distributions to certain holders of Allowed Claims against the Debtor. * The issuance of the New Common Stock shall be authorized without the need for any further corporate action and without any further action by the holders of Claims or Interests. All of the shares of New Common Stock issued pursuant to the Plan shall be duly authorized, validly issued, fully paid, and non-assessable. Each distribution and issuance of the New Common Stock under the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. As set forth in the Confirmation Order, entered on April 24, 2024, the Debtor made certain modifications to the Plan. These modifications are reflected in the table attached as Exhibit A to the Confirmation Order, were incorporated by reference into the Confirmation Order, and approved by the Confirmation Order. The Debtor hereby files this conformed version of the Plan as required by the Confirmation Order, according to a footnote in the Conformed Disclosure Statement. A full-text copy of the Conformed Disclosure Statement and Plan dated May 2, 2024 is available at https://urlcurt.com/ul=Yhhd7m from PacerMonitor.com at no charge. Counsel to the Debtor: Patrick A. Jackson, Esq. Ian J. Bambrick, Esq. Sarah E. Silveira, Esq. FAEGRE DRINKER BIDDLE & REATH LLP 222 Delaware Ave., Suite 1410 Wilmington, DE 19801 Tel: (302) 467-4200 Fax: (302) 467-4201 Email: patrick.jackson@faegredrinker.com ian.bambrick@faegredrinker.com sarah.silveira@faegredrinker.com Michael T. Gustafson, Esq. FAEGRE DRINKER BIDDLE & REATH LLP 320 South Canal Street, Suite 3300 Chicago, IL 60606 Tel: (312)569-1000 Fax: (312) 569-3000 Email: mike.gustafson@faegredrinker.com Michael P. Pompeo, Esq. Kyle R. Kistinger, Esq. FAEGRE DRINKER BIDDLE & REATH LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3140 Fax: (212 248-3141 Email: michael.pompeo@faegredrinker.com kyle.kistinger@faegredrinker.com About Charge Enterprises Charge Enterprises, Inc. is an electrical, broadband, and electric vehicle charging infrastructure company that provides clients with end-to-end project management services, from advising, designing, engineering, acquiring, and installing equipment, to monitoring, servicing, and maintenance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10349) on March 7, 2024, with $114,368,349 in assets and $48,718,180 in liabilities. Craig Harper-Denson, authorized officer, signed the petition. The Debtor tapped Ian J. Bambrick, Esq. at FAEGRE DRINKER BIDDLE & REATH LLP as bankruptcy counsel; BERKELEY RESEARCH GROUP, LLC as financial restructuring adviser; and SQUIRE PATTON BOGGS (US) LLP as special litigation counsel. CHARTER COMMUNICATIONS: S&P Affirms 'BB+' ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings affirmed all ratings, including the 'BB+' issuer credit rating, on Charter Communications Inc. The stable outlook reflects S&P's belief that Charter's business fundamentals remain solid long term, bolstered in part by its scale and wireless service offering, such that it is unlikely to tighten thresholds further over the next year. S&P said, "We have a more cautious view of the cable industry on heightened broadband competition. We expect competition from fixed wireless will remain elevated for at least the next two to three years. Separately, we now project FTTH coverage will likely reach about 65% of Charter's footprint over the next several years, up from about 50% today. Competition from these offerings has intensified over the past two years, tempering our outlook for the cable industry. "Charter will continue to lose market share through 2026. We believe it will be difficult for Charter to offset these competitive pressures with gains from a shrinking pool of copper-based broadband households and footprint expansion. Furthermore, we expect Charter to lose about 600,000 high speed data (HSD) subscribers after the Affordable Connectivity Program (ACP) ends in 2024. As a result, we expect its HSD penetration to approach 48% by 2026 from a peak of 55% in 2021. Still, we recognize this level of market share remains industry leading. Furthermore, we expect the rate of erosion to slow after 2026 as FWA competition eases, with HSD penetration leveling off around 47% in 2027. "Increasing competition has resulted in some market share erosion. We believe EBITDA per passing, which has come under some pressure, is a useful metric to evaluate competitive positioning as it captures the ability of an operator to monetize its investments and is a good indicator of competitive intensity. It also captures aspects of operating efficiency and participation in markets that have favorable demographics (income, data usage patterns, etc.) and density (more efficient allocation of overhead) that may be more competitive. Overall, operating metrics such as penetration, average revenue per user (ARPU), video and wireless trends, and profitability are all factored in, balanced by the impact of footprint expansion. Charter remains near the top of the indutry in EBITDA per passing but it has decreased from peak levels in 2022 due to increasing competitive pressures that have resulted in some market share erosion. "Compelling bundling options and a high quality network should enable solid market share long term. We believe Charter will operate primarily in a rational duopoly offering a core service that is essential and utility-like for most households. In the FTTH markets, which comprise about 50% today (projected to head to 65% long term), we believe it has several advantages that will allow it to roughly split the market: -- Speeds offered are similar to FTTH and network upgrades that are underway will allow symmetrical gigabit upload and download speeds, narrowing marketing claims advantage that fiber may have. -- Bundling mobile wireless, at very competitive rates through a perpertual wholesale agreement, with broadband is a powerful defensive tool that can counter price discounts that FTTH competitors may offer on broadband. -- Xumo offers a streaming aggregation interface that can be a competitive advantage for broadband-only customers. -- Ability to offer more affordable and increasingly flexbile video packages (which about 50% of U.S. households still subscribe to). Where there is no FTTH competition (50% of footprint moving to 35% long term) Charter will have the fastest internet speeds available. Charter's primary competition will be FWA (where available), inferior copper-based services, and more expensive and less reliable satellite internet. S&P said, "Longer term, we expect FWA may become less of a competitive threat as network capacity becomes constrained from high data usage and alternative higher value use cases for spectrum emerge. Therefore, we expect the pace of FWA growth to ease in 2026 and beyond such that Charter should be able to garner more than a 50% market share in these less competitve markets long term." S&P said, "We believe Charter's wireless service is a key differentiator. We believe the economics in the perpetual wholesale agreement are solid given Charter's scale and negotiating leverage. Furthermore, we believe the ability to offload traffic (using WiFi hotspots and Citizens Broadband Radio Service {CBRS} spectrum) at a greater rate than traditional resellers presents a unique opportunity to continue pricing aggressively. Therefore, we expect Charter will continue growing mobile lines at a healthy rate for the next several years. Although the service has been a drag on profitability because of subscriber acquisition costs, we believe the economics will improve over time. As such, we project Charter's mobile EBITDA margins can exceed 10% over time (which is where Boost Mobile has operated in the past), which could allow EBITDA to approach $1 billion by 2026 or 2027. "We project the expiration of the ACP will cause EBITDA pressure over the next year before returning to 3%-4% growth by 2026. Our base-case impact from ACP includes a combination of customer churn (600,000), customer discounts that temporarily pressure ARPU ($10 for retained ACP customers), and mobile promotions that are a drag on profits initially resulting in EBITDA down about 1% in 2024." S&P expects EBITDA growth will return to 3%-4% by 2026 due to the following: -- Wireless will be a more meaningful contributor to earnings by 2026 whereas we project it is roughly break-even in 2024. -- HSD ARPU will grow around 3% in 2026 from a combination of price increases, add-ons, and customer upgrades to faster speeds. Charter benefits from having industry-low ARPU, which could provide more pricing power than peers. -- FWA customer additions begin to ease somewhat by 2026 from peak levels in 2023 and 2024. -- New customer additions from footprint expansion will contribute to HSD subscriber gains of roughly 280,000 by 2026. Political advertising in 2026 S&P expects management to maintain appropriate leverage for the rating. Management recently highlighted its commitment to maintaining access to the investment-grade market. It signaled its intention to move closer to the middle of its target leverage range of 4.0x-4.5x through the end of this year. The company will continue to re-evaluate its positioning and could move closer to 4.5x over time as free operating cash flow (FOCF) improves. Charter's near-term financial flexibility is limited but will likely be restored over time. Charter is amid a peak investment cycle that includes footprint expansion as well as network upgrades to allow for symmetrical gigabit speeds and multi-gig download speeds across its entire footprint. The company has indicated that its core capital expenditure (capex) is roughly $6 billion per year and has provided capex guidance through 2027 that includes capex declining to $8 billion by 2027 (inclusive of $2 billion in footprint expansion). S&P has included a placeholder for Broadband Equity Access and Deployment (BEAD) program spending of about $1.5 billion per year starting in 2026, although this amount is not committed and is subject to uncertainty around BEAD awards, rules, and timing. Due to the elevated capex, the company's ability to reduce leverage through FOCF has been diminished, particularly in 2024 as EBITDA growth will be limited. S&P said, "In fact, we estimate it will only be able to reduce debt to EBITDA by about 0.1x this year to 4.3x. We project it will operate under similar constraints in 2025 as well." However, S&P projects Charter's flexibility and ability to reduce leverage will gradually increase to the following incremental amounts per year from a combination of a return to EBITDA growth and higher FOCF from lower capital spending: -- 0.3x in 2026 as EBITDA growth is restored to about 3%; and -- 0.4x in 2027 as capital spending returns to more normalized levels. S&P said, "We could weight FOCF more heavily long term. We will continue to be mindful of the potential for heavy investments in footprint expansion to mask deterioration in business conditions in existing markets, based solely on EBITDA trends. Debt to EBITDA alone may not adequately capture deterioration in Charter's credit profile due to heightened competition in legacy markets if Charter requires elevated capital spending to support expensive prolonged footprint expansion to sustain EBITDA. If financial flexibility is greatly diminished and debt reduction prospects are more limited long-term because of heavy and sustained capital investments required to keep financial leverage steady, we would weight FOCF more heavily. "However, we are unlikely to lower ratings near-term based on a cash flow metric given our belief that Charter's long-term competitive position remains sound. We are more tolerant of temporary weakness in FOCF given capital investments drive predictable earnings growth and there is a credible path toward returning to FOCF to debt above 5% long term. "The stable outlook incorporates our long-term view that Charter's business fundamentals remain solid, combined with management's track record and commitment to maintaining appropriate debt to EBITDA for the rating. This includes consistently keeping leverage at, or below 4.5x since the merger with Time Warner Cable in 2016. "Although unlikely, we could lower the rating if the company were to increase debt to EBITDA above 4.5x to fund an acquisition or share repurchases. "Although unlikely over the next year, we could also tighten our thresholds further if business conditions deteriorate, such that EBITDA per home passed is on a meaningfully declining trajectory long term. This would likely entail weaker-than-expected mobile profitability, broadband ARPU growth stalling, or HSD penetration declining to the low-40% area. "Although unlikely over the next year, we could also lower the rating if FOCF to debt is not on a path to return above 5% long term. We could emphasize this ratio more heavily if EBITDA growth remains stagnant amid aggressive footprint expansion, such that Charter's deleveraging ability is more limited than we expect long term. "We are unlikely to raise the rating. However, we could do so if debt to EBITDA declines below 4x and management commits to maintaining it at that level. Any upgrade would also entail stabilization in the operating environment such that there is less threat of market share loss over time." CHECKOUT HOLDING: Invesco Dynamic Marks $222,000 Loan at 48% Off ---------------------------------------------------------------- Invesco Dynamic Credit Opportunity Fund has marked its $222,000 loan extended to Checkout Holding Corp. to market at $116,418 or 52% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Dynamic's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Dynamic is a participant in Term Loan to Checkout Holding. The loan accrues interest at a rate of 14.8% (3 mo. Term SOFR + 9.50%) per annum. The loan matures on May 10, 2027. Invesco Dynamic is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. Invesco Dynamic is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Dynamic Credit Opportunity Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Checkout Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides market consulting services. CHECKOUT HOLDING: Invesco Senior Marks $165,000 Loan at 47% Off --------------------------------------------------------------- Invesco Senior Loan Fund has marked its $165,000 loan extended to Checkout Holding Corp. to market at $86,828 or 53% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Senior's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Senior is a participant in Term Loan to Checkout Holding. The loan accrues interest at a rate of 14.8% per annum. The loan matures on May 10, 2027. Invesco Senior Loan Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. The Fund may also invest a portion of its assets indirectly through a wholly-owned subsidiary, Invesco Senior Loan TB, LLC, a Delaware limited liability series company, which formed a separate registered series. The Fund owns all beneficial and economic interests in the Subsidiary and the Subsidiary's registered series. Invesco Senior is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Senior Loan Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Checkout Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides market consulting services. CHOICE MARKET: Seeks to Hire Kutner Brinen Dickey Riley as Counsel ------------------------------------------------------------------ Choice Market Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, PC as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions that may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until a final decree herein the continuation of pending proceedings and to enjoin and stay until a final decree herein the commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor that may be necessary herein. The hourly rates of the firm's counsel and staff are as follows: Jeffrey S. Brinen $515 Jenny M. Fujii $410 Jonathan M. Dickey $375 Keri L. Riley $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer in the amount of $11,649.92 from the Debtor. Jeffrey Brinen, Esq., an attorney at Kutner Brinen Dickey Riley, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey S. Brinen, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2910 Email: jsb@kutnerlaw.com About Choice Market Choice Market is an omnichannel retailer creating a technology-centric network of convenient, small-format markets and last-mile fulfillment centers. Choice Market Holdings, LLC and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 24-12394) on May 6, 2024. In the petitions signed by Michael Fogarty, manager, Choice Market Holdings disclosed up to $10 million in both assets and liabilities, Choice Market Uptown disclosed up to $1 million in assets and up to $10 million in liabilities, and Choice Market Bannock listed under $1 million in both assets and liabilities. Judge Joseph G Rosania Jr. oversees the case. Jeffrey Brinen, Esq., at Kutner Brinen Dickey Riley, PC represents the Debtors as counsel. CINCINNATI BELL: Moody's Rates New Revolving Credit Facility 'B1' ----------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Cincinnati Bell Inc.'s new revolving credit facility. Following an extension amendment to the company's existing credit agreement with the bulk of its lenders, Moody's assigned a B1 rating to the extended portion of Cincinnati Bell's prior revolving credit facility (formerly due September 2026) totaling $377.5 million and now maturing in August 2028. The B1 rating is unchanged on the non-extended $22.5 million portion of Cincinnati Bell's existing revolving credit facility which still matures in September 2026. Cincinnati Bell also issued an incremental $300 million add-on to an existing B1 rated $637 million term loan B-2 maturing November 2028; the company has two additional B1 rated term loans -- a term loan B-1 and a term loan B-3 -- aggregating $689 million that both mature in November 2028 as well. Proceeds from this $300 million add-on term loan will be used to fully pay down all currently drawn balances under the company's revolving credit facilities approximating $270 million in total and all balances under its Network segment's receivables facility due January 2025 in a leverage neutral transaction. All other ratings remain unchanged, including the company's B1 corporate family rating (CFR), B1-PD probability of default rating (PDR) and B2 rating on Cincinnati Bell Telephone Company LLC's 6.30% notes due December 2028. The outlook is stable. RATINGS RATIONALE Cincinnati Bell's B1 CFR reflects the company's financial policy commitment to debt leverage (Moody's adjusted) below 4x, the cash flow stability of its fiber-based broadband business model and its competitive positioning in the greater Cincinnati and Hawaii market. Cincinnati Bell's fiber network positions the company competitively within its network footprints against incumbent cable competitors for advanced broadband data, voice and video services to both residential and commercial customers. The company continues to execute its fiber network buildout strategy outside the greater Cincinnati area with edge outs in nearby communities, in addition to its ongoing extensions of fiber passings across its Hawaii footprint. Cincinnati Bell's credit profile remains partially constrained by legacy product declines and the high capital investing levels necessary to continue to expand its fiber networks to better sustain subscriber and revenue growth. The company's continuing network expansion pressures negative free cash flow trends, but these have consistently been offset to date by cash equity contributions from the company's sponsor, Macquarie Infrastructure Partners. The company currently operates in two segments, Network and IT Services & Hardware (ITS&H), but Cincinnati Bell is currently in the process of selling its lower margin ITS&H segment to TowerBrook Capital Partners for approximately $670 million while retaining its core, higher margin Network segment to drive future growth. While the exact use of after-tax proceeds is currently uncertain, Moody's believes contributions to balance sheet cash and reductions in outstanding debt amounts are likely. This asset sale will enhance Cincinnati Bell's liquidity and financial flexibility, better enabling the company to focus on sustained value creation through expansion of its fiber network to support broadband internet services in its existing operating territories and new geographies. While the closing of the ITS&H sale is expected in late 2024, regulatory approvals and other closing conditions could push this closing date into early 2025 and briefly constrain the pace of some capital spending. Excluding growth capital investments, Cincinnati Bell's liquidity is adequate. At December 31, 2023, the company had $9.1 million of cash on hand and around $248 million of availability under its $400 million revolving credit facility due September 2026; the current availability is understood to be approximately $130 million. Post the extension of most of the $400 million revolving credit facility to August 2028 from September 2026 and combined with proceeds from the $300 million term loan add-on, Moody's expects full availability under the two remaining revolving credit facilities. The revolvers both include a springing first lien net leverage covenant to be tested at 35% utilization and which is set at 5.75x. Moody's expects the company to retain sufficient headroom under the terms of this 5.75x covenant. In addition, the company currently has two separate receivables facilities with the following availabilities as of December 31, 2023: $2.0 million of availability under a $55 million Network segment's receivables facility due January 2025 (with full availability expected post the full paydown of outstanding balances with proceeds from the $300 million incremental term loan) and $9.4 million availability under a $225 million CBTS receivables facility due April 2025 which is part of the company's ITS&H segment. Cincinnati Bell's current cash sources are not expected to be fully sufficient to satisfy the growth capital spending plans of the issuer, and Moody's expects the company will continue to resort to external capital to fund its network construction investments, likely through continued financial support from its sponsor. In August 2023, the company's sponsor committed to make capital contributions of $600 million to Cincinnati Bell, of which $400 million was received in Q3 2023 and $200 million anticipated during Q4 2024. The capital contribution received in 2023 was used to repay borrowings on the company's revolving credit facility, and fund capital investments and working capital. While negative free cash flow will affect short term liquidity, capital spending is not committed and can be halted at the company's option with about a quarter's lead time. Moody's expects that Cincinnati Bell will retain around $50 million of available liquidity on a run rate basis. The instrument ratings reflect both the probability of default of Cincinnati Bell, as reflected in the B1-PD probability of default rating, an average expected family recovery rate of 50% at default and the loss given default assessment of the debt instruments in the capital structure based on a priority of claims. The B1 rating on the senior secured facilities reflects the fact the credit facilities benefit from guarantees from all material operating subsidiaries and are secured by substantially all assets. The notes due 2028 issued by Cincinnati Bell Telephone Company LLC (CBT) share security in the assets held at CBT (estimated at 55%-60% of consolidated assets) with the secured credit facilities. These notes benefit from a guarantee from Cincinnati Bell and their recovery over non-CBT assets would be subordinated to that of secured credit facilities. As a result, the notes held at CBT are rated B2, one notch below the B1 rating on the secured credit facility. The stable outlook reflects Moody's expectations that demand from Cincinnati Bell's fiber broadband offerings will support continued growth in its operations, offset by declines in the higher margin legacy wireline business. The outlook also assumes that capital investing tied to the company's continued network expansion is funded adequately, and that a minimum of $50 million of liquidity is maintained at all times. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if the company increases the business's scale through sustained subscriber and revenue growth, and if leverage (Moody's adjusted) were to sustainably decrease to below 3x while the company generates at least high single-digit free cash flow to debt. Moody's could downgrade the rating if leverage (Moody's adjusted) were to remain consistently above 4x on a run rate basis by year-end 2024 as a result of the company not achieving EBITDA growth in line with expectations. Downward pressure could also arise should free cash flow generation (excluding growth capital spending) weaken or if the company were unable to maintain adequate liquidity. With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. is a full-service regional provider of broadband data, voice and video services, a provider of managed information technology services and a reseller of IT and telephony equipment. In July 2018, the company acquired Hawaiian Telecom Communications, Inc., (Hawaiian Telcom), a privately-owned provider of voice, video, broadband, data center and cloud solutions. The company operates under two brand names: altafiber and Hawaiian Telcom. In September 2021 the company was acquired by Macquarie Infrastructure Partners, a fund managed by Macquarie Infrastructure and Real Assets. For the 12 months ended December 31, 2023, Cincinnati Bell generated $1.8 billion in revenue. The principal methodology used in this rating was Telecommunications Service Providers published in November 2023. CIRCLE C: Unsecureds to Get Paid After Secured Claims in Plan ------------------------------------------------------------- Judge Sarah A. Hall has entered an order confirming the Plan of Circle C Equipment, LLC. The United States Trustee's Objection to Debtor's Plan of Reorganization, with brief is resolved. The Trustee's Objection to Debtor, Circle C Equipment, LLC's Plan of Reorganization is resolved. Circle C Equipment's Plan of Reorganization proposes to pay Debtor's creditors from the revenue generated by Debtor. Under the Plan Class 3 consists of all allowed unsecured claims. Debtor does not anticipate any distribution to the unsecured creditors; however, Debtor will pay all of its projected disposable income, if any, over 36 months to the general unsecured pool of creditors. If Debtor has monthly disposable income during the 36 month period, it will first pay the disposable income to its secured creditors, then once the secured creditors are paid in full, Debtor will pay its disposable income to the unsecured pool of creditors through month 36. Class 3 is impaired. Attorneys for the Debtor: Gary D. Hammond, Esq. HAMMOND LAW FIRM 512 N.W. 12th Street Oklahoma City, OK 73103 Tel: (405) 216-0007 Fax: (405) 232 6358 E-mail: gary@okatty.com -and - Amanda R. Blackwood, Esq. BLACKWOOD LAW FIRM, PLLC 512 NW 12th Street Oklahoma City, OK 73103 Tel: (405) 309-3600 Fax: (405) 378-4466 E-mail: amanda@blackwoodlawfirm.com A copy of the Order dated April 26, 2024, is available at https://tinyurl.ph/OqLkl from PacerMonitor.com. A copy of the Plan of Reorganization dated April 26, 2024, is available at https://tinyurl.ph/QyWhU from PacerMonitor.com. About Circle C Equipment Circle C Equipment, LLC began operating in 2017 as a wellhead and fracking retail equipment dealer and trucking company and primarily provided services for oil and gas companies in Oklahoma City, OK. The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. D. Okla. Case No. 23-13213) on Dec. 6, 2023, listing $284,735 in assets and $1,578,807 in liabilities. Ricky Collins as president/owner, signed the petition. Judge Sarah A. Hall oversees the case. HAMMOND LAW FIRM serves as the Debtor's legal counsel. CITY BREWING: Invesco Dynamic Marks $1.8MM Loan at 23% Off ---------------------------------------------------------- Invesco Dynamic Credit Opportunity Fund has marked its $1,800,000 loan extended to City Brewing Co. LLC to market at $1,391,105 or 77% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Dynamic's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Dynamic is a participant in a First Lien Term Loan to City Brewing. The loan accrues interest at a rate of 9.08% (3 mo. Term SOFR + 3.50%) per annum. The loan matures on April 5, 2028. Invesco Dynamic is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. Invesco Dynamic is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Dynamic Credit Opportunity Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 City Brewing Company, LLC produces beverages by contract, including beer, malts, teas, and energy drinks. CITY BREWING: Invesco Senior Marks $2.7MM Loan at 23% Off --------------------------------------------------------- Invesco Senior Loan Fund has marked its $2,731,000 loan extended to City Brewing Co. LLC to market at $2,111,097 or 77% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Senior's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Senior is a participant in a First Lien Term Loan to City Brewing. The loan accrues interest at a rate of 9.08% (3 mo. Term SOFR + 3.50%) per annum. The loan matures on April 5, 2028. Invesco Senior Loan Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. The Fund may also invest a portion of its assets indirectly through a wholly-owned subsidiary, Invesco Senior Loan TB, LLC, a Delaware limited liability series company, which formed a separate registered series. The Fund owns all beneficial and economic interests in the Subsidiary and the Subsidiary's registered series. Invesco Senior is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Senior Loan Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 City Brewing Company, LLC produces beverages by contract, including beer, malts, teas, and energy drinks. CLARIVATE SCIENCE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Clarivate plc, Clarivate Science Holdings Corporation and Camelot Finance SA at 'BB-'. Fitch has affirmed Clarivate's first-lien debt at 'BB+'/'RR1' and its unsecured notes at 'BB-'/'RR4'. Fitch has also assigned a Long-Term IDR of 'BB-' to Camelot US Acquisition, LLC and assigned the secured revolver and term loan a 'BB+'/'RR1' rating. The Rating Outlook is Stable. The ratings affect approximately $4.7 billion of debt. The ratings reflect Clarivate's cash flow generation, profitability and financial flexibility. The company's margins are strong due to recurring subscription revenue streams, and free cash flow generation should enable a reduction in leverage below Fitch's positive sensitivity of 4.0x if the company continues to voluntarily reduce its debt. Clarivate's subscription/re-occurring revenues amount to 80%, providing a high level of visibility and resilience through economic cycles. Financial flexibility is supported by adequate liquidity, strong interest coverage and maturities beginning in 2026. The company's debt and interest burden limit the rating, but management has made voluntary debt payments in the past two years. KEY RATING DRIVERS Resilience Through Economic Cycles: Clarivate's revenue has held up during past contractions because customers rely on its products. Transactional revenue is decreasing as management focuses on growing subscription products and recurring revenue. During the economic downturn in 2008 to 2009, Clarivate's key products generated revenue growth. Its customers in academia and government constitute almost half of their revenue, and quality scientific and technical journal subscriptions have not been sensitive to macroeconomic downturns. Proprietary Platforms and Data: Clarivate sources data, adds metadata including search terms and then provides access to customers on technology platforms. Products such as its global patent information platform provide the company with a defensible position, since it would be difficult for any competitor to replicate the breadth of their offering. Management reports high client retention rates, indicating stability that provides good credit protection. Diversified, Longstanding Relationships: Clarivate's flagship products hold top-tier positions across their respective markets. They are an integral part of customers' decision-making process and benefit from multi-year agreements. Clarivate has over 30,000 customers in more than 150 countries, including the top 30 pharmaceutical companies by revenue and 50 global patent offices. Relationships with the top 50 customers average over 15 years. No single customer accounts for more than 1% of revenue, and the 10 largest customers represent 7% of revenue. Annual revenue renewal rates are in excess of 90%. Strong FCF: Clarivate has enhanced its annual FCF generation over the past several quarters, and the company's 2023 FCF of approximately $425 million (after the preferred dividend) was in line with its expectation. Fitch projects this metric will be above $500 million in 2024 and the following years, which will enable Clarivate to invest further in growth opportunities. The company has attractive FCF characteristics due to a recurring subscription revenue stream and strong EBITDA margins. Capital expenditure requirements may increase as the company invests in machine learning and AI capabilities. Deleveraging Capacity and Commitment: Clarivate's capital structure includes $1.4 billion of convertible preferred shares, and Fitch's criteria treat this as 50% debt, i.e., increasing the company's leverage on a Fitch-calculated basis. When these shares convert to common equity in June of 2024, Fitch-calculated debt will decrease by almost $700 million. In addition, Clarivate's management has already made material voluntary debt repayments. Its leverage could be below its positive sensitivity by YE'24 if management continues to pay down debt ahead of schedule. DERIVATION SUMMARY Clarivate has a leading position in information services and analytics serving the scientific research, intellectual property and life sciences end-markets. Leverage has been above 4.0x due to the transaction history, most notably the acquisition of ProQuest in 2021. The company voluntarily paid down significant debt during 2023. Peers include Moody's Corporation (BBB+/Stable), Thomson Reuters Corporation (BBB+/Stable), The Dun & Bradstreet Corporation (BB-/Positive), and MSCI Inc. (BBB-/Stable). Among its peers Clarivate has the highest leverage and the lowest free cash flow generation. EBITDA leverage for Dun & Bradstreet has been above 4.0x for the past several years but slightly below Clarivate's leverage. All the investment grade names operate with much lower leverage and larger scale, i.e., absolute EBITDA metrics. Similarly, EBITDA margins for Dun & Bradstreet have been the lowest of these issuers in the low to mid 30% range. Clarivate has been operating above 40%, and Moody's and MSCI have the highest margins which are above 50%. No Country Ceiling or parent-subsidiary factors affect the ratings. KEY ASSUMPTIONS - Revenue growth of 2%; - EBITDA margins sustained above 40%; - Capital intensity at 9% of revenue, although the company is targeting a reducing in maintenance capex. RECOVERY ANALYSIS The senior secured term loan, revolving credit facility and secured notes, rank as a category 1 first lien security resulting in a recovery rating of 'RR1'/+2. The unsecured notes have a recovery rating of 'RR4'/+0, in line with the IDR. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA Leverage equal or lower than 4.0x - Sustained organic revenue growth in excess of low single digits Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA Leverage equal or greater than 5.0x - Expectation for flat to negative organic revenue growth - Shift to more aggressive financial policy. LIQUIDITY AND DEBT STRUCTURE Adequate liquidity: The company has adequate liquidity with $362 million of cash and equivalents as of March 31, 2024, and the full $700 million available on the revolving credit facility. Fitch also projects FCF to approach or exceed $500 million 2024, enabling the company to continue its voluntary leverage reduction plan. Debt maturity profile: Clarivate's $700 million senior secured notes mature in November of 2026, which is its earliest maturity. The company also has senior secured notes of approximately $920 million maturing in 2028 and unsecured notes of approximately $920 million maturing in 2029. All of these notes are fixed rate. In January 2024, Clarivate extended its revolving credit facility to 2029 and its term loan to 2031; the $700 million revolver is undrawn. The term loan of $2.15 billion is floating rate debt, and Clarivate improved this to SOFR + 2.75% at the time of the January 2024 amendment. ISSUER PROFILE Clarivate Plc is a leading global information services and analytics company serving the scientific research, intellectual property and life sciences end-markets. They provide structured information and analytics to facilitate the discovery, protection and commercialization of scientific research, innovations and brands. ESG CONSIDERATIONS Clarivate Plc has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to managing customer data, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Camelot U.S. Acquisition LLC LT IDR BB- New Rating senior secured LT BB+ New Rating RR1 Clarivate Plc LT IDR BB- Affirmed BB- Clarivate Science Holdings Corporation LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ Camelot Finance S.A. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ CLOVER FOOD: Emerges from Chapter 11, To Expand Business -------------------------------------------------------- Kirk O'Neil of The Street reports that financial distress in the restaurant industry has led several fast-food and fast casual chains to file for bankruptcy, with businesses reorganizing, selling their assets or shutting down permanently. Fast-casual Tex-Mex chain Tijuana Flats Restaurants on April 19 filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida, with ambitious plans to turn around the company that included selling the company to a new ownership group and closing 11 of its locations. The new owners, Flatheads LLC, purchased the restaurant chain from TJF USA LLC with a plan to revitalize its restaurants and reinvigorate the customer experience. Another restaurant chain had more depressing plans, as fast casual restaurant chain Foxtrot and Dom's Kitchen & Market, with 33 locations across the nation, on April 23 revealed that it was abruptly filing Chapter 7 bankruptcy liquidation and shutting down all of its locations immediately. The reason for the filing was unclear, according to reports. While struggling restaurant chains file bankruptcy, close down locations, and in some cases go out of business, a popular Boston fast-food chain is bucking that trend and intends to emerge from Chapter 11 with a plan to expand its footprint in New England by four times. While struggling restaurant chains file bankruptcy, close down locations, and in some cases go out of business, a popular Boston fast-food chain is bucking that trend and intends to emerge from Chapter 11 with a plan to expand its footprint in New England by four times. Fast food restaurant emerges from bankruptcy Boston-based vegetarian fast-food restaurant chain Clover Food Lab filed for Chapter 11 Subchapter 5 bankruptcy in the U.S. Bankruptcy Court for District of Delaware on Nov. 3, 2023, to reorganize its business as its sales did not fully recovered from the effects of the Covid pandemic, according to its website. In addition to lower than expected sales, the company in court papers said that high rent for its locations and inadequate funding as a result of the failure of Silicon Valley Bank contributed to the chain's distress. The restaurant chain had planned to raise capital to expand in New England and into New York but the fallout from the failure of Silicon Valley Bank resulted in its financing plans to collapse. The debtor said that high rents and low sales at three of its locations led it to seek lease concessions from its landlords, which was unsuccessful and forced the company to file bankruptcy. The restaurant chain opened in 2008 as a single food truck on the Massachusetts Institute of Technology campus in Cambridge, Mass., and offers an organic, vegetarian menu that "changes by the minute to keep up with daily available produce from farms in New England," according to Clover Food Lab's website. The company had 15 locations when it filed its Chapter 11 petition, but closed locations in Boston's Copley Square and Somerville's Assembly Row during its reorganization. Clover Food Lab in a April 24, 2024 statement said that it will emerge from Chapter 11 Subchapter V bankruptcy this week with a five-year plan to add 47 new stores, initially opening locations in the Greater Boston area and then elsewhere in New England. It will focus on smaller outlets in urban areas and around universities, the statement said according to Boston Restaurant Talk. The expansion will grow the chain from 15 locations when it filed bankruptcy to 60 outlets after a five-year period. About Chain Clover Food Lab Clover Food Lab -- https://www.cloverfoodlab.com -- is a Boston-based vegetarian fast food chain. Clover Food Lab sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11812) on Nov. 3, 2023. In the petition filed by Julia Wrin Piper,chief executive officer, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Karen M. Grivner, Esq. Clark Hill PLC 1075 Cambridge Street Cambridge, MA 02139 CORTES ENTERPRISES: Taps El Bufete Del Pueblo as Bankruptcy Counsel ------------------------------------------------------------------- Cortes Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ El Bufete Del Pueblo, PSC as its legal counsel. The Debtor requires legal counsel to: (a) advise the Debtor with respect to rights, powers, duties and obligations in the administration of its Chapter 11 case, the operation of its business, and the management of its property; (b) prepare pleadings and applications, and conduct examinations incidental to administration; (c) advise and represent the Debtor in connection with all applications, motions or complaints for reclamation, adequate protection, sequestration, relief from stay, appointment of a trustee or examiner, and all other similar matters; (d) develop the relationship of the status of the Debtor to the claims of creditors; (e) assist in the formulation and presentation of a Chapter 11 plan pursuant to Chapter 11 Subsection V of the Bankruptcy Code and concerning any and all matters relating thereto; and (f) perform all other legal services. The hourly rates of the firm's counsel and staff are as follows: Hector Figueroa Vincenty, Esq. $250 Paralegals $75 El Bufete Del Pueblo received a retainer in the amount of $4,000. Hector Figueroa Vincenty, Esq., an attorney at El Bufete Del Pueblo, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Hector Figueroa Vincenty, Esq. El Bufete Del Pueblo, PSC Calle San Francisco 310 San Juan, PR 00901 Phone: (787) 378-1154 Email: quiebras@elbufetedelpueblo.com About Cortes Enterprises Cortes Enterprises, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-01645) on Apr. 22, 2024. In the petition signed by Carlos C. Cortes, vice president, the Debtor disclosed up to $500,000 in both assets and liabilities. Hector J. Figueroa Vincenty, Esq., at El Bufete Del Pueblo, PSC represents the Debtor as counsel. COVALENT FACILITY: Taps Kutner Brinen Dickey Riley as Legal Counsel ------------------------------------------------------------------- Covalent Facility Management seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, PC as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions that may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until a final decree herein the continuation of pending proceedings and to enjoin and stay until a final decree herein the commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor that may be necessary herein. The hourly rates of the firm's counsel and staff are as follows: Jeffrey S. Brinen $515 Jonathan M. Dickey $375 Keri L. Riley $375 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer in the amount of $11,666.67 from the Debtor. Keri Riley, Esq., an attorney at Kutner Brinen Dickey Riley, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: klr@kutnerlaw.com About Covalent Facility Management Covalent Facility Management filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-12364) on May 3, 2024, listing up to $1 million in assets and up to $10 million in liabilities. The case is jointly administered in Case No. 24-12361. Judge Joseph G. Rosania, Jr. oversees the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC represents the Debtor as counsel. CQP HOLDCO: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on CQP Holdco L.P. (CQP Holdco) and its 'BB' issue-level rating on the company's senior secured debt. The '3' recovery rating on the debt, which indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of payment default, is unchanged. The stable outlook reflects S&P's expectation that CQP will continue to generate robust cash flows with commensurate distributions to CQP Holdco. Although key credit metrics are depressed in 2024, it expects the leverage ratio will fall below 5.3x and interest coverage will be sustained above 3.0x. Strong distributions to CQP Holdco are supported by contracted cash flows at CQP. S&P said, "We view CQP's underlying cash flows as stable because they are backed by highly contracted long-term agreements with investment-grade offtakers, resulting in strong distributions to CQP Holdco. One of CQP's subsidiaries, Sabine Pass Liquefaction LLC (SPL), has contracts with a diverse group of natural gas suppliers and sells liquefied natural gas globally to investment-grade offtakers. Strong cash flows in 2023, resulting in distributions in line with our expectations, support a positive cash flow assessment. We estimate that distributions to CQP Holdco in 2024 will be lower by about $100 million compared with our expected run rate due to debt repayment at CQP. As a result, we expect total distributions to CQP Holdco of $665 million-$675 million in 2024. Looking ahead to 2025 and 2026, we expect distributions to CQP Holdco of $775 million-$785 million annually. Credit metrics remain supportive of the rating, as we forecast CQP Holdco's interest coverage will be above 3.0x in 2025 and 2026, and stand-alone leverage will fall below 5.5x in 2025." Stable operations at SPL are supportive of robust cash flows at CQP and distributions to CQP Holdco. SPL has demonstrated solid operational performance and has successfully delivered on contracted cargos since commercial operations began in 2016, translating into robust cash flows to CQP and distributions to CQP Holdco. Moreover, in 2023, SPL successfully completed its first large-scale maintenance at trains 1 and 2, which should help ensure ongoing operations. As the trains are key assets of the investee, their solid operational performance is critical to CQP Holdco's distributions. Although SPL is exploring expanding capacity with the addition of two trains (7 and 8), it has not reached a final investment decision and we do not include this in its forecast. The stable outlook on CQP Holdco reflects S&P's expectation that CQP will generate robust cash flows with commensurate distributions to CQP Holdco. Although key credit metrics are depressed in 2024, S&P expects CQP Holdco's stand-alone leverage will be about 5.1x-5.3x in 2025 and 2026, and interest coverage will remain above 3.0x in 2025 and 2026. S&P could take a negative rating action if: -- S&P expects leverage will be sustained above 6.0x, which could occur as a result of the issuance of additional debt. -- The interest coverage ratio falls below 3.0x and remains at those levels. -- CQP Holdco's liquidity position deteriorates materially. -- S&P takes a negative rating action on CQP. S&P could take a positive rating action on CQP Holdco if: -- S&P takes a position rating action on CQP; and -- CQP Holdco maintains leverage below 4.0x CREAGER MERCANTILE: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Creager Mercantile Co. 1375 West 47th Avenue Denver, CO 80211 Chapter 11 Petition Date: May 16, 2024 Court: United States Bankrutpcy Court District of Colorado Case No.: 24-12652 Judge: Hon. Kimberley H. Tyson Debtor's Counsel: Jeffrey S. Brinen, Esq. KUTNER BRINEN DICKEY RILEY PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 Email: jsb@kutnerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Donald Creager as president. A copy of the Debtor's list of 20 largest unsecured creditors is now available for download. Follow this link to get a copy today https://www.pacermonitor.com. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/OOFPHEQ/Creager_Mercantile_Co__cobke-24-12652__0001.0.pdf?mcid=tGE4TAMA CREDIVALORES - CREDISERVICIOS: Case Summary & Unsecured Creditors ----------------------------------------------------------------- Debtor: Credivalores - Crediservicios S.A. Carrera 7 # 76-35 Piso 7 Bogota D.C. Business Description: Credivalores claims to be the largest non- bank financial institution in Colombia engaged primarily in consumer lending, focusing its offerings on a variety of flexible, specialized, and tailored credit and financing alternatives, which includes payroll deduction loans (Tucredito), and insurance premium financing (Credipoliza), to the less-privileged segments of the Colombian population that is not served by traditional banks in small and mid-sized cities. Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court Southern District of New York Case No.: 24-10837 Judge: Hon. David S. Jones Debtor's Counsel: Blaire Cahn, Esq. BAKER & MCKENZIE LLP 452 Fifth Avenue New York, NY 10018 Tel: 212-626-4100 Fax: 212-310-1600 Email: blaire.cahn@bakermckenzie.com - and - Paul J. Keenan Jr., Esq. Reginald Sainvil, Esq. BAKER & MCKENZIE LLP 1111 Brickell Avenue, 10th Floor Miami, FL 33130 Tel: 305-789-8900 Fax: 305-789-8953 Email: paul.keenan@bakermckenzie.com reginald.sainvil@bakermckenzie.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Jaime Francisco Buritica Leal as chief executive officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/OQUFWJQ/Credivalores_-_Crediservicios__nysbke-24-10837__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. The Bank of New York Mellon Trustee of $220,154,250 240 Greenwich Street, Floor 7 East Unsecured New York, NY 10286 Bonds 2025 United States Contact: CREDIVALORES – CREDISERVICIOS TRUSTEE - Joanne Adamis Tel: (212) 815-4259 Fax: (212) 815-5875/ (212) 815-5877 Email: JOANNE.ADAMIS@BNYMELLON.COM 2. Finanza Inversiones S.A.S. Shareholders $42,600,551 Carrera 10 65-98 Loans Bogota, Cundinamarca Colombia Contact: Maria Cristina Rojas Phone: +57-601-4926792 Email: NOTIFICACIONES@FINANZAINVERSIONES.COM 3. Deutsche Bank Agent of $32,865,666 Winchester House Great Unsecured Winchester Street 1 Notes 2028 London, N/A EC2N 2DB United Kingdom Contact: Debt and Agency Services Tel: +44-207-547-5796 Fax: +44-0207-547-5782 Email: TSS-GDS.ROW@DB.COM 4. Fondo Nacional De Garantias Unsecured Debt $25,471,061 Calle 26 13-97 Piso25 Bogota, Cundinamarca Colombia Contact: Mayra Perez Tel: +57-601-3239000 EXT 4061 Email: GARANTIABONOS@FNG.GOV.CO 5. BAN100 S.A. Commissions & $8,753,563 CR 7 76 35 P 9 Sale of Business Bogota, Cundinamarca Segment Colombia (Related Parties) Contact: Ricardo Valdes Phone: +57-4926792 Ext. 2216 Email: RVALDES@BAN100.COM.CO 6. Banco De Occidente Unsecured $2,315,273 CRA 7 No. 71 - 52 Torree A Piso 1 Working Bogota, Cundinamarca Capital Colombia Facility Contact: Leonardo Jimenez Phone: +57-601-7462060 EXT 15242 Email: LJIMENEZ@BANCODEOCCIDENTE.COM.CO 7. BanColombia Operational $2,189,218 Avenida 8 Norte No. 12 N -43 Leases & Piso 5 Unsecured Cali, Valle Del Cauca Working Colombia Capital Contact: Maria Cristina Facilities Cadavid Valencia Phone: +57-602- 4853243 Email: MCCADAVI@BANCOLOMBIA.COM.CO 8. Direccion De Impuestos Y Income Taxes $988,255 Aduanas Nacinales (DIAN) CR 7 34 69 Bogota, Cundinamarca Colombia Phone: +57-601-3325100 Email: DIRECCIONGENERAL@DIAN.GOV.CO 9. Banco De Bogota Unsecured $644,842 Carrera 3 No.8 -13 Piso 8 Working Cali, Valle De Cauca Capital Colombia Facility Contact: Carlos Davila Phone: +57-602- 8900760 EXT. 55241 Email: CDAVIL1@BANCODEBOGOTA.COM.CO 10. Metlife Colombia Seguros Insurance $599,721 De Vida S.A. CR 7 99 53 P 17 Bogota, Bogota Colombia Contact: Guillermo Rodriguez Phone: +57-601-6388240 Email: GUILLERMO.A.RODRIGUEZ@METLIFE.CO 11. Americas Business Process Professional $236,369 Services SA Services AV El Dorado 85 D 55 LC 149 Bogota, Cundinamarca Colombia Contact: Olga Lucia Garzon Abril Tel: +57-601-4251700 Email: OLGA.GARZON@AMERICASBPS.COM; CRISTIAN.HERNANDEZH@AMERICASBPS.COM 12. Secretaria De Hacienda Bogota Income Taxes $156,520 CR 30 25 90 Bogota, Cundinamarca Colombia Phone: +57-601-3385000 Email: RADICACIONHACIENDABOGOTA@SHD.GOV.CO 13. Cuatrecasas, Goncalves Professional $143,535 Prereira S.A.S. Services CR 11 79 35 of 701 Bogota, Cundinamarca Colombia Contact: Manuel Fernando Quinche Gonzalez Phone: +57-606-7953030 Email: MANUEL.QUINCHE@CUATRECASAS.COM 14. Delima Marsh Insurance $107,921 CL 67N 6N 85 Cali, Valle Del Cauca Colombia Contact: Yasni Giovannetti Phone: +57-602-3985000 Email: YASNI.GIOVANNETTI@MARSH.COM; ALEXANDER.BOTELLO@MARSH.COM; ANDRES.C.POVEDA@MARSH.COM 15. Finleco B P O SAS Professional $104,209 CR 27B 68 96 Services Bogota, Cundinamarca Colombia Contact: Sergio Ernesto Reyes Orozco Phone: +57-601-7449772 – +57-3208498435 Email: ERNESTO.REYES@FINLECOBPO.COM; SERGIO.REYES@FINLECOBPO.COM; CONTABILIDAD@FINLECOBPO.COM; COMERCIAL@FINLECOBPO.COM; SERGIO.REYES@FINLECOBPO.COM 16. Econtact Col SAS Collections & $62,490 CR 28 48 59 Technical Manizales, Caldas Services Colombia Contact: Evaristo Canete Del Rio Phone: +57-3164544541 Email: JHOYOS@EMERGIACC.COM; AAGUDELO@EMERGIACC.COM 17. Central De Cobranzas SAS Professional $61,164 CR 43 95 20 BRR El Tabor Services Barranquilla, Atlantico Colombia Contact: Monica Patricia Velez Angulo Phone: (57) 3205654955 +57-605- 3091735 Email: JHERRERA@CENTRALDECOBRANZASLTDA.COM; VELEZMONICA@CENTRALDECOBRANZASLTDA.COM 18. American Smart System & Technical $59,476 Networks Ltda Services & CR 49 A 91 31 BBR LA Castellana Maintenance Bogota, Cundinamarca Colombia Contact: Jose Fernando Rodriguez Cabrera Phone: +57-601- 5801800 EXT 1020 Email: EARIAS@ASNETLA.COM; YTORRES@ASNETLA.COM; ASNET@ASNETLA.COM; GTORRES@ASNETLA.COM; YTORRES@ASNETLA.COM; FRODRIGUEZ@ASNETLA.COM 19. Credibanco SA Technical $59,293 AK 68 75 A 50 Metropolis Services & Bogota, Cundinamarca Maintenance Colombia Contact: Andres Mauricio Gomez Duran Phone: +57 (1) 3766440 Email: REPRESENTANTELEGALCREDIBANCO@CREDIBANCO.COM; ANDRESM.GOMEZ@CREDIBA NCO.COM; CARLOS.DELUQUE@CREDIBANCO.COM 20. Grupo Consultor RA SAS Professional $51,337 CL 29 BIS 6 58 OF 402 Services Bogota, Cundinamarca Colombia Contact: Sandra Rosa Acuna Paez Phone: (57) 3208770066 Email: SANDRARAP72@HOTMAIL.COM CSC HOLDINGS: $2.50BB Bank Debt Trades at 18% Discount ------------------------------------------------------ Participations in a syndicated loan under which CSC Holdings LLC is a borrower were trading in the secondary market around 81.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $2.50 billion Term loan facility is scheduled to mature on April 15, 2027. About $2.39 billion of the loan is withdrawn and outstanding. CSC Holdings, LLC, provides broadband communications and video services in the United States. It is a wholly owned subsidiary of Cablevision. CUMBERLAND ACADEMY: Moody's Affirms Ba2 Rating on 2020A Bonds ------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 rating for Cumberland Academy, TX. The affirmation impacts the school's Series 2020A Education Revenue Bonds. These bonds are the school's only outstanding debt, and roughly $75 million remains outstanding. The outlook is stable. RATINGS RATIONALE The Ba2 rating reflects the charter school's high leverage, which will remain a negative factor as the school adds an $8 million revolving line of credit to outstanding debt to complete a $8 million capital improvement project. While enrollment is generally stable, the lack of an admission waitlist also represents a credit pressure. The rating is supported, however, by gradually rising operating revenue that contributes to stable finances. The rating incorporates the school's healthy financial performance and rising liquidity, though this positive trend will likely be moderated in future based on management's future budgetary expectations. The rating considers the school's adequate academic performance relative to the local school district. Positively, the pension liability associated with participation in the statewide pension plan is expected to remain manageable. RATING OUTLOOK The stable outlook reflects Moody's expectation that the school's financial position will remain stable as it begins to utilize excess cash flow to repay debt incurred for a middle school expansion and that leverage will remain elevated as outstanding debt amortizes slowly. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained boost in enrollment, particularly if this results in a substantial waitlist -- Reduced ratio of debt to liquidity and revenue -- Continued improvement in liquidity despite planned capital outlay FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Significant and sustained declines in liquidity, especially if caused by an operational imbalance -- Increased debt beyond that expected for upcoming middle school expansion -- Further enrollment losses LEGAL SECURITY The bonds are special, limited obligations of the New Hope Cultural Education Facilities Finance Corporation, TX, secured solely by revenues derived from a loan agreement with Cumberland Academy. Under the loan agreement, the academy has pledged to make payments derived from revenues received from the operation of all of its facilities. The academy has also executed a deed of trust covering its real and personal property interests associated with the all of its facilities as security for the debt. PROFILE Cumberland Academy is a K-12 charter school that serves Tyler, TX and the surrounding area. The academy operates six facilities on four campuses with a combined enrollment of 2,035 students. The organization is governed by a six member board of directors and operates under a charter granted by the Texas Education Agency, expiring in 2026. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. CURO GROUP: Bankruptcy Plan Confirmed, to Exit Chapter 11 in June ----------------------------------------------------------------- CURO Group Holdings Corp. on May 17 disclosed that its Joint Prepackaged Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The Plan received overwhelming support from existing stakeholders constituting (1) 100% of the Company's Prepetition 1L Term Loan Claims and Prepetition 1.5L Notes Claims that voted on the Plan, (2) more than 99.9% of the Company's Prepetition 2L Notes Claims that voted on the Plan, and (3) more than 95% of Existing CURO Interests that voted on the Plan. The Company also obtained recognition of the Plan from the Ontario Superior Court of Justice (Commercial List). Following the Bankruptcy Court's approval of the Plan and the subsequent recognition of the Plan by the Canadian Court, the Company is targeting an exit from chapter 11 in late June, subject to receiving all necessary regulatory approvals and satisfying certain other customary closing conditions. The Plan will relieve the Debtors of approximately $1 billion in debt and not less than $75 million of annual interest obligations and will otherwise provide for improved liquidity. Importantly, the Plan provides for payment in full of the allowed claims of general unsecured creditors, which includes, among others, trade, customer, employee, and landlord claims. Doug Clark, CURO's CEO, said: "Obtaining approval of our Plan from the courts in the U.S. and Canada marks a pivotal moment for CURO, a milestone we should celebrate as we move into the final stages to emerge from chapter 11. This achievement would not have been possible without the collaboration and support from our lenders, employees, customers, partners, vendors, creditors, and shareholders. The joint effort from this diverse and expansive CURO community is one of our greatest strengths and will be integral for our next phase as we reinforce our competitive industry position." "The overwhelming support for our Plan highlights the substantial value our investors recognize in our business and the solutions we offer. With emergence expected around the end of June 2024, we join our lenders and stakeholders in our steadfast commitment to provide our customers with a variety of convenient, easily accessible financial services." Copies of the Plan and the accompanying disclosure statement, as well as other information regarding the Company's chapter 11 cases (the "Chapter 11 Cases"), are available at the following website: https://dm.epiq11.com/Curo. About Curo Group Headquartered in Chicago, Ill., CURO Group Holdings Corp. (OTC: CUROQ) is a tech-enabled, omni-channel consumer finance company serving a full spectrum of non-prime, near-prime and prime consumers in portions of the U.S. and Canada. CURO was founded over 25 years ago to meet the growing needs of consumers looking for alternative access to credit. The Company continuously updates its products and technology platform to offer a variety of convenient, accessible financial and loan services. Curo Group reported a net loss of $185.48 million for the year ended Dec. 31, 2022. As of Dec. 31, 2022, the Company had $2.79 billion in total assets, $2.84 billion in total liabilities, and a total stockholders' deficit of $54.13 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90165) on March 25, 2024. In the petition signed by Douglas Clark, chief executive officer, the Debtor disclosed $1,777,476,000 in assets and $2,230,687,000 in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy counsel, King & Spalding LLP as co-counsel, Cassels Brock & Blackwell LLP as Canadian legal counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. FTI Consulting Canada Inc. is the Canadian court-appointed information officer. Counsel to Atlas Securitized Products Holdings, L.P. as the First Heritage Administrative Agent and the Heights I Administrative Agent for the securitization lenders: Kevin Bostel, Esq. Justin Kanoff, Esq. WEIL, GOTSHAL & MANGES LLP 767 5th Ave New York, NY 10153 E-mail: Kevin.Bostel@weil.com Justin.Kanoff@weil.com Counsel to the DIP Agent, Prepetition 1L Agent, and Ad Hoc Group of Holders of CURO's First Lien Term Loans, 1.5 Lien Notes and Second Lien Notes: Joshua A. Feltman, Esq. Neil M. Snyder, Esq. WACHTELL, LIPTON, ROSEN & KATZ 51 West 52nd Street New York, NY 10019 E-mail: JAFeltman@wlrk.com NMSnyder@wlrk.com Ernst & Young LLP, serves as consultant to the Ad Hoc Group. Houlihan Lokey Capital, Inc., acts as financial advisor to the Ad Hoc Group. Quinn Emanuel Urquhart & Sullivan, LLP serves as counsel to OCO. Counsel to Midtown Madison Management LLC as Heights II Administrative Agent and Canada II Administrative Agent: Anthony F. Pirraglia, Esq. HOLLAND & KNIGHT, LLP 811 Main Street, Suite 2500 Houston, TX 77002 E-mail: Anthony.Pirraglia@hklaw.com - and - Thomas Walper, Esq. MUNGER, TOLLES & OLSON LLP 350 Grande Ave., 50th Floor Los Angeles, CA 90071 E-mail: Thomas.Walper@mto.com Counsel to the Prepetition 1.5L Notes Trustee: Aaron Gavant, Esq. BARNES & THORNBURG LLP One N. Wacker Drive, Suite 4400 Chicago, IL 60606-2833 E-mail: AGavant@btlaw.com - and - Molly Sigler, Esq. BARNES & THORNBURG LLP 225 S. Sixth Street, Suite 2800 Minneapolis, MN 55402 E-mail: Molly.Sigler@btlaw.com Counsel to the Prepetition 2L Notes Trustee: Harold Kaplan, Esq. FOLEY & LARDNER LLP 321 North Clark Street, Suite 3000 Chicago, IL 60654 E-mail: hkaplan@foley.com Counsel to Waterfall Asset Management, LLC as Canada I Administrative Agent: David S. Berg, Esq. Alexander Woolverton KRAMER LEVIN NAFTALIS & FRANKEL LLP 1177 Avenue of the Americas New York, NY 10036 E-mail: Dberg@kramerlevin.com (awoolverton@kramerlevin.com - and - Aubrey E Kauffman, Esq. Elana Hahn, Esq. FASKEN MARTINEAU DUMOULIN LLP 333 Bay Street, Suite 2400 Toronto, ON M5H 2T6 E-mail: akauffman@fasken.com ehan@fasken.com DANLON INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Danlon, Inc. 424 S. Indian Canyon Drive Palm Springs, CA 92262 Business Description: The Debtor operates an Asian fusion restaurant. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Central District of California Case No.: 24-12741 Judge: Hon. Mark D Houle Debtor's Counsel: Robert P. Goe, Esq. GOE FORSYTHE & HODGES LLP 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Tel: (949) 798-2460 Fax: (949) 955-9437 Email: rgoe@goeforlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lonnie Landers as chief executive officer. 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://pacermonitor.com/view/UQTR7VY/Danlon_Inc__cacbke-24-12741__0001.0.pdf?mcid=tGE4TAMA DEL MONTE: $725MM Bank Debt Trades at 21% Discount -------------------------------------------------- Participations in a syndicated loan under which Del Monte Foods Inc is a borrower were trading in the secondary market around 79 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $725 million Term loan facility is scheduled to mature on May 16, 2029. About $712.9 million of the loan is withdrawn and outstanding. Del Monte Foods, Inc. manufactures and distributes packaged food products. The Company provides canned fruits and vegetables, as well as a wide range of snacks. Del Monte Foods serves customers worldwide. DIGITAL MEDIA: Incurs $26.3 Million Net Loss in First Quarter ------------------------------------------------------------- Digital Media Solutions, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $26.28 million on $70.71 million of net revenue for the three months ended March 31, 2024, compared to a net loss of $20.70 million on $90.31 million of net revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $136.02 million in total assets, $359.73 million in total liabilities, $16.80 million in preferred stock, and a total deficit of $240.51 million. Management Comments "Our first quarter results again reflected improving conditions in the Property and Casualty vertical, building on the trend we saw at the end of last year. We are optimistic that P&C has hit an inflection point in its recovery, which should help drive growth for DMS in 2024. We are continuing to deliver on our operational initiatives and - with a strong foundation and blue-chip client base – we are poised to capitalize on the opportunities ahead as P&C and other markets rebound," said Joe Marinucci, CEO of DMS. "Our Marketplace Solutions segment revenue grew in the first quarter compared to the same quarter in prior year, reflecting the early recovery in our P&C vertical and the meaningful growth opportunities ahead for DMS. Additionally, we decreased our operating expenses by approximately 20% and meaningfully improved margins in our Technology Solutions vertical, underscoring our commitment to streamline operations and enhance efficiency. As we move ahead, we remain focused on operating efficiently and continuing to grow our sales pipeline to deliver better business results for more clients," added Vanessa Guzman-Clark, CFO of DMS. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1725134/000162828024023625/dms-20240331.htm About Digital Media Headquartered in Clearwater, Fla., Digital Media Solutions Inc. (NYSE: DMS) -- @digitalmediasolutions.com -- is a provider of data-driven, technology-enabled digital performance advertising solutions connecting consumers and advertisers within the auto, home, health, and life insurance, plus a long list of top consumer verticals. The DMS first-party data asset, proprietary advertising technology, significant proprietary media distribution, and data-driven processes help digital advertising clients de-risk their advertising spend while scaling their customer bases. The Company reported a net loss of $122.7 million for the year ended Dec. 31, 2023, compared to a net loss of $52.50 million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $147.3 million in total assets, $345.30 million in total liabilities, $16.65 million in convertible redeemable preferred stock, and a total deficit of $214.7 million. * * * As reported by the TCR on May 6, 2024, S&P Global Ratings raised its issuer credit rating on Digital Media Solutions Inc. (DMS) to 'CCC' from 'SD' (selective default). S&P said, "The 'CCC' issuer credit rating reflects our expectation that DMS will likely undertake another distressed debt exchange over the next 12 months. We believe the company could enter into a distressed sale in the near term because, under the terms of the second amendment, it agreed to promptly commence a strategic review and marketing process for the sale of all or substantially all of its assets subject to certain milestones." DIOCESE OF SYRACUSE: Amends Abuse Claims Pay Details ---------------------------------------------------- The Roman Catholic Diocese of Syracuse, New York, submitted a Disclosure Statement in support of Third Amended Joint Chapter 11 Plan of Reorganization. The Plan provides for the financial restructuring of the Diocese and the settlement of all, or substantially all, Claims against the Diocese, including, without limitation, the settlement of all Abuse Claims against the Diocese and the Participating Parties. The Plan (i) provides for payment in full of all Administrative Claims, Priority Tax Claims, Non-Tax Priority Claims, Professional Fee Claims, and U.S. Trustee Fee Claims, (ii) modifies the rights of holders of certain Allowed Secured Claims in accordance with section 1123(b)(5) of the Bankruptcy Code, (iii) leaves unimpaired any PassThrough Claims, (iv) provides deferred payments equal to the full Allowed amount of any General Unsecured Claims, and (v) establishes the Abuse Claims Settlement Fund to be held by the Trust to compensate holders of Abuse Claims. Inbound Contribution Claims are disallowed and extinguished pursuant to the Plan. Plan (i) provides for payment in full of all Administrative Claims, Priority Tax Claims, Non-Tax Priority Claims, Professional Fee Claims, and U.S. Trustee Fee Claims, (ii) modifies the rights of holders of certain Allowed Secured Claims in accordance with section 1123(b)(5) of the Bankruptcy Code, (iii) leaves unimpaired any PassThrough Claims, (iv) provides deferred payments equal to the full Allowed amount of any General Unsecured Claims, and (v) establishes the Abuse Claims Settlement Fund to be held by the Trust to compensate holders of Abuse Claims. Inbound Contribution Claims are disallowed and extinguished pursuant to the Plan. Survivors of Abuse are the focal point of the Plan. The tragedy of the Abuse that was inflicted in the past by certain priests or others purporting to do the missionary work of the Roman Catholic Church is impossible to overstate. Instead of fulfilling this mission, such perpetrators inflicted harm and suffering. The Abuse is inexcusable. It not only deeply impacted the survivors, but it also affected the faithful and the community that the Diocese serves. Class 5 Claims include all Filed Abuse Claims. More than 411 Abuse Claims have been asserted against the Diocese and the Participating Parties through proofs of claim filed in the Chapter 11 Case and/or through the commencement of Abuse Actions in other courts. * The Plan provides for the establishment of the Trust to fund Distributions to Class 5 Claimants. Distributions from the Trust shall be made to Class 5 Claimants on a fair and equitable basis, pursuant to and in accordance with Section 4.6 of the Plan the Trust Agreement, and the Allocation Protocol, which shall represent the sole recovery available to Class 5 Claimants in respect to any obligation owed by the Protected Parties. Distributions to Class 5 Claimants from the Trust do not impact in any way any Class 5 Claims to the extent such Class 5 Claims implicate any Non Settling Insurer Policy. * As of the Effective Date of the Plan, the liability of Protected Parties for all Class 5 Claims shall be fully assumed by the Trust, without any further order from the Bankruptcy Court or further action from any party, and pursuant to the Channeling Injunction set forth in Section 12.3 of the Plan. All Allowed Class 5 Claims shall be satisfied solely from the Trust as set forth in the Plan, the Trust Agreement, and the Allocation Protocol; provided, however, such assumption of Class 5 Claims shall not prevent Litigation Claimants from asserting Litigation Claims to the extent provided for herein. * The Non-Settling Insurers remain fully liable for their obligations related in any way to the Class 5 Claims, and their obligations are not reduced by the Diocese being in bankruptcy or by the Trust Distributions Class 5 Claimants receive, or are entitled to receive, based on the Plan, Trust Agreement, or Allocation Protocol. For the avoidance of doubt, (i) determinations by the Abuse Claims Reviewer and/or any distributions entitled to be received from the Trust shall not constitute a determination of the Diocese's or any Participating Party's liability or damages for Class 5 Claims; and (ii) under no circumstances shall the Abuse Claims Reviewer's review of a Class 5 Claim affect, or be construed to affect, the rights of a Non Settling Insurer. Like in the prior iteration of the Plan, the Reorganized Diocese shall pay each holder of an Allowed General Unsecured Claim, Cash in two installments each equal to 50% of the Allowed amount of such General Unsecured Claim with the first payment to occur on, or as soon as reasonably practicable after the later of (a) the Effective Date, and (b) the date on which such General Unsecured Claim becomes an Allowed General Unsecured Claim, and the second payment to occur on, or as soon as reasonably practicable after the date that is six months after the date of the first payment. All Administrative Claims, Priority Tax Claims, Non-Tax Priority Claims, General Unsecured Claims, and Pass-Through Claims will be paid by the Diocese or the Reorganized Diocese. All Abuse Claims will be paid solely from the Trust to be established for the purpose of receiving, liquidating, and distributing Trust Assets in accordance with the Plan and the Allocation Protocol, and the Trust Agreement. A full-text copy of the Disclosure Statement dated May 2, 2024 is available at https://urlcurt.com/u?l=B6ptrm from PacerMonitor.com at no charge. Counsel to The Roman Catholic: Stephen A. Donato, Esq. Charles J. Sullivan, Esq. Grayson T. Walter, Esq. BOND, SCHOENECK & KING, PLLC One Lincoln Center Syracuse, NY 13202-1355 Tel: (315) 218-8000 Fax: (315) 218-8100 E-mail: donatos@bsk.com sullivc@bsk.com walterg@bsk.com About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York --http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. EAST ORANGE SD: Moody's Lowers Issuer Rating to Ba1 --------------------------------------------------- Moody's Ratings has downgraded East Orange School District, NJ's issuer rating to Ba1 from Baa3. The district had approximately $50.3 million in debt outstanding as of the end of fiscal 2023. Concurrently, Moody's has removed the district's stable outlook. The downgrade of the ratings to Ba1 from Baa3 reflects the district's pressured financial position resulting from a history of structurally imbalanced operations. The district's liquidity declined by 42.1% in fiscal 2023 owing to a $13.8 million operating fund deficit. The outlook has been removed because Moody's does not typically maintain outlooks for local governments with this amount of debt outstanding. RATINGS RATIONALE The Ba1 issuer rating reflects East Orange School District's pressured financial position driven by a history of structurally imbalanced operations. A $13.8 million deficit in fiscal 2023 driven by an increase in support expenditures led to a decline in available fund balances to -3.2% of operating revenues and 11.7 days of cash on hand. The district's history of imbalanced operations is partially mitigated by a growing tax base that will lead to higher property tax revenues. Although the tax base is growing, the district's resident incomes remain below average and its poverty rate and unemployment remain elevated despite its proximity to employment opportunities in New York City. The district's pressures are mitigated by its low long-term liabilities which may grow given its very low capital reserves. Governance is a key driver of this rating action. The district's weak budget management has led to pressured finances, and a high volume of significant deficiencies over internal controls and state and federal awards have been identified in recent audited financial statements. RATING OUTLOOK Moody's does not assign outlooks to local governments with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material and sustained increase in financial reserves and liquidity driven by structurally balanced operations -- Substantial increases in resident incomes and property wealth FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Further weakening of financial position -- Substantial increase in long-term liabilities PROFILE East Orange School District, NJ serves the City of East Orange (A2) in Essex County, NJ (Aa1 stable). The district provides pre-K-12 education to approximately 9,100 students. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts Methodology published in January 2021. ECHOSTAR CORP: Incurs $108.4 Million Net Loss in First Quarter -------------------------------------------------------------- EchoStar Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $108.37 million on $4.01 billion of total revenue for the three months ended March 31, 2024, compared to net income of $272.84 million on $4.38 billion of total revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $55.55 billion in total assets, $35.71 billion in total liabilities, and $19.84 billion in total stockholders' equity. The Company's cash and cash equivalents and marketable investment securities totaled $766 million as of March 31, 2024. As of March 31, 2024, the Company has $1.983 billion of debt maturing in November 2024, and it is forecasting negative cash flows for the remainder of the calendar year 2024. EchoStar said, "Because we do not currently have committed financing to fund our operations for at least twelve months from the issuance of these condensed consolidated financial statements, substantial doubt exists about our ability to continue as a going concern. We do not currently have the necessary Cash on Hand and/or projected future cash flows to fund fourth quarter operations or the November 2024 debt maturity. To address our capital needs, we are in active discussions with funding sources to raise additional capital. We cannot provide assurances that we will be successful in obtaining such new financing necessary for us to have sufficient liquidity. Further, if we are not successful in these endeavors, then capital expenditures to meet future FCC build-out requirements and wireless customer growth initiatives will be adversely affected." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001415404/000155837024007171/tmb-20240331x10q.htm About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. Denver, Colorado-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Feb. 29, 2024, citing that the Company has debt maturing in 2024 and expects to use a substantial amount of cash in the next twelve months. This raises substantial doubt about its ability to continue as a going concern. ECI PHARMACEUTICALS: Seeks to Tap Wernick Law as Bankruptcy Counsel ------------------------------------------------------------------- ECI Pharmaceuticals LLC and Bioramo LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Wernick Law, PLLC as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties; (b) advise the Debtors with respect to their responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the Debtors' Chapter 11 cases; (d) protect the interest of the Debtors in all matters pending before the court; and (e) represent the Debtors in negotiations with creditors in the preparation of a Chapter 11 plan. The firm will be paid at these hourly rates: Aaron A. Wernick, Esq. $685 Corinne Aftimos, Esq. $575 Paralegals $350 - $375 The firm received a retainer of $150,000 from non-debtor JRLB Enterprises, LLC, the managing entity of the majority owners of the Debtors. Aaron Wernick, Esq., an attorney at the firm, 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 through: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Telephone: (561) 961-0922 Email: awernick@wernicklaw.com About ECI Pharmaceuticals ECI Pharmaceuticals LLC is a privately-held U.S. manufacturer of generic prescription pharmaceuticals. ECI performs pharmaceutical research and development, as well as, markets/distributes a broad range of generic prescription products in many therapeutic categories and dosage forms. ECI Pharmaceuticals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-14430) on May 3, 2024. Fedner Destine, CEO, disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Scott M. Grossman oversees the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC, represents the Debtor as legal counsel. EIGER BIOPHARMACEUTICALS: Taps Neligan LLP as Conflicts Counsel --------------------------------------------------------------- Eiger BioPharmaceuticals, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Neligan LLP as the Debtors' conflicts counsel. The firm's services include: (a) advising and representing the Debtors in connection with litigating any dispute between the Debtors and Merck arising during the case, including but not limited to any dispute arising as a result of or in connection with the Zokinvy Sale; and (b) performing any other legal services for the Debtors which may be necessary and proper in these proceedings and in furtherance of the Debtors' rights and duties in the event of any potential or actual conflict of interest of Sidley, as agreed to between the Debtors, Sidley, and Neligan. The hourly rates of the firm's counsel and staff are as follows: Patrick J. Neligan, Jr. $775 John D. Gaither $625 Attorneys $625 - $775 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. Patrick Neligan, Jr., a partner at Neligan, 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: Patrick J. Neligan, Jr., Esq. Douglas J. Buncher, Esq. Neligan LLP 4851 LBJ Freeway, Suite 700 Dallas, TX 75244 Telephone: (214) 840-5300 Email: pneligan@neliganlaw.com dbuncher@neliganlaw.com About Eiger BioPharmaceuticals Palo Alto, California-based Eiger BioPharmaceuticals, Inc., is a commercial-stage biopharmaceutical company focused on the development of innovative therapies for rare metabolic diseases. The Company's shares traded on Nasdaq under the symbol "EIGR". Eiger Biopharmaceuticals Inc. and its subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 24-80040) on April 1,2024. In its petition, Eiger listed $38.8 million in assets and $53.1 million in liabilities as of the bankruptcy filing. Eiger is represented by Sidley Austin LLP as its legal counsel, Alvarez & Marsal as its financial advisor and SSG Capital Advisors, LLC as its restructuring investment banker. Kurtzman Carson Consultants LLC is the claims agent. EL DORADO GAS: Trustee Taps Tiger Capital as Broker/Auctioneer -------------------------------------------------------------- Dawn M. Ragan, the duly appointed Chapter 11 trustee for the bankruptcy estates of Hugoton Operating Company, Inc. and El Dorado Gas & Oil, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Tiger Capital Group, LLC as broker/auctioneer. The firm's services include: (a) identifying parties who might be interested in entering into a Transaction; (b) assisting the Movants in developing appropriate marketing materials and inventory lists; (c) formulating and recommending a strategy for potential Transactions in order to best maximize saleability; (d) contacting and eliciting interest from potential parties to a Transaction; (e) conveying supplemental information desired by potential parties to a Transaction; (f) reviewing and evaluating potential parties to a Transaction, including proof of available funds; (g) reviewing and analyzing proposals regarding potential Transactions; and (h) assisting with negotiations of the financial aspects of potential Transactions. The firm will be compensated as follows: i. In the event of auction or private treaty sales to parties that are not subject to a Trustee Offer, Tiger would receive a 10 percent sales commission and reimbursement of its actual expenses pursuant to a budget prepared by Tiger and approved by the Trustee. ii. In the event of a non-auction sale made to buyers in connection with Trustee Offers, Tiger would receive a 4 percent sales commission and reimbursement of its actual expenses pursuant to a budget prepared by Tiger and approved by the Trustee. iii. No buyer's premium or additional commission will be charged in either of the above-referenced scenarios. Tiger is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code and as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest materially adverse to the Debtors' estates with respect to the matters on which Tiger will be employed, according to court filings. The firm can be reached through: Mark P. Naughton Tiger Capital Group, LLC 340 North Westlake Blvd., Suite 260 Westlake Village, CA 91362 Phone: (805) 497-8900 About El Dorado Gas & Oil El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. Judge Katharine M Samson oversees the case. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is the Debtor's legal counsel. ELETSON HOLDINGS: Claims to be Paid From New Value Contribution --------------------------------------------------------------- Eletson Holdings Inc., et al., submitted a Disclosure Statement in support of First Amended Joint Plan of Reorganization. The Plan effects a resolution of the Debtors' outstanding obligations owed to its creditor constituencies and is created for the purposes, among others, of establishing a Litigation Trust to liquidate certain causes of action transferred from the Debtors to the Litigation Trust for the purpose of making distributions to certain Holders of Allowed Claims, distributing a new value contribution provided by the Debtors' shareholders and otherwise restructuring the outstanding obligations of the estates, all as more fully set forth in this Disclosure Statement and the Plan. Claims will be treated as follows: Class 1 OCM Guaranty Claims totaling $49,100,000 and will recover 50% of claims. Each of the OCM Guarantees will be reinstated, provided however, that the Reorganized Debtor will only be obligated to guaranty 50% of the obligations of the SMEs subject to the OCM Guarantees. Class 1 is impaired. Class 2 Corp Guaranty Claims totaling $27,768,000 and will recover 50% of their claims. Each of the Corp Guarantees will be reinstated, provided however, that the Reorganized Debtor will only be obligated to guaranty 50% of the obligations of Eletson Corporation subject to the Corp Guarantees. Class 2 is impaired. Class 3 Azure Guaranty Claims totaling $94,799,000 and will recover 1% of their claims. Creditors will receive their pro rata portion of the Azure Guaranty Recovery. Class 3 is impaired. Class 4 Trade Creditor Claims totaling $5,000,000 and will recover 75% of their claims. Each Holder of an Allowed Trade Creditor Claim will receive cash in an amount equal to 75% of the face amount of such Holder's Trade Creditor Claim; provided, the aggregate distributions to Holders of Trade Creditor Claims will not exceed the Trade Creditor Claim Cap; provided, further, that in the event the aggregate distributions to Holders of Trade Creditor Claims exceeds the Trade Creditor Claim Cap, Holders of such Claims will receive their pro rata share of the Trade Creditor Claim Cap. Class 4 is impaired. Class 5A Non-Petitioning Creditor Exchange Note Claims. Each Holder of an Allowed Class 5A Claim will elect to receive at the exclusive election of the Holder of an Allowed Class 5A Claim either (i) their pro rata portion of the Exchange Note Election Recovery or (ii) their pro rata portion of Litigation Trust Interests which will be distributed to Holders of Class 5 Claims in accordance with the terms of this Plan. Class 5 is impaired. Class 5B Petitioning Creditor Exchange Note Claims. In the event Petitioning Creditor Exchange Note Claims are found to be Allowed Claims and all Class 5A Non-Petitioning Creditor Exchange Note Claims are paid in full, each Holder of an Allowed Class 5B Claim will receive their pro rata portion of the Litigation Trust Interests. Class 5B is impaired. Class 6 Interests. On the Effective Date, and in exchange for the Shareholder New Value Contribution, all Interests and Intercompany Interests will be deemed reinstated and otherwise in full effect and force as on the Petition Date. Class 6 is unimpaired. The Debtors and Reorganized Debtor as applicable will fund distributions and other sources and uses contemplated by the Plan with (1) the Shareholder New Value Contribution, and (2) the transfer and assignment of the Litigation Trust Assets, which include the Litigation Trust Causes of Action and Distributable Cash, to the Litigation Trust. Attorneys for the Debtors: REED SMITH LLP Derek J. Baker, Esq. Derek Osei-Bonsu, Esq. Three Logan Square, Esq. 1717 Arch Street Philadelphia, PA 19103 Tel: (215) 851-8100 Fax: (215) 851-1420 E-mail: dbaker@reedsmith.com dosei-bonsu@reedsmith.com -and- Andrew L. Buck, Esq. Louis M. Solomon, Esq. 599 Lexington Avenue New York, NY 10022 Tel: (212) 251-5400 Fax: (212) 521-5450 E-mail: abuck@reedsmith.com lsolomon@reedsmith.com -and- Ann E. Pille, Esq. 10 S. Wacker Drive, Suite 4000 Chicago, IL 60606 Tel: (312) 207-1000 Fax: (312) 207-6400 E-mail: apille@reedsmith.com A copy of the Disclosure Statement dated April 26, 2024, is available at https://tinyurl.ph/bPSuk from PacerMonitor.com. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners, L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. On Oct. 20, 2023, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Dechert, LLP as its legal counsel. EMPIRE TODAY: Invesco Dynamic Marks $1.5MM Loan at 19% Off ---------------------------------------------------------- Invesco Dynamic Credit Opportunity Fund has marked its $1,508,000 loan extended to Empire Today LLC to market at $1,216,535 or 81% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Dynamic's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Dynamic is a participant in Term Loan B to Empire Today. The loan accrues interest at a rate of 10.57% (1 mo. Term SOFR + 5.00%) per annum. The loan matures on April 1, 2028. Invesco Dynamic is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. Invesco Dynamic is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Dynamic Credit Opportunity Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Headquartered in Northlake, Ill., Empire Today, LLC is a specialty retailer of carpet, hard floor, and window treatments. The company offers shop-at-home sales in the largest metropolitan markets in the U.S. EMPIRE TODAY: Invesco Senior Marks $2.3MM Loan at 19% Off --------------------------------------------------------- Invesco Senior Loan Fund has marked its $2,325,000 loan extended to Empire Today LLC to market at $1,875,434 or 81% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Senior's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Senior is a participant in Term Loan B to Empire Today. The loan accrues interest at a rate of 10.57% (1 mo. Term SOFR + 5.00%) per annum. The loan matures on April 1, 2028. Invesco Senior Loan Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. The Fund may also invest a portion of its assets indirectly through a wholly-owned subsidiary, Invesco Senior Loan TB, LLC, a Delaware limited liability series company, which formed a separate registered series. The Fund owns all beneficial and economic interests in the Subsidiary and the Subsidiary's registered series. Invesco Senior is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Senior Loan Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Headquartered in Northlake, Ill., Empire Today, LLC is a specialty retailer of carpet, hard floor, and window treatments. The company offers shop-at-home sales in the largest metropolitan markets in the U.S. ENGINEERED INVESTMENTS: Expects Increase in Rental Income by June ----------------------------------------------------------------- Engineered Investments LLC submitted an Amended Disclosure Statement with regard to Plan of Reorganization dated May 2, 2024. Since the filing for protection under Chapter 11 of the Bankruptcy Code the Debtor has continued to manage its affairs as a Debtor-in-Possession under the authority of Sections 1107 and 1108 of the Bankruptcy Code. The Chapter 11 filing has afforded the Debtor with "breathing space" within which to stabilize its affairs and to reorganize financially. Since the filing of this case Debtor has paid all property taxes, maintained insurance on its properties and has kept the properties in good repair. Additionally, Debtor tendered all mortgage payments to its mortgagors. Like in the prior iteration of the Plan, the $6,500.00 unsecured claim of Schloesgerg & Nembhardt Capital Management LLC. The claim of Schloesgerg & Nembhardt Capital Management LLC shall be paid in full with 90 days of the effective date of the plan. Class 4 consists of equity claims. Jarrad Reddick is the only equity security holder. Jarrad will retain his interest in the organized debtor. The equity security holder will not be paid a dividend so long as any unsecured creditors, claim herein remains unpaid as provided for under this plan. The Debtor will fund the Plan with the income it receives from its rental properties. The properties currently provides $1,200.00 income per month. Beginning June 2024 when all of its properties are rented, the Debtor expects its income to increase to $5,500.00 monthly. A full-text copy of the Amended Disclosure Statement dated May 2, 2024 is available at https://urlcurt.com/u?l=mTdAUC from PacerMonitor.com at no charge. Attorney for the Debtor: GIDDENS, MITCHELL & ASSOCIATES P.C. Ken Mitchell, Esq. 3951 Snapfinger Parkway Suite 555 Decatur, Georgia 30035 770-987-7007 E-mail: gmapclaw1@gmail.com About Engineered Investments Engineered Investments LLC was formed under the laws of the laws of the State of Georgia on March 19, 2004 for the purpose of owing and managing residential rental property. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-55094) on June 1, 2023. Kenneth Mitchell, at GIDDENS, MITCHELL & ASSOCIATES P.C., is the Debtor's legal counsel. ENGLOBAL CORP: Incurs $1.4 Million Net Loss in First Quarter ------------------------------------------------------------ ENGlobal Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.40 million for the three months ended March 30, 2024, compared to a net loss of $6.33 million for the three months ended April 1, 2023. As of March 30, 2024, the Company had $16.04 million in total assets, $18.88 million in total liabilities, and a total stockholders' deficit of $2.85 million. EnGlobal said, "Our recurring losses, negative cash flows from operating activities, need for additional financing and the uncertainties surrounding our ability to obtain such financing, raise substantial doubt about our ability to continue as a going concern. We have limited cash on hand and will need additional working capital to fund our planned operations. We are subject to significant risks and uncertainties, including failing to secure additional capital to fund our planned operations or failing to profitably operate the business. We intend to raise funds through various potential sources, such as equity or debt financings; however, we can provide no assurance that such financing will be available on acceptable terms, or at all. If adequate financing is not available or we do not achieve profitability and positive cash flows from operating activities, we may be required to significantly curtail or cease our operations, and our business would be jeopardized." Management Comments "ENGlobal continued to make progress in repositioning its business in the first three months of 2024 as we focus on returning to our roots as a firm providing best-in-class project engineering and automation services to both private sector and government clients," said William A. Coskey, P.E. Chairman and chief executive officer of ENGlobal. "While we posted a modest loss in the first quarter, we believe we are on a path to profitability through improved operating efficiencies and a commitment to enhanced project execution." "While we will not be pleased until ENGlobal is once again profitable, the ENGlobal team continues to pursue opportunities that demonstrate our expertise in executing complex engineering projects," continued Coskey. "We are actively pursuing new opportunities that, if successful, create a path for significant revenue and earnings growth. Moreover, while there are no guarantees, we are encouraged by our ongoing discussions with potential strategic partners that could be transformational for ENGlobal and its shareholders." "While we still have significant work to do to reach our goals and the full potential of ENGlobal, the impact of our restructuring efforts is apparent in the first quarter," concluded Coskey. "We continue to make progress each and every day and continue to work toward our goal of being a leading, profitable engineering and automation firm. I want to thank the entire ENGlobal family for their continued efforts, loyalty and unwavering dedication, and I am grateful for the talent and contributions of each member of our team. I look forward to continuing to work with this exceptional group toward a profitable future." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/933738/000165495424005805/eng_10q.htm About ENGlobal ENGlobal Corporation (NASDAQ:ENG)-- www.englobal.com -- is a provider of innovative, delivered project solutions primarily to the energy industry. ENGlobal operates through two reportable segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction management and integration of automated control systems. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry. Houston, Texas-based Moss Adams LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has suffered recurring losses from operations and has utilized significant cash in operations that raise substantial doubt about its ability to continue as a going concern. ENVIVA INC: Committee Taps Akin Gump Strauss Hauer as Lead Counsel ------------------------------------------------------------------ The official committee of unsecured creditors of Enviva Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Akin Gump Strauss Hauer & Feld LLP as its lead counsel. The firm will render these services: (a) advise the Committee with respect to its rights, duties and powers in these Chapter 11 Cases; (b) assist and advise the Committee in its consultations and negotiations with the Debtors relative to the administration of these Chapter 11 Cases; (c) assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with stakeholders; (d) assist the Committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and of the operation of the Debtors' businesses by the Debtors' board and management; (e) assist the Committee in connection with the Debtors' monetization of their assets and the negotiations with the Debtors and third parties concerning matters related thereto including, without limitation, the terms of the sales of assets, sale agreements and other transaction documents; (f) assist the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, financing transactions, other transactions and the terms of one or more chapter 11 plans for the Debtors and accompanying disclosure statements and related plan documents; (g) assist and advise the Committee as to its communications to the general creditor body regarding significant matters in these Chapter 11 Cases; (h) represent the Committee at all hearings and other proceedings before this Court; (i) review and analyze applications, orders, statements of operations and schedules filed with the Court and advise the Committee as to their propriety, and to the extent deemed appropriate by the Committee, support, join or object thereto; (j) advise and assist the Committee with respect to any legislative, regulatory or governmental activities; (k) assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; (l) assist the Committee in its review and analysis of all of the Debtors' various agreements; (m) prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any matter related to the Debtors or these Chapter 11 Cases; (n) investigate and analyze any claims against the Debtors' non-Debtor affiliates; and (o) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The firm will be paid at these rates: Partners $1,420 to $2,195 Senior Counsel $1,055 to $1,800 Counsel $1,250 to $1,575 Associates $840 to $1,200 Paraprofessionals $255 to $530 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Scott Alberino, Esq., a partner at Akin, 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. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Akin disclosed the following: (a) Akin did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. The rates proposed by Akin are consistent with (i) market rates for comparable services and (ii) the rates that Akin charges and will charge other comparable Chapter 11 clients, regardless of the location of the chapter 11 case. (b) No rate for any of the professionals included in this engagement varies based on the geographic location of the bankruptcy case. (c) Akin did not represent the committee in this Chapter 11 case prior to its retention by the committee. (d) It is envisioned that the debtor in possession financing documents will include a proposed budget for all estate professionals, including Committee professionals. (e) The Committee has approved Akin's proposed hourly billing rates. The firm can be reached at: Scott L. Alberino, Esq. Akin Gump Strauss Hauer & Feld, LLP 2001 K Street, N.W. Washington, DC 20006-1037 Telephone: (202) 887-4000 Facsimile: (202) 887-4288 Email: salberino@akingump.com About Enviva Inc. Headquartered in Bethesda, Md., Enviva Inc. -- https://www.envivabiomass.com -- is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida. Enviva Inc. and certain affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 24-10453) on March 13, 2024. In the petition signed by Glenn T. Nunziata, interim chief executive officer and chief financial officer, Enviva Inc. disclosed $2,893,581,000 in assets and $2,631,263,000 in liabilities. Judge Brian F. Kenney oversees the cases. The Debtors tapped Vinson & Elkins, LLP as general bankruptcy counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC as investment banker; Alvarez & Marsal Holdings, LLC as financial advisor; and Kurtzman Carson Consultants, LLC as notice and claims agent. The U.S. Trustee for Region 4 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ENVIVA INC: Committee Taps AlixPartners as Financial Advisor ------------------------------------------------------------ The official committee of unsecured creditors of Enviva Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ AlixPartners, LLP as its financial advisor. The firm will provide these services: -- Review and evaluate the Debtors' current financial condition, business plans and cash and financial forecasts, and periodically report to the Committee regarding the same. -- Review the Debtors' cash management, tax sharing and intercompany accounting systems, practices and procedures. -- Support the Committee's investment banker in the evaluation of any proposed sale process and related bids, and participate in any meetings with bidders or auction, if necessary. -- Review and investigate: (i) related party transactions, including those between the Debtors and their non-debtor subsidiaries and affiliates (including, but not limited to, shared services expenses and tax allocations) and (ii) selected other prepetition transactions. -- Identify and/or review potential preference payments, fraudulent conveyances and other causes of action that the various Debtors' estates may hold against third parties, including each other. -- Analyze the Debtors' assets and claims and assess potential recoveries to the various creditor constituencies under different scenarios, in coordination with the Committee's investment banker. -- Support the Debtors' investment banker with services related to its enterprise valuation workstream, as required. -- Assist in the development and/or review of the Debtors' restructuring support agreement, chapter 11 plan and/or disclosure statement. -- Review and evaluate court motions filed or to be filed by the Committee, the Debtors, or any other parties in interest, as appropriate. -- Render expert testimony and litigation support services, including e-Discovery services, as requested from time to time by the Committee and its counsel, regarding any of the matters to which AlixPartners is providing services. -- Attend Committee meetings and Bankruptcy Court hearings as may be required in the role of advisors to the Committee. -- Conduct eDiscovery, document review and forensic data services required in conjunction with any document requests or other discovery. -- Assist with such other matters as may be requested that fall within AlixPartners' expertise and are mutually agreeable. AlixPartners’ current standard hourly rates are: Partner & Managing Director $1,225 to $1,495 Partner $1,200 Director $960 to $1,125 Senior Vice President $800 to $910 Vice President $640 to $790 Consultant $230 to $625 In addition, the firm will be reimbursed for reasonable out-of-pocket expenses incurred. David MacGreevey, a partner and managing director at AlixPartners, 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: David MacGreevey AlixPartners, LLP 909 Third Avenue, Floor 30 New York, NY 10022 Telephone: (212) 490-2500 Facsimile: (212) 490-1344 Email: dmacgreevey@alixpartners.com About Enviva Inc. Headquartered in Bethesda, Md., Enviva Inc. -- https://www.envivabiomass.com -- is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida. Enviva Inc. and certain affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 24-10453) on March 13, 2024. In the petition signed by Glenn T. Nunziata, interim chief executive officer and chief financial officer, Enviva Inc. disclosed $2,893,581,000 in assets and $2,631,263,000 in liabilities. Judge Brian F. Kenney oversees the cases. The Debtors tapped Vinson & Elkins, LLP as general bankruptcy counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC as investment banker; Alvarez & Marsal Holdings, LLC as financial advisor; and Kurtzman Carson Consultants, LLC as notice and claims agent. The U.S. Trustee for Region 4 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ENVIVA INC: Committee Taps Ducera Partners as Investment Banker --------------------------------------------------------------- The official committee of unsecured creditors of Enviva Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Ducera Partners LLC as its investment banker. The firm will render these services: (a) familiarize itself with the Company's business, operations, financial condition, and capital structure; (b) assist with the assessment of the Company's liquidity and uses of liquidity and with identifying potential sources of financing in connection with future transactions; (c) analyze various Restructuring scenarios and the potential impact of these scenarios on the Existing Obligations of the Company and the recoveries of those stakeholders impacted by the Restructuring; (d) provide investment banking and financial advice and assistance to the Committee in developing a Restructuring; (e) provide investment banking and financial advice and assistance to the Committee in structuring any new securities to be issued by the Company in connection with a Restructuring; and (f) assist the Committee and/or participate in negotiations with the Company and entities or groups affected by the Restructuring; (g) provide expert testimony, as requested from time to time by the Committee, regarding any of the matters to which Ducera is providing services; and (h) provide such other advisory and investment banking services as may be agreed upon by Ducera and the Committee. The firm will be paid as follows: (a) Monthly Advisory Fee: A nonrefundable monthly cash fee of $157,500, due and payable on the first day of each month during the engagement or as otherwise set forth in a Bankruptcy Court order. The Monthly Advisory Fee shall commence as of April 2, 2024, and shall be due and payable until the earlier of: (1) the consummation of a Restructuring or (2) the termination of Ducera's services pursuant to the Engagement Letter. (b) Restructuring Fee: A restructuring fee of $3,825,000, due and payable upon consummation of any Restructuring. (c) Ducera Discount: The Company shall receive a discount of $78,750 per month against the Restructuring Fee for each month commencing after payment of the third (3rd) full Monthly Advisory Fee; provided, however, that the Ducera Discount shall only apply on account of any and all outstanding invoices have been paid before, or in connection with, the consummation of the Restructuring; provided, further, however, that any outstanding invoices on account of any Monthly Advisory Fee that are paid following the consummation of the Restructuring and payment of the Restructuring Fee shall be reduced by 50 percent in order to implement the Ducera Discount. (d) Expenses and Payments: The Company shall upon request to promptly reimburse Ducera at cost for all reasonable and documented out-of-pocket expenses incurred in connection with the services provided to the Committee. Michael Genereux, a managing director at Ducera Partners, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Genereux Ducera Partners, LLC 11 Times Square, 36th Floor New York, NY 10036 Telephone: (212) 671-9700 About Enviva Inc. Headquartered in Bethesda, Md., Enviva Inc. -- https://www.envivabiomass.com -- is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida. Enviva Inc. and certain affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 24-10453) on March 13, 2024. In the petition signed by Glenn T. Nunziata, interim chief executive officer and chief financial officer, Enviva Inc. disclosed $2,893,581,000 in assets and $2,631,263,000 in liabilities. Judge Brian F. Kenney oversees the cases. The Debtors tapped Vinson & Elkins, LLP as general bankruptcy counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC as investment banker; Alvarez & Marsal Holdings, LLC as financial advisor; and Kurtzman Carson Consultants, LLC as notice and claims agent. The U.S. Trustee for Region 4 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ENVIVA INC: Committee Taps Hirschler Fleischer as Local Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Enviva Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Hirschler Fleischer, PC as its local counsel. The firm will render these services: (a) provide legal advice where necessary with respect to the Committee's powers and duties and strategic advice on how to accomplish the Committee's goals, in conjunction with Akin; (b) draft, review and comment on drafts of documents to ensure compliance with local rules, practices and procedures; (c) assist and advise the Committee in its consultation with Akin and the U.S. Trustee relative to the administration of these Chapter 11 Cases; (d) draft, file and serve documents as requested by Akin and the Committee; (e) assist the Committee and Akin, as necessary, in the investigation (including through discovery) of the acts, conduct, assets, liabilities and financial condition of the Debtors, the operation of the Debtors' businesses, and any other matter relevant to these Chapter 11 Cases or to the formulation of a plan or plans of reorganization or liquidation or a sale of the Debtors' assets; (f) compile and coordinate delivery to the Court and the U.S. Trustee information required by the Bankruptcy Code, Bankruptcy Rules, Local Rules and any applicable U.S. Trustee guidelines and/or requests; (g) appear in Court and at any meetings of creditors on behalf of the Committee in its capacity as local counsel with Akin; (h) monitor the case docket and coordinate with Akin and any other professional retained by the Committee on matters impacting the Committee; (i) participate in calls with the Committee; (j) prepare, update and distribute critical dates memoranda and working group lists; (k) handle inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of these Chapter 11 Cases and coordinating with Akin on any necessary responses; (l) assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with the holders of claims and, if appropriate, equity interests; (m) assist the Committee in its analysis of, and negotiations with the Debtors or any other third parties concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtors; (n) assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in these Chapter 11 Cases; (o) review, analyze and advise the Committee with respect to applications, orders, statements of operations and schedules filed with the Court; (p) provide additional support to Akin, other Committee professionals and the Committee, as requested; and (q) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The firm will be paid at these rates: Partners $405 to $720 per hour Associates $300 to $405 per hour Paralegals $240 to $375 per hour In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Saul Ewing disclosed that: (a) Hirschler has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. (b) None of the Hirschler professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case. (c) Hirschler has not represented the Committee in the 12 months prior to the commencement of these Chapter 11 Cases. (d) It is envisioned that the debtor in possession financing documents will include a proposed budget for all estate professionals, including Committee professionals. Lawrence A. Katz, a shareholder of Hirschler Fleischer, assured the court that his firm is a "disinterested person" within the meaning of Bankruptcy Code section 101(14). The firm can be reached through: Lawrence A. Katz, Esq. Kristen E. Burgers, Esq. HIRSCHLER FLEISCHER, P.C. 1676 International Drive, Suite 1350 Tysons, VA 22102 Telephone: (703) 584-8900 Facsimile: (703) 584-8901 Email: lkatz@hirschlerlaw.com kburgers@hirschlerlaw.com About Enviva Inc. Headquartered in Bethesda, Md., Enviva Inc. -- https://www.envivabiomass.com -- is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida. Enviva Inc. and certain affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 24-10453) on March 13, 2024. In the petition signed by Glenn T. Nunziata, interim chief executive officer and chief financial officer, Enviva Inc. disclosed $2,893,581,000 in assets and $2,631,263,000 in liabilities. Judge Brian F. Kenney oversees the cases. The Debtors tapped Vinson & Elkins, LLP as general bankruptcy counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC as investment banker; Alvarez & Marsal Holdings, LLC as financial advisor; and Kurtzman Carson Consultants, LLC as notice and claims agent. The U.S. Trustee for Region 4 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ENVIVA INC: Committee Taps Kevin T. Howell as Industry Consultant ----------------------------------------------------------------- The official committee of unsecured creditors of Enviva Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ an industry consultant. The Committee seeks to retain Kevin T. Howell, chief operating officer, in connection with the restructuring, and chapter 11 cases of, Dynegy Inc. as its industry consultant. Mr. Howell will render these services: (a) familiarize himself with the Debtors' business, operations, financial condition and capital structure; (b) assist Ducera in connection with assessing information and inputs in connection with the Ducera Services; (c) assist the Committee and its professionals, including Ducera, in assessing the Debtors' liquidity and uses of liquidity and with identifying potential sources of financing in connection with future transactions; (d) assist the Committee and its professionals, including Ducera, in evaluating various restructuring scenarios, strategic alternatives and/or turnaround strategies; (e) assist the Committee and its professionals, including Ducera, in general diligence related to the Ducera Services and these Chapter 11 Cases; (f) assist the Committee and/or participate in negotiations with the Debtors and entities or groups in connection with these Chapter 11 Cases; (g) provide expert testimony, as requested from time to time by the Committee, regarding any of the matters to which the Industry Consultant is providing services; and (h) provide such other industry consultant services as may be agreed upon by Howell and the Committee. Mr. Howell will be entitled to the following compensation: (a) Monthly Advisory Fee: A nonrefundable monthly cash fee of $17,500, due and payable on the first day of each month during the engagement or as otherwise set forth in a Court order. The Monthly Advisory Fee shall commence as of April 2, 2024, and shall be due and payable until the earlier of: (1) the consummation of a Restructuring or (2) the termination of Howell's services. (b) Restructuring Fee: A restructuring fee of $425,000, due and payable upon consummation of any Restructuring. (c) Discount: The Debtors shall receive a discount of $8,750 per month against the Restructuring Fee for each month commencing after payment of the 3rd full Monthly Advisory Fee; provided, however, that the Howell Discount shall only apply on account of any and all outstanding invoices have been paid before, or in connection with, the consummation of the Restructuring; provided, further, however, that any outstanding invoices on account of any Monthly Advisory Fee that are paid following the consummation of the Restructuring and payment of the Restructuring Fee shall be reduced by 50 percent in order to implement the Howell Discount. (d) Expenses and Payments: The Debtors shall upon request promptly reimburse Howell at cost for all reasonable and documented out-of-pocket expenses incurred in connection with the services provided to the Committee. Mr. Howell assured the court that he is not an insider of the Debtors as the term is defined in Bankruptcy Code section 101(14). Mr. Howell can be reached at: Kevin T. Howell Independent Chairman of the Board Atlantic Power Corp 3 Allied Drive, Suite 155 Dedham, MA 02026 Tel: (617) 977-2400 About Enviva Inc. Headquartered in Bethesda, Md., Enviva Inc. -- https://www.envivabiomass.com -- is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida. Enviva Inc. and certain affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 24-10453) on March 13, 2024. In the petition signed by Glenn T. Nunziata, interim chief executive officer and chief financial officer, Enviva Inc. disclosed $2,893,581,000 in assets and $2,631,263,000 in liabilities. Judge Brian F. Kenney oversees the cases. The Debtors tapped Vinson & Elkins, LLP as general bankruptcy counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC as investment banker; Alvarez & Marsal Holdings, LLC as financial advisor; and Kurtzman Carson Consultants, LLC as notice and claims agent. The U.S. Trustee for Region 4 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. EXPEDITOR SYSTEMS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Expeditor Systems, Inc. 450 Kehoe Blvd Carol Stream, IL 60188 Business Description: The Debtor is engaged in the business of electrical equipment, appliance, and component manufacturing. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 24-07413 Judge: Hon. Donald R. Cassling Debtor's Counsel: John F. Hiltz, Esq. LEIBOWITZ, HILTZ & ZANZIG LLC 53 West Jackson Suite 1301 Chicago, IL 60604 Email: john@lakelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Igor Terletsky 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://pacermonitor.com/view/VZTYFFY/Expeditor_Systems_Inc__ilnbke-24-07413__0001.0.pdf?mcid=tGE4TAMA EXPRESS INC: Seeks to Hire Ordinary Course Professionals -------------------------------------------------------- Express, Inc. seeks approval from the U.S. Bankrutpcy Court for the District of Delaware to retain professionals utilized in the ordinary course of business. The Debtor needs ordinary course professionals to perform services for matters unrelated to this Chapter 11 case. The Debtor seeks to pay OCPs 100 percent of the fees and expenses incurred. The Debtor does not believe that any of the ordinary course professionals have an interest materially adverse to it, its estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCP's include: Dinsmore 1001 Lakeside Avenue, Suite 990 Cleveland, OH 44114 -- Legal Advisor Womble One West 4th Street Winston-Salem, NC 27101 -- Legal Advisor Greenburg Traurig 6135 Park South Dr, Suite 500 Charlotte, NC 28210 -- Legal Advisor Ogletree 225 South Sixth Street, Suite 1800 Minneapolis, MN 55402 -- Legal Advisor Dentons Munoz Centro Empresarial Forum I Building C, Office 1c1, Santa Ana, San Jose -- Costa Rica Counsel Benesch 127 Public Square, Suite 4900 Cleveland, OH 44114 -- Legal Advisor BakerHostetler 127 Public Square #2000 Cleveland, OH 44114 -- Cybersecurity Counsel KPMG LLP Dept 0522, PO Box 120522 Dallas, TX 75312 -- Accounting (Tax) About Express Inc. Express, Inc., operates specialty retail apparel stores. The Company offers apparel and accessories such as jeans, sweaters, dresses, suits, and coats. Express serves customers in the United States. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10831) on April 22, 2024. In the petition signed by Stewart Glendinning, chief executive officer, the Debtor disclosed $1,298,055,000 in assets and $1,199,781,226 in liabilities. The Debtors tapped KIRKLAND & ELLIS LLP AND KIRKLAND & ELLIS INTERNATIONAL LLP as bankruptcy counsel, KLEHR HARRISON HARVEY BRANZBURG LLP as local bankruptcy counsel, MOELIS & COMPANY LLC as investment banker, M3 ADVISORY PARTNERS, LP as restructuring advisor, and STRETTO, INC. as claims agent. Stephen L. Iacovo, Esq., at Ropes & Gray LLP serves as counsel to ReStore Capital, LLC, as Agent to the FILO Lenders. ReStore is also the agent under a second lien senior secured DIP single-draw term facility. AlixPartners LLP serves as advisor to the DIP Agents. Randall L. Klein, Eseq., Eva D. Gadzheva, Esq., and Dimitri G. Karcazes, Esq., at Goldberg Kohn Ltd., serve as counsel to Wells Fargo Bank, National Association, as First Lien ABL Agent. Wells Fargo is also the agent under a first lien senior secured DIP revolving credit facility. EYEPOINT PHARMACEUTICALS: Incurs $29.3M Net Loss in First Quarter ----------------------------------------------------------------- Eyepoint Pharmaceuticals, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $29.28 million on $11.68 million of total revenues for the three months ended March 31, 2024, compared to a net loss of $21.16 million on $7.68 million of total revenues for the three months ended March 31, 2023. As of March 31, 2024, the Company had $329.25 million in total assets, $79.31 million in total liabilities, and $249.93 million in total stockholders' equity. The Company had cash, cash equivalents, and investments in marketable securities of $299.3 million at March 31, 2024. The Company has a history of operating losses and has not had significant recurring cash inflows from revenue. The Company's operations have been financed primarily from sales of its equity securities, issuance of debt, and a combination of license fees, milestone payments, royalty income, and other fees received from its collaboration partners. The Company anticipates that it will continue to incur losses as it continues the research and development of its product candidates, and the Company does not expect revenues to generate sufficient funding to sustain its operations in the near-term. The Company expects to continue fulfilling its funding needs through cash inflows from revenues, licensing and research collaboration transactions, additional equity capital raises, and other arrangements. The Company believes that its cash, cash equivalents, and investments in marketable securities of $299.3 million at March 31, 2024 will enable the Company to fund its current and planned operations for at least the next twelve months from the date these condensed consolidated financial statements were issued. Actual cash requirements could differ from management's projections due to many factors, including the timing and results of the Company's clinical trials for DURAVYU, additional investments in research and development programs, competing technological, and market developments and the costs of any strategic acquisitions and/or development of complementary business opportunities. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1314102/000095017024056380/eypt-20240331.htm About EyePoint Pharmaceuticals EyePoint Pharmaceuticals, Inc., formerly pSivida Corp. -- http://www.eyepointpharma.com-- headquartered in Watertown, MA, is a specialty biopharmaceutical company committed to developing and commercializing innovative ophthalmic products in indications with high unmet medical need to help improve the lives of patients with serious eye disorders. The Company's pipeline leverages its proprietary Durasert technology for sustained intraocular drug delivery including EYP-1901, an investigational sustained delivery intravitreal treatment currently in Phase 2 clinical trials. The proven Durasert drug delivery platform has been safely administered to thousands of patients' eyes across four U.S. FDA approved products, including YUTIQ for the treatment of posterior segment uveitis, which is currently marketed by the Company. EyePoint reported a net loss of $70.79 million in 2023, a net loss of $102.25 million in 2022, a net loss of $58.42 million in 2021, a net loss of $45.39 million in 2020, a net loss of $56.79 million in 2019, and a net loss of $53.17 million in 2018. FINCO I: S&P Affirms 'BB' ICR After Ownership Change ---------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on FinCo I LLC (Fortress) and its 'BB' issue rating on the company's term loan. The term loan has a recovery rating of '3' (55%), indicating its expectation for meaningful recovery in the event of default. The stable outlook reflects S&P's expectation that Fortress will operate with net debt to EBITDA of 3.0x-4.0x without significant erosion of AUM or earnings over the next two years. Fortress is a borrowing entity created through SoftBank Group Corp.'s 2017 purchase of 90% equity in Fortress Investment Group. Fortress Investment Group is an alternative asset manager with $48 billion in assets under management (AUM) as of Dec. 31, 2023. On May 15, 2024, Fortress and Mubadala Investment Co. announced that they completed the acquisition of the 90.01% equity of Fortress Investment Group that was held by SoftBank. Fortress management owns a 32% equity interest, and a consortium led by Mubadala Capital owns 68%. S&P said, "We do not expect Fortress to alter its financial policy following the ownership change, given that key financial and operational decisions will remain with the Fortress management. Fortress management, post transaction close, will operate as an independent investment manager. Fortress management's 32% equity interest entitles it to appoint a majority of seats on the board. "We do not expect Fortress' leverage to change because of the ownership change--we expect Fortress to continue to operate at the higher end of our adjusted debt-to-EBITDA range of 3.0x-4.0x for the next 12-24 months. Fortress has higher representation on the board than Mubadala does post transaction close, allowing it to maintain control over its financial policy. We expect Mubadala to hold the majority of its investment in Fortress within Mubadala Capital, its wholly owned asset management subsidiary, on balance sheet and long term. As such, we do not view Mubadala's ownership of Fortress to be a financial sponsor ownership. "The stable outlook reflects our view that Fortress will operate with net debt to EBITDA of 3.0x-4.0x over the next one to two years, without significant erosion of liquidity, AUM, or earnings. We also expect that Fortress will maintain its existing financial policy and control." S&P could lower its rating on Fortress if: -- Net leverage rises above 4.0x on a sustained basis, -- Investment performance declines, -- AUM and earnings erode, or -- Funding results weaken materially. S&P could raise the rating if the company reduces net leverage comfortably below 3.0x on a sustained basis, while also maintaining solid investment performance and increasing its earnings. FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 20% Discount ------------------------------------------------------------ Participations in a syndicated loan under which FinThrive Software Intermediate Holdings Inc is a borrower were trading in the secondary market around 79.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.44 billion Term loan facility is scheduled to mature on December 18, 2028. About $1.41 billion of the loan is withdrawn and outstanding. FinThrive is a provider of revenue cycle management software solutions to the healthcare sector. FLINT GROUP: EUR170.4MM Bank Debt Trades at 21% Discount -------------------------------------------------------- Participations in a syndicated loan under which Flint Group Topco Ltd is a borrower were trading in the secondary market around 79.1 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR170.4 million Pik Term loan facility is scheduled to mature on December 31, 2027. The amount is fully drawn and outstanding. Flint Group offers an unmatched product portfolio spanning printing inks, digital printing presses, blankets, pressroom chemistry, consumables, and colorants. The Company's country of domicile is Jersey. FLUENT INC: Incurs $6.28 Million Net Loss in First Quarter ---------------------------------------------------------- Fluent, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $6.28 million on $65.98 million of revenue for the three months ended March 31, 2024, compared to a net loss of $31.94 million on $77.25 million of revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $103.58 million in total assets, $74.83 million in total liabilities, and $28.75 million in total shareholders' equity. Fluent said, "Given the continued challenges the Company has faced achieving its financial targets, the Company plans to consider further cost reduction measures and focus resources on opportunities that will enable the Company to meet its projected budget and cash flow requirements. These initial plans include divesting a business unit...and reviewing divesting other business units to determine the impact of potential divestments. "While management believes the proceeds from the Private Placement and the other steps noted above will be adequate to cover a decline in the borrowing base under the SLR Revolver and fund its current operations, there is no guarantee that the Company's plans will be successfully executed or have the expected benefits. Furthermore, if an event of default under the SLR Credit Agreement were to occur and the maturity date accelerated, the Company likely would not have sufficient funds to repay the Term Loan...and the SLR Revolver. While management believes the Company will be able to work through its plans to mitigate any event of default with SLR, obtaining a waiver of an event of default or entering into an amendment to mitigate an event of default is not entirely within the Company's control. As there can be no assurance that the Company will be able to effectively implement its plans within one year after the issuance date, based on the factors above, management concluded that there is substantial doubt about the Company's ability to continue as a going concern through such one-year period." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1460329/000143774924017112/flnt20240331_10q.htm About Fluent Inc. Headquartered in New York, Fluent Inc. is a provider of digital marketing services. The Company primarily performs customer acquisition services by operating highly scalable digital marketing campaigns, through which it connects its advertiser clients with consumers they are seeking to reach. The Company accesses these consumers through both its owned and operated digital media properties and its auxiliary syndicated performance marketplace products. In 2023 the Company delivered data and performance-based customer acquisition services for over 500 consumer brands, direct marketers, and agencies across a wide range of industries, including Media & Entertainment, Financial Products & Services, Health & Life Sciences, Retail & Consumer, and Staffing & Recruitment. FOOBAR LLC: Seeks to Hire Larson & Zirzow as Bankruptcy Counsel --------------------------------------------------------------- Foobar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as its bankruptcy counsel. The firm will render these services: (a) prepare legal papers; (b) take all actions in connection with a plan of reorganization and related documents and such further actions as may be required in connection with the administration of the estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these hourly rates: Matthew C. Zirzow, Esq., Principal $650 Benjamin Chambliss, Esq., Associate Attorney $450 Patricia Huelsman, Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer in the amount of $30,000. Mr. Zirzow 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 through: Matthew C. Zirzow, Esq. Zachariah Larson, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NE 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com zlarson@lzlawnv.com About Foobar LLC Foobar LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-12012) on Apr. 25, 2024, listing under $1 million in both assets and liabilities. Judge Mike K. Nakagawa presides over the case. Matthew C. Zirzow, Esq. at Larson & Zirzow, LLC represents the Debtor as counsel. FORM TECHNOLOGIES: Invesco VVR Marks $1.1MM Loan at 29% Off ----------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $1,053,000 loan extended to Form Technologies LLC to market at $750,569 or 71% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a First Lien Term Loan to Form Technologies. The loan accrues interest at a rate of 4.44% (3 mo. Term SOFR + 9.00%) per annum. The loan matures on October 22, 2029. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Form Technologies LLC produces precision components. The Company offers zinc, aluminum, and magnesium die casting services to automotive telecommunications, and consumer electronics industry. Form Technologies LLC serves customers worldwide. FORMATION HOLDINGS: Seeks to Tap Bonds Ellis as Bankruptcy Counsel ------------------------------------------------------------------ Formation Holdings, LLC, doing business as Worth Steel Fabrication, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Bonds Ellis Eppich Schafer Jones LLP as counsel. The firm will render these services: (a) give bankruptcy-related legal advice to the Debtor and assist in conducting the Chapter 11 case; (b) assist the Debtor in preparing legal papers; (c) assist the Debtor in negotiating and formulating sale and/or plan documents; (d) assist the Debtor in preserving and protecting the value of its estate; and (e) perform all other legal services for the Debtor that may be necessary or appropriate in administering this Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Bryan C. Assink, Senior Associate $325 Linda Paquette-Gordon, Senior Paralegal $195 Attorneys $250 - $600 Paralegals $125 - $195 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer of $36,738. Mr. Assink disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bryan C. Assink, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: bryan.assink@bondsellis.com About Formation Holdings Formation Holdings, LLC is a steel fabrication company that provides structural steel to the construction and the energy industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-41329) on April 16, 2024. In the petition signed by Tanner West, chief executive officer, the Debtor disclosed $2,092,836 in assets and $3,367,015 in liabilities. Judge Edward L. Morris oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones LLP serves as the Debtor's counsel. FORZA PIPELINE: Seeks to Hire Legacy Real Estate as Broker ---------------------------------------------------------- Forza Pipeline Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Legacy Real Estate as its broker. The broker will market and sell the Debtor's real property and improvements located at 2217 East County Road 155, Midland, Texas. The broker will receive a commission at 6 percent based upon the gross sales price of the Debtor's real property; plus all expenses incurred. Legacy Real Estate does not represent or hold any interest adverse to Forza or to the estate with respect to the matters in which it is to be employed, according to court filings. The firm can be reached through: Susan Palmer Legacy Real Estate 4400 N Big Spring Suite 101 Midland TX 79705 Phone: (432) 978-7816 Email: Spalmerreal@yahoo.com About Forza Pipeline Services Forza Pipeline Services, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-70030) on Mar. 20, 2024. In the petition signed by Doug Onstead, vice president, the Debtor disclosed up to $10 million in both estimated assets and liabilities. Judge Shad Robinson oversees the case. Todd J. Johnston, Esq., at McWhorter, Cobb & Johnson, LLP serves as the Debtor's counsel. FRANCHISE GROUP: $1BB Bank Debt Trades at 24% Discount ------------------------------------------------------ Participations in a syndicated loan under which Franchise Group Inc is a borrower were trading in the secondary market around 75.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $1 billion Term loan facility is scheduled to mature on March 10, 2026. About $767.3 million of the loan is withdrawn and outstanding. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddyâ€™s Home Furnishings and Sylvan Learning Systems, Inc. FRANCHISE GROUP: $300MM Bank Debt Trades at 24% Discount -------------------------------------------------------- Participations in a syndicated loan under which Franchise Group Inc is a borrower were trading in the secondary market around 76.4 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $300 million Term loan facility is scheduled to mature on March 10, 2026. About $297 million of the loan is withdrawn and outstanding. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's(TM) Home Furnishings and Sylvan Learning Systems, Inc. FRINJ COFFEE: Hires Sanigok Consulting as Financial Consultant -------------------------------------------------------------- FRINJ Coffee, Incorporated seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Sanigok Consulting LLC as financial consultant. The Debtor needs a financial consultant to assist with drafting a financial model and restructuring proforma statements. The firm will receive a flat fee of $6,000 for its services. Feza Sanigok, a principal at Sanigok Consulting, 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: Feza Sanigok Sanigok Consulting LLC 3033 Wilshire Blvd., Apt. 1511 Los Angeles, CA 90010 Telephone: (424) 394-6011 Email: sanigokconsultingllc@gmail.com About FRINJ Coffee FRINJ Coffee, Incorporated is a coffee production firm that offers coffee plant material, production consulting, post-harvest, and marketing services. The Company creates a transformative experience by connecting coffee drinkers to farmers, propelling the growth of a coffee industry in Southern California. FRINJ currently supports more than 65 farmers who are growing coffee in Santa Barbara, Ventura, and San Diego counties as well as many more property owners who are adding coffee to their crops. FRINJ Coffee filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10044) on Jan. 16, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. John A. Ruskey III, chief executive officer, signed the petition. Judge Ronald A. Clifford III oversees the case. The Debtor tapped the Law Offices of Michael Jay Berger as bankruptcy counsel, Tadjedin Thomas & Engbloom Law Group LLP as special litigation counsel, Hutchinson and Bloodgood LLP as accountant, and Sanigok Consulting LLC as financial consultant. FRINJ COFFEE: Taps Tadjedin Thomas & Engbloom Law Group as Counsel ------------------------------------------------------------------ FRINJ Coffee, Incorporated seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tadjedin Thomas & Engbloom Law Group LLP as special litigation counsel. The Debtor requires a special counsel in connection with a state court complaint filed by Paige Gesualdo, titled Paige Gesualdo vs. John A. Ruskey, Andy Mullins, Kari Shafer, and FRINJ Coffee, Inc., Case No: 23CV05305. The hourly rates of the firm's counsel and staff are as follows: Partner $275 Associate $210 Law Clerks/Paralegals $110 In addition, the firm will seek reimbursement for expenses incurred. Wendy Thomas, Esq., a partner at Tadjedin Thomas & Engbloom Law Group, 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: Wendy M. Thomas, Esq. Tadjedin Thomas & Engbloom Law Group LLP 6101 West Centinela Avenue, Suite 270 Culver City, CA 90230 Telephone: (310) 362-4970 About FRINJ Coffee FRINJ Coffee, Incorporated is a coffee production firm that offers coffee plant material, production consulting, post-harvest, and marketing services. The Company creates a transformative experience by connecting coffee drinkers to farmers, propelling the growth of a coffee industry in Southern California. FRINJ currently supports more than 65 farmers who are growing coffee in Santa Barbara, Ventura, and San Diego counties as well as many more property owners who are adding coffee to their crops. FRINJ Coffee filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10044) on Jan. 16, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. John A. Ruskey III, chief executive officer, signed the petition. Judge Ronald A. Clifford III oversees the case. The Debtor tapped the Law Offices of Michael Jay Berger as bankruptcy counsel, Tadjedin Thomas & Engbloom Law Group LLP as special litigation counsel, Hutchinson and Bloodgood LLP as accountant, and Sanigok Consulting LLC as financial consultant. GARRETT MOTION: S&P Raises Secured Debt Rating to 'BB' ------------------------------------------------------ S&P Global Ratings raised to 'BB' from 'BB-' its issue rating on Garrett Motion's secured debt. S&P also removed the rating from CreditWatch with positive implications, where S&P placed it on May 6, 2024. The '2' recovery rating indicates its expectation of substantial (70%-90%; rounded 85%) recovery for the secured lenders in the event of a payment default. The rating action follows the company's plans to use the proceeds from its new upsized $800 million unsecured notes, rated 'B' with a '6' recovery rating, to repay its 2023-2028 dollar facility and to pay $400 million of its 2021-2028 euro facility. The lower amount of secured debt, combined with the addition of unsecured debt that ranks behind the secured debt in the debt waterfall, has improved recovery prospects for secured lenders. S&P's long-term issuer credit rating on Garrett Motion remains 'BB-'. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "We raised our issue rating on Garrett Motion's secured debt, including its $85 million euro facility, its $697 million dollar facility, and its $570 million revolving credit facility to 'BB' from 'BB-' and revised the recovery rating to '2' from '3'. We also removed the ratings from CreditWatch with positive implications. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 85%) recovery for secured lenders in the event of a payment default." -- S&P's 'B' issue rating on Garrett Motion's $800 million unsecured notes due 2032 is unchanged. The '6' recovery rating reflects the subordination of the notes to the secured debt in an event of default. -- S&P said, "In our simulated default scenario, we contemplate a default in 2028. We assume a cyclical downturn in the industry, accompanied by intensified competition and a faster-than-expected shift toward battery electric vehicles. This combination of events would erode operating conditions and cause a significant decline in demand for the company's products and services, thereby hampering its revenue and EBITDA." -- S&P said, "At this stage, we value the business as a going concern, given its strong market position, solid client base, collaborative relationships with original equipment manufacturers globally, and our expectation that vehicles with combustion engines and the associated aftermarket will remain a sizable market in the medium term." Simulated default assumptions -- Year of default: 2028 -- Jurisdiction: State of New York, U.S. Simplified waterfall -- EBITDA at emergence: $246 million (minimum capex assumption of 2%, standard 10% cyclicality adjustment for the auto supplier industry, and 10% operational adjustment). -- Implied enterprise value multiple: 5.0x -- Net enterprise value after administrative costs (5%): $1,167 million -- Valuation split (obligors/nonobligors) : 91%/9% -- Senior secured debt: $1,262 million [1] --Recovery rating: '2' (50%-70%; rounded estimate 85%) -- Unsecured debt : $963 million [1] --Recovery rating '6' (0%-10%; rounded estimate 0%) [1] All debt amounts include six months of prepetition interest. RCF is assumed to be 85% drawn at default. GENESIS GLOBAL: Court Confirms Amended Reorganization Plan ---------------------------------------------------------- Genesis Global Capital, LLC and Genesis Asia Pacific Pte. Ltd. on May 17 disclosed that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company's amended Plan of Reorganization, as well as approved the previously announced settlement agreement with the New York State Office of the Attorney General. "Our goal throughout this process has been to maximize value for all creditors, and we are gratified that the court approved both our Plan and the NYAG settlement agreement. We look forward to putting the Plan into effect and making distributions as expeditiously as possible," said Derar Islim, Interim CEO, Genesis. "We thank our creditors for their continued patience as we have worked through this process," said Paul Aronzon, member of the Special Committee of Genesis. "We sincerely appreciate the ongoing and tireless efforts of Genesis's management, employees and advisors who helped us achieve this important milestone." Unique to the Genesis process, under the terms of the Plan, creditors will receive distributions in kind to preserve the value for creditors in the form of the original assets they loaned as much as possible, rather than being limited to the USD value of the cryptocurrency assets as of the petition date and converting these into cash or other forms of repayment that might not reflect the current or future value of the cryptocurrency assets. For more information on Genesis's restructuring, including access to court documents, please visit https://restructuring.ra.kroll.com/genesis. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to the Company. Alvarez & Marsal is serving as financial advisor and Moelis & Company is acting as investment banker. 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. GETTYSBURG RENTAL: Taps Stermer's Auction Service as Auctioneer --------------------------------------------------------------- Gettysburg Rental and Outdoor Power Equipment Cent seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Stermer's Auction Service to sell its business assets. Stermer's Auction Service shall be compensated at a commission rate of 15 percent of the total auction sales of Debtor's assets. Stermer's Auction Service represents no other entity in connection with this case, is a disinterested party as that term is defined in 11 U.S.C. Sec. 101(14), and represents or holds no interest adverse to the Bankruptcy Estate with respect to the matters on which it is to be employed, according to court filings. The firm can be reached through: Mike Stermer Stermer's Auction Service 125 Bermudian Church Rd East Berlin, PA 17316 About Gettysburg Rental and Outdoor Gettysburg Rental and Outdoor Power Equipment Cent, doing business as Gettysburg Rntl & Outdr Pwr Eqp Ctr LLC, provides party and equipment rentals to Gettysburg and the surrounding areas. Gettysburg Rental and Outdoor Power sought relief under Chapter 11 of the U.S. Bankruptcy code (Bankr. M.D. Penn. Case No. 23-02095) on Sept. 14, 2023. In the petition filed by Gary DeCroes, as member, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Judge Henry W Van Eck oversees the case. The Debtor is represented by Brent Diefenderfer, Esq. at CGA Law Firm. GLOVES BUYER: Moody's Lowers Existing 1st Lien Loans to 'B3' ------------------------------------------------------------ Moody's Ratings downgraded the ratings on Gloves Buyer, Inc.'s existing senior secured first lien revolving credit facility and senior secured first lien term loans to B3 from B2. The company's B3 corporate family rating and B3-PD probability of default rating have been affirmed. The rating outlook remains stable. Gloves Buyer will issue a new fungible $348.5 million senior secured first lien term loan, with proceeds to be used to repay in full an existing non-fungible $150 million senior secured first lien term loan and $198.5 million unrated senior secured second lien term loan. The rating on the existing non-fungible $150 million senior secured first lien term loan will be withdrawn upon completion of the refinancing transaction. The downgrade of the company's senior secured first lien bank credit facilities reflects the elimination of a layer of loss absorption previously provided by the senior secured second lien term loan. The remaining senior secured first lien bank credit facilities will represent the only class of funded debt in the company's capital structure following completion of the transaction. The affirmation of the B3 CFR reflects the significant interest savings to be realized given the repayment of higher interest term loans. While Moody's expects Gloves Buyer's credit metrics to modestly improve through revenue and earnings growth and debt amortization over the next 12-18 months, the affirmation also reflects Moody's expectation that leverage will remain high and that the company's financial policies will remain aggressive. RATINGS RATIONALE Gloves Buyer, Inc.'s B3 CFR reflects its small scale, the competitive and fragmented nature of the personal protective equipment ("PPE") industry, very high leverage and private equity ownership. When annualizing recent acquisitions, Moody's pro forma adjusted leverage is around 6.6x and EBITA-to-interest coverage is around 1.3x. Gloves Buyer's credit profile is also constrained by its narrow product focus with a high concentration of sales in the hand and arm protection category, although improved as recent acquisitions have expanded other categories such as workwear and footwear. Gloves Buyer is exposed to cyclicality in some of its end markets which is somewhat mitigated by the essential nature of workplace safety products and its good end market diversification. The company has also been very acquisitive and has largely financed the acquisitions with debt. Future consolidation in the industry is likely given its fragmented nature. The credit profile is supported by Gloves Buyer's leading position as a provider of hand and arm protection in North America, the essential nature of its products benefiting from a focus on workplace safety and its asset-lite business model which requires a low level of capital investment. Gloves Buyer has made several international acquisitions to expand its geographic footprint globally. Gloves Buyer's liquidity is adequate, supported by Moody's expectation that balance sheet cash, cash flow and an undrawn revolver will be more than sufficient to cover cash flow needs over the next twelve months. The stable outlook reflects Moody's expectation that credit metrics will remain in line with the B3 rating category while successfully integrating recent and future acquisitions, with modest revenue growth and maintaining recent margin improvement and adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company displays a commitment to maintaining conservative financial policies and credit metrics. Specifically, a higher rating would require debt/EBITDA sustained below 5.75x and good liquidity. The ratings could be downgraded if there is a deterioration of the company's overall operating performance or liquidity profile including a lack of positive free cash flow or increased revolver utilization. The ratings could also be downgraded if the company's acquisition strategy becomes more aggressive. Quantitatively, the ratings could be downgraded if debt/EBITDA is maintained above 6.75x or EBITA/interest expense declines below 1.25 times. Headquartered in Latham, New York, Gloves Buyer, Inc. is a provider of hand and arm protection as well as other personal protective equipment. Revenue for the fiscal year end January 31, 2024 exceeded $960 million. The company is majority owned by Odyssey Investment Partners. The principal methodology used in these ratings was Retail and Apparel published in November 2023. GOOD GAMING: Incurs $865K Net Loss in 2023 ------------------------------------------ Good Gaming, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $864,979 on $3,443 of revenues for the year ended Dec. 31, 2023, compared to a net loss of $2.11 million on $9,609 of revenues for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $484,394 in total assets, $520,277 in total liabilities, and a total stockholders' deficit of $35,882. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has suffered recurring operating losses, had a working capital deficit of $122,427, and accumulated deficit of $10,611,838 as of Dec. 31, 2023. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1454742/000149315224012092/form10-k.htm About Good Gaming Incorporated in 2008 and headquartered in Kennett Square, PA, Good Gaming, Inc. -- www.good-gaming.com -- aims to become a leading tournament gaming provider and an online destination for over 250 million esports players worldwide looking to compete at the high school or college level. Operating as a developmental stage business with limited revenues and a history of operating losses, Good Gaming established the Good Gaming platform in early 2014 to address the need for a structured organization for amateur gamers. GQ NCF CLERMONT: Seeks to Hire Stiberman Law as Bankruptcy Counsel ------------------------------------------------------------------ GQ NCF Clermont Cleaners, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Stiberman Law, PA as its counsel. The firm will render these services: (a) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Guidelines and Reporting Requirements and with the rules of the court; (b) prepare legal documents necessary in the administration of this case; (c) protect the interests of the Debtor in all matters pending before the court; and (d) represent the Debtor in negotiations with its creditors and in the preparation and confirmation of a plan. The hourly rates of the firm's counsel and staff are as follows: Robert A. Stiberman, Esq. $440 Paralegals $185 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $22,000. Robert Stiberman, Esq., the founder of Stiberman Law, 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: Robert A. Stiberman, Esq. Stiberman Law, P.A. 2601 Hollywood Blvd. Hollywood, FL 33020 Telephone: (954) 922-2283 Facsimile: (954) 302-8707 Email: ras@stibermanlaw.com About GQ NCF Clermont Cleaners GQ NCF Clermont Cleaners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02247) on May 6, 2024, listing under $1 million in both assets and liabilities. Judge Grace E. Robson oversees the case. Robert A. Stiberman, Esq., at Stiberman Law, PA represents the Debtor as legal counsel. GRAND FUSION: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Grand Fusion Housewares, LLC f/d/b/a Grand Fusion Housewares, Inc 1215 W. Crosby Road, Suite 100 Carrollton, TX 75006 Business Description: The Debtor is engaged in the retail sales of home accessories. Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court Northern District of Texas Case No.: 24-41694 Judge: Hon. Mark X. Mullin Debtor's Counsel: Bryan C. Assink, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Tel: 817-405-6900 Email: bryan.assink@bondsellis.com Total Assets as of May 15, 2024: $469,526 Total Liabilities as of May 15, 2024: $3,134,245 The petition was signed by Brendan Bauer as authorized representative. A copy of the Debtor's list of 20 largest unsecured creditors is now available for download. Follow this link to get a copy today https://www.pacermonitor.com. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/QEC3BXI/Grand_Fusion_Housewares_LLC__txnbke-24-41694__0001.0.pdf?mcid=tGE4TAMA GRAY TELEVISION: S&P Rates New $750MM Sr. Secured Term Loan F 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue-level rating and '1' recovery rating to Gray Television Inc.'s proposed $750 million senior secured term loan F due 2029. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 90%) recovery for lenders in the event of a payment default. The company plans to use the proceeds from the proposed term loan and other secured indebtedness, along with a $100 million draw on its revolving credit facility (RCF) and cash on hand, to repay the outstanding borrowings on its $1.2 billion term loan E maturing January 2026, repay up to $450 million of its 5.875% senior unsecured notes due 2026, and pay associated transaction fees and expenses. Given the higher proposed amount of secured debt in the capital structure, S&P expects reduced recovery prospects for secured debtholders of about 90% (previously about 95%). Upon completion of the refinancing transaction, Gray is also planning to upsize its $552.5 million senior secured revolving credit facility tranche to $680 million and terminate its $72.5 million senior secured revolving credit facility tranche. S&P said, "All of our ratings on Gray, including our 'B+' issuer credit rating and negative outlook, are unchanged because the proposed transaction is leverage neutral. The negative outlook reflects Gray's current elevated leverage above 6x with little room for underperformance over the next couple of quarters. We believe the company is reliant on favorable political revenue and growth in core advertising to reduce leverage over the next year." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Gray Television Inc. is the borrower of the proposed $680 million revolving credit facility maturing in 2027, the proposed $750 million senior secured term loan F due 2029, a $1.5 billion (outstanding) term loan D maturing in 2028, and other assumed senior secured indebtedness, along with various tranches of senior unsecured notes (assumed $250 million 5.875% notes due 2026, $750 million 7% notes due 2027, $800 million 4.75% notes due 2030, and $1.3 billion 5.375% notes due 2031), and a $300 million accounts-receivable (AR) securitization facility due 2026. -- The senior secured debt is guaranteed by the company's material domestic subsidiaries and secured by substantially all of its assets and those of its guarantors (excluding real estate and its Assembly Atlanta Studios). Simulated default assumptions -- S&P's simulated default scenario contemplates a default in 2028 due to advertising revenue declines stemming from economic weakness and increased competition from alternative media, declines in retransmission revenue from elevated subscriber declines, and pressure from affiliated networks to remit a significant portion of its retransmission fees. -- Other default assumptions include an 85% draw on the revolving credit facility, a 100% draw on the AR securitization facility, the spread on the revolving credit facility rises to 5% as covenant amendments are obtained, and all debt include six months of prepetition interest. -- S&P values Gray on a going-concern basis using a 6.5x multiple of its projected emergence EBITDA. -- S&P lowered its emergence EBITDA assumption to $584 million, from $627 million, to reflect the ongoing secular pressures facing the broadcast TV industry and our expectations for lower recovery prospects. Simplified waterfall -- EBITDA at emergence: $584 million -- EBITDA multiple: 6.5x -- Gross recovery value: $3.8 billion -- Net enterprise value (after 5% administrative costs): $3.6 billion -- Estimated priority debt claims (AR securitization facility): $305 million -- Value available for senior secured debt: $3.3 billion -- Estimated senior secured debt claims: $3.6 billion --Recovery expectations: 90%-100% (rounded estimate: 90%) -- Value available for senior unsecured debt: $269 million -- Estimated senior unsecured debt claims: $3.5 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) GULTON INC: Taps Trenk Isabel Siddiqi & Shahdanian as Counsel ------------------------------------------------------------- Gulton Incorporated seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Trenk Isabel Siddiqi & Shahdanian PC as its counsel. The firm's services include: a. advise the Debtor with respect to its power, duties and responsibilities in the continued management of its financial affairs; b. advise the Debtor with respect to preparing and obtaining approval of a Disclosure Statement and Plan of Reorganization; c. prepare on behalf of the Debtor, as necessary, legal papers; d. appear before this court and other officials and tribunals, if necessary, and protect the interests of the Debtor in federal, state and foreign jurisdictions and administrative proceedings; e. negotiate and prepare documents relating to the use, reorganization and disposition of assets, as requested by the Debtor; f. negotiate and formulate a Disclosure Statement and Plan of Reorganization; g. advise the Debtor concerning the administration of its estate; and h. perform such other legal services for the Debtor, as may be necessary. The firm will be paid at these hourly rates: Richard D. Trenk (Shareholder) $700 Robert S. Roglieri (Partner) $450 Stephen M. Gengaro (Associate) $275 Partners $400 - $700 Associates $275 - $300 Law Clerks $125 Paralegals and Support Staff $125 - $250 Mr. Trenk 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: Richard D. Trenk, Esq. Robert S. Roglieri, Esq. Trenk Isabel Siddiqi & Shahdanian PC 290 W. Mt. Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Email: rtrenk@tisslaw.com rroglieri@tisslaw.com About Gulton Incorporated Gulton Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-14611) on May 6, 2024. In the petition signed by Joseph J. DiGiovann, president and COO, the Debtor disclosed $889,251 in assets and $1,726,116 in liabilities. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian PC represents the Debtor as legal counsel. HARDING HOUSE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Harding House Brewing Company, LLC 904 51st Avenue North Nashville, TN 37209 Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 24-01770 Judge: Hon. Charles M Walker Debtor's Counsel: R. Alex Payne, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 629-777-6529 Fax: 615 777 3765 Email: alex@dhnashville.com Total Assets: $28,833 Total Liabilities: $1,136,224 The petition was signed by Douglas Tyler Pate 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/3FT75RI/Harding_House_Brewing_Company__tnmbke-24-01770__0001.0.pdf?mcid=tGE4TAMA HBL SNF: PCO Seeks to Hire Rimon, P.C. as Substitute Counsel ------------------------------------------------------------ Joseph J. Tomaino, the Patient Care Ombudsman of HBL SNF, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Rimon, P.C. as its substitute counsel. The firm will provide these services: a. provide the Debtor with legal advice with respect to his duties, obligations, and powers as PCO during the continuance of the Debtor's case; and b. represent the PCO as an interested party in connection with any proceedings in the bankruptcy case which affects the rights of the PCO and the patients of the Debtor. The firm will be paid at these rates: Attorneys $350 to $825 per hour Paralegals $175 to $275 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ronald J. Friedman, Esq., a partner at Rimon P.C., 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: Ronald J. Friedman, Esq. Rimon P.C. 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Tel: (516) 479-6300 About HBL SNF HBL SNF, LLC, doing business as Epic Rehabilitation and Nursing at White Plains, operates a 160-bedroom skilled nursing and rehabilitation facility located at 120 Church St., White Plains, N.Y. The facility, which opened in late 2019, provides an array of healthcare services, including neurological, respiratory, orthopedic, occupational, psychiatric, and many other medical and rehabilitative services. HBL SNF filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22623) on Nov. 1, 2021, listing $9,131,311 in total assets and $20,128,876 in total liabilities. Heidi J Sorvino, Esq., at White and Williams, LLP serves as Subchapter V trustee. Judge Sean H. Lane oversees the case. The Debtor tapped Klestadt Winters Jureller Southard & Stevens, LLP as bankruptcy counsel; Michelman & Robinson, LLP as special litigation counsel; and HMM CPAs, LLP as accountant. HELIUS MEDICAL: Incurs $2.52 Million Net Loss in First Quarter -------------------------------------------------------------- Helius Medical Technologies, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.52 million on $135,000 of total revenue for the three months ended March 31, 2024, compared to a net loss of $2.49 million on $111,000 of total revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $5.76 million in total assets, $3.77 million in total liabilities, and $1.98 million in total stockholders' equity. Cash used in operating activities for the three months ended March 31, 2024, was $3.0 million compared to $3.2 million in the first quarter of 2023. As of March 31, 2024, the Company had cash of $3.6 million and no debt outstanding. On May 9, 2024, the Company raised $5.6 million in net proceeds in a public offering, extending the cash runway into 2025. For the three months ended March 31, 2024, the Company had an operating loss of $3.4 million, and as of March 31, 2024, its accumulated deficit was $162.5 million. For the three months ended March 31, 2024, the Company had $0.1 million of net revenue from the commercial sale of products. The Company expects to continue to incur operating losses and net cash outflows until such time as it generates a level of revenue to support its cost structure. There is no assurance that the Company will achieve profitable operations, and, if achieved, whether it will be sustained on a continued basis. The Company said these factors indicate substantial doubt about the Company's ability to continue as a going concern within one year after the date the consolidated financial statements are filed. The Company intends to fund ongoing activities by utilizing its current cash and cash equivalents on hand, cash received from the sale of its PoNS device in the U.S. and Canada and by raising additional capital through equity or debt financings. There can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company. If the Company is unable to raise sufficient additional capital, the Company may be compelled to reduce the scope of its operations. Management Commentary "We marched one step closer to an important milestone when CMS released its preliminary Medicare payment determinations for the PoNS Controller and Mouthpiece earlier this month. This was a significant achievement for Helius, and at the HCPCS public meeting later this month, we will present arguments to support higher reimbursement rates than those established in the preliminary determinations. Once the reimbursement amount is finalized, the payment rates are expected to be effective October 1," stated Helius' President and Chief Executive Officer, Dane Andreeff. "We believe the establishment of Medicare payment rates will make it easier to expand reimbursement across third-party payers, creating a pathway to positive cash flow as we continue pursuing stroke authorization in the U.S. We remain on track for an early 2025 regulatory submission for stroke, and we added several new sites to our registrational program during the quarter to advance this objective. It's an exciting time at Helius with the achievement of two monumental goals in sight and the cash that will help us get there," concluded Andreeff. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1610853/000155837024007971/hsdt-20240331x10q.htm About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. -- www.heliusmedical.com -- is a neurotechnology company focused on neurological wellness. The Company's purpose is to develop, license or acquire non-implantable technologies targeted at reducing symptoms of neurological disease or trauma. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital. These are the reasons that raise substantial doubt about their ability to continue as a going concern. HNO INTERNATIONAL: Hires Barton to Replace BF Borgers as Auditor ---------------------------------------------------------------- HNO International Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on May 7, 2024, it dismissed BF Borgers CPA, PC as its independent accountant to audit the Company's financial statements. None of the reports of Borgers on the Company's financial statements for either of the past two years or subsequent interim period contained an adverse opinion or disclaimer of opinion, or was qualified or modified as to uncertainty, audit scope or accounting principles. The Company stated that during the two most recent fiscal years and any subsequent interim period preceding Borgers dismissal, there were no disagreements with Borgers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Borgers concerning the subject matter of each of such disagreements would have caused them to make reference thereto in their report on the financial statements. The Company did not provide a copy of the foregoing disclosures to Borgers prior to the filing of this Current Report on Form 8-K, nor did it request Borgers to furnish a letter stating its agreement with the statements described herein, as BF Borgers is currently barred from appearing or practicing before the Securities & Exchange Commission. This prohibition is outlined in the SEC's Order Instituting Public Administrative and Cease-and-Desist Proceedings under Section 8A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the SEC's Rules of Practice. This order, which includes findings and imposes remedial sanctions and a cease-and-desist order, was issued on May 3, 2024. Appointment of Barton CPA On May 7, 2024, the Company's Board of Directors approved the engagement of Barton CPA, an independent registered public accounting firm, as the Company's new independent accountant to audit the Company's financial statements and to perform reviews of interim financial statements. During the fiscal years ended Oct. 31, 2023 and 2022 and through May 8, 2024, neither the Company, nor anyone on its behalf, consulted Barton regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the consolidated financial statements of the Company, and no written report or oral advice was provided to the Company by Barton that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a "reportable event" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K). About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Jan. 29, 2024, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. HOT CRETE: Seeks Approval to Hire Terra Point as Broker ------------------------------------------------------- Hot Crete LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Terra Point, LLC as its broker. The broker will sell all of Debtor's equipment and machinery located at 1630 County Road 279, Liberty Hill, Texas 78642. Terra Point shall receive as compensation a commission equal to 10 percent of the property value. As disclosed in the court filings, the broker holds no interest adverse to the estate and is a disinterested person. The broker can be reached through: Tim Watters Terra Point, LLC 2802 Flintrock Trace, Suite #284 Austin, TX 78738 Telephone: (877) 722-5998 Facsimile: (818) 337-7198 Email: timw@terrapoint.com About Hot Crete LLC Hot Crete LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10303) on March 22, 2024, listing $1,000,001 to $10 million in both assets and liabilities. The petition was signed by Edgar Castro as president. Todd Brice Headden, Esq. at Hayward PLLC represents the Debtor as counsel. HOTOPP PROPERTIES: Taps Lemar Realty as Real Estate Agent --------------------------------------------------------- Hotopp Properties, Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Lemar Realty as real estate agent. The firm will market and sell the Debtor's real property located at 218 N. Eddy St., Sandwich, IL at a commission of up to 5 percent of total sale amount for the property. Lemar Realty is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Jim Lemar Lemar Realty 605 S Bridge St. Ste B. Yorkville, IL 60560 Email: (630) 675-5187 About Hotopp Properties, Inc Hotopp Properties, Inc filed its voluntary petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr. N.D. Ill. Case No. 24-80579) on May 1, 2024, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Thomas M Lynch presides over the case. Richard G Larsen, Esq. at Springer Larsen Greene, LLC represents the Debtor as counsel. INSIGHT ENTERPRISES: Moody's Assigns 'B2' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings assigned a Ba2 Corporate Family Rating and Ba2-PD Probability of Default Rating to Insight Enterprises, Inc. (Insight Enterprises). Moody's also assigned a Ba3 to the proposed senior unsecured notes and a SGL-2 Speculative Grade Liquidity (SGL) rating. Net proceeds from the new notes will be used primarily to repay a portion of borrowings under the existing ABL revolver as well as for general corporate purposes. The outlook is stable. RATINGS RATIONALE Insight Enterprises' Ba2 CFR reflects the company's relatively small, but increasing, scale among much larger providers in the fragmented distribution and supply chain industry. The company maintains manageable financial leverage, and generally good cash flow generation which mitigates working capital swings and low profit margins that are typical for the sector. The rating incorporates the return to normalized levels of annual share repurchases since the second half of 2023 and Moody's expectation that debt to EBITDA of 2.9x (Moody's adjusted, or 2.2x excluding M&A earnouts) will improve consistently over the next year. The proposed transaction is leverage neutral given ABL advances are termed out with net proceeds from the notes issuance, and liquidity is enhanced with increased availability under the ABL revolver. Insight Enterprises benefits from a return to top line growth in 2024 as well as its leading relationships with several key vendor partners, including Microsoft Corporation and Cisco Systems, Inc. The company also has good customer relationships which support continued growth in the higher margin services segment. Among rated peers in the broader distribution and supply chain sector, Insight Enterprises has favorable adjusted EBITDA margins in the 4.7% - 5.5% range for the last two years reflecting success with its focus on being a solutions integrator. In line with its peer group, however, working capital needs are significant given products represent over 80% of total revenues. Competition remains high in this fragmented sector, and ongoing consolidation heightens risks related to competitive dynamics and the likelihood for debt financed acquisitions. Governance considerations are a key driver of ratings given Insight Enterprises' financial strategy, including recent debt-funded acquisitions and a temporary step-up in share repurchases during 2022-2023. ValueAct Capital, an activist investor, holds a 13% - 14% interest in the company and one board seat following the firm's initial investment in Insight Enterprises at the beginning of 2021. Although Insight Enterprises has adhered to disciplined financial policies including maintaining adjusted debt to EBITDA below 3x with improving profit margins, the company had maintained adjusted leverage in the 1.1x – 1.5x range prior to 2023. Insight Enterprises has good liquidity (SGL-2), supported by a minimum $150 million of balance sheet cash over the next year and access to a $1.8 billion ABL revolving credit facility expiring in 2027. Moody's expects adjusted free cash flow to debt will be in the low double-digit to mid-teen percentage range. Moody's projects advances under the ABL revolver will average above $300 million with a sufficient borrowing base to provide access to most of the remaining ABL revolver commitment throughout the year. The company is an active user of inventory financing facilities related to key vendors, and Moody's expects average outstanding balances under these facilities will exceed $250 million throughout the year. There is ample EBITDA cushion under the ABL revolver's 1:1 minimum fixed charge coverage ratio covenant. The only near term debt maturity is the $333 million convertible note due February 2025 which Moody's expects will be repaid with a combination of excess cash and ABL advances. The Ba3 rating on Insight Enterprise's proposed senior unsecured notes is one notch below the CFR reflecting the superior claim position on certain account receivables and inventory of the company's unrated ABL revolver. The stable outlook reflects Moody's expectation that Insight Enterprises will grow revenue in the low-to-mid single digit percentage range over the next year, following a revenue decline in 2023, with improving adjusted EBITDA margins supported by customer demand for IT solutions enabling digital transformation and a recovery in hardware demand by the end of 2024. Moody's estimates the borrowing base will provide more than sufficient availability for revolver advances to manage working capital swings over the next year. To the extent the company issues debt to fund a tuck-in acquisition, Moody's expects Insight Enterprises will reduce debt balances to restore credit metrics including leverage and free cash flow ratios to pre-transaction levels within one year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings for Insight Enterprises could be upgraded if there is a meaningful increase in revenue and operating profits combined with solid execution and continued improvement in product mix. EBITDA margins would need to be sustained above 7% (Moody's adjusted) with growing free cash flow and adjusted debt to EBITDA remaining comfortably below 2.5x. In addition, liquidity would need to be robust with building cash balances and ample availability under the ABL revolver borrowing base. Insight Enterprises would further need to demonstrate adherence to disciplined financial policies. Ratings could be downgraded if heightened competition from distribution and supply chain providers causes market share losses or pricing pressure for Insight Enterprises. Adjusted debt to EBITDA approaching 3.5x, or deterioration in adjusted EBITDA margins could also lead to a downgrade. Downward rating pressure could also arise if there is a sustained decline in cash balances or free cash flow, or there is reduced availability under the ABL borrowing base or relaxation of key provisions under the ABL revolver facility. Ratings could also be downgraded if financial policies become more aggressive. Headquartered in Chandler, AZ, Insight Enterprises is a Fortune 500 solutions integrator providing IT services and other offerings to enterprises, commercial, and public sector segments. The company serves customers located in North America, EMEA, and APAC. Insight Enterprises is publicly traded with revenues expected to approach $11 billion over the next year. The principal methodology used in these ratings was Distribution and Supply Chain Services published in February 2023. INTEGRATIVE MEDICAL: Taps Frank B. Lyon as Bankruptcy Counsel ------------------------------------------------------------- Integrative Medical Home Care, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Law Offices of Frank B. Lyon as its legal counsel. The firm will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; c. amend the voluntary petition and other paperwork necessary to complete this proceeding; d. assist the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, the Initial Debtor Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; e. represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor, including, but not limited to, litigation affecting property of the Estate, suits to avoid or determine lien rights or other property interests of creditors and other parties in interest, objections to disputed claims, motions to assume or reject leases and other executory contracts, motions for relief from the automatic stay and motions concerning the discovery of documents and other information relating to any of the foregoing; f. represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and g. assist the Debtor in the formulation of a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. The firm will be paid at these rates: Frank B. Lyon $525 per hour Legal Assistants $110 to 185 per hour The firm paid the firm the sum of $18,500 of which $14,262 went to pre-petition fees and expenses. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Frank B. Lyon, Esq., a partner at The Law Offices of Frank B. Lyon, 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: Frank B. Lyon, Esq. The Law Offices of Frank B. Lyon 3800 North Lamar Boulevard, Suite 200 Austin, Texas 78756 Telephone: (512) 345-8964 Facsimile: (512) 647-0047 Email: frank@franklyon.com About Integrative Medical Home Care Integrative Medical Home Care, PLLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10404) on April 12, 2024, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Shad Robinson presides over the case. Frank B. Lyon, Esq. at Frank B. Lyon, Attorney represents the Debtor as counsel. JAGUAR HEALTH: Incurs $9.4 Million Net Loss in First Quarter ------------------------------------------------------------ Jaguar Health, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $9.37 million on $2.35 million of net product revenue for the three months ended March 31, 2024, compared to a net loss of $12.40 million on $1.97 million of net product revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $55.39 million in total assets, $41.10 million in total liabilities, $2.48 million in redeemable preferred stock, and $11.82 million in total stockholders' equity. Jaguar stated, "Although the Company plans to finance its operations and cash flow needs through equity and/or debt financing, collaboration arrangements with other entities, license royalty agreements, as well as revenue from future product sales, the Company does not believe its current cash balances are sufficient to fund its operating plan through one year from the issuance of these unaudited condensed consolidated financial statements. There can be no assurance that additional funding will be available to the Company on acceptable terms, or on a timely basis, if at all, or that the Company will generate sufficient cash from operations to adequately fund operating needs. If the Company is unable to obtain an adequate level of financing needed for the long-term development and commercialization of the products, the Company will need to curtail planned activities and reduce costs. Doing so will likely have an adverse effect on the ability to execute the Company's business plan; accordingly, there is substantial doubt about the ability of the Company to continue in existence as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1585608/000155837024008050/jagx-20240331x10q.htm About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. JUBILANT FLAME: Incurs $67K Net Loss in FY Ended Feb. 29 -------------------------------------------------------- Jubilant Flame International, LTD., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $67,365 on $0 of total sales for the year ended Feb. 29, 2024, compared to a net loss of $61,545 on $0 of total sales for the year ended Feb. 28, 2023. As of Feb. 29, 2024, the Company had $12,595 in total assets, $1.31 million in total liabilities, and a total stockholders' deficit of $1.29 million. Diamond Bar, California-based KCCW Accountancy Corp., the Company's auditor since 2023, issued a "going concern" qualification in its report dated May 7, 2024, citing that the Company has suffered recurring losses from operations and has working capital and stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001517389/000147793224002544/jfil_10k.htm About Jubilant Starting the fourth quarter of fiscal year ended Feb. 28, 2018, Jubilant Flame International, LTD. has started a new line of business to promote and sell a new cosmetics product "Acropass" series in United States. The Company purchases the Acropass inventory from Rubyfield Holdings Limited, a Chinese company owned by the CEO of the Company. Under a Resale Agreement between the Company and Rubyfield, the Company agrees to purchase Acropass products from Rubyfield. JUN ENTERPRISE: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: Jun Enterprise LLC d/b/a Ruby's Academy for Health Occupations 4735 North University Drive Lauderhill, FL 33351 Business Description: The Debtor is a private vocational school for health care professions, including Practical Nursing, Medical Assistant, Home Health Aide and many more. Chapter 11 Petition Date: May 15, 2024 Court: United States Bankruptcy Court Southern District of Florida Case No.: 24-14748 Judge: Hon. Peter D. Russin Debtor's Counsel: Thomas L. Abrams, Esq. THOMAS L ABRAMS PA 1213 SE 3rd Avenue Fort Lauderdale, FL 33316 Tel: (954) 523-0900 Email: tabrams@tabramslaw.com Total Assets: $567,259 Total Liabilities: $1,443,438 The petition was signed by Carolyn Sutton as president/owner. 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/VCLJNQY/JUN_ENTERPRISE_LLC_dba_Rubys_Academy__flsbke-24-14748__0001.0.pdf?mcid=tGE4TAMA KB HOME: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings upgraded KB Home's corporate family rating to Ba1 from Ba2 and its probability of default rating to Ba1-PD from Ba2-PD. Moody's also upgraded the company's senior unsecured note ratings to Ba1 from Ba2. The SGL-1 Speculative Grade Liquidity Rating is maintained. The outlook was changed to stable from positive. The CFR upgrade to Ba1 reflects KB Home's robust revenue scale and anticipated expansion over the next 12 to 18 months, the company's strong market position across its regions of operation, along with its deleveraging track record and disciplined approach to balance sheet management. Moody's expect the company to operate conservatively, with a focus on a strong financial profile and prudent leverage, as it invests in new land and land development, while balancing shareholder friendly returns. "KB Home's strong positioning in the first-time homebuyer market, with half of home closings generated from this product category, will contribute to the company's growth trajectory given significant demand for this product as buyers pursue affordable offerings," says Natalia Gluschuk, Moody's Vice President and Senior Credit Officer. RATINGS RATIONALE KB Home's Ba1 CFR is supported by: 1) the company's conservative financial policy focused on balance sheet strength and deleveraging through earnings retention, and its long-term leverage target of 30% to 40% debt to book capitalization, as well as current operation at the lower end of this range; 2) its large scale and position as the sixth largest homebuilder in the US by homes closed and the seventh largest homebuilder by revenue; 3) the focus on the first-time homebuyer segment for about half of home closings, which is expected to benefit from the demand of the millennial generation; and 4) the company's largely built-to-order strategy with 65%-70% of homes in production sold, which provides revenue visibility and reduces inventory risk. At the same time, KB Home's credit profile is constrained by: 1) the company's concentration of 36% of revenue and 25% of home closings in the West Coast segment, the vast majority of which is focused in California; 2) shareholder friendly activities, including share repurchases and dividends; 3) a supply of owned land of about three years, and the exposure to impairments during a weak market; and 4) the cyclicality of the homebuilding sector and exposure to significant volatility in results as well as broad-based affordability constraints affecting homebuyers' demand. The stable outlook reflects Moody's expectation that in the next 12 to 18 months KB Home will continue to expand its robust revenue scale, and will maintain strong credit metrics, including a conservative leverage profile. The SGL-1 Speculative Grade Liquidity Rating reflects Moody's expectation that KB Home will maintain very good liquidity in the next 12 to 15 months, supported by its $668 million cash balance at February 29, 2024, solid cash flow from operations, the $1.09 billion unsecured revolving credit facility expiring in February 2027, which is expected to remain undrawn, meaningful cushion under financial covenants, and good alternate liquidity given three years of owned land supply and an unsecured capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to expand size, scale and geographic diversity, maintains strong credit metrics, including debt to book capitalization below 35% and EBIT to interest coverage in the high single digits, and sustains conservative financial policies with a demonstrated commitment to attaining and maintaining an investment grade rating, both to Moody's and to the debt capital markets. Additionally, maintenance of solid gross margins and a very good liquidity position, including strong free cash flow generation, while industry fundamentals remain favorable would also be important considerations. The ratings could be downgraded if the company's financial policies grow more aggressive with respect to leverage, shareholder-friendly actions or land investments, or if operating results weaken meaningfully and the company begins to generate net losses or book major impairment charges. Specifically, the ratings could be downgraded if debt to book capitalization increases toward 45%, EBIT to interest coverage falls below 5.0x, gross margins decline significantly, or liquidity weakens. The principal methodology used in these ratings was Homebuilding and Property Development published in October 2022. KB Home, headquartered in Los Angeles, is one of the country's largest homebuilders, building homes for first-time, first move-up, second move-up and active adult homebuyers across 47 markets in nine states and four geographic regions. In the last twelve months ended February 29, 2024, KB Home generated $6.5 billion in revenue and $603 million in net income. KIDWELL GROUP: Air Quality Starts Subchapter V Bankruptcy in Fla. ----------------------------------------------------------------- On 24-bk-02024 The Kidwell Group LLC filed for Subchapter V bankruptcy protection in the Middle District of Florida. According to court filing, The Kidwell Group LLC estimates 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 June 3, 2024, at 10:00 AM at UST-LA3, TELEPHONIC MEETING. CONFERENCE LINE:877-801-2055, PARTICIPANT CODE:8940738#. About The Kidwell Group LLC The Kidwell Group LLC, doing business as Air Quality Assessors of Florida, provides fast and efficient mold inspections, indoor air quality assessments & consultations along with leak detection and water testing services throughout the entire state of Florida. The Kidwell Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02024) on April 25, 2024. In the petition filed by Richard L. Kidwell, as manager, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by: Justin M Luna, Esq. Latham, Luna, Eden & Beaudine, LLP P.O. Box 162261 Altamonte Springs, FL 32716 Tel: (407) 481-5800 E-mail: jluna@lathamluna.com KNIGHT HEALTH: $450MM Bank Debt Trades at 53% Discount ------------------------------------------------------ Participations in a syndicated loan under which Knight Health Holdings LLC is a borrower were trading in the secondary market around 47.5 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $450.0 million Term loan facility is scheduled to mature on December 25, 2028. The amount is fully drawn and outstanding. Knight Health Holdings LLC is a provider of a community-based acute and post-acute care, with 18 short-term acute care hospitals and 61 long-term acute care facilities across 25 states. LANDOCITY INVESTORS: Case Summary & 12 Unsecured Creditors ---------------------------------------------------------- Debtor: Landocity Investors, LLC Tioga Hotel, Next Extended Stay 304 S. Jones Blvd Ste 1439 Las Vegas, NV 89107 Business Description: Landocity Investors is part of the traveler accommodation industry. Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court District of Nevada Case No.: 24-12404 Judge: Hon. August B. Landis Debtor's Counsel: Brandon Rusk, Esq. 1646 Orange Daisy Pl Henderseon NV 89012 Tel: 775-351-6630 Email: ruskbrandon@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Caleb Walsh as authorized signer. 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/IITWL4I/LANDOCITY_INVESTORS_LLC__nvbke-24-12404__0001.0.pdf?mcid=tGE4TAMA LAZARUS HOLDINGS: Seeks to Hire Slocum Law as Bankruptcy Counsel ---------------------------------------------------------------- Lazarus Holdings LLC seeks approval from the U.S. Bankruptcy Court of the Middle District of Tennessee to employ Slocum Law as its bankruptcy counsel. The firm's services include: (a) advise the Debtor as to the rights, duties, and powers; (b) prepare and file statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this proceeding; (c) represent the Debtor at all hearings, meetings of creditors, conferences, trials, and any other proceedings in this case; and (d) perform such other legal services as may be necessary in connection with this case. Keith Slocum, Esq., is the firm's attorney who will be representing the Debtor. Mr. Slocum will be compensated at $425 per hour for time spent out of court and $475 per hour for time spent in court. Meanwhile, paralegals will be paid an hourly fee of $150. In addition, the firm will seek reimbursement for expenses incurred. Slocum Law received an initial retainer fee of $15,000. Mr. Slocum 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 through: Keith D. Slocum, Esq. Slocum Law 370 Mallory Station Road, Suite 504 Franklin, TN 37067 Telephone: (615) 656-3344 Facsimile: (615) 647-0651 Email: keith@keithslocum.com About Lazarus Holding Lazarus Holding, LLC is the owner of the real property located at 3309 Ambrose Avenue, Nashville, TN 37205 valued at $1.26 million. Lazarus Holding filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-01576) on May 2, 2024, listing $1,260,500 in total assets and $743,358 in total liabilities. Judge Randal S. Mashburn presides over the case. Keith D. Slocum, Esq. at Slocum Law represents the Debtor as counsel. LEGACY CARES: Asset Sale Proceeds to Fund Plan ---------------------------------------------- Legacy Cares, Inc., the Official Committee of Unsecured Creditors and UMB Bank, N.A. submitted a Combined Disclosure Statement and Plan of Liquidation dated May 2, 2024. The Debtor is an Arizona nonprofit corporation that, until the Sale, owned the facility known as Legacy Park, a 320-acre sports and entertainment complex located in Mesa, Arizona. The Debtor never owned the real property on which Legacy Park is situated. Rather, the Debtor constructed and operated Legacy Park under a 40-year ground lease (the "Ground Lease") with Pacific Proving, LLC as the ground lessor. Accordingly, as of the Petition Date, the Debtor's primary tangible assets were its leasehold interest under the Ground Lease and the improvements, structures, and fixtures constituting Legacy Park. The Debtor's investment banker, Miller Buckfire, worked since before the Petition Date and through the course of the spring and summer of 2023 with many entities expressing at least an initial interest in purchasing substantially all the Debtor's assets. Only one party, AZ Athletic Associates LLC, submitted a qualified bid to purchase all the Debtor's assets by the applicable deadline in accordance with the Bid Procedures. Accordingly, the potential auction was canceled, after which the Bankruptcy Court held a series of hearings in October 2023 concerning the proposed Sale, ultimately resulting in the Bankruptcy Court setting a final hearing to approve the sale of 39 substantially all the Debtor's assets to AZ Athletic under Section 363 of the Bankruptcy Code for $19,725,023 (the "Sale") for November 20, 2023. That hearing was held, then continued to the next day, at which time AZ Athletic signed an asset purchase agreement with the Debtor (the "APA"), and considerable negotiations among the Debtor, UMB, Pacific Proving, the Materialmen, and AZ Athletic ensued. Those negotiations resulting in a "global deal" announced to the Bankruptcy Court the next day. The "global deal" included terms that directed a significant portion of the cash Sale proceeds to the settlement of the Materialmen's liens (which would be released as against both the Debtor's assets and Pacific Proving's real property), another portion of the Sale proceeds to pay approximately $2.5 million toward UMB's secured claim, and another significant portion of the Sale proceeds to ensure payment in full of the administrative expense claims of the professionals representing the Debtor and the Committee, all of which was incorporated into a memorandum of understanding attached to the Bankruptcy Court's order approving the Sale. The Sale closed on December 14, 2023. As a result of the Sale, among other things: (a) UMB's pre-bankruptcy claim under the bonds was paid down by approximately $2 million and rendered unsecured following the Sale; (b) the Materialmen's claims against the Estate were deemed satisfied; and (c) the Estate was left with only two substantial classes of assets: (i) cash from the Sale and from pre-closing operations; and (ii) the Causes of Action. The Proponents anticipate that, on the Effective Date there should be unencumbered funds in the Estate of approximately $780,000. On the Effective Date, a bankruptcy trustee will be appointed to act as a Liquidation Trustee to administer the Plan, wind down the Estate, and litigate potential Causes of Action. As of the Effective Date of the Plan, it is anticipated that the Estate will comprise only two classes of assets: (a) a limited amount of cash to be used to satisfy Administrative Claims; and (b) potential Causes of Action to be litigated by the Liquidation Trustee against third parties that must be investigated, pursued, and liquidated for the benefit of creditors, who will become the beneficiaries of the Liquidation Trust created by the Plan. The Liquidation Trustee will be responsible for making all payments and distributions under the Plan. Each Executory Contract and Unexpired Lease to which the Debtor is a party that has not been assumed and assigned in connection with the Sale will be deemed rejected as of the Effective Date. Class 4 contains all General Unsecured Claims including all Rejection Damages Claims. Class is Impaired. In light of the relative uncertainty of the Liquidation Trust's recovery on the Causes of Action beyond what would be required to satisfy UMB's Superpriority Claim in full, the Proponents anticipate solely for purposes of Plan Voting that the common beneficial interests in the Liquidation Trust will be of no value and that, therefore, holders of General Unsecured Claims will neither receive nor retain any value under the Plan. Accordingly, Class 4 is deemed to reject the Plan without Voting such that holders of General Unsecured Claims will not be solicited to Vote and do not Vote. On the Effective Date, each holder of an Allowed General Unsecured Claim receives Pro Rata common beneficial interest in the Liquidation Trust and the Liquidation Trust Agreement. The Proponents believe that Claims constituting Class 4 total approximately $330,000,000. Assuming a recovery on Causes of Action and other Trust Assets that exceeds the Superpriority Claim amount and, therefore, satisfies UMB's preferred beneficial interest in the Liquidation Trust, the Proponents believe that holders of General Unsecured Claims will eventually receive Distributions. But strictly for purposes of Voting, the Proponents assume that holders of General Unsecured Claims will neither receive nor retain any value under the Plan. Except as otherwise provided in the Plan, on the Effective Date all property of the Estate, including all Cash remaining after Distributions and payments to be made under the Plan on account of Allowed Administrative Expense Claims and Allowed Fee Claims, vests in the Liquidation Trust. A full-text copy of the Combined Disclosure Statement and Plan dated May 2, 2024 is available at https://urlcurt.com/u?l=psBjNZ from Epiq Corporate Restructuring, LLC, claims agent. Counsel for Debtor: Henk Taylor, Esq. Warner Angle Hallam Jackson & Formanek, PLC 2555 E Camelback Rd #800 Phoenix, AZ 85016 Tel: (602) 264-7101 Fax: (602) 234-0419 Email: htaylor@warnerangle.com Counsel for UMB Bank, N.A.: SPENCER FANE LLP Peter L. Riggs, Esq. Zachary R.G. Fairlie, Esq. Jessica A. Gale, Esq. 2415 E. Camelback Rd., Suite 600 Phoenix, AZ 85016 Tel: 602-333-5430 Email: jgale@spencerfane.com priggs@spencerfane.com zfairlie@spencerfane.com Counsel for Official Committee of Unsecured Creditors: PACHULSKI STANG ZIEHL & JONES LLP Jordan A. Kroop, Esq. Bradford Sandler, Esq. Cia Mackle, Esq. 4530 E Shea Blvd., Suite 140 Phoenix, AZ 85028 Tel: 212-561-7734 Email: jkroop@pszjlaw.com bsandler@pszjlaw.com cmackle@pszjlaw.com About Legacy Cares Legacy Cares, Inc., is a 501c3 non-profit organization dedicated to providing athletes and non-athletes of all ages, economic backgrounds and levels of athletic proficiency the opportunity to participate in sports and e-sports while fostering the enjoyment and camaraderie of teamwork and perseverance, key components in athletic competition and lifetime success. The organization is based in Mesa, Ariz. Legacy Cares sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02832) on May 1, 2023, with $242,329,104 in assets and $366,719,676 in liabilities. Douglas Moss, president of Legacy Cares, signed the petition. Judge Daniel P. Collins oversees the case. The Debtor tapped Henk Taylor, Esq., at Warner Angle Hallam Jackson Formanek, PLC as bankruptcy counsel; Papetti Samuels Weiss McKirgan, LLP and Slania Law, PLLC as special counsels; and Miller Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus & Co., Inc., as investment banker. Epiq Corporate Restructuring, LLC is the noticing, claims and balloting agent. The U.S. Trustee for Region 14 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and AlixPartners, LLP serve as the committee's legal counsel and financial advisor, respectively. LEGACY−XSPIRE: June 17 Plan & Disclosures Hearing Set ------------------------------------------------------- Judge Roberta A. Colton has entered an order that the Disclosure Statement of Legacy−Xspire Holdings, LLC, is conditionally approved. The Court will conduct a confirmation hearing and final hearing on Disclosure Statement on June 17, 2024 at 2:00 p.m. in Courtroom 8A, Sam M. Gibbons United States Courthouse, 801 N. Florida Ave., Tampa, FL 33602. Objection to approval of the Disclosure Statement, must file and serve a written objection no later than seven days before the Confirmation Hearing. Objection to confirmation of the Plan, must file and serve a written objection no later than seven days before the Confirmation Hearing. Creditors and other parties in interest must file their written acceptance or rejection of the Plan (ballot) no later than seven days before the Confirmation Hearing. A copy of the Order dated April 26, 2024, is available at https://tinyurl.ph/xfwQx from PacerMonitor.com. About Legacy-Xspire Holdings LLC Legacy-Xspire Holdings LLC market and distribute niche branded and generic prescription products to physicians, pharmacies, wholesale distributors, and specialty pharmaceutical distributors across the United States. Legacy-Xspire's product portfolio consists primarily of therapies for pain management and steroid-responsive disease states. Legacy-Xspire Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04251) on Sept. 26, 2023. In the petition filed by Greg Stokes, as CEO, the Debtor reported assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Roberta A. Colton oversees the case. The Debtor is represented by Steven M Berman, Esq. of Shumaker, Loop & Kendrick, LLP. LEWISBERRY PARTNERS: Taps Ciardi Ciardi & Astin as Legal Counsel ---------------------------------------------------------------- Lewisberry Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Ciardi Ciardi & Astin as its counsel. The firm will render these services: (a) advise the Debtors as to their rights and powers as debtor in possession, and with respect to the administration of this Chapter 11 case; (b) prepare motions, objections, notices, orders, reports and other papers as may be appropriate; and (c) perform all other necessary legal services for the Debtors in connection with the administration of this case, including soliciting and tabulating votes on a Chapter 11 plan. The hourly rates of the firm's attorneys and staff are as follows: Albert A. Ciardi, III $575 Nicole M. Nigrelli $525 Daniel S. Siedman $375 Paralegal $100 Albert Ciardi, III, Esq., a partner at Ciardi Ciardi & Astin, 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: Albert A. Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Lewisberry Partners Lewisberry Partners is primarily engaged in leasing buildings, dwellings, or other real estate property to others. Lewisberry Partners, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11496) on May 2, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Richard J. Puleo as managing member. Judge Patricia M. Mayer presides over the case. Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN represents the Debtor as counsel. LINDEN CENTER: Unsecureds Owed $6M-$25M to Get Share of Plan Funds ------------------------------------------------------------------ Linden Center LLC, submitted a Third Modified Chapter 11 Plan, dated April 26, 2024. Under the Plan, Class 3 General Unsecured Claims totaling $6,000,000 to $24,831,128 and are impaired. Holders of allowed general unsecured claims will receive their pro rata share of any Plan Funds available after full payment of Administrative Claims, Fee Claims, Priority Tax Claims, Class 1, and administrative costs. The Plan Fund will be substantially funded by the net proceeds from the sale of the Debtor's Property which closed on Feb. 29, 2024. There is currently $1,322,000 being held by the Debtor. Additionally, the Debtor is pursuing claims against the tenants. The Debtor believes those claims to be worth approximately $1 million, before late charges and additional rent. The Plan Fund means all cash of the Debtor realized from the sale or other disposition (including the Sale Transaction) of its assets, the interest earned on its invested funds, recoveries from causes of action or from any other source or otherwise available to the Debtor on the Effective Date, which will be utilized to fund the payment of Allowed Claims and Allowed Administrative Claims, Priority Tax Claims and Fee Claims (including the Estimated Professional Fee Escrow, if any) in their order of priority as provided for in this Plan and to fund Disputed Claim Reserves with respect to such claims. Attorneys for the Debtor: Eric H. Horn, Esq. Heike M. Vogel, Esq. Eva M. Thomas, Esq. A.Y. STRAUSS LLC 535 Fifth Avenue, 4th Floor New York, NY 10017 Tel: (973) 287-5006 Fax: (973) 226-4104 A copy of the Chapter 11 Plan dated April 26, 2024, is available at https://tinyurl.ph/ShdIb from PacerMonitor.com. About Linden Center Linden Center, LLC is the owner of a certain real property located at 33-37 Farrington St. (also known as 34-20 Linden Place), in Flushing, N.Y. The property was acquired in 2017 for approximately $21 million from a bankruptcy estate. The property is a multi story commercial retail building that may currently be occupied by multiple commercial tenants, including dining establishments, a day care, and a doctor's office. Linden Center filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41820) on May 24, 2023, with $1 million to $10 million in both assets and liabilities. Mark Allen, manager, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Eric H. Horn, Esq., at A.Y. Strauss, LLC. LTL MANAGEMENT: Tosses Suit on Article Linking Talc to Cancer -------------------------------------------------------------- George Woolston of Law360 reports that a New Jersey federal judge on Tuesday, April 30, 2024, tossed a suit from the bankrupt talc unit of Johnson & Johnson, LTL Management, accusing three doctors of damaging its business through a medical journal article it claimed was backed by "junk science," ruling that the doctors having served as expert witnesses in the Garden State is not enough to show that the court has jurisdiction over its claims. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP, as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing the Court to dismiss the 2021 Chapter 11 case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the same day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed, ending J&J's second attempt to use bankruptcy to resolve thousands of lawsuits alleging that its talc products sometimes contained asbestos and caused mesothelioma and ovarian cancer. LUGG INC: Case Summary & 16 Unsecured Creditors ----------------------------------------------- Debtor: Lugg, Inc. 2261 Market Street #4050 San Francisco, CA 94114 Business Description: Lugg is a provider of on-demand same-day moving and delivery solutions. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court District of Delaware Case No.: 24-11032 Judge: Hon. Karen B. Owens Debtor's Delaware Counsel: Jeffrey J. Lyons, Esq. BAKER & HOSTETLER LLP 1201 N. Market Street 14th Floor Wilmington, DE 19801-1147 Tel: 407-649-4000 Fax: 407-841-0168 Email: jjlyons@bakerlaw.com Debtor's Attorneys: NARDELLA & NARDELLA 135 W Central Boulevard, Suite 300 Orlando, FL 32801 Total Assets as of May 16, 2024: $1,940,289 Total Liabilities as of May 16, 2024: $173,950 The petition was signed by Eric Kreutzer as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 16 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/IPZA2SQ/Lugg_Inc__debke-24-11032__0001.0.pdf?mcid=tGE4TAMA MAGENTA BUYER: $3.18BB Bank Debt Trades at 43% Discount ------------------------------------------------------- Participations in a syndicated loan under which Magenta Buyer LLC is a borrower were trading in the secondary market around 57.4 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $3.18 billion Term loan facility is scheduled to mature on July 27, 2028. The amount is fully drawn and outstanding. Magenta Buyer LLC is a provider of cybersecurity software that derives revenue from the sale of security products, subscriptions, SaaS, support and maintenance, and professional services. MATRIX PARENT INC: $160MM Bank Debt Trades at 66% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Matrix Parent Inc is a borrower were trading in the secondary market around 34.1 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $160 million Term loan facility is scheduled to mature on March 1, 2030. The amount is fully drawn and outstanding. The Company's country of domicile is the United States. MAVERICK GAMING: $14.4MM Bank Debt Trades at 25% Discount --------------------------------------------------------- Participations in a syndicated loan under which Maverick Gaming LLC is a borrower were trading in the secondary market around 74.6 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $14.4 million Term loan facility is scheduled to mature on September 3, 2026. About $14.4 million of the loan is withdrawn and outstanding. Maverick Gaming LLC provides gaming, hospitality, and entertainment services. The Company offers slot machines, table games, and hotel rooms. Maverick Gaming serves customers in the United States. MCDERMOTT INT'L: Invesco VVR Marks $1.3MM Loan at 47% Off --------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $1,325,000 loan extended to McDermott International Ltd. to market at $695,859 or 53% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Letter of Credit to McDermott International. The loan accrues interest at a rate of 9.57% per annum. The loan matures on June 30, 2024. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 About McDermott International Headquartered in Houston, Texas, McDermott (MDR) -- http://www.mcdermott.com/-- is a provider of engineering, procurement, construction and installation and technology solutions to the energy industry. Its common stock was listed on the New York Stock Exchange under the trading symbol MDR. As of Sept. 30, 2019, McDermott had $8.75 billion in total assets, $9.86 billion in total liabilities, $271 million in redeemable preferred stock, and a total stockholders' deficit of $1.38 billion. On Jan. 21, 2020, McDermott International announced that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the Company's funded debt, eliminating over $4.6 billion of debt. McDermott solicited votes from its lenders and bondholders in support of a prepackaged Chapter 11 Plan of Reorganization and commenced the prepackaged Chapter 11 later in the day, on Jan. 21, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas. McDermott International and 224 affiliates on Jan. 21 and 22, 2020, filed Chapter 11 bankruptcy petitions (Bankr. Lead Case No. 20-303360). The Hon. Marvin Isgur was the case judge. The Debtors tapped Kirkland & Ellis LLP (New York) as general bankruptcy counsel; Jackson Walker L.L.P. as local counsel; Alixpartners, LLP as restructuring advisor; AP Services, LLC as operational advisor; Arias, Fabrega & Fabrega as Panamanian counsel; and Baker Botts L.L.P. as corporate counsel. Prime Clerk is the claims agent, maintaining the page https://cases.primeclerk.com/mcdermott PJT Partners is serving as financial advisor for an ad hoc group of McDermott's lenders and equity holders and Davis Polk & Wardwell LP, Weil, Gotshal & Manges and Loyens & Loeff are serving as the ad hoc group's legal counsel. FTI Consulting is serving as financing advisor for the steering committee of McDermott's bank lenders, and Linklaters LLP and Bracewell LLP are serving as the steering committee's legal counsel. MCDERMOTT INT'L: Invesco VVR Marks $159,000 Loan at 45% Off ----------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $159,000 loan extended to McDermott International Ltd. to market at $87,705 or 55% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Term Loan (Acquired June, 30 2020; Cost $162,520) to McDermott International. The loan accrues interest at a rate of 8.44% (1 mo. Term SOFR + 3.00%) per annum. The loan matures on June 26, 2024. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 About McDermott International Headquartered in Houston, Texas, McDermott (MDR) -- http://www.mcdermott.com/-- is a provider of engineering, procurement, construction and installation and technology solutions to the energy industry. Its common stock was listed on the New York Stock Exchange under the trading symbol MDR. As of Sept. 30, 2019, McDermott had $8.75 billion in total assets, $9.86 billion in total liabilities, $271 million in redeemable preferred stock, and a total stockholders' deficit of $1.38 billion. On Jan. 21, 2020, McDermott International announced that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the Company's funded debt, eliminating over $4.6 billion of debt. McDermott solicited votes from its lenders and bondholders in support of a prepackaged Chapter 11 Plan of Reorganization and commenced the prepackaged Chapter 11 later in the day, on Jan. 21, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas. McDermott International and 224 affiliates on Jan. 21 and 22, 2020, filed Chapter 11 bankruptcy petitions (Bankr. Lead Case No. 20-303360). The Hon. Marvin Isgur was the case judge. The Debtors tapped Kirkland & Ellis LLP (New York) as general bankruptcy counsel; Jackson Walker L.L.P. as local counsel; Alixpartners, LLP as restructuring advisor; AP Services, LLC as operational advisor; Arias, Fabrega & Fabrega as Panamanian counsel; and Baker Botts L.L.P. as corporate counsel. Prime Clerk is the claims agent, maintaining the page https://cases.primeclerk.com/mcdermott PJT Partners is serving as financial advisor for an ad hoc group of McDermott's lenders and equity holders and Davis Polk & Wardwell LP, Weil, Gotshal & Manges and Loyens & Loeff are serving as the ad hoc group's legal counsel. FTI Consulting is serving as financing advisor for the steering committee of McDermott's bank lenders, and Linklaters LLP and Bracewell LLP are serving as the steering committee's legal counsel. MCDERMOTT INT'L: Invesco VVR Marks $3.6MM Loan at 35% Off --------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $3,644,000 loan extended to McDermott International Ltd. to market at $2,368,927 or 65% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Letter of Credit to McDermott International. The loan matures on June 28, 2024. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 About McDermott International Headquartered in Houston, Texas, McDermott (MDR) -- http://www.mcdermott.com/-- is a provider of engineering, procurement, construction and installation and technology solutions to the energy industry. Its common stock was listed on the New York Stock Exchange under the trading symbol MDR. As of Sept. 30, 2019, McDermott had $8.75 billion in total assets, $9.86 billion in total liabilities, $271 million in redeemable preferred stock, and a total stockholders' deficit of $1.38 billion. On Jan. 21, 2020, McDermott International announced that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the Company's funded debt, eliminating over $4.6 billion of debt. McDermott solicited votes from its lenders and bondholders in support of a prepackaged Chapter 11 Plan of Reorganization and commenced the prepackaged Chapter 11 later in the day, on Jan. 21, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas. McDermott International and 224 affiliates on Jan. 21 and 22, 2020, filed Chapter 11 bankruptcy petitions (Bankr. Lead Case No. 20-303360). The Hon. Marvin Isgur was the case judge. The Debtors tapped Kirkland & Ellis LLP (New York) as general bankruptcy counsel; Jackson Walker L.L.P. as local counsel; Alixpartners, LLP as restructuring advisor; AP Services, LLC as operational advisor; Arias, Fabrega & Fabrega as Panamanian counsel; and Baker Botts L.L.P. as corporate counsel. Prime Clerk is the claims agent, maintaining the page https://cases.primeclerk.com/mcdermott PJT Partners is serving as financial advisor for an ad hoc group of McDermott's lenders and equity holders and Davis Polk & Wardwell LP, Weil, Gotshal & Manges and Loyens & Loeff are serving as the ad hoc group's legal counsel. FTI Consulting is serving as financing advisor for the steering committee of McDermott's bank lenders, and Linklaters LLP and Bracewell LLP are serving as the steering committee's legal counsel. MCDERMOTT INT'L: Invesco VVR Marks $886,000 Loan at 58% Off ----------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $886,000 loan extended to McDermott International Ltd. to market at $368,997 or 42% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a PIK Second Lien Term Loan to McDermott International. The loan accrues interest at a rate of 3% (3% PIK Rate, 6.44% Cash Rate, 1 mo. Term SOFR + 1.00%) per annum. The loan matures on June 30, 2025. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 About McDermott International Headquartered in Houston, Texas, McDermott (MDR) -- http://www.mcdermott.com/-- is a provider of engineering, procurement, construction and installation and technology solutions to the energy industry. Its common stock was listed on the New York Stock Exchange under the trading symbol MDR. As of Sept. 30, 2019, McDermott had $8.75 billion in total assets, $9.86 billion in total liabilities, $271 million in redeemable preferred stock, and a total stockholders' deficit of $1.38 billion. On Jan. 21, 2020, McDermott International announced that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the Company's funded debt, eliminating over $4.6 billion of debt. McDermott solicited votes from its lenders and bondholders in support of a prepackaged Chapter 11 Plan of Reorganization and commenced the prepackaged Chapter 11 later in the day, on Jan. 21, 2020 in the U.S. Bankruptcy Court for the Southern District of Texas. McDermott International and 224 affiliates on Jan. 21 and 22, 2020, filed Chapter 11 bankruptcy petitions (Bankr. Lead Case No. 20-303360). The Hon. Marvin Isgur was the case judge. The Debtors tapped Kirkland & Ellis LLP (New York) as general bankruptcy counsel; Jackson Walker L.L.P. as local counsel; Alixpartners, LLP as restructuring advisor; AP Services, LLC as operational advisor; Arias, Fabrega & Fabrega as Panamanian counsel; and Baker Botts L.L.P. as corporate counsel. Prime Clerk is the claims agent, maintaining the page https://cases.primeclerk.com/mcdermott PJT Partners is serving as financial advisor for an ad hoc group of McDermott's lenders and equity holders and Davis Polk & Wardwell LP, Weil, Gotshal & Manges and Loyens & Loeff are serving as the ad hoc group's legal counsel. FTI Consulting is serving as financing advisor for the steering committee of McDermott's bank lenders, and Linklaters LLP and Bracewell LLP are serving as the steering committee's legal counsel. MEDICAL PROPERTIES: S&P Downgrades ICR to 'B-' on Tenant Struggles ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Medical Properties Trust Inc. to 'B-' from 'B+'. At the same time, S&P lowered its issue-level rating on its senior unsecured notes to 'B' from 'BB-'. The recovery rating is unchanged at '2'. The negative outlook reflects significant debt maturities over the next several years and limited access to capital. Furthermore, Medical Properties Trust's largest tenants continue to face operational pressure, resulting in unpaid rent. The possibility of additional financial support for its tenants, rent cuts, and uncertainty around the collection of rent and investments could further constrain cash flow and liquidity. Medical Properties Trust's access to capital remains constrained as the company continues to provide financial support to struggling tenants as significant debt maturities loom. The company's largest tenant, Steward Health Care, recently filed for Chapter 11 bankruptcy protection. While this might facilitate the transition of facilities to healthier operators over time, significant near-term uncertainty regarding the bankruptcy process remains. S&P expects the majority of Steward's hospitals to transition to new operators during this process because they provide critical infrastructure within their communities. However, material rent cuts remain a distinct possibility as prospective operators may look to structure more favorable lease terms. During the first quarter, Medical Properties Trust provided Steward with an aggregate of $135 million of bridge loans and has also more recently approved funding for $75 million in debtor-in-possession financing. These funds are intended to keep Steward's hospitals up and running until they are re-tenanted. S&P believes additional financial support could be needed in order to keep these hospitals running throughout the bankruptcy process. Furthermore, Medical Properties Trust recorded significant noncash impairments during the first quarter related to investments with Steward as recovery on these investments is highly uncertain. Another one of the company's largest tenants, Prospect Medical Holdings, had significant operational issues in 2023 and completed a recapitalization plan including a rent restructuring in May 2023. Following this recapitalization, Prospect made expected rent payments through early 2024 but has either paid rent late or short-paid rent each of the past few months. Medical Properties Trust provided financial support to Prospect in the past, and the recent payment issues reintroduce the risk of further support, along with uncertain rent collections. Medical Properties Trust's recent amendment to its credit facility limits its financial flexibility and decreases its liquidity. Among other things, the agreement reduced the commitment to $1.4 billion from $1.8 billion and lowered its maximum permitted secured leverage ratio to 25% from 40%. These changes limit the company's financial flexibility by restricting its access to secured debt. At this time, S&P doesn't think the company can access the unsecured bond market to refinance upcoming debt maturities and instead is largely dependent on asset dispositions and secured financings to generate capital. This amendment caps its access to secured debt, making Medical Properties Trust even more reliant on asset sales to repay maturing debt. On that front, Medical Properties Trust announced two large transactions in April, generating total proceeds of approximately $1.45 billion. While that represents significant progress in shoring up its liquidity position, S&P believes the completed transactions include some of the company's stronger assets, potentially making future capital generating activities incrementally more challenging. As of March 31, 2024, the company had more than $6.7 billion of debt due through 2027, leaving a lot of work remaining for the company to generate sufficient capital to cover its maturities. S&P said, "Governance factors are a negative consideration in our credit rating analysis of Medical Properties Trust. Specifically, the inability to stave off sharp deterioration in Medical Properties Trust's credit quality resulting from distress at two large tenants is viewed as a weakness. Past and potentially future capital contributions to Steward and, to a lesser extent, Prospect contributed to liquidity constraints. S&P said, "We also note the historically limited transparency afforded to the company's stakeholders into the performance and fiscal health of Steward as a contributor to overall risk. We therefore revised our management and governance assessment to negative from moderately negative." The negative outlook reflects Medical Properties Trust's significant debt maturities over the next several years and limited access to capital. Furthermore, the company's largest tenants continue to face operational pressure, resulting in unpaid rent. The possibility of additional financial support for its tenants, rent cuts, and uncertainty for rent collection and investments could further constrain cash flow and liquidity. S&P said, "We could lower our rating if Medical Properties Trust cannot maintain sufficient liquidity (through asset sales and secured financings) while addressing its large upcoming debt maturities well in advance, leading us to view its capital structure as unsustainable. "We could also lower the issue-level ratings on Medical Properties Trust's unsecured debt if recovery prospects for bondholders decreases below 70%, likely as a result of an increase in the use of secured debt. "We could revise the outlook to stable if the company executes sufficient asset sales such that refinancing risk is materially improved." MERCHANTS AUTOMOTIVE: $600MM Bank Debt Trades at 17% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Merchants Automotive Group Inc is a borrower were trading in the secondary market around 83.2 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $600 million Term loan facility is scheduled to mature on October 18, 2029. The amount is fully drawn and outstanding. Merchants Automotive Group, Inc. operates as a fleet management company. The Company offers customized fleet management and fleet leasing solutions to large businesses, mid-sized companies, governments, and educational institutions. Merchants Automotive Group serves customers worldwide. MERCON COFFEE: Creditors to Get Proceeds From Liquidation --------------------------------------------------------- Mercon Coffee Corporation and affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement for Joint Chapter 11 Plan of Liquidation dated May 2, 2024. Upon the commencement of these Chapter 11 Cases, Mercon Coffee Group operated as a global, green coffee supplier with the purpose of building a better coffee world. As one of the leading coffee companies in the world, the Debtors had broad experience from farming and production to trading, logistics, and risk management. Over the years, the Debtors created solutions from the producer to the roaster that rely on the innovation and technology of the entire organization. With global access to the coffee supply chain, the Debtors endeavored to deliver the best customer experience. The Plan proposed in these Chapter 11 Cases is the culmination of lengthy negotiations among the Debtors, Rabobank (in its own capacity and as administrative agent under the Prepetition First Lien Credit Agreement) together with the Lenders under the Prepetition First Lien Credit Agreement, the Creditors' Committee, FMO and other parties in interest. The Debtors believe that the terms of the Plan represent the best possible outcome for all Holders of Claims and strongly urge all Holders that are entitled to vote on account of their Claims to vote to accept the Plan. The Plan contemplates the liquidation of each of the Debtors. The Plan provides for the creation of a Liquidating Trust for the primary purpose of liquidating the Debtors' Assets, pursuing avoidance actions, insurance claims and litigation claims, and making Distributions to Creditors. On the Effective Date of the Plan, the Cash and other property of the Debtors will be transferred to the Liquidating Trust, and the Liquidating Trust will issue Liquidating Trust Interests. The trustee of the Liquidating Trust will be charged with monetizing this remaining property (including the investigation and pursuit of any avoidance actions, insurance claims and litigation claims for the benefit of the Liquidating Trust), conducting the claims-allowance process, and making Distributions. The following is an overview of certain material terms of the Plan: * Except for Professional Fee Claims, and except to the extent that any Holder of an Allowed Administrative Claim has received payment prior to the Effective Date or agrees with the Liquidating Trustee to different treatment or as otherwise provided for in the Plan, each Holder of an Allowed Administrative Claim shall receive payment in full, in Cash, on the later of: (i) the Effective Date if due on or before that date, (ii) the date upon which such Administrative Claim becomes an Allowed Claim, or (iii) the date on which such payment is due in accordance with the terms and conditions of the particular transaction giving rise to such Administrative Claim. * On the Effective Date, all Equity Interests in the Debtors will be cancelled, and holders of such Equity Interests shall receive no Distribution on account of such Equity Interests; provided, however, that as required under Dutch Restructuring Law the Equity Interests in Debtor Mercon B.V. shall be maintained until such time as Mercon B.V. is formally dissolved under Dutch Restructuring Law. * The Liquidating Trust shall be established for the primary purpose of liquidating its assets, winding down the Debtors and wholly owned non-Debtors pursuant to applicable law, investigating and pursuing avoidance actions, insurance claims and litigation claims, and making Distributions in accordance with the Plan, Confirmation Order and the Liquidating Trust Agreement, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidating purpose of the Liquidating Trust. * The Debtors will irrevocably transfer, assign, and deliver to the Liquidating Trust, on behalf of the Liquidating Trust Beneficiaries, all of their rights, title, and interests in the Liquidating Trust Assets, including any claims, rights, and Causes of Action that the Debtors may hold against any Entity in accordance with the Plan, notwithstanding any prohibition on assignment under non-bankruptcy law, and all of the foregoing rights and interests shall vest in the Liquidating Trust on the Effective Date. * On and after the Effective Date, the Liquidating Trust, as a successor in interest to the Debtors and the Estates, may, and will have the exclusive right, power, and interest on behalf of itself, the Debtors and the Estates, to institute, commence, file, pursue, prosecute, enforce, abandon, settle, compromise, release, waive, dismiss, or withdraw any and all Liquidating Trust Actions without any further order of the Bankruptcy Court, except as otherwise provided in the Liquidating Trust Agreement. Class 4A consists of all General Unsecured Claims against the Debtors. Unless such Holder agrees to other treatment (in which event, such other agreement shall govern), each Holder of an Allowed Class 4A Claim (other than a Holder of an Allowed Prepetition First Lien Deficiency Claim) shall receive a Pro Rata Share of Class B Trust Interests on or as soon as reasonably practicable following the later of: (i) the Effective Date, (ii) the date upon which such Allowed Class 4A Claim becomes an Allowed Claim, or (iii) such other date as may be agreed upon between the Holder of such Allowed Class 4A Claim and the Debtors or Liquidating Trustee. Holders of Allowed Prepetition First Lien Deficiency Claims shall receive a Pro Rata Share of Class A Trust Interests on or as soon as reasonably practicable following the later of: (i) the Effective Date, (ii) the date upon which such Allowed Class 4A Claim becomes an Allowed Claim, or (iii) such other date as may be agreed upon between the Holder of such Allowed Class 4A Claim and the Debtors or Liquidating Trustee. On a periodic basis, Distributions of Cash on account of Liquidating Trust Interests shall be made by the Liquidating Trustee pursuant to the terms of the Liquidating Trust Agreement. Class 4A Claims are Impaired under the Plan. The Plan provides for the creation of the Liquidating Trust for, inter alia, preservation, investigation, retention and pursuit of the Causes of Action of the Debtors and their Estates, including Avoidance Actions, and for the Distribution of any recoveries on such Causes of Action to Holders of Allowed Claims by the Liquidating Trustee pursuant to the Plan and the Liquidating Trust Agreement. As set forth in the Plan, the right of the Liquidating Trustee to bring all Causes of Action against any party, including those that may be listed in the Plan Supplement, is expressly and entirely preserved and retained. The Plan shall be funded from the Debtors' Cash on hand and other Liquidating Trust Assets. A full-text copy of the Disclosure Statement dated May 2, 2024 is available at https://urlcurt.com/u?l=4J6aZH from PacerMonitor.com at no charge. Counsel for the Debtors: Paul J. Keenan Jr., Esq. John R. Dodd, Esq. Reginald Sainvil, Esq. BAKER & MCKENZIE LLP 1111 Brickell Avenue, 10th Floor Miami, FL 33130 Telephone: (305) 789-8900 Facsimile: (305) 789-8953 Email: paul.keenan@bakermckenzie.com john.dodd@bakermckenzie.com reginald.sainvil@bakermckenzie.com Blaire Cahn, Esq. Baker & McKenzie LLP 452 Fifth Avenue New York, NY 10018 Telephone: 212-626-4695 Facsimile: 212-310-1695 Email: blaire.cahn@bakermckenzie.com 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 HOTEL: Gets OK to Tap Rountree Leitman as Bankruptcy Counsel ------------------------------------------------------------------ Mercy Hotel Group, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as its counsel. The firm will render these legal services: (a) advise the Debtor with respect to its powers and duties in the management of its property; (b) prepare legal papers; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor as may be necessary herein. The hourly rates of the firm's attorneys and staff are as follows: William A. Rountree, Attorney $595 Will B. Geer, Attorney $595 Michael Bargar, Attorney $535 Hal Leitman, Attorney $425 William Matthews, Attorney $425 David S. Klein, Attorney $495 Alexandra Dishun, Attorney $425 Ceci Christy, Attorney $425 Elizabeth A. Childers, Attorney $395 Caitlyn Powers, Attorney $375 Shawn Eisenberg, Attorney $300 Elizabeth Miller, Paralegal $250 Megan Winokur, Paralegal $175 Catherine Smith, Paralegal $150 Law Clerk $175 The firm received a pre-bankruptcy retainer of $50,000 from the Debtor. Will Geer, Esq., a partner at Rountree Leitman Klein & Geer, 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: Will B. Geer, Esq. Rountree Leitman Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Facsimile: (404) 704-0246 Email: wgeer@rlkglaw.com About Mercy Hotel Group Mercy Hotel Group, LLC is engaged in activities related to real estate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-53760) on April 12, 2024. In the petition signed by Aziz Dhanani, manager and member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Sage M. Sigler oversees the case. Will B. Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC represents the Debtor as legal counsel. MILLENKAMP CATTLE: Hires Forbes Partners as Investment Banker ------------------------------------------------------------- Millenkamp Cattle, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Idaho to employ The Forbes Securities Group LLC, doing business as Forbes Partners, as investment banker. The Debtors need an investment banker to assist them in raising capital, for restructuring plan and process, and to testify as a witness as to the marketing process. Forbes Partners has received a retainer in the amount of $15,000. In the event of a transaction, an additional fee will be payable equal to 2.5% of the gross proceeds provided up to $60,000 and 1.5% of any gross proceeds provided in the excess of $60,000. James Morgan, a managing director at Forbes Partners, 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: James Morgan Forbes Partners 132 S. State Street Salt Lake City, UT 84111 Telephone: (303) 770-6017 About Millenkamp Cattle Millenkamp Cattle Inc., part of a family-owned agriculture business that can produce more than 1 million pounds of milk per day. Millenkamp Cattle Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case No. 24-40158) on April 2, 2024. In the petitions filed by William J. Millenkamp, manager, Millenkamp Cattle estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Judge Noah G. Hillen oversees the cases. The Debtors tapped Matthew T. Christensen, Esq., at Johnson May, PLLC as counsel and Forbes Partners as investment banker. MLN US HOLDCO: Invesco VVR Marks $2.8MM Loan at 40% Off ------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $2,796,000 loan extended to MLN US HoldCo LLC (dba Mitel) to market at $1,677,390 or 60% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Term Loan to MLN US HoldCo. The loan accrues interest at a rate of 11.85% per annum. The loan matures on October 18, 2027. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. The Company's customer focus is on small and medium sized businesses. Mitel is majority-owned by private equity firm Searchlight Capital Partners. MLN US HOLDCO: Steep Discount for Invesco VVR's $102,000 B Loan --------------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $102,000 loan extended to MLN US HoldCo LLC (dba Mitel) to market at $12,572 or 12% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a First Lien Term Loan B to MLN US HoldCo. The loan accrues interest at a rate of 9.97% (3 mo. Term SOFR + 4.50%) per annum. The loan matures on November 30, 2025. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. The Company's customer focus is on small and medium sized businesses. Mitel is majority-owned by private equity firm Searchlight Capital Partners. MLN US HOLDCO: Steep Discount for Invesco VVR's $2.6MM 3L Loan -------------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $2,583,000 loan extended to MLN US HoldCo LLC (dba Mitel) to market at $357,314 or 14% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Third Lien Term Loan to MLN US HoldCo. The loan accrues interest at a rate of 14.66% per annum. The loan matures on October 18, 2027. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. The Company's customer focus is on small and medium sized businesses. Mitel is majority-owned by private equity firm Searchlight Capital Partners. MLN US HOLDCO: Steep Discount for Invesco VVR's $6.8MM 2L Loan -------------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $6,800,000 loan extended to MLN US HoldCo LLC (dba Mitel) to market at $1,359,993 or 20% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Second Lien Term Loan B-1 to MLN US HoldCo. The loan accrues interest at a rate of 12.11% per annum. The loan matures on October 18, 2027. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. The Company's customer focus is on small and medium sized businesses. Mitel is majority-owned by private equity firm Searchlight Capital Partners. MODELL'S SPORTING: Ex-CEO Modell Reaches $23Mil. Deal With Trustee ------------------------------------------------------------------ Randi Love of Bloomberg Law reports that Modell's former CEO, liquidation trustee reach $23 million deal. Mitchell Modell, the former president and CEO of Modell's Sporting Goods Inc., reached a nearly $23 million settlement with his company's liquidating trustee who accused him of facilitating transfers that benefited family companies before filing for bankruptcy. Modell's Sporting Goods received approval of its liquidation plan in October 2020. Modell and former CFO Eric Spiel were accused in 2022 of breaching their fiduciary duties when the company was insolvent, in a lawsuit filed by Steven Balasiano, the trustee of the MSGI Liquidation Trust. Spiel has since settled with Balasiano for $2.8 million. About Modell's Sporting Goods Modell's Sporting Goods -- https://www.modells.com/ -- was a family-owned and operated retailer of sporting goods, athletic footwear, active apparel, and fan gear. Modell's Sporting Goods operated stores throughout New York, New Jersey, Pennsylvania, Connecticut, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and the District of Columbia. Modell's Sporting Goods, Inc., and its affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 20-14179) on March 11, 2020. The Hon. Vincent F. Papalia was the case judge. The Debtors tapped Cole Schotz P.C. as counsel; Berkeley Research Group, LLC, as restructuring advisor; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors retained Lowenstein Sandler LLP, as counsel. * * * As of the Petition Date, the Debtors operated 134 stores, with 33 stores in New Jersey. Unable to find a buyer to purchase the business as a going concern, the Debtors immediately pivoted to an orderly liquidation of all their assets. On Nov. 13, 2020, the Court entered an order confirming the Debtors' Liquidating Plan. The Plan designates a liquidation trustee to wind down the Debtors' affairs and prosecute causes of action. Steven Balasiano is the trustee for the MSG Liquidation Trust. MUSTANG SHOP: Taps Boyd Law APC as Special Litigation Counsel ------------------------------------------------------------- The Mustang Shop of San Diego, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Boyd Law APC as its special state court litigation counsel. The firm will defend the Debtor against and conduct negotiations in a civil complaint, under case number 37-2023-00019225-CU-BCCTL. The firm will be paid at these rates: CEO $725 per hour Senior Associates $575 per hour Associate Attorneys $475 per hour Paralegals $225 per hour The firm received a retainer in the amount of $3,500. Thomas Georgianna, Esq., a senior managing attorney at Boyd Law, disclosed in a court filing that he and his firm do not represent any interest adverse to the Debtor and its estate and are disinterested people as set forth in 11 U.S. C. Secs. 101 (14) and 327. The firm can be reached through: Thomas D. Georgianna, Esq. Boyd Law, APC 501 West Broadway, Suite 1760 San Diego, CA 92101 Tel: (619) 232-1206 Fax: (619) 819-4312 Email: tg@boydlawpc.com About The Mustang Shop of San Diego The Mustang Shop of San Diego, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-00637) on February 27, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Christopher B. Latham presides over the case. Andrew S. Bisom, Esq., at Bisom Law Group represents the Debtor as bankruptcy counsel. MUZIK INC: Amends Wage & Commission Claims Pay Details ------------------------------------------------------ Muzik, Inc. submitted a Second Amended Disclosure Statement and Plan dated May 2, 2024. The Debtor is resetting its business strategy from manufacturing smart audio/visual headphones to a licensing model based on its proprietary and issued patent portfolio. The Debtor has engaged several intellectual property professionals to assist with this process. The Plan will convert most creditor debt to equity with any payments made to secured creditors to be paid upon the occurrence of certain events in connection with the release of the licensing model. The fair market value of all assets equals: estimated $1.9 million (estimated liquidation value: $205,321.62) and $9.89 million (going concern). Total liabilities equal $17,327,702.90. Class #1a consists of Wage and Commission Claims: * Claimant Jason Hardi has agreed to defer payment on the claim until the earlier of: (1) the date to which the Debtor's licensing model is successful; and (2) December 31, 2025. * Claimant Sarah Heering has agreed to defer payment on the claim until the earlier of: (1) the date to which the Debtor's licensing model is successful; and (2) December 31, 2025. * Claimant Betsy Hardi has agreed to defer payment on the claim until the earlier of: (1) the date to which the Debtor's licensing model is successful; and (2) December 31, 2025. Class #4a consists of Artemis Group as Collateral Agent Claim. This Class shall receive 65% of net recovery to the Reorganized Debtor from IP Licensing Proceeds. Net recovery means after the costs and expenses of operating the Reorganized Debtor's business, including the costs and expenses to monetized the IP Licensing Proceeds. If the debt is not converted to equity, claimant will start receiving payments annually starting on the 1 year anniversary of the Effective Date during the year the Reorganized Debtor receives licensing, settlement, or litigation proceeds from alleged third party infringers of its intellectual property rights (the "IP Licensing Proceeds"). If the debt is not converted to equity or previously satisfied, the maturity date will be 10 years after the Effective Date. Class #5a consists of the Tim Fyrst Claim. This Class shall receive 35% of net recovery to the Reorganized Debtor from IP Licensing Proceeds. Net recovery means after the costs and expenses of operating the Reorganized Debtor's business, including the costs and expenses to monetized the IP Licensing Proceeds. The funding for the Plan may depend in part on the Litigation Funding. Because such Litigation Funding will be provided by potential third party sources, there is a risk that Proponent will not be able to obtain Litigation Funding in the future if necessary. Pursuant to Section 2.1 of the Agreement and Loan, Tim Fyrst and Sami Hayek has agreed to commit $300,000 on the Effective Date, and will make an additional $300,000 available thereafter subject to their sole discretion. It is possible that Tim Fyrst and Sami Hayek will exercise their discretion not to make the additional $300,000 available to the Debtors after the Effective Date. On March 28, 2024, James Berberian filed an objection (the "Opposition") to the Disclosure Statement, which contains his different viewpoints from the Debtor on several issues concerning the DS and Plan (e.g., the value of the Debtor's assets, the Infringement Actions, and whether the Plan can be confirmed), according to a footnote in the Disclosure Statement. A full-text copy of the Second Amended Disclosure Statement dated May 2, 2024 is available at https://urlcurt.com/u?l=sHTwhZ from PacerMonitor.com at no charge. Attorney for the Debtor: Eve H. Karasik, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: ehk@lnbyg.com About Muzik Inc. Muzik Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-16304) on Sept. 27, 2023. In the petition signed by its chief executive officer, Jason Hardi, the Debtor disclosed up to $10 million in estimated assets and liabilities. Judge Vincent P. Zurzolo oversees the case. The Debtor tapped Eve H. Karasik, Esq., at Levene, Neale, Bender, Yoo & Golubchik LLP as counsel and Erceg Partners, LLC as financial advisor. NAKED JUICE: Invesco Senior Marks $798,000 Loan at 18% Off ---------------------------------------------------------- Invesco Senior Loan Fund has marked its $798,000 loan extended to Naked Juice LLC (Tropicana) to market at $654,127 or 82% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Senior's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Senior is a participant in a Second Lien Term Loan to Naked Juice. The loan accrues interest at a rate of 11.45% (3 mo. SOFR + 6.00%) per annum. The loan matures on April 5, 2028. Invesco Senior Loan Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. The Fund may also invest a portion of its assets indirectly through a wholly-owned subsidiary, Invesco Senior Loan TB, LLC, a Delaware limited liability series company, which formed a separate registered series. The Fund owns all beneficial and economic interests in the Subsidiary and the Subsidiary's registered series. Invesco Senior is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Senior Loan Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NELKIN & NELKIN: Taps Doyle Restrepo and Kerensky Law as Counsel ---------------------------------------------------------------- Nelkin & Nelkin, P.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Doyle Restrepo Harvin & Robbins and The Kerensky Law Firm as special counsels. The special counsels will prosecute the coverage case against Texas Lawyers' Insurance Exchange now pending in Travis County, Texas. Kerensky and Restrepo will render litigation services to the Debtor including but not limited to filing of dispositive motions, discovery, depositions, hearings, and generally the prosecution of the coverages case referenced above against Texas Lawyers' Insurance Exchange. The Debtor retained the counsels on a 40 percent contingency with attorneys bearing all costs of litigation with rights of reimbursements of all costs of litigation out of any recovery made on behalf of clients. As disclosed in the court filings, Doyle Restrepo Harvin & Robbins and The Kerensky Law Firm are "disinterested persons" as defined in 11 U.S.C. 101(14). The firms can be reached through: Ronald J. Restrepo, Esq. DOYLE RESTREPO HARVIN & ROBBINS, L.L.P. 440 Louisiana Street, Suite 2300 Houston, TX 77002 Telephone: (713) 228-5100 Facsimile: (713) 228-6138 Email: rrestrepo@drhrlaw.com - and - Michael W. Kerensky, Esq. MIKE KERENSKY, PLLC The Lyric Centre 440 Louisiana, Suite 2300 Houston, TX 77002 Telephone: (713) 228-5100 Facsimile: (713) 228-6138 Email: mike@kerenskylawfirm.com About Nelkin & Nelkin, P.C. Nelkin & Nelkin P.C. filed Chapter 11 petition (Bankr. S.D. Texas Case No. 23-20245) on Aug. 25, 2023, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Carol Nelkin, president, signed the petition. Judge David R. Jones oversees the case. Miriam Goot, Esq., at Walker & Patterson, P.C. represents the Debtor as legal counsel. NESV ICE: Court Confirms Chapter 11 Plan ---------------------------------------- Judge Christopher J. Panos has entered an order that the Plan of Nesv Ice, LLC, et al., as modified by this Confirmation Order, is confirmed. Section 1.59 of the Plan will be replaced in its entirety with the following: "Plan Interest Rate" will mean interest at a rate: (a) the "prime rate", as published in the "Money Rates" column of The Wall Street Journal on the Effective Date, plus 2%, or (b) as agreed between the proponents and the holder of the claim in question. Section 1.71 of the Plan will be replaced in its entirety with the following: "Rink Release Price" will mean the sum of: a. (i) the Allowed SHS Claim, or if the SHS Claim has not been Allowed, $18,928,810, plus (ii) the amounts claimed to be due by SHS for the period from the Petition Date to the payment of the Rink Release Price, less (iii) all amounts paid to SHS from the Petition Date to the payment of the Rink Release Price; plus b. (i) the Allowed CSM Secured Claim, if any, or if the CSM Secured Claim has not been Allowed, the Estimated CSM Secured Claim, less (ii) all amounts paid to CSM from the Petition Date to the payment of the Rink Release Price. c. On the date of the payment of the Rink Release Price, the undisputed portion of the SHS Claim, and, if applicable, the CSM Secured Claim, will be paid to SHS and/or CSM, as applicable, and the disputed portion of the Rink Release Price will be deposited into a reserve pending the Allowance or dis-Allowance of the disputed portion of such Claims. The Allowed CSM Secured Claim, if any, will be calculated as follows: (a) $12,900,000, less (b) $289,781, less (c) the Allowed SHS Claim, if any, as of the Petition Date, less (d) $200,000, plus (e) $2,595,138; provided that, the Allowed CSM Secured Claim will not exceed the Allowed CSM Claim. As is evidenced by the Voting Report, Classes 2, 3 and 6 voted to reject the Plan and Class 4 voted to accept the Plan. Classes 1 and 5 are unimpaired. Because all impaired Classes of Claims have not accepted the Plan, the requirements of Section 1129(a)(8) of the Bankruptcy Code have not been met. For the reasons and in the Confirmation Decisions, confirmation of the Plan is nevertheless appropriate under Section 1129(b) of the Bankruptcy Code. A copy of the Order dated April 26, 2024, is available at https://tinyurl.ph/hgbzS from PacerMonitor.com. About NESV Ice, LLC NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East, LLC, offer fitness and sports training services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 21-11226) on August 26, 2021. The petitions were signed by Stuart Silberberg as manager. Judge Christopher J. Panos oversees the case. William McMahon, at Downes McMahon LLP, is the Debtor's counsel. NEUEHEALTH INC: All Four Proposals Passed at Annual Meeting ----------------------------------------------------------- NeueHealth, Inc., disclosed in a Form 8-K filed with the Securities and Exchange Commission that on May 2, 2024, it held its 2024 Annual Meeting of Stockholders at which the stockholders: (1) elected Kedrick D. Adkins Jr., Linda Gooden, Jeffrey R. Immelt, Manuel Kadre, Stephen Kraus, Mohamad Makhzoumi, Matthew G. Manders, G. Mike Mikan, Robert J. Sheehy, and Andrew Slavitt as directors to serve until the 2025 annual meeting of stockholders; (2) ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the Company for the fiscal year ending Dec. 31, 2024; (3) approved, on a non-binding advisory basis, the compensation of the Company's named executive officers for 2023; and (4) approved the NeueHealth, Inc. Second Amended and Restated 2021 Omnibus Incentive Plan. About NeueHealth, Inc. NeueHealth -- www.neuehealth.com -- is a value-driven healthcare company which aims to make healthcare accessible and affordable to all populations across the ACA Marketplace, Medicare, and Medicaid. NeueHealth delivers clinical care to over 460,000 health consumers through owned clinics and unique partnerships with over 3,000 affiliated providers. The Company also enables independent providers and medical groups to thrive in performance-based arrangements through a suite of technology and services scaled centrally and deployed locally. Minneapolis, Minnesota-based Deloitte & Touche LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has a history of operating losses, negative cash flows from operations and does not have sufficient cash on hand or available liquidity to meet its obligations, that raise substantial doubt about its ability to continue as a going concern. NEUROONE MEDICAL: Incurs $2.85 Million Net Loss in Second Quarter ----------------------------------------------------------------- NeuroOne Medical Technologies Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.85 million on $1.38 million of product revenue for the three months ended March 31, 2024, compared to a net loss of $3.52 million on $466,176 of product revenue for the three months ended March 31, 2023. For the six months ended March 31, 2024, the Company reported a net loss of $6.20 million on $2.35 million of product revenue, compared to a net loss of $5.26 million on $580,755 of product revenue for the six months ended March 31, 2023. As of March 31, 2024, the Company had $5.39 million in total assets, $1.54 million in total liabilities, and $3.85 million in total stockholders' equity. NeuroOne said, "The Company has incurred losses since inception, negative cash flows from operations, and an accumulated deficit of $68.9 million as of March 31, 2024. To date, the Company's revenues have not been sufficient to cover its full operating costs, and as such, it has been dependent on funding operations through the issuance of debt and sale of equity securities. The Company has adequate liquidity to fund its operations through July 2024. The raising of additional funds is not solely within the control of the Company. These factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this condition. If the Company is unable to raise additional funds, or the Company's anticipated operating results are not achieved, management believes planned expenditures may need to be reduced in order to extend the time period that existing resources can fund the Company's operations. The Company intends to fund ongoing activities by utilizing its current cash and cash equivalents on hand, from product and collaborations revenue and by raising additional capital through equity or debt financings. If management is unable to obtain the necessary capital, it may have a material adverse effect on the operations of the Company and the development of its technology, or the Company may have to cease operations altogether." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1500198/000121390024042948/ea0205459-10q_neuroone.htm About NeuroOne Headquartered in Eden Prairie, MN, NeuroOne Medical Technologies Corporation is a medical technology company focused on the development and commercialization of thin film electrode technology for continuous electroencephalogram ("cEEG") and stereoelectrocencephalography ("sEEG") recording, spinal cord stimulation, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other related neurological disorders. Additionally, the Company is investigating the potential applications of its technology associated with artificial intelligence. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 15, 2023, citing that the Company had recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital. These are the reasons that raise substantial doubt about the Company's ability to continue as a going concern. NOEL RUIZ NURSERY: Seeks Approval to Hire AM Law LLC as Attorney ---------------------------------------------------------------- Noel Ruiz Nursery, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire AM Law, LLC as its attorneys. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as debtor in possession; (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 interests 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 of reorganization; and (f) perform all other necessary functions as the Attorney for the Debtor for the proper administration of the bankruptcy estate. Attorneys Gary Murphree, Esq. and Brandy Abreu, Esq. will be billed at a rate of $400 per hour, and legal assistants will be billed at a rate of $175 per hour. On April 4, 2024, the Debtor funded a $7,500 fee retainer and a $1,738 cost retainer. Gary Murphree, Esq., at AM Law, disclosed in court filings that his firm is disinterested as required by Section 327(a) of the Bankruptcy Code. The firm can be reached through: Gary M Murphree, Esq. AM LAW, LLC 10743 SW 104th Street Miami, FL 33176 Phone: (305) 441-9530 Email: gmm@amlaw-miami.com About Noel Ruiz Nursery Noel Ruiz Nursery, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-13317) on April 5, 2024, with $1 million to $10 million in both assets and liabilities. Arelys Tarraza, vice-president, signed the petition. Judge Laurel M. Isicoff presides over the case. Gary M. Murphree, Esq., at AM Law, LLC represents the Debtor as bankruptcy counsel. NORTH GEORGIA: Seeks to Hire Douglas Jacobson as Bankruptcy Counsel ------------------------------------------------------------------- North Georgia Nursing Academy, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ the Law Offices of Douglas Jacobson, LLC as its bankruptcy counsel. The firm will render these services: (a) advise and consult the Debtor concerning questions arising in the conduct of the administration of the estate and its rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties-in-interest; (b) appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case; (c) investigate and prosecute preference and other actions arising under the Debtor's avoidance powers; and (d) assist in the preparation of such pleadings, motions, notices, and orders as are required for the orderly administration of this estate; and to consult with and advise the Debtor in connection with the operation of or the termination of the operation of its business. The hourly rates of the firm's attorneys and staff are as follows: Partners $375 Paraprofessionals $75 The firm received $21,738 pre-petition from the Debtor and billed $3,187.50 for pre-petition fees and $1,738 for the Chapter 11 filing fee. Douglas Jacobson, Esq., the owner of the Law Offices of Douglas Jacobson, 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: Douglas Jacobson, Esq. LAW OFFICES OF DOUGLAS JACOBSON, LLC 11539 Park Woods Circle, Suite 304 Alpharetta, GA 30005 Telephone: (678) 341-9114 Email: douglas@douglasjacobsonlaw.com About North Georgia Nursing Academy North Georgia Nursing Academy, LLC is a nursing school that provides students with the knowledge and technical training required for a career in the medical field. North Georgia Nursing Academy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-20527) on May 6, 2024. In the petition signed by April Kidd, director and sole member, the Debtor disclosed $4,853,000 in assets and $2,646,720 in liabilities. Judge James R. Sacca oversees the case. The Law Offices of Douglas Jacobson, LLC serves as the Debtor's counsel. O-I GLASS: S&P Rates Proposed Senior Unsecured Notes 'BB-' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to O-I Glass Inc. subsidiary OI European Group B.V.'s proposed EUR400 senior unsecured notes due in 2029. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company intends to use the net proceeds, together with cash on hand, to purchase any and all of its EUR500 million 2.875% senior unsecured notes due in 2025. All of S&P's ratings on O-I Glass are unchanged. ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a payment default in early 2028 as a result of declining volume on tepid end-market demand amid intensifying competition and weak economic conditions. This also assumes product substitution and increasing input costs pressure margins and cash flow. Market conditions may inhibit the ability to raise prices. As a result, its cash flow is insufficient to cover interest expense, required term loan amortization, working capital, and capital expenditure requirements. Eventually, the company's liquidity and capital resources become strained to the point the company cannot continue to operate without a bankruptcy filing. -- S&P assumes roughly 20% of the company's enterprise value at emergence relates to the U.S. (Owens-Brockway Glass Container Inc.), 25% to the Mexican subsidiaries (which roll up under Owens-Brockway), and 55% to its other foreign subsidiaries (OI European Group B.V. and subsidiaries O-I Canada Corp. and O-I Europe S.a.r.l). -- U.S. borrowings under Owens-Brockway's credit facility benefit from a lien on most of O-I Glass's domestic assets (excluding mortgages on real estate and 35% of the equity in its foreign subsidiaries). Direct borrowings by foreign subsidiaries ($950 million multicurrency revolver and a term loan) have additional guarantees and collateral. -- The senior unsecured notes issued by O-I European Group have a structurally senior claim to the non-U.S. enterprise value (relative to U.S. debt), although this claim is unsecured and effectively junior to the foreign secured borrowings. The notes are also guaranteed by Owens-Brockway and other domestic subsidiaries. -- The senior unsecured notes issued by Owens-Brockway have unsecured guarantees by O-I Glass and its domestic subsidiaries. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA multiple: 6.0x -- EBITDA at emergence: $718 million -- Jurisdiction: U.S. Simplified waterfall -- Valuation split (U.S./Mexico/other): 20%/25%/55% -- Net recovery value (after 5% administrative expenses): $4.090 billion -- Net value of Mexican equity obligors (after estimated securitization priority claims of $33 million): $990 million (collateral of $643 million/unpledged value of $347 million) -- Net value of OI European Group and subsidiaries (after estimated securitization priority claims of $414 million): $1.835 billion -- Credit facility borrowings by U.S. nonobligors (collateral): $884 million -- Total value available to OI European Group unsecured debt (including unpledged share): $951 million* -- OI European Group unsecured debt: $1.185 billion --Recovery expectations: 50%-70% (rounded estimate: 65%)* -- Net value of U.S. obligors (after estimated securitization priority claims of $105 million): $713 million -- Total value available for first-lien claims (collateral and unpledged share): $2.240 billion -- Total domestic credit facility claims (U.S. and foreign amounts): $2.262 billion -- Value available to unsecured claims: $346 million -- Owens-Brockway unsecured debt: $2.066 billion -- Deficiency claims (secured debt/European notes): $255 million ($22 million/$233 million) -- Total unsecured claims: $2.322 billion --Recovery expectations: 10%-30% (rounded estimate: 10%) Note: S&P said, "Debt amounts include six months of accrued interest that we assume will be owed at default. Credit facility collateral reflects a collection allocation mechanism that combines the value from direct foreign (nonobligors) credit facility borrowings, domestic borrowings and collateral, and equity pledges in nonobligors. We generally assume usage of 85% for cash flow revolvers at default. We also generally assume debt maturing before our simulated default is refinanced before maturity." *The recovery on OI European Group's unsecured debt includes its share of the value available to domestic creditors. OCEANWIDE PLAZA: Seeks to Hire Colliers and Hilco as Joint Brokers ------------------------------------------------------------------ Oceanwide Plaza LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Colliers International Greater Los Angeles, Inc. and Hilco Real Estate, LLC as joint real estate brokers. The brokers will provide these services: (a) direct concentrated efforts in bringing about a sale; (b) advertise the Debtor's property as brokers deem advisable to maximize sale price and minimize the time to sale; (c) encourage cooperating brokers in the sale of the property by furnishing information and assistance; (d) keep the Debtor informed as to the progress made toward finding a purchaser for the property; and (e) make an earnest and continued effort to sell the property. The brokers will receive a commission of 0.75 percent of the gross sale proceeds of the property. The brokers' commission will be reduced to 0.5 percent of the purchase price if the Debtor enters into a definitive contract to sell the property within the first 60 days of the term of the broker agreement to a previously disclosed party and the sale transaction closes. Mark Tarczynski, executive vice president of Colliers, and Erick Kaup, a member of Hilco, disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark Tarczynski Colliers International Greater Los Angeles, Inc. 865 S. Figueroa St. Los Angeles, CA 90017 Telephone: (213) 500-6743 Email: Mark.Tarczynski@colliers.com About Oceanwide Plaza LLC Involuntary bankruptcy petition against Oceanwide Plaza LLC in Los Angeles CA, for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-11057) on February 13, 2024. Judge Deborah J Saltzman oversees the case. Bryan Cave Leighton Paisner, LLP as counsel to the Debtor. Bradley D. Sharp as chief restructuring officer. GlassRatner Advisory & Capital Group LLC, dba B. Riley Advisory Services as financial advisor and expert witness. ONEMETA INC: Incurs $937K Net Loss in First Quarter --------------------------------------------------- OneMeta Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $937,097 on $5,387 of total revenue for the three months ended March 31, 2024, compared to a net loss of $542,413 on $3,160 of total revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $220,511 in total assets, $914,061 in total liabilities, and a total stockholders' deficit of $693,550. As of March 31, 2024, the Company had not yet achieved profitable operations and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company said its ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding being available. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1388295/000149315224018695/form10-q.htm About OneMeta Inc. OneMeta Inc. operates to develop artificial intelligence products that enable companies and individuals to reach their highest potential by eliminating language barriers in daily communications by providing high-quality, accurate, and efficient interpretation and translation services using natural language processing (NLP) technology. The Company's focus is on developing a proprietary architecture that is faster and more accurate than any other company, with a commitment to providing superior quality services to its customers. The Company intends to serve a wide variety of markets and customers and will be focused on becoming a leader in the creation of pragmatic products for the interpretation and translation industry. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 1, 2024, citing that the company has incurred recurring losses from operations and had not yet achieved profitable operations as of Dec. 31, 2023 which raises substantial doubt about its ability to continue as a going concern. OPTIMUS BUILDING: Court Approves Disclosure Statement ----------------------------------------------------- Judge Laura T. Beyer has entered an order that the Disclosure Statement filed by The Optimus Building, LLC dated March 8, 2024, is approved. June 20, 2024, is fixed as the last day for filing written acceptances or rejections of the plan. June 26, 2024, at 9:30 a.m., is fixed for the hearing on confirmation of the plan at Charles R. Jonas Federal Building, 401 West Trade Street, Courtroom 2A, Charlotte, NC 28202 June 20, 2024, is fixed as the last day for filing and serving written objections to confirmation of the plan. A copy of the Order dated April 24, 2024, is available at https://tinyurl.ph/HNQfE from PacerMonitor.com. About The Optimus Building The Optimus Building, LLC, a company in Charlotte, N.C., filed Chapter 11 petition (Bankr. W.D.N.C. Case No. 23-30866) on Dec. 7, 2023, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Tara Ellerbe, managing member, signed the petition. Judge Laura T. Beyer oversees the case. The Debtor tapped Waldrep Wall Babcock & Bailey, PLLC, as legal counsel and Howard A. McDonald at McDonald CPA, PLLC, as accountant. ORCHID MERGER: Invesco Senior Marks $1.5MM Loan at 35% Off ---------------------------------------------------------- Invesco Senior Loan Fund has marked its $1,534,000 loan extended to Orchid Merger Sub II LLC to market at $1,000,354 or 65% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Senior's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Senior is a participant in Term Loan (Acquired November 12, 2021 - January 5, 2022; Cost $1,471,753) to Orchid Merger. The loan accrues interest at a rate of 10.25% (1 mo. SOFR + 4.75%) per annum. The loan matures on May 10, 2027. Invesco Senior Loan Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. The Fund may also invest a portion of its assets indirectly through a wholly-owned subsidiary, Invesco Senior Loan TB, LLC, a Delaware limited liability series company, which formed a separate registered series. The Fund owns all beneficial and economic interests in the Subsidiary and the Subsidiary's registered series. Invesco Senior is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Senior Loan Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Orchid Merger Sub II LLC provides technology services (IT services). OWEN CONTINENTAL: Seeks to Hire Carmody MacDonald as Legal Counsel ------------------------------------------------------------------ Owen Continental LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Carmody MacDonald PC as counsel. The firm's services include: a. advising the Debtor with respect to its rights, power, and duties in its Chapter 11 case; b. assisting and advising the Debtor in its consultations with any appointed committee related to the administration of its bankruptcy case; c. assisting the Debtor in analyzing the claims of creditors and negotiating with such creditors; d. assisting the Debtor in investigating its assets, liabilities, financial condition and business; e. advising the Debtor in connection with the sale of its assets or business; f. assisting the Debtor in its analysis of and negotiation with any appointed committee or any third-party concerning matters related to, among other things, the terms of a plan of reorganization; g. assisting and advising the Debtor with respect to any communications with the general creditor body regarding significant matters in its case; h. commencing and prosecuting necessary and appropriate actions or proceedings on behalf of the Debtor; i. reviewing, analyzing or preparing legal documents; j. representing the Debtor at all hearings and other proceedings; k. conferring with other professional advisors in providing advice to the Debtor; l. assisting and advising the Debtor regarding pending arbitration and litigation matters in which it may be involved; and m. performing all other necessary legal services in this case. The hourly rates of the firm's counsel and staff are as follows: Partners $310 - $650 Associates $280 - $355 Paralegals/Law clerks $150 - $205 In addition, the firm will seek reimbursement for expenses incurred. The firm is currently holding the sum of $11,580 as a retainer. Robert Eggmann, Esq., a partner at Carmody MacDonald, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert E. Eggmann, Esq. Thomas H. Riske, Esq. Carmody MacDonald, PC 120 South Central Avenue, Suite 1800 St. Louis, MO 63105 Telephone: (314) 854-8600 Facsimile: (314) 854-8660 Email: ree@carmodymacdonald.com thr@carmodymacdonald.com About Owen Continental Owen Continental, L.P. owns a multifamily property containing 107 dwelling units plus a first floor commercial/office space located at 3615 Olive St., St. Louis, MO, having an appraised value of $8.73 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-41619) on May 3, 2024. In the petition signed by Steve Trampe, managing partner, the Debtor disclosed $9,224,444 in total assets and $25,545,148 in total liabilities. Judge Kathy A. Surratt-States oversees the case. Robert E. Eggmann, Esq., at Carmody MacDonald P.C., represents the Debtor as legal counsel. PATRIOT TRANSPORT: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Patriot Transport, Inc. 450 Kehoe Blvd Carol Stream, IL 60188 Business Description: The Debtor is trucking company in Carol Stream, IL. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 24-07407 Judge: Hon. Timothy A. Barnes Debtor's Counsel: John F. Hiltz, Esq. LEIBOWITZ, HILTZ & ZANZIG LLC 53 West Jackson Suite 1301 Chicago, IL 60604 Email: john@lakelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Igor Terletsky 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://pacermonitor.com/view/LPRMO6Y/Patriot_Transport_Inc__ilnbke-24-07407__0001.0.pdf?mcid=tGE4TAMA PERKY JERKY: Trustee Seeks to Tap Onsager Fletcher as Legal Counsel ------------------------------------------------------------------- Joli Lofstedt, the trustee appointed in the Chapter 11 case of Perky Jerky, seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Onsager Fletcher Johnson Palmer, LLC as counsel. The firm will render these services: (a) assist the trustee with investigating the facts and circumstances relating to the sale of substantially all of the Debtor's assets during the Chapter 11 bankruptcy case and the estate's claims to employee retention credits received by the Debtor after dismissal of the case; and (b) assist trustee in a possible resolution of the approved administrative claim held by r2 LLC against the estate and in any other matters that may require the assistance of counsel. Gabrielle Palmer, Esq., the main attorney in this representation, will be paid at his hourly rate of $325 plus expenses. Mr. Palmer 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: Gabrielle G. Palmer, Esq. Onsager Fletcher Johnson Palmer, LLC 600 17th Street Suite 425N Denver, CO 80202 Telephone: (720) 457-7059 Email: gpalmer@OFJlaw.com About Perky Jerky Perky Jerky, LLC, a Denver-based meat provider, filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 21-15685) on Nov. 15, 2021, listing $1,934,044 in total assets and $15,753,488 in total liabilities. Brian Levin, chief executive officer, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, PC and SL Biggs serve as the Debtor's legal counsel and accountant, respectively. Joli A. Lofstedt was appointed as the trustee in this Chapter 11 case. The trustee tapped Onsager Fletcher Johnson Palmer, LLC as his counsel. PETCO HEALTH: $1.70BB Bank Debt Trades at 16% Discount ------------------------------------------------------ Participations in a syndicated loan under which Petco Health & Wellness Co Inc is a borrower were trading in the secondary market around 83.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.70 billion Term loan facility is scheduled to mature on March 6, 2028. About $1.60 billion of the loan is withdrawn and outstanding. Petco Health and Wellness Company, Inc. is a national specialty retailer of premium and value pet consumables, supplies and companion animals and services with over 1,500 retail locations across the U.S., Mexico and Puerto Rico. Revenue was about $6.3 billion for the LTM period ended February 3, 2024. The company remains majority owned by CVC Capital Partners and Canada Pension Plan Investment Board following its January 2021 IPO. PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 22% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Physician Partners LLC is a borrower were trading in the secondary market around 77.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $600 million Term loan facility is scheduled to mature on December 22, 2028. The amount is fully drawn and outstanding. Physician Partners LLC (dba Better Health Group) is a value-based primary care physician group and managed service organization (MSO) network that services over 250,000 members, with over 1,000 providers and 111 owned centers. Private equity firm, Kinderhook Industries, is an investor in Better Health Midco, LLC with LTM revenue as of June 30, 2023 of approximately $1.1 billion. PINNACLE FOODS: Hires Law Offices of Michael Jay Berger as Counsel ------------------------------------------------------------------ Pinnacle Foods of California LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Law Offices of Michael Jay Berger as counsel. The firm will provide these services: a. assist the Debtor in planning a reorganization of its business; b. assist the Debtor in compliance with the requirements of the OUST; c. write to, speak to, and meet in person with creditors of the Debtor as needed to ensure that they respect the automatic stay, to explain the facts and circumstances surrounding the case, to investigate possible claims against the Debtor, and to gain its cooperation with regards to the continued business of the Debtor; and d. requires that Debtor's counsel do a large amount of work at the beginning of the case and during the first 120 days of the case. At the same time, Debtor's counsel generally may not file an application for payment of his fees more frequently than once every 120 days. The firm will be paid at these rates: Michael Jay Berger $645 per hour Sofya Davtyan $595 per hour Robert Poteete $475 per hour Senior paralegals $275 per hour Paralegals $200 per hour The firm was paid a retainer in the amount of $20,000 plus the $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Jay Berger, Esq., a partner at Law Offices of Michael Jay Berger, 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: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor, Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: rnichael.bergerbankruptcypower.com About Pinnacle Foods of California Pinnacle Foods of California LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-11015) on April 22, 2024, listing $2,077,748 in assets and $4,509,986 in liabilities. The petition was signed by Imran Damani as president. Judge Rene Lastreto II presides over the case. Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER represents the Debtor as counsel. PORTERFIELD-SCHEID MANAGEMENT: Taps CGA Law Firm as Counsel ----------------------------------------------------------- Porterfield-Scheid Management Company LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire CGA Law Firm as its counsel. The firm will render these services: (a) advise the Debtor regarding its rights, powers and duties in the continued operation and management of its assets; (b) advise the Debtor concerning, and assist in the negotiation and documentation of the use of cash collateral and/or debtor-in-possession financing, debt restructuring and related transactions; and (c) review the nature and validity of agreements relating to the Debtor's business and advise in connection therewith; (d) review the nature and validity of liens, if any, asserted against the Debtor and advise as to the enforceability of such liens; (e) advise the Debtor concerning the actions it might take to collect and recovery property for the benefit of the bankruptcy estate; (f) prepare on the Debtor's behalf all necessary legal documents and review all financial and other reports to be filed in the within case; (g) advise the Debtor concerning, and prepare responses to, legal papers which may be filed in the within case; (h) advise the Debtor in connection with formulation, negotiation, and promulgation of a plan of reorganization and related documents; and (i) perform all other legal services for and on behalf of the Debtor, which may be necessary or appropriate in the administration of the within case. The hourly rates of the firm's counsel and staff are as follows: Lawrence V. Young, Esq. $425 Brent C. Diefenderfer, Esq. $330 E. Haley Rohrbaugh, Esq. $300 Paralegals $150 The firm received a pre-petition retainer in the amount of $5,000. Lawrence Young, Esq., a shareholder at CGA Law Firm, 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: Lawrence V. Young, Esq. CGA LAW FIRM 135 North George Street York, PA 17401 Tel: (717) 846-4900 Fax: (717) 843-9039 E-mail: lyoung@cgalaw.com About Porterfield-Scheid Management Company Porterfield-Scheid Management Company LLC offers funeral services, burials, cremation services, memorial services and other related services to its clients. Porterfield-Scheid Management Company LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-01127) on May 3, 2024, listing $4,050,000 in assets and $2,602,589 in liabilities. The petition was signed by Melanie B. Scheid as member. Judge Henry W. Van Eck presides over the case. Lawrence V. Young, Esq. at Cga Law Firm represents the Debtor as counsel. PORTSMOUTH SQUARE: Incurs $2.87 Million Net Loss in Third Quarter ----------------------------------------------------------------- Portsmouth Square, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.87 million on $10.76 million of hotel revenue for the three months ended March 31, 2024, compared to a net loss of $1.06 million on $10.43 million of total revenue for the three months ended March 31, 2023. For the nine months ended March 31, 2024, the Company reported a net loss of $7 million on $32.08 million of hotel revenue, compared to a net loss of $2.38 million on $32.63 million of hotel revenue for the nine months ended March 31, 2022. As of March 31, 2024, the Company had $41.65 million in total assets, $152.28 million in total liabilities, and a total shareholders' deficit of $110.63 million. As of March 31, 2024, the outstanding balance consists of a senior mortgage loan and mezzanine loan totaling $106,045,000. Both loans matured on Jan. 1, 2024 and were extended to Jan. 1, 2025 on April 29, 2024 through Forbearance Agreements. In addition, the Company has recurring losses and has an accumulated deficit of $112,724,000 which includes a $64,100,000 increase adjustment made in December 2013 as a result of the partnership redemption. Portsmouth said that due to these factors and the uncertainty around the Company's ability to successfully refinance the debt on favorable terms in the current lending environment gives rise to substantial doubt about the Company's ability to continue as a going concern for one year after the financial statement issuance date. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/79661/000149315224019165/form10-q.htm About Portsmouth Headquartered in Los Angeles, California, Portsmouth Square, Inc. is a California corporation, incorporated on July 6, 1967, for the purpose of acquiring a hotel property in San Francisco, California through a California limited partnership, Justice Investors Limited Partnership. As of June 30, 2023, approximately 75.7% of the outstanding common stock of Portsmouth was owned by The InterGroup Corporation, a public company (NASDAQ: INTG). As of June 30, 2023, the Company's Chairman of the Board and Chief Executive Officer, John V. Winfield, owns approximately 2.5% of the outstanding common shares of the Company. Mr. Winfield also serves as the president, Chairman of the Board and chief executive officer of InterGroup and owns approximately 68.6% of the outstanding common shares of InterGroup as of June 30, 2023. East Brunswick, NJ-based WithumSmith+Brown, PC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Oct. 13, 2023, citing that the outstanding balance as of June 30, 2023 of the mortgage notes payable consists of a senior mortgage loan and mezzanine loan totaling $107,117,000. Both loans mature on January 1, 2024 In addition, the Company has recurring losses and has an accumulated deficit of $105,727,000. Due to these factors and the Company's ability to successfully refinance the debt on favorable terms in the current lending environment gives rise to substantial doubt about the Company's ability to continue as a going concern for one year after the financial statement issuance date. PRA GROUP: Fitch Assigns 'BB+(EXP)' Rating on Sr. Unsecured Debt ---------------------------------------------------------------- Fitch Ratings expects to assign a 'BB+(EXP)' rating to PRA Group Inc.'s (PRA) contemplated $400 million senior unsecured debt issuance. The fixed rate of interest and maturity date will be determined at the time of issuance. KEY RATING DRIVERS The expected rating is equalized with the ratings assigned to PRA's existing senior unsecured debt, as the new debt will be ranked equally in the capital structure. The senior unsecured debt rating is equalized with PRA's 'BB+' Long-Term Issuer Default Rating (IDR), reflecting Fitch's expectation of average recovery prospects under a stressed scenario given the availability of unencumbered assets. Fitch does not anticipate a material impact to the company's leverage profile, as proceeds are expected to be used for general corporate purposes, including the repayment of outstanding borrowings under PRA's North American revolving credit facility. Proforma for the unsecured notes issuance, PRA's leverage (gross debt to adjusted EBITDA) remained unchanged at 2.8x, for the TTM ended 1Q24. PRA's ratings reflect its leading global franchise within the debt purchasing sector, with a dominant market position in the U.S. and a strong presence across 18 countries in Europe, the Americas and Australia. The ratings are constrained by PRA's monoline business model, primarily purchasing and collecting charged-off consumer debt, and limited contingent liquidity resources. Additional constraints include the company's reliance on internal modelling for portfolio valuations and associated metrics such as estimated remaining collections (ERCs), and the potential for heightened regulatory scrutiny of the consumer collections businesses. The Negative Outlook reflects PRA's sustained elevated leverage profile, which reduced modestly from 2.9x a year ago, but remains above Fitch's current downgrade trigger of 2.5x. This is due to moderating collection activities throughout most of 2023 in a more challenging operating environment. Failure to reduce leverage to 2.5x or below over the Outlook horizon could result in one-notch rating downgrade. For more information on the key rating drivers and sensitivities underpinning PRA's ratings, please see "Fitch Affirms PRA Group at 'BB+'; Outlook Remains Negative," dated June 28, 2023. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to sustainably reduce debt/adjusted EBITDA below 2.5x due to a reduction in earnings and adjusted EBITDA and/or outsized debt-funded portfolio acquisitions; - An increase in debt/tangible equity above 5x; - A shift to a largely secured funding model with the unsecured mix decreasing to 20%; - Deterioration in asset quality, as evidenced by acquired debt portfolios significantly underperforming anticipated returns or repeated material write-downs in expected recoveries; - An adverse operational event or significant disruption in business activities (for example arising from additional regulatory intervention in key markets adversely impacting collection activities), thereby undermining franchise strength and business model resilience. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A revision of the Rating Outlook to Stable could be driven by improved operating performance that contributes to a sustained reduction in cash flow leverage below 2.5x over the Outlook horizon. Beyond that, positive rating momentum would be premised on: - Unsecured debt greater than 40% of total debt on a sustained basis; - Sustained leverage below 2.0x on a debt/adjusted EBITDA basis and below 4.0x on a debt/tangible equity basis; - Demonstrated franchise strength and earnings resilience through the current economic cycle. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS PRA's expected unsecured debt rating is equalized with its Long-Term IDR, reflecting the availability of unencumbered assets and Fitch's expectation of average recovery prospects for creditors in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES PRA's expected senior unsecured debt rating is primarily sensitive to changes in the firm's Long-Term IDR and secondarily to the funding mix and recovery prospects on the unsecured debt. A material increase in the proportion of secured debt, which weakens recovery prospects for unsecured debtholders in a stressed scenario could result in the unsecured debt rating being notched down below the IDR. ESG CONSIDERATIONS PRA Group, Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. PRA Group, Inc. has an ESG Relevance Score of '4' for Financial Transparency due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. These are features of the debt purchasing sector as a whole and not specific to the company. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ PRA Group, Inc. senior unsecured LT BB+(EXP) Expected Rating PRA GROUP: Moody's Rates New $400MM Senior Unsecured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to PRA Group, INC.'s $400 million 2030 backed senior unsecured notes. RATINGS RATIONALE The announced notes will rank pari passu with PRA's existing senior unsecured notes, currently rated Ba3. The new issuance will replace PRA's outstanding $298 million senior unsecured notes maturing in September 2025, which will reduce the company's immediate refinancing risk. PRA's corporate family rating (CFR) of Ba2 reflects the inherent earnings volatility in debt collection business, which in Moody's view exacerbates the firm's refinancing risk, given its medium-term funding needs in the high interest rate environment. The risk is further exacerbated by PRA's current funding structure, with high reliance on revolving credit facilities and modest debt maturity laddering. Notwithstanding the expected strengthening in PRA's profitability in the next twelve months, Moody's believes the firm's revenues and EBITDA will remain sensitive to changes in the amount of portfolio purchases, reflective of supply of non-performing loans (NPLs), as well as to changes in collection patterns. Positively, PRA's well-diversified franchise, with substantial presence in the US and Europe, reduces a negative impact from individual markets. Moody's expects PRA's improvement in EBITDA and increased NPL supply to reduce its leverage, by offsetting the impact of higher borrowings, and also to support its debt servicing capacity in the current high interest rate environment. The Ba3 rating of PRA's senior unsecured notes reflects their priorities of claims and asset coverage in the company's current liability structure. The negative outlook reflects PRA's refinancing risk, stemming from its medium-term debt maturities, further exacerbated by its high reliance on secured credit facilities and modest debt laddering, as well as the high interest rate environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade is unlikely given the negative outlook. The outlook could be revised to stable if PRA successfully addresses its 2026 refinancing needs, well in advance of their maturities, and if it restores its profitability, with its interest coverage remaining above 5x and Debt/EBITDA leverage not exceeding 3x, on a consistent basis. PRA's ratings will be downgraded if the firm does not extend its senior secured credit facilities, maturing in July 2026, at least 18 months prior to their due dates. PRA's ratings could also be downgraded if its leverage increases to above 3x, or its interest coverage declines to below 5x. PRA's debt ratings will be downgraded if the firm does not reduce its reliance on credit facilities, which would imply higher potential losses for its bondholders. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Finance Companies Methodology published in November 2019. PRECISIONOMICS LLC: Case Summary & One Unsecured Creditor --------------------------------------------------------- Debtor: Precisionomics, LLC 8750 36th St. SE PO Box 43 Jamestown ND 58402-0043 Business Description: The Debtor offers support activities for crop production. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court District of North Dakota Case No.: 24-30203 Debtor's Counsel: Sara Diaz, Esq. BULIE DIAZ LAW OFFICE 3523 45th St. S. Suite 102 Fargo, ND 58104 Tel: 701-298-8748 Email: sara@bulielaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chad D. Hove as president. The Debtor listed Unison Bank at 401 1st Avenue S., PO Box 2056 Jamestown, ND, 58402 as its sole unsecured creditor holding a claim of $804,698. A full-text copy of the petition is available for free at PacerMonitor.com at: https://pacermonitor.com/view/3B26E6I/Precisionomics_LLC__ndbke-24-30203__0001.0.pdf?mcid=tGE4TAMA PREMIER LANDSCAPING: Gets OK to Tap Kutner Brinen as Legal Counsel ------------------------------------------------------------------ Premier Landscaping Contractors, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, PC as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions that may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until a final decree herein the continuation of pending proceedings and to enjoin and stay until a final decree herein the commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor that may be necessary herein. The hourly rates of the firm's counsel and staff are as follows: Jeffrey S. Brinen $515 Jenny Fujii $410 Jonathan M. Dickey $375 Keri L. Riley $375 Paralegal $100 The firm received a retainer in the amount of $8,852.50 from the Debtor. Jonathan Dickey, Esq., an attorney at Kutner Brinen Dickey Riley, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmd@kutnerlaw.com About Premier Landscaping Contractors Premier Landscaping Contractors, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 24-11884) on April 16, 2024, listing under $1 million in both assets and liabilities. Judge Thomas B. McNamara oversees the case. Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, PC serves as the Debtor's counsel. PRIMARY PRODUCTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed all the ratings of Primary Products Investments LLC (Primary Products) and its subsidiary Primary Products Finance LLC, including the company's Long-Term Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable. The ratings consider Primary Products' strong market position in the mature corn-derived products industry, ample liquidity supported by good FCF expectations, and Fitch-calculated leverage of mid-3x during the forecast horizon. This is offset by narrow diversification and limited scale with operating EBITDA estimated around-$300 million in FY 2024. Fitch expects Primary Products will demonstrate consistent capital allocation priorities by investing in the business, and returning value to shareholders while maintaining long-term EBITDA leverage, based on Fitch adjustments around the mid-3x area. KEY RATING DRIVERS Major Player in Mature Corn-Derived Products Industry: Primary Products has a strong position within the corn-derived products industry focused solely on the Americas with revenue of $3.1 billion for FY 2023 (ended March). Primary Products' main segments include sweeteners (42% of FY 2021 net revenue), industrial starches (12%), acidulants (8%), and other co-products of the corn wet-milling process. Primary Products has a top two positioning in high fructose corn syrup (HFCS), Dextrose, industrial starches and acidulants. Fitch views the corn-derived products industry as relatively stable and mature with Primary Products positioned as one of four top U.S. players. Fitch's base case does not contemplate any major new entrants or new competition; instead, large incumbents have been diversifying capacity away from corn-derived products. Structural Decline in HFCS: Primary Products is solely focused on corn-derived bulk ingredients, while other peers such as Ingredion Incorporated (BBB/Stable) and Tate & Lyle have pivoted toward higher growth specialty ingredients markets with a heavier focus on innovation. Fitch expects industry demand for HFCS, which generated around 28% of fiscal 2021 net revenue, will experience structural declines in the low to mid-single digits annually. However, growth in demand for Primary Products' other sweeteners such as dextrose, and other corn-derived products such as industrial starches, is projected to offset the decline in HFCS, driving longer-term revenue growth in the low single digits. HFCS Critical for Major Customers: HFCS is a critical input for major customers, as switching costs toward other sweetener alternatives are high given the inherent risk with altering formulations of packaged food products, particularly those with historic brands, flavors and mouthfeel. Industry capacity utilization for HFCS has remained at approximately 75% over the last 20 years, and no new capacity has been added in the last 15 years. Consequently, the industry has rationalized marginal facilities and reallocated production capacity to alternative and growing uses. While high industry utilization rates benefit Primary Products over the medium term, the long-term reduction in capacity signals a mature HFCS market that is in structural decline, one that other competitors continue to exit in search of higher growth, higher margined products. Fitch views the partnership with Tate & Lyle, which is one of Primary Products' largest customers, as key for the company due to long-term contractual volume commitments that supports more steady demand to maintain higher utilization rates and a stable profitability stream. Primary Products was a subsidiary of Tate & Lyle, prior to the April 2022 sale of 50.1% stake to KPS Capital Partners. Fitch believes Primary Products maintains good flexibility to optimize its grind mix among different products and could allocate a growing portion to Tate and Lyle's specialty ingredients over time that offsets HFCS declines. Consistent EBITDA through Commodity Cycles: Primary Products is relatively insulated from volatile commodity prices as approximately 75% of volumes are produced under tolling contracts, which effectively allows the company to earn a spread, or fixed processing fee, regardless of the price of corn. The remaining 25% are flat price contracts, against which Primary Products has historically entered into hedging programs to help mitigate price risk. Co-products revenue can also serve as a natural hedge to offset commodity price volatility. Primary Products' EBITDA has historically shown resiliency through commodity cycles. Primary Products has successfully passed along higher prices following contractual discussions with customers, including most recently in the first quarter of calendar 2024, which, along with operational improvements, should help support improved gross profit though the forecast period. Plans for material on-going maintenance and modernization of existing operations are expected to remain a modest near-term pressure on margins and production capacity. Modestly Levered: EBITDA leverage (total debt/EBITDA after affiliate distributions) was 4.2x in FY 2023 and is forecasted to be mid-3x in FY 2024 driven by higher EBITDA and lower debt. Fitch's forecast assumes EBITDA is sustained around $300 million. Primary Products' capital allocation policy for the near term is expected to prioritize growth of the business, through organic growth as well as preventative maintenance and modernization of the operations. Fitch expects Primary Products will demonstrate consistent capital allocation priorities by investing in the business, and returning value to shareholders while maintaining long-term EBITDA leverage, based on Fitch adjustments around mid-3x. The company paid $160 million in member distributions in FY 2023 and is on pace to distribute around $150 million in FY 2024, of which a portion of the distributions are distributed to cover member taxes. Fitch's forecast considers member distributions of around $100 million annually. Higher than expected member distributions that are debt-funded could increase ratings pressure. Parent Subsidiary Linkage: Fitch's analysis includes a weak parent/strong subsidiary approach between the parent, Primary Products Investments LLC and its subsidiary. Fitch assesses the quality of the overall linkage as high, which results in an equalization of IDRs across the corporate structure. DERIVATION SUMMARY Primary Products' 'BB'/Stable rating reflects the strong market position in the mature corn-derived products industry for the food and industrial markets, ample liquidity supported by good FCF expectations, and moderate Fitch-calculated leverage in the mid-3x over the forecast period. These factors are offset by narrow product diversification and limited scale. Ingredion's 'BBB' rating benefits from its globally diverse product portfolio and stable underlying business model. The company focuses on starches and sweeteners, with increasing exposure to higher-value, higher-margin, on-trend specialty ingredients. Ingredion has taken several actions to address operating pressures over the last few years related to secular changes in its core businesses. Combined with further efficiency and process initiatives, Fitch expects these measures should support reduced earnings volatility and more predictable long-term earnings growth. Fitch expects Ingredion will continue to demonstrate good financial discipline including consistent capital allocation policies around growth investments, bolt-on M&A and shareholder return initiatives. Together, these should support leverage expectations in the low-to-mid-2x range over the forecast period. Darling's 'BB+' rating reflects the company's leading market position as a globally diversified ingredient processor that has benefited from higher profitability due to increasing demand for low-carbon fuels, which supports higher fat prices. Fitch's forecast assumes these strong tailwinds will moderate over the medium term, but remain structurally higher, supported by renewable diesel demand pull. Fitch projects Darling's leverage could trend from mid-3x to the low-3x range through a combination of EBITDA growth from increased Diamond Green Diesel (DGD) dividend contribution and debt reduction. KEY ASSUMPTIONS - Revenues increase by roughly 2% to around $3.1 billion in FY 2024 (ending March) driven largely by improved pricing from the 2023 calendar year contracting round, offset by softer demand for select products, which started to improve 2HFY 2024. In FY 2025, revenues are forecasted to be down modestly as corn prices are expected to continue to moderate, offset by recent contractual price increases. Fitch assumptions also include continued low-to-mid-single declines in the HFCS segment offset by growth in other categories including other sweeteners including dextrose and corn syrup. - Fitch-calculated operational EBITDA is expected around $300 million in FY 2024 driven by improvements in commercial performance and manufacturing efficiency. In FY 2025, Fitch expects EBITDA to remain in the $300 million range. - Fitch expects FCF of around $50 million in FY 2024, and $20 million in FY 2025 absent considerations from commodity volatility. Fitch forecasts capex of approximately $150 million in FY 2024 to fund modernization and efficiency investments in the existing operations. The forecast includes $150 million in dividends paid by Primary Products to KPS (50.1% owner) and Tate & Lyle (49.9% owner) in FY 2024 and dropping to $100 million in FY 2025. - Primary Products' capital allocation policy is expected to prioritize growth of the business through organic growth. To the extent that there remains FCF after investing into future growth, the company could consider distributions to shareholders as well as M&A. - Fitch-calculated leverage is projected to around the mid-3x in FY 2024 and is expected to remain around mid-3x over the forecast period. - The company took steps to reduce variable interest rate exposure via the use of $600 million in interest rate swaps, which effectively establishes half of its total $1.1 billion in debt outstanding at a fixed interest rate of 2.789%. Interest rate assumptions, using SOFR benchmarks, is estimated at around 6% in FY 2024, declining to 3.5% in FY 2027. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - EBITDA growth to over $600 million based on increased product diversification away from corn derived products and/or geographic diversification, while committing to maintain EBITDA leverage below 3.0x. Factors that could, individually or collectively, lead to negative rating action/downgrade: - EBITDA leverage sustained above 4.0x as a result of financial performance below Fitch's expectations, and/or as a result of large M&A debt funded transaction, or leveraging capital returns. LIQUIDITY AND DEBT STRUCTURE Sufficient liquidity: As of Dec. 31, 2023, the company had $17 million in cash and cash equivalents, $181 million of borrowing availability on its ABL and $100 million available on its undrawn revolver. The company's debt structure includes an ABL of $400 million ($181 million available, which reflected the $25 million of borrowings outstanding under the ABL and $41 million of outstanding letters of credit), $100 million in RCF (undrawn) and a $1.0441 billion repriced term loan, which calls for principal re-payments of 1% per year. The ABL and RCF have maturities of April 1, 2027 and the TL maturity is April 1, 2029. In February 2024, the $1.060 billion Term Loan B was replaced with a new term loan B, due April 2029, and priced at SOFR + 350 vs SOFR + 400 previously. The ABL agreement includes a springing fixed charge coverage ratio (FCCR) of 1.0x if excess availability is less than the greater of $22.5 million and 10% of the line cap. The first lien cash flow revolver and term loan include an excess cash flow sweep provision at 50% with a step down to 25% at 2.25x net first lien leverage. The cash flow revolver is subject to a springing net first lien leverage test at 5.25x, when 35% of the facility is drawn. ISSUER PROFILE Primary Products is a leading provider of corn-derived products, including sweeteners, industrial starches, acidulants, and other co-products of the corn wet-milling process, including fuel ethanol and corn derivatives used for animal feed and corn oil. SUMMARY OF FINANCIAL ADJUSTMENTS Stock-based compensation, leverage metrics adjusted for joint venture dividends, and other one-time adjustments related to the transaction. ESG CONSIDERATIONS Primary Products has an ESG Relevance Score of '4' for Exposure to Social Impacts due to shifting consumer preferences with reducing sugar consumption, and more acutely reducing HFCS, which has affected demand for certain packaged foods and beverages with higher levels of sugars or sweeteners. Fitch expects demand for HFCS to structurally decline in the low-to-mid single digits annually. These trends have caused large CPG companies, including Primary Products' major customers such as The Coca-Cola Company and PepsiCo Inc. to modify and extend portfolios by reformulation of brands to adapt to changing consumer behaviors. This has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Primary Products Investments LLC LT IDR BB Affirmed BB Primary Products Finance LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BB+ Affirmed RR2 BB+ Q AND Q REALTY: Seeks to Hire Petroff Amshen as Legal Counsel ------------------------------------------------------------- Q and Q Realty, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Petroff Amshen LLP as its counsel. The firm will render these services: (a) analyse the Debtor's financial situation, and rendering advice to the Debtor in determining whether to file a petition in bankruptcy; (b) prepare and file of any petition, schedules, statement of affairs, disclosure statement and plan which may be required; (c) counsel the Debtor with regard to the Debtor's rights and obligations as a Debtor in Possession; (d) represent the Debtor at the meeting of creditors and confirmation hearing, and any adjourned hearings thereof; (e) assist the Debtor in administering Debtor's Chapter 11 case; (f) make such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (g) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; (h) negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; (i) draft and prosecute of the confirmation of Debtor's plan of reorganization in this case; (j) render such additional services as Debtor may require in this case. Petroff Amshen will be paid at these hourly rates: Attorneys $375 Paraprofessionals $150 Petroff Amshen will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven Amshen, partner of Petroff Amshen LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Petroff Amshen can be reached at: Steven Amshen, Esq. PETROFF AMSHEN LLP 1795 Coney Island Avenue, Suite 3 Brooklyn, NY 11230 Telephone: (718) 336-4200 About Q and Q Realty Q and Q Realty is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the owner of a commercial property (consisting of six units) located at 95-02 35th Avenue, Jackson Heights, New York 11372 valued at $5 million. Q and Q Realty, L.L.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 24-41893) on May 2, 2024, listing $5,001,311 in assets and $6,310,592 in liabilities. The petition was signed by Juan Galvan as sole member. Judge Jil Mazer-Marino presides over the case. Steven Amshen, Esq. at Petroff Amshen LLP represents the Debtor as counsel. REAL BRANDS: Incurs $152K Net Loss in First Quarter --------------------------------------------------- Real Brands Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $152,067 on $0 of total revenue for the three months ended March 31, 2024, compared to a net loss of $752,577 on $22,247 of total revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $1.20 million in total assets, $2.64 million in total liabilities, and a total stockholders' deficit of $1.44 million. Real Brands said, "Since our inception, we have raised capital through the public and private sale of debt and equity and funding from collaborative arrangements. At March 31, 2024, we had cash of $22,422 and a negative working capital of $2,548,889. "We will be required to raise additional funds through public or private financing, additional collaborative relationships or other arrangements. We cannot be certain that our existing and available capital resources will be sufficient to satisfy our funding requirements through 2024. We are evaluating various options to raise additional funds, including new equity and loans and no assurance can be given that we will be successful. Our operations have primarily been dependent upon our CEO and CFO both waiving their right to cash payments and accepting accruals of their salaries and fees and through personal loans extended by our CEO. Neither of these officers are obligated to continue such practices. "Our financial statements have been prepared and presented on a basis assuming we will continue as a going concern. The above factors raise substantial doubt about our ability to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1084133/000126493124000027/real10q124.htm About Real Brands Headquartered in North Providence, RI, Real Brands Inc. is a publicly traded, vertically integrated, early entrant (2017) in the hemp-derived cannabinol ("CBD") market that specializes in hemp CBD oil/isolate extraction, wholesaling of CBD oils and isolate, manufacturing, production and sales of hemp-derived CBD consumer, celebrity brands, and white label products. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has recurring net losses and negative cash flows from operations which raises substantial doubt about its ability to continue as a going concern. REDSTONE HOLDCO: $1.11BB Bank Debt Trades at 15% Discount --------------------------------------------------------- Participations in a syndicated loan under which Redstone Holdco 2 LP is a borrower were trading in the secondary market around 84.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.11 billion Term loan facility is scheduled to mature on April 27, 2028. The amount is fully drawn and outstanding. Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of the buyout of the RSA Security business from Dell Inc. REGAL SAND: Seeks to Tap Michael J. Duggar PLLC as Counsel ---------------------------------------------------------- Regal Sand Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire the Law Offices of Michael J. Duggar, PLLC as its counsel. The firm's services include: a. rendering legal advice with respect to the Debtor's powers and duties as debtor-in-possession; b. preparing on behalf of the Debtor necessary motions, applications, orders, reports, pleadings, and other legal papers, including schedules of assets and liabilities; c. appearing before the Court and the United States Trustee to represent and protect the interests of the Debtor; d. assisting with and participating in negotiations with creditors and other parties in interest in formulating a chapter 11 plan, drafting such a plan and a related disclosure statement, and taking necessary steps to confirm such a plan; e. representing the Debtor in all adversary proceedings, contested matters, and matters involving the administration of this case; and f. performing all other legal services that may be necessary for the proper preservation and administration of this chapter 11 case. The Law Offices of Michael J. Duggar, PLLC is a disinterested party and does not hold or represent any interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: Kathleen L. DiSanto, Esq. Law Offices of Michael J. Duggar, PLLC 1801 N. Highland Avenue Tampa, FL 33602 Tel: (321) 251-7766 Email: Litig8tr59@gmail.com About Regal Sand Realty, LLC Regal Sand Realty, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:24-bk-01927-CPM) on April 9, 2024. In the petition signed by H. Brock Schowaller, the Debtor disclosed up to $500,000 in both assets and liabilities. RESHAPE LIFESCIENCES: Incurs $2.2 Million Net Loss in First Quarter ------------------------------------------------------------------- Reshape Lifesciences Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.19 million on $1.94 million of revenue for the three months ended March 31, 2024, compared to a net loss of $2.66 million on $2.28 million of revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $8.23 million in total assets, $3.70 million in total liabilities, and $4.53 million in total stockholders' equity. "The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue as the Company has modified its strategy to a metrics-driven approach through a sustainable and scalable business model, via a digital lead generation and re-engagement strategy. As of March 31, 2024, the Company had net working capital of approximately $4.4 million, primarily due to cash and cash equivalents and restricted cash of $2.5 million, and $1.6 million of accounts receivable. The Company has raised gross proceeds of $13.7 million between the public offerings that occurred on February 8, 2023, April 24, 2023 and October 3, 2023. Based on its available cash resources, the Company will not have sufficient cash on hand to fund its current operations for more than twelve months from the date of filing this Quarterly Report on Form 10-Q. This condition raises substantial doubt about the Company's ability to continue as a going concern," said ReShape in the SEC filing. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1427570/000155837024008304/rsls-20240331x10q.htm About ReShape Lifesciences ReShape Lifesciences Inc. (Obalon Therapeurtics, Inc.) is a weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. Irvine, California-based RSM US LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. This raises substantial doubt about the Company's ability to continue as a going concern. RITE AID: Closes Hackensack, NJ Location ---------------------------------------- Daniel Munoz of NorthJersey.com reports that a Rite Aid Pharmacy in Hackensack, New Jersey will close in just under two months, a spokesperson confirmed by email, the latest of more than 200 closures across the U.S. since the struggling retail pharmacy chain filed for bankruptcy. The official closing date for the 219 Essex St. location will be June 16, 2024. The last date of operation for the pharmacy will be May 16, 2024, the spokesperson said. With the Hackensack closure, 71 Rite Aids remain across New Jersey. About Rite Aid Corp. Rite Aid -- http://www.riteaid.com/-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, and Alvarez & Marsal North America, LLC, as financial, tax and restructuring advisor. Kroll Restructuring Administration is the claims and noticing agent. RNF FIRE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: RNF Fire Protection and Plumbing, Inc. 3795 La Crescenta Ave, Ste 101 Glendale, CA 91208 Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Central District of California Case No.: 24-13909 Debtor's Counsel: Vahe Khojayan, Esq. YK LAW, LLP 445 Figueroa Street, Ste 2280 Los Angeles, CA 90071 Tel: 213-401-0970 Fax: 213-529-3044 Email: vahe@yklaw.us Total Assets: $2,318,973 Total Liabilities: $7,265,538 The petition was signed by Hayk Sukazi as chief executive officer. 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://pacermonitor.com/view/XHGGXCA/RNF_Fire_Protection_and_Plumbing__cacbke-24-13909__0001.0.pdf?mcid=tGE4TAMA ROBERTSHAW US: Invesco VVR Marks $1.4MM Loan at 42% Off ------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $1,379,000 loan extended to Robertshaw US Holding Corp. to market at $806,948 or 59% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Third Lien Term Loan (Acquired May 09, 2023; Cost $381,439) to Robertshaw US. The loan matures on May 10, 2025. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC.VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 About Robertshaw US Holding Corp. Robertshaw US Holding Corp., along with its affiliates, is a global leader in designing and manufacturing innovative control systems and components for the appliance and HVAC industries. Robertshaw US Holding and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90052) on February 15, 2024, with $500 million to $1 billion in assets and liabilities. John Hewitt, chief executive officer, signed the petitions. The Debtors tapped Hunton Andrews Kurth LLP & Latham & Watkins, LLP as bankruptcy counsel; Guggenheim Securities, LLC as investment banker and financial advisor; and KPMG, LLP as accountant, tax advisor and auditor. Kroll Restructuring Administration, LLC is the claims, noticing, solicitation and balloting agent. ROBERTSHAW US: Invesco VVR Marks $6.2MM Loan at 42% Off ------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $6,151,000 loan extended to Robertshaw US Holding Corp. to market at $3,598,160 or 59% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Second Lien Term Loan (Acquired May 9, 2023 - July 14, 2023; Cost $3,730,599) to Robertshaw US. The loan matures on May 10, 2025. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC.VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 About Robertshaw US Holding Corp. Robertshaw US Holding Corp., along with its affiliates, is a global leader in designing and manufacturing innovative control systems and components for the appliance and HVAC industries. Robertshaw US Holding and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90052) on February 15, 2024, with $500 million to $1 billion in assets and liabilities. John Hewitt, chief executive officer, signed the petitions. The Debtors tapped Hunton Andrews Kurth LLP & Latham & Watkins, LLP as bankruptcy counsel; Guggenheim Securities, LLC as investment banker and financial advisor; and KPMG, LLP as accountant, tax advisor and auditor. Kroll Restructuring Administration, LLC is the claims, noticing, solicitation and balloting agent. RODA LLC: Trustee Taps Bennington & Moshofsky as Accountant ----------------------------------------------------------- Kenneth S. Eiler, Chapter 11 Trustee for Roda, LLC and Roy MacMillan, seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Bennington & Moshofsky, P.C. as his accountant. The firm will be paid at these rates: Inna Schtokh $285 per hour Lai Wa Ng $250 per hour Stephen P. Moshofsky $310 per hour Bennington & Moshofsky is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Inna Schtokh Bennington & Moshofsky, P.C. 4800 SE Griffiyh Dr. #350 Beaverton, OR 97005 Phone: (503) 641-2600 About Roda LLC Roda, LLC, a company in Washington County, Ore., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 23-30250) on Feb. 6, 2023. In the petition signed by its managing member, Roy MacMillan, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Teresa H. Pearson oversees the case. The Debtor tapped Tara J. Schleicher, Esq., at Foster Garvey PC as bankruptcy counsel; Intellequity Legal Services, LLC as special counsel; Thomas L. Strong CPA PC as accountant; and Boverman & Associates, LLC as business consultant. ROY BLACKWELL: Seeks to Hire Covington Realty as Auctioneer ----------------------------------------------------------- Roy Blackwell Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Covington Realty and Auction, LLC as its auctioneer. The auctioneer will engage in sales of equipment and other personal property via on-line and live auctions. The auctioneer's customary fees of 10 percent and expenses incurred in connection with this proposed representation are to be paid directly from the sale proceeds. The auctioneer does not hold any interest adverse to the Debtor or its estate with respect to the matters on which the auctioneer is to be employed, according to court filings. The firm can be reached through: Buddy Christmas Covington Realty and Auction, LLC 104 Ct Square E Covington, TN 38019 Phone: (901) 476-8336 About Roy Blackwell Enterprises, Inc., Roy Blackwell Enterprises, Inc., provides precision laser alignments and maintenance and mechanical services throughout the petrochemical industry and has been in business continuously since 1998. The Debtor filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 23-24865) on Oct. 2, 2023, with $1,120,661 in assets and $2,894,996 in liabilities. Larry Avist Jr., president, signed the petition. Judge Jennie D. Latta oversees the case. Bo Luxman, Esq., at Luxman Law Firm represents the Debtor as bankruptcy counsel. SANIBEL REALTY: Unsecureds Owed $500K to Get 10% of Claims in Plan ------------------------------------------------------------------ Sanibel Realty Trust LLC submitted a First Amended Chapter 11 Plan of Reorganization, dated April 26, 2024. In summary, under the Plan, (i) the Debtor's business operations will be continued, preserved and managed by the Reorganized Debtor owned by the same stockholders of the Debtor, whose stock interests will be preserved and retained unaffected by the Plan; (ii) the mortgagee of Debtor's Spiaggia condominium property will be paid off at the amount of $1,175,000, plus reimbursement for its post-petition escrow advances in the amount of $22,564, by July 31, 2024, or such other date as may be agreed to by the parties; (iii) allowed priority and general unsecured creditors will share proportionately in $2,500 quarterly payments for the 5 years following the Plan effective date guaranteed by Debtor's members; (iv) Debtor will receive a full discharge and release from all prepetition creditors; and (v) the Court will retain jurisdiction to, among other things, adjudicate any remaining claims objections after plan confirmation & consummation. Under the Plan, Class 5: General Unsecured Claim totaling $500,000 and will recover 10% of their claims. Class 5 is impaired. Reorganized Debtor will fund its post-Confirmation quarterly payment obligations to holders of Class 5 Allowed General Unsecured Claim from Reorganized Debtor's rental income generated from the Spiaggia Property. Attorneys for Debtor: Nathan G. Mancuso, Esq. MANCUSO LAW, P.A. Boca Raton Corporate Centre 7777 Glades Road, Suite 100 Boca Raton, FL 33434 Tel: (561) 245-4705 Fax: (561) 226-2575 E-mail: ngm@mancuso-law.com A copy of the Plan of Reorganization dated April 26, 2024, is available at https://tinyurl.ph/wOeLi from PacerMonitor.com. About Sanibel Realty Trust Sanibel Realty Trust, LLC, a company in Miami, Fla., filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-18729) on Nov. 11, 2022. In the petition filed by its manager, Javier Perez, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Robert A. Mark oversees the case. The Debtor is represented by Nathan G. Mancuso, Esq., at Mancuso Law, P.A. SELECTIS HEALTH: Reports $1.03 Million Net Loss in First Quarter ---------------------------------------------------------------- Selectis Health, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.03 million on $9.49 million of total revenue for the three months ended March 31, 2024, compared to net income of $4.03 million on $9.61 million of total revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had $39.55 million in total assets, $43.56 million in total liabilities, and a total stockholders' deficit of $4.01 million. Selectis said, "For the three months ended March 31, 2024, the Company had operating cash flows of $249,495 and negative net working capital of $13.9 million. As a result of our losses and our projected cash needs, substantial doubt exists about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is contingent upon successful execution of management's plan over the next twelve months to improve the Company's liquidity and profitability, which includes, without limitation: * Increasing revenue by increasing occupancy in the facilities and increasing Medicaid reimbursement rates; * Controlling operating expenses; and * Seeking additional capital through the issuance of debt or equity securities, or the sale of assets. "The focus on opportunities within our current portfolio and future properties to acquire and operate, the settlement, refinance, and continued service of debt obligations, the potential funds generated from stock sales and other initiatives contributing to additional working capital should alleviate any substantial doubt about the Company's ability to continue as a going concern as defined by ASU 2014-05. However, we cannot predict, with certainty, the outcome of our actions to generate liquidity and the failure to do so could negatively impact our future operations." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/727346/000149315224019963/form10-q.htm About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, assisted living facilities, independent living facilities, and skilled nursing facilities across the South and Southeastern portions of the US. In 2019 the Company shifted from leasing long-term care facilities to third-party, independent operators towards a model where a wholly owned subsidiary would operate but is owned by another wholly owned subsidiary. Costa Mesa, CA-based Marcum LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SEQUOIA RESOURCES: Court Approves PwC Bankruptcy Settlement ----------------------------------------------------------- Perpetual Energy Inc. on May 16 disclosed that the Alberta Court of King's Bench has approved the previously announced settlement agreement with PricewaterhouseCoopers Inc., in its capacity as trustee in bankruptcy of Sequoia Resources Corp. related to the Sequoia litigation. After several years of litigation, Perpetual previously announced that it had entered into the Settlement to resolve the Sequoia litigation without any party admitting liability, wrongdoing or violation of law, regulations, public policy or fiduciary duties. The Trustee has registered its second lien security for the Settlement obligations and the Company has entered into a new inter-creditor agreement between its existing first lien lenders, the Trustee, and the trustee for the holders of the third lien 2025 Senior Notes. The $10.0 million initial payment held in escrow since the execution of the Settlement agreement on March 22, 2024 has been released to the Trustee, plus all accrued interest has been applied against the Settlement amount owing, with a remaining obligation outstanding of $19.9 million. The Company currently has available liquidity (1) of $29.7 million, comprised of the $30.0 million borrowing limit of Perpetual's first lien credit facility and cash on hand of $1.0 million less letters of credit of $1.3 million, which compares to the available liquidity as at March 31, 2024 of $31.7 million. The Settlement terminates what has been and would otherwise continue to be, a lengthy litigation process and allows Perpetual to advance its business plans with significantly improved access to capital, affording the financial flexibility to pursue value enhancing opportunities. The Company and Board of Directors are pleased to put this matter behind us and move forward to unlock Perpetual's inherent value potential. (1) Available Liquidity is a non-GAAP financial measure and is defined as Perpetual's credit facility borrowing limit, less current borrowings and letters of credit issued under the credit facility. Management uses available liquidity to assess the ability of the Company to finance capital expenditures and expenditures on decommissioning obligations, and to meet its financial obligations. This non-GAAP financial measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other entities. This measure should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS Accounting Standards, such as net loss and comprehensive loss, cash flow from (used in) operating activities, and cash flow used in investing activities, as indicators of Perpetual's performance. About Perpetual Perpetual -- http://www.perpetualenergyinc.com-- is an oil and natural gas exploration, production and marketing company headquartered in Calgary, Alberta. Perpetual owns a diversified asset portfolio, including liquids-rich conventional natural gas assets in the deep basin of West Central Alberta, and undeveloped bitumen leases in Northern Alberta. About Sequoia Resources Corp. Sequoia Resources Corp. is a coal trading company managed by professionals with over decades of experience in trading, mining, logistics, ports and shipping. SHARPLINK GAMING: Reports $12.3 Million Net Income in First Quarter ------------------------------------------------------------------- Sharplink Gaming, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $12.35 million on $975,946 of revenues for the three months ended March 31, 2024, compared to a net loss of $2.82 million on $1.23 million of revenues for the three months ended March 31, 2023. As of March 31, 2024, the Company had $5.40 million in total assets, $2.54 million in total liabilities, and $2.85 million in total stockholders' equity. SharpLink said, "We may need to raise additional capital to fund the Company's growth and future business operations. We cannot be certain that additional funding will be available on acceptable terms or at all. If we are not able to secure additional funding when needed to support our business growth and to respond to business challenges, track and comply with applicable laws and regulations, develop new technology and services or enhance our existing offering, improve our operating infrastructure, enhance our information security systems to combat changing cyber threats and expand personnel to support our business, we may have to delay or reduce the scope of planned strategic growth initiatives. Moreover, any additional equity financing that we obtain may dilute the ownership held by our existing shareholders. The economic dilution to our shareholders will be significant if our stock price does not materially increase, or if the effective price of any sale is below the price paid by a particular shareholder. Any debt financing could involve substantial restrictions on activities and creditors could seek additional pledges of some or all of our assets. If we fail to obtain additional funding as needed, we may be forced to cease or scale back operations, and our results, financial conditions and stock price would be adversely affected. As such, these factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1981535/000149315224020437/form10-q.htm About SharpLink Headquartered in Minneapolis, Minnesota, SharpLink Gaming is an online performance-based marketing company that leverages its unique fan activation solutions to generate and deliver high quality leads to its U.S. sportsbook and global casino gaming partners. Raleigh, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about their ability to continue as a going concern. SINCLAIR TELEVISION: Invesco VVR Marks $106,000 Loan at 16% Off --------------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $106,000 loan extended to Sinclair Television Group, Inc. to market at $89,417 or 84% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Term Loan B-3 to Sinclair Television. The loan accrues interest at a rate of 8.44% (1 mo. Term SOFR + 3.00%) per annum. The loan matures on April 1, 2028. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Sinclair Television Group, Inc. provides media broadcasting services. The Company offers television broadcasting and programming services. SKC PROPERTIES: Seeks to Hire Choi & Ito as Bankruptcy Counsel -------------------------------------------------------------- SKC Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Choi & Ito to handle its Chapter 11 case. The hourly rates of the firm's attorneys are as follows: Chuck C. Choi $450 Allison A. Ito $300 Prior to the petition date, the firm received $12,000 from the Debtor for pre-bankruptcy services. Allison Ito, Esq., a partner at Choi & Ito, 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: Chuck C. Choi, Esq. Allison A. Ito, Esq. Choi & Ito 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Telephone: (808) 533-1877 Facsimile: (808) 566-6900 Email: cchoi@hibklaw.com aito@hibklaw.com About SKC Properties SKC Properties, LLC is primarily engaged in renting and leasing real estate properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 24-00405) on April 29, 2024. In the petition signed by Sharon S. Lawler, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Robert J. Faris oversees the case. Choi & Ito represents the Debtor as legal counsel. SOLIGENIX INC: Posts $1.9 Million Net Loss in First Quarter ----------------------------------------------------------- Soligenix, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss applicable to common stockholders of $1.92 million on $117,029 of total revenues for the three months ended March 31, 2024, compared to a net loss applicable to common stockholders of $1.05 million on $257,178 of total revenues for the three months ended March 31, 2023. As of March 31, 2024, the Company had $8.06 million in total assets, $7.29 million in total liabilities, and $768,372 in total shareholders' equity. As of March 31, 2024, the Company had an accumulated deficit of $227,619,503. During the three months ended March 31, 2024, the Company used $1,342,482 of cash in operating activities. The Company expects to continue to generate losses in the foreseeable future. The Company's liquidity needs will be determined largely by the budgeted operational expenditures incurred in regards to the progression of its product candidates. Management believes that the Company has sufficient resources available to support its development activities and business operations and timely satisfy its obligations as they become due through the first quarter of 2025. The Company does not have sufficient cash and cash equivalents as of the date of filing this Quarterly Report on Form 10-Q to support its operations for at least the 12 months following the date the financial statements are issued. According to the Company, these conditions raise substantial doubt about its ability to continue as a going concern through 12 months after the date the financial statements are issued. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/812796/000155837024007782/sngx-20240331x10q.htm About Soligenix Headquartered in Princeton, NJ, Soligenix, Inc. -- http://www.soligenix.com/-- is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. The Company maintains two active business segments: Specialized BioTherapeutics and Public Health Solutions. Tampa, Florida-based Cherry Bekaert LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. SOTERA HEALTH: S&P Assigns New $1.5BB First-Lien Term Loan 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Sotera Health Holdings LLC's proposed $1.5 billion first-lien term loan maturing 2031, issued as part of a leverage-neutral refinancing. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. S&P expects the company to refinance the other $750 million of secured debt outstanding in the coming weeks, and for these transactions to result in a modest increase in annual interest expense of about $10 million, subject to final pricing. Despite the potential increase in interest expense, S&P views the refinancing favorably as it extends all debt maturities materially beyond the current maturities in 2026. S&P's 'BB-' issuer credit rating and stable outlook on Sotera are unchanged. They reflect trailing-12-month leverage of 4.7x, its expectation that Sotera's leverage will generally remain below 5x, that balance sheet cash will be sufficient to cover remaining litigation, and that the company will continue to generate mid-single-digit revenue growth, maintain strong EBITDA margins (above 40%), and generate significant free cash flow (excluding litigation settlements). ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors -- The company's proposed capital structure comprises a $423.8 million revolving credit facility maturing in 2029, a $1.5 billion first-lien term loan maturing in 2031, and also includes $750 million of other secured debt that S&P expects the company to refinance in the coming weeks. -- S&P's simulated default scenario contemplates one occurring in 2028 due to a combination of operational, logistical, legal, or environmental regulatory challenges. -- S&P's default scenario assumes EBITDA declines significantly and is insufficient to cover the company's fixed charges (i.e., interest, maintenance capital expenditures, and debt amortization). -- If unexpectedly, a default were to occur as a result of litigation liabilities, S&P'd expect those liabilities to likely be unsecured claims, which might then result in higher recovery prospects for secured lenders. -- S&P values the company on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA, which is consistent with the multiple we use in evaluating recovery prospects for peers. -- In S&P's hypothetical default scenario, it assumes the revolving credit facility is 85% drawn and a modest increase in borrowing costs following covenant violations. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $292 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.53 billion -- Valuation split (obligors/nonobligors): 60%/40% -- First-lien debt (collateral): $2.64 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) -- All debt amounts include six months' prepetition interest. -- Collateral value equals asset pledges from obligors after priority claims plus equity pledges from nonobligors after nonobligor debt. SOUTH HILLS: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: South Hills Operations, LLC d/b/a South Hills Rehabilitation and Wellness Center 201 Village Dr Canonsburg, PA 15317 Business Description: The Debtors operate 13 skilled nursing facilities in Pennsylvania. While all the Debtors do not have identical ownership, there is substantial common ownership among the various Debtor entities, and they are affiliates of one another. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Western District of Pennsylvania Twenty-two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- South Hills Operations, LLC (Lead Case) 24-21217 Maybrook-C Briarcliff Opco, LLC 24-21218 Maybrook-C Briarcliff Propco, LLC 24-21219 100 Tandem Village Road Propco, LLC 24-21220 Maybrook-C Evergreen Opco, LLC 24-21221 Monroeville Operations, LLC 24-21222 Maybrook-C Evergreen Propco, LLC 24-21223 Maybrook-C Latrobe Opco, LLC 24-21224 Mt. Lebanon Operations, LLC 24-21225 3876 Saxonburg Boulevard Propco, LLC 24-21226 Maybrook-C Kade Opco, LLC 24-21227 Maybrook-C Latrobe Propco, LLC 24-21228 Maybrook-C Kade Propco, LLC 24-21229 Murrysville Operations, LLC 24-21230 Cheswick Rehabilitation and Wellness Center, LLC 24-21232 Maybrook-C Overlook Opco, LLC 24-21234 North Strabane Rehabilitation and Wellness Center 24-21235 Maybrook-C Overlook Propco, LLC 24-21236 Maybrook-C Silver Oaks Opco, LLC 24-21237 Maybrook-C Silver Oaks Propco, LLC 24-21238 Maybrook-C Whitecliff Opco, LLC 24-10271 Maybrook-C Whitecliff Propco, LLC 24-10272 Judge: Hon. Carlota M. Bohm Debtors' Counsel: Daniel R. Schimizzi, Esq. Michael J. Roeschenthaler, Esq. Mark A. Lindsay, Esq. Sarah E. Wenrich, Esq. WHITEFORD TAYLOR & PRESTO 11 Stanwix Street, Suite 1400 Pittsburgh, PA 15222 Tel: 412-275-2401 Fax: 412-275-2404 Email: dschimizzi@whitefordlaw.com mroeschenthaler@whitefordlaw.com mlindsay@whitefordlaw.com swenrich@whitefordlaw.com - and - Glenn B. Rose, Esq. Paul G. Jennings, Esq. Gene L. Humphreys, Esq. Jordan E. Thomas, Esq. Alfonso Cuen, Esq. BASS, BERRY & SIMS PLC 150 Third Avenue South, Suite 2800 Nashville, TN 37201 Tel: (615) 742-6200 Fax: (615) 742-6293 Email: grose@bassberry.com pjennings@bassberry.com ghumphreys@bassberry.com jordan.thomas@bassberry.com alfonso.cuen@bassberry.com Debtors' Restructuring Advisor: ANKURA CONSULTING, LLC Debtors' Financial Advisor: BLUEPRINT HEALTHCARE REAL ESTATE Advisors, LLC - and - CUMMINGS AND CO. REALTORS, LLC Lead Debtor's Estimated Assets: $1 million to $10 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Louis E. Robichaux IV as chief restructuring officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ZRQE4MY/South_Hills_Operations_LLC__pawbke-24-21217__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Dept of Public Welfare-Office Trade Payable $17,844,365 of Long-Term Piatt Pl, Ste 470 Pittsburgh, PA 15222 Tel: 848-757-0527 Email: lupshur@pa.gov 2. ARRC One, LLC Trade Payable $2,753,839 AP FBO ARRC One P.O. Box 823473 Philadelphia, PA 19182-3473 Tel: 412-980-4719 Email: cynthia@ARRCone.com 3. Interstate Insurance Trade Payable $1,264,608 Company Risk Retention Group, Inc 1605 Main St, Ste 800 Sarasota, FL 34236-5823 Tel: 941-373-1113 Email: acarlton@pboa.com 4. Med Plus Staffing LLC Trade Payable $996,423 4117 Old William Penn Hwy Murrysville, PA 15668 Tel: 412-712-7185 Email: logan@medplusstaff.com 5. ShiftMed, LLC Trade Payable $924,834 P.O. Box 124004 Dallas, TX 75312 Tel: 866-892-6221 Email: billigsupport@shiftmed.com 6. MDS RX Trade Payable $880,535 246 Friendship Cir Beaver, PA 15009 Tel: 724-512-8767 Email: cdaufen@mdsrx.com 7. Western PA Consultants, LLC Trade Payable $809,909 795 Hillcrest Pl Valley Stream, NY 11581-3127 Tel: 718-483-5093 Email: dovikohn@gmail.com 8. Alixa RX LLC Trade Payable $722,548 P.O. Box 645331 Pittsburgh, PA 15264-5331 Tel: 214-778-0333 Email: savage@alixarx.com 9. Twomagnets Inc Trade Payable $670,520 dba Clipboard Health P.O. Box 103125 Pasadena, CA 91189-3125 Tel: 415-604-3272 Email: billing@clipboardhealth.com 10. P&G Brokerage, Inc Trade Payable $661,721 1648 61st St Brooklyn, NY 11204 Tel: 718-854-2818 ext 127 Email: baila@pandginsurance.com 11. Care Connection Nursing Trade Payable $657,538 240 Executive Dr P.O. Box 1862 Cranberry Township, PA 16066 Tel: 814-771-1268 Email: info@careconnectionursing.com 12. All American Healthcare Trade Payable $646,279 Services, Inc P.O. Box 825160 Philadelphia, PA 19182-5160 Tel: 862-339-4075 Email: k.gonzalez@allshifts.com 13. ReadyShift Staffing LLC Trade Payable $610,897 5877 Commerce St, Ste 212 Pittsburgh, PA 15206 Tel: 412-851-6300 Email: info@readyshiftstaff.com 14. Mckesson Trade Payable $477,474 P.O. Box 630693 Cincinnanti, OH 45263-0693 Tel: 800-453-5180 Ext 50248 Email: Brooke.Williams@McKesson.com 15. Advanced Distributors Trade Payable $450,352 P.O. Box 4 Bayonne, NJ 0700 Tel: 718-871-4666 Email: advanced.esti@gmail.com 16. Oncall Medical Staffing, Inc Trade Payable $440,931 316 E 6th Ave Tarentum, PA 15084 Tel: 412-646-4219 Email: mtaliaf@oncall-medicalstaffing.com 17. Reliant Staffing, LLC Trade Payable $379,132 P.O. Box 495 Harrison City, PA 15636 Tel: 412-215-5959 Email: jeff@reliantstaffing.com 18. SASM&F LLP Trade Payable $331,142 P.O. Box 1764 White Plains, NY 10602 Tel: 617-573-4840 Email: Michael.loucks@skadden.com 19. Favorite Healthcare Staffing Trade Payable $308,786 P.O. Box 26225 Overland Park, KS 66225 Tel: 800-676-3456 Email: daaron.amrine@favoritestaffing.com 20. US Foods, Inc Trade Payable $291,386 9399 W Higgins Rd Rosemont, IL 60018 Tel: 847-268-5459 Email: bryan.huler@usfoods.com 21. Shiftkey, LLC Trade Payable $273,663 P.O. Box 735913 Dallas, TX 75373 Tel: 469-947-9977 Email: laura.carpenter@shiftkey.com 22. UPMC Health Plan Trade Payable $229,297 600 Grant St Pittsburgh, PA 15219 Tel: 888-499-6913 Email: shellma@upmc.edu 23. Maxim Staffing Trade Payable $209,163 12558 Collections Center Dr Chicago, IL 60693 Tel: 443-430-7525 Email: vilignel@maximstaffing.com 24. Medline Industries Trade Payable $203,047 P.O. Box 382075 Pittsburgh, PA 15251-8075 Tel: 847-643-3128 Email: Mzanoni@medline.com 25. Specialty Medical Products, Inc Trade Payable $193,367 50 Pennsylvania Ave Malvern, PA 19355 Tel: 610-644-1370 Email: akauler@smpcares.com 26. First Insurance Funding Trade Payable $160,598 P.O. Box 7000 Carol Stream, IL 60197-7000 Tel: 800-837-3707 Email: csr@firstinsurancefunding.com 27. Flagstar Staffing Trade Payable $159,165 117 Ditmas Ave Brooklyn, NY 11218 Tel: 718-534-7400 Ext 121 Email: ykaplan@fsnursing.com 28. Zimmet Healthcare Trade Payable $144,000 Services Group, LLC 200 Rte 9 N, Ste 500 Manalapan, NJ 07726 Tel: 732-970-0733 Email: billing@zhealthcare.com 29. Allstate Medical Trade Payable $132,158 34 35th St Brooklyn, NY 11232 Tel: 718-369-7100 Ext 107 Email: jackw@allstatemedical.com 30. Centers for Medicare and Medicaid Trade Payable $119,065 Services 801 Market St, Ste 9400 Philadelp hia, PA 19107-3134 Tel: 215-861-4203 Email: enforcement@cms.hhs.gov STEWARD HEALTH: Gets OK to Hire Kroll as Claims and Noticing Agent ------------------------------------------------------------------ Steward Health Care System LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. Kroll 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 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 the 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 Steward Health Care Steward Health Care System LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed a Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 24-90213) on May 6, 2024, in the U.S. Bankruptcy Court for the Southern District of Texas, and the Honorable Christopher M. Lopez oversees the proceeding. Weil, Gotshal & Manges LLP is serving as the Company's legal counsel. AlixPartners, LLP is providing financial advisory services to the Company, and John Castellano of AlixPartners is serving as the Company's Chief Restructuring Officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc. are providing investment banking services to the Company. McDermott Will & Emery is special corporate and regulatory counsel for the company. Kroll is the claims agent. STG LOGISTICS: Invesco VVR Marks $1.6MM Loan at 54% Off ------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $1,581,000 loan extended to Reception Purchaser LLC (STG - XPOI Opportunity) to market at $743,199 or 47% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Term Loan (Acquired April 28, 2022; Cost $1,563,724) to Reception Purchaser LLC. The loan accrues interest at a rate of 11.5% (1 mo. Term SOFR + 6.00%) per annum. The loan matures on March 24, 2029. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Reception Purchaser LLC is the borrower and parent company of operating entity STG Logistics Inc. STG Logistics, Inc., also known as St. George Logistics, is a logistics company with a corporate office in North Bergen, New Jersey. STG LOGISTICS: Nears Deal With Creditors on $30Mil. Liquidity ------------------------------------------------------------- Reshmi Basu and Jill R. Shah of Bloomberg News report that Oaktree Capital-backed STG Logistics and a group of creditors are nearing a deal in which its owners will provide fresh equity in return for covenant headroom, according to people familiar with the situation. The company would receive around $30 million to help bolster its balance sheet, said some of the people, who asked not to be named as the matter is private. In return, lenders would provide STG with covenant relief in the wake of earnings pressure from shifting demand in the transport industry. A deal hasn't been finalized and terms may change. About STG Logistics STG Logistics, Inc., also known as St. George Logistics, is a logistics company with a corporate office in North Bergen, New Jersey. STICKY'S HOLDINGS: Hits Chapter 11 Bankruptcy Protection -------------------------------------------------------- Kirk O'Neil of The Street reports that a popular fried chicken chain has filed Chapter 11 bankruptcy. Sticky's Holdings, the parent company of New York-based chicken fingers fast-food chain Sticky's, filed for Chapter 11 bankruptcy on April 25 to reorganize its business after suffering financial distress from reduced traffic following the Covid pandemic, rising commodity prices, and lawsuits. The debtor listed $5.75 million in assets and $4.67 million in liabilities in its petition. It's largest unsecured creditor is US Foods, owed over $449,000. Sticky's, which opened in 2012, grew in sales from about $500,000 in 2013 to $22 million in 2023, but the Covid pandemic that significantly affected the restaurant industry starting in 2020 depressed store traffic. Revenue suffered and foot traffic has not returned to pre-pandemic levels, according to a declaration filed by Sticky's CEO Jamie Greer. Rising inflation caused commodity prices to increase, forcing Sticky's to raise its menu prices, which further stifled traffic to the restaurant chain. As part of its efforts to reduce costs, the company in early 2021 exited its corporate offices on East 33rd Street in New York before its lease expired, according to the declaration. Legal problems drive restaurant chain to bankruptcy The debtor's landlord filed a summary judgment on June 22, 2021, to recover the remaining rent and legal fees, which a court granted with a $600,000 award. The debtor has appealed the judgment costing the company more in legal fees. More legal problems fell on Sticky's as on June 30, 2022, Sticky Fingers Restaurants LLC filed a lawsuit against Sticky's Holdings in the U.S. District Court for the Southern District of New York for alleged trademark infringement violations. The costs and expenses related to the ongoing litigation has imposed significant further financial hardship on the debtor, court papers said. The debtor on Feb. 23, 2024, entered into an equity financing transaction that converted $2.42 million in convertible notes issued Nov. 9, 2022, and due March 31, 2024. The transaction substantially reduced the debtor's short-term liquidity needs, the declaration said. However, the company's financial headwinds prevented the debtor from continuing operations leading it to file bankruptcy to seek a reorganization. Sticky's is a chain of chicken fingers and sandwich restaurants that serves fresh, never frozen and antibiotic-free chicken. It offers 18 in-house sauces for its chicken products. Sticky's currently operates 12 locations, with nine in New York and three in New Jersey. It has closed two locations in New York and one each in New Jersey and Pennsylvania. The company had established a franchise entity to operate potential franchise operations, but none opened. About Sticky's Holdings Sticky's Holdings LLC operates Sticky's Restaurants which are located in New York City and provide food and beverage items. Sticky's Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10856) on April 25, 2024. In the petition filed by Jamie Greer, as CEO, the Debtor reports total assets as of Dec. 25, 2023 amounting to $5,754,177 and total liabilities as of Dec. 25, 2023 of $4,677,476. The Honorable Bankruptcy Judge J. Kate Stickles handles the case. PASHMAN STEIN WALDER HAYDEN, P.C., is the Debtor's counsel. SUNMEADOWS LLC: Seeks to Tap Armory Consulting as Financial Advisor ------------------------------------------------------------------- Sunmeadows, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Armory Consulting Co. as financial advisor. The firm will provide these services: a. provide financial guidance to prepare and assist the Debtor through its bankruptcy; b. manage compliance reporting requirements pertaining to the Bankruptcy Court and the U.S. Trustee's office; c. assist with obtaining a valuation or appraisal of the Debtor's business or assets; d. evaluate the financial impact, if any, of the rejection of any executor contracts and unexpired leases; e. manage preparation of periodic cash flow forecasts and variance analysis, as needed; f. assist with negotiating and serving as a liaison between the Debtor and its creditors or their representatives; g. prepare long-term projections and liquidation analysis; h. provide testimony, including deposition and courtroom testimony, before the Bankruptcy Court on matters within the firm's expertise; and i. provide additional services as may be mutually agreed upon in writing between the Debtor and the firm. The firm's professionals will be paid at these hourly rates: James Wong $575 Staff $475 - $550 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a prepetition retainer of $5,000 from the Debtor. James Wong, the principal at Armory Consulting, 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: James Wong Armory Consulting Co. 3943 Irvine Blvd. Irvine, CA 92602 Telephone: (714) 222-5552 Email: jwong@armoryconsulting.com About Sunmeadows LLC Sunmeadows, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11012) on April 22, 2024. In the petition signed by William Lo, manager, the Debtor disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. The Debtor tapped Robert P. Goe, Esq., at Goe Forsythe & Hodges LLP as counsel and James Wong at Armory Consulting Co. as financial advisor. SUPERMOOSE NEWCO: S&P Withdraws 'CCC+' Issuer Credit Rating ----------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on SuperMoose Newco Inc. (d/b/a CentralSquare), including the 'CCC+' issuer credit rating, at the issuer's request. At the time of the withdrawal, our outlook on the company was negative. CentralSquare recently replaced its debt through a private-placement transaction. SWF HOLDINGS: $1.63BB Bank Debt Trades at 16% Discount ------------------------------------------------------ Participations in a syndicated loan under which SWF Holdings I Corp is a borrower were trading in the secondary market around 83.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.63 billion Term loan facility is scheduled to mature on October 6, 2028. The amount is fully drawn and outstanding. The Company's country of domicile is the United States. TAMKO BUILDING: Moody's Affirms 'B1' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings affirmed TAMKO Building Products LLC's B1 corporate family rating, B1-PD Probability of Default Rating and the B2 rating on the company's senior secured first lien term loan B and senior secured term loan B. The outlook is stable. RATINGS RATIONALE TAMKO's B1 CFR reflects Moody's expectation that the founding family and The Carlyle Group will continue to monetize their respective investments in TAMKO from excess cash. There is also the potential of a sizable debt- financed dividend. At the same time, TAMKO is a small company in terms of revenue, and operates in very competitive markets. However good operating performance provides a major offset to ongoing return of capital. Moody's forecast adjusted EBITDA margin in the range of 19% — 20% through 2025, which is the company's greatest credit strength, and adjusted debt-to-EBITDA improving towards below 3.5x by year-end 2025. A good liquidity profile, no near term maturities and inelastic demand for roofing products further enhance TAMKO's credit profile. Moody's view is TAMKO will maintain good liquidity, generating decent free cash flow (excluding discretionary dividends) in both 2024 and 2025. Cash on hand ($58 million on December 31, 2023) provides some cushion to meet potential working capital needs and other requirements. TAMKO has no material maturities until 2028, when the revolving credit facility expires. Due to the company's cash position, Moody's does not anticipate significant utilization of the company's $225 million asset based revolving credit facility throughout the year except for letters of credit. The stable outlook reflects Moody's expectation that TAMKO will continue to perform well, generating good operating margins and benefiting from inelastic demand for roofing products. A good liquidity furthers support the stable outlook. The B2 rating on TAMKO's senior secured term loan, one notch below the corporate family rating, results from its subordination to the company's asset based revolving credit facility. ESG CONSIDERATIONS TAMKO's credit impact score was changed to CIS-4 from CIS-3, reflecting ongoing challenges with warranty reserves and future payments. Further, TAMKO paid a dividend in the same quarter in which it took a sizeable charge relating to future warranty claims. At the same time TAMKO's governance score was changed to G-4 from G-3 and is now more in line to similarly rated issuers that are privately owned and face the risk of material dividend payouts. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could occur if end markets remain supportive of organic growth such that adjusted debt-to-EBITDA is sustained below 3.5x. Upwards rating movement also requires preservation of at least good liquidity and predictable financial policies regarding capital deployment A ratings downgrade could occur if adjusted debt-to-EBITDA is above 4.5x or adjusted interest coverage remains below 2x. Negative ratings pressure may also transpire if the company experiences weakening of liquidity or adopts aggressive returns on capital policies. TAMKO Building Products LLC, headquartered in Galena, Kansas, is a manufacturer of residential roofing products and accessories throughout the United States. The founding family has a majority interest in TAMKO and The Carlyle Group, through its affiliates, owns a minority interest. The principal methodology used in these ratings was Manufacturing published in September 2021. TELESAT LLC: Invesco VVR Marks $3.5MM Loan at 40% Off ----------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $3,460,000 loan extended to Telesat LLC to market at $2,082,282 or 60% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Term Loan B-5 to Telesat. The loan accrues interest at a rate of 8.35% (1 mo. Term SOFR + 2.75%) per annum. The loan matures on December 7, 2026. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco High Income Trust II 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Telesat LLC operates as a satellite operator. The Company offers satellite delivered communications solutions to broadcast, telecom, corporate, and government customers, as well as provides technical consultancy services. Telesat serves clients worldwide. TERRABELLA STUDIOS: Taps Seigfreid Bingham as Bankruptcy Counsel ---------------------------------------------------------------- Terrabella Studios, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Seigfreid Bingham P.C. as its bankruptcy counsel. The Debtor requires legal counsel to: a. give advice with respect to the powers and duties of the Debtor in the continued management and operation of its business and properties; b. attend meetings and negotiate with representatives of creditors and other parties involved in the Debtor's Chapter 11 case on matters affecting the Debtor's business operations, claims by and against the estate, and issues relating to the reorganization; c. prepare legal documents; d. take all necessary action to protect and preserve Debtor's estate including the prosecution of actions on its behalf, the defense of any actions commenced against Debtor or the estate, negotiations concerning litigation in which the Debtor may be involved and objections to claims filed against the estate; e. attend all hearings and advocate Debtor's positions on the applicable issues, negotiate and prosecute on the Debtor's behalf, contracts, lease agreements and all necessary documents; f. formulate, negotiate, and seek approval of any disclosure statements and plans of reorganization; g. handle all appeals of the Debtor and appear before any appellate courts; h. address all requirements of the Office of the United States Trustee in this proceeding; and i. perform all other necessary legal services. The firm will be paid at these rates: Jonathan A. Margolies $515 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Jonathan Margolies, Esq., a partner at Seigfreid Bingham, 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: Jonathan A. Margolies, Esq. SEIGFREID BINGHAM, P.C. 2323 Grand Boulevard, Suite 1000 Kansas City, MO 64108 Telephone: (816) 421-4460 Facsimile: (816) 474-3447 Email: jmargolies@sb-kc.com About Terrabella Studios Terrabella Studios, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan Case No. 24-40268) on May 1, 2024, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Jonathan A. Margolies, Esq. at Seigfreid Bingham, P.C. as its counsel. TERRAFORM LABS: Co. & Founder Do Kwon Slam SEC's $5.4 Bil. Sanction ------------------------------------------------------------------- Aislinn Keely of Law360 reports that crypto firm Terraform Labs and its founder Do Kwon struck back at the U.S. Securities and Exchange Commission's $5.4 billion sanctions request following its trial win, filing dual briefs Monday that argued the regulator has only shown that "a small number" of allegedly illegal token sales took place in the U.S. and under its jurisdiction as outlined in the U.S. Supreme Court's Morrison decision. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Zachary I Shapiro, Esq. Richards, Layton & Finger, P.A. 1 Wallich Street #37-01 Guoco Tower 078881 TJC SPARTECH: $345MM Bank Debt Trades at 20% Discount ----------------------------------------------------- Participations in a syndicated loan under which TJC Spartech Acquisition Corp is a borrower were trading in the secondary market around 80.5 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $345 million Term loan facility is scheduled to mature on May 6, 2028. The amount is fully drawn and outstanding. Headquartered in Maryland Heights, MO, Spartech converts base polymers or resins into extruded plastic sheet, rollstock, thermoformed packaging, specialty film laminates, and cast acrylic. Revenue for the last 12 months ended September 30, 2023 was $416 million. Spartech was carved out of chemical producer, Polyone, and is a portfolio company of The Jordan Company, L.P. TMD HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: TMD Holdings, LLC 461 Melwood Ave. Pittsburgh, PA 15213 Chapter 11 Petition Date: May 16, 2024 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 24-21210 Debtor's Counsel: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 938 Penn Avenue, 5th Fl. Suite 501 Pittsburgh, PA 15222 Tel: 412-232-0930 Fax: 412-232-3858 Email: dcalaiaro@c-vlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Henry Wang 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/XCNCWDY/TMD_Holdings_LLC__pawbke-24-21210__0001.0.pdf?mcid=tGE4TAMA TPT GLOBAL: Reports $10.4 Million Net Loss in 2023 -------------------------------------------------- TPT Global Tech, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss attributable to the Company's shareholders of $10.42 million on $3.30 million of total revenues for the year ended Dec. 31, 2023, compared to a net loss attributable to the Company's shareholders of $61.50 million on $7.31 million of total revenues for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $104,629 in total assets, $42.23 million in total liabilities, $58.25 million in total mezzanine equity, and a total stockholders' deficit of $100.38 million. Draper, UT-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2016, issued a "going concern" qualification in its report dated May 10, 2024, citing that s, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. The Company anticipates needing an estimated $50,000,000 in capital to continue its business operations and expansion. The Company said it does not have committed sources for these additional funds and will need to be obtained through debt or equity placements or a combination of those. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1661039/000165495424005983/tptw_10k.htm About TPT Global Tech TPT Global Tech, Inc. -- www.tptglobaltech.com -- is based in San Diego, California, and operates as a technology-based company with divisions providing telecommunications, construction and product distribution, media content for domestic and international syndication as well as technology solutions. The Company operates as a Media Content Hub for Domestic and International syndication, Technology/Telecommunications company using its own proprietary Global Digital Media TV and Telecommunications infrastructure platform and also provide technology solutions to businesses domestically and worldwide. The Company offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses. The Company's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. It also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones, Cellphone Accessories and Global Roaming Cellphones. TRANSNETWORK LLC: S&P Affirms 'B' ICR on Incremental Debt Issuance ------------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on Houston, Texas-based cross-border transaction processor Transnetwork LLC, including its 'B' issuer credit rating. The stable outlook reflects S&P's view that Transnetwork's leverage will decline below 5x within 12 months. S&P said, "The rating affirmation reflects our expectation that Transnetwork's leverage will decline below 5x by year-end 2024 after it realizes acquisition contributions and healthy organic trends. The transaction will increase the total term loan facility size to about $400 million, and the company will use proceeds from the $40 million upsize to fund cash to the balance sheet for future acquisitions or a dividend to shareholders later in the year, which we believe is more likely. The upsized transaction will increase its leverage above 5x pro forma for the transaction as of Dec. 31, 2023. However, we expect its leverage will decline to the high 4x-area by year-end 2024 and the low-4x area in 2025 given a full year of acquisition contributions and healthy transaction volume growth. The transaction demonstrates the potential for the sponsors to increase leverage for acquisitions and shareholder returns. Financial sponsors tend to maintain high leverage levels to maximize investment returns, and we expect Transnetwork's owners, including Flexpoint Ford LLC, GCP Capital Partners, and Investar Financial, will continue to pursue leveraging acquisitions and shareholder returns going forward, keeping leverage above 4x. "The stable outlook reflects our expectation for S&P Global Ratings-adjusted leverage to decline towards 5x by year-end 2024 before declining to the low-4x area in 2025 driven by acquisition contributions and increasing transaction volumes." TRAVELING BY GRACE: Unsecureds Will Get 100% over 5 Years --------------------------------------------------------- Traveling By Grace, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated May 2, 2024. The Debtor operates a trucking company. To that end, the Debtor owns 2 houses, 2 Freightliners and 1 vehicle in order to operate its business. The Debtor filed this case on February 2, 2024, to seek protection from aggressive collection efforts by creditors that, if continued, would be to the detriment of other creditors by crippling business operations. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into seven classes of Claimants. These claimants will receive cash repayments over a period of time beginning on the Effective Date. While Debtor's Plan proposes to pay claims not to exceed 5 years, nothing prevents Debtor from prepaying its claims. Class 5 consists of Allowed Impaired Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next 5 years beginning not later than the 15th day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter for the additional 4 years remaining on this date. Debtor shall commence disbursements to the Class 5 claims beginning the second year of the plan through the fifth year after the effective date of confirmation. The Debtor will distribute up to $45,000.00 to the general allowed unsecured creditor pool over the 5-year term of the plan. The Debtor can make monthly, quarterly or yearly payments as to the Class 5 Claimants. The Debtor's General Allowed Unsecured Claimants will receive 100% of their allowed claims under this plan. Any creditors listed in the schedules of Traveling By Grace, LLC as disputed and did not file a claim will not receive distributions under this plan. The allowed unsecured claims total $44,928.07. Class 7 consists of Equity Interest Holders (Current Owner). The current owner will receive no payments under the Plan; however, they will be allowed to retain their ownership in the Debtor. Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated May 2, 2024 is available at https://urlcurt.com/u?l=ied6eE from PacerMonitor.com at no charge. Counsel to the Debtor: 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 Traveling By Grace Traveling By Grace, LLC, operates a trucking company. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 24-30432) on Feb. 2, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Jeffrey P. Norman oversees the case. Vicky M. Fealy, Esq., at Fealy Law Firm, PC, is the Debtor's bankruptcy counsel. TRUCK LITE: Sixth Street Marks $1.1MM Loan at 23% Off ----------------------------------------------------- Sixth Street Lending Partners has marked its $1,166,000 loan extended to Truck-Lite Co., LLC to market at $903,000 or 77% of the outstanding amount, as of March 31, 2024, according to a disclosure contained in Sixth Street's Form 10-Q for the quarterly period ended March 31, 2024, filed with the Securities and Exchange Commission. Sixth Street is a participant in a First Lien Loan to Truck-Lite Co., LLC. The loan accrues interest at a rate of 11.06% (SOFR + 5.75%) per annum. The loan matures in February 2030. Sixth Street is a Delaware statutory trust formed on April 5, 2022. Sixth Street was formed primarily to lend to, and selectively invest in, upper middle-market companies in the United States. Sixth Street has elected to be regulated as a business development company under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company is managed by Sixth Street Lending Partners Advisers, LLC. Sixth Street is led by Joshua Easterly, Chief Executive Officer; and Ian Simmonds, Chief Financial Officer. The fund can be reach through: Joshua Easterly Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX, 75201 Tel: (469) 621-3001 Truck-Lite is a global leader in commercial transportation safety lighting. TURKEY LEG: Seeks to Hire Stephen S. Samuel as Accountant --------------------------------------------------------- Turkey Leg Hut and Company LLC seeks approval to U.S. Bankruptcy Court for the Southern District of Texas to hire Stephen S. Samuel, CFA, FRM, CPA, as its accountant. Mr. Samuel will prepare the Debtor's federal and applicable state tax returns, provide general accounting services, advise the Debtor on restaurant financial management and consulting, and other filing matters. The accountant will charge $175 per hour for his services. Mr. Samuel is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14) and is eligible to serve as accountant for the Debtor pursuant to the provisions of 11 U.S.C. Sec. 327(a), according to court filings. Mr. Samuel can be reached at: Stephen S. Samuel, CFA, FRM, CPA 1644 West Alabama St. Houston, TX 77006 About Turkey Leg Hut Turkey Leg Hut is a Houston based restaurant specializing in turkey legs. Turkey Leg Hut sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31275) on March 26, 2024. In the petition filed by Nakia Price, as managing member, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by James Q. Pope, Esq. at THE POPE LAW FIRM. TURNING POINTS: Hires Omni Agent Solutions as Administrative Agent ------------------------------------------------------------------ Turning Points for Children and affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Omni Agent Solutions as its administrative agent. The firm will render these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and preparation of any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (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 described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors, the Court or the Office of the Clerk of the Bankruptcy Court. The firm will be paid at these rates: Analyst $45 - $75 per hour Consultants $75 - $195 per hour Senior Consultants $200 - $240 per hour Solicitation and Securities Services $200 - $225 per hour Director of Solicitation $250 per hour Technology/Programming $85 - $155 per hour The retainer is $40,000. In addition, the firm will seek reimbursement for expenses incurred. Paul Deutch, the executive vice president of Omni Agent Solutions, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agent Solutions 5955 De Soto Avenue, Suite 100 Woodland Hills, CA 91367 Tel: (818) 906-8300 About Turning Points for Children Turning Points for Children, a subsidiary of Public Health Management Corporation, provides a range of social and health services to support children, caregivers, and families. Its mission is to norture families with children who are struggling against economic and environmental odds. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11479) on May 1, 2024. In the petition signed by David R. Fair, executive director, the Debtor disclosed $34,373,426 in assets and $6,400,954 in liabilities. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. TWINLAB CONSOLIDATED: Incurs $2.1 Million Net Loss in First Quarter ------------------------------------------------------------------- Twinlab Consolidated Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a total net loss of $2.10 million on $2.77 million of net sales for the three months ended March 31, 2024, compared to a total net loss of $2.81 million on $3.74 million of net sales for the three months ended March 31, 2023. As of March 31, 2024, the Company had $8.20 million in total assets, $149.32 million in total liabilities, and a total stockholders' deficit of $141.12 million. Twinlab said, "Because of our history of operating losses and significant interest expense on our debt, we have a working capital deficiency of [$142,327,000] as of March 31, 2024. We also have [$93,295,000] of debt, presented in current liabilities. These continuing conditions, among others, raise substantial doubt about our ability to continue as a going concern. "Management is addressing operating issues through the following actions: focusing on growing the core business and brands; continuing emphasis on major customers and key products; and continuing to negotiate lower prices from major suppliers. We will need to raise additional capital through debt, equity or the sale of assets during the current year. There can be no assurance that sources of funding will be available when needed on acceptable terms or at all. If we cannot obtain additional funding when required, the Company may sell certain assets, enter into collaborations, strategic alliances, merger and acquisition activities, and licensing agreements, negotiate with its principal lenders, wind-up operations of other subsidiaries, or file for bankruptcy protection." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1590695/000175392624000938/tlcc-20240331.htm About Twinlab Headquartered in Boca Raton, Florida, Twinlab Consolidated Holdings, Inc. is a marketer, distributor, and direct-to-consumer retailer of branded nutritional supplements and other natural products sold to and through domestic health and natural food stores, mass market retailers, specialty store retailers, on-line retailers, and websites. Internationally, the Company markets and distributes branded nutritional supplements and other natural products to and through health and natural product distributors and retailers. Salt Lake City, Utah-based Tanner LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 19, 2024, citing that the Company has negative working capital, has incurred operating losses, and has a large accumulated deficit. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. TWS ENTERPRISES: Taps Bach Law Offices as Bankruptcy Counsel ------------------------------------------------------------ TWS Enterprises Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Bach Law Offices, Inc. as its counsel. The firm will represent the Debtor in matters concerning negotiation with creditors, prepare plan and disclosures statement, examine and resolve claims filed against the estate, prepare and prosecute of adversary matters, and otherwise to represent the Debtor in matters before the Bankruptcy Court. The firm will be paid at these rates: Paul M. Bach $425 per hour Penelope N. Bach $425 per hour The Debtor paid the firm an initial retainer of $5,000, plus filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul M. Bach, Esq., a partner at Bach Law Offices, Inc., 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: Paul Matthew Bach, Esq. Bach Law Offices 555 Skokie Blvd Suite 250 Northbrook, IL, 60062 Tel: (847) 564-0808 About TWS Enterprises Inc. TWS Enterprises Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-05839) on April 20, 2024, with $100,001 to $500,000 in assets and liabilities. Judge Deborah L. Thorne presides over the case. Paul M. Bach at Bach Law Offices represents the Debtor as legal counsel. TYCO GROUP: Hires Law Offices of Michael Jay Berger as Counsel -------------------------------------------------------------- Tyco Group seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire the Law Offices of Michael Jay Berger as counsel. The firm will provide these services: a. assist the Debtor in planning a reorganization of its business; b. assist the Debtor in compliance with the requirements of the OUST; c. write to, speak to, and meet in person with creditors of the Debtor as needed to ensure that they respect the automatic stay, to explain the facts and circumstances surrounding the case, to investigate possible claims against the Debtor, and to gain its cooperation with regards to the continued business of the Debtor; and d. requires that Debtor's counsel do a large amount of work at the beginning of the case and during the first 120 days of the case. At the same time, Debtor's counsel generally may not file an application for payment of his fees more frequently than once every 120 days. The firm will be paid at these rates: Michael Jay Berger $645 per hour Sofya Davtyan $595 per hour Robert Poteete $475 per hour Senior paralegals $275 per hour Paralegals $200 per hour The firm was paid a retainer in the amount of $20,000 plus the $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Jay Berger, Esq., a partner at Law Offices of Michael Jay Berger, 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: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor, Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: rnichael.bergerbankruptcypower.com About Tyco Group Tyco Group filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-11016) on April 22, 2024, listing $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. Judge Rene Lastreto II presides over the case. Michael Jay Berger, Esq. at the Law Offices of Michael Jay Berger represents the Debtor as counsel. UN MONDE: Incurs $24.7K Net Loss in First Quarter ------------------------------------------------- Un Monde International Ltd filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $24,721 on $0 of revenues for the three months ended March 31, 2024, compared to a net loss of $3,000 on $0 of revenues for the three months ended March 31, 2023. As of March 31, 2024, the Company had $142,064 in total assets, $338,494 in total liabilities, and a total stockholders' deficit of $196,430. Un Monde said, "As reflected in the accompanying financial statements, the Company has net losses, accumulated deficit and a negative working capital without generating any revenues. These factors among others raise substantial doubt about the Company's ability to continue as a going concern. "While the Company has not commenced operations and generate revenues, the Company's cash position may not be significant enough to support the Company's daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate revenues." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001415813/000168316824003590/unmonde_i10q-033124.htm About Un Monde Un Monde International Ltd. was organized under the laws of the State of Nevada on June 15, 2007, as Asiarim Corp. Un Monde is a developmental stage company that focuses on offering education and management services to private, distinguished, specialized, and internationalized education to international students. Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 25, 2024, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. UNITEDLEX CORP: Invesco Dynamic Marks $930,000 Loan at 18% Off -------------------------------------------------------------- Invesco Dynamic Credit Opportunity Fund has marked its $930,000 loan extended to UnitedLex Corp. to market at $767,132 or 82% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in Invesco Dynamic's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. Invesco Dynamic is a participant in Term Loan to UnitedLex. The loan accrues interest at a rate of 11.22% (1 mo. USD LIBOR + 4.75%) per annum. The loan matures on March 20, 2027. Invesco Dynamic is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company that is operated as an interval fund and periodically offers its shares for repurchase. Invesco Dynamic is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Fund can be reached through: Glenn Brightman Invesco Dynamic Credit Opportunity Fund 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 UnitedLex Corporation is a Kansas-based company that provides data management and professional services to law firms and corporate legal departments in the areas of litigation and investigations, intellectual property, contracts, compliance, and legal operations. US TELEPACIFIC: Invesco VVR Marks $1.7MM 1L Loan at 61% Off ----------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its $1,724,000 loan extended to U.S. TelePacific Corp. to market at $666,656 or 39% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a First Lien Term Loan to U.S. TelePacific. The loan accrues interest at a rate of 6% per annum. The loan matures on May 2, 2026. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco High Income Trust II 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 US TelePacific Corp., doing business as TPx Communications, provides communications and managed services. US TELEPACIFIC: Invesco VVR Writes Off $167,000 3L Term Loan ------------------------------------------------------------ Invesco Senior Income Trust ("VVR") has marked its $167,000 loan extended to U.S. TelePacific Corp. to market at a value equivalent to 100% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Third Lien Term Loan to U.S. TelePacific. The loan matures on May 2, 2026. VVR said the loan is "valued using significant unobservable inputs." VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco High Income Trust II 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 US TelePacific Corp., doing business as TPx Communications, provides communications and managed services. VICE GROUP: Gets Court Approval for Chapter 11 Liquidation Plan --------------------------------------------------------------- Ben Zigterman of Law360 reports that a New York bankruptcy judge said at a hearing Tuesday, April 30, 2024, he would confirm Vice Media's Chapter 11 liquidation plan, following a $350 million sale last year, 2023. About Vice Media Vice is a global, multi-platform media company with a collection of powerful brands, producing premium award-winning content for a highly engaged global youth audience. It creates thousands of pieces of content each week globally, including editorial, digital and social video, experiential events, commercials, music videos, scripted and unscripted television, feature documentaries, and movies. Vice Group Holding, Inc. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10738) on May 15, 2023. At the time of the filing, the Debtors reported $500 million to $1 billion in both assets and liabilities. Judge John P. Mastando III oversees the cases. The Debtors tapped Togut, Segal & Segal, LLP as bankruptcy counsel; Shearman & Sterling, LLP as special counsel; PJT Partners, Inc. and Liontree Advisors, LLC as financial advisors; and AP Services, LLC as restructuring advisor. Frank Pometti of AP Services serves as the Debtors' chief restructuring officer. Stretto, Inc. is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. VICTORY TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Victory Transportation, LLC 6207 W Thorpe Spokane, WA 99224 Business Description: The Company offers flexible freight transportation solutions that involve multiple modes of transport, including road, rail, and sea. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 24-00802 Judge: Hon. Frederick P. Corbit Debtor's Counsel: Elizabeth M. McBride, Esq. ELIZABETH M. MCBRIDE, P.S. CORP. 28 W Indiana Avenue Ste G Spokane, WA 99205 Tel: (509) 838-0435 Fax: (509) 327-2810 Email: lisa@lisamcbride.com Total Assets: $3,082,023 Total Liabilities: $2,867,518 The petition was signed by Igor Chernetskiy as chief executive officer, 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/WFKUFXY/Victory_Transportation_LLC__waebke-24-00802__0001.0.pdf?mcid=tGE4TAMA VUE INTERNATIONAL: Invesco VVR Marks EUR1.8MM Loan at 62% Off ------------------------------------------------------------- Invesco Senior Income Trust ("VVR") has marked its EUR1,832,000 loan extended to Vue International Bidco PLC to market at EUR696,291 or 38% of the outstanding amount, as of February 29, 2024, according to a disclosure contained in VVR's Form N-CSR for the fiscal year ended February 29, 2024, filed with the U.S. Securities and Exchange Commission. VVR is a participant in a Term Loan to Vue International Bidco. The loan accrues interest at a rate of 6.13% per annum. The loan matures on December 31, 2026. VVR is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR may participate in direct lending opportunities through its indirect investment in the Invesco Senior Income Loan Origination LLC, a Delaware limited liability company. VVR owns all beneficial and economic interests in the Invesco Senior Income Loan Origination Trust, a Massachusetts Business Trust, which in turn owns all beneficial and economic interests in the LLC. VVR is led by Glenn Brightman, Principal Executive Officer; and Adrien Deberghes, Principal Financial Officer. The Trust can be reached through: Glenn Brightman Invesco Senior Income Trust 1555 Peachtree Street, N.E., Suite 1800 Atlanta, GA 30309 Tel: (713) 626-1919 Vue International Bidco PLC operates movie theaters worldwide. The Company's country of domicile is the United Kingdom. VUZIX CORP: Incurs $10 Million Net Loss in First Quarter -------------------------------------------------------- Vuzix Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $10.05 million on $2 million of total sales for the three months ended March 31, 2024, compared to a net loss of $10.24 million on $4.19 million of total sales for the three months ended March 31, 2023. As of March 31, 2024, the Company had $76.98 million in total assets, $3.84 million in total liabilities, and $73.14 million in total stockholders' equity. The Company incurred net losses for the three months ended March 31, 2024; $50,149,077 for the year ended Dec. 31, 2023; and $40,763,573 for the year ended Dec. 31, 2022. The Company had net cash outflows from operations of $8,805,138 for the three months ended March 31, 2024; $26,277,824 for the year ended Dec. 31, 2023; and $24,521,082 for the year ended Dec. 31, 2022. As of March 31, 2024, the Company had an accumulated deficit of $304,032,375. The Company's cash outflows for investing activities were $1,249,053 for the three months ended March 31, 2024; $19,280,966 for the year ended Dec. 31, 2023; and $21,170,816 for the year ended Dec. 31, 2022. The Company said these factors initially raise substantial doubt about the Company's ability to continue as a going concern. Management's plans to alleviate the conditions that raise substantial doubt include the implementation of operational improvements and the curtailment of certain development programs, both of which the Company expects will preserve cash. Management estimates the Company will have sufficient liquidity to fund operations at least through the second quarter of 2025. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1463972/000155837024007591/vuzi-20240331x10q.htm Abut Vuzix Incorporated in Delaware in 1997, Vuzix Corporation -- www.vuzix.com -- is a designer, manufacturer and marketer of Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted (or HMDs or heads-up displays or HUDs) smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well as OEM waveguide optical components and display engines. The Company's wearable display devices are worn like eyeglasses or attach to a head-worn mount. These devices typically include cameras, sensors, and a computer that enable the user to view, record and interact with video and digital content, such as computer data, the internet, social media or entertainment applications as well as interact and receive information from cloud-based Artificial Intelligence agents. The Company's wearable display products integrate display technology with its advanced optics to produce compact high-resolution display engines, less than half an inch diagonally, which when viewed through its Smart Glasses products, create virtual images that appear comparable in size to that of a computer monitor, smartphone, tablet or a large-screen television. Buffalo, New York-based Freed Maxick CPAs, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has suffered recurring losses from operations and has future cash requirements to fund operating losses. This raises substantial doubt about the Company's ability to continue as a going concern. WEISS MULTI-STRATEGY: Sparks Fight With Jefferies Over Bonuses -------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that Weiss Multi-Strategy Advisers LLC paid $28 million in employee bonuses weeks before announcing it would be shutting down, sparking a legal fight with Jefferies Financial Group, which is owed tens of millions of dollars. WMS sued Jefferies and its investment management affiliate, Leucadia Asset Management, on Monday, alleging Jefferies used the threat of its own lawsuit over the bonuses to impose a forbearance agreement that boosted Jefferies debt over obligations owed to other creditors. WMS, which also filed Chapter 11 bankruptcy on Monday, April 30, 2024, said it is seeking to avoid the amended forbearance agreement. About Weiss Multi-Strategy Advisers Weiss Multi-Strategy Advisers LLC is engaged in financial investment activities. Weiss Multi-Strategy Advisers LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 24-10743) on April 29, 2024. In the petition signed by George Weiss, as manager, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Martin Glenn oversees the case. The Debtor is represented by: Tracy L. Klestadt, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 Email: tklestadt@klestadt.com WEWORK INC: Gets Conditional Nod of Plan Disclosures ---------------------------------------------------- Emilyn Cameron of Law360 reports that a New Jersey bankruptcy judge gave conditional approval Monday, April 29, 2024, to bankrupt flexible office space company WeWork Inc.'s reorganization plan disclosure statement over the objection of WeWork's former owner Adam Neumann, finding the disclosure contained adequate information. 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; PJT Partners LP as investment banker; and McManimon, Scotland & Baumann, LLC as local counsel. 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. WEWORK INC: Unsecureds Claims to Get Nothing in Plan ---------------------------------------------------- WeWork Inc., et al., submitted a Second Amended Joint Chapter 11 Plan of Reorganization. The DIP Administrative Claims will be deemed Allowed in the full amount outstanding under the DIP Agreements as of the Effective Date. Except as otherwise expressly provided in the DIP Agreements, or the DIP Orders, upon the indefeasible payment or satisfaction in full of all Allowed DIP Claims, all commitments under the DIP Agreements will terminate and all Liens and security interests granted to secure the DIP Claims will be automatically terminated and of no further force and effect, without any further notice to or action, order, or approval of the Bankruptcy Court or any other Entity. Class 8 consists of all General Unsecured Claims. Each Holder of a General Unsecured Claim will receive no recovery or distribution on account of such Claim, and all General Unsecured Claims will be canceled. Class 8 is impaired. The Debtors and the Reorganized Debtors will fund distributions under this Plan, as applicable, with (a) the proceeds from the DIP New Money Exit Facility; (b) the New Interests; (c) Cash or other proceeds from the sale of Estate property (if any); and (d) the Debtors' Cash on hand, as applicable. Attorneys for Debtors: Edward O. Sassower, P.C. Joshua A. Sussberg, P.C. Steven N. Serajeddini, P.C. Ciara Foster, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 E-mail: edward.sassower@kirkland.com joshua.sussberg@kirkland.com steven.serajeddini@kirkland.com ciara.foster@kirkland.com -and- Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Ryan T. Jareck, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Tel: (201) 489-3000 E-mail: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com rjareck@coleschotz.com A copy of the Plan of Reorganization dated April 26, 2024, is available at https://tinyurl.ph/QMzZC from document.epiq11.com, the claims agent. 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; PJT Partners LP as investment banker; and McManimon, Scotland & Baumann, LLC as local counsel. 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. WINDTREE THERAPEUTICS: Posts $10.2-Mil. Net Income in First Quarter ------------------------------------------------------------------- Windtree Therapeutics, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $10.22 million for the three months ended March 31, 2024, compared to a net loss of $4.11 million for the three months ended March 31, 2023. As of March 31, 2024, the Company had $30.10 million in total assets, $14.68 million in total liabilities, and $15.42 million in total stockholders' equity. As of March 31, 2024, the Company had cash and cash equivalents of $2.5 million and current liabilities of $5.0 million. On April 2, 2024, the Company entered into a Securities Purchase Agreement with certain buyers. Pursuant to the Purchase Agreement, the Company agreed to sell senior convertible notes for $1.4 million of net proceeds. As a result, the Company believes that it has sufficient resources available to fund its business operations through mid-May 2024. The Company does not have sufficient cash and cash equivalents as of the date of this Quarterly Report on Form 10-Q to support its operations for at least the 12 months following the date that the financial statements are issued. According to the Company, these conditions raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/946486/000143774924017124/wint20240331_10q.htm About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes istaroxime, a Phase 2 candidate with sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, activating properties for acute heart failure and associated cardiogenic shock, preclinical SERCA2a activators for heart failure, rostafuroxin for the treatment of hypertension in patients with a specific genetic profile, and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. WINTA ASSET: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Winta Asset Management LLC 70 Broad Street New York, NY 10004 Business Description: Winta Asset is the owner of a mixed-use office and residential building located at 70 Broad Street, New York, New York valued at $16 million. Chapter 11 Petition Date: May 17, 2024 Court: United States Bankruptcy Court Southern District of New York Case No.: 24-10848 Judge: Hon. Michael E Wiles 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: $16,000,000 Total Liabilities: $24,168,362 The petition was signed by Ephraim Diamond as chief restructuring officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/QEOJ6PA/Winta_Asset_Management_LLC__nysbke-24-10848__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Natalie Braham Personal Injury $0 c/o Jeffrey S. Antin Plaintiff Antin, Ehrlich, & Epstein LLP 49 West 37th Street, 7th Fl. New York, NY 10018 2. Wilmington Trust $7,950,090 c/o Keith Michael Brandofino Holland & Knight LLP 900 Third Avenue, 20th FL. New York, NY 10022 WOM SA: Seeks Approval to Hire White & Case as Bankruptcy Counsel ----------------------------------------------------------------- WOM SA and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire White & Case LLP as their attorneys. The firm's services include: (a) advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; (b) advising and consulting on the conduct of these Chapter 11 Cases, including all of the legal requirements of operating in chapter 11; (c) advising the Debtors in connection with corporate transactions and corporate governance, asset sales, negotiations, credit agreements, financing agreements, and other agreements with creditors, equity holders, prospective acquirers and investors, reviewing and preparing of documents and agreements, and such other actions; (d) reviewing and preparing pleadings in connection with these Chapter 11 Cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates, and appearing in court, and taking other actions with respect to the foregoing; (e) attending meetings and negotiating with representatives of creditors, equity holders, and other parties in interest; (f) advising the Debtors with legal issues related to the Debtors financial circumstances, including with respect to restructuring, financing, corporate, tax, litigation, mergers and acquisition, and employment issues, in each case as may be necessary or appropriate; (g) performing all other ancillary necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 Cases, including assisting the Debtors in: (i) analyzing the legal aspects of the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors (if any); and (iii) advising the Debtors on corporate and litigation matters, in each case as may be necessary or appropriate; (h) coordinating with local counsel in Chile and Norway with respect to local law issues in each jurisdiction, as well as any additional counsel required outside the United States; (i) taking legal actions as may be necessary or appropriate to protect and preserve the Debtors' estates as the Debtors request, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including, without limitation, objections to claims filed against the Debtors' estates an participation in arbitral and other legal proceedings; and (j) taking any necessary action on behalf of the Debtors as the Debtors request to obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto. The firm will be paid at these rates: Partners $1,510 to $2,150 per hour Counsel $1,470 per hour Associates $795 to $1,430 per hour Paraprofessionals $345 to $650 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. White & Case received advances in the aggregate amount of $1,500,000 for services to be performed and expenses to be incurred, including in connection with the preparation of these Chapter 11 Cases. John K. Cunningham, Esq., a partner at White & Case, 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: John K. Cunningham, Esq. White & Case, LLP 1221 Avenue of the Americas New York, NY 10020-1095 Tel: (212) 819-8200 Email: jcunningham@whitecase.com About WOM SA WOM is a Chilean telecommunications provider, focused on offering mobile voice, data, and broadband services, along with a rapidly expanding "Fiber to the Home" broadband offering, to consumers and businesses in Chile. Since the acquisition of Nextel Chile in 2015 through Novator Partners LLP's investment vehicle NC Telecom AS, WOM has expanded from having virtually no market share to establishing itself as the second-largest mobile network operator in Chile. WOM sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition filed by Timothy O'Connoer, as independent director, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Karen B. Owens oversees the case. The Debtors tapped White & Case, LLP as general bankruptcy counsel; Richards, Layton & Finger, P.A. as local bankruptcy counsel; Riveron Consulting, LLC as financial advisor; and Rothschild & Co US Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims agent. WORLD AIRCRAFT: Hires Tiger Capital Group as Broker/Auctioneer -------------------------------------------------------------- World Aircraft, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi employ Tiger Capital Group, LLC as its broker/auctioneer. Tiger's services include: a. identifying parties who might be interested in entering into a transaction; b. assisting the movants in developing appropriate marketing materials and inventory lists; c. formulating and recommending a strategy for potential transactions in order to best maximize saleability; d. contacting an eliciting interest from potential parties to a transaction; e. conveying supplemental information desired by potential parties; f. reviewing and evaluating potential parties; g. reviewing and analyzing proposals; and h. assisting with negotiations of the financial aspects of potential transactions. In the event of auction or private treaty sales, Tiger Capital charges a 10 percent sales commission and reimbursement of actual expenses. For non-auction sale, Tiger Capital charges a 4 percent sales commission and reimbursement of actual expenses. Tiger Capital is a disinterested person as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Mark P. Naughton TIGER CAPITAL GROUP, LLC 340 North Westlake Blvd., Suite 260 Westlake Village, CA 91362 E-mail: mnaughton@tigergroup.com About World Aircraft, Inc. World Aircraft, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 24-50224) on February 22, 2024, listing $100 million to $500 million in assets and $50 million to $100 million in liabilities. The petition was signed by Thomas Swarek as president. Judge Katharine M Samson presides over the case. Patrick Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC represents the Debtor as counsel. ZAYO GROUP: $4.96BB Bank Debt Trades at 16% Discount ---------------------------------------------------- Participations in a syndicated loan under which Zayo Group Holdings Inc is a borrower were trading in the secondary market around 83.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The $4.96 billion Term loan facility is scheduled to mature on March 9, 2027. The amount is fully drawn and outstanding. Zayo Group is a privately held company headquartered in Boulder, Colorado, with European headquarters in London, England. The company provides communications infrastructure services. ZAYO GROUP: EUR750MM Bank Debt Trades at 17% Discount ----------------------------------------------------- Participations in a syndicated loan under which Zayo Group Holdings Inc is a borrower were trading in the secondary market around 82.8 cents-on-the-dollar during the week ended Friday, May 17, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR750 million Term loan facility is scheduled to mature on March 9, 2027. The amount is fully drawn and outstanding. Zayo Group is a privately held company headquartered in Boulder, Colorado, with European headquarters in London, England. The company provides communications infrastructure services. [^] BOND PRICING: For the Week from May 13 to 17, 2024 ------------------------------------------------------ Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 2U Inc TWOU 2.250 54.601 5/1/2025 99 Cents Only Stores LLC NDN 7.500 27.890 1/15/2026 99 Cents Only Stores LLC NDN 7.500 27.890 1/15/2026 99 Cents Only Stores LLC NDN 7.500 27.890 1/15/2026 Acorda Therapeutics Inc ACOR 6.000 56.626 12/1/2024 Adventist Health System/West ADVENT 2.433 98.885 9/1/2024 Allen Media LLC / Allen Media Co-Issuer Inc ALNMED 10.500 47.838 2/15/2028 Allen Media LLC / Allen Media Co-Issuer Inc ALNMED 10.500 48.789 2/15/2028 Ally Financial Inc ALLY 3.875 99.985 5/21/2024 Amyris Inc AMRS 1.500 3.500 11/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.000 1.250 8/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.000 1.250 8/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.000 1.250 8/15/2026 At Home Group Inc HOME 7.125 28.059 7/15/2029 At Home Group Inc HOME 7.125 28.059 7/15/2029 Athene Global Funding ATH 6.049 99.746 5/24/2024 Athene Global Funding ATH 6.049 100.008 5/24/2024 Audacy Capital Corp CBSR 6.500 3.875 5/1/2027 Audacy Capital Corp CBSR 6.750 3.375 3/31/2029 Audacy Capital Corp CBSR 6.750 3.875 3/31/2029 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Beasley Mezzanine Holdings LLC BBGI 8.625 60.699 2/1/2026 Beasley Mezzanine Holdings LLC BBGI 8.625 59.410 2/1/2026 Biora Therapeutics Inc BIOR 7.250 58.174 12/1/2025 BuzzFeed Inc BZFD 8.500 84.558 12/3/2026 CommScope Inc COMM 8.250 43.262 3/1/2027 CommScope Inc COMM 7.125 35.369 7/1/2028 CommScope Inc COMM 7.125 36.474 7/1/2028 CommScope Inc COMM 8.250 42.568 3/1/2027 CommScope Technologies LLC COMM 5.000 37.026 3/15/2027 CommScope Technologies LLC COMM 5.000 37.163 3/15/2027 Curo Group Holdings Corp CURO 7.500 4.000 8/1/2028 Curo Group Holdings Corp CURO 7.500 23.000 8/1/2028 Curo Group Holdings Corp CURO 7.500 4.078 8/1/2028 Customers Bank NCBKPA 6.125 96.000 6/26/2029 Cutera Inc CUTR 4.000 18.390 6/1/2029 Cutera Inc CUTR 2.250 34.050 3/15/2026 Cutera Inc CUTR 2.250 19.500 6/1/2028 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 6.000 15.591 8/15/2040 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 6.350 14.283 3/15/2040 Danimer Scientific Inc DNMR 3.250 17.000 12/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 2.000 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 2.493 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 2.125 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 3.000 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 2.493 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 2.300 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 2.248 8/15/2027 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.000 1/15/2023 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.000 1/15/2023 Energy Conversion Devices ENER 3.000 0.762 6/15/2013 Enviva Partners LP / Enviva Partners Finance Corp EVA 6.500 45.106 1/15/2026 Enviva Partners LP / Enviva Partners Finance Corp EVA 6.500 45.000 1/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 29.000 7/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 22.056 7/15/2026 Federal Home Loan Banks FHLB 5.120 99.423 5/22/2024 Federal Home Loan Banks FHLB 0.440 96.078 6/28/2024 Federal Home Loan Banks FHLB 0.900 99.340 5/23/2024 Federal Home Loan Mortgage Corp FHLMC 5.270 78.378 6/11/2024 Federal Home Loan Mortgage Corp FHLMC 5.150 99.413 5/23/2024 Federal Home Loan Mortgage Corp FHLMC 3.150 99.372 5/23/2024 Federal Home Loan Mortgage Corp FHLMC 3.000 98.914 5/24/2024 First Commonwealth Bank FCF 7.448 97.763 6/1/2028 First Republic Bank/CA FRCB 4.625 3.650 2/13/2047 First Republic Bank/CA FRCB 4.375 5.000 8/1/2046 Ford Motor Credit Co LLC F 4.850 98.823 5/20/2024 GNC Holdings Inc GNC 1.500 0.788 8/15/2020 German American Bancorp Inc GABC 4.500 88.269 6/30/2029 German American Bancorp Inc GABC 4.500 88.269 6/30/2029 German American Bancorp Inc GABC 4.500 88.269 6/30/2029 Goodman Networks Inc GOODNT 8.000 5.000 5/11/2022 Goodman Networks Inc GOODNT 8.000 1.000 5/31/2022 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.500 4.805 6/1/2026 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.500 5.250 6/1/2026 Hallmark Financial Services Inc HALL 6.250 13.301 8/15/2029 Homer City Generation LP HOMCTY 8.734 38.750 10/1/2026 Inseego Corp INSG 3.250 46.000 5/1/2025 Invacare Corp IVC 4.250 0.966 3/15/2026 Invitae Corp NVTA 2.000 87.500 9/1/2024 JPMorgan Chase Bank NA JPM 2.000 87.377 9/10/2031 Karyopharm Therapeutics KPTI 3.000 64.500 10/15/2025 Ligado Networks LLC NEWLSQ 15.500 14.625 11/1/2023 Ligado Networks LLC NEWLSQ 17.500 3.000 5/1/2024 Ligado Networks LLC NEWLSQ 15.500 16.000 11/1/2023 Lightning eMotors Inc ZEVY 7.500 1.919 5/15/2024 Lumen Technologies Inc LUMN 4.500 29.109 1/15/2029 Lumen Technologies Inc LUMN 6.875 40.660 1/15/2028 Lumen Technologies Inc LUMN 4.500 29.010 1/15/2029 Luminar Technologies Inc LAZR 1.250 37.500 12/15/2026 MBIA Insurance Corp MBI 16.850 5.250 1/15/2033 MBIA Insurance Corp MBI 16.850 4.945 1/15/2033 Macy's Retail Holdings LLC M 6.700 89.900 7/15/2034 Macy's Retail Holdings LLC M 6.900 90.237 1/15/2032 Mashantucket Western Pequot Tribe MASHTU 7.350 47.793 7/1/2026 Morgan Stanley MS 4.153 98.750 6/7/2024 Morgan Stanley MS 1.800 75.716 8/27/2036 NanoString Technologies NSTG 2.625 75.149 3/1/2025 Office Properties Income Trust OPI 2.400 43.880 2/1/2027 Office Properties Income Trust OPI 4.500 77.759 2/1/2025 Photo Holdings Merger Sub SFLY 8.500 47.020 10/1/2026 Photo Holdings Merger Sub SFLY 8.500 47.020 10/1/2026 Polar US Borrower LLC / Schenectady International Group Inc SIGRP 6.750 26.356 5/15/2026 Polar US Borrower LLC / Schenectady International Group Inc SIGRP 6.750 26.427 5/15/2026 Rackspace Technology Global Inc RAX 3.500 30.000 2/15/2028 Rackspace Technology Global Inc RAX 5.375 26.309 12/1/2028 Rackspace Technology Global Inc RAX 3.500 29.673 2/15/2028 Rackspace Technology Global Inc RAX 5.375 26.467 12/1/2028 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rite Aid Corp RAD 7.700 3.536 2/15/2027 Rite Aid Corp RAD 7.500 58.500 7/1/2025 Rite Aid Corp RAD 6.875 4.936 12/15/2028 Rite Aid Corp RAD 7.500 58.394 7/1/2025 Rite Aid Corp RAD 6.875 4.936 12/15/2028 RumbleON Inc RMBL 6.750 58.633 1/1/2025 SVB Financial Group SIVB 3.500 67.000 1/29/2025 SVB Financial Group SIVB 4.250 1.688 N/A SVB Financial Group SIVB 4.100 1.500 N/A SVB Financial Group SIVB 4.000 1.500 N/A SVB Financial Group SIVB 4.700 1.500 N/A Shift Technologies Inc SFT 4.750 0.380 5/15/2026 Spanish Broadcasting System Inc SBSAA 9.750 46.999 3/1/2026 Spanish Broadcasting System Inc SBSAA 9.750 47.830 3/1/2026 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 Tricida Inc TCDA 3.500 9.242 5/15/2027 Veritone Inc VERI 1.750 36.750 11/15/2026 Virgin Galactic Holdings SPCE 2.500 30.858 2/1/2027 Voyager Aviation Holdings VAHLLC 8.500 15.639 5/9/2026 Voyager Aviation Holdings VAHLLC 8.500 15.639 5/9/2026 Voyager Aviation Holdings VAHLLC 8.500 15.639 5/9/2026 Vroom Inc VRM 0.750 53.000 7/1/2026 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 3.000 7/10/2025 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 2.000 7/10/2025 WeWork Cos US LLC WEWORK 15.000 9.998 8/15/2027 WeWork Cos US LLC WEWORK 11.000 5.000 8/15/2027 WeWork Cos US LLC WEWORK 15.000 10.250 8/15/2027 WeWork Cos US LLC WEWORK 12.000 2.002 8/15/2027 WeWork Cos US LLC WEWORK 11.000 4.871 8/15/2027 Wesco Aircraft Holdings Inc WAIR 9.000 11.964 11/15/2026 Wesco Aircraft Holdings Inc WAIR 13.125 2.468 11/15/2027 Wesco Aircraft Holdings Inc WAIR 9.000 11.964 11/15/2026 Wesco Aircraft Holdings Inc WAIR 13.125 2.468 11/15/2027 Wheel Pros Inc WHLPRO 6.500 26.000 5/15/2029 Wheel Pros Inc WHLPRO 6.500 26.000 5/15/2029 fuboTV Inc FUBO 3.250 56.500 2/15/2026 iHeartCommunications Inc IHRT 8.375 30.146 5/1/2027 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***