/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250115.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, January 15, 2025, Vol. 29, No. 14 Headlines 150 LEFFERTS: Updates Liquidating Plan Disclosures 22ND CENTURY: Inks 5-Year Manufacturing Deal With Smoker Friendly 3160 8TH LLC: Case Summary & Eight Unsecured Creditors 8434 ROCHESTER: Seeks to Hire CBRE as Real Estate Agent 94 HUDSON: Hires Bronson Law Offices P.C. as Bankruptcy Counsel 999 HEMPSTEAD: Case Summary & One Unsecured Creditor ABIDE BRANDS: Updates Unsecured Claims Pay Details ALCOTT ENTERPRISES: Taps Carey L. Melton as Litigation Counsel ALL SAFE: Seeks to Hire Kirby Aisner & Curley as Legal Counsel ALPINEBAY INC.: Hires Shioda Langley & Chang as Legal Counsel ALVOGEN PHARMA: S&P Downgrades ICR To 'CCC+', On Watch Negative AMARILLO PLATINUM: Seeks to Extend Plan Exclusivity to Feb. 14 AMERICAN CANNING: Seeks Chapter 7 Bankruptcy in Texas AMERICAN GREETINGS: S&P Affirms 'B' ICR, Outlook Negative ARCHBISHOP OF BALTIMORE: Seeks to Extend Plan Exclusivity ASMC LLC: Seeks to Extend Plan Filing Deadline to April 21 ASPIRA WOMEN'S: Accepts Resignation of Interim CFO BENK GROUP: Case Summary & 20 Largest Unsecured Creditors BIORA THERAPEUTICS: Seeks to Hire Kroll as Administrative Advisor BIORA THERAPEUTICS: Taps Evora to Provide CTO and Other Personnel BIORA THERAPEUTICS: Taps McDermott Will & Emery as Legal Counsel BIORA THERAPEUTICS: Taps MTS Health Partners as Investment Banker BLUM HOLDINGS: Amends Series V Preferred Stock Designation BREWSTER PLASTICS: Creditors to Get Proceeds From Liquidation BUCKEYE PARTNERS: S&P Affirms 'BB-' ICR, Outlook Stable BURGERFI INT'L: Asset Sale Proceeds to Fund Plan Payments C M HEAVY: Hires Whitten Burrage as Special Counsel CALI NAILS: Seeks to Hire Daniel L. Freeland as Attorney CANDE HOFFMAN: Seeks to Hire BPA & Associates as Accountant CAREMAX INC: Committee Hires Pachulski Stang Ziehl as Co-Counsel CAREMAX INC: Committee Hires Sills Cummis & Gross as Co-Counsel CAREMAX INC: Panel Hires M3 Advisory Partners as Financial Advisor CAREPOINT HEALTH: Recovery for Unsecureds Still to Be Determined CAROLINA CUSTOMIZED: Seeks to Sell Spring Hope Property CAROLINA CUSTOMIZED: Seeks to Sell Washington Personal Property CARROLL COUNTY ENERGY: S&P Affirms 'BB-' Rating on Sr. Sec. Debt CENTURY MINING: Hires Mineral Energy as Mining Consultant CHABAD OF GRAMERCY: Sec. 341(a) Meeting of Creditors on February 10 CHG PPC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable CITIUS PHARMACEUTICALS: Raises $3M Via Stock & Warrants Offering CLARIOS GLOBAL: S&P Rates New $1.2BB Senior Secured Notes 'BB-' COASTAL GROWERS: Court Orders Appointment of Creditors' Committee COASTAL GROWERS: Gets Green Light to Use Cash Collateral CONCRETE PUMPING: S&P Alters Outlook to Stable, Affirms 'B' ICR COVERED BRIDGE: Seeks to Hire Cohen & Wolf as Special Counsel COVERED BRIDGE: Seeks to Hire Green & Sklarz as Bankruptcy Counsel COVERED BRIDGE: Seeks to Hire Landwehr & Spaho CPAs as Accountant COVERED BRIDGE: Taps R.J. Reuter as Independent Financial Advisor CREATIVE REALITIES: Chief Financial Officer Will Logan Departs CYTOSORBENTS CORP: Opens New Regional Sales Unit in Dubai DIAMOND COMIC: Seeks Chapter 11 Bankruptcy Protection in Maryland DMD FLORIDA: Gets Interim OK to Use Cash Collateral Until Jan. 31 DORETHA WARD: Hires Timothy R. Tyler as Attorney DVC3 LLC: Hires Law Offices of Mickler & Mickler as Attorney EDGIO INC: Plan Exclusivity Period Extended to April 7 ELEMENTS UES: Starts Subchapter V Bankruptcy Proceeding ELLINGSWORTH RESIDENTIAL: Homeowner Gets Partial Victory in Court EMX ROYALTY: Acquires Royalty on Chapi Copper Mine Property in Peru ENVERIC BIOSCIENCES: AdvisorShares Trust Holds 5.9% Stake EVERYTHING BLOCKCHAIN: Appoints Arthur Rozenberg as New CEO EVERYTHING BLOCKCHAIN: CEO Toney Jennings, 2 Directors Step Down EVERYTHING BLOCKCHAIN: Craig Stephens Resigns as Director EVERYTHING BLOCKCHAIN: Delays Q3 Report Due to Officer Departures EVERYTHING BLOCKCHAIN: Robert Adams Steps Down as Director EVERYTHING BLOCKCHAIN: Sells Assets to DataRock EVERYTHING BLOCKCHAIN: William Regan Steps Down as CFO FALL CREEK: Unsecured Creditors to Split $75K over 5 Years FIREFLY NEUROSCIENCE: Jon Olsen Removed as CEO; Interim CEO Named FIRST MODE: U.S. Trustee Appoints Creditors' Committee FRANCHISE GROUP: Attys Have Conflicts of Interest, US Trustee Says FRANCHISE GROUP: SEC Probes B. Riley's Loan to Founder, Co. Deals FREE SPEECH: Jones-Affiliated Firm Boosts Offer to Acquire Infowars GEORGIA EARTH: Unsecureds Owed $2M Will Get 10% over 5 Years GREAT OUTDOORS: S&P Rates New First-Lien Secured Term Loan 'BB-' HACKENSACK BREWING: Amends Trenton Business Secured Claim HEALTHCARE STAFFING: Seeks Bankruptcy Protection in Texas HIGHLAND PARK: Seeks Approval to Tap Ken Rosen Advisors as Counsel HIGHLAND PARK: Seeks Court OK to Use Cash Collateral Until Jan. 31 HIGHLANDS GROUP: Hires Remax Team Realtors as Realtor HOPEMAN BROTHERS: Seeks to Hire Kutak Rock as Conflicts Counsel HYPERSCALE DATA: Sells $495K in Series G Preferred Stock, Warrants ILEARNINGENGINES INC: Seeks Cash Collateral Access INRI LANDSCAPE: Case Summary & 17 Unsecured Creditors INRI LANDSCAPE: Commences Subchapter V Bankruptcy Process INTERFREIGHT SYSTEMS: Seeks to Hire David Freydin as Legal Counsel IQSTEL INC: Achieves 91.6% YoY Growth; 2024 Revenue Hits $277MM IYA FOODS: Seeks Chapter 11 Bankruptcy Protection in Illinois J.E.H. PROPERTIES: Hires Oxbridge International Company as Broker JASMINE R ELMORE: Seeks Chapter 11 Bankruptcy Protection JM CARTER: Hires Joyce W. Lindauer Attorney PLLC as Attorney KAAS ENTERPRISE: Case Summary & Three Unsecured Creditors KAL FREIGHT: Hires Pachulski Stang Ziehl & Jones as Legal Counsel KIMO TILE: Unsecureds Will Get 20% of Claims over 60 Months KULR TECHNOLOGY: Increases Bitcoin Purchases to $42 Million LACAYO REAL ESTATE: Seeks Chapter 11 Bankruptcy Protection LEXARIA BIOSCIENCE: Registers 707K More Shares Under Equity Plan LOS ANGELES KOREAN: Voluntary Chapter 11 Case Summary LPB MHC: Gets Interim OK to Use Cash Collateral Until Feb. 5 LUCKY RABBIT: Seeks to Extend Plan Filing Deadline to April 16 MAJESTIC OAK: Directed to Amend Bid to Sell Brevard Property MARIANAS PROPERTIES: Seeks to Extend Plan Exclusivity to April 10 MARINUS PHARMACEUTICALS: Beryl Capital Holds 9.9% Equity Stake MATTR CORP: S&P Raises Senior Unsecured Note Rating to 'BB-' MAWSON INFRASTRUCTURE: Challenges Involuntary Chap. 11 Petition MESEARCH MEDIA: Unsec. Creditors Will Recover 100% in Insider Plan MRSC CO ASPEN: Seeks to Extend Plan Exclusivity to February 24 MYSTICAL STARS: Plan Exclusivity Period Extended to March 19 NEVADA COPPER: Seeks to Extend Plan Exclusivity to January 31 NEWS DIRECT: Seeks Cash Collateral Access Until Feb. 5 NEXTDECADE CORP: Secures $175 Million Senior Loan From GA Credit NORTHVOLT AB: Hires Katten Muchin Rosenman LLP as Counsel NORTHVOLT AB: Sells Remaining Stake in Hydrovolt as Part of Ch. 11 NW DEVELOPERS: Unsecureds Will Get 100% of Claims in Plan OMNIQ CORP: Receives $3.6M Order in Q4 From Fortune 500 Retailer ONCOCYTE CORP: Amends Lease; Induce Signs New Lease With Cushing ORBIT MARKETING: To Sell Bankruptcy Estate to J. Thompson for $15K PACKERS HOLDING: Fitch Raises Insurer Default Rating to 'CCC' PCI PHARMA: Blue Owl Leads $4 Billion Debt Transaction POWER CITY: Hires Zendeh Del & Associates, PLLC as Counsel PREDICTIVE ONCOLOGY: Inks LOI to Merge With Renovaro PREDICTIVE ONCOLOGY: Three Proposals Approved at Annual Meeting PURDUE PHARMA: Signs Draft Agreement to Resolve Bankruptcy PYLABRICKS LLC: Files Chapter 7 Bankruptcy in Kentucky REFRESHING USA: Seeks to Extend Plan Exclusivity to March 14 REKOR SYSTEMS: Settles $15M Prepaid Advance With Yorkville Advisors RENOVARO INC: Maurice van Tilburg Named GEDi Cube CEO RESHAPE LIFESCIENCES: Dominion, 6 Others Hold 9.9% Stake ROBERT WYATT: Claims to be Paid From Business Revenue ROCK 51: Sec. 341(a) Meeting of Creditors on February 11 SCILEX HOLDING: SCLX Stock Acquisition Holds 22.8% Stake SINCLAIR TELEVISION: Reaches New Agreement with Creditors SKY DEVELOPMENT: Hires Madoff & Khoury LLP as Counsel SMITH MICRO: Regains Compliance with Nasdaq's Bid Price Requirement SMYRNA READY: S&P Assigns 'BB-' Rating on New $733MM Term Loan B SOFT PACKAGING: Case Summary & 11 Unsecured Creditors SOUTHERN POINT: Seeks Bankruptcy Protection in Mississippi STONE & LEIGH: Online Auction Scheduled for Jan. 16-Jan. 23 TAMPA BRASS: Sec. 341(a) Meeting of Creditors on February 12 TRILLION ENERGY: Appoints Sean Stofer as Interim CEO TRINITY LEGACY: Seeks Continued Cash Collateral Access TURNKEY SOLUTIONS: Unsecureds Will Get 8.7% of Claims over 5 Years VIGILANT HEALTH: Sec. 341(a) Meeting of Creditors on February 20 VUZIX CORP: Grants RSUs to Executives, Terminates 5.36M Options W&T OFFSHORE: S&P Alters Outlook to Stable, Affirms 'B-' ICR WATERVILLE REDEVELOPMENT: Hires L'Hommedieu as Attorney WHOLESALE CAR: Case Summary & 11 Unsecured Creditors WISA TECHNOLOGIES: Amends Asset Purchase Deal With CompuSystems YELLOW CORP: Claims Pension Funds Overestimated Liability [*] Repeat Corporate Bankruptcies Surge to Fastest Rate Since 2020 ********* 150 LEFFERTS: Updates Liquidating Plan Disclosures -------------------------------------------------- 150 Lefferts Avenue Company LLC and 55 East 21st Co., LLC, submitted a First Modified Joint Chapter 11 Plan of Liquidation dated January 7, 2025. Except as otherwise provided in the Plan, nothing under the Plan shall affect the rights of the Debtors or the Liquidated Debtors in respect of any Unimpaired Claims, including all rights in respect of legal and equitable defenses to, or setoffs or recoupments against, any such Unimpaired Claims. Fee Claims All entities seeking an award by the Bankruptcy Court of Fee Claims shall file their respective final applications for allowance of compensation for services rendered and reimbursement of expenses incurred by the date that is thirty (30) days after the Effective Date. No later than ten days prior to the Effective Date, all entities holding claims for Fee Claims shall serve upon the Debtors a notice of the estimated amount of their unpaid Fee Claim and Debtors shall segregate, at Closing of the Sale Transaction, into an Estimated Professional Fee Escrow, the amounts which are necessary to pay the amount of such Fee Claim, in full subject to Allowance by the Bankruptcy Court (i) upon the later of (A) the Effective Date and (B) the date upon which the order relating to any such Allowed Fee Claim is entered or (ii) upon such other terms as may be mutually agreed upon between the holder of such an Allowed Fee Claim and the Debtor. Any professional fee applications shall be served on the Office of the U.S. Trustee. The Debtor are authorized to pay compensation for services rendered or reimbursement of expenses incurred after the Effective Date in the ordinary course and without the need for Bankruptcy Court approval. Like in the prior iteration of the Plan, holders of General Unsecured Claims in Class 3 are entitled to vote to accept or reject the Plan. Holders of General Unsecured Claims will receive their pro rata share of any proceeds available after full payment of Administrative Claims, Fee Claims, Priority Tax Claims, Class 1 and Class 2. Class 4 consists of Existing Equity Interests. All Allowed Existing Equity Interests shall be cancelled and Holders of such Interest will receive any remaining funds after all senior classes of are paid in full. Class 4 Interests are impaired and deemed to reject the Plan. The Plan will be funded by the net proceeds from the sale of the Debtor's real estate Properties or a refinancing of the Debtors' debt obligations. A full-text copy of the First Modified Joint Liquidating Plan dated January 7, 2025 is available at https://urlcurt.com/u?l=P1ztdp from PacerMonitor.com at no charge. Counsel to the Debtors: Eric H. Horn, Esq. Maria A.G. Harper, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue, Suite 3260 Livingston, NJ 07039 Tel (973) 287-5006 Fax: (973) 533-0127 About 150 Lefferts Avenue Company 150 Lefferts Avenue Company, LLC, a company in Brooklyn, N.Y., filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 24-43509) on Aug. 22, 2024, listing $10 million to $50 million in both assets and liabilities. Jonathan Bombart, managing member, signed the petition. Judge Jil Mazer-Marino oversees the case. A.Y. STRAUSS LLC serves as the Debtor's legal counsel. 22ND CENTURY: Inks 5-Year Manufacturing Deal With Smoker Friendly ----------------------------------------------------------------- 22nd Century Group, Inc. announced on January 7, 2025, the completion of a new license and manufacturing agreement with Smoker Friendly, one of the largest independent cigarette retailers in the United States. The agreement includes 11 SF brands currently sold in the Smoker Friendly network of retail stores and dealers in the U.S., plus another eight new SF premium brands to be launched and establishes a framework for other planned future products to be added. The new five-year agreement builds on a business relationship of more than a decade and further secures a longstanding 22nd Century customer while opening additional opportunities for mutual expansion. The 11 existing SF brands represent substantial contract manufacturing volume for 22nd Century's MSA compliant facility in North Carolina. The eight new premium products to be launched will focus on the natural segment of the market, a new entry further expanding Smoker Friendly's addressable market opportunity and volumes with 22nd Century. The brands are expected to occupy a premium position in the market as compared to lower tier products. The company also expects to expand on the master services agreement, such as integrating the existing filtered cigar business from Smoker Friendly and adding a reduced nicotine content brand that complements 22nd Century Group's VLN product line. Adding a reduced nicotine content product would not only expand Smoker Friendly's product line but also provide additional options to customers interested in controlling their nicotine intake using its VLN® reduced nicotine branded products. "This agreement is foundational and represents the next era of Smoker Friendly's long-standing relationship with 22nd Century, expanding the business opportunity for both companies," said Larry Firestone, Chief Executive Officer of 22nd Century Group. "It also demonstrates the possibilities available to brands who want to use our integrated platform for licensing, predicate, manufacturing and other needs. "Our next focus will be to expand the range of products covered under this agreement as well as our projects currently underway to add VLN companion brands that will help to build out a new category of reduced nicotine content products, creating greater visibility and sales reach for products that use our proprietary tobacco strains containing 95% less nicotine – a level considered to be non-addictive and shown in clinical studies to reduce smoking activity among adult smokers." "I am excited to align our business with dedicated manufacturing, licensing and distribution capabilities from 22nd Century, as well as secure new growth opportunities with additional products and brands that our customers are seeking," said Keelan Gallagher, Vice President Operations at Smoker Friendly. "22nd Century provides not only high quality manufacturing, but also important predicate blends and additional product capabilities that will help us to further integrate our supply chain while adding new products." About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. 22nd Century Group disclosed in its Quarterly Report for the three months ended September 30, 2024 that it has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. The Company had negative cash flow from operations of $9,947 and $50,184 for the nine months ended September 30, 2024 and 2023, respectively, and an accumulated deficit of $389,315 and $378,707 as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, the Company had cash and cash equivalents of $5,341. Given the Company's projected operating requirements and its existing cash and cash equivalents, there is substantial doubt about the Company's ability to continue as a going concern through one year following the date (November 12, 2024) that the Quarterly Report was issued. For the year ended December 31, 2023, the company reported a net loss of $140.8 million, compared to a net loss of $59.8 million in 2022. As of September 30, 2024, 22nd Century Group had $26.2 million in total assets, $22.7 million in total liabilities, and $3.5 million in total shareholders' equity. 3160 8TH LLC: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: 3160 8th LLC 3160 W. 8th St. Los Angeles CA 9C Business Description: 3160 8th LLC is a hospitality company primarily engaged in providing short-term lodging accommodations through a range of facilities, including hotels, motels, and resort hotels. Chapter 11 Petition Date: January 13, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10194 Judge: Hon. Sheri Bluebond Debtor's Counsel: Matthew Sean Harrison, Esq. PROMETHEUS CIVIC LAW 120 Vantis Drive Suite 300 Aliso Viejo CA 92656 Tel: 949-436-4500 E-mail: matt@procivlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Suh as owner/principal. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4VIP7AQ/3160_8th_LLC__cacbke-25-10194__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Eight Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Sky Global Food Food Supply 722 Alameda St, Los Angeles, CA 90021 2. King California Uni Uniforms 8668 Meadow Rd Downey, CA 90242 3. KP Global Professional 16210 Manning Way Services Cerritos, CA 90703 4. Restaurant Depo Restaurant 1611 E Washington Blvd. Supplies Los Angeles, CA 90021 5. CBM Professional 4829 Eastern Ave Services Bell, CA 90201 6. Woobo Distribution Supply 16261 Phoebe Ave La Mirada, CA 90638 7. Fuji Natural Foods Food Supply 13500 Hamner Ave Ontario, CA 91761 8. Sho International Professional 134 W 131st St Services Los Angeles, CA 90061 8434 ROCHESTER: Seeks to Hire CBRE as Real Estate Agent ------------------------------------------------------- 8434 Rochester Ave Re, LLC and 14963 Sierra Bonita Lane, LLC seek approval from the U.S. Bankruptcy Court for the Central District of California to employ CBRE, Inc. as real estate agent. CBRE will assist the Debtors to market and sell their real properties located at: (a) 8434-8444 Rochester Ave, Rancho Cucamonga, California; and (b) 14947-14963 Sierra Bonita Lane, Chino, California. The firm will receive a commission of 5 percent of the gross sale price for the Rancho Cucamonga Property and 6 percent for the Chino Property. Nicholas Chang and Richard Lee, real estate agents at CBRE, 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: Nicholas Chang Richard Lee CBRE, Inc. 4141 Inland Empire Blvd., Suite 100 Ontario, CA 91764 Telephone: (909) 418-2014 About 8434 Rochester Ave, RE 8434 Rochester Ave is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 8434 Rochester Ave RE LLC and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-10729) on March 26, 2024. In the petition signed by Gustavo W. Theisen, manager, 8434 Rochester Ave disclosed as much as $10 million to $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Shulman Bastian Friedman & Bui LLP serves as the Debtors' legal counsel. 94 HUDSON: Hires Bronson Law Offices P.C. as Bankruptcy Counsel --------------------------------------------------------------- 94 Hudson Park Rd, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Bronson Law Offices P.C. as bankruptcy counsel. The firm will provide these services: a. assist in the administration of this Chapter 11 proceeding; b. prepare or review operating reports; c. set a bar date; d. file a motion for financing; e. review claims and resolve claims which should be disallowed; f. defend lift stay motions; g. assist in drafting a plan of reorganization including all exhibits and schedules thereto, and confirming a Chapter 11 plan; and h. all other services necessary to confirm a plan in bankruptcy or defend the bankruptcy. The firm will be paid at these rates: H. Bruce Bronson $525 per hour Paralegal or legal assistant $150 to $250 per hour The firm received from the Debtor a retainer of $20,000 prior to the petition date. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. H. Bruce Bronson, Esq., a partner at Bronson Law Offices 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: H. Bruce Bronson, Esq. Bronson Law Offices P.C. 94 Hudson Park Road New Rochelle, NY 10801 Tel: (914) 269-2530 Fax: (888) 908-6906 Email: hbbronson@bronsonlaw.net About 94 Hudson Park Rd, LLC 94 Hudson Park Rd LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). 94 Hudson Park Rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22851) on Oct. 3, 2024. In the petition filed by Rudolph U. Southwell, as chief reorganization officer, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: H. Bruce Bronson, Jr., Esq. Bronson Law Offices, P.C. 94 Hudson Park Road New Rochelle, NY 10801 999 HEMPSTEAD: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: 999 Hempstead Turnpike LLC 999 Hempstead Turnpike Franklin Square, NY 11010 Business Description: 999 Hempstead Turnpike is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: January 13, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-70136 Judge: Hon. Robert E Grossman Debtor's Counsel: Btzalel Hirschhorn, Esq. SHIRYAK, BOWMAN, ANDERSON, GILL & KADOCHNIKOV, LLP 80-02 Kew Gardens Road, Suite 600 Kew Gardens, NY 11415 Tel: 718-263-6800 Fax: 718-520-9401 E-mail: Bhirschhorn@sbagk.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nauman Hussain as the authorized representative of the Debtor. The Debtor has listed 999 Hempstead Lender LLC, c/o Erick R. Vallely, Esq., 6851 Jericho Tpke, Suite 165, Syosset, NY 11791, as its sole unsecured creditor holding a claim of $1.36 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QSA6K6I/999_Hempstead_Turnpike_LLC__nyebke-25-70136__0001.0.pdf?mcid=tGE4TAMA ABIDE BRANDS: Updates Unsecured Claims Pay Details -------------------------------------------------- Abide Brands, Inc. and Paykickstart, LLC submitted a Final Subchapter V Plan of Reorganization dated January 7, 2025. On July 11, 2024, the Bankruptcy Court approved bid and sale procedures for the sale or auction of substantially all of the Debtors’ assets to PayKickstart Florida and scheduled a final sale hearing for September 4, 2024. At the final hearing, the Court confirmation of the Debtors' initial joint plan and approval of the sale to PayKickstart Florida to allow for further marketing and due diligence. On October 2, 2024, the Court conducted a further hearing to consider confirmation of the Debtors' initial joint plan and approval of the sale, at which time the Court and all parties in attendance were made aware that due to delays associated with the sale process, PayKickstart Florida was reconsidering its interest in the acquisition of the Debtors' assets. On October 11, 2024, PayKickstart Florida filed a Notice of Termination of Asset Purchase Agreement effectively withdrawing their interest in acquiring the assets of the Debtors. On October 15, 2024, the Court directed the Debtors to file a second plan of reorganization. The proposed Plan and treatment for Allowed Claims follows the Court's directive. Class 2(a) consists of the Allowed General Unsecured Claims of Search Creatively, LLC and Inet Innovation, Inc. against Abide Brands, Inc.. On the Effective Date, and in exchange for their respective Allowed General Unsecured Claims against Abide, Search Creatively, LLC and Inet Innovation, Inc., or their designees, shall receive 100% of the Interests in Abide with such Interests divided evenly (50/50) between the Class 2(a) Claimholders. Abide shall execute such reasonable documents to effectuate the transfer of Interest as the Class 2(a) Claimholders may request, and shall take all actions necessary to effectuate such transfer. As Class 2(a) Claimholders, Search Creatively, LLC and Inet Innovation, Inc. shall be entitled to a preferred Distribution up to the face amount of their respective Claims upon the sale or liquidation event concerning the Interests or Assets of Abide and Paykickstart which amount shall be paid in full prior to any recovery by holders of Class 2(b) Claims in any such sale or liquidation event. Class 2(a) is Impaired. Class 2(b) consists of the Allowed General Unsecured Claims Against Abide Brands, Inc. In full satisfaction of their Allowed Class 2(b) Claims, on the Effective Date Holders of Class 2(b) Claims shall receive a pro rata share of the following sums during the specified year of the Plan Term with the timing of such payments determined at the Reorganized Debtor's election during the applicable Plan year, provided all Class 1 and Class 3 Claimholders receive their Distributions within the same Plan year: 2024 - $2,400.00 2025 - $6,811.24 2026 - $7,731.24 2027- $6,259.24 In addition to the Distributions, Class 2(b) Claimholders shall be entitled to receive any net proceeds remaining from a sale or liquidation event concerning the Interests or Assets of Abide and Paykickstart following the satisfaction of Class 1, 2(a), and 3 Claims in full. The maximum Distribution to Class 2(b) Claimholders shall be equivalent to the face value of such holders' Allowed Class 2(b) Claims, respectively. Class 2(b) is Impaired. Class 2(c) consists of all Allowed General Unsecured Claim against Abide held by the Internal Revenue Service (the "IRS"). In full satisfaction of the Allowed Class 2(c) Claim, the IRS shall receive payment of its Class 2(c) Claim in full by the later of the Effective Date or the date such Claim is deemed to be Allowed. The maximum Distribution to the Class 2(c) Claimholder shall be equal to the total amount of all Allowed Class 2(c) Claim. Class 2(c) is Unimpaired. Class 3 consists of all Allowed General Unsecured Claims against PayKickstart. In full satisfaction of the Allowed Class 3 General Unsecured Claims, on the Effective Date Holders of Class 3 Claims shall receive a pro rata share of equal monthly installments paid by the Debtor over the Plan Term. The amount of each monthly installment paid to the Class 3 Claimholders will be determined on the Effective Date and shall be determined based on the aggregate amount of all Class 3 Claims (Allowed Claims and Disputed Claims) divided by the length of the Plan Term. Distributions on account of Disputed Class 3 Claims will be retained by the Debtor and paid in accordance with terms of the Plan. The maximum Distribution to Class 3 Claimholders shall be equal to the total amount of all Allowed Class 3 General Unsecured Claims. Class 3 is Impaired. The Plan contemplates Paykickstart will continue to manage and operate its payment software company in the ordinary course, but with restructured debt obligations. The revenue generated from Paykickstart's operations will be utilized to funds the Plan obligations. Funds generated from Debtors' respective operations through the Effective Date will be used for Plan Payments; however, cash on hand of the Debtors as of date of the Confirmation Order will be available for payment of Administrative Expenses. A full-text copy of the Final Subchapter V Plan dated January 7, 2025 is available at https://urlcurt.com/u?l=sPUIYz from PacerMonitor.com at no charge. Counsel to the Debtors: Justin M. Luna, Esq. Daniel A. Velasquez, Esq. Latham Luna Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com About Abide Brands Inc. Abide Brands Inc. provides environmental contracting and restoration firm. The Company offers abatement, lead paint, vermiculite, and PCB removal services. Abide serves customers in the States of Connecticut and Massachusetts. Abide Brands Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03075) on June 19, 2024. In the petition filed by Jared Schneider, as president and sole shareholder, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP. ALCOTT ENTERPRISES: Taps Carey L. Melton as Litigation Counsel -------------------------------------------------------------- Alcott Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Carey L. Melton Law, PC as special litigation counsel. The firm will assist the Debtor in preparing demands for payments and represent it in all matters related to the prosecution of the adversary proceeding actions to trial. Carey Melton, Esq., the primary attorney in this representation will be paid at an hourly rate of $250. In addition, the firm will seek reimbursement for expenses incurred. Ms. Melton 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: Carey L. Melton, Esq. Carey L. Melton Law, PC 13157 Mindanao Way, #582 Marina del Rey, CA 90292 Telephone: (310) 806-0699 Email: carey@careymelton.com About Alcott Enterprises Alcott Enterprises, LLC is an information technology consulting and cyber security company Debtor has the required licenses to conduct its business. Alcott Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14992) on June 25, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Julia W. Brand presides over the case. The Debtor tapped Thomas B. Ure Esq., at Ure Law Firm as bankruptcy counsel and Carey L. Melton Law, PC as special litigation counsel. ALL SAFE: Seeks to Hire Kirby Aisner & Curley as Legal Counsel -------------------------------------------------------------- All Safe Fire Sprinkler Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirby Aisner & Curley LLP to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Partners $525 - $625 Of Counsel $475 - $625 Associates $350 Paraprofessionals/Law Clerks $150 - $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a payment in the amount of $36,738 on January 2, 2025 from the Debtor. Dawn Kirby, Esq., an attorney at Kirby Aisner & Curley, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dawn Kirby, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: dkirby@kacllp.com About All Safe Fire Sprinkler Systems All Safe Fire Sprinkler Systems Inc. is based in Elmsford, New York and operates as a fire sprinkler systems installation and maintenance provider. All Safe Fire Sprinkler Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22004) on January 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Sean H. Lane handles the case. Dawn Kirby, Esq. of Kirby Aisner & Curley, LLP represents the Debtor as counsel. ALPINEBAY INC.: Hires Shioda Langley & Chang as Legal Counsel ------------------------------------------------------------- Alpinebay, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Shioda Langley & Chang LLP as legal counsel. The firm will provide legal advice and guidance to the Debtor with respect to the powers, duties, rights and obligations of the Debtor as Debtor-in Possession, the formulation and preparation of a Plan of Reorganization and Disclosure Statement, and to prepare on behalf of the Debtor all legal documents as may be necessary, and to perform such legal services as are required in these Chapter 11 proceedings. The firm will be paid at these rates: Partners $650 per hour Associates $360 per hour Paralegals $180 per hour The firm received a pre-petition retainer in the amount of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher J. Langley, Esq., a partner at Shioda, Langley & Chang LLP, 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: Gene H. Shioda, Esq. Christopher J. Langley, Esq. Steven P. Chang, Esq. Shioda, Langley & Chang LLP 1063 E. Las Tunas Dr. San Gabriel, CA 91776 Tel: (626) 281-1232 Fax: (626) 281-2919 Email: ghs@slclawoffice.com chris@slclawoffce.com schang@slclawoffice.com About Alpinebay, Inc. Alpinebay Inc. is a building materials and manufacturing company located in California. Its products include EZ-Niches, a lightweight and durable material, offering exceptional strength and longevity. These niches not only provide a functional storage space for shower essentials but also serve as a stylish focal point for decorative tiles. It also offers Ultra X Guard, a liquid polymer membrane that provides flawless waterproofing and fracture protection up to 1/8" without the necessity of additional fabric. Alpinebay sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11386) on December 6, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Anne Xiuying Ho, chief executive officer, signed the petition. Judge Ronald A. Clifford, III handles the case. Christopher J. Langley, Esq., at Shioda Langley & Chang, LLP is the Debtor's legal counsel. ALVOGEN PHARMA: S&P Downgrades ICR To 'CCC+', On Watch Negative --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating to 'CCC+' from 'B-' reflecting Alvogen Pharma US Inc.'s vulnerability and dependence on near-term refinancing. S&P said, "We also lowered our issue-level rating on its first-lien term loan to 'CCC+' from 'B-'. The '3' recovery rating, which we revised from '4', and reflects our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. The '3' rating reflects a reduction in ABL borrowings in our simulated default scenario, following recent reduction in the balance outstanding. "At the same time, we placed all our ratings on Alvogen on CreditWatch with negative implications, pending the company's ability to address its near-term debt maturities. "The CreditWatch placement reflects heightened refinancing risk. We could lower our ratings by multiple notches within the next month or two if the company does not successfully refinance its capital structure. "Our 'CCC+' rating reflects heightened near-term refinancing risk, despite trailing-12-month leverage improving to 3.8x, given near-term maturities and uncertainty around the durability of revenues from key products. Although we believe Alvogen's strong performance and significant deleveraging in 2023 and 2024, as well as its cash balance of $117 million as of Dec. 31, 2024, strengthen the company's creditworthiness, we believe refinancing risk is heightened given the failure to address the refinancing yet, given near-term maturities on the $240 million ABL ($147 million outstanding) and $727 million term loan, on Jan. 29, 2025 and June 30, 2025, respectively. We believe the company is dependent upon refinancing its debt. "We believe the company's failure to have refinanced the debt at this point may reflect challenges refinancing the debt, rather than merely details of the negotiation. We believe such concern would most likely relate to uncertainty around the durability of its revenues and the ability of its pipeline products to offset revenue declines. Indeed, our base case which is more conservative than the company's expectations, assumes revenue and EBITDA declines in 2025 and 2026, and for leverage to rise to 5x-6x in 2025 and 6x-7x in 2026, but even that involves some uncertainties. "Despite the increased refinancing risk, we expect the company will likely successfully complete the refinancing within the next month or two. The company has indicated its refinancing efforts and related negotiations are progressing, though this has taken longer to conclude than we expected. "Given the company's recent improvements in operating performance, we anticipate the company is more likely than not to succeed with a refinancing, avoiding an event of default or a distressed exchange. Moreover, given the company's cash balance of about $117 million, we see limited risk of a default stemming from an inability to address the near-term maturity on the ABL ($147 million outstanding). If the company addresses these 2025 maturities, we could upgrade our ratings. "We continue to view Alvogen's business as particularly volatile and see significant challenges in sustaining its current level of performance. We expect the company's current strong sales of two key products lenalidomide (hematological oncology) and lisdexamfetamine (ADHD) will continue in 2025, but believe sales and earnings for 2026 and beyond is more uncertain. More specifically, the volume-limiting agreements Alvogen and other generic manufacturers have with Bristol Myers Squibb end in January 2026, and sales and EBITDA could decline very sharply with the entrance of more competitors. Similarly, the DEA's September 2024 decision to increase aggregate production quotas for lisdexamfetamine supports the likelihood that strong sales continue into 2025. However, we expect supply shortages will gradually abate in 2025 and 2026, reducing Alvogen's market share, sales, and EBITDA margins." Beyond these products, the rest of the portfolio also involves uncertain market dynamics and Alvogen's performance is largely dependent on its next big generic product launch, the timing of which can be unpredictable due to extensive patent-related legal challenges. The company's attempts to market a generic version of rifaximin have so far been unsuccessful, but the company continues to push for a single-indication launch before 2028 when generic entry by multiple manufacturers is expected. S&P said, "The CreditWatch placement reflects our view that the company faces mounting refinancing risks. We could lower our ratings by multiple notches in the next two months if the company doesn't successfully refinance its capital structure or if it encounters a liquidity crunch relating to the maturing ABL." AMARILLO PLATINUM: Seeks to Extend Plan Exclusivity to Feb. 14 -------------------------------------------------------------- Amarillo Platinum, LLC, and affiliates asked the U.S. Bankruptcy Court for the Middle District of Tennessee to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 14 and April 25, 2025, respectively. The Debtors explain that the basis for the requested extension set forth in the First Extension Order in their prior motion for an extension of the 120-Day Exclusivity Period and the 180-Day Period (the "First Extension Motion"). That basis remains and further supports the extensions requested herein. Moreover, since entry of the First Extension Order, the Debtors, by and through their employed restructuring advisors, have been exploring all possible options for resolution of this case. The Debtors remain optimistic that they can propose a confirmable plan, and perhaps even a consensual plan, but they need additional time to prepare the necessary financial forecasts needed to establish the plan's compliance with Section 1129 of the Bankruptcy Code. The Debtors assert that creditor, in general, will not be prejudiced by the extension request, because the requested extended deadlines fall within the extension limitation found in Section 1121(d)(2) of the Bankruptcy Code, and, specifically as to the largest secured creditor, LBC2 Trust, because it has consented to the requested extension dates. The Debtors believe, and if necessary will present evidence to demonstrate, that if given additional time to propose a Plan on an exclusive basis, they will be able to propose a confirmable Plan that will at best be consensually supported by all creditors or at worst provide creditors significantly more than they would receive in a Chapter 7 liquidation. Counsel to the Debtors: Henry E. (Ned) Hildebrand, IV, Esq. Gray Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Boulevard, Suite 316 Brentwood, TN 37027 Phone: (615) 933-5851 Email: ned@dhnashville.com Email: gray@dhnashville.com About Amarillo Platinum Amarillo Platinum, LLC d/b/a SpringHill Suites Amarillo filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-02447) on July 1, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Mitul Patel as manager. Judge Charles M Walker presides over the case. Henry E. ("Ned") Hildebrand, IV, Esq. at DUNHAM HILDEBRAND PAYNE WALDRON, PLLC, is the Debtor's counsel. AMERICAN CANNING: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------------- Sahar Chmais of Austin Business Journal reports that American Canning LLC, an Austin-based manufacturer of aluminum cans and beverage packaging, has filed for Chapter 7 bankruptcy. According to the report, it filed with the U.S. Bankruptcy Court for the Western District of Texas on December 31, 2024, reporting total liabilities exceeding $63 million. Chapter 7 bankruptcy involves the liquidation of a debtor's nonexempt assets, with proceeds distributed to creditors. According to the filing, American Canning owes between 100 and 199 creditors, and its assets, including cash, inventory, and machinery, are valued at around $690,000. Its largest unsecured creditor is Toyo Seikan Co. LTD, with a claim of approximately $55 million. Other creditors include Ball Corp., Drink LMNT, PakTech OPI, and TC Austin Industrial Development Inc., each owed hundreds of thousands of dollars. A creditors' meeting is scheduled for noon on February 6 via Zoom. Previously an official distributor for Ball Corp., American Canning expanded operations in 2022, moving into a 155,000-square-foot facility at 8001 Industry Way in Southeast Austin. This expansion tripled the company's space. The property is currently listed for lease through CBRE. Before the expansion, the company employed around 75 people, with plans to double its workforce within a year, the report states. In 2022, American Canning also introduced Aluminum Toyo Ultimate Can (aTULC) manufacturing to Austin, a line developed by Toyo Seikan. However, operations at the aTULC plant were halted in late 2024 after Toyo Seikan withdrew support for the project, according to reports by Brewbound and Bevnet, according to report. David Racino, the company's co-founder and CEO, could not be reached for comment. Douglas Powell, the attorney handling the bankruptcy case, did not immediately respond to requests for comment. About American Canning LLC American Canning LLC is an Austin-based manufacturer of aluminum cans and beverage packaging. American Canning LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11673) on December 31, 2024. In its petition, the Debtor reports estimated assets around $690,000 and total liabilities exceeding $63 million. Honorable Bankruptcy Judge Shad Robinson oversees the case. Douglas J. Powell, Esq., at Law Offices Of Douglas J. Powell represents the Debtor as counsel. AMERICAN GREETINGS: S&P Affirms 'B' ICR, Outlook Negative --------------------------------------------------------- S&P Global Ratings affirmed all its ratings on U.S.-based greeting card maker American Greetings Corp. (AG), including the 'B' issuer credit rating. The recovery rating on the company's senior secured debt remains '3', indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The stable outlook reflects S&P's expectation that AG will manage leverage near the low-4x area over the next 12 months. Elliott Management has reached an agreement to acquire a 60% ownership stake in American Greetings Corp. Existing shareholders Clayton, Dubilier & Rice (CD&R) and the Weiss family will retain a 40% stake. The acquisition modestly increases pro forma S&P Global Ratings-adjusted last 12 months (LTM) ended August 2024 leverage to 4.5x from 4x, due to our consideration of the Elliott preferred stock as debt in S&P's analysis. However, this level remains comfortably under our downgrade trigger of 7x. S&P said, "The ratings affirmation reflects our expectation for leverage to remain in the mid-4x area in the coming year, and we believe there is risk of a leveraging event under the new financial sponsors. S&P Global Ratings-adjusted leverage increased to 4x as of the LTM ended Aug. 30, 2024 from 3.3x at the end of fiscal 2024. This was primarily driven by the company's dividend capitalization in April 2024, when it borrowed $800 million under a new senior secured first-lien term loan to fund a $300 million shareholder distribution. "Historically, our adjusted leverage has been about 1.4x higher because we included about $200 million of preferred stock as debt since CD&R acquired its majority stake in 2018. "We assess Elliott's $282 million of new preferred equity as debt in our latest analysis given its fixed 15% payment-in-kind (PIK) dividend with a cash pay option, subject to restricted payment covenant in AG's credit agreement. The $184 million of rollover equity is considered common based on terms and documentation provided. The latest acquisition is also being funded with a $59 million draw on its $250 million revolving credit facility. The company's existing first-lien term loan remains outstanding. Pro forma, we expect this will result in leverage of approximately 4.4x at the end of fiscal 2025, falling back to the low-4x area for the remainder of our forecast horizon. "We believe the company's financial policies could remain aggressive under the new sponsor ownership, given the company's past record of shareholder distributions. We believe that financial sponsors typically operate with high debt levels and focus on maximizing equity returns for the sponsor owners. As such, we believe there remains a risk of a leveraging event under Elliott's ownership that could result in leverage above 5x, if it shows willingness to use debt and operate at higher levels of leverage by funding large debt-financed acquisitions or distributions. "We expect low-single-digit annual revenue growth and EBITDA margins in the 24% area over the next year. AG's revenue grew by 0.6% as of the LTM ended Aug. 30, 2024, after declining in fiscals 2023 and 2024 driven by a cautious customer base and softer discretionary spending. Increased penetration at Walmart and new distribution wins overseas have begun to partially offset these demand challenges, and we expect the company's topline will benefit from additional product expansion within AG's existing store base. While AG continues focus on shifting its product mix away from its historical dependence on paper greeting cards, these offerings still represent the majority of the company's total revenue, and we do not expect a material shift in the company's product mix in the near term. We forecast greeting card volumes to continue to face secular declines with limited growth opportunities from pricing and innovation. We believe this will partially temper potential top-line growth from AG's expansion of its broader celebration strategy. This will result in modest annual revenue growth of 1.3% in fiscal 2025, increasing to 3% in fiscal 2026, reflecting the slow easing of consumer discretionary spending pressures and volume benefit from increased distribution. "We forecast the company will maintain S&P Global Ratings-adjusted EBITDA margins of about 24% over the next 12 months, as higher selling and distribution costs offset benefits from ongoing cost reduction efforts. AG has taken significant costs out of the business, and there is uncertainty around further reductions to improve margins given the many internal cost-savings that have already been identified and realized since being acquired. In addition, we forecast any additional savings will also be offset by higher marketing and distribution costs to support revenue growth, resulting in stable EBITDA margins throughout our forecast horizon. "AG remains a good cash flow generator, and we forecast reported free operating cash flow (FOCF) of at least $60 million annually over the next two years. The company has historically been a better cash generator, with reported FOCF of over $100 million between fiscal 2021 and fiscal 2023. This has been supported by its minimal capital expenditure (capex) needs, predictable seasonality, and long-term wholesale contracts with key retailers. While we expect slightly weaker cash flow in fiscal 2025, reflecting its investments in celebration growth initiatives, we also forecast the company's FOCF will improve closer to these historical levels over the course of our forecast horizon as it continues its normal cadence of operations and maintains its leading position in the paper greeting card industry. "The stable outlook reflects our expectation that AG will manage leverage near the low-4x area, with relatively stable operating performance demonstrated by EBITDA margins of approximately 24% and stable FOCF generation over the next 12 months. S&P could lower the ratings if AG sustained leverage above 7x. It believes this could occur if: -- AG adopted a more aggressive financial policy by funding large debt-financed acquisitions or dividends; -- Operating performance were below expectations because the inflationary environment pressures consumer discretionary spending and cost-management efforts are not sufficient to avoid substantial EBITDA erosion; and -- Demand for the company's core products materially fell due to secular declines in the paper greeting card industry. Although unlikely given financial-sponsor ownership, S&P could raise its ratings if: -- There were a demonstrated commitment to a consistent financial policy consistent with maintaining leverage below 5x; and -- Revenue grows organically with the company demonstrating a disciplined use of cash flows for debt repayment. ARCHBISHOP OF BALTIMORE: Seeks to Extend Plan Exclusivity --------------------------------------------------------- Roman Catholic Archbishop of Baltimore asked the U.S. Bankruptcy Court for the District of Maryland to extend the periods within which the Debtor have the exclusive right to file a plan of reorganization and obtain acceptance thereof to March 31, 2025 and May 30, 2025. The Debtor believes that sufficient cause exists to support the requested extension of the Exclusive Periods, because: (a) the Chapter 11 Case is sufficiently complex with threshold contingencies remaining unresolved; (b) the Debtor has been making good faith progress towards reorganization; (c) the requested extension is necessary to resolve the contingencies necessary to proceed with a successful reorganization; and (d) the Debtor is paying all postpetition obligations in the ordinary course as they come due. The Debtor hopes to resolve the Adversary Proceeding as expeditiously as possible, but a final resolution will not be reached before the current exclusivity period ends as the Debtor, Committee and Insurers continue to work through numerous global mediation issues. The outcome of the Adversary Proceeding will determine the scope of funds available to fund the Debtor's plan of reorganization. Additionally, with respect to claims arising from abuse, the Debtor correctly anticipated that many claims would be submitted without adequate information and the Debtor therefore has been actively coordinating with the counsel for the various claimants to request supplemental information to the proofs of claim. This discovery process will further delay the Debtor's ability to quantify the number and dollar amount of the claims against its estate. The Debtor asserts that it is not seeking an extension of the Exclusive Periods for purposes of delaying recoveries to creditors or forcing them to accede to the Debtor's demands. On the contrary, the Debtor requests this extension so that it can resolve the outstanding issues in a consensual manner and in an effort to ensure all parties are fairly compensated. The Debtor further asserts that its payment of postpetition obligations as they come due supports a finding that the Debtor is not abusing its exclusivity period. The Debtor is current on all postpetition obligations and anticipates that this practice will continue. Thus, the requested extension of the Exclusive Periods will not prejudice any legitimate interests of its creditors. Attorneys for the Debtor: Catherine K. Hopkin, Esq. YVS LAW, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Tel: 443-569-0788 Fax: 410-571-2798 Email: chopkin@yvslaw.com - and - Blake D. Roth, Esq. Tyler N. Layne, Esq. HOLLAND & KNIGHT LLP 511 Union Street, Suite 2700 Nashville, TN 37219 Tel: 615.244.6380 Fax: 615.244.6804 Email: blake.roth@hklaw.com tyler.layne@hklaw.com - and - Philip T. Evans, Esq. HOLLAND & KNIGHT LLP 800 17th Street, NW, Suite 1100 Washington, DC 20006 Tel: 202.457.7043 Email: philip.evans@hklaw.com About Roman Catholic Archbishop of Baltimore Roman Catholic Archbishop of Baltimore is a non-profit religious institution that maintains its principal place of business at 320 Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon Law and Maryland law, the RCAB holds property, including real property, as a corporation sole for the purposes of erecting churches, parsonages, burial grounds, or schools according to the discipline and government of the Roman Catholic Church, with all such property to be used only for such purposes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition signed by William E. Lori, archbishop, the Debtor disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal counsel; Keegan Linscott & Associates, PC as financial and restructuring advisor; and Gallagher Evelius & Jones LLP as special counsel. Epiq Corporate Restructuring LLC is the claims, noticing, and balloting agent. The U.S. Trustee for Region 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Archbishop of Baltimore. The committee hires Stinson LLP as counsel. Tydings & Rosenberg LLP as local counsel. ASMC LLC: Seeks to Extend Plan Filing Deadline to April 21 ---------------------------------------------------------- ASMC, LLC, asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its period to file a chapter 11 plan of reorganization and disclosure statement, and obtain acceptance thereof to April 21 and June 22, 2025, respectively. The Debtor is an Illinois limited liability company operating from 19087 W. Casey Rd., Libertyville, IL 60048 and is engaged in the sale and distribution of industrial fasteners. The Debtor's Chapter 11 case was filed as a result of litigation instituted by several of the Debtor's creditors. The Debtor claims that it requests the entry of any Order extending the time for the company to file its Plan of Reorganization and Disclosure Statement and extending the exclusive right to solicit acceptances to allow the Debtor to assess its post-petition cashflow with a view towards proposing a viable and consensual plan of reorganization. The Debtor asserts that the motion is not being brought to cause delay, no party will be prejudiced by the granting of the requested extension, and no prior extensions have been requested. About ASMC, LLC ASMC, LLC is a fastener distributor headquartered in Libertyville, Ill. It sells anchors, bolts & screws, nuts, washers, pins and clips, and bearings. ASMC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14067) with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Anthony J. King as managing member. Judge David D. Cleary oversees the case. The Debtor is represented by: Scott R Clar Crane, Simon, Clar & Goodman 135 South LaSalle Street, Suite 3950 Chicago, IL 60603-4297 Tel: (312) 641-6777 Fax: (312) 641-7114 Email: sclar@cranesimon.com ASPIRA WOMEN'S: Accepts Resignation of Interim CFO -------------------------------------------------- Aspira Women's Health Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that it has accepted the resignation of John Kallassy, the Company's interim chief financial officer, effective Jan. 10, 2025, for personal reasons. Dr. Sandra Milligan, the Company's chief executive officer, will serve as the Company's principal accounting officer for the present time. Furthermore, the Board of Directors of the Company has approved the reinstatement of Dr. Milligan's full salary retroactive to Dec. 16, 2024. About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. The Company's commercially available portfolio includes OvaWatch and the Ova1Plus workflow, offered to clinicians as OvaSuite. Together, they provide the only comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the more than 1.2 million women in the United States diagnosed with an adnexal mass each year. OvaWatch is used to assess ovarian cancer risk for women with an adnexal mass where their initial clinical assessment indicates the mass is indeterminate or benign. With a negative predictive value of 99%, OvaWatch can help physicians determine the appropriate care pathway. The Ova1Plus workflow is designed to assess the risk of ovarian malignancy in women planned for surgery and uses two FDA-cleared tests, Ova1 as the primary test and Overa as a reflex for Ova1 intermediate range results. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raises substantial doubt about its ability to continue as a going concern. BENK GROUP: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: The Benk Group LLC Emerald Cut Lawn & Landscape 1960 Tapadero Lane Celina, TX 75009 Business Description: The Benk Group LLC, doing business as Emerald Cut Lawn & Landscape, is a locally owned and family-operated company specializing in lawn care and landscaping services. The Company offers design, installation, and maintenance solutions for both commercial and residential clients in the Southwest Dallas County, Northern Ellis County, and Southeast Tarrant County areas. Chapter 11 Petition Date: January 13, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-40100 Judge: Hon. Brenda T Rhoades Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano TX 75074 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eric Shaffer as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7PHL2AA/The_Benk_Group_LLC__txebke-25-40100__0001.0.pdf?mcid=tGE4TAMA BIORA THERAPEUTICS: Seeks to Hire Kroll as Administrative Advisor ----------------------------------------------------------------- Biora Therapeutics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kroll Restructuring Administration LLC as administrative advisor. The firm will render these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare 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 Debtor's schedules of assets and liabilities and statement 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. Kroll received an advance in the amount of $50,000 from the Debtor. The hourly rates of the firm's professionals are as follows: Analyst $35 - $60 Technology Consultant $50 - $135 Consultant/Senior Consultant $75 - $205 Director $215 - $265 Solicitation Consultant $235 Director of Solicitation $275 Managing Directors and Experts $300 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 the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Kroll Restructuring Administration LLC 1 World Trade Center, 31st Floor New York, NY 10007 Telephone: (212) 593-1000 About Biora Therapeutics Inc. Biora Therapeutics Inc. creates innovative smart pills designed for targeted drug delivery to the GI tract and systemic, needle-free delivery of biotherapeutics. It develops therapies to improve patients' lives. Biora Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12849) on December 27, 2024. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor tapped McDermott Will & Emery LLP as counsel, MTS Health Partners as investment banker, and Kroll Restructuring Administration LLC as administrative advisor. Evora Partners, LLC is also tapped to provide the Debtor with a chief transition officer (CTO) and certain additional personnel. BIORA THERAPEUTICS: Taps Evora to Provide CTO and Other Personnel ----------------------------------------------------------------- Biora Therapeutics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Evora Partners, LLC to provide the Debtor with a chief transition officer (CTO) and certain additional personnel. Richard Miller, who has been appointed by Evora Partners as CTO, and other additional personnel will render these services: (a) assist in the evaluation and/or development of a short-term cash flow model and/or related liquidity management tools for the Debtor for such purpose(s) as it may require; (b) assist in the evaluation and/or development of a business plan and/or such other related forecasts and analyses for the Debtor for such purpose(s) as it may require; (c) assist in obtaining and presenting information required by parties in interest in this chapter 11 case; (d) assist the Debtor with review and revision of its business plan, and such other related forecasts as may be required in negotiations or for other corporate purposes; (e) assist the Debtor in its preparation of its Statement of Financial Affairs, Statement of Assets and Liabilities, Monthly Operating Reports, and other required reporting during its Chapter 11 case; (f) assist the Debtor in preparation of a resolution to its Chapter 11 case; (g) participate in meetings or negotiations with secured creditors, unsecured creditors and constituents as well as other appropriate parties in connection with any restructuring, sale transaction and/or financing transaction; (h) assist the Debtor in planning communication strategies and tactics in connection with its chapter 11 case, and developing associated restructuring communications materials for all critical stakeholder audiences; (i) assist the Debtor in preparing documentation within Evora's area of expertise that is required in connection with any restructuring, sale transaction and/or financing transaction; (j) attend meetings of the board of directors (or similar governing body) of the Debtor with respect to matters on which Evora has been engaged to advise hereunder; (k) provide testimony, as necessary, with respect to matters on which Evora has been engaged to advise hereunder in any proceeding in a Chapter 11 case; (l) work with the Debtor's investment banker to provide due diligence support for transactions being pursued and managing prospective counterparties; and (m) provide the Debtor with other financial restructuring advice as it may be specifically agreed upon in writing with Evora. The firm will be paid at these hourly rates: Senior Managing Directors $800 Senior Consultants/Directors $600 In addition to its hourly billing rates, the Debtor has agreed to pay Evora a monthly fee of $75,000 for serving as the CTO throughout the term set forth in the Engagement Letter. The firm will seek reimbursement for expenses incurred. In the 90 days prior to the petition date, Evora and Engagement Personnel received retainers and payments totaling $161,635. Mr. Miller 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 Miller Evora Partners, LLC 136 E. 55th St., Apt. 9a New York, NY 10022 Telephone: (917) 720-7018 Email: info@evorapartners.com About Biora Therapeutics Inc. Biora Therapeutics Inc. creates innovative smart pills designed for targeted drug delivery to the GI tract and systemic, needle-free delivery of biotherapeutics. It develops therapies to improve patients' lives. Biora Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12849) on December 27, 2024. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor tapped McDermott Will & Emery LLP as counsel, MTS Health Partners as investment banker, and Kroll Restructuring Administration LLC as administrative advisor. Evora Partners, LLC is also tapped to provide the Debtor with a chief transition officer (CTO) and certain additional personnel. BIORA THERAPEUTICS: Taps McDermott Will & Emery as Legal Counsel ---------------------------------------------------------------- Biora Therapeutics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ McDermott Will & Emery LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) advise and consult on the conduct of this Chapter 11 case; (c) attend meetings and negotiate with representatives of the Debtor's creditors, equity holders, and other parties in interest; (d) review and comment on proposed drafts of pleadings in connection with this Chapter 11 case; (e) advise the Debtor in connection with any potential sale of assets or transfer of operations; (f) at the request of the Debtor, appear before the court and any appellate courts to represent the interests of the Debtor's estate as its bankruptcy counsel; (g) advise the Debtor regarding tax matters; (h) assist the Debtor in reviewing, assessing, estimating, and resolving claims asserted against the its estate; (i) advise the Debtor regarding insurance and regulatory matters; and (j) perform all other necessary legal services for the Debtor in connection with the prosecution of this Chapter 11 case. The firm will be paid at the following hourly rates: Partners $1,500 - $2,520 Counsel $980 - $1,395 Associates $895 - $1,485 Paraprofessionals $360 - $745 In addition, the firm will seek reimbursement for expenses incurred. On November 26, 2024 the firm received an advance payment retainer of $150,000 from the Debtor. Jonathan Levine, Esq., a partner at McDermott Will & Emery, 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: Jonathan I. Levine, Esq. McDermott Will & Emery LLP The Brandywine Building 1000 N. West Street, Suite 1400 Wilmington, DE 19801 Telephone: (212) 547-5691 Email: jlevine@mwe.com About Biora Therapeutics Inc. Biora Therapeutics Inc. creates innovative smart pills designed for targeted drug delivery to the GI tract and systemic, needle-free delivery of biotherapeutics. It develops therapies to improve patients' lives. Biora Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12849) on December 27, 2024. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor tapped McDermott Will & Emery LLP as counsel, MTS Health Partners as investment banker, and Kroll Restructuring Administration LLC as administrative advisor. Evora Partners, LLC is also tapped to provide the Debtor with a chief transition officer (CTO) and certain additional personnel. BIORA THERAPEUTICS: Taps MTS Health Partners as Investment Banker ----------------------------------------------------------------- Biora Therapeutics, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ MTS Health Partners, LP as investment banker. The firm will provide these services: (a) familiarize itself to the extent it deems appropriate and feasible with the business, operations, financial condition, assets, compounds and prospects of the Debtor; (b) assist the Debtor in identifying and evaluating candidates for any transaction; (c) assist the Debtor in identifying potential investors and using its reasonable best efforts to assist in arranging sales of the securities to investors for any financing transaction; (d) contact potential candidates which may be appropriate for consummating a sale transaction as acceptable to the Debtor, and in rendering such services, MTS may meet with representatives of such candidates and provide such representatives with such information about the Debtor as may be appropriate; (e) advise and assist the Debtor in considering the desirability of effecting a transaction, and, if determined appropriate by the Debtor, in developing and implementing a general strategy for accomplishing and negotiating the transaction; (f) advise and assist the Debtor in preparing a document or documents to describe it and its management and financial status for use in discussions with potential acquiring parties; (g) advise and assist senior management of the Debtor in making presentations to its Board of Directors concerning the transaction, as appropriate; (h) provide such other financial advisory services in connection with a potential transaction as the Debtor reasonably and specifically requests and as MTS agrees; (i) advise the Debtor in connection with discussions with its lenders and other creditors with respect to any restructuring transaction; (j) assist in the preparation of offering, marketing or other transaction materials concerning the Debtor and the restructuring transaction for distribution and presentation to the Debtor's creditors and/or investors; (k) provide financial advice and assistance to the Debtor in developing and seeking approval of any such restructuring transaction; (l) participate in the negotiation with the creditors and investors and other parties in interest with respect to such restructuring transaction; and (m) participate in hearings before the court with respect to the matters upon which MTS has provided advice. The firm will be paid at these following fees: (a) monthly fees of $100,000 and 50 percent of any monthly fee paid in any month; (b) sale transaction success fee equal to 2 percent of the Total Consideration; (c) restructuring transaction success fee of $1,500,000; (d) financing transaction success fee of: (i) 2 percent of the gross proceeds from any secured debt raised as part of a Transaction; (ii) 4 percent of the gross proceeds from any unsecured debt raised as part of a Transaction; (iii) 6 percent of the gross proceeds from any equity raised as part of a Transaction; (iv) in no event shall any financing transaction success fee be less than $250,000, regardless of the total consideration; and (v) 50 percent of any financing fee shall be credited one time against the payment of any sale transaction fee or restructuring transaction fee with a total maximum credit of $125,000; (e) single transaction fee. In addition, the firm will seek reimbursement for expenses incurred. During the 90-day period prior to the commencement of this case, the firm was paid $10,000 advance for reimbursements and $100,000 for fees. Daun Chung, a member at MTS Health Partners, 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: Daun Chung MTS Health Partners, L.P. 623 5th Ave., 14th Floor New York, NY 10022 Telephone: (212) 887-2100 About Biora Therapeutics Inc. Biora Therapeutics Inc. creates innovative smart pills designed for targeted drug delivery to the GI tract and systemic, needle-free delivery of biotherapeutics. It develops therapies to improve patients' lives. Biora Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12849) on December 27, 2024. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor tapped McDermott Will & Emery LLP as counsel, MTS Health Partners as investment banker, and Kroll Restructuring Administration LLC as administrative advisor. Evora Partners, LLC is also tapped to provide the Debtor with a chief transition officer (CTO) and certain additional personnel. BLUM HOLDINGS: Amends Series V Preferred Stock Designation ---------------------------------------------------------- Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 30, 2024, the Board amended the designation of a series of the Company's Series V Preferred Stock and filed an Amended and Restated Certificate of Designation of Rights, Privileges, Preferences, and Restrictions of Series V Preferred Stock with the Secretary of State of the State of Delaware to establish the rights, privileges, preferences, and restrictions of the Series V Preferred Stock. The A&R Certificate of Designation became effective upon filing on December 30, 2024. The number of authorized shares of Series V Preferred Stock is 25,000,000 shares. Summary of the principal terms of the A&R Certificate of Designation: Dividends The holders of the Series V Preferred Stock do not have any preferential dividend rights and shall be entitled to receive dividends, if any, only if, when, and as declared by the Board in its sole and absolute discretion. Voting Rights Each share of Series V Preferred Stock shall have the right to take action by written consent or vote in number equal to two times the number of shares of the Company's Common Stock into which such shares of Series V Preferred Stock are then convertible. These voting rights may be exercised by vote at an annual meeting of the stockholders of the Company or at a special meeting of the stockholders of the Company or by written consent of the holders of Series V Preferred Stock. Except as otherwise required by law or by the Articles of Incorporation of which the A&R Certificate of Designation is a part, the holders of shares of Common Stock and shares of Series V Preferred Stock shall vote together and not as separate classes. Conversion Each share of Series V Preferred Stock shall be convertible into one-third of a share of Common Stock, in the manner set forth in this paragraph and as further described in the A&R Certificate of Designation. Each share of Series V Preferred Stock will automatically be converted into one-third fully paid and nonassessable share of Common Stock on the fourth anniversary of the date on which the holder's shares of Series V Preferred Stock were issued. In addition, at any time, or from time to time, from and after the first anniversary of the date on which a holder's shares of Series V Preferred Stock were issued, but prior to the date of the Automatic Conversion, such holder shall be entitled, upon written notice to the Company and the transfer agent (or solely to the Company if the Company serves as its own transfer agent for the Series V Preferred Stock), to convert each of such holder's shares of Series V Preferred Stock then held into one-third of a fully paid and nonassessable share of Common Stock. Liquidation Preference Upon any Liquidation Event (as defined in the A&R Certificate of Designation), before any distribution or payment shall be made to the holders of any class or series of the Company's capital stock ranking junior to the Series V Preferred Stock, the holders of the Series V Preferred Stock shall be entitled to be paid out of the assets of the Company an amount equal to an aggregate of $1.00 allocated among all of the then-issued and outstanding shares of Series V Preferred Stock. After the payment of the Preference Value of the shares of the Series V Preferred Stock as set forth in the A&R Certificate of Designation, the remaining assets of the Company legally available for distribution, if any, shall be distributed ratably to the holders of the Company's Common Stock and other classes or series of the Company's capital stock in the manner provided by law or the charter documents of the Company. Trading Market There is no established trading market for any of the Series V Preferred Stock, and the Company does not expect a market to develop. The Company does not intend to apply for a listing for any of the Series V Preferred Stock on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Series V Preferred Stock will be limited. About Blum Holdings Blum Holdings, Inc., headquartered in Santa Ana, California, is a cannabis company engaged in retail and distribution across California. The company focuses on providing high-quality medical and adult-use cannabis products and is known for its Korova brand, which offers high-potency products in various categories. Blum Holdings operates several dispensaries, including Blum OC in Orange County, and locations under The Spot and Blum brands in Santa Ana, Oakland, and San Leandro. Costa Mesa, California-based Marcum LLP, the company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2024. The report indicated a significant working capital deficiency, substantial losses, and the need for additional funds to meet obligations and sustain operations, raising substantial doubt about Blum Holdings' ability to continue as a going concern. As of September 30, 2024, Blum Holdings had $38.7 million in total assets, $66.2 million in total liabilities, and $27.5 million in total mezzanine equity and stockholders' deficit. BREWSTER PLASTICS: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------- Highland Group LLC and Brewster Plastics, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement with respect to Plan of Liquidation dated January 7, 2025. Highland was the beneficial owner and lessee of the real property located at 60 Jon Barrett Road, Patterson, New York 12563 (the "Property"). Highland's sole member is Robert P. Wallace. Brewster was a family-owned company headquartered in Patterson, New York. Brewster leased its premises from its affiliate, Highland at 60 Jon Barrett Road, Patterson, NY 1ZSO3. Brewster was founded over fifty years ago in 1971 by Robert Wallace, as a plastics injection molding manufacturer. Brewster continued to use its cash flow to honor its trade obligations to its vendors and service its customers. It did not have sufficient cash flow, however, to fund payments of real estate taxes as it was required to do under its lease with Highland. As a result of such nonpayment, the Highland Property was subject to a tax lien foreclosure proceeding commenced by Putnam County. ln the months leading up to the filing of this chapter 11 case, Brewster and Highland worked with their retained professionals to oppose the foreclosure of its leased property and to locate a potential suitor for not only Brewster's business assets but also for the Property. Brewster filed its voluntary petition under chapter 11 on June 3, 2024 so that it could continue to operate while pursuing an orderly sale of its assets. During the case Debtors sold the Brewster business as a going concern and the Property under the supervision of the Bankruptcy Court. The Sale of these assets closed in October 31,2024 and the proceeds of the Sale will fund the Debtors' Joint Plan of Liquidation. The Plan provides for the payment of the Debtors' creditors, from the Sale of the Highland Real Property and Brewster's business assets. Pursuant to the Plan, the Debtors will pay all Secured Claims, Allowed Administrative Expense Claims and Priority Claims in full. Holders of General Unsecured Claims will receive a pro rata Distributions of sale proceeds after payment of senior claims and costs of administering the Debtors' cases. The Debtors' Plan is a liquidating one. Brett Wallace will assist in the completion of the case and making distributions to Creditors. Class 3 consists of all Allowed General Unsecured Claims. Class 3 Claims are impaired under the Plan. On the Effective Date, or as soon thereafter as is reasonably practicable, the PostConfirmation Debtors shall make an initial Unsecured Creditor Distribution to the holders of Allowed Class 3 Claims, which shall be distributed on a pro rata basis to such holders. C1ass 4 consists of all interests. On the Effective Date, equity interests in the Debtors shall be unaffected by the Plan; provided, however, that holders of Class 4 interests will not receive any distributions on account of their interests. The Post-Confirmation Debtors will deposit proceeds of the liquidation of estate assets into a fund for Distributions to be made under the Plan (the "Distribution Fund"). This account will be the account established by the Debtors to deposit sale proceeds during the chapter 11 case. The Distribution Fund shall be used to pay the post-Confirmation Date expenses of the estate, including the fees and expenses of the Post-Confirmation Debtors (for implementing and administering the Plan), and their professionals. The source of funds to consummate the Plan will be the Debtors' Cash as of the Effective Date, and the proceeds of the Sale. A full-text copy of the Disclosure Statement dated Jan. 7, 2025 is available at https://urlcurt.com/u?l=SBzcqd from PacerMonitor.com at no charge. Counsel to the Debtor: Gerard R. Luckman, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 E-mail: GLuckman@forchellilaw.com About Brewster Plastics Inc. Brewster Plastics Inc. is an injection molding manufacturer offering custom plastic injection molding for production volumes as low as 100 pieces to one million plus parts. Brewster Plastics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35576) on June 3, 2024. In the petition signed by Brett Wallace, as president, the Debtor reports total assets of $1,831,095 and total liabilities of $3,706,281. The Debtor is represented by Gerard R. Luckman, Esq., at FORCHEILL DEEGAN TERRANA LLP. BUCKEYE PARTNERS: S&P Affirms 'BB-' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Buckeye Partners L.P., which reflects its analysis on the credit quality of the parent, Buckeye Energy Holdings. S&P said, "At the same time, we affirmed our 'BB+' rating on the BPL's senior secured debt and our 'BB-' issue-level rating on its senior unsecured debt. "We assigned a 'BB-' issue-level rating and '3' recovery rating to BPL's proposed $500 million senior unsecured notes due 2030, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The partnership intends to use the proceeds to redeem the $400 million 4.125% notes due March 2025. "The stable outlook reflects our expectation that Buckeye Partners L.P.'s S&P-Global Ratings-adjusted debt to EBITDA will remain under 5.5x and that leverage at BEH will not materially increase beyond existing levels. "We continue to factor Buckeye Partners L.P.'s parent company, Buckeye Energy Holdings, into our credit analysis. We view BPL as a core subsidiary of BEH. We expect BPL to continue to be the driver of cash flow to the consolidated entity given other subsidiary assets of BEH are under development and are not expected to contribute EBITDA over the immediate term. In 2024, contributions from BEH and debt reduction at BPL improved BPL's stand-alone leverage to under 5.5x; however, consolidated leverage at BEH remains elevated and constrains the issuer credit rating on BPL at 'BB-'. "We expect the company to maintain adequate liquidity over the forecast period as maturities in 2026 become current. Following the refinancing of the $400 million notes due 2025, the next nearest maturities are in the latter half of 2026. We expect that the $634 million outstanding under its term loan B due November 2026 and $600 million senior unsecured notes due December 2026 will be refinanced or managed through a combination of refinancings and liquidity over the next 12-24 months. As of Dec. 31, 2024, liquidity includes about $1 billion of availability under its revolving credit facility that matures in 2028 and forecasted cash funds from operations (FFO) of $700 million-$800 million in 2025. "The stable outlook reflects our expectation that Buckeye Partners L.P. will maintain S&P Global Ratings-adjusted debt to EBITDA under 5.5x and that leverage at BEH will not materially increase. "We could take a negative rating action on BPL if the group's consolidated leverage increased, specifically, if debt at parent BEH increased without corresponding actions to reduce leverage beyond existing levels. "In addition, we could take a negative rating action on BPL's stand-alone credit profile if stand-alone leverage were sustained above 5.5x. "While unlikely, we could take a positive rating action on BPL if consolidated leverage at BEH decreased." BURGERFI INT'L: Asset Sale Proceeds to Fund Plan Payments --------------------------------------------------------- BurgerFi International, Inc., and of Anthony's Pizza Holding Company, LLC and the Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Joint Chapter 11 Plan of Liquidation dated January 7, 2025. As of the Petition Date, the Debtors operated 67 restaurants, and franchised another 77 restaurants, under the BurgerFi and Anthony's Coal Fired Pizza brand names. The BurgerFi brand of restaurants was founded in 2011 with its first location in Lauderdale-by-the-Sea, Florida. On December 16, 2020, the BurgerFi business was acquired by OPES Acquisition Corp., a special purpose acquisition company, and thereafter was publicly-traded on the NASDAQ under the symbol "BFI". The Anthony's Coal Fired Pizza ("ACFP") brand of restaurants were founded in 2002 and were acquired by BF Parent on November 3, 2021 (the "ACFP Acquisition"). On September 20, 2024, the Debtors filed the Debtors' Motion for Entry of Orders (I) (A) Approving Bidding Procedures for the Sale of the Debtors' Assets, (B) Authorizing the Debtors to Designate a Stalking Horse Bid, (C) Scheduling an Auction and Approving the Form and Manner of Notice Thereof, (D) Approving Assumption and Assignment Procedures, and (E) Scheduling a Sale Hearing and Approving the Form and Manner of Notice Thereof; (II) (A) Approving the Sale of the Debtors' Assets Free and Clear of Liens, Claims, Interests, and Encumbrances, and (B) Approving the Assumption and Assignment of Executory Contracts and Unexpired Leases; and (III) Granting Related Relief (the "Sale Motion"). TREW purchased the assets in the ACFP Sale for a credit bid of $44,000,000 and the assumption of certain liabilities, including but not limited to certain accrued postpetition ordinary course operating expenses. The ACFP Sale closed on November 15, 2024 to Florida Pizza as the Designee of TREW under the ACFP Purchase Agreement. Contemporaneously with the closing of that ACFP Sale, all membership interests in Florida Pizza were acquired by Florida Burger, Inc. With regard to the BFI Sale, TREW purchased the assets for a credit bid of $10,000,000 and the assumption of certain liabilities, including but not limited to the Assumed Liabilities. The BFI Sale closed on November 27, 2024 to BFI Newco as the Designee of TREW under the BFI Purchase Agreement. On December 12, 2024, all membership interests in BFI Newco were acquired by an affiliate of Savvy Sliders, Inc. The initial Liquidating Trustee shall be selected by the Committee in consultation with TREW. The Liquidating Trustee shall not be required to give any bond or surety or other security for the performance of its duties unless otherwise ordered by the Bankruptcy Court. The Liquidating Trustee will be identified, and terms of employment will be disclosed, in the Plan Supplement. The BFI Assets, which include but are not limited to the BF Parent Assets, are the source of Distributions on account of Allowed Claims in Class 3 (TREW Claims), Class 4 (CP7 Claims), and Class 5 (BFI Claims). Notwithstanding anything to the contrary herein, if some or all of the BF Parent Assets (if any) are determined by the Liquidating Trustee, in its sole discretion after consultation with the Oversight Committee, to be appropriately and equitably allocable or attributable, in whole or in part, to the ACFP Debtors or otherwise to constitute ACFP Assets, then such BF Parent Assets shall to that extent be deemed to be ACFP Assets and available for Distributions to the same extent as other ACFP Assets. "General Unsecured Claim" means any Claim against any Debtor that is not an Administrative Claim, Priority Tax Claim, Secured Claim, Priority Non-Tax Claim, Intercompany Claim, or Interest. For the avoidance of doubt, all BFI Claims and ACFP Claims are General Unsecured Claims. Class 5 consists of all BFI Claims. Each Holder of an Allowed BFI Claim shall receive, in full and final satisfaction, settlement and release of such Claim, a Pro Rata share of BFI Assets that are Liquidating Trust Assets, with all Distributions thereon to be made in accordance with the provisions of the Plan and the Liquidating Trust Agreement, and subject to the Waterfall. Class 6 consists of all ACFP Claims. Each Holder of an Allowed ACFP Claim shall receive, in full and final satisfaction, settlement and release of such Claim, a Pro Rata share of ACFP Assets that are Liquidating Trust Assets, with all Distributions thereon to be made in accordance with the provisions of the Plan and the Liquidating Trust Agreement, and subject to the Waterfall. On the Effective Date, except as may otherwise be expressly provided in the Confirmation Order, the Liquidating Trust Assets shall automatically vest in the Liquidating Trust free and clear of all Claims, Liens, and Interests other than the TREW Interests. On the Effective Date, TREW shall make the TREW Cash Contribution to the Liquidating Trust. The TREW Cash Contribution shall be used to fund the costs of the Liquidating Trust and its pursuit of the Retained Causes of Action, and TREW shall not receive any Distributions from the TREW Cash Contribution. As of the Effective Date, for each BFI Debtor and ACFP Debtor: (i) all assets and Liabilities of such Debtor and its Estate shall be deemed merged, or treated as though merged, into and with the assets and Liabilities of the other BFI Debtors or ACFP Debtors as applicable; (ii) each Claim against such Debtor and its Estate shall be deemed to be a Claim against the consolidated BFI Debtors or ACFP Debtors as applicable; (iii) all guarantees, and all joint and several liability, of such Debtor of or for any obligations of any other Debtor shall be eliminated and canceled; (iv) no Distributions shall be made on account of any Intercompany Claims among the Debtors, and all such Claims shall be eliminated; and (iv) all joint and several liability of any Debtors for obligations of any other Debtors shall be deemed to be a single obligation of the BFI Debtors or ACFP Debtors as applicable. Holders of Allowed Claims shall be entitled to Distributions from Liquidating Trust Assets in accordance with the treatment set forth herein without regard for which BFI Debtor or ACFP Debtor was originally liable for such claim. A full-text copy of the Combined Disclosure Statement and Plan dated January 7, 2025 is available at https://urlcurt.com/u?l=Qyc4Bi from Stretto, claims agent. Counsel to the Debtors: RAINES FELDMAN LITTRELL LLP Thomas J. Francella, Jr., Esq. Mark W. Eckard, Esq. 1200 N. Broom Street Wilmington, DE 19806 Telephone: (302) 772-5805 Email: tfrancella@raineslaw.com meckard@raineslaw.com - and – Hamid R. Rafatjoo, Esq. Robert S. Marticello, Esq. 1900 Avenue of the Stars, 19th Floor Los Angeles, CA 90067 Telephone: (310) 440-4100 Email: hrafatjoo@raineslaw.com rmarticello@raineslaw.com - and – David S. Forsh, Esq. 1350 Avenue of the Americas, 22nd Floor New York, NY 10019 Telephone: (917) 790-7100 Email: dforsh@raineslaw.com Co-Counsel for the Committee of Unsecured Creditors: Derek C. Abbott, Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street, 16th Floor PO Box 1347 Wilmington, DE 19899-1347 Tel: (302) 351-9357 Fax: (302) 658-3989 E-mail: dabbott@morrisnichols.com - and - Scott N. Opincar, Esq. McDonald Hopkins LLC 600 Superior Avenue, East, Suite 2100 Cleveland, OH 44114 Tel: (216) 348-5400 Email: sopincar@mcdonaldhopkins.com About BurgerFi Int'l BurgerFi International, Inc. (NASDAQ:BFI) is a multi-brand restaurant company that develops, markets, and acquires fast casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International, Inc. is the owner and franchisor of two brands with a combined 144 locations: (i) Anthony's, a premium pizza and wing brand with 51 restaurants (50 corporate-owned casual restaurant locations and one dual brand franchise location), as of Sept. 10, 2024, and (ii) BurgerFi, among the nation's fast-casual better burger concepts with 93 BurgerFi restaurants (76 franchised and 17 corporate-owned) as of Sept. 10, 2024. BurgerFi International, Inc., and 114 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on Sept. 11, 2024 (Bankr. D. Del. Lead Case No. 24-12017). The cases are pending before the Honorable Judge Craig T. Goldblatt. Raines Feldman Littrell LLP serves as the Debtors' counsel. Force Ten Partners' Jeremy Rosenthal serves as the Company's Chief Restructuring Officer. Sitrick And Company serves as strategic communications advisor to the Company. Stretto is the claims agent. C M HEAVY: Hires Whitten Burrage as Special Counsel --------------------------------------------------- C M Heavy Machinery, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Whitten Burrage as Special Counsel. The firm will provide these services: a. provide legal advice and services with respect to prosecution of a breach of contract and bad faith civil litigation case against Debtor's insurer, AXIS Insurance Company, and Debtor's insurance agent, Caden Bolles and Bolles & Associates, LLC d/b/a Multi County Insurance, and preparation of any associated pleadings pertaining thereto, relating to an insurance claim submitted by Debtor in September 2023 pertaining to a fire loss that occurred in August 2023; and b. provide legal advice and services with respect to adjudication and the recovery of damages, costs, and attorney's fees and the judgments obtained by Debtor against its insurer Axis Insurance and its insurance agency Caden Bolles and Bolles & Associates, LLC d/b/a Multi County Insurance, including damages for breach of contract, bad faith, recovery of costs and attorney's fees, pre-judgment interest, and punitive damages and preparation of any associated pleadings, hiring of expert witnesses, and/or related work thereto; The firm will be paid 50 percent contingency fee basis to be paid only upon a settlement, resolution, and trial verdict and collection of a judgment via application and order of the Court. Blake Sonne, a partner at Whitten Burrage, 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: Blake Sonne Whitten Burrage 512 N. Broadway Ave., Suite 300 Oklahoma City, OK 73102 Telephone: (405) 516-7800 Facsimile: (405) 516-7859 E-Mails: bsonne@whittenburragelaw.com About C M Heavy Machinery, LLC C M Heavy Machinery, LLC sells and rents a full range of heavy machinery and equipment. It is based in Okemah, Okla. C M Heavy Machinery filed Chapter 11 petition (Bankr. E.D. Okla. Case No. 24-80617) on August 8, 2024, with total assets of $19,152,335 and total liabilities of $5,491,300. C M President Clint Meadors signed the petition. Judge Paul R. Thomas oversees the case. The Debtor is represented by Maurice VerStandig, Esq., at The Verstanding Law Firm, LLC. CALI NAILS: Seeks to Hire Daniel L. Freeland as Attorney -------------------------------------------------------- Cali Nails 02, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to employ Daniel L. Freeland & Associates, P.C. as attorney. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the continued operation of his businesses and management of its property; b. defend the various complaints and motions for relief of stay filed by creditors of the debtor; c. protect the Debtor's interest in any executory contracts; d. prepare on behalf of your applicant, as debtor-in-possession, necessary applications, answers, order, reports, and other legal papers; e. perform all other legal services for debtor as debtor-in-possession which may be necessary herein; and f. prepare and file Plans, Disclosures and other papers related thereto. The firm will be paid at these rates: Sheila A. Ramacci $325 per hour Daniel L. Freeland $400 per hour The firm was paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheila A. Ramacci, Esq., a partner at Daniel L. Freeland & Associates, 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: Sheila A. Ramacci, Esq. Daniel L. Freeland & Associates, P.C. 9105 Indianapolis Blvd. Highland, IN 46322 Telephone: (219) 922-0800 Facsimile: (219) 922-1261 Email: sar4198@aol.com About Cali Nails 02, Inc. Cali Nails 02, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-20001) on January 2, 2025, with up to $50,000 in assets and up to $1 million in liabilities. Judge James R. Ahler presides over the case. Sheila A. Ramacci, Esq., represents the Debtor as legal counsel. CANDE HOFFMAN: Seeks to Hire BPA & Associates as Accountant ----------------------------------------------------------- CandE Hoffman Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ BPA & Associates, LLC as accountant. The firm will charge an initial charge up fee of $5,200 to be paid once the application is approved. From thereon a flat fee of $1,600 per month for its monthly services. The firm will charge services outside of the agreement at its hourly rate of $200. In addition, the accountant will seek reimbursement for expenses incurred. Bruce Pietrantonio, owner of BPA & Associates, 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: Bruce Pietrantonio BPA & Associates, LLC 6101 W. Vliet St., Suite 100 Wauwatosa, WI 53213 Telephone: (414) 443-9680 About CandE Hoffman Holdings CandE Hoffman Holdings Inc. -- https://www.candehoffman.org/ -- is a franchise owner of hair salons. CandE filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-25415) on October 11, 2024. Eric J. Hoffman, president of CandE, signed the petition. The Debtor reported total assets of $710,919 and total liabilities of $1,090,460 as of August 21, 2024. Judge Beth E. Hanan handles the case. The Debtor tapped Jerome R. Kerkman, Esq., at Kerkman & Dunn as counsel and BPA & Associates, LLC as accountant. CAREMAX INC: Committee Hires Pachulski Stang Ziehl as Co-Counsel ---------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Caremax, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Pachulski Stang Ziehl & Jones LLP as co-counsel. The firm will render these services: (a) assist, advise, and represent the committee in its consultations with the Debtors regarding the administration of these Chapter 11 cases; (b) assist, advise, and represent the committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens, and participating in and reviewing any proposed asset sales, asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; (c) assist, advise, and represent the committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; (d) assist, advise, and represent the committee in assessing the acts, conduct, assets, liabilities, and financial condition of the Debtors, their operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to these cases or to the formulation of any plan; (e) assist, advise and represent the committee in its participation in the negotiation, formulation, and drafting of a plan of liquidation or reorganization; (f) assist and advise the committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 cases; (g) represent the committee at hearings and other proceedings; (h) review and analyze applications, orders, statements of operations, and schedules filed with the court and advise the committee regarding same; (i) assist the committee in preparing pleadings and applications as may be necessary in furtherance of the committee's interests and objectives; (j) assist, advise, and represent the committee in the evaluation of claims and on any litigation matters; (k) prepare, on behalf of the committee, any pleadings; and (l) provide such other services as may be required or requested or as may otherwise be deemed in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these hourly rates: Partners $1,150 - $2,350 Of Counsel $1,050 - $1,850 Associates $725 - $1,225 Paraprofessionals $595 - $625 In addition, the firm will seek reimbursement for expenses incurred. Bradford Sandler, Esq., a partner at Pachulski Stang Ziehl & Jones, 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: Bradford J. Sandler, Esq. Pachulski Stang Ziehl & Jones LLP 780 Third Avenue, 34th Floor New York, NY 10017 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: bsandler@pszjlaw.com About CareMax Inc. CareMax Inc. is a provider of medical centers for elderly patients. CareMax and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 24-80093) on November 17, 2024. In its petition, CareMax reported estimated liabilities between $500 million and $1 billion and estimated assets between $100 million and $500 million. Judge Michelle V. Larson oversees the cases. The Debtors tapped Thomas Robert Califano, Esq., at Sidley Austin, LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as financial advisor; and Piper Sandler & Co. as investment banker. Stretto, Inc. is the Debtors' claims, noticing and solicitation agent. On December 4, 2024, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones LLP and Sills Cummis & Gross PC as counsels and M3 Advisory Partners, LP as financial advisor. CAREMAX INC: Committee Hires Sills Cummis & Gross as Co-Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Caremax, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Sills Cummis & Gross PC as co-counsel. The firm will provide these following services: (a) provide legal advice regarding the committee's rights, powers, and duties in these Chapter 11 cases; (b) prepare all necessary legal papers; (c) represent the committee in any and all matters arising in these Chapter 11 cases; (d) assist the committee in its investigation and analysis of the Debtors, their capital structures, and issues arising in or related to these Chapter 11 cases; (e) represent the committee in all aspects of any sale and bankruptcy plan confirmation proceedings; and (f) perform any and all other legal services for the committee that may be necessary or desirable in these Chapter 11 cases. The firm's counsel and staff will be paid at these hourly rates: Andrew Sherman, Member $1,150 Boris Mankovetskiy, Member $985 S. Jason Teele, Member $985 Michael Savetsky, Member $895 Jeffrey Kramer, Member $895 Gregory Kopacz, Member $850 Oleh Matviyishyn, Associate $525 In addition, the firm will seek reimbursement for expenses incurred. Mr. Sherman 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: Andrew H. Sherman, Esq. Sills Cummis & Gross PC One Riverfront Plaza Newark, NJ 07102 Telephone: (973) 643-7000 Facsimile: (973) 643-6500 Email: asherman@sillscummis.com About CareMax Inc. CareMax Inc. is a provider of medical centers for elderly patients. CareMax and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 24-80093) on November 17, 2024. In its petition, CareMax reported estimated liabilities between $500 million and $1 billion and estimated assets between $100 million and $500 million. Judge Michelle V. Larson oversees the cases. The Debtors tapped Thomas Robert Califano, Esq., at Sidley Austin, LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as financial advisor; and Piper Sandler & Co. as investment banker. Stretto, Inc. is the Debtors' claims, noticing and solicitation agent. On December 4, 2024, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones LLP and Sills Cummis & Gross PC as counsels and M3 Advisory Partners, LP as financial advisor. CAREMAX INC: Panel Hires M3 Advisory Partners as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of Caremax, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ M3 Advisory Partners, LP as financial advisor. The firm will provide these services: (a) review and analyze the Debtors' operations, financial condition, business plan, strategy, and operating forecasts; (b) assist the committee in evaluating any proposed debtor-in-possession financing; (c) review the Debtors' cash management and intercompany accounting systems, practices, and procedures; (d) advise the committee in assessing the Debtors' executory contracts; (e) assist and advise the committee in connection with strategies to maximize recovery for unsecured creditors under the Debtors' Chapter 11 plan; (f) assist the committee in evaluating, structuring, and negotiating the terms and conditions of the proposed plan of reorganization, or any alternative plan/transaction pursued by the Debtors; (g) assist the committee in its analysis of the Debtors' plan of reorganization and related disclosure statement; (h) assist the committee and its legal counsel on any investigations of any acts or omissions of the Debtors or any of their stakeholders relating to it; (i) analyze the Debtors' assets and liabilities; (j) identify and/or reviewing potential preference payments, fraudulent conveyances and other causes of action each individual Debtor’s estate may hold; (k) assist in the evaluation of any asset sale process; (l) review and evaluate pleadings filed with the court, as appropriate; (m) provide testimony, as required, in any proceeding before this court; and (n) provide other services incidental and ancillary to the foregoing and such other services as M3 and the committee shall otherwise agree in writing. The hourly rates of the firm's counsel are as follows: Managing Partner $1,500 Senior Managing Director $1,390 Managing Director $1,150 - $1,290 Senior Director $1,120 Director $940 - $1,060 Vice President $840 Senior Associate $725 Associate $615 Analyst $500 In addition, the firm will seek reimbursement for expenses incurred. Robert Winning, a managing director at M3 Advisory Partners, 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 Winning M3 Advisory Partners LP 1700 Broadway 19th Floor New York, NY 10019 Telephone: (212) 202-2200 About CareMax Inc. CareMax Inc. is a provider of medical centers for elderly patients. CareMax and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 24-80093) on November 17, 2024. In its petition, CareMax reported estimated liabilities between $500 million and $1 billion and estimated assets between $100 million and $500 million. Judge Michelle V. Larson oversees the cases. The Debtors tapped Thomas Robert Califano, Esq., at Sidley Austin, LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as financial advisor; and Piper Sandler & Co. as investment banker. Stretto, Inc. is the Debtors' claims, noticing and solicitation agent. On December 4, 2024, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones LLP and Sills Cummis & Gross PC as counsels and M3 Advisory Partners, LP as financial advisor. CAREPOINT HEALTH: Recovery for Unsecureds Still to Be Determined ---------------------------------------------------------------- CarePoint Health Systems Inc., d/b/a Just Health Foundation, et al., and the Official Committee of Unsecured Creditors submitted a Combined Disclosure Statement and Joint Chapter 11 Plan of Reorganization dated January 8, 2025. CarePoint oversees the operations and combined resources of three hospitals and related neighborhood health centers located in Hudson County, New Jersey—Bayonne, Christ Hospital and HUMC. Christ Hospital and HUMC are "safety net" hospitals serving a large underprivileged community. The CarePoint Hospitals have numerous significant creditors and landlords. Prior to the Petition Date, CarePoint and its legal team spent several years shopping for buyers and then many months negotiating a comprehensive solution to the financial issues confronting CarePoint. CarePoint commenced these bankruptcy cases in order to implement a proposed solution to the Debtors' financial issues and resolve CarePoint's unsustainable level of accumulated debt. On December 18 and 19, 2024, the Debtors, the UCC, HRH and others participated in mediation proceedings with the Mediator in an effort to consensually address disputes related to the DIP Motions, the Collateral Surrender Motion, the MSA Motion, and the Hospital Facilities Management Motion. Such negotiations bore fruit and resulted in the Plan Term Sheet and ultimately this Combined Disclosure Statement and Plan, which provides for: (i) the continuation of the Debtors' hospital operations for the benefit of Hudson County citizens, (ii) a value-maximizing alternative transaction process, (iii) the payment of all outstanding withholding tax obligations, and (iv) the Debtors' emergence from bankruptcy in a matter of weeks. The Plan constitutes a joint chapter 11 plan of reorganization for the Debtors. Except as otherwise provided by Order of the Court, Distributions will occur on the Effective Date or as soon thereafter as is practicable. The Plan provides that, upon the Effective Date, the Litigation Trust Assets will be transferred to the Litigation Trust. The Litigation Trust Assets will be administered and distributed as soon as practicable pursuant to the terms of the Plan and the Litigation Trust Agreement. Class 5 consists of Maple Unsecured Claims. Holders of Maple Unsecured Claims shall not receive or retain any property under the Plan on account of such Claims. Class 7 consists of General Unsecured Claims. On, or as soon as reasonably practicable after, the Effective Date, except to the extent such Holder and the Debtors or the Litigation Trustee, as applicable, shall have agreed upon in writing to alternative treatment, each Holder of an Allowed General Unsecured Claim shall receive, on account of, in exchange for, and in full and final satisfaction, compromise, settlement, release, and discharge of such Allowed General Unsecured Claim, a Pro Rata beneficial interest in the Litigation Trust. Class 7 is Impaired. The General Unsecured Claims have "$TBD" total amount of claims and projected recovery. Bayonne Interests shall be cancelled by the Reorganized Debtors on the later of: (a) the date that is thirty days after the last applicable provider agreement is transferred to the entity designated as the new operator of the assets of Bayonne, or (b) 24 months after the Effective Date, and Holders of Bayonne Interests shall not receive or retain any property under the Plan on account of such Bayonne Interests. Other Interests shall be unaffected by the Plan and the Holders thereof shall retain all legal, equitable and contractual rights to which such Interests are otherwise entitled. On the Effective Date, (i) any obligation of a Debtor and any guarantee thereof by any other Debtor shall be deemed to be one obligation, and any such guarantee shall be eliminated, (ii) each Claim filed or to be filed against more than one Debtor shall be deemed filed only against one consolidated Debtor and shall be deemed a single Claim against and a single obligation of the Debtors, and (iii) any joint or several liability of the Debtors shall be deemed one obligation of the Debtors. On the Effective Date, and in accordance with the terms of the Plan and the consolidation of the assets and liabilities of the Debtors, all Claims based upon guarantees of collection, payment performance made by one Debtor as to the obligations of another Debtor shall be released and of no further force and effect. The Debtors' and/or Reorganized Debtors' Cash on hand and other Assets and the Litigation Trust Assets shall be used to fund the distributions to Holders of Allowed Claims against the Debtors in accordance with the treatment of such Claims provided pursuant to the Plan and subject to the terms provided herein. A full-text copy of the Combined Disclosure Statement and Joint Plan dated January 8, 2025 is available at https://urlcurt.com/u?l=H7z5Fq from Epiq Corporate Restructuring, claims agent. Counsel to the Debtors: DILWORTH PAXSON LLP Peter C. Hughes, Esq. 800 King Street – Suite 202 Wilmington, DE 19801 Telephone: (302) 571-9800 E-mail: phughes@dilworthlaw.com -and- Lawrence C. McMichael, Esq. Peter C. Hughes, Esq. Anne M. Aaronson, Esq. Jack Small, Esq. 1650 Market St., Suite 1200 Philadelphia, PA 19103 Telephone: (215) 575-7000 E-mail: lmcmichael@dilworthlaw.com phughes@dilworthlaw.com aaaronson@dilworthlaw.com jsmall@dilworhtlaw.com Counsel to the Official Committee of Unsecured Creditors: Andrew H. Sherman, Esq. Boris I. Mankovetskiy, Esq. SILLS CUMMIS & GROSS, P.C. One Riverfront Plaza Newark, NJ 07102 Tel: (973) 643-7000 Fax: (973) 643-6500 E-mail: asherman@sillscummis.com bmankovetskiy@sillscummis.com Bradford J. Sandler, Esq. James E. O'Neill, Esq. Colin R. Robinson, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 N. Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 (Courier 19801) Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: bsandler@pszjlaw.com joneill@pszjlaw.com crobinson@pszjlaw.com About CarePoint Health CarePoint Health brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. For more information on its facilities, partners and services, visit www.carepointhealth.org. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CAROLINA CUSTOMIZED: Seeks to Sell Spring Hope Property ------------------------------------------------------- Carolina Customized Interiors LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to sell its real property at a public sale scheduled for February 7, 2025, at 10:00 a.m. in Spring Hope, North Carolina, free and clear of any and all claims, liens, and encumbrances. The Debtor's real property is located in Peachtree Hills Road Spring Hope, North Carolina 27882 and is comprised of 15.98 acres of land. Other than the ad valorem property taxes assessed by the Nash County Tax Collector, the Debtor is not aware of any claims, liens, encumbrances, or interests of any creditors in the Real Property, as there are no outstanding Deeds of Trust or other security instruments on file with the Nash County Register of Deeds. The Debtor employs Country Boys Auction & Realty Co., Inc.(CBA) as auctioneer in the bankruptcy case, with the following compensation and commissions to be paid to CBA for services rendered to the bankruptcy estate and in connection with a public sale of the Real Property: 10% of the first $25,000.00 of real property sold; and 4% of the remaining balance of real property sold. A public sale and auction of the Real Property is scheduled for, and will be held and conducted by CBA as follows: -- Public Sale Date: February 7, 2025 -- Public Sale Time: 10:00 A.M. ET -- Public Sale Location: Property Adjacent to 1840 Bowden Road Spring Hope, North Carolina 27882 Any secured creditor shall be afforded the right to credit bid at the Public Sale, to the extent allowed by Section 363(k) of the Bankruptcy Code. In the event that a credit bid submitted at the Public Sale is the best, highest, and prevailing bid with respect to the Real Property, such lienholder shall pay a commission to CBA equal to (4% of the amount of any such Credit Bid. The Debtor seeks to sell the Real Property at the Public Sale, free and clear of any and all liens, encumbrances, claims, rights and other interests. The Debtor will distribute the proceeds of the Public Sale of the Real Property to the applicable lienholders, including the Nash County Tax Collector, in accordance with the priority of liens, after payment of all costs of sale. About Carolina Customized Interiors LLC Carolina Customized Interiors, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04008) on Nov. 15, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Joseph N Callaway presides over the case. Joseph Zachary Frost, Esq. at Buckmiller, Boyette & Frost, PLLC represents the Debtor as legal counsel. CAROLINA CUSTOMIZED: Seeks to Sell Washington Personal Property --------------------------------------------------------------- Carolina Customized Interiors LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to sell its personal property at a public sale on February 21, 2025, at 10:00 a.m. in Washington, North Carolina, free and clear of any and all claims, liens, encumbrances, and interests. The Debtor, a limited liability company, seeks to sell its personal property, equipment and vehicles in Washington, North Carolina. The Debtor's Personal Property is subject to security interests, liens, claims, and encumbrances in favor of the following: -- Ally Bank -- American Bank NA -- Oakmont Capital Holdings LLC also known as Oakmont Capital Services -- Stellantis Financial Services Inc. -- U.S. Bank, National Association also known as U.S. Bank Southeast Auto Loan. The Debtor's Personal Property may be subject to certain ad valorem personal property taxes assessed by the Wake County Department of Revenue. The Debtor employs Country Boys Auction & Realty Co., Inc. (CBA) as auctioneer in the bankruptcy case, and approval of the compensation and commissions to be paid to CBA for services rendered to the bankruptcy estate and in connection with a public sale of the Personal Property: 20% of the first $20,000.00 of personal property sold; 10% of the next $50,000.00 of personal property sold; and 4% of the remaining balance of personal property sold. A public sale and auction of the Personal Property is scheduled for, and will be held and conducted by CBA as follows: -- Public Sale Date: February 21, 2025 -- Public Sale Time: 10:00 A.M. ET -- Public Sale Location: Country Boys Auction & Realty, Inc. 1211 West 5th Street Washington, North Carolina 27889 Any Secured Creditors shall be afforded the right to credit bid at the Public Sale. In the event that a credit bid submitted at the Public Sale is the best, highest, and prevailing bid with respect to the Personal Property such lienholder shall pay a commission to CBA equal to 4% of the amount of any such Credit Bid. The Debtor seeks to sell the Personal Property at the Public Sale, free and clear of any and all liens, encumbrances, claims, rights and other interests. The Debtor shall distribute the proceeds of the Public Sale of the Personal Property to the applicable lienholders, including the Secured Creditors and the Wake County Department of Revenue, in accordance with the priority of liens, after payment of all costs of sale. About Carolina Customized Interiors Carolina Customized Interiors, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04008) on Nov. 15, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Joseph N Callaway presides over the case. Joseph Zachary Frost, Esq. at Buckmiller, Boyette & Frost, PLLC represents the Debtor as legal counsel. CARROLL COUNTY ENERGY: S&P Affirms 'BB-' Rating on Sr. Sec. Debt ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating on Carroll County Energy LLC's (CCE) $429 million term loan B (TLB) due June 2031. The '2' recovery rating is unchanged, indicating its expectation for substantial (70%-90%; rounded estimate: 85%) recovery in a default scenario. S&P said, "Based on our view of industry factors and market-driven variables (such as power demand and the pace and magnitude of the retirement of uneconomical units) as well as commodity and capacity pricing, we forecast a minimum debt service coverage ratio (DSCR) of 1.89x and a median DSCR of 1.89x for CCE (including the post-refinancing period). "The stable outlook reflects our expectation for high levels of availability and dispatch, as well as spark spreads in the mid- to high-teens range over the next few years. Based on these assumptions, we expect the project will repay nearly $240 million of its debt through the TLB period (2025-2031)." CCE is a 700-megawatt (MW) combined-cycle natural gas-fired power plant. The project is located in Carroll County, Ohio, and dispatches into the American Electric Power (AEP) zone of the Pennsylvania Jersey-Maryland (PJM) Interconnection. The project is owned by AP-BCPG CCE Partners LLC (17.76%), San Jacinto Carroll Holdings LLC (11.64%), BCPG CCE Holdings LLC (40%), JERA Americas Inc. (20%), and Ullico Infrastructure Carroll County HoldCo LLC (10.6%). On Jan. 13, 2025, CCE announced a repricing and upsizing of its term loan B (TLB). The project is looking to add $25 million to its $404 million outstanding ($425 million original issue) TLB due 2031. CCE will use the proceeds from the add-on to fund distributions to its owners and pay transaction fees. S&P said, "The affirmation reflects our updated base-case forecast for the project following the incremental $25 million upsizing of its $404 million outstanding TLB announced Jan. 13, 2025. CCE is also looking to price its TLB at SOFR + 350 basis points (bps), which compares with SOFR + 400 bps previously. We view this as credit positive, given our expectation that the reduced interest expense will likely enable the project to generate higher free cash flow to repay its debt under the cash flow sweep mechanism. We note recent power project financings exposed to the PJM area recently closed at similar margin rates supported by strong energy demand expectations." "We now forecast a minimum DSCR of 1.89x throughout its asset life and TLB debt outstanding at maturity of about $190 million. Although the sponsor could choose a different refinancing structure, from 2030 we model a fully amortizing loan with a sculpted repayment profile and assume CCE will fully repay its debt by 2043." CCE is an efficient gas-fired generator that is competitively placed in the dispatch curve. CCE has been commissioning/operating since 2018 and has a track record of stable operational performance with high availability and capacity factors. Because of the project's highly efficient nature, advantageous location in the Marcellus and Utica shale region, and position on the Tennessee Gas Pipeline (with access to low-cost natural gas), it operates as a baseload facility with high dispatch and capacity factors. CCE's capacity factor was about 85% for 2024. Since 2019, the project's average capacity factor has been about 85%. For the past three years, the facility's forced outage rate has been below 2%, its availability factor has been in the 90%-95% range, and its heat rate has remained steady at below 7,000 Btu/kWh. The facility's heat rate is a critical factor in determining its profitability because it affects the cost of its electricity production. A lower heat rate generally indicates a more-efficient power plant and wider energy margins. Efficient combined-cycle gas turbines (CCGTs) will likely remain profitable due to the tailwinds from strong energy demand. Energy demand has risen well above historical averages over the past decade due to overall economic growth, the ongoing shift toward electrification, and rising demand by data centers, which is advantageous for efficient assets like CCE, in general, because the role and place of dispatchable generation in the energy transition process is taking on increased relevance. S&P said, "At the same time, we note that assets such as CCE are in a favorable position relative to CCGTs in the Eastern PJM Hub, which are subject to increasing carbon compliance costs (Regional Greenhouse Gas Initiative) that affect their dispatch and margins. RGGI operates as a carbon cap-and-trade agreement between 11 northeastern states. Carbon-emitting power plants must buy allowances through an auction process. This makes electricity produced by thermal-based power generators more expensive relative to zero-carbon sources like wind, solar, and nuclear. Thermal generators in a non-RGGI state like Ohio are not subject to carbon-compliance costs, giving them a competitive edge over Eastern PJM plants. "We anticipate highly efficient generators, such as CCE, will likely benefit from these dynamics, given their low heat rates and high-dispatch nature operating during most hours of the day. This means a significant portion of CCE's gross margins and cash flow are tied to its plant output and profitability per unit. We expect CCE's energy margin will represent about 60%-65% of the portfolio's overall gross margins through the TLB term, based on our expectation for capacity factors in the low- to mid-80% range through 2031. Consequently, we forecast CCE will generate average annual energy margins of about $60 million-$65 million through the TLB's maturity." S&P foresees higher PJM capacity prices in the future auction. The PJM capacity auction held on July 30, 2024, for delivery years 2025-2026 resulted in prices increasing to $269.92 per megawatt day (/MW-day) from $28.89/MW-day for RTO. While the magnitude of the price jump is somewhat surprising, the direction was not. A supply and demand imbalance has surfaced due to the lack of sizeable recent investments and the retiring of dispatchable capacity. Other factors, such as higher demand growth projections from the buildout of AI infrastructure and the ongoing shift toward electrification, also contributed to higher prices. S&P said, "While the capacity price momentum remains strong due to its fundamental nature, we also believe it will revert toward the mean in the long run, though at a relatively higher level than we previously expected. In our view, it's likely that the 2026-2027 auction price will continue to clear at current levels. For the next auction in June 2025, which will clear capacity for delivery years 2026-2027, we project a systemwide price of at least $200/MW-day. "We anticipate that capacity payments will constitute about 35%-40% of CCE's net margins, thus higher capacity prices will have a positive effect on our forecast of its cash flows. "The stable outlook reflects our expectation for adequate debt service coverage during the TLB period, as well as a minimum DSCR of 1.89x during the project's life (2023-2043), based on our assumptions and our forward-looking view of the energy and capacity prices in PJM's AEP zone. We expect the project to repay nearly $240 million of its debt through the TLB period (2024-2031)." S&P will consider a negative rating action if CCE is unable to maintain DSCRs above 1.35x on a sustained basis. This could occur if: -- Its realized spark spreads are weaker than expected and PJM capacity prices are lower than forecast; -- Unplanned outages substantially affect its generation; -- Economic factors cause the plant to dispatch materially less than S&P assumes in its base case; or -- The project's excess cash flows do not translate into our expected debt paydowns, leading to a higher-than-expected debt balance at maturity. CENTURY MINING: Hires Mineral Energy as Mining Consultant --------------------------------------------------------- The official committee of unsecured creditors of Century Mining, LLC d/b/a Allegheny Metallurgical seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Mineral Energy Resource Associates, LLC as mining consultant. The firm will provide analyses in the mining space, including, but not limited to, asset valuations, transactional matters, mine plans and development, due diligence support, mine permitting, cost analysis and litigation support. The firm will be paid at $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Philip L. Evans, a partner at Mineral Energy Resource Associates, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Philip L. Evans, Esq. Mineral Energy Resource Associates, LLC About Century Mining, LLC d/b/a Allegheny Metallurgical Century Mining LLC, doing as Allegheny Metallurgical, produces metallurgical coal that is used by steel manufacturers around the globe. Century Mining LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 24-00598) on November 22, 2024. In the petition filed by Keith Hainer, president, the Debtor disclosed between $50 million and $100 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor tapped Campbell & Levine, LLC as bankruptcy counsel; Supple Law Office, PLLC as local counsel; and MorrisAnderson & Associates, Ltd. as restructuring advisor. CHABAD OF GRAMERCY: Sec. 341(a) Meeting of Creditors on February 10 ------------------------------------------------------------------- On January 8, 2025, Chabad of Gramercy Park filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $24,715,943 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Sec. 341(a) to be held on February 10, 2025 at 11:00 AM at Telephonic Meeting: Phone 1 (877) 953-2748, Participant Code 3415538#. About Chabad of Gramercy Park Chabad of Gramercy Park owns a portfolio of five properties situated across various locations in New York, with a combined estimated value of $13.77 million. Chabad of Gramercy Park sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40105) on January 8, 2025. In its petition, the Debtor reports total assets of $13,770,000 and total liabilities of $24,715,943. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. CHG PPC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.-based food manufacturer CHG PPC Intermediate II LLC. The outlook is stable. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed EUR315 million first-lien term loan B due December 2028. We will withdraw the ratings on the EUR250 million first-lien term loan after it is repaid. "Concurrently, we affirmed our 'B' issue-level rating on the company's $300 million revolving credit facility due December 2026 and $1.3 billion first-lien term loan facility due December 2028. The recovery rating on these facilities remains '3', reflecting our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "The stable outlook reflects our expectation for leverage to be maintained in the mid-5x area over the next 12 months given that we anticipate EBITDA growth and positive free cash generation from stable demand trends to offset likely further debt-financed tuck-in acquisitions. "The ratings affirmation reflects our expectation of the successful integration of AHB and leverage to be maintained in the mid 5x area over the next 12 months. Since being acquired by Pritzker Private Capital in March 2018, CHG has more than doubled its revenue to $1.8 billion, supported by organic growth, as well as contributions from acquisitions. The company spent approximately $640 million on acquisitions but added over $400 million in sales and $80 million in EBITDA to enhance its scale; expand its manufacturing footprint; enter higher-growth categories, such as cookies and tortillas; and increase its business with strong customers, including McDonald's Corp., Burger King, and Lidl. We also note that the businesses acquired by CHG were higher margin than its legacy base business and have contributed to its S&P Global Ratings-adjusted EBITDA increasing to more than $330 million from about $115 million in March 2018. Most recently, the company completed the acquisition of AHB, which produces buns and donuts. The EUR60 million acquisition was funded with revolver borrowings, which the company intends to repay with the proposed EUR315 million term loan while refinancing the existing EUR250 million term loan. The acquisition added production capacity of buns, which is a core product within CHG's existing portfolio and improved the company's geographic diversification by expanding its footprint into seven additional European markets, beyond its current presence in Belgium and Germany. "We expect CHG to maintain fairly stable leverage through EBITDA growth and free cash generation while also continuing to pursue tuck-in acquisitions in the fragmented baked goods industry. We estimate S&P Global Ratings-adjusted pro forma leverage of about 5.4x as of Sept. 28, 2024, compared with about 5.3x before the transaction. We expect further earnings growth, driven by steady demand growth and contributions from the AHB acquisition to drive modest leverage reduction to 5.3x in fiscal 2026." Low consumer discretionary spending and elevated commodity costs will pressure margins in fiscal 2026, but absolute profitability will increase with higher revenue and pass-through arrangements. For the six months ended Sept. 28, 2024, CHG's sales increased 6.4%, supported by price increases, volume growth of 2%-3%, and contributions from the Mi Rancho acquisition. New business wins and increased production at the new bun line in Coventry, U.K. drove growth. The company expanded its profitability during the same period, with S&P Global Ratings'-adjusted EBITDA growing 30% due to lower raw materials costs and targeted pricing actions, partially offset by higher manufacturing and overhead costs. S&P said, "We forecast revenue will grow about 3.6% in fiscal 2025 as the company acquires new business and experiences modest volume growth amid a weak macroeconomic environment and persistent inflation. We expect incremental contribution from the AHB acquisition to drive about 4.5% sales growth in fiscal 2026. We believe higher futures prices for commodities such as wheat and sugars will translate into higher ingredient costs for CHG in fiscal 2026. We forecast S&P Global Ratings-adjusted EBITDA margin to decline to 16.7% in fiscal 2026 compared with our estimate of 17.1% in fiscal 2025. From an input cost standpoint, roughly 50% of the company's business is governed by pass-through arrangements, which insulates some of the business from inflationary pressures. The company hedges the remaining 50% of its input exposure and has demonstrated an ability to pass on pricing to customers, which should ultimately protect margins. "We forecast cash flow generation to improve in fiscal 2026 as capital expenditure (capex) returns to historical levels. CHG intends to price the proposed EUR315 million first-lien term loan lower than its existing EUR250 million first-lien term loan. We estimate the company's total interest costs to be unchanged pro forma for the proposed transactions as the interest expense savings achieved from the proposed repricing will be largely offset by the incremental interest expense associated with the proposed EUR315 million term loan. CHG has been making capital investments to fund a tortilla and chips line expansion as well as other growth projects that involve adding lines and improving efficiencies on existing lines. The company is also investing in modernizing aging equipment at some of its facilities. We expect capex of at least $90 million in fiscal 2025. In addition, we forecast the company will require roughly $5 million-$10 million in cash usage for working capital purposes in fiscal 2025. Despite these heightened investments, we expect reported free operating cash flow (FOCF) generation of about $42 million in fiscal 2025, which is better than similarly rated peers'. Moreover, we expect CHG to generate reported FOCF of about $80 million once capex normalizes closer to historical levels of about $75 million in fiscal 2026." CHG has improved its scale and product capabilities but remains highly dependent on the business decisions of its customers. The company is one of the largest players in the highly fragmented contract food manufacturing industry. However, most of its customers are in food service and a change to its menu offering or change in supplier has a ripple effect on CHG. The acquisition of AHB modestly increased CHG's concentration in its largest customer, McDonald's Corp. S&P said, "We forecast the company will derive about 29% of its pro forma fiscal 2025 revenue from McDonald's compared with about 28% in fiscal 2024 and 25% in fiscal 2023. While we expect the company will maintain its long-tenured relationship with McDonald's, the potential loss of a major customer is an ongoing risk and constrains the company's business risk assessment." That being said, CHG has not lost a top customer in over a decade and switching costs are high for customers, therefore making relationships relatively sticky. S&P said, "The stable outlook reflects our expectation for leverage to be maintained in the mid-5x area over the next 12 months given that we anticipate EBITDA growth and positive free cash generation from stable demand trends to offset likely further debt-financed tuck-in acquisitions." S&P could lower its rating on CHG if it expects leverage to increase and stay above 7x or if S&P expects a substantial free cash flow decline. This could occur if: -- The company adopts more-aggressive financial policies, including a large debt-financed acquisition or dividend to shareholders; -- The company experiences significant volume declines from one or more top QSR customers; or -- Operating issues (including supply chain, labor, or inflationary pressures) cause profit and cash flow to degrade materially. While unlikely over the next year, S&P could raise the rating if CHG: -- Commits to less-aggressive financial policies; and -- Applies discretionary cash flow toward debt repayment, reducing leverage below 5x. This could occur if the company does not pursue additional debt-financed acquisitions or shareholder returns. CITIUS PHARMACEUTICALS: Raises $3M Via Stock & Warrants Offering ---------------------------------------------------------------- Citius Pharmaceuticals Inc. announced it has entered into definitive agreements for the purchase of an aggregate of 743,496 shares of its common stock and accompanying warrants to purchase up to an aggregate of 743,496 shares of its common stock, at a purchase price of $4.035 per share and accompanying warrant in a registered direct offering priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $3.91 per share, will be exercisable immediately upon issuance, and will expire five years from the initial exercise date. The closing of the offering was expected to occur on or about Jan. 8, 2025, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The aggregate gross proceeds to the Company from the offering are expected to be approximately $3 million, before deducting the placement agent fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the offering for general corporate purposes, including pre-clinical and clinical development of its product candidates and working capital and capital expenditures. The securities described above are being offered pursuant to a "shelf" registration statement (File No. 333-277319) filed with the SEC on Feb. 23, 2024 and declared effective on March 1, 2024. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The prospectus supplement and the accompanying prospectus relating to the securities being offered will be filed with the SEC and be available at the SEC's website at www.sec.gov. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or e-mail at placements@hcwco.com. About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. T he Company seeks to reduce development and clinical risks associated with drug development, yet still focus on innovative applications. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 27, 2024, citing that the Company has suffered recurring losses and has a working capital deficit as of Sept. 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CLARIOS GLOBAL: S&P Rates New $1.2BB Senior Secured Notes 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Clarios Global L.P.'s proposed $1.2 billion senior secured notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for the senior secured lenders in the event of a payment default. S&P said, "Our 'B' issue-level rating and '6' recovery rating on the company's existing senior unsecured debt are unchanged. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery for the unsecured lenders in the event of a payment default." Clarios plans to use the proceeds from the senior secured notes, in addition to the $3.3 billion of proceeds it intends to raise through incremental term loan issuances, to fund a distribution. Despite the increase in the company's gross debt, the benefit from its section 45X tax credits (Inflation Reduction Act) will offset the impact of this issuance on its leverage. Therefore, S&P's assessment of Clarios' credit metrics is materially unchanged. Given the substantial magnitude of the 45X benefits, it would likely immediately lower its ratings on the company if the benefits it receives materially decline or end (perhaps due to a change in government policy). ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's hypothetical default scenario contemplates a default occurring in 2028 because the company faces issues regarding filing orders and aggressive competition from new and existing competitors that cause its customers to procure their batteries from other aftermarket suppliers. -- S&P said, "We believe that if Clarios defaults, it would still have a viable business model because of the continued demand for its batteries, its nationwide network of locations, and its strong brand awareness. For this reason, we expect the company would reorganize and emerge as a smaller entity while retaining significant value. In addition, we would not expect its foreign operations to be included in any potential reorganization." -- S&P said, "We have valued the company on an enterprise-value basis and estimated an emergence EBITDA of about $1.45 billion. We then applied a 5.5x EBITDA multiple, which is half a turn above what we use for most auto suppliers, to arrive at a gross enterprise value of about $7.99 billion at emergence. We chose a higher multiple to reflect Clarios' stronger business risk profile compared with those of its peers. In our view, the company is well positioned to benefit from the growing demand for electric vehicles, which rely more on advanced batteries that feature higher margins." Simulated default assumptions -- Year of default: 2028 -- EBITDA at emergence: $1.45 billion -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $7.99 billion -- Valuation split (obligors/nonobligors): 87%/13% -- Priority claims: $953.6 million -- Value available to first-lien debt claims (collateral/noncollateral): $6.29 billion -- Secured first-lien debt claims: $11.66 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) -- Total value available to unsecured claims: $345.5 million -- Senior unsecured debt/pari passu secured/non-debt unsecured claims: $1.66 billion/$5.37 billion/$633 million --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. Collateral value equals assets pledged from obligors after priority claims plus equity pledged from nonobligors after nonobligor debt. COASTAL GROWERS: Court Orders Appointment of Creditors' Committee ----------------------------------------------------------------- Judge Henry Callaway of the U.S. Bankruptcy Court for the Southern District of Alabama ordered the appointment of these creditors to the official committee of unsecured creditors in Coastal Growers, LLC's Chapter 11 case: 1. 5-Lock Gin & Warehouse, LLC c/o Bradley Smith 905 W. Cook Rd. Dothan, AL 36301 Tel: (334) 791-4010 2. JLA International, Inc. c/o Beau Backman, Corporate Counsel 15300 Bothell Way, NE Lake Forest Park, WA 98155 Tel: (206) 522-5432 Fax: (206) 306-8883 3. Southern Ag Carriers, Inc. c/o Lem Goodpasture P.O. Box 50335 Albany, GA 31703 Tel: (229) 432-9696 Fax: (229) 432-7828 About Coastal Growers Coastal Growers, LLC is a company that helps peanut farmers achieve higher returns by sharing in farming and shelling profits and operates a shelling facility in Atmore. Since its launch in 2021, the facility has served as a key center for peanut shelling, storage, and shipping, contributing to regional agricultural growth and economic development, the report relays. Coastal Growers filed Chapter 11 petition (Bankr. S.D. Ala. Case No. 24-13034) on November 27, 2024, with total assets of $10 million to $50 million and total liabilities of $100 million to $500 million. Holly Johnson, chief financial officer of Coastal Growers, signed the petition. The case is before Judge Henry A. Callaway. The Debtor is represented by: Edward J Peterson, III Johnson Pope Bokor Ruppel & Burns, LLP Tel: 813-225-2500 Email: edwardp@jpfirm.com COASTAL GROWERS: Gets Green Light to Use Cash Collateral -------------------------------------------------------- Coastal Growers, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Alabama to use cash collateral. The order signed by Judge Henry Callaway on Jan. 8 approved an agreement between Coastal Growers and Hancock Whitney Bank, which gives the company access to cash collateral and resolves the bank's objection to its utilization. Coastal Growers may use up to $25,000 in cash collateral for payroll and health insurance premiums. As adequate protection, Hancock Whitney Bank will be granted a first lien on certain vehicles owned by the company pursuant to the Jan. 8 order. The Jan. 8 order will be deemed final unless an objection to the order is filed on or before 5:00 p.m. (Central Time) on Jan. 22, and will take effect immediately upon the expiration of the objection filing deadline. If no objection is filed, Coastal Growers will release to Hancock Whitney Bank $634,680.10 for application to the revolving loan it obtained from the bank. Hancock Whitney Bank has served as agent for lenders under a credit agreement dated June 5, 2023. The revolving loan obtained under the agreement is secured by a first lien on all assets of the company, including receivables, deposit accounts and proceeds thereof. As of the petition date, Coastal Growers owed the agent $15,993,083.60. Hancock Whitney Bank can be reached through its counsel: Jeffrey R. Barber, Esq. Jones Walker, LLP 3100 North State St., Ste. 300 Jackson, MS 39216 Phone: 601-949-4900 Fax: 601-949-4804 jbarber@joneswalker.com -- and -- Richard M. Gaal, Esq. Jones Walker, LLP 11 N. Water St., Ste. 1200 Mobile, AL 36602 Phone: 251-432-1414 Fax: 251-433-4106 rgaal@joneswalker.com About Coastal Growers Coastal Growers, LLC is a company that helps peanut farmers achieve higher returns by sharing in farming and shelling profits and operates a shelling facility in Atmore. Since its launch in 2021, the facility has served as a key center for peanut shelling, storage, and shipping, contributing to regional agricultural growth and economic development, the report relays. Coastal Growers filed Chapter 11 petition (Bankr. S.D. Ala. Case No. 24-13034) on November 27, 2024, with total assets of $10 million to $50 million and total liabilities of $100 million to $500 million. Holly Johnson, chief financial officer of Coastal Growers, signed the petition. The case is before Judge Henry A. Callaway. The Debtor is represented by: Edward J Peterson, III Johnson Pope Bokor Ruppel & Burns, LLP Tel: 813-225-2500 Email: edwardp@jpfirm.com CONCRETE PUMPING: S&P Alters Outlook to Stable, Affirms 'B' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive and affirmed all its ratings, including its 'B' issuer credit rating, on Denver-based concrete pumping equipment services provider Concrete Pumping Holdings Inc. S&P said, "At the same time, we assigned our 'B' issue-level rating and '4' recovery rating to the company's proposed $400 million senior secured second-lien notes due 2032 issued at its subsidiary, Brundage-Bone Concrete Pumping Holdings Inc. Proceeds will be used to refinance its existing senior secured notes, fund cash to the balance sheet, and pay related fees and expenses. "The stable outlook on Concrete Pumping reflects our expectation for modest revenue growth and EBITDA margin improvement in fiscal 2025. We expect the company to generate positive free operating cash flow (FOCF) and operate with leverage in the 3x-4x range over the next 12 months. "We anticipate Concrete Pumping will return to growth in fiscal 2025 after experiencing a moderate downturn in its largest end market over the past 12 months. In fiscal 2024, period ended Oct. 31, 2024, the company's total sales declined about 3.7%, with sales in its U.S. Concrete Pumping segment declining over 8%. A high interest-rate environment, increased commercial building vacancy rates, and weather-related events all led to a slowdown in commercial construction project volumes during the year. In addition, an oversaturation of concrete pumps in the U.S. markets from higher levels of original equipment manufacturer (OEM) inventory added modest competitive headwinds. These declines were partially offset by resilient residential construction markets and strong growth in its Concrete Waste Management Services segment due to share gains and pricing. "In fiscal 2025, we anticipate modest organic growth in the low-single-digit percentage area as interest rates ease, funding for infrastructure spending in the U.S. continues to get allocated to construction companies, and growth in infrastructure projects in the U.K. remains stable. However, we believe this growth is likely to occur in the second half of the year, with a relatively soft first half as project starts in the commercial markets remain subdued. "The company's S&P Global Ratings-adjusted leverage has remained relatively stable but is above our previous forecast. The downturn in the commercial end markets and corresponding revenue declines weighed on the company's profitability during fiscal 2024 and caused its S&P Global Ratings-adjusted EBITDA margins to decline by about 220 basis points (bps) from fiscal 2023. As a result, the company ended the year with leverage of 3.7x compared with our previous forecast of about 3.0x. "In fiscal 2025, we expect the company will benefit from full-year cost savings initiated during the previous year along with favorable price/cost mix, leading to margin improvement of about 130-160 bps. The proposed refinancing does not materially change our view of the company's credit profile. "We anticipate the company will continue to generate solid FOCF and remain acquisitive. Despite the softer demand environment in fiscal 2024, Concrete Pumping generated solid S&P Global Ratings-adjusted FOCF of about $60 million in the full year as lower earnings were offset by lower net capital expenditures (capex) and relatively flat working capital. We anticipate the company will continue to generate positive FOCF in the $40 million-$50 million range annually as its earnings rebound and its capital needs remain moderate given its reasonable average fleet age. "We expect Concrete Pumping will use its excess cash flows to acquire businesses and purchase assets that enhance its current fleet and expand into new geographic areas. While the company's inorganic growth was minimal in fiscal 2024 as it navigated the downturn, we anticipate higher inorganic spending going forward in the $50 million-$75 million range each year. We believe these opportunities will be focused on expanding its fleet for future growth in infrastructure-related projects as well as increasing its geographic presence in areas that will benefit from mega trends and residential migration patterns. "The stable outlook on Concrete Pumping reflects our expectation for modest revenue growth and EBITDA margin improvement in fiscal 2025. We expect the company to generate positive FOCF and operate with leverage in the 3x-4x range over the next 12 months." S&P could lower its rating on Concrete Pumping if: -- The company continued to experience a reduction in its sales or a deterioration of its profitability, causing it to sustain leverage above 5x with limited prospects for improvement; -- It adopted a more aggressive financial policy that includes large debt-financed acquisitions and/or sizable shareholder-friendly activity; or -- The company could not maintain positive FOCF. S&P could raise its rating on Concrete Pumping if: -- Its S&P Global Ratings-adjusted debt to EBITDA dropped below 3x, including acquisitions and shareholder returns, and S&P believed management were committed to such leverage, while maintaining positive FOCF; or -- The company were able to meaningfully increase its scale to be more in line with higher-rated peers. COVERED BRIDGE: Seeks to Hire Cohen & Wolf as Special Counsel ------------------------------------------------------------- Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Cohen & Wolf, PC as special counsel. The firm will represent the Debtors' interests in general corporate work, and to the extent necessary, if the stay is lifted, the firm would represent them in any state court litigation. The firm's attorneys will be paid at these hourly rates: Neil Marcus, Attorney $495 David Dobin, Attorney $450 Joshua Pedreira, Attorney $400 Admin Staff $100 - $325 Mr. Dobin 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 Dobin, Esq. Cohen & Wolf, PC 1115 Broad St. Bridgeport, CT 06604 Telephone: (203) 368-0211 About Covered Bridge Newtown Covered Bridge Newtown LLC is the entity responsible for construction of the buildings at the Rental Complex. The first buildings were completed in 2018. After construction on a parcel is completed, CBN deeds the buildings to CBN I by way of quit claim deed, after which CBN I is the landlord to its tenants. CBN I has a full-time, on-site property manager attending to the needs of tenants and managing the Rental Complex. Covered Bridge Newtown LLC and Covered Bridge Newtown I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ct. Lead Case No. 24-50833) on December 8, 2024. In the petitions filed by Anthony O. Lucera, member, each Debtor reports estimated assets and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Julie A. Manning handles the case. The Debtors tapped Green & Sklarz LLC as counsel; R.J. Reuter, LLC as an independent financial advisor; Cohen & Wolf, PC as special counsel; and Landwehr & Spaho, CPAS, LLC as accountant. COVERED BRIDGE: Seeks to Hire Green & Sklarz as Bankruptcy Counsel ------------------------------------------------------------------ Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Green & Sklarz LLC as general bankruptcy counsel. The firm will render these services: (a) advise each Debtor of its rights, powers and duties; (b) advise and assist the Debtors with respect to the negotiation and documentation of financing agreements, debt restructuring, cash collateral orders, and related transactions; (c) review the nature and validity of liens asserted against the property of the Debtors and advise them concerning the enforceability of such liens; (d) advise the Debtors concerning the actions that they might take to collect and to recover property for the benefit of their estate; (e) prepare on behalf of the Debtors necessary and appropriate legal documents, and review all financial and other reports to be filed in these Chapter 11 cases; (f) advise the Debtors concerning, and prepare responses to, legal papers which may be filed and served in these Chapter 11 cases; (g) counsel the Debtors in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; and (h) perform all other legal services for the Debtors that will be necessary or appropriate in administration of these Chapter 11 cases. The firm will be paid at these hourly rates: Jeffrey Sklarz, Attorney $600 Joanna Kornafel, Attorney $425 Michelle Antao, Attorney $350 In addition, the firm will seek reimbursement for expenses incurred. Mr. Sklarz 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: Jeffrey Sklarz, Esq. Green & Sklarz LLC One Audubon St. 3rd Floor New Haven, CT 06511 Telephone: (203) 285-8545 Facsimile: (203) 823-4546 Email: jsklarz@gs-lawfirm.com About Covered Bridge Newtown Covered Bridge Newtown LLC is the entity responsible for construction of the buildings at the Rental Complex. The first buildings were completed in 2018. After construction on a parcel is completed, CBN deeds the buildings to CBN I by way of quit claim deed, after which CBN I is the landlord to its tenants. CBN I has a full-time, on-site property manager attending to the needs of tenants and managing the Rental Complex. Covered Bridge Newtown LLC and Covered Bridge Newtown I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ct. Lead Case No. 24-50833) on December 8, 2024. In the petitions filed by Anthony O. Lucera, member, each Debtor reports estimated assets and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Julie A. Manning handles the case. The Debtors tapped Green & Sklarz LLC as counsel; R.J. Reuter, LLC as an independent financial advisor; Cohen & Wolf, PC as special counsel; and Landwehr & Spaho, CPAS, LLC as accountant. COVERED BRIDGE: Seeks to Hire Landwehr & Spaho CPAs as Accountant ----------------------------------------------------------------- Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Landwehr & Spaho, CPAs, LLC as accountant. The firm will render these services: (a) prepare federal and state income and other tax returns as required for the Debtors; and (b) other matters as directed by the court, the Debtors, or their counsel. The firm will be paid at these hourly rates: Fredrick Landwehr, CPA $300 Ereida Spaho, CPA $300 Staff Accountants $150 Admin $80 Mr. Landwehr 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: Fredrick A. Landwehr, CPA Landwehr & Spaho, CPAs, LLC 246 Federal Rd., Ste. D-21 Brookfield, CT 06804 Telephone: (203) 775-5858 About Covered Bridge Newtown Covered Bridge Newtown LLC is the entity responsible for construction of the buildings at the Rental Complex. The first buildings were completed in 2018. After construction on a parcel is completed, CBN deeds the buildings to CBN I by way of quit claim deed, after which CBN I is the landlord to its tenants. CBN I has a full-time, on-site property manager attending to the needs of tenants and managing the Rental Complex. Covered Bridge Newtown LLC and Covered Bridge Newtown I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ct. Lead Case No. 24-50833) on December 8, 2024. In the petitions filed by Anthony O. Lucera, member, each Debtor reports estimated assets and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Julie A. Manning handles the case. The Debtors tapped Green & Sklarz LLC as counsel; R.J. Reuter, LLC as an independent financial advisor; Cohen & Wolf, PC as special counsel; and Landwehr & Spaho, CPAS, LLC as accountant. COVERED BRIDGE: Taps R.J. Reuter as Independent Financial Advisor ----------------------------------------------------------------- Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC seek approval from the U.S. Bankruptcy Court for the District of Connecticut to employ R.J. Reuter LLC as independent financial advisor. The firm will provide these services: (a) advise and assist the Debtors with the general formulation and evaluation of various options for effecting one or more possible financial transactions in the course of their rehabilitation; (b) advise and assist the Debtors in the development and execution of a restructuring plan; (c) advise and assist the Debtors regarding any potential restructuring, amendment, extension, compromise, repayment, refinancing or other modification of their outstanding indebtedness and/or obligations; (d) advise and assist the Debtors in raising new or replacement debt or equity capital; (e) assist in the preparation of cash collateral budgets, schedules, budgets, projections, monthly operating reports, and similar financial documents as may be necessary or appropriate in the course of this bankruptcy case; and (f) render such other financial advisory services as may be necessary in the course of these bankruptcy cases. The firm will be paid at its hourly rate of $525, plus applicable Connecticut state sales tax of 6.35 percent. In addition, the firm will seek reimbursement for expenses incurred. Ronald Reuter, a principal and managing director at R.J. Reuter, 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: Ronald J. Reuter R.J. Reuter LLC 91 River Street Milford, CT 06460 Telephone: (230) 877-8824 Facsimile: (230) 877-1330 Email: ronreuter@rjreuter.com About Covered Bridge Newtown Covered Bridge Newtown LLC is the entity responsible for construction of the buildings at the Rental Complex. The first buildings were completed in 2018. After construction on a parcel is completed, CBN deeds the buildings to CBN I by way of quit claim deed, after which CBN I is the landlord to its tenants. CBN I has a full-time, on-site property manager attending to the needs of tenants and managing the Rental Complex. Covered Bridge Newtown LLC and Covered Bridge Newtown I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ct. Lead Case No. 24-50833) on December 8, 2024. In the petitions filed by Anthony O. Lucera, member, each Debtor reports estimated assets and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Julie A. Manning handles the case. The Debtors tapped Green & Sklarz LLC as counsel; R.J. Reuter, LLC as an independent financial advisor; Cohen & Wolf, PC as special counsel; and Landwehr & Spaho, CPAS, LLC as accountant. CREATIVE REALITIES: Chief Financial Officer Will Logan Departs -------------------------------------------------------------- Creative Realities, Inc. announced that Will Logan has resigned as chief financial officer, effective Jan. 31, 2025, to become chief financial officer at Rough Country, a major provider of performance-enhancing products and suspension systems to the truck, Jeep and UTV enthusiast market. He will serve as a Strategic Advisor to the Company at least through the end of 2025, as the Company continues to make progress in accelerating growth and advancing its successful business strategy. Rick Mills, CEO of Creative Realities, said "On behalf of the Board of Directors and our entire team, I want to thank Will for his many contributions to the Company. His vision as CFO has been integral to the Company's transformation into an industry leader as a digital signage and media solutions provider that is well positioned for sustained growth and value creation. I want to thank Will for his leadership and friendship during a very productive working relationship. We wish him all the best as he begins this well-earned next chapter in his career with a terrific opportunity that I would not have him miss." Mr. Logan joined the Company in November 2017, where he played a key role in coordinating the NASDAQ uplisting and overseeing the acquisitions of Allure Global Solutions, Inc. in 2018 and Reflect Systems, Inc. in 2022. The Company is evaluating internal and external candidates to succeed Mr. Logan. Ryan Mudd, MAcc, CPA, the Company's current Controller, will serve as interim chief financial officer effective upon the departure of Mr. Logan. Mr. Mudd has been with the Company for two years, having joined from Ernst & Young LLP, where he worked alongside Will Logan from 2012 to 2017. As Controller, Mr. Mudd led the Company's accounting function and recently spearheaded the adoption and implementation of its NetSuite ERP. About Creative Realities Digital signage and media solutions provider Creative Realities, Inc. -- http://www.cri.com-- designs, develops, and deploys consumer experiences for high-end enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to automotive, advertising networks, apparel & accessories, convenience stores, food service/QSR, gaming, theater, and stadium venues. Louisville, Kentucky-based Deloitte & Touche LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company is experiencing difficulty in generating sufficient cash flow to service its debt and contingent consideration obligations, which raises substantial doubt about its ability to continue as a going concern. CYTOSORBENTS CORP: Opens New Regional Sales Unit in Dubai --------------------------------------------------------- CytoSorbents Corporation announced the opening of a new regional sales subsidiary in Dubai, United Arab Emirates (UAE). The new subsidiary provides a gateway into the Middle East and Africa - regions with increasing demand for advanced medical technologies and high-quality therapies in critical care and cardiac surgery. "Establishing a central commercial presence in Dubai represents a major milestone in our regional expansion strategy, reflecting our commitment to accelerating sales growth in this critical international market," said Dr. Phillip Chan, Chief Executive Officer of CytoSorbents. "Our business in the region has been growing over the past several years, and this new subsidiary is expected to be a key international sales center that will help us strengthen and better support existing partnerships, foster closer on-the-ground interactions with customers to augment sales, forge new alliances, and drive long-term value creation." CytoSorbents has established its new commercial office in the heart of Dubai's Science Park, a commercial, healthcare-focused, "free zone" with special economic benefits, that will serve as a hub for regional sales and business development, training, customer support, and regulatory affairs. The UAE is the regional home of many multinational medical device companies and was selected because of its strategic location, strong economy and favorable tax policies, advanced infrastructure, well-developed healthcare system, and supportive economic and regulatory policies. Dr. Chan continued, "The Middle East and Africa continue to experience rapid growth in the demand for cutting-edge healthcare technologies such as CytoSorb® and we are thrilled to be at the forefront of this transformation. We look forward to working closely with healthcare providers, regulators, and key stakeholders to establish CytoSorbents as a leader in critical care and cardiac surgery across this dynamic region." About CytoSorbents Based in Monmouth Junction, N.J., CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 75 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure, and patient death. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 14, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations, and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. CytoSorbents reported a net loss of $28.51 million attributable to common stockholders for the year ended Dec. 31, 2023, compared to a net loss of $32.81 million attributable to common stockholders for the year ended Dec. 31, 2022. As of September 30, 2024, CytoSorbents had $47,804,011 in total assets, $34,804,921 in total liabilities, and $12,999,090 in total stockholders' equity. DIAMOND COMIC: Seeks Chapter 11 Bankruptcy Protection in Maryland ----------------------------------------------------------------- Diamond Comic Distributors has filed for voluntary Chapter 11 relief in the U.S. Bankruptcy Court for the District of Maryland as part of its restructuring efforts, according to a company press release. As a component of this process, Diamond has secured a $39 million stalking horse bid from an affiliate of Universal Distribution for Alliance Game Distributors. Additionally, the Company has arranged up to $41 million in debtor-in-possession (DIP) financing from JP Morgan Chase to support operating costs and ensure sufficient working capital to fulfill obligations to employees and suppliers. In addition to the DIP financing and stalking horse bid for Alliance Game Distributors, Diamond has attracted strong interest in its specialized business units. The Company has entered into a Non-Binding Letter of Intent (LOI) with Universal regarding the potential acquisition of Diamond UK. Diamond is also actively pursuing offers for its other business units, including Diamond Book Distributors, Collectible Grading Authority, Diamond Select Toys, and its core comic, toy, and collectible distribution lines. "Diamond has been a pillar of the comic book industry for over 40 years," said President Chuck Parker. "Our commitment has always been to provide excellent service to publishers, retailers, and comic fans. We are focused on identifying additional buyers for our business units." "Universal Distribution looks forward to partnering with the teams at Alliance and Diamond UK to strengthen the balance sheet and create new growth opportunities for retailers and suppliers. Both companies have long-standing roots in the industry, and we are excited to continue building on that foundation," said Angelo Exarhakos, President and CEO of Universal. About Diamond Comic Distributors Founded in 1982, Diamond Comic Distributors offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution network for its retailers, publishers and vendors. Diamond Comic Distributors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. Honorable Bankruptcy Judge David E. Rice handles the case. DMD FLORIDA: Gets Interim OK to Use Cash Collateral Until Jan. 31 ----------------------------------------------------------------- DMD Florida Development 2, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use the cash collateral of lender, Florida Restaurant Franchise Group IX, LP, until Jan. 31. The companies require the use of cash collateral for the continued operation of their business, including payment of expenses. As adequate protection, Florida Restaurant was granted a replacement lien on all post-petition property of DMD to the same extent and with the same priority as their pre-bankruptcy lien. DMD is the sole owner and managing member of affiliates, DMD Florida Restaurant Group C, LLC and DMD Florida Restaurant Group D, LLC, which own and operate Twin Peaks restaurants. As of the petition date, DMD owed Florida Restaurant approximately $12 million. On Oct. 1, 2013, the lender agreed to make a line of credit to DMD in the principal sum of $9.5 million as evidenced by a revolving promissory note. Subsequently, on Sept. 29, 2016, said note was amended and restated to increase the principal amount of the note from $9.5 million to $12 million. To secure its obligations to the lender under the note, DMD entered into a security agreement with the lender, pursuant to which DMD and its affiliates granted the lender an alleged lien on all of their assets. The next hearing is set for Jan. 29. About DMD Florida Development 2 DMD Florida Development 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10088) on January 6, 2025, with up to $1 million in assets and up to $50 million in liabilities. Jack Flechner, manager and co-chief executive officer, signed the petition. Judge Scott M. Grossman oversees the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC, represents the Debtor as bankruptcy counsel. DORETHA WARD: Hires Timothy R. Tyler as Attorney ------------------------------------------------ Doretha Ward Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Timothy R. Tyler as attorney. The firm will provide these services: a. give the Debtor legal advice with respect to her powers and duties as a debtor in possession in the continued operation of her affairs and management of its properties; b. assist the Debtor in the negotiation, formulation, drafting and confirmation of a plan of reorganization; c. assist the Debtor in investigation and pursuing all rights and claims in connection with preserving the value of Debtor's assets and rehabilitating property of the estate including the prosecution of any claims against any insurer of Debtor's property; d. take such action as may be necessary with reference to claims that may be asserted against the Debtor and to prepare such application, motion, complaints, orders, reports, pleading or other papers on the Debtor's behalf that may be necessary in connection with the proceedings; and e. perform all other legal services for the Debtor which may be required in connection with this proceeding. The firm will be paid at these rates: H. Bruce Bronson $525 per hour Paralegal/Legal Assistant $150 to $250 per hour The firm received from the Debtor a retainer of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Timothy R. Tyler, Esq., a partner at Tyler Law Offices, 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: Timothy R. Tyler, Esq. Tyler Law Offices, P.C. 120 West Madison St. - Suite 204 Chicago, IL 60602 Telephone: (312) 920-1745 Facsimile: (312) 291-8628 About Doretha Ward Enterprises, LLC Doretha Ward Enterprises LLC has equitable interests in eight properties located in Illinois. Doretha Ward Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-16345) on October 31, 2024. In the petition filed by Doretha Ward, as president, the Debtor reports total assets of $1,878,390 and total liabilities of $1,576,446. The Debtor is represented by Timothy R Tyler, Esq., at TYLER LAW OFFICE, PC. DVC3 LLC: Hires Law Offices of Mickler & Mickler as Attorney ------------------------------------------------------------ DVC3, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Law Offices of Mickler & Mickler, LLP as attorney. The firm will render general representation of the Debtor in the bankruptcy proceeding and the performance of all legal services for the Debtor which may be necessary. The firm will be paid at $300 to $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, 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: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (725) 0855 Email: bkmickler@planlaw.com About DVC3, LLC DVC3, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03897) on December 23, 2024. In the petition signed by Rebecca L. Vetter, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at Law Offices of Mickler & Mickler, LLP, represents the Debtor as bankruptcy counsel. EDGIO INC: Plan Exclusivity Period Extended to April 7 ------------------------------------------------------ Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware extended Edgio, Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 7, 2025 and June 9, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that they are not seeking an extension to prejudice their creditor constituencies or grant the Debtors any unfair bargaining leverage. The Debtors have no ulterior motive in seeking an extension of the exclusive periods. The Debtors claim that they have been in regular communication with their creditor constituencies on numerous issues facing their estates, including formulation of a path forward for the Chapter 11 Cases, and have worked diligently in the prepetition and postpetition periods to maximize the value of their estates. The Debtors assert that they will use the extended exclusive periods to continue to negotiate with all interested parties to develop, file and solicit a chapter 11 plan or to reach an alternative of these Chapter 11 Cases. The Debtors' substantial progress in negotiating with their creditors and administering their cases supports the extension of the exclusive periods. Co-Counsel to the Debtors: Mark D. Collins, Esq. Russell C. Silberglied, Esq. Brendan J. Schlauch, Esq. Huiqi Liu, Esq. Emily R. Mathews, Esq. Gabrielle A. Colson, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King St. Wilmington, DE 19801 Tel: 1 (302) 651-7700 Fax: 1 (302) 651-7701 E-mail: Collins@RLF.com Silberglied@RLF.com Schlauch@RLF.com Liu@rlf.com Mathews@rlf.com Colson@rlf.com -and- Dennis F. Dunne, Esq. Tyson Lomazow, Esq. Lauren C. Doyle, Esq. Benjamin M. Schak, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001 Phone: 1 (212) 530-5000 E-mail: DDunne@Milbank.com TLomazow@Milbank.com LDoyle@Milbank.com BSchak@Milbank.com About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit bid of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. ELEMENTS UES: Starts Subchapter V Bankruptcy Proceeding ------------------------------------------------------- On January 12, 2025, Elements UES LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Elements UES LLC Elements UES LLC is a limited liability company. Elements UES LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-10033) on January 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael E. Wiles handles the case. Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the Debtor as counsel. ELLINGSWORTH RESIDENTIAL: Homeowner Gets Partial Victory in Court ----------------------------------------------------------------- James Nani of Bloomberg Law reports that a federal district court has been instructed to reconsider a homeowner's request for a bankruptcy court to abstain from ruling on a state-law dispute between a Florida resident and her homeowners association. The U.S. District Court for the Middle District of Florida's decision to reject homeowner Alice Guan's appeal against the nonprofit Ellingsworth Residential Community Association Inc. was partially overturned and remanded, according to a published opinion from the U.S. Court of Appeals for the Eleventh Circuit on Monday, January 13, 2025, the report relates. About Ellingsworth Residential Community Association, Inc. Ellingsworth Residential Community Association, Inc., operates a homeowner's association consisting of approximately eighty homes in three subdivisions. Ellingsworth Residential Community Association, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-01346) on March 3, 2020, listing under $1 million in both assets and liabilities. Justin M. Luna, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP represents the Debtor as counsel. EMX ROYALTY: Acquires Royalty on Chapi Copper Mine Property in Peru ------------------------------------------------------------------- EMX Royalty Corporation announced that the Company has entered into a Royalty Agreement with Minera Pampa de Cobre S.A.C., a Peruvian company focused on restarting production at the Chapi copper mine located south of the city of Arequipa in Peru. MPC is owned indirectly by a privately held Canadian company, Quilla Resources Inc. Pursuant to the terms of the Agreement, EMX will acquire a royalty interest of up to 2% of Net Smelter Returns on minerals produced from the approximately 26,000 hectare property owned by MPC, as well as up to a 2% NSR royalty from any minerals that are produced from outside the Property Royalty area, but that are processed at the Chapi Mine processing facilities. The Agreement also includes a two-kilometer area of interest around the Property Royalty area, and any property acquired by MPC within this AOI will also be subject to an NSR royalty of up to 2%. As consideration for the acquisition of the first 1% of the NSR interests, the Company has paid MPC the amount of US$3,000,000. A second 1% NSR interest can be acquired by EMX, at the election of MPC, for an additional US$7,000,000 until February 28, 2025. The Property Royalty is perpetual and cannot be reduced. The Facilities Royalty and the AOI Royalty will be reduced by half (to either 0.5% NSR or 1% NSR - depending on the MPC election) on July 1, 2034. EMX's right to receive royalty payments will be secured by a guarantee from Quilla, and by various personal property and real property security instruments in Peru. EMX's security interests will be subordinated to those of Hartree Partners, LP, acting as the first lien lender to MPC and Quilla, in accordance with an intercreditor agreement entered into between EMX, Hartree, MPC, and Quilla. EMX is excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru. Background on Quilla Quilla is a newly formed Canadian company that recently (December 2024) acquired MPC from Nexa Resources S.A. (NYSE:NEXA), one of the world's top zinc producers with operations in Brazil and Peru. Quilla was founded by Victor Gobitz and a select group of shareholders looking to rapidly build an intermediate-sized base metals company. Mr. Gobitz is a senior mining executive who will be transitioning from his role as President and General Manager for the world class Antamina mine in Peru to lead Quilla. Mr. Gobitz has worked with a number of companies in Peru over recent years including Rio Alto Mining, Compañía Minera Milpo (now Nexa Resources Peru), and Compañía de Minas Buenaventura, and from his deep knowledge of the mining industry in Peru has assembled an experienced and accomplished team to quickly execute on Quilla's plans to restart copper production at Chapi. Background on the Chapi Mine1 The Chapi Mine is located in southern Peru's Moquegua and Arequipa Departments at an elevation of approximately 2,750 meters, and has ready access approximately 50 kilometers south-southeast from the city of Arequipa. Historical, small-scale copper production, which is poorly documented, occurred intermittently from the 1930s through the early 1980s. Subsequently, between 2006 and 2012 the Chapi Mine produced approximately 5,000 to 8,500 tonnes per annum, initially of copper sulphates from open-pit and underground mining and heap leaching, and later copper cathodes from open-pit mining, heap leaching, and SX-EW (solvent extraction-electrowinning) processing. The grades mined during 2006-2012 were reported as 0.59% - 1.04% copper. The operations were halted in 2012 due to declining copper prices and operational challenges that were mainly related to insufficient ore control on materials delivered to the leach pads. The historical Chapi Mine is comprised of two principal open pits, underground workings, a crushing and grinding circuit, heap leach pads, a solvent extraction plant, an electrowinning copper cathode plant, and related infrastructure including mine camp, office facilities, water supply, and power. Since 2012, Chapi has been maintained under care and maintenance with the principal permits for mining operations remaining in place under a temporary suspension. Chapi Geology and Exploration Upside2 The deposits at Chapi are comprised of sandstone-hosted copper mineralized mantos, partially oxidized and secondarily enriched, that are related to a series of porphyry intrusions. The Chapi Mine lies between, and directly along trend from, some of the world's largest producing porphyry copper deposits, including Cerro Verde and the Cuajone-Quellaveco-Toquepala cluster. All of these deposits and districts, as well as others, comprise the Paleocene-Eocene Cu-Mo porphyry belt of Southern Peru, and contribute to making Peru the second ranked copper producer in the world. The -26,000 hectare land package owned by MPC, and subject to EMX's royalty interests, includes historical resources based on an extensive drill database that delineates the well-mineralized, leachable manto horizons at Chapi, which are open for potential resource expansion from both open pit and underground exploitation. Porphyritic intrusions, intimately associated with the mineralized mantos, have low-grade copper mineralization in sericitic-altered zones, but also have exploration potential for higher-grade copper mineralization within the porphyry system. Further, although gold assays in the drill database are limited in number, those that are present suggest that gold, not recovered by the historical mining operations, might have wider exploration potential. Additional, potentially leachable copper-oxide and chalcocite drill-defined mineralization, as well as primary sulphide mineralization, occurs at the Pampa Negra and Candelaria projects, related to porphyritic intrusions and associated supergene manto horizons that are covered by the Property Royalty or by the AOI Royalty. Furthermore, early-stage exploration targets at San Jose (with drilling), and Justicia prospect areas (no drilling) show evidence of porphyry-style mineralization with some evidence for oxidation of primary sulphides. These deposits provide upside potential for processing at the existing Chapi plant subject to further drilling, engineering, and permitting. Chapi Restart Plans Quilla's near-term plan is to restart Chapi Mine operations utilizing the SX-EW process circuit which is designed to produce a nominal 10,000 tonnes per annum of copper cathode, with the option to potentially increase capacity in the future. Initially, the restart plan is contingent on additional drilling and metallurgical test work, updated resource and reserve modelling, rehabilitation of the mining and leach-processing infrastructure, and updated environmental and other permits. Quilla and MPC have raised the necessary capital to complete the Chapi restart program, and anticipate initial production in H1 2026. Comments on Mines and Districts in the Region. The mines and districts in the region of the Chapi Mine property, which include Cerro Verde and the Cuajone-Quellaveco-Toquepala cluster, provide geological context for EMX's Chapi royalty property. However, this is not necessarily indicative that the Chapi royalty property hosts similar styles, grades, or tonnages of mineralization. Comments on Chapi Background, Geology, and Exploration Upside. EMX has not verified the historical information and data from the previous Chapi operators, but believes this information and data to be reliable and relevant. Updated information and data will result from Quilla's restart program technical work. About EMX EMX Royalty Corporation -- https://emxroyalty.com/ -- is a precious and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX." Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has a working capital deficiency that raises substantial doubt about its ability to continue as a going concern. For the year ended December 31, 2023, EMX reported a net loss of $4.63 million, compared to a net income of $3.35 million for the same period in 2022. As of September 30, 2024, EMX had $156.5 million in total assets, $39.1 million in total liabilities, and $117.4 million in total shareholders' equity. ENVERIC BIOSCIENCES: AdvisorShares Trust Holds 5.9% Stake --------------------------------------------------------- AdvisorShares Trust disclosed in a Schedule 13 filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 599,854 shares of Enveric Biosciences' Common Stock, representing 5.9% of the shares outstanding. AdvisorShares Trust may be reached at: Stefanie Little Chief Compliance Officer 4800 Montgomery Lane, Suite 150 Bethesda, Maryland 20814 Tel: (877) 843-3831 A full-text copy of AdvisorShares Trust's SEC Report is available at: https://tinyurl.com/3r5p5naf About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- www.enveric.com -- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary, Enveric has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. Enveric's lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote neuroplasticity without inducing hallucinations in the patient. Enveric is also developing EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin, being studied as a treatment of psychiatric disorders. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 25, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Enveric had $4,790,316 in total assets, $839,166 in total liabilities, and $3,951,150 in total stockholders' equity. EVERYTHING BLOCKCHAIN: Appoints Arthur Rozenberg as New CEO ----------------------------------------------------------- Everything Blockchain, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on January 3, 2025, it appointed Arthur Rozenberg as Chief Executive Officer, effective immediately. Mr. Rozenberg will also serve as the sole member of the Company's Board of Directors. Mr. Rozenberg brings over five years of experience in the crypto industry, having founded several companies in the space. Alongside his entrepreneurial ventures, he worked at Morgan Stanley, where he gained deep expertise in financial markets. He holds a BA in Business Management from James Madison University. As a dynamic and forward-thinking leader, Mr. Rozenberg's fresh perspective and strategic approach are well-suited to guide the Company in seizing opportunities at the intersection of crypto and AI innovation. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, currently competes in, or overlaps with, three primary market segments: (i) Blockchain, (ii) Database Management, and (iii) Zero-Trust Data Security. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2024, Everything Blockchain had $21.81 million in total assets, $4.17 million in total liabilities, and $17.64 million in total stockholders' equity. EVERYTHING BLOCKCHAIN: CEO Toney Jennings, 2 Directors Step Down ---------------------------------------------------------------- Everything Blockchain, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company accepted the resignations of Toney Jennings, Richard Schaeffer and Najwa Aaraj on December 31, 2024. Toney Jennings, Chief Executive Officer, resigned from his position on November 22, 2024. On the same date, Richard Schaeffer, Chairman of the Board of Directors, and Najwa Aaraj resigned from the Board of Directors. Mr. Jennings, Mr. Schaeffer and Ms. Aaraj's resignation was not the result of any disagreement between them and the Company, Board of Directors or any committee of the Board of Directors on any matter. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, currently competes in, or overlaps with, three primary market segments: (i) Blockchain, (ii) Database Management, and (iii) Zero-Trust Data Security. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2024, Everything Blockchain had $21.81 million in total assets, $4.17 million in total liabilities, and $17.64 million in total stockholders' equity. EVERYTHING BLOCKCHAIN: Craig Stephens Resigns as Director --------------------------------------------------------- Everything Blockchain, Inc. filed a Form 8-K Report with the U.S. Securities and Exchange Commission on January 6, 2025, disclosing that Craig Stephens resigned from the Board of Directors on October 24, 2024. Mr. Stephens' resignation was not the result of any disagreement between him and the Company, Board of Directors, or any committee of the Board of Directors of the Company on any matter. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, currently competes in, or overlaps with, three primary market segments: (i) Blockchain, (ii) Database Management, and (iii) Zero-Trust Data Security. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2024, Everything Blockchain had $21.81 million in total assets, $4.17 million in total liabilities, and $17.64 million in total stockholders' equity. EVERYTHING BLOCKCHAIN: Delays Q3 Report Due to Officer Departures ----------------------------------------------------------------- Everything Blockchain, Inc. disclosed a Form 12b-25 with the U.S. Securities and Exchange Commission that it has been unable to complete its Form 10-Q for the quarter ended October 31, 2024, within the prescribed time because of the recent departure of officers of the Company, an asset sale that has created a review of impairment, and delays in completing the review by its auditor. The delays are primarily due to the timing of the Company receiving and reviewing analysis documentation from third-party professionals. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, currently competes in, or overlaps with, three primary market segments: (i) Blockchain, (ii) Database Management, and (iii) Zero-Trust Data Security. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2024, Everything Blockchain had $21.81 million in total assets, $4.17 million in total liabilities, and $17.64 million in total stockholders' equity. EVERYTHING BLOCKCHAIN: Robert Adams Steps Down as Director ---------------------------------------------------------- Everything Blockchain, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on January 3, 2025, Robert Adams resigned from the Board of Directors. Mr. Adams' resignation was not the result of any disagreement between him and the Company, Board of Directors, or any committee of the Board of Directors on any matter. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, currently competes in, or overlaps with, three primary market segments: (i) Blockchain, (ii) Database Management, and (iii) Zero-Trust Data Security. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2024, Everything Blockchain had $21.81 million in total assets, $4.17 million in total liabilities, and $17.64 million in total stockholders' equity. EVERYTHING BLOCKCHAIN: Sells Assets to DataRock ----------------------------------------------- Everything Blockchain Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an agreement with DataRock Technologies, Inc., a Texas Corporation. The principal of DataRock is Craig T. Stevens, a former member of the Company's Board of Directors. In addition, Mr. Stevens was the holder of a senior secured promissory note with the Company where the Company had defaulted in owing $1,302,956. Under the agreement, DataRock acquired certain company assets for $3,300,000. Payment of $3,300,000 included: 1) the outstanding balance of the senior secured promissory note, 2) the assumption of $1,148,802 of the Company's vendor debt, 3) prepaid royalties of $250,000, 4) the assumption of $654,935 in accrued payroll, benefits, and bonuses, and 5) $193,306.93 to be paid via a 2.5% royalty fee from sales generated from the assets sold. The Company transferred to DataRock its EBControl and BuildDB software solutions under the agreement. Based upon the agreement, the Company will impair its goodwill and intangible assets associated with EBControl and BuildDB, which the Company expects to be approximately $20 million. The Company is currently working with its auditors to address this impairment which will be reflected on the financials in the next Form 10Q. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, currently competes in, or overlaps with, three primary market segments: (i) Blockchain, (ii) Database Management, and (iii) Zero-Trust Data Security. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2024, Everything Blockchain had $21.81 million in total assets, $4.17 million in total liabilities, and $17.64 million in total stockholders' equity. EVERYTHING BLOCKCHAIN: William Regan Steps Down as CFO ------------------------------------------------------ Everything Blockchain, Inc. filed a Form 8-K Report with the U.S. Securities and Exchange Commission on January 6, 2025, disclosing that William Regan, Chief Financial Officer, resigned from his position on November 25, 2024. Mr. Regan's resignation was not the result of any disagreement between him and the Company, Board of Directors, or any committee of the Board of Directors on any matter. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, currently competes in, or overlaps with, three primary market segments: (i) Blockchain, (ii) Database Management, and (iii) Zero-Trust Data Security. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2024, Everything Blockchain had $21.81 million in total assets, $4.17 million in total liabilities, and $17.64 million in total stockholders' equity. FALL CREEK: Unsecured Creditors to Split $75K over 5 Years ---------------------------------------------------------- Fall Creek One, LLC, filed with the U.S. Bankruptcy Court for the Middle District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated January 7, 2025. The Debtor is a North Carolina limited liability company, established to acquire real property located in Purlear, Wilkes County, North Carolina in April 2022. At the time the property was acquired, the Debtor intended to renovate the existing cabins and construct ten glamping pods, which would be used for short term rentals, similar to an Airbnb model. At the time of its purchase, the Debtor entered into a promissory note with Marine Federal Credit Union ("MFCU") in the original principal amount of $1,950,000.00, secured by a deed of trust on the property. This Plan of Reorganization contemplates payments to the various classes of creditors using income derived from rental income, increased business operations, and continued funding by the Reorganized Debtor's member. Class 8 consists of all Allowed, Undisputed, Non-contingent, Unsecured Claims. As of the date of the filing of this Plan, total General Unsecured Claims and known or projected Deficiency Claims that fall within this Class, equal $3,253,507.15. This Class shall be impaired. The Debtor shall pay the holders of allowed undisputed, general unsecured claims the total sum of $75,000.00. in quarterly payments over five years. Quarterly payments shall commence on the later of (i) the 15th day of the first full month following the effective date of the Plan; or (ii) the date all claims in this class have been determined to be Allowed Claims, in the event any objections to claims have been filed, and shall on the 15th day of every third month thereafter. All payments to creditors within this class shall be distributed pro rata. Class 9 consists of the claims of Blue Slide Streamers, LLC and Lucrum 7, LLC, two affiliated entities of the Debtor. These claims shall be waived and receive no payment by the Debtor. This Class shall be impaired. Class 20 consists of the holder of the membership interest in the Debtor. The Debtor's sole member is The Carolina Experience Fund, LLC. Upon the effective date of the Plan, all equity security interests, membership interests, economic interests, or other such interests in the Debtor shall be deemed cancelled. On the Effective Date, the Debtor shall issue new membership interests in the Debtor. So as to comply with Section 1129(b)(2)(B)(ii), the Carolina Experience Fund proposes to purchase 100% of the membership interests in the Reorganized Debtor for an equity contribution of $236,562.00 (the "Equity Investment"), plus the sum necessary to cover budgetary shortfalls until the completion of the pods and repairs to cabin eight, and the Reorganized Debtor's operations are sufficient to fully fund its operations (the "Cash Shortfalls"). The Debtor will commence construction of the ten pods and repair the roof on the eighth cabin after the effective date using funds from the Equity Investment. Estimated costs for completion of this construction are $236,562.00 and shall be paid from the Equity Investment. Funds from the rental of the eighth cabin and the ten pods will then be used to fund the Debtor's ongoing operations. A full-text copy of the Disclosure Statement dated January 7, 2025 is available at https://urlcurt.com/u?l=et8z3Y from PacerMonitor.com at no charge. Counsel to the Debtor: Laurie B. Biggs, Esq. Biggs Law Firm, LLC 9208 Falls Of Neuse Road, Suite 120 Raleigh, NC 27615 Telephone: (919) 375-8040 Facsimile: (919) 341-9942 Email: lbiggs@biggslawnc.com About Fall Creek One Fall Creek One, LLC, is a North Carolina limited liability company, established to acquire real property located in Purlear, Wilkes County, North Carolina. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-80221) on Sept. 27, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Anthony H. Dilweg as manager. Laurie B. Biggs, Esq, at Biggs Law Firm PLLC, is the Debtor's counsel. FIREFLY NEUROSCIENCE: Jon Olsen Removed as CEO; Interim CEO Named ----------------------------------------------------------------- Firefly Neuroscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 30, 2024, Jon Olsen resigned from his position as a member of the board of directors, effective immediately. Mr. Olsen's resignation was not related to any disagreement regarding the Company's operations, policies or practices. In addition, on January 6, 2025, the Board removed Mr. Olsen from his position as the Company's Chief Executive Officer without cause and appointed Greg Lipschitz as the Company's Interim Chief Executive Officer. About Firefly Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders. Firefly's FDA-510(k) cleared Brain Network Analytics (BNA) technology revolutionizes diagnostic and treatment monitoring methods for conditions such as depression, dementia, anxiety disorders, concussions, and ADHD. Over the past 15 years, Firefly has built a comprehensive database of brain wave tests, securing patent protection, and achieving FDA clearance . The Company is now launching BNA commercially, targeting pharmaceutical companies engaged in drug research and clinical trials, as well as medical practitioners for clinical use. Tysons, Virginia-based CohnReznick LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 20, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2024, Firefly Neuroscience had $5.31 million in total assets, $2.54 million in total liabilities, and $2.78 million in total stockholders' equity. FIRST MODE: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of First Mode Holdings, Inc. and Synchronous, LLC. The committee members are: 1. ABB Inc. Attn: M. Amadea Groseclose, Esq. 305 Gregson Drive Cary, NC 27511 Phone: 984-243-7486 Email: Amadea.groseclose@us.abb.com 2. Ballard Power Systems Inc. 9000 Glenlyon Parkway Burnaby, British Columbia Canada V5J 5J8 Phone: 604-454-0900 Email: ranj.sangra@ballard.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About First Mode Holdings First Mode Holdings, Inc. is a multinational decarbonization company that designs, manufactures, and distributes hybrid battery systems and hydrogen fuel cell technologies for heavy duty mining and rail vehicles, along with hydrogen refueling equipment. First Mode Holdings, Inc. and Synchronous LLC filed for voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Lead Case No. 24-12794) on December 15, 2024. In their petitions signed by Colin Mark Freed as chief financial officer, the Debtors reported consolidated assets of $10 million to $50 million and consolidated liabilities of $50 million to $100 million. The Hon. Judge Karen B. Owens oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as bankruptcy counsel and Latham & Watkins LLP as bankruptcy co-counsel. PJT Partners serves as investment banker to the Debtors, while M3 Partners LP acts as financial advisor. Omni Agent Solutions Inc is the claims and noticing agent for the Debtors. FRANCHISE GROUP: Attys Have Conflicts of Interest, US Trustee Says ------------------------------------------------------------------ Steven Church and David Voreacos of Bloomberg News reports that the U.S. Trustee has argued that the prominent law firm advising Franchise Group Inc. on its bankruptcy should be removed from the case due to potential conflicts of interest. The firm's lawyers had previously represented troubled investment adviser B. Riley Financial, Inc. and controversial executive Brian Kahn. Kahn and B. Riley were both involved in the failed 2023 buyout at the center of creditor complaints about Franchise Group's bankruptcy, the U.S. Trustee, which monitors corporate bankruptcy cases for the U.S. Justice Department, explained, according to the report. Willkie Farr & Gallagher has represented both Kahn and B. Riley in multiple matters, the report states. About Franchise Group Inc. 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 Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRANCHISE GROUP: SEC Probes B. Riley's Loan to Founder, Co. Deals ----------------------------------------------------------------- Donal Griffin of Bloomberg News reports that federal regulators have sent additional information requests to B. Riley Financial Inc. regarding its involvement with the now-bankrupt Franchise Group, as well as a personal loan made to Chairman and co-founder Bryant Riley. In November 2024, the Los Angeles-based investment firm and Riley both received new subpoenas from the U.S. Securities and Exchange Commission (SEC), demanding documents and details concerning Franchise Group (FRG), which was once a major investment before its collapse last year, according to a recently filed quarterly report. The SEC is also requesting further information about Riley's use of B. Riley shares as collateral for the loan, the report states. About Franchise Group Inc. 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 Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FREE SPEECH: Jones-Affiliated Firm Boosts Offer to Acquire Infowars ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that a company linked to right-wing conspiracy theorist Alex Jones has more than doubled its initial $3.5 million bid to acquire the assets of Infowars, according to the trustee managing the liquidation of Jones' bankrupt estate. The updated bid from First United American Cos. could intensify a bidding war with satirical news site The Onion, which was previously blocked from purchasing the assets, according to the report. First United also manages the online supplement store website ShopAlexJones.com, the report notes. During a status conference on Monday, January 13, 2025, an attorney for Chapter 7 bankruptcy trustee Chris Murray stated that another bid is anticipated, the report relates. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. GEORGIA EARTH: Unsecureds Owed $2M Will Get 10% over 5 Years ------------------------------------------------------------ Georgia Earth and Pipe, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated January 7, 2025. The Debtor is a Georgia limited liability company formed in April 2013 and has one member, Lanny Limburg. The Debtor is a grading and site development company that prepares commercial property sites for construction (the "Business"). The Debtor enters into contracts with general contractors and property owners to perform its Business. Debtor derives its income from contracts with private entities and government bodies. These contracts are paid over time based on work completion which results in a fluctuating stream of income for Debtor while its expenses remain owing on a regular basis. Upon filing the Bankruptcy Case, Debtor pursued collection of the prepetition Receivables. Debtor faced collection resistance from two of its largest contractors. Debtor continues to pursue collection of the 90-day plus Receivables. Lack of payment created a cash flow issue for Debtor in first two postpetition months. Debtor's current contracts are with Forsyth County which pays in a timely manner. These two contracts have a gross value of approximately $2.1 million. Debtor will receive progress payments as the work is completed over the course of 2025. Mr. Limburg will retain his ownership interest in Debtor postconfirmation. He will lead the Reorganized Debtor as the Business strengthens and continues to acquire large contracts. His leadership and expertise in the construction industry are necessary to Debtor's successful reorganization. The Budget of projected income and expenses for January through August 2025 supports a successful and feasible reorganization (the "Budget"). General Unsecured Creditors Allowed Claims will be paid pro rata over 5 years from Mr. Limburg's $200,000 contribution to the Plan over that same time period. The General Unsecured Creditors Convenience Class (claims less than $2000.00) will be paid in full 30 days after the Effective Date. The Unsecured MCAs Allowed Claims will be paid pro rata over 5 years from Mr. Limburg's $100,000 contribution to the Plan over that same time period. The Allowed Secured Claim of each of the Equipment Lenders shall be paid from Debtor's income according to the terms of the individual agreements unless modified under the Plan. The Allowed Secured Claims of each of the MCAs shall be paid from Debtor's net income after payments to the Equipment Lenders and payment of operating expenses set forth on the Budget and from collections of 90-day plus Receivables. The Plan provides for the treatment of all secured, priority, and general unsecured claims, and retention of equity interests of Debtor. Class 22 consists of the Allowed Unsecured Claims of Merchant Cash Advance Companies (the "MCA Allowed Unsecured Claims"). As of the Petition Date, the collectible Receivables in the amount of $501,545.67 were encumbered/purchased such that these 7 MCAs' claims were unsecured. QFS also has an unsecured claim in the amount of $27,293.66. The Debtor shall pay the MCA’s Allowed Unsecured Claims $100,000 on a pro rata basis over 20 quarters beginning on the last day of the first quarter after the Effective Date from Mr. Limburg's contributions to Debtor. Each MCA Allowed Unsecured Claim shall receive a distribution equal to approximately 12% of each claim. Class 23 consists of General Unsecured Creditor Convenience Class (the "Convenience Class"). Debtor estimates, based on its Schedules and filed proofs of claims as of the date of the Plan, that Allowed General Unsecured Creditor Claims under $2,000.00 total $9,093.36. Claims valued at $2,000.00 or less shall be classified in the General Unsecured Creditor Convenience Class and shall be paid in full 30 days after the Effective Date of the Plan. Any Allowed General Unsecured Claim valued between $2,000.01 and $5,000.00 may elect to value their Claim at $2,000.00 and be paid as a Convenience Class General Unsecured Creditor. Class 24 consists of General Unsecured Creditors (the "GUCs"). The Debtor estimates, based on its schedules and filed proofs of claims that as of the date of the Plan, that General Unsecured Creditors Allowed Claims total approximately $2,062,243.58. The Allowed General Unsecured Creditors Claims shall be paid $206,000 on a pro rata basis over 20 quarters beginning on the last day of the first quarter after the Effective Date. This class shall receive an estimated 10% distribution on each allowed claim. This estimated distribution may fluctuate should additional unsecured creditors file proofs of claim that are not included in Debtor's Schedules or if certain unsecured creditors elect to be treated as a Class 23 Convenience Class claimant. The claims shall be paid from Mr. Limburg's contributions to Debtor to fund these Plan Payments. Class 25 consists of Equity Interest Holders. Mr. Limburg is sole owner of Debtor. He shall retain his member interest in Debtor as of the Effective Date of the Plan. Mr. Limburg's annual net salary is $92,404. He is reducing his net salary to contribute $5,000 per month over 5 years toward Plan payments until Class 22 and Class 24 Plan payments are paid in full. His $300,000 contribution shall pay the Plan distributions for Class 22 and Class 24. He also shall contribute toward Class 23 Plan distributions. Mr. Limburg also has contributed capital to Debtor during the pendency of this Bankruptcy Case in the approximate amount of $56,000.00. Distributions and payments under the Plan and the respective agreements in Classes 1-17 shall be paid from Debtor's income. Classes 18-21 shall be paid from Debtor's net income after payment of monthly operating expenses and monthly payments to Classes 1 17. Mr. Limburg's contributions shall pay the distributions to Classes 22 and 24 over 5 years. He shall also contribute to the payment of Class 23 thirty days after the Effective Date. A full-text copy of the Disclosure Statement dated January 7, 2025 is available at https://urlcurt.com/u?l=aZPVvJ from PacerMonitor.com at no charge. Attorneys for the Debtor: ROUNTREE LEITMAN KLEIN & GEER, LLC Ceci Christy, Esq. Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 (404) 584-1238 Telephone Email: cchristy@rlkglaw.com About Georgia Earth and Pipe Georgia Earth and Pipe, LLC, is a site preparation contractor in Dawsonville, Ga. Georgia Earth and Pipe sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-21100) on Sept. 9, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Lanny P. Limburg, president of Georgia Earth and Pipe, signed the petition. Judge James R. Sacca oversees the case. Will Geer, at Rountree Leitman Klein & Geer, LLC, is representing the Debtor. GREAT OUTDOORS: S&P Rates New First-Lien Secured Term Loan 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating to Great Outdoors Group LLC's maturity extension of up to $4.515 billion of its first-lien senior secured term loan, extending the maturity by seven years to 2032. Concurrently, the company is extending the maturity of its $1.2 billion asset-based lending (ABL) facility by five years to 2030 from 2026. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of payment default or bankruptcy. S&P said, "We project Great Outdoors' sales will be down roughly 2.1% for fiscal 2024 because discretionary spending within the sporting goods and outdoor recreation market remains pressured, particularly its wholesale boating business. However, we expect disposable income and customer traffic will likely improve in the second half of 2025 as inflationary pressures continue to abate, supporting higher sales volumes and revenue growth of roughly 2% in fiscal 2025. Furthermore, we expect Great Outdoors to continue expanding its store footprint, with five store openings in fiscal 2024, followed by roughly six new openings for fiscal 2025, bringing the total expected store count to 174 locations this year and 180 locations in 2025. "Our 'BB-' issuer credit rating and stable rating outlook on Great Outdoors Group are unchanged, but we view the maturity extensions as a credit positive." Issue Ratings - Recovery Analysis Key analytical factors -- Pro forma for the amend and extend transactions, Great Outdoor Group's capital structure comprises a $1.2 billion ABL facility and a $75 million first-in, last-out facility (both not rated) due in 2030, as well as a an amended and extended $4.515 billion term loan facility due in 2032, rated 'BB-'. -- The '3' recovery rating on the company's term loan is unchanged and indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of payment default or bankruptcy. -- S&P simulates a default occurring in 2028 due to lower consumer discretionary spending in a volatile economy and increased competition from direct and indirect sporting goods retailers. This leads to declining consumer spending on sporting goods along with increased price competition and, consequently, lower sales and operating margins for the company. -- S&P said, "Following a bankruptcy scenario, we assume Great Outdoors would emerge as a going concern in order to maximize its lenders' recovery prospects. We apply a 6x multiple to our estimated emergence EBITDA, greater than retail peers, because of the company's good competitive positioning, unique offering, and destination store format." -- S&P's recovery analysis assumes $705 million of borrowings will be outstanding under the ABL facility at default, which reflects 60% utilization of the $1.2 billion commitment. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $518 million -- Implied enterprise value (EV) multiple: 6x -- Estimated gross EV at emergence: Nearly $3.1 billion Simplified waterfall -- Net EV after 5% administrative costs: About $2.95 billion -- Valuation split (obligors/nonobligors): 100%/0% -- ABL claims: $796 million -- Collateral value available to secured lenders: $2.16 billion -- Estimated term loan claims: $4.18 billion --Recovery expectations: 50%-70%; rounded estimate: 50% Note: All debts amounts include six months of prepetition interest. HACKENSACK BREWING: Amends Trenton Business Secured Claim --------------------------------------------------------- Hackensack Brewing, LLC, and Michael R. Jones submitted a First Modified Joint Plan of Reorganization for Small Business dated January 7, 2025. Hackensack Brewing is a New Jersey limited liability company formed in 2017. It operates a beer brewery and taproom at its location at 78 Johnson Avenue, Hackensack NJ. Hackensack Brewing's personal property (except vehicles) is covered by security interests covering its personal property (except vehicles) held by Trenton Business Assistance Corporation (the "TBAC"), which is listed on the Hackensack Brewing's schedules as holding a secured claim in the amount of $130,853.17, and the US Small Business Association (the "SBA"), which asserts a claim in the amount of $537,063.31. The value of the personal property securing the claims is $239,984.95. The Debtors propose to pay the allowed claim of the TBAC in full with 3.75% annual interest, over a sixty-month term, in monthly installments of $2,395.13. The Debtors propose to pay the $109,131,78 secured portion of the SBA's claim with 3.75% annual interest, over a sixty-month term, in monthly installments of $1,997.54. The Debtors propose to treat the balance of the SBA's claim as a general unsecured claim. The Debtors propose to treat all other allowed claims against Hackensack Brewing, including any deficiency claim of the SBA, as general unsecured claims. The Debtors will distribute the amount of $18,000.00 over a sixty-month period toward the holders of general unsecured claims; the holders of such claims will share in the fund pro rata. The Debtors propose to treat all other allowed claims against the Individual Debtor, including any claims against Hackensack Brewing that are guaranteed by the Individual Debtor, as general unsecured claims against the Individual Debtor. The Individual Debtors will distribute the amount of $18,000.00 over a sixty-month period toward the holders of such unsecured claims; the holders of such claims will share in the fund pro rata. Class 1 consists of the Secured claim of Trenton Business Assistance Corporation. Hackensack Brewing to repay secured claim over five-year term at 3.75% interest. This Class shall receive a monthly payment of $2,395.13 with 3.75% interest rate. Claimant to retain lien pending completion of payment of secured claim. The amount of secured claim total $130,856.17 (or as claimed and allowed). The First Modified Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of allowed general unsecured claims against Hackensack Brewing. Claimants to share pro rata in a total fund of $18,000.00. Commencing 90 days after the Effective Date, for a period of 60 months, the Debtors will make the monthly payments in the amount of $300.00 toward the fund for payment of Class 4 Claims. The Debtors propose to distribute the fund to the holders of allowed Class 4 claims monthly. However, if the monthly payment due any holder of an allowed Class 4 Claim from the fund is less than $10.00, the Debtors may elect to distribute the full amount of the claimant's share of the fund in a single payment. This Class will receive a distribution of 3% of their allowed claims. * Class 5 consists of allowed general unsecured claims against Individual Debtor. Claimants to share pro rata in a total fund of $18,000.00. Commencing 90 days after the Effective Date, for a period of 60 months, the Debtors will make the monthly payments in the amount of $300.00 toward the fund for payment of Class 5 Claims. The Debtors propose to distribute the fund to the holders of allowed Class 5 claims monthly. However, if the monthly payment due any holder of an allowed Class 5 Claim from the fund is less than $10.00, the Debtors may elect to distribute the full amount of the claimant's share of the fund in a single payment. This Class will receive a distribution of 3% of their allowed claims. * Prepetition members in Hackensack Brewing will retain all equity interests in company. * Individual Debtor to retain all equity interest in prepetition property. A full-text copy of the First Modified Plan dated January 7, 2025 is available at https://urlcurt.com/u?l=YSDJDO from PacerMonitor.com at no charge. Counsel to Hackensack Brewing, LLC: Norgaard O'Boyle & Hannon Brian G. Hannon, Esq. 184 Grand Avenue Englewood, NJ 07631 (201) 871-1333 Counsel to Michael R. Jones: McDonnell Crowley, LLC John M. McDonnell, Esq. 115 Maple Avenue Red Bank, NJ 07701 (732) 383-7233 About Hackensack Brewing Hackensack Brewing, LLC, operates a beer brewery and taproom at its location at 78 Johnson Avenue, Hackensack NJ. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-19325) on Sept. 20, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Stacey L. Meisel oversees the case. Brian Gregory Hannon, at the Law Office of Norgaard O'Boyle, is serving as the Debtor's bankruptcy counsel. HEALTHCARE STAFFING: Seeks Bankruptcy Protection in Texas --------------------------------------------------------- On January 12, 2025, Healthcare Staffing on Demand LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $1 billion and $10 billion in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Healthcare Staffing on Demand LLC Healthcare Staffing on Demand LLC provides staffing services across multiple states including California, Connecticut, Pennsylvania, Texas, and Rhode Island. Healthcare Staffing on Demand LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80039) on January 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. Thomas Robert Califano, Esq., at Sidley Austin LLP represents the Debtor as counsel. HIGHLAND PARK: Seeks Approval to Tap Ken Rosen Advisors as Counsel ------------------------------------------------------------------ Highland Park Apts, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Ken Rosen Advisors PC as counsel. The firm will provide these services: (a) advise and represent the Debtor as New Jersey counsel with respect to all matters and proceedings in this Chapter 11 case and as necessary and requested by White & Case LLP and/or the Debtor, to prepare on its behalf legal papers; (b) assist the Debtor in all bankruptcy issues which may arise in the administration of its affairs; (c) assist the Debtor with the preparation of and confirmation of a plan of reorganization; (d) assist the Debtor in the evaluation and prosecution of claims and litigation; and (e) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case and its business operations. The firm will be paid at its hourly rate of $600 plus expenses. Kenneth Rosen, Esq., an attorney at Ken Rosen Advisors, 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: Kenneth A. Rosen, Esq. Ken Rosen Advisors PC 80 Central Park West New York, NY 10023 Telephone: (973) 493-4955 Email: ken@kenrosenadvisors.com About Highland Park Apts Highland Park Apts LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Highland Park Apts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22119) on December 10, 2024. In the petition filed by Elizabeth A. LaPuma, independent fiduciary, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kenneth A. Rosen, Esq., at Ken Rosen Advisors PC serves as the Debtor's counsel. HIGHLAND PARK: Seeks Court OK to Use Cash Collateral Until Jan. 31 ------------------------------------------------------------------ Highland Park Apts, LLC asked the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral until Jan. 31. The company requires the use of cash collateral to fund the post-petition operation of its housing property and pay the administrative costs of its Chapter 11 case. As adequate protection for its use of the cash collateral, the company proposed to provide X-Caliber Funding LLC, the pre-bankruptcy lender, with replacement security interests in and liens on the collateral and estate property of the company. The lender will also receive superpriority administrative expense claims senior to all other administrative expenses. Highland Park Apts, represented by an independent fiduciary, seeks to preserve the value of its housing project and maximize returns for stakeholders, including noteholders owed over $200 million. However, the company faces opposition from the lender, which has taken actions deemed inappropriate, such as contacting tenants directly and attempting to leverage the bankruptcy to gain control over non-debtor affiliates. Despite these challenges, the company remains open to a consensual resolution and proposed to dismiss the case this month 2025 upon successful completion of the refinancing process. However, the company emphasizes the need for the lender to engage in discussions to facilitate this resolution and prevent further delays in preserving the property's value. Highland Park Apts' pre-bankruptcy debt structure consisted of a single loan with an original principal amount of $7.760 million, secured by a mortgage on its property. This loan was obtained from X-Caliber pursuant to a loan agreement dated October 19, 2021. As of the bankruptcy filing date, the outstanding principal balance on this loan had been reduced to approximately $5.529 million. A court hearing is set for Feb. 4. X-Caliber can be reached through its counsel: Gregory F. Vizza, Esq. Blank Rome, LLP One Logan Square 130 N. 18th Street Philadelphia, PA 19103 (215) 569-5500 Gregory.Vizza@blankrome.com -- and -- Paige B. Tinkham, Esq. Blank Rome, LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 (312) 776-2600 Paige.Tinkham@blankrome.com About Highland Park Apts Highland Park Apts, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Highland Park Apts sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 24-22119) on December 10, 2024. In the petition filed by Elizabeth A. LaPuma, as independent fiduciary, the Debtor reported $1 million to $10 million in both assets and liabilities. Judge Michael B. Kaplan handles the case. The Debtor is represented by Kenneth A. Rosen, Esq., at Ken Rosen Advisors, PC. HIGHLANDS GROUP: Hires Remax Team Realtors as Realtor ----------------------------------------------------- The Highlands Group LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Remax Team, Realtors as realtor. The firm will market and sell the Debtor's real property located at 424 Country Club Road, Johnstown, PA 15905. The firm will be paid at 6 percent of the sale price, or $3,500, whichever is greater, and $450 per parcel sold. Robert Colvin, a partner at Remax Team, Realtors, 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: Robert Colvin Remax Team, Realtors 2225 Ruth Way Johnstown, PA 15904 Tel: (814) 262-7653 About The Highlands Group LLC The Highlands Group LLC in Johnstown, PA, filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 24-70160) on April 22, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Brian C. Durham as member, signed the petition. STEIDL & STEINBERG, P.C. serve as the Debtor's legal counsel. HOPEMAN BROTHERS: Seeks to Hire Kutak Rock as Conflicts Counsel --------------------------------------------------------------- Hopeman Brothers, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Kutak Rock LLP as special conflicts counsel. The firm will provide the Debtor with legal advice in connection with any positions adverse to Huntington Ingalls Industries, Inc. (HII) in this Chapter 11 case. The firm's hourly rates are as follows: Partners $630 - $965 Associates/Counsel $535 - $630 Paraprofessionals $210 - $270 In addition, the firm will seek reimbursement for expenses incurred. Peter Barrett, Esq., a partner at Kutak Rock, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Kutak Rock did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: None of the professionals from Kutak Rock included in this engagement have varied or will vary their rates based on the geographic location of the bankruptcy case. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: The billing rates and material financial terms for Kutak Rock's engagement by the Debtor are set forth herein. Kutak Rock did not represent the Debtor prior to the petition date. Mr. Barrett 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: Peter J. Barrett, Esq. Kutak Rock LLP 1021 East Cary Street, Suite 810 Richmond, VA 23219 Telephne: (804) 644-1700 About Hopeman Brothers During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; Kutak Rock LLP as special conflicts counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. HYPERSCALE DATA: Sells $495K in Series G Preferred Stock, Warrants ------------------------------------------------------------------ Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on January 3, 2025, the Company, pursuant to the Securities Purchase Agreement entered into with Ault & Company, Inc. on December 21, 2024, sold 495 shares of Series G convertible preferred stock, and warrants to purchase 83,643 shares of the Company's common stock to Ault & Company for a purchase price of $495,000. This was the first purchase of Series G Convertible Preferred Stock and Series G Warrants by the Purchaser pursuant to the Agreement. The Agreement provides that the Purchaser may purchase up to $25 million of Series G Convertible Preferred Stock and Series G Warrants in one or more closings. About Hyperscale Data Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through the Company's wholly and majority-owned subsidiaries and strategic investments, the Company owns and/or operates data centers at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including a metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, and textiles. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a working capital deficiency, has incurred net 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. ILEARNINGENGINES INC: Seeks Cash Collateral Access -------------------------------------------------- iLearningEngines, Inc. and affiliates asked the U.S. Bankruptcy Court for the District of Delaware for authority to use cash collateral. The companies require the use of cash collateral to fund the administrative costs of conducting their Chapter 11 cases. On April 17, 2024, iLearningEngines Holdings, Inc., one of the companies, entered into a loan and security agreement with a consortium of lenders, agented by East West Bank. On the loan closing date, East West Bank was the sole lender. The revolving loan agreement provided for (i) a revolving credit facility in an aggregate principal amount of up to $40 million and (ii) an uncommitted accordion facility allowing iLearningEngines Holdings to increase the revolving commitments by an additional principal amount of $20 million at its option and upon the agent's approval. iLearningEngines Holdings drew $40 million in revolving loans on the closing date, which was used to repay in full its existing indebtedness under a (i) loan and security agreement, dated December 30, 2020, between the company and Venture Lending & Leasing IX, Inc., (ii) loan and security agreement, dated October 21, 2021, among the company, Venture Lending & Leasing IX, Inc. and WTI Fund X, Inc.; and (iii) loan and security agreement, dated October 31, 2023, between the company and WTI Fund X, Inc. The loans were also used for general corporate purposes. As of the petition date, the companies have approximately $54 million in principal amount of total funded debt obligations, comprised of the amounts owed under the revolving loan agreement. As adequate protection, the lenders will receive valid, binding, enforceable, nonavoidable, and perfected replacement and additional post-petition security interests in and liens on the pre-bankruptcy collateral and the post-petition collateral. The lenders will also receive superpriority claim to the extent that the replacement liens do not adequately protect against any diminution in value of their interests in the pre-bankruptcy collateral. East West Bank can be reached through its counsel: Curtis S. Miller, Esq. Clint M. Carlisle, Esq. Morris, Nichols, Arsht & Tunnell, LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: cmiller@morrisnichols.com ccarlisle@morrisnichols.com -- and -- Daniel F. Fiorillo, Esq. Pauline McTernan, Esq. Otterbourg P.C. 230 Park Avenue New York, NY 10169-0075 Telephone: (212) 661-9100 Email: dfiorillo@otterbourg.com pmcternan@otterbourg.com About iLearningEngines Inc. iLearningEngines Inc. offers an Artifical Intelligence platform focused on automation of learning and enabling organizations to drive mission critical outcomes at scale. iLearningEngines filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-12826) on December 20, 2024. The Debtor reported total assets of $148,848,000 and total debts of $141,036,000 as of September 30, 2024. Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Ian J. Bambrick, Esq., at Faegre Drinker Biddle & Reath, LLP. INRI LANDSCAPE: Case Summary & 17 Unsecured Creditors ----------------------------------------------------- Debtor: INRI Landscape Management Inc. d/b/a North Georgia Grounds Crew 3840 Bolding Road Flowery Branch, GA 30542 Chapter 11 Petition Date: January 13, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-20039 Debtor's Counsel: Brad J. Patten, Esq. SMITH, GILLIAM, WILLIAMS & MILES, P.A. P.O. Box 1098 Gainesville, GA 30503 E-mail: bpatten@sgwmfirm.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stacey Braselton as president. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GIXZTUI/INRI_Landscape_Management_Inc__ganbke-25-20039__0001.0.pdf?mcid=tGE4TAMA INRI LANDSCAPE: Commences Subchapter V Bankruptcy Process --------------------------------------------------------- On January 13, 2025, INRI Landscape Management Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About INRI Landscape Management Inc. INRI Landscape Management Inc. operating as North Georgia Grounds Crew, provides landscaping services from its base in Flowery Branch, Georgia. The company maintains a fleet of specialized landscaping equipment including John Deere loaders, Vermeer brush chippers, and service vehicles. INRI Landscape Management Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20039) on January 13, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Bradley J. Patten, Esq., at Smith, Gilliam, Williams & Miles, P.A. represents the Debtor as counsel. INTERFREIGHT SYSTEMS: Seeks to Hire David Freydin as Legal Counsel ------------------------------------------------------------------ Interfreight Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of David Freydin, PC as counsel. The firm will provide the following services: (a) negotiate with creditors; (b) prepare a plan and financial statements; and (c) examine and resolve claims filed against the estate. The firm will be paid at these hourly rates: David Freydin, Attorney $450 Jan Michael Hulstedt, Attorney $425 Derek Lofland, Attorney $425 Jeremy Nevel, Attorney $425 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer in the amount of $10,000 from the Debtor. Mr. Freydin 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 Freydin, Esq. Law Offices of David Freydin, PC 8707 Skokie Blvd., Ste. 305 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Interfreight Systems Interfreight Systems Inc. provides comprehensive logistics and transportation services that connect businesses to markets worldwide. Interfreight Systems sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18891) on December 18, 2024, with total assets of $828,100 and total liabilities of $1,549,076. Viktor Kotsev, president of Interfreight Systems, signed the petition. The Law Offices of David Freydin, PC serves as the Debtor's counsel. IQSTEL INC: Achieves 91.6% YoY Growth; 2024 Revenue Hits $277MM --------------------------------------------------------------- iQSTEL Inc. announced that its net revenue for 2024 reached $277 million, based on preliminary accounting. This figure represents 95% of the annual revenue forecast. This significant achievement underscores iQSTEL's exceptional growth trajectory and steadfast commitment to achieving its vision of becoming a $1 billion revenue company by 2027. Record-Breaking Q4 Performance The company's Q4 net revenue reached an unprecedented $96 million, marking a staggering 77% increase compared to $52 million in Q3. This result represents the highest quarterly revenue in the company's history, highlighting the strength of iQSTEL's commercial strategy and the growing demand for its innovative solutions. Achieving Synergy Through Subsidiaries On a gross revenue basis, iQSTEL achieved a landmark $300 million based on preliminary accounting, with approximately $23 million attributed to intercompany transactions. This demonstrates the synergistic collaboration among iQSTEL's subsidiaries, as intercompany revenue accounted for over 7.6% of gross revenue, showcasing the teamwork and alignment driving the company's success. Unparalleled Annual Growth Comparing 2024's preliminary net revenue of $277 million to 2023's $144.5 million, iQSTEL achieved a phenomenal 91.6% year-over-year growth. This pace of expansion solidifies the company's position as a high-growth leader in the telecommunications and technology industries. Leandro Iglesias, CEO of iQSTEL, expressed his enthusiasm: "We have set an incredible commercial pace on our path to becoming a $1 billion company by 2027. The $277 million in revenue for 2024, compared to $144.5 million in 2023, highlights our ability to execute and scale at an amazing rate. Moreover, our record-breaking $96 million revenue in Q4 sets the bar for what we can achieve in the future. These results validate our business strategy, the strength of our team, and the unwavering trust of our shareholders." Mr. Iglesias added: "We are laying the groundwork for our Nasdaq up-listing, showcasing exactly what national markets value: explosive growth. This year, we nearly doubled our revenue, and this is just the beginning as we progress toward our ambitious goal of becoming a $1 billion revenue company by 2027." About iQSTEL Inc. Coral Gables, Fla.-based iQSTEL Inc. (OTCQX: IQST) is a technology company with operations in 19 countries and a workforce of 70 employees. The company provides advanced services through its Telecom Division, which offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity. This division generates all of iQSTEL's revenues and operates through subsidiaries including Etelix, SwissLink Carrier, Smartbiz Telecom, Whisl Telecom, IoT Labs, and QGlobal SMS. For the year ended December 31, 2023, iQSTEL reported a loss of $219,436, a significant improvement from the loss of $5,865,761 in the year ended December 31, 2022. As of June 30, 2024, iQSTEL had $29,986,660 in total assets, $22,414,781 in total liabilities, and $7,571,879 in total stockholders' equity. Pittsburgh, Pa.-based Urish Popeck & Co., LLC, the company's auditor since 2020, issued a "going concern" qualification in its report dated April 1, 2024. The report cites recurring losses from operations and insufficient revenue sources to cover operating costs, raising substantial doubt about the company's ability to continue as a going concern. IYA FOODS: Seeks Chapter 11 Bankruptcy Protection in Illinois ------------------------------------------------------------- On January 10, 2025, Iya Foods Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Their products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.: 25-00341) on January 10, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Justin R. Storer, Esq., at the Law Office of William J. Factor, represents the Debtor as counsel. J.E.H. PROPERTIES: Hires Oxbridge International Company as Broker ----------------------------------------------------------------- J.E.H. Properties I, LLC and J.E.H. Properties II, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Oxbridge International Company as real estate broker. The Debtor needs a broker to assist in the marketing and negotiation of the sale of its properties located at 4 County Route 26, Climax, New York. The firm will receive a commission of 6 percent of the total sales price. Steve Becerra, the founder of Oxbridge International Company, 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: Steve Becerra Oxbridge International Company 373 S. Monroe St. San Jose, CA 95128 Telephone: (408) 404-5754 About J.E.H. Properties J.E.H. Properties I, LLC, and J.E.H. Properties II, LLC, filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 22-35449 and 22-35450) on July 20, 2022. At the time of the filing, the Debtors listed as much as $1 million in both assets and liabilities. Judge Cecelia G. Morris oversees the case. Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP, is serving as the Debtors' counsel. JASMINE R ELMORE: Seeks Chapter 11 Bankruptcy Protection -------------------------------------------------------- On January 13, 2025, Jasmine R. Elmore, DDS, PLLC, filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. According to court filing, the Debtor reports $1,493,926 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Jasmine R. Elmore, DDS, PLLC Jasmine R. Elmore, DDS, PLLC owns and operates Wilson Pediatric Dentistry, a pediatric dental practice located near Greenville, NC. The practice offers a wide range of services focused on promoting the healthy growth and development of children's teeth. With an emphasis on preventative care, the Debtor provides treatments that support optimal dental health for young patients. Jasmine R. Elmore, DDS, PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00123) on January 13, 2025. In its petition, the Debtor reports total assets of $68,777 and total liabilities of $1,493,926. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. JM CARTER: Hires Joyce W. Lindauer Attorney PLLC as Attorney ------------------------------------------------------------ JM Carter Plumbing, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Joyce W. Lindauer Attorney, PLLC as attorney. The firm will handle the Debtor's Chapter 11 proceedings. The firm will be paid at these rates: Joyce W. Lindauer $595 per hour Laurance Boyd, Associate $295 per hour Dian Gwinnup, Paralegal $125 to $250 per hour The firm will be paid a retainer in the amount of $21,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas TX 75202 Tel: (972) 503-4033 Email: joyce@joycelindauer.com About JM Carter Plumbing, Inc. JM Carter Plumbing Inc. specializes in plumbing repairs and water heater installations. JM Carter Plumbing filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-33983) on December 6, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Josh Rathbone, president of JM Carter Plumbing, signed the petition. Judge Michelle V. Larson handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. KAAS ENTERPRISE: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: KAAS Enterprise, LLC 1017 4th Avenue Coraopolis, PA 15108 Chapter 11 Petition Date: January 10, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-20076 Judge: Hon. Gregory L. Taddonio 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 E-mail: dcalaiaro@c-vlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ali Sajid as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SD4N46Y/KAAS_Enterprise_LLC__pawbke-25-20076__0001.0.pdf?mcid=tGE4TAMA KAL FREIGHT: Hires Pachulski Stang Ziehl & Jones as Legal Counsel ----------------------------------------------------------------- Kal Freight Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pachulski Stang Ziehl & Jones LLP as general bankruptcy counsel. The firm will render these services: (a) assist, advise, and represent the Debtors in their consultations with estate constituents regarding the administration of these Chapter 11 cases; (b) assist, advise, and represent the Debtors in any manner relevant to their financing needs, asset dispositions, and leases and other contractual obligations; (c) assist, advise, and represent the Debtors in any issues associated with their acts, conduct, assets, liabilities, and financial condition; (d) assist, advise, and represent the Debtors in the negotiation, formulation, and drafting of any plan of reorganization and disclosure statement; (e) assist, advise, and represent the Debtors in the performance of their duties and the exercise of their powers under the Bankruptcy Code, the Bankruptcy Rules, and any applicable local rules and guidelines; and (f) provide such other necessary advice and services as the Debtors may require in connection with these Chapter 11 cases. The firm's counsel will be paid at these hourly rates: Richard Pachulski, Attorney $2,075 Maxim Litvak, Attorney $1,525 Jeffrey Dulberg, Attorney $1,450 Gregory Demo, Attorney $1,395 Teddy Kapur, Attorney $1,195 Steven Golden, Attorney $995 Benjamin Wallen, Attorney $975 Patricia Jeffries, Paralegal $595 In addition, the firm will seek reimbursement to expenses incurred. The firm received payments from the Debtor during the year prior to the petition date in the amount of $2,488,720. Mr. Kapur 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: Teddy M. Kapur, Esq. Pachulski Stang Ziehl & Jones LLP 700 Louisiana Street, Suite 4500 Houston, TX 77002 Telephone: (713) 691-9385 Facsimile: (713) 691-9407 Email: info@pszjlaw.com About Kal Freight Established in 2014, Kal Freight Inc. is a trucking company that offers a complete range of transportation and logistics services to diverse industries across the United States. It has strategic locations across the United States with extended distribution warehouses and terminals in Fontana, Calif., Texas, New Jersey, Indiana, Tennessee, Georgia, Arizona and Arkansas. Kal Freight and its affiliates filed Chapter 11 petitions (Bankr. S.D. Tex. Case No. 24-90614) on December 5, 2024, with $100 million to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel; Development Specialists, Inc. as interim management services provider; and Benesch, Friedlander, Coplan & Aronoff LLP as special transportation counsel. Stretto, Inc. is the Debtors' claims and noticing agent. KIMO TILE: Unsecureds Will Get 20% of Claims over 60 Months ----------------------------------------------------------- KIMO Tile @ Marble, LLC d/b/a KIMO Tile and Marble LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Reorganization dated January 7, 2025. The Debtor is an installer of ceramic tile and marble on mostly public projects in the State of New Jersey and the Commonwealth of Pennsylvania. Sasha is the Managing Member of the Debtor. The Debtor is an LLC organized under the laws of the State of New Jersey and an ignored entity for tax purposes. The Debtor's membership interests are owned as follows: 51% Sasha and 49% owned by his former wife Doris Montalvo. Doris Montalvo is not active in the management of the business, but is a part-time employee. Sasha has been operating the Debtor for over ten years. In 2018, the Debtor fell behind on payments to the Benefit Funds. A settlement entered into between KIMO, Sasha and the Benefit Funds with respect to that obligation (the "Benefit Fund Settlement") was being paid by KIMO until recently. The Debtor fell behind on the Benefit Fund Settlement. The Debtor defaulted on the Benefit Fund Settlement. The Debtor filed the instant Case as a result of its prepetition inability to obtain workers for its outstanding jobs and to obtain an automatic stay of the Benefit Fund litigation. The Debtor commenced this case on October 9, 2024, and the Office of the United States Trustee appointed Nicole Nigrelli, Esquire as the Subchapter V Trustee. Class 4 consists of General Unsecured Claims. Allowed General Unsecured Class estimated to be $1,893,857.55. The Debtor will pay $3000.00 a month for 60 months, plus 33% of the net collection of the Debtor's prepetition Account Receivable. The Debtor will also pay 33% of its net profits after taxes, plus Capital contribution of $25,000.00 in money or money's worth by Sasha Kissoondath. This Class will receive a distribution of 20% of their allowed claims. Existing equity will retain its equity interests in exchange for the capital contributions being made to unsecured creditors. The Debtor will contribute income over the course of the Plan to pay claims in order to make all Distributions to holders of allowed General Unsecured Claims from time to time and as and when required. This plan will be funded through: (1) cash flows from the Debtor's post-Effective Date operations; (2) the contributions of a portion of the Debtor's net collections from its prepetition Accounts Receivable; (3) the contribution of a portion of year-end net profits; and, as needed, (4) certain capital contributions by the Debtor's principal Sasha Kissoondath. A full-text copy of the Plan of Reorganization dated January 7, 2025 is available at https://urlcurt.com/u?l=wS6L0Z from PacerMonitor.com at no charge. The Debtor's Counsel: Edmond M. George, Esq. Michael D. Vagnoni, Esq. OBERMAYER REBMANN MAXWELL & HIPPEL LLP Centre Square West 1500 Market Street, Suite 3400 Philadelphia, PA 19102 Tel: 215-665-3140 Email: edmond.george@obermayer.com About KIMO Tile @ Marble KIMO Tile @ Marble LLC, doing business as KIMO Tile LLC, installs tiles and marble for residential, commercial, municipal and property management projects. KIMO Tile @ Marble sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20009) on Oct. 9, 2024, with total assets of $279,726 and total liabilities of $1,017,173. Sasha Richard Kissoondath, managing member, signed the petition. The Debtor is represented by Edmond M. George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP. KULR TECHNOLOGY: Increases Bitcoin Purchases to $42 Million ----------------------------------------------------------- KULR Technology Group, Inc. announced a significant expansion of its Bitcoin Treasury. The Company has increased its bitcoin purchases for its Bitcoin Treasury by an additional $21 million to reach a total of $42 million in bitcoin acquisitions. The additional purchases were made at a weighted average price of $98,393.58 per bitcoin, inclusive of fees and expenses. This strategic move aligns with KULR's Bitcoin Treasury Strategy announced on December 4, 2024, wherein the Company committed up to 90% of its surplus cash reserves to be held in bitcoin. Adoption of BTC Yield as a Key Performance Indicator KULR has introduced "BTC Yield" as a key performance indicator (KPI) for its Bitcoin Treasury strategy. This metric evaluates the Company's ability to increase its bitcoin holdings per share, offering investors a transparent measure of the per share accretive impact of its bitcoin acquisitions. BTC Yield is calculated as the percentage change period-to-period in the ratio of the Company's bitcoin holdings to its Assumed Fully Diluted Shares Outstanding. This KPI helps assess the effectiveness of KULR's bitcoin acquisition strategy in driving shareholder value. From its initial bitcoin purchase in December 2024 to January 4, 2025, KULR achieved a BTC Yield of 93.7%, leveraging a combination of surplus cash and its At-The-Market (ATM) equity program to fund purchases. Important Considerations Regarding BTC Yield BTC Yield is intended to provide insights into KULR's bitcoin acquisition strategy but should not be interpreted as a measure of operating performance, financial return, or liquidity. It is not equivalent to traditional yield metrics, nor does it account for the Company's liabilities or broader financial position. The trading price of KULR's common stock is influenced by multiple factors beyond bitcoin holdings, and BTC Yield does not predict or reflect the stock's market value. Investors should consider this metric as a supplementary tool and refer to the Company's financial statements and SEC filings for additional information about the Company's financial position. KULR remains committed to its strategic goals of advancing shareholder value while adhering to disciplined financial management. For additional details, please visit www.kulrtechnology.com. About KULR Technology Group KULR Technology Group Inc. -- www.kulrtechnology.com -- delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company's holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. Los Angeles, Calif.-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 12, 2024, citing that the Company has a working capital deficit, has incurred losses from operations, 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. As of September 30, 2024, KULR had $12,354,812 in total assets, $7,180,785 in total liabilities, and $5,174,027 in total stockholders' equity. LACAYO REAL ESTATE: Seeks Chapter 11 Bankruptcy Protection ---------------------------------------------------------- On January 13, 2025, Lacayo Real Estate Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $2,332,561 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Lacayo Real Estate Group LLC Lacayo Real Estate Group LLC is the owner of four retail spaces, all located in Doral, Florida, with an estimated total current value of $3.25 million. Lacayo Real Estate Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-10285) on January 13, 2025. In its petition, the Debtor reports total assets of $3,245,000 and total liabilities of $2,332,561. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. Jose M. Sanchez, Esq. AT JMS LAW, P.A., represents the Debtor as counsel. LEXARIA BIOSCIENCE: Registers 707K More Shares Under Equity Plan ---------------------------------------------------------------- Lexaria Bioscience Corp. filed a registration statement on Form S-8 with the U.S. Securities and Exchange Commission relating to an additional 707,715 shares of common stock, par value $0.001 per share of the Company, which are issuable pursuant to awards that may be granted under its Equity Incentive Plan, as amended. These additional shares have become reserved for issuance as a result of the operation of the "evergreen" provision in the Plan. Under the Plan, a total of 1,745,259 shares of common stock have been reserved for issuance upon the grant of awards and exercise of options to directors, officers, employees and consultants of the Company and of the Company's affiliates, of which 1,037,544 shares have been registered pursuant to the Company's Prior Registration Statements. A full-text copy of the Registration Statement is available at: https://tinyurl.com/pheacwrb About Lexaria Headquartered in Kelowna, BC, Canada, Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is a biotechnology company developing the enhancement of the bioavailability of a broad range of fat-soluble active molecules and active pharmaceutical ingredients using its patented DehydraTECH™ drug delivery technology. DehydraTECH combines lipophilic molecules or APIs with specific long-chain fatty acids and carrier compounds that improve the way they enter the bloodstream, increasing their effectiveness and allowing for lower overall dosing while promoting healthier oral ingestion methods. Lexaria reported a net loss of $6.71 million for the year ended Aug. 31, 2023, compared to a net loss of $7.38 million for the year ended Aug. 31, 2022. As of May 31, 2024, Lexaria Bioscience had $10.02 million in total assets, $271,375 in total liabilities, and $9.75 million in total stockholders' equity. Going Concern "The continuation of Lexaria as a going concern depends on raising additional capital and/or attaining and maintaining profitable operations. The accompanying financial statements do not include any adjustment relating to the recovery and classification of recorded asset amounts or the amount and classification of liabilities that might be necessary should our Company discontinue operations. The recurring losses from operations and net capital deficiency may raise substantial doubt about the Company's ability to continue as a going concern within one year following the date that these consolidated financial statements are issued," Lexaria said in its Quarterly Report for the period ended May 31, 2024. LOS ANGELES KOREAN: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Los Angeles Korean 1st Presbyterian Church Corporation 213 S. Hobart Blvd Los Angeles CA Business Description: The Debtor is a tax-exempt religious organization. Chapter 11 Petition Date: January 13, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10202 Judge: Hon. Sheri Bluebond Debtor's Counsel: Matthew Sean Harrison, Esq. PROMETHEUS CIVIC LAW 120 Vantis Drive, Suite 300 Aliso Viejo CA 92656 Tel: 949-436-4500 E-mail: matt@procivlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by John J. Suh as paster and director. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JKUKOBI/Los_Angeles_Korean_1st_Presbyterian__cacbke-25-10202__0001.0.pdf?mcid=tGE4TAMA LPB MHC: Gets Interim OK to Use Cash Collateral Until Feb. 5 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Illinois granted LPB MHC, LLC authority to use the cash collateral of Farmers State Bank of Alto Pass and First Southern Bank. The interim order signed by Judge Mary Gorman on Jan. 8 authorized the company to use the cash collateral of its pre-bankruptcy secured lenders for the period from Nov. 5, 2024, to Feb. 5, 2025. As adequate protection for the use of their cash collateral, both lenders were granted replacement liens in any pre-bankruptcy assets of the company's estate that are subject to the lenders' liens to the same extent, validity, priority, perfection, and enforceability as their interests in any assets of the estate. As additional protection, LPB MHC was ordered to make payment to Farmers State Bank starting this month in an amount representing 20 % of net income from the petition date until the end of December 2024, but in no circumstances less than $657.53 per day. Payments must continue until termination of the interim order or until further order of the court. The final hearing will be held on Jan. 30. Farmers State Bank can be reached through its counsel: Marcus H. Herbert Attorney at Law Bankruptcy Advocates 308 West Walnut Street Carbondale, IL 62901 Phone: (618) 549-9800 Fax: (618) 549-9805 bankruptcyadvocates@gmail.com First Southern Bank can be reached through its counsel: Adam B. Lawler, Esq. Lawler Brown Law Firm 1600 W. Main St P.O. Box 1148 Marion, IL 62959 Telephone: (618) 993-2222 Facsimile: (618) 731-4141 Email: alawler@lblf.com About LPB MHC LPB MHC, LLC, doing business as Sam C. Mitchell and Associates, filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 24-40450) on November 5, 2024, with up to $10 million in both assets and liabilities. Lance P. Brown, managing member, signed the petition. Judge Mary E. Lopinot oversees the case. Robert Eggmann, Esq., represents the Debtor as legal counsel. LUCKY RABBIT: Seeks to Extend Plan Filing Deadline to April 16 -------------------------------------------------------------- Lucky Rabbit, LLC, d/b/a Misuta Chow's, asked the U.S. Bankruptcy Court for the Western District of New York to extend its period to file a chapter 11 plan of reorganization and disclosure statement to April 16, 2025. On or about June 22, 2024, the Debtor suffered a catastrophic loss resulting from extensive flooding in the basement of the premises leased by the Debtor for the operation of its business. The flood and water damage was caused by a water main which became dislocated as a result of what appeared to be a defective installation and connection by the prior building owner. The Debtor claims that it intends to prepare and propose an operating Chapter 11 plan of reorganization. However, in order to prepare and propose an Operating Chapter 11 Plan of Reorganization, the Debtor needs additional time to recover the remaining insurance proceeds associated with its claims and assess the overall viability and performance of its business moving forward in order to prepare projections and develop a Plan to address the claims of creditors. The Debtor asserts that the time requested for an extension of time to file a disclosure statement and plan should provide sufficient time to complete the referenced items. Lucky Rabbit, LLC is represented by: Arthur G. Baumeister, Jr., Esq. BAUMEISTER DENZ, LLP 172 Franklin Street, Suite 2 Buffalo, NY 14202 Telephone: (716) 852-1300 Email: abaumeister@bdlegal.net About Lucky Rabbit Lucky Rabbit, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 24-10015) on Jan 5, 2024. At the time of the filing, Debtor had estimated assets of $50,001 to $100,000 and liabilities of between $100,001 and $500,000. Judge Carl L. Bucki oversees the case. Arthur G Baumeister, Jr. at Baumeister Denz, LLP, is the Debtor's legal counsel. MAJESTIC OAK: Directed to Amend Bid to Sell Brevard Property ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has denied Majestic Oak Estates, Ltd.'s request for authority to sell its property. The Debtor owns three parcels of real estate located in Brevard County, Florida generally described as: -- Two parcels that are contiguous and consist of approximately 51+or – acres that the Debtor is developing into a 55+ gated community with a fishing lake and 165 mobile home lots, known as the Development Property; -- The third parcel is located at 4795 Highway 46, Mims, Florida and is leased to a used car dealer, known as the Car Lot. The Court has determined that the motion is deficient as: -- Service upon all creditors on the matrix using a current mailing matrix obtained from the Clerk of Court is not indicated or the current mailing matrix obtained from the Clerk of Court was not attached. -- The Motion to Sell (including free and clear of liens) fails to include the address and a legal description of the property to be sold. The motion is denied to allow movant to file an amended motion. About Majestic Oak Estates Ltd. Majestic Oak Estates G.P. LLC is a limited liability company. Majestic Oak Estates G.P. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06488) on November 27, 2024. In the petition filed by Gene A. Liguori, Jr. as member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tiffany P. Geyer oversees the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BRANSONLAW, PLLC, in Orlando, Florida. MARIANAS PROPERTIES: Seeks to Extend Plan Exclusivity to April 10 ----------------------------------------------------------------- Marianas Properties, LLC asked the U.S. Bankruptcy Court for the District of Guam to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 10 and June 9, 2025, respectively. The Debtor explains that it owns and historically operated a large hotel and resort with numerous amenities. Based on the size of the claim held by Bank of Guam ("BOG"), the existence of nondebtor affiliates, the number of first day motions, the contested debtor-in-possession financing, and active pending disputes with BOG, this case is both large and sophisticated. As such, the Debtor requires more than the initial Exclusivity Periods to prepare, propose, and seek confirmation of a chapter 11 plan, and more time is likely to benefit the Debtor, its estate, and all of its creditors by enhancing the likelihood of recoveries for creditors other than alleged secured creditors. The Debtor claims that it is engaged in informal marketing of its assets and is actively negotiating with certain parties. The Debtor has also resolved various contested matters. Given the time and attention that has been expended on these matters especially a complex marketing and sales negotiation, the Debtor requires additional time to propose a plan. The Debtor explains that it seeks to maintain exclusivity so parties with competing interests do not derail the Debtor's efforts to formulate a consensual restructuring that maximizes value for all of its creditors. Maintaining exclusivity will afford the Debtor the opportunity to continue with the negotiations of a sale, and negotiations with BOG in order to maximize the value to the bankruptcy estate and the Debtor's creditors. The Debtor asserts that it has already begun negotiations with potential buyers and BOG regarding the sale of the Debtor's assets and various other issues. The Debtor believes that it will be able to confirm a plan with BOG's support. If the Court extends the Exclusive Periods, the Debtor believes that it will be able to obtain the support of more creditors. The Debtor further asserts that it has not yet finalized its decision on whether to seek approval of a sale as opposed to proposing a chapter 11 plan that does not rely on a sale. A sale of assets in the near term would lead to a very different chapter 11 plan process when compared with a reorganization plan or other chapter 11 plan. Resolution of this significant unresolved contingency, whether a sale process will be commenced, is necessary to ensure the most efficient path forward for the Court and parties. Marianas Properties, LLC is represented by: Minakshi V. Hemlani, Esq. Law Offices Of Minakshi V. Hemlani, P.C. 285 Farenholt Ave., Suite C-312 Tamuning, Guam 96913 Tel: (671) 588-2030 Email: mvhemlani@mvhlaw.net Andrew C. Helman, Esq. Dentons Bingham Greenebaum LLP One City Center, Suite 11100 Portland, ME 04101 Tel: (207) 619-0919 Email: andrew.helman@dentons.com About Marianas Properties Marianas Properties, LLC in Tumon, GU, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Guam Case No. 24-00013) on Sept. 12, 2024, listing as much as $10 million to $50 million in both assets and liabilities. Ajay Pothen as president, signed the petition. Judge Frances M Tydingco-Gatewood oversees the case. DENTONS BINGHAM GREENEBAUM LLP serves as the Debtor's legal counsel. LAW OFFICES OF MINAKSHI V. HEMLANI, P.C., is the local counsel. GIBBINS ADVISORS, LLC is the Debtor's financial advisor. MARINUS PHARMACEUTICALS: Beryl Capital Holds 9.9% Equity Stake -------------------------------------------------------------- Beryl Capital Management LLC disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 30, 2024, it and its affiliated entities -- Beryl Capital Management LP as "Beryl GP", Beryl Capital Partners II LP, as the "Partnership", and David A. Witkin -- beneficially owned shares of Marinus Pharmaceuticals, Inc.'s common stock. Beryl, Beryl GP, and Mr. Witkin beneficially owned 5,462,942 shares of common stock, representing 9.9% of the shares outstanding. Meanwhile, the Partnership beneficially owned 4,801,329 of shares, representing 8.7% of the shares outstanding. Beryl is the investment adviser to the Partnership and other accounts. Beryl is the general partner of Beryl GP, which is the general partner of the Partnership and other private investment funds. Mr. Witkin is the control person of Beryl. Beryl Capital Management LLC may be reached at: Andrew Nelson Chief Operating Officer 225 Avenue I, Suite 205 Redondo Beach, CA 90277 A full-text copy of Beryl's SEC Report is available at: https://tinyurl.com/yeyky45b About Marinus Pharmaceuticals Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for seizure disorders. The Company first introduced FDA-approved prescription medication ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and continues to invest in the potential of ganaxolone in IV and oral formulations to maximize therapeutic reach for adult and pediatric patients in acute and chronic care settings. Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 5, 2024, citing that the Company has suffered recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2024, Marinus Pharmaceuticals had $87.1 million in total assets, $134.4 million in total liabilities, and $47.3 million in total stockholders' deficit. MATTR CORP: S&P Raises Senior Unsecured Note Rating to 'BB-' ------------------------------------------------------------ S&P Global Ratings raised its issue-level rating on Toronto-based industrial products manufacturer Mattr Corp.'s senior unsecured notes to 'BB-' from 'B+' and revised its recovery rating on the notes to '4' from '5'. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default. S&P's 'BB+' issue-level rating and '1' recovery rating on the company's secured debt are unchanged. S&P raised its rating on Mattr's unsecured notes to reflect its reassessment of the company's valuation in a hypothetical default scenario following its recent acquisition of AmerCable for a purchase price of US$280 million (about C$400 million; closed Jan. 2, 2025). Mattr partially funded the acquisition with the net proceeds from a C$125 million add-on to its unsecured notes and drew the remainder from its revolving credit facility (RCF) and cash on hand. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's 'BB+' issue-level rating and '1' recovery rating on Mattr's senior secured RCF (US$300 million) reflect its expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. -- S&P's 'BB-' issue-level rating and '4' recovery rating on the company's senior unsecured notes (C$300 million) reflect its expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default. -- S&P assumes Mattr restructures as a going concern in our simulated default scenario. -- Under this scenario, S&P assumes the company's earnings and cash flow sharply deteriorate due to sustained demand weakness in its core end markets and heightened price competition. This exhausts Mattr's liquidity and leads it to file for creditor protection or restructure its debt. -- S&P's default EBITDA estimate reflects a significant decline from the company's historical EBITDA. It applies a 5x multiple (consistent with the multiples it uses for its peers) to this estimate to derive our simulated distressed enterprise value for Mattr. -- S&P assumes that the company's revolver is 85% drawn in a bankruptcy scenario and that these claims will be satisfied before any value cascades to other lenders. Simulated default assumptions -- Year of default: 2029 -- Jurisdiction: Canada -- Emergence EBITDA: C$103 million -- Multiple: 5.0x -- Gross recovery value: C$514 million Simplified waterfall -- Net recovery value for waterfall after administrative expenses (5%): C$488 million -- Estimated senior secured debt claims: C$344 million (based on S&P's assumption that the RCF will be 85% drawn at default) --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to unsecured claims: C$145 million -- Estimated unsecured claims (including secured deficiency claims): C$316 million --Recovery expectations: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. MAWSON INFRASTRUCTURE: Challenges Involuntary Chap. 11 Petition --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Mawson Infrastructure, a bankrupt cryptocurrency mining company, has contested an involuntary Chapter 11 petition filed by secured creditors, telling a Delaware court that the December 2024 filing is a bad-faith effort by a former executive to target the business. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on December 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Honorable Bankruptcy Judge Mary F. Walrath handles the case. MESEARCH MEDIA: Unsec. Creditors Will Recover 100% in Insider Plan ------------------------------------------------------------------ Game Creek Holdings, LLC, an insider of MeSearch Media Technologies Limited, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement to accompany Plan of Reorganization for the Debtor. The Debtor is an artificial intelligence technology business that provides content aggregation services based on search algorithms. The Petitioning Creditors initiated this case for the purpose of breaking corporate gridlock that ultimately threatened the financing and subsequent continuation of the Debtor's business and the diminishing value of the Debtor's most intangible assets internet domains, a license agreement with Crivella Holdings Limited, and software and developed intellectual property (including C360 and Hierarchical Intelligently Tagged Content Harmonizer). The Plan Proponent, an insider of the Debtor, anticipates generating revenue to fund the Chapter 11 Plan through a cash infusion for the purpose of repaying all creditors in full and paying Existing Equity $100,000.00. Thereafter, Existing Equity will be cancelled and new equity will be issued with 100% of new equity being received in exchange for the Plan Proponent's payment of claims and equity. The Chapter 11 Trustee shall continue to operate the Debtor as authorized until the Effective Date of the Plan, upon which the Chapter 11 Trustee's duties and responsibilities shall cease. For the purposes of the Plan, the Debtor and the Reorganized Debtor are synonymous after the Effective Date, and the Debtor and the Reorganized Debtor will not exist simultaneously. Game Creek, an insider of the Debtor, shall provide sufficient funds to pay all required expenses and distributions under the plan. Class 3 shall consist of all Unsecured Creditors. Each Holder of a Class 3 Claim shall be paid one hundred percent of its Allowed Class 3 Claim in a single Distribution on the Effective Date. The allowed unsecured claims total $2,268,904.49. Class 4 shall consist of the Membership Interests of the Members of MeSearch (at times referred also as "Existing Equity"). Existing Equity interests shall be cancelled and new equity issued. Each holder of a Class 4 Allowed Equity Interest shall receive their pro rata share of $100,000 paid on the Effective Date, which shall be subject to higher and better offers at the confirmation hearing. The Plan proposes to transfer the following property following the capital infusion by Game Creek, an insider of the Debtor, which will pay all claims, pay $100,000.00 to Existing Equity (to be distributed on a pro rata basis), and cancel Existing Equity while issuing new equity to Game Creek, subject to higher and better competing plan proposals that may be filed: * All intangibles and intellectual property of the Debtor * All computers and server equipment A full-text copy of the Disclosure Statement dated January 8, 2025 is available at https://urlcurt.com/u?l=EffEaG from PacerMonitor.com at no charge. Counsel to Game Creek Holdings: Kirk B. Burkley, Esq. BERNSTEIN-BURKLEY, P.C. 601 Grant Street, 9th Floor Pittsburgh PA 15219 Tel: 412-456-8100 Email: kburkley@bernsteinlaw.com About MeSearch Media Technologies RMS Funding Company, LLC, Game Creek Holdings, LLC and Trib Total Media, LLC filed involuntary Chapter 11 petition against MeSearch Media Technologies Limited (Bankr. W.D. Penn. Case No. 24-21982) on August 13, 2024. Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. represents the petitioning creditors in MeSearch's bankruptcy case. Judge John C. Melaragno oversees the case. David L. Fuchs, Esq., at Fuchs Law Office, LLC, serves as the Debtor's counsel. MRSC CO ASPEN: Seeks to Extend Plan Exclusivity to February 24 -------------------------------------------------------------- MRSC CO Aspen House, LLC asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity period to file a plan of reorganization to February 24, 2025. The Debtor derives its income in the form of rent and remaining net revenues from a tenant, Aspen House Equity, LLC, which operates a senior memory care and living facility located in Loveland, Colorado. It is currently in the process of reorganizing its debts. The Debtor commenced its Chapter 11 bankruptcy proceeding due to Debtor's former manager, Gary Langendoen, fraudulently and improperly transferring money to himself and the other assisted living facilities he ran under the umbrella of his company, Madison Realty. Indeed, Mr. Langendoen fleeced the Debtor for his own improper purposes, such that Debtor became delinquent on its mortgage and payments to vendors, requiring the Debtor to ultimately file this Chapter 11 as part of an effort to stabilize overall operations. The Debtor claims that it is still in the process of investigating the fraudulent transfer and avoidance actions as against Mr. Langendoen and his various Madison Realty entities, as well as other potential entities impacted by Mr. Langendoen's fraudulent actions, which will form a part of Debtor's Plan of Reorganization and forthcoming adversary proceedings. Debtor estimates transfers under Section 548 of the Bankruptcy Code to be approximately $10,000,000.00 and continues to investigate the same. The Debtor explains that its operating company, Aspen House Equity, LLC, recently became the victim of a scam, whereby its bank account was hacked and over $100,000.00 of funds was stolen. The operating company is continuing to work with its bank and forensic experts to determine the cause of the hack and whether any funds are recoverable, and needs additional time to do so. This necessarily impacts the timing of funds becoming available to make payments under the Plan, such that Debtor needs additional time to evaluate the impact on its projections. MRSC CO Aspen House is represented by: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com BPompea@allen-vellone.com About MRSC CO Aspen House, LLC MRSC CO Aspen House offers assisted living and memory care services. MRSC CO Aspen House, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15323) on September 10, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Kenneth Mannina, Athan Antonopoulos, and Richard E. Scott a co-managers. Judge Joseph G. Rosania Jr. presides over the case. Jeffrey A. Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. represents the Debtor as counsel. MYSTICAL STARS: Plan Exclusivity Period Extended to March 19 ------------------------------------------------------------ Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey extended Mystical Stars, LLC, f/k/a ARYA International Inc.'s exclusive period to file a plan of reorganization to March 19, 2025. In a court filing, the Debtor explains that it has not had the opportunity to fully analyze each of the unexpired leases and make the appropriate determinations concerning their assumption or rejection and thus, is not ready to file its Chapter 11 plan because the company has been focused on addressing these time critical and significant matters. The Debtor has over sixty-five unwritten studio leases. As the Debtor is still ascertaining which of these leases to assume or reject, the Debtor needs additional time to work through these issues, among other issues concerning creditors, before filing its plan. Moreover, on December 13, 2024, TIS&S submitted a document request ("Document Request") on behalf of the Official Committee of Unsecured Creditors seeking information concerning the Debtor's underlying relationship with certain creditors as well as for monthly or other periodic statements during 2024. Absent the requested relief, the Debtor would be forced to file a premature plan, which will have a detrimental impact on the Debtor's business and reorganization efforts. Mystical Stars, LLC is represented by: Anthony Sodono, III, Esq. Sari B. Placona, Esq. McManimon Scotland & Baumann, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Tel: (973) 622-1800 Email: asodono@msbnj.com About Mystical Stars Mystical Stars, LLC, f/k/a Arya International, Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Anthony Sodono, III, Esq, at Mcmanimon, Scotland & Baumann, LLC represents the Debtor as counsel. NEVADA COPPER: Seeks to Extend Plan Exclusivity to January 31 ------------------------------------------------------------- Nevada Copper Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of Nevada to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 31 and April 2, 2025, respectively. The Debtors claim that the size and complexity of these Chapter 11 Cases and the legal issues they raise warrant the extension of the Exclusive Periods as requested. These Chapter 11 Cases involve six Debtor entities in the United States and Canada, which, as of the Petition Date, had approximately $505.8 million in secured and unsecured debt obligations. The Debtors had to navigate significant issues regarding their employees and relationships with various vendors and contractual counterparties, including nearly 250 executory contracts and leases, as part of the Sale. The Debtors explain that the further extension of the Exclusive Periods, therefore, will allow the Debtors sufficient time to negotiate a consensual Plan rather than rushing to propose a plan before they have had an adequate opportunity to reach consensus among their stakeholders. Accordingly, the second (the necessity for sufficient time to permit a debtor to negotiate a plan of reorganization and prepare adequate information) and seventh (the amount of time which has elapsed in the case) of the Dow Corning factors weigh in favor of granting the extension requested. The Debtors assert that it is self-evident that the companies are not seeking these extensions to delay the administration of these Chapter 11 Cases or to hold creditors hostage to an unsatisfactory plan proposal, as (i) the Debtors are fully engaged with their major stakeholders, including the Creditors' Committee, as they seek to finalize a consensual Plan, and (ii) the Debtors have not yet filed a Plan due to such ongoing engagement. The Debtors further assert that they are in the midst of their review of potential claims against the Debtors and are close to the reaching consensus on the Plan. The additional time will allow the Debtors to ensure that they have a complete picture of their claims pool and a consensual path forward before proposing a Plan. Given the brevity of the extension requested, the ninth (whether an unresolved contingency exists) Dow Corning factor supports an extension of the Exclusive Periods to allow the Debtors to collect more complete claims information. Counsel to the Debtors: Fredric Sosnick, Esq. Sara Coelho, Esq. ALLEN OVERY SHEARMAN STERLING US LLP 599 Lexington Avenue New York, NY 10022 Telephone: (212) 848-4000 Email: fsosnick@aoshearman.com Email: sara.coelho@aoshearman.com Ryan J. Works, Esq. Amanda M. Perach, Esq. McDonald CARANO LLP 2300 West Sahara Avenue, Suite 1200 Las Vegas, NV 89102 Email: rworks@mcdonaldcarano.com aperach@mcdonaldcarano.com About Nevada Copper Nevada Copper, Inc., and affiliates have been in the business of mining copper and other minerals and operating a processing plant that refines copper ore into copper concentrate, with the bulk of the debtors' operations focused on their Pumpkin Hollow project, which is located outside of Yerington, Nevada. The project, which contains substantial mineral reserves and resources, including copper, gold, silver, and iron magnetite, consists of an underground mine and processing facility, together with an open pit project that is in the pre-feasibility stage of development. The debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 24-50566) on June 10, 2024. In the petition signed by Gregory J. Martin, executive vice president and chief financial officer, Nevada Copper disclosed $500,000,001 to $1 billion in assets and $100 million to $500 million in liabilities. Judge Hilary L. Barnes oversees the cases. The debtors tapped Allen Overy Shearman Sterling US, LLP, as general bankruptcy counsel; McDonald Carano, LLP, as Nevada bankruptcy counsel; AlixPartners, LLP, as financial and restructuring advisor; Torys, LLP, as special Canadian and corporate counsel; Moelis & Company, LLC, as financial advisor and investment banker; and Epiq Corporate Restructuring, LLC, as notice and claims agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Nevada Copper, Inc. and Nevada Copper Corp. NEWS DIRECT: Seeks Cash Collateral Access Until Feb. 5 ------------------------------------------------------ News Direct Corp. asked the U.S. Bankruptcy Court for the District of Connecticut, Bridgeport Division, for authority to use cash collateral until Feb. 5. The company derives its income from the fees it charges its customers. Its current monthly revenue is in flux but is estimated to be $115,000 to $130,000 per month. News Direct intends to use its revenue to pay operating expenses as set forth in the budget and maintain business operations normally. Old National Bank appears to be the only entity with a present interest in cash collateral. In exchange for its continued use of the cash collateral, News Direct proposed to grant claimants senior security interests in, and liens on, all personal property of the company to the same extent and with the same validity and priority as the claimants' pre-bankruptcy liens. A court hearing is set for Jan. 16. Kristin B. Mayhew, Esq. Pullman & Comley, LLC 850 Main Street, P.O. Box 7006 Bridgeport, CT 06601-7006 Tel.: (203) 330-2198 Fax: (203) 576-8888 kmayhew@pullcom.com About News Direct Corp. News Direct Corp. is a news and content distribution platform in Norwalk, Conn. News Direct sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-50005) on January 3, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Julie A. Manning handles the case. Scott M. Charmoy, Esq., at Charmoy & Charmoy, LLC represents the Debtor as legal counsel. NEXTDECADE CORP: Secures $175 Million Senior Loan From GA Credit ---------------------------------------------------------------- NextDecade Corporation announced that its wholly owned subsidiary, Rio Grande LNG Super Holdings, LLC, has entered into a credit agreement with General Atlantic Credit's Atlantic Park Fund that provides for a $175 million senior secured loan. Proceeds from the Senior Loan were disbursed at closing on December 31, and net proceeds, after fees and related transaction expenses, will be used to repay outstanding borrowings under the Company's existing $50 million revolving credit facility and $12.5 million interest term loan, and to fund working capital and general corporate purposes, including development expenses for expansion trains 4 and 5 at the Rio Grande LNG Facility. The Senior Loan matures six years from the closing date. Borrowings under the Senior Loan bear interest at 12%, with interest payable quarterly. Interest may be paid in-kind for the first two years after the closing date and then up to 50% paid in-kind thereafter. On the closing date, NextDecade issued to GA Credit approximately 7.16 million warrants. The warrants are each exercisable for one share of NextDecade common stock at the option of GA Credit, and are exercisable for five years after the closing date. 50% of the warrants are exercisable at $7.15 per share, which represents the 30-day volume weighted average trading price for the 30 trading-day period immediately preceding the closing date, and the remaining 50% of the warrants are exercisable at $9.30 per share. Santander acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to NextDecade. Akin Gump Strauss Hauer & Feld LLP and Baker Botts L.L.P. acted as legal advisors to GA Credit. A full-text copy of the Company's report filed on Form 8-K with the Securities and Exchange Commission is available at: https://tinyurl.com/4p3k8buh About General Atlantic Credit General Atlantic Credit is the dedicated credit investment platform within General Atlantic, a leading global growth investor. GA Credit leverages a demonstrated track record of strategic credit partnerships across market cycles and capital structures alongside General Atlantic's more than 40 years of domain expertise and company-building capabilities. GA Credit's Atlantic Park strategy provides flexible capital to high-quality companies seeking a strategic partner at various stages of the corporate and economic lifecycle. This partnership approach enables Atlantic Park to create customized capital solutions tailored to a company's specific capital needs. General Atlantic manages approximately $100 billion in assets under management, inclusive of all strategies, as of October 1, 2024, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com. About NextDecade Corporation NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG, and the capture and storage of CO2 emissions. The Company is constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley in Brownsville, Texas, which currently has three liquefaction trains and related infrastructure under construction. Houston, Texas-based Grant Thornton LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 11, 2024, citing that the Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue for the foreseeable future. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. NextDecade reported a consolidated net loss of $182.7 million for the year ended December 31, 2023, compared to a net loss of $84.4 million for the same period in 2022. NORTHVOLT AB: Hires Katten Muchin Rosenman LLP as Counsel --------------------------------------------------------- Northvolt AB as its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Katten Muchin Rosenman LLP as counsel. The firm will assist Stefan M. Selig in his capacity as independent advisor to the Debtors in fulfilling his duties in the Chapter 11 case. The firm will be paid at these rates: Partner $1,205 to $2,380 per hour Of Counsel $1,110 to $2,100 per hour Counsel and Special Staff $610 to $1,615 per hour Associate $715 to $1,210 per hour Paralegal $230 to $860 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven J. Reisman, Esq., a partner at Katten Muchin Rosenman LLP, 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: Steven J. Reisman, Esq. Katten Muchin Rosenman LLP 50 Rockefeller Plaza New York, NY 10020 Tel: (212) 940-8800 About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. NORTHVOLT AB: Sells Remaining Stake in Hydrovolt as Part of Ch. 11 ------------------------------------------------------------------ Charles Daly of Bloomberg News reports that bankrupt battery maker Northvolt AB has agreed to sell its remaining stake in the recycling venture Hydrovolt to Norsk Hydro ASA as part of its Chapter 11 restructuring in the U.S. The deal, valued at 78 million Norwegian kroner (US$6.8 million), will increase Norsk Hydro's ownership in Hydrovolt from 72% to full control, according to a statement released on Monday, January 13, 2025. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. NW DEVELOPERS: Unsecureds Will Get 100% of Claims in Plan --------------------------------------------------------- NW Developers, LLC, filed with the U.S. Bankruptcy Court for the Western District of Washington a Second Combined Plan of Reorganization and Disclosure Statement dated January 7, 2025. The Debtor was formed in 2015 in the State of Washington by Manmohan Dhaliwal and Satwant Singh. The Debtor is a limited liability company. The Debtor was forced twice to redo the sewer work on the Property. This cost money that the Debtor did not anticipate having to spend. One of the parcels, 2021020050 had a home on it from the time that Debtor had purchased the land. That structure was involved in two squatter set first. An insurance claim has been submitted, denied, and resubmitted but remains outstanding. Additionally, Debtor's previous investor, Grace Eun had sued the debtor and stopped helping with the funding of the project. Those issues along with the passing of Satwant Singh and the filing of foreclosure by Navdeep Gill necessitated the filing of this bankruptcy proceeding on September 20, 2024. The business plan of the Debtor was to prepare the individual parcels for sale to a builder by accomplishing the required permitting and infrastructure development. The Debtor has a signed purchase and sale agreement with Limitless Real Estate Fund. The proceeds of this sale are sufficient to pay all of the Debtor's creditors in full. Currently the Debtor has $803.99 in its Chase bank account. The Debtor currently has no cashflow. Three claims were filed in this case. The Debtor is in the process of reviewing each of the claims filed and will file objections to those claims it believes to be inappropriate. The final amount of unsecured claims is $150,000.00. Class 4 consists of Allowed unsecured claims. The Debtor estimates that it has approximately $150,000 (Manmohan Dhaliwal) in General Unsecured Claims. Mr. Dhaliwal is an insider of the Debtor and lent the Debtor funds to operate he has not filed a proof of claim. This debt was listed and not disputed he will be treated as an unsecured creditor. Except to the extent that the holder of an Allowed Claim in Class 4 agrees to a less favorable treatment of its Allowed Claim, the holder shall receive, on the Effective Date or as soon thereafter as reasonably practicable, and only to the extent of the Available General Unsecured Proceeds, 100% of the holder's Allowed Claim in full satisfaction of such Claim, provided, however, that if the Available General Unsecured Proceeds are not sufficient to pay the holders of Allowed Claims in Class 3 in accordance with the Plan, the holders of Allowed Claims in said Class shall receive a Pro Rata Share of the Available General Unsecured Proceeds. Class 4 is unimpaired. Class 5 consists of the Allowed Equity Interests in the Debtor. Manmohan Dhaliwal, the holder of 51% of the Equity Interests in the Debtor and Satwant Kaur, the holder of 49% of the Equity Interests, shall retain their Allowed Equity Interests. The Debtor owns 14 separate "land parcels" in Kent, Washington. These parcels were listed for sale and offers were received, including the best offer by Limitless Real Estate Fund, LLC in the amount of $4,060,000. The fully signed offer includes a closing date of January 17, 2025. It is contemplated that all Allowed Claims will be paid their allowed amounts out of escrow closing. If all Allowed Claims have not been paid off by February 28, 2025, the Court may grant stay relief, or consider whether the Debtor's Chapter 11 Case will be converted to one under Chapter 7 of the Bankruptcy Code or dismissed. A full-text copy of the Second Combined Plan of Reorganization and Disclosure Statement dated January 7, 2025 is available at https://urlcurt.com/u?l=7YtSYI from PacerMonitor.com at no charge. Counsel to the Debtor: Steven M. Palmer, Esq. Karr Tuttle Campbell 701 Fifth Ave., Suite 3300 Seattle, WA 98109 Telephone: (206) 223-1313 Email: spalmer@karrtuttle.com About NW Developers NW Developers, LLC, is the fee simple owner of 14 properties located in Kent, Washington having a total current value of $2.1 million. NW Developers filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 24-12355) on Sept. 19, 2024. In the petition signed by Manmohan Dhaliwal, member, the Debtor disclosed $2,100,833 in total assets and $2,965,547 in total liabilities. Steven M. Palmer, Esq., at Karr Tuttle Campbell, serves as the Debtor's counsel. OMNIQ CORP: Receives $3.6M Order in Q4 From Fortune 500 Retailer ---------------------------------------------------------------- OMNIQ Corp. announced the receipt of a significant purchase order from a leading retail company. This substantial order reflects OMNIQ's growing reputation as a trusted provider of innovative, high-performance solutions for business automation and operational efficiency. The order is a recurring purchase from a long-standing Fortune 500 customer and follows $3.4 and $1.4 purchase orders earlier in the quarter. The agreement provides advanced IoT technology to help the retail partner streamline operations, cut costs, and enhance customer experiences, reinforcing OMNIQ's focus on innovative retail solutions. "Our latest collaboration with this customer is a testament to the trust that major businesses have placed in OMNIQ," said Shai Lustgarten, President and CEO of OMNIQ. "This purchase order highlights the strength of our portfolio, our ability to add value for our customers, and our alignment with the evolving needs of industries worldwide." The partnership is part of OMNIQ's broader mission to provide solutions that enhance operational efficiency and drive revenue growth for businesses in multiple sectors. As a company with a robust track record of working with Fortune 500 companies, government agencies, and municipalities, OMNIQ continues to expand its market reach with scalable solutions designed for long-term success. About Omniq Corp OmniQ Corporation -- www.omniq.com -- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver real-time object identification, tracking, surveillance, and monitoring for the Supply Chain Management, Public Safety, and Traffic Management applications. The technology and services provided by the Company help clients move people, objects, and manage big data safely and securely through airports, warehouses, schools, and national borders and in many other applications and environments. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has a deficit in stockholders' equity and has sustained recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2024, OMNIQ had $37.19 million in total assets, $77.42 million in total liabilities, and a total stockholders' deficit of $40.23 million. ONCOCYTE CORP: Amends Lease; Induce Signs New Lease With Cushing ---------------------------------------------------------------- OncoCyte Corporation filed a Form 8-K with the Securities and Exchange Commission, disclosing that it entered into an Amendment to and Waiver of Right to Extend Original Lease, effective Jan. 2, 2025. This amendment was made with Induce Biologics USA, Inc. and Cushing Ventures, LLC, and modifies the Office Lease Agreement originally dated Dec. 23, 2019, between OncoCyte (as tenant) and Cushing Ventures (as landlord). Pursuant to the terms of the Amendment, among other things: (a) the Company and Induce agreed that (i) upon Cushing and Induce each signing the Replacement Lease, all rights to extend the term of the Original Lease were terminated and (ii) the Original Lease shall expire on Oct. 31, 2027. The Original Lease was replaced and superseded in its entirety by the Office Lease Agreement, dated Dec. 26, 2024, by and between Induce, as tenant, and Cushing, as landlord; and (b) Cushing and the Company agreed that, provided the Company is not in default under any of the terms and conditions of the Original Lease that is continuing beyond any and all applicable notice and cure periods, then, commencing on July 1, 2025 and continuing on the first day of each calendar month thereafter, the letter of credit in the amount of $1,700,000 that the Company delivered to Cushing pursuant to the Original Lease (as revised pursuant to Cushing's Consent to Sublease, dated Sept. 12, 2023) shall be reduced by an amount equal to $60,714.29 each month, until the Letter of Credit Amount is fully reduced. The new Letter of Credit Amount corresponds to the Company's restricted cash set forth on its most recent balance sheet, and the reductions in the Letter of Credit Amount would correspondingly reduce the associated amount of Restricted Cash. There can be no assurance that the Letter of Credit Amount will be reduced. Except as expressly set forth in the Amendment, the Amendment did not affect or impair any other covenants or conditions of the Original Lease or the Consent and all provisions thereof remain in full force and effect. A full-text copy of the Agreement is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1642380/000149315225001389/form8-k.htm About Oncocyte Corp. Oncocyte Corporation, based in Irvine, Calif., is a precision diagnostics company dedicated to developing and commercializing proprietary tests in three key areas: VitaGraft - A blood-based test for monitoring solid organ transplantation; DetermaIO - A gene expression test that evaluates the tumor microenvironment to predict responses to immunotherapies; and DetermaCNI - A blood-based monitoring tool to assess therapeutic efficacy in cancer patients. Costa Mesa, CA-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2024. The report emphazies that the Company has incurred operating losses and negative cash flows since inception 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. ORBIT MARKETING: To Sell Bankruptcy Estate to J. Thompson for $15K ------------------------------------------------------------------ Kelly M. Hagan, Trustee Chapter 7 case of Orbit Marketing, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Michigan, to sell the Debtor's Bankruptcy Estate. The Debtor's Bankruptcy Estate consists the following land situated in the City of Springfield, Calhoun County, Michigan, State of Michigan, to wit: "Commencing from the North 1/4 post of Section 10, Town 2 South Range 8 West, thence South 00 degrees 20 minutes West 1599.03 feet; thence North 89 degrees 36 minutes West 1541.49 feet to the place of beginning; thence North 89 degrees 35 minutes West 237.63 feet; thence North 00 degrees 30 minutes 36 seconds East 147 feet; thence South 89 degrees 36 minutes East 237.63 feet; thence South 00 degrees 30 minutes 36 seconds West 147 feet to the place of beginning, commonly known as 256 Helmer Road, Battle Creek, MI 49037, known as the Real Property." The Bankruptcy Estate also consists of a 100% interest in Long Island Cafe, LLC. A Purchase and Sale Agreement was made and entered into by and between Joshua Thompson as buyer and the Chapter 7 trustee. The Real Property is subject to unpaid real estate taxes which will be assumed by Buyer. In addition, the Real Property is subject to a mortgage granted to Honor Credit Union in the approximate amount of $295,000.00. Honor Credit Union has agreed to have the mortgage assigned to Buyer at closing. The Real Property and LLC Interest are being sold as is where is subject to all liens, interests and encumbrances. The Trustee has accepted an offer for the Real Property in the amount of $15,000.00 pursuant to the Purchase Agreement. The sale price is within the range of value the Trustee believes the Bankruptcy Estate would receive after the payment of all liens, encumbrances and costs of sale. The Trustee has accepted an offer for the LLC Interest in the amount of $5,000.00 pursuant to the Purchase Agreement. The LLC Interest operates a restaurant located at the Real Property. The Purchase of the Real Property and LLC Interest is a related party to the Debtor. The owner of the purchaser of the Real Property is Joshua Thompson, the owner of the Debtor. The buyer of the LLC Interest is Joshua Thompson. Despite the relationship of the Buyer to the Debtor, the Trustee is convinced that the sale to the insider is in the best interest of the Bankruptcy Estate. The Trustee has been advised by Honor Credit Union that foreclosure will proceed if the sale is not consummated in the near future. The Trustee does not believe there is any equity in the Real Property after the deduction of all liens and encumbrances attaching to the Real Property. The Real Property has an estimated value of $300,000 to $310,000, subject to liens and encumbrances of approximately the same amount. The Trustee believes that a sale of the Real Property is in the best interest of the estate and creditors. About Orbit Marketing, LLC Orbit Marketing, LLC is a solar power solutions provider in Southwest Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-01123) on April 27, 2024. In the petition signed by Joshua L. Thompson, sole member, the Debtor disclosed $5,117,054 in assets and $9,699,929 in liabilities. Judge Scott W. Dales presides over the case. James R. Oppenhuizen, Esq., at Oppenhuizen Law Firm, PLC served as the Debtor's legal counsel and David Jewell, CPA, at Yeo & Yeo, PC as financial consultants. Kelly M. Hagan is the case trustee and is represented by Beadle Smith, PLC. PACKERS HOLDING: Fitch Raises Insurer Default Rating to 'CCC' -------------------------------------------------------------- Fitch Ratings has downgraded Packers Holdings, LLC (PSSI) to 'RD' from 'CCC.' This action follows the completion of the company's exchange and financing transaction involving its mezzanine debt, which Fitch views as a distressed debt exchange (DDE) under its criteria. Following the exchange, Fitch has upgraded PSSI's Issuer Default Rating (IDR) to 'CCC' and affirmed its senior secured term loans and revolver at 'CCC' with a Recovery Rating of 'RR4'. Fitch has assigned 'CCC'/'RR4' senior secured ratings for PSSI's incremental and side car term loans. The ratings reflect Fitch's expectations that PSSI's EBITDA leverage will be elevated (above 10x) and financial flexibility limited as it aims to improve operations. Previously announced customer losses have continued to weigh on its financial performance in 2024, and Fitch expects FCF to remain negative in 2025. The exchange alleviates near-term refinance risks, improves PSSI's liquidity position and keeps debt service costs manageable, but the turnaround is subject to execution risks. Key Rating Drivers DDE Exchange: Fitch classifies the completed transaction as a DDE due to the material reduction in terms incurred by the lenders during a period of deteriorating credit quality, allowing the issuer to avoid a default that may have occurred in the near term. PSSI's $275 million in incremental new senior secured term loans under the existing senior secured facility was exchanged for the mezzanine debt scheduled to mature in December 2025. The holders of the mezzanine debt recognized a discount capture of $33 million on the principal outstanding prior to the transaction. Liquidity Position Improves: The transaction helps alleviate liquidity pressure and pushes the company's maturity schedule out, with $12 million borrowed on the revolver maturing in March 2026 and about $1.5 billion in senior secured term loans maturing in March 2028. The company's cash levels have increased over the course of 2024 as the company has raised cash through a divestiture of its pest business, the creation of a new account receivables securitization facility and other corporate actions. The incremental and side car term loans have a paid-in-kind (PIK) feature through maturity, reducing the cash debt service costs. Combined with the improved liquidity position, PSSI is afforded more runway to turn its operations around. Portfolio Contraction Weighs on Financials: PSSI continues to exit previously announced customer losses that weighed on the company's financial performance in 2024. Fitch expects the phaseout to contribute to further sales declines in 2025. EBITDA margin showed signs of stabilizing and recovery in 2024 as the company was able to pass on higher costs to customers and as new projects began operations. Fitch expects free cash outflow to moderate but remain negative in 2025. Competitive Position Intact: PSSI remains the largest contract sanitation company for the food processing industry in North America, and Fitch believes it has been able to retain a number of key customers. PSSI's recent investment in compliance helps the company maintain its competitive position. The company has won a number of new projects in the second half of 2023 and the beginning of 2024, but project wins slowed in the second half of 2024. Fitch believes PSSI's competitive advantage is intact, but a turnaround is subject to execution risks and uncertain timing. Weak Leverage, Coverage Metrics: Fitch expects PSSI's EBITDA leverage and EBITDA interest coverage metrics to remain weak in 2025 and 2026, at levels that reflect the 'CCC' rating. Fitch's base case anticipates that EBITDA leverage will likely remain above 10x through 2027, with the potential to improve thereafter. EBITDA interest coverage may end 2025 around 1x, which is indicative of PSSI's limited financial flexibility. Necessity of Service: Fitch believes the company's credit profile is supported by its clear and strong position and regulatory barriers. Many U.S. protein plants are inspected daily by the USDA prior to opening. Protein plants must pass these inspections or be subject to fines, citations and production delays, with costs running in the tens of thousands of dollars per hour. In addition, non-protein plants are regularly reviewed by the FDA with end customers such as Walmart, McDonald's and Subway driving higher sanitation standards. Derivation Summary Packer's 'CCC' rating reflects the company's high leverage, limited financial flexibility and negative FCF. The company's cash flows and financial flexibility have been challenged by customer attrition following the U.S. Department of Labor's investigations into PSSI. Key Assumptions - Sales declines in 2024 and 2025 as customer losses weigh on the company, but sales begin to recover in 2026; - EBITDA margins stabilize and gradually return to historical levels over time; - Capital intensity of about 1% to 2% of sales over the forecast period; - Limited litigation risk stemming from the federal investigation; - Effective interest rate in the 6%-9% range through the forecast period; - Fitch assumes PSSI will exercise the PIK option on the incremental term loans in 2025 and 2026. Recovery Analysis The recovery analysis assumes that PSSI would be reorganized rather than liquidated, and would be considered on a going concern basis. Fitch has assumed a 10% administrative claim in the recovery analysis. In Fitch's recovery analysis, a potential default is caused by loss of customers and customer churn. PSSI's going concern (GC) EBITDA reflects Fitch's view of a sustainable, post-reorganization EBITDA level. PSSI is currently showing signs of distress and Fitch believes EBITDA is approaching trough levels. Fitch believes the GC EBITDA level will improve alongside the recovery of sales and margins as the company emerges from distress. Fitch expects the enterprise value multiple used in PSSI's recovery analysis will be approximately 5.5x. Fitch believes the company's business profile and market position are strong, despite the highly levered capital structure. PSSI consistently generated positive FCF and stable margins while growing organically. Fitch's estimate of post-reorganization enterprise value results in a 'CCC/'RR4' rating with a recovery estimate of 36% for the senior secured loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained negative FCF margins resulting in a deterioration in liquidity; - EBITDA interest coverage sustained below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated execution on operational improvements and margin enhancements that lead to sustained neutral to positive FCF; - EBITDA interest coverage trending toward 1.5x. Liquidity and Debt Structure Pro forma the new capital structure, Packers has $70 million in cash and $25 million available on its accounts receivable securitization facility. The company also has a $54 million revolver with $12 million currently borrowed. Fitch expects PSSI's liquidity to remain pressured as FCF is forecast to remain negative in 2025. PSSI also needs to service the $12.5 million in annual amortization on its $1.2 billion in senior secured term loans due in 2028. Issuer Profile Packers Holdings is North America's largest and the only nationwide provider in the U.S. of mission-critical outsourced cleaning and sanitation services to the growing food processing industry. The company and its subsidiaries serve a broad customer base of protein and non-protein processing plants. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Packers Holdings, LLC has an ESG Relevance Score of '4' for Labor Relations & Practices due to the recent Department of Labor investigation that is leading to customer attrition, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Packers Holdings, LLC has an ESG Relevance Score of '4' for Management Strategy due to concerns regarding inadequate risk governance and controls or possibly misaligned incentives contributing to alleged labor violations, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Packers Holdings, LLC has an ESG Relevance Score of '4' for Governance Structure due to its exposure to board independence risk, due to sponsor ownership and the potential for aggressive shareholder distributions, which also 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 ----------- ------ -------- ----- Packers Holdings, LLC LT IDR RD Downgrade CCC LT IDR CCC Upgrade senior secured LT CCC New Rating RR4 senior secured LT CCC Affirmed RR4 CCC PCI PHARMA: Blue Owl Leads $4 Billion Debt Transaction ------------------------------------------------------ Olivia Fishlow and Paula Seligson of Bloomberg News report that Blue Owl Capital Inc. is leading a private credit transaction of approximately $4 billion for PCI Pharma Services, according to sources with knowledge of the matter, potentially one of the largest direct lending deals of the year. The transaction includes a unitranche loan of about $3 billion to refinance the company's existing debt, the sources, who asked to remain anonymous due to the private nature of the deal, said, according to the report. Additionally, lenders are in discussions for a delayed-draw term loan exceeding $1 billion, though the final size could still change. ABOUT PCI Pharma PCI is a provider of outsourced services to the pharmaceutical industry, including commercial packaging, clinical trial supply services, and formulation and contract manufacturing of high potency pharmaceuticals. POWER CITY: Hires Zendeh Del & Associates, PLLC as Counsel ---------------------------------------------------------- Power City Technologies, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Zendeh Del & Associates, PLLC as counsel. The firm's services include: a. giving the Debtor legal advice with respect to their powers and duties as Debtor-in-Possession and the continued operation of its business and management of its properties, if any; b. giving the Debtor legal advice and consultation related to the legal and administrative requirements of operating this Chapter 11 bankruptcy case, including to assist the Debtor in complying with the procedural requirements of the Office of the United States Trustee; c. taking all necessary actions to protect and preserve the Debtor's Estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor's interests in any negotiations or litigation in which the Debtor may be involved, including objections to the claims filed against the Debtor's Estate; d. representing the Debtor's interests at the Meeting of Creditors, pursuant to Sec. 341 of the Bankruptcy Code, and at any other hearing scheduled before this Court related to the Debtor; e. reviewing prepetition executory contracts and unexpired leases entered into by the Debtor and to determine which contracts or contracts should be rejected; f. preparing on behalf of the Debtor all necessary applications, answers, ballots, judgments, motions, notices, objections, orders, reports and any other legal instrument necessary; g. reviewing and analyzing all claims filed against the Debtor's Bankruptcy Estate and to advise and represent the Debtor in connection with the possible prosecution of objections to claims; h. coordinate with other professionals employed in the case to rehabilitate the Debtor's financial affairs; i. assisting the Debtor in the preparation of a Disclosure Statement and the negotiation of a Plan of Reorganization with the creditors in their case and all documents related thereto, and any amendments thereto; and j. performing all other legal services for the Debtor, as Debtor-in-Possession which may become necessary to effectuate a successful reorganization of the Bankruptcy Estate. The firm will be paid at these rates: Gabe Perez and Jonathan Zendeh Del $300 per hour Legal Assistant and Law Clerk $125 per hour The firm was paid a pre-petition retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gabe Perez, Esq., a partner at Zendeh Del & Associates, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gabe Perez, Esq. Zendeh Del & Associates, PLLC 1813 61st Street, Suite 101, Galveston, TX 77551 Telephone: (409) 740-1111 About Power City Technologies, LLC Power City Technologies, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-80390) on Dec. 31, 2024. The Debtor hires Zendeh Del & Associates, PLLC as counsel. PREDICTIVE ONCOLOGY: Inks LOI to Merge With Renovaro ---------------------------------------------------- Predictive Oncology Inc. announced that it has entered into a binding letter of intent with Renovaro, Inc. for Predictive Oncology to be acquired by Renovaro in exchange for preferred stock of Renovaro. Predictive and Renovaro share an unwavering commitment to improving outcomes of cancer patients through earlier diagnosis, biomarker discovery and targeted therapies. Further, the companies have proprietary AI/ML platforms with complementary technical advantages that will be leveraged together to accelerate drug discovery and reduce the risk of drug development. Beyond the scientific synergies, the merger presents an opportunity to recognize significant cost savings by reducing operating expenses by more than 30% on a combined basis in the near term. "Since we initiated our formal review of strategic alternatives in mid-November, we have received significant inbound interest that has led to ongoing discussions and due diligence with several parties," stated Raymond Vennare, Chairman and Chief Executive Officer of Predictive Oncology. "Through our discussions with Renovaro, we became increasingly compelled by the strategic potential of combining the Predictive's AI-driven drug discovery platform and vast biobank of more than 150,000 patient tumor samples, 200,000 pathology slides and decades of longitudinal drug response data with Renovaro's multi-disciplinary artificial intelligence, multi-omic and multi-modal data expertise." Under the terms of the binding letter of intent, Predictive Oncology will be merged into Renovaro in exchange for a newly created series of preferred stock of Renovaro. The preferred stock will be issued to shareholders of Predictive Oncology in a 1:1 exchange for their existing Predictive Oncology common stock. The preferred stock is automatically redeemable for $3.00 per share after 18 months and may also be converted to freely tradeable, registered Renovaro common stock at a 1:1 conversion ratio by either the holders thereof or Renovaro at any time after Renovaro's common stock has traded at or above $4.50 per share for 30 consecutive trading days. Renovaro also has the right to redeem the preferred stock for cash at a redemption price of $3.00 per share: (i) if the trading price of its common stock is $3.00 or less or (ii) such preferred stock has not been converted within 30 days after the first date on which the holder could request such conversion as described above. Notwithstanding the foregoing, if holders of Predictive Oncology's Series A and Series B warrants do not exercise their warrants before January 15, 2025, Renovaro has agreed to purchase up to 2.33 million shares of Predictive Oncology's common stock at $1.07 per share. The parties have agreed to enter into definitive documentation for the merger by no later than February 28, 2025. The merger is subject to a minimum fundraising of $15 million by Renovaro, as well as formal approval by the shareholders of Predictive Oncology. A failure to obtain shareholder approval, assuming prior funding by Renovaro, will entitle Renovaro to a two-year exclusive royalty-free license to Predictive Oncology's biobank of tumor samples and tumor-specific 3D cell culture models. David Weinstein, CEO of Renovaro, stated "Since my arrival just two months ago, the management team has been executing on its 100-day plan of action and evaluating strategic opportunities for both of our verticals, RenovaroBio and RenovaroCube. This transaction with Predictive Oncology furthers our quest to offer cancer patients early diagnosis, a personalized treatment protocols, and recurrence monitoring." Messrs. Weinstein and Vennare continued, "Over the coming weeks, we will work diligently to finalize the composition of our leadership team and Board of Directors, as well as details concerning the combined company's R&D priorities and operations. We are both fully committed to completing this transaction as soon as possible, and actualizing a new, best-in-class oncology-focused technology that promises patients a brighter future." There can be no assurance that an agreement or transaction with Renovaro will be executed, or as to the timing of any such agreement or transaction. Predictive Oncology does not intend to discuss or disclose further developments regarding these discussions unless and until its Board of Directors has approved a transaction or otherwise determined that further disclosure is appropriate or required by law. About Renovaro Renovaro https://renovarogroup.com/ aims to accelerate precision and personalized medicine for longevity powered by mutually reinforcing AI and biotechnology platforms for early diagnosis, better-targeted treatments, and drug discovery. Renovaro Inc. includes RenovaroBio, an advanced cell-gene immunotherapy company, and Renovaro Cube. Renovaro Cube has developed an award-winning AI platform that is committed to the early detection of cancer and its recurrence and monitoring subsequent treatments. Renovaro Cube intervenes at a stage where potential therapy can be most effective. Renovaro Cube is a molecular data science company with a background in FinTech and a 12-year history. It brings together proprietary artificial intelligence (AI) technology, multi-omics, multi-modal data, and the expertise of a carefully selected multidisciplinary team to radically accelerate precision medicine and enable breakthrough changes in disease agnostic decision support. About Predictive Oncology Headquartered in Pittsburgh, Pennsylvania, Predictive Oncology Inc. is a knowledge and science-driven company that applies artificial intelligence to support the discovery and development of optimal cancer therapies, which can ultimately lead to more effective treatments and improved patient outcomes. The Company uses AI and a proprietary biobank of 150,000+ tumor samples, categorized by tumor type, to provide actionable insights about drug compounds to improve the drug discovery process and increase the probability of drug compound success. The Company offers a suite of solutions for oncology drug development from early discovery to clinical trials. Minneapolis, Minnesota-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Predictive Oncology had $7,498,234 in total assets, $5,531,265 in total liabilities, and $1,966,969 in total shareholders' equity. PREDICTIVE ONCOLOGY: Three Proposals Approved at Annual Meeting --------------------------------------------------------------- Predictive Oncology Inc. held its Annual Meeting of Stockholders on December 30, 2024. There were 6,667,221 shares of common stock outstanding and entitled to vote as of November 27, 2024, the record date for the Annual Meeting. The results of the matters submitted to a vote of the stockholders at the Annual Meeting are: 1. Election of two Class III director nominees. The Company's stockholders elected Raymond F. Vennare and Veena Rao, Ph.D. as Class III directors, each to serve for a three-year term that expires at the annual meeting of stockholders held in 2027 or until such director's successor has been duly elected or appointed and qualified, or until their earlier resignation or removal. 2. Ratification of the appointment of KPMG LLP to serve as the Company's independent registered public accounting firm. The Company's stockholders ratified the appointment of KPMG LLP as the Company's independent auditor for 2024. 3. Proposal to approve the 2024 Equity Incentive Plan. The Company's stockholders approved the 2024 Equity Incentive Plane. 4. Proposal to approve a non-binding advisory resolution on the compensation of the Company's named executive officers. The Company's stockholders did not approve, on an advisory basis, the compensation of the Company's named executive officers. About Predictive Oncology Headquartered in Pittsburgh, Pennsylvania, Predictive Oncology Inc. is a knowledge and science-driven company that applies artificial intelligence to support the discovery and development of optimal cancer therapies, which can ultimately lead to more effective treatments and improved patient outcomes. The Company uses AI and a proprietary biobank of 150,000+ tumor samples, categorized by tumor type, to provide actionable insights about drug compounds to improve the drug discovery process and increase the probability of drug compound success. The Company offers a suite of solutions for oncology drug development from early discovery to clinical trials. Minneapolis, Minnesota-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Predictive Oncology had $7,498,234 in total assets, $5,531,265 in total liabilities, and $1,966,969 in total shareholders' equity. PURDUE PHARMA: Signs Draft Agreement to Resolve Bankruptcy ---------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that oxyContin manufacturer Purdue Pharma LP has completed a 50-page term sheet and a 75-page draft master settlement deal intended to resolve its more than five-year bankruptcy case after its previous plan was rejected, according to a New York court filing. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. PYLABRICKS LLC: Files Chapter 7 Bankruptcy in Kentucky ------------------------------------------------------ David A. Mann of Louisville Business First reports that PylaBricks LLC, operating as Snapology of Louisville and based in La Grange, Kentucky, filed for Chapter 7 bankruptcy in December in the Western District of Kentucky. According to the bankruptcy filing, PylaBricks LLC has assets of less than $50,000 and owes between $100,001 and $500,000 to fewer than 49 creditors. The company has no secured creditors and lists $103,030.91 in unsecured claims, primarily owed to the U.S. Small Business Administration, with additional claims from the IRS and the Kentucky Department of Revenue. Louisville Business Journal reports that the filing was signed by owner Orla Pylant, and Nick Thompson is representing the company in the bankruptcy case. Attempts to reach Thompson for comment have not been successful, and this story may be updated. The filing also indicates that the franchise earned more than $43,000 in revenue in 2022, the only year for which revenue figures are available. About Pylabricks LLC Pylabricks LLC, also known as Snapology, is a franchised company that provides year-round science, technology, engineering, arts and mathematics (STEAM) learning programs for children ages 4 to 14, according to its website. Children explore robotics, coding and design challenges using LEGO bricks, K’Nex and other technology, at after-school programs, summer camps, workshops, field trips, birthday parties, assemblies and custom events. The website notes that it has a startup cost around $75,000 for a franchise and that it has about 150 locations. Pylabricks LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Ky Case No. 24-33143) on December 23, 2024. In its petition, the Debtor reports estimated assets less than $50,000 and liabilities between $100,001 and $500,000. Nick C. Thompson, Esq. represents the Debtor as counsel. REFRESHING USA: Seeks to Extend Plan Exclusivity to March 14 ------------------------------------------------------------ Refreshing USA, LLC and affiliates asked the U.S. Bankruptcy Court for the Eastern District of Washington to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 14 and May 13, 2025, respectively. The Debtors are incorporated and headquartered in Washington. Debtors collectively operated water machine and vending machine businesses. Creative purportedly previously manufactured and sold water purification machines. The Debtors believe that cause exists to grant the requested relief for the following reasons: * First, the Debtors are engaged with the Committee on proposing a joint plan. Immediately after the Committee's selection of counsel, the Debtors and their advisors began communicating and exchanging information with the Committees and their advisors. The Committee has been fully engaged in the proposed sale processes, as well as the beginnings of a plan process. * Second, the Debtors claims bar date expires on February 2, 2025, and Debtors require time to review and analyze claims filed by all creditors and parties in interest. * Third, this Motion constitutes the Debtors' first request to extend the plan exclusivity periods. The relief requested is not a delay tactic or a means to pressure the Committee or creditors. In fact, the Debtors believe that additional time is necessary so that the Debtors can effectuate the sale of assets and then begin formulating the terms of plan. * Fourth, these involuntary cases are large and complex. There are hundreds of creditors with a total claims pool of over $300 million. It has taken and will continue to take considerable effort by Debtors and their professionals, without the benefit of reliable and deep pre-petition management, to analyze the wide variety of issues (with new ones arising at least weekly) necessary to formulate and propose a plan. Counsel to the Debtors: Danny Newman, Esq. Ava Schoen, Esq. Christopher Pallanch, Esq. Tonkon Torp LLP 888 SW Fifth Avenue, Suite 1600 Portland, OR 97204 Telephone: (503) 802-2089 Email: danny.newman@tonkon.com About Refreshing USA Alleged creditors filed an involuntary Chapter 11 petition for Refreshing USA, LLC (Bankr. S.D. Texas Case No. 24-33919) on August 27, 2024. The alleged petitioners are Donald E. Bonnie L. Gray of Revocable Living Trust, Tyler Hellman and Annamarie Briggs. The petitioners are represented by Ericka F. Johnson, Esq. and Steven D. Adler, Esq., at Bayard, P.A. On November 14, 2024, the case was transferred to the U.S. Bankruptcy Court for the Eastern District of Washington and was assigned a new case number (Case No. 24-01863). The case is jointly administered with the Chapter 11 cases filed by Water Station Management, LLC and Creative Technologies, LLC (Case Nos. 24-01864 and 24-01866). The jointly administered cases are related to the Chapter 11 case filed by Ideal Property Investments, LLC (Bankr. E.D. Wash. Case No. 24-01421). Judge Frederick P. Corbit oversees the jointly administered cases. Tonkon Torp, LLP is the Debtors' legal counsel. REKOR SYSTEMS: Settles $15M Prepaid Advance With Yorkville Advisors ------------------------------------------------------------------- Rekor Systems, Inc. announced that as of December 31, 2024, it has fully satisfied the outstanding balance of $15 million under its August 2024 Prepaid Advance Agreement with an affiliate of Yorkville Advisors Global. As previously reported by Current Reports on Form 8-K filed on August 14 and October 22, 2024, the Company entered into a Pre-Paid Advance Agreement, as amended by Amendment No. 1 to the Pre-Paid Advance Agreement, with YA II PN, Ltd., a Cayman Islands exempt limited company, an affiliate of Yorkville Advisors Global, LP. In accordance with the terms of the PPA, the Investor advanced to the Company a pre-paid advance of $15,000,000. Eyal Hen, Rekor's Chief Financial Officer, commented, "This prepayment underscores our dedication to prudent financial management and shareholder value creation. By eliminating this obligation early, we have enhanced our balance sheet flexibility. This positions Rekor to better capitalize on strategic growth initiatives while maintaining a disciplined approach to capital allocation. We thank Yorkville for its partnership and appreciate its support in satisfying the Prepaid Advance Agreement ahead of schedule." About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. East Hanover, N.J.-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 25, 2024, citing that the Company has incurred significant losses and may need 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. As of Sept. 30, 2024, Rekor Systems had $101.20 million in total assets, $60.86 million in total liabilities, and $40.33 million in total stockholders' equity. RENOVARO INC: Maurice van Tilburg Named GEDi Cube CEO ----------------------------------------------------- Renovaro Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 30, 2024, the Board appointed Maurice van Tilburg, age 53, as Chief Executive Officer of GEDi Cube B.V., a wholly owned subsidiary of Renovaro Cube Intl. Ltd., which is a wholly owned subsidiary of the Company, effective immediately. Maurice van Tilburg is a current member of the Board and has held several senior positions in the Financial Services industry and Tech enterprises combining general management, technology, operational service delivery, financial management, audit and product development. He is also an awarded artist that combines leadership roles in the industry with a successful series of art concepts. Mr. van Tilburg currently serves as the Director of the Dutch National Growth fund where he oversees the largest government investments in the area of innovation and technology. With this he builds on his role at Techleap.nl where he developed new and additional sources of funding for Dutch Tech scale ups in order to contribute to global challenges, economic growth, technology capabilities and employment in The Netherlands. Mr. van Tilburg brings with him his experience as CEO of Euronext Amsterdam where he was responsible for clients, product development, organization and P&L for the Dutch market as well as the operational running of all European stock markets of Euronext. Mr. van Tilburg's ambition is to lead teams with a clear mission and positive impact, bringing his leadership skills and experience in areas of finance, tech and art. In that context Mr. van Tilburg has held also nonexecutive/advisory board member at several startup companies. In connection with his appointment, GEDi Cube entered into an employment agreement which provides that Mr. van Tilburg's base salary will be $300,000 per year, and he will be eligible to receive a performance bonus of up to $100,000 per year, which will be payable on or before March 15th of each calendar year. The CEO Employment Agreement also provides that the Compensation Committee of the Board will consider giving Mr. van Tilburg a sign-on bonus of 250,000 shares of restricted common stock of the Company and an equity incentive grant of 1,000,000 stock options, which will vest 200,000 options per year for five years beginning on the first anniversary of the date of the CEO Employment Agreement. Mr. van Tilburg is eligible to participate in the benefit plans and programs generally available to the GEDi Cube's employees. Mr. van Tilburg will also be entitled to reimbursement of all reasonable and necessary business expenses incurred or paid by him in the performance of his duties and responsibilities for GEDi Cube upon submission to GEDi Cube of written evidence of such expenses as GEDi Cube may require in accordance with its business expense reimbursement policy. If Mr. van Tilburg is terminated without cause or if Mr. van Tilburg terminates his employment for good reason, GEDi Cube agrees to provide to Mr. van Tilburg as severance: (i) an amount equal to six months of his base salary, (ii) reimbursement of premiums to continue health care benefits coverage under COBRA for the 6 months following the date of Mr. van Tilburg's termination and (iii) accelerated vesting of all time-based equity awards. "Good Reason" in the CEO Employment Agreement includes the sale of substantially all of the assets of GEDi Cube or a merger in which the shareholders of GEDi Cube do not retain control. Mr. van Tilburg does not have any family relationships with any of the Company's other officers or directors and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Renovaro Inc. Headquartered in Los Angeles, Calif., Renovaro Inc. -- http://www.renovarobio.com-- formerly Renovaro BioSciences Inc., is a biotechnology company intending, if the necessary funding is obtained, to develop advanced allogeneic cell and gene therapies to promote stronger immune system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious diseases such as Human Immunodeficiency Virus (HIV) infections. As a result of the Company's acquisition of GEDi Cube Intl on Feb. 13, 2024, the Company has shifted the Company's primary focus and resources to the development of the GEDi Cube Intl technologies. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2024, Renovaro had $121.83 million in total assets, $23.75 million in total liabilities, and $98.09 million in total stockholders' equity. RESHAPE LIFESCIENCES: Dominion, 6 Others Hold 9.9% Stake -------------------------------------------------------- Dominion Capital LLC disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of December 27, 2024, it and its affiliated entities -- Dominion Capital GP LLC, Dominion Capital Holdings LLC, Ascent Partners Fund LLC, Mikhail Gurevich, Gennadiy Gurevich, and Alon Brenner -- beneficially owned 78,307 shares of ReShape Lifesciences Inc.'s common stock, representing 9.9% of the shares outstanding. Purpose of Transaction Dominion, through Ascent, acquired the Common Stock for investment purposes. On October 16, 2024, Ascent and the Company entered into a securities purchase agreement pursuant to which the Company issued to Ascent: (i) a senior secured convertible promissory note in the aggregate original principal amount of $833,333.34, and (ii) 7,983 shares of Common Stock as commitment shares. In connection with the Securities Purchase Agreement, the subsidiaries of the Company agreed to guarantee the obligations of the Company under the Note. The Note is fully secured by collateral of the Company and the Subsidiaries, which security is memorialized in a security agreement entered into by the Company and Ascent, as collateral agent. The Company and Ascent also entered into a registration rights agreement pursuant to which the Company agreed to register the shares of Common Stock issuable upon conversion of the Note. In addition, the Company entered into a leak-out agreement with Ascent pursuant to which Ascent agreed not to dispose of or otherwise transfer, in the aggregate, more than 10%of the composite daily trading volume of the Common Stock. The directors and officers agreed, also in connection with the Securities Purchase Agreement, to enter into lock-up Agreements pursuant to which each agreed not to offer, sell, contract to sell, or otherwise dispose of any shares of Common Stock of the Company while Ascent held either the Note or any Conversion Shares. Pursuant to the Note, the Company is prohibited from effecting a conversion of any principal or interest on the Note into shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by the Ascent, would result in the Ascent beneficially owning more than 4.99% of the then total outstanding shares of Common Stock, however, Ascent has the ability to, upon 61 days' notice, increase this beneficial ownership limitation to 9.99%. On December 19, 2024, Ascent and the Company entered into an equity purchase agreement pursuant to which the Company may sell to Ascent, from time to time, up to $5,000,000 worth of Common Stock. As a commitment fee, the Company issued to Ascent: (i) 17,300 shares of Common Stock, and (ii) a pre-funded warrant to purchase up to 21,015 shares of Common Stock. Pursuant to the Equity Purchase Agreement, Ascent agreed, with respect to up to 25,283 shares (or such greater number not to exceed 4.99% of the outstanding voting power or number of shares of Common Stock), to; (a) vote in favor of the transactions contemplated by that certain merger agreement, dated as of July 8, 2024, by and among the Company, Vyome Therapeutics, Inc. and Raider Lifesciences Inc., (b) vote against any proposals that would materially impede the transactions contemplated by the Merger Agreement or any other transaction proposal, and (c) not sell or transfer any such shares of Common Stock prior to the record date of such stockholder meeting. Pursuant to the Equity Purchase Agreement, the Company is prohibited from effecting a sale and an issuance of any Common Stock to Ascent if those shares, when aggregated with all other shares of Common Stock then beneficially owned by the Ascent, would result in the Ascent beneficially owning more than 9.99% of the then total outstanding shares of Common Stock. Similar to the Note, the Company is prohibited from issuing shares of Common Stock pursuant to an exercise of the Pre-Funded Warrant if those shares, when aggregated with all other shares of Common Stock then beneficially owned by the Ascent, would result in the Ascent beneficially owning more than 4.99% of the then total outstanding shares of Common Stock, however, Ascent has the ability to, upon 61 days' notice, increase this beneficial ownership limitation to 9.99%. On December 27, 2024, Ascent provided notice to the Company (the "Notice") that it would be increasing the beneficial ownership limitation of both the Pre-Funded Warrant and Note to 9.99%. Pursuant to the Notice, effective on February 26, 2025, the Company shall be permitted to issue Ascent shares of Common Stock upon conversion of the Note and exercise the Pre-Funded Warrant up to an aggregate maximum of 9.99% of the then outstanding shares of Common Stock when aggregated with all other shares of Common Stock then beneficially owned by the Ascent. (a) The number and percentage of the Ordinary Shares beneficially owned by each Reporting Person assumes that there were 758,978 Ordinary Shares issued and outstanding as of the date of this Schedule 13D, consisting of: (i) 712,680 shares of Common Stock issued and outstanding as of December 3, 2024, as reported by the Company in its registration statement on Form S-1 (file No. 333-283952), as filed with the Securities and Exchange Commission on December 20, 2024, (ii) 7,983 Note Commitment Shares, (iii) 17,300 ELOC Commitment Shares, and (iv) 21,015 shares of Common Stock underlying the Pre-Funded Warrants, which are exercisable within 60 days. (b) As of the date of this Schedule 13D, Ascent directly held: (i) 25,283 shares of Common Stock and (ii) a Pre-Funded Warrant exercisable for up to an aggregate of 21,015 shares of Common Stock at $0.001 per share, subject to the 9.9% beneficial ownership limitation provision in the Pre-Funded Warrant, representing approximately 6.1% of the outstanding Ordinary Shares. Ascent is a subsidiary of Dominion. Dominion GP is the manager of Dominion and Dominion Holdings, Mikhail Gurevich, Gennadiy Gurevich and Alon Brenner are the managers of Dominion GP. As such, these persons may be deemed to beneficially own and have shared voting and dispositive power with Ascent over these shares of Common Stock, including those underlying the Pre-Funded Warrant held by Ascent. The Reporting persons may be reached at: Dominion Capital LLC Mikhail Gurevich 256 W. 38th Street, 15th Floor New York, NY, 10018 Tel: (212) 785-4680 A full-text copy of Dominion Capital's SEC Report is available at: https://tinyurl.com/4fncxdvc About ReShape Lifesciences ReShape Lifesciences Inc. (Obalon Therapeutics, 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. ROBERT WYATT: Claims to be Paid From Business Revenue ----------------------------------------------------- Robert Wyatt Contracting, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement regarding Second Amended Plan of Reorganization dated January 8, 2025. The Debtor is a Texas limited liability company formed in 2017. The Debtor's President, founder and sole member is Robert Pfeil (the "Principal"). The Debtor is an-established excavation contractor specializing in earthwork, clearing, wet utilities and paving in the North Texas area. The Debtor started having financial trouble in 2022, when it had grown exponentially from 2020. Annual revenues expanded from mid $200,000 in 2020, to approximately $2 million in 2021, to over $10 million in 2022. But, as revenues expanded, the Debtor's liabilities also expanded. The liabilities primarily comprised of finance agreements with numerous equipment lenders, who, at one point, had financed over 100 pieces of heavy, construction equipment. Eventually, the Debtor's revenues did not expand sufficiently enough to allow the Debtor to meet its working capital and significant debt obligations related to equipment financing and long-term debt. In 2022, in order to save its business, the Debtor started to employ various cost-savings initiatives, including a reduction in workforce and the marketing and sale of its excess equipment. However, due to its significant growth in earlier years, the working capital needs, along with the debt burden, proved to be overwhelming. Thus, the Debtor filed bankruptcy to preserve its going concern value. Class 6 consists of Convenience Claims. Any General Unsecured Claim or Class 8 Claim who elects to be in Class 6 shall receive, within thirty days of the Effective Date, $1,000 for each $10,000.00 of its Allowed Claim and a Pro Rated Amount for any Surplus Amount of its Allowed Claim. The distributions in this Class shall first be funded by any Excess Fund not used to fund Class 3 and then by Available Cash. All Claimants in this Class will be deemed to have voted in favor of the Plan. Class 7 consists of General Unsecured Claims. In full satisfaction of their Allowed Claims treated in Class 7, each Claim in Class 3 shall be entitled to receive a pro rata share of the equity in the reorganized Debtor, unless they elect to be treated in Class 6. Class 9 consists of Equity Interest Holders. Holders of interests in Class 9 shall have their Interests extinguished as of the Effective Date. In the ordinary course of business, the Debtor generates sufficient revenues monthly to meet all payment obligations arising from the Plan. The existing management of the Debtor shall continue as the management of the reorganized Debtor pursuant to the Debtor's company agreement. A full-text copy of the Disclosure Statement dated January 8, 2025 is available at https://urlcurt.com/u?l=NbZPh6 from PacerMonitor.com at no charge. Attorneys for the Debtor: H. Joseph Acosta, Esq. CONDON TOBIN SLADEK THORNTON NERENBERG PLLC 8080 Park Lane, Suite 700 Dallas, TX 75231 Tel: (214) 265-3852 Fax: (214) 265-3800 Email: jacosta@condontobin.com About Robert Wyatt Contracting Robert Wyatt Contracting, LLC, an excavating contractor in Fort Worth, Texas, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-40747) on Mar. 1, 2024. In the petition signed by Robert Pfeil, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Edward L. Morris oversees the case. H. Joseph Acosta, Esq., at Condon Tobin Sladek Thornton Nerenberg PLLC, serves as the Debtor's counsel. ROCK 51: Sec. 341(a) Meeting of Creditors on February 11 -------------------------------------------------------- On January 12, 2025, Rock 51 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under Sec. 341(a) to be held on February 11, 2025 at 02:30 PM at Office of UST (TELECONFERENCE ONLY. About Rock 51 LLC Rock 51 LLC is a limited liability company. Rock 51 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-10034) on January 12, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael E. Wiles handles the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor as counsel. SCILEX HOLDING: SCLX Stock Acquisition Holds 22.8% Stake -------------------------------------------------------- SCLX Stock Acquisition JV, LLC disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of January 2, 2025, it beneficially owns 84,616,299 shares of Scilex Holding Company's Common Stock comprised of: (i) 55,068,585 shares of common stock, par value $0.0001 per share of the Company, (ii) 490,617 shares of Common Stock issuable upon exercise of warrants exercisable within 60 days of the date on which this Amendment No. 4 to Schedule 13D has been filed with the Securities and Exchange Commission, and (iii) 29,057,097 shares of Series A Preferred Stock, par value $0.0001 per share, of the Company which are entitled to vote, together with the holders of Common Stock, and not separately as a class, on an as converted to Common Stock basis on all matters on which the holders of shares of Common Stock have the right to vote (with the number of votes being determined by dividing the stated value (as determined under the Company's Certificate of Designations of Series A Preferred Stock, filed with the Delaware Secretary of State on November 10, 2022 by $10.00) and as of the date of this Amendment No. 4 such preferred stock is entitled to 32,596,371 votes as a result of adjustments to the conversion price of such preferred stock in accordance with the terms of the Certificate of Designations. The shares owned represents 22.8% of the 243,312,885 shares of Common Stock outstanding as of December 29, 2024, plus 490,617 shares of Common Stock issuable upon exercise of warrants held by the SCLX Stock Acquisition that are exercisable within 60 days of the date on which this Amendment No. 4 has been filed with the SEC. Shares of Series A Preferred Stock are not convertible into shares of Common Stock and therefore the 29,057,097 shares of Series A Preferred Stock held by the SCLX Stock Acquisition are not included in this percentage. The SCLX Stock Acquisition's aggregate voting power, including shares of Series A Preferred Stock (which as of January 6, 2025, such preferred stock is entitled to 32,596,371 votes as a result of adjustments to the conversion price of such preferred stock in accordance with the terms of the Certificate of Designations) and assuming the exercise of all warrants held by the SCLX Stock Acquisition, is 31.89%. SCLX Stock Acquisition may be reached at: Xiao Xu, Sole Manager SCLX Stock Acquisition JV LLC 960 San Antonio Road Palo Alto, CA, 94303 Tel: (650) 516-4310 A full-text copy of SCLX Stock Acquisition's SEC Report is available at: https://tinyurl.com/3rjwkaj5 About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. San Diego, California-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 11, 2024, citing that the Company has negative working capital, has suffered losses from operations, has recurring negative cash flows from operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2024, Scilex had $104.5 million in total assets, $319.2 million in total liabilities, and $214.7 million in total stockholders' deficit. SINCLAIR TELEVISION: Reaches New Agreement with Creditors --------------------------------------------------------- Dean Seal of Wall Street Journal reports that Sinclair announced that its television group has secured an agreement with creditors on the key terms for new financing and a debt recapitalization designed to strengthen liquidity. According to the report, the broadcasting company revealed on Tuesday, January 14, 2025, that Sinclair Television Group entered into a transaction support agreement with lenders holding approximately 80% of the company's outstanding loans under its current credit facilities, along with holders of about 75% of its existing secured notes. The refinancings are expected to extend the company's nearest major maturity to December 2029, with a weighted average maturity of 6.6 years, according to Sinclair CEO Chris Ripley, the report relates. Ripley also stated that the agreement would reduce the company's first lien net leverage and improve its financial flexibility. About Sinclair Television Sinclair Television Group, Inc. provides media broadcasting services. The Company offers television broadcasting and programming services. SKY DEVELOPMENT: Hires Madoff & Khoury LLP as Counsel ----------------------------------------------------- David B. Madoff, the Trustee for Sky Development, Ltd. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Madoff & Khoury LLP as counsel. The Trustee needs the firm's legal advice of and representation on legal matters affecting the Debtor's estate, including but not limited to the sale of property, preparation and confirmation of a Chapter 11 Plan and any litigation. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Madoff, Esq., a partner at Madoff & Khoury LLP, 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: David B. Madoff, Esq. Madoff & Khoury LLP 124 Washington Street - Ste. 202 Foxborough, MA 02035 Telephone: (508) 543-0040 Email: madoff@mandkllp.com About Sky Development, Ltd Sky Development, Ltd. owns commercial real estate at 345 Front St., Marion, 350-354 Front Street, Marion, 413 Wareham Road, Marion, and 33 County Road, Mattapoisett. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-10658) on April 9, 2024, with as much as $50,000 in both assets and liabilities. Judge Janet E. Bostwick presides over the case. Logan A. Weinkauf, Esq., at Logan A. Weinkauf, P.C. represents the Debtor as legal counsel. SMITH MICRO: Regains Compliance with Nasdaq's Bid Price Requirement ------------------------------------------------------------------- Smith Micro Software, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Jan. 8, 2025, the Company received written notification from The Nasdaq Stock Market confirming that its Common Stock has met the Minimum Bid Price Requirement. Specifically, the stock closed at or above $1.00 per share for ten consecutive business days, from Dec. 23, 2024, to Jan. 7, 2025. As a result, the Company has regained compliance with Nasdaq's listing standards, and the matter is now resolved. On Nov. 26, 2024, the Company received a notification from Nasdaq indicating that its Common Stock had failed to meet the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial compliance period of 180 calendar days, until May 26, 2025, to regain compliance with the Minimum Bid Price Requirement. About Smith Micro Software Pittsburgh, Pa.-based Smith Micro Software, Inc. develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless and cable service providers around the world. The Company is dedicated to enhancing today's connected lifestyles by empowering the Digital Family Lifestyle and offering advanced voice messaging capabilities. The Company's goal is to create new opportunities for consumer engagement through smartphones and Internet of Things (IoT) devices. The Company's diverse portfolio includes family safety software solutions that support families in the digital age, along with a broad range of tools designed to create, share, and monetize rich content. This includes visual voice messaging, retail content display optimization, and performance analytics, all aimed at maximizing impact across any product set. Los Angeles, Calif.-based SingerLewak LLP, the Company's auditor since 2005, issued a "going concern" qualification in its report dated Feb. 26, 2024, citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. SMYRNA READY: S&P Assigns 'BB-' Rating on New $733MM Term Loan B ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating on Smyrna Ready Mix Concrete LLC's proposed $733 million term loan B due 2029. The recovery rating indicates our expectation for meaningful recovery prospects (50%-70%; rounded estimate: 60%) for debtholders in the event of a default. S&P said, "We expect the company to use the proceeds from proposed issuance to refinance its existing $533 million term loan B due 2029, pay down revolver borrowings, and pay related transaction fees. "Our 'BB-' issuer credit rating and negative outlook reflect our view that the company's S&P Global Ratings-adjusted debt to EBITDA will remain above 5x in 2025 as weakness in housing and commercial construction pressures the company's operating results." SOFT PACKAGING: Case Summary & 11 Unsecured Creditors ----------------------------------------------------- Debtor: Soft Packaging, Inc. 2121 Leo Avenue Commerce, CA 90040 Chapter 11 Petition Date: January 13, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10214 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd. Ste 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: matt@rhmfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Ming Yang Hsu as chief operations officer. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RWHJUAY/Soft_Packaging_Inc__cacbke-25-10214__0001.0.pdf?mcid=tGE4TAMA SOUTHERN POINT: Seeks Bankruptcy Protection in Mississippi ---------------------------------------------------------- On January 11, 2025, Southern Point Planting Company LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Mississippi. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Southern Point Planting Company LLC Southern Point Planting Company LLC is a limited liability company. Southern Point Planting Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No.: 25-00090) on January 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jamie A. Wilson handles the case. Craig M. Geno, Esq., at the Law Offices Of Craig M. Geno, PLLC, represents the Debtor as counsel. STONE & LEIGH: Online Auction Scheduled for Jan. 16-Jan. 23 ----------------------------------------------------------- Iron Horse Auction Company will conduct an online receivership auction of Stone & Leigh, LLC from Jan. 16 to Jan. 23. For more information on the auction visit https://urlcurt.com/u?l=tNg3ZD TAMPA BRASS: Sec. 341(a) Meeting of Creditors on February 12 ------------------------------------------------------------ On January 9, 2025, Tampa Brass and Aluminum Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on February 12, 2025 at 10:00 AM. U.S. Trustee (T/FM) will hold the meeting telephonically. Call in Number: 866-910-0293. Passcode: 7560574. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation --https://tampabrass.com/about/ -- is a family-operated foundry into a premier supplier of cast machined parts for the commercial and defense industries. Tampa Brass and Aluminum Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.: 25-00105) on January 9, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Roberta A. Colton handles the case. Scott A. Stichter, Esq. of Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as counsel. TRILLION ENERGY: Appoints Sean Stofer as Interim CEO ---------------------------------------------------- Trillion Energy International Inc. announced that the Company's Board of Directors has accepted Arthur Halleran's resignation and retirement as Chief Executive Officer and Director of the Company, effective December 27, 2024. Mr. Art Halleran served as CEO since 2017 and spearheaded the SASB development project to date. The Company is conducting an executive search, committed to selecting and appointing a seasoned executive with capital markets and technical experience to lead the Company as CEO. The recruitment process is well under way and the Board of Directors is committed to concluding the transition as soon as possible. The new CEO will focus on exploiting existing assets and strategically enter new plays to increase overall value to all shareholders. Mr. Sean Stofer P.E. was appointed Chairman of the Board of Directors and will also assume the role of interim Chief Executive Officer, while the Company completes its executive search for a permanent CEO. Mr. Stofer is a graduate of the University of British Columbia in Engineering and has over 20 years of energy industry leadership and governance experience. Sean has a proven record of founding several successful energy companies and delivering high growth through operational excellence. He has worked on the conventional energy projects and the development of hundreds of megawatts of power projects including solar, wind, hydroelectric and recently the arctic's largest solar array; Sean was awarded the Top 40 Under 40 in Vancouver, Canada for his business achievements. Mr. Burak Tolga Terzi has been appointed as a Vice President and Deputy General Manager for the Company. Mr. Terzi holds a Bachelor of Business Administration and Master's degree in logistics. Mr. Terzi previously worked for Valeura Energy Inc. (TSX: VLE) in Turkey, SOCAR (the State Oil Company of Azerbaijan Republic), Weatherford International, Nobel Oil Services and AQS in Turkey and Iraq. Mr. Scott Lower CPA, has been appointed as President of the Company effective immediately. Mr. Lower has served in a consulting role for the Company in the public markets and its endeavors and recently was appointed as President of one of the Company's subsidiaries, Park Place Energy. Mr. Lower holds his CPA designation, a Bachelor of Business Administration and a background in finance and public markets. The Company additionally plans to create an advisory board of industry veterans and seeks to add two additional directors as part of its overall transitional plan in Q1 2025. Interim CEO & Chairman Mr. Sean Stofer remarked: "We would like to thank Mr. Halleran for his years of dedicated service as CEO in the early development of SASB and Trillion. We look forward to a transformational year for Trillion, by ramping up production leveraging existing assets and acquiring additional assets. The Company is committed to the process of new appointments to drive future growth and success for Trillion shareholders." About Trillion Energy Trillion Energy International Inc. and its consolidated subsidiaries is a Canadian based oil and gas exploration and production company. Alberta, Canada-based MNP LLP, the Company's auditor, issued a "going concern" qualification in its report dated May 7, 2024, citing that the Company has a negative working capital position, has accumulated deficits, and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Trillion Energy International had $64,131,584 in total assets, $38,915,245 in total liabilities, and $25,216,339 in total stockholders' equity. TRINITY LEGACY: Seeks Continued Cash Collateral Access ------------------------------------------------------ Trinity Legacy Consortium, LLC asked the U.S. Bankruptcy Court for the District of New Mexico to extend its authority to use cash collateral from Jan. 31 to May 31. The company requires the use of cash collateral to pay its operating expenses for the period from Feb. 1 to May 31. As adequate protection, the company requested authorization to continue granting the U.S. Small Business Administration and Forward Financing, LLC a replacement lien on post-petition assets to the same extent and with the same priority as their pre-bankruptcy lien. The company also proposed to continue making monthly cash payments of $750 and $2,000 to SBA and Forward Financing, respectively, during the interim period. Trinity Legacy owes SBA and Forward Financing approximately $145,000 and $75,000, respectively. SBA holds a security interest in all tangible and intangible personal property of the company while the other secured creditor holds a security interest in the future account receipts of the company. Trinity Legacy is currently reviewing and reconciling asserted non-priority unsecured claims but believes the claims are in excess of $500,000. The company incurred a factoring loan with Forward Financing to help meet expenses for the business, and in exchange gave a security interest in its future receipts. Payment on such loan gave rise to the company falling behind on other business expenses, necessitating the filing for Chapter 11. In addition, the company is a defendant in several pending state court litigations in connection with its business operations. The costs and fees associated with pursuing such litigations in various jurisdictions, in addition to the financial strain on the company's operations, necessitated the bankruptcy filing as the most efficient forum to reorganize the company's financial affairs. About Trinity Legacy Consortium Trinity Legacy Consortium, LLC operates a construction and home building business with locations in Farmington, N.M., and Wallowa, Ore. Trinity Legacy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 22-10973) on December 7, 2022, with up to $500,000 in assets and up to $1 million in liabilities. Jan Swift and Jacob Swift, managing members of Trinity Legacy, signed the petition. Judge Robert H. Jacobvitz oversees the case. Dennis A. Banning, Esq., at NM Financial Law, P.C., is the Debtor's bankruptcy counsel. TURNKEY SOLUTIONS: Unsecureds Will Get 8.7% of Claims over 5 Years ------------------------------------------------------------------ Turnkey Solutions Group, Inc. f/k/a Caban Industrial Group, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement in support of Chapter 11 Plan of Reorganization dated January 8, 2025. Caban Industrial Group, LLC began operations on July 20, 2016. Turnkey Solutions Group, Inc. purchased Caban Industrial Group, LLC in December 2023. Debtor now operates as Turnkey Solutions Group, Inc FKA Caban Industrial Group, LLC. The Debtor is a minority-owned company located at 312 Tanglewood Dr., Dickinson, Texas 77539. Debtor is an oil and gas contractor that provides services such as scaffold, paint, insulation and asbestos and lead abatement. In purchasing Caban, Debtor unknowingly purchased undisclosed debt of Caban, including approximately $1,300,000.00 in IRS tax liability. Although, the Debtor has experienced profitability over the years, the economic impact of COVID 19, has limited Debtor's recovery and has caused Debtor to continue to accumulate debt. The Debtor obtained a secured loan with Gulf Coast Bank and Fox Funding Group who each hold a security interest in the Debtor's accounts receivable. Additionally, the Debtor obtained a loan from the Small Business Association (SBA) secured by Debtors accounts receivables and certain assets located in Harris County, Texas. This and the economic fallout of Covid 19 prompted Debtor to seek bankruptcy relief and to restructure financial obligations. Class 6 consists of Allowed Impaired Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five 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 four years remaining on this date. Debtor shall commence disbursements to the Class 6 claims beginning the second year of the plan through the fifth year after the effective date of confirmation. The Debtor will distribute up to $4,224,353.91 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 6 Claimants. The Debtor's General Allowed Unsecured Claimants will receive 8.7% of their allowed claims under this plan. Any creditors listed in the schedules of Turnkey Solutions Group, Inc FKA Caban Industrial Group, LLC. as disputed and did not file a claim will not receive distributions under this plan. Class 7 consists of Equity Interest Holders. The Debtor has or will establish a bank account with approximately $91,677.25 in the Checking Account and $51,271.93 in the Savings Account (the "Funds") at Wells Fargo Bank (or such other bank that is an approved depository) (the "Account"). The Funds will be made available by a person or entity that is not the Debtor, Gulf Coast Bank pursuant to the Factoring Agreement. The Funds will be available for use by the Debtor. The funds to be used for the payment of Allowed Claims or other Distributions to be made under the Plan will come from the income generated from the business, plus any other available funds or property that the Reorganized Debtor may otherwise possess on or after the Effective Date, including, without limitation, any such funds or property which may be provided through additional capital contributions and the proceeds of any sale, refinancing, or other disposition of the Debtor's Assets. A full-text copy of the Disclosure Statement dated January 8, 2025 is available at https://urlcurt.com/u?l=xhkdx8 from PacerMonitor.com at no charge. Counsel to the Debtor: Vicky M. Fealy, Esq. The Fealy Law Firm, PC 1235 North Loop W Ste 1120, Houston, TX 77008 Tel: (713) 526-5220 Fax: (713) 526-5227 Email: vfealy@fealylawfirm.com About Turnkey Solutions Group Turnkey Solutions Group Inc. is a provider of diverse services including civil engineering, mechanical solutions, structural erection, and coating. Turnkey Solutions Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33716) on August 12, 2024. In the petition filed by David Dominguez, CEO, the Debtor disclosed total assets of $2,955,819 and total liabilities of $5,413,935. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Vicky M. Fealy, Esq., at The Fealy Law Firm, PC as counsel and Ranjit Makhija, CPA, at Makhija CPA, LLC as accountant. VIGILANT HEALTH: Sec. 341(a) Meeting of Creditors on February 20 ---------------------------------------------------------------- On January 9, 2025, Vigilant Health Network Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filing, the Debtor reports 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 Sec. 341(a) to be held on February 20, 2025 at 11:00 AM via Meeting held telephonically. Please call 877-934-2472 and enter code 8613356#. About Vigilant Health Network Inc. Vigilant Health Network Inc. specializes in managing chronic diseases, including diabetes, utilizing its clinical and financial model. Its proprietary technology converts claims and clinical data into actionable information that is used by clinicians to make treatment decisions, develop plans of care, and engage patients. Vigilant Health Network Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn.Case No.: 25-00100) on January 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Charles M. Walker handles the case. Robert J. Gonzales, Esq. of Emergelaw PLC represents the Debtor as counsel. VUZIX CORP: Grants RSUs to Executives, Terminates 5.36M Options --------------------------------------------------------------- Vuzix Corporation filed a Form 8-K with the Securities and Exchange Commission, disclosing that on Jan. 2, 2025, it granted 291,878 restricted stock units (RSUs) to its Chief Executive Officer Paul Travers, 118,211 RSUs to Chief Financial Officer Grant Russell, and 111,642 RSUs to Chief Operating Officer Peter Jameson. The RSUs were granted under the Company's 2023 Equity Incentive Plan and are subject to approval by shareholders at the 2025 annual meeting. Simultaneously with the effectiveness of the RSUs, and subject to shareholder approval, the following unvested options, granted on March 17, 2021, with an exercise price of $19.00, will be surrendered and terminated: * 3,010,000 unvested options granted to Mr. Travers * 1,625,000 unvested options granted to Mr. Russell * 270,000 unvested options granted to Mr. Jameson In accordance with the above, 50% of the RSUs will vest three years from the date of grant, while the remaining 50% (which remaining amount may increase to up to 125% of such amount (or 62.5% of the aggregate initial amount)) will vest upon achievement of certain performance results within the next three years, rather than solely on the passage of time. The Company also granted an aggregate of 183,967 RSUs to other management employees, subject to similar vesting terms and conditions, including shareholder approval and the termination of any existing options granted on March 17, 2021, if applicable. A total of 454,500 options originally granted to these other management employees are being surrendered and terminated. Subject to shareholder approval, a total of 5,359,500 options granted on March 17, 2021, will be surrendered and terminated, and up to 789,546 new RSUs will be granted. About Vuzix Vuzix Corporation -- www.vuzix.com -- incorporated in Delaware in 1997, 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 HUDs) smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, providing 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. 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. W&T OFFSHORE: S&P Alters Outlook to Stable, Affirms 'B-' ICR ------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on Houston-based oil and natural gas exploration and production (E&P) company W&T Offshore Inc. At the same time, S&P assigned its 'B+' issue-level rating and '1' recovery rating (90%-100%; rounded estimate: 95%) to the company's proposed notes. S&P said, "The stable outlook reflects our expectation that the company will have addressed its near-term maturities following the proposed transaction. We forecast credit metrics will improve slightly but remain commensurate with the rating, with funds from operations (FFO) to debt increasing to about 20% in 2025 from about 15% in 2024 and debt to EBITDA declining to about 3.75x from 4.75x over the same period." S&P believes the proposed transaction will address W&T's refinancing risk. The company's capital structure primarily consists of $275 million in second-lien notes due February 2026 and $114 million outstanding on a term loan issued by a wholly owned subsidiary. The company plans to use proceeds from the proposed transaction, along with approximately $60 million of cash on hand, to redeem existing debt and pay transaction fees and expenses. Following the transaction, W&T would not have any material maturities until 2029, reducing near-term refinancing risk. S&P forecasts production volumes will grow in 2025 following a slight decline in 2024. S&P said, "We reduced our forecast for total production in 2024 and 2025 mainly due to extended delays in integrating assets the company acquired from Cox Oil Offshore in early 2024, along with third-party operational issues. W&T shut in production for most of the year at two of six acquired fields because of disputes with midstream providers. In the second quarter, turnaround activity at a third-party processing plant limited production at its Mobile Bay assets, which have historically represented about 40% of total production. We believe the company has progressed in renegotiating midstream contracts at shut-in fields and anticipate production will resume by the second quarter of this year. At the same time, volumes from Mobile Bay have returned to more normalized levels. Therefore, we expect total production will grow about 7% this year, following a decline of about 2%-3% in 2024. "We expect lower costs will support credit measures and cash flow generation. "We anticipate cash operating costs will decline in 2025, as operational disruptions at Mobile Bay and one-time expenses associated with recent acquisitions do not recur. We also anticipate operating performance will benefit from improving natural gas prices, with our assumption for production to remain about 50% gas. Along with our expectation for modest debt repayment as part of this transaction, we forecast credit metrics will improve, with FFO to debt increasing to about 20% in 2025 from 15% in 2024, while debt to EBITDA improves to about 3.75x from 4.75x over the same period. "We expect capital expenditure (capex) will decline to about $130 million in 2025 from $150 million in 2024, mainly from lower acquisition spending. Therefore, we forecast free operating cash flow (FOCF) will improve to about breakeven in 2025 from an outflow of about $60 million in 2024. Our calculation of FOCF excludes any proceeds from insurance settlements and asset sales, which we expect will total about $70 million in 2025. "We continue to monitor regulatory and legal risks facing W&T and other offshore E&P companies. The U.S. Bureau of Ocean Energy Management (BOEM) published a new rule in April 2024 regarding the financial risk assessment of offshore E&P companies operating in the outer continental shelf. Under the rule, companies with non-investment-grade credit ratings must provide additional financial assurance, such as surety bonds, related to decommissioning costs. Alternatively, companies do not need additional financial assurance if the BOEM determines a property has adequate proved reserves ($3 of value per every $1 of estimated decommissioning liability). Subsequently, a group of W&T's insurance companies sought a total of $250 million in additional collateral for surety bonds. In response, W&T has filed a lawsuit against these insurance companies, and the states of Texas, Mississippi, and Louisiana have challenged the BOEM rule itself. "Our base-case scenario assumes W&T will not need to post this collateral over the next 12 to 24 months, and we will monitor the progress of its litigation, along with any regulatory changes under the incoming presidential administration. Nonetheless, we view the $250 million collateral requirement as significant and believe it could affect the company's ability to operate. "The stable outlook reflects our expectation that W&T will not face any near-term maturities following the proposed transaction. We also expect operating performance will benefit from improving natural gas prices, contribution from recent acquisitions, and a reduction in acquisition-related costs. We forecast credit metrics will improve but remain commensurate with the rating, with FFO to debt increasing to about 20% in 2025 from about 15% in 2024 and debt to EBITDA declining to about 3.75x from 4.75x over the same period. We also forecast FOCF will improve to about breakeven in 2025 from an approximately $60 million outflow in 2024." S&P could lower its ratings on W&T over the next 12 months if liquidity weakens materially, or if S&P comes to view the company's capital structure as unsustainable over the long term. This could occur if: -- The transaction does not close in line with S&P's expectations; -- FOCF becomes meaningfully negative, likely due to a significant decline in commodity prices or production levels; or -- The company does not favorably resolve disputes with surety providers and regulators. Although unlikely over the next 12 months, S&P could raise its ratings on W&T if: -- The company's credit metrics improved such that FFO to debt increased above 45% and debt to EBITDA declined below 2x on a sustained basis; -- Its production scale or geographic footprint expanded in line with higher-rated peers; and -- Litigation and regulatory disputes are favorably resolved. W&T is an independent oil and gas producer that operates primarily in the Gulf of Mexico off the coasts of Louisiana, Texas, Mississippi, and Alabama. It holds working interests in approximately 53 offshore fields and offshore leases comprising approximately 515,400 net acres (including the Gulf of Mexico Shelf and in deepwater). The company is publicly traded, with founder, president, CEO, and chairman Tracy W. Krohn holding an approximately 34% equity stake. -- Henry Hub natural gas assumptions of $3.25 per million Btu (/mmBtu) in 2025. -- West Texas Intermediate (WTI) crude oil price assumptions of $70 per barrel (/bbl) in 2025. -- Total average daily production of about 36 thousand barrels of oil equivalent per day (mboe/d) in 2025. -- Natural gas accounts for about 50% of the company's production mix. -- Cash operating costs (including lease operating expense; gathering, processing, and transportation; production taxes; and general administrative) of about $28 per boe in 2025. -- Total capex of about $130 million. -- Dividends of $6 million annually. S&P said, "We continue to assess W&T's liquidity as adequate pro forma for the transaction and expect its liquidity sources will be about 2x its uses over the next 12 months. We also expect the company's net liquidity sources will remain positive even if EBITDA declines by 15%. We limit our assessment, in part, because we believe the company would require some refinancing to absorb a high-impact, low-probability event. "Following the proposed transaction, W&T plans to issue a three-year $50 million reserve-based lending (RBL) facility. We currently exclude this facility from our analysis pending the successful completion of the refinancing." Principal liquidity sources -- Approximately $140 million in cash; -- Unadjusted cash FFO of about $125 million over the next 12 months; and -- Proceeds from committed asset sales of about $12 million. Principal liquidity uses -- Capex of about $130 million; -- $6 million in dividends; and -- About $1 million in mandatory debt amortization. S&P said, "We expect the company's proposed RBL facility will require a minimum current ratio of 1x, maximum total net debt to EBITDA of 2.5x, and minimum asset coverage ratio of 1x. We believe the company will be in compliance with these covenants over the next 12 months. "Environmental factors are a negative consideration in our credit rating analysis on W&T Offshore Inc. because the E&P industry is contending with an accelerating energy transition and the adoption of renewable energy sources. We believe falling demand for fossil fuels will lead to declining profitability and returns for the industry as it fights to retain and regain investors that seek higher return investments. As an offshore producer in the Gulf of Mexico, W&T works with many regulatory entities, such as the Bureau of Safety and Environmental Enforcement, to ensure its compliance with environmental and safety standards. We note the company has not reported a significant spill over the last three years despite heightened hurricane activity. "We assess W&T's management and governance as moderately negative, which reflects our view that its concentrated ownership by Mr. Krohn, who serves as president, CEO, and board chairman, somewhat increases its credit risk. We also view its board as lacking a significant number of independent directors. Nonetheless, we believe the company has taken steps to improve its governance in recent years, including by making changes to its executive compensation and appointing additional board members." -- S&P assigned its 'B+' issue-level rating and '1' recovery rating (rounded estimate: 95%) to the company's proposed notes. -- S&P considers assets previously guaranteeing the company's non-recourse term loan as obligors of the proposed notes. -- S&P's simulated default scenario assumes a default in 2027 due to a sustained period of low commodity prices. -- S&P bases its valuation on a company-provided PV-10 report, which uses our recovery price assumptions of $50/bbl for West Texas Intermediate crude oil and $2.50/mmBtu for Henry Hub natural gas. -- S&P's analysis assumes the company's proposed $50 million RBL facility is fully drawn at default. -- Simulated year of default: 2027 -- Gross enterprise value: $679 million -- Net enterprise value (after 5% administrative expenses): $645 million -- First-lien debt: $52 million --Recovery expectations: Not applicable -- Total value available to second-lien claims: $593 million -- Second-lien debt: $368 million --Recovery expectations: 90%-100% (rounded estimate: 95%) WATERVILLE REDEVELOPMENT: Hires L'Hommedieu as Attorney ------------------------------------------------------- Waterville Redevelopment Company III LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ L'Hommedieu Law Office PA as attorney. The firm's services include: a. advising the Debtor with respect to its powers and duties as a debtor in possession in the continued management and operation of its businesses and properties; b. representing the Debtor at all hearings and matters pertaining to its affairs as a debtor and debtor in possession; Attending meetings and negotiating with representatives of the Debtor's creditors and other parties-in-interest, as well as responding to creditor inquiries; Taking all necessary action to protect and preserve the Debtor's estate; Preparing on behalf of the Debtor all necessary and appropriate motions, applications, answers, orders, reports, and papers necessary to the administration of Debtor's estate; Reviewing applications and motions filed in connection with the Debtor's bankruptcy case; Negotiating and preparing on the Debtor's behalf any plans of reorganization, disclosure statements, and all related agreements and/or documents, and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; c. advising the Debtor in connection with any potential sale or sales of assets or their businesses, or in connection with any otherstrategic alternatives; Reviewing and evaluating the Debtor's executory contracts and unexpired leases, and representing the Debtor in connection with the rejection, assumption or assignment of such leases and contracts; d. consulting with and advising the Debtor regarding labor and employment matters; Representing the Debtor in connection with any adversary proceedings or automatic stay litigation which may be commenced by or against the Debtor; Reviewing and analyzing various claims of the Debtor's creditors and treatment of such claims, and preparing, filing, or prosecuting any objections thereto; and e. performing all other necessary legal services and providing all other necessary legal advice to the Debtor in connection with its bankruptcy case. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $100 per hour Prior to filing the bankruptcy case, the Debtor paid the firm a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. E. Chris L'Hommedieu, Esq., a partner at L'Hommedieu Law Office, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: E. Chris L'Hommedieu, Esq. L'Hommedieu Law Office 190 Bates Street Lewiston, ME 04240 Tel: (207) 786-5244 Fax: (207) 784-3472 Email: Lewistonlawbky@yahoo.com About Waterville Redevelopment Company III LLC Waterville Redevelopment Company III LLC is engaged in activities related to real estate. Waterville Redevelopment Company III LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 24-10265) on December 2, 2024. In the petition filed by Kevin J. Mattson, as sole member, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peter G. Cary oversees the case. The Debtor is represented by E. Chris L'Hommedieu, Esq., at L'HOMMEDIEU LAW OFFICE. WHOLESALE CAR: Case Summary & 11 Unsecured Creditors ---------------------------------------------------- Debtor: Wholesale Car Buying LLC 3305 E. Washington Road Saginaw, MI 48601 Business Description: Wholesale Car Buying, located in Saginaw, MI, is in the business of selling a variety of vehicles, including cars, pickups, vans, and SUVs. The company focuses on offering a selection of high- quality, well-maintained, and like-new vehicles to their customers. Chapter 11 Petition Date: January 13, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-20043 Debtor's Counsel: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES 2425 S. Linden Rd., Suite C Flint, MI 48532 Tel: (810) 720-4333 E-mail: george@bklawoffice.com Total Assets: $434,394 Total Liabilities: $1,342,755 The petition was signed by Christoper Robinson as owner. A copy of the Debtor's list of 11 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q2PVJNQ/Wholesale_Car_Buying_LLC__miebke-25-20043__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NQ5G52A/Wholesale_Car_Buying_LLC__miebke-25-20043__0001.0.pdf?mcid=tGE4TAMA WISA TECHNOLOGIES: Amends Asset Purchase Deal With CompuSystems --------------------------------------------------------------- WiSA Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and CompuSystems, Inc. entered into amendment to the Asset Purchase Agreement. Pursuant to the Asset Purchase Agreement Amendment, the parties agreed to amend the definition of Breakup Fee to mean an amount in cash equal to $1,000,000, paid into the Escrow Account by January 10, 2025. As previously disclosed, on December 19, 2024, the Company entered into an asset purchase agreement with CSI, pursuant to which the Company has agreed to purchase, assume and accept from CSI all of the rights, title and interests in, to and under the assets and interests used in the Acquired Business, and products and services solely to the extent they utilize the Transferred Assets, including CSI's customer contracts, trademarks, and other intellectual property. Except as stated, the Asset Purchase Agreement Amendment does not make any other substantive changes to the Asset Purchase Agreement. A full-text copy of the Amendment to the Asset Purchase Agreement is available at: https://tinyurl.com/ysttca3v About WiSA Technologies WiSA Technologies Inc. -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash, and cash used in operations as factors raising substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2024, Wisa Technologies had $8.02 million in total assets, $3.72 million in total liabilities, and $4.30 million in total stockholders' equity. YELLOW CORP: Claims Pension Funds Overestimated Liability --------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that Yellow Corp., the bankrupt trucking company, argued before a Delaware bankruptcy judge on January 13 that the administrators of its union pension funds have overestimated the company's liability for halting contributions. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [*] Repeat Corporate Bankruptcies Surge to Fastest Rate Since 2020 ------------------------------------------------------------------ Jonathan Randles and Jill R. Shah of Bloomberg News report that increase in repeat Chapter 11 bankruptcy filers highlights stress beneath the strong U.S. economy. Despite reducing debt, some companies remain unable to recover. According to Bloomberg News, Party City came out of bankruptcy in October 2023, reducing $1 billion in debt and, as former CEO Brad Weston put it, establishing "an excellent foundation for long-term growth." However, just 14 months later, the company found itself back in bankruptcy. Joann Inc.'s return to bankruptcy may come even sooner: the company is reportedly contemplating another filing for creditor protection, less than nine months after its rapid debt restructuring, the report states. Both retailers are part of a small but increasing trend in corporate America—companies that return to bankruptcy soon after emerging from it. ********* 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 2025. 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. 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