/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250120.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, January 20, 2025, Vol. 29, No. 19 Headlines 19 W 55: Case Summary & 20 Largest Unsecured Creditors 2626 PENN: Claims to be Paid From Property Sale Proceeds 3251 DEL ROSA: Seeks Chapter 11 Bankruptcy Protection in California 5630 CHESTNUT: Files Chapter 11 Bankruptcy in Pennsylvania 9/0 TRANSPORT: Case Summary & 20 Largest Unsecured Creditors ALACRITY SOLUTIONS: Private Loan Deemed Secure Before Restructuring AMERICAN ACRYLICS: Unsecureds to Get $10K Dividend in 42 Months ARAMSCO INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR ASHLEY SELMAN FARMS: Voluntary Chapter 11 Case Summary AUTO GLASS 2020: Case Summary & 20 Largest Unsecured Creditors AVALON PIMA: Hires Himmelstein & Adkins LLC as Special Counsel AZTEC FUND: Defends Chapter 11 Plan During Confirmation Hearing BARROW SHAVER: Plan Exclusivity Period Extended to April 1 BARTLEY INVESTMENTS: Court OK's West Bay Property Sale to Wisco 7 BARTLEY INVESTMENTS: Court OKs Tampa Property Sale to Domain Homes BARTLEY INVESTMENTS: San Pedro Property Sale to Fernando Mejia OK'd BEAR MOUNTAIN: 8 Massachusetts Facilities Enter Receivership BEAUX EQUITIES: Gerard Luckman Named Subchapter V Trustee BH DOWNTOWN: Gets Final OK to Use Cash Collateral BHAVI HOSPITALITY: Gets Final OK to Use Cash Collateral BHAVICHAND LLC: Unsecureds to Get $2,500 per Month for 60 Months BLUE RIBBON: S&P Cuts ICR to 'SD' on Priming Term Loan Transaction BOTAS SANTA: Hires Kutner Brinen Dickey as Counsel BOVAN ENTERPRISES: Starts Subchapter V Bankruptcy Proceeding BROWN GENERAL: Unsecureds to Get Share of Income for 60 Months BWB CONTROLS: BWB Holdings Unsecured Claims Will Get 2.80% C&D TECHNOLOGIES: S&P Affirms 'B-' ICR, Outlook Developing CALIFORNIA PREMIER: Plan Exclusivity Period Extended to March 28 CANOO INC: Files Chapter 7 Bankruptcy in Delaware CAREPOINT HEALTH: Judge Says Disclosures, Plan Require Revisions CELESTIAL PRODUCTS: Case Summary & 17 Unsecured Creditors CELESTIAL PRODUCTS: Commences Subchapter V Bankruptcy Process CHANTILLY ROAD: Hires Hilton & Hyland as Real Estate Broker CHESTNUT MED: Files Chapter 11 Bankruptcy in Pennsylvania CLIFFSIDE REFINERS: Texas Appeals Court Upholds Receivership Ruling COLD SPRING: DOJ Reviews Temporary Receiver Application COLLEGE PARENT: S&P Downgrades ICR to 'CCC+', Outlook Stable COMMODITIES INT'L: Sec. 341(a) Meeting of Creditors on February 24 CONNORSVILLE COMMONS: Court Extends Cash Collateral Use to Feb. 7 CONTINENTAL AMERICAN: To Sell Insurance Policy to LifeRoc Capital CREPERIE D AMOUR: Unsecureds to Get $5K per Month for 24 Months DANIEL YOON: Entitled to Judgment of $260,514.18 in KSA Lawsuit DERMTECH INC: Seeks to Extend Plan Exclusivity to March 17 DIAMONDHEAD CASINO: Creditors Push for Chapter 7 to Collect $2.4MM DMD FLORIDA: Seeks to Hire Wernick Law PLLC as Counsel DORMIFY INC: Judge Reprimands Co. for Founder's Court Absence EASTERN COLORADO: Sec. 341(a) Meeting of Creditors on February 18 ECS FARMS: Case Summary & Four Unsecured Creditors EDWARDS PETROLEUM: Gets Go Signal to Use Cash Collateral EEGEE'S LLC: Hires Mastodon Ventures as Investment Banker ELEMENTS UES: Nat Wasserstein Named Subchapter V Trustee ENDEAVOR GROUP: S&P Downgrades ICR to 'B+', Outlook Stable ENGELMANN REAL ESTATE: To Sell Las Vegas Property to Michael Frost ENGINEERING RECRUITING: Unsecureds to Get 1 Cent on Dollar in Plan EXPLORETRIP IP: Seeks Chapter 11 Bankruptcy Protection in Delaware EXTENDEDFIELDFORCE LLC: Unsecureds to Split $358K over 3 Years FRED'S INC: Trust Can Recover Over $3MM Pre-Bankruptcy Transfers FREIRICH FOODS: To Sell BMW Vehicle to Paul Bardinas FREIRICH FOODS: To Sell Hyundai Vehicle to Jim Venturini GENESIS GLOBAL: SEC Fines Ex-CEO, Digital Currency $38.5-Mil. GILL RANCH: Gets Go Signal to Use AgWest's Cash Collateral GLOBAL SUPPLIES: Court Extends Cash Collateral Use Until Feb. 13 GLOBAL TECH: Stocks Declined 49.5% Amid Receivership GLOBAL VALUES: Hires Weeks Group LLC as Real Estate Broker GLOSSLAB LLC: To Sell Business Assets to VD Brand Holdings H & H RENTAL: Ciara Rogers Named Subchapter V Trustee H&H ENTERPRISES: Unsecureds to be Paid in Full in Plan HAWAII STAGE: Kevin Lam Named Subchapter V Trustee HEARTHSIDE FOOD: Parent Proposes $30MM Key Employee Bonuses HIGH SOCIETY FREERIDE: To Sell Retail Business to Motel Echo IBIO INC: Secures $655K in Private Placement IMAGE DIRECT: Commences Subchapter V Bankruptcy Proceeding INRI LANDSCAPE: Cameron McCord Named Subchapter V Trustee INTERNATIONAL HOLDINGS: Commences Subchapter V Bankruptcy Process INTRUM AB: Credit Swap Holders Poised for $94 Million Payout IRON IQ: Joli Lofstedt Named Subchapter V Trustee IRON SPRINGS: Los Gatos Property Sale to LG One OK'd J AND J WINDOWS: Jerrett McConnell Named Subchapter V Trustee JACK CREEK: Voluntary Chapter 11 Case Summary JACKSON COURT: Hires BMC Group Inc. as Administrative Agent JINGBO TECHNOLOGY: Can't Timely File Form 10-Q for Nov 2024 Quarter JOANN INC: Lenders Inform Judge of Co.'s Possible Liquidation JOANN INC: Racing to Secure Going Concern Buyer Before Mid-February JOANN INC: S&P Lowers ICR to 'D' on Chapter 11 Bankruptcy Filing JRL ENERGY: Court OKs Continued Use of Cash Collateral JUS BROADCASTING: Seeks to Hire Leo Fox as Bankruptcy Counsel KARBONX CORP: Delays Filing of Form 10-K for FY 2024 KATOMKA ENTERPRISES: Court OKs Interim Use of Cash Collateral KEMMER LLC: Starts Subchapter V Bankruptcy Process in Indiana KENYON SHERMAN: Case Summary & One Unsecured Creditor KENYON SHERMAN: Seeks Chapter 11 Bankruptcy Protection LAKE CLINCH: Case Summary & Three Unsecured Creditors LAKE CLINCH: Sec. 341(a) Meeting of Creditors on February 14 LI-CYCLE HOLDINGS: Provides Prelim Commercial Highlights for 2024 LIVEONE INC: Subsidiary Enters Deal to Generate $25MM for 2025 LODGING ENTERPRISES: Seeks to Extend Plan Exclusivity to March 24 LOGAN VILLAGE: Starts Subchapter V Bankruptcy Proceeding MADISON SQUARE: Counsel Has Until Jan. 31 to Comply with Order MARATHON DEVELOPMENT: Seeks Bankruptcy Protection in Florida MARTINS INTERSTATE: Can Sell Property Sale to Adventure Science MAWSON INFRASTRUCTURE: Files Answer Against Involuntary Chap. 11 MCNICHOLS TRUCKING: Case Summary & 18 Unsecured Creditors MDC ENERGY: Court Tosses Shah v. Turner III, et al. Lawsuit MEDICAL PROPERTIES: Draws on Bank Revolver to Settle Maturing Loan MEIER'S WINE: Unsecureds to Recover Between 4% to 8% in Plan MIDWEST CHRISTIAN: Seeks to Extend Plan Exclusivity to February 28 MIRACLE RESTAURANT: Gets OK to Use Cash Collateral Until Feb. 5 MIRAMAR TOWNHOMES: Court OKs Continued Use of Cash Collateral MONDEE HOLDINGS: Files for Chapter 11 With TCW Sale Deal MONDEE HOLDINGS: Gets Court Okay to Tap $1.4MM Chapter 11 Financing MORANS AUTO: Seeks Chapter 11 Bankruptcy Protection in Florida MOUNTAIN SPORTS: Seeks to Extend Plan Exclusivity to April 18 MP PRODUCTIONS: Case Summary & 20 Largest Unsecured Creditors MURRIETA HOLDINGS: Case Summary & Two Unsecured Creditors MY SISTERS: Unsecureds to Get 0.012% of Claims in Subchapter V Plan NEUROONE MEDICAL: Intends to Appeal Nasdaq Delisting Notice NEXTTRIP INC: Lyndsey North Steps Down as President NORTHRIVER MECHANICAL: Unsecureds to Get Nothing in Plan OG LIVING: Gets Final OK to Use Cash Collateral ONDAS HOLDINGS: Board Appoints Ron Stern as Director ONONTIO LANDSCAPING: Unsecureds to Get 10 Cents on Dollar in Plan OPTION CARE: Releases Prelim Financial Results for 4Q, FY 2024 OUTKAST ELECTRICAL: Court Extends Use of Cash Collateral to Feb. 10 PACKERS HOLDINGS: S&P Lowers ICR to 'SD' on Below-Par Debt Deals PARADIGM PROPERTIES: Debt Holders Seek City Place I Receivership PARLOR RESTAURANT: Files Chapter 11 Bankruptcy in D.C. PERFECTIONS INC: Unsecureds Will Get 100% of Claims in Plan PHUNWARE INC: Not in Compliance with Nasdaq Listing Rules PREMIER HOSPITALITY: Gets Final OK to Use Cash Collateral R & R INDUSTRIES: Seeks Chapter 11 Bankruptcy Protection in Florida RED RIVER: DOJ Opposes Early Claims Processing Approval RED RIVER: Judge Limits Expert Witnesses in Ch. 11 Dismissal Trial RENOVARO INC: Board Appoints N. Fuentes as CFO RJQ COMPANIES: Unsecureds Will Get 15% of Claims over 5 Years ROOME ENTERPRISES: Seeks Subchapter V Bankruptcy Proceeding SANDVINE CORPORATION: Seeks to Sell Business Assets SAY YES: Seeks Subchapter V Bankruptcy Protection in Alabama SEAQUEST HOLDINGS: To Sell Aquarium Business to Z&A Management SGZ GROUP: Court Approves Use of Cash Collateral Until Jan. 27 SHARPLINK GAMING: Continues Non-Compliance w/ Nasdaq Bid Price Rule SINGH BROS: Hires Bainbridge Media Group as Consultant SINGH BROS: Hires Talmadge/Fitzpatrick as Appellate Counsel SPIRIT AIRLINES: Secures $300 Million in Chapter 11 Exit Funding SVB FINANCIAL: FDIC Sues Former Execs Over Bank's Collapse TANDEM CATERING: Seeks Bankruptcy Protection in Washington TROLLMAN ENTERPRISES: Hires George E. Jacobs as Counsel TUPPERWARE BRANDS: Plan Exclusivity Period Extended to April 15 TV TRANSPORT: Sec. 341(a) Meeting of Creditors on February 20 UNITI GROUP: Launches $589MM Fiber Securitization Notes Offering VIA ESCUELA: Seeks to Extend Plan Exclusivity to March 14 VIA MIZNER: Seeks Chapter 11 Bankruptcy Protection in Florida VISION CAPITAL: Court OKs Decatur Property Sale to Matthew White VIVIC CORP: Shang-Chiai Kung Steps Down as CEO, CFO WELLPATH HOLDINGS: Williams Case Proceedings Stayed as to Employees WESTLAKE BOAT: William Callahan Named Subchapter V Trustee WESTPOINT CAPITAL: Hires Michael Jay Berger as Counsel WHISKEY RANCH: Involuntary Chapter 11 Case Summary WILSON CREEK: Seeks to Sell Business Assets at Auction WINDTREE THERAPEUTICS: Board Names Leanne Kelly as Director WISA TECHNOLOGIES: Data Vault Owns 40MM Shares WISA TECHNOLOGIES: Nathaniel Bradley Holds 19.6% Equity Stake WISA TECHNOLOGIES: Sonia Choi Owns 2.7MM Shares WOOD DESIGN: Aleida Martinez Molina Named Subchapter V Trustee WRESTLING COLLECTOR: Starts Subchapter V Bankruptcy Proceeding WW INTERNATIONAL: Starts Talks w/ Lenders for Balance Sheet Help YELLOW CORP: Debates w/ Teamsters Over WARN Suit Ahead of Trial Z BRAND: Unsecured Creditors Will Get 1.7% of Claims in Plan [*] Missouri Bankruptcy Filings Increased from Sept. 2023 to 2024 [^] BOND PRICING: For the Week from January 13 to 17, 2025 ********* 19 W 55: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: 19 W 55 LLC 1110 42nd Street Brooklyn, NY 11219 Business Description: 19 W 55 LLC is the fee simple owner of an apartment building located at 19 W 55th Street, New York, NY 10019, with a current estimated value of $19 million. Chapter 11 Petition Date: December 13, 2024 Court: United States Bankruptcy Court Eastern District of New York Case No.: 24-45220 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Leo Jacobs, Esq. JACOBS P.C. 595 Madison Avenue FL 39 New York, NY 10022 Tel: (212) 229-0476 Fax: (212) 937-3368 E-mail: leo@jacobspc.com Total Assets: $19,278,457 Total Liabilities: $69,160,558 The petition was signed by David Goldwasser as VP of Restructuring. A full-text copy of the portion of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZTZMNRQ/19_W_55_LLC__nyebke-24-45220__0001.1.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. BEAM Architects DPC Trade Debt $4,377 69 Taaffe Place Brooklyn, NY 11205 2. Ettinger Engineering Trade Debt $20,000 Associates 505 Eighth Avenue 24th Floor New York, NY 10018 3. Frank Seta & Associates LLC Trade Debt $5,700 35 West 35th street, Floor 8 New York, NY 10001 4. GCI Environmental Trade Debt $5,780 Advisory Inc. 655 Third Avenue New York, NY 10017 5. Gene Kaufman Architect PC Trade Debt $653,834 79 5th Ave, Floor 18 New York, NY 10003 6. IPFS of New York Trade Debt $4,289 P.O. Box 412086 Kansas City, MO 64141 7. Marcos Ortiz Machado Trade Debt $6,000 19 W 55th Street Apt. 6B New York, NY 10019 8. Merchants Bank of Indiana $30,471,639 410 Monon Boulevard 4th Floor Carmel, IN 46032 9. Meuser Rutledge Trade Debt $23,636 Consulting Engineers 225 W 34th St, 14 Penn Plaza New York, NY 10122 10. NYC Oath Trade Debt $197,430 100 Church St 12th Floor New York, NY 10007 11. NYS Department $710,974 Taxation & Finance Bankruptcy/Special Procedures Section P.O. Box 5300 Albany, NY 12205 12. P&G Insurance Brokers Trade Debt $11,360 1648 61st Street Brooklyn, NY 11204 13. Paola Ottolia $11,400 14. Perfect Point $9,200 8629 Bay Parkway, Unit CFU Brooklyn, NY 11214 15. RE Tax Service LLC Trade Debt $37,547 670 Myrtle Ave #260 Brooklyn, NY 11205 16. Richmond Elevator Co Trade Debt $45,097 17 Rector Street Staten Island, NY 10310 17. Rosenberg & Estis PC Trade Debt $138,333 733 Third Avenue New York, NY 10017 18. Swive Interiors LLC Trade Debt $5,000 210 North 12th Street #4F Brooklyn, NY 11211 19. TLG 19 W 55 LLC $17,750,442 1481 47th St. Brooklyn, NY 11219 20. WSP USA Trade Debt $25,000 One Penn Plaza New York, NY 10119 2626 PENN: Claims to be Paid From Property Sale Proceeds -------------------------------------------------------- 2626 Penn LLC filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement in connection with the Plan of Liquidation dated January 14, 2025. The Debtor is a District of Columbia limited liability company formed on or about September 21, 2022, with its principal asset located at 2626 Pennsylvania Avenue, NW, Washington DC 20037 (the "Property"). The Property is a 5-story, 34,000 square foot office building, that previously served as the headquarters of the National Capital branch of the Salvation Army before being acquired by the Debtor in January of 2023 for $17,000,000.00. The Debtor acquired the Property with plans to develop and construct a 9-story, 32-unit, luxury residential condominium building featuring 32 one, two, and three bedroom residences (the "Project") in the West End submarket, just blocks from the White House and the Kennedy Center, fronting on Rock Creek Park at the gateway to historic Georgetown. The Debtor intends to market the Property for sale through a robust marking campaign. Though the Debtor has already engaged with parties who have expressed interest or otherwise may be interested in the Property, the Debtor anticipates Marcus & Millichap's formal marketing campaign to commence on or about January 17, 2025. The sale of the Property free and clear of liens, claims and encumbrances will be subject to Court approval, and may be accompanied by a stalking horse offer. The Debtor will seek approval of bid procedures, subjecting any and all offers, including the stalking horse offer, to higher or better bids. Further notice of the sale of the Property, and notice of bid procedures, will be provided to all Creditors and parties-in interest. The Plan will be funded from three sources: (1) sale of the Property; (2) sale of personal property; and (3) recoveries from the pursuit of any claims, rights, or other legal remedies the Debtor has or may have in the future, including Causes of Action and Avoidance Actions, if any. Class 3 consists of Allowed General Unsecured Claims filed against and/or scheduled by the Debtor in the amount of approximately $4,384,863.18, consisting of the estimated scheduled and/or filed General Unsecured Claims set forth on page 12 of this Disclosure Statement. As the deadline for (non-governmental) Creditors to file Proof of Claims remains open through and including February 13, 2025, the universe of Class 3 claims may increase or decrease depending on (i) the amount of General Unsecured Claims ultimately Allowed against the Debtor and/or (ii) the amount of MainStreet Bank's under-secured Claim. In full and final satisfaction and discharge of each Allowed Class 3 Claim, each Holder of an Allowed Class 3 Claim shall receive their pro-rata share of the (i) proceeds from the sale of the Property after all Allowed Claims in Classes 1-2 are paid, to the extent sufficient funds exist; (ii) the proceeds of the sale of Personal Property (excepting any personal property that constitutes MainStreet Bank's collateral); and (iii) to the extent any Causes of Action or Avoidance Actions exist, their pro rata share of any recovery. Distributions to Holders of Allowed Class 3 Claims shall be made not later than forty-five days following closing on the sale of the Property. Based on the amount of MainStreet Bank's Class 2 Claim, the Debtor anticipates any distribution to Holders of Class 3 Claims to be modest, if any. Class 3 is Impaired and is entitled to vote to accept or reject the Plan. Class 4 consists of Equity Interests in the Debtor. As of the Petition Date, the membership interests in the Debtor were owned 100% by Homegrown 2626 LLC (50% Class A Member); VMP 2626 LLC (50% Class A Member); Edson Holdings, LLC (99% Class B Member); and Mark Simakovsky and Sarah Solomon (1% Class B Members). The Holders of the Class 4 Equity Interests in the Debtor will not receive distributions under the Plan on account of such Equity Interests. Following closing on the sale of the Property and the distribution of sale proceeds by a designated party pursuant to the Plan, the Equity Interests will be deemed cancelled and extinguished, without any further act or action under any applicable law, regulation, order or rule. A full-text copy of the Disclosure Statement dated January 14, 2025 is available at https://urlcurt.com/u?l=biRzEo from PacerMonitor.com at no charge. Counsel to the Debtor: Craig M. Palik, Esq. Steven L. Goldberg, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Email: cpalik@mhlawyers.com About 2626 Penn LLC 2626 Penn LLC is the owner of real property located at 2626 Pennsylvania Avenue, N.W., Washington DC 20037 having an appraised value of $17.5 million. 2626 Penn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-00345) on October 16, 2024. In the petition filed by Phil Kang, as authorized representative, the Debtor reports total assets of $17,526,583 and total liabilities of $17,361,619. The Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Craig M. Palik, Esq. at MCNAMEE HOSEA, P.A. 3251 DEL ROSA: Seeks Chapter 11 Bankruptcy Protection in California ------------------------------------------------------------------- On January 16, 2025, 3251 Del Rosa LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. 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 3251 Del Rosa LLC 3251 Del Rosa LLC is a single-asset real estate company, operates a property located at 3251 Del Rosa Ave in San Bernardino, California. 3251 Del Rosa LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10200) on January 16, 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 Mark D. Houle handles the case. The Debtor is represented by James Mortensen, Esq., in Irvine, California. 5630 CHESTNUT: Files Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------- On January 15, 2025, 5630 Chestnut OZB LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filing, the Debtor reports $53,486 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 5630 Chestnut OZB LLC 5630 Chestnut OZB LLC owns the property located at 5630 Chestnut Street, Philadelphia, PA 19139, with a comparable sale value of $2 million. 5630 Chestnut OZB LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10175) on January 15, 2025. In its petition, the Debtor reports total assets of $2,000,000 and total liabilities of $53,486. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by: John Everett Cook, Esq. THE LAW OFFICES OF EVERETT COOK PC 1605 N Cedar Crest Blvd Allentown, PA 18104 Tel: (610) 351-3566 E-mail: bankruptcy@everettcooklaw.com 9/0 TRANSPORT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: 9/0 Transport & Sales, Inc. 1221 Hwy 72 Three Rivers, TX 78071 Business Description: 9/0 Transport is a trucking and construction company that trades trucking services for asphalt millings, which it resells to oilfields and farms/ranches. In addition to selling the millings, the company provides construction services for building roads, including those for farms, ranches, and smaller oilfield projects. The company also operates trucks to transport materials for various other businesses. Chapter 11 Petition Date: January 17, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-20016 Judge: Hon. Marvin Isgur Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 1555 State St. Salem OR 97301 Tel: (713) 595-8200 Email: notifications@lanelaw.com Total Assets: $1,527,524 Total Debts: $2,863,809 The petition was signed by Matthew Muniz as owner. 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/U2XFSHY/90_Transport__Sales_Inc__txsbke-25-20016__0001.0.pdf?mcid=tGE4TAMA ALACRITY SOLUTIONS: Private Loan Deemed Secure Before Restructuring ------------------------------------------------------------------- Carmen Arroyo and Ellen Schneider of Bloomberg Law report that as of June 2024, Alacrity Solutions' debt seemed like a solid investment, based on the prices assigned by lenders, including Blue Owl Capital Inc., Antares Capital, and KKR & Co. But by late October 2024, the insurance claims manager was suddenly facing full-scale restructuring talks, the report notes. The rapid decline in earnings was attributed to a reduction in weather-related claims and the growing trend of insurers bringing adjusting services in-house, the report added. The Troubled Company Reporter reported on January 10, citing Bloomberg News, that direct lenders, such as Antares Capital, Blue Owl Capital Inc., and KKR & Co., are set to assume control of insurance claims manager Alacrity Solutions in the latest restructuring within the private credit market, sources with knowledge of the situation said. According to Bloomberg News, BlackRock Inc. will hand over control to the lenders less than two years after acquiring a majority stake in the company from Kohlberg & Co. The sources, who wished to remain anonymous due to the private nature of the details, noted that BlackRock's equity investment will be fully wiped out. About Alacrity Solutions Based in Fishers, IN, Alacrity Solutions provides full-service handling of residential, commercial, automotive, flood and other insurance claims. AMERICAN ACRYLICS: Unsecureds to Get $10K Dividend in 42 Months --------------------------------------------------------------- American Acrylic, LLC submitted an Amended Plan of Reorganization for Small Business dated January 14, 2025. In the Chapter 11 Case the Debtor seeks to reorganize and pay administrative claimants, priority creditors and secured creditors, in full, and a dividend to general unsecured non priority creditors over a term of forty-two months. During the Chapter 11 case and as part of its restructuring the Debtor relocated its manufacturing and business operations to Lake Zurich, Illinois to take advantage of significant reduced rent expenses. Sources of Plan Funding include the Estate's available cash, cash equivalents, proceeds generated from Debtor's business operations, Net Proceeds of Litigation Claims including Avoidance Actions, the Escrow Deposit if determined to belong to the Debtor and the contribution from the Managing Members of an amount not to exceed $30,000.00 if needed to fund payment of Administrative Claims. The final distribution to Allowed General Unsecured Creditors will be paid within forty-two months of the Effective Date of the Plan of Reorganization. This Plan of Reorganization proposes to pay creditors of the Debtor from its monthly business income. The Plan provides for payment of two classes of secured claims, and one class of general unsecured non-priority claims. General unsecured non-priority creditors holding allowed claims will receive payment through periodic cash distributions disbursed by the Debtor. The Plan also provides for the payment of administrative and priority claims including priority tax claims. Class 3 consists of General Unsecured Claims. Allowed Class 3 claims shall be paid a dividend in the amount of $10,000.00 (the "Unsecured Creditors Fund") through pro rata distributions of deferred cash payments to holders of allowed Class 3 Claims in annual installments of $2,500.00 each over the period of forty-two months. The installments shall be distributed to allowed Class 3 Claims, pro rata, by the Debtor. Class 3 claimants may be prepaid without penalty or discount. Class 3 claims are impaired under the Plan. This Plan is self-executing. The Debtor shall not be required to execute any newly created documents to evidence the claims, liens, or terms of repayment to the holder of an Allowed Claim. The Plan shall be funded by proceeds from the Estate's available cash, cash equivalents, proceeds generated from Debtor's business operations, Net Proceeds of Litigation Claims including Avoidance Actions, the Escrow Deposit if determined to belong to the Debtor and the contribution from the Managing Members of an amount not to exceed $30,000.00 if needed to fund payment of Administrative Claims. The Debtor projects that its cash flow will be sufficient to make the Plan payments. A full-text copy of the Amended Plan dated January 14, 2025 is available at https://urlcurt.com/u?l=51eNXT from PacerMonitor.com at no charge. Counsel to the Debtor: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Phone: (312) 427-1558 Email: greg@gregstern.com dquaid3@gmail.com monica@gregstern.com rachel@gregstern.com About American Acrylic American Acrylics LLC -- https://www.AmericanAcrylics.com -- established in 1973, American Acrylics offers terrific services in producing quality machined parts. We cut acrylic, acrylic mirror, Plexiglass, Lucite both cast & extruded plastics as well as styrene, styrene mirror & polypropylene. American Acrylics LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08049) on May 31, 2024. In the petition filed by Gregory DeGreef, as manager, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Gregory K Stern, Esq. at Gregory K. Stern, P.C. ARAMSCO INC: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'B-' issuer credit rating on Aramsco Inc. The negative outlook reflects the risk that Aramsco's capital structure is unsustainable if cash flow deficits persist. S&P said, "Our outlook revision reflects weaker than expected FOCF in 2024 and the risk of persistent deficits in 2025 and 2026. Aramsco has significantly underperformed our earnings and cash flow growth expectations due to fewer weather-related events, labor cost pressures, softness in many of the company's end markets, delayed realization against targeted cost-savings initiatives, and large working capital requirement. The company's S&P Global Ratings-adjusted EBITDA for the trailing 12-month period ended Sept. 30, 2024, declined by 21%, causing FOCF deficits and S&P Global Ratings-adjusted leverage to increase to 8.6x from 6.5x as of the end of fiscal 2023. "We forecast negligible FOCF generation this year as continued restructuring, hiring, and business optimization cost weighs on profit improvement and potential working capital inflows. We anticipate Aramsco's restoration customers will buy more products from the company in 2025 after working through excess inventory on hand. Additionally, we expect the company will begin to realize benefits from cost initiatives including vendor procurement and complete its distribution center consolidation projects in New Jersey and Florida. Risks to this forecast include continued weakness in customer buying patterns, failure to execute on identified cost-saving initiatives, and an inability to better manage working capital. "We expect Aramsco's revenue growth to resume in 2025. In our view, revenue underperformance in 2024 is temporary, and we believe more normalized equipment buying patterns will help restoration sales to return to growth. At the end of the third quarter of 2024, the company's trailing-12-month pro forma revenue declined by 4.9% year-over-year. About half of Aramsco's sales are in downturn-resilient end markets like facility maintenance, and traffic safety, supporting our view of modest business stability. For 2025, we see incremental growth from acquisitions in previous years as well as benefit from its sales force investments to drive top-line performance. As the company's business stabilizes and cash flow improves, we believe the company will continue its acquisition strategy. "We expect Aramsco to maintain adequate liquidity over the next year. The company had only $3.6 million of cash on its balance sheet as of Sept. 30, 2024, about $50 million available on its $80 million asset-based revolver following a $10 million repayment in the fourth quarter with borrowings under the delayed-draw term loan (DDTL), and $45 million remaining under the DDTL. We believe this is sufficient as the company continues to work through its business optimization plans in 2025 while generating negligible FOCF." The negative outlook reflects the risk that Aramsco's capital structure is unsustainable if cash flow deficits persist beyond 2025 into 2026. S&P could lower the rating if it believes the company's capital structure is unsustainable due to ongoing cash flow deficits and erosion of liquidity. This could result from a combination of the following: -- Limited revolver availability and access to DDTL; -- Continued weakness in customer sales volumes; -- An inability to improve profits from its initiatives including procurement savings and restructuring actions; and -- Poor working capital management. S&P said, "We could revise the outlook to stable if operating performance improves and the company better manages its working capital such that we expect sustained positive FOCF generation that comfortably covers debt service requirements." ASHLEY SELMAN FARMS: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Ashley Selman Farms Partnership 2905 River Road Extended Greenwood, MS 38930 Business Description: Ashley Selman is a privately-held company operating in the oilseed and grain farming industry. Chapter 11 Petition Date: January 15, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-10118 Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 601 Renaissance Way Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ashley Selman, Member of Selman Growers, LLC, President of Due North Planting Company, Inc., President of Just South Planting Company, Inc., Authorized Representative of Selman Planting Company, Inc., President of Schlater Planting Company, Inc. 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/SHJAW4I/Ashley_Selman_Farms_Partnership__msnbke-25-10118__0001.0.pdf?mcid=tGE4TAMA AUTO GLASS 2020: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Auto Glass 2020, LLC 355 E Warner Rd Ste 4 Chandler, AZ 85225 Business Description: Auto Glass 2020 is a family-owned auto glass company serving Phoenix, AZ and surrounding areas. The Company specializes in a variety of services, including windshield replacement, rear window repair, side and power window repair, chip repair, window tinting, and ADAS calibration. The company's mobile service ensures that it comes directly to its customers' locations for windshield replacements and repairs. Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-00374 Judge: Hon. Madeleine C Wanslee Debtor's Counsel: Alan A. Meda, Esq. BURCH & CRACCHIOLO, P.A. 1850 N. Central Ave., Suite 1700 Phoenix, AZ 85004 Tel: 602-274-8797 Fax: 602-850-9797 Email: ameda@bcattorneys.com Total Assets: $797,330 Total Liabilities: $3,669,218 The petition was signed by Kristy LeSueur as manager. 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/ESCI6XY/Auto_Glass_2020_LLC__azbke-25-00374__0001.0.pdf?mcid=tGE4TAMA AVALON PIMA: Hires Himmelstein & Adkins LLC as Special Counsel -------------------------------------------------------------- Avalon Pima, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Himmelstein & Adkins, LLC as special counsel. The firm will assist assist the Debtor in drafting and negotiating a purchase and sale agreement for the real property owned by the Debtor located at 15237 N. 87th St., Scottsdale, Arizona. The firm will also assist the Debtor to consummate the transactions contemplated under the agreement. The firm will be paid at these rates: Attorneys $425 per hour Paralegals $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Todd M. Adkins, Esq., a partner at employ Himmelstein & Adkins, 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: Todd M. Adkins, Esq. Himmelstein & Adkins, LLC 6720 N Scottsdale Rd #261 Scottsdale, AZ 85253 Tel: (480) 922-3933 About Avalon Pima, LLC Avalon Pima, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09893) on Nov. 18, 2024, listing $1,000,001 to $10 million in both assets and liabilities. Judge Scott H Gan presides over the case. Philip J. Giles, Esq. at Allen, Jones & Giles, PLC represents the Debtor as counsel. AZTEC FUND: Defends Chapter 11 Plan During Confirmation Hearing --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that during a confirmation hearing in Texas on Friday, January 17, 2025, Aztec Fund Holding Inc., a bankrupt private equity firm investing in office buildings, defended its Chapter 11 plan against a lender who deemed it unrealistically optimistic while attempting to foreclose on three properties. About Aztec Fund Holding, Inc. The Aztec Fund Holding Inc. invests in office buildings in the United States and thus create real estate portfolios that generate regular cash flows and sustainable value over time. The Aztec Fund Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90436) on August 5, 2024. In the petition filed by Charles Haddad, as president, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the cases. The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as counsel; and Getzler Henrich & Associates LLC as financial advisor. Hilco Real Estate Appraisals, LLC is the real estate appraiser. Stretto, Inc., is the claims agent. BARROW SHAVER: Plan Exclusivity Period Extended to April 1 ---------------------------------------------------------- Judge Alfredo Perez of the the U.S. Bankruptcy Court for the Southern District of Texas extended Barrow Shaver Resources Company LLC's exclusive period to file a plan of reorganization to April 1, 2025. As shared by Troubled Company Reporter, the Debtor explains that the size and complexity of this Bankruptcy Case alone warrants the requested extensions of the Exclusivity Periods. This Bankruptcy Case involves a Debtor with $72,358,968.30 in scheduled liabilities. Further compounding the complexity of issues with creditors, many of the creditors purport to hold liens related to the Debtor's oil and gas operations that must be carefully reviewed. Notably, the Bankruptcy Case began as an involuntary case. Despite these circumstances leading up to and since the Voluntary Petition Date, the Debtor has made substantial progress in negotiating with its stakeholders and administering this Bankruptcy Case. Through its professionals, the Debtor has negotiated compromises and resolutions to complex problems facing the Debtor's restructuring and sale process that are necessary for any possibility of a successful resolution of the Bankruptcy Case. The Debtor asserts that the company and its advisors have made significant progress towards negotiating and proposing a plan of reorganization, and simply require more time to avoid compromising these efforts to the detriment of the Debtor's estate by adding the additional burden of competing plans. Moreover, the Debtor, under the CRO and with the assistance of its professionals, is continuing to improve operations and implement business practices that maximize value. Simultaneously, the Debtor's professionals are continuing to guide the Debtor through the bankruptcy process, negotiating with interested parties, creditors, the UCC, and the UST, while complying with the Bankruptcy Code, Bankruptcy Rules, Local Rules, and Complex Procedures, to ensure that the preliminary negotiations are ongoing for when the Debtor is ready to file a plan. All of these efforts would be jeopardized by the expiration of the Exclusivity Periods. Barrow Shaver Resources Company, LLC is represented by: Joseph E. Bain, Esq. Sean T. Wilson, Esq. Olivia K. Greenberg, Esq. Elizabeth De Leon, Esq. JONES WALKER LLP 811 Main Street, Suite 2900 Houston, Texas 77002 Telephone: (713) 437-1800 Facsimile: (713) 437-1810 Email: jbain@joneswalker.com swilson@joneswalker.com ogreenberg@joneswalker.com edeleon@joneswalker.com About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BARTLEY INVESTMENTS: Court OK's West Bay Property Sale to Wisco 7 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted Bartley Investments Ltd., authority to sell its Property located at 4207 West Bay Vista Avenue, Tampa, Florida 33611, free and clear of all liens, claims, interests, and encumbrances. The Debtor is ordered to sell the Property to Wisco 7, LLC for the sum of $340,000. Dr. Ruediger Mueller, the Subchapter V trustee, is authorized to execute any and all documents necessary to consummate the sale of the Real Property on behalf of the Debtor, including, but not limited to, the "AS IS" Residential Contract for Sale and Purchase and the deed. The Debtor is authorized to pay broker’s fees, outstanding real estate taxes, and all other ordinary and necessary closing expenses normally attributed to a seller of real estate at closing. The net sale proceeds after payment of the amounts will be held in trust in an interest bearing segregated Debtor-in-possession bank account on which Dr. Ruediger Mueller is the sole signatory, until further order of the Court regarding the distribution of the net sale proceeds. The liens of any secured creditors, including Tamala Menendez, will attach to the proceeds of the sale to the same extent, validity, and priority as they existed against the Real Property. About Bartley Investments Ltd. Bartley Investments Ltd. owns 12 rental properties in Tampa Villa South, Tampa, Florida valued at $8.68 million. Bartley Investments Ltd sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02952) on May 23, 2024. In the petition signed by Allan N. Bartley, general partner, the Debtor disclosed total assets of $8,764,925 and total liabilities of $3,703,633. Honorable Bankruptcy Judge Catherine Peek McEwen oversees the case. The Debtor tapped Buddy D. Ford, Esq., at Buddy D. Ford, P.A. as counsel and Accounting & Business Partners LLC as accountant. BARTLEY INVESTMENTS: Court OKs Tampa Property Sale to Domain Homes ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted Bartley Investments Ltd., to sell its Property located at 6707 South Kissimmee Street, Tampa, Florida 33616, free and clear of all liens. The Debtor is authorized to sell the Property to Domain Homes, Inc. or its assigns for the sum of $270,000. Dr. Ruediger Mueller, the Subchapter V trustee, is authorized to execute any and all documents necessary to consummate the sale of the Real Property on behalf of the Debtor, including, but not limited to, the "AS IS" Residential Contract for Sale and Purchase and the deed. The Debtor is authorized to pay broker’s fees, outstanding real estate taxes, and all other ordinary and necessary closing expenses normally attributed to a seller of real estate at closing. The net sale proceeds after payment of the amounts will be held in trust in an interest bearing segregated Debtor-in-possession bank account on which Dr. Ruediger Mueller is the sole signatory, until further order of the Court regarding the distribution of the net sale proceeds. The liens of any secured creditors, including Tamala Menendez, will attach to the proceeds of the sale to the same extent, validity, and priority as they existed against the Real Property. About Bartley Investments Ltd. Bartley Investments Ltd. owns 12 rental properties in Tampa Villa South, Tampa, Florida valued at $8.68 million. Bartley Investments Ltd sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02952) on May 23, 2024. In the petition signed by Allan N. Bartley, general partner, the Debtor disclosed total assets of $8,764,925 and total liabilities of $3,703,633. Honorable Bankruptcy Judge Catherine Peek McEwen oversees the case. The Debtor tapped Buddy D. Ford, Esq., at Buddy D. Ford, P.A. as counsel and Accounting & Business Partners LLC as accountant. BARTLEY INVESTMENTS: San Pedro Property Sale to Fernando Mejia OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has permitted Bartley Investments Ltd., to sell its Property located at 43804 W. San Pedro Street, Tampa, Florida 33629, free and clear of all liens, claims, interests, and encumbrances. The Debtor is authorized to sell the Property to Fernando Mejia or his assigns for the sum of $795,000. Dr. Ruediger Mueller, the Subchapter V trustee, is authorized to execute any and all documents necessary to consummate the sale of the Real Property on behalf of the Debtor, including, but not limited to, the "AS IS" Residential Contract for Sale and Purchase and the deed. The Debtor is authorized to pay broker’s fees, outstanding real estate taxes, and all other ordinary and necessary closing expenses normally attributed to a seller of real estate at closing. The net sale proceeds after payment of the amounts will be held in trust in an interest bearing segregated Debtor-in-possession bank account on which Dr. Ruediger Mueller is the sole signatory, until further order of the Court regarding the distribution of the net sale proceeds. The liens of any secured creditors, including Tamala Menendez, will attach to the proceeds of the sale to the same extent, validity, and priority as they existed against the Real Property. About Bartley Investments Ltd. Bartley Investments Ltd. owns 12 rental properties in Tampa Villa South, Tampa, Florida valued at $8.68 million. Bartley Investments Ltd sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02952) on May 23, 2024. In the petition signed by Allan N. Bartley, general partner, the Debtor disclosed total assets of $8,764,925 and total liabilities of $3,703,633. Honorable Bankruptcy Judge Catherine Peek McEwen oversees the case. The Debtor tapped Buddy D. Ford, Esq., at Buddy D. Ford, P.A. as counsel and Accounting & Business Partners LLC as accountant. BEAR MOUNTAIN: 8 Massachusetts Facilities Enter Receivership ------------------------------------------------------------ Raegan Loughrey of Western Mass News reports that another privately owned rehabilitation facility has entered receivership, marking more turmoil for local nursing homes after a difficult summer. An anonymous employee of Bear Mountain Healthcare told Western Mass News that eight of the company's Massachusetts facilities, including one in West Springfield, are now under receivership. The situation echoes challenges seen earlier this 2025 at Pioneer Valley Rehabilitation Center in South Hadley, according to Western Mass News. "I'm owed money from three weeks ago," the employee said. "Staffing is critically low, residents aren't getting the care they deserve, and there's a massive turnover. Many employees are leaving or calling out because of these conditions." The employee explained that the receivership process only worsened the situation. "When it started, we began getting paper checks we couldn't cash right away. Layoffs soon followed," they noted. Expressing concern for residents and the broader state of nursing homes, they added, "Families need to be informed. Receivership can significantly impact the quality of care, and loved ones should be aware of what's happening." Western Mass News reached out to Bear Mountain Healthcare, the Massachusetts Attorney General's Office, and Vantage Care, reportedly the new receiver, but has not received a response. This development comes after similar issues surfaced over the summer at Bluepoint Healthcare-owned facilities, including Pioneer Valley Rehabilitation Center. Staff there reported being overworked, understaffed, and unpaid for weeks before court-ordered receivership was imposed, the report states. About Bear Mountain Healthcare Bear Mountain Healthcare provides the highest quality healthcare with short-term, long-term, and neurobehavioral rehabilitation. BEAUX EQUITIES: Gerard Luckman Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Beaux Equities, LLC. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Beaux Equities Beaux Equities, LLC is a lessor of residential buildings and dwellings. Beaux Equities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40119) on January 9, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Jil Mazer-Marino handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen PLLC represents the Debtor as counsel. BH DOWNTOWN: Gets Final OK to Use Cash Collateral ------------------------------------------------- BH Downtown, LLC and 340 Biscayne Owner, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The final order signed by Judge Laurel Isicoff authorized the company to utilize cash collateral to pay the expenses set forth in its budget, plus an amount not to exceed 10% for each line item. Secured creditors Cirrus 340BB Lender, LLC and Cirrus Real Estate Funding, LLC were granted post-petition security interest in and lien on all property of the companies, including cash collateral. As additional protection, secured creditors will have a superpriority administrative expense claim senior and having priority over all other claims against the companies. The companies' authority to use cash collateral terminates upon the occurrence of certain events, which include failure to obtain approval of a subsequent budget from the secured creditors or the bankruptcy court and the use of cash collateral for any purpose not authorized by the final order. The Cirrus creditors can be reached through their counsel: Daniel N. Gonzalez, Esq. Meland Budwick, P.A. 3200 Southeast Financial Center 200 South Biscayne Boulevard Miami, FL 33131 Telephone: (305) 358-6363 Telecopy: (305) 358-1221 dgonzalez@melandbudwick.com -- and -- Todd E. Soloway, Esq. Bryan T. Mohler, Esq. Conrad K. Chiu, Esq. Andrew S. Richmond, Esq. Pryor Cashman, LLP 7 Times Square New York, NY 10036 Telephone: (212) 421-4100 Facsimile: (212) 326-0806 Email: bmohler@pryorcashman.com cchiu@pryorcashman.com arichmond@pryorcashman.com About BH Downtown BH Downtown, LLC and 340 Biscayne Owner, LLC filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23028) on Dec. 13, 2024. At the time of the filing, both Debtors reported $100 million to $500 million in assets and $50 million to $100 million in liabilities. Cristiane Bomeny, manager, signed the petitions. Judge Laurel M. Isicoff oversees the cases. The Debtors are represented by: Linda W. Jackson, Esq. Pardo Jackson Gainsburg, Pl Tel: 305-358-1001 Email: ljackson@pardojackson.com BHAVI HOSPITALITY: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, issued a final order allowing Bhavi Hospitality, LLC to use the cash collateral of its secured lenders. The final order authorized the company to use cash collateral to pay its operating expenses until the termination date in accordance with its two-week budget. Secured lenders, Louisiana National Bank, CFG Merchant Solutions, LLC and the U.S. Small Business Administration, were granted post-petition liens co-extensive with their pre-bankruptcy liens on all property currently owned or to be acquired by the company. As additional protection, Louisiana National Bank will receive a monthly payment of $52,116. If Bhavi Hospitality fails to timely make any payment, Louisiana National Bank must provide written notice of such failure to the company's legal counsel and the company has three business days to cure the default. Louisiana National Bank can be reached through its counsel: Steven T. Holmes, Esq. Cavazos Hendricks Poirot, P.C. 900 Jackson Street, Suite 700 Dallas, TX 75202 Phone: 214-573-7305 sholmes@chfirm.com About Bhavi Hospitality Bhavi Hospitality, LLC, doing business as Holiday Inn Express Forney, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 24-30972) on April 1, 2024, with $1 million to $10 million in both assets and liabilities. Mehul Gajera, manager of Bhavi Hospitality, signed the petition. Judge Scott W. Everett presides over the case. The Debtor is represented by: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC Tel: 972-503-4033 Email: joyce@joycelindauer.com BHAVICHAND LLC: Unsecureds to Get $2,500 per Month for 60 Months ---------------------------------------------------------------- Bhavichand LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated January 13, 2025. The Debtor owns and operates a Motel 6 in Alvarado, Texas (the "Hotel"). The Debtor is in the process of purchasing the land on which the Hotel is located pursuant to a Contract for Deed with Sadit, LLC. The Debtor's revenue declined due to the Covid-19 pandemic, which reduced occupancy rates. This led to the Debtor's inability to fully service its debt and ultimately the filing of this case. The Debtor scheduled total Claims of $629,408.00 as of the Petition Date (excluding Administrative Expense Claims). Creditors may file Proofs of Claim that differ from the Schedules. Filed Proofs of Claim supersede Claims scheduled for the same Claimant. The Debtor scheduled total Unsecured Claims in the amount of $146,927.58. As shown by the chart, in a Chapter 7 liquidation Secured Claims would be paid only a small amount and Unsecured Claims would receive nothing. Under this Plan, however, Allowed Secured Claims will be paid in full with interest and Unsecured Creditors will receive a Pro Rata share of a pool of funds contributed by the Debtor. Therefore, Creditors will receive at least as much under this Plan as they would in a Chapter 7 liquidation. Class 6 consists of Allowed Unsecured Claims. These Claims shall be satisfied by the monthly distribution of each Claimant's Pro Rata share of a pool of $2,500.00 per month funded by the Debtor, for a period of 60 months from the Effective Date. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Equity Interests shall be retained by the owners of said Interests. The Debtor intends to make all payments required under the Plan from the net profits earned from the operation of the Hotel and, if necessary, the capital contributions of its owners. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=tiNa7n from PacerMonitor.com at no charge. Counsel to the Debtor: Joyce W. Lindauer, Esq. Joyce W. Lindauer, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Bhavichand LLC Bhavichand LLC, doing business as Motel 6 Alvarado, operates in the traveler accommodation industry. The company is based in Alvarado, Texas. Bhavichand sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-43756) on Oct. 16, 2024, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Satish D. Patel, manager, signed the petition. Judge Edward L. Morris handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. BLUE RIBBON: S&P Cuts ICR to 'SD' on Priming Term Loan Transaction ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating to 'SD' (selective default) from 'CCC-' on U.S.-based beer marketer Blue Ribbon LLC (Pabst). S&P said, "Concurrently, we lowered the issue-level rating on the company's existing first-lien term loan B to 'D' from 'CCC'. We revised the recovery rating to '4', indicating our expectations of average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default." Pabst has raised a $100 million new super-priority first-out term loan to support its liquidity needs in a priming transaction. S&P said, "We view the transaction as tantamount to default because legacy first-lien term loan B lenders are now structurally subordinated and have lost their priority collateral position. "We view the recent amendment and priming transaction as a selective default. The issuance of the new super-priority first-out term loan with an advantaged collateral position structurally subordinates existing lenders. In connection with the transaction, Pabst created a new financing subsidiary, Pabst Financing NewCo LLC, and transferred a substantial majority of the previous collateral (intellectual property and equity interests in Irwindale real estate) that secured the legacy first-lien term loan B into that subsidiary. The existing term loan is no longer subject to compliance with a net leverage ratio (but is subject to a $15 million minimum liquidity covenant), and the new springing maximum first-out net leverage covenant will only be calculated based on first out term loan and revolver borrowings. In our view, existing lenders did not receive adequate compensation for ratifying this amendment." Pabst extended its liquidity runway as part of the financing, at the expense of adding incremental term loan debt. Proceeds from the new term loan were used in part to pay off the $51 million balance on the existing revolving credit facility. In S&P's view, old revolving lenders are being made whole and new commitments were secured for the new revolver. Blue Ribbon Holdings LLC, the parent company, has also contributed $30 million of new equity capital. Pabst used remaining proceeds from the new term loan and from the new equity capital to fund a $60 million payment to City Brewing as part of a new strategic sourcing deal with AB Inbev, as well as pay down accounts payable, pay associated fees and expenses, and add cash to the balance sheet. S&P will review its issuer credit rating on Pabst over the coming days. This includes assessing the impact of the new strategic sourcing deal and the new capital structure, which together with the company's improved liquidity could lead to a mid- to high-'CCC' category rating. BOTAS SANTA: Hires Kutner Brinen Dickey as Counsel -------------------------------------------------- Botas Santa Cruz Corp. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, P.C. as attorneys. The firm will render these services: a. provide the Debtor with legal advice with respect to its powers and duties; b. aid the Debtor in the development of a plan of reorganization under Chapter 11; c. file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; d. take necessary actions to enjoin and stay until final decree continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and e. perform all other legal services for the Debtor which may be necessary. The firm will be paid at these rates: Jeffrey S. Brinen $540 per hour Jonathan M. Dickey $400 per hour Keri L. Riley $390 per hour The firm received retainer from the Debtor in the amount of $11,888. Ms. Riley 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: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2910 Email: klr@kutnerlaw.com About Botas Santa Cruz Corp. Botas Santa Cruz Corp. is a clothing and clothing accessories retailer in Greeley, Colo. Botas Santa Cruz sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-10061) on January 6, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Jose Meza Aguirre, president of Botas Santa Cruz, signed the petition. Judge Thomas B. McNamara presides over the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley P.C. represents the Debtor as legal counsel. BOVAN ENTERPRISES: Starts Subchapter V Bankruptcy Proceeding ------------------------------------------------------------ On January 17, 2025, Bovan Enterprises LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. 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 Bovan Enterprises LLC Bovan Enterprises LLC is operating as Bovan Floral Group, is a retail florist located in Burton, Michigan. Bovan Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-30084) on January 17, 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 Joel D. Applebaum handles the case. The Debtor is represented by: Peter T. Mooney, Esq. Simen, Figura & Parker 5206 Gateway Centre, #200 Flint, MI 48507 Phone: 810-235-9000 BROWN GENERAL: Unsecureds to Get Share of Income for 60 Months -------------------------------------------------------------- Brown General Contractors, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Kentucky a Plan of Reorganization under Subchapter V dated January 13, 2025. The Debtor is a heavy construction contractor. A large portion of its current business is foundation work, earth moving, concrete construction, and demolition. As cash flow issues increased, the Debtor sought temporary relief from merchant cash advances. As financial strains increased, the Debtor found increasingly unable to be bonded and thus had to concentrate more on its subcontractor line of business. While this area can be lucrative, it also placed the Debtor in a position of waiting longer to be paid for completed work. Cash flow issues also caused the Debtor to become involved in several lawsuits. These suits came with both monetary cost and a detriment to the Debtor concentrating on its main line of business. The temporary relief that bankruptcy has granted the Debtor has allowed it to concentrate on the core of its business which it believes is strong. The Debtor historically has averaged gross revenue of $3,000,000.00 per year, but of late its revenues are lower. The Debtor's management believes it will be able to grow revenue over the next 5 years as reflected in its projections. In addition, it believes that although the projected revenue is less that in years past, the Debtor's cash flow should be more reliable. The Debtor will fund the Plan through a combination of revenue and sale of some of its excess equipment, (the "Proposed Equipment Sale" or the "Sale"). In addition, it will continue to operate its business and commit 100% of its projected Disposable Income to the Plan for 5 years. Class 11 consists of Allowed Unsecured Claims. The Debtor has calculated that the Liquidation Value of the Debtors assets is $402,049.00, plus the net proceeds it receives from the Proposed Equipment Sale. The Liquidation Value of the Debtor's assets not included in the Proposed Equipment Sale. The Debtor shall commit 100% of its Disposable Income to the Plan towards the payment of Allowed Unsecured claims for a period of 60 months, or such time as all Allowed Unsecured Claims are paid in full without interest, whichever is shorter. The Minimum Distribution to Allowed Unsecured Claims shall be the Liquidation Value minus amounts necessary to pay all Administrative and Priority Claims in full. In order to ensure the success of the Debtor's reorganization, it will be necessary for it to replenish its operating cash reserves for unforeseen contingencies and to reinvest in its operations and equipment, as reasonably necessary to preserve the Debtor/Reorganized Debtor as an ongoing concern. The Debtor shall report and set aside its Disposable Income each year on September 30 for the previous calendar year. The Debtor shall make a distribution to Class 11 beginning on the First Unsecured Distribution Date. Class 11 is impaired. Class 12 consists of each party holding an equity interest in the Debtor. The only member of this Class is Ryan Brown. Equity Holders will retain their interest in the Debtor. Members of Class 12 shall not participate in the Plan except for the allocation of tax distributions necessary to continue the operation of the Debtor. The Debtor shall fund the Plan through a combination of the Proposed Equipment Sale and future revenues. The Reorganized Debtor shall continue the business of the Debtor which it believes will generate sufficient revenue to fund the Plan as set forth in the projections. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=xZdp9O from PacerMonitor.com at no charge. About Brown General Contractors Brown General Contractors LLC is the owner of real property located at 255 Coleman Ln, Georgetown Ky valued at $959,000. Brown General Contractors LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 24-51313) on October 15, 2024. In the petition filed by Ryan Brown, as member, the Debtor reports total assets of $1,879,668 and total liabilities of $2,628,660. The Debtor is represented by: Michael B. Baker, Esq. THE BAKER FIRM, PLLC 301 W. Pike St. Covington, KY 41011 Tel: (859) 647-7777 Fax: (859) 657-7124 Email: mbaker@bakerlawky.com BWB CONTROLS: BWB Holdings Unsecured Claims Will Get 2.80% ---------------------------------------------------------- BWB Controls, Inc., and BWB Houma Holdings, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Joint Plan of Reorganization for Small Business. Established in 1971, BWB Controls, Inc. is a privately owned and operated manufacturing facility, servicing the oil and gas industry. BWB Controls specializes in the design and manufacturing of high quality, pneumatically, hydraulically, and electrically operated surface safety components. BWB Houma Holdings, LLC owns the property located at 2193 Denley Road, Houma, Louisiana 70363, which is the operating location of BWB Controls. At the Petition Date, BWB Controls' agreement is such that BWB Controls pays the secured indebtedness of MMB Investments IV, LLC against the operating location. BWB Holdings is the owner of BWB Controls; and BWB Holdings' members include Seenu Kasturi (51%), Frederick D. Alexander (16%), and Courew Holding LLC (33%). This Plan is proposed incorporating the terms of the attached plan sponsor agreement to be executed upon plan confirmation in a form substantially similar to the attached exhibit. The Plan Sponsor shall provide an affirmative equity funding commitment for a 100% for the purchase of the equity of the BWB Controls in an amount of $500,000.00 (the "Plan Funding Amount") with $250,000.00 payable on the Effective Date and $250,000.00 payable on the first anniversary of the Effective Date. The ownership will change completely, that is current equity/ownership will be replaced. This Plan proposes to pay unsecured creditors of BWB Holdings its projected disposable income of $39,991.88 commencing three months after the Effective Date to be paid over three years, which is greater than the liquidation value. This Plan proposes to pay unsecured creditors of BWB Controls its projected disposable income of $384,189.96 commencing three months after the Effective Date to be paid over three years, which is greater than the liquidation value. BWB Controls projects sufficient funds through the Plan Sponsor and operations sufficient to make distributions to creditors. BWB Holdings projects sufficient funds through the rental of its real property to have disposable income to distribute to its creditors. The financial projections indicate that BWB Controls, after payments for expenditures necessary for the continuation, preservation and operations, unclassified claims and secured claims, will have projected disposable income for three years in the total amount of $384,189.91. The financial projections indicate that BWB Holdings, after payments for expenditures necessary for the continuation, preservation and operations, unclassified claims and secured claims, will have projected disposable income for three years in the total amount of $36,991.88 for the payment term as indicated in Section 1191(c)(2) of the Bankruptcy Code in the amounts indicated therein. The Plan proposes that BWB Controls and BWB Holdings will pay holders of Allowed Claims their Projected Disposable Income which includes sums from future services, future contracts, and factoring its receivables. Class 3 consists of General Unsecured Claims against BWB Holdings. This Class shall receive 12 Quarterly payments commencing at the end of the first full quarter, that is three full months following the Effective Date for a total of three years of payments. Estimated Amount is $1,309,300.10 for holders of allowed claims. This Class will receive a distribution of 2.80% of their allowed claims. This Class is impaired. Class 4 consists of Allowed General Unsecured Claims allowed under § 502 of the Bankruptcy Code in an amount equal to or less than $2,500.00 or those holders of Allowed General Unsecured Claims that agreed to reduce their claim amount to $2,500.00. This Class shall receive rata payments out of a fund of $15,000.00 to be paid in six equal payments commencing on the first full quarter following the Effective Date. Estimated amount is $26,820.15 exclusive of creditors who elect Class 5 treatment. Estimated pro rata distribution is 56% for Class 4 exclusive of claim holders that elect treatment under Class 4. This Class is impaired. Class 5 consists of Allowed General Unsecured Claims against BWB Holdings. This Class shall receive 12 quarterly payments commencing at the end of the first full quarter that is three full months following the Effective Date for a total of three years of payments. Estimated Amount is $2,046,943.29 for holders of allowed claims plus the deficiency claims of UCB and MMG, and amounts owed to Mr. LaBorde. Estimate distribution 18.7% for Class 5. This Class is impaired. It is anticipated that BWB Holdings will fund its plan payments from disposable income earned from the rental of its real property to BWB Controls. The payments include sums for property taxes, any insurance necessary for BWB Holdings to acquire, accounting fees, and for any maintenance or capital improvements satisfied by BWB Controls and is taken into consideration in BWB Controls' Plan projections. It is anticipated that BWB Controls will fund its plan payments from disposable income earned from its operations. A full-text copy of the Joint Plan dated January 13, 2025 is available at https://urlcurt.com/u?l=OZUc7C from PacerMonitor.com at no charge. About BWB Controls BWB Controls Inc. specializes in the design and manufacturing of pneumatically, hydraulically, and electrically operated surface safety components. BWB Controls offers machining, milling, assembly and testing services to the upstream, midstream and downstream oil and gas industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-10029) on January 9, 2024, with $1 million to $10 million in assets and liabilities. Edward A. LaBorde, president/CEO, signed the petition. Judge Meredith S. Grabill presides over the case. Douglas S. Draper, Esq., at HELLER, DRAPER & HORN, LLC, is the Debtor's legal counsel. C&D TECHNOLOGIES: S&P Affirms 'B-' ICR, Outlook Developing ---------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Pennsylvania-based manufacturer of stored energy solutions C&D Technologies Inc. and removed all its ratings from CreditWatch, where we placed them with developing implications on Aug. 22, 2024. S&P said, "At the same time, we assigned our 'B-' issue-level rating and '3' recovery rating to the company's proposed amended and extended $377 million first-lien term loan due in 2026. "The developing outlook reflects the possibility that we could raise or lower our rating on the company based on its ability to successfully refinance its upcoming debt maturities within the next 9-12 months." The maturity extension of C&D Technologies' term loan provides temporary relief from refinancing risk. The proposed one-year maturity extension gives the company additional time to fully refinance its term loan. In addition, the proposed extension includes a provision that requires 100% of the expected 2025 45X Manufacturing Production Tax Credit (45X credit), net of taxes and fees, be offered to lenders to pay down up to $100 million of its outstanding term loan balance, which S&P views as adequate offsetting compensation for the one-year extension. However, the longer C&D Technologies waits to refinance its term loan, the greater the risk that capital market conditions could weaken, limiting options and putting more pressure on a successful refinancing. Despite good credit ratios from our expectations of continued 45X credits, our rating and outlook incorporate our assessment of the rising financial and liquidity risks as the proposed term loan maturity approaches. S&P said, "We also believe that the federal administration change in the U.S. will increase the risk of modifications or eliminations of 45X credits in future periods, though we view the risk is weighted toward receipt of credits post-2025. Our forecast assumes credits will continue under current regulations established by the Inflation Reduction Act. However, a change in government policy that alters the duration and/or the magnitude could cause us to reassess our inclusion of the 45X credit and the related impact on our credit ratios. "C&D Technologies should continue benefiting from replacement cycle demand in its Motive segment and expanding its lithium-ion product offering in 2025. We anticipate another solid year for battery sales to golf carts, floor scrubbers, and aerial work platforms in 2025 as the company is launching several new lead-acid battery products, and its third-quarter 2024 (ended Sept. 30, 2024) bookings show signs of a return to normal buying patterns following a slowdown in 2023. This growth will be further supported by the scaling of orders in lithium-ion batteries, which could reach $20 million-$40 million in revenues by the end of 2025. "A continued softness in the company's telecom markets partially offset our expectations for revenue growth in 2025. Higher-for-longer interest rates and slower project growth in this industry have reduced customer capital expenditure (capex) and, in turn, demand for the backup power generation batteries that C&D Technologies provides. Nonetheless, we expect the company to increase revenues in the mid-single-digit percentage area over the next 12-24 months. "We anticipate improved leverage and modest free operating cash flow (FOCF) outflow, excluding the 45X credit, in 2025. We estimate the company's S&P Global Ratings-adjusted leverage, excluding the 45X credit, improved in 2024 due to a demand rebound in its largest segment (Motive). However, modest raw material inflation, unfavorable product mix, and costs associated with building out the company's lithium business created a drag on margins, likely keeping leverage elevated in the 8x-9x area. In 2025, we anticipate lower operating losses in the lithium business and lower selling costs will improve margins approximately 100-125 basis points (bps), excluding the 45X credit. "Our base-case forecast also incorporates a $100 million paydown of debt in 2025, using expected proceeds from the 45X credit. This would decrease leverage to the 5x-6x area, or the low-1x area including the 45X credit. This paydown follows the $80 million repayment of the outstanding asset-based lending (ABL) facility balance in the second quarter of 2024 and its $100 million subscription facility in the third quarter, using the 45X credit received in June 2024. "In 2025, we expect modestly negative FOCF, excluding the 45X credit, as C&D Technologies builds new product and lithium battery inventory in anticipation of improving sales. The lithium business, which we expect will operate at a loss until 2026, will also affect FOCF. "The developing outlook reflects the possibility that we will raise or lower our rating on C&D Technologies based on its ability to successfully refinance its upcoming debt maturities within the next 9-12 months." S&P could lower its rating one or more notches on C&D Technologies if: -- The company does not successfully refinance its first-lien term loan well in advance of its Dec. 20, 2026, maturity; or -- A loss or significant reduction of the 45X tax credit or significant underperformance to our base case forecast causes elevated leverage, an FOCF deficit, or constrained liquidity. S&P could raise its rating on C&D Technologies if it: -- Successfully refinances its term loan in a manner that alleviates refinancing risk and we do not view it as a distressed restructuring; and -- Preserves our expectations of steady cash flow and good credit ratios, including the expectation for continued 45X credit. CALIFORNIA PREMIER: Plan Exclusivity Period Extended to March 28 ---------------------------------------------------------------- Judge J. Barrett Marum of the U.S. Bankruptcy Court for the Southern District of California extended California Premier Office Solutions, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 28 and May 27, 2025, respectively. As shared by Troubled Company Reporter, since the Debtor filed for bankruptcy, the Debtor has been involved in disputes with United Capital West ("UCW"), Webfunder, LLC, Mulligan Funding and LG Funding, LLC, (collectively the "MCA lenders") pertaining to the characterization of the MCA lender's claims. The Debtor claims that it requires additional time to continue its negotiations with MCA lender and ultimately decide whether filing several adversary complaints is necessary. The Debtor requires additional time to formulate and propose a plan in this case. The outcome of the negotiations with MCA lenders will have significant impact on the ultimate disposition of this case, including, without limitation, the manner in, and timeframe within, which this case is administered, and the terms of a plan and disclosure statement. Moreover, the Debtor's focus and attention has been allocated toward a resolution amongst the MCA lenders in order to propose a successful reorganization of this case and continue to maintain the operations of its business. Once these issues are resolved either by stipulation between the Debtor and MCA lenders or resolved by the Court, the Debtor will be able to turn its attention to preparing a plan and disclosure statement, which the Debtor submits will require significant time and effort. California Premier Office Solutions, Inc. is represented by: Anthony O. Egbase, Esq. A.O.E. Law & Associates, A.P.C. 800 W. 1st Street, Suite 400 Los Angeles, CA 90012 Telephone: (213) 620-7070 Facsimile: (213) 620-1200 Email: info@aoelaw.com About California Premier Office Solutions California Premier Office Solutions, Inc., is a business specializing in providing office solutions, which may include services such as office supplies, equipment leasing, and workspace management. The company aims to deliver comprehensive solutions to meet the diverse needs of its clients, ranging from small businesses to larger enterprises. California Premier Office Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-03230) with $1,503,578 in assets and $2,081,389 in liabilities. John K. Green, president signed the petition. Judge J. Barrett Marum. presides over the case. Shana Y. Stark, Esq., represents the Debtor as bankruptcy counsel. CANOO INC: Files Chapter 7 Bankruptcy in Delaware ------------------------------------------------- Stock Titan reports that on January 17, 2025, Canoo announced its voluntary Chapter 7 bankruptcy filing in the U.S. Bankruptcy Court for Delaware. The company will immediately cease operations, with a court-appointed trustee overseeing the liquidation of assets and distribution to creditors, according to the report. Despite delivering products to high-profile clients such as NASA, the Department of Defense, USPS, the State of Oklahoma, and securing agreements with Walmart, Canoo was unable to secure crucial financial backing from the U.S. Department of Energy's Loan Program Office, the report says. Efforts to raise foreign capital also fell short, prompting the Board to file for insolvency, the report states. CEO Tony Aquila, a significant investor in the company, expressed his disappointment while thanking employees and key customers. Canoo will collaborate with the Delaware Bankruptcy Trustee throughout the liquidation process, according to Stock Titan. About Canoo Inc. Torrance, California-based Canoo Inc. -- http://www.canoo.com/-- is a high tech advanced mobility technology company with a proprietary modular electric vehicle platform and connected services initially focused on commercial fleet, government and military customers. The Company has developed a breakthrough EV platform that it believes will enable it to rapidly innovate, iterate and bring new products, addressing multiple use cases, to market faster than its competition and at lower cost. Canoo Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10094) on January 17, 2025. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by: Robert Alan Weber, Esq. Chipman Brown Cicero & Cole, LLP 1313 N. Market Street, Suite 5400 Wilmington, DE 19801 Phone: 302-295-0196 Email: Weber@ChipmanBrown.com CAREPOINT HEALTH: Judge Says Disclosures, Plan Require Revisions ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on January 17, 2025, a Delaware bankruptcy judge stated that the Chapter 11 plan disclosures of a New Jersey-based hospital system lacked adequate details for creditors to make informed decisions. The judge urged the debtor to engage in further discussions to resolve outstanding objections, the report states. About Carepoint Health CarePoint Health is a New Jersey hospital chain. Carepoint Health sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12538) on November 3, 2024. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. The Debtor is represented by Peter C. Hughes of Dilworth Paxson LLP. CELESTIAL PRODUCTS: Case Summary & 17 Unsecured Creditors --------------------------------------------------------- Debtor: Celestial Products USA LLC 6001 Tension Dr Fort Worth, TX 76112-6937 Business Description: Celestial Products USA, LLC (CPUSA) is an online retailer specializing in niche markets through its subsidiary brands, such as Texas Lone Star Tamales. The company is dedicated to delivering high-quality products and exceptional customer service, with a focus on sustainable growth and financial stability. Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-40153 Judge: Hon. Mark X Mullin Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 1555 State St. Salem OR 97301 Tel: (713) 595-8200 Email: notifications@lanelaw.com Total Assets: $36,211 Total Debts: $2,969,010 The petition was signed by Jose Felix Silva as owner. 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/5FKLSNA/Celestial_Products_USA_LLC__txnbke-25-40153__0001.0.pdf?mcid=tGE4TAMA CELESTIAL PRODUCTS: Commences Subchapter V Bankruptcy Process ------------------------------------------------------------- On January 16, 2025, Celestial Products USA 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 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 Section 341(a) to be held on February 13, 2025 at 03:00 PM by TELEPHONE. About Celestial Products USA LLC Celestial Products USA LLC is an online retail business based in Fort Worth, Texas. Celestial Products USA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40153) on January 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by: Robert Lane, Esq. The Lane Law Firm PLLC 6200 Savoy Dr Ste 1150 Houston, TX 77036-3369 Phone: 713-595-8200 Fax : 713-595-8201 Email: chip.lane@lanelaw.com CHANTILLY ROAD: Hires Hilton & Hyland as Real Estate Broker ----------------------------------------------------------- Chantilly Road, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hilton & Hyland Real Estate, Inc. as real estate broker. The firm will market and sell the Debtor's real properties located at 1116 and 1118 Chantilly Road, Los Angeles, Ca 90077. The firm will be paid at the rate of 2.5 percent of the gross sales price of the properties. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Susan L. Hackett Hilton & Hyland Real Estate, Inc. 257 N Canon Dr. Beverly Hills, CA 90210 Tel: (310) 275-7778 Fax: (310) 633-1431 About Chantilly Road, LLC Chantilly Road LLC owns a single-family home located at 1116 N. Chantilly Rd., Los Angeles, CA 90077 having an appraised value of $28.06 million. Chantilly Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy (Bankr. C.D. Cal. Case No. 24-13197) on December 15,2024. In the petition filed by Adrian Rudomin, as managing member, the Debtor reports total assets of $28,510,000 and total liabilities of $21,573,732. The Debtor is represented by Michael R. Totaro, Esq. at TOTARO & SHANAHAN, LLP. CHESTNUT MED: Files Chapter 11 Bankruptcy in Pennsylvania --------------------------------------------------------- On January 15, 2025, Chestnut Med LP filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. 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 Chestnut Med LP Chestnut Med LP is a healthcare business operating at 5600 Chestnut Street in Philadelphia, Pennsylvania. Chestnut Med LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10176) on January 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by: John Everett Cook, Esq. The Law Offices of Everett Cook, P.C. 1605 N. Cedar Crest Blvd, Suite 520 Allentown, PA 18194 Phone: 610-351-3566 Email: bankruptcy@everettcooklaw.com CLIFFSIDE REFINERS: Texas Appeals Court Upholds Receivership Ruling ------------------------------------------------------------------- Molly Burgess of Gas World reports that the Texas Court of Appeals has denied Air Products Helium's appeal against the 108th District Court's decision to place Cliffside Refiners Limited Partnership (CRLP) under receivership. According to the report, this ruling, issued on January 9, 2025, upholds the December 30th decision allowing the receivership to proceed and rejecting Air Products' request to block it. All parties are now barred from filing further interlocutory appeals regarding the matter, the report says. Under the court-appointed receiver, CRLP's operations will be managed, including the oversight of the Crude Helium Enrichment Unit (CHEU) by Messer Helium Cliffside (MHC) at the former Federal Helium System near Amarillo, Texas. The CHEU is essential for helium extraction and processing within the system, according to Gas World. Messer has raised concerns that Air Products' actions could impede third-party access to privately-owned helium stored in the Federal Helium System. MHC has committed to collaborating with the receiver to ensure the helium system operates smoothly and remains open to proposals from CRLP's partners to secure its long-term stability, the report states. About Cliffside Refiners Limited Partnership Cliffside Refiners is a company that operates helium refining facilities connected to the Helium Pipeline. COLD SPRING: DOJ Reviews Temporary Receiver Application ------------------------------------------------------- Robert Brodsky of Newsday reports that the Cold Spring Hills Center for Nursing & Rehabilitation is set to begin evacuating its more than 330 elderly and disabled residents as early as Friday, January 17, 2024, as the facility struggles with severe financial issues and can no longer afford to pay its staff, sources told Newsday. The move follows the nursing home's inability to meet payroll obligations and its estimated $50 million debt to creditors, the report relates. According to Newsday, the New York State Department of Health is currently reviewing an application to appoint Eliezer Jay Zelman, a nursing home owner from New York, as the facility's temporary receiver. If granted, Zelman would take over operations, including paying staff, potentially halting the planned evacuation. However, a department spokesperson, Monica Pomeroy, confirmed that the required documents for the receivership application have not yet been submitted. The planned evacuation, prompted by the facility's inability to pay its staff, is being described as an emergency response. A source explained, "We can't pay the nurses after this week, so we'll move the residents to other facilities until the receiver can take over, which could be a matter of days or longer," the report states In a letter to staff, Edline Joseph, the nursing home's administrator, indicated that the facility will close on December 31 but is working to either reopen under new ownership or delay the closure. Owned by Bent Philipson and his family, Cold Spring Hills has been unable to pay off its mounting debts. Court filings reveal that the nursing home owes approximately $50 million, including $6 million to the union benefit fund. The facility has resorted to using private capital and Medicaid/Medicare reimbursements to meet payroll obligations, Newsday reports. Earlier in the year, Cold Spring Hills faced legal action from New York Attorney General Letitia James, who accused the facility of neglecting patient care and operating under fraudulent business practices to benefit its owners. The facility also faced one of the largest federal fines for endangering patient safety. To cope with the financial crisis, Cold Spring Hills has already laid off nonessential staff, such as administrative and recreational workers, with more layoffs expected once all residents are relocated. The majority of employees are represented by 1199SEIU United Healthcare Workers East, whose president, George Gresham, criticized the owners for displacing vulnerable residents during the holidays while laying off hundreds of workers, according to report. Richard Mollot, executive director of the Long Term Care Community Coalition, stressed that emergency evacuations are rare in nursing homes, calling it a sign of serious mismanagement. He added that it underscores the failure to properly protect residents and manage public funds. The state health department is awaiting the required relocation plans from the nursing home operator. Monica Pomeroy assured that once the documents are submitted, the department will ensure the residents' health and safety throughout the relocation process, the report cites. Cold Spring Hills' financial troubles highlight growing concerns within the nursing home sector, raising alarms about the treatment of vulnerable residents and the broader instability within the industry. About Cold Spring Hills Center for Nursing & Rehabilitation Cold Spring Hills Center for Nursing & Rehabilitation is a New York-based nursing home. COLLEGE PARENT: S&P Downgrades ICR to 'CCC+', Outlook Stable ------------------------------------------------------------ S&P Global Ratings lowered its 'B-' issuer credit rating on College Parent L.P. (Yahoo) and financing subsidiary AP Core Holdings II LLC to 'CCC+'. S&P said, "We also lowered our issue-level rating on AP Core's senior secured debt to 'CCC+' from 'B' and revised the recovery rating to '3' from '2'. "The stable outlook reflects our expectation that the company has sufficient liquidity to fund expected FOCF outflows over the next year given its sizable cash balance, and we do not expect it to face a default over the next 12 months. "We believe College Parent is dependent on favorable business and economic conditions to meet its future financial obligations. Upcoming debt maturities include College Parent's $467.3 million (outstanding as of Sept. 30, paid-in-kind [PIK] delayed-draw term loan, which we expect will continue to accrue PIK interest) due September 2026 and AP Core's $1.7 billion (outstanding) term loan B debt due Sept. 2027. "We believe the company can likely refinance its delayed-draw term loan given it is held by company owners Apollo and Verizon. However, we view it unlikely it will generate positive FOCF ahead of needing to refinance AP Core's debt, which could hinder its ability to refinance or increase the cost of doing so. We believe operational missteps, including challenges associated with migrating its native business over to Taboola have led to lost revenue and EBITDA, along with a challenged macroeconomic environment have permanently reduced future EBITDA and cash flow generation relative to its high S&P Global Ratings-adjusted EBITDA watermark of $636 million in 2022." There is limited visibility into a future recovery of the business given short lead times for digital advertising, as well ongoing restructuring initiatives where the exact costs to achieve and fully realized cash savings are unknown. S&P said, "We expect College Parent will generate $50 million-$70 million of reported negative FOCF in 2025, the third consecutive year of negative FOCF. We expect S&P Global Ratings-adjusted EBITDA to improve to $219 million in 2025 from expectations of negative $31 million in 2024, as the company rolls off restructuring costs, benefits from past cost-saving initiatives, and moves past the impact of revenue breakage and sees further ad yield uplift from its partnerships with Taboola and GAM. We do not expect the company to generate positive FOCF until S&P Global Ratings-adjusted EBITDA approaches closer to $400 million, which we do not anticipate in the next two to three years absent significant outperformance from our base case." College Parent maintains sufficient liquidity to fund its operations over the next 12 months. College Parent had about $510 million of cash and cash equivalents on the balance sheet, net of restricted cash, as of Sept. 30, 2024. Additionally, the company had no borrowings under AP Core's $150 million revolving credit facility as of Sept. 30, 2024, but S&P believes its availability may be limited over the next 12 months to maintain covenant compliance. It also has full availability under its $100 million AOL revolving credit facility and additional cash inflow expected from its purchase and sale agreement from its U.S. data centers signed in October 2024 (proceeds not disclosed). This provides the company ample liquidity to meets its operating and fixed-charge obligations in 2025, including cash interest on its debt of around $230 million, amortization requirements of about $164 million, and $100 million of accrued restructuring liabilities primarily tied to severance. The stable outlook reflects S&P's expectation that the company has sufficient liquidity to fund expected FOCF outflows over the next year given its sizable cash balance, and it does not expect it to face a default over the next 12 months. S&P could lower its rating on College Parent if S&P expects a default in the next 12 months. This could occur if: -- Current operating trends do not improve such the company continues to generate substantial negative FOCF, leaving it unable to meet its financial obligations; or -- The company pursues a subpar debt repurchase or exchange that S&P views as tantamount to a default. S&P views an upgrade as unlikely given its expectations for future performance, the company's large upcoming debt maturities, and uncertainty around the company's future expected cash flows. However, S&P could raise the rating if: -- It generates consistently positive FOCF; and -- It maintains EBITDA interest coverage comfortably above 1x. COMMODITIES INT'L: Sec. 341(a) Meeting of Creditors on February 24 ------------------------------------------------------------------ On January 15, 2025, Commodities International Real Estate LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filing, the Debtor reports between $50,000 and $100,000 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 24,2025 at 03:00 PM via Conference Call - Chapter 11 Greenbelt: Phone number 1-866-917-2025, Passcode 2926743#. About Commodities International Real Estate LLC Commodities International Real Estate LLC is a single-asset real estate company based in Fort Washington, Maryland, operates from its principal location at Indian Head Highway. Commodities International Real Estate LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-10378) on January 15, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $50,000 and $100,000. Honorable Bankruptcy Judge Maria Ellena Chavez-Ruark handles the case. The Debtor is represented by: Charles Earl Walton, Esq. Walton Law Group, LLC. 10905 Fort Washington, Suite 201 Fort Washington, MD 20744 Phone: 301-292-8357 Fax : 301-292-9439 Email: cwalton@cwaltonlaw.com CONNORSVILLE COMMONS: Court Extends Cash Collateral Use to Feb. 7 ----------------------------------------------------------------- Connorsville Commons, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral until Feb. 7, marking the third extension since the company's Chapter 11 filing. The court previously issued an interim order, allowing the company to access cash collateral until Jan. 10 only. The third interim order, signed by Judge Eduardo Rodriguez, approved the use of cash collateral for payment of expenses set forth in the company's budget, with a permitted variance of 10% in the aggregate. First Merchants Bank was granted a post-petition replacement lien equal in validity and priority to those held pre-petition. As additional protection, Connorsville Commons was ordered to pay the bank $12,000 for the interim period and continuing monthly thereafter. A final hearing is set for Feb. 7. First Merchants Bank can be reached through its counsel: Jarrod B. Martin, Esq. Chamberlain, Hrdlicka, White, Williams & Aughtry, P.C. 1200 Smith Street, Suite 1400 Houston, TX 77002 Phone: 713-356-1280 Fax: 713-658-2553 Email: Jarrod.Martin@chamberlainlaw.com About Connorsville Commons Connorsville Commons, LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Connorsville Commons sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34691) on October 4, 2024, with $1 million to $10 million in both assets and liabilities. Thomas Noons, managing partner of Connorsville Commons, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: Bennett Greg Fisher, Esq. Lewis Brisbois Bisgaard & Smith Tel: 713-659-6767 bennett.fisher@lewisbrisbois.com CONTINENTAL AMERICAN: To Sell Insurance Policy to LifeRoc Capital ----------------------------------------------------------------- Continental American Corporation and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Kansas, to sell a life insurance policy. The Debtor proposes to sell a life insurance policy held by CAC on the life of Daniel Flynn (Policy) for a sale price of $475,000.00 to LifeRoc Capital, LLC. The cash value of the Policy is between $200,000.00 and $250,000.00. The Debtor employs Advisor Insurance Solutions as Broker for the sale. Broker commission for the sale of $4,000.00 shall be paid to John McWilliams of Advisor Insurance Solutions. Neither John McWilliams nor Advisor Insurance Solutions hold any interest adverse to the Debtor or the estate, nor any connections with the Debtor, the estate, any creditors of the estate, or the U.S. Trustee’s office. After payment of the Broker commission, there shall be a $50,000.00 Carve-Out from the net sale proceeds exclusively for the following administrative expenses: a. Up to $25,000.00 shall be used for professional fees related to an audit of the Debtor’s 401(k) fund, as required by law, and subject to Court approval of the fees. b. Up to $7,500.00 shall be used for statutory fees owed by Debtor to the United States Trustee. c. Up to $5,000.00 shall be used for allowed fees incurred by counsel for the Committee. d. The remaining balance of the Carve-Out funds shall be used to pay for allowed fees incurred by Prelle Eron & Bailey, P.A. as attorneys for the estate. e. All of the Carve-Out shall be held in the trust account of Prelle Eron & Bailey, P.A. until such time as the line items for the Carve-Out are incurred (and approved by the Court if necessary). The Debtor remains indebted to White Oak Commercial Finance, LLC in an amount that exceeds the sale price of the Policy. The White Oak indebtedness is secured by all of the Debtor’s assets, and constitutes a super-priority administrative claim. All net proceeds of the sale of the Policy, after payment of the Broker commission and the Carve-Out, shall be distributed to White Oak. The Debtor requests the Court approve sale of the Policy free and clear of liens and encumbrances. About Continental American Corporation Continental American Corporation operates a balloon manufacturing business in Wichita, Kan. Continental American and its affiliate, Pioneer National Latex, Inc., filed Chapter 11 petitions (Bankr. D. Kan. Lead Case No. 23-10938) on Sept. 22, 2023. Judge Mitchell L. Herren oversees the cases. At the time of the filing, Continental American reported $50 million to $100 million in assets and $10 million to $50 million in liabilities while Pioneer National Latex reported $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Prelle Eron, Esq., at Prelle Eron & Bailey, P.A. represents the Debtors as legal counsel. The U.S. Trustee for Region 20 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Sandberg Phoenix & von Gontard, P.C. CREPERIE D AMOUR: Unsecureds to Get $5K per Month for 24 Months --------------------------------------------------------------- Creperie D Amour Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Second Amended Small Business Plan of Reorganization dated January 13, 2025. The Debtor is a French Bistro doing business as Paris Bistro located at 2656 Showplace Drive, Naperville, Illinois. Prior to filing this case, the Debtor was working hard to maintain payments to creditors. However, due to the aftermath of Covid-19 and loans taken out to work during the Covid-19 period, the Debtor found itself falling behind in rent and unable to maintain creditor payments. This Plan proposes to make payments in full to other secured and priority creditors over the lifetime of the Plan, and a pro rata amount to general unsecured creditors. The Debtor first opened Creperie D' Amour Inc. in July of 2017. Due to effects of Covid-19, the business lost significant revenue. However, the market has improved immensely and Debtor is producing stable revenue at this time. The improvement in the restaurant industry is significant and provides enough revenue to fund the Chapter 11 Plan as proposed. The Debtor's Plan provides for payments to allowed claims from income related to restaurant operations. As required by the Bankruptcy Code, this Plan places claims in various classes and describes the treatment of each class. Class 4 consists of Allowed General Unsecured Claims. The Debtor has 37 general unsecured creditors totaling a balance of $952,977.93. Each Holder of Allowed Class 3 Claims shall be paid pro rata shares of their claims in 24 installments beginning in in month 37 after the effective date. Each creditor listed will receive a pro rata distribution of the monthly payment of $5,000.00. In order to successfully fund the Chapter 11 repayment plan the Debtor has undertaken several changes to his operations buy increases prices and reducing overall costs. All of the assets of the Debtor and this estate shall vest in the Debtor upon Confirmation of the Plan subject to the terms and conditions of this Plan. A full-text copy of the Second Amended Plan dated January 13, 2025 is available at https://urlcurt.com/u?l=L2exCp from PacerMonitor.com at no charge. Counsel to the Debtor: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. Box 1285 Northbrook, Illinois 60062 847 564 0808 About Creperie D Amour Creperie D Amour, Inc., doing business as Paris Bistro, owns and operates a restaurant business in Naperville, Ill. Creperie D Amour filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-05158) on April 9, 2024, with $231,539 in assets and $1,517,684 in liabilities. Jonathan Santos, president of Creperie D Amour, signed the petition. Judge Donald R. Cassling presides over the case. The Debtor is represented by Penelope N. Bach, Esq., at Bach Law Offices. DANIEL YOON: Entitled to Judgment of $260,514.18 in KSA Lawsuit --------------------------------------------------------------- In the case captioned as DAN YOON, Plaintiff, v. K.S. AVIATION, INC., ET AL., Defendants, Adversary No. 20-4021 CN (Bankr. N.D. Calif.), Judge Charles Novack of the United States Bankruptcy Court for the Northern District of California concluded that Dan Yoon is entitled to entry of a judgment against KSA, John Yoon, Aviation Service, LLC and Xin Han Xin Han Aviation, LLC in the amount of $260,514.18 for their failure to repay a series of personal loans and indemnify him pursuant to the terms of a settlement agreement. Plaintiff met John Yoon at flight school in 2003. At the time, John Yoon was the sole shareholder of KSA. In January 2004, KSA acquired a financially-troubled flight school, Sierra Academy of Aeronautics, which operated out of the Oakland Airport and primarily trained pilots for various Asian airlines. In March 2004, Plaintiff contributed $500,000 in operating capital to KSA in exchange for 50% of KSA's stock. Between 2005 and 2016, KSA substantially expanded and invested heavily in Sierra Academy's facilities and pilot training equipment. During this period, Plaintiff, Plaintiff's wife Jeenee Yoon, Sierra Air Center Development, LLC, Hana Japan, Inc. and Hana Yoon, Inc. and Shouchen Zhu loaned substantial sums to KSA and/or John Yoon to a) purchase airplanes and other assets for Sierra Academy, b) fund the construction of a facility to house a Boeing 737 flight simulator, and c) cover other business expenses (together, the "Personal Loans"). Between 2012 and 2014, KSA also obtained three business loans totaling $1,213,665.90 from Bank of the West (the "Business Loans"). Plaintiff and John Yoon guaranteed all three Business Loans. KSA obtained additional funding to purchase a flight simulator. On December 11, 2013, SACD signed a contract to purchase a Boeing 737 flight simulator for $5 million. To help fund that purchase, SACD obtained a $1.5 million loan from Bank of the West and a $1,543,000 SBA loan from the Bay Area Employment Development Co ("BAEDC;" together, the "Simulator Loans"). The Simulator Loans closed in July 2014, and Plaintiff, Jeenee, Hana Japan, Inc. and KSA guaranteed those loans. Plaintiff alleges that the total cost to purchase the Simulator was $5 million, and that an additional $308,708 was required to renovate the existing facility to house the Simulator, for a total cost of at least $5,308,70. Plaintiff asserts that the Simulator Loans, the Business Loans, and at least some of the Personal Loans were utilized to fund these expenses. In early September 2016, to resolve the pending civil litigation between them and to assist Plaintiff in his plea negotiations with the Merced County District Attorney, Plaintiff and John Yoon executed a settlement agreement. The Settlement Agreement required Plaintiff to, among other things, resign from KSA and surrender his KSA stock and all corporate property to KSA. In exchange, John Yoon and KSA agreed to: (1) relinquish their interests in SACD and in the EB-5 Program to Plaintiff; (2) fully and unconditionally release all claims against Plaintiff; (3) assume liability for and make payments on the Simulator Loans; and (4) indemnify Plaintiff should any loans for the Simulator facility and its contents become delinquent and creditors seek enforcement against Plaintiff. On March 2, 2017, Plaintiff filed a complaint against KSA in Merced County Superior Court. He subsequently amended the complaint to add John Yoon, Xing Kong and Chen Zhao as defendants. The complaint challenged the enforceability of the Settlement Agreement and sought a judgment against KSA and John Yoon for their failure to repay all but $264,840 of the Personal Loans. In March 2020, Plaintiff removed the KSA Litigation to the United States Bankruptcy Court for the Eastern District of California, which then transferred the adversary proceeding to this court on May 1, 2020. His fourth amended complaint asserts the following claims for relief: (1) Defendants breached the Settlement Agreement and the Covenant of Good Faith and Fair Dealing by not repaying the Personal Loans; (2) Defendants breached the Settlement Agreement by failing to make the required payments on the Simulator Loans and by failing to indemnify Plaintiff for liability he incurred as a result of creditors enforcing his guaranty of the Simulator Loans and the Business Loans; (3) the transfer of KSA's assets to Xing Kong and from Xing Kong to Xin Han constituted fraudulent transfers under California law and violated section 17200, et seq of the California Business & Professions Code; and (4) Xing Kong, Xin Han and Zhao are liable any judgment obtained against KSA under the theories of successor liability and/or alter ego. Breach of Contract and of Covenant of Good Faith and Fair Dealing Plaintiff argues he is entitled to a judgment against KSA for breach of contract and breach of the covenant of good faith and fair dealing because of its failure to repay the Personal Loans. Under the Settlement Agreement, the prerequisites for payment of Dan's Loans were: (1) clear and legal documentation of official loans by Dan to KSA as determined by an accredited outside and neutral CPA; and (2) KSA becoming profitable. The parties agree that KSA never became profitable as required by the Settlement Agreement. This concession would seemingly also undermine Plaintiff's breach of contract claim for relief. Plaintiff alleges, however, that KSA's breach of the covenant of good faith and fair dealing waived this provision of the Settlement Agreement. The Bankruptcy Court disagrees. Judge Novak says the parties' collective benefit of the agreement actually made were KSA's hopeful return to profitability and repayment of Dan's Loans. The Court first notes that the Settlement Agreement specifically contemplated that KSA might seek additional investors to assist it in its return to profitability, and the agreement did not limit the type or extent of such an investment. Accordingly, the Stock Purchase Agreement providing for the purchase by Xing Kong of 100% of KSA's stock was fully within the scope of the Settlement Agreement and did not violate the covenant of good faith and fair dealing. Because Plaintiff failed to prove a breach of the Settlement Agreement and failed to prove a breach of the covenant of good faith and fair dealing, KSA is entitled to judgment in its favor on these claims for relief, the Bankruptcy Court concludes. Breach of Contractual Indemnity Plaintiff argues that KSA and John Yoon were required under the Settlement Agreement to indemnify him for debts related to the Simulator facility and its contents and that their failure to reimburse him breached this clause of the Settlement Agreement. Plaintiff asserts that the Business Loans are also subject to indemnification under this provision of the Settlement Agreement because the proceeds were used to pay: (1) the balance of the cost to purchase the Simulator; (2) the cost of improvements to the facility to house the Simulator; and (3) the cost to install the Simulator in the facility. According to the Bankruptcy Court, it is Plaintiff's burden to prove how the Business Loans were used and that they were subject to the indemnity clause of the Settlement Agreement. He failed to sustain this burden. As a result, his claim for breach of contractual indemnity as to the Business Loans fails. Therefore, the Bankruptcy Court finds Plaintiff is only entitled to judgment against KSA and John Yoon in the amount of $260,514.18 for their breach of the indemnification provision of the Settlement Agreement as to the BAEDC Simulator Loan. Fraudulent Transfers Plaintiff alleges that KSA transferred substantially all of its assets to Xing Kong without receiving reasonably equivalent value. The Bankruptcy Court finds Plaintiff has failed to prove that KSA did not received reasonably equivalent value from Xing Kong by a preponderance of the evidence, and Plaintiff's claim for fraudulent transfer as to Xing Kong fails. Plaintiff alleges that because the transfer of assets from KSA to Xing Kong was a fraudulent transfer in violation of Cal. Civ. Code Sec. 3439, it also constituted a violation of California's unfair competition law found in Business and Professions Code Sec. 17200, et seq. Plaintiff alleges that the violation of the UCL is the fraudulent transfer of assets from KSA to Xing Kong. Because the Bankruptcy Court has found that Plaintiff has not sustained his burden of proof to show that the transfer of assets from KSA to Xing Kong constituted a fraudulent transfer, his UCL claim also fails. Successor Liability Plaintiff alleges that liability for the Judgment should be extended to Xing Kong under the third basis for successor liability -- i.e., Xing Kong is merely a continuation of KSA. The evidence at trial established conclusively that Xing Kong and KSA are not separate entities and recourse to KSA is unavailable. Zhao has the authority to control KSA and Xing Kong. Liability on the Judgment shall be extended to Xing Kong under the theory of Successor Liability, the Bankruptcy Court finds. Alter Ego Plaintiff alleges that Xing Kong, Xin Han and Zhao should also be responsible for the Judgment under an alter ego theory. The Bankruptcy Court finds that alter ego liability for the Judgment should be imposed on Xing Kong. There is a unity of interest and ownership between KSA and Xing Kong such that the separate personalities of the KSA and Xing Kong no longer exist. Zhao is the owner of both. According to the Bankruptcy Court, alter ego liability for the Judgment is also appropriate as to Xin Han. There is such a unity of interest and ownership between Xing Kong and Xin Han that they are one in the same. Because of this, it would be inequitable not to impose alter ego liability to Xin Han when imposing it on Xing Kong. The Bankruptcy Court finds alter ego liability for the Judgment is not appropriate as to Zhao, president and director of KSA and the president, officer and sole member of Xing Kong. At trial, there was no testimony elicited or evidence presented about Zhao personally or about his personal finances. There is no allegation that Zhao treated KSA's assets as his own or that he commingled his personal funds with KSA's funds. Thus, there is no basis to find that Zhao is the alter ego of KSA. A copy of the Court's decision is available at https://urlcurt.com/u?l=Td45aj from PacerMonitor.com. Daniel B. Yoon and Jeenee S. Yoon filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 19-42763) on December 6, 2019, listing under $1 million in both assets and liabilities. DERMTECH INC: Seeks to Extend Plan Exclusivity to March 17 ---------------------------------------------------------- DermTech, Inc. and DermTech Operations, Inc., asked the U.S. Bankruptcy Court to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 17 and April 14, 2025, respectively. This is the Debtors' second request for an extension of the Exclusive Periods. The Debtors submit that cause exists to further extend the Exclusive Periods and that the following factors, among others, weigh in favor of such extension: * These chapter 11 cases are large and complex. Among other things, the Debtors spent the first three months of these chapter 11 cases transitioning into chapter 11, conducting the post-petition sale process, ultimately obtaining entry of the Sale Order, closing the Sale and transitioning operations to the Buyer. The sale process and subsequent closing and transition to the Buyer required significant effort on behalf of the Debtors' management, employees and advisors and involved complex negotiations with the Buyer, the Committee, the U.S. Trustee, and other interested parties. * The Debtors are not seeking a further extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. As the Debtors move toward confirmation of the Plan and the eventual winding down of their estates, continued substantial attention of the Debtors and their professionals will be required. Thus, the Debtors' request for an extension of the Exclusivity Periods is not being made for the impermissible purpose of pressuring creditors to agree to a plan of reorganization. * The requested extension of the Exclusive Periods is also appropriate because these chapter 11 cases have only been pending for just over six months and the Debtors continue to timely pay their undisputed post-petition obligations. As such, the requested extension of the Exclusive Periods will afford the Debtors a meaningful opportunity to solicit votes on the Plan and negotiate with key parties in order to confirm the Plan without prejudice to the parties in interest in these chapter 11 cases. * In addition, If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan for the Debtors and solicit acceptances thereof. Such a ruling could foster a chaotic environment for the Debtors and their estates, significantly delay the administration of these chapter 11 cases, and otherwise impair the Debtors' ability to prosecute these chapter 11 cases without any corresponding benefit to the Debtors' estates and creditors. Counsel to the Debtors: Erin R. Fay, Esq. Shane M. Reil, Esq. Catherine C. Lyons, Esq. Heather P. Smillie, Esq. 222 Delaware Avenue, Suite 800 Wilmington, Delaware 19801 Telephone: (302) 304-7600 E-mails: efay@wsgr.com sreil@wsgr.com clyons@wsgr.com hsmillie@wsgr.com About Dermtech Inc. San Diego, Calif.-based DermTech, Inc., is a molecular diagnostic company developing and marketing novel non-invasive genomics tests to aid in the diagnosis and management of melanoma. DermTech, Inc. and DermTech Operations filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11378) on June 18, 2024. At the time of the filing, both Debtors reported $50 million to $100 million in both assets and liabilities. Judge John T. Dorsey oversees the cases. The Debtors tapped Wilson Sonsini Goodrich & Rosati, P.C. as bankruptcy counsel; AlixPartners, LLC as financial advisor; and TD Cowen as investment banker. Stretto, Inc. serves as the Debtors' claims and noticing agent and administrative advisor. The official committee to represent unsecured creditors retained Hogan Lovells US LLP as counsel, Potter Anderson & Corroon LLP as Delaware counsel, and Berkeley Research Group, LLC, as financial advisor. DIAMONDHEAD CASINO: Creditors Push for Chapter 7 to Collect $2.4MM ------------------------------------------------------------------ Yun Park of Law360 Bankruptcy Authority reports that the creditors of Diamondhead Casino Corp., a developer attempting to build a casino near the Gulf Coast in Mississippi for years, urged a Delaware bankruptcy judge to liquidate the company, calling it the "fairest and most equitable" method to recover the $2.4 million owed to them. About DiamondHead Headquartered in Alexandria, Va., Diamondhead Casino Corporation owns, operates, and manages a casino resort. The Company constructs a casino resort and hotel and associated amenities. Diamondhead Casino serves customers in the United States. Marlton, N.J.-based Marcum LLP, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DMD FLORIDA: Seeks to Hire Wernick Law PLLC as Counsel ------------------------------------------------------ DMD Florida Development 2, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Wernick Law, PLLC as counsel. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the Court; and e. represent the Debtor in negotiations with creditors in the preparation of a plan. The firm will be paid at these rates: Aaron A. Wernick, Esq. $765 per hour Corinne Aftimos, Esq. $665 per hour Hayley Harrison, Esq. $665 per hour Paralegals $425 per hour The firm was paid a retainer in the amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Aaron A. Wernick, Esq., a partner at Wernick Law, 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: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Tel: (561) 961-0922 Email: awernick@wernicklaw.com About DMD Florida Development 2, LLC 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. DORMIFY INC: Judge Reprimands Co. for Founder's Court Absence ------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge strongly rebuked Dormify Inc. after its founder failed to attend a hearing on January 17, 2025. The judge has scheduled a hearing to determine whether to dismiss the company's Chapter 11 case or convert it into a Chapter 7 liquidation, the report states. About Dormify, Inc. Dormify, Inc. filed Chapter 11 petition (Bankr. D. Del. Case No. 24-12634) on November 18, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Thomas M. Horan oversees the case. Goldstein & McClintock, LLLP is the Debtor's legal counsel. EASTERN COLORADO: Sec. 341(a) Meeting of Creditors on February 18 ----------------------------------------------------------------- On January 15, 2025, Eastern Colorado Seeds LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on February 18, 2025 at 09:00 AM at Telephonic Chapter 11: Phone 888-497-4718, Passcode 6026644#. About Eastern Colorado Seeds LLC Eastern Colorado Seeds LLC s a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. The knowledgeable team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.: 25-10244) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Joseph G Rosania Jr. handles the case. The Debtor is represented by: Andrew W. Johnson, Esq. Onsager Fletcher Johnson LLC 600 17th Street, Suite 425N Denver, CO 80202 Tel: 302-512-1123 Email: ajohnson@OFJlaw.com ECS FARMS: Case Summary & Four Unsecured Creditors -------------------------------------------------- Debtor: ECS Farms, LLC 47500 US HWY 24 Burlington, CO 80807 Business Description: ECS Farms, LLC, an affiliate of Eastern Colorado Seeds LLC, is a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-10247 Judge: Hon. Joseph G Rosania Jr Debtor's Counsel: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street 1900 Denver, CO 80202 Tel: 303-534-4499 Email: jweinman@allen-vellone.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Clayton R. Smith as president. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2LGZYQQ/ECS_Farms_LLC__cobke-25-10247__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2N534TI/ECS_Farms_LLC__cobke-25-10247__0001.0.pdf?mcid=tGE4TAMA EDWARDS PETROLEUM: Gets Go Signal to Use Cash Collateral -------------------------------------------------------- Edwards Petroleum Transport, LLC got the green light from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral. The company requires the use of cash collateral to cover payroll, utilities, supplies, maintenance, rent and other expenses set forth in its projected budget, which shows total monthly expenses of $110,283.34. Edwards Petroleum Transport said its cash needs are immediate and must be satisfied or the company will be forced to terminate business operations. About Edwards Petroleum Transport Edwards Petroleum Transport, LLC operates in the general freight trucking industry. Edwards Petroleum Transport sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-15170) on Oct. 3, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Robert Egbert Edwards, managing member of Edwards Petroleum Transport, signed the petition. Judge Natalie M. Cox oversees the case. The Debtor is represented by Seth D. Ballstaedt, Esq., at Ballstaedt Law Firm, LLC, doing business as Fair Fee Legal Services. EEGEE'S LLC: Hires Mastodon Ventures as Investment Banker --------------------------------------------------------- Eegee's, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Mastodon Ventures, LLC as investment banker. The firm will review and analyze the Debtors' business and financial condition, to recommend alternatives, and ultimately to conduct a marketing effort for the Debtor's assets. The firm will be paid these fees: (a) Retainer. An engagement fee of $25,000 ("Retainer") payable upon execution of this Agreement (and approval by the Bankruptcy Court); (b) Monthly Investment Banking Fee. In addition to the other fees provided for herein, on the tenth day of each month beginning January 10, 2025, and ending after the payment on April 10, 2025, the Company shall pay Mastodon in advance, without notice or invoice, a non-refundable cash fee of $12,500 (a "Monthly IB Fee"). The Monthly IB Fee shall be earned upon Mastodon's receipt thereof in consideration of Mastodon accepting this Agreement and performing services under this Agreement; (c) Transaction Fee(s). In addition to the other fees provided for herein, upon the closing of each Sale Transaction, Mastodon shall be entitled to receive a cash fee ("Transaction Fee"), immediately and directly from the proceeds of such Sale Transaction, as a cost of such Restructuring, that is calculated based on the Aggregate Gross Consideration (the "AGC", as defined below) according to the following thresholds: i. AGC of $21,000,000 or less a Transaction Fee of one-half of one percent (0.5%); ii. AGC greater than $21,000,000, but less than $23,000,000, a Transaction Fee of one percent (1%) iii. AGC great than $23,000,000 a Transaction Fee of two percent (2%). (d) Minimum Success Fee. Upon and subject to the consummation (i.e., closing) of any Sale Transaction and regardless of the nature of such Sale Transaction, Mastodon shall be entitled to receive a minimum fee of $105,000 (the "Minimum Success Fee"); provided however, that no Minimum Success Fee shall be due unless there is a Sale Transaction. (e) Reduction for Retainer and Monthly IB Fees Paid. The Transaction Fee or Minimum Success Fee, as applicable, shall be reduced, without duplication, by an amount equal to the Retainer (as set forth in Section 3(a) of the Engagement Agreement); any Monthly IB Fees paid (as set forth in Section 3(b) of the Engagement Agreement). All payments received by Mastodon pursuant to the Engagement Agreement at any time shall become the property of Mastodon without restriction. Robert Hersch, a senior managing director at Mastodon Ventures, 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: Robert Hersch, Esq. Mastodon Ventures, LLC 114 W 7th St Suite 820 Austin, TX 78701 Tel: (512) 498-1200 About Eegee's, LLC Eegee's, LLC owns and operates a fast food restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-10470) on December 6, 2024. In the petition signed by Christopher Westcott, CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda K Martin oversees the case. Patrick Keery, Esq., at KEERY MCCUE, PLLC, represents the Debtor as legal counsel. ELEMENTS UES: Nat Wasserstein Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nat Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for Elements UES, LLC. Mr. Wasserstein will be paid an hourly fee of $485 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Foor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About Elements UES Elements UES, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10033) on January 12, 2025, with $1 million to $10 million in both assets and liabilities. Andrea Fornarola Hunsberger, president and chief executive officer of Elements UES, signed the petition. Judge Michael E. Wiles presides over the case. Ralph E. Preite, Esq., at Cullen and Dykman, LLP represents the Debtor as legal counsel. ENDEAVOR GROUP: S&P Downgrades ICR to 'B+', Outlook Stable ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Endeavor Group Holdings Inc. to 'B+' from 'BB-'. S&P also lowered its issue-level ratings on Ultimate Fighting Championship's (UFC) $2.75 billion first-lien term loan B and $205 million revolving credit facility to 'BB' from 'BB+' the recovery rating remains '1'. Silver Lake Technology Management LLC is acquiring Endeavor Group Holdings Inc. for an equity purchase price of approximately $12.8 billion. Endeavor will be issuing about $7.25 billion of debt, $800 million of preferred equity, and over $8 billion of new and rollover equity to fund the transaction and refinance existing William Morris Endeavor Entertainment LLC (WME) debt. The additional debt will increase Endeavor's adjusted leverage above our 5.5x threshold for the current ratings at least for the next two years. S&P said, "We also assigned our 'B+' issuer credit rating to EOC Borrower LLC, which is the issuer of the company's proposed first-lien debt facilities. At the same time, we assigned our '3' recovery rating and 'B+' issue-level ratings to the proposed $1.25 billion first-lien term loan A, $3 billion first-lien term loan B and $250 million revolving credit facilities. "The stable outlook reflects our expectation that Endeavor will experience strong revenue growth over the next 12 months, driven by TKO Group Holdings' growth from new media rights deals and WME's representation business benefiting from high demand for top talent. The outlook also reflects our expectations that while leverage will be elevated at about 9.0x in 2025 it will decline to at least 6.0x in 2026, which is the first full year after the take-private transaction and lower significant transaction expenses, committed debt paydown from asset sales and strong operating performance." The downgrade of Endeavor reflects a significant increase in S&P Global Ratings-adjusted leverage following the take-private transaction led by Silver Lake. Silver Lake, which currently holds just under 40% of Endeavor's common stock and 70% of its voting stock, will acquire the remaining outstanding shares for $27.50 each, representing an equity value of about $12.8 billion through a mix of equity and debt financing. This transaction will elevate Endeavor's adjusted leverage beyond 5.5x for at least the next two years, with leverage expectations of about 9.0x in 2025 driven by substantial expenses associated with the transaction, including legal fees and other costs. S&P anticipates a decline in leverage to around 6.0x by 2026, based on our expectation of Endeavor's successful execution of cost-cutting initiatives and asset sales aimed at de-leveraging post transaction. Endeavor will hold approximately 59% of TKO Group Holdings following the transaction. S&P believes TKO Group represents a strong asset, particularly as a live sports property in a linear TV landscape facing secular challenges. Live sports have consistently proven to be resilient, serving as a key mitigating factor against these industry weaknesses. TKO Group's sports entertainment platform enhances revenue diversity within the broader entertainment ecosystem. The growing popularity of live sports presents new opportunities for TKO, especially as the media landscape evolves with the rise of streaming and direct-to-consumer consumption. This trend has already driven robust operating performance for TKO's major assets, WWE and UFC. Notably, WWE's Netflix deal, set to commence in January 2025, is expected to significantly boost annual media rights revenues over the course of the 10-year agreement. In the next 12-18 months, TKO Group will focus on renewing media rights deals for UFC and WWE Network's U.S. distribution, currently available exclusively through ESPN(UFC) and NBC's Peacock streaming service (WWE Network). We anticipate these renewals will result in substantial increases in media rights revenues. Additionally, WWE is expanding its premium live events (PLEs) beyond the U.S., tapping into potentially lucrative site fees. The recently announced Royal Rumble 2026, to be held in Riyadh, Saudi Arabia, marks the first time this event will take place outside the U.S. S&P expects TKO Group to continue pursuing international locations for PLEs, further enhancing event revenues. Endeavor is well-positioned to capitalize on strong secular trends that are driving demand for premium content, live sports, and events. S&P expects the company to continue benefiting from robust demand for the talent represented by its agents across motion pictures, television, music, and sports. The revenue prospects in the film and TV sectors remain promising, as studios increasingly seek to enhance their streaming platforms with high-quality content. Despite the post-strike market adjustment in expectations for content investments from streaming services, the demand for premium Hollywood talent represented by Endeavor is likely to persist. Studios are prioritizing high-profile talent and fewer, but higher-quality productions, which aligns well with Endeavor's portfolio. S&P said, "In addition to its strong position in film and television, we expect Endeavor's representation business to thrive due to the ongoing demand for high-end talent across various sectors. The company's diverse revenue streams, particularly in live events and sports, provide a solid foundation for growth. As the entertainment landscape evolves, Endeavor's ability to adapt to changing consumer preferences and market dynamics will be crucial. While there may be some volatility in revenues due to shifts in discretionary spending and changes in payment structures for talent remuneration, Endeavor's strong market position and revenue diversification are likely to mitigate these risks, ensuring continued growth in the coming years. "The stable outlook reflects our expectation that Endeavor will experience strong revenue growth over the next 12 months, driven by TKO Group Holdings' growth from new media rights deals and WME's representation business benefiting from high demand for top talent. The outlook also reflects our expectations that while leverage will be elevated at about 9.0x in 2025 it will decline to at least 6.0x in 2026, which is the first full year after the take-private transaction and lower significant transaction expenses, committed debt paydown from asset sales and strong operating performance." S&P could lower its ratings if it expects adjusted leverage will increase and remain above 6.5x on a sustained basis. This could likely happen if: -- Endeavor pursues a more aggressive financial policy, which includes large debt-financed distributions and/or acquisitions that demonstrates a tolerance for sustained higher leverage. -- Unexpected major represented talent departures that weaken the competitive advantage and market share of WME's representation business and drives down operating performance. S&P could raise its ratings if leverage declines comfortably below 5.5x and S&P expects there is no risk of re-leveraging above that threshold. This could occur if: -- Endeavor commits to a financial policy of remaining below 5.5x through a sustained track record that supports that commitment; and -- The company's business segments continue to perform well with strong media rights and events revenue growth in TKO and sustained demand for strong represented talent within WME and drives down operating performance. ENGELMANN REAL ESTATE: To Sell Las Vegas Property to Michael Frost ------------------------------------------------------------------ Engelmann Real Estate Holdings LLC seeks permission from the U.S. Bankruptcy Court for the District of Nevada to sell its Property in the price of $318,800.00. The Debtor's Property that is up for sale is located at 1618 Marathon Drive, Las Vegas, Nevada. Maxim Development Group, Inc. holds the rights to a note and first deed of trust which encumbers the Property with the total claim of $205,575.00. The Debtor has had no more than three encumbrances against the Property – the major encumbrance in favor of the Secured Creditor, with very minor possible encumbrances of less than $500.00 each to the Clark County Treasurer and to the applicable homeowners association. The Debtor proposes to sell the Property to Michael A. Frost. and the buyer has agreed to purchase the Property and all of Debtor’s rights and interests related thereto, free and clear of all liens or encumbrances. The Purchase Price for the Property is $ 318,800.00, of which $3,500.00 has been tendered, for a balance of $315,300.00. The Purchase Agreement provides for a closing date that is on or before January 31, 2025 and the Debtor proposes to make the following disbursements: a. Payments to the Mortgage Holder, and any any amounts due to the Clark County Treasurer and to the HOA ; and b. Payment of closing costs, to be borne by the Debtor; and c. any excess to the bankruptcy estate/Debtor. About Engelmann Real Estate Holdings LLC Engelmann Real Estate Holdings LLC is a Las Vegas-based real estate company, operates from its principal location at 6600 W Charleston Blvd with property assets at 5710 E Tropicana Ave. Engelmann Real Estate Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10082) on January 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. David A. Riggi, Esq. of RIGGI LAW FIRM represents the Debtor as counsel. ENGINEERING RECRUITING: Unsecureds to Get 1 Cent on Dollar in Plan ------------------------------------------------------------------ Engineering Recruiting Experts, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated January 13, 2025. The Debtor is the operator of an engineering recruiting business which operates in Jacksonville, FL. The business was started in May of 2014 by Christopher McHatton and has continuously operated since that time. After the Debtor started operations, it grew very quickly. In its first year it went from $100,00.00 of gross revenue to over $1 Million in gross revenue, The Debtor financed this growth with debt from the SBA and other lenders in an attempt to keep up with the demand. Personnel was a large expense of the business, so in 2022 the Debtor arranged for the business to outsource the manpower required to recruit candidates to Columbia (the Country) through a business connection. This has had the effect of greatly reducing the salary expenses of the Debtor but the transition temporarily reduced cash flow. The Debtor was forced into taking on additional debt from the SBA and other lenders to attempt to make up the lost revenue for such an undertaking. The Debtor is still a viable business with opportunities for continuing growth such an undertaking. This Plan of Reorganization proposes to pay unsecured creditors of the Debtor all disposable income during months 1 to 60 from future income of the Debtor derived from income generated from the engineering recruiting business that the Debtor will operate during the term of the plan in order to obtain a discharge pursuant to Section 1192 of the Bankruptcy Code. This Plan provides for 4 class(es) of secured claims, 1 Class of Priority Claims and 1 class of unsecured claims. Unsecured creditors holding allowed claims will receive distributions which the proponent of this Plan has valued at approximately 1 cent on the dollar based upon current projections of disposable income. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan or as allowed under the Bankruptcy Code. Class 6 consists of All General Unsecured Claims, including any wholly unsecured second mortgage claims identified above and any unsecured portion of claims valued pursuant to Section 506 of the Bankruptcy Code. The Debtor will pay the amount of $500.00 per month for months 1 60 of the plan in complete satisfaction of the unsecured claims in this case, including any unsecured deficiency claims as a result of valuations pursuant to Section 506 of the Bankruptcy Code. Christopher McHatton shall remain as Managing Member of the Debtor after confirmation of this Plan and 100% shareholder. The Debtor shall not issue any further non-voting equity securities. This Plan contemplates payments to secured creditors and/or servicers from property of the estate. Such payments may differ from the original contractual obligation of the debtor(s) pursuant to the original contracts. To the extent that such plan payments are not applied to any modified secured account as contemplated by the Plan, the Bankruptcy Court shall retain jurisdiction to enforce the terms of this Plan after confirmation. For the 60-month term of the plan, Christopher McHatton shall personally make a yearly contribution of $5,000.00 towards the unsecured claims in this case, for a total of $25,000.00 over the life of the plan. The additional distributions will be reflected in the confirmation order as a portion of the unsecured payment schedule in this case. A full-text copy of the Subchapter V Plan dated January 13, 2025 is available at https://urlcurt.com/u?l=RYNW45 from PacerMonitor.com at no charge. Counsel to the Debtor: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 3211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About Engineering Recruiting Experts Engineering Recruiting Experts, LLC is the operator of an engineering recruiting business which operates in Jacksonville, FL. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03292) on Oct. 29, 2024, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Jason A Burgess presides over the case. Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor as counsel. EXPLORETRIP IP: Seeks Chapter 11 Bankruptcy Protection in Delaware ------------------------------------------------------------------ On January 14, 2025, Exploretrip IP Holdings Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Exploretrip IP Holdings Inc. Exploretrip IP Holdings Inc. headquartered in San Mateo, California, operates as part of the Mondee Holdings group providing online travel booking and services. Exploretrip IP Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10050) on January 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor is represented by Edmon L. Morton, Esq., Timothy R. Powell, Esq., and Shella Borovinskaya, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in Wilmington, Delaware. The Debtors' General Bankruptcy Counsel is Rachel C. Strickland, Esq., Andrew S. Mordkoff, Esq., Amanda X. Fang, Esq., and Cameron J. Cavalier, Esq., at FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP, in New York. The Debtors' Restructuring Advisor is M3 ADVISORY PARTNERS, LP. The Debtors' Investment Banker is PIPER SANDLER & CO. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. EXTENDEDFIELDFORCE LLC: Unsecureds to Split $358K over 3 Years -------------------------------------------------------------- ExtendedFieldForce LLC filed with the U.S. Bankruptcy Court for the Western District of Kentucky a Chapter 11 Plan of Reorganization under Subchapter V. The Debtor is a service company that offers installation, service, integration, and maintenance of business systems such as customer kiosks, point of sale technologies, appliances, and other equipment businesses use to stay compliant and competitive in their respective industries. Michael Byerly is the president and sole member of the Debtor. Mr. Byerly acquired sole ownership of the equity interests in the Debtor through assignment from his former spouse, Maureen Byerly, in April 2024. Since assuming exclusive ownership and control of the company, Mr. Byerly has worked to stabilized its operations and continued to grow its lines of business. Debtor's management believes that the company is poised for growth that could not have been achieved while subject to the aggressive repayment obligations that existed as of the bankruptcy filing. The Debtor's financial projections suggest that the Debtor will have projected disposable income of $358,240.20. The final Plan payment is expected to be paid on or around August 1, 2028. This Small Business Plan proposes to pay creditors of the Debtor from the future income and cash flow generated by the Debtor's continued business operations. This plan provides for one class of Priority Claims, four classes of Secured Claims, one class of non-priority Unsecured Claims, and one class of Equity Interests. Holders of Allowed non-priority Unsecured Claims will receive cash distributions which the Debtor, as proponent of this Plan, has valued at approximately sixty-four cents on the dollar. This Plan also provides for the payment of Allowed Administrative Claims and Allowed Priority Claims in full on the Effective Date unless (i) the holder of such claim has, prior to the Effective Date, agreed in writing to accept periodic payment on account of its Allowed Administrative Claim or Allowed Priority Claim, or (ii) the Plan is confirmed under Section 1191(b) of the Bankruptcy Code. Class 3 consists of all Allowed Claims that are not secured by property of the estate or entitled to priority under Section 507(a) of the Bankruptcy Code. The allowed unsecured claims total $563,881.33. Class 3 Claims are impaired. Beginning on the date that is one month after the Effective Date and continuing monthly thereafter until the third anniversary of the Effective Date (the "Class 3 Maturity Date"), Debtor will transfer its disposable income, for the prior calendar month, if any, into a bank account (the "Reserve Account") to be opened and maintained in Debtor's name through the date that is 180 days after the Class 3 Maturity Date. Subject to Debtor's ability to make expenditures necessary for the continuation, preservation, or operation of its business, including payment of amounts due under this Plan for retention of the Class 2A Collateral and Class 2B Collateral and satisfaction of Allowed Administrative Claims, Debtor shall deposit funds into the Reserve Account sufficient to enable Debtor to distribute funds, pro rata, among holders of Class 3 Claims on a semi-annual basis such that a cumulative distribution of $358,240.20 among holders of Class 3 Claims shall be made by the Class 3 Maturity Date. Class 4 consists of Equity Security Holder Michael Byerly, who holds 100% of all pre-petition security interests in the Debtor. The holder of Class 4 equity interests shall retain his respective interests in Debtor as of the Effective Date. Following Confirmation, Debtor will continue to be managed in accordance with the company's operating agreement. The Debtor's officers will continue to be paid market-based salary and benefits packages commensurate with their services to the company and professional experience. After Confirmation, Debtor may hire, fire, and adjust compensation of its officers at the discretion of Debtor's board of directors without application to or authority from the subchapter V trustee or the Bankruptcy Court. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=vrHArL from PacerMonitor.com at no charge. Counsel for the Debtor: Tyler R. Yeager, Esq. Charity S. Bird, Esq. Kaplan Johnson Abate & Bird, LLP 710 W. Main St., 4th Floor Louisville, KT 40202 Telephone: (502) 416-1630 Facsimile: (502) 540-8282 Email: tyeager@kaplanjohnsonlaw.com Email: cbird@kaplanjohnsonlaw.com About ExtendedFieldForce LLC ExtendedFieldForce, LLC is a service company that offers installation, service, integration, and maintenance of business systems. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-32383) on Sept. 27, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Michael Wheatley serves as Subchapter V trustee. Judge Joan A. Lloyd oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP represents the Debtor as legal counsel. FRED'S INC: Trust Can Recover Over $3MM Pre-Bankruptcy Transfers ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge ruled that the liquidating trust for Fred's Inc. can recover over $3 million paid to C.H. Robinson Co. Inc. before the retailer's 2019 bankruptcy, determining the payments are avoidable due to credit pressure applied by the logistics company. About Fred's Inc. Since 1947, Fred's, Inc. (NASDAQ:FRED) -- http://www.fredsinc.com/ -- has been an integral part of the communities it serves throughout the southeastern United States. Fred's mission is to make it easy AND exciting to save money. Its unique discount value store format offers customers a full range of value-priced everyday items, along with terrific deals on closeout merchandise throughout the store. Fred's, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11984) on Sept. 9, 2019 in Delaware. In the petitions signed by Joseph M. Anto, CEO, the Debtors disclosed $474,774,000 in assets and $380,167,000 in liabilities as of May 4, 2019. The Hon. Christopher S. Sontchi oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Kasowitz Benson Torres LLP as general bankruptcy counsel; Akin Gump Strauss Hauer & Feld LLP as special counsel; Epiq Bankruptcy Solutions LLC as claims and noticing agent; and Berkeley Research Group, LLC, as financial advisor. FREIRICH FOODS: To Sell BMW Vehicle to Paul Bardinas ---------------------------------------------------- Freirich Foods, Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division, to sell BMW vehicle in a private sale to Paul Bardinas. The Debtor is the owner of a 2021 BMW 440I IDRV Convertible which is in the possession of Paul Bardinas, the President of the Debtor. BMW Financial Services NA, LLC holds a lien upon the Vehicle pursuant to the loan documents and the payoff on the Vehicle through December 13, 2024 was $19,639.34. Bardinas agrees to purchase the Vehicle for the sum of $30,000. According to Chris Crawford of Iron Horse Auction Company, Inc., the Vehicle has a value between $30,000 and $35,000 given its condition and mileage. Bardinas also determined that the Kelly Blue Book value is approximately $31,680. The Debtor seeks to sell the Vehicle free and clear of any and all liens, claims, rights or interests and proposes that the proceeds from the sale of the Vehicle be distributed to BMW to satisfy its lien, with all remaining proceeds paid to the Debtor for the benefit of the bankruptcy estate. The Debtor says that the proposed sale is in the best interests of the estate and its creditors. About Freirich Foods, Inc. Freirich Foods, Inc. is a deli meat processor that produces dry open-oven roasted products. It has been supplying specialty meats to select grocers and delis since 1921. Although initially opened in New York, the business is headquartered in Salisbury, N.C., today and has been managed by four generations of the Freirich family. Freirich Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-50204) on March 20, 2024, with $13,015,005 in assets and $14,524,627 in liabilities. Paul Bardinas, president of Freirich Foods, signed the petition. Judge Benjamin A. Kahn oversees the case. The Debtor tapped John A Northen, Esq., at Northen Blue, LLP as legal counsel and The Finley Group, Inc. as financial advisor. FREIRICH FOODS: To Sell Hyundai Vehicle to Jim Venturini -------------------------------------------------------- Freirich Foods, Inc. seeks permission from the U.S. Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division, to sell 2023 Hyundai Santa Fe, free and clear of any and all liens, claims, rights or interests. The Debtor is the owner of a 2023 Hyundai Santa Fe which is in the possession of its National Sales Manager, Jim Venturini. Hyundai Capital America d/b/a Hyundai Motor Finance Company holds a lien upon the Vehicle. Venturini has agreed to purchase the Vehicle for the sum of $29,750. According to Chris Crawford of Iron Horse Auction Company, Inc., the Vehicle has a value of no more than $24,000 given its condition and mileage. Paul Bardinas also determined that the Kelly Blue Book value is approximately $23,850. The seeks to sell the vehicle free and clear of any and all liens, claims, rights or interests and proposes that the proceeds from the sale of the Vehicle be distributed to Hyundai to satisfy its lien, with all remaining proceeds paid to the Debtor for the benefit of the bankruptcy estate. About Freirich Foods, Inc. Freirich Foods, Inc. is a deli meat processor that produces dry open-oven roasted products. It has been supplying specialty meats to select grocers and delis since 1921. Although initially opened in New York, the business is headquartered in Salisbury, N.C., today and has been managed by four generations of the Freirich family. Freirich Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-50204) on March 20, 2024, with $13,015,005 in assets and $14,524,627 in liabilities. Paul Bardinas, president of Freirich Foods, signed the petition. Judge Benjamin A. Kahn oversees the case. The Debtor tapped John A Northen, Esq., at Northen Blue, LLP as legal counsel and The Finley Group, Inc. as financial advisor. GENESIS GLOBAL: SEC Fines Ex-CEO, Digital Currency $38.5-Mil. ------------------------------------------------------------- Aislinn Keely of Law360 Bankruptcy Authority reports that on Friday, January 17, 2025, crypto venture capital firm Digital Currency Group and the former CEO of its bankrupt lending subsidiary, Genesis Global Capital LLC, agreed to a $38.5 million combined civil penalty to settle claims that they misled investors about Genesis' financial condition prior to its collapse. About Genesis Global Holdco Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global Markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GILL RANCH: Gets Go Signal to Use AgWest's Cash Collateral ---------------------------------------------------------- Gill Ranch, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to use the cash collateral of its secured creditor AgWest Farm Credit, FLCA. The order signed by Judge Hannah Blumenstiel approved the use of cash collateral to pay the expenses set forth in the company's projected budget for the period from Jan. 10 until Feb. 28; the date that the order ceases to be in full force and effect; or the occurrence of so-called termination events, whichever occurs first. As security for any diminution in value of its collateral, AgWest was granted a replacement lien on the company's properties except causes of action that may be brought by the company. AgWest is owed more than $18 million, which is secured by Gill Ranch's real and personal properties and proceeds thereof. All funds of Gill Ranch, whether acquired before or after its Chapter 11 filing, and all cash and cash equivalents generated from the operation of its two primary lines of business in Sacramento County, Calif., constitute the secured creditor's cash collateral. AgWest can be reached through its legal counsel: John R. Rizzardi, Esq. Jennifer K. Faubion, Esq. Cairncross & Hempelmann, P.S. 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 Email: JRizzardi@Cairncross.com JFaubion@Cairncross.com -- and -- Merle C. Meyers, Esq. Kathy Quon Bryant, Esq. Meyers Law Group, P.C. 100 Shoreline Highway, Suite B-160 Mill Valley, CA 94941 Telephone: (415) 362-7500 Facsimile: (415) 362-7515 Email: mmeyers@meyerslawgroup.com kquonbryant@meyerslawgroup.com About Gill Ranch Gill Ranch, LLC is a limited liability company in San Francisco, Calif. Gill Ranch sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-30886) on November 25, 2024, with $10 million to $50 million in both assets and liabilities. Andrew De Camara, chief restructuring officer of Gill Ranch, signed the petition. Judge Hannah L. Blumenstiel oversees the case. The Debtor is represented by Ori Katz, Esq., at Sheppard Mulllin Richter & Hampton, LLP. GLOBAL SUPPLIES: Court Extends Cash Collateral Use Until Feb. 13 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York approved a stipulation extending Global Supplies NY Inc.'s authority to use the cash collateral of its secured lenders. The stipulation entered into between Global Supplies NY and its secured lenders, Flushing Bank and Amazon Capital Services, extended the company's authority to use the cash collateral from Jan. 9 until the next case management conference on Feb. 13. Flushing Bank can be reached through its counsel: Frank C. Dell'Amore, Esq. Jaspan Schlesinger Narendran, LLP 300 Garden City Plaza Garden City, NY 11530 Tel: 516-393-8289 Fax: 516-393-8282 fdellamore@jaspanllp.com Amazon Capital Services can be reached through its counsel: Michael J. Gearin, Esq. K&L Gates, LLP 925 Fourth Avenue, Suite 2900 Seattle, WA 98104 Phone: +1.206.370.6666 Mike.Gearin@klgates.com About Global Supplies NY Global Supplies NY Inc. is a distribution service provider in New York. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 24-43232) on August 1, 2024, with $1,115,425 in assets and $3,633,514 in liabilities. Jolene Wee of JW Infinity Consulting, LLC serves as Subchapter V trustee. Judge Elizabeth S. Stong presides over the case. Rachel S. Blumenfeld, Esq., at the Law Office of Rachel S. Blumenfeld, PLLC represents the Debtor as bankruptcy counsel. GLOBAL TECH: Stocks Declined 49.5% Amid Receivership ---------------------------------------------------- Lina Guerrero of Investing.com reports that Global Tech Industries Group, Inc. (OTC: GTII), a Nevada-based company trading at $0.02 per share, is now under court-appointed receivership, according to a recent SEC filing. The receivership, initiated on September 18, 2024, by the Clark County District Court in Nevada, assigned Paul L. Strickland as Receiver to manage the company’s operations and financial affairs. Over the past week, GTII's stock has plummeted 49.5%, reducing its market capitalization to $6.86 million. The receivership stems from the legal case White Rocks (BVI) Holdings Inc., et al. v. Reichman, et al. (Case No.: A-24-896359-B), which prompted the court to intervene in the company's management. According to InvestingPro, GTII's financial health is rated as WEAK at 1.11, with negative returns on both assets and equity. The Receiver is tasked with stabilizing the company's operations, safeguarding stakeholder interests, and ensuring regulatory compliance. On Monday, January 13, 2024, the Receiver submitted a Third Interim Report outlining the company's status and activities since the receivership began. The report, attached as Exhibit 99.1 to the latest 8-K filing, provides critical updates on the company's financial and operational condition. Formerly operating under names such as Tree Top Industries, Inc., GoHealth MD Inc., and Nugget Exploration Inc., GTII has undergone several rebrands and business pivots. The company is categorized under the Services-Management Services sector, with its current headquarters at 120 State Ave NE, Suite 1014, Olympia, Washington, and a former address at 511 Sixth Avenue, Suite 800, New York, New York, the report states. Trading exclusively on the OTC market, GTII's stock is not listed on any national exchange. Over the past year, it has lost 92.79% of its value, falling far below its 52-week high of $0.35. InvestingPro subscribers can access additional insights into the company's performance, including volatility metrics and profit margin analysis, the report relays. The receivership marks a pivotal moment for GTII, granting the Receiver full authority over its assets and operations. Key responsibilities include managing staff, addressing financial obligations, and maintaining compliance with SEC and OTC Markets reporting requirements. This development may have significant implications for the company's future trajectory, according to report. About Global Tech Industries Global Tech Industries Group, Inc., operates an online cryptocurrency trading platform in the United States. It operates Beyond Blockchain, a cryptocurrency trading platform, which allows multi-currency clearing and direct settlements in Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, Bitcoin SV, Aave, Compound, Uniswap, Chainlink, and Yearn Finance. The company was formerly known as Tree Top Industries, Inc. and changed its name to Global Tech Industries Group, Inc. in July 2016. Global Tech Industries Group was incorporated in 1980 and is based in New York. GLOBAL VALUES: Hires Weeks Group LLC as Real Estate Broker ---------------------------------------------------------- Global Values GA, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Weeks Group, LLC as real estate broker and auctioneer. The firm will market and sell at auction the Debtor's real property located at 1187 Old Middleton Road, Elberton, Elbert County, GA 30635. The firm will be paid 10 percent of the buyer's bid price for all purchases with a $10 seller's commission per item. Justin Weeks, a partner at Weeks Group, 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: Justin Weeks Weeks Group, LLC 2186 Sylvester Highway, Suite 1 Moultrie, GA 31768 Tel: (229) 891-7653 About Global Values GA, LLC Global Values GA, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Ga. Case No. 24-30387) on Aug. 5, 2024. The firm hires Stone & Baxter, LLP as counsel. GLOSSLAB LLC: To Sell Business Assets to VD Brand Holdings ---------------------------------------------------------- Glosslab LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell substantially all of its Assets, free and clear of all liens, claims, encumbrances. The Debtor's Asserts that are up for sale are: a. All industrial and office equipment, including without limitation the equipment and all associated nail salon and nail care business items, and all other and various support equipment whether or not specifically listed to whatever extent they are the tangible personal property of the Debtors and in the possession of the Debtors that are used to operate the Debtors’ locations at 27 W 20th St, New York, NY 10011 and 180 W Broadway, New York, NY 10013 (the Equipment). b. Inventory, including without limitation all raw materials, components, supplies, work in progress and finished goods or products, subject to any inventory fluctuations occurring in the ordinary course through the Closing Date. c. All intellectual property owned by the Debtors, including without limitation, and all trademarks, service marks, patents, copyrights, trade secrets, knowhow, processes, methods, industrial designs and designs whether or not specifically listed, as well as any associated goodwill of the Business, including, but not limited to, all telephone numbers, websites and social media accounts of the Debtors (the Intellectual Property). d. Executory contracts and leases of the Debtors to be identified by the Purchaser on or before the day before the Closing Date for assumption and assignment as of the Closing Date, and to be appended by the Closing Date (the Designated Contracts). e. The books and records, customer lists, membership information, customers’ files, credit information, supplier lists, parts lists, vendor lists, Business correspondence, Business lists, sales literature, promotional literature and other selling and advertising materials and all other interests and rights primarily related to the distribution, sale or marketing of the Business of the Debtors. f. To the extent assignable under applicable legal requirements: all permits that the Purchaser requires to operate the Business; and all permits that the Purchaser requires to operate the Specified Locations. g. Any other assets, tangible or intangible, that the Purchaser requires to operate the Debtors’ Business. VD Brand Holdings, Inc., a Delaware corporation, proposes to purchase the Assets. The Debtors discloses that they were facing an enormous cash crunch and in an effort to mitigate their financial distress, it turned inward and sought help from the more than 100 equity holders of the Debtors. The Debtors receive offers from 22 parties who expressed interest to invest in or purchase the Debtors, however, the Debtors had defaulted on a $5 million secured loan from a lender named Josh Coba. Coba insisted that any amounts received be paid to him until the loan was satisfied, hence, a litigation ensued, however, after many months of litigation, Coba agreed to release his lien against the Debtors’ assets and accepted a compromised amount to satisfy his loan. By the time the litigation with Coba was resolved, investors who previously expressed an interest in the Debtors would no longer entertain partnering in any way, noting the damage to the brand resulting from the litigation. The Debtor is also granted of its request for debtor-in-possession (DIP) financing provided by VD Brand. The Debtors seek to maximize the value of their respective estates for the benefit of their creditors and other stakeholders. According to the Debtor, although the Purchaser is funding the transaction for its own benefit, the result is that some of the Debtors’ businesses will remain open and the jobs of approximately 50 employees will be preserved and the proposed purchase price is anticipated to exceed the amount of the DIP Loan. To that end, the Debtors have secured an offer from the Purchaser for the Purchased Assets in the amount of $500,000.00. The $500,000.00 purchase price includes the DIP Loan (including fees and interest), plus an estimated $128,000.00 in executory contract cure costs. About Glosslab LLC Glosslab, LLC and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 24-12399) on December 23, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Rachel Apfel Glass, chief executive officer, signed the petition. Judge Michael E. Wiles oversees the case. Adrienne Woods, Esq., at WZMP Weinberg Zareh Malkin Price, LLP, represents the Debtor as legal counsel. H & H RENTAL: Ciara Rogers Named Subchapter V Trustee ----------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Ciara Rogers, Esq., as Subchapter V trustee for H & H Rental Broker, Inc. Ms. Rogers is a partner at Waldrep Wall Babcock & Bailey, PLLC. She will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The Subchapter V trustee can be reached at: Ciara L. Rogers, Esq. Waldrep Wall Babcock & Bailey, PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Phone: (984) 480-2005 Email: crogers@waldrepwall.com About H & H Rental Broker H & H Rental Broker, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00105) on January 9, 2025, with $500,001 to $1 million in assets and $0 to $50,000 in liabilities. J.M. Cook, Esq. at J.M. Cook, P.A. represents the Debtor as legal counsel. H&H ENTERPRISES: Unsecureds to be Paid in Full in Plan ------------------------------------------------------ H&H Enterprises of PC BCH LLC d/b/a Sandbar filed with the U.S. Bankruptcy Court for the Northern District of Florida a First Amended Subchapter V Plan of Reorganization dated January 13, 2025. The Debtor, a Florida corporation established in December 2009, operates a restaurant in the heart of Panama City Beach, FL. The restaurant is a classic local hangout specializing in seafood, barbeque, and all things Gulf Coast Favorites. The decision to file for Bankruptcy relief is not one that is made lightly. In the case of Sandbar, it was ultimately the result of mounting costs and the severe hardships suffered by restaurants during and following the COVID-19 Pandemic. These challenges were compounded for the Debtor by the ongoing, disruptive road construction, which significantly hindered access to the property and continues to impact the Debtor and the surrounding area. These struggles burdened the Debtor to the point that reorganization became the only feasible way to ensure creditors received what they were legally entitled to, without causing excessive financial burdens to the principals. At all times, Sandbar has remained committed to its employees, customers, and the community, and their decision now is a result of said commitments. For the purposes of the Plan, the Debtor's disposable income is being calculated on an evolving basis. Based on the financial projections provided at the outset of the case and the corroboration of the monthly operating reports to date, it is estimated that the Debtor shall have an average of approximately $10,500.00 per month of consistent disposable income with which to render payments to creditors under the plan. The Debtor possessed an interest in Approximately $165,486.38 in assets as of the petition date. The Debtor anticipates that the approximately $61,486.38 in cash on hand and recovered deposits will be utilized to pay the Administrative Expense Claims under the plan. The remaining $104,000.00 in assets are fully encumbered by secured claims of creditors. Class 5 consists of the allowed unsecured claims not otherwise classified. The total claim amount of $30,000.00 shall be paid in full via a lump sum payment prior to the end of the 60th month of the Plan. This Class is impaired. On, or as soon as practicable after the Effective Date, the Disbursing Agent will pay the Holders of Allowed Administrative Expense Claims, Professional Fee Claims, and Priority Tax Claims. The Debtor will fund the Plan through the following: (a) the Quarterly Net Disposable Income Payments as more particularly described in Class 5 of the Plan and incorporated herein by reference, and (b) the net Proceeds from the recovery of any Causes of Action and objections to claims pursued by the Reorganized Debtor. The Debtor Plan Payment is comprised of all of the projected disposable income of the Debtor to be disbursed as (a) payments made to the Holders of Allowed Administrative Expense Claims, Professional Fee Claims, Priority Tax Claims, and Administrative Convenience Claims or any other payments that may be due on the Effective Date on or as soon as practicable after the Effective Date, (b) payments made to the holders of allowed Secured Claims, and (c) payments made to fund the Unsecured Creditor Fund. The source of payments to fund the Unsecured Creditor Fund will be held and disbursed in accordance with the terms of Class 5 of this Plan. A full-text copy of the First Amended Plan dated January 13, 2025 is available at https://urlcurt.com/u?l=kzd1mO from PacerMonitor.com at no charge. Counsel for the Debtor: Michael A. Wynn, Esq. Darby Fowler, Esq. Wynn & Associates, PLLC 430 W 5th Street, Suite 400 Panama City, FL 32401 Telephone: (850) 303-7800 Email: michael@wynnlaw-fl.com About H&H Enterprises of PC BCH, LLC d/b/a Sandbar H&H Enterprises of PC BCH LLC d/b/a Sandbar, a Florida corporation established in December 2009, operates a restaurant in the heart of Panama City Beach, FL. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-50032) on March 6, 2024, listing $165,486 in assets and $1,086,708 in liabilities. The petition was signed by Craig K Harris as MGRM. Judge Karen K. Specie oversees the case. Michael Austen Wynn, Esq., at Wynn & Associates PLLC, is the Debtor's counsel. HAWAII STAGE: Kevin Lam Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Kevin Lam as Subchapter V trustee for Hawaii Stage and Lighting Rentals, Inc. Mr. Lam will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Lam declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin Lam P.O. Box 283086 Honolulu, Hawaii 96828 E-mail: Kevin.Lam@lamgrp.onmicrosoft.com Phone: (808) 979-5986 About Hawaii Stage and Lighting Rentals Hawaii Stage and Lighting Rentals Inc., doing business as Hawaii Stage and Hawaii Stage Event Production Company, is a full-service event production company serving the Hawaiian Islands since 1976. Hawaii Stage and Lighting Rentals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 24-01132) on December 14, 2024, with $1 million to $10 million in both assets and liabilities. Joseph Kuhio Lewis, president of Hawaii Stage and Lighting Rentals, signed the petition. Judge Robert J. Faris handles the case. Allison A. Ito, Esq., at Choi & Ito serves as the Debtor's legal counsel. HEARTHSIDE FOOD: Parent Proposes $30MM Key Employee Bonuses ----------------------------------------------------------- Vince Sullivan of Law360 reports that H-Food Holdings, the bankrupt parent of snack maker Hearthside Food Solutions, has proposed two retention and incentive payment plans offering up to $30 million in bonuses for key employees during the company's Texas Chapter 11 case. About Heartside Food Solutions Heartside Food Solutions -- https://www.hearthsidefoods.com/-- is a leader in modern manufacturing and produces some of the world's most iconic foods from leading brands. Heartside Food Solutions sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90587) on November 22, 2024. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. HIGH SOCIETY FREERIDE: To Sell Retail Business to Motel Echo ------------------------------------------------------------ High Society Freeride Company, LLC seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell substantially all of its asserts, free and clear of all liens, claims, and encumbrances. The Debtor is a Colorado limited liability company with its principal place of business located in Aspen, Colorado. The Debtor is engaged in business owning and operating a retail and online store selling equipment for outdoor adventure activities, including paddle boards, apparel, skis, and snowboards. The Debtor maintained a small operation for approximately 20 years until in 2020, with the COVID-19 pandemic limiting leisure activities available to individuals, the Debtor's business expanded significantly as people began to explore more outdoor activities. In 2022, the Debtor began to see a downturn in revenue as the market became flooded with lower cost and lower quality products from large online retailers. This trend continued over the next two years, resulting in the Debtor's need to pivot and expand their product. The Debtor also had a dispute with one of their primary distributors, resulting in disruptions to its supply chain. As a result of the ongoing financial issues, the Debtor entered into a lending agreement with 8fig Inc. for a merchant cash advance and was promised a loan of over $250,000 to bolster its supply and rejuvenate its sales. In February 2023, the Debtor entered into a loan agreement with WebBank to bolster its inventory, but the payment terms for both loans proved to be burdensome to the Debtor and taxed the Debtor’s cash flow. The Debtor has been unable to reinvigorate its sales, and has thus elected to proceed with a sale of substantially all of its assets, including its brand assets, logos, trademarks, trade names, intellectual property, product designs, website and associated domains, social media channels, customer lists, supplier contracts, and any remaining inventory. The Debtor enters into a purchase agreement with Motel Echo, LLC with the purchase price of $42,500 for substantially all assets of the Debtor, including the Property and any contracts, personal property items, licenses, and rights associated therewith. The Sale Contract is the highest and best offer received by the Debtor post-petition following the Debtor’s marketing efforts with business in the same or related industries. The Debtor received one other offer from a party who is also engaged in business making and selling paddle boards in a different geographical area, Paddle North. The offer from Paddle North was lower than the offer from Motel Echo and has elected to pursue the higher and better offer. The Debtor’s tangible assets are security for a lien in favor of 8fig. The Debtor anticipates that 8fig will consent to the sale of the assets as it maximizes the value of the assets securing its claim. All liens will attach to the proceeds of the sale until the full extent of the 8fig lien is determined, following which the Debtor or a successor will seek authorization to make distributions. About High Society Freeride Company, LLC High Society Freeride Company, LLC, a company in Aspen, Colo., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-13443) on June 20, 2024, listing $392,999 in assets and $4,394,798 in liabilities. The petition was signed by Paul W. Menter as chief executive officer, chief financial officer, and managing member. Judge Joseph G. Rosania Jr. presides over the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC represents the Debtor as legal counsel. IBIO INC: Secures $655K in Private Placement -------------------------------------------- On January 10, 2025, iBio, Inc., entered into a securities purchase agreement with certain of its officers and directors, pursuant to which the Company agreed to issue and sell to the Investors, in a private placement priced at-the-market consistent with the rules of the NYSE American LLC, an aggregate of 240,807 shares of the Company's common stock, $0.001 par value per share, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. The purchase price of each Share was $2.72, the last reported closing price of the Common Stock on the date of execution of the Purchase Agreement, which closing price was greater than the book value of the Common Stock on the date of the execution of the Purchase Agreement. The Private Placement closed on January 10, 2025. The Company received aggregate gross proceeds from the Private Placement of approximately $655,000, before deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Private Placement for working capital purposes. About iBio, Inc. Headquartered in San Diego, CA, iBio -- http://www.ibioinc.com-- is a preclinical stage biotechnology company leveraging the power of Artificial Intelligence (AI) for the development of hard-to-drug precision antibodies. The Company's proprietary technology stack is designed to minimize downstream development risks by employing AI-guided epitope-steering and monoclonal antibody (mAb) optimization. Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 19, 2024, citing that the Company has incurred losses since inception, accumulated deficit and has negative cash flows from operations, that raise substantial doubt about its ability to continue as a going concern. IMAGE DIRECT: Commences Subchapter V Bankruptcy Proceeding ---------------------------------------------------------- On January 15, 2025,Image Direct Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. 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 Image Direct Group LLC Image Direct Group LLC is a manufacturing company based in Frederick, Maryland. Image Direct Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-10353) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori S. Simpson handles the case. The Debtor is represented by: Lawrence Heffner, Esq. Russell & Heffner, LLC 153 W. Patrick St., Suite D Frederick, MD 21701 Phone: (301)695-2977 Fax : (301)695-0189 Email: lheffner@prodigy.net INRI LANDSCAPE: Cameron McCord Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for INRI Landscape Management, Inc. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About INRI Landscape Management INRI Landscape Management Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20039) on January 13, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Bradley J. Patten, Esq. at Smith, Gilliam, Williams & Miles, P.A. represents the Debtor as legal counsel. INTERNATIONAL HOLDINGS: Commences Subchapter V Bankruptcy Process ----------------------------------------------------------------- On January 15, 2025, International Holdings LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. 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 International Holdings LLC International Holdings LLC is a single-asset real estate company based in Astatula, Florida. International Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00242) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by: Ronald Cutler, Esq. Ronald Cutler PA 1162 Pelican Bay Drive Daytona Beach, FL 32119 Phone: (386) 788-4480 Fax : (800) 388-2090 Email: bankruptcy@ronaldcutlerpa.com INTRUM AB: Credit Swap Holders Poised for $94 Million Payout ------------------------------------------------------------ Giulia Morpurgo of Bloomberg Law reports that credit insurance holders for Intrum AB are expected to receive an estimated $94 million payout following the Swedish company's entry into U.S. bankruptcy proceedings to address its debt challenges. In an auction on Thursday, January 16, 2025, the company's unsecured bonds were valued at 76 cents on the euro, according to a notice on the Creditfixings website. As a result, credit default swap buyers will receive a payout equal to 24% of the contracts' face value, determined by subtracting the final bond price from par, the report states. About Intrum AB Intrum AB is a provider of credit management services with a presence in 20 markets in Europe. By helping companies to get paid and supporting people with their late payments, Intrum leads the way to a sound economy and plas a critical role in society at large. Intrum has circa 10,000 dedicated professionals who serve around 80,000 companies across Europe. In 2023, income amounted to SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and publicly listed on the Nasdaq Stockholm exchange. On the Web: www.intrum.com/ On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of Texas LLC each filed a voluntary petition for the relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (Bankr. S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their Prepackaged Reorganization Plan. The cases are pending before the Honorable Christopher M. Lopez. Milbank LLP and Porter Hedges LLP are serving as counsel in the U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll Issuer ervices Limited is the information agent. Kroll Restructuring Administration is the claims agent. Brunswick Group is also serving as advisers to Intrum. Latham & Watkins LLP and Latham & Watkins (London) LLP, and Advokatfirmaet Schjodt AS, are advising a group of bondholders holding widely across Intrum AB's notes issuances (the "Notes Ad Hoc Group"). PJT Partners (UK) Limited is financial advisor to the noteholder ad hoc group. Weil Gotshal & Manges LLP is representing a group of short-dated bondholders holding primarily 2024- and 2025-maturing notes ("Minority Ad Hoc Group"). Ropes & Gray LLP is representing another minority group of bondholders. Clifford Chance US LLP is counsel to the group that collectively holds approximately 76 percent of the total commitments under the RCF (the "RCF Steerco Group"). IRON IQ: Joli Lofstedt Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Iron IQ, Inc. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $390 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Iron IQ Inc. Iron IQ, Inc. offers cloud-native SCADA solutions for the oil and gas industry, enabling remote monitoring, control, and optimization of equipment and processes. The company provides integration, production optimization, and technical support to ensure efficient and cost-effective operations. With over 1000 installations and a team of specialists, Iron IQ ensures smooth implementation and ongoing operational excellence. Iron IQ sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-10152) on January 10, 2025. In its petition, the Debtor reported total assets of $366,590 and total liabilities of $4,722,063. Judge Michael E. Romero handles the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC, represents the Debtor as legal counsel. IRON SPRINGS: Los Gatos Property Sale to LG One OK'd ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California has approved Iron Springs Development, LLC, to sell Real Property located at 20525 Iron Springs Road, Los Gatos, California 95033. The Debtor is authorized to sell the Property to LG One Real Estate Company, LLC for the price of $1,075,000. The Debtor is authorized to pay from the proceeds of sale the following items at closing of the sale: all amounts owed to Robert Shafer pursuant to his demand submitted into escrow, on account of a deed of trust recorded in the Santa Clara County official records on August 13, 2015, as Instrument Number 2015-23101703; any amounts owed to David B. Phillips and Stuart Alan Phillips and Evelyn Charlotte Phillips; any amounts owe to William H. Wortz; any amounts owed to Mike Leon Pietrusiewicz; any amounts owed to the County of Santa Clara on account of real property taxes; normal and customary escrow and title charges; and any residual Proceeds shall be deposited in the Attorney Client Trust Account of Stanley A. Zlotoff, and shall not thereafter be distributed until further order of the Bankruptcy Court. Wayne A. Silver is entitled to review the payoff demands submitted to escrow. About Iron Springs Development, LLC Iron Springs Development, LLC in Los Gatos, CA, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 24-50504) on April 9, 2024, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Saul Flores as managing member, signed the petition. Judge M. Elaine Hammond oversees the case. STANLEY Z. ZLOTOFF serves as the Debtor's legal counsel. J AND J WINDOWS: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for J and J Windows Installs, LLC. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com About J and J Windows Installs J and J Windows Installs, LLC is a window installation contractor based in Middleburg, Fla. J and J sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00060) on January 8, 2025. In its petition, the Debtor reports estimated assets between $10,000 and $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtor as counsel. JACK CREEK: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Jack Creek Land Holdings LLP 1063 Genevieve Road Hinsdale, MT 59241 Business Description: The Debtor is primarily involved in the rental and leasing of real estate properties. Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court District of Montana Case No.: 25-10006 Debtor's Counsel: Matt Shimanek, Esq. SHIMANEK LAW PLLC 317 East Spruce Street Missoula, MT 59802 Tel: 406-544-8049 E-mail: matt@shimaneklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jerry Allen Arnold as owner. The Debtor stated in the petition it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ERWGS2I/JACK_CREEK_LAND_HOLDINGS_LLP__mtbke-25-10006__0001.0.pdf?mcid=tGE4TAMA JACKSON COURT: Hires BMC Group Inc. as Administrative Agent ----------------------------------------------------------- Jackson Court City Share Owners Association seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ BMC Group, Inc. as administrative agent. The firm will provide these services: (a) assist in administering the information respecting 200+ defendants in a Section 363(h) adversary proceeding and a smaller adversary proceeding seeking to determine the nature, extent and validity of liens; and (b) effect all mailings in the case and the two adversary proceedings, including identifying additional noticing opportunities and preparing reports in aid of obtaining defaults and other matters. The firm will be paid at these rates: Tinamarie Feil $155 Terri Marshall $135 Data support $95 Prior to the commencement of the case, the firm received a pre-petition retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tinamarie Feil BMC Group, Inc. 600 1st Avenue Seattle, WA 98104 Telephone: (206) 499-2169 Email: tfeil@bmcgroup.com About Jackson Court City Share Owners Association Jackson Court City Share Owners Association based at 2198 Jackson Street in San Francisco, operates as a property owners association. Jackson Court City Share Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30010 on January 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. Michael St. James of St. James Law, P.C. represents the Debtor as case. JINGBO TECHNOLOGY: Can't Timely File Form 10-Q for Nov 2024 Quarter ------------------------------------------------------------------- Jingbo Technology, Inc., notified the U.S. Securities and Exchange Commission that it could not timely file its Form 10-Q for the quarter ended November 30, 2024 because the financial statements could not be completed in sufficient time to solicit and obtain the necessary review of the quarterly report on Form 10-Q and signatures thereto in a timely fashion prior to the due date of the report. About Jingbo Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's auditor since 2024, issued a "going concern" qualification in its report dated July 3, 2024, citing that the Company had incurred substantial losses during the years and negative working capital, which raises substantial doubt about its ability to continue as a going concern. As of May 31, 2024, Jingbo Technology had $12.63 million in total assets, $32.41 million in total liabilities, and a total deficit of $19.78 million. JOANN INC: Lenders Inform Judge of Co.'s Possible Liquidation ------------------------------------------------------------- Steven Church of Bloomberg News reports that bankrupt craft retailer Joann Inc. is at a significantly higher risk of liquidation and laying off 19,000 employees if required to secure a buyer within 30 days, out-of-the-money creditors told the judge overseeing the bankruptcy case. The expedited timeline primarily benefits asset-backed lenders and holders of "first in, last out" loans, argued Joshua Brody, who represents creditors including Fidelity Management & Research Company and Nuveen Asset Management. These creditors, who hold term loans and own Joann stock, may explore whether other lenders contributed to the company's bankruptcy filing, Brody said. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10068) on January 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. JOANN INC: Racing to Secure Going Concern Buyer Before Mid-February ------------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that during a hearing on Thursday, January 16, 2025, attorneys told a Delaware bankruptcy judge that Joann Inc. is racing to find a going concern buyer before mid-February. If that fails, the 80-year-old national craft supply retailer will accept an offer from a firm planning to liquidate. This timeline is part of the company's second Chapter 11 filing within a year, the report states. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10068) on January 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. JOANN INC: S&P Lowers ICR to 'D' on Chapter 11 Bankruptcy Filing ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based specialty retailer Joann Inc. and its wholly owned subsidiary Needle Holdings LLC to 'D' from 'CCC'. At the same time, S&P lowered its issue-level rating on the company's term loan to 'D' from 'CCC'. S&P expects to withdraw all of our ratings on Joann and its subsidiaries within the next 30 days. S&P downgraded Joann after the company filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Its second bankruptcy filing in less than a year follows a rapid erosion in its liquidity position due to inventory challenges and weak performance. Many of Joann's suppliers stopped production and delivery of key merchandise to its stores, leaving the company with insufficient in-stock inventory to operate successfully. This was compounded by soft consumer demand and intense competition that contracted sales, margins, and cash flow. Joann intends to use cash collateral during its court-supervised bankruptcy to fund its operations while it seeks a buyer. At the time of its filing, Joann's outstanding debt totaled approximately $616 million, consisting of $462 million drawn under its asset-backed loan and first-in, last-out facilities and $153 million of term loan borrowings. S&P Global Ratings expects to withdraw all of our ratings on the company and its subsidiaries within the next 30 days. JRL ENERGY: Court OKs Continued Use of Cash Collateral ------------------------------------------------------ JRL Energy, Inc. and its subsidiaries received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky, London Division, to continue to use the cash collateral of their secured creditors. The second interim order signed by Judge Gregory Schaaf approved the use of cash collateral to pay the companies' expenses set forth in their projected budget. The budget shows total operating costs of $246,500 for the week ending Jan. 24; $482,500 for the week ending Jan. 31; and $326,500 for the week ending Feb. 7. The approval is granted on an interim basis from week to week, until a final hearing is held on the matter. No replacement lien or other lien or interest is being given as adequate protection in any security deposit held by a third party for its benefit or in any escrow account held by a creditor or third party escrow agent. The companies were ordered to continue to account for all cash use as additional adequate protection. The next hearing is scheduled for Jan. 23. About JRL Energy JRL Energy, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 24-61173) on Dec. 17, 2024, with up to $50,000 in assets and up to $50 million in liabilities. Tim B. Lusby, chief executive officer of JRL Energy, signed the petition. Judge Gregory R. Schaaf oversees the case. The Debtor is represented by: Laura Day DelCotto, Esq. Delcotto Law Group PLLC Tel: 859-231-5800 Email: ldelcotto@dlgfirm.com JUS BROADCASTING: Seeks to Hire Leo Fox as Bankruptcy Counsel ------------------------------------------------------------- JUS Broadcasting Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Leo Fox, Esq., a New York City attorney, to handle its Chapter 11 case. Mr. Fox will render these services: a. give advice to the Debtor with respect to its powers and duties under the Bankruptcy Code; b. prepare legal papers and appear before the bankruptcy court; c. appear before the judge to protect the interests of the Debtor and represent the Debtor in all matters pending before the Bankruptcy Judge; d. meet with and negotiate with creditors and other parties for a plan of reorganization, prepare the plan and disclosure statement and attendant documents; and e. perform all other necessary legal services. The firm will be paid at these rates: Partners $450 per hour Associate $275 per hour Paralegal $75 per hour The retainer fee is $15,000. Leo Fox, Esq., 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. Mr. Fox holds office at: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, NY 10018 Tel: (212) 867-9595 Email: leo@leofoxlaw.com About JUS Broadcasting Corporation Jus Broadcasting Corp sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-24-45180-jmm) on December 11, 2024. In the petition signed by Penny K, Sandthu, president and sole principal, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Leo Fox, Esq., at Law Office of Leo Fox, Esq., represents the Debtor as legal counsel. KARBONX CORP: Delays Filing of Form 10-K for FY 2024 ---------------------------------------------------- Karbon-X Corp. notified the U.S. Securities and Exchange Commission that it has experienced delays in completing its financial statements for the fiscal year ended November 30, 2025. As a result, the registrant is delayed in filing its Form 10-K for the fiscal year then ended. About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. As of August 31, 2024, Karbon-X had $3,288,372 in total assets, $139,000 in total liabilities, and $3,149,372 in total stockholders' equity. Going Concern To date, the Company has generated minimal revenues from its business operations and has incurred operating losses since inception of $5,742,108. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company's ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. KATOMKA ENTERPRISES: Court OKs Interim Use of Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio issued a third interim order authorizing Katomka Enterprise, LLC to use cash collateral. The company was authorized to use the cash collateral of its secured creditors to pay ordinary and necessary expenses consistent with its budget. As adequate protection, Katomka was ordered to make a monthly payment of $710 to the U.S. Small Business Administration; $2,916.88 to Square Financial Services/Block Inc.; and an amount required to utilize the remaining funds under the Line of Credit Agreement to Thomas Edwards. In addition, the secured creditors were granted post-petition security interests in Katomka's property to the same extent and with the same priority as their pre-bankruptcy liens. The next hearing is set for March 4. The secured creditors can be reached through: Square Financial Services c/o Block Inc. 1955 Broadway, Suite 600 Oakland, CA 94612 Thomas Edwards 6580 Holcomb Road Pemberville, OH 43450 About Katomka Enterprises Katomka Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-31890) on October 4, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Frederic Schwieg, Esq., at Schwieg Law, serves as Subchapter V trustee. Judge John P. Gustafson oversees the case. The Debtor is represented by: Steven L. Diller Tel: 419-238-5025 Email: steven@drlawllc.com KEMMER LLC: Starts Subchapter V Bankruptcy Process in Indiana ------------------------------------------------------------- On January 17, 2025, Kemmer LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Indiana. 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. A meeting of creditors under Section 341(a) to be held on February 12, 2025 at 01:00 PM Eastern via a teleconference at 877-988-1312; passcode 6679375. About Kemmer LLC Kemmer LLC is a limited liability company. Kemmer LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-20016) on January 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by: Michael W. McClain, Esq. McClain Law Group, PLLC 6500 Glenridge Park Place, Unit 10 Louisville, KY 40222 Phone: 502-589-1004 Fax: 888-210-0145 KENYON SHERMAN: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Kenyon Sherman LLC 30 N. Gould St Ste R Sheridan WY 82801 Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00022 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Jamison B. Taylor, Esq. RISM LLC 1218 11th St. NW Washington DC 20001 Tel: 202-792-5850 Email: jtaylor@rismllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony Woodland as authorized representative of the Debtor. The Debtor listed Loan Funder LLC, located at 645 Madison Ave, 19th Floor, New York, NY 10022, as its sole unsecured creditor, holding a claim of $208,228 under a mortgage loan deed of trust. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RXYYDTQ/Kenyon_Sherman_LLC__dcbke-25-00022__0001.0.pdf?mcid=tGE4TAMA KENYON SHERMAN: Seeks Chapter 11 Bankruptcy Protection ------------------------------------------------------ On January 16, 2025, Kenyon Sherman LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia. 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 Kenyon Sherman LLC Kenyon Sherman LLC is a Washington DC-based real estate company. Kenyon Sherman LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00022) on January 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by: Jamison Bryant Taylor, Esq. 1218 11th Street NW Washington, DC 20001 202-997-3802 Fax : 202-842-3331 Email: jtaylor@rismllc.com LAKE CLINCH: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Lake Clinch Resort, LLC 235 West Brandon Blvd., #128 Brandon, FL 33511 Business Description: The Debtor is primarily engaged in the business of renting and leasing real estate properties. Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-00268 Judge: Hon. Roberta A Colton Debtor's Counsel: Leon Williamson, Esq. WILLIAMSON LAW FIRM 306 S Plant Ave Ste B Tampa, FL 33606 Tel: (813) 385-7877 Email: leon@lwilliamsonlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by John Kilgore as managing member. A copy of the Debtor's list of three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZD5QQUA/Lake_Clinch_Resort_LLC__flmbke-25-00268__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H7HTJCQ/Lake_Clinch_Resort_LLC__flmbke-25-00268__0001.0.pdf?mcid=tGE4TAMA LAKE CLINCH: Sec. 341(a) Meeting of Creditors on February 14 ------------------------------------------------------------ On January 16, 2025, Lake Clinch Resort LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports up to $50,000 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 14, 2025 at 10:30 AM. U.S. Trustee (T/FM) will hold the meeting telephonically. Call in Number: 866-910-0293. Passcode: 7560574. About Lake Clinch Resort LLC Lake Clinch Resort LLC is a single asset real estate company operating in Frostproof, Florida. Lake Clinch Resort LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00268) on January 16, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by: Haynes Edward Brinson, Esq. Brinson and Brinson 28 North John Young Pkwy Kissimmee, FL 34741 LI-CYCLE HOLDINGS: Provides Prelim Commercial Highlights for 2024 ----------------------------------------------------------------- Li-Cycle Holdings Corp. (NYSE: LICY), a leading global lithium-ion battery resource recovery company, reported preliminary commercial and operational highlights for full-year 2024. Commercial Highlights Li-Cycle continued to gain commercial traction in 2024, bolstering its position as a preferred lithium-ion battery recycling partner. Its largest customers comprise leading global battery supply chain companies, including EV OEMs, battery manufacturers, miners, and raw material buyers. In 2024, the largest source of the Company's battery feedstock was a U.S.-headquartered, vertically integrated EV and battery manufacturer with a substantial global EV market share. Throughout 2024, Li-Cycle supported approximately 13 prominent EV manufacturers and approximately 15 key battery cell and material producers with the Company's sustainable recycling services. "We are pleased to be able to widen our commercial footprint for battery feedstock for our Spoke network in the United States and Germany. Our top source of battery feedstock during the past year was a leading U.S. EV and battery manufacturer and is indicative of our position as a preferred recycling partner for the largest blue-chip companies in the global battery supply chain," said Ajay Kochhar, Li-Cycle President and CEO. "Our sustainable, battery-agnostic recycling technology -- which can process full-pack batteries regardless of form factor and without the need to dismantle or discharge -- continues to provide value for our global customers." Rochester Hub and Spoke Operations Highlights Li-Cycle is continuing to prioritize securing a full financing package to support the construction restart of the Rochester Hub project and to satisfy requirements for first advance under the $475 million loan facility from the U.S. Department of Energy (DOE). Li-Cycle produced approximately 5,370 tonnes of black mass and equivalents1 ("BM&E") in full-year 2024, and approximately 1,200 tonnes of BM&E in Q4 2024. The Company is continuing to focus on its Spoke optimization initiatives to establish a financially accretive and self-sufficient Spoke business. "Our two main goals for the Company are clear: we are focused on securing a full financing package to underpin the restart of construction of the Rochester Hub and starting to draw on the DOE loan, alongside implementing initiatives to enhance Spoke performance and improve cash flow to establish a self-sufficient Spoke business." Balance Sheet Position As of December 31, 2024, Li-Cycle had cash and cash equivalents of $22.6 million, compared to $32.2 million as of September 30, 2024. Between August 12, 2024, and December 31, 2024, Li-Cycle raised $16.3 million of net proceeds by issuing an aggregate of 7,403,621 of the Company's common shares under its at-the-market program at a weighted average price of $2.25 per share. The number of issued and outstanding common shares as of December 31, 2024, was 30,427,796. The Company expects to release its full-year 2024 financial and operational results in the first half of March 2025. Investor Relations & Media: Louie Diaz Sheldon D'souza Investor Relations: investors@li-cycle.com Media: media@li-cycle.com About Li-Cycle Holdings Corp. Li-Cycle Holdings Corp. is a Canada-based global lithium-ion battery resource recovery company and pure-play lithium-ion battery recycler. Vaughan, Canada-based KPMG LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has suffered recurring losses from operations since inception, continued cash outflows from operating activities and paused its construction of the Rochester Hub project, that raise substantial doubt about its ability to continue as a going concern. Li-Cycle reported a net loss of $138 million for the year ended December 31, 2023, compared to net loss of $70.8 million for the year ended December 31, 2022. LIVEONE INC: Subsidiary Enters Deal to Generate $25MM for 2025 -------------------------------------------------------------- In December 2024, a subsidiary of LiveOne, Inc., entered into an agreement with a Fortune 500 media conglomerate, which is expected to generate revenue exceeding $25 million for the 2025 calendar year, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. About LiveOne Headquartered in Los Angeles, Calif., LiveOne, Inc. (NASDAQ: LVO) (formerly known as LiveXLive Media, Inc.) is a creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. LiveOne's wholly-owned subsidiaries include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, CPS, LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR's OTT applications. For more investor information, please visit ir.liveone.com. Los Angeles, Calif.-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated July 1, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LODGING ENTERPRISES: Seeks to Extend Plan Exclusivity to March 24 ----------------------------------------------------------------- Lodging Enterprises, LLC, asked the U.S. Bankruptcy Court for the District of Kansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 24 and May 23, 2025, respectively. The Debtor contends that good grounds exist for approval of an extension of exclusivity. Debtor has not engaged in any pattern of delay in this case and is not seeking this extension as a negotiating tactic to impede the conclusion of the case or leverage creditors with an unreasonable plan of reorganization. To the contrary, this request is intended to maintain a framework conducive to an orderly, efficient and cost-effective resolution of this case. The Debtor explains that it has shown good faith progress towards a successful conclusion to this case. Among other things, Debtor has made progress with respect to a term sheet and a loan modification agreement with prepetition lender, which could result in a consensual resolution of the bankruptcy case in which all valid claimants retain their rights. Thus, Debtor is not engaging in any delay, let alone unreasonable delay. Further, Debtor has addressed and, to some extent, continues to address various issues. The Debtor has successfully engaged with its major creditor constituencies in establishing a firm basis for post-petition business operations through consensual budgets and corresponding authorization for the use of cash collateral. In particular, Debtor recently negotiated a fourth consensual order for ongoing use of cash collateral and continues to pay its post petition obligations. The Debtor claims that denial of the requested extension of exclusivity could impair its administration of this Chapter 11 case and potentially undermine the substantial efforts of Debtor's management and professionals to stabilize business operations and explore restructuring options to preserve the value of the business enterprise. The Debtor contends that the relief requested herein is in the best interests of the estate and its creditors as it would promote the prospects for a successful conclusion of this case. Absent a material change of circumstances in this case, Debtor expects that this will be the last request to extend the exclusivity periods as it continues its efforts to maximize value for all of its stakeholders and reach a successful conclusion to this Chapter 11 proceeding. Good cause exists to grant this Motion. Lodging Enterprises, LLC is represented by: Jonathan Margolies, Esq. SEIGFREID & BINGHAM, P.C. 2323 Grand Boulevard Suite 1000 Kansas City, MO 64108 Tel: (816) 265-4195 Fax: (816) 474-3447 Email: jmargolies@sb-kc.com - AND - Timothy A. ("Tad") Davidson II, Esq. Brandon Bell, Esq. Kaleb Bailey, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Phone: (713) 220-4200 Email: taddavidson@HuntonAK.com bbell@HuntonAK.com kbailey@HuntonAK.com - AND - Jason W. Harbour, Esq. HUNTON ANDREWS KURTH LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, Virginia 23219 Phone: (804) 788-8200 Email: jharbour@HuntonAK.com About Lodging Enterprises Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele are composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham-branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed a Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. Jonathan Margolies, Esq., at SEIGFREID & BINGHAM, P.C., is the Debtor's counsel. LOGAN VILLAGE: Starts Subchapter V Bankruptcy Proceeding -------------------------------------------------------- On January 17, 2025, Logan Village Mall LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Indiana. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Logan Village Mall LLC Logan Village Mall LLC operates retail businesses under the names Three Rusty Nails Shoppe and The Gathering Place from its location at 977 Logan Street in Noblesville, Indiana. Logan Village Mall LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-00252) on January 17, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by: KC Cohen, Esq. KC Cohen, Lawyer, PC 1915 Broad Ripple Ave Indianapolis, IN 46220 317-715-1845 Email: kc@esoft-legal.com MADISON SQUARE: Counsel Has Until Jan. 31 to Comply with Order -------------------------------------------------------------- In the case captioned as C.M., Plaintiff -against- THE ESTATE OF DR. REGINALD ARCHIBALD, et al., Defendants, Case No. 20-cv-00751 (S.D.N.Y.), Judge Vernon S. Broderick of the United States District Court for the Southern District of New York issued an order with respect to Friedman Kaplan Seiler Adelman & Robbins LLP's motion to withdraw as counsel of record for Defendant Madison Square Boys and Girls Club, Inc. The McChristian Declaration, written by Tim McChristian, Executive Director of Madison, states that a Chapter 11 plan of reorganization was approved by the Bankruptcy Court. Under that plan, a compensation trust was created, which would compensate for various claims, including those alleged by Plaintiff in this case. Madison states that any of Plaintiff's claims, in addition to those for compensation which would be administered by the trust, would be against it in name only and solely for the purpose of obtaining available insurance proceeds. If that were to happen, Madison would not defend itself in such action, and would leave any such defense to any insurance carrier which might have an interest in the result. As of this time, Madison is not aware of any such insurance coverage that would apply to Plaintiff's claims. It accordingly requests withdrawal of attorney to save on legal fees and because Madison does not have an economic interest in the outcome of this action. Because Plaintiff has not indicated whether he has obtained new counsel or whether he intends to proceed pro se, the Court finds that he intends to proceed pro se. It ordered that defense counsel contact Plaintiff's former counsel Levy Konigsberg LLP to obtain Plaintiff's e-mail and/or mailing address. Defense counsel must then e-mail and/or mail copies of (1) this Order and (2) defense counsel's motion to withdraw and supporting declarations to Plaintiff. In accordance with the statements in the McChristian Declaration, Plaintiff is notified that he may have the right to (1) receive compensation from a trust created under the Chapter 11 restructuring plan and (2) proceed with other litigation against Madison in this case. Defense counsel must submit a letter by January 31, 2025 notifying Judge Broderick that they have complied with this order regarding the efforts to reach out to Plaintiff. This letter should also note Plaintiff's confirmation of receipt of the materials. If defense counsel cannot obtain such confirmation, this letter should note all the steps defense counsel has taken to comply with this order. After defense counsel's submission of this letter, Judge Broderick will consider their motion to withdraw as counsel. A copy of the Court's decision is available at https://urlcurt.com/u?l=jjYmVe from PacerMonitor.com. About Madison Square Boys & Girls Club Madison Square Boys & Girls Club, Inc. -- https://www.madisonsquare.org/ -- was established to save and enhance the lives of New York City boys and girls who by means of economic or social factors are most in need of its services. Madison Square Boys & Girls Club sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10910) on June 29, 2022. In the petition filed by its chief financial officer, Jeffrey Dold, the Debtor reported $50 million to $100 million in assets and $100 million to $500 million in liabilities. Judge Sean H. Lane oversees the case. The Debtor tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as bankruptcy counsel; and Pillsbury Winthrop Shaw Pittman, LLP and Friedman Kaplan Seiler & Adelman, LLP as special counsels. Epiq Corporate Restructuring, LLC is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on July 13, 2022. The committee tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel; and Dundon Advisers, LLC and Island Capital Advisor, LLC as financial advisors. MARATHON DEVELOPMENT: Seeks Bankruptcy Protection in Florida ------------------------------------------------------------ On January 17, 2025, Marathon Development Partners LLCfiled Chapter 11 protection in the U.S. Bankruptcy Court for the Southern 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. About Marathon Development Partners LLC Marathon Development Partners LLC operates as a real estate development company based in Marathon, Florida. Marathon Development Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10467) on January 17, 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 Corali Lopez-Castro handles the case. The Debtor is represented by: Christian Somodevilla, Esq. 2 S Biscayne Blvd., Ste 2200 Miami, FL 33131 Phone: 305-894-6163 Fax: 305-503-9447 MARTINS INTERSTATE: Can Sell Property Sale to Adventure Science --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has granted Martins Interstate Properties LLC to sell Real Property located at 500 Pullman Road, Edgewater, FL, subject to all liens, claims, encumbrances, and interests. The Debtor is authorized to sell the Property to Adventure Science, LLC for the sum of $2,100,000.00, subject to all existing pre-petition liens, claims, encumbrances, and interests by private sale. The Court held that the liens of the Fairwinds and Will Roberts, Tax Collector shall continue upon the sale of the property and be subject to future payment from the sale of the property from any closing proceeds received by the Debtor. The sale made pursuant to the Order is "AS-IS WHERE IS WITH ALL FAULTS" and shall be by Assignment and/or instrument of conveyance as appropriate, with no warranties of title. About Martins Interstate Properties LLC Martins Interstate Properties owns two properties in Edgewater, Fla., and Matthews, S.C., with a total current value of $1.30 million. Martins Interstate Properties filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02516) on May 20, 2024, listing $1,296,406 in assets and $910,980 in liabilities. Roberto Martins, Sr., manager, signed the petition. Judge Tiffany P. Geyer presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. MAWSON INFRASTRUCTURE: Files Answer Against Involuntary Chap. 11 ---------------------------------------------------------------- On January 10, 2025, Mawson Infrastructure Group Inc. filed its answer to the involuntary petition against the Company pursuant to 11 U.S.C. Sec. 303(a) filed on December 4, 2024 by W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd, all of whom are Australian entities. Mawson had previously said that the Company's Board of Directors intended to vigorously defend the Company against the Petition filed by these Australian entities. As per the Company's most recent 10-Q filing on November 14, 2024, W Capital Advisors Pty Ltd as trustee for the W Capital Advisors Fund and Marshall Investments MIG Pty Ltd as trustee for the Marshall Investments MIG Trust had filed proceedings in Australia, and the Company believes that these entities were using such proceedings in an improper attempt to gain leverage in ongoing legal disputes between the parties. The Company believes that the filing of this Involuntary Petition is an extension of the ongoing disputes, including with James Manning, the Company's former Board Director and Officer, and a continuation of the pattern of bad faith actions, by James Manning and the Petitioners, with the improper intention of harassing and intimidating Mawson. The Company's counsel plans to propound discovery requests to the Petitioners. In addition, James Manning remains the subject of an investigation by the Company's Audit Committee, including related to his dealings with W Capital Advisors Pty Ltd as trustee for the W Capital Advisors Fund -- among several other matters -- including current litigation with an entity related to James Manning, Vertua Property Inc., regarding alleged self-dealing, breach of contract, and tortious interference with a business relationship. The Company had previously reported that it may seek to exit certain or all of its entities and holdings in Australia. The Company currently operates facilities in the United States of America and does not have any operating sites or assets in Australia. The Company continues to also pursue its complaint filed in The Court of Common Pleas of Mercer County, Pennsylvania (file number 2024-2332) on October 17, 2024 against Vertua as landlord for the Company's Sharon, PA property for breach of the lease agreement and wrongful termination of the lease, as well as for tortious interference with a business relationship. The Company is seeking reinstatement of the lease, compensatory damages, disgorgement of revenue, and exemplary and punitive damages, as well as reimbursement for its costs and litigation expenses. Vertua is a company not only related to James Manning, but also affiliated with Darron Wolter of W Capital Advisors Pty Ltd as trustee for the W Capital Advisors Fund. Mawson expects to vigorously pursue sanctions, attorney fees, general and punitive damages against the Petitioners, as available to the full extent of the law. The Company expects to continue to operate as usual and execute its business plan accordingly. A full-text copy of the Company's Answer is available at https://urlcurt.com/u?l=aQpqrk Counsel to the Alleged Debtor: Seth A. Niederman, Esq. Stephanie Slater Ward, Esq. FOX ROTHSCHILD LLP 1201 North Market Street, Suite 1200 Wilmington, DE 19801 Telephone: (302) 654-7444 Email: sniederman@foxrothschild.com Email: sward@foxrothschild.com -- and -- Michael A. Sweet, Esq. FOX ROTHSCHILD LLP 345 California Street, Suite 2200 San Francisco, California 94104 Telephone: (415) 364-5540 Facsimile: (415) 391-4436 Email: msweet@foxrothschild.com -- and -- Michael R. Herz, Esq. FOX ROTHSCHILD LLP 49 Market Street Morristown, NJ 07960 Telephone: (973) 548-3330 Email: mherz@foxrothschild.com 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. Judge Mary F. Walrath handles the case. MCNICHOLS TRUCKING: Case Summary & 18 Unsecured Creditors --------------------------------------------------------- Debtor: McNichols Trucking, LLC 5296 Old Highway 11 Suite 3 Hattiesburg, MS 39402 Business Description: McNichols Trucking is a family-owned logistics company established in 2015, providing reliable transportation services to clients across the 48 states. The company emphasizes professional inventory management, ensuring products are delivered safely and efficiently. Utilizing advanced GPS tracking and expert route planning, McNichols Trucking ensures timely and secure delivery for both large and small clients. Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 25-50061 Judge: Hon. Katharine M Samson Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 601 Renaissance Way Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by D'nice McNichols as member. A copy of the Debtor's list of 18 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5LVIILQ/McNichols_Trucking_LLC__mssbke-25-50061__0006.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5LVIILQ/McNichols_Trucking_LLC__mssbke-25-50061__0006.0.pdf?mcid=tGE4TAMA MDC ENERGY: Court Tosses Shah v. Turner III, et al. Lawsuit ----------------------------------------------------------- Judge Robert Kirsch of the United States District Court for the District of New Jersey granted the defendants' motion to dismiss the case captioned as PETER I. SHAH, Plaintiff, v. JOHN G. TURNER, III et al., Defendants, Civil Action No. 24-05988 (D.N.J.). The case is dismissed with prejudice. This case involves pro se litigant Peter Shah's dissatisfaction with certain events that transpired on the property to which he was formally a surface-estate owner in Reeves County, Texas. In late October 2019, the owner of the mineral estate in the Former Shah Property at that time, MDC Energy Holdings, LLC, filed for Chapter 11 bankruptcy in federal court in Delaware. Around a month later in November 2019, MDC Energy notified Plaintiff that MDC Energy intended to construct a tank battery and pipe networks on the Former Shah Property. Plaintiff objected, at which point MDC Energy offered Plaintiff compensation for agreeing to the construction. Plaintiff later rejected this offer. Proceeding pro se, he filed a complaint in bankruptcy court claiming that MDC Energy had no right to access the surface of the Former Shah Property. The bankruptcy court informed Plaintiff that he had not properly filed his injunction request. Plaintiff then filed an administrative claim in the same court in May 2020 where he sought damages for MDC Energy's construction of the tank battery on the Fonner Shah Property. This administrative claim was later denied. Plaintiff has filed at least six cases in New Jersey District Court, half of which pertain to disputes over the Former Shah Property. The latest iteration of Plaintiff's discontentedness surrounds attorney's fees and the unauthorized practice of law. However, at a high level, these three cases stem from Plaintiff's allegations surrounding mineral operations on the Former Shah Property that Plaintiff claims were conducted illegally and/or in contravention of his property rights. Plaintiff claims that, in a separate lawsuit by Maple Energy Holdings, LLC, Defendant Turner and co-Defendants filed two sworn fee applications in the Reeves County Court seeking a total of about $95000 in attorney fee payments. He argues that the filing of these fee applications in Texas amounts to the unauthorized practice of law. Motion to Dismiss All Defendants move to dismiss Shah's Verified Complaint under Federal Rules of Civil Procedure 12(b)(l), 12(b)(2), 12(b)(3), or, in the alternative, under 12(b)(6). Plaintiff's suit must be dismissed first because the District Court does not possess subject matter jurisdiction over the present dispute. There are two prospective bases for subject matter jurisdiction in this case: diversity jurisdiction pursuant to 28 U.S.C. Sec. 1332 and jurisdiction pursuant to 28 U.S.C. Sec. 1334(b). The District Court does not possess subject matter jurisdiction under either basis. Plaintiff is arguing that because his claims are "related to" MDC Energy's bankruptcy by virtue of the fact that they surround the Former Shah Property subject matter jurisdiction pursuant to 28 U.S. C. Sec. 13 34(b) exists. The District Court finds no legal support for such a claim, where a proceeding—wholly divorced of the MDC Energy bankruptcy and with no relationship to any other bankruptcy proceeding—could allow Plaintiff to piggyback his common law causes of action into federal court. Even assuming the District Court possesses subject matter jurisdiction over this litigation, Plaintiff's claims would still fail because of the collateral estoppel doctrine, thus meriting the Verified Complaint's dismissal with prejudice. Vexatious Litigant Maple Energy moves to sanction Shah and to declare him a vexatious litigant, imposing a pre-filing injunction upon Plaintiff pursuant to the All Writs Act, 28 U.S.C. Sec. 1651. The motion is granted. Before issuing a pre-filing injunction under the All Writs Act, a court must ensure: (1) the order should be entered only in exigent circumstances, such as when a litigant continuously abuses the judicial process by filing meritless and repetitive actions; (2) the district court must give notice to the litigant to show cause why the proposed injunction should not issue; and (3) the scope of the injunctive order must be narrowly tailored to fit the particular circumstances of the case. The District Court finds exigent circumstances exist because the fact that Plaintiff loses his case does not deter him from attempting to double-dip and file his case again, and/or resorting to filing in another court or jurisdiction. As pointed out by Defendant Maple Energy, a monetary judgment of more than $85,000.00 entered against Plaintiff in Texas state court was insufficient to convey to Plaintiff that his arguments were unavailing. Eventually, Plaintiff's litigiousness cost him his property, which was sold at a forced sale. Overall, this leads to a greater point: defending these suits imposes incredible expense and burden upon Defendants, many of whom are from out of state (or out of Circuit). His continual habit of filing cases that have already been decided in this Circuit is abusive and cannot continue to be idly countenanced. According to the District Court, a pre-filing injunction is appropriate. Thus, a pre-filing injunction in conformity with this Opinion shall issue enjoining Plaintiff from filing any case in the District of New Jersey related to his arguments about attorney's fees or the unauthorized practice of law as it relates to the Former Shah Property without the Court's express permission. A copy of the Court's decision is available at https://urlcurt.com/u?l=q2cVqM from PacerMonitor.com. About MDC Energy MDC Energy LLC and its subsidiaries are privately held companies in the oil and gas extraction business. On Nov. 8, 2019, MDC Energy LLC filed a voluntary Chapter 11 petition (Bankr. D. Del. Case No. 19-12385), disclosing assets of $1 billion to $10 billion and liabilities of $100 million to $500 million. The petition was signed by Mark A. Siffin, authorized representative. Judge Karen B. Owens oversees the case. The Debtor is represented by KASOWITZ BENSON TORRES LLP. MEDICAL PROPERTIES: Draws on Bank Revolver to Settle Maturing Loan ------------------------------------------------------------------ Reshmi Basu and Giulia Morpurgo Bloomberg News report that Medical Properties Trust Inc. tapped into a revolving credit facility to settle loans maturing, as it faces the bankruptcies of two of its healthcare operator tenants. The hospital landlord repaid a term loan of around GBP570 million ($700 million) by drawing on a $1.28 billion bank revolver, of which approximately $400 million had already been drawn, according to sources familiar with the matter who spoke anonymously. The company also used some of its available cash to help repay the loan, one of the sources said. About Medical Properties Trust, Inc. Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at www.medicalpropertiestrust.com. MEIER'S WINE: Unsecureds to Recover Between 4% to 8% in Plan ------------------------------------------------------------ Meier's Wine Cellars Acquisition, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Revised Plan and the Revised Disclosure Statement dated January 14, 2025. As of the Petition Date, the Debtors consisted of Vintage Wine Estates, Inc. (NV) ("VWE") and certain of its direct and indirect subsidiaries. VWE’s history began in 2000, when Patrick Roney acquired Girard Winery. After Patrick Roney and Leslie Rudd acquired Windsor Vineyard in 2007, the company rebranded as Vintage Wine Estates. The company acquired 28 additional companies during the subsequent 17 years. In 2021, the company merged with Bespoke Capital Acquisition Corp. to form VWE and began trading publicly on the Nasdaq Stock Exchange. On the Petition Date, the Debtors filed a motion (the "Bidding Procedures Motion"), seeking orders (a) approving bidding procedures for the sale of substantially all of the Debtors' assets; (b) authorizing the Debtors to enter into stalking horse agreements and provide bid protections thereunder; (c) scheduling an auction; (d) approving assumption and assignment procedures; (e) scheduling a sale hearing; (f) approving the sale of the Debtors’ assets free and clear of liens, claims, interests and encumbrances; and (g) approving the assumption and assignment of executory contracts and unexpired leases. On August 13, 2024, the Debtors filed a supplement to that motion (the "Supplement"), seeking approval of (i) revised bidding procedures (as revised, the "Bidding Procedures") and (ii) their selection of two stalking horse bidders for certain assets. Foley Family Wines, Inc. agreed to serve as the stalking horse bidder for the Debtors' Cosentino, Bar Dog, Cherry Pie and Swanson asset-lite brands and the Sonoma Coast tasting room (the "Foley Stalking Horse Assets") for $15 million, and Playa Capital Partners, LLC agreed to serve as the stalking horse bidder for the Debtors' ACE Cider assets (the "ACE Cider Stalking Horse Assets") for $3,607,000. The Court entered an order approving the Supplement on August 21, 2024. The Debtors did not receive any additional Qualified Bids for the Foley Stalking Horse Assets, Vino Stalking Horse Assets, Bartow Stalking Horse Assets, Full-Glass Stalking Horse Assets, Knudsen Stalking Horse Assets or DFWS Stalking Horse Assets. As a result, the Debtors, after conferring with their advisors, and in consultation with the Consultation Parties, selected Foley, Vino, Bartow, Full-Glass, Knudsen and DFWS as the Successful Bidders for the Foley Stalking Horse Assets, Vino Stalking Horse Assets, Bartow Stalking Horse Assets, Full-Glass Stalking Horse Assets, Knudsen Stalking Horse Assets and DFWS Stalking Horse Assets, respectively. The Court entered orders approving the sale of the Debtors' assets to Foley, Vino, Bartow, Full-Glass, Knudsen, Adair, Lipton, IBG and Bourbon Fund on September 24, 25 and 26. The transaction with Vino closed on October 2, 2024. The transactions with Bourbon Fund and Bartow closed on October 3, 2024. The transactions with Bartow and Knudsen closed on October 4, 2024. The transaction with Lipton closed on October 7, 2024. The transactions with Foley and Adair closed on October 15, 2024. The transaction with IBG closed on October 16, 2024. The transaction with Full-Glass closed on October 23, 2024. The transaction with DFWS closed on October 31, 2024. The Plan contemplates a liquidation of the Debtors and their Estates and is therefore referred to as a "plan of liquidation." The primary objective of the Plan is to maximize the value of recoveries to Holders of Allowed Claims and to distribute all property of the Debtors' Estates that is or becomes available for distribution in accordance with the priorities established by the Bankruptcy Code. The Debtors believe that the Plan accomplishes this objective and is in the best interests of their Estates and, therefore, seek to confirm the Plan. Class 4 consists of General Unsecured Claims. Each Holder of an Allowed Claim in Class 4 shall receive a Pro Rata Distribution of the proceeds of the Liquidation Trust Assets (including any Cash remaining in the Liquidation Trust Funding Reserve after payment in full of the Liquidation Trust Expenses, Allowed Administrative Expense Claims, Allowed Priority Tax Claims and Allowed Priority Claims); provided that Holders of Allowed General Unsecured Claims (other than Holders of Allowed Prepetition Secured Lender Deficiency Claims) shall receive and share on a Pro Rata basis Distributions equal, in the aggregate, to $1,000,000 before any Distributions are made to Holders of Allowed Prepetition Secured Lender Deficiency Claims; provided further that any Distributions to Holders of Allowed Claims in Class 4 in excess of $1,000,000 shall be shared on a Pro Rata basis with all Holders of Allowed Claims in Class 4. The allowed unsecured claims total $214,540,000. As a result of the Holders of Prepetition Secured Lender Deficiency Claims agreed to less favorable treatment pursuant to the Committee Settlement Agreement, their projected recovery ranges between 1% and 4%, while all other Holders of General Unsecured Claims are expected to receive recoveries ranging between 5% and 8%, according to a footnote in the Disclosure Statement. Each of the VWE and the Surviving Subsidiary Debtors will be subject to one or more Dissolution Transactions on or after the Effective Date, at the discretion of the Liquidation Trustee and in accordance with the Liquidation Trust Agreement and Sale TSAs. Each of VWE and the Surviving Subsidiary Debtors shall continue to exist after the transfer of the property of their Estates to the Liquidation Trust until dissolved by the Liquidation Trustee, pursuant to a Dissolution Transaction. On or prior to the Effective Date, the Liquidation Trust shall be established in accordance with the Liquidation Trust Agreement for the purpose of liquidating the Liquidation Trust Assets, reconciling Claims and making all Distributions to Holders of Allowed Claims in accordance with the terms of the Plan and the Liquidation Trust Agreement. Except as otherwise provided in the Plan or the Confirmation Order, on the Effective Date, the Debtors shall transfer the Liquidation Trust Assets to the Liquidation Trust, and all such assets shall vest in the Liquidation Trust on such date, to be administered by the Liquidation Trustee in accordance with the Plan and the Liquidation Trust Agreement. The Liquidation Trust Assets shall be transferred to the Liquidation Trust subject to all Liens of the Secured Parties either under the Prepetition Credit Agreement or the Final DIP Order. A full-text copy of the Revised Disclosure Statement dated January 14, 2025 is available at https://urlcurt.com/u?l=mWrlLU from Epiq Corporate Restructuring, LLC, claims agent. Counsel for the Debtors: Zachary I. Shapiro, Esq. Daniel J. DeFranceschi, Esq. Michael J. Merchant, Esq. Matthew P. Milana, Esq. Zachary J. Javorsky, Esq. Richards, Layton & Finger, P.A. One Rodney Square 920 N. King Street Wilmington, DE 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: defranceschi@rlf.com merchant@rlf.com shapiro@rlf.com milana@rlf.com javorsky@rlf.com - and – Heather Lennox, Esq. Carl E. Black, Esq. Jones Day North Point 901 Lakeside Avenue Cleveland, OH 44114 Tel: (216) 586-3939 Fax: (216) 579-0212 Email: hlennox@jonesday.com ceblack@jonesday.com About Meier's Wine Cellars Acquisition Meier's Wine Cellars Acquisition, LLC -- https://www.vintagewineestates.com -- and its affiliates comprise a leading vintner in the United States, producing, bottling and selling wines and hard ciders through wholesale, direct-to consumer and business-to-business sales. The Debtors' current portfolio consists of more than 30 brands, including luxury and lifestyle wines. The Debtors own and lease approximately 1,850 acres in premium wine-growing regions of the United States, operating 11 wineries that support nine tasting rooms. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11575) on July 24, 2024, listing $100 million to $500 million in both assets and liabilities. Kristina Johnston, secretary and treasurer, signed the petitions. Judge Mary F. Walrath oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A. and Jones Day as legal counsels; GLC Advisors & Co., LLC as investment banker; and Riveron Consulting, LLC as financial advisor. Epiq Corporate Restructuring, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Meier's Wine Cellars Acquisition, LLC and its affiliates. The Committee selected Fox Rothschild LLP as its counsel. MIDWEST CHRISTIAN: Seeks to Extend Plan Exclusivity to February 28 ------------------------------------------------------------------ Midwest Christian Villages, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 28 and April 30, 2025, respectively. The Debtors explain that an extension of each of the Exclusive Periods by thirty-two days is appropriate, in the best interest of the Debtors' stakeholders, and consistent with the intent and purpose of chapter 11 of the Bankruptcy Code. The requested extension of the Exclusive Periods will enable the Debtors to continue to focus on the closing of the sales of their facilities and the ongoing discussions regarding a possible Chapter 11 plans for one or more of the bankruptcy estates and/or structured dismissal of one or more of the cases. Further, an extension will allow the Debtors to keep their attention on their operations, and allow for the continued review and analysis of claims and remaining assets, which will be relevant to formulating a chapter 11 plan and drafting a substantive disclosure statement for one or more of the bankruptcy estates. Accordingly, application of the relevant factors to the facts of these chapter 11 cases demonstrates that ample cause exists to grant the reasonable and limited extension of the Exclusive Periods requested herein. The Debtors claim that they have selected certain Successful Bidders for their Assets. The Debtors are now working with the Successful Bidders to close each of the sales. As demonstrated further, granting an extension of the Exclusive Periods will help progress these cases and allow the Debtors to focus on completing the sale process and closing the sales of their facilities. The Debtors assert that the Exclusive Periods established by Congress were incorporated into the Bankruptcy Code to afford a full and fair opportunity for a debtor to propose a chapter 11 plan and solicit acceptances of such plan without the deterioration and disruption of a debtor's business that might be caused by the filing of multiple competing plans. The Debtors are seeking an early extension of the Exclusive Periods in order to ensure that their focus remains on maximizing the value of their estates through the marketing and sale process. The Debtors further assert that the facts in these cases are more than sufficient to support a finding of "cause" to extend the Exclusive Periods. Therefore, it is appropriate for the Court to extend the Exclusive Periods for a brief period to allow the Debtors to be given a full and fair opportunity to continue their good faith efforts to market and sell their business as a going concern, without the risk of distraction of any competing plan proposals, and the relief requested herein should be granted. Co-Counsel to the Debtors: Stephen O'Brien, Esq. DENTONS US LLP 211 N Broadway Ste 3000 St. Louis, MO 63102 Telephone: (314) 241-1800 Email: stephen.obrien@dentons.com Robert E. Richards, Esq. Samantha Ruben, Esq. DENTONS US LLP 233 S. Wacker Drive, Suite 5900 Chicago, Illinois 60606-6404 Telephone: (312) 876-8000 Email: robert.richards@dentons.com samantha.ruben@dentons.com -and- David A. Sosne, Esq. SUMMERS COMPTON WELLS LLC 903 South Lindbergh Blvd., Suite 200 St. Louis, Missouri 63131 Telephone: (314) 991-4999 Email: dsosne@scw.law About Midwest Christian Villages Inc. Midwest Christian Villages Inc. operates a mix of independent, assisted and skilled nursing campuses in 10 locations across the Midwest, serving over 1,000 residents. Midwest Christian Villages and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 24-42473) on July 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Kate Bertram, chief operating officer. Judge Kathy Surratt-States oversees the cases. The Debtors tapped Stephen O'Brien, Esq., at Dentons US, LLP and Summers Compton Wells, LLC as bankruptcy counsels; B.C. Ziegler and Company as investment banker; and Plante Moran as auditor and tax consultant. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims and noticing agent. The U.S. Trustee for Region 13 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Cullen and Dykman, LLP as general counsel; Sandberg Phoenix & von Gontard P.C. and Schmidt Basch, LLC as local counsel; and Province, LLC as financial advisor. MIRACLE RESTAURANT: Gets OK to Use Cash Collateral Until Feb. 5 --------------------------------------------------------------- Miracle Restaurant Group, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral until Feb. 5, marking the seventh extension since the company's Chapter 11 filing. The seventh interim order approved the use of cash collateral for payment of expenses set forth in the company's budget, which shows total operating outflows of $290,669 for the period from Jan. 16 to 22; $231,769 from Jan. 23 to 29; and $277,642 from Jan. 30 to Feb. 5. First Franchise Capital Corporation and other secured creditors were granted a replacement security interest in and lien on their pre-bankruptcy collateral. In addition, secured creditors will be granted a superpriority administrative claim to the extent of any diminution in value of the company's property. As additional protection, First Franchise Capital will receive a monthly payment of $14,062. The next hearing is scheduled for Feb. 5. First Franchise Capital can be reached through its counsel: Jeffrey M. Hendricks, Esq. Bricker Graydon, LLP 312 Walnut Street, Suite 1800 Cincinnati, OH 45202 Telephone:(513) 629-2786 Facsimile: (513) 651-3836 Email: jhendricks@brickergraydon.com About Miracle Restaurant Group Miracle Restaurant Group, LLC owns and operates a fast-food restaurant in Covington, La. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11158) on June 20, 2024, with $1 million to $10 million in both assets and liabilities. Dwayne Murray, Esq., at Murray & Murray, LLC, serves as Subchapter V trustee. Judge Meredith S. Grabill presides over the case. The Debtor is represented by: Douglas S. Draper Heller, Draper & Horn L.L.C. Tel: 504-299-3300 Email: ddraper@hellerdraper.com Michael E. Landis Heller, Draper & Horn, L.L.C. Tel: 504-299-3300 Email: mlandis@hellerdraper.com MIRAMAR TOWNHOMES: Court OKs Continued Use of Cash Collateral ------------------------------------------------------------- Miramar Townhomes SWNG 2, LLC and its affiliates received second interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use the cash collateral of Fannie Mae to pay their operating expenses. The second interim order signed by Judge Christopher Lopez authorized the companies to use the secured lender's cash collateral, which consists of accounts receivable and rents generated from three multifamily properties owned by the company and its affiliates, The Avenue SWNG TIC 1, LLC, The Avenue SWNG TIC 2, LLC and Toro Place, LLC. The properties include The Avenue apartment complex, the Miramar Townhomes and the Toro Place apartment complex in Houston, Texas. These properties, along with the rents and accounts receivable, secure the loans, which the companies obtained from Fannie Mae. To protect Fannie Mae's interest in the collateral, the secured lender was granted replacement liens on properties of the companies whether acquired before or after their bankruptcy filing. The replacement liens do not encumber causes of action held by the companies' estates. Fannie Mae will be granted a superpriority claim in case the replacement liens are insufficient to provide protection against the diminution in value of its interest. In addition, on or before the 15th day of December 2025 and the 10th day of each month thereafter, each company will remit to the secured lender a cash payment equal to the amount by which such company's remaining cash balance at the end of the prior month exceeded the following: $20,000 for Miramar, $40,000 for Toro Place, and $40,000 for the The Avenue SWNG companies. The companies' authority to use cash collateral terminates upon dismissal or conversion of their Chapter 11 cases to Chapter 7 cases, appointment of a trustee, or entry of an order granting relief from the automatic stay. The final hearing is set for Feb. 7. Objections are due by Jan. 31. About Miramar Townhomes SWNG 2 Miramar Townhomes SWNG 2, LLC is owned by Miramar Townhomes SWNG GP, LLC and Miramar Townhomes LP SWNG, LLC. Avenue SWNG TIC, 1 and Avenue SWNG TIC, 2 are both owned by The Avenue SWNG, LLC while Toro Place, LLC is owned by Toro Place Holdings, LLC. Miramar owns the Miramar Townhomes located at 2380 Bering Drive, Houston, Texas, while Toro owns the Toro Place Apartments located at 12101 Fondren Road, Houston, Texas. The Avenue SWNG TIC companies own The Avenue Apartments located at 5050 Yale Street, Houston, Texas. On November 27, 2024, the Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90608). At the time of the filing, each Debtor reported $10 million to $50 million in assets and liabilities. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Melissa A. Haselden, Esq., at Haselden Farrow, PLLC. MONDEE HOLDINGS: Files for Chapter 11 With TCW Sale Deal -------------------------------------------------------- Mondee Holdings, Inc. (OTC: MOND), a travel marketplace and artificial intelligence (AI) technology company, announced that it has entered into a restructuring support agreement which outlines a series of transactions that will strengthen the Company's balance sheet and position it for long term success, including a term sheet to sell substantially all of the assets of the Company to a newly formed entity owned by, among others, affiliates of TCW Asset Management Company LLC and Wingspire Capital LLC. If the TCW Bid is the successful one, following the closing of the sale, Mr. Prasad Gundumogula will have a 75% equity stake in, and serve as CEO of, the newly formed entity. To effect the sale of the Company to the current bidder or another party with a higher and/or better offer, the Company has voluntarily initiated Chapter 11 proceedings. The Company's existing secured lenders will continue to support the Company throughout its Chapter 11 proceeding by committing to an additional $27.5 million financing for operating capital, in addition to the $21.5 million of financing they recently made available to the Company. Throughout the court supervised process, the Company will operate its business as usual and will continue to support its customers and partners without disruption. The Chapter 11 proceedings do not impact Mondee entities in Brazil, Mexico, India and Canada. "T[he] announcement marks an important step forward for Mondee, our valued customers, partners, and our dedicated team as we continue to transform our business for the future," said Jesus Portillo, newly appointed Chief Executive Officer. "With a sustainable capital structure and a structured sales process, we will be well-equipped to enhance our leadership in the travel market. We have taken decisive action to overcome past challenges and are encouraged by employee engagement, organizational culture, and our ability to deliver best-in-class products and services." Mondee is in the process of filing "first day" motions with the Court. The relief requested will ensure a smooth transition into Chapter 11 and the ability to maintain normal operations, including Mondee's commitments to customers and partners and the payment of employee wages and benefits. The Company is seeking to move expeditiously through this process and emerge from Chapter 11 in the beginning of the second quarter of 2025. About Mondee Holdings Established in 2011, Mondee is a travel marketplace and artificial intelligence (AI) technology company with its headquarters based in Austin, Texas. The Company operates 21 offices globally across the United States and Canada, Brazil, Mexico, India, and Greece. Mondee is driving change in the leisure and corporate travel sectors through its broad array of innovative solutions. Available both as an app and through the web, the Company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. Mondee Marketplace includes access to Abhi, one of the most powerful and fully integrated AI travel planning assistants in the market. Mondee’s network and marketplace include approximately 65,000 travel experts, 500+ airlines, and over one million hotels and vacation rentals, 30,000 rental car pickup locations, and 50+ cruise lines. The Company also offers packaged solutions and ancillary offerings that serve its global distribution. On the Web: http://www.mondee.com/ On Jan. 14, 2025, Mondee Holdings, Inc. and 20 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10047). The cases are pending before the Honorable J. Kate Stickles. Mondee is represented by Fried, Frank, Harris, Shriver & Jacobson LLP and Young Conway Stargatt & Taylor LLP as legal counsel, M3 Advisory Partners as restructuring advisor, and Piper Sandler & Co. as restructuring investment banker. Kroll is the claims agent. TCW is represented by Proskauer Rose LLP and Prasad Gundumogula is represented by White & Case LLP. MONDEE HOLDINGS: Gets Court Okay to Tap $1.4MM Chapter 11 Financing ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on Thursday, January 16, 2025, a Delaware bankruptcy judge granted interim approval for Mondee, a travel agent app developer, to access part of its bankruptcy financing secured from prepetition lenders as the company progresses toward a potential credit bid sale. About Mondee Holdings Inc. Mondee Holdings Inc. operates as a travel technology company in the leisure travel markets in the United States and internationally. Mondee Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10062) on January 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Matthew Barry Lunn, Esq., at Young, Conaway, Stargatt & Taylor LLP, in Santa Monica, California. MORANS AUTO: Seeks Chapter 11 Bankruptcy Protection in Florida -------------------------------------------------------------- On January 17, 2025, Morans Auto Connection LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Morans Auto Connection LLC Morans Auto Connection LLC is an automotive services business operating in Jacksonville, Florida. Morans Auto Connection LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00151) on January 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by: Thomas C. Adam, Esq. Adam Law Group, P.A. 2258 Riverside Ave Jacksonville, FL 32204 Phone: 904-329-7249 MOUNTAIN SPORTS: Seeks to Extend Plan Exclusivity to April 18 ------------------------------------------------------------- Mountain Sports, LLC and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 18 and June 17, 2025, respectively. The Debtors claim that extension of the Exclusive Periods is justified by the good faith progress the Debtors are making toward liquidating their remaining assets, reviewing filed and scheduled claims, and formulating the basis of a viable plan in these cases. The Debtor asserts that there is sufficient "cause" for an extension of the Exclusive Periods. The Debtors explain that the extension of the Exclusive Periods will afford them and all other parties in interest an opportunity to fully develop the grounds upon which a plan can be based following the payment in full of PNC. Terminating the Exclusive Periods prematurely would defeat the very purpose of section 1121 of the Bankruptcy Code, to afford the Debtors a meaningful and reasonable opportunity to negotiate with creditors and propose and confirm a consensual plan. Accordingly, the Debtors should be afforded a full and fair opportunity to propose, negotiate, and seek acceptances of a chapter 11 plan. The Debtors believe that the requested extension of the Exclusive Periods is warranted and appropriate under the circumstances. The Debtors submit that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford it a meaningful opportunity to pursue a consensual plan, all as contemplated by chapter 11 of the Bankruptcy Code. Counsel for the Debtors: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com -and- Matthew E. McClintock, Esq. William Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: mattm@goldmclaw.com willt@goldmclaw.com About Mountain Sports Mountain Sports LLC, doing business as Bob's Stores, Eastern Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby and musical instrument retailer. Mountain Sports LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11385) on June 18, 2024. In the petitions filed by David Barton, authorized representative, Mountain Sports disclosed between $10 million and $50 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Goldstein & McClintock LLLP as counsel and Silverman Consulting as financial advisor. The Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel and Morris James LLP as Delaware counsel. MP PRODUCTIONS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: MP Productions LLC 6700 Allied Way Little Rock, AR 72209 Business Description: MP Productions is an Arkansas-based full- service live event production company specializing in cost-effective, turnkey solutions for corporate events and conventions. With over 22 years of experience, the company offers comprehensive services including pre-production, on-site production, and post-production. Chapter 11 Petition Date: January 17, 2025 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 25-10158 Judge: Hon. Bianca M Rucker Debtor's Counsel: Kevin P. Keech, Esq. KEECH LAW FIRM, PA POB 194 Amity, AR 71921 Tel: 501-221-3200 Fax: 501 221 3201 E-mail: kkeech@keechlawfirm.com Total Assets: $490,000 Total Liabilities: $2,716,467 The petition was signed by Jordan Mike Pope as president. 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/PGX5LPY/MP_Productions_LLC__arebke-25-10158__0001.0.pdf?mcid=tGE4TAMA MURRIETA HOLDINGS: Case Summary & Two Unsecured Creditors --------------------------------------------------------- Debtor: Murrieta Holdings 2012-12, LLC 213 Park Avenue Laguna Beach CA 92652 Business Description: The Debtor is the fee simple owner of the property located at Lemon & Adams Street, which is currently valued at $2 million, according to a broker's opinion. Chapter 11 Petition Date: January 16, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10130 Debtor's Counsel: James Mortensen, Esq. SOCAL LAW GROUP, PC 2855 Michelle Drive 120 Irvine CA 92606 Tel: 213-387-7414 E-mail: pimmsno1@aol.com Total Assets: $2,000,000 Total Liabilities: $2,312,415 The petition was signed by D. Scott Abernethy as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TRE23XY/Murrieta_Holdings_2012-12_LLC__cacbke-25-10130__0001.0.pdf?mcid=tGE4TAMA MY SISTERS: Unsecureds to Get 0.012% of Claims in Subchapter V Plan ------------------------------------------------------------------- My Sisters Keeper Personal Care and Staffing, LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Small Business Plan of Reorganization under Subchapter V dated January 13, 2025. The Debtor operates a Debtor operates a health care staffing company based in Pittsburgh, Pennsylvania. It has one member, Shanell Robinson. The Debtor was organized with the Pennsylvania Department of State. The Debtor has been operating out of its primary location. The Debtor currently employees 28 employees to conduct its normal business operations and they continue to operate. Before the Petition Date, the Internal Revenue Service issued a notice of intent to levy on assets of the Debtor. The Commonwealth of Pennsylvania, Labor and Industry also had filed liens against the Debtor. The Debtor filed this bankruptcy to restructure its finances and provide for a structured payment that will allow it to continue to operate. The Debtor has been taking necessary steps towards reducing expenses and increasing income. The Debtor has been working to increase enrollment during the course of the bankruptcy. The Debtor is no longer burdened by potential tax levies. The structured payment system that the Debtor hopes to implement through this reorganization will allow the Debtor to continue to operate. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 0.012% will be paid on account of general unsecured claims pursuant to the Plan. Class 1 consists of General Unsecured Claims. General Unsecured Claims shall consist of all other creditors who are not in the Subordinated Unsecured Claims Class with Allowed Claims not secured by property of the estate and that are not entitled to priority under Section 507(a) of the Bankruptcy Code. The creditors in this Class must have had a claim against the Debtor as of October 14, 2024. The total amount for this Class is approximately $2,074,288.07. Class 1 is impaired. The Creditors in this Class will be paid by regular monthly payments made by the Debtor and distributed on a Quarterly basis. Beginning on the Plan Effective Date, the Debtor will pay the Disbursing Agent a fixed monthly payment of $250.00. Distributions to this Class will be made on a quarterly basis. Each creditor will receive a pro rata distribution of all funds distributed to the Class. This Class will not be entitled to interest on their claims. The claims in this Class are not entitled to post-petition interest, attorney's fees, or costs. Equity Interests will be retained under the Plan. The Plan will be implemented through the continued operations of the Debtor's business. The Debtor's financial projections demonstrate the Debtor's ability to make all future Plan payments in the aggregate amount of $30,755.01 during the Plan term (the "Plan Funding"). Plan Funding is in an amount equal to the Debtor's disposable income as defined in Section 1191(d) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=Ey4GPi from PacerMonitor.com at no charge. Counsel to the Debtor: David Z. Valencik, Esq. Law firm of Calaiaro Valencik 938 Penn Avenue, Suite 501 Pittsburgh, PA 15222-3708 Phone: (412) 232-0930 E-mail: dvalencik@c-vlaw.com About My Sisters Keeper Personal Care and Staffing, LLC My Sisters Keeper Personal Care and Staffing, LLC operates a Debtor operates a health care staffing company based in Pittsburgh, Pennsylvania. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-22526) on October 14, 2024, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. David Z. Valencik, Esq., at Calaiaro Valencik, represents the Debtor as counsel. NEUROONE MEDICAL: Intends to Appeal Nasdaq Delisting Notice ----------------------------------------------------------- On July 11, 2024, NeuroOne Medical Technologies Corporation received a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the Company that, because the closing bid price for its common stock had been below $1.00 per share for 30 consecutive trading days, it was not compliant with Nasdaq Marketplace Rule 5550(a)(2). In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company had a period of 180 calendar days from July 11, 2024, or until January 7, 2025, to regain compliance with the Minimum Bid Price Requirement. On January 8, 2025, the Company received a letter from the Staff indicating the Company's continued non-compliance with the Minimum Bid Price Requirement, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. The letter further informed the Company that the Company's common stock would be delisted from The Nasdaq Capital Market unless the Company appeals the Staff's delisting determination by requesting a hearing before the Nasdaq Hearings Panel. The Company's request for a hearing will stay any further delisting action by the Staff pending the ultimate outcome of the hearing. The Company's common stock will remain listed and eligible for trading on Nasdaq at least pending the ultimate conclusion of the hearing process. The Company intends to timely request a hearing before the Panel to appeal the determination by the Staff, and to present its plan to regain and sustain compliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will ultimately regain compliance and remain listed on Nasdaq. About NeuroOne Medical Technologies Headquartered in Eden Prairie, MN, NeuroOne Medical Technologies Corporation -- nmtc1.com -- is developing and commercializing minimally invasive and hi-definition solutions for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. The Company may also pursue applications for other areas such as depression, mood disorders, pain, incontinence, high blood pressure, and artificial intelligence. NEXTTRIP INC: Lyndsey North Steps Down as President --------------------------------------------------- On January 6, 2025, Lyndsey North, President of NextTrip, Inc., departed the Company, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. Ms. North's departure was not related to the Company's financial or operating results or to any disagreements or concerns regarding the Company's financial or reporting practices. As a result of Ms. North's departure, Ms. North's employment agreement, dated June 17, 2022, also terminated on the Termination Date. In connection with her departure, the Company will pay Ms. North all deferred compensation owed to Ms. North as of the Termination Date and, subject to her execution and non-revocation of a waiver and release of claims agreement, Ms. North will also be entitled to receive accrued interest on her deferred compensation through the Termination Date, plus severance in an amount equal to one month of her base salary. About NextTrip Inc. NextTrip (formerly known as Sigma Additive Solutions, Inc. -- https://investors.nexttrip.com -- is an innovative technology company that is building next generation solutions to power the travel industry. NextTrip, through its subsidiaries, provides travel technology solutions with sales originating in the United States, with a primary emphasis on accommodations, hotels, flights, wellness, and all-inclusive travel packages. Its proprietary booking engine, branded as NXT2.0, provides travel distributors access to a sizeable inventory. NextTrip's NXT2.0 booking technology was built upon a platform acquired in June 2022, which previously powered the Bookit.com business, a well-established online leisure travel agent generating over $400 million in annual sales as recently as 2019 (pre-pandemic). Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 4, 2024, citing that the Company has suffered recurring losses from operations and has a negative working capital that raise substantial doubt about its ability to continue as a going concern. NORTHRIVER MECHANICAL: Unsecureds to Get Nothing in Plan -------------------------------------------------------- Northriver Mechanical Co., Inc., filed with the U.S. Bankruptcy Court for the Northern District of Alabama a First Amended Plan of Reorganization for Small Business. The Debtor consists of a General Contractor licensed by the State Licensing Board for General Contractors for the State of Alabama for the fabrication and installation of commercial and industrial welding and pipefitting. The Debtor was organized in Tuscaloosa County, Alabama May 10, 2018 by filing Articles of Organization in the Office of the Judge of Probate in and for Tuscaloosa County, Alabama. Joshua Guthrie is the sole shareholder of the Debtor and manages its day-to-day activities. Throughout the twelve to eighteen months immediately preceding the petition date, the Debtor-In-Possession suffered a decrease in cash flow due to various reasons including, but not limited to, losses on a USGS job in the approximate amount of $800,000 in labor overage due to design and implementation changes required by USGS and a separate loss of approximately $80,000 due to a chemical spill resulting from an inadequate boiler pop-off valve. The Debtor believes that it can successfully reorganize and/or restructure its debts and liabilities such that it can continue to operate its business. This Plan, under Chapter 11 of the Bankruptcy Code, proposes to pay certain creditors of the Debtor, as provided for herein, from cash flow from future earnings. The Debtor intends to keep all assets as disclosed within its bankruptcy schedules, except those proposed to be surrendered under this Plan. The Debtor does not now intend to liquidate or dispose of any property; however, if disposition or liquidation of property becomes necessary for a successful reorganization, the Debtor will undertake such necessary disposition or liquidation. As set forth in this Plan and unless stated otherwise, a secured creditor's claim will be treated as secured to the extent of the value of the creditor's interest in the estate's interest in the subject property and as unsecured to the extent that the value of the creditor's interest is less than the amount of the allowed claim. A secured creditor will retain its lien on the collateral under this Plan, to the extent of the secured value of the claim, unless there is an express provision herein that states otherwise. A secured creditor will receive payment on its secured claim, as set forth in this Plan, out of the Debtor's future earnings on the terms set forth herein this Plan. Non-priority general unsecured creditors holding allowed claims will receive NO distributions, which the proponent of this Plan has valued at approximately zero ($0.00) cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 13 consists of Nonpriority General Unsecured Claims. Upon confirmation of this Plan, the creditors holding the aforesaid non-priority unsecured claims receive no distribution. The timely filed and allowed unsecured and under secured claims total $575,805.18. All claims in this class are impaired. The Debtor has disclosed and/or scheduled a potential claim related to an accident that occurred on a pre-petition USGS job. A claim has been filed by the Debtor with its insured, Frankenmuth care of The Fitts Agency; and assigned claim number: 000200266030. The claim is still under review. The value of the claim is uncertain but estimated to be $79,965.00. The Debtor assigns any recovery related to the potential claim to NOWAccount NetWork Corpration on Proof of Claim 014. The Debtor retains the discretion to determine whether the potential claim is viable after further review and/or whether to prosecute the potential claim. Nothing herein shall limit or prohibit the Debtor from taking any action to pursue remedies against USGS, its employees, agents, insurers, or assigns or against third parties for any claim related to the USGS job. In response to Paragraph 5 of the Statement of Position filed by the Bankruptcy Administrator, the Debtor reports that the investigation into the cause(s) for the loss and liability(ies) is ongoing. The Debtor disputes any liability. The Debtor will implement the terms of the Plan pursuant to Section 1123(a)(5) of the Bankruptcy Code. The Debtor will retain its personal property (excepting the surrendered collateral identified herein and the property proposed to be sold herein), subject to the encumbrances and liens thereon as provided herein, which will allow the Debtor to operate its business and pay its creditors from future earnings derived from such operations. As applicable and necessary, the Debtor will submit, to the supervision and control of the Trustee, all or such required portion of its future earnings or other future income as is necessary to effectuate execution of this Plan. The Debtor's monthly operating reports support feasibility. A full-text copy of the First Amended Plan dated January 13, 2025 is available at https://urlcurt.com/u?l=vmu5p0 from PacerMonitor.com at no charge. About Northriver Mechanical Northriver Mechanical Co. Inc. is in the specialized business of the fabrication and installation of HVAC piping for commercial and industrial applications and use. Northriver Mechanical Co. Inc. sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-70888) on July 3, 2024. In the petition filed by Joshua A. Guthrie, as president, the Debtor reports total assets of $694,512 and total liabilities of $1,650,575. The Honorable Bankruptcy Judge Jennifer H. Henderson oversees the case. The Debtor is represented by: Marshall A. Entelisano, Esq. MARSHALL A. ENTELISANO, P.C. 701 22nd Avenue Suite 2 Tuscaloosa, AL 35401 Tel: 205-752-1202 Email: marshall@marshall-lawfirm.com OG LIVING: Gets Final OK to Use Cash Collateral ----------------------------------------------- OG Living, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use its secured lenders' cash collateral. The final order authorized the company to use cash collateral to pay the expenses set forth in its latest budget until the effective date of a confirmed Chapter 11 plan or as otherwise ordered by the court. Secured lenders were granted replacement liens in an amount equal to any diminution in the value of their cash collateral or any other collateral occurring from and after the company's Chapter 11 filing. As additional protection, OG Living was ordered to pay $1,388.89 to the U.S. Small Business Administration and $4,104.65 to JP Morgan Chase Bank on a monthly basis. About OG Living LLC OG Living, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22597) on November 29, 2024, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. George John Wohlford, managing member of OG Living, signed the petition. Judge Scott M. Grossman oversees the case. The Debtor is represented by: Chad P Pugatch, Esq. Lorium Law Tel: 954-462-8000 Email: ecf.pugatch@loriumlaw.com -- and -- Jason Slatkin, Esq. Lorium Law Tel: 954-462-8000 Email: jslatkin@loriumlaw.com ONDAS HOLDINGS: Board Appoints Ron Stern as Director ---------------------------------------------------- On January 6, 2025, the Board of Directors of Ondas Holdings Inc. appointed Ron Stern as a director of the Company, effective January 7, 2025, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. Mr. Stern, 52, has served as a General Partner and as the head of Portfolio Management of OurCrowd since April 2017 with responsibility for OurCrowd's global portfolio of over 250 active companies, including over 100 board and board observer nominations and led or participated in over 400 financing rounds for start-up and growth companies. Mr. Stern has over twenty years' experience working in Growth Equity and Venture Capital investing, predominantly with Israeli related companies. During his tenure at OurCrowd, Mr. Stern was appointed to the board of director of Airobotics Ltd. in November 2019 and later became Chairman of Airobotics Ltd in January 2021. In this capacity Mr. Stern led the initial public offering of Airobotics Ltd. on the Tel Aviv Stock Exchange, ultimately leading to the sale of Airobotics Ltd. to Ondas in January 2023. From February 2015 to April 2017, Mr. Stern served as Chief Financial Officer of Adgorithms, an Israel based AI marketing company, which Mr. Stern helped take public on the London Stock Exchange, raising over $40 million to the company and its shareholders. From March 2013 to December 2014, Mr. Stern served as a Senior International Advisor to a leading U.S. family office. From January 2010 to December 2014, Mr. Stern served as a scout and advisor to a number of leading U.S. venture capital firms, and advised and managed large capital environmental projects for municipalities and government entities in Israel. From September 2002 to December 2009, Mr. Stern was a partner with Shamrock Holdings where he built the Israeli investing team and facilitated four initial public offerings of Shamrock's portfolio companies. Mr. Stern currently serves as Chairman of Blue Green Water Technology. Mr. Stern graduated from The Hebrew University of Jerusalem with a degree in Economics and from Columbia Business School with an MBA in Finance and Entrepreneurship. "We believe Mr. Stern's experience in senior leadership positions at companies and his board experience makes him well-qualified to serve on the Company's board of directors," the Company said. On January 6, 2025, the Company entered into that certain Directorship Agreement, by and between the Company and Mr. Stern. Pursuant to the Agreement, Mr. Stern was appointed a director of the Company, effective January 7, 2025, and will be compensated a fixed cash retainer of $15,000 plus VAT if applicable per month during the period he will serve as a director. In addition, once the Company consummates the next Qualified Event and subject to certain conditions, the Company intends to appoint Mr. Stern as Vice Chairman of the Board and as a special strategic advisor of the Company. Mr. Stern will also be compensated with (i) a fixed cash retainer of $24,000 plus VAT if applicable per month during the period he will serve as the Vice Chairman of the Board; (ii) a $500,000 cash bonus plus VAT if applicable upon and subject to the consummation of a Qualified Event; (iii) a $250,000 bonus plus VAT if applicable for each additional Acquisition Transaction in which he took an active role; (iv) a one-time signing bonus of $100,000 plus VAT if applicable at the time of the Directorship Agreement; and (v) a grant of options on January 7, 2025 to purchase 2,876,944 shares of common stock of the Company pursuant to the Ondas Holdings Inc. 2021 Stock Incentive Plan with an exercise price of $2.69. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. is a provider of private wireless, drone, and automated data solutions through its subsidiaries Ondas Networks Inc., Ondas Autonomous Holdings Inc., Airobotics, Ltd, and American Robotics, Inc. Ondas Networks, American Robotics, and Airobotics together provide users in defense, homeland security, public safety, and other critical industrial and government security and infrastructure markets with improved connectivity, situational awareness, and data collection and information processing capabilities. Somerset, N.J.-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2017, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has experienced recurring losses from operations, negative cash flows from operations, and a working capital deficit as of Dec. 31, 2023. As of September 30, 2024, Ondas Holdings had $80,158,656 in total assets, $47,063,442 in total liabilities, $18,176,422 in redeemable noncontrolling interest, and $14,918,792 in total shareholders' equity. ONONTIO LANDSCAPING: Unsecureds to Get 10 Cents on Dollar in Plan ----------------------------------------------------------------- Onontio Landscaping Inc., filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated January 13, 2025. The Debtor is a corporation organized on October 14, 2008. Since 2008 the Debtor has been in the business of landscaping, snow removal and capital improvement projects. The Debtor's business was run by David Osterhout and his father Warren Osterhout for many years. The business began to suffer during the Covid pandemic in 2020. Debtor found it difficult to get materials to complete ongoing jobs, everything became more expensive and the business had to invest in equipment to make work more efficient and safer. The business borrowed $150,000 from the US Small Business Administration, to help get current on bills and to purchase equipment. The Debtor's major income source has traditionally been snow removal in the winter. The last few winters saw less than average snowfall. The 2023-2024 winter season was the worst season for many years for snow removal income, and left Debtor with an inability to continue paying its ongoing bills and debt payments. Debtor felt a need to file for reorganization as it faced defaulted loans and threats of repossessions of critical equipment. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $4,350.00. The final Plan payment is expected to be paid on May 1, 2030. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of non-priority unsecured creditors. Unsecured creditors will receive a total of $47,600.00 which will be distributed pro rata to all allowed unsecured claims. Debtor will pay a total of $793.33 per month to be distributed to unsecured creditors pro rata. It is anticipated that this will yield approximately 10 cents on the dollar of all unsecured allowed claims. This Class is impaired. Class 4 consists of equity security holders of the Debtor. Equity interest holders shall receive 100% of the shareholder interests in the reorganized Debtor. The Plan will be implemented by the Debtor remitting payment to creditor from the Debtor's cash flow derived from income as indicated in the projection. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The director and officer of the Debtor immediately prior to the Effective Date shall serve as the initial director and officer of the Reorganized Debtor on and after the Effective Date. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=sqsoDI from PacerMonitor.com at no charge. About Onontio Landscaping Onontio Landscaping, Inc. is a landscaping and snow removal service provider. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60824) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Patrick G. Radel oversees the case. The Debtor is represented by: Peter Alan Orville Orville & Mcdonald Law, PC 30 Riverside Dr. Binghamton, NY 13905 Tel: 607-770-1007 Email: peteropc@gmail.com OPTION CARE: Releases Prelim Financial Results for 4Q, FY 2024 -------------------------------------------------------------- Option Care Health, Inc. (Nasdaq: OPCH), the nation's largest independent provider of home and alternate site infusion services, announced on January 13, 2025, preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter 2024, Option Care Health expects to report: * Net revenue of approximately $1.34 billion to $1.35 billion, representing approximately 19.2% to 20.1% growth over the fourth quarter of 2023 * Net income of approximately $56.8 to $60.9 million, or diluted earnings per share of $0.33 to $0.36 * Adjusted net income of approximately $71.0 million to $76.8 million, or adjusted diluted earnings per share of $0.42 to $0.45 * Adjusted EBITDA of approximately $118.7 million to $121.7 million, representing approximately a 6.4% to 9.1% increase over the fourth quarter of 2023 For full year 2024, Option Care Health expects to report: * Net revenue of approximately $4.99 billion to $5.00 billion, representing approximately 16.0% to 16.2% growth over the prior year * Net income of approximately $208.5 million to $212.6 million, or diluted earnings per share of $1.21 to $1.23 * Adjusted net income of approximately $268.3 million to $274.1 million, or adjusted diluted earnings per share of $1.55 to $1.59 * Adjusted EBITDA of approximately $441.0 million to $444.0 million, representing approximately a 3.7% to 4.4% increase over the prior year * Cash flow from operations of at least $300 million * Cash and cash equivalents of approximately $412.6 million For the full year 2025, Option Care Health expects to deliver the following financial results: * Net revenue of $5.2 billion to $5.4 billion * Adjusted EBITDA of $445 million to $465 million * Adjusted EPS of $1.59 to $1.69 This preliminary guidance incorporates a negative gross profit impact of approximately $60 million to $70 million dollars related to the Stelara pricing adjustments discussed on the Company's third quarter earnings call. The Company expects to provide further information regarding its full year 2025 financial guidance on its fourth quarter earnings call in February. New Share Repurchase Program Authorization In the fourth quarter of 2024, the Company completed the remaining $90 million of share repurchases under its prior share repurchase program. On January 10, 2025, the Company's Board of Directors approved a new $500 million stock repurchase program. This program has no specified expiration date. Shares may be repurchased under the program through open market purchases, privately negotiated transactions, block trades, or accelerated or other structured share repurchase programs. The extent to which the Company repurchases shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company's management. Conference Call The Company expects to release its full fourth quarter and full year results on Wednesday, February 26, 2025 before the market opens and host a conference call to review the results at 8:30 a.m. E.T. on the same day. The conference call can be accessed via a live audio webcast that will be available online at investors.optioncarehealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. Investor Contacts Mike Shapiro Chief Financial Officer T: (312) 940-2538 mike.shapiro@optioncare.com About Option Care Health Option Care Health -- OptionCareHealth.com -- is an independent provider of home and alternate site infusion services. With over 7,000 teammates, including approximately 4,300 clinicians, the Company works compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through its clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and teammates. * * * This concludes the Troubled Company Reporter's coverage of Option Care Health until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. OUTKAST ELECTRICAL: Court Extends Use of Cash Collateral to Feb. 10 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts extended Outkast Electrical Contractors, Inc.'s authority to use cash collateral from Jan. 10 to Feb. 10. The order signed by Judge Janet Bostwick authorized the company to use the funds advanced by Dimeo Construction Company under its funding agreement with David Madoff, the Subchapter V operating trustee, to the extent such funds constitute cash collateral. The trustee can use any additional funds that qualify as cash collateral to reimburse Dimeo in the amount of $24,105 pursuant to the funding agreement, and pay $10,000 to BDC Community Capital Corp., a secured creditor, as adequate protection for the use of its cash collateral. BDC and the other secured creditors, including Mill Cities Community Investments and the U.S. Small Business Administration will continue to have the benefit of the replacement liens on post-petition assets granted pursuant to the court's first interim order issued on Feb. 15 last year. The next hearing is scheduled for Feb. 5. BDC can be reached through its counsel: James C. Fox, Esq. Ruberto, Israel & Weiner, PC 255 State Street, 7th Floor Boston, MA 02109 Phone: (617) 742-4200 / (617) 570-3534 Fax: (617) 742-2355 Email: jim_fox@riw.com jcf@riw.com Mill Cities can be reached through its counsel: Michael J. Fencer, Esq. Casner & Edwards, LLP 303 Congress Street Boston, MA 02210 Tel: (617) 426-5900 Mobile: (617) 256-6736 Fax: (617) 426-8810 Email: fencer@casneredwards.com About Outkast Electrical Contractors Outkast Electrical Contractors, Inc. provides full-service commercial electrical construction and renovation services throughout the greater Boston area. The company is based in Dorchester Center, Mass. Outkast filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-10272) on February 13, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Paul Gray, president, signed the petition. Judge Janet E. Bostwick oversees the case. John Sommerstein, Esq., at John F. Sommerstein represents the Debtor as legal counsel. PACKERS HOLDINGS: S&P Lowers ICR to 'SD' on Below-Par Debt Deals ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Packers Holdings LLC to 'SD' (selective default) from 'CCC-'. Its issue-level rating on the company's existing first-lien debt remains 'CCC-'. S&P expects to reevaluate its ratings on Packers and its capital structure as soon as practical. S&P said, "We view Packers' discounted exchange of the senior unsecured notes as tantamount to a default under our criteria. On Dec. 31, 2024, the company announced it had concluded a debt-restructuring transaction with its lenders, under which it exchanged existing senior unsecured notes with approximately $307 million of principal outstanding maturing in December 2025 for $275 million incremental first-lien debt, comprising a $157 million incremental first-lien debt fungible to the existing first-lien credit agreement and a new $118 million side-car pari passu first-lien term loan, maturing in March 2028. "We see this transaction as distressed, given the company's operating challenges; tightening liquidity; distressed trading prices of its debt in the secondary market; and the likelihood the company will face a payment default absent a transaction like this, considering potential near-term debt maturities, which include the December 2025 maturity of the senior unsecured notes (with $307 million outstanding) and the heightened likelihood of a spring maturity on its first-lien debt in September 2025 if more than $100 million of principal remained outstanding. "We also believe, with Packers capturing a discount of $33 million on the $307 million of principal it owed to unsecured lenders in the transaction, it represents less than the original promise, with insufficient compensation being provided to these lenders; even with unsecured lenders moving up in the capital structure from unsecured to a pari- passu position with all existing first-lien lenders and receiving better pricing--either SOFR+ 525 cash pay or SOFR+ 725 payment in kind." PARADIGM PROPERTIES: Debt Holders Seek City Place I Receivership ---------------------------------------------------------------- Michael Puffer of Hartford Business reports that City Place I, Hartford's tallest skyscraper, is grappling with financial difficulties as its value plunges and its owner struggles to meet expenses. Wilmington Trust, representing the building's debt investors, has petitioned Hartford Superior Court to appoint a receiver to assume control of the property, the report relates. According to Hartford Business, Boston-based Paradigm Properties purchased the 38-story, 885,000-square-foot office tower at 185 Asylum St. for $113.2 million about a decade ago. The acquisition was financed with a $79.27 million loan from Wells Fargo, secured by a mortgage and related obligations. The loan has since been sold to investors, with Wilmington Trust serving as trustee. In a December 30, 2024 court filing, Wilmington's attorney, Christopher Desiderio of Nixon Peabody LLP, reported that the LLC affiliated with Paradigm, which owns City Place I, has admitted it cannot meet its financial obligations and consented to the receivership. Wilmington has recommended Lewis Taulbee of Jones Lang LaSalle Americas Inc. as the receiver. Attempts to contact Paradigm for comment were unsuccessful. The downtown Hartford office market has been severely affected by the pandemic and the rise of remote work, which prompted many tenants to reduce their office space, increasing vacancy rates, the report relays. City Place I's financial woes have become increasingly evident. Data from real estate analytics firm Trepp shows the building's appraised value has dropped from $114.5 million in 2015 to $64 million—well below the $79.3 million owed on its loans. These loans have been placed in special servicing, a designation for distressed commercial mortgage-backed securities requiring restructuring. A significant blow to City Place I occurred in 2023 when UnitedHealthcare, a key tenant, downsized its lease from 350,000 square feet to just 57,000 square feet, according to report. City Place I is among several major Hartford office buildings facing financial challenges. Others include Metro Center at 350 Church St. (293,639 square feet), the Stilts Building at 20 Church St. (419,600 square feet), and parts of the Constitution Plaza complex, all of which are undergoing foreclosure proceedings, Harford Business states. About Paradigm Properties Paradigm Properties specializes in commercial and residential property management from apartments to warehouses. PARLOR RESTAURANT: Files Chapter 11 Bankruptcy in D.C. ------------------------------------------------------ On January 15, 2025, Parlor Restaurant and Lounge LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Parlor Restaurant and Lounge LLC Parlor Restaurant and Lounge LLC is a Washington DC-based restaurant operator. Parlor Restaurant and Lounge LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-00021) on January 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. Honorable Bankruptcy Judge Elizabeth L. Gunn oversees the case. The Debtor is represented by: Moqadas Islam, Esq. 3692 Yorktown Village Pass Annandale, VA 22003 Phone: 571-274-6834 PERFECTIONS INC: Unsecureds Will Get 100% of Claims in Plan ----------------------------------------------------------- Perfections Inc., of Boca, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated January 13, 2025. The Debtor was incorporated for the purposes of fabricating and installing stone with a particular focus on marble. The Debtor is owned and controlled by the Lo Fria family in the following percentages: 1) Francesco Lo Fria (90%) and 2) Pietro Lo Fria (10%). The Debtor's principal place of business is located at 229 S.E. 1st Terrace, Deerfield Beach, Florida 33441. This warehouse space is rented by the Debtor from the Debtor's president and shareholder Francesco Lo Fria. The Debtor is current on the lease payments. On the Petition Date, the approximate value of Debtor's assets totaled $276,779.30, which is comprised of funds held in the Debtor's bank accounts, office supplies and equipment, equipment utilized in the fabrication and installation of the stone product, the vehicle utilized by the business, which is a 2021 Mercedes Benz M4CA76, certain accounts receivable and certain deposits being held. As estimated on Debtor's Schedules, Debtor estimates that the only secured claim is the claim of Mercedes-Benz Financial Services. Mercedes-Benz Financial Services has not filed a proof of claim. Mercedes-Benz Financial Services will maintain its security interest in its collateral, and it shall be paid in full at the contractual interest rate. It is unimpaired. The Florida Department of Revenue has filed Proof of Claim No. 1 claiming approximately $394,160.63 in priority unsecured claims. The Internal Revenue Service (herein "IRS") has filed Proof of Claim No. 2 claiming approximately $2,717.97 in priority unsecured claims. JPMorgan Chase Bank has filed Proof of Claim No. 3 claiming approximately $10,473.38 in general unsecured claims for credit card purchases. This Plan under chapter 11 of the Code proposes to pay creditors of Debtor from Cash on hand and operating income, unless otherwise stated. The final Plan payment is expected to be paid no later than 5 years from the Effective Date of the Plan. Class 2 consists of all the Allowed General Unsecured Claims of Debtor. The Debtor estimates the aggregate amount of Allowed Class 2 Claims totals not more than $10,473.38. JPMorgan Chase Bank, N.A. filed Proof of Claim No. 3-1. The claim relates back to credit card debt owed by the Debtor. This claim will be allowed as general unsecured only. As provided in additional detail in the Liquidation Analysis, the Debtor estimates that if this case were converted to a Chapter 7 case, the holders of Class 2 Claims would receive a one hundred percent distribution. If Debtor's Plan is confirmed, each holder of an Allowed general unsecured claim against Debtor receives one hundred percent of its Allowed Claim upon the confirmation of the Chapter 11 Plan. As such, the members of this class are unimpaired, and these payments shall be in full satisfaction, settlement, release, and extinguishment of their respective Allowed Claims. This Class is unimpaired. Class 3 consists of the Equity Interests in the Debtor and in the assets of the estate. The Allowed Equity Interests in the Debtor are retained under the Plan. All equity holders of the Debtor which existed as of the Petition Date will continue to retain their same percentage ownership interests in the Reorganized Debtor. The Debtor will be able to make all payments under the plan through the utilization of its disposable income from business operations. Additionally, to the extent it is necessary, the principals of the Debtor will contribute their individual resources to ensure the Debtor's plan payments are made. Furthermore, in the extreme event that additional resources are necessary, the Debtor is able to liquidate certain equipment while still maintaining its organization as a going concern. All payments under the Chapter 11 Plan shall be paid through the Debtor's disposable income as well as contributions from the Debtor's principals, if necessary. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=TYPNxv from PacerMonitor.com at no charge. Counsel to the Debtor: Nicholas G. Rossoletti, Esq. Bilu Law, P.A. 2760 W. Atlantic Blvd. Pompano Beach, FL 33069 Telephone: (954) 596-0669 Facsimile: (954) 427-1518 Email: nrossoletti@bilulaw.com About Perfections Inc. of Boca Perfections, Inc. of Boca was incorporated for the purposes of fabricating and installing stone with a particular focus on marble. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20614) on October 14, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Scott M. Grossman presides over the case. The Debtor tapped Nicholas G. Rossoletti, Esq., as legal counsel and Christian Castro, CPA, at TriCPS LLC as accountant. PHUNWARE INC: Not in Compliance with Nasdaq Listing Rules --------------------------------------------------------- On January 10, 2025, Phunware, Inc., received a written notice from The Nasdaq Stock Market LLC notifying the Company that it was not in compliance with the rules for continued listing as set forth in Nasdaq Listing Rules 5620(a) and 5810(c)(2)(G) because the Company has not held an annual meeting of stockholders within 12 months of year-end for the fiscal year ended as of December 31, 2023, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. Under Nasdaq rules, the Company has 45 days to submit a plan to Nasdaq to regain compliance, and if Nasdaq accepts the Company's plan, Nasdaq can grant an exception of up to 180 calendar days from the fiscal year end, or until June 30, 2025, to regain compliance. The Company intends to submit a compliance plan within the specified period. While the compliance plan is pending, the Company's securities will continue to trade on Nasdaq. If the Nasdaq does not accept the Company's compliance plan, the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. There can be no assurance the Company will maintain compliance with the above or any other Nasdaq listing rule. About Phunware Headquartered in Austin, Texas, Phunware, Inc. -- http://www.phunware.com-- offers a fully integrated software platform that equips companies with the products, solutions, and services necessary to engage, manage, and monetize their mobile application portfolios globally at scale. Phunware reported a net loss of $52.78 in 2023, a net loss of $50.89 million in 2022, a net loss of $53.52 million in 2021, a net loss of $22.20 million in 2020, a net loss of $12.87 million in 2019, a net loss attributable to common shares of $923,180 for the year ended Nov. 30, 2018, and a net loss attributable to common shares of $307,274 for the year ended Dec. 30, 2017. PREMIER HOSPITALITY: Gets Final OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division issued a final order authorizing Premier Hospitality International, Inc. to use cash collateral. Premier Hospitality International was authorized to use cash collateral to pay current and necessary expenses set forth in the approved budget, subject to a variance not to exceed 10% per line item. The budget outlines the company's projected expenses of $144,314 for January and $145,314 for February. Secured creditors of Premier Hospitality International are adequately protected by virtue of the replacement liens on assets acquired by the company post-petition. The order makes no determination regarding whether certain accounts, accounts receivable, and proceeds thereof are property of Premier Hospitality International or its estate, and the parties reserve their rights to seek a determination by the court. About Premier Hospitality International Premier Hospitality International Inc. is a custom furniture business that specializes in fulfilling custom order for furniture and cabinetry, primarily for hotels. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-19763) on Sept. 22, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Corali Lopez-Castro presides over the case. The Debtor is represented by: Rachamin Cohen, Esq. Tel: 718-288-9262 Email: rocky@lawcls.com R & R INDUSTRIES: Seeks Chapter 11 Bankruptcy Protection in Florida ------------------------------------------------------------------- On January 17, 2025, R & R Industries Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. 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 R & R Industries Inc. R & R Industries Inc. is a family-owned and operated business that specialized in distributing, manufacturing, and servicing Corporate America with corporate gear as well as decorated safety apparel for more than 40 years. R & R Industries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-00298) on January 17, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by: Scott W. Spradley, Esq. Law Offices of Scott W. Spradley, P.A. P.O. Box 1 301 South Central Avenue Flagler Beach, FL 32136 Phone: 386-693-4935 RED RIVER: DOJ Opposes Early Claims Processing Approval ------------------------------------------------------- Randi Love of Bloomberg Law reports that the Department of Justice's bankruptcy watchdog has criticized a Johnson & Johnson talc subsidiary for seeking to process claims from individuals alleging its talc products caused cancer before securing approval for a Chapter 11 plan. In December 2024, Red River Talc LLC filed a request with the US Bankruptcy Court for the Southern District of Texas to hire Archer Systems LLC for limited claims review services. The move aligns with the company’s efforts to advance an $8.2 billion settlement proposal for thousands of ovarian and gynecological cancer claims, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RED RIVER: Judge Limits Expert Witnesses in Ch. 11 Dismissal Trial ------------------------------------------------------------------ Vince Sullivan of Law360 reports that on January 16, 2025, a Texas bankruptcy judge imposed limits on the number of expert witnesses allowed to testify in an upcoming hearing concerning talc claimants' bid to dismiss the Chapter 11 case of Johnson & Johnson's talc subsidiary. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RENOVARO INC: Board Appoints N. Fuentes as CFO ---------------------------------------------- Effective January 6, 2025, the board of directors of Renovaro Inc. appointed Nathen Fuentes, age 42, as Chief Financial Officer of the Company, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. Mr. Fuentes comes to Renovaro as a senior biotechnology and specialty healthcare financial executive with a depth and breadth of functional and industry experiences based upon progressively senior strategic, operational and financial leadership roles. Mr. Fuentes has experience leading acquisition and organic growth initiatives within highly levered environments while managing investor relations, human resources, finance, accounting, and revenue cycle functions. Prior to joining Renovaro he served as Chief Financial Officer at Telomir Pharmaceuticals (September 2023 to June 2024), an emerging leader in age-reversal science. Previously, Mr. Fuentes worked for mid-market private equity sponsored companies within the specialty healthcare industry, serving as Chief Financial Officer of Emergence Health Holdings (May 2023 to September 2023), Divergent Dental Group (July 2022 to May 2023), Family First Homecare (2019 to July 2022) and Dermatology Medical Partners (2017 to 2019). He also served as the Controller of Glytec (2013 to 2017), as an Experienced Associate at PricewaterhouseCoopers (2012 - 2013), and held various managerial positions with homebuilding companies prior to his experience with PricewaterhouseCoopers. Mr. Fuentes earned his Bachelor of Science in marketing from the University of Florida and his Master of Science in accounting from Fairfield University. Mr. Fuentes is a Certified Public Accountant. In connection with his appointment, the Company entered into an employment agreement which provides that Mr. Fuentes' base salary will be $280,000 per year, and he will be eligible to receive a performance bonus of up to $40,000 per year, which will be payable on or before March 15th of each calendar year. For calendar year 2025, Mr. Fuentes will be eligible for a pro-rated performance bonus. The Employment Agreement also provides for an equity incentive grant of 250,000 stock options, which will vest ratably per quarter for eight quarters. In addition, the Employment Agreement provides for a discretionary equity grant on the first anniversary of the employment date in such amount and on such terms as determined in the sole discretion of the Company. Mr. Fuentes is eligible to participate in the benefit plans and programs generally available to the Company's employees. Mr. Fuentes 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 the Company, subject to providing written, detailed substantiation of such expenses at the Company's request. If Mr. Fuentes is terminated without cause or if Mr. Fuentes terminates his employment for good reason, the Company agrees to provide to Mr. Fuentes as severance: (i) an amount equal to six (6) months of his base salary, (ii) if Mr. Fuentes timely elects to continue health plan coverage under COBRA, reimbursement of premiums to continue health care benefits coverage under COBRA for the 6 months following the date of Mr. Fuentes’ termination and (iii) accelerated vesting of all time-based equity awards. "Good Reason" in the Employment Agreement includes the sale of substantially all of the assets of the Company or a merger in which the shareholders of the Company do not retain control. Mr. Fuentes 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. Interim Chief Financial Officer Termination In connection with Mr. Fuentes' appointment as Chief Financial Officer, Simon Tarsh was removed as Interim Chief Financial Officer of the Company. 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. RJQ COMPANIES: Unsecureds Will Get 15% of Claims over 5 Years ------------------------------------------------------------- RJQ Companies, Inc., submitted a Plan of Reorganization under Subchapter V. The Debtor has both secured and unsecured debt. As of petition date, the Debtor had approximately $422,076.70 in secured debt obligations and $489,354.31 in unsecured claims. By the Plan, the Debtor proposes to (a) pay AmeriCredit Financial Services in full at the various contract rates of over the remaining contractual terms, pursuant to original contract terms: (b) pay ODK Capital, LLC's secured claim a lump sum of $230,190 upon receipt of the Employment Retention Tax Credits; and (d) pay the General Unsecured Claims a minimum of fifteen percent of allowed claims over a five-year period. The Debtor holds contingent claims that may or may not be paid or paid in full. These are a claim against a debt settlement firm that Debtor believes holds a deposit in the amount of $62,643.06 and Employment Retention Tax Credit refunds filed but not paid in the amount of $444,514.59. Equity Interests will be reinstated, provided, however, that the Debtor may not make any payments on account of Equity Interests until the completion of the Plan. Class 3 consists of General Unsecured Claims. Commencing on the first Calendar Quarter following the Effective Date of the Plan the Debtor shall pay to the then serving Subchapter V Trustee the sum designated for distribution by the Subchapter V Trustee on a pro rata basis to holders of all allowed general unsecured claims. The Subchapter V Trustee shall deduct her reasonable costs and expenses including copying, banking, and mailing charges as well as the time required to prepare and mail payments. The Subchapter V Trustee, in her discretion, may hold claims entitled to less than $15.00 for later distribution. Class 3 is impaired. Class 4 consists of Equity Interests. All Equity Interests will be reinstated as they were prior to the Petition Date, provided, however, that the Debtor may not make any payments on account of Equity Interests until the completion of the Plan. Any provisions of any Equity Interest or agreements with holders of Equity Interests requiring mandatory payments of profits will be permanently rejected. The Debtor will make no distributions to holders of Equity Interests unless and until all payments required under this Plan have been paid in full. On the Effective Date, all assets of the Debtor's estate, including all real and personal property, all Causes of Action, interests, claims, choses in action, and rights under any contracts (executory or otherwise), against any person will revest and be transferred to the post-Effective Date Debtor. The Debtor will remain in possession of all other assets, including its business and will continue to sell its products through its existing marketing channels while seeking to incrementally increase its sales through a measured growth model that emphasizes profitability. From and after the Effective Date, the Debtor shall exist and continue to exist as a separate legal entity, with all powers in accordance with the laws of the State of California and shall be governed by the pre-Petition Date operating agreement. The Debtor shall have all of the powers of such a legal entity under applicable law and without prejudice to any right to alter or terminate such existence (whether by merger, conversion, dissolution or otherwise) under applicable law. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=o2u7As from PacerMonitor.com at no charge. Attorneys for the Debtor: Stephen Reynolds, Esq. Reynolds Law Corporation 424 Second Street, Suite A Davis, CA 95616 Tel: (530) 297-5030 Fax: (530) 297-5077 Email: sreynolds@lr-law.net About RJQ Companies RJQ Companies, Inc., is a landscape contractor providing design, installation, and maintenance services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-20882) on March 5, 2024, with $500,001 to $1 million in both assets and liabilities. Judge Fredrick E. Clement presides over the case. Stephen M. Reynolds, Esq., is the Debtor's legal counsel. ROOME ENTERPRISES: Seeks Subchapter V Bankruptcy Proceeding ----------------------------------------------------------- On January 14, 2025, Roome Enterprises Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Idaho. According to court filing, the Debtor reports $2,969,007 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on February 20, 2025 at 09:00 a.m. PT / 10:00 a.m. MT via Telephonic Conference. About Roome Enterprises Inc. Roome Enterprises Inc., doing business as ServiceMaster by Roome and ServiceMaster Cleaning and Restoration by Roome, is a restoration services company that specializes in providing emergency cleanup and restoration after incidents such as water damage, fire damage, smoke damage, sewage backups, trauma or vandalism, and mold growth. The Company offers 24/7/365 services to both residential and commercial clients, partnering with insurance companies and property management firms to restore peace of mind after these types of disasters. Roome Enterprises Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-20010) on January 14, 2025. In its petition, the Debtor reports total assets of $1,201,963 and total liabilities of $2,969,007. The Debtor is represented by: Matthew W. Grimshaw, Esq. Grimshaw Law Group, P.C. 800 W. Main Street Suite 1460 Boise, ID 83702 Tel: 208-391-7860 E-mail: matt@grimshawlawgroup.com SANDVINE CORPORATION: Seeks to Sell Business Assets --------------------------------------------------- Sandvine Corporation and its affiliates will seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, at a hearing on February 24, 2025 6:30 a.m., to approve their Companies' Creditors Arrangement Act Proceedings (CCAA Proceedings) and to sell substantially all of its assets, free and clear of liens, claims, and encumbrances. The Debtor provides quality of experience analysis and performance optimization software applications to its customers, the majority of which are telecommunications service providers located around the world. The Debtors commenced the Chapter 15 Cases as the final step in a nearly year-long effort to restructure their business, which efforts were triggered by the addition of certain of the Debtors to BIS' Entity List and the corresponding immediate and negative impact to the Company’s revenue caused by such Entity List designation. The CCAA Proceedings, pending before the Ontario Superior Court of Justice, and the Chapter 15 Cases provide the Debtors with the breathing spell needed to stabilize their business and to pursue a value maximizing restructuring transaction. The Debtors successfully pursued a court-approved and supervised sale and investment solicitation process (SISP) in the CCAA Proceedings to obtain the highest or best offer for their assets and to preserve their operations as a going concern. The SISP was designed as a 2-phase process run by the Debtors and their financial advisor, GLC Advisors & Co., LLC and GLC Securities, LLC, under the supervision and oversight of KSV Restructuring Inc., in its capacity as the court-appointed monitor in the CCAA Proceedings. The SISP provided the framework pursuant to which the Debtors could solicit bids in connection with a sale of substantially all of, or parts of, the Assets, or an investment in, restructuring, recapitalization, refinancing, or other form of reorganization, of all or some of Sandvine or its business. The SISP has now concluded and the Debtors have selected the stalking horse transaction agreement (Transaction Agreement), submitted on behalf of the Consenting Stakeholders, as the highest and best offer for their assets. The Debtor seeks approval for the Transaction Agreement dated December 18, 2024 entered into by and among Sandvine Canada and Procera Networks, Inc. (Procera US, and, together with Sandvine Canada, the Sellers), Sandvine Holdings UK Limited (Sandvine UK, and together with the Sellers, the Seller Parties), and Dune Parent LLC (NewCo Parent) on behalf of companies to be formed in accordance with the Implementation Steps (as defined in the Transaction Agreement (collectively, the Purchaser Parties, and together with the Seller Parties, the Parties. For the avoidance of doubt, the term Purchasers shall have the definition ascribed to it in the Transaction Agreement), and the transactions contemplated therein, including the Implementation Steps and the Transition Services Agreement The Debtor requests approval of, and authorize, the Seller Parties’ entry into the Transaction Agreement, and recognize and enforce in the United Sates the Canadian Court’s CCAA Approval and Vesting Order. The Transaction Agreement is subject to a number of conditions precedent, including conditions providing that the CCAA Approval and Vesting Order and the Sale Approval Order shall have been granted and become final orders. The Transaction Agreement also provides that the Purchasers may terminate the Transaction Agreement if the closing of the Transactions has not occurred on or before March 21, 2025. Through the Transaction Agreement, the Purchasers will acquire substantially all of the Assets, including the equity interests of Sandvine UK and the non-Debtor "rest-of-world" subsidiaries, and will assume certain of the Sellers’ liabilities. The Transaction Agreement provides that all priority and cure payments (if any) will be paid by the Purchasers on the Closing Date (as defined therein) from the cash portion of the Purchase Price and the Debtors’ cash on hand or assumed by the Purchasers. The Administrative Expense Reserve of US $3 million will be used by the Monitor to administer the Excluded Assets and the Excluded Liabilities, and to otherwise wind-up the Debtors’ estates. Any unused portion of the Administrative Expense Reserve will be transferred by the Monitor to the Purchasers following the wind-up of the Debtors’ estates. The Purchased Assets will be acquired in accordance with the Transaction Agreement and the Implementation Steps pursuant to which the Consenting Stakeholders will, among other things, direct a credit bid and exchange and release of $337 million in Existing Term Loans, and all outstanding DDTL/DIP Loans (up to $125 million) for together with the DDTL Commitment Fee payable in equity, the equity of the parent of the Purchasers (subject to dilution by the management incentive plan), and Exit Term Loans in an amount equal to the outstanding DDTL/DIP Loans. According to the Debtor, the immediate approval of the Transactions and the recognition and enforcement of the CCAA Approval and Vesting Order in the United States is critical to the Debtors’ restructuring efforts. The Parties aim to consummate the Transactions set forth in the Transaction Agreement by no later than February 28, 2025. The Debtor believes that the sale of the assets in accordance with the terms and conditions of the Transaction Agreement, the CCAA Approval and Vesting Order, and the Sale Approval Order will maximize value for the Debtors’ creditors and other stakeholders. Pursuant to the Transaction Agreement, the Parties will enter into a transition services agreement pursuant to which the Purchasers will provide to the Sellers the various professional, support, and maintenance services necessary to facilitate the Sellers’ performance under the Transition Contracts, for the benefit of the Transition Customers. About Sandvine Corporation Sandvine Corporation, headquartered in Waterloo, Ontario, Canada, and owned by funds affiliated with Francisco Partners, provides network and application intelligence solutions to mobile, fixed, cable, satellite and Wi-Fi service providers, and governments globally. Sandvine sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas, Bankr. Case No. 24-33617) on November 7, 2024. Other affiliates who sought Chapter 11 protection are New Procera GP Company, Sandvine Holdings UK Limited, Sandvine OP (UK) Ltd, Procera Networks, Inc., and Procera Holding, Inc. Judge Stacy G. Jernigan presides over the case. The Foreign Representative is Sandvine Corporation, represented by Robert A. Britton, Esq., Claudia R. Tobler, Esq., and Xu Pang, Esq., at PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, in New York, and Jason S. Brookner, Esq., Lydia R. Webb, Esq., and Sean R. Burns, Esq., at GRAY REED, in Dallas, Texas. SAY YES: Seeks Subchapter V Bankruptcy Protection in Alabama ------------------------------------------------------------ On January 15, 2025, Say Yes of Birmingham LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Say Yes of Birmingham LLC Say Yes of Birmingham LLC is a single-asset real estate company operating in Jefferson County, Alabama. Say Yes of Birmingham LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-00115) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge D. Sims Crawford handles the case. SEAQUEST HOLDINGS: To Sell Aquarium Business to Z&A Management -------------------------------------------------------------- Seaquest Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho, to sell aquarium and wildlife exhibit properties in a private sale, free and clear of all liens and encumbrances. The Debtor's Property is related to its administration and operation of interactive aquarium and wildlife exhibits: A. The Seaquest aquarium and wildlife exhibits located in Utah, Las Vegas, Folsom, Roseville, Woodbridge, and Boise collectively known as Locations. B. All equipment, tools, furniture, fixtures, and animals, including without limitation, the assets listed in exhibits to the Purchase Agreement. C. Supply and feed inventory used at the Locations. D. All leasehold improvements at the Locations. The Debtor proposes to transfer its interest in the Property to Z&A Management LLC pursuant to the terms of its purchase agreement. The Property seeks to sell the Property to Z&A Management LLC for a gross purchase price of $80,000. The Debtor believes and therefore asserts the fair market value of the Property is approximately equal to the sale price. The Buyer is owned and/or managed by Jeff Cox. Mr. Cox is also owner and/or manager of Noveen Capital, Inc., which owns a 4.01% interest in the Debtor. The Debtor proposes to sell the Property free and clear of all liens and encumbrances, with all liens (if any) to attach to the sale proceeds. The Debtor says that the proposed sale will achieve a purchase price that is approximate to the fair market value of the Property, based upon its discussions with Equity Partners, the current market conditions for interactive animal and wildlife exhibitions in the United States, and the opinions of the Debtor’s valuation and sale expert. The Property appears to be currently encumbered by certain UCC filings. However, the Debtor disputes certain security interests allegedly encumbering the Property and seeks approval of the sale. The specific interests which appear to allegedly encumber the Property from Jeff Cox with $1,635,194.51, FinWise Bank with $439,410.11, and U.S. Small Business Administration with $3,966,154.05. No brokers, auctioneers, or other professionals are to be paid from the proceeds of the sale. The Debtor’s valuation expert will be paid after the court approves an application for compensation. About Seaquest Holdings LLC SeaQuest Holdings, LLC better known as SeaQuest, is an interactive marine, exotic mammal, and bird/reptile life attraction chain. Guests are encouraged to connect with animals and learn about their ecosystems through various hands-on activities which include hand-feeding sharks, stingrays, birds, and tropical animals. SeaQuest offers a private event venue ideal for school field trips, birthday parties, and more. SeaQuest Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 24-00803) on December 2, 2024. In the petition filed by Aaron Neilsen, CEO, the Debtor reports total assets of $659,473 and total liabilities of $16,653,877. Honorable Bankruptcy Judge Benjamin P. Hursh handles the case. Matthew T. Christensen, Esq., at Johnson May serves as the Debtor's counsel. SGZ GROUP: Court Approves Use of Cash Collateral Until Jan. 27 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order authorizing SGZ Group, Inc. to use cash collateral on an interim basis. The proceeding memorandum and order signed by Judge Janet Bostwick approved the use of cash collateral until Jan. 27 on the same terms and conditions set forth in her second interim order dated Dec. 6, 2024, except as modified by the proceeding memorandum and order. A further hearing is scheduled for Jan. 23. About SGZ Group Inc. SGZ Group Inc., doing business as Kendall Press, was founded in Kendall Square, Cambridge, MA in 1986 as a commercial print and sign company serving the Boston and Cambridge community. Today, the company has evolved to become a full-service content production company delivering printed and digital media in support of marketing, sales, and experiential initiatives to leading businesses in the Boston region and beyond. SGZ Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12330) on November 20, 2024, with total assets of $351,334 and total liabilities of $1,397,764. J. Edward Christopher, president of SGZ Group, signed the petition. Judge Janet E. Bostwick oversees the case. The Debtor is represented by: David B. Madoff, Esq. Madoff & Khoury, LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Tel: 508-543-0040 Fax: 508-543-0020 Email: alston@mandkllp.com SHARPLINK GAMING: Continues Non-Compliance w/ Nasdaq Bid Price Rule ------------------------------------------------------------------- On January 8, 2025, SharpLink Gaming, Inc., received a letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating the Company's continued non-compliance with Nasdaq Marketplace Rule 5550(a)(2), according to a Form 8-K filing with the U.S. Securities and Exchange Commission. The Company's plans to request a hearing, which will stay any further delisting action by the Staff pending the ultimate outcome of the hearing. The Company's common stock will remain listed and eligible for trading on Nasdaq pending the ultimate conclusion of the hearing process. On July 11, 2024, the Company received a letter from Nasdaq notifying the Company that, because the closing bid price for its common stock had been below $1.00 per share for 30 consecutive trading days, it was not compliant with the Minimum Bid Price Requirement. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company had a period of 180 calendar days, or until January 7, 2025, to regain compliance with the Minimum Bid Price Requirement. If at any time before January 7, 2025, the closing bid price of the Company's common stock closed at or above $1.00 per share for a minimum of 10 consecutive trading days (which number days may be extended by Nasdaq), Nasdaq would provide written notification that the Company had achieved compliance with the Minimum Bid Price Requirement, and the matter would be resolved. The Notice from the Staff informed the Company that the Staff had determined that the Company has not regained compliance with the Minimum Bid Price Requirement and was not eligible for a second 180-day compliance period, due to the Company's previously reported failure to comply with the $5,000,000 minimum stockholders' equity requirement for initial listing on The Nasdaq Capital Market as required under Listing Rule 5505(b)(1). SharpLink is working to evidence compliance with Minimum Bid Price Requirement for continued listing on the Nasdaq Capital Market and intends to submit a plan to that effect to the Nasdaq Hearings Panel as part of the hearing process; however, there can be no assurance the Panel will grant any request for continued listing or that the Company will be able to regain compliance with the applicable listing criteria within the period of time that may be granted by the Panel. Further, on November 22, 2024, the Staff notified the Company that it did not comply with the $2.5 million minimum stockholders' equity requirement, as set forth in Nasdaq Listing Rule 5550(a)(2). As a result, the Staff requested that the Company provide a plan of compliance by January 6, 2025. However, pursuant to Nasdaq Listing Rule 5810(d)(2), this deficiency now becomes an additional basis for delisting, and as such, the Company intends to address these concerns before the Panel. There can be no assurance that the Company will ultimately regain compliance and remain listed on Nasdaq. About SharpLink Headquartered in Minneapolis, Minnesota, SharpLink Gaming -- http://www.sharplink.com-- is an online performance-based marketing company that leverages its unique fan activation solutions to generate and deliver high quality leads to its U.S. sportsbook and global casino gaming partners. Raleigh, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about their ability to continue as a going concern. SINGH BROS: Hires Bainbridge Media Group as Consultant ------------------------------------------------------ Singh Bros Express LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Bainbridge Media Group as professional consultant. The firm will provide assistance in preparation of the Debtors' statements and schedules, reports required by the United States Trustee, cash collateral budgeting, financial reporting and projections, formulation of one or more reorganization plans, and testimony at the Section 341 Meeting of Creditor. The firm will be paid at the rate of $125 per hour. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher R. Van Dyk Bainbridge Media Group 223 Ihland Way NW Bainbridge Island, WA 98110 Tel: (206) 965-0086 About Singh Bros Express LLC Singh Bros Express, LLC operates in the general freight trucking industry. Singh Bros Express and its affiliates, Singh Bros Transport, LLC and Singh Bros Trucking, LLC, filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 24-42600) on November 15, 2024. At the time of the filing, Singh Bros Express reported $1 million to $10 million in both assets and liabilities. Judge Mary Jo Heston handles the cases. The Debtors are represented by Jane E. Pearson, Esq., at Polsinelli, PC. SINGH BROS: Hires Talmadge/Fitzpatrick as Appellate Counsel ----------------------------------------------------------- Singh Bros Express LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Talmadge/Fitzpatrick PLLC as special appellate counsel. The Debtor needs the firm's legal assistance in connection with an appeal with the Washington Court of Appeals, Division II over a Judgment by the Superior Court of the State of Washington in and for Pierce County, on October 4, 2024 (Case No. 23-2-08438-7). The firm will be paid at these rates: Philip A. Talmadge, Members $550 per hour Aaron P. Orheim, Attorney $450 per hour Gary W. Manca, Attorney $450 per hour Matt Albers, Paraprofessionals $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Philip A. Talmadge, Esq., a partner at Talmadge/Fitzpatrick, 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: Philip A. Talmadge, Esq. Talmadge/Fitzpatrick PLLC 2775 Harbor Avenue Southwest, Third Floor Suite C Seattle, WA 98126 Tel: (206) 574-6661 About Singh Bros Express LLC Singh Bros Express, LLC operates in the general freight trucking industry. Singh Bros Express and its affiliates, Singh Bros Transport, LLC and Singh Bros Trucking, LLC, filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 24-42600) on November 15, 2024. At the time of the filing, Singh Bros Express reported $1 million to $10 million in both assets and liabilities. Judge Mary Jo Heston handles the cases. The Debtors are represented by Jane E. Pearson, Esq., at Polsinelli, PC. SPIRIT AIRLINES: Secures $300 Million in Chapter 11 Exit Funding ---------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that lenders of Spirit Airlines Inc. have committed to providing the airline with up to $300 million in financing to support its planned exit from Chapter 11 in the coming weeks, the company said Thursday, January 16, 2025. In a securities filing, Spirit disclosed that certain lenders will offer a senior secured revolving credit facility, set to be available once the airline exits Chapter 11. A New York bankruptcy judge is expected to consider Spirit's proposed restructuring plan on January 29, 2025. The credit facility proceeds will be used for working capital and other general corporate purposes, the report states. About Spirit Airlines Spirit Airlines, Inc. (NYSE: SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC as financial advisor; and Epiq Corporate Restructuring, LLC as claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. SVB FINANCIAL: FDIC Sues Former Execs Over Bank's Collapse ---------------------------------------------------------- Malathi Nayak of Bloomberg News reports that the Federal Deposit Insurance Corp. has filed a lawsuit against more than a dozen former executives of Silicon Valley Bank, accusing them of "egregious mismanagement" and negligence that allegedly caused the bank's collapse in 2023, leading the agency to intervene and secure customer accounts. In a complaint filed Thursday, January 16, 2025, in a California federal court, the FDIC claims that former CEO Gregory Becker and former CFO Daniel Beck, among others, "ignored fundamental standards of prudent banking" and prioritized short-term profits for SVB Financial Group, the bank's parent company. About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. TANDEM CATERING: Seeks Bankruptcy Protection in Washington ---------------------------------------------------------- On January 16, 2025, Tandem Catering & Events Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Tandem Catering & Events Inc. Tandem Catering & Events Inc. based in Snohomish, Washington, operates a catering and events services business. Tandem Catering & Events Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-10117) on January 16, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by: Jennifer L Neeleman, Esq. Neeleman Law Group, P.C. 1403 8th Street Marysville, WA 98270 Phone: 425-212-4800 Email: jennifer@neelemanlaw.com TROLLMAN ENTERPRISES: Hires George E. Jacobs as Counsel ------------------------------------------------------- Trollman Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ George E. Jacobs, Esq. of Bankruptcy Law Offices as counsel. The attorney will provide these services: a. give the firm legal advice with respect to its rights and duties in connection with this Chapter 11 proceeding; and b. perform all other legal services which may be necessary herein. George E. Jacobs, Esq. will be paid at $350 per hour. The firm was paid a retainer in the amount of $3,500 and will also be reimbursed for reasonable out-of-pocket expenses incurred. George E. Jacobs, Esq., a partner at Bankruptcy Law Offices, 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: George E. Jacobs, Esq. Bankruptcy Law Offices 2425 S. Linden Rd., Ste. C Flint, MI 48532 Tel: (810) 720-4333 Email: George@bklawoffice.com About Trollman Enterprises, LLC Trollman Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32448) on December 30, 2024. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Joel D. Applebaum handles the case. The Debtor is represented by George E. Jacobs, Esq., at Bankruptcy Law Offices. TUPPERWARE BRANDS: Plan Exclusivity Period Extended to April 15 --------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware extended Tupperware Brands Corporation and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 15 and June 16, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that these chapter 11 cases involve nine affiliated entities. The Debtors also have dozens of non-debtor foreign operating subsidiaries in countries all over the world. As of the Petition Date, Tupperware had approximately $811.8 million in funded debt obligations. Accordingly, the size and complexity of these chapter 11 cases weigh in favor of extending the Exclusivity Periods. The Debtors claim that they have engaged in good faith with the Ad Hoc Group, the Committee and other interested parties regarding cash collateral, the sale of the Debtors' assets and the proposed path forward, among other things over the last few months. Accordingly, the Debtors' substantial progress in administering these chapter 11 cases and good faith in resolving outstanding issues with the Ad Hoc Group, the Committee, and other parties in interest weigh in favor of extending the Exclusivity Periods. The Debtors assert that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these chapter 11 cases forward, and the Court has already confirmed a sale of substantially all of the Debtors' assets, which sale included assumption of material liabilities. Co-Counsel for the Debtors: Anup Sathy, P.C. Spencer A. Winters, P.C. Jeffrey T. Michalik, Esq. Gabriela Z. Hensley, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 E-mail: anup.sathy@kirkland.com spencer.winters@kirkland.com jeff.michalik@kirkland.com gabriela.hensley@kirkland.com -and- Patrick J. Reilley, Esq. Stacy L. Newman, Esq. Michael E. Fitzpatrick, Esq. Jack M. Dougherty, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington, Delaware 19801 Tel: (302) 652-3131 Fax: (302) 652-3117 E-mail: preilley@coleschotz.com snewman@coleschotz.com mfitzpatrick@coleschotz.com jdougherty@coleschotz.com About Tupperware Brands Tupperware Brands Corporation (NYSE: TUP) -- https://www.tupperwarebrands.com/ -- is a global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. The company distributes its products into nearly 70 countries, primarily through independent representatives around the world. Tupperware Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17, 2024. In the bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor. Epiq is the claims agent and has put up the page https://dm.epiq11.com/Tupperware. TV TRANSPORT: Sec. 341(a) Meeting of Creditors on February 20 ------------------------------------------------------------- On January 16, 2025, TV Transport Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. 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. A meeting of creditors under Sec. 341(a) to be held on February 20, 2025 at 09:00 AM. Telephonic Meeting. About TV Transport Inc. TV Transport Inc. operating as A-One Exhibits from its Las Vegas headquarters, provides transportation, warehousing, and installation services. The veteran-owned company offers long-haul trucking, air freight, local drayage, and warehousing solutions, serving major clients in the entertainment and hospitality sectors throughout the Las Vegas area. TV Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10207) on January 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by: Charles Barnabi, Jr, Esq. THE Barnabi Law Firm, PLLC 375 E. WARM SPRINGS RD, STE. 104 LAS VEGAS, NV 89119 Phone: 702-475-8903 Fax : 702-966-3718 Email: cj@barnabilaw.com UNITI GROUP: Launches $589MM Fiber Securitization Notes Offering ---------------------------------------------------------------- Uniti Group Inc. (Nasdaq: UNIT) on January 9, 2025, announced that Uniti Fiber ABS Issuer LLC and Uniti Fiber TRS Issuer LLC, limited-purpose, bankruptcy remote subsidiaries of Uniti have commenced an offering of $589,000,000 aggregate principal amount of secured fiber network revenue term notes, subject to market conditions and other factors. The Notes will have an anticipated repayment date in April 2030. The Notes will be secured by certain fiber network assets and related customer contracts in the State of Florida and the Gulf Coast region of Louisiana, Mississippi and Alabama. Each of the Issuers and its direct parent entities and subsidiaries have been designated as "unrestricted subsidiaries" under Uniti's credit agreement and the indentures governing its outstanding senior notes. Uniti intends to use the net proceeds of the offering to, among other things, repay and terminate its existing ABS bridge facility and for general corporate purposes, which may include success-based capital investments and/or repayment of outstanding debt. The Notes will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act or any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act. INVESTOR AND MEDIA CONTACTS: Paul Bullington, 251-662-1512 Senior Vice President, Chief Financial Officer & Treasurer paul.bullington@uniti.com Bill DiTullio, 501-850-0872 Vice President, Investor Relations & Treasury bill.ditullio@uniti.com About Uniti Headquartered in Little Rock, Arkansas, Uniti -- http://www.uniti.com-- is an internally managed real estate investment trust. It is engaged in the acquisition and construction of mission critical communications infrastructure, and is a provider of wireless infrastructure solutions for the communications industry. As of June 30, 2021, Uniti owns approximately 123,000 fiber route miles, 7.1 million fiber strand miles, and other communications real estate throughout the United States. Uniti Group reported a net loss of $718.81 million for the year ended Dec. 31, 2020, compared to net income of $10.91 million for the year ended Dec. 31, 2019. As of June 30, 2021, the Company had $4.75 billion in total assets, $6.88 billion in total liabilities, and a total shareholders' deficit of $2.13 billion. * * * In March 2020, S&P Global Ratings placed all ratings on U.S. telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement follows the company's announcement it reached an agreement in principle with its largest tenant Windstream Holdings Inc. to resolve all legal claims it asserted against Uniti in the context of Windstream's bankruptcy proceedings. VIA ESCUELA: Seeks to Extend Plan Exclusivity to March 14 --------------------------------------------------------- Via Escuela Consulting, LLC, asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 14 and May 30, 2025, respectively. The Debtor is a California Limited Liability Company established in 2022. The major assets of the company are two real properties known as: 1043 E Via Escuela in Palm Springs, CA 92262; and 3193 Budau Ave., Los Angeles, CA 90032 (Rental Property). The Palm Springs property is vacant and the debtor is making some minor construction to help enable it to be put for sale in a short time. The debtor has tenants in the Los Angeles property and receives sufficient rental income to propose a plan. The Debtor's primary goal is to complete the construction work on the palm spring property and sell its two properties to pay off all of its debts with the proceeds of the sales. The Debtor claims that the Bankruptcy Case has been pending for only three months, and thus the Bankruptcy Case is still relatively young. During this time the Debtor has made extensive efforts to comply with the requirements imposed upon a debtor in possession by the OUST and the Court, while simultaneously considering the options available to maximize the value of its assets and pay its creditors by taking those actions necessary to start the process to sell certain of those assets. The Debtor asserts that it is not using exclusivity as a tactical device to force creditors to accept a proposed plan. The extension of exclusivity is not to pressure any creditor to submit to any plan demands. If exclusivity is terminated, the Debtor may be forced to divert time and resources away from the process it is now pursuing in order to defend against a competing plan filed by a hostile creditor. That scenario will needlessly complicate the Bankruptcy Case and could result in substantial extra costs that might otherwise be avoided. The Debtor explains that this is its first request to extend the Exclusivity Periods, and the Debtor is not aware of any creditors whose claim would be adversely affected or impaired by the granting of the relief requested herein. Via Escuela Consulting, LLC is represented by: Onyinye N. Anyama, Esq. Anyama Law Firm, A Professional Corporation 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Telephone: (562) 645-4500 Facsimile: (562) 645-4494 Email: info@anyamalaw.com About Via Escuela Consulting Via Escuela Consulting, LLC owns two properties in California having a total current value of $2.26 million. Via Escuela Consulting sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-17567) on September 17, 2024. In the petition signed by Melissa Regina Alvarado, principal, the Debtor disclosed $2,260,700 in assets and $2,019,299 in liabilities. Onyinye N. Anyama, Esq., at Anyama Law Firm, serves as the Debtor's counsel. VIA MIZNER: Seeks Chapter 11 Bankruptcy Protection in Florida ------------------------------------------------------------- On January 15, 2025, Via Mizner Owner I LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on February 19, 2025 at 09:00 AM. Telephonic Meeting. About Via Mizner Owner I LLC Via Mizner Owner I LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Via Mizner Owner I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-10369) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr., Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 E-mail: bss@slp.law VISION CAPITAL: Court OKs Decatur Property Sale to Matthew White ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, has granted Vision Capital Holdings, Ltd. Co. to Property, free and clear of liens, claims, and encumbrances. The Debtor is authorized to sell its Property located at 2650 Fairoaks Road, Decatur, GA 30033 to Matthew White for the sum of $4,000,000.00. The Court ordered the Debtor to use the net proceeds to pay all customary closing costs and fees including applicable real estate taxes, the 5% commission on the sale will be split 2.5%-2.5% between Watson Realty C., representing the Debtor as seller, and North Pro Realty, representing Mathew White as buyer; The PPC Lien and the Fairoaks Liens will be paid into the Debtor-in Possession’s segregated account subject to any and all claims, interests, and rights of creditors and other interested parties in this case which shall attach to the Escrow Account Funds. About Vision Capital Holdings, Ltd. Co. Vision Capital Holdings Ltd. Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-59271) on September 3, 2024. In the petition signed by Julia Burton, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Barbara Ellis-Monro presides over the case. The Debtor is represented by Theodore N. Stapleton, Esq., of THEODORE N. STAPLETON, PC.VISION CAPITAL. VIVIC CORP: Shang-Chiai Kung Steps Down as CEO, CFO --------------------------------------------------- On January 7, 2025, the Board of Directors of Vivic Corp. accepted the resignation of Mr. Shang-Chiai Kung from his positions as Chief Executive Officer and Chief Financial Officer of the Company, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. Concurrently, the Board appointed Mr. Tse-Ling Wang to serve as the Chief Executive Officer of the Company and Mr. Andy F Wong to serve as the Chief Financial Officer of the Company. Mr. Tse-Ling Wang, age 55, currently serves as a director of the Company, having joined the Board on August 1, 2024. Mr. Wang has served in a number of senior management positions in the internet and technology industries. Until August 2024, Mr. Wang served as President and Chairman of Chuang Sheng Information Co., Ltd, an IoT application services company, which he founded in February 2020. From March 2019 to August 2024, Mr. Wang also served as the Executive Director at Viermtech Inc, an IoT application integration technical support service provider, where he oversaw investor relations, board decisions, financial operations, and business strategy. From February 2017 to December 2023, Mr. Wang served as CEO and President of Lien Shen Electronic Corp., a company which provides automotive electronic product design and distribution services. Mr. Wang holds a Master of Business Administration degree from National Chengchi University. The Company has entered into an employment agreement with Mr. Wang which provides for an initial term expiring December 31, 2025, after which the agreement continues on an "at will" basis. In consideration of his services, Mr. Wang is to be issued 250,000 restricted stock units which shall be deemed earned in equal monthly instalments of 20,833 shares. If Mr. Wang's employment is terminated without "cause" or by Mr. Wang for "good reason," Mr. Wang is entitled to receive: (1) all accrued obligations, including unpaid salary and benefits through the termination date; (2) immediate vesting of all RSUs scheduled to be earned during the remainder of the term; and (3) retention of all previously earned RSUs, which cannot be forfeited or clawed back. A "Qualifying Termination" includes material changes to Mr. Wang's duties, title, or responsibilities or a breach of the agreement by the Company. Severance payments are contingent on Mr. Wang's execution of a general release of claims in favor of the Company and adherence to post-employment restrictive covenants, including non-competition and non-solicitation obligations for 12 months following termination. No severance is provided for termination for "cause," Mr. Wang's voluntary resignation without good reason, or upon his death or disability. Mr. Andy F Wong, age 64, is an accomplished financial executive with extensive experience in overseeing financial functions and supporting organizational growth. From June 2024 to January 2025, Mr. Wong served as Interim Controller at Rootstock International, a software company, where he leads ERP management and cash flow optimization. From February 2023 to November 2023, he was Interim Controller at Fisher & Phillips, LLP, an employment law firm, where he led the firm's accounting and reporting functions, implemented treasury initiatives and created training resources. From February 2022 to January 2023, as Senior Manager with MorganFranklin Consulting, Mr. Wong served as Interim Corporate Controller for Innovative Chemical Products Group, LLC, a manufacturer of specialty coatings and adhesives, where he enhanced financial reporting and accounting processes. From January 2021 to February 2022, through VACO Staffing, Mr. Wong served as Interim Corporate Accounting Manager at Republic National Distributing Co., a wine and spirits distributor, where he provided accounting support and audit preparation. From June 2020 to January 2021, also through VACO Staffing, Mr. Wong was Interim Finance and Accounting Consultant at Global Franchise Group, a restaurant franchisor, where he provided financial and audit support for their various brands. From June 2019 to December 2019, he served as Interim Corporate Controller for HotSchedules, a SaaS provider of restaurant and hospitality management solutions, where he led M&A integration efforts and strengthened financial controls during a critical merger. From March 2019 to May 2019, he was Interim Operational Controller at Togetherwork, a SaaS revenue and membership management entity, where he concluded audits and improved month-end closing processes. Mr. Wong is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA). He holds a Bachelor of Science in Accounting and Business Administration from the State University of New York College at Oswego and an MBA in Finance & Organizations from the University of Rochester's Simon School of Business. The Company has entered into an employment agreement with Mr. Wong which provides for an initial term expiring December 31, 2025, after which the agreement continues on an "at will" basis. In consideration of his services Mr. Wong is to be issued 100,000 restricted stock units which shall be deemed earned in equal monthly instalments of 8,333 shares. If Mr. Wong's employment is terminated without "cause" or by Mr. Wong for "good reason," Mr. Wong is entitled to receive: (1) all accrued obligations, including unpaid salary and benefits through the termination date; (2) immediate vesting of all RSUs scheduled to be earned during the remainder of the term; and (3) retention of all previously earned RSUs, which cannot be forfeited or clawed back. A "Qualifying Termination" includes material changes to Mr. Wong's duties, title, or responsibilities or a breach of the agreement by the Company. Severance payments are contingent on Mr. Wong's execution of a general release of claims in favor of the Company and adherence to post-employment restrictive covenants, including non-competition and non-solicitation obligations for 12 months following termination. No severance is provided for termination for "cause," Mr. Wong's voluntary resignation without good reason, or upon his death or disability. No family relationships exist between Mr. Wang or Mr. Wong and any other directors or executive officers of the Company. There are no transactions to which the Company is or was a participant and in which either Mr. Wang or Mr. Wong has a material interest subject to disclosure under Item 404(a) of Regulation S-K. About Vivic Vivic Corp. was established under the corporate laws of the State of Nevada on February 16, 2017. Beginning with a change in management resulting from a change in control of the Company at the end of 2018, the Company has explored and initiated operations in various business areas related to the pleasure boat industry. These included yacht sales, marine tourism, development of electric-powered yachts, development and operation of yacht marinas in Asia, and development of a yacht rental and timeshare service. The Company's headquarters are maintained at its branch in the Republic of China, Vivic Corp. It is mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. WELLPATH HOLDINGS: Williams Case Proceedings Stayed as to Employees ------------------------------------------------------------------- In the case captioned as DOMINIC WILLIAMS, Plaintiff, v. LAURA SUKOWATY, et al., Defendants, Case No. 24-cv-505-pp (E.D. Wis.), Chief Judge Pamela Pepper of the United States District Court for the Eastern District of Wisconsin stayed proceedings as to the Wellpath defendants. On Jan. 2, 2025, counsel for defendants Diana Lynn Simmons, Lillian Oduwole, Susie Lietz, Nicole L. Heding, Mohita Gone and Heidi Madina (the Wellpath defendants). The notice states that on Nov. 11, 2024, Wellpath, LLC, filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of Texas (Houston Division). The Wellpath defendants state that although Wellpath is not a named defendant, they are being sued in this case in their individual capacities as employees of Wellpath. They contend that the bankruptcy court's stay extends to this case because Wellpath will be required to defend and indemnify the Defendants in this matter based on their role as employees of Wellpath. The Wellpath defendants assert that any judgment against the Defendants will operate as a judgment against Wellpath. The complaint alleges that all the defendants—medical officials at the Milwaukee County Jail, Milwaukee County Community Reintegration Center (formerly the House of Corrections), and two state prisons—misdiagnosed the plaintiff's medical condition and provided him inadequate treatment for his severe skin issues. Wellpath was the provider of medical services for persons incarcerated at the Milwaukee County Jail and the Community Reintegration Center, where the plaintiff was a pretrial detainee from April 2020 through November 2021. Given these allegations and the fact that some defendants are or were employees of Wellpath, the District Court will order the proceedings stayed as to the Wellpath defendants. It will require the remaining defendants—Laura Sukowaty, Rey Palop, Shirley Godiwalla, Lisa Albrecht, Candace Whitman, Kay L. Walsh, and Rob Weinman (the State defendants)—to file a status report. The State defendants have until Jan. 24, 2025, to file a status report advising the District Court of the impact of the bankruptcy filing on the plaintiff's claims The plaintiff may move to lift the stay if he believes an exception exists. Any party may move to lift the stay within 30 days following the conclusion of the bankruptcy proceedings or the day on which the automatic stay is lifted. A copy of the Court's decision is available at https://urlcurt.com/u?l=pPVhYk from PacerMonitor.com. About Wellpath Holdings, Inc. Wellpath Holdings, Inc. f/k/a CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90533) on November 11, 2024, with $1 billion to $10 billion in assets and liabilities. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. The Debtor tapped Marcus A. Helt, Esq. at McDERMOTT WILL & EMERY LLP as bankruptcy counsel; FTI CONSULTING, INC. as financial advisor; and LAZARD FRERES & CO. LLC and MTS PARTNERS, LP as investment bankers. WESTLAKE BOAT: William Callahan Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed William E. Callahan, Jr. as Subchapter V trustee for Westlake Boat Rentals, LLC. Mr. Callahan will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Callahan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: William E. Callahan, Jr. Gentry Locke P.O. Box 20013 Roanoke, VA 24022 Telephone: (540) 983-9309 Email: callahan@gentrylocke.com About Westlake Boat Rentals Westlake Boat Rentals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70026) on January 9, 2025, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Paul M. Black presides over the case. Tonya Janney, Esq., represents the Debtor as legal counsel. WESTPOINT CAPITAL: Hires Michael Jay Berger as Counsel ------------------------------------------------------ Westpoint Capital Group 1, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Office of Michael Jay Berger as counsel. The firm will render these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the U.S. Trustee; (e) prepare status reports as required by the Court; (f) respond to any motions filed in the Debtor's bankruptcy proceeding; (g) respond to creditor inquiries; (h) review proofs of claim filed in the Debtor's bankruptcy; (i) object to inappropriate claims; (j) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pendency of its bankruptcy proceedings; and (k) prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these hourly rates: Michael Jay Berger, Attorney $645 Sofya Davtyan, Partner $595 Robert Poteete, Associate Attorney $475 Senior Paralegals/Law Clerks $275 On December 24, 2024, the Debtor's principal Robert Neman paid the firm a retainer of $25,000 and a filing fee of $1,738 from his personal funds. ` Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About Westpoint Capital Group 1, LLC Westpoint Capital Group I LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Westpoint Capital Group I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-20469) on December 25, 2024. In the petition filed by Robert Neman, as member, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. WHISKEY RANCH: Involuntary Chapter 11 Case Summary -------------------------------------------------- Alleged Debtor: Whiskey Ranch Estates, LLC 10900 NE 4th St Ste 2300 Bellevue WA 98004 Involuntary Chapter 11 Petition Date: January 17, 2025 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 25-00095 Judge: Hon. Whitman L Holt Petitioners' Counsel: Filed Pro Se A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UXORCZI/Whiskey_Ranch_Estates_LLC__waebke-25-00095__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Mi Tierra Real Estate Unsecured $900,000 Investments, Inc. 1603 W A St Pasco WA 99301 J&K Earthworks, Inc. Secured/Unsecured Depends on 5593 Nature Shore Dr Value of Rock Island WA 98850 Collateral Triumph Asset Management, LLC Secured/Unsecured Depends on 11335 NE 112nd Way, Ste 105 Value of Kirkland WA 98034 collateral WILSON CREEK: Seeks to Sell Business Assets at Auction ------------------------------------------------------ Wilson Creek Energy LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the Western District of Pennsylvania, to sell substantially all of its assets, free and clear of all liens, claims, encumbrances and interests. The Debtors' headquarters is located in Friedens, Somerset County, Pennsylvania, and it has approximately 365 employees. All of the Debtors' physical assets, mining operations and employees are located in Somerset County, Pennsylvania and Garret County, Maryland. The Debtors own and operate six underground and surface mines, all of which are located in Somerset County, Pennsylvania, with the exception of the underground Casselman mine, which is located in Garrett County, Maryland. The Debtors’ total coal reserves for just their active mines are approximately 23 million clean and recoverable tons. For all of their properties, the Debtors’ coal reserves are approximately 38 million clean and recoverable tons. The Debtors also own three coal preparation plants: the Shade Creek Preparation Plant, the Cambria Plant and the Rockwood Plant, all of which are located in Somerset County, Pennsylvania. The Debtors likewise have an extensive portfolio of machinery and equipment that they use in connection with their mining operations. The Debtors estimate that the combined value of the Debtor’s personal property assets and real property and mineral rights holdings materially exceeds the amount of the pre-petition secured debt. The Debtors are also parties to a variety of contracts and leases, including, without limitation, coal sales contracts, equipment leases and coal leases. Many of these agreements have significant value to the Debtors and their estates. The Debtors and their professionals will market the Sale Assets to a wide range of potential purchasers in furtherance of their sale efforts. The Debtor proposes Bidding Procedures and Purchase Agreement, which the Debtors will provide to potential strategic partners that express an interest in acquiring some or all of the Sale Assets in accordance with the proposed Bidding Procedures. The Debtors also request the authority (but not direction) to designate, in their sound business judgment and in consultation with the Consultation Parties, one or more Qualified Bidders that submit Qualified Bids as stalking horse bidders and authority to, among other things, provide the Stalking Horse Bidders, if so designated, with the following: a breakup fee in an amount not to exceed 3% percent of each Stalking Horse Bid and actual legal and diligence expense reimbursement in an amount not to exceed 2% of each Stalking Horse Bid, provided that the aggregate value of the Bid Protections will not exceed 5%)of each Stalking Horse Bid. For avoidance of doubt, while the Debtors would like to sell all of the Sale Assets to a single purchaser, the Debtors are willing to entertain Bids for some or all of the Sale Assets, such that the Debtors will seek approval of multiple Sale Transactions if the Debtors determine, in their sound business judgment and after consultation with any applicable Consultation Parties, that consummating multiple Sale Transactions (whether or not the Debtors designate a Stalking Horse Bidder for each Sale Transaction) will maximize the value of their estates. Given the potential for the designation of one or more Stalking Horse Bidders if so authorized by the Court, in the event the Debtors do designate one or more Stalking Horse Bidders, the Debtors propose to file a notice which: identifies each Stalking Horse Bidder if designated by the Debtors and the Minimum Initial Topping Bid based on the Stalking Horse Bid(s) received, or if the Debtors do not designate one or more Stalking Horse Bidders, identifies the Opening Bid and the Minimum Initial Topping Bid for each Sale Transaction. The Designation Notice will also identify the incremental bid amount for Sale Transaction, which may thereafter be modified in the Debtors’ sole discretion in consultation with the Consultation Parties. The proposed dates and deadlines for the sale process: - Bidding Procedures Hearing On or before January 23, 2025; - Entry of Bidding Procedures Order On or before January 24, 2025; - Deadline to serve Notices on January 27, 2025; - Sale Objection Deadline and Contract Objection Deadline on February 17, 2025, at 4:00 p.m. (ET); - Bid Deadline on February 21, 2025, at 4:00 p.m. (ET)' - Deadline for Debtors to Designate Stalking Horse Bidder(s), Qualifying Bid(s), and Opening Bid(s) on February 23, 2025, at 12:00 p.m. (ET); - Auction on February 24, 2025, at 10:00 a.m. (ET); File and Serve Post-Auction Notice - as soon as practicable after completion of the Auction; - Deadline for Supplemental Objections on February 25, 2025, at 5:00 p.m. (ET); - Sale Order Hearing on February 26, 2025; - Entry of the Sale Order on On or before February 27, 2025; - Sale Closing on or before February 28, 2025. The Debtor believes that an expedited sale process offers the only path to keeping the Debtors operational, remaining in compliance with the Interim DIP Financing Order, and maximizing value for all creditors and parties in interest. The auction process and time periods set forth in the Bidding Procedures are reasonable under these circumstances and will provide parties with sufficient time and information necessary to formulate a bid to purchase some or all of the Sale Assets. The Debtor proposes to sell the Property free and clear of all liens, interests, claims and encumbrances. About Wilson Creek Energy LLC Through their U.S.-based operating subsidiaries, the Debtors supply premium-quality metallurgical coal, an essential ingredient in steel production. The Debtors' core business involves the mining, production, and supply of premium-quality metallurgical coal, which is sold to both domestic and international steel and coke producers. The sources of the Debtors' metallurgical coal include: (i) coal that the Debtors produce, and (ii) coal that the Debtors purchase from third parties, which they then enhance through value-added services such as storing, washing, blending, and loading, making the coal suitable for sale. The Debtors' headquarters is located in Friedens, Somerset County, Pennsylvania. All of the Debtors' physical assets, mining operations, and employees are based in Somerset County, Pennsylvania, and Garrett County, Maryland. Wilson Creek Bartley Investments Ltd sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr.W.D.PA) on January 6, 2025: Debtor Case No. ------ -------- Wilson Creek Energy, LLC (Lead Case) 25-70001 Wilson Creek Holdings, Inc. 25-70002 Corsa Coal Corp. 25-70003 Maryland Energy Resources, LLC 25-70004 Mincorp Acquisition Corp. 25-70005 Mincorp, Inc. 25-70006 PBS Coals, Inc. 25-70007 Rox Coal, Inc. 25-70008 Quecreek Mining, Inc. 25-70009 Croner, Inc. 25-70010 Elk Lick Energy, Inc. 25-70011 In the petition signed by Kevin M. Harrigan in his capacity as president and chief executive officer, the Debtor disclosed estimated assets of $50 million to $100 million and total estimated liabilities of $10 million to $50 million. Judge Jeffery A. Deller presides over the case. STIKEMAN ELLIOTT LLP serves as the Debtor's Canadian Insolvency Counsel. BDO USA serves as the Debtor's Financial Advisors & Consultants. OMNI AGENT SOLUTIONS, INC. serves as the Debtor's Claims & Noticing Agent. PRICEWATERHOUSECOOPERS LLP serves as the Debtor's Canadian Information Officer. WINDTREE THERAPEUTICS: Board Names Leanne Kelly as Director ----------------------------------------------------------- On January 8, 2025, the Board of Directors of Windtree Therapeutics, Inc. approved an increase in the number of directors on the Board to five and appointed Leanne Kelly as a director and member and chair of the Audit Committee, effective immediately, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. Ms. Kelly will serve until the next annual meeting of the Company's stockholders and until her successor is elected and qualified, subject to her earlier death, resignation, disqualification or removal. Ms. Kelly, age 47, currently serves as the Chief Financial Officer of GRI Bio, Inc., a biotechnology company advancing cell modulators for the treatment of inflammatory, fibrotic and autoimmune diseases and has served in this role since April 2023. She brings over 20 years of experience leading private and publicly traded companies across life science, technology and e-Commerce sectors with a foundation in public accounting. From May 2021 until Vallon Pharmaceuticals, Inc.'s merger with GRI Bio, Inc. in April 2023, she served as Chief Financial Officer of Vallon Pharmaceuticals, Inc. From 2016 to 2021, she served as Controller and Executive Director, Global Financial Reporting at OptiNose, Inc., a multi-million dollar revenue specialty pharmaceutical company. Over the course of her career, she has held Senior Vice President of Finance, Controller and Chief Financial Officer positions in private and public companies such as Flower Orthopedics, Iroko Pharmaceuticals, LLC and Genaera Corporation. Ms. Kelly began her career as an auditor with KPMG LLP. While serving in those roles, Ms. Kelly's work included multi-million dollar financings, M&A diligence and support. She also has experience in financial oversight, internal and external financial reporting, forecasting and financial analysis, as well as investor and public relations. Ms. Kelly received her B.Sc. in Business Economics with a concentration in Accounting from Lehigh University and is a licensed CPA (inactive status) in the state of Pennsylvania. There are no arrangements or understandings between Ms. Kelly and any other persons pursuant to which Ms. Kelly was selected as a director of the Company. The Company is not aware of any relationships or transactions in which Ms. Kelly has or will have an interest, or was or is a party, requiring disclosure under Item 404(a) of Regulation S-K. No material plan, contract or arrangement (written or otherwise) to which Ms. Kelly is a party or a participant was entered into or materially amended in connection with him joining the Board, and Ms. Kelly did not receive any grant or award or any modification thereto, under any such plan, contract or arrangement in connection with such event, other than the normal cash fees payable to the Company's directors. On December 4, 2024, the Company received a notification letter from the Nasdaq Listing Qualification Department stating that the Company was no longer in compliance with Nasdaq's independent director and auditor committee requirements as set forth in Listing Rule 5605. The Company expects that Ms. Kelly's appointment as an independent director and a member of the Audit Committee will resolve the Nasdaq deficiency. About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. Windtree's portfolio of product candidates includes istaroxime, a Phase 2 candidate with SERCA2a activating properties for acute heart failure and associated cardiogenic shock, preclinical SERCA2a activators for heart failure, and preclinical precision aPKCi inhibitors that are being developed for potential use in rare and broad oncology applications. Windtree also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, which raises substantial doubt about its ability to continue as a going concern. WISA TECHNOLOGIES: Data Vault Owns 40MM Shares ---------------------------------------------- Nathaniel T. Bradley disclosed in a Form 3 filing with the U.S. Securities and Exchange Commission that as of December 31, 2024, he indirectly owns 40,000,000 shares of WiSA Technologies Inc.'s common stock, by way of Data Vault Holdings Inc. Mr. Bradley is the Chief Executive Officer and sole director of Data Vault. As previously reported by The Troubled Company Reporter, the Company announced on January 7, 2025, that it closed its purchase of Datavault intellectual property and information technology assets of privately held Data Vault Holdings Inc. on December 31, 2024. In conjunction with the closing, WiSA issued 40 million shares of restricted common stock, par value $0.0001 per share, to Data Vault Holdings; Nathaniel T. Bradley (Nate) was named CEO and Director; and Brett Moyer assumed a new role as CFO while remaining a director. WiSA Technologies plans to change its name to Datavault Inc. in mid-January 2025, concurrent with a planned change of its Nasdaq ticker symbol to ADIO. The Company will continue to trade under the Nasdaq ticker symbol WISA until such time as the new ticker symbol is announced. Immediately after Data Vault received the stock consideration, it distributed a portion of the stock consideration to its shareholders on a pro rata basis. Mr. Bradley received 3,446,456 shares in the Distribution and was appointed as Chief Executive Officer and a member of the Board. Sonia Choi received 2,775,954 shares in the Distribution. 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. WISA TECHNOLOGIES: Nathaniel Bradley Holds 19.6% Equity Stake ------------------------------------------------------------- Nathaniel Bradley disclosed in a Schedule 13D filing with the U.S. Securities and Exchange Commission that as of December 31, 2024, he beneficially owns 10,222,321 shares of WiSA Technologies Inc.'s common stock representing 19.6% of the 52,034,060 shares outstanding as of December 31, 2024. Sonia Choi also disclosed that as of December 31, 2024, she beneficially owns 6,222,410 shares of the Company's common stock representing 12.0% of the 52,034,060 shares outstanding as of December 31, 2024. Data Vault Holdings Inc. also disclosed that as of December 31, 2024, it beneficially owns 3,999,911 shares of the Company's common stock representing 7.7% of the 52,034,060 shares outstanding as of December 31, 2024. Mr. Bradley is the Chief Executive Officer and sole director of Data Vault. Mr. Bradley is also the Chief Executive Officer and a member of the board of directors of the Issuer. Ms. Choi is the Chief Marketing Officer of Data Vault. On December 31, 2024, WiSA completed an asset purchase of information technology assets, certain patents and trademarks from Data Vault. At the closing, pursuant to an asset purchase agreement, by and between WiSA and Data Vault, dated as of September 4, 2024, as amended, and as further amended from time to time, the Company acquired the Acquired Assets for an aggregate purchase price consisting of (i) $10,000,000 paid in the form of a promissory note issued by the Company to Data Vault, (ii) 40,000,000 shares of validly issued, fully paid and nonassessable shares of restricted Common Stock, issued by the Company to Data Vault and its designees, and (iii) the assumption of the transferred liabilities. Immediately after Data Vault received the stock consideration, it distributed a portion of the stock consideration to its shareholders on a pro rata basis. Mr. Bradley received 3,446,456 shares in the Distribution and was appointed as Chief Executive Officer and a member of the Board. Ms. Choi received 2,775,954 shares in the Distribution. In connection with the Closing, the Company issued the Promissory Note in a principal amount of $10,000,000 and due on the third anniversary of the Closing. The Company agreed to pay interest to Data Vault on the aggregate unconverted and then outstanding principal amount of the Promissory Note at the rate of five and twelve hundredths percent (5.12%) per annum, accruing from the Closing. The Promissory Note can be converted at Data Vault's option, partially or entirely, into shares of Common Stock, any time after the Maturity Date until the Promissory Note is fully paid off. The Promissory Note uses a conversion price equaling to seventy-five percent (75%) of the average VWAP during the ten (10) consecutive trading days ending on the trading day that is immediately prior to the conversion date subject to a floor price of $1.116 per share. At Data Vault's sole discretion, upon a Change of Control, (i) the Company shall cause any successor entity to assume in writing all of the obligations of the Company under the Promissory Note, (ii) pay or cause to be paid to Data Vault the Note Balance in cash, or (iii) pay, at the closing of such Change of Control, in full satisfaction of the Company's obligations under the Promissory Note, an amount in cash or equivalent Common Stock to the amount Data Vault would have been paid if Data Vault converted its Note Balance (as defined in the Promissory Note) into shares of Common Stock immediately prior to such closing, at the Conversion Price. 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. WISA TECHNOLOGIES: Sonia Choi Owns 2.7MM Shares ----------------------------------------------- Sonia Choi disclosed in a Form 3 filing with the U.S. Securities and Exchange Commission that as of December 31, 2024, she beneficially owns 2,775,954 shares of WiSA Technologies Inc.'s common stock. 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. WOOD DESIGN: Aleida Martinez Molina Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Wood Design R US, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Wood Design R US Wood Design R US, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10236) on January 10, 2025, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Erik P. Kimball presides over the case. Robert A. Stiberman, Esq., represents the Debtor as legal counsel. WRESTLING COLLECTOR: Starts Subchapter V Bankruptcy Proceeding -------------------------------------------------------------- On January 15, 2025, Wrestling Collector Shop LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Wrestling Collector Shop LLC Wrestling Collector Shop LLC a specialty retailer based in Cypress, Texas. Wrestling Collector Shop LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30276) on January 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane, Suite 300 Houston, TX 77024 Phone: 713-869-9200 Fax: 713-869-9100 WW INTERNATIONAL: Starts Talks w/ Lenders for Balance Sheet Help ---------------------------------------------------------------- Reshmi Basu and Jill R. Shah of Bloomberg News report thatWW International Inc., the company behind the WeightWatchers brand, has begun discussions with advisers to its lender group to address its balance sheet, according to sources familiar with the matter who requested anonymity due to the private nature of the talks. The company, known for its diet-related products and services, has faced growing competition from a new wave of weight-loss drugs. The discussions are still in the early stages, the sources noted. During its third-quarter earnings call, WW International announced the appointment of advisers to help evaluate options for its capital structure, the report states. About WW International Headquartered in New York, WW International Inc. is a technology company at the forefront of weight health, grounded in nutritional and behavior change science. The Company is powered by its weight loss and weight management programs, its award-winning app and its commitment to tailoring solutions for its members to improve their weight health, including providing medical weight management treatment via access to clinician-prescribed weight management medications and related support through the WeightWatchers Clinic affiliated practices. WW International reported a net loss of $112.25 million in 2023 following a net loss of $256.87 million in 2022. As of March 30, 2024, WW International had $654.25 million in total assets, $1.76 billion in total liabilities, and a total deficit of $1.11 million. * * * As reported by the TCR on Nov. 20, 2024, S&P Global Ratings lowered the issuer credit rating on WW International Inc. to 'CCC' from 'CCC+'. The outlook is negative. At the same time, S&P lowered the ratings on the company's senior secured debt to 'CCC' from 'B-'. S&P also revised downward its recovery rating on the debt to '4' from '2', indicating its expectation for average recovery (30%-50%; rounded estimate 30%) in the event of a payment default. This reflects the secular decline in the traditional weight loss category as evidenced by continued subscriber losses due to increased competition, as well as an aging demographic with weaker demand from younger consumers and an overall weaker brand name. The negative outlook reflects the potential for a debt restructuring, including potentially a bankruptcy filing, over the subsequent 12 months. YELLOW CORP: Debates w/ Teamsters Over WARN Suit Ahead of Trial --------------------------------------------------------------- Alex Wittenberg of Law360 reports that on January 16, 2025, Yellow Corp. and unions representing its former employees appeared in Delaware bankruptcy court to present arguments ahead of a trial. The trial will decide whether the company can bypass certain WARN Act claims linked to its layoff of 25,000 workers, the report states. 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. Z BRAND: Unsecured Creditors Will Get 1.7% of Claims in Plan ------------------------------------------------------------ Z Brand Group Inc. filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Small Business Plan of Reorganization under Subchapter V dated January 13, 2025. The Debtor is a full-service marketing agency, specializing in digital marketing services. The Debtor operates as RedShift Digital Marketing. It has clients in Pennsylvania and across the country. As of the Petition Date, the Debtor had two members: Jeff Lizik (85% of the membership interest) and Abby Mundell (15% membership interest). Prior to the Petition Date, Abby Mundell left the employment of the Debtor and is no longer working or affiliated with the Debtor. The bankruptcy case was filed after the Debtor fell behind on its payments to The Huntington National Bank. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 1.7% will be paid on account of general unsecured claims pursuant to the Plan. The percentage is subject to change based on the allowance of claims, litigation proceeds, or the proceeds from any sales that may occur. The Debtor has continued to operate its business to further generate revenue and continuing to work with its vendors and customers to achieve favorable payment arrangements that will further foster its restructuring. The Debtor is also continuing to explore various other sales of assets that may generate additional income. Class 2 consists of General Unsecured Claims. General Unsecured Claims shall consist of all other creditors who are not in the Subordinated Unsecured Claims Class with Allowed Claims not secured by property of the estate and that are not entitled to priority under Section 507(a) of the Bankruptcy Code. The creditors in this Class must have had a claim against the Debtor as of October 14, 2024. The total amount for this Class is approximately $860,351.31, plus any Allowed Unsecured Claim held by an undersecured creditor that is to be determined. Class 2 is impaired. The Creditors in this Class will be paid by regular monthly payments made by the Debtor and distributed on a Quarterly basis. Beginning on the Plan Effective Date, the Debtor will pay the Disbursing Agent a fixed monthly payment of $250.00. Distributions to this Class will be made on a quarterly basis. Each creditor will receive a pro rata distribution of all funds distributed to the Class. This Class will not be entitled to interest on their claims. The claims in this Class are not entitled to post-petition interest, attorney's fees, or costs. In addition to regular payments, this Class may receive payments through the proceeds of sale, if any, and through litigation proceeds. Class 4 consists of Equity Interest Holders. Equity Interests will be retained under the Plan. The Plan will be implemented through two primary means through the continuation of business. In the 12 months preceding the bankruptcy filing, the Debtor suffered a drastic reduction in cash flow that it is hoping to recover from. The Debtor is working to solicit new customers and modify its operations to increase revenue and cash flow. The Debtor's financial projections demonstrate the Debtor's ability to make all future Plan payments in the aggregate amount of $4,045.78 during the Plan term (the "Plan Funding"). Plan Funding is in an amount equal to the Debtor's disposable income as defined in Section 1191(d) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated January 13, 2025 is available at https://urlcurt.com/u?l=h5jFRP from PacerMonitor.com at no charge. Counsel to the Debtor: Andrew K. Pratt, Esq. Law firm of Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15222 Tel: (412) 232-0930 Fax: )412) 232-3858 EMAIL: apratt@c-vlaw.com About Z Brand Group Inc. Z Brand Group Inc. is a provider of full-service marketing and advertising services intended to offer channel optimization and related advanced marketing facilities. Z Brand Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Case No. 24-22524) on October 14, 2024. In the petition filed by Jeff Lizik, as president, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Donald R. Calaiaro, Esq. at CALAIARO VALENCIK. [*] Missouri Bankruptcy Filings Increased from Sept. 2023 to 2024 ----------------------------------------------------------------- Erin Achenbach of Missouri Lawyers Media reports that business bankruptcy filings in Missouri saw a sharp increase from September 2023 to September 2024, reflecting a broader national trend amid rising economic pressures, including high interest rates, inflation, and the lingering impacts of the pandemic. According to the Administrative Office of the U.S. Courts, business bankruptcy filings nationwide surged by 33.5%, totaling 22,762 cases. Overall, bankruptcy filings, encompassing both business and personal cases, increased by 16.2% during the same period, marking the largest year-over-year rise in more than a decade. Nationwide, total bankruptcy filings reached 504,112, up from 433,658 in the previous year. Missouri experienced similar trends, with the Eastern District seeing the largest jump in filings at 4.6%, while the Western District reported a 1.4% increase. After over a decade of declines following the peak of 1.6 million bankruptcy cases in 2010, filings have been steadily rising since mid-2022, driven by the economic effects of the pandemic and increasing financial strains on both businesses and individuals, the report states. "Bankruptcy filings dropped during COVID-19, but in the last year and a half, filings have gradually picked up again," said Ryan D. Kiliany, a bankruptcy attorney in Kansas City. "We're also seeing more creditor activity in foreclosures and collections, pushing people toward bankruptcy." While business bankruptcies led the national increase, personal filings also saw a rise of 15.5%, reaching 481,350 cases. In Missouri, the majority of filings were Chapter 7 and Chapter 13 cases, with the Eastern District reporting 5,600 cases and the Western District 3,902. Rising interest rates and inflation, particularly high auto loan interest rates, have contributed significantly to the spike in personal bankruptcies. Additionally, Missouri's low homestead exemption of $15,000, which limits the equity homeowners can protect during bankruptcy, has further driven individuals to file for protection. "With home values rising, more people are filing Chapter 13 to protect their equity," Kiliany said. "We’re also seeing longer auto loan terms and higher interest rates, which are putting more financial strain on consumers." Personal reorganization filings saw a slight decline compared to the previous year, with the Eastern District down 1.4% and the Western District down 0.6%. However, Chapter 7 liquidation cases, available to both individuals and businesses, saw an increase in both districts—rising by 8.3% in the Eastern District and 3.3% in the Western District. Kiliany noted that Chapter 7 filings have been steadily increasing since the pandemic. The most significant rise came in Chapter 11 business filings, particularly in the Eastern District, where they surged by 206.7%. From September 2022 to 2023, the district saw 15 Chapter 11 filings, which more than tripled to 46 from September 2023 to 2024. The Western District saw a more modest increase, from 17 to 19 Chapter 11 filings. "The phones started ringing early in 2024," said Robert E. Eggman, a bankruptcy attorney in St. Louis. "We’re seeing more Chapter 11 filings and receiving more inquiries for potential Chapter 11 cases. It’s a busy time for bankruptcy lawyers." Eggman observed that the industries leading the rise in Chapter 11 cases include transportation, real estate, senior care facilities, and those affected by COVID-related emergency disaster relief loans. He expects these trends to continue into 2025. Looking ahead, Eggman anticipates that the new administration under President-elect Donald Trump may raise the debt limit for Subchapter 5 of Chapter 11 filings, which streamlines the bankruptcy process for small businesses. The Small Business Reorganization Act of 2019 initially set the limit at $2.75 million, which was increased to $7.5 million under the CARES Act but was reduced to $3.024 million in June 2024. Eggman believes the new administration may increase this threshold, providing more cost-effective relief for small businesses. In addition to potential regulatory changes, Eggman and other experts warn of the broader economic impact of Trump's proposed tariffs, particularly on goods from Asia, which could hit Missouri businesses relying on global supply chains, leading to higher costs and increased bankruptcy risks. Furthermore, stricter immigration policies could disrupt the agricultural, dairy, and meatpacking sectors in Missouri, potentially leading to more Chapter 12 filings for family farms. On the financial side, relaxed regulations could make credit more accessible, contributing to increased debt levels and a higher likelihood of defaults. "We're seeing more credit card debt as people take on more credit to make ends meet," said tax attorney Patrick Wiesner. "Once those cards are maxed out, bankruptcy often follows." Non-traditional lending, including cryptocurrency-backed loans, may also contribute to future bankruptcy filings. Additionally, the recent legalization of sports betting in Missouri could lead to an increase in gambling-related bankruptcies, according to attorney Maxwell Groswald. "I'm already seeing young men filing for bankruptcy because of gambling debts," Groswald said. "With more people able to gamble via smartphones, I think this issue will continue to grow." [^] BOND PRICING: For the Week from January 13 to 17, 2025 ---------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 2U LLC TWOU 2.2500 40.1250 5/1/2025 99 Cents Only Stores LLC NDN 7.5000 6.2800 1/15/2026 99 Cents Only Stores LLC NDN 7.5000 12.1280 1/15/2026 99 Cents Only Stores LLC NDN 7.5000 12.1280 1/15/2026 Allen Media LLC / Allen Media Co-Issuer Inc ALNMED 10.5000 46.3530 2/15/2028 Allen Media LLC / Allen Media Co-Issuer Inc ALNMED 10.5000 46.0460 2/15/2028 Allen Media LLC / Allen Media Co-Issuer Inc ALNMED 10.5000 45.6940 2/15/2028 Amyris Inc AMRS 1.5000 0.9520 11/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.0000 0.7500 8/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.0000 0.7500 8/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.0000 0.7500 8/15/2026 At Home Group Inc HOME 7.1250 28.9690 7/15/2029 At Home Group Inc HOME 7.1250 28.9690 7/15/2029 Audacy Capital LLC CBSR 6.7500 3.5740 3/31/2029 Audacy Capital LLC CBSR 6.5000 3.8000 5/1/2027 Audacy Capital LLC CBSR 6.7500 3.5740 3/31/2029 Avon Products Inc AVP 8.4500 5.0000 3/15/2043 Azul Investments LLP AZUBBZ 7.2500 61.5000 6/15/2026 Azul Investments LLP AZUBBZ 7.2500 60.7080 6/15/2026 BPZ Resources Inc BPZR 6.5000 3.0170 3/1/2049 Bank of America Corp BAC 5.3000 99.8050 1/22/2026 Bank of America Corp BAC 5.6000 98.3820 7/27/2027 Beasley Mezzanine Holdings LLC BBGI 8.6250 59.9770 2/1/2026 Beasley Mezzanine Holdings LLC BBGI 8.6250 59.9770 2/1/2026 Biora Therapeutics Inc BIOR 7.2500 56.5000 12/1/2025 BuzzFeed Inc BZFD 8.5000 92.1440 12/3/2026 Castle US Holding Corp CISN 9.5000 46.0650 2/15/2028 Castle US Holding Corp CISN 9.5000 46.4320 2/15/2028 Citizens Bank NA/Providence RI CFG 5.2840 99.2920 1/26/2026 CorEnergy Infrastructure Trust Inc CORR 5.8750 70.2500 8/15/2025 Cornerstone Chemical Co CRNRCH 10.2500 50.5000 9/1/2027 Cumulus Media New Holdings Inc CUMINT 8.0000 35.4680 7/1/2029 Cumulus Media New Holdings Inc CUMINT 8.0000 35.6310 7/1/2029 Curo Oldco LLC CURO 7.5000 8.6440 8/1/2028 Curo Oldco LLC CURO 7.5000 2.9800 8/1/2028 Curo Oldco LLC CURO 7.5000 2.9800 8/1/2028 Cutera Inc CUTR 2.2500 9.0000 6/1/2028 Cutera Inc CUTR 2.2500 14.2390 3/15/2026 Cutera Inc CUTR 4.0000 8.5500 6/1/2029 Danimer Scientific Inc DNMR 3.2500 0.6250 12/15/2026 Energy Conversion Devices ENER 3.0000 0.7620 6/15/2013 Enviva Partners LP / Enviva Partners Finance Corp EVA 6.5000 24.7820 1/15/2026 Enviva Partners LP / Enviva Partners Finance Corp EVA 6.5000 24.7820 1/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.5000 28.2010 7/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.5000 30.0000 7/15/2026 Federal Farm Credit Banks Funding Corp FFCB 1.8100 99.9060 1/22/2025 Federal Home Loan Banks FHLB 4.0000 99.4010 1/22/2025 Federal Home Loan Banks FHLB 0.5200 99.2860 1/28/2025 Federal Home Loan Banks FHLB 4.7500 99.8330 1/22/2025 Federal Home Loan Banks FHLB 0.7000 99.8480 1/22/2025 Federal Home Loan Banks FHLB 0.6200 99.2990 1/27/2025 Federal Home Loan Banks FHLB 1.2200 99.3200 1/27/2025 Federal Home Loan Banks FHLB 3.0000 99.3710 1/27/2025 Federal Home Loan Banks FHLB 3.8100 99.3930 1/27/2025 Federal Home Loan Banks FHLB 0.3200 99.3550 1/22/2025 Federal Home Loan Banks FHLB 0.4000 99.2970 1/27/2025 Federal Home Loan Banks FHLB 1.1250 99.3180 1/27/2025 Federal Home Loan Banks FHLB 0.7700 99.2970 1/28/2025 Federal Home Loan Banks FHLB 4.0000 99.7710 1/22/2025 Federal Home Loan Banks FHLB 4.1250 99.4100 1/23/2025 Federal Home Loan Banks FHLB 0.7200 96.3050 2/21/2025 Federal Home Loan Banks FHLB 0.7100 51.9200 4/15/2025 Federal Home Loan Banks FHLB 1.5000 96.8410 2/18/2025 Federal Home Loan Mortgage Corp FHLMC 4.1000 99.1790 2/19/2025 Federal Home Loan Mortgage Corp FHLMC 4.3750 99.9950 1/27/2028 Federal Home Loan Mortgage Corp FHLMC 3.7500 99.4000 1/27/2025 GoTo Group Inc LOGM 5.5000 39.4460 5/1/2028 GoTo Group Inc LOGM 5.5000 39.7960 5/1/2028 Goodman Networks Inc GOODNT 8.0000 5.0000 5/11/2022 Goodman Networks Inc GOODNT 8.0000 1.0000 5/31/2022 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.5000 3.2500 6/1/2026 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.5000 2.9870 6/1/2026 Hallmark Financial Services Inc HALL 6.2500 18.6360 8/15/2029 Homer City Generation LP HOMCTY 8.7340 38.7500 10/1/2026 Inotiv Inc NOTV 3.2500 42.0000 10/15/2027 Invacare Corp IVC 5.0000 0.6670 11/15/2024 JPMorgan Chase Bank NA JPM 2.0000 88.7200 9/10/2031 Karyopharm Therapeutics KPTI 3.0000 77.7060 10/15/2025 Level 3 Financing Inc LVLT 4.6250 92.7090 9/15/2027 Level 3 Financing Inc LVLT 3.4000 85.2370 3/1/2027 Level 3 Financing Inc LVLT 4.6250 92.6660 9/15/2027 Level 3 Financing Inc LVLT 3.4000 85.2370 3/1/2027 Ligado Networks LLC NEWLSQ 15.5000 38.0000 11/1/2023 Ligado Networks LLC NEWLSQ 17.5000 11.2500 5/1/2024 Ligado Networks LLC NEWLSQ 15.5000 38.0000 11/1/2023 Ligado Networks LLC NEWLSQ 17.5000 10.7500 5/1/2024 Lightning eMotors Inc ZEVY 7.5000 1.0000 5/15/2024 Lumen Technologies Inc LUMN 7.2000 99.7570 12/1/2025 Lumen Technologies Inc LUMN 5.1250 95.4740 12/15/2026 Lumen Technologies Inc LUMN 5.1250 96.3090 12/15/2026 Luminar Technologies Inc LAZR 1.2500 50.5000 12/15/2026 MBIA Insurance Corp MBI 15.8236 3.3090 1/15/2033 MBIA Insurance Corp MBI 15.8236 3.3090 1/15/2033 Macy's Retail Holdings LLC M 6.7000 90.1900 7/15/2034 Mashantucket Western Pequot Tribe MASHTU 7.3500 50.7620 7/1/2026 Morgan Stanley MS 1.8000 76.8480 8/27/2036 New York Life Global Funding NYLIFE 2.0000 99.9640 1/22/2025 PECF USS Intermediate Holding III Corp UNSTSV 8.0000 34.1200 11/15/2029 PECF USS Intermediate Holding III Corp UNSTSV 8.0000 34.1200 11/15/2029 Polar US Borrower LLC / Schenectady International Group Inc SIGRP 6.7500 53.2800 5/15/2026 Polar US Borrower LLC / Schenectady International Group Inc SIGRP 6.7500 53.2800 5/15/2026 Rackspace Technology Global Inc RAX 5.3750 26.5000 12/1/2028 Rackspace Technology Global Inc RAX 3.5000 28.6210 2/15/2028 Rackspace Technology Global Inc RAX 5.3750 28.0900 12/1/2028 Rackspace Technology Global Inc RAX 3.5000 28.6210 2/15/2028 Renco Metals Inc RENCO 11.5000 24.8750 7/1/2003 Rite Aid Corp RAD 7.7000 1.7000 2/15/2027 Rite Aid Corp RAD 6.8750 3.6170 12/15/2028 Rite Aid Corp RAD 6.8750 3.6170 12/15/2028 SBL Holdings Inc SECBEN 7.0000 94.7500 N/A SBL Holdings Inc SECBEN 7.0000 93.4900 N/A Shutterfly LLC SFLY 8.5000 49.1550 10/1/2026 Shutterfly LLC SFLY 8.5000 49.1550 10/1/2026 Spanish Broadcasting System Inc SBSAA 9.7500 66.2500 3/1/2026 Spanish Broadcasting System Inc SBSAA 9.7500 66.0000 3/1/2026 Spirit Airlines Inc SAVE 1.0000 34.0000 5/15/2026 Spirit Airlines Inc SAVE 4.7500 28.0000 5/15/2025 Stem Inc STEM 0.5000 26.8750 12/1/2028 Sunnova Energy International Inc NOVA 2.6250 34.7500 2/15/2028 TPI Composites Inc TPIC 5.2500 17.8990 3/15/2028 TerraVia Holdings Inc TVIA 5.0000 4.6440 10/1/2019 Tricida Inc TCDA 3.5000 8.1250 5/15/2027 Veritex Holdings Inc VBTX 7.9935 99.9100 11/15/2029 Veritone Inc VERI 1.7500 44.7500 11/15/2026 Virgin Galactic Holdings SPCE 2.5000 45.1250 2/1/2027 Vitamin Oldco Holdings GNC 1.5000 0.4740 8/15/2020 Voyager Aviation Holdings LLC VAHLLC 8.5000 9.5800 5/9/2026 Voyager Aviation Holdings LLC VAHLLC 8.5000 9.5800 5/9/2026 Voyager Aviation Holdings LLC VAHLLC 8.5000 9.5800 5/9/2026 WW International Inc WW 4.5000 20.2900 4/15/2029 WW International Inc WW 4.5000 19.9330 4/15/2029 Wesco Aircraft Holdings WAIR 9.0000 41.9390 11/15/2026 Wesco Aircraft Holdings WAIR 8.5000 8.0000 11/15/2024 Wesco Aircraft Holdings WAIR 13.1250 1.1020 11/15/2027 Wesco Aircraft Holdings WAIR 9.0000 41.9390 11/15/2026 Wesco Aircraft Holdings WAIR 8.5000 7.3760 11/15/2024 Wesco Aircraft Holdings WAIR 13.1250 1.1020 11/15/2027 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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