/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250228.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, February 28, 2025, Vol. 29, No. 58 Headlines 13730 FRONTAGE RD: Files Chapter 11 Bankruptcy in Texas 3220 S FISKE BLVD: Andrew Layden Named Subchapter V Trustee 3784 LLC: To Sell Fernandina Beach Property for $5.8MM 514 THAT WAY: Files Chapter 11 Bankruptcy in Texas 514 THAT WAY: Voluntary Chapter 11 Case Summary ADVANCED URGENT: Court Extends Use of Cash Collateral to March 31 ALL STAR TRUCKING: Unsecured Creditors to Split $10K in Plan AMC DEVELOPMENT: Seeks Chapter 11 Bankruptcy in Nevada APS HOLDINGS: Court Extends Cash Collateral Access to March 27 B2 UNITED: Katharine Battaia Clark Named Subchapter V Trustee BAD DOG: Case Summary & Eight Unsecured Creditors BC AVENTURA: Unsecureds to Get Share of GUC Pool in Plan BERKELEY RESEARCH: S&P Assigns 'B' ICR, Outlook Stable BEYOND MEAT: Plans Global Workforce Reduction to Cut Costs BIG LOTS: Judge to Approve Sale-Leaseback of HQ in Chapter 11 BLESSED MINI MART: Yann Geron Named Subchapter V Trustee BOTW HOLDINGS: Unsecureds to Get Share of Income for 5 Years BWB CONTROLS: BWB Holdings Unsecured Claims Will Get 4.17% CADUCEUS PHYSICIANS: To Sell Medical Assets to Regal Medical CD&R VIALTO: S&P Affirms 'SD' ICR on Completed Recapitalization CLASS 1 LOGISTICS: Unsecureds Will Get 39% of Claims in Plan CLEMENTS ELECTRIC: To Sell Non-Cash Property to UTS for $250K CONTINENTAL ELECTRIC: Unsecureds Will Get 10.8% of Claims in Plan CORINTH AUTUMN: Court OKs Appointment of Stuart Walker as Trustee CXOSYNC LLC: Court Extends Cash Collateral Access to March 21 DARK RHIINO: Unsecureds to Recover Between 9.4% & 12.7% in 3 Years DEALER SALES: Court Extends Cash Collateral Access to March 11 DRIP MORE: Gets Interim OK to Use Cash Collateral Until April 30 DYNAMIC AEROSTRUCTURES: Case Summary & 30 Top Unsecured Creditors DYNAMIC AEROSTRUCTURES: Seeks Ch. 11 Bankruptcy, To Sell Assets EAGLE HIGHLAND: Gets OK to Use Cash Collateral Until March 5 EAGLE HIGHLAND: Judy Wolf Weiker Named Subchapter V Trustee EASTERN COLORADO: Gets Final OK to Use Cash Collateral EGV HOLDINGS: Case Summary & Four Unsecured Creditors ELEMENTS UES: Court Extends Cash Collateral Access to March 4 ELITE SCHOOL BUS: Case Summary & 20 Largest Unsecured Creditors ENGINEERING RECRUITING: Amends Plan to Include IRS Secured Claim FINGER LAKE: U.S. Trustee Unable to Appoint Committee FIRST COAST: Updates Malagisi Enterprises Claim Pay; Amends Plan FIRST HEALTH: Court Extends Cash Collateral Access to March 27 FIRST HEALTH: Unsecured Creditors to Split $8K over 3 Years FIT FOR THE RED: Gets OK to Use Cash Collateral Until April 16 FREE SPEECH: WOW.AI Pushes Infowars Bankruptcy Sale FTX TRADING: $950MM Bankruptcy Fees Rank Among Highest Since Lehman G7 VENICE: Gets Interim OK to Use Cash Collateral GEOSTELLAR INC: Ex-CEO's Consent Required to Settle Fraud Lawsuit GREENLEAF 2 CPE: Gets Interim OK to Use Cash Collateral GREENLEAF 4 SOCO: Gets Interim OK to Use Cash Collateral HANDS ON PREMIUM: Douglas Adelsperger Named Subchapter V Trustee HANSEN KIDS: Seeks to Hire Jeffrey C. Alandt as Legal Counsel HANSEN KIDS: Steven Rayman Named Subchapter V Trustee HULL ORGANIZATION: Louisville Property Sale to Senior Helpers OK'd I&I DIAMONDS: Seeks Subchapter V Bankruptcy in Florida IMAGE DIRECT: Lender Seeks to Prohibit Cash Collateral Access INCORA: Davis Polk Advised Noteholders in Chapter 11 Restructuring INNOVATIVE ELEVATOR: N. Wasserstein Named Subchapter V Trustee INVATECH PHARMA: Gets Interim OK to Use Cash Collateral IRECERTIFY LLC: Court OKs Prior Unauthorized Use of Cash Collateral JM GROVE: Gets Interim OK to Use Cash Collateral Until March 13 JMMJ DEVELOPMENT: Case Summary & Four Unsecured Creditors JMMJ DEVELOPMENT: Sec. 341(a) Meeting of Creditors on March 27 JOANN INC: Gets Court Okay for Sale to Lenders, GA Group JOANN INC: Ragini Bhalla at Creditsafe Explains What Went Wrong JOHAL BROTHERS: Unsecureds to Get Share of Income for 5 Years KAL FREIGHT: Lenders Criticize Liquidation Plan as Impractical KALALOU RESTAURANT: Unsecureds to Get 99 Cents on Dollar in Plan KATIE KAHANOVITZ: Case Summary & 16 Unsecured Creditors KENDON INDUSTRIES: Unsecureds Will Get 6% of Claims over 60 Months LINK UP: Seeks Subchapter V Bankruptcy in Tennessee LOTUS OASIS: Gets Interim OK to Use Cash Collateral Until April 15 M DESIGN: Unsecureds Will Get 10% of Claims over 5 Years MAGLEV ENERGY: Gets Extension to Access Cash Collateral MAWSON INFRASTRUCTURE: Celsius Ok'd to Proceed With Arbitration MIRABAL DISCOUNT: Linda Leali Named Subchapter V Trustee MODEL TOBACCO: Gets Interim OK to Use Cash Collateral Until April 3 MODERN EYE GALLERY: Glen Watson Named Subchapter V Trustee MYA POS: Unsecured Creditors Will Get 3.7% of Claims in Plan NEDCHC INC: Files Chapter 11 Bankruptcy in Colorado OREGON TOOL: Davis Polk Advised Term Lenders on Refinancing ORTHOCARE SOLUTIONS: Gets Extension to Access Cash Collateral PARTY CITY: Receives Court Approval to Sell Assets, IP for $20.6MM PHAIR COMPANY: Case Summary & Three Unsecured Creditors PHVC4 HOMES: Files Emergency Bid to Use Cash Collateral PICCARD PETS: U.S. Trustee Unable to Appoint Committee PLASTIC SUPPLIERS: SSG Served as Investment Banker in Asset Sale RED HOOK SOLAR: Francis Brennan Named Subchapter V Trustee RED INTERMEDIATE: S&P Assigns 'B+' ICR, Outlook Stable REMEMBER ME SENIOR: Case Summary & 20 Largest Unsecured Creditors RICHARDSON CREEK: Amends Unsecured Claims Pay Details ROCKY MOUNTAIN IMPORTS: Seeks Cash Collateral Access SCHAFER FISHERIES: Court Extends Cash Collateral Access to March 31 SIREN SCHOOL DISTRICT, WI: S&P Lowers GO Debt Rating to 'BB+' SM MILLER: Behrooz Vida Named Subchapter V Trustee SNC WATSON: Sec. 341(a) Meeting of Creditors on March 31 SOAP BOX: Gets Interim OK to Use Cash Collateral Until March 20 SOUTHERN COTTON: Seeks Subchapter V Bankruptcy in Alabama STEWARD HEALTH: Disputes Insurer Affiliate's Bid to Join Mediation SWC INDUSTRIES: MSI Automate Named Stalking Horse in $40M Sale TELEFONICA DEL PERU: Chapter 15 Case Summary TELEFONICA DEL PERU: Seeks Chapter 15 Bankruptcy in Texas TERRAFORM LABS: Judge Sets April 30 as Claims Deadline TEXAS OILWELL: Chris Quinn Named Subchapter V Trustee THINK GOODNESS: Dawn Maguire Named Subchapter V Trustee TOUCH OF TEXAS: Francis Brennan Named Subchapter V Trustee TRAILER OWNER: Case Summary & 14 Unsecured Creditors TURK TRANSPORTATION: Hires Cooney Law Offices as Legal Counsel U-TELCO UTILITIES: Case Summary & 16 Unsecured Creditors US COATING: Case Summary & Eight Unsecured Creditors VIALTO PARTNERS: Davis Polk Advised First-Term Lenders VILLAGE OAKS: Gets Interim OK to Use Cash Collateral Until July 31 VOSSEKUIL PROPERTIES: Jerome Kerkman Named Subchapter V Trustee WAYPOINT ROOFING: L. Todd Budgen Named Subchapter V Trustee WHITEHORSE 401: Case Summary & 20 Largest Unsecured Creditors WHITEHORSE 401: Seeks Chapter 11 Bankruptcy in New York WRESTLING COLLECTOR: Gets Extension to Access Cash Collateral YELLOW CORP: Laid Off Union Workers to Contest Back-Pay Ruling ZACHARY HOLDINGS: Bankruptcy Plan Confirmed, Expects Exit in Weeks [] 2025 Distressed Real Estate Symposium Scheduled for March 26-28 [] BOOK REVIEW: Transcontinental Railway Strategy [] Pros and Cons Explored in Debt Consolidation and Bankruptcy [] Salim Azzam Joins O'Melveny as Partner in Los Angeles ********* 13730 FRONTAGE RD: Files Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On February 21, 2025, 13730 Frontage Rd LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. 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 13730 Frontage Rd LLC 13730 Frontage Rd LLC is a limited liability company. 13730 Frontage Rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.: 25-40472) on February 21, 2025. In its petition, the Debtor reports estimated assets up to $50,0000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by: Howard Marc Spector, Esq. SPECTOR & COX, PLLC 12770 Coit Rd, Suite 850 Dallas TX 75251 Tel: (214) 365-5377 E-mail: hms7@cornell.edu 3220 S FISKE BLVD: Andrew Layden Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for 3220 S Fiske Blvd, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, Florida 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About 3220 S Fiske Blvd LLC 3220 S Fiske Blvd, LLC, doing business as Rockledge Extended Stay, is the owner of the property at 3220 S Fiske Blvd, Rockledge, Fla. The property is valued at approximately $1.71 million. 3220 S Fiske Blvd filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00858) on February 14, 2025, listing total assets of $1,723,080 and total liabilities of $3,179,132. Judge Lori V. Vaughan handles the case. The Debtor is represented by: Robert Zipperer, Esq. Attorney At Law 224 S. Beach St., Suite 202 Daytona Beach, FL 32114 Tel: (386) 226-1151 Fax: (386) 238-3956 Email: robertzipperer@bellsouth.net 3784 LLC: To Sell Fernandina Beach Property for $5.8MM ------------------------------------------------------ 3784 LLC seeks permission from the U.S. Bankruptcy Court, Southern District of Florida, Fort Lauderdale Division, to sell its Property, free and clear of liens, interests, and encumbrances. The Debtor's Property is located at 1550 Nectarine Street, Fernandina Beach, FL 32034. The Debtor has a contract for the purchase of the Property for $5,800,000.00. The lienholders of the Property include Benfam Holdings PR LLC ZF Capital LLC, Moises Rodriguez, Abaco VI LLC, JG Assets LLC, Nancy Muxo and Enrique Muxo, Denise Ramirez, Jorge and Magda Alfonzo, CSR Assets LLC, Luis Gonzalez, Consuelo Reyeros and Juan F. Reyeros, Orestes Quintanilla, Armando Navarro, and Nassau County Tax Collector. The sale of the Property is set to close on or before April 30, 2025. The proceeds from the sale will result in satisfying all claims secured by the Property. The purchase and sale of the Property includes the sale of the Debtor’s principal's one-half interest in the assisted living facility located on the Property. The buyer owns the other one-half interest in the assisted living facility. After closing costs, the net proceeds of the sale expect to be approximately $1,900,000. The Debtor will receive $1,000,000.00 and the Debtor’s principal will hold a mortgage in the amount of $893,000. About 3784 LLC 3784 LLC owns two properties: one located at 1934 22nd Ave, Vero Beach, FL, valued at $4.1 million, and another at 1550 Nectarine Street, Fernandina Beach, FL 32034, valued at $6.6 million. 3784 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-11569) on February 14, 2025. In its petition, the Debtor reports total assets of $10,726,000 and total liabilities of $6,243,947. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Brian K. McMahon, PA serves as the Debtor's counsel. 514 THAT WAY: Files Chapter 11 Bankruptcy in Texas -------------------------------------------------- On February 24, 2025, 514 That Way 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 $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 514 That Way LLC 514 That Way LLC, doing business as Edgewater Apartments, is a single-asset real estate entity located in Lake Jackson, Texas. The company operates an apartment complex at 514 That Way. 514 That Way LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90013) on February 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by: Elyse M Farrow, Esq. Melissa Anne Haselden, Esq. Haselden Farrow PLLC Tel: 832-819-1149 Email: efarrow@haseldenfarrow.com -- and -- Melissa Anne Haselden Haselden Farrow PLLC Tel: 832-819-1149 Email: mhaselden@haseldenfarrow.com 514 THAT WAY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Four affiliates that simultaneously filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 514 That Way LLC (Lead Case) 25-90013 d/b/a Edgewater Apartments 514 That Way Lake Jackson, TX 77566 Park at Crestview DENG LLC 25-90014 d/b/a Park at Crestview Apartments 8220 Research Blvd Austin, TX 78758 Latitude DENG LLC 25-90015 d/b/a Serenity Residences 6400 Wurzbach Road San Antonio, TX 78240 Terrain Deng LLC 25-90016 d/b/a Mosaic at Medical Apartments 5380 Medical Drive San Antonio, TX 78240 Business Description: The Debtors are affiliated entities with common, indirect ownership. 514 Debtor owns Edgewater Apartments located at 514 That Way, Lake Jackson, TX 77566. Park Debtor owns Park at Crestview Apartments located at 8220 Research Blvd., Austin, TX 78758. Latitude Debtor owns Serenity Residences at 6400 Wurzbach Road, San Antonio, TX 78240. Terrain Debtor owns Mosaic at Medical Center Apartments located at 5380 Medical Drive, San Antonio, TX 78240. Chapter 11 Petition Date: February 24, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtors' Counsel: Melissa A. Haselden, Esq. HASELDEN FARROW, PLLC 708 Main Street 10th Floor Houston, TX 77002 Tel: 832-819-1149 Email: MHaselden@HaseldenFarrow.com - and - Elyse M. Farrow, Esq. HASELDEN FARROW PLLC 708 Main Street 10th Floor Houston, Texas 77002 Tel: (832) 819-1149 Fax: (866) 405-6038 Email: efarrow@haseldenfarrow.com Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Baruch Teitelbaum in the following roles: * Managing Member of Edgewater DENG GP LLC, Manager of 514 That Way LLC * Managing Member of PAC DENG GP LLC, Manager of Park at Crestview DENG LLC * Managing Member of Latitude DENG GP LLC, Manager of Latitude DENG LLC * Managing Member of Terrain DENG GP LLC, Manager of Terrain DENG LLC The Debtors did not provide lists of their 20 largest unsecured creditors in the petitions. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/W6WKMBY/514_That_Way_LLC__txsbke-25-90013__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CUHIRCQ/Park_at_Crestview_DENG_LLC__txsbke-25-90014__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/47XQDPQ/Latitude_DENG_LLC__txsbke-25-90015__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/22R4FZI/Terrain_Deng_LLC__txsbke-25-90016__0001.0.pdf?mcid=tGE4TAMA ADVANCED URGENT: Court Extends Use of Cash Collateral to March 31 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado approved a stipulation between Advanced Urgent Care, LLC and Independent Bank extending the company's authority to use cash collateral. The stipulation authorizes the company to use the bank's cash collateral until March 31 to fund its business operations. The terms of the cash collateral order issued on Sept. 12 last year will remain in full force and effect through March 31 in accordance with the updated budget, according to the stipulation. About Advanced Urgent Care Advanced Urgent Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-14536) on August 7, 2024. In the petition signed by Anthony G. Euser, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. Independent Bank, as lender, is represented by: John F. Young, Esq. Mark us Williams Young & Hunskker LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Phone: 303-830-0800 Fax: 303-830-0809 Email: jyoungffiMarkusWilliaros.com ALL STAR TRUCKING: Unsecured Creditors to Split $10K in Plan ------------------------------------------------------------ All Star Trucking, LLC, filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated February 13, 2025. The Debtor was formed on June 3, 2014 by Gurminder Bajwa. Until December 2022, Mr. Bajwa drove a truck which was leased from a separate company. In January 2023, the entity launched its trucking operation with a fleet of 5 financed trucks and trailers, offering national deliveries to end user customers. The Debtor obtained most of its customers from a broker posted load board which matches available jobs with various carriers. Due to low load rates and precipitous rise in operating costs, including driver pay and fuel, in 2024 the company was unable to pay its operating expenses and service its secured equipment obligations. In an effort to reorganize the outstanding debt owed, a petition was filed under Chapter 11, Subchapter V on November 15, 2024 to allow the Debtor to continue operating. Class 3 consists of General Unsecured Claims. All general unsecured claims will be paid a prorated share of $10,000.00. Payment will begin on August 20, 2025 in the amount of $200.00 per month. This Class is impaired. The unsecured class includes any deficiency balance remaining after the sale of equipment for the following parties: the deficiency claims of BMO Harris Bank, NA, PNC Bank (dba Hyundai Translead Trailer Fin), Amur, Paccar, and the claim of Crossroads Equipment representing the surrendered 2023 Hyundai Trailer. The Plan will be funded with revenue from the Debtor's operation. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. A full-text copy of the Plan of Reorganization dated February 13, 2025 is available at https://urlcurt.com/u?l=rE1olI from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Neeleman Law Group 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: jennifer@neelemanlaw.com About All Star Trucking, LLC All Star Trucking, LLC, was formed on June 3, 2014 by Gurminder Bajwa. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-12934-TWD) on Nov. 15, 2024. In the petition signed by Ishwar Aery, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., is the Debtor's legal counsel. AMC DEVELOPMENT: Seeks Chapter 11 Bankruptcy in Nevada ------------------------------------------------------ On February 25, 2025, AMC Development LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. 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 AMC Development LLC AMC Development LLC is a single asset real estate company headquartered in Albuquerque, New Mexico. AMC Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-10977) on February 25, 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 Mike K. Nakagawa handles the case. APS HOLDINGS: Court Extends Cash Collateral Access to March 27 -------------------------------------------------------------- APS Holdings of FL, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral until March 27, marking the second extension since the company's Chapter 11 filing. The second interim order signed by Judge Roberta Colton authorized the company to use its lenders' cash collateral to pay the expenses set forth in its budget. This cash collateral includes cash, deposit accounts, accounts receivable, and proceeds from the company's business operations. The lenders, including TVT Capital Source, LLC, TVT Business Funding, LLC and Jeld-Wen Windows and Doors, were granted replacement liens on their collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. As additional protection, APS Holdings of FL was ordered to keep the lenders' collateral insured. The next hearing is schedules for March 27. About APS Holdings of FL Inc. APS Holdings of FL Inc. is a Tampa-based corporation operating as APS Windows & Doors. It was formerly known as Architectural Product Sales, Inc. APS Holdings of FL filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00145) on January 10, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the case. The Debtor is represented by Edward J. Peterson, III, Esq., at Johnson Pope Bokor Ruppel & Burns, LLP. TVT Business Funding LLC and TVT Capital Source LLC, as lenders, are represented by: Scott Alan Orth, Esq. Law Offices of Scott Alan Orth, P.A. 3860 Sheridan Street, Suite A Hollywood, FL 33021 Phone: 305.757.3300 Fax: 305.757.0071 scott@orthlawoffice.com service@orthlawoffice.com eserviceSAO@gmail.com B2 UNITED: Katharine Battaia Clark Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for B2 United, LLC. Ms. Clark will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About B2 United B2 United, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-40492) on February 10, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Mark X. Mullin presides over the case. Warren V. Norred, Esq., at Norred Law, PLLC represents the Debtor as bankruptcy counsel. BAD DOG: Case Summary & Eight Unsecured Creditors ------------------------------------------------- Debtor: Bad Dog, Inc. d/b/a Brogdon Construction 1808 Bream Hollow Lane Soddy Daisy, TN 37379 Business Description: Brogdon Construction is a full-service land development contractor based in Chattanooga, Tennessee, specializing in commercial, industrial, and municipal land development projects. Its services include land clearing, excavation, sewer and septic systems, utilities installation, erosion control, grading, stormwater management, and more. The Company also provides estimating, land surveying, and planning services to ensure the success of development projects. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 25-10459 Judge: Hon. Nicholas W Whittenburg Debtor's Counsel: Amanda M Stofan, Esq. FARINASH AND STOFAN 100 West ML King Blvd Ste 816 Chattanooga, TN 37402 Tel: (423) 805-3100 Fax: (423) 805-3101 E-mail: amanda@8053100.com Total Assets: $371,921 Total Liabilities: $1,003,418 The petition was signed by Joseph Brogdon as president. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K6ABBNQ/Bad_Dog_Inc__tnebke-25-10459__0001.0.pdf?mcid=tGE4TAMA BC AVENTURA: Unsecureds to Get Share of GUC Pool in Plan -------------------------------------------------------- BC Aventura Contemporary Furniture, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Florida a Joint Consolidated Chapter 11 Plan of Liquidation dated February 13, 2025. The Debtors used to constitute a group of privately-held operators of Florida-franchised BoConcept furniture stores. The BoConcept story is global and started in 1952, built around simplicity, craftmanship, elegant functionality, and quality materials. The Debtors' corporate capital structure is relatively straightforward. BC America is the Debtors' primary holding company, and each of the remaining Debtors are the 100% subsidiaries of BC America. BC America is, in turn, 100% owned by BC Muebles Contemporáneos, S.A. de C.V., a Mexican entity. The various Debtor stores operated through one or more franchise agreements with BoConcept Franchise, Inc., all of which have shut down as of the date hereof. The Plan constitutes a liquidating Chapter 11 plan for the Debtors and provides for the distribution of the Debtors' assets liquidated or to be liquidated over time to Holders of Allowed Claims in accordance with the terms of the Plan. The Plan provides for substantive consolidation of the assets and liabilities of the Debtors as described herein. Accordingly, the assets and liabilities of the Debtors are deemed the assets and liabilities of a single administratively consolidated entity. Claims filed against each Debtor seeking recovery of the same debt shall be treated as a single, non-aggregated Claim against the consolidated Estates to the extent that such Claim is an Allowed Claim. Class 3 consists of all General Unsecured Claims against the Debtors. Holders of Class 3 Claims shall share in their respective pro rata share of a fund in the amount of $25,000.00 USD (the "GUC Pool"), in the aggregate, provided by the Debtors. Although the BoConcept Franchisor Claim is expected to be impaired in excess of $400,000.00 USD, the BoConcept Franchisor Deficiency Claim shall not be entitled to its pro rata recovery such that only Holders of Class 3 Claims that do not constitute the BoConcept Franchisor Claim shall share in their respective recovery from the GUC Pool. The Debtors estimate General Unsecured Claims to be in the amount of approximately $1,092,104.29. Class 3 is impaired. Class 5 consists of all Intercompany Claims against any and all of the Debtors and all Parent Company Claims against any and all of the Debtors. All Intercompany Claims and Parent Company Claims shall be canceled upon the Effective Date of the Plan and shall not be entitled to receive any property under the Plan. Class 5 is deemed to have rejected the Plan and thus will not be entitled to vote to accept or reject the Plan. Class 6 consists of Equity Interests. All Equity Interests in the Debtors shall be canceled upon the dissolution of the respective entities in their respective jurisdictions. Class 6 is deemed to have rejected the Plan and thus will not be entitled to vote to accept or reject the Plan. All payments as provided for in the Plan shall be funded by Debtors. A full-text copy of the Joint Liquidating Plan dated February 13, 2025 is available at https://urlcurt.com/u?l=hJ2EPM from PacerMonitor.com at no charge. Counsel to the Debtors: Joseph A. Pack, Esq. Jessey J. Krehl, Esq. Jorge A. Sanz, Esq. Pack Law, P.A. 51 NE 24th St., Suite 108 Miami, FL 33137 Tel: (305) 916-4500 Email: joe@packlaw.com Email: jessey@packlaw.com Email: jorge@packlaw.com About BC Aventura Contemporary Furniture BC Aventura Contemporary Furniture, LLC and affiliates sell BoConcept-brand furniture merchandise in the State of Florida. The Debtors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-22028) on Nov. 15, 2024. As of Sept. 30, 2024, BC Aventura reported total assets of $589,996 and total liabilities of $741,692. Judge Peter D. Russin oversees the case. The Debtor is represented by Joseph A. Pack, Esq., and Jessey J. Krehl, Esq., at Pack Law. BERKELEY RESEARCH: S&P Assigns 'B' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings assigned its 'B' issuer credit rating to U.S.-based consulting firm Berkeley Research Group Holdings LLC (BRG). At the same time, S&P assigned its 'B' issue-level rating and '3' recovery rating to the company's senior secured credit facility. The '3' recovery rating indicates its expectation of meaningful (50%-70%); rounded estimate: 60%) recovery in the event of default. S&P said, "The stable outlook reflects our expectation that noncyclical secular demand for BRG's consulting offerings will result in organic revenue growth in the mid-single digit percent area over the couple of years. We expect S&P Global Ratings-adjusted debt leverage to be about 5.0x by the end of 2025, improving to about 4.5x by the end of 2026." Private equity sponsor TowerBrook Capital Partners plans to significantly invest in BRG. The company is raising a new $875 million senior secured facility, comprising a $175 million revolving credit facility (RCF) due 2030 and $700 million first-lien term loan due 2032. It will fund the investment with the term loan proceeds, a $25 million draw on the RCF, as well as new equity from TowerBrook and substantial rollover equity from current partners of the firm. S&P said, "Pro forma for the transaction, we expect S&P Global Ratings-adjusted leverage to be mid-5.0x in 2024 and improve to the 5.0x area in 2025, primarily because of increased partner hirings and operating leverage. "Our rating on BRG reflects the company's limited scale, and geographical and product offerings, with a focus on industry specific litigation, dispute resolution, transaction advisory, and expert testimony. BRG's competitors--such as FTI Consulting Inc. (BBB-/Stable/--), AlixPartners LLP (B+/Stable/--), and Alvarez & Marsal (not rated) -- offer an array of consulting services and benefit from more financial resources, significant national and international presence, larger professional staff, or greater brand recognition. Additionally, BRG operates in a highly competitive environment that typically lacks long-term contracted sources of revenue. Usually, each engagement is solicited, awarded, and negotiated separately. Nevertheless, BRG has a good operating track record and has established a solid reputation as an independent provider of expert analysis, turnaround and restructuring, performance advisory, and expert witness testimony. Its brand recognition has improved in recent years as the company has expanded. "The company has a highly leveraged balance sheet, and pro forma for the proposed transaction, we expect S&P Global Ratings-adjusted leverage of about 5.4x as of Dec. 31, 2024. That said, we forecast adjusted leverage to improve to about 5.0x in 2025 and 4.5x in 2026, supported by our expectation for EBITDA growth over the next 24 months. This is largely driven by an increased number of partner hires as well as higher regulatory and commercial litigation volumes, along with rising fee rates. Our rating also incorporates BRG's private equity sponsor ownership by TowerBrook Capital Partners and our belief that financial sponsors tend to increase leverage of the companies they own over time either through debt-financed growth initiatives or dividends to shareholders--factors that may preclude sustained deleveraging. "We expect BRG to expand through organic growth with a combination of external partner hires and internal promotions, which could improve S&P Global Ratings-adjusted leverage and expand its EBITDA margin and free operating cash flow (FOCF). The company hires individual experts supported in some instances with signing bonuses and forgivable loans, which moderately hurts operating cash flow, S&P Global Ratings-adjusted EBITDA, and EBITDA margins. Signing bonus and loan amortization expenses flow through its cost of revenue. However, the company's highly variable partner compensation model is correlated to net revenues and profit, which allows BRG to increase partner count without materially compressing financial metrics during the ramp-up period of hired experts. Some of BRG's peers like Ankura Holdings L.P. (B-/Stable/--) and Secretariat Advisors LLC (B-/Stable/--) experience a drag on adjusted leverage and FOCF from new hires and acquisitions due to integration costs associated with the acquisition of external growth and their typically more fixed-cost structure, which constrains metrics during the ramp-up period. As BRG continues to increase scale, we believe EBITDA and FOCF generation will improve, and the company will continue to increase its partner count. Still, hiring patterns are difficult to predict and the timing of large engagements could distort operating performance." The company's good operational performance through economic cycles and solid reputation support the 'B' rating. BRG's revenue has grown every year since the firm was founded in 2010 including through the COVID-19 pandemic. S&P expects S&P Global Ratings-adjusted EBITDA margin expansion in 2025 and 2026, with margins higher than some of its larger peers. The company has a broad geographic footprint with operations across 14 countries, despite generating most of its revenue in the U.S. In addition, BRG benefits from its recurring services and a strong repeat client rate, although the engagement of consulting projects can be difficult to predict. BRG's consulting service portfolio has been resilient during various economic cycles. S&P said, "We believe BRG's primary business mix of noncyclical and countercyclical practices provides revenue stability in several types of economic cycles. For example, from 2020 to 2022, the company was largely unaffected by the COVID-19-related economic downturn, experiencing a high-single digit percentage annual revenue increase through the pandemic. We believe demand for the company's services will benefit from the increasing complexity of the global legal system. We believe BRG's portfolio of consulting services focused on industry-specific litigation, dispute resolution, turnaround and restructuring, and transaction advisory, which are complex matters, to have moderately higher barriers to entry than in other consulting services such as operational advisory services and will likely allow the company to capitalize on these industry trends and continue its track record of substantial organic growth." S&P said, "The stable outlook reflects our expectation that noncyclical secular demand for BRG's consulting offerings will result in organic revenue growth in the mid-single digit percent area over the next couple of years. We expect S&P Global Ratings-adjusted debt leverage to be about 5.0x by the end of 2025, improving to about 4.5x by the end of 2026." S&P could lower its rating on BRG if its leverage exceeds 6.0x or FOCF to debt is less than 5% on a sustained basis, which could occur if: -- BRG undertakes debt-financed shareholder returns or acquisitions; or -- Organic revenue declines due to increased competition and loss of business from clients, high senior professional turnover, or reputation issues. S&P could raise its rating on BRG if the company: -- Commits to and proves a track record of a financial policy that reduces leverage below 5x on a sustained basis, incorporating potential dividends and debt-financed acquisitions; or -- Substantially expands its scale and diversifies its revenue base across geographical regions while maintaining solid operating margins. BEYOND MEAT: Plans Global Workforce Reduction to Cut Costs ---------------------------------------------------------- Truth Headlam of Bloomberg Law reports that Beyond Meat Inc. is laying off about 6% of its workforce, becoming the latest consumer company to announce job cuts. The El Segundo, California-based company will eliminate 44 positions and shut down its operations in China, affecting about 20 employees, or 95% of its staff in that region. The cost-cutting measures are intended to strengthen the company's financial standing, according to a statement on Wednesday, February 26, 2025. About Beyond Meat Inc. Beyond Meat Inc.operates the Beyond Meat online retail store, as well as the Beyond Meat interactive Website and advertises, markets, and operates in the State of New York and throughout the United States. BIG LOTS: Judge to Approve Sale-Leaseback of HQ in Chapter 11 ------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on February 26, 2025, a Delaware bankruptcy judge agreed to approve discount retail chain Big Lots' plan to sell its Ohio headquarters to hospital operator OhioHealth Corp. for $36 million and lease it back until it completes its operations. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BLESSED MINI MART: Yann Geron Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for Blessed Mini Mart Deli Grocery. Mr. Geron will be paid an hourly fee of $890 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About Blessed Mini Mart Deli Grocery Blessed Mini Mart Deli Grocery, doing business as Ali Nagi, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40716) on February 13, 2025. At the time of the filing, the Debtor reported between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Judge Nancy Hershey Lord presides over the case. BOTW HOLDINGS: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------ BOTW Holdings, LLC, and affiliates filed with the U.S. Bankruptcy Court for the District of Wyoming a Joint Plan of Reorganization under Subchapter V dated February 14, 2025. The BOTW Entities are Wyoming limited liabilities companies with shared principal offices located at 115 West Yellowstone Avenue, Cody, Wyoming 82414. Debtors Productions and Huskemaw were formed in 2007. In 2020, prior management formed Holdings, Arms, and Ammo, and in 2022 prior management formed LRS. The BOTW Entities are involved in the outdoor industry, having evolved from their original focus as an outdoor industry video production company to offering long-range shooting systems. This Plan is intended as a full and final compromise of the various claims which have been asserted by McCall against the BOTW Debtors and non-debtor affiliates, in and outside of this Court, since 2018. In February of 2018, McCall purchased a debt owed to Wells Fargo Bank, N.A. (the "Wells Fargo Line of Credit") by Productions, which had been personally guaranteed by McCall. At the time the Wells Fargo Line of Credit was purchased by McCall, $396,095 was owed by Productions, and the debt was secured by Productions' assets. In this Plan, the BOTW Debtors propose to substantively consolidate all BOTW Debtors and certain non-debtor affiliates, and to pay existing debts from disposable income from on-going operations in addition to obtaining a new loan or capital contribution from Equity Interests prior to the expiration of the 5-year term of the Plan. McCall is provided with an Allowed Secured Claim in an amount which certainly exceeds the value of all assets which are attached to his UCC-1 lien. This is provided for the purposes of a consensual Plan acceptance by McCall. The BOTW Debtors are not asserting or conceding that the Secured Claim of McCall meets or exceeds the amount proposed to be paid on account of such Claim herein, or that McCall's lien attaches to the assets of any entity other than Productions. The BOTW Debtors retain all rights to modify the amount to be paid to McCall based on Section 506 of the Bankruptcy Code. Class 5 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees in writing to less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, each Allowed General Unsecured Claim, Class 5 Holders of Allowed General Unsecured Claims shall receive their Pro Rata share of the BOTW Entities' (as operating through the Reorganized Consolidated Debtor) Projected Disposable Income for a five-year period beginning on the Effective Date. Class 5 Claims shall be paid on or before December 31 of the applicable year, on a Pro Rata basis, beginning on December 31, 2026. Class 5 is impaired. Class 6 consists of Equity Interests. Upon confirmation of this Plan and substantive consolidation of the BOTW Entities, the previously separate BOTW Entities will be consolidated and treated as the single BOTW Consolidated Estate effective as of the date of confirmation. As such Holdings' ownership interests in the other BOTW Entities will become moot and shall be extinguished. All equity in the Reorganized Consolidated Debtor shall be issued to Stryk in accordance with this Plan. On and after the Effective Date, the Reorganized Consolidated Debtor, through Chase Myers as disbursing agent, shall make the payments required by this Plan to the holders of Allowed Claims. The payments pursuant to the Plan shall be in full and complete payment, settlement and satisfaction of all claims against the BOTW Consolidated Estate and the BOTW Entities. The BOTW Entities project having approximately $130,000 of Cash on the Effective Date. Funding for the Plan will come from the BOTW Entities' continued operations (and, after confirmation, as the Reorganized Consolidated Debtor) and in a new loan or capital contribution from Equity Interests prior to the expiration of the 5-year term of the Plan. A full-text copy of the Joint Plan dated February 14, 2025 is available at https://urlcurt.com/u?l=ABHaSX from PacerMonitor.com at no charge. Counsel to the Debtor: Bradley T. Hunsicker, Esq. Lacey S. Bryan, Esq. Markus Williams Young & Hunsicker, LLC 2120 Carey Avenue, Suite 101 Cheyenne, WY 82001 Telephone: (307) 778-8178 Facsimile: (307) 638-1975 Email: bhunsicker@MarkusWilliams.com About BOTW Holdings, LLC BOTW Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20138) on April 19, 2024. The petition was signed by Jeff Edwards, manager of Stryk Group Holdings, LLC. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Cathleen D. Parker presides over the case. Bradley T Hunsicker, Esq., at Markus Williams Young & Hunsicker LLC, is the Debtor's counsel. BWB CONTROLS: BWB Holdings Unsecured Claims Will Get 4.17% ---------------------------------------------------------- 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 dated February 14, 2025. 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. 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. BWB Controls and Evergreen reached an agreement, with court approval, whereby Evergreen provides BWB Controls financing for working capital by factoring receivables. BWB Controls and Evergreen do not have a pre-petition contract for the factoring of receivables. No other party or person has a security interest in BWB Control's post-petition receivables. 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. Further, the Plan anticipates additional potential distributions to holders of Allowed Claims from the collection, if any, of funds from the Retained Causes of Action. Class 3 consists of Allowed General Unsecured Claims against BWB Holdings. Estimated Amount is $1,309,300.10 for holders of allowed claims. Twelve 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. Estimate distribution is 4.17% for Class 3. 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. Pro 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 pro rata distribution is 56% for Class 4 exclusive of claim holders that elect treatment under Class 4. The rate of distribution may be altered based on the holders of allowed claims that elect Class 4 treatment. Estimated amount is $26,820.15 exclusive of creditors who elect Class 5 treatment. This Class is impaired. Class 5 consists of Allowed General Unsecured Claims against BWB Holdings. Twelve 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. Estimate distribution 20.5% for Class 5. The holders of Class 5 Allowed General Unsecured Claims are Impaired. Estimated Amount is $1,871,943.05 for holders of allowed claims plus the deficiency claims of UCB and MMG, and amounts owed to Mr. LaBorde. Class 6 equity security holders, subject to the Plan Sponsor Agreement, will receive no distribution under the Plan. The continued management of BWB Holdings and BWB Controls includes a board of directors with members from the Plan Sponsor and only Mr. Edward LaBorde from the pre-petition board. Mr. LaBorde will continue as the Manager of BWB Holdings and the President and a Director of BWB Controls subject to an employment agreement to be negotiated with the Plan Sponsor, for an annual salary of $150,000.00 from BWB Controls, with such amount already taken into consideration in BWB Controls' Plan projections. For the term of the Plan, the Plan Sponsor will provide the funds to compensate the Board of Directors and the President. 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 February 14, 2025 is available at https://urlcurt.com/u?l=wtOM3C 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 Jan. 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. CADUCEUS PHYSICIANS: To Sell Medical Assets to Regal Medical ------------------------------------------------------------ Caduceus Physicians Medical Group (CPMG) and its affiliates, seek approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to sell certain tangible and intangible assets, free and clear of liens, interests, and encumbrances. The Debtor's tangible and intangible assets are used in connection with Debtors' medical practices operated at the Debtors' clinics located at 18200 Yorba Linda Boulevard, Suite 111, Yorba Linda, California 92886, 19742 MacArthur Boulevard, Suite 100, Irvine, California 92612, and 333 Thalia Street, Laguna Beach, CA 92651. The CPMG is a multi-specialty medical group with a wrap-around staff model and is among the largest remaining doctor-owned medical practices in the Orange County service area. It provides medical care at offices in Irvine, Laguna Beach, and Yorba Linda, and operates various urgent care facilities in Orange County under the trade name PDQ Urgent Care and More. CPMG medical staff model count includes 60 licensed providers, consisting of 42 employed primary care and multi-specialty physicians plus 18 contracted providers. It employs approximately 125 clinical and non-clinical staff involved in day-to-day operations at its various medical offices. The COVID pandemic strained CPMG’s financial condition as its costs increased while its revenue decreased. The combination of increased costs and reduced revenue resulted in losses beginning in calendar year 2021 and continued each year thereafter. CPMG was actively taking steps to mitigate future losses by laying off employees, which reduced its monthly labor costs, and reducing its operating losses from $240,000 per month at the beginning of 2023 to $150,000 per month by the end of the year. The Debtors have been in serious discussions with no fewer than five potential buyers including several rounds of negotiations related to prospective buyers valuation offer and purchase agreement . The Debtors selected Regal Medical Group, Inc. as its Stalking Horse Bidder and its assets purchase agreement as the Stalking Horse. The Assets that are included in the sale are: A. all of the tangible personal property owned by Debtors and located at the Clinics, including equipment, furniture and office furnishings. B. all inventories of supplies, drugs, food, janitorial and office supplies, and other disposables and consumables located at the Clinic. C. all of the following to the extent located at the Clinic, legally transferrable, and not subject to prior consent of any third party: operating manuals, forms, files, books, records, and documents with respect to the Clinic, including, without limitation, all patient records, employee records, equipment records, and electronic medical records; D. all of the following to the extent legally transferrable and not subject to prior consent of any third party: the right to use any trademarks, service marks, trademark and service mark registrations and registration applications, trade names, trade name registrations, logos, domain names, trade dress, copyrights, copyright registrations, website content, know- how, trade secrets and the corporate or company names of the Clinic used in connection with the Business, together with all rights to sue and recover damages for infringement, dilution, misappropriation or other violation or conflict associated with any of the foregoing; and E. all of Debtors' interest, to the extent assignable or transferable, in and to all contracts and agreements (including, but not limited to, purchase orders) with respect to the operation of the Clinic. The Debtors have four lenders with blanket security interests against all its assets including BMO Harris Bank, Backd, LendSpark, Despierta, and other parties with UCC-1 filings. The Debtors will conduct an auction on March 19, 2025. The minimum bid requirement is $1,500,000 and any Interested Party that wishes to participate in the bidding process for the Purchased Assets other than in the case of the Stalking Horse Purchaser must first become an Acceptable Bidder. Each Bid must be accompanied by a cash deposit in the amount equal to 10% of the aggregate value of the cash and non-cash consideration of the Bid to be held in an escrow account to be identified and established by the Debtors. If the Debtors receives one or more Qualified Bid for the Purchased Assets the Debtors will conduct the Auction to determine both the Successful Bidder and the Backup Bidder with respect to such Purchased Assets on March 19, 2025 at 10:00 a.m. Pacific Time. Consistent with the expense reimbursement request and the breakup fee, any overbid must be at least $150,000 more than the Stalking Horse Bid, meaning that the initial overbid must be at least $1,650,000. Based on the expense reimbursement of breakup fee, Regal is entitled to credit bid up to $150,000 as part of any competitive bidding that occurs throughout the auction process. The Debtors seek authority to complete the sale free and clear of all liens, claims, and interests with the liens to attach to the proceeds. About Caduceus Physicians Medical Group Caduceus Physicians Medical Group, a Professional Medical Corporation, d/b/a Caduceus Medical Group, is a physician owned and managed multi-specialty medical group with locations in Yorba Linda, Anaheim, Orange, Irvine, and Laguna Beach. It specializes in primary care, pediatrics, and urgent care. Caduceus Physicians Medical Group and Caduceus Medical Services, LLC, filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 24-11946) on August 1, 2024. The petitions were signed by CRO Howard Grobstein. At the time of the filing, Caduceus Physicians reported $1 million to $10 million in both assets and liabilities while Caduceus Medical reported up to $50,000 in both assets and liabilities. Judge Theodor Albert presides over the cases. David A. Wood, Esq., at Marshack Hays Wood, LLP, is the Debtors' legal counsel. Stanley Otake is the patient care ombudsman appointed in the Debtor's Chapter 11 case. CD&R VIALTO: S&P Affirms 'SD' ICR on Completed Recapitalization --------------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on New York City-based provider of global mobility solutions CD&R Vialto UK Intermediate 3 Ltd.'s (Vialto) first lien credit facility to 'D' from 'CC'. S&P's issuer credit rating on Vialto remains 'SD' (selective default). S&P plans to raise its issuer credit rating on Vialto to a level that reflects its view of credit risk based on its revised capital structure in the coming days. Vialto announced the completion of its anticipated recapitalization transaction. S&P said, "We view the restructuring as tantamount to a default as Vialto has eliminated $150 million of its first-lien term loan and the entirety of its $400 million second-lien term loan. In our view, lenders received less than the original promise because some first-lien debt and all second-lien debt have converted to equity. Meanwhile, the remaining first-lien debt maturity is extended, and the option for partial payment-in-kind (PIK) interest allows the company to defer cash interest payments. The 25 basis points (bps) increase in cash interest rate, minimum liquidity covenant, and other favorable amendments do not constitute adequate compensation for first-lien lenders, in our view. "We plan to raise our issuer credit rating on Vialto as soon as practical, likely to 'CCC+' during the first week of March. Our expectation of this rating outcome reflects Vialto's track record of execution missteps, its burdensome expense structure, and its reliance on favorable market conditions. Additional upside toward a 'B-' rating would depend on our assessment of the company's ability to retain clients and demonstrate a track record of generating consistently positive free operating cash flow. "Vialto's new capital structure may prove unsustainable despite significantly improved liquidity profile and reduced debt service following the restructuring. Proceeds from the $225 million of cash equity provide Vialto with sufficient cushion to absorb restructuring related costs that we expect will drive further cash flow deficits this fiscal year (ending June 2025). We anticipate cash and revolver availability at the end of fiscal 2025 to exceed $100 million. Meanwhile, the reduced debt burden and partial PIK option on its first-lien term loan will significantly improve the company's cash flow generation moving forward. Still, Vialto has not yet developed a track record of stable operating performance, and challenges stemming from its restructuring could drive further business volatility. We view talent and client attrition as the most significant risks in the near term, which could result in a deviation of the company's performance relative to plan." CLASS 1 LOGISTICS: Unsecureds Will Get 39% of Claims in Plan ------------------------------------------------------------ Class 1 Logistics, LLC, submitted a Third Amended Disclosure Statement describing Third Amended Plan of Reorganization dated February 14, 2025. The Debtor continued to operate after the Petition date in the regular course of business, except that it was necessary to revert to leasing its equipment to other entities to generate revenue. There is one priority unsecured claims by the IRS, addressed in Class 4 under the plan. The amount to be given priority is $23,892.81, which will be paid in full in equal monthly installments over 5 years, fully amortized with interest at the rate of 8.5% per annum. The monthly payment will be $490.20. Payments that would otherwise go to Class 7 will serve as a prepayment of principal until this debt is paid in full. Class 7 consists of General unsecured claims. The general unsecured claims consist of: (a) undersecured creditors whose secured claims are addressed in Classes 4 and 5A – 5H; (b) the unsecured portion of Class 6 claims that are not also part of Class 5; (c) formerly secured creditors whose collateral has been surrendered; and (c) other unsecured creditors. Class 5 claims have not been diluted by the $30,000.00 that Debtor claims is the secured portion of Class 6. That dilution is only applied to Class 6 Claim number 23, reflecting the priority of RTS Finance Service, Inc.'s UCC-1 filing, and the subordination agreement between RTS Finance Service, Inc. and Commercial Credit Group with respect to accounts and accounts receivable. The allowed unsecured claims total $1,389,630.90. These creditors will be paid after payment of all claims in Classes 1 to 6, on a pro rata basis. Over the life of the Plan, Class 7 creditors will receive $546,789, which is 39% of total claims in the class. Payments will be variable, with a $500 minimum payment that begins in March of 2026 – after the Class 4 priority claim is projected to be paid in full. Payments in excess of $500 are calculated to leave the Debtor with a $30,000 monthly balance in its operating account, which will serve as an emergency fund. All accumulated funds in excess the $30,000.00 balance will be paid to Class 7. The Debtor's only equity holder is its managing member, Omar Navarro. He will transfer his equity to another business, in exchange for four power units that have a combined total value of $80,000. The Debtor will distribute all Plan payments from revenue received from F/X, pursuant to the lease agreement. A full-text copy of the Third Amended Disclosure Statement dated February 14, 2025 is available at https://urlcurt.com/u?l=MhoKbC from PacerMonitor.com at no charge. Counsel to the Debtor: James "Jim" K. Jopling, Esq. 521 Texas Ave Ste 102 El Paso, TX 79901 Tel: (915) 541-6099 Fax: (866) 864-6854 Email: jim@joplinglaw.com About Class 1 Logistics Class 1 Logistics, LLC in El Paso, TX, filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tex. Case No. 24-30275) on March 9, 2024, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Omar Navarro as managing member/president, signed the petition. Judge Christopher G Bradley oversees the case. JIM JOPLING, ATTORNEY AT LAW, serves as the Debtor's legal counsel. CLEMENTS ELECTRIC: To Sell Non-Cash Property to UTS for $250K ------------------------------------------------------------- Clements Electric Texas LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Assets, free and clear of liens, claims, and encumbrances. The Debtor seeks to sell all its non-cash personal property assets, which are primarily located at 4409 Chapparal Court, Alvarado, Texas 76009. The Debtor receives a purchase agreement of the Assets from UTS, LLC for the purchase price of $250,000. A description of the Property to be sold is as follows: (a) Tangible Assets: All machinery, equipment, furniture, fixtures, vehicles, tools, and inventory located at 4409 Chaparral Ct, Alvarado, Texas, and used in connection with the operation of the Debtor’s business; (b) Intellectual Property: All intellectual property owned by the Debtor, including trademarks, trade names, copyrights, logos, trade secrets, and the goodwill associated therewith; (c) Customer Contracts: All assignable contracts and agreements with customers, vendors, or suppliers, as further identified in Schedule A; (d) Records: All operational records, customer and vendor lists, marketing materials, and files related to the Purchased Assets; and (e) Other Assets: Any additional assets of the Debtor specifically identified in Schedule A of the Agreement. Excluded from the sale are all cash, cash equivalents, accounts receivable and bank accounts of the Debtor. The Debtor asserts that the sale of the Property to the Buyer will generate net sale proceeds sufficient to pay all allowed priority and secured claims herein. Remaining sale proceeds will be adequate to pay a portion of allowed unsecured claims in order of priority pursuant to the plan of reorganization. The Debtor will continue to market the Property for sale pending approval of the Agreement and will submit higher or better offers to the Court for consideration in the alternative to the Agreement, if any are received. The Debtor maintains that it has adequately marketed the Property and asserts the proposed purchase price is fair and reasonable, and delay may result in loss of the buyer, or further reduction in value received and the delay will also result in additional ongoing expenses to the Debtor and its estate. About Clements Electric Texas LLC Clements Electric Texas, LLC offers full-service electrical services for homes and businesses in the D/FW area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33418) on October 30, 2024, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Michelle V. Larson presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as bankruptcy counsel. CONTINENTAL ELECTRIC: Unsecureds Will Get 10.8% of Claims in Plan ----------------------------------------------------------------- Continental Electric Motors, Inc., submitted a Second Modified Small Business Plan of Reorganization dated February 13, 2025. Since the Petition Date, with the assistance of a retained accounting professional, the Debtor has formulated a cash flow budget and reorganized bookkeeping activities to address in real time, payroll and other tax obligations, maintain required, applicable insurances consistent with the requirements of a chapter 11 debtor and implemented reporting processes to comply with monthly obligations as a Chapter 11 debtor. Class Two consists of a Secured Claim held by State of New Jersey, Dept. of Labor, Div. Employer Accounts alleged in Claim Ns. 3-1. In accordance with the Debtor's Cash Flow Analysis, the Debtor shall pay the Allowed Secured Claim in full together with statutory interest at 15% on or before the first anniversary of the Effective Date. The amount of claim in this Class total $5,222.71. Class Three consists of a Secured Claim held by State of New Jersey, State of New Jersey Division of Taxation Bankruptcy Section alleged in Claim No. 19-2. The Debtor shall pay the Allowed Secured Claim in full together with statutory interest at 10.75%, on or before the first anniversary of the Effective Date. The amount of claim in this Class total $144,906.16. Class Four are holders of Allowed General Unsecured Claims, including allowed deficiency claims of creditors in prior classes and claims of creditors not otherwise classified under the Plan. The estimated amount of unsecured claims as scheduled or filed is approximately $1,499,078.82, subject to objection and reconciliation as provided under the Plan. This Class will receive a distribution of 10.8% of their allowed claims. In accordance with the Debtor's Cash Flow Analysis, following the satisfaction of higher priority Classes, the Debtor has a projected Disposable Income of approximately $559,000.00. Commencing on the fourth anniversary of the Effective Date of the Plan and following the satisfaction of higher priority classes, the Debtor shall make payments in an amount equal to $166,000.00, the projected disposable income of the Debtor. The Debtor shall distribute the funds to the holders of liquidated, non-contingent claims as scheduled or filed, subject to timely objection to the validity or extent of each claim (the “General Unsecured Claims”) on a pro-rata basis commencing on the fourth and fifth anniversary of the Effective Date. The Plan will be funded from a combination of (i) funds on hand in the estate at the time of Confirmation; and (ii) future income generated through sale of the Debtor's services and collection of amounts due under purchase orders. A full-text copy of the Second Modified Plan dated February 13, 2025 is available at https://urlcurt.com/u?l=URPmqZ from PacerMonitor.com at no charge. Counsel to the Debtor: Mark J. Politan, Esq. POLITAN LAW, LLC 88 East Main Street, #502 Mendham, NJ 07945 Tel: 973.768.6072 E-mail: mpolitan@politanlaw.com About Continental Electric Motors Continental Electric Motors, Inc., is a manufacturer of industrial electric motors in Red Bank, N.J. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-15083) on May 20, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Dave Merces, president, signed the petition. Judge Christine M. Gravelle oversees the case. Mark J. Politan, Esq., at Politan Law, LLC, is the Debtor's bankruptcy counsel. CORINTH AUTUMN: Court OKs Appointment of Stuart Walker as Trustee ----------------------------------------------------------------- Judge Edward Morris of the U.S. Bankruptcy Court for the Northern District of Texas approved the appointment of Stuart Walker as Chapter 11 trustee for Corinth Autumn Oaks, L.P. The appointment comes upon the application filed by the U.S. Trustee for Region 6 to appoint a bankruptcy trustee to take over Corinth Autumn Oaks' Chapter 11 case. Mr. Walker disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. A copy of the appointment order is available for free at https://urlcurt.com/u?l=CjjtXx from PacerMonitor.com. About Corinth Autumn Oaks L.P. Corinth Autumn Oaks L.P. is a senior care community and a member of the National Association of Activity Professionals. As trained and specialized caregivers, Corinth Autumn Oaks provides personalized assistance in activities of daily living, supportive services, and compassionate care to its assisted living residents. Creditor Corinth AO GP, LLC filed involuntary Chapter 11 petition against Corinth Autumn Oaks (Bankr. N.D. Texas Case No. 24-44464) on December 2, 2024. The creditor is represented by: Gregory W. Mitchell, Esq. Freeman Law, PLLC 7011 Main Street Frisco TX 75034 Tel: (214) 924-3124 Email: gmitchell@freemanlaw.com Judge Edward L. Morris oversees the case. CXOSYNC LLC: Court Extends Cash Collateral Access to March 21 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois extended CXOsync, LLC's authority to use cash collateral from Feb. 21 to March 21. The interim order authorized the company to use the cash collateral of the Internal Revenue Service and the U.S. Small Business Administration in accordance with its budget, which shows total operating costs of $136,513 for the interim period. As protection for the use of their cash collateral, both the IRS and the SBA will receive replacement liens on all of CXOsync's property. These replacement liens will hold the same priority and validity as the pre-bankruptcy liens. A status hearing is scheduled for March 19. About CXOsync LLC CXOsync, LLC is a corporate event planner which presents events and workshops geared toward CIOs, CISOs, CMOs, and CFOs of businesses. It hosts live and virtual events to gather CXOs from the world's largest corporations and brands. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-08351) on June 5, 2024, with $128,315 in assets and $6,030,532 in liabilities. Rupen Patel, managing member, signed the petition. Judge Janet S. Baer presides over the case. The Debtor is represented by: Ben L Schneider, Esq. Schneider & Stone Tel: 847-933-0300 Email: ben@windycitylawgroup.com DARK RHIINO: Unsecureds to Recover Between 9.4% & 12.7% in 3 Years ------------------------------------------------------------------ Dark Rhiino Security, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Ohio a Plan of Reorganization dated February 13, 2025. The Debtor is a managed security service provider ("MSSP") which provides managed cyber security services, technology and training to mid-size businesses such as law firms, energy providers and healthcare organizations. The Debtor also provides internet hosting services under the name Dark Rhino Hosting to approximately 130 customers with nearly 200,000 members (the "Hosted Accounts"). The Debtor is located in leased office space at 565 Metro Place South, Suite 300, Dublin, Ohio, 43017. The Debtor continues to operate its business successfully after the filing of this Case. No changes in management have occurred, and Mr. Smith and Mr. Tandon continue as the directors and officers of the Debtor. Mr. Smith and Mr. Tandon will continue in their roles as officers following the confirmation of a plan of reorganization. After filing, the Debtor has focused on stabilizing its operations and growing its business. In addition, in the last year, the Debtor has eliminated two employees, reduced monthly overhead by moving to a shared workspace, reduced monthly operating expenses, including license fees and subscriptions, increased retention of critical hosting clients, identified and corrected invoicing errors, and implemented a new invoicing plan to maximize monthly cash flow. This Plan of Reorganization under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from cash flow from future income. Non-priority unsecured creditors holding allowed claims will receive distributions which the Debtor estimates to be between 9.4 and 12.7 cents on the dollar. This Plan also provides for the payment in full of all administrative and priority claims. Class 3 consists of Non-Priority Unsecured Claims. Holders of all allowed claims not entitled to priority and not included in Classes 2 or 4 shall be deemed to have Allowed Unsecured Claims in this Class 3 and will be paid the projected disposable income of the Debtor, after the payment of Class 2 above, over three years in the total amount of $195,235.00, in semi-annual disbursements. Disbursements will be made in June and December each year; provided, however, that the first disbursement may be pro-rated to match the number of months between the Effective Date and the month in which the disbursement occurs. The Debtor estimates that these disbursements will total between approximately 9.4% and 12.7% of Allowed Unsecured Claims in this class, depending on the outcome of the Casey/Day Litigation, and excluding any proceeds from the Casey/Day Litigation. In addition, Class 3 claimants will be paid 75% of the net proceeds, if any, after deducting attorney fees and expenses, of the Casey/Day Litigation. The net proceeds will be paid to Class 3 claimants within sixty days after receipt by the Debtor. Class 4 consists of Subordinated Unsecured Claims. No later than 60 days after the Effective Date, the Debtor will file an adversary proceeding complaint against two shareholders and former employees of the Debtor, Kevin Casey and Anna Day (the "Casey/Day Litigation"). Through the Casey/Day Litigation, the Debtor (a) objects to the claims filed by Mr. Casey and Ms. Day (POC's 2, 3, 4 and 6); (b) seeks to subordinate the claims and interests of Mr. Casey and Ms. Day under principles of equitable subordination; and (c) seeks to recover on certain claims against Mr. Casey and Ms. Day, among other relief. Mr. Casey and Ms. Day shall receive no distribution under the Plan unless and until their claims are allowed in the Casey/Day Litigation. The Debtor shall reserve disbursements that would otherwise be paid on these claims such that, in the event the claims are allowed, there will be sufficient funds to pay the claims as part of Class 3. In the event the Casey/Day claims are disallowed in the Casey/Day Litigation, the reserved funds shall be disbursed to Class 3 allowed claims as part of the next semi-annual disbursement. Payments to be made under this Plan will be made from the funds of the Debtor existing on the Effective Date, as well as funds generated subsequent to the Effective Date from the Debtor's operations. Funds may also be available from the Debtor's pursuit of any avoidance actions available to it under Chapter 5 of the Bankruptcy Code, should the Debtor choose to pursue any such claims. A full-text copy of the Plan of Reorganization dated February 13, 2025 is available at https://urlcurt.com/u?l=bX4lwX from PacerMonitor.com at no charge. Counsel to the Debtor: Myron N. Terlecky, Esq. John W. Kennedy, Esq. Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA 575 South Third Street Columbus, Ohio 43215-5759 Tel: (614) 228-6345 Fax: (614) 228-6369 Email: mnt@columbuslawyer.net jwk@columbuslawyer.net About Dark Rhiino Security Dark Rhiino Security, Inc. is a managed security service provider ("MSSP") which provides managed cyber security services, technology and training to mid-size businesses. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D. Ohio Case No. 24-54658) on Nov. 15, 2024, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Robert T. Smith, Dark Rhiino's chief technology officer, signed the petition. Judge John E. Hoffman, Jr. oversees the case. John W. Kennedy, Esq., at Strip Hoppers Leithart McGrath & Terlecky Co., LPA, is the Debtor's legal counsel. DEALER SALES: Court Extends Cash Collateral Access to March 11 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division extended Dealer Sales Solutions LLC's authority to use cash collateral from Feb. 11 to March 11. The interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, which shows total operating expenses of $72,150 for the interim period. The U.S. Small Business Administration, a senior creditor, and SellersFunding Corp will have a post-petition lien on the cash collateral with the same validity, priority, extent, and value as their respective pre-bankruptcy liens. As additional protection, SellersFunding will continue to receive monthly payments of $3,113.75 until the loan is paid in full or until confirmation of a Chapter 11 plan. The next hearing is scheduled for March 11. About Dealer Sales Solutions Dealer Sales Solutions LLC is primarily engaged in the sale of motor vehicle supplies, accessories, tools, equipment, and new motor vehicle parts. Dealer Sales Solutions sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06734) on December 11, 2024, with total assets of $457,160 and total liabilities of $2,890,604. Daniel A. Rowland, chief executive officer, signed the petition. Judge Grace E. Robson oversees the case. The Debtor is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com DRIP MORE: Gets Interim OK to Use Cash Collateral Until April 30 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division approved a stipulation between Drip More, LLC's Chapter 11 trustee and Harper Advance, LLC. The stipulation authorizes Drip More to use Harper's cash collateral until April 30 under the terms outlined in the stipulation. As protection, Harper will receive a monthly payment of $15,000. A continued hearing is set for April 23, with any renewed stipulation due by April 9. Harper asserts a claim of $9.432 million against Drip More under 10 separate merchant cash advance agreements with the company. About Drip More Drip More, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11703) on July 5, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. Brian Bereber, managing member of Drip More, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor represented by: Roksana D. Moradi-Brovia, Esq. Rhm Law, LLP Tel: 818-933-2843 Email: roksana@rhmfirm.com DYNAMIC AEROSTRUCTURES: Case Summary & 30 Top Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: Dynamic Aerostructures LLC 27756 Avenue Mentry Valencia, CA 91355 Business Description: The Debtors are a manufacturer and supplier of critical structural components and assemblies for the aerospace and defense industry. The Debtors specialize in complex, large-format structural airframe and wing components, large aluminum structures, and complex assemblies for key aerospace and defense customers such as Lockheed Martin, Northrop Grumman, and Boeing, among others. The Debtors have one of the largest independent aerospace and defense manufacturing sites in North America, operating out of 226,000 square feet across two facilities in Southern California. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court District of Delaware Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Dynamic Aerostructures LLC (Lead Case) 25-10292 Dynamic Aerostructures Intermediate LLC 25-10293 Forrest Machining LLC 25-10294 Judge: Hon. Laurie Selber Silverstein Debtors' Bankruptcy Counsel: Mark L. Desgrosseilliers, Esq. Robert A. Weber, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, Delaware 19801 Tel: (302) 295-0191 Email: desgross@chipmanbrown.com weber@chipmanbrown.com - and - Daniel G. Egan, Esq. CHIPMAN BROWN CICERO & COLE, LLP 501 5th Ave. 15th Floor New York, New York 10017 Tel: (646) 741-5529 Email: egan@chipmanbrown.com - and - Gregg M. Galardi, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, New York 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 Email: gregg.galardi@ropesgray.com Debtors' Financial Advisor: BERKELEY RESEARCH, LLC Debtors' Investment Banker: CONFIGURE PARTNERS, LLC Debtors' Notice, Claims, Balloting & Solicitation Agent: KURTZMAN CARSON CONSULTANTS, LLC D/B/A VERITA GLOBAL Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petitions were signed by Eric N. Ellis as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZQNPLVI/ Dynamic_Aerostructures_LLC__debke-25-10292__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ami Metals Inc Trade Vendor $953,559 Diane Rackliffe P.O. Box 952474 St. Louis, MO 63195-2474 Tel: 800-727-1903 Fax: 615-377-0103 Email: DRACKLIFFE@AMIMETALS.COM 2. Fives Machining Systems Inc. Trade Vendor $336,525 Mick Davis 2200 Litton Lane Hebron, KY 41048-8436 Tel: 800-934-0735 Fax: 859-534-4995 Email: FMS.GSPARTS@FIVESGROUP.COM 3. Rexford Industrial- Landlord $299,431 27712 Avenue Mentry LLC Giovanna Gabrielli P.O. Box 740028 Los Angeles, CA 90074-0028 Tel: 424-440-2592 Email: GGABRIELLI@REXFORDINDUSTRIAL.COM 4. Rexford Industrial- Landlord $254,839 27756 Avenue Mentry LLC Sheila Navi P.O. Box 740028 Los Angeles, CA 90074-0028 Tel: 310-966-1680 Email: SNAVI@REXFORDINDUSTRIAL.COM 5. Ernst & Young US LLP Trade Vendor $228,760 Johannes Witt 725 S Figueroa St Los Angeles, CA 90017 Phone: 312-505-0597 Email: JOHANNES.WITT@PARTHENON.EY.COM 6. Barnes Aerospace Inc. Trade Vendor $117,605 Jordan Cole 1025 Depot Drive Ogden, UT 84404 Phone: 801-917-2088 Email: JCOLE@BARNESAERO.COM 7. Metal Improvement Company Trade Vendor $116,200 Richard Aleman 7655 Longard Road Livermore, CA 94551 Tel: 925-960-1090 Fax: 925-960-1093 Email: RICHARD.ALEMAN@CWST.COM 8. G Target Manufacturing Group Inc Trade Vendor $110,797 37925 N 6th St Unit 107 Palmdale, CA 93550 Tel: 661-733-9680 9. Morrells Electro Plating Inc. Trade Vendor $110,182 Bob Sazgari 432 E. Euclid Ave. Compton, CA 90222 Tel: 310-639-1024 Fax: 310-639-1025 Email: BOB@MORRELLSPLATING.COM 10. PT Solutions Trade Vendor $108,932 21306 Superior St. Chatsworth, CA 91311 Tel: 818-717-1965 Email: SALES@PTS-TOOLS.COM 11. Amtek LLC Trade Vendor $92,630 John Ren 12028 Ricasoli Way Northridge, CA 91326 John Ren Tel: 818-322-6335 Email: JOHNREN2000@GMAIL.COM 12. Walker Brothers Trade Vendor $64,397 Dave Sanchez 3839 E. Colorado St Anaheim, CA 92807 Dave Sanchez Tel: 888-500-8700 Fax: 714-630-6063 Email: DSANCHEZ@WALKERBRO.COM 13. Astro Aluminum Treating Inc. Trade Vendor $58,242 Alfred Castillo 11040 Palmer Ave. South Gate, CA 90280 Tel: 562-923-4344 Fax: 562-923-9536; 562-923-7914 Email: ACASTILLO@ASTROALUMINUM.CO 14. Valence Lynwood Trade Vendor $46,415 Marina Rodriguez 2605 Industry Way Lynwood, CA 90262 Tel: 323-563-1338 Email: MARINA.RODRIGUEZ@VALENCEST.COM 15. Unified Manufacturing, Inc Trade Vendor $46,067 28130 Ave Crocker Unit 312 Valencia, CA 91355 Tel: 661-547-8547 Email: INFO@UNIFIEDMFG.COM 16. Lean Manufacturing Group LLC Trade Vendor $39,870 Walter Prezioso 29170 Avenue Penn Valencia, CA 9135 Tel: 661-702-9400 Email: WPREZIOSO@LEANMANUFACTURINGGROUP.COM 17. Nobletek LLC Trade Vendor $39,108 Erica Neyhart 1909 Old Mansfield Rd Ste B Wooster, OH 44691 Tel: 330-287-1500 Email: ERICA.NEYHART@NOBLETEK.COM 18. Arlington Int'l Aviation Trade Vendor $33,717 Accounting Dept 7321 Commercial Blvd East Arlington, TX 76001 Tel: 817-465-9880 Fax: 817-465-9993 Email: AR@AIAPINC.COM 19. Lockheed Martin Aeronautics Trade Vendor $26,764 Kenya Holmes 1 Lockheed Blvd Ft. Worth, TX 76108 Tel: 770-494-3391 20. Bowman Plating Company Inc Trade Vendor $26,095 Bryan Mendoza 2631 E. 126th Street Compton, CA 90223-3105 Tel: 310-639-4343 Fax: 310-639-3577 Email: BRYAN@BOWMANPLATING.COM 21. Adept Fasteners Trade Vendor $25,653 Alton Herrera 27949 Hancock Parkway Valencia, CA 91355 Tel: 661-294-4834 Fax: 661-257-6625 Email: AHERRERA@ADEPTFASTENERS.COM 22. Aircraft Crating Trade Vendor $24,245 Roy 12355 Gladstone Ave Sylmar, CA 91345 Tel: 312-978-2568 Fax: 818-361-0079 Email: AIRCRAFTCRATINGINC@GMAIL.COM 23. Carr Lane Manufacturing Company Trade Vendor $22,980 P.O. Box 191970 St Louis, MO 63119 Tel: 314-647-6200 Fax: 314-647-5736 Email: INFO@CARRLANE.COM 24. RMI Titanium Company Trade Vendor $21,251 Gary Hinks P.O. Box 640765 500 First Avenue Pittsburgh, PA 15219 Tel: 330-652-9951 25. California Cooling & Trade Vendor $20,547 Consulting LLC Jason Clark 19614 Sunrise Summit Dr Santa Clarita, CA 91351 Tel: 661-417-4756 Email: JCLARK@CALKOOL.COM 26. Cygnus Inc Trade Vendor $18,839 Jim Bucholtz P.O. Box 466 Ponderay, ID 83852 Tel: 208-263-4761 Fax: 208-263-9217 27. American Fidelity Trade Vendor $18,294 Patricia Salce 9000 Cameron Parkway Oklahoma City, OK 73114 Tel: 800-654-8489 Email: PATTY.SALCE@AMERICANFIDELITY.COM 28. Hackler Flynn & Associates Trade Vendor $18,013 479 S Marengo Ave Pasadena, CA 91101 Tel: 323-247-7030 Fax: 323-319-9242 29. A & A Aerospace Inc Trade Vendor $17,340 Chilo Torres 13649 Pumice Street Santa Fe Springs, CA 90670 Tel: 562-901-6803 Fax: 562-901-6804 Email: APUENTES@AAAEROSPACE.NET; CCORRALES@AAAEROSPACE.NET 30. Ingersoll Cutting Tool Co Trade Vendor $16,857 Dave Silves 885 S. Lyford Road Rockford, IL 61108-2748 Tel: 815-387-6600 Email: INFO@INGERSOLL-IMC.COM DYNAMIC AEROSTRUCTURES: Seeks Ch. 11 Bankruptcy, To Sell Assets --------------------------------------------------------------- Steven Church of Bloomberg News reports that Dynamic Aerostructures, which produces specialized components for US fighter jets and spacecraft from SpaceX and Blue Origin, has filed for bankruptcy and plans to sell its assets through a court-supervised auction. Backed by private equity firm Endeavour Capital, the company's operating unit, Forrest Machining LLC (FMI Aerostructures), was acquired by Endeavour in 2021, the report states. In court filings, FMI CEO Eric Ellis cited quality-control issues discovered post-acquisition, increased inventory costs from inflation, and unprofitable customer contracts as reasons for the Chapter 11 filing. About Dynamic Aerostructures Dynamic Aerostructures, doing business as FMI Aerostructures, is a manufacturer of specialized components for US fighter jets and spacecraft from SpaceX and Blue Origin. Dynamic Aerostructures and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10292) on February 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by: Mark L. Desgrosseilliers, Esq. Chipman Brown Cicero & Cole, LLP Hercules Plaza 1313 North Market Street Wilmington, DE 19801 Phone: 302-295-0191 Fax: 302-295-0199 Email: desgross@chipmanbrown.com EAGLE HIGHLAND: Gets OK to Use Cash Collateral Until March 5 ------------------------------------------------------------ Eagle Highland Pharmacy Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use cash collateral until March 5. The Debtor needs to use cash collateral for its general ongoing business operations. As protection for the use of their cash collateral, the lenders, including Fifth Third Bank, National Association, were granted replacement liens on the Debtor's post-petition assets. In addition, Fifth Third Bank will receive a monthly payment of $3,000 starting March. A final hearing is scheduled for March 5. The Debtor has operated successfully during the course of its existence but has incurred significant debt over the past three years due to the gambling addiction of the Debtor's sole shareholder. The Debtor anticipates that there will be sufficient revenue to pay its debts as they come due and propose a successful plan of reorganization that resolves these significant debts. The Debtor has an estimated $147,900 in secured and $870,199 in unsecured debt obligations. McKesson Corporation, Financial Agent Services, as agent for ODK Capital, LLC, and Fifth Third Bank assert an interest in the Debtor's cash collateral. Creditors have filed UCC financing statements in relation to the property that constitutes cash collateral in the case, and some or all of them may be properly perfected. It is also possible that the Debtor has a basis to challenge the interests asserted by Creditors. As such, until such time as the parties agree or the Court determines the relative rights of Creditors, if any, in the cash collateral, the Debtor will grant Creditors post-petition replacement liens in the cash of the Debtor in the total aggregate amount of the value of the cash collateral that existed as of the Petition Date to the same extent and priority as their properly perfected prepetition security interests. Fifth Third Bank is represented by: Jeffrey M. Hendricks, Esq. Bricker Graydon LLP 312 Walnut Street, Suite 1800 Cincinnati, OH 45202 Phone: (513) 621-6464 Fax: (513) 651-3836 Email: jhendricks@brickergraydon.com About Eagle Highland Pharmacy Inc. Eagle Highland Pharmacy Inc. located in Indianapolis, provides a wide range of pharmacy services, including prescription medications, compounded prescriptions, medical equipment, and wellness products like vitamins and CBD items. The pharmacy also offers specialized products such as compression stockings, ostomy care supplies, and mobility aids to support patient health and well-being. Eagle Highland Pharmacy Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-00691) on February 17, 2025. In its petition, the Debtor reports total assets of $147,900 and total liabilities of $1,037,805. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Harley K. Means, Esq. at ROGER, GARDIS & REGAS, LLP. EAGLE HIGHLAND: Judy Wolf Weiker Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of Manewitz Weiker Associates, LLC as Subchapter V trustee for Eagle Highland Pharmacy, Inc. Ms. Weiker will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Weiker declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Judy Wolf Weiker Manewitz Weiker Associates, LLC P.O. Box 40185 Indianapolis, IN 46240 Phone: 973-768-2735 Email: JWWtrustee@manewitzweiker.com About Eagle Highland Pharmacy Inc. Eagle Highland Pharmacy Inc., an Indianapolis-based company, provides a wide range of pharmacy services, including prescription medications, compounded prescriptions, medical equipment, and wellness products like vitamins and CBD items. The pharmacy also offers specialized products such as compression stockings, ostomy care supplies, and mobility aids to support patient health and well-being. Eagle Highland Pharmacy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-00691) on February 17, 2025, listing total assets of $147,900 and total liabilities of $1,037,805. Judge James M. Carr handles the case. The Debtor is represented by: Harley K. Means, Esq. Kroger, Gardis & Regas, LLP 111 Monument Circle, Suite 900 Indianapolis, IN 46204 Tel: 317-692-9000 / 317-777-7439 Fax: 317-264-6832 hmeans@kgrlaw.com EASTERN COLORADO: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Eastern Colorado Seeds, LLC received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The final order authorized the company to use cash collateral for operational expenses in accordance with its budget. The budget provides for the use of cash collateral through April 30. It shows total projected operating cash disbursements of $1,487,533 for the period from Jan. 17 to April 30. As protection, American AgCredit, FLCA and American AgCredit, PCA were granted replacement liens on the company's assets, including cash collateral, to the same extent and priority as their pre-bankruptcy liens. American AgCredit, FLCA and American AgCredit, PCA will be granted a claim under Section 507(b) of the Bankruptcy Code to the extent the replacement liens are insufficient to provide protection. About Eastern Colorado Seeds Eastern Colorado Seeds, LLC is a full-service seed company, with locations in Burlington, Colo., Dumas, Texas, and Clovis, N.M. The team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-10244) on January 15, 2025, with $10 million to $50 million in both assets and liabilities. Judge Joseph G. Rosania, Jr. handles the case. The Debtor is represented by Andrew W. Johnson, Esq., at Onsager Fletcher Johnson LLC. American AgCredit, as lender, is represented by: Lucas L. Schneider, Esq. Stinson, LLP 1144 15th Street Suite 2400 Denver, CO 80202 Telephone: (303) 376-8414 lucas.schneider@stinson.com EGV HOLDINGS: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: EGV Holdings, LLC d/b/a EG Vodka 1560 Gulf Blvd., #803 Clearwater Beach, FL 33767 Business Description: EGV Holdings, LLC, doing business as EG Vodka, focuses on the production and distribution of premium, award-winning vodkas, including unique flavors such as Organic American Vodka and Rosemary & Lavender Vodka. The Company is known for its quality, artisanal spirits, which are available through various retailers and online platforms. Chapter 11 Petition Date: February 26, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-01168 Judge: Hon. Roberta A Colton Debtor's Counsel: Amy Denton Mayer, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: 813-229-0144 E-mail: amayer@srbp.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert N. Doolan, as Manager of RND60, LLC, and Member of the Board of Managers of the Debtor. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UDN5GLY/EGV_Holdings_LLC__flmbke-25-01168__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UGVZ34Y/EGV_Holdings_LLC__flmbke-25-01168__0001.0.pdf?mcid=tGE4TAMA ELEMENTS UES: Court Extends Cash Collateral Access to March 4 ------------------------------------------------------------- Elements UES, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral until March 4, marking the second extension since the company's Chapter 11 filing. The second interim order authorized the company to use cash collateral for the period from Feb. 20 to March 4 to pay the expenses set forth in its budget. Fund-Ex Solutions Group and the U.S. Small Business Administration were granted replacement liens on the company's assets, including cash collateral, to the same extent, validity, priority, and nature as their pre-bankruptcy liens. As additional protection, Fund-Ex and the SBA will receive monthly payments of $6,500 and $455.25, respectively, beginning in March. The order provides for a carve-out from the replacement liens for certain fees and expenses, including fees required to be paid to the Clerk of the Bankruptcy Court and to the Office of the United States Trustee. A final hearing is scheduled for March 4. 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. ELITE SCHOOL BUS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Elite School Bus Company L.L.C. 2399 Joseph Biggs Highway North East, MD 21901 Business Description: The Company specializes in providing school bus services for local educational institutions. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-11526 Judge: Hon. David E Rice Debtor's Counsel: Mary Fran Ebersole, Esq. TYDINGS & ROSENBERG LLP One East Pratt Street Suite 901 Baltimore, MD 21202 Tel: (410) 752-9750 E-mail: mebersole@tydings.com Total Assets: $162,513 Total Liabilities: $2,590,042 The petition was signed by Rebecca Minks 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/3AVUTLA/Elite_School_Bus_Company_LLC__mdbke-25-11526__0001.0.pdf?mcid=tGE4TAMA ENGINEERING RECRUITING: Amends Plan to Include IRS Secured Claim ---------------------------------------------------------------- Engineering Recruiting Experts, LLC submitted an Amended Subchapter V Plan of Reorganization dated February 13, 2025. 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. This Plan provides for 5 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 2 consists of the Secured Claim of the U.S. Small Business Administration. The amount of claim in this Class total $135,000.00. Claim paid in full during months 1 to 120 at $1,498.78 per month. Class 3 consists of the Secured Claim of the Internal Revenue Service. The amount of claim in this Class total $315,603.90. Payments of $2,000.00 during months 1 to 60 of the plan and $5,007.72 during months 61 to 120. Like in the prior iteration of the Plan, the Debtor will pay Class 7 General Unsecured Claims the amount of $500.00 per month for months 1 to 60 of the plan in complete satisfaction of the unsecured claims in this case, including any unsecured deficiency claims as a result of valuations. A full-text copy of the Amended Plan dated February 13, 2025 is available at https://urlcurt.com/u?l=AggXWr 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, is the Debtor's counsel. FINGER LAKE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Finger Lake, LLC. About Finger Lake Finger Lake LLC is an accommodation and food services business operating in Horseheads, N.Y. Finger Lake filed Chapter 11 petition (Bankr. W.D.N.Y. Case No. 25-20007) on January 4, 2025, listing between $50,000 and $100,000 in both assets and liabilities. Kevin Tung, Esq., at Kevin Kerveng Tung, P.C. represents the Debtor as legal counsel. FIRST COAST: Updates Malagisi Enterprises Claim Pay; Amends Plan ---------------------------------------------------------------- First Coast Roll Offs, LLC submitted a Second Amended Subchapter V Plan of Reorganization dated February 14, 2025. This Plan of Reorganization proposes to pay unsecured creditors of the Debtor all disposable income during months 1-60 from future income of the Debtor derived from income generated from the business that the Debtor owns. This Plan provides for 10 class(es) of secured claims, 1 Classes 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 10 cents 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 the claim of Malagisi Enterprises, Inc. The Debtor shall allow the use of the property pursuant to Section 363(b) of the Bankruptcy Code to First Coast Wood Recycling which will make payments of $5026.53 per month until the original promissory note to the creditor will be paid in full. Any pre or post petition arrears to this creditor in the approximate amount of $61,000.00 at the rate of $5,000.00 per month until cured in full after confirmation of the Chapter 11 Plan. Class 8 consists of the claim of Flagler County Tax Collector. Claim to be paid in full with payments of $585.36 in months 1-24 of the plan. Like in the prior iteration of the Plan, the Debtor shall pay the total amount of unsecured claims any remaining proceeds from the sale of the business assets to a third party after repayment of the USA/SBA, IRS and all wage claims. The Debtor estimates a 10% repayment of all unsecured claims. A full-text copy of the Second Amended Plan dated February 14, 2025 is available at https://urlcurt.com/u?l=z6V6GY from PacerMonitor.com at no charge. Counsel to the Debtor: Bryan K. Mickler Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 About First Coast Roll Offs First Coast Roll Offs, LLC is a waste management company based in St. Augustine, Fla., specializing in providing roll-off dumpster rental services. First Coast Roll Offs filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02476) on August 19, 2024, with total assets of $1,717,750 and total liabilities of $2,613,527. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP is the Debtor's bankruptcy counsel. FIRST HEALTH: Court Extends Cash Collateral Access to March 27 -------------------------------------------------------------- First Health Winter Springs, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral until March 27, marking the fourth extension since the company's Chapter 11 filing. The fourth preliminary order authorized the company to use cash collateral to pay the expenses set forth in its projected budget, which shows total operating expenses of $20,999 for March. Citizens Bank and other secured creditors will be granted a replacement lien on the company's post-petition property to the same extent and with the same validity and priority as their pre-bankruptcy lien. As additional protection, Citizens Bank will continue to receive a monthly payment of $1,500. First Health Winter Springs was ordered to keep the secured creditors' collateral insured. The next hearing is set for March 27. About First Health Winter Springs First Health Winter Springs, LLC is a healthcare provider in Winter Springs, Fla. First Health filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla., Case No. 24-03708) on July 19, 2024, listing up to $50,000 in assets and up to $1 million in liabilities. Jerrett McConnell, Esq., at McConnell Law Group, P.A. serves as Subchapter V trustee. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at BransonLaw, PLLC represents the Debtor as bankruptcy counsel. Citizens Bank, as secured creditor, is represented by: Dora F. Kaufman, Esq. Liebler, Gonzalez & Portuondo 44 West Flagler Street-25th Floor Miami, FL 33130 Telephone: (305) 379-0400 Facsimile: (305) 379-9626 Email: dfk@lgplaw.com FIRST HEALTH: Unsecured Creditors to Split $8K over 3 Years ----------------------------------------------------------- First Health Winter Springs, LLC, submitted a First Amended Plan of Reorganization dated February 14, 2025. This Plan provides for: 1 class of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. The Debtor's projected Disposable Income over the life of the Plan is $7,968.00. Class 1 consists of the Secured Claim of Citizens. This Claim is secured by a lien on the Citizens Collateral. The amount of the Class 1 Secured Claim is approximately $31,774.47, less payments made pre-confirmation. This Class is Impaired. To the extent that this Claim is allowed as a secured claim, then the holder will: (i) retain the liens securing the Claim to the extent of the allowed amount of the secured claim; and (ii) receive on account of such Claim deferred cash payments totaling at least the allowed amount of the Claim, of a value, as of the Effective Date of the claimant's interest in the estate's interest in the property securing the claim. Accordingly, the Reorganized Debtor shall make sixty equal monthly payments of principal and interest in the amount of $644.27, which payment amount is calculated based upon amortizing the amount of the Allowed Secured Claim over a five-year period with interest at the Secured Rate. This claim shall be paid directly by the Debtor. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $8,100.00. Payments will be made in equal quarterly payments of $675.00. Payments shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $7,968.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the fifteenth day of the month, on the first month that is one year after the Effective Date and shall continue quarterly for eleven additional quarters. The initial quarterly payment shall be $664.00. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the First Amended Plan dated February 14, 2025 is available at https://urlcurt.com/u?l=yGYVT0 from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq. BransonLaw, PLLC 1501 E Concord St. Orlando, FL 32803 Telephone: (407) 476-9855 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com E-mail: cole@bransonlaw.com About First Health Winter Springs First Health Winter Springs, LLC, is a healthcare provider in Winter Springs, Fla., dedicated to delivering high-quality medical services, including primary care and wellness programs. With a mission to prioritize patient health and well-being, the organization focuses on accessibility and compassionate care. First Health filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03708) on July 19, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at BransonLaw, PLLC, is the Debtor's bankruptcy counsel. FIT FOR THE RED: Gets OK to Use Cash Collateral Until April 16 -------------------------------------------------------------- Fit for the Red Carpet LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, to use cash collateral for the period from Feb. 18 to April 16. The Debtor needs to use cash collateral to operating expenses, including accrued payroll and benefits and certain prepetition tax obligations, as set forth in the budget. U.S. Small Business Administration and OCG Heritage Center, LLC assert an interest in the Debtor's cash collateral. Prior to the Petition Date, Debtor, Red Carpet obtained an Economic Injury Disaster Loan in May, 2020 in the amount of $496,500, which loan is secured by substantially all of this Debtor's assets, as reflected in the UCC Financing Statement filed with the Ohio Secretary of State on May 5, 2020. The amount due and owing the SBA under this obligation, as of the Petition Date, is approximately $416,500. Red Carpet obtained a second Economic Injury Disaster Loan in November, 2021 in the amount of $1.152 million, which loan is secured by substantially all of this Debtor’s assets, as reflected in the UCC Financing Statement filed with the Ohio Secretary of State on December 13, 2021. The amount due and owing the SBA under this obligation as of the Petition Date is approximately $1.152 million. Runway obtained an Economic Injury Disaster Loan in June, 2020 in the amount of $349,400, which loan is secured by substantially all of the Debtor's assets, as reflected in the UCC Financing Statement filed with the Ohio Secretary of State on July 2, 2020. This EIDL has been amended and modified since June, 2020, and as modified, the amount due and owing the SBA as of the Petition Date is approximately $1.397 million. The Debtor also believes that OCG asserts an interest in cash collateral, but the UCC was filed on November 21, 2024, during the 90 days prior to the Petition Date, there is no underlying obligation owed from the Debtor to OCG, and the value of the Debtor's assets do not exceed the amount due SBA. As adequate protection for the use of cash collateral, OCG Heritage Center and the SBA were granted post-petition liens to the same extent, amount, and priority as their pre-bankruptcy security interests. About Fit for the Red Carpet LLC Fit for the Red Carpet LLC is a company that offers personal services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-50238) on February 18, 2025. In the petition signed by Rhonda Stark, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Alan M. Koschik oversees the case. Marc B. Merklin, Esq., at ROETZEL & ANDRESS, LPA, represents the Debtor as legal counsel. FREE SPEECH: WOW.AI Pushes Infowars Bankruptcy Sale --------------------------------------------------- James Nani of Bloomberg Law reports that WOW.AI LLC, an artificial intelligence entertainment company, has requested that a Texas bankruptcy court reopen the sales process for Infowars, the media platform owned by right-wing conspiracy theorist Alex Jones. The filing was made in the US Bankruptcy Court for the Southern District of Texas, following a judge's prior rejection of a bid from satirical news site The Onion. Jones has been in bankruptcy proceedings for over two years after being ordered to pay more than $1.3 billion in damages to families of the Sandy Hook Elementary School shooting victims due to his false claims that the 2012 incident was a hoax. WOW.AI recently placed a bid for the assets of Free Speech Systems LLC, Infowars' parent company, and is supporting a motion by First United American Cos., the operator of ShopAlexJones.com, to restart the sale process. First United is also pursuing the assets. WOW.AI's bid includes $3.5 million in cash and 51% of the $WARS meme coin, which was launched this month. The tokens would be placed in a wallet managed by Jones' bankruptcy trustee and would vest over five years. WOW.AI CEO Rick Latona expressed interest in acquiring equity in Infowars and highlighted the potential value of the company's assets. Previously, Global Tetrahedron LLC, the parent company of The Onion, partnered with the Sandy Hook families in a bid exceeding $7 million. However, the auction process was criticized for its lack of transparency. Bankruptcy trustee Christopher Murray is currently overseeing the liquidation of Jones' estate to fulfill the $1.3 billion owed to the Sandy Hook families. WOW.AI supports a transparent sales process to allow competitive bidding. WOW.AI is represented by McKool Smith PC and Porzio Bromberg & Newman PC. The case is Alexander E. Jones and Official Committee Of Unsecured Creditors, Bankr. S.D. Tex., No. 22-33553, joinder 2/26/25. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FTX TRADING: $950MM Bankruptcy Fees Rank Among Highest Since Lehman ------------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that the cost of FTX's bankruptcy is nearing $1 billion, making Sam Bankman-Fried's crypto empire collapse one of the most expensive Chapter 11 cases in US history. By January 2, 2025, nearly $948 million had been paid to over a dozen firms working on the bankruptcy, with court-approved fees exceeding $952 million, records show. Despite the substantial expenses, the payouts appear to be benefiting the crypto platform's creditors. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. G7 VENICE: Gets Interim OK to Use Cash Collateral ------------------------------------------------- G7 Venice, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California to use cash collateral pending a final hearing. The interim order authorized G7 Venice to use cash collateral, solely in the ordinary course of business, for the line items identified in the budget. Secured creditors will receive replacement liens on the company's post-petition assets to compensate for any diminution in the value of their pre-bankruptcy collateral. A final hearing is set for March 11, with objections due by March 4. About G7 Venice LLC G7 Venice, LLC, a company in Venice, Calif., filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-11189) on February 18, 2025, listing between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Vincent P. Zurzolo handles the case. The Debtor is represented by: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: dbg@lnbyg.com GEOSTELLAR INC: Ex-CEO's Consent Required to Settle Fraud Lawsuit ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that the Fourth Circuit ruled that trustees of a bankrupt online solar energy company cannot settle an insurance dispute without the consent of its former CEO. David Levine, the former CEO of Geostellar Inc., is insured under a directors and officers policy from Philadelphia Indemnity Insurance Co., a subsidiary of Tokio Marine Holdings Inc. The court's opinion on Wednesday, February 26, 2025, upheld a lower court's ruling that the policy requires Levine's consent -- not the trustees' -- to finalize any settlement. About Geostellar Inc. Geostellar, Inc., provides big-data geomatics solutions to make solar energy accessible. The company was founded in 2010 and is headquartered in Martinsburg, West Virginia. Geostellar sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. W.Va. Case No. 18-00045) on Jan. 29, 2018. In the petition signed by Howard Teich, president, the Debtor estimated assets of less than $500,000 and liabilities of $1 million to $10 million. Bernstein-Burkley, P.C., is the Debtor's legal counsel. GREENLEAF 2 CPE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Greenleaf 2 CPE, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California to use cash collateral pending a final hearing. The interim order authorized Greenleaf to use cash collateral, solely in the ordinary course of business, for the line items identified in the budget. Secured creditors will receive replacement liens on the company's post-petition assets to compensate for any diminution in value of their pre-bankruptcy collateral. A final hearing is set for March 11, with objections due by March 4. About Greenleaf 2 CPE Greenleaf 2 CPE, LLC filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-11187) on February 18, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Jonathan Rollo, chief executive officer, signed the petition. The Debtor is represented by: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: 310-229-1234 Email: dbg@lnbyg.com GREENLEAF 4 SOCO: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Greenleaf 4 SOCO, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California to use cash collateral pending a final hearing. The interim order authorized Greenleaf 4 SOCO to use cash collateral, solely in the ordinary course of business, for the line items identified in the budget. Secured creditors will receive replacement liens on the company's post-petition assets to compensate for any diminution in value of their pre-bankruptcy collateral. A final hearing is set for March 11, with objections due by March 4. About Greenleaf 4 SOCO Greenleaf 4 SOCO, LLC filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-11206) on February 18, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. The petition was signed by Jonathan Rollo as chief executive officer. Judge Deborah J Saltzman oversees the case. The Debtor is represented by: David B. Golubchik, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: 310-229-1234 Email: dbg@lnbyg.com HANDS ON PREMIUM: Douglas Adelsperger Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq., as Subchapter V trustee for Hands On Premium Car Wash, LLC. Mr. Adelsperger will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Adelsperger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas R. Adelsperger, Trustee 1251 N. Eddy St., Suite 200 South Bend, IN 46617 Tel: (260) 407-0909 Email: trustee@adelspergerlawoffices.com About Hands On Premium Car Wash Established in 2008, Hands On Premium Car Wash, LLC is a family-owned business in Saint John, Indiana, offering hand car washing, waxing, and detailing services. Hands On Premium Car Wash filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-20255) on February 18, 2025, listing between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Douglas Miller, president of Hands On Premium Car Wash, signed the petition. Daniel L. Freeland, Esq., at Daniel L. Freeland & Associates, P.C. represents the Debtor as legal counsel. HANSEN KIDS: Seeks to Hire Jeffrey C. Alandt as Legal Counsel ------------------------------------------------------------- Hansen Kids, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to employ Jeffrey C. Alandt, Esq. to handle its Chapter 11 case. Mr. Alandt will be paid at $240 per hour and his legal assistant at $125 per hour. The Debtor paid Mr. Alandt a retainer of $10,000, plus filing fee of $1,738. 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 at: Jeffrey C. Alandt, Esq. 121 E. Front Street, Ste. 302 Traverse City, MI 49684 Tel: (231) 941-7766 Email: jalandt@sbcglobal.net About Hansen Kids, LLC Hansen Kids LLC based in Charlevoix, Michigan, specializes in eco-friendly baby products. Their flagship product is the Andy Pandy Premium Bamboo Disposable Diaper, which is marketed as a biodegradable and chemical-free alternative to traditional diapers. In addition to diapers, Hansen Kids offers other baby care items, including: training pants, bath & baby products, and toys. Hansen Kids has also expanded its product line to include the Andy Pandy Baltic Amber Teething Necklace, which is handcrafted in Lithuania and marketed as a natural remedy for teething discomfort. Hansen Kids LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-00345) on February 11, 2025. In its petition, the Debtor reports total assets of $302,191 and total liabilities of $1,149,510 Honorable Bankruptcy Judge James W. Boyd handles the case. The Debtor is represented by Jeffrey C. Alandt, Esq., at LAW OFFICE OF JEFFREY C ALANDT. HANSEN KIDS: Steven Rayman Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Steven Rayman, Esq., as Subchapter V trustee for Hansen Kids, LLC. Mr. Rayman 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. Rayman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven L. Rayman, Esq. 141 E. Michigan Ave., Suite 301 Kalamazoo, MI 49007 Tel: (269) 345-5156 Email: slr@cbhattorneys.com About Hansen Kids LLC based in Charlevoix, Mich., Hansen Kids, LLC specializes in eco-friendly baby products. Its flagship product is the Andy Pandy Premium Bamboo Disposable Diaper, which is marketed as a biodegradable and chemical-free alternative to traditional diapers. In addition to diapers, Hansen Kids offers other baby care items, including training pants, bath and baby products, and toys. Hansen Kids has also expanded its product line to include the Andy Pandy Baltic Amber Teething Necklace, which is handcrafted in Lithuania and marketed as a natural remedy for teething discomfort. Hansen Kids filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-00345) on February 11, 2025, listing total assets of $302,191 and total liabilities of $1,149,510. Judge James W. Boyd handles the case. The Debtor is represented by: Jeffrey C. Alandt, Esq. Law Office of Jeffrey C. Alandt 121 E Front Street Ste 302 Traverse City, MI 49684 Tel: (231) 941-7766 Email: jalandt@sbcglobal.net HULL ORGANIZATION: Louisville Property Sale to Senior Helpers OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, has permitted Hull Properties, LLC to sell its Property located at 1902 Campus Place, Suites 9 and 10, Louisville, Jefferson County, Kentucky via private sale to Senior Helpers of Kentucky, LLC and/or its assigns, free and clear of all liens, claims, and encumbrances. The Debtor is a limited liability company organized under the laws of the Commonwealth of Kentucky. The Debtor owns the Property, which is comprised of two combined Class B office condominium units within the Crossings Business Center in southeast Jefferson County. The Court ruled that the relief requested is in the best interests of the Debtor and its bankruptcy estate. The Court also found that the Debtor has demonstrated an adequate business justification supporting the sale transaction. The Court held that upon closing the sale the Purchaser will be vested with all right, title, and interest of Debtor and its bankruptcy estate in the Property free and clear of all liens, claims, and encumbrances of any kind, with all such liens attaching to the sale proceeds of the Property in the same priority and to the same extent as existed at closing. The Debtor is also ordered to make the following distributions or reserve the following amounts from the proceeds of the sale: A. Any applicable conveyance fee and/or transfer tax to the City of Jeffersontown and/or Louisville/Jefferson County Metro Government; B. Any applicable fee to record a certified copy of this Order with the Jefferson County Clerk; C. Any applicable fee to record a copy of the deed with the Jefferson County Clerk; D. Any real estate taxes owed to the City of Jeffersontown and/or Louisville/Jefferson County Metro Government; E. Any credit to Purchaser for any applicable real estate tax proration in accordance with the terms of the Sale Contract; F. The sum of $32,700.00, equal to 6% of the purchase price under the Sale Contract, shall be delivered to PRG Commercial Property Advisors, subject to any adjustment or split of commission as required in the Sale Contract; G. The sum of $2,180.00 shall be delivered to the Office of the United States Trustee to be applied against the quarterly fees accruing as a result of the sale transaction; H. To the extent possible, and in accordance with priority of each interest under applicable non-bankruptcy law, the full amount due and owing to each lienholder asserting an interest in the Property pursuant to a lien for delinquent taxes assessed against the Property; I. To the extent possible, the full amount due and owing to the Crossings Business Center Council of Co-Owners, Inc. for delinquent or outstanding assessments against the Property; J. To the extent possible, the full amount due and owing to creditor and mortgage holder First Financial Bank Inc. under the promissory note executed by Debtor and delivered to First Financial Bank Inc.’s predecessor in interest, as secured by the mortgage and assignment of rents against the Property and recorded in the office of the Jefferson County Clerk; and K. After paying and/or reserving sale proceeds for the expenses in paragraphs A through J above, any and all remaining proceeds from the sale shall be transferred to Kaplan Johnson Abate & Bird LLP, counsel for Debtor, to be held in escrow pending further order of this Court. About Hull Properties LLC Hull Properties LL is a limited liability company organized under the laws of the Commonwealth of Kentucky. It owns two combined Class B office condominium units within the Crossings Business Center in southeast Jefferson County. Hull Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 23-32985) on December 13, 2023. Judge Alan C. Stout presides over the case. Tyler R. Yeager, Esq., at KAPLAN JOHNSON ABATE & BIRD LLP, represents the Debtor as legal counsel. I&I DIAMONDS: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On February 26, 2025, I&I Diamonds 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 $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About I&I Diamonds LLC I&I Diamonds LLC is a jewelry retailer, doing business from 6564 North State Road 7 Coconut Creek, Florida. I&I Diamonds LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12017) on February 26, 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 Scott M. Grossman handles the case. The Debtor is represented by: Joe M. Grant, Esq. LORIUM LAW 197 South Federal Highway, Suite 200 Boca Raton, FL 33432 Tel: (561) 361-1000 E-mail: jgrant@marshallgrant.com IMAGE DIRECT: Lender Seeks to Prohibit Cash Collateral Access ------------------------------------------------------------- United Bank asked the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to prohibit Image Direct Group, LLC from using cash collateral. United Bank, as lender, holds a perfected, first-priority security interest in all of the company's assets and personal property, including its accounts receivable. Image Direct Group owes over $1.3 million to United Bank and is in default. Despite attempts to negotiate an agreement, the company has continued using the cash collateral without permission from the bank or the court. United Bank claimed this usage is unlawful and risks devaluing its collateral. The bank requested the court to prohibit further use of the cash collateral until an agreement or court approval is in place, and to require Image Direct Group to segregate and account for the collateral. About Image Direct Group LLC Image Direct Group LLC is a manufacturing company based in Frederick, Md. Image Direct Group filed Chapter 11 petition (Bankr. D. Md. Case No. 25-10353) on January 15, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Lori S. Simpson handles the case. The Debtor is represented by Lawrence Heffner, Esq., at Russell & Heffner, LLC. INCORA: Davis Polk Advised Noteholders in Chapter 11 Restructuring ------------------------------------------------------------------ Davis Polk advised an ad hoc group of first-lien noteholders in connection with the chapter 11 restructuring of Incora. On December 27, 2024, the Bankruptcy Court confirmed Incora's consensual plan of reorganization, approving the comprehensive restructuring supported by the ad hoc group, as well as all other major case constituents. The confirmed plan of reorganization provides for, among other things, (i) the issuance and distribution of approximately 98.4% of the new common equity and $420 million in new convertible takeback notes on account of Incora's first-lien secured notes, (ii) the exchange of $300 million superpriority debtor-in-possession financing claims into new secured exit notes, (iv) a $100 million new investment funded by members of the ad hoc group and other creditors to provide fund distributions and provide working capital for reorganized Incora in the form of new secured exit notes and (v) the distribution of approximately 1.6% of the new common equity and $7.5 million on account of unsecured claims. Incora emerged from chapter 11 on January 31, 2025. Incora is a leading provider of comprehensive supply chain management services to the global aerospace industry and other industries, including industrial manufacturing, marine, pharmaceutical and beyond. Incora incorporates itself into customers' businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. Incora is headquartered in Fort Worth, Texas, with a global footprint that includes 68 locations in 17 countries and more than 3,800 employees. The Davis Polk restructuring team included partners Damian S. Schaible and Angela M. Libby, counsel Stephanie Massman and associates Katharine Somers, Jonathan (Zhenyang) He and Trevor D. Jones. Partner Elliot Moskowitz and counsel Matthew Cormack provided litigation advice. Partner Paul S. Scrivano and counsel Jacob S. Kleinman provided corporate advice. The finance team included partners David J. Kennedy and Kenneth J. Steinberg and associates Chinelo Krystal Okonkwo and Elizabeth N. Hadley. Counsel Brian Hecht provided capital markets advice. Partner Lucy W. Farr and associates Bradford Sherman and Caleb E. Smith provided tax advice. The financial institutions team included partner Paul D. Marquardt and associate Kendall Howell. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Incora Incora -- http://www.incora.com/-- is the trade name for the group of companies formed by Wesco Aircraft and Pattonair, a provider of comprehensive supply chain management services to the global aerospace and other industries. Beginning with a strong foundation in aerospace and defense, Incora also utilizes its supply chain expertise to serve industrial manufacturing, marine, pharmaceutical and beyond. Incora incorporates itself into customers' businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. The company is headquartered in Fort Worth, Texas, with a global footprint that includes 68 locations in 17 countries and more than 3,800 employees. Wesco Aircraft Holdings, Inc., doing business as Incora, and 43 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 23-90611) on June 1, 2023. Wesco Aircraft estimated assets and debt of $1 billion to $10 billion as of the bankruptcy filing. The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as bankruptcy counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and conflicts counsel. Kurtzman Carson Consultants, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Morrison Foerster, LLP as its counsel; Piper Sandler & Co. as investment banker; and Province, LLC as financial advisor. INNOVATIVE ELEVATOR: N. Wasserstein Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nathaniel Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for Innovative Elevator, Inc. 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 Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About Innovative Elevator Innovative Elevator Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40736) on February 14, 2025. Judge Nancy Hershey Lord presides over the case. Ru Hochen, Esq., at Romano Law, PLLC represents the Debtor as bankruptcy counsel. INVATECH PHARMA: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- InvaTech Pharma Solutions, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The Debtor needs to use cash collateral to cover operating expenses, including maintaining and preserving assets, liquidating assets, and collecting receivables. The Debtor's financial projections show an anticipated increase in operating income from $216,039 in January 2025 to $409,260 by June 2025. The Debtor has a history of loans, including one with Citibank in 2014 for $350,000 and two loans with Provident Bank—Provident Loan 1 (2016) for $2.5 million and Provident Loan 2 (2017) for $1.1 million. These loans are secured by various assets, including real property and inventory. The current balances owed are approximately $240,000 for Citibank and $1.350 million for Provident Loan 1, and $620,000 for Provident Loan 2. To ensure adequate protection for Provident and Citibank, the Debtor will grant them replacement liens on post-petition assets, including receivables, up to the amount of the indebtedness. A carve-out lien will also be set aside for statutory fees and Debtor's professional fees, not exceeding $100,000. In addition, Provident will receive payment of $13,500 per month. The Debtor intends to secure new funding during the bankruptcy to support growth and capacity improvements while continuing to meet its obligations to existing creditors. Discussions are underway with Elysium Pharmaceuticals LTD for potential new investments. A second interim hearing is scheduled for March 4. About InvaTech Pharma Solutions LLC InvaTech Pharma Solutions LLC, doing business as Inva Tech Pharma Solutions LLC and Inva-Tech Pharma Solutions LLC, is a specialty pharmaceutical company that develops, manufactures, and markets generic prescription products. The Company's cGMP-compliant facility supports ANDA scale manufacturing and packaging of tablets, capsules, and liquid in bottles. With a dedicated team, InvaTech is committed to meeting industry regulations, exceeding deadlines, and delivering exceptional service to its partners. InvaTech Pharma Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-11482) on February 13, 2025. In its petition, the Debtor reports estimated assets between $1 billion and $10 billion and estimated liabilities between $10 million and $50 million. The Debtor is represented by Daniel M. Stolz, Esq. at GENOVA BURNS LLC. IRECERTIFY LLC: Court OKs Prior Unauthorized Use of Cash Collateral ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah granted IRecertify, LLC's request to approve its prior unauthorized use of cash collateral. The order authorized the company's use of cash collateral during the period from Oct. 7 to Nov. 18, 2024, that was in violation of Section 363(c)(2) of the Bankruptcy Code because the company did not have the prior consent of creditors that have an interest in its cash collateral or authorization from the court. Such creditors will have a replacement lien on cash collateral from Oct. 7, 2024 through July 31, 2025. IRecertify was ordered to file a supplemental status report providing a detailed accounting of all disbursements made from Oct. 7 to Nov. 18, 2024. If the total disbursements do not equal $332,869.65, the company must provide a sworn statement explaining the discrepancy. About IRecertify LLC IRecertify, LLC, doing business as Warehouse B, is a merchant wholesaler of professional and commercial equipment and supplies. IRecertify filed Chapter 11 petition (Bankr. D. Utah Case No. 24-25156) on Oct. 7, 2024, with assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Brett Kitson, managing member of IRecertify, signed the petition. Judge Peggy Hunt oversees the case. The Debtor is represented by: Russell S. Walker, Esq. Pearson Butler, PLLC 1802 West South Jordan Parkway Suite 200 South Jordan, UT 84095 Tel: 801-495-4104 Email: russellw@pearsonbutler.com JM GROVE: Gets Interim OK to Use Cash Collateral Until March 13 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas granted JM Grove, LLC interim authorization to use cash collateral until March 13. The interim order signed by Judge Dale Somers authorized the company to use the cash collateral of the U.S. Small Business Administration and Kansas Department of Revenue to pay the expenses set forth in its budget, including insurance and taxes. As protection for the use of their cash collateral, both creditors were granted replacement security interests in, and liens on, all property acquired by JM Grove after its Chapter 11 filing, to the same extent and with the same validity and priority of their pre-bankruptcy interests. As additional protection, the Kansas Department of Revenue will receive a monthly payment of $1,000, starting on March 30. JM Grove was ordered to keep the creditors' collateral insured. A final hearing is scheduled for March 13. About JM Grove LLC JM Grove, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20111) on February 4, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Jordan Grove, a member of JM Grove, signed the petition. Judge Dale L. Somers oversees the case. The Debtor is represented by: Colin N. Gotham, Esq. Evans & Mullinix, P.A. Tel: 913-962-8700 Email: cgotham@emlawkc.com JMMJ DEVELOPMENT: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: JMMJ Development LLC Pulcher Avenue Hudson NY 12534 Business Description: The Debtor is a single-asset real estate company. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-10191 Debtor's Counsel: Peter A. Pastore, Esq. O'CONNELL & ARONOWITZ, P.C. 54 State Street Albany NY 12207 Tel: 518-462-5601 Email: papastore@oalaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Joseph Melino as managing member. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y2R74GQ/JMMJ_Development_LLC__nynbke-25-10191__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YR3HXPI/JMMJ_Development_LLC__nynbke-25-10191__0001.0.pdf?mcid=tGE4TAMA JMMJ DEVELOPMENT: Sec. 341(a) Meeting of Creditors on March 27 -------------------------------------------------------------- On February 25, 2025, JMMJ Development LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of New York. 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 March 27, 2025 at 02:00 PM at First Meeting Albany. About JMMJ Development LLC JMMJ Development LLC a single asset real estate company operating in Hudson, New York. JMMJ Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-10191) on February 25, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by: Peter A. Pastore, Esq. O'Connell & Aronowitz P.C. 54 State Street, 9th FL Albany NY 12207 Tel: 518-462-5601 Email: Papastore@oalaw.com JOANN INC: Gets Court Okay for Sale to Lenders, GA Group -------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that a bankruptcy judge has approved the sale of Joann Inc., a bankrupt fabric and crafts retailer, to GA Group -- a liquidation firm backed by Oaktree -- and a group of term loan lenders. Judge Craig T. Goldblatt said, "After reviewing the auction process, I am satisfied that every effort was made to maximize the value of the assets." He noted, "Although preserving the business, jobs, and its community role is ideal, it is not always feasible." 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 Jan. 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: Ragini Bhalla at Creditsafe Explains What Went Wrong --------------------------------------------------------------- Contributed by Ragini Bhalla, Head of Brand and Spokesperson for Creditsafe Joann's poor creditworthiness has likely influenced its decision to shut down all stores. In the last week, Joann announced it was going to shut down all its physical stores. Now, we know they filed for bankruptcy in March 2024 (and emerged a month later). And then in January 2025, they were back in the same position, filing for bankruptcy a second time. As Creditsafe data reveals, there were some clear signs that the craft retailer was having cash flow issues. In June 2024, for example, its Days Beyond Terms (DBT -- how many days late it pays bills) was 7 -- which is relatively normal for a company. But we noticed that its DBT more than doubled to 15 in the following month (July) and then jumped to 26 in August -- that means it was now paying its suppliers close to a month late (whereas it was only paying 7 days late two months prior). And although its DBT then dropped significantly in the next three to four months, it once again spiked from 9 in December 2024 to 19 in January 2025 (the month it filed for bankruptcy the second time). Mounting debt and overdue supplier payments created a liquidity crisis for Joann. It's reported that at the time of filing for bankruptcy a second time in January 2025, Joann had $615.7 million in total debt and over $133 million owed to suppliers. To put this into context, Creditsafe data shows that the number of outstanding bills that had fallen into the past due category increased significantly in 2024. In March 2024, for example, 33.39% of its outstanding bills were past due by 1-30 days. This increased 40.22% in the following month (April 2024). Meanwhile, 9.83% of its outstanding bills in April 2024 were 31-60 days past due. But this figure jumped drastically to 35.14% in the next month (May 2024). Later in the year, we could see another instance where the total number of outstanding bills that were past due by 61-90 days increased significantly – jumping from 0.04% in September 2024 to 36.36% in October 2024. These trends show a company in financial distress, struggling to manage its obligations while simultaneously attempting to maintain operations. When payment behavior deteriorates to this level, suppliers lose confidence, creating a ripple effect that leads to inventory shortages and ultimately impacts revenue. What went wrong and is there a path to survival? Joann's second bankruptcy is the result of multiple compounding financial and operational challenges. According to court documents, the company cited supply chain disruptions and inconsistent inventory deliveries as primary contributors to its collapse. The likelihood of Joann surviving this bankruptcy appears slim. Reports from Axios, USA Today and Fox Business confirm that Joann is set to close all U.S. stores just one month after filing for bankruptcy in January 2025, indicating that liquidation is the most probable outcome. While some retailers have successfully emerged from bankruptcy through restructuring, Joann's prolonged history of cash flow mismanagement and supplier payment issues makes a turnaround unlikely. This case serves as a critical reminder of how payment behavior can be an early sign of financial distress -- and why monitoring trade credit data is essential for assessing a company's financial health before it reaches a point of no return. More Information The above commentary reflects the current opinion of Creditsafe and may differ from or be contrary to those expressed by other entities or individuals. Creditsafe's opinion is based upon data derived from selected public and licensed sources, which Creditsafe believes to be reliable. Creditsafe cannot guarantee the accuracy or completeness of the information. The above commentary does not constitute and should not be construed as investment advice or recommendations by Creditsafe. About the Data Shared in Press Commentary Trade Payment data is collected through our global network of partners and trade payment contributors. We then match this data to our universe to provide a deeper level of insights into a particular company's payment behaviors and to assess their credit risk. It's important to note that received Trade Payment data does not represent a company's total trading profile. So, while trade payment data is a critical component used within our credit risk algorithm to assess and define a company's financial health, we consider many other factors. For example, we also look at information related to legal filings, compliance and sanctions violations and financial earnings reports (i.e. revenue, sales, total debt, assets and liabilities, etc.). Even though Trade Payment data doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness. Because there is no centralized system for reporting trade payment data, different trade payment data is often reported to different credit bureaus. This means that each credit bureau is likely to assess the risk and creditworthiness of a business differently. That is why credit bureaus will have different credit scores and information on the same business (or person in the case of consumer credit reporting). JOHAL BROTHERS: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------- Johal Brothers Inc. filed with the U.S. Bankruptcy Court for the Southern District of Indiana an Amended Small Business Plan of Reorganization under Subchapter V dated February 13, 2025. In February 2019, Debtor began operating a regional over the road trucking company. Since that time, Debtor has hauled freight utilizing multiple trucks and trailers financed by Lake City Bank. Between 2019 and the Summer of 2023, Debtor successfully operated the company earning revenue to pay its debts when due. In October 2023, Lake City initiated litigation against the Debtor based upon a payment default under various loan documents. In January 2024, faced with rising insurance costs, Debtor began a restructuring of its affairs by leasing trucks to Empire Logistix, Inc., a company originally formed in September 2020 and owned by the wife of Debtor's principal since its inception. Empire maintained a better insurance rating and therefore was able to utilize and insure trucks and trailers for a lower premium. All Claims arising from the past or present debt of the Debtor shall be bound by the provisions of this Plan. This Plan combines the classification, allowance, and treatment of Claims. Class 7 consists of Unsecured Claims. The Claimants holding Unsecured Claims shall receive a pro-rata share from the Debtor's Disposable Income over the five-year term of this Plan, an annual payment of beginning on the first day of the twelfth month following the Effective Date and annually thereafter, at which time the remaining amount of their Claim shall be discharged. The allowed unsecured claims total $798,256.12. Class 7 Claims are impaired. The source of funds used in this Plan for payments to Creditors shall be the net monthly income of Debtor for five years resulting from continued, normal business operations of Debtor. Additionally, Empire shall also commit to supporting the Plan. Debtor shall contribute all net Disposable Income toward Plan payments; however, Debtor shall reserve a portion of the net Disposable Income to fund a reserve. Empire guarantees the payments to creditors for the term as proposed in the Plan. In addition to all other provisions and payments under the Plan, Empire shall contribute 5% of the net monthly profits of Empire to the Debtor, payable every 6 months beginning January 15, 2026, based upon the prior 6 months profit and loss of Empire, for payment to Class 7 creditors. Beginning January 2025 and, during all periods of the plan that Debtor is required to file monthly operating reports, Empire will prepare and file monthly operating reports with the Court. A full-text copy of the Amended Plan dated February 13, 2025 is available at https://urlcurt.com/u?l=zh5iz3 from PacerMonitor.com at no charge. Attorneys for the Debtor: Harley K. Means, Esq. Kroger Gardis & Regas, LLP 111 Monument Circle, Suite 900 Indianapolis, IN 46204 Tel: (317) 777-7434 Email: hmeans@kgrlaw.com About Johal Brothers Johal Brothers Inc. is an Indianapolis-based company operating in the general freight trucking industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-04679) on August 28, 2024, with $581,500 in assets and $1,437,032 in liabilities. Amritpaul S. Johal, president and chief executive officer, signed the petition. Judge James M. Carr presides over the case. The Debtor tapped Harley K. Means, Esq., at Kroger, Gardis & Regas, LLP as counsel and RBSK Partners, PC as accountant. KAL FREIGHT: Lenders Criticize Liquidation Plan as Impractical -------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Mitsubishi HC Capital Canada Inc., Truist Equipment Finance Corp., and Fifth Third Bank are contesting the liquidation plan of bankrupt truck company Kal Freight Inc., citing concerns about its feasibility amid allegations of creditor fraud. In an objection filed in the US Bankruptcy Court for the Southern District of Texas, the lenders argued that Kal Freight's proposed disclosure statement and bankruptcy plan lack sufficient details on the two proposed options: selling the business or liquidating its assets through a trust. About Kal Freight Established in 2014, Kal Freight Inc. is a trucking company that offers a complete range of transportation and logistics services to diverse industries across the United States. It has strategic locations across the United States with extended distribution warehouses and terminals in Fontana, Calif., Texas, New Jersey, Indiana, Tennessee, Georgia, Arizona and Arkansas. Kal Freight and its affiliates filed Chapter 11 petitions (Bankr. S.D. Tex. Case No. 24-90614) on Dec. 5, 2024, with $100 million to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel; Development Specialists, Inc. as interim management services provider; and Benesch, Friedlander, Coplan & Aronoff LLP as special transportation counsel. Stretto, Inc. is the Debtors' claims and noticing agent. KALALOU RESTAURANT: Unsecureds to Get 99 Cents on Dollar in Plan ---------------------------------------------------------------- Kalalou Restaurant Management LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization under Subchapter V dated February 13, 2025. The Debtor, founded in 2020, owns and operates a popular Caribbean style restaurant called Kalalou Signature (the "Restaurant"), which is located at 4904 South Kirkman Road, Orlando, Florida 32811 (the "Premises"). The Financial Projections show that, as of the Effective Date, all of the Projected Disposable Income ("PDI") for the Relevant Income Period will be applied to make payments under this Plan. During the Relevant Income Period, this Plan proposes to pay creditors of the Debtor from the Debtor's revenue to promote the continuation, preservation, or operation of the business of the Debtor. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 99 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 4 consists of General Unsecured Claims. Beginning on the first day of the first calendar month after the Effective Date, and continuing every month thereafter, the Class shall receive a pro rata monthly distribution collectively totaling the Debtor's PDI for the month immediately preceding such payment, but only after payment of all administrative expense claims (which is anticipated to occur within 14 days of the Effective Date. This Class shall be paid every month until the expiration of the Relevant Income Period. The Debtor anticipates a 99% distribution to Class 4 creditors, but will not include interest on such claims. This Class is impaired by this Plan, and is entitled to vote on this Plan. Class 5 consists of Equity Security Holders in the Debtor. As disclosed in the Debtor's Amended List of Equity Security Holders, the owners of the Debtor's equity are Mr. Verty (71.27%), Rebecca Lucas (16.95%), Luc Verty (7.86%), and Miche Clement (3.92%). Equity Security Holders shall retain their interest in the Debtor. Other than the ordinary course wages paid to Mr. Verty, no distributions or dividends shall be made by the Debtor to the Equity Security Holder until the earlier of: (i) the end of the life of this Plan; or (ii) such time as all allowed Class 4 claims are paid in full. This Class is impaired by this Plan, and is entitled to vote on this Plan. Payments required under this Plan will be funded from revenues generated by the Debtor's continued operations. A full-text copy of the Plan of Reorganization dated February 13, 2025 is available at https://urlcurt.com/u?l=GmRM3Y from PacerMonitor.com at no charge. Counsel to the Debtor: Michael R. Dal Lago, Esq. Dal Lago Law 999 Vanderbilt Beach Road, Suite 200 Naples, FL 34108 Telephone: (201) 417-8229 Email: mike@dallagolaw.com About Kalalou Restaurant Management Kalalou Restaurant Management LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06227) on Nov. 15, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Tiffany P. Geyer presides over the case. Michael R. Dal Lago, Esq., is the Debtor's legal counsel. KATIE KAHANOVITZ: Case Summary & 16 Unsecured Creditors ------------------------------------------------------- Debtor: Katie Kahanovitz, LLC 12773 Forest Hill Blvd, Suite 215 Wellington, FL 33414 Business Description: Katie Kahanovitz, LLC is a real estate firm specializing in property sales, rentals, and management services. Chapter 11 Petition Date: February 26, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-11992 Judge: Hon. Erik P Kimball Debtor's Counsel: Craig I. Kelley, Esq. KELLEY KAPLAN & ELLER, PLLC 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: 561-491-1200 E-mail: craig@kelleylawoffice.com Total Assets: $228,270 Total Liabilities: $2,090,833 The petition was signed by Katie Kahanovitz as manager. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LMZOHBI/Katie_Kahanovitz_LLC__flsbke-25-11992__0001.0.pdf?mcid=tGE4TAMA KENDON INDUSTRIES: Unsecureds Will Get 6% of Claims over 60 Months ------------------------------------------------------------------ Kendon Industries, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement describing Plan of Reorganization dated February 14, 2025. The Debtor is a provider of a full line of stand-up motorcycle trailers, utility trailers and motorcycle lifts. Due to the COVID 19 pandemic, the Debtor's business was devastated by the general downturn in the market as well as global supply chain issues. This was compounded by a Chinese competitor began knockoff products that not only bit into the Debtor's sales, but also led to litigation that put a toll on the Debtor's operations and finances. Prior to the spread of the novel coronavirus, the Debtor had a strong long-term outlook when taking into account pre-COVID historical operating performance. Since the Petition Date, the Debtor has successfully traveled through the three slowest seasonal months of the year yet it has remained cash-flow-positive, and has made all post-petition payroll, rent, insurance and other essential vendor payments. Under the Plan, the Debtor will devote a significant amount of its future earnings toward the payment of Creditors. The Plan will be funded with the funds that are not for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor. The Plan provides for payment of Administrative Expenses and Priority Tax Claims in accordance with the Bankruptcy Code, and projects payment to Allowed General Unsecured Claims. Furthermore, Holders of Equity Interests will retain their Equity Interests as they existed on the Commencement Date. Class 2 consists of General Unsecured Claims. The Debtor estimates that General Unsecured Claims total approximately $2,986,725.20. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a different treatment, the Debtor proposes to pay $120,000.00 to the holders of Allowed General Unsecured Claims, or approximately 6% of the total unsecured claim pool, by distributing payments of $2,000.00 made on the first day of each month on a pro rata basis monthly for a period of sixty months, commencing on the first month immediately following the month in which the Effective Date falls. The treatment and consideration to be received by holders of Class 2 Allowed Claims shall be in full settlement, satisfaction, release and discharge of their respective Claims and Liens. Class 2 is impaired and entitled to vote. Class 3 consists of Holders of Equity Interests. Equity Interest Holders are parties who hold an ownership interest (i.e., equity interest) in the Debtor. In a corporation, entities holding preferred or common stock are Equity Interest Holders. Equity Interest Holders shall maintain their existing Equity Interests. Class 3 is unimpaired and not entitled to vote. Unless otherwise set forth in the Plan, pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good-faith compromise and settlement of all Claims and Interests and controversies resolved pursuant to the Plan. The entry of the Confirmation Order shall constitute the Bankruptcy Court's approval of the compromise or settlement of all such Claims, Interests, and controversies, as well as a finding by the Bankruptcy Court that such compromise or settlement is in the best interests of the Debtor, its Estate, and Holders of Claims and Interests and is fair, equitable, and is within the range of reasonableness. All distributions made to Holders of Allowed Claims and Allowed Interests in any Class are intended to be and shall be final. A full-text copy of the Disclosure Statement dated February 14, 2025 is available at https://urlcurt.com/u?l=nhQ1fJ from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin S. Mann, Esq. Cross & Simon, LLC 1105 North Market Street, Suite 901 Wilmington, DE 19801 Tel: (302) 777-4200 Fax: (302) 777-4224 About Kendon Industries Established in 1991, Kendon Industries, LLC is the originator of a full line of stand-up motorcycle trailers, utility trailers and motorcycle lifts. Since that first motorcycle trailer, Kendon has expanded its product line to include a full range of trailers and lifts for the powersports market. Kendon motorcycle trailers and lifts are stocked nationwide in multiple Powersports dealerships as well as distributed internationally in Canada, Mexico, Europe, China and Australia. Kendon is based in Anaheim, Calif. Kendon Industries filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Case No. 24-11923) on September 4,2024, listing $3,100,789 in assets and $3,817,530 in liabilities. Randy Cecola, director, signed the petition. Judge Laurie Selber Silverstein oversees the case. Cross & Simon, LLC serves as the Debtor's legal counsel. LINK UP: Seeks Subchapter V Bankruptcy in Tennessee --------------------------------------------------- On February 25, 2025, Link Up LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Tennessee. 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 The Link UP LLC The Link UP LLC is a limited liability company. The Link UP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-20934) on February 25, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by: Curtis D. Johnson, Jr., Esq. Law Office of Johnson and Brown, P.C. Suite 1002 1407 Union Avenue Memphis, TN 38104 Phone: 901-725-7520 Fax: 901-725-7570 LOTUS OASIS: Gets Interim OK to Use Cash Collateral Until April 15 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia granted Lotus Oasis Homewood, LLC interim approval to use cash collateral until April 15. The interim order, signed by Judge Barbara Ellis-Monro, authorized the company to use the cash collateral of its lender, which consists of income collected from the operation of its apartment complex located at 825 Oak Leaf Circle, Birmingham, Ala. CAFL 2022-RTL1 Issuer, LLC, the lender, was granted replacement liens on the company's assets, including cash collateral, to the same extent, validity, priority, and nature as its pre-bankruptcy liens. Lotus' authority to use cash collateral terminates on the earliest to occur of (i) the date of the hearing unless extended in writing by consent of the parties, or (ii) the company's failure to comply with the interim order. A final hearing is scheduled for April 15. About Lotus Oasis Homewood LLC Lotus Oasis Homewood LLC operates in the real estate sector. Lotus Oasis Homewood sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50962) on January 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by John A. Christy, Esq., at Schreeder, Wheeler & Flint, LLP. CAFL 2022-RTL1 Issuer, LLC, as lender, is represented by: Anjali Khosla, Esq. Rubin Lublin, LLC 3145 Avalon Ridge Place Suite 100 Peachtree Corners, GA 30071 (877) 813-0992 akhosla@rlselaw.com M DESIGN: Unsecureds Will Get 10% of Claims over 5 Years -------------------------------------------------------- M Design Village, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing First Amended Plan of Reorganization dated February 14, 2025. On January 16, 2015, the Debtor was formed as a New Jersey limited liability company, specializing in nursery and children's furniture. The members of the Debtor are the 2015 Munir Family Trust ("Trust"), with a ninety-eight percent ownership in the Debtor, and Ms. Dsouza, with a two percent ownership interest in the Debtor (collectively, the "Members"). Ms. Dsouza is the trustee of the Trust, and the Trust's sole asset is its ownership interest in the Debtor and the beneficiaries of the Trust are Mr. Hussain's two daughters. The Debtor operates out of 701 Cottontail Lane, Franklin Township, New Jersey ("Leased Premises") pursuant to a written Lease with 701 Cottontail Lane Associates, LLC, which currently expires on December 31, 2029. The Debtor also leases a warehouse in Vietnam where it stores finished goods ("Asia Lease") (where appropriate, the "Leased Premises" and the "Asia Lease" will be collectively referred to as the "Leases"). The Debtor owes approximately $183,000 in pre-petition rent for the Leased Premises. The Debtor intends to assume these Leases. The factors that undermined the Debtor's profitability, sales volume and financial health were completely outside of the Debtor's control and left the Debtor with no choice but to file this Chapter 11 proceeding on November 18, 2024 ("Petition Date"). To remedy the problems that led to the bankruptcy filing, the Debtor has diversified its customer base and was able to stop the weekly bank account sweeps by the MCA lenders. The MCA debts, if allowed, are being reclassified as general unsecured debt. This is a reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan by satisfying Administrative Expense Claims, with the exception of Administrative Tax Claims, in full on the Effective Date. Allowed Secured Claims will be satisfied in accordance with their respective pre-petition agreements with the Debtor. Allowed Unsecured Claims shall receive a ten percent distribution by receiving quarterly payments over five years. The Debtor will assume its New Jersey lease by satisfying the pre petition debt owed to the landlord by making eight equal payment to cure any arrears starting in May 2025. The members of the Debtor shall retain their equity and nothing in the Plan shall impair, alter or affect such equity and/or security interests in such equity interest. The Effective Date of the proposed Plan is thirty days after the date on which the Confirmation Order becomes final. Class 4 consists of General Unsecured Claims. Including the bifurcated unsecured portion of Versant's claim, total amount of claims is estimated to be between $13,000,000 (including unsecured portion of the claim of Versant, but not including disputed claims; amount is approximately $17,400,000 if including disputed claims of various MCAs and BBB). Allowed Class 4 Claims shall be paid 10% of the allowed claim via quarterly payment five years from the Effective Date. There shall be no prepayment penalty. This Class is impaired. The Members of the Debtor shall retain their equity and nothing in the Plan shall impair, alter or affect such equity and/or security interests in such equity interest. As a condition for retaining their equity, the Members will waive any Insider Priority Claims, 401(k) Loans (as to Ms. Dsouza) and unsecured claims against the Estate, and continue their employment with the Debtor at a minimum, the date which all payments under the Plan are required to be made, which provides significant value to the Debtor. Distributions under the Plan will be funded by the continued operations of the Debtor. As an additional source of funding, Mr. Hussain will satisfy the Shareholder Loan in the manner originally contemplated, through the application of awarded bonuses and salary. He also agrees to waive any Insider Priority Claim, 401(k) Loan, and unsecured claim for the balance of past due salary. Mr. Hussain's employment with the Debtor is his sole source of income and it is his vision and designs that provide the Debtor with value. A full-text copy of the Disclosure Statement dated February 14, 2025 is available at https://urlcurt.com/u?l=b4cNCf from PacerMonitor.com at no charge. About M Design Village M Design Village, LLC, was formed as a New Jersey limited liability company, specializing in nursery and children's furniture. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-21406) on Nov. 18, 2024, listing between $10 million and $50 million in both assets and liabilities. Judge Mark Edward Hall handles the case. The Debtor is represented by: Anthony Sodono, III, Esq. Mcmanimon, Scotland & Baumann, LLC 75 Livingston Avenue, Second Floor Roseland, NJ 07068 Tel: 973-622-1800 Email: asodono@msbnj.com MAGLEV ENERGY: Gets Extension to Access Cash Collateral ------------------------------------------------------- Maglev Energy, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The third interim order signed by Judge Catherine Peek Mcewen authorized the company to use cash collateral to pay the U.S. trustee's quarterly fees and other amounts authorized by the court; the expenses set forth in its budget; and additional amounts approved by its secured creditor, the U.S. Small Business Administration. The company's authorization to access its cash collateral will continue until further order of the court. The SBA and other creditors with a security interest in the cash collateral will be granted post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. Maglev Energy was ordered to keep the secured creditors' collateral insured. The next hearing is scheduled for March 6. About Maglev Energy Maglev Energy, Inc., a company in Seminole, Fla., engineers motor and generator technology including permanent magnet alternator, vertical wind turbine, and auxiliary power unit. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06552) on Nov. 5, 2024, with $241,312 in assets and $2,384,522 in liabilities. Jon Harms, executive vice president, signed the petition. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C Blanchard, Esq. Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com MAWSON INFRASTRUCTURE: Celsius Ok'd to Proceed With Arbitration --------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on February 26, 2025, a Delaware bankruptcy judge ruled that the litigation administrator for former cryptocurrency platform Celsius Network LLC can continue arbitration against cryptocurrency miner Mawson Infrastructure, which filed for Chapter 11 bankruptcy in December 2024. 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. MIRABAL DISCOUNT: Linda Leali Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Mirabal Discount Corp. Ms. Leali 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. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Mirabal Discount Mirabal Discount Corp., doing business as La Bodeguita Cubana, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-11525) on February 13, 2025. In its petition, the Debtor reported between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Judge Robert A. Mark presides over the case. Diego Mendez, Esq. represents the Debtor as legal counsel. MODEL TOBACCO: Gets Interim OK to Use Cash Collateral Until April 3 ------------------------------------------------------------------- Model Tobacco Development Group, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to use cash collateral until April 30, marking the third extension since the company's Chapter 11 filing. The third interim order signed by Judge Brian Kenney authorized the company to pay its expenses from the cash collateral in accordance with its budget, which shows total projected monthly expenses of $178,177.42 for March and $214,652.82 for April. Model Tobacco Development Group was ordered to make a monthly payment of $150,000 to the Virginia Housing Development Authority starting next month to protect the lender's interest in its collateral. As additional protection, the lender was granted a replacement lien on all post-petition assets of the company and their proceeds, to the same extent and with the same priority as its pre-bankruptcy lien. The order provides for a carve-out from the replacement liens for certain fees and expenses, including fees required to be paid to the Clerk of the Bankruptcy Court and to the Office of the United States Trustee. About Model Tobacco Development Group Model Tobacco Development Group, LLC is engaged in activities related to real estate. Model Tobacco Development Group filed Chapter 11 petition (Bankr. E.D. Va. Case No. 24-34863) on December 31, 2024, with assets between $50 million and $100 million and liabilities between $10 million and $50 million. The Debtor is represented by: Justin P. Fasano, Esq. Mcnamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: 301-441-2420 Fax: 301-982-9450 Email: jfasano@mhlawyers.com MODERN EYE GALLERY: Glen Watson Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq., at Watson Law Group, PLLC as Subchapter V trustee for Modern Eye Gallery, LLC. Mr. Watson will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Watson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Glen Watson, Esq., Watson Law Group, PLLC 1114 17th Av. S., Suite 201 P.O. Box 121950 Nashville, TN 37212 Telephone: (615) 823-4680 Email: glen@watsonpllc.com About Modern Eye Gallery Modern Eye Gallery, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-00636) on February 14, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Nancy B. King presides over the case. Jay Lefkovitz, Esq., represents the Debtor as legal counsel. MYA POS: Unsecured Creditors Will Get 3.7% of Claims in Plan ------------------------------------------------------------ MYA POS Services, LLC, filed with the U.S. Bankruptcy Court for the District of New Hampshire a Plan of Reorganization dated February 14, 2025. Owners Maria Limon and Nick Yager opened MYA POS Services LLC doing business as Gusanoz Mexican Restaurant in Lebanon, New Hampshire, on August 16th of 2005. Over the past 19 years, the owners have opened and closed other restaurants, but the original Gusanoz remains a vital business and employer and is ingrained in the Upper Valley community. Moving forward, Gusanoz is positioned to remain a strong contributor to the local economy and culture, welcoming hundreds of guests on a busy day and employing an average of 40 people at a living wage. The business continues to adapt to the changing demands of society with a renewed focus on meeting the needs of home meal replacement and food prepared to go. Additionally, the in-house manufacturing of prepared foods and sauces for direct retail and potential wholesale distribution makes good use of existing equipment and the prep kitchen, but the core operation continues to build on the foundation that started it all nearly 20 years ago: providing real food to guests with friendly and attentive service in a warm and welcoming environment. The owners anticipate another 20 years of operations under their leadership, with the potential of the business to continue past their own retirement many years into the future. This Plan proposes paying traditional secured claims in full in accordance with their terms, priority claims in full or as the claimant and the Debtor may otherwise agree and other unsecured claims an amount equal to or in excess of the Debtor's net disposable income over the coming three years with a base payment of $5,400.00 after satisfaction of any unpaid priority claims. The Debtor believes that the Plan will result in a payment to unsecured creditors of 3.7% if all disputed claims are allowed. The attorney's fees due to Debtor's counsel will be paid, only after application and approval by this Court, from cash on hand, the Plan Account and from preference or other recoveries. Class 4 consists of all unsecured claims held by non-insiders against the Debtor not otherwise classified. This class is impaired and can vote. No distribution shall be made to any claim in Class 4 until it is finally allowed. A claim is said to be finally allowed if it is allowed and any pending objections have been overruled and the appeal period with respect to such objection has passed, or if it has not passed, the claim has been allowed by a final order no longer subject to any further appeal. The Debtor shall establish a separate Plan Distribution bank account (the "Plan Account") into which shall be paid the following sums: * Any Net Recoveries from Chapter 5 Causes of Action. For the purpose of this Plan, a "Chapter 5 Cause of Action" is any cause of action or recovery arising under Section 541 – 551 of the Bankruptcy Code. For the purposes of this Plan, a "Net Recovery" is the cash received by the Debtor from such Chapter 5 Cause of Action after the payment of all attorney's fees and expenses (including expert's fees) arising from that Chapter 5 Cause of Action or otherwise due and unpaid to professionals under this Plan. Net Recoveries shall be deposited into the Plan Account when received; * The sum of $150.00 for each month of the Plan Term. The said amounts shall be deposited into the Plan account monthly on the last day of each month beginning on the last day of the first calendar month after the Effective Date; and * An amount equal to the actual net disposable income ("ANDI") of the Debtor arising from its operations during the period beginning on the first day of the calendar month following the Effective Date of this Plan and ending on the last day of the 36th month thereafter. The ANDI payments into the Plan Account shall be made annually on the 75th day after the annual anniversary of the first day of the calendar month following the Effective Date. Class 5 consists of all allowed unsecured claims that are less than or equal to the sum of $1,000.00 or which elect to reduce the amount of their claim to $1,000.00. This class is impaired and can vote. The Debtor shall make a single payment to holders of allowed claims in Class 5 in an amount equal to one half (50%) of the allowed amount of such claim (or in the case of claims that are voluntarily reduced to the amount of $1,000 or less, one-half (50%) of such reduced amount). The payment to Class 5 shall be at a time or times determined in the Debtor's discretion on or before the first anniversary of the first day of the calendar month following the Effective Date. Class 6 consists of all unsecured claims held by insiders against the Debtor not otherwise classified. This class is impaired and can vote. Class 6 will receive a distribution of $100.00 under this Plan. The payment to Class 6 shall be at a time or times determined in the Debtor's discretion on or before the first anniversary of the first day of the calendar month following the Effective Date. Class 7 consists of Equity Interest Holders. This Class represents the equity interest of Nicholas Yager and Maria Limon Bernal in the Debtor. This class is unimpaired. Mr. Yager and Ms. Bernal shall retain their equity interests in the Debtor. A full-text copy of the Plan of Reorganization dated February 14, 2025 is available at https://urlcurt.com/u?l=Kt21lK from PacerMonitor.com at no charge. About MYA POS Services MYA POS Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 25-10010) on January 7, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Nicholas Yager, a member of MYA POS, signed the petition. Judge Kimberly Bacher oversees the case. The Debtor is represented by: Ryan M. Borden, Esq. Ford, Mcdonald & Borden, P.A. 10 Pleasant Street, Suite 400 Portsmouth, NH 03801 Tel: 603-373-1600 Email: rborden@fordlaw.com NEDCHC INC: Files Chapter 11 Bankruptcy in Colorado --------------------------------------------------- On February 25, 2025, NEDCHC Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. 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 NEDCHC Inc. NEDCHC Inc. also known as Northeast Denver Community Help Center, operates a single asset real estate business located in Denver, Colorado. NEDCHC Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-10944) on February 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Michael E. Romero handles the case. OREGON TOOL: Davis Polk Advised Term Lenders on Refinancing ----------------------------------------------------------- Davis Polk advised an ad hoc group of first-lien term lenders to Oregon Tool, Inc. in connection with new money, maturity extension and refinancing exchange transactions involving a new $156 million first-lien term loan to a newly-formed subsidiary ("NewCo"), the maturity extensions of certain first-lien term loans and the exchange of first-lien term loans and unsecured notes for newly-issued NewCo second-lien loans and NewCo third-lien debt. The various transactions were well supported by the existing first-lien term lenders and unsecured noteholders. Oregon Tool is a global leader and manufacturer of professional grade cutting tools for forestry, lawn and garden, farming, ranching and agriculture and concrete cutting applications. Headquartered in Portland, Oregon, with a multinational manufacturing and distribution footprint, Oregon Tool sells its products in more than 110 countries. The Davis Polk restructuring team included partners Damian S. Schaible, Natasha Tsiouris and Christian Fischer, counsel Josh Y. Sturm and Timothy H. Oyen and associates Andrew Frisoli, Helen (Muhan) Zhang, Carly (Yoona) Cha and Eva (Luying) Wang. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Oregon Tool Inc. Oregon Tool Inc. manufactures agricultural machinery and equipment. The Company distributes equipment like lawn mowers, accessories, timber harvesting, and stacked material loaders to forestry, lawn, garden, farm, ranch, agriculture, concrete cutting, and finishing markets. Oregon Tool serves customers worldwide. ORTHOCARE SOLUTIONS: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Orthocare Solutions, Inc. received another extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division to use cash collateral. The interim order authorized the company to use cash collateral until May 27 to pay the expenses set forth in its budget, which shows total monthly expenses of $186,948 for March, $186,948 for April, and $186,948 for May. As protection, the lenders including the U.S. Small Business Administration), M&T Bank and Kapitus Servicing Inc., were granted protection in the form of replacement liens on the company's assets, including cash collateral, to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, the company was ordered to make monthly payments to M&T Bank, the SBA, and Kapitus, in the amounts of $3,583.33, $2,488 and $1,928.67, respectively. The company's use of cash collateral will terminate upon the occurrence of certain events, including breach of the order, dismissal of its Chapter 11 case or conversion of the case to one under Chapter 7. A further interim hearing is scheduled for May 29. About Orthocare Solutions Inc. Orthocare Solutions is a veteran-owned small business serving the Washington, DC and Baltimore metro areas. Four separate locations offer customized orthotics, prosthetics, and medical equipment to patients of all ages. Orthocare Solutions, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-19191) on Dec. 18, 2023. The petition was signed by David Fred as owner. At the time of filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Maria Elena Chavez-Ruark oversees the case. The Debtor is represented by: Craig Palik Mcnamee Hosea Tel: 301-441-2420 Email: cpalik@mhlawyers.com PARTY CITY: Receives Court Approval to Sell Assets, IP for $20.6MM ------------------------------------------------------------------ Alex Wittenberg of Law360 reports that on February 26, 2025, a Texas bankruptcy judge approved Party City's $20.6 million sale of its brand name and intellectual property to an affiliate of pop culture merchandiser Ad Populum, dismissing objections from franchise owners who argued that the buyer was not equipped to manage contracts with their stores. About Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations' industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had total assets of $2,869,248,000 against total debt of $3,022,960,000. Judge David R. Jones oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP, as legal counsel; Moelis & Company, LLC as investment banker; AlixPartners, LLP as financial advisor; A&G Realty Partners as real estate advisor; and Kroll as the claims agent. PricewaterhouseCoopers LLP (PwC) provides accounting and valuation advisory services, tax-related services, and internal audit Sarbanes-Oxley Act support services. Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and investment banker, respectively, to the ad hoc group of first lien holders. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. PHAIR COMPANY: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: The Phair Company LLC 945 East J Street Chula Vista, CA 91910 Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-00667 Debtor's Counsel: Vincent Renda, Esq. PINNACLE LEGAL P.C. 9565 Waples Street, Suite 200 San Diego CA 92121 Tel: (858) 868-5000 Email: vr@pinlegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeffrey David Phair as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HQ4QRCI/The_Phair_Company_LLC__casbke-25-00667__0001.0.pdf?mcid=tGE4TAMA PHVC4 HOMES: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- PHCV4 Homes, LLC asked the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, for authority to use cash collateral. The Debtor needs to use cash collateral to pay critical operating expenses, including attorney fees and Chapter 11 quarterly fees. On April 5, 2023, the Debtor entered into a loan agreement with CoreVest for a significant sum, securing the loan with all or substantially all of the Debtor's real property and improvements. The loan is evidenced by various instruments, including mortgages, security agreements, and other documents filed with Alabama counties. As of the filing date, CoreVest claims that the Debtor owes approximately $21.7 million, including interest and attorneys' fees. CoreVest has asserted that certain guaranty instruments, which were executed by the Debtor's principals, are also in default due to failure to meet payment obligations. CoreVest holds a first-priority lien over the Debtor's accounts receivable, inventory, general intangibles, and any proceeds from such assets. CoreVest asserts that all proceeds from the Debtor's real property asset sales, rental income, and other proceeds derived from the collateral, including future proceeds, constitute cash collateral. The Debtor estimates the total value of its real property collateral as of the filing date to be approximately $24.8 million and generates rental income between $8,000 and $9,000 per month, indicating significant value in the collateral. To secure CoreVest's interests and continue its operations, the Debtor sought immediate relief to use cash collateral to pay necessary expenses. The Debtor proposed to provide adequate protection to CoreVest by extending the pre-bankruptcy liens over the Debtor's future receivables, inventory, and other personal property, ensuring that CoreVest's interests are protected. A court hearing is set for March 10. About PHCV4 Homes LLC PHCV4 Homes, LLC operates in the residential building construction industry. PHCV4 Homes filed Chapter 11 petition (Bankr. N.D. Ala. Case No. 24-02751) on September 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Misty M. Glass, manager of PHCV4 Homes, signed the petition. Judge Tamara O. Mitchell presides over the case. The Debtor is represented by Frederick M. Garfield, Esq., at Spain & Gillon, LLC. PICCARD PETS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Piccard Pets Supplies Corp., according to court dockets. About Piccard Pets Supplies Piccard Pets Supplies Corp., a company in Jacksonville, Fla., offers pet supplies and medications. Piccard Pets Supplies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02434) on Aug. 15, 2024, with total assets of $927,465 and total liabilities of $5,323,839. Marlon Martinez, chief executive officer, signed the petition. Judge Henry W. Van Eck oversees the case. The Debtor is represented by Thomas Adam, Esq., at Adam Law Group, PA. PLASTIC SUPPLIERS: SSG Served as Investment Banker in Asset Sale ---------------------------------------------------------------- SSG Capital Advisors, LLC, served as the investment banker to Plastic Suppliers, Inc. d/b/a Earthfirstand its affiliates and subsidiaries in the sale of substantially all assets to API Industries, Inc. d/b/a Aluf Plastics. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of New Jersey. The transaction closed in February 2025. Earthfirstis a leading developer, manufacturer, and distributor of sustainable bio-based and biodegradable films and solutions for the food, beverage, medical, personal care, office, industrial, and other CPG segments and industrial applications. The Company's patented packaging solutions allow for mass production of sustainable alternatives to traditional petroleum-based plastic films. The Company's products are utilized for laminations, pouches, bags, mailers, shrink sleeves, window packaging, envelopes, flow wraps, transparent sealants, barrier sealants, print webs, adhesive labels, and thermoforming laminates. SSG was retained in August 2024 to serve as Earthfirst's exclusive investment banker in the exploration of strategic alternatives, including an investment in the business or the sale of its assets.In order to preserve liquidity and maintain operations, Earthfirstelected to file for protection under Chapter 11 of the U.S. Bankruptcy Code on December 22, 2024. Prior to the filing, SSG conducted an expansive marketing process that targeted a broad universe of strategic and financial investors. A Stalking Horse buyer emerged after extensive diligence coordination and negotiations, and the Court approved the Stalking Horse Bid from Aluf Plastics of $13.0 million in conjunction with the bid procedures. SSG commenced an expedited and comprehensive post-petition marketing process to solicit competing offers to the Stalking Horse Bid. One competing qualified bid was submitted by LicaFlex Packaging USA prior to the January 21, 2025, bid deadline. An auction was subsequently held on January 27, 2025, and multiple rounds of bidding took place.The final bid submitted by Aluf Plastics was ultimately deemed the highest and best at a gross purchase price of $16.3 million, inclusive of the Stalking Horse Bid protections and an inventory reserve adjustment. SSG's extensive Chapter 11 transaction experience and ability to create a competitive auction environment enabled the Company to repay its secured creditor in full and preserve the business as a going concern for the benefit of customers, vendors, and employees. API Industries, Inc. d/b/a Aluf Plastics is a minority, woman-owned manufacturer of commercial, retail and private label can liners. Aluf Plastics provides a comprehensive range of liners and sheeting in a wide variety of materials, gauges, sizes, and options. Additionally, Aluf Plastics manufactures custom poly bags and film to protect, cover, line and store products of all types from the leading industrial and consumer brands. Other professionals who worked on the transaction include: * Stephen M. Packman and Douglas G. Leney of Archer & Greiner P.C., counsel to Plastic Suppliers, Inc. d/b/a Earthfirst; * Ilana Volkov of McGrail & Bensinger LLP, counsel to API Industries, Inc. d/b/a Aluf Plastics; * Regina Stango Kelbon, Gregory F. Vizza, and Michael A. Morabito of Blank Rome LLP, counsel to the Secured Creditor; * Brett S. Moore and Kelly D. Curtin of Porzio, Bromberg & Newman, P.C., counsel to the Official Committee of Unsecured Creditors; and * Brian K. Ryniker and Jerry D'Amato of RK Consultants LLC, financial advisor to the Official Committee of Unsecured Creditors. RED HOOK SOLAR: Francis Brennan Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Francis Brennan, Esq., at Whiteman Osterman & Hanna LLP as Subchapter V trustee for Red Hook Solar Corp. Mr. Brennan will be paid an hourly fee of $480 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brennan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Francis Brennan, Esq. Whiteman Osterman & Hanna LLP 80 State Street, 11th Floor Albany, NY 12207 Phone: (518) 487-7600 Email: fbrennan@woh.com About Red Hook Solar Corp. Red Hook Solar Corp. is in the solar construction industry with a principal place of business located at 160 Nevis Road, Tivoli, N.Y. Red Hook Solar filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 21-10759) on Aug. 9, 2021, listing $1,302,866 in total assets and $363,146 in total liabilities. Chad Dickason, president of Red Hook Solar, signed the petition. Judge Robert E. Littlefield Jr. oversees the case. Michael L. Boyle, Esq., at Boyle Legal, LLC is the Debtor's counsel. NYBDC Local Development Corp., as secured creditor, is represented by: Paul A. Levine, Esq. Lemery Greisler, LLC 50 Beaver Street, 2nd Floor Albany, NY 12207 Tel No: (518) 433-880 RED INTERMEDIATE: S&P Assigns 'B+' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings assigned its 'B+' issuer-level credit rating to U.S.-based Red Intermediate LLC (doing business as Newly Weds Foods) and its 'B+' issue-level ratings to its proposed first-lien credit facilities. The recovery rating on these facilities is '3', reflecting its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of default. The stable outlook reflects S&P's expectation the company will adhere to financial policies consistent with S&P Global Ratings-adjusted leverage sustained below 5x, inclusive of acquisitions and shareholder distributions. Newly Weds, a manufacturer of customized breading, batters, seasonings, sauces, and functional ingredients, plans to issue a $2.3 billion first-lien seven-year term loan B and $500 million first-lien five-year revolving credit facility. The company will use proceeds from the term loan to repay borrowings under its existing bank facilities. S&P expects the revolver to be undrawn at close. S&P said, "We estimate the transaction will be leverage neutral, with S&P Global Ratings-adjusted pro forma leverage of about 4.8x for the 12 months ended Dec. 31, 2024. "Our ratings are based on preliminary terms and are subject to our review of final terms and documentation. "Our 'B+' rating on Newly Weds Foods (NWF) reflects its narrow product focus in food ingredient categories that are highly indexed to chicken, which could leave it vulnerable to protein cycles or changes in consumer preferences." The company specializes in niche food product categories, including customized breading, batters, seasonings, sauces, and functional ingredients. With $2.4 billion in fiscal 2024 sales, NWF has significant scale, well-established customer relationships, and is the market leader in its core breading and batters product categories, which accounted for about 64% of its fiscal 2024 total sales. The company's seasonings segment accounted for about 21% of 2024 sales, while its sauces and functional ingredients product categories comprised 15%. NWF believes it is a market leader in its core categories. It competes in breadings and seasonings with larger players with greater financial wherewithal, including Kerry Group PLC and McCormick & Co. NWF has a blue-chip customer base and serves both away-from-home and food-at-home channels. It has some customer concentration, albeit with large and leading quick service restaurant chains and food processors. Its research and development capabilities, including 24 customer on-site labs, have allowed it to capture new product introductions with these customers. The company has demonstrated resiliency through economic downturns because its channels represent affordable dining options. Its products provide flavor differentiation and represent a relatively small proportion of its customers' product costs. Its products are also largely tied to its customers' permanent menu items or product offerings. Nonetheless, NWF's operating performance depends on its customers' business decisions and the success of their products. The company expanded sales at an over 10% compound annual growth rate from 2019-2024 through volume gains with existing customers, new business wins, and price increases to offset higher input costs. NWF has benefited from growing consumption of poultry, which has outpaced beef and pork. S&P said, "NWF estimates that about 75% of its business is tied to poultry products, which we view as a key risk. While we believe the company is well-positioned in fast-growing product categories, the chicken industry is subject to volatility, and changes in chicken supply or demand dynamics could weaken NWF's financial performance." Recently, consumer demand trends and retailer and restaurant decisions to promote chicken over higher-priced beef have been strong tailwinds for the company. However, its growth prospects could weaken if consumer preferences change or its customers significantly reduce promotional offerings of chicken. S&P said, "We believe the company's financial policies are consistent with S&P Global Ratings-adjusted leverage sustained below 5x. We estimate pro forma S&P Global Ratings-adjusted leverage of about 4.8x for the 12 months ended Dec. 31, 2024. We expect continued favorable category trends and new business wins to support organic growth of about 6% in 2025 and 5% in 2026. We forecast S&P Global-Ratings adjusted-leverage remaining at about 4.8x in 2025 due to lower average selling prices but declining to about 4.5x in 2026 on higher volumes and stable input costs. We anticipate NWF will continue to generate strong free operating cash flow (FOCF) of about $180 million in 2025 and $275 million in 2026, which could facilitate deleveraging. However, we believe the company will prioritize excess cash flow for business investments and acquisitions to add capacity or capabilities. Absent business investment or acquisition opportunities, we expect the company could opportunistically fund shareholder distributions, while maintaining leverage within its company-defined leverage target of 3.75x to 4.25x. The company's financial policies are consistent with S&P Global-Ratings adjusted leverage sustained between 4x and 5x over the long term." S&P believes NWF's exposure to volatile commodity prices is a key credit risk. Commodities and packaging input costs account for a significant portion of NWF's cost structure. The company purchases large amounts of wheat and flour, whose prices increased significantly in 2021-2022 and have since retreated over the past couple of years. NWF mitigates its commodity price risk through short-term customer contracts that establish volume and price commitments. The company procures the required commodity raw materials and locks in its product margin over the term of the contract based on contracted volume. Very little production takes place without a contract in place. Nonetheless, its profit margins could fluctuate depending on commodity price movements and customer price negotiations. Moreover, the company could run into problems fully mitigating commodity shortages or find it more difficult to pass through higher commodity costs if competition from its larger rivals intensifies. The company's manufacturing footprint is a competitive advantage, and its manufacturing redundancies should provide operational resiliency and support growth. NWF has 30 manufacturing facilities globally, 17 of them across North America. S&P said, "We believe the company's manufacturing footprint is a competitive advantage given the large capital investments it required. The company estimates the replacement value of these facilities at over $1 billion. NWF's manufacturing footprint allows NWF to service its large international blue-chip customer base globally. NWF can produce its products from multiple production lines and from multiple production facilities. Its facilities are in proximity to key customers, which provides logistical and freight cost advantages. The company has invested in plant automation and upgrades and requires a moderate amount of maintenance capital spending annually. It has ample excess capacity to support growth over the next five years. We believe NWF's manufacturing footprint and redundancies will help ensure customer fulfillment should disruptions occur and support operational resiliency." The stable outlook reflects S&P's expectation the company will adhere to financial policies consistent with S&P Global Ratings-adjusted leverage sustained below 5x, inclusive of acquisitions and shareholder distributions. S&P could lower its ratings on the company if it forecasts S&P Global Rating-adjusted leverage sustained above 5x. This could occur if the company: -- Adopts more aggressive financial policies, pursuing large, debt-financed acquisitions or shareholder distributions; -- Experiences volume declines due to lower consumer demand for chicken products, the loss of customers, or food safety issues; or -- Suffers operating disruptions or is unable to manage input cost fluctuations, resulting in earnings and cash flow deterioration. While unlikely over the next 12-months, S&P could raise its ratings if we believe NWF will sustain S&P Global Ratings-adjusted leveraged below 4x. This could occur if the company: -- Demonstrates a commitment to financial policies consistent with maintaining S&P Global Ratings-adjusted leverage below 4x; and -- Continues to generate organic revenue growth and EBITDA expansion. REMEMBER ME SENIOR: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Remember Me Senior Care, LLC 120 King Den Drive NW Cleveland, TN 37312 Business Description: Remember Me Senior Care, LLC, located in Cleveland, TN, offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Chapter 11 Petition Date: February 24, 2025 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 25-10451 Debtor's Counsel: Jeffrey W. Maddux, Esq. CHAMBLISS, BAHNER & STOPHEL, P.C. Liberty Tower 605 Chestnut Street, Ste. 1700 Chattanooga, TN 37450 Tel: 423-757-0296 Fax: 423-508-1296 E-mail: jmaddux@chamblisslaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Tracy O. Sneed as owner/president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XPFO34Q/Remember_Me_Senior_Care_LLC__tnebke-25-10451__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XBKGFFA/Remember_Me_Senior_Care_LLC__tnebke-25-10451__0001.0.pdf?mcid=tGE4TAMA RICHARDSON CREEK: Amends Unsecured Claims Pay Details ----------------------------------------------------- Richardson Creek, LLC, submitted a First Amended Plan and Disclosure Statement dated February 14, 2025. The accompanying Plan of reorganization describes how all claims will be treated under the proposed Plan. To summarize: non-classified administrative claims will be paid in full on the Effective Date of the plan or later as agreed in writing; secured claim holders will be impaired and paid as proposed by the Chapter 11 Plan; administrative convenience claims will be paid in full on the Effective Date of the plan; general unsecured claims will receive 100% of their claims, estimated at approximately $10,000 with interest at the Federal Judgment Rate, in nine semi-annual pro-rata payments of $1,000, with the final tenth payment being a balloon payment for the remaining balance, starting 120 days after the Effective Date of the Plan. The Debtor may pay the claimants off sooner upon liquidation or refinance of the Damascus Property. The Plan contemplates the refinance or sale of the Damascus Property and distribution of the proceeds from that sale to the secured and unsecured creditors. The United States Trustee’s Office will continue to receive post confirmation reporting and timely fee payments as they become due until the case is closed, converted or dismissed. The Effective Date of the plan will be 45 days after the Court enters an Order Confirming this Chapter 11 Plan. The projected Plan will last approximately five years but will likely end considerably sooner. Class 1 consists of the Claim of the First Position Lienholders (Secured to Debtor’s Damascus Property). The Debtor shall reamortize the Loan of the Class 1 Claimant over a period of 25 years at 8.5% interest and capitalize all outstanding pre confirmation amounts due, subject to the Debtor's objection to the amount of the claim as noted herein. The associated note will be deemed current with a new principal balance of approximately $250,000. The new principal and interest payment will be approximately $2,013.07. This Claimant’s Claim will balloon and become fully due 5 years after the Effective Date. Class 2 consists of the Claim of Clackamas County Tax Assessor (Secured as superpriority lien against Damascus Property). The Debtor shall pay the outstanding property tax year arrears on the Damascus Property, starting 120 days after the Effective Date, in 24 monthly payments of approximately $750. The Class 2 Claimant shall be entitled to its statutory interest rate of 16% on any unpaid amounts, pursuant to ORS 311.505. Class 4 consists of General Unsecured Creditors. The Class 4 Claimants will receive 9 semi-annual distributions of $1000.00, divided pro rata among the Class 4 Claimants. The Debtor shall then make a final balloon payment of any remaining amounts owed 180 days after the last $1000 pro rata payment. The Class 4 Claimant will receive interest at the federal judgment rate in effect on the Effective Date. Debtor may pay these amounts sooner if it so elects in its sole discretion. Debtor may also utilize funds from the sale or refinance of the Damascus Property to satisfy the remaining amount of the Class 4 Claimants' claims. Class 4 claimants will be paid in full. This Class is impaired. The plan will be implemented in whole or in part by the following: First, from the utilization of funds projected to be on hand in the Debtor in Possession accounts on the Effective Date of the Plan; Second, from semi-annual pro-rata payments from the Debtor's business operations; and Third, from positive cash flow realized from the refinance or sale of the Damascus Property. The Debtor also working to renegotiated the lease of the Damascus Property to improve cash flow. Specifically, Debtor plans to increase the rent paid by the current tenant and make the lease triple net. As a result of the triple net terms, the tenant will be responsible for all future property tax payments and utility payments. The current tenant is farming the land and Debtor hopes to receive a substantial reduction in ongoing county taxes due to a farm deferral. Debtor will also create a lease with Zeit Management Solutions, LLC, an entity owned by the Debtor's Member, to use part of the land for ongoing development activities and to help cash flow the Plan's monthly obligations. A full-text copy of the First Amended Plan and Disclosure Statement dated February 14, 2025 is available at https://urlcurt.com/u?l=kIbvz6 from PacerMonitor.com at no charge. About Richardson Creek LLC Richardson Creek LLC is the fee simple owner of a real property located at 16000 SE Keller Road, Damascus, OR valued at $1.1 million. Richardson Creek LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 24-33417) on Dec. 18, 2024. In the petition filed by Connie K. Harrell, as agent/member, the Debtor reports total assets of $1,104,618 and total liabilities of $421,250. Bankruptcy Judge Teresa H. Pearson handles the case. The Debtor is represented by: Theodore J. Piteo, Esq. MICHAEL D. O'BRIEN & ASSOCIATES, P.C. 12909 SW 68th Parkway, Suite 160 Portland, OR 97223 Tel: 503-786-3800 Fax: 503-272-7796 E-mail: enc@pdxlegal.com ROCKY MOUNTAIN IMPORTS: Seeks Cash Collateral Access ---------------------------------------------------- Rocky Mountain Imports, LLC asked the U.S. Bankruptcy Court for the District of Colorado for authority to use $573,328 of cash collateral and provide adequate protection, from February 22, 2025, to August 1, 2025. The Debtor needs to use cash collateral for working capital, including inventory purchases, payroll, and marketing. The Debtor filed for bankruptcy due to financial struggles caused by employee layoffs, decreased sales, poor purchasing decisions, and high debt obligations. The company has two secured creditors: Live Oak Bank, with a $988,328 claim, and Peak Imports, with a $220,000 claim. The Debtor proposes to provide adequate protection by continuing operations and creating new receivables, as well as offering replacement liens to secured creditors to protect their interests. The Debtor also requests permission to vary the budget by 15% or 20% in certain categories and to carry over unused funds for future weeks. If revenues exceed projections, the Debtor proposes to allocate excess funds to cover cost of goods sold and related expenses. A copy of the motion is available at https://urlcurt.com/u?l=eqLfLc from PacerMonitor.com. About Rocky Mountain Imports Rocky Mountain Imports, LLC, doing business as Pikes Peak Rock Shop, is a direct importer and wholesale distributor of minerals, fossils and jewelry. Its customers include national parks, museums, gift shops, multi-store chains, science and nature shops, rock & gem shops, trading posts and local rock-hounds. The company directly imports from Brazil, Peru, China, Morocco, and India, and distributes its products to businesses across the U.S. and Canada. Rocky Mountain Imports sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-10311) on January 21, 2025, with $96,089 in assets and $1,800,938 in liabilities. Gary Greenwald, managing member of Rocky Mountain Imports, signed the petition. Judge Michael E. Romero oversees the case. Kevin S. Neiman, Esq., at the Law Offices of Kevin S. Neiman, PC, represents the Debtor as bankruptcy counsel. SCHAFER FISHERIES: Court Extends Cash Collateral Access to March 31 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, extended Schafer Fisheries, Inc.'s authority to use cash collateral from Feb. 29 to March 31. The bankruptcy court did not receive objection to the continued use of cash collateral and payment to the secured creditor as set forth in the budget. A status hearing is scheduled for March 26. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. The Debtor is represented by: Richard N. Golding, Esq. Law Offices Of Richard N. Golding, P.C. Tel: 312-832-7885 Email: rgolding@goldinglaw.net SIREN SCHOOL DISTRICT, WI: S&P Lowers GO Debt Rating to 'BB+' ------------------------------------------------------------- S&P Global Ratings lowered its long-term and underlying rating (SPUR) on Siren School District, Wis.' general obligation (GO) debt by four notches to 'BB+' from 'A-'. The outlook is stable. The downgrade is based on the district's very thin reserves, extremely weak liquidity, exposure to nonremote contingent liability risk, and the application of S&P's "Methodology For Rating U.S. Governments," published Sept. 9, 2024. "Siren School District's very low reserve and liquidity levels, coupled with its exposure to direct-purchase debt with adverse events of default leading to immediate acceleration, support the downgrade to 'BB+'," said S&P Global Ratings credit analyst David Smith. In S&P's view, the rating reflects the increased financial risk to the district, given its very thin liquidity and associated budgetary pressures arising therefrom. S&P said, "The stable outlook reflects our anticipation that operating performance will generally be stable during the outlook horizon. We do not expect to change the rating during the next two years. "We could take a negative rating action if the district experiences further deterioration in its financial performance, particularly if it is unable to secure voter approval for an increase to its operational levy after it expires in 2026 or if it cannot manage increases in expenditures, leading to further operational risks associated with its thin reserve levels. "We could take a positive rating action should the district experience stronger financial performance, leading to a materially higher level of reserves, as well as improved management controls, addressing weaknesses in risk management." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: Governance structure -- Risk management, culture, and oversight. SM MILLER: Behrooz Vida Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for SM Miller Enterprises, Inc. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 Email: behrooz@vidalawfirm.com About SM Miller Enterprises Inc. SM Miller Enterprises Inc. is a contract line-haul dry freight provider based in Dallas, Texas. SM Miller Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30527) on February 13, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by: Jacob King, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Tel: 214-855-7500 Email: jking@munsch.com SNC WATSON: Sec. 341(a) Meeting of Creditors on March 31 -------------------------------------------------------- On February 25, 2025, SNC Watson LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. 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 March 31, 2025 at 09:15 AM at Telephonic Meeting: Phone 1 (877) 929-2553, Participant Code 1576337 #. About SNC Watson LLC SNC Watson LLC is a single asset real estate company located at 195 Broadway in Brooklyn, New York. SNC Watson LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y Case No. 25-40930) on February 25, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. SOAP BOX: Gets Interim OK to Use Cash Collateral Until March 20 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California granted Soap Box Cleaners interim authority to use cash collateral until March 20. The interim order authorized the company to use $55,099.76 in cash collateral to pay its expenses. Secured creditors including U.S. Bank, Pacific Community Ventures, Funding Circle and the U.S. Small Business Administration, were granted replacement liens on their collateral with the same validity, priority and enforceability as their pre-bankruptcy liens. A final hearing is scheduled for March 20. About Soap Box Cleaners Soap Box Cleaners is engaged in the laundry and dry cleaning industry, providing laundry pickup and delivery services. Soap Box Cleaners sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30084) on January 31, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Eric J. Gravel, Esq. The Law Offices of Eric J. Gravel 1390 Market St., Suite 200 San Francisco, CA 94102 Tel: (650) 931-6000 Fax: (650) 931-6424 Email: ctnotices@gmail.com SOUTHERN COTTON: Seeks Subchapter V Bankruptcy in Alabama --------------------------------------------------------- On February 26, 2025, Southern Cotton Land Clearing and Hauling LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Alabama. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Southern Cotton Land Clearing and Hauling LLC Southern Cotton Land Clearing and Hauling LLC is a transportation and warehousing company operates from its principal location at 100 Creax Road. Southern Cotton Land Clearing and Hauling LLCsought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-10519) on February 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. STEWARD HEALTH: Disputes Insurer Affiliate's Bid to Join Mediation ------------------------------------------------------------------ Randi Love of Bloomberg Law reports that Steward Health Care System LLC, currently in bankruptcy, asked a court to reject the involvement of a nonbankrupt insurance affiliate in ongoing mediation. The dispute between Steward and TRACO International Group centers on claims related to $3.5 million in monthly cash premiums, which include medical malpractice coverage. In an objection filed Wednesday, February 26, 2025, in the US Bankruptcy Court for the Southern District of Texas, Steward argued that permitting the insurer to mediate its "dubious claims" would drain resources from the bankruptcy estate. About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SWC INDUSTRIES: MSI Automate Named Stalking Horse in $40M Sale -------------------------------------------------------------- SencorpWhite Inc., announced on Feb. 26, 2025, that the Northern District Bankruptcy Court of California (case #24-51721) has approved MSI Automate, a portfolio company of Grays Peak Capital, to serve as stalking horse bidder for the acquisition of the Company's operating businesses under a Chapter 11 plan. Under the terms of the approved purchase agreement, total consideration to be paid by MSI is approximately $40 million. This includes cash consideration of $13.5 million and the assumption of all customer-related and lease liabilities, as well as the assumption of certain prepetition trade accounts payable. MSI's stalking horse bid provides a floor for competing bids. The qualified bid deadline is currently scheduled for April 21(st), with an auction to follow on or around April 30(th) subject to the Company receiving higher and better offers. The sale is expected to close shortly thereafter. Parties interested in evaluating the transaction and submitting Qualified Bids should contact the Company's investment banker, Gordian Group LLC, at the contact information provided below. Parties will be provided an NDA and subsequent access to a data room and other confidential information. Statement from Corey Calla, Chief Executive Officer of SencorpWhite: "The decision to designate a stalking horse bidder ensures the long-term viability of SencorpWhite and gives confidence to our employees, customers and vendor partners about the Company and its future prospects. The stalking horse bidder positions SencorpWhite's business units and employees, to continue providing the level of service to our customers that SencorpWhite is known for. I'd specifically like to thank SencorpWhite's employees and leadership team for their continued hard work and support during this time of uncertainty. Their commitment to SencorpWhite is truly impressive. I would also like to thank our professional team of attorneys, investment bankers and financial advisors for their hard work and expertise guiding the Company through this process." Allen Overy Shearman Sterling LLP served as legal counsel, Gordian Group, LLC served as investment banker, and Getzler Henrich and Associates LLC served as financial advisor to SencorpWhite. Rupp Pfalzgraf served as legal counsel to MSI Automate. Additional information regarding the Company's Chapter 11 process is available at SWC Industries LLC, et al. Gordian Group Contact Information: Benjamin Gross Benjamin Emery Kevin McGee Associate Analyst Associate +1 (917) 930-7398 +1 (917) 930-6795 +1 (917) 941-9151 bwg@gordiangroup.com bbe@gordiangroup.com kpm@gordiangroup.com About SWC Industries LLC With principal operations in California and Massachusetts, SWC Industries LLC manufactures a range of innovative sealing and logistics equipment -- and offers related services -- that create efficiencies and reduce costs across multiple industries. In addition, the Company's San Diego-based business designs and develops a full suite of software designed to improve warehouse operations. SWC Industries LLC and 12 affiliates sought Chapter 11 protection (Bankr. N.D. Cal. Lead Case No. 24-51721) on Nov. 13, 2024. SWC listed assets and debt of $50 million to $100 million as of the bankruptcy filing. The Debtors tapped Allen Overy Shearman Sterling US LLP as lead restructuring counsel; Binder Malter Harris & Rome-Banks LLP as restructuring co-counsel and local counsel; Getzler Henrich & Associates LLC as financial advisor; and Gordian Group, LLC, as Investment banker. Stretto, Inc., is the claims agent. TELEFONICA DEL PERU: Chapter 15 Case Summary -------------------------------------------- Chapter 15 Debtor: Telefonica del Peru S.A.A. Jiron Domingo Martinez Lujan 1130 Surquillo Lima 15048 Business Description: The Chapter 15 Debtor is a major telecommunications company in Peru, providing mobile, fixed-line, television, and business-to-business services across the country. The company serves around 13 million customers with a workforce of over 3,600 employees and collaborates with various business partners, vendors, and suppliers. The Chapter 15 Debtor's infrastructure supports roughly 33.05% of the country's internet connections and nearly a third of its mobile connections. It has also led the way in fiber optic technology deployment, connecting more than 4.4 million homes. Chapter 15 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-90022 Judge: Hon. Alfredo R Perez Foreign Representative: Timothy O'Connor 23951 Delville Way Malibu CA 90265 Foreign Proceeding: Poceeding pending before the National Institute for the Defense of Competition and Protection of Intellectual Property Foreign Representative's Counsel: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston TX 10020 Tel: (713) 496-9700 Email: charles.koster@whitecase.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MKE6AQI/Telefonica_del_Peru_SAA__txsbke-25-90022__0001.0.pdf?mcid=tGE4TAMA TELEFONICA DEL PERU: Seeks Chapter 15 Bankruptcy in Texas --------------------------------------------------------- Janine Phakdeetham of Bloomberg News reports that Telefonica del Peru has filed for Chapter 15 bankruptcy protection in the Southern District of Texas, according to court documents. The company is also involved in a legal proceeding in Peru. In response to the insolvency, Telefonica del Peru’s creditors have hired advisers. About Telefonica del Peru Telefonica del Peru is a Spanish telecommunications company. Telefonica del Peru sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90022) on February 26, 2025. TERRAFORM LABS: Judge Sets April 30 as Claims Deadline ------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on February 26, 2025, granted the Chapter 11 plan administrator for defunct cryptocurrency software developer Terraform Labs permission to set an April 30, 2025, deadline for claims related to losses from its collapsed stablecoin. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by: Zachary I Shapiro, Esq. Richards, Layton & Finger, P.A. 1 Wallich Street #37-01 Guoco Tower 078881 TEXAS OILWELL: Chris Quinn Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for Texas Oilwell Partners, LLC. Mr. Quinn will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About Texas Oilwell Partners Established in 2017, Texas Oilwell Partners, LLC is a privately-held company that specializes in cutting-edge technology for extended reach, fishing, and gas separation within coiled tubing and workover rig applications. Texas Oilwell Partners filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-30750) on February 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. The petition was signed by Jason Swinford as member. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: Brandon John Tittle, Esq. Tittle Law Group, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Tel: 972-213-2316 Email: btittle@tittlelawgroup.com THINK GOODNESS: Dawn Maguire Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for Think Goodness, LLC. Ms. Maguire will be paid an hourly fee of $380 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About Think Goodness LLC Think Goodness, LLC, a company in Gilbert, Ariz., offers a curated selection of jewelry, skincare, makeup, and wellness products. It focuses on providing thoughtfully designed, customizable items from reputable brands, aiming to enhance both appearance and well-being. Originally known as Origami Owl, Think Goodness transitioned from a multi-level marketing (MLM) model to a single-level distribution model as of Sept. 1, 2023. Think Goodness filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01160) on February 12, 2025, listing between $1 million and $10 million in both assets and liabilities. The Debtor is represented by: Grant L. Cartwright, Esq. May Potenza Baran & Gillespie, P.C 1850 N. Central Ave., Suite 1600 Phoenix, AZ 85004 Tel: (602) 252-1900 Email: gcartwright@maypotenza.com TOUCH OF TEXAS: Francis Brennan Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Francis Brennan, Esq., at Whiteman Osterman & Hanna, LLP as Subchapter V trustee for Touch of Texas, LLC. Mr. Brennan will be paid an hourly fee of $480 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brennan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Francis Brennan, Esq. Whiteman Osterman & Hanna LLP 80 State Street, 11th Floor Albany, NY 12207 Phone: (518) 487-7600 Email: fbrennan@woh.com About Touch of Texas Touch of Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60930) on November 19, 2024, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Patrick G. Radel oversees the case. The Debtor is represented by: Peter Alan Orville Orville & Mcdonald Law, PC Tel: 607-770-1007 Email: peteropc@gmail.com TRAILER OWNER: Case Summary & 14 Unsecured Creditors ---------------------------------------------------- Debtor: The Trailer Owner LLC 926 N Boxwood Drive, Unit B Mount Prospect, IL 60056 Business Description: The Trailer Owner LLC is a transportation company specializing in the ownership and leasing of a diverse fleet of trucks and trailers, including Freightliner, International, and Wabash models. The Company provides equipment solutions for owner-operators and trucking companies, supporting efficient freight hauling and logistics operations. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-02805 Judge: Hon. Timothy A Barnes Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Total Assets: $902,074 Total Liabilities: $1,376,000 The petition was signed by Christian Puscas as president. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PFVC7TY/The_Trailer_Owner_LLC__ilnbke-25-02805__0001.0.pdf?mcid=tGE4TAMA TURK TRANSPORTATION: Hires Cooney Law Offices as Legal Counsel -------------------------------------------------------------- Turk Transportation, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Cooney Law Offices, LLC as counsel. The firm will render these services: (a) assist in the administration of the Debtor's estate and to represent it on matters involving legal issues that are present or are likely to arise in the case; (b) prepare any legal documentation on behalf of the Debtor, to review reports for legal sufficiency; (c) furnish information regarding legal actions and their resulting consequences; and (d) perform all necessary legal services connected with Chapter 11 proceedings. The firm will be paid at these rates: James R. Cooney, Attorney $425 per hour Ryan J. Cooney, Attorney $375 per hour Paul R. Toigo, Attorney $325 per hour Paralegal $150 per hour Ryan Cooney, 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. The firm can be reached through: Ryan J. Cooney, Esq. Cooney Law Offices, LLC 223 Fourth Avenue, 4th Fl. Pittsburgh, PA 15222 Tel: (412) 546-1234 Fax: (412) 546-1235 Email: rcooney@cooneylawyers.com About Turk Transportation, LLC Turk Transportation LLC is a fully operational interstate freight carrier focused on transporting general freight and motor vehicles. The Company provides specialized services, including the transport of oversized or overweight loads, perishable goods, delicate items, and heavy equipment. Turk Transportation LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20336) on February 11, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ryan J. Cooney, Esq., at COONEY LAW OFFICES. U-TELCO UTILITIES: Case Summary & 16 Unsecured Creditors -------------------------------------------------------- Debtor: U-Telco Utilities, Inc. 1903 US Rt 11 Hastings, NY 13076 Business Description: U-Telco Utilities specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. The Company provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-30126 Judge: Hon. Wendy A Kinsella Debtor's Counsel: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: 607-770-1007 Fax: 607-770-1110 Total Assets: $544,250 Total Liabilities: $1,184,527 The petition was signed by Rusty Moosbrugger as owner. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6FC2CJQ/U-Telco_Utilities_Inc__nynbke-25-30126__0001.0.pdf?mcid=tGE4TAMA US COATING: Case Summary & Eight Unsecured Creditors ---------------------------------------------------- Debtor: US Coating Specialists LLC 7410 S US-1 Suite 402 Port Saint Lucie, FL 34952 Business Description: US Coating Specialists is a licensed commercial roofing company in Florida, offering services like SPF spray foam, silicone, and metal roofing. The Company also provides roof repairs, maintenance, and emergency services for commercial and industrial buildings. The Company works with trusted partners and offers financing options for new roofing systems. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-11972 Judge: Hon. Mindy A Mora Debtor's Counsel: Mark F. Robens, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: mrobens@srbp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony Flett as CEO. A copy of the Debtor's list of eight unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DUVHE7Q/US_Coating_Specialists_LLC__flsbke-25-11972__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DJ2HHJY/US_Coating_Specialists_LLC__flsbke-25-11972__0001.0.pdf?mcid=tGE4TAMA VIALTO PARTNERS: Davis Polk Advised First-Term Lenders ------------------------------------------------------ Davis Polk advised an ad hoc group of first-lien term lenders in connection with a recapitalization of Vialto Partners. Through the recapitalization, Vialto obtained a $225 million equity investment from its existing financial sponsor and existing lender and reduced its existing debt load by approximately $550 million. As part of the transaction, Vialto also agreed to certain modifications to the terms of the underlying debt documents. Vialto is a multinational provider of global mobility, tax and immigration solutions. The Davis Polk restructuring team included partners Damian S. Schaible and David Schiff, counsel Stephen D. Piraino and associates Stephen Ford, Motty (Mordechai) Rivkin and Kyle Kreider. The finance team included partners David Hahn and Nick Benham, counsel Andrei Takhteyev and associates Kendra L. Sandidge and Renee G. Levin. Members of the Davis Polk team are based in the New York and London offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. VILLAGE OAKS: Gets Interim OK to Use Cash Collateral Until July 31 ------------------------------------------------------------------ Village Oaks Senior Care, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral until July 31. The order authorized the company to use cash collateral to pay the expenses set forth in its budget. The company can use cash collateral as long as the expenses do not exceed the budget by more than 10%. Secured creditors, if any, will be granted a post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. These liens are automatically valid and enforceable without additional action. About Village Oaks Senior Care Village Oaks Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D. Cal. Case No. 24-22206) on May 21, 2024, with total assets of $1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023. Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., serves as Subchapter V trustee. Judge Christopher D. Jaime oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. Blanca Castro has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. VOSSEKUIL PROPERTIES: Jerome Kerkman Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Jerome Kerkman of Kerkman & Dunn as Subchapter V trustee for Vossekuil Properties, LLC. Mr. Kerkman will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kerkman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerome R. Kerkman Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202 Phone: 414.277.8200 Email: jkerkman@kerkmandunn.com About Vossekuil Properties LLC Vossekuil Properties LLC is a limited liability company based in Waupun, Wis. Vossekuil Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-20671) on February 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by: Michelle A Angell, Esq. Miller & Miller Law, LLC 700 W Virginia St, Ste 605 Milwaukee, WI 53204-1515 Tel: (414) 277-7742 Fax: (414) 277-1303 Email: michelle@millermillerlaw.com WAYPOINT ROOFING: L. Todd Budgen Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Waypoint Roofing & Construction Inc. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Waypoint Roofing & Construction Waypoint Roofing & Construction Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00874) on February 14, 2025. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as legal counsel. WHITEHORSE 401: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Whitehorse 401 LLC 1274 49th Street Brooklyn, NY 11219 Business Description: Whitehorse 401 holds the fee simple ownership of the property situated at 401 White Horse Road, Voorhees, NJ 08043, which is valued at an estimated $5.1 million. Chapter 11 Petition Date: February 25, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-40925 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Scott S. Markowitz, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway 11th Floor New York, NY 10018 Tel: (212) 216-8000 E-mail: smarkowitz@tarterkrinsky.com Total Assets: $5,101,722 Total Liabilities: $15,371,903 The petition was signed by David Goldwasser as VP of Restructuring. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ESQGCAY/Whitehorse_401_LLC__nyebke-25-40925__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HQON5LY/Whitehorse_401_LLC__nyebke-25-40925__0001.0.pdf?mcid=tGE4TAMA WHITEHORSE 401: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On February 25, 2025, Whitehorse 401 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. 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 Whitehorse 401 LLC Whitehorse 401 LLC is a Brooklyn-based real estate company, operates as a single asset real estate entity located at 1274 49th Street in Brooklyn, New York. Whitehorse 401 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40925) on February 25, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by: Scott S. Markowitz, Esq. Tarter Krinsky & Drogin LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 Email: smarkowitz@tarterkrinsky.com WRESTLING COLLECTOR: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Wrestling Collector Shop, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Texas to use its lenders' cash collateral. The order approved the company's continued use of cash collateral pending the final hearing on March 20 on the same terms and conditions set forth in the bankruptcy court's initial order entered on Jan. 29. Wrestling Collector Shop was ordered to escrow an additional $3,500 for the lenders pending the final hearing. The lenders that purport to hold liens or security interests in the company's inventory and accounts are ODK Capital, LLC, also known as On Deck; Funding Metrics, LLC, doing business as Lendini; Fundation Group, LLC; Corporation Services Company, as representative for East Hudson Capital, LLC, doing business as Global Capital Experts; and Camino Financial SPV I. About Wrestling Collector Shop Wrestling Collector Shop, LLC a specialty retailer based in Cypress, Texas. Wrestling Collector Shop sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-30276) on January 15, 2025, listing up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Jarrod Martin, Esq., a practicing attorney in Houston, serves as Subchapter V trustee. Judge Alfredo R. Perez handles the case. The Debtor is represented by: Reese W Baker, Esq. Baker & Associates Tel: 713-869-9200 Email: courtdocs@bakerassociates.net YELLOW CORP: Laid Off Union Workers to Contest Back-Pay Ruling -------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a bankruptcy judge ruled that Yellow Corp. was a "liquidating fiduciary" when it laid off most of its union employees, likely shielding it from liability under federal law requiring advance layoff notices. In a Wednesday, February 26, 2025, ruling, Judge Craig T. Goldblatt of the US Bankruptcy Court for the District of Delaware stated that union members' claims under the Worker Adjustment and Retraining Notification Act are barred because the company was in liquidation when it terminated employees on July 30, 2023. About Yellow Corporation Yellow Corporation -- 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 Corp. 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 serves as claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP serves as counsel to Beal Bank USA. Arnold & Porter Kaye Scholer LLP serves as counsel to the United States Department of the Treasury. On August 16, 2023, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld LLP and Benesch, Friedlander, Coplan & Aronoff LLP as counsel; Miller Buckfire as investment banker; and Huron Consulting Services LLC as financial advisor. ZACHARY HOLDINGS: Bankruptcy Plan Confirmed, Expects Exit in Weeks ------------------------------------------------------------------ Zachry Holdings, Inc. announced on Feb. 26, 2025, that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company's Plan of Reorganization. Having now achieved this key milestone, the Company expects to successfully complete its restructuring and emerge from the court-supervised process in the coming weeks. Under the terms of the Plan, all vendors and suppliers will be paid in full. John B. Zachry, Chairman and CEO of ZHI said, "We initiated this process to resolve issues related to the Golden Pass LNG export terminal project, and with the Court's approval of our Plan, we are ready to close this chapter and move forward. As we look to the rest of 2025 and beyond, Zachry remains committed to our traditional business values, which have served us well for over 100 years. We are excited about the growth opportunities we see ahead and look forward to a bright future." Additional information regarding the Company's Court-supervised process is available at www.ZHIrestructuring.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims and noticing agent Kurtzman Carson Consultants, LLC, dba Verita Global, at www.veritaglobal.net/zhi, by calling Verita toll-free at (866) 479-8211 (U.S./Canada) or (781) 575-2037 (International), or by submitting an inquiry at www.veritaglobal.net/ZHI/inquiry. White & Case LLP is serving as legal advisor to ZHI, M3 Advisory Partners, LP is serving as financial and restructuring advisor, and Lazard Fréres & Co. LLC is serving as investment banker. About Zachry Holdings Zachry Holdings, Inc., is the engineering, construction, maintenance, turnaround and fabrication services offshoot of the storied family-owned business that began as H.B. Zachry Company one hundred years ago. The other offshoot, Zachry Construction, has operated separately from Zachry Industrial since the two businesses branched off from their common roots in 2008. The Zachry Group provides engineering and construction services to clients in the energy, chemicals, power, manufacturing, and industrial sectors across North America. None of the entities affiliated with Zachry Construction are Debtors in the chapter 11 cases. Zachry Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90377) on May 21, 2024, with $1 billion to $10 billion in assets and liabilities. James R. Old, general counsel, signed the petitions. Judge Marvin Isgur presides over the case. The Debtors tapped White & Case LLP as general bankruptcy counsel; Susman Godfrey L.L.P. and Hicks Thomas, LLP as special litigation counsel; and Kurtzman Carson Consultants as notice & claims agent. [] 2025 Distressed Real Estate Symposium Scheduled for March 26-28 ------------------------------------------------------------------ As the commercial real estate landscape continues to face challenges due to higher vacancies and weakening cash flows, the American Bankruptcy Institute has gathered together a roster of top distressed real estate experts to discuss these critical issues and more at the 2025 Distressed Real Estate Symposium, being held March 26-28 at the Pendry Newport Beach in Newport Beach, Calif. With modifications in work culture and record amounts of maturing loans, commercial real estate faces the prospect of a surge in defaults as property owners are forced to refinance empty or nearly empty office spaces at higher rates. Many of the key players in the commercial real estate space will be providing their perspectives on these challenges and more during the symposium, including what to expect moving forward. The keynote address at the symposium will be delivered by Lisa Picard of Oxygen Investment Management (Seattle), formerly CEO of Blackstone. The symposium's co-chairs are Matthew Bordwin of Keen-Summit Capital Partners LLC (New York) and Michael A. Criscito of FTI Consulting, Inc. (Los Angeles). Sessions at the 2025 ABI Distressed Real Estate Symposium include: CRE Workouts, Still the Same REIT Restructurings Guarantees Distressed Retail & Real Estate: Rebound or Reckoning? Investor Perspectives: Buying in Distress Fiduciary Panel Understanding the Role of Special Servicers in a Complex Debt Structure & CMBS Information on the full schedule can be found at https://www.abi.org/hybrid/conference/re25/page Press interested in attending the symposium should contact ABI Public Affairs Officer John Hartgen at 703-894-5935 or jhartgen@abi.org. ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [] BOOK REVIEW: Transcontinental Railway Strategy ------------------------------------------------- Transcontinental Railway Strategy, 1869-1893: A Study of Businessmen Author: Julius Grodinsky Publisher: Beard Books Softcover: 439 pages List Price: $34.95 Review by Gail Owens Hoelscher Order your personal copy at http://www.beardbooks.com/beardbooks/transcontinental_railway_strategy.html Railroads were pioneers of the American frontier. Union Pacific; Central Pacific; Kansas and Pacific; Chicago, Rock Island and Pacific; Chicago, Burlington and Quincy; Atchison, Topeka and Santa Fe: these names evoke boom times in America, the excitement and tumult of seemingly limitless growth and opportunity, frontiers to tame, fortunes to be made. Railroads opened up vast supplies of raw materials, agricultural products, metals, and lumber. The public gain was incalculable: job creation, low-cost transportation, acceleration of westward immigration, and settlement of the frontier. The building of the western railway system in the United States was described at the time as "one of the greatest industrial feats in the world's history." This book tells the story of the trailblazers of the Western railway industry, men with a stalwart willingness to take on extraordinary personal financial risk. As a group, these initial railroad promoters were smart, bold, tenacious, innovative, and fiercely competitive. Some were cautious with their and their investors' money, some reckless. Most met with financial setbacks, some with total failure, some time and time again. They often sold out at great losses, leaving their successors to derive the benefits later. Bitter competition existed among these men. They fought to position their "roads" in a limited number of mountain passes, rivers, and valleys; and to chart routes which connected major production areas with major consumption areas. They cajoled and begged almost anyone for capital. They created and tried to defend monopolies. They bullied each other, invaded each other's territories, and retaliated against each other. They staged wage wars. They agreed not to compete with each other, and bought each other out. The book opens in May of 1869, just after the completion of the first transcontinental route joining the Union Pacific Railroad and the Central Pacific Railroad in Ogden, Utah. The companies' long-term prospects were excellent, but right then they were desperate for cash. Union Pacific alone was more than $15 million in debt. Additional financing was proving scarce. By 1870, more than 40 railroads were floating bonds, "at almost any price for ready cash," wrote one contemporary observer. Still, funds were raised and construction went on, both of transcontinental lines and branch lines. As railway lines in the West were built in relatively unsettled areas, traffic was light and returns correspondingly low. To increase business, the companies found ways to encourage population growth along their routes. Much-needed funding came from immigration services set up by the railways themselves. Agricultural areas sprang up along the routes. Sometimes volume of traffic expanded too fast, and equipment shortages and construction delays occurred. Or, drought, recession, and low agricultural prices meant more red ink. This book takes the reader through the boom times and bust times of the greatest growth of railways the world has ever seen. The author uses a myriad of sources showing painstaking and creative research, including contemporary news accounts; railway company financial records and archives; contemporary industry journals; Congressional records; and personal papers, letters, memoirs and biographies of the main players. It's a good, solid read. Professor Julius Grodinsky was born in 1896 and died July 9, 1962, in Philadelphia, Pennsylvania. [] Pros and Cons Explored in Debt Consolidation and Bankruptcy -------------------------------------------------------------- Deciding whether to consolidate your debt or declare bankruptcy can be complex. Both options have pros and cons; the best choice depends on your situation. In this article, we'll discuss the differences between debt consolidation and bankruptcy to help you understand which may be right for you: What is Debt Consolidation? Debt consolidation is a popular way to get a handle on mounting debts. It involves taking out a new loan to pay off smaller loans or lines of credit. This can be beneficial because it can result in a lower interest rate and manageable monthly payments. However, debt consolidation is not for everyone. It's essential to research and understand your loan terms before signing on the dotted line. If done carefully, debt consolidation can save you money in the long run. For many people, it's an effective way to get a handle on their finances. Methods to Consolidate Debt -- Balance Transfers One method of consolidating debt is to transfer the balances of your high-interest credit cards to one with a lower interest rate. This may help you save money on interest payments and pay off your debt faster. However, balance transfer cards often have fees, so make sure that your savings from the lower interest rate will outweigh the cost of the fees. -- Personal Loans Personal loans often have lower interest rates than credit cards, which might help you save on interest and pay off your debt quicker. Like balance transfers, personal loans may also have fees, so be sure that the potential savings are worthwhile. -- Debt Consolidation Loans A debt consolidation loan enables you to combine your outstanding debts into a single loan with one monthly payment. Debt consolidation loans typically have lower interest than credit cards, which can help you save in the long run. Qualifying for Debt Consolidation Most consolidation loans require that you have a good credit score. If you have not made payments or taken out too much credit in the past, you may not qualify for a consolidation loan. Consolidation loans also often require proof of steady income. This is because lenders want to ensure you can afford your monthly payment. Depending on the type of consolidation loan, you may require collateral, such as a car or home. This gives the lender a way to recoup its money if you default on the loan. What is Bankruptcy? Bankruptcy is a legal process that enables individuals or businesses to restructure or eliminate their debts. In most cases, bankruptcy is filed as a last resort after all other options for debt relief have been exhausted. Different Bankruptcy Options Chapter 7 Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows you to discharge most of your debts, including credit card and medical debt and personal loans. To qualify for Chapter 7 bankruptcy, you may need to pass a means test, determining whether your income is low enough to qualify. Chapter 13 Chapter 13 bankruptcy is also called reorganization bankruptcy. This type of bankruptcy allows you to repay your debts over three to five years. To qualify for Chapter 13, you may need a stable source of income and your unsecured debts should be less than $465,275. Chapter 11 Chapter 11 bankruptcy is also known as a business reorganization bankruptcy. This type of bankruptcy is typically used by businesses but can also be used by individuals under certain limited circumstances. In a Chapter 11 bankruptcy, companies can continue operating while they repay their debts over time. Bottom Line: Debt Consolidation or Bankruptcy? No matter what you decide, understand that both options have their own set of pros and cons. If you feel like you can't handle your debt on your own, don't hesitate to reach out for help-there are plenty of qualified individuals who will give you the guidance you need to make the best decision for your unique situation. [] Salim Azzam Joins O'Melveny as Partner in Los Angeles -------------------------------------------------------- O'Melveny announced on Feb. 27, 2025, that seassoned private funds lawyer Salim Azzam has joined the firm's Los Angeles office as a partner in the Asset Management Practice Group and Private Equity Industry Group. His arrival further strengthens O'Melveny's capacity to lead and manage complex, multi-disciplinary transactions for private funds and investment management clients. Mr. Azzam brings extensive experience to O'Melveny advising sponsors in connection with the formation, marketing, operation, and regulatory compliance of US and non-US private funds. His practice also focuses on advising sponsors and investors in connection with the private funds secondary market, including continuation vehicles and other liquidity solutions. Additionally, Mr. Azzam advises sponsors and buyers on strategic transactions and represents institutional investors in connection with their various alternative asset portfolios. Throughout his career, Mr. Azzam has guided mid-market sponsors and emerging managers in raising billions in AUM across asset classes, including private equity, real estate, and private credit. His clients have included some of the world's most active and important institutional investors and prominent sovereign wealth funds. And he has also represented management teams and investment professionals in spin-outs, first-time funds, upper-tier arrangements, and seeding arrangements. Mr. Azzam comes to O'Melveny from the Los Angeles office of Paul Hastings, where he served as of counsel in that firm's Investment Funds & Private Capital Practice Group. His addition accelerates O'Melveny's continued strategic growth. With his arrival, 30 lateral partners have joined the firm since 2023, including 20 corporate partners based in the firm's Los Angeles, Century City, New York, Dallas, Houston, Singapore, and London offices. "Salim is a highly regarded lawyer with impeccable credentials in the private funds space," said O'Melveny chair Bradley J. Butwin. "Our private capital clients will immediately benefit from Salim's extensive knowledge and wide-ranging experience, especially in GP-led secondaries. He is a wonderful addition, and it is a pleasure to welcome him to O'Melveny." "I'm excited to start this new chapter of my career at O'Melveny," said Azzam. "The firm's reputation for providing superior client service is incomparable. And the firm's collaborative culture is second to none. I look forward to working alongside my new colleagues on the rapidly growing Asset Management, Private Equity, and Private Credit teams and providing my clients with all of the benefits O'Melveny has to offer." Azzam earned his J.D. from St. John's University School of Law and his B.A. from the University of California, Santa Barbara. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***