/raid1/www/Hosts/bankrupt/TCR_Public/250306.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, March 6, 2025, Vol. 29, No. 64
Headlines
1021-1025 SANTA FE: Case Summary & One Unsecured Creditor
ALI'S INVESTMENT: Hires Gudeman & Associates as Bankruptcy Counsel
ALICE'S CREATIVITY: Seeks to Tap Toni Campbell Parker as Counsel
ALLIANCE MESA: Updates BOK Financial Secured Claims; Amends Plan
AMERIGLASS CONTRACTOR: Case Summary & 20 Top Unsecured Creditors
APHEX HOLDINGS: To Sell Commercial Property to Always Sunny
ASCEND PERFORMANCE: In Private Talks w/ Lenders as Loan Tumbles
AVIS BUDGET: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
AZZUR GROUP: Mar. 11 Deadline Set for Panel Questionnaires
B&G FOODS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
B. RILEY FINANCIAL: Posts 4Q Loss, Buyout Efforts Ends
BAMBY EXPRESS: Court Extends Cash Collateral Access to March 31
BHAVICHAND LLC: Gets Extension to Access Cash Collateral
BLACKBRUSH INVESTMENTS: Case Summary & Two Unsecured Creditors
BOAGGIO'S BREAD: Seeks to Tap Lex Nova Law as Bankruptcy Counsel
CALI MADE: Gets Final OK to Use Cash Collateral Until Aug. 31
CAST & CREW: S&P Cuts ICR to 'B-' on Weaker Operating Performance
CHAMPION WELDING: Taps Newport Advisors Corporation as Accountant
CHAR GRILL: Files Emergency Bid to Use Cash Collateral
CHATEAU CREOLE: Trustee Seeks to Tap Patrick A. Gros as Accountant
CINEMA MANAGEMENT: Trustee Seeks to Tap General Bankruptcy Counsel
CKM SHINING: To Sell San Clemente Property to Mark Mintz
COAL NEW: Seeks to Tap Goldberg Weprin Finkel Goldstein as Counsel
COCOCHINE OF NC: Unsecured Creditors to be Paid in Full in Plan
COEUR MINING: Moody's Ups CFR to B2 & Senior Unsecured Notes to B3
COMMSCOPE HOLDING: Moody's Upgrades CFR to Caa1, Outlook Stable
COUSIN ENTERPRISES: Bell Buckle Property Sale to D. Cousin OK'd
COVERED BRIDGE: Court Extends Cash Collateral Access to March 28
CREEKSIDE 2019: Voluntary Chapter 11 Case Summary
DCA OUTDOOR: Gets Interim OK to Use Cash Collateral
DCA OUTDOOR: Seeks Approval to Hire Lewis Rice as Legal Counsel
DD MIND BODY: Updates Unsecured Claims Details
DE HOOP: Unsecureds Will Get 10% of Claims over 60 Months
DECO GROUP: Case Summary & Six Unsecured Creditors
DESTINATIONS TO RECOVERY: Gets Extension to Access Cash Collateral
DHW WELL: Seeks Approval to Hire Keller Williams Laredo as Realtor
DIAMOND COMIC: Committee Taps Lowenstein Sandler as Legal Counsel
DIAMOND COMIC: Committee Taps Tydings & Rosenberg as Local Counsel
DIAMOND COMIC: Panel Hires Berkeley Research as Financial Advisor
DJK ENTERPRISES: Plan Exclusivity Period Extended to May 30
DMD FLORIDA: Hires Kensington Company and Affiliates as Broker
DUSOBOX CORP: Court OKs Inventory Sale to Precision Corr
DW TRUST: Court OKs Limited Use of Cash Collateral
ELITE SCHOOL: Gets Interim OK to Use Cash Collateral Until March 18
EMD EXPRESS: Charity Bird Named Subchapter V Trustee
EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral
EXELA TECHNOLOGIES: Units Seek Chapter 11 to Restructure Debt
FAMILY SOLUTIONS: Trustee Taps Calfee Halter & Griswold as Counsel
FANATICS COLLECTIBLES: Moody's Alters Outlook on 'Ba3' CFR to Pos.
FRANKLIN STREET: Moody's Cuts CFR to Caa1, Alters Outlook to Stable
GARCIA DEARING: Seeks to Hire Tittle Law Group as Legal Counsel
GFL ENVIRONMENTAL: S&P Upgrades ICR to 'BB', Outlook Stable
GRESHAM WORLDWIDE: Gets Extension to Access Cash Collateral
GUNNISON VALLEY: Plan Exclusivity Period Extended to March 26
GWG HOLDINGS: Trustee Alleges Holland & Knight Assisted in Fraud
H-FOOD HOLDINGS: Gets Approval for Executive Bonus Plan
HALO ESTATES: Gets Interim OK to Use Cash Collateral Until April 1
HAYS TABERNACLE: Hires B. Riley Advisory as Financial Advisor
HAYS TABERNACLE: Hires Liner Freedman Taitelman as Special Counsel
HERSHEY CHAN: Voluntary Chapter 11 Case Summary
HOP-HEDZ INC: Tampa Property Sale for $2.8MM OK'd
I A P CONSTRUCTION: Gets OK to Use Cash Collateral Until April 3
INSTANT BRANDS: Directors Gain Limited Ch. 11 Liability Protection
INTEGRATED CARE: Seeks Court OK to Use Cash Collateral
JACKSON COURT: Seeks to Sell "The Jackson Court" Property
JOE'S SPORTS: Voluntary Chapter 11 Case Summary
JUNK SHUTTLE: Gets Extension to Access Cash Collateral
L4L INVESTMENT: Taps Rountree Leitman Klein & Geer as Counsel
LIBERTY COMMUNICATIONS: S&P Cuts ICR to 'B', Outlook Negative
LOOK CINEMAS: Court Extends Cash Collateral Access to April 30
LUTHERAN HOME: U.S. Trustee Appoints Creditors' Committee
MAJESTIC OAK: Gets OK to Hire BransonLaw PLLC as Bankruptcy Counsel
MANNINGTON MILLS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
MAPRAGENCY INC: Case Summary & 20 Largest Unsecured Creditors
MCAP LLC: Unsecureds Will Get 100% of Claims in Liquidating Plan
MENORA CAMPUS: Hearing Today on Bid to Use Cash Collateral
MITEL NETWORKS: Prepares for Chapter 11 Bankruptcy Filing
MZS PROPERTIES: Seeks Cash Collateral Access
MZS PROPERTIES: Seeks to Hire Bradley H. Foreman as Legal Counsel
O'BRIEN'S RENT-ALL: Gets Interim OK to Use Cash Collateral
OCEAN BAY HOLDINGS: Voluntary Chapter 11 Case Summary
OLIN CORP: Moody's Rates New $600MM Unsecured Notes 'Ba1'
ONEMAIN FINANCE: S&P Rates New $500MM Unsecured Notes 'BB'
PAUL LESPOIR: Voluntary Chapter 11 Case Summary
PICCARD PETS: Seeks to Extend Plan Exclusivity to April 14
PPW AERO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
PREMIER DATACOM: Seeks to Tap Jackson Walker as Bankruptcy Counsel
RABAH LLC: To Sell Dallas Property to Jacqueline Nortman
RAINBOW PRODUCTION: Plan Exclusivity Period Extended to May 5
RED HORSE: Seeks to Hire Sternberg Naccari & White as Counsel
RED RIVER: Seeks to Hire Kirkland as Special Litigation Counsel
RED RIVER: Talc Trial Describes Law Firms' Chapter 11 Deal Dispute
REDLINE METALS: Plan Exclusivity Period Extended to April 30
REITER BROTHERS: Gets Final OK to Use Cash Collateral
ROMBOUTS AVE: Case Summary & 20 Largest Unsecured Creditors
ROONEY AND BORDEN: Seeks Cash Collateral Access
RYLEE & CO: Selling Ponder Property to Cornerstone to Construction
SAPOBLA INVESTMENTS: Case Summary & Five Unsecured Creditors
SB CONTRACTORS: Seeks to Extend Plan Exclusivity to May 23
SEAQUEST HOLDINGS: To Sell Aquarium Properties to Norcal Aquarium
SERVE TECH: Mark Sharf Named Subchapter V Trustee
SOLANO HOME: Seeks to Tap Peter G. Macaluso as Bankruptcy Counsel
SORENTO ON YESLER: Gets Final OK to Use Cash Collateral
STATION CASINOS: Moody's Alters Outlook on 'B1' CFR to Positive
STEWARD HEALTH: Doctors File Lawsuit Over Compensation Disputes
SUNNOVA ENERGY: New KKR Loan to Remain Outside Possible Bankruptcy
T-SHACK INC: Voluntary Chapter 11 Case Summary
TINKER REAL: To Sell Acworth Property to Darryl Smith for $1.6MM
TLC MEDICAL: Hires Watermark Estate's as Real Estate Broker
TOG HOTELS: Seeks to Hire Joyce W. Lindauer as Bankruptcy Counsel
TREESAP FARMS: Seeks to Hire Donlin as Claims & Noticing Agent
TRI-CITY SERVICE: Seeks Approval to Hire HB Morgan as Accountant
TROPICANA BRANDS: Weighs Rescue Offers Amid Dipping Juice Sales
TXMV2017 LLC: Gets Extension to Access Cash Collateral
ULTRA SAFE: Seeks to Extend Plan Exclusivity to May 27
US COATING: Seeks Chapter 11 Bankruptcy in Florida
VALVOLINE INC: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
VERTIV HOLDINGS: Bid to Dismiss Securities Class Suit Pending
VETERANS HOLDINGS: Seeks to Hire Patrick J. Gros as Accountant
VILLAGE RV: Case Summary & 20 Largest Unsecured Creditors
VISION CAPITAL: Seeks to Hire Fallon Law as Bankruptcy Counsel
YELLOW CANOE: Kathleen O'Malley Named Subchapter V Trustee
YELLOW CANOE: Seeks to Hire Hendren Redwine & Malone as Counsel
ZMETRA LAND: Court Extends Cash Collateral Access to March 27
ZMETRA LAND: Taps Nickless Phillips and O'Connor as Legal Counsel
[] Moody's Reports U.S. Public Companies' Default Risk at 9.2%
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
1021-1025 SANTA FE: Case Summary & One Unsecured Creditor
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Debtor: 1021-1025 Santa Fe Avenue, LLC
135 North Hamilton Drive
Beverly Hills, CA 90211
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-11700
Judge: Hon. Julia W Brand
Debtor's Counsel: Raymond H. Aver, Esq.
LAW OFFICES OF RAYMOND H. AVER, A PROFESSIONAL
CORPORATION
11849 West Olympic Boulevard, Suite 204
Los Angeles, CA 90064
Tel: (310) 571-3511
E-mail: ray@averlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Farid E. Kahen as manager.
The Debtor has identified Nasrin Samadi, residing at 163 North
Hamilton Drive, Beverly Hills, CA, as its sole unsecured creditor,
with a claim of $500,000.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/AQ3LR7Q/1021-1025_Santa_Fe_Avenue_1021-1025__cacbke-25-11700__0001.0.pdf?mcid=tGE4TAMA
ALI'S INVESTMENT: Hires Gudeman & Associates as Bankruptcy Counsel
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Ali's Investment, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Gudeman &
Associates, PC to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Edward Gudeman, Associate $500
Briand Rookard, Paraprofessional $350
The firm received a retainer of $7,000 prior to the petition date.
Mr. Gudeman 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:
Edward J. Gudeman, Esq.
Gudeman & Assocaites, PC
1026 West 11 Mile Road
Royal Oak, MI 48067
Telephone: (248) 546-2800
Email: ejgudeman@gudemanlaw.com
About Ali's Investment
Ali's Investment, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-41652) on February
21, 2025, listing under $1 million in both assets and liabilities.
Honorable Bankruptcy Judge Scott M. Grossman handles the case.
Gudeman & Associates, PC serves as the Debtor's counsel.
ALICE'S CREATIVITY: Seeks to Tap Toni Campbell Parker as Counsel
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Alice's Creativity All in One, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Tennessee to employ
Toni Campbell Parker, Esq., an attorney practicing in Memphis,
Tennessee, to handle its Chapter 11 case.
The attorney will be paid at an hourly rate of $350, while
paralegals will be paid at $100 per hour, plus expenses.
Mr. Parker disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The attorney can be reached at:
Toni Campbell Parker, Esq.
45 North BB King Blvd., Ste. 201
Memphis, TN 38103
Telephone: (901) 483-1020
Email: Tparker002@att.net
About Alice's Creativity All in One
Alice's Creativity All in One, LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-20183)
on January 15, 2025, listing under $1 million in both assets and
liabilities.
Toni Campbell Parker, Esq., represents the Debtor as counsel.
ALLIANCE MESA: Updates BOK Financial Secured Claims; Amends Plan
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Alliance Mesa Cardio, LLC, submitted a Disclosure Statement
describing Fourth Amended Plan of Reorganization dated February 19,
2025.
The Debtor owns the Real Property, which consists of an
approximately 13,000 square foot office located in the Baywood
Plaza Professional Center in Mesa, Arizona.
The Plan provides that all Allowed Secured and General Unsecured
Claims will be paid in full with interest, with the remaining
ongoing concern value available for distribution to Equity Interest
Holders. The Debtor believes that all creditors will be paid in
full under a hypothetical Chapter 7 liquidation but that the
ultimate distributions to Class 4 Equity Interests will be much
higher under the Plan than they would be in a hypothetical Chapter
7 liquidation.
Under this Plan the Reorganized Debtor will market the Property for
sale during the term of the Plan. The Debtor will also seek to
refinance the BOK Financial Loan, and will use the proceeds of such
sale or refinancing to pay all Allowed Claims, Allowed
Administrative Expenses, and Allowed Fee Claims in full in Cash.
Until the sale or refinancing occurs the Debtor will make the
payments to be funded from the Reserve Account.
Class 1 consists of Allowed Secured Claims of BOK Financial. On the
Effective Date, BOK Financial shall have an Allowed Secured Claim
equal to the sum of:(a) the Allowed BOK Financial Petition Date
Claim, plus (b) the Pendency Interest Amount, plus (c) the Allowed
BOK Financial Enforcement Fees.
Commencing on the fifteenth day of the first calendar month
following the Effective Date, and continuing each month thereafter
until the earlier of (i) the BOK Financial Loan is indefeasibly
paid in full, or (ii) June 30, 2025, the Reorganized Debtor shall
pay monthly interest only payments to BOK Financial calculated
using the Plan Interest Rate, provided, however, that the monthly
payments due in May 2025 and June 2025 shall each also include a
principal payment of $5,000.
Commencing on the fifteenth day of the first calendar month
following the Effective Date, and continuing every fourteen days
thereafter so long as any amounts under the BOK Financial Loan
remain outstanding, the Debtor shall transmit to BOK Financial the
Plan Reports. BOK Financial shall retain its Lien on the Real
Property, the Reserve Account, and other collateral to the same
extent, validity, and priority existing as of the Petition Date to
secure repayment of its Allowed Secured Claim.
In the event that Debtor defaults under the terms of the Plan prior
to June 30, 2025, BOK Financial will provide Debtor three business
days' notice of such default and an opportunity to cure said
default and absent cure, BOK Financial shall be entitled without
further notice or demand to enforce any and all of its rights under
the BOK Financial Loan Documents, or as otherwise available at law
or equity, including but not limited to foreclosure on the Real
Property.
Financial in full on or before the maturity date on June 30, 2025,
in addition to the charge for the Exit Fee, BOK Financial will be
entitled without notice, demand, or opportunity to cure, to
immediately enforce any and all of its rights under the BOK
Financial Loan Documents, or as otherwise available at law or
equity, including but not limited to foreclosure on the Real
Property. To the extent necessary, upon default without further
order of the Court, BOK Financial is granted relief from stay to
enforce its rights under the BOK Financial Loan Documents.
Class 2 consists of Allowed General Unsecured Claims other than
Insider Claims. All Class 2 Claimants shall be paid in full in Cash
on the Effective Date, including post-petition interest at the
Federal Judgment Interest Rate of 5.12% per annum. Class 2 is
Unimpaired and is not entitled to vote on the Plan.
The Debtor currently has the Real Property listed for sale at
$5,000,000. Although to date the sale listing has not generated
sufficient interest, the Lease of the Real Property will enhance
the marketability of the Real Property. The Debtor will continue to
market the Property for sale during the term of the Plan.
The Debtor is currently seeking to refinance the BOK Financial
Loan. Now that the Debtor has a Lease of the Real Property, the
Debtor's ability to obtain refinancing of the BOK Financial Loan is
also enhanced. The Debtor will continue to seek to refinance the
BOK Financial Loan. The BOK Financial Loan will be refinanced by no
later than June 30, 2025.
To the extent necessary to implement this Plan and to pay all
expenses and distributions provided for hereunder, the manager of
the Debtor shall require Equity Interest Holders to make Additional
Capital Contributions under the terms provided therefore in Section
8.2 of the Debtor's Operating Agreement dated March 12, 2018, by no
later than March 1, 2025. The Additional Capital Contributions will
total approximately $670,000.
A full-text copy of the Disclosure Statement dated February 19,
2025 is available at https://urlcurt.com/u?l=0sF3t1 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
David A. Warfield, Esq.
Thompson Coburn LLP
One U.S. Bank Plaza, Suite 2700
St. Louis, MO 63101
Telephone: (314) 552-6079
Facsimile: (314) 552-7000
Email: dwarfield@thompsoncoburn.com
bhockett@thompsoncoburn.com
About Alliance Mesa Cardio
Alliance Mesa Cardio, LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
Alliance Mesa Cardio sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08848) on June 15,
2024, with $1 million to $10 million in both assets and
liabilities. Ben Reinberg, sole member of Alliance Mesa Cardio
Manager, LLC, signed the petition.
Judge Janet S. Baer oversees the case.
The Debtor is represented by David A. Warfield, Esq., at Thompson
Coburn, LLP.
AMERIGLASS CONTRACTOR: Case Summary & 20 Top Unsecured Creditors
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Debtor: Ameriglass Contractor Corp
10368 NW 24th Place
Unit 205
Fort Lauderdale, FL 33322
Business Description: Ameriglass Contractor specializes in
residential and commercial glass repair and
replacement services in the Fort Lauderdale,
Florida area. The Company offers a range of
services, including window and sliding door
repairs, storefront glass repairs, and high-
impact window installations. The Company
operates 24/7, providing emergency glass
repair services.
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 25-12349
Judge: Hon. Scott M Grossman
Debtor's Counsel: Susan D Lasky, Esq.
SUSAN D. LASKY, PA
320 SE 18 Street
Fort Lauderdale, FL 33316
Tel: 954-400-7474
E-mail: Jessica@SueLasky.com
Total Assets: $423,551
Total Liabilities: $1,389,948
The petition was signed by Edilio Tula as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/V5BVEKA/Ameriglass_Contractor_Corp__flsbke-25-12349__0001.0.pdf?mcid=tGE4TAMA
APHEX HOLDINGS: To Sell Commercial Property to Always Sunny
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Aphex Holdings Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida, Fort Lauderdale Division, to
sell commercial real property located at 2960 SW 23rd Terrace,
Suites 107 and 108, Dania Beach, Florida, free and clear of liens,
interests, and encumbrances.
The Debtor wants to sell the commercial property to Always Sunny
Detailing, LLC, with the purchase price of $1,150,000.
The closing of the sale is scheduled for 120 days after execution
of the contract, which is in the process of being signed. The
deposit is $100,000.00 which shall be paid as follows: $10,000.00
on the Effective Date, $90,000.00 within 20 days after the
Effective Date. Financing shall be obtained by the Buyer in the
amount of $920,000.00 with the remaining funds to be paid at
Closing.
The Property being sold is encumbered by a mortgage held by DSTZ,
LLC in the original principal amount of $750,000.00. The Mortgage
is a blanket mortgage that also encompasses the Property as well as
a second property owned by the Debtor located at 3580 SW 30 Avenue,
Hollywood, Florida 33312. To date, DSTZ, LLC has not filed a Proof
of Claim. Previously, the Debtor sold a property located at 3590 SW
30 Avenue,
Hollywood, Florida which was also encumbered by the blanket lien.
The Debtor acknowledges that 2024 real property taxes will come due
to the Broward County Tax Collector and these taxes shall be paid
upon the closing of any sale.
The Debtor maintains that the offer is the highest and best offer
it believes it can receive for the Property. The Buyer is the
current tenant. The lease between the Debtor and the Buyer allows
for automatic renewals and does not expire until August 31, 2026.
The Debtor requests to sell the asset free and clear of all liens,
claims, encumbrances and interests pursuant to the terms of the
Contract, and any amendments thereto with any such liens or
interests to attach to the proceeds of the sale.
About Aphex Holdings Inc.
Aphex Holdings is the fee simple owner of the real property located
at 2960 SW 23 Terrace #107 & #108, Dania Beach FL 33312 valued at
$850,000 and another real property located at 3580 & 3590 SW 30
Avenue, Hollywood, FL 33312 valued at $3 million.
Aphex Holdings, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-19588) on September 18, 2024, listing $3,850,173 in assets and
$5,360,000 in liabilities. The petition was signed by Bryan Hacht
as owner.
Judge Peter D. Russin presides over the case.
Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC represents
the Debtor as counsel.
ASCEND PERFORMANCE: In Private Talks w/ Lenders as Loan Tumbles
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Reshmi Basu of Bloomberg News reports that some creditors of Ascend
Performance Materials are engaged in confidential talks with the
chemical manufacturer to secure new funding, according to sources
familiar with the matter.
The discussions come as the Houston-based company navigates next
2026's loan maturity and works to bolster its liquidity amid
financial pressures, the sources said, requesting anonymity due to
the private nature of the negotiations.
A representative for Ascend Performance declined to comment.
Meanwhile, the company's loan has continued to decline, falling
about 20 cents over the past week.
About Ascend Performance Materials Operations LLC
Ascend Performance Materials Operations LLC is an integrated
propylene based producer of Nylon 6,6. SK Titan Holdings LLC bought
the company from Solutia in 2009 and a small remaining equity
interest in 2011. Headquartered in Houston, Texas, Ascend generated
about $3.2 billion of revenues in 2021.
AVIS BUDGET: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
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Moody's Ratings affirmed the ratings of Avis Budget Car Rental, LLC
(Avis), including the Ba3 corporate family rating, the Ba3-PD
probability of default rating and the Ba1 backed senior secured
bank credit facility rating. Moody's also affirmed the B1 backed
senior unsecured rating of Avis and Avis Budget Finance plc. The
outlook was changed to negative from stable. The speculative grade
liquidity rating was downgraded to SGL-3 from SGL-2.
The affirmation reflects Moody's expectations that Avis will
maintain its well-established, competitive position and diversified
presence in the US and European car rental industry, aided by the
implementation of data-driven technology tools that will help
improve customer experience and the efficiency of the rental
operations.
The negative outlook reflects Moody's expectations that the
recovery of Avis' margin and the deleveraging of its balance sheet
will be protracted. The acceleration of the fleet rotation will
lower depreciation expense but the full effect will not be realized
until late 2025. Interest expense will remain high, funds available
for debt reduction are likely limited and rental rates have yet to
stabilize.
RATINGS RATIONALE
The Ba3 corporate family rating reflects the competitive position
that Avis holds in the car rental industry. Avis' revenue is
diversified across on-airport and off-airport operations, leisure
and corporate travel, and by geography. Strategically, Avis is
intently focused on enhancing customer experience, operational
efficiency, fleet discipline and the use of technology to advance
its service offerings and operations.
Despite its oligopolistic nature, the car rental market is highly
competitive and poses several challenges that Avis has to contend
with. These challenges include the cyclical nature of the industry,
imbalances between industry fleet levels and customer demand, a
heavy reliance on capital markets to fund annual fleet purchases
and the need to adapt to an evolving transportation landscape.
Notwithstanding still robust travel demand, unfavorable conditions
in the car rental market continue weighing on earnings due to lower
revenue per day, higher depreciation on more costly vehicles and
higher interest expense. An unexpected excess of vehicles in the
industry exacerbated the earnings pressure.
Furthermore, prompted by competitive reasons, Avis is accelerating
its fleet rotation which caused an asset impairment and other
charges of $2.5 billion, primarily to reduce the carrying value of
the rental fleet. Along with lower prices for new vehicle
purchases, the ensuing lower depreciation will help recover Avis'
pre-tax income margin in 2025 to 2.5%, Moody's estimates, from a
pre-tax loss incurred in 2024. Debt/EBITDA will remain high at
about 4.5 times by year-end 2025.
Moody's anticipates that liquidity remains adequate, supported by a
cash balance of at least $500 million as well as the proceeds from
a new $500 million Term Loan A completed in February 2025.
Available capacity under the $2 billion revolving credit facility
is limited by a large amount of letters of credit that provide
support to the company's vehicle financing programs. Avis had only
approximately $500 million of available borrowing capacity under
the revolving credit facility as of December 31, 2024. Further, the
ability for Avis to issue additional subordinated debt out of its
vehicle financing programs narrowed following the issuance of new
Class D asset-backed notes on two occasions in the last several
months.
Avis' ability to dispose used vehicles expeditiously remains
critical when demand wanes to raise proceeds that can be deployed
for repayment of the company's vehicle debt and other obligations.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded with evidence that Avis manages its
assets efficiently while industry fleet capacity and capital
allocation remain disciplined. Metrics that would reflect such
performance include pre-tax income as a percent of sales of at
least 10%, EBITA/average assets of around 10% and debt/EBITDA below
3.25 times. Good liquidity is also a requirement for an upgrade,
including prudent management of collateral in the company's vehicle
funding programs.
The ratings could be downgraded if Avis is unable to manage fleet
utilization consistently at approximately 70%, if revenue per
vehicle per day drops considerably, if Avis' ability to dispose
vehicles becomes constrained or if there is a steep drop in used
vehicle prices that would require Avis to increase collateral under
its vehicle financing programs. Metrics that would contribute to a
rating downgrade include pre-tax income as a percent of sales of
less than 7.5%, EBITA/average assets of less than 7% or debt/EBITDA
sustained above 4 times.
The principal methodology used in these ratings was Equipment and
Transportation Rental published in December 2024.
Avis Budget Car Rental, LLC is one of the world's leading car
rental companies, operating under the Avis, Budget, and Zipcar
brands in more than 10,000 rental locations worldwide. Revenue in
2024 was $11.8 billion.
AZZUR GROUP: Mar. 11 Deadline Set for Panel Questionnaires
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The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Azzur Group
Holdings, LLC, et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/44af37hx and return by email it to
Jonathan W. Lipshie, Esq. -- jon.lipshie@usdoj.gov -- at the Office
of the United States Trustee so that it is received no later than
Tuesday, March 11, 2025 at 4:00 p.m.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Azzur Group Holdings
Azzur Group Holdings Pennsylvania-based professional services
company operates across multiple locations including Boston,
Chicago, San Diego, and San Francisco, providing specialized life
sciences services including consulting, laboratory testing,
cleanrooms-on-demand, and technical training services.
Azzur Group Holdings and more than 30 of its affiliates sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del.
Case No. 25-10342) on March 2, 2025. In their petitions, the
Debtors reported estimated assets and liabilities between $100
million and $500 million.
Honorable Bankruptcy Judge Karen B. Owens handles the cases.
DLA Piper LLP represents the Debtors as general bankruptcy counsel.
Ankura Consulting Group LLC serves as restructuring advisor to the
Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as
investment banker, and Stretto Inc. acts as claims and noticing
agent.
B&G FOODS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
---------------------------------------------------------
S&P Global Ratings revised its outlook to stable from positive and
affirmed its 'B-' issuer credit rating on U.S.-based packaged food
company B&G Foods Inc. At the same time, S&P affirmed its 'B+'
issue-level rating on its senior secured credit facilities and our
'CCC' issue-level rating on its senior unsecured credit facilities.
The recovery ratings remain '1' and '6', respectively.
The stable outlook reflects S&P's expectation that B&G's operating
performance will remain in line with its base-case forecast,
resulting in S&P Global Ratings-adjusted leverage of about 7x in
fiscal 2025.
S&P said, "The outlook revision reflects B&G's operating
performance below our previous forecast and our expectation that
S&P Global Ratings-adjusted leverage will increase to 7x in 2025.
B&G's organic revenues declined 3.6% in fiscal 2024 because of 2.6%
volume declines and 1% lower pricing. Consumption remained strong
in the spices and flavor solutions segment (20% of fiscal 2024
revenues), driven by a shift to cooking-at-home. However, weak
consumer demand and higher competitive activity lowered volumes in
the meals (24%), frozen and vegetables (21%), and specialty (35%)
segments. S&P Global Ratings-adjusted EBITDA dropped more than 7%
versus 2023 because of lower volumes, foreign currency impact, and
lower EBITDA due to the Green Giant U.S. shelf-stable divestiture.
As a result, leverage increased to 6.7x from 6.4x in fiscal 2023.
We previously expected the company to maintain about $330 million
in adjusted EBITDA and to improve leverage to about 6.2x.
Consumption trends have decelerated year to date for B&G, similar
to many other packaged food companies, driven by continued
inflation sensitivity among consumers in their categories. S&P
said, "We now believe volume challenges will persist at least
through the first half of 2025 and forecast about 2% revenue
decline in fiscal 2025 compared with our previous forecast for
modest growth. We forecast slightly lower EBITDA margin in 2025 due
to the need to reinvest, despite easing inflation pressures and
productivity and cost-saving benefits. Based on our forecast, S&P
Global Ratings-adjusted leverage will increase to 7x in fiscal
2025. Although we expect sequential improvements in profitability
through the second half of 2025, we do not expect higher margins,
and leverage to improve below 7x, until fiscal 2026. We also
believe tariffs could further constrain earnings since B&G has a
production footprint for Green Giant products in Mexico, which are
imported into the U.S., and a portion of its spices and seasonings
ingredients are sourced from China."
Recent performance will likely delay achievement of
management-stated financial targets and progress will hinge on
stabilization of volumes, a more rational competitive environment
and asset divestitures. Since CEO Casey Keller took over in 2021,
B&G has had a renewed emphasis on improving the company's EBITDA
margin to 18%-20%, increasing cash flow, and reducing leverage to
4.5x-5.5x. However, most of the company's portfolio remains in
slower growth categories with limited organic growth opportunities.
At the same time, macroeconomic pressures and changing consumer
behavior have pushed out volume recovery and pressured
profitability over the last few years. S&P believes B&G faces
competition from dominant competitors with stronger brands as well
as private-label brands in most of its subcategories. For example,
Crisco faced aggressive pricing from its competitor, Wesson; Ortega
faced increased competition from Taco Bell; and Green Giant's
frozen products lost market share to private label offerings in
2024. B&G has limited pricing power and will need to continue to
increase investments and focus on innovation to remain competitive
and stem volume declines.
Given recent performance and the company's limited growth
prospects, B&G is unlikely to achieve its financial targets through
organic growth and will need to divest lower-margin businesses to
meaningfully improve its credit profile. S&P said, "While the
divestiture of the Green Giant U.S. shelf-stable business in 2023
somewhat reduced B&G's cash flow volatility, we forecast annual
free operating cash flow (FOCF) of about $80 million to $90
million, lower than historical levels, due to continued high
working capital requirements within the frozen and vegetables
segment and Crisco business. We forecast the company will continue
to pay annual dividends of about $60 million, leaving about $20
million to $30 million in annual discretionary cash flow."
Weak credit metrics will deplete cushion under the company's
financial covenants. B&G is required to maintain consolidated
leverage of 7x or less (based on net debt) and EBITDA interest
coverage of more than 1.5x at the end of each fiscal quarter under
its revolving credit facility credit agreement. Although the
company was in compliance with the leverage covenant at the end of
fiscal 2024, EBITDA cushion was very tight at about 6%. Given S&P's
forecast of EBITDA decline in fiscal 2025, it likely may need to
seek a waiver or an amendment to its revolving credit facility
credit agreement. The company had sought covenant amendment relief
to temporarily increase its consolidated leverage ratio under its
revolving credit facility from the second quarter of 2022 through
the first quarter of 2024. S&P expects B&G to continue to maintain
sufficient cushion under its interest coverage covenant.
B&G's management is focused on portfolio optimization efforts to
support deleveraging, but timing remains uncertain. B&G remains
committed to reshaping its portfolio to streamline and simplify its
operations and increase synergies within its business segments. The
company has a track record of pruning portfolio assets to reduce
its debt burden. S&P said, "We expect the company to continue its
portfolio reshaping, including divesting slower-growth, noncore
assets. We also expect it to utilize proceeds from asset sales for
debt repayment. B&G placed the Green Giant and Le Suer brands under
strategic review in May 2024 since it believes these businesses do
not fit strategically with the rest of its portfolio. The company
has also identified additional assets for divestitures that
represent about 10% of consolidated sales. B&G announced a $320
million impairment charge on the trademarks of the Green Giant,
Victoria, McCann's, and Static Guard brands in the fourth quarter
of fiscal 2024. At this time, the timing and amount of proceeds
generated from a potential transaction are unclear. Therefore, we
do not incorporate any asset divestitures into our forecast. We
note that we would likely view a potential divestiture of the
remaining Green Giant business favorably, despite the associated
loss of EBITDA, given that the business has been growth- and
margin-dilutive for the consolidated portfolio."
The stable outlook reflects S&P's expectation that B&G's operating
performance will remain in line with its base-case forecast,
resulting in S&P Global Ratings-adjusted leverage of about 7x in
fiscal 2025.
S&P could take a negative rating action if B&G's leverage increased
due to weak operating performance or more aggressive financial
policies, resulting in liquidity constraints or an unsustainable
capital structure. This could occur if:
-- B&G's profits deteriorate because of volume declines or higher
costs and the company cannot offset it with pricing actions and
cost savings;
-- Covenant cushion remains tight or we believe the company could
breach its leverage covenant without a waiver or amendment; or
-- It does not proactively repay debt and instead pursues
additional large, debt-financed acquisitions, or shareholder
returns.
S&P could raise the ratings if operating performance improves and
we believe B&G would sustain S&P Global Ratings-adjusted leverage
below 7x. This could occur if the company:
-- Improves profitability as a result of volume growth and pricing
actions;
-- Repays debt with excess cash flow; and
-- Demonstrates less aggressive financial policies and does not
undergo large, debt-financed acquisitions while leverage is
elevated.
B. RILEY FINANCIAL: Posts 4Q Loss, Buyout Efforts Ends
------------------------------------------------------
Yizhu Wang of Bloomberg Law reports that B. Riley Financial Inc.
reported a preliminary fourth-quarter loss from continuing
operations as it seeks to recover from failed investments.
Despite this, net income turned positive, boosted by gains from
divested operations, including the completed sale of Atlantic Coast
Recycling.
Meanwhile, chairman and co-founder Bryant Riley has suspended a
tentative effort to take the company private. Riley had floated an
informal $7-per-share buyout offer last 2024 without disclosing
financing details, but a formal bid never emerged, the report
states.
About B. Riley Financial
B. Riley Financial, Inc. -- http://www.brileyfin.com/-- is a
diversified financial services company that delivers tailored
solutions to meet the strategic, operational, and capital needs of
its clients and partners. B. Riley leverages cross-platform
expertise to provide clients with full service, collaborative
solutions at every stage of the business life cycle. Through its
affiliated subsidiaries, B. Riley provides end-to-end financial
services across investment banking, institutional brokerage,
private wealth and investment management, financial consulting,
corporate restructuring, operations management, risk and
compliance, due diligence, forensic accounting, litigation support,
appraisal and valuation, auction, and liquidation services. B.
Riley opportunistically invests to benefit its shareholders, and
certain affiliates originate and underwrite senior secured loans
for asset-rich companies.
As of June 30, 2024, B. Riley Financial had $3.2 billion in total
assets, $3.4 billion in total liabilities, and $143.1 million in
total deficit.
BAMBY EXPRESS: Court Extends Cash Collateral Access to March 31
---------------------------------------------------------------
Bamby Express, Inc. received interim approval from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division to use cash collateral until March 31, marking the seventh
extension since the company's Chapter 11 filing.
The seventh interim order authorized the company to use the cash
collateral of the U.S. Small Business Administration and other
lienholders to pay operating expenses in accordance with its
budget, which covers the period from March 1 to 31.
The budget shows projected total monthly operating expenses of
$12,844.
In return for the use of their cash collateral, SBA and other
lienholders will receive an administrative expense claim and
replacement liens on substantially all of Bamby's assets.
SBA has valid liens totaling $427,100 against the company's
assets.
The next hearing is scheduled for March 26.
About Bamby Express
Bamby Express, Inc. is a small transportation company that operates
a single semi-truck and trailer. It primarily offers freight and
logistics services.
Bamby Express sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-13689) on September
17, 2024, with up to $50,000 in assets and up to $500,000 in
liabilities. Dusan Cirkovic, president of Bamby Express, signed the
petition.
Judge Timothy A. Barnes oversees the case.
The Debtor is represented by Richard G. Larsen, Esq., at Springer
Larsen, LLC.
BHAVICHAND LLC: Gets Extension to Access Cash Collateral
--------------------------------------------------------
Bhavichand, LLC received fifth interim approval from the U.S.
Bankruptcy Court for the Northern District of Texas to use cash
collateral.
The company was authorized to use cash collateral in accordance
with its monthly budget, which shows projected monthly expenses of
$43,860.
Secured lenders including the U.S. Small Business Administration,
Alternative Funding Group Corp, and Forward Financing were granted
replacement liens and security interests in all property currently
owned or to be acquired by the company.
As additional protection, the secured lenders will receive a
monthly payment of $15,000.
Bhavichand was also ordered to keep the secured lenders' collateral
insured.
A final hearing is scheduled for March 13.
About Bhavichand LLC
Bhavichand LLC, doing business as Motel 6 Alvarado, operates in the
traveler accommodation industry. The company is based in Alvarado,
Texas.
Bhavichand sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-43756) on Oct.
16, 2024, with $1 million to $10 million in assets and $500,000 to
$1 million in liabilities. Satish D. Patel, manager, signed the
petition.
Judge Edward L. Morris handles the case.
The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC.
BLACKBRUSH INVESTMENTS: Case Summary & Two Unsecured Creditors
--------------------------------------------------------------
Debtor: Blackbrush Investments LLC
21750 Hardy Oak Blvd., Suite 104
PMB614422
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-11092
Judge: Hon. Craig A. Gargotta
Debtor's Counsel: J. Seth Moore, Esq.
SNELL & WILMER
2501 N Harwood Street, Suite 1850
Dallas, Texas 75201
Tel: 214-305-7320
E-mail: semoore@swlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Albert Dehoyos as president.
A copy of the Debtor's list of two unsecured creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/PBWW77Q/BLACKBRUSH_INVESTMENTS_LLC__txwbke-25-50432__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/PCJU5WQ/BLACKBRUSH_INVESTMENTS_LLC__txwbke-25-50432__0001.0.pdf?mcid=tGE4TAMA
BOAGGIO'S BREAD: Seeks to Tap Lex Nova Law as Bankruptcy Counsel
----------------------------------------------------------------
Boaggio's Bread, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ Lex Nova Law, LLC as
counsel.
The firm will represent the Debtor in this Chapter 11 proceeding,
including the prosecution and defense of motions and the
preparation of a Plan of Reorganization, etc. as required
throughout the case.
The firm will be paid at these rates:
Associates/Partners $425 - $975
E. Richard Dressel, Attorney $675
Paralegals $300 - $370
Mr. Dressel 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:
E. Richard Dressel, Esq.
Lex Nova Law, LLC
10 E. Stow Road, Suite 250
Marlton, NJ 08053
Telephone: (856) 382-8211
Email: rdressel@lexnovalaw.com
About Boaggio's Bread
Boaggio's Bread Inc. filed Chapter 11 petition (Bankr. D.N.J. Case
No. 25-11845) on Feb. 24, 2025, listing under $1 million in both
assets and liabilities.
E. Richard Dressel, Esq., at Lex Nova Law, LLC serves as the
Debtor's counsel.
CALI MADE: Gets Final OK to Use Cash Collateral Until Aug. 31
-------------------------------------------------------------
Cali Made Cold Planing, LLC received final approval from the U.S.
Bankruptcy Court for the Central District of California, Riverside
Division to use cash collateral to pay its expenses.
The final order signed by Judge Scott Yun extended the company's
authority to use cash collateral from Feb. 27 to Aug. 31.
As of the petition date, the value of Cali's assets, which
constitutes cash collateral is $156,980.27. These assets include
cash on hand, accounts receivable, and security deposit.
The secured creditor, which holds a first position lien on the cash
collateral is CIT Bank, N.A.
About Cali Made Cold Planing
Cali Made Cold Planing, LLC is a services company based in Mentone,
Calif.
Cali Made Cold Planing filed Chapter 11 petition (Bankr. C.D.
Calif. Case No. 25-10398) on January 24, 2025, listing between $1
million and $10 million in both assets and liabilities.
Judge Scott H. Yun handles the case.
The Law Offices of Michael Jay Berger serves as the Debtor's
bankruptcy counsel.
CAST & CREW: S&P Cuts ICR to 'B-' on Weaker Operating Performance
-----------------------------------------------------------------
S&P Global Ratings lowered all its ratings on Burbank, Calif.-based
entertainment production payroll services and software provider
Cast & Crew LLC to 'B-' from 'B'.
The stable outlook reflects S&P's revised expectation that industry
recovery though slow will lead to revenue growth in the next two
years and S&P Global Ratings-adjusted EBITDA margins will remain
stable in the low-40% area.
S&P said, "Delayed industry recovery has worsened credit metrics.
We previously forecasted industry resurgence would lead to a ramp
up in production but have since revised our forecast to account for
delays as film and television production has lagged pre-strike
years. We forecast revenue growth for Cast & Crew will be about 10%
in 2025 and between 15%-20% next year, a slower pace relative to
our previous expectations of more aggressive growth. We believe
margins will remain steady in the low 40% area but do not
anticipate them strengthening to pre-strike levels anytime soon.
Still, we expect content spending should remain high and lead to a
rebound in gross wage volumes given the solid demand for premium
content. The company's live events segment continues to be robust,
providing a modest offset to slower growth in features, TV, and
streaming (FTVS).
"Weaker earnings and a highly leveraged capital structure constrain
our ratings on Cast & Crew. As industry recovery has lagged,
leverage has remained elevated above 7x, our ratings downside. We
forecast leverage staying over 7x in the next two years with modest
improvements largely coming from earnings growth as opposed to
deleveraging. We believe cash flow constraints will limit any
meaningful debt reduction. Our assessment is constrained by
financial sponsor ownership that focuses on shareholder returns.
"A small scale and focus on entertainment constrain our business
risk. As production shifts abroad, we believe the small scale and
large focus in the U.S. constrains the business risk profile of the
company. Within its niche, Cast & Crew is one of the largest
service providers and while it has a leading position, it's scale
and scope remains smaller in comparison to the broader payroll
industry. The COVID-19 pandemic and the dual Hollywood strikes
while very rare events, led to severe revenue declines and worsened
the company's credit metrics. However, we believe the industry
still has high barriers to entry, and the company's high retention
rates and experience managing the complexities associated with the
payroll process for media and entertainment clientele offset these
factors.
"The stable outlook reflects our expectation that industry recovery
will drive good revenue growth and stable EBITDA margins this
year."
S&P could lower the rating on Cast & Crew if a prolonged period of
materially low payroll activity results in cash flow deficits and
liquidity stress such that it considers the capital structure to be
unsustainable. This would be most likely if:
-- Delayed and cancelled productions and lower content spend
result in poor demand for its services;
-- Major media contract losses weaken its competitive advantage
and market share; or
-- Shareholder dividends or leveraging acquisitions.
S&P could upgrade Cast & Crew if the rebound in production spending
is quicker than expected, allowing the company to decrease leverage
below 7x with FOCF to debt approaching the mid-single-digit area.
CHAMPION WELDING: Taps Newport Advisors Corporation as Accountant
-----------------------------------------------------------------
Champion Welding Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Newport Advisors Corporation as accountant.
The firm will provide these services:
(a) prepare budget in connection with Chapter 11 plan;
(b) prepare Chapter 11 monthly operating reports;
(c) attend hearings as necessary;
(d) consult with the Debtor and its counsel throughout
engagement; and
(e) perform other services, as requested by the Debtor or
court.
The firm's professionals will be paid at these hourly rates:
Carin Sorvik, CPA $395
Others $295 - $395
In addition, the firm will seek reimbursement for expenses
incurred.
The firm will also receive a post-petition retainer of $5,000 from
the Debtor.
Mr. Sorvik 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:
Carin Sorvik, CPA
Newport Advisors Corporation
896 N Federal Hwy., Ste. 327
Lantana, FL 33462
About Champion Welding Services
Champion Welding Services LLC based in Miami Lakes, Florida,
operates as a structural steel and miscellaneous metals
fabricator.
Champion Welding Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10133) on
January 7, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100,000 and $500,000.
Honorable Bankruptcy Judge Corali Lopez-Castro handles the case.
The Debtor tapped Ido J. Alexander, Esq., at Alignx Law as counsel
and Newport Advisors Corporation as accountant.
CHAR GRILL: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------
Char Grill Benson, LLC asked the U.S. Bankruptcy Court for the
Eastern District of North Carolina, Raleigh Division, for authority
to use cash collateral to purchase a new gas charbroiler essential
for its operations.
The company's primary kitchen equipment, a gas charbroiler, is
beyond repair, and its replacement cost is $13,085.
The possible lienholders of the company's cash collateral are
Northeast Bank, the U.S. Small Business Administration, BayFirst
National Bank, Kapitus, LLC, and BoomFunded.
Char Grill Benson proposed replacement liens on after-acquired
revenue for the secured creditors to protect their interests.
About Char Grill Benson
Char Grill Benson, LLC is a local fast-food chain serving
charcoal-grilled burgers, fries and shakes.
Char Grill Benson filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00459) on
February 7, 2025, listing up to $50,000 in assets and between $1
million and $10 million in liabilities. Jennifer K. Bennington
serves as Subchapter V trustee.
Judge David M. Warren presides over the case.
Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as
bankruptcy counsel.
CHATEAU CREOLE: Trustee Seeks to Tap Patrick A. Gros as Accountant
------------------------------------------------------------------
Dwayne Murray, the trustee appointed in the Chapter 11 case of
Chateau Creole Apartments, LLC, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Patrick J. Gros, CPA, A Professional Accounting Corporation as
accountant.
The firm will render these services:
(a) provide general accounting services;
(b) consult and prepare monthly operating reports pursuant to
requirements provided by the Office of the U.S. Trustee;
(c) provide business and asset valuations and feasibility
analysis for a plan;
(d) assist in review of the Debtor's schedules; and
(e) provide such other accounting and financial advisory
services as may be requested by the trustee and other professionals
employed by the trustee.
The firm will be paid at these hourly rates:
Partners $275
Managers $175
Seniors $150
Staff & Paraprofessionals $110
In addition, the firm will seek reimbursement for expenses
incurred.
Patrick Gros, CPA, a member of the firm, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Patrick J. Gros, CPA
Patrick J. Gros, CPA, A Professional Accounting Corporation
651 River Highlands Blvd.
Covington, LA 70433
Telephone: (985) 898-3512
About Chateau Creole Apartments
Chateau Creole Apartments is primarily engaged in renting and
leasing real estate properties.
Chateau Creole Apartments, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Case No. 24-10608) on March 29, 2024, listing $1 million to $10
million in both assets and liabilities. The petition was signed by
Damon J. Baldone as manager.
Judge Meredith S Grabill presides over the case.
Ryan J. Richmond, Esq. at Sternberg, Naccari & White, LLC
represents the Debtor as counsel.
Dwayne Murray was appointed as trustee appointed in this Chapter 11
case. The trustee tapped Patrick J. Gros, CPA, A Professional
Accounting Corporation as accountant.
CINEMA MANAGEMENT: Trustee Seeks to Tap General Bankruptcy Counsel
------------------------------------------------------------------
John P. Pringle, the trustee appointed in the Chapter 11 case of
Cinema Management Group, LLC, seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Levene, Neale, Bender, Yoo & Golubchik LLP as counsel.
The firm will provide these services:
(a) advise the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the U.S. Trustee as they pertain to its estate;
(b) advise the Debtor with regard to certain rights and
remedies of its bankruptcy estate and the rights, claims and
interests of creditors;
(c) represent the Debtor in any proceeding or hearing in the
Bankruptcy Court involving its estate unless it is represented in
such proceeding or hearing by other special counsel;
(d) conduct examinations of witnesses, claimants or adverse
parties and represent the Debtor in any adversary proceeding except
to the extent that any such adversary proceeding is in an area
outside of the counsel's expertise or which is beyond its staffing
capabilities;
(e) prepare and assist the Debtor in the preparation of
reports, applications, pleadings and orders; and
(f) investigate, evaluate, and prosecute objections to claims
as may be appropriate of the Debtor during bankruptcy case.
The firm's attorneys and staff will be paid at these hourly rates:
David Neale, Attorney $750
Ron Bender, Attorney $750
Timothy Yoo, Attorney $750
David Golubchik, Attorney $750
Eve Karasik, Attorney $750
Gary Klausner, Attorney $750
Eric Israel, Attorney $750
Brad Krasnoff, Attorney $750
Edward Wollkowitz, Attorney $750
Beth Ann Young, Attorney $750
Monica Kim, Attorney $725
Philip Gasteier, Attorney $725
John Tedford IV, Attorney $725
Daniel Reiss, Attorney $725
Todd Frealy, Attorney $725
Kurt Ramlo, Attorney $725
Richard Steelman Jr., Attorney $725
Juliet Oh, Attorney $725
Todd Arnold, Attorney $725
Krikor Meshefejian, Attorney $725
John-Patrick Fritz, Attorney $725
Joseph Rothberg, Attorney $725
Jefrey Kwong, Attorney $725
Michael D'Alba, Attorney $725
Carmela Pagay, Attorney $700
Anthony Friedman, Attorney $700
Lindsey Smith, Attorney $650
Robert Carrasco, Attorney $550
Paraprofessionals $300
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Frealy 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:
Todd A. Frealy, Esq.
Levene, Neale, Bender, Yoo & Golubchik LLLP
2818 La Cienega Avenue
Los Angeles, CA 90034
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
Email: taf@lnbyg.com
About Cinema Management Group
Cinema Management Group, LLC is an international sales company that
was launched in 2003 and was previously headed by veteran sales and
distribution executive, Edward Noeltner. Since 2003, the company
has added over 80 feature film titles to its line-up. It currently
holds distribution rights related to 82 feature films.
Cinema Management Group filed Chapter 7 voluntary petition (Bankr.
C.D. Cal. Case No. 24-20369) on December 20, 2024. The case was
converted to one under Chapter 11 on February 6, 2025, and John
Pringle was appointed as Chapter 11 trustee on February 10, 2025.
Judge Neil W. Bason oversees the case.
The Chapter 11 trustee is represented by Levene, Neale, Bender, Yoo
& Golubchik LLP.
CKM SHINING: To Sell San Clemente Property to Mark Mintz
--------------------------------------------------------
Arturo Cisneros, Chapter 11 Trustee for the Bankruptcy Estate of
CKM Shining Stars, LLC, seeks permission from the U.S. Bankruptcy
Court for the Central District of California, Santa Ana Division,
to sell Real Property free and clear of liens, claims, and
interests.
The Debtor's primary asset is real property located at 3929 South
El Camino Real, San Clemente, California 92672.
The Trustee has accepted an offer from Mark Mintz to purchase the
Property for $4,530,000.
Although the Property is over-encumbered and subject to a land
lease, the Trustee has reached a stipulation with the second
lienholder for consent to a short sale and hopes to have a specific
dollar carve out to the Property and split of any potential
overbids by the hearing.
The sale of the Property will result in net proceeds of
approximately $344,777, subject to the second lien, with the
potential for additional proceeds in the event of an overbid,
whereas if the Property is foreclosed by lienholders, the Estate
will receive nothing.
The Property is encumbered by approximately $13,423.14 in real
property taxes, a first priority deed of trust in favor of Robert
and Terri Coffey, a second priority deed of trust in favor of
Shulman Bastian Friedman & Bui Defined Benefit Pension Plan, and
tax liens in favor of the United States.
The Property is also subject to a lease between Debtor and Carl's
Jr. Restaurants LLC.
The Debtor Hanley employs Investment Group, Inc. as the real estate
broker to market for sale, seek buyers, and effectuate a sale of
the Property.
The Property was posted on the most popular 3rd party, public
listing platforms (Crexi, Loopnet, and CoStar) with premium
placement/subscription plans. Email marketing campaigns were also
sent through the 3rd party listing platforms to their databases of
investors and brokers whose search criteria match the Property. The
marketing campaign resulted in over 61,213 views on Crexi. The
Loopnet listing was shown 24,570 times in search results, which are
better results than similar listings according to Loopnet's
reporting statistics.
About CKM Shining Stars LLC
CKM Shining Stars is engaged in activities related to real estate.
CKM Shining Stars, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankrutpcy Code (Bankr. C.D. Cal. Case No.
24-11238) on May 15, 2024, listing $10 million to $50 million in
assets and $1 million to $10 million in liabilities. The
petitionwas signed by Margaret Levecke as manager.
Judge Scott C. Clarkson presides over the case.
Robert P. Goe, Esq. at GOE FORSYTHE & HODGES LLP represents the
Debtor as counsel.
Arturo Cisneros is the Chapter 11 Trustee of the company.
COAL NEW: Seeks to Tap Goldberg Weprin Finkel Goldstein as Counsel
------------------------------------------------------------------
Coal New Haven, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Goldberg Weprin
Finkel Goldstein LLP to handle its Chapter 11 case.
The hourly rates of the firm's counsel are:
Partner $605 - $785
Associate $380 - $560
Paralegal $85 - $120
The firm received a pre-petition retainer of $35,000 from the New
Investor Group on behalf of the Debtor.
Kevin Nash, Esq., a member at Goldberg Weprin Finkel Goldstein,
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:
Kevin J. Nash, Esq.
Goldberg Weprin Finkel Goldstein LLP
125 Park Ave., Floor 12
New York, NY 10017
Telephone: (212) 221-5700
About Coal New Haven
Coal New Haven LLC is a limited liability company.
Coal New Haven LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-45425) on December 31,
2024. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
Kevin J. Nash, Esq. of Goldberg Weprin Finkel Goldstein LLP
represents the Debtor as counsel.
COCOCHINE OF NC: Unsecured Creditors to be Paid in Full in Plan
---------------------------------------------------------------
Cocochine of NC, LLC filed with the U.S. Bankruptcy Court for the
Eastern District of North Carolina an Amended Disclosure Statement
describing Plan of Reorganization dated February 19, 2025.
The Debtor is a North Carolina Limited Liability Company located in
Wilmington, North Carolina. Debtor is engaged in the restaurant
business. Debtor's primary source of income is from the operation
of its restaurant.
This case is being jointly administered with five others: Café
Chinois, LLC, Indochine Express Leland LLC, Indochine Express
Oleander, LLC, Indochine Express Southport LLC and Indochine
Restaurant, L.L.C. (the "Related Entities"), which are also
restaurants located in greater the Wilmington area, serving similar
cuisine, and managed by Solange E. Thompson.
The Debtor and the Related Entities engaged a series of merchant
cash advance lenders that began seizing Debtor's bank account funds
in large and inconsistent amounts, which prevented Debtor from
being able to paying secured debts as they came due or otherwise
efficiently manage its banking accounts. Debtor and the Related
Entities are popular restaurants with a consistent customer base
and revenue, with late spring through early fall months being
especially profitable.
The Plan contemplates a reorganization of debts. In accordance with
the Plan, Debtor intends to satisfy certain creditor claims from
income earned through the continued operation of its restaurant.
Class 17 consists of all allowed, undisputed, non-contingent
unsecured claims and deficiency claims listed on the Petition or as
otherwise approved by the Court. The total Claims in this Class, as
of the date of this filing, is $23,891.28. The Debtor shall pay
allowed general unsecured claims in in full via monthly payments
following the Effective Date and shall continue thereafter for ten
years at a fixed interest rate of one and one-half percent per
annum. All payments to this class shall be distributed pro rata.
For feasibility purposes, Debtor estimates monthly payments will be
in the amount of $214.52.
This Class also includes all claims which are not otherwise
specifically classified by this Plan. The Claims should include,
but not be limited to, creditors whose Claims may arise out of the
rejection of executory contracts and secured creditors to the
extent that the Court or the terms of this Plan deems them to be
unsecured in whole or in part or to the extent that such Claim may
not be specifically dealt with in the treatment of a particular
class or any of these. In determining whether a Claim, that is
otherwise allowable, should be designated into this Class as
opposed to any other Class in this Plan, this Class is an inclusive
one rather than exclusive.
The Debtor proposes to make payments under the Plan from the
operation of its restaurant.
A full-text copy of the Disclosure Statement dated February 19,
2025 is available at https://urlcurt.com/u?l=CL9dXG from
PacerMonitor.com at no charge.
The Debtor's Counsel:
George Mason Oliver, Esq.
THE LAW OFFICES OF OLIVER & CHEEK, PLLC
PO Box 1548
New Bern, NC 28563
Tel: 252-633-1930
Fax: 252-633-1950
E-mail: george@olivercheek.com
About Cocochine of NC
Cocochine of NC, LLC d/b/a Indochine Express is engaged in the
restaurant business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03485) on October 4,
2024, with $0 to $50,000 in assets and $1 million to $10 million in
liabilities. Solange Thompson, manager, signed the petition.
George Mason Oliver, Esq. at THE LAW OFFICES OF OLIVER & CHEEK,
PLLC represents the Debtor as legal counsel.
COEUR MINING: Moody's Ups CFR to B2 & Senior Unsecured Notes to B3
------------------------------------------------------------------
Moody's Ratings upgraded Coeur Mining, Inc.'s ("Coeur") corporate
family rating to B2 from B3, its probability of default rating to
B2-PD from B3-PD, and the rating on its senior unsecured notes to
B3 from Caa1. The company's speculative grade liquidity rating
("SGL") was upgraded to SGL-2 from SGL-3. The ratings outlook
remains stable.
ESG, specifically governance considerations, was a key driver of
the rating action.
RATINGS RATIONALE
The CFR upgrade reflects: (1) improved scale, following completion
of the SilverCrest Metals Inc. ("SilverCrest") acquisition as an
all-equity transaction, adding a low-cost asset to Coeur's
portfolio; (2) a successful ramp up of the Rochester expansion
project; (3) a return to positive free cash flow generation
following several years of elevated investments; (4) prioritization
of free cash flow for deleveraging; and (5) a strong gold and
silver price environment, which should allow for further free cash
flow generation and de-leveraging over the next 12-18 months.
Coeur's B2 CFR is supported by a favorable geographical footprint,
with more than 55% of its revenues coming from the US, potential
for ample organic growth from the company's geologically
prospective asset in Nevada and Silvertip mine in Canada, and
low-cost position of its recently acquired Las Chispas mine. The
rating is constrained by its modest scale, exposure to volatile
gold and silver prices, high cost position of its other mines, and
a relatively shorter mine life.
The acquisition of SilverCrest added a low-cost Las Chispas gold
and silver mine located in Mexico to Coeur's portfolio, which
improved the blended cost profile of the company. This, combined
with the all-equity nature of the transaction, was a credit
positive. Coeur recently completed the ramp up of production at its
Rochester mine in Nevada, which had required significant capital
investment in recent years. This, along with the currently strong
price environment for both gold and silver have allowed Coeur to
return to positive free cash flow generation.
Based on gold and silver price assumptions of $2,400/oz and $25/oz
respectively, Moody's expects Coeur to generate Moody's adjusted
EBITDA of around $485 million in 2025, and Moody's adjusted free
cash flow of around $70 million. Moody's expects Coeur to utilize a
vast majority of this free cash flow to reduce outstanding amounts
on the revolver. Moody's expects Coeur's Moody's adjusted
Debt/EBITDA to improve to 1.0x by YE2025 from 1.9x at YE2024. Note
however that current spot prices for gold and silver are well above
Moody's price assumptions for 2025 and if sustained at those
levels, there could be upside risk to Moody's estimates.
Coeur's SGL-2 reflects good liquidity to support operations over
the next 12-18 months. At December 31, 2024, Coeur had $55 million
of cash, and $175 million of availability under its $400 million
revolving credit facility (unrated), net of $29.3 million of LCs
outstanding. Based on Moody's gold and silver price assumptions,
Moody's expects Coeur to generate positive free cash flow in 2025,
which Moody's expects would be utilized to further reduce revolver
borrowings. Coeur's revolving credit facility, which matures in
February 2027, is subject to a consolidated net leverage ratio
covenant of
COMMSCOPE HOLDING: Moody's Upgrades CFR to Caa1, Outlook Stable
---------------------------------------------------------------
Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings
including the corporate family rating to Caa1 from Caa2 and the
probability of default rating to Caa1-PD from Caa3-PD. CommScope's
speculative grade liquidity (SGL) rating was upgraded to SGL-3 from
SGL-4. The new backed senior secured term loan and backed senior
secured notes issued in December 2024 at CommScope's subsidiary,
CommScope, LLC. were assigned a B3 rating and the existing secured
notes were confirmed at B3. The existing senior unsecured notes at
CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3
from Ca. The B3 rating on the backed senior secured term loan due
2026 was withdrawn. The outlook is stable, previously the ratings
were on review for upgrade. These actions conclude the review for
upgrade that was initiated on January 8, 2025.
The ratings upgrade reflects the refinancing of debt due in 2025
and 2026 with a combination of about $2.1 billion in assets sale
proceeds and $4.15 billion in new secured debt as well as Moody's
expectations for a significant improvement in operating performance
that will lead to a reduction in leverage levels well below 9x in
2025. The ratings are constrained by the existing high pro forma
leverage (over 10x as of Q4 2024, including Moody's standard lease
adjustments) and the significant amount of debt due in 2027 ($1.6
billion as of Q4 2024).
RATINGS RATIONALE
CommScope's credit profile is driven by the very high financial
leverage stemming from the 2019 ARRIS acquisition and previous weak
end market demand in telecom and broadband, and acerbated by
elevated inventory levels. Moody's expects operating performance
will improve significantly in 2025 driven primarily by the
continued growth in data center demand and more normalized
inventory levels. Meaningful debt maturities in 2027 elevate
uncertainty and may lead to higher interest expense when the debt
is refinanced absent a comparable reduction in the level of debt.
Despite CommScope's leverage and maturity challenges, the company
has significant scale and leading market positions supplying
numerous telecom, broadband and enterprise connectivity markets.
Moody's expects CommScope's core business (which excludes the
Outdoor Wireless Networks (OWN) and Distributed Antenna Systems
business (DAS) that was sold to Amphenol Corporation in January
2025) to exhibit good organic growth through 2026 as broadband
providers continue to expand capacity and update their networks,
and data center providers upgrade and increase their
infrastructure. Performance can vary significantly, however, in any
given period due to the volatile spending patterns of distributors
and the company's large cable and telco customers, and evolving
Pay-TV architectures. While CommScope is one of the largest
suppliers of wireless telco and cable industry equipment and
connectivity solutions, it is small relative to the size of their
main customers, and has limited negotiating leverage.
CommScope's liquidity is adequate as highlighted by the speculative
grade liquidity (SGL) rating of SGL-3, which reflects cash on the
balance sheet of roughly $663 million (including cash in assets
held for sale) as of Q4 2024. CommScope also has a $750 million
asset based revolving credit facility, which is undrawn following
the closing of the OWN/DAS asset sale in January 2025. The revolver
matures the earliest of September 30, 2027 or 91 days prior to the
maturity date of any other indebtedness as defined in the Credit
Agreement. CommScope's free cash flow (FCF) was $248 million in
2024. While operating results will improve in 2025, working capital
is likely to be a use of cash and capex ($26 million in 2024) may
increase. As a result, FCF levels will be modest in 2025. The
company has $1.6 billion of unsecured notes maturing in March 2027
that will impact the liquidity position if the debt is not
refinanced well in advance of the maturity date.
The debt instrument ratings reflect the relative position of the
debts in the capital structure. The unrated ABL has a first lien
pledge on all domestic receivables and inventory; the B3 rated
first lien secured term loan and secured notes have a first lien
pledge on all other material domestic assets and certain equity
interests of direct foreign subsidiaries and a second lien pledge
on domestic receivables and inventory. The secured debt's B3 rating
is one notch above the Caa1 CFR and reflects the debt's senior
position in the capital structure. The Caa3 rating on the unsecured
debt reflects the debt's effective subordination to the secured
debt that makes up a significant portion of total debt.
The stable outlook reflects Moody's expectations that CommScope's
leverage will decrease well below 9x driven by strong organic
revenue and EBITDA growth as a result of continuing demand for new
data centers and more normalized inventory levels. US government
infrastructure bills may also support operating performance in
2026, absent any material changes to the bills. However, results
can be volatile and sensitivity to investment decisions from key
telecom and broadband providers, and distributors. Moody's expects
leverage to decline below 8x in 2026 and that the company will
remain focused on refinancing the approaching debt due in March of
2027. Free cash flow is likely to be minimal in 2025, before
improving in 2026.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade could occur if CommScope addresses debt maturities due
in 2027 and leverage approaches the 6.5x range (including Moody's
standard adjustments). Good liquidity with positive FCF and
significant revolver availability would also be required.
A downgrade could occur if CommScope's risk of default rises as a
result of weak operating performance or a meaningful decline in the
company's liquidity position. Inability to address the 2027 debt
maturities in a timely manner could also lead to a downgrade. A
decline in the percentage of unsecured debt in the capital
structure could lead to a downgrade of the secured debt ratings
unless accompanied by a corresponding upgrade of the Caa1 CFR.
CommScope Holding Company, Inc., headquartered in Claremont, NC, is
the holding company for CommScope LLC, a supplier of connectivity
and infrastructure solutions for the wireless industry, telecom
service and cable service providers as well as the enterprise
market. CommScope acquired ARRIS, one of the largest providers of
equipment to the cable television and broadband industries, in
2019. CommScope spun off the Home Network business in 2024 and sold
the OWN and DAS operations in January 2025. Reported revenue was
approximately $4.2 billion in 2024.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
COUSIN ENTERPRISES: Bell Buckle Property Sale to D. Cousin OK'd
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Tennessee,
Southern District, has approved Cousin Enterprises LLC to sell
property located at 276 Emily Ln, Bell Buckle, TN 37020, free and
clear of liens, interests, and encumbrances to Delicia Cousin and
Airieyonna Cousin with the purchase price of $456,000.
The Court ordered that creditor shall be paid in full at closing
from the proceeds of the sale in the total amount as determined on
the day of closing. The parties are required to close on or before
March 31, 2025.
All closing costs, fees, realtor commissions, and prorated property
taxes shall be paid at closing.
The net proceeds remaining are more than sufficient to satisfy all
creditors in full, as well as pay any remaining attorneys’ fees
and costs that have been approved by the court.
About Cousin Enterprises LLC
Cousin Enterprises, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-11426) on June
12, 2024. In the petition signed by Randall Scott Cousin, member,
the Debtor disclosed up to $1 million in assets and up to $500,000
in liabilities.
Judge Nicholas W. Whittenburg oversees the case.
W. Thomas Bible, Jr., Esq., at Tom Bible Law, represents the Debtor
as bankruptcy counsel.
COVERED BRIDGE: Court Extends Cash Collateral Access to March 28
----------------------------------------------------------------
Covered Bridge Newton, LLC and Covered Bridge Newton I, LLC
received another extension from the U.S. Bankruptcy Court for the
District of Connecticut, Bridgeport Division to use cash
collateral.
The order signed by Judge Julie Manning approved the use of cash
collateral to pay operating expenses from Feb. 25 to March 28, in
accordance with the companies' projected budget.
Secured creditors, including UC Covered Bridge MF Holder, LLC and
the U.S. Small Business Administration were granted a replacement
lien on the companies' assets, including real estate and personal
property, to the same extent, validity and priority as their
pre-bankruptcy liens.
As additional protection, UC Covered will receive a monthly payment
of $130,000 and will be granted a superpriority claims senior to
all other administrative expense claims.
The next hearing is scheduled for March 25.
UC Covered is represented by:
Jeffrey A. Miller, Esq.
Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
1201 RXR Plaza
Uniondale, NY 11556
Telephone No. (516) 622-9200
Facsimile No. (516) 622-9212
Email: jmiller@westermanllp.com
About Covered Bridge Newtown
Covered Bridge Newtown, LLC is the entity responsible for
construction of the buildings at a rental complex operated by
Covered Bridge Newtown I, LLC. This property is a Class A luxury
rental complex located at 9 Covered Bridge Road, Unit 1 and Unit 3,
Newtown, Conn., with over 150 rented units. It has a 24-hour
fitness center, heated swimming pool, sun deck, and clubhouse.
The first buildings were completed in 2018. After construction on a
parcel is completed, Covered Bridge Newtown deeds the buildings to
Covered Bridge Newtown I by way of quit claim deed, after which the
latter is the landlord to its tenants. Covered Bridge Newtown I has
a full-time, on-site property manager attending to the needs of
tenants and managing the Rental Complex.
Covered Bridge Newtown and Covered Bridge Newtown I filed Chapter
11 petitions (Bankr. D. Conn. Lead Case No. 24-50833) on December
8, 2024. Each Debtor reported between $50 million and $100 million
in assets and liabilities at the time of the filing.
Judge Julie A. Manning handles the cases.
The Debtors are represented by Joanna M. Kornafel, Esq., and
Jeffrey M. Sklar, Esq., at Green & Sklarz, LLC.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
CREEKSIDE 2019: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Creekside 2019 LLC
143 Manor Lakes Estates
Springs, TX 77379
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 25-80094
Judge: Hon. Alfredo R Perez
Debtor's Counsel: James Q. Pope, Esq.
THE POPE LAW FIRM
6161 Savoy Drive 1125
Houston TX 77036
Tel: (713) 449-4481
Email: jamesp@thepopelawfirm.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Fercan Kalkan as managing member.
The Debtor did not provide a list of its 20 largest unsecured
creditors in the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/N2JWPBY/Creekside_2019_LLC__txsbke-25-80094__0001.0.pdf?mcid=tGE4TAMA
DCA OUTDOOR: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
DCA Outdoor, Inc. and affiliates received interim court approval on
March 3 to use the cash collateral of Frontier Farm Credit, FLCA
and Frontier Farm Credit, PCA.
The U.S. Bankruptcy Court for the Western District of Missouri,
Kansas City Division, authorized the companies to use the lenders'
cash collateral for eight days from the date of the order to fund
the expenses in accordance with their budget.
The interim order prohibited the companies from paying the
professional fees set forth in the budget other than the $30,000
retainer of Focus Management Group USA, Inc.
As of Feb. 20, the companies had approximately $105 million in
debt, of which $96 million is owed to Frontier Farm Credit, FLCA
and Frontier Farm Credit, PCA. Both lenders assert interests in the
cash collateral.
As protection, the lenders were granted replacement liens on all
assets of the companies and all proceeds, rents or profits from
those assets.
The companies' authority to use cash collateral automatically
expires upon the earlier of March 7, at 11:59 p.m. (prevailing
Central Time) or the occurrence of an event of default.
The companies have faced challenges, including declining demand and
pricing, a large customer loss, inventory impairment due to
disease, and a soft economy. These factors, along with increased
investments in inventory growth, led to a revenue decline to $63
million in 2024, down $2 million from 2023. Additionally, the
companies reported a net loss of $3.1 million, an increase of
$400,000 from the previous year.
About DCA Outdoor Inc.
Established in 2016, DCA Outdoor, Inc. is a vertically integrated
green industry organization headquartered in Kansas City, Mo. It
connects various sectors, including agricultural production,
landscape distribution, retail, agritourism, and transportation,
through its family of brands. The DCA Outdoor family comprises
several brands including Schwope Brothers Tree Farms, Utopian
Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape,
Colonial Gardens, PlantRight, PlantRight Supply, and Utopian
Transport.
DCA Outdoor and its affiliates filed Chapter 11 petitions (Bankr.
W.D. Mo. Lead Case No. 25-50053) on February 21, 2025. At the time
of the filing, DCA Outdoor reported up to $50,000 in assets and
between $50 million and $100 million in liabilities.
Judge Cynthia A. Norton oversees the cases.
Larry E. Parres, Esq., at Lewis Rice LLC, represents the Debtors as
legal counsel.
DCA OUTDOOR: Seeks Approval to Hire Lewis Rice as Legal Counsel
---------------------------------------------------------------
DCA Outdoor, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Western District of Missouri to employ
Lewis Rice LLC as counsel.
The firm will provide these services:
(a) advise the Debtors with respect to their powers and duties
in the continued management and operation of their business and
properties;
(b) advise the Debtors with respect to corporate transactions
and corporate governance, and in any negotiations with creditors,
equity holders, and investors;
(c) assist the Debtors with respect to employee matters;
(d) attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the Chapter 11 cases;
(e) take all necessary action to protect and preserve the
Debtors' estate;
(f) review and prepare on behalf of the Debtors all documents
and agreements as they become necessary and desirable;
(g) review and prepare on behalf of the Debtors all legal
papers necessary to the administration of the estate;
(h) negotiate and prepare on the Debtors' behalf a plan of
reorganization, disclosure statement and all related agreements
and/or documents and take any necessary action on behalf of the
Debtors to obtain confirmation of such plan;
(i) review and object to claims; analyze, recommend, prepare,
and bring any causes of action created under the Bankruptcy Code;
(j) advise the Debtors in connection with any sale of assets;
and
(k) appear before this bankruptcy court, any appellate courts,
and the U.S. Trustee, and protect the interests of the Debtors in
connection with these Chapter 11 cases.
The firm's counsel and staff will be paid at these hourly rates:
Larry Parres, Partner $706
R. Scott Moore, Partner $688
John Hall, Partner $688
Hunter Brown, Attorney $463
Nate Lowis, Associate $337
Devin Hayes, Associate $337
Skylar Petit, Associate $337
Patrick Ganniger, Associate $315
Devona Howard, Paralegal $207
In addition, the firm will seek reimbursement for expenses
incurred.
As of the petition date, the firm received a retainer of $102,015
from the Debtors.
Mr. Parres 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:
Larry E. Parres, Esq.
Lewis Rice LLC
600 Washington Ave., Suite 2500
St. Louis, MO 63101
Telephone: (314) 444-7600
Facsimile: (314) 612-7660
Email: lparres@lewisrice.com
About DCA Outdoor
DCA Outdoor Inc. established in 2016, is a vertically integrated
green industry organization headquartered in Kansas City,
Missouri.
The Company connects various sectors -- including agricultural
production, landscape distribution, retail, agritourism, and
transportation -- through its family of brands. The DCA Outdoor
family comprises several brands including Schwope Brothers Tree
Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT
Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and
Utopian Transport.
DCA Outdoor Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February
20, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities betwee $50 million and $100
million.
Honorable Bankruptcy Judge Cynthia A. Norton handles the case.
Larry E. Parres, Esq., at Lewis Rice LLC serves as the Debtor's
counsel.
DD MIND BODY: Updates Unsecured Claims Details
----------------------------------------------
DD Mind Body Health, LLC, submitted an Amended Subchapter V Plan of
Reorganization dated February 18, 2025.
This Plan corrects the deficiencies in the previous cash flow
model. Debtor also adjusted its cash flow projections based on
results for October, 2024 through January, 2025. January 2025
results in particular are important for fitness gyms because the
number of new sign-ups is indicative of the revenue likely to
realized throughout the calendar year.
The updated projections further reduce Debtor's expenses by
reflecting (i) $25,000 in reduced spending on a required corporate
refresh due to the removal of signage and flooring upgrades as
permitted by Lifetime Fitness, and a further reduction in Ms.
Paul's salary by $4,800 per year ($400 per month).
The Debtor experienced negative cash flow in October 2024 and
November 2024. The negative cash flow in October was primarily
caused by payment to Starboard of cure costs relating to assumption
of the Starboard Lease. In the absence of the cure costs, the
Debtor would have realized a net revenue of $7,201 in October. The
November 2024 cash flow was negative partly due to November having
three pay periods, and due to disappointing marketing results.
The Debtor took steps to correct the marketing problems, and saw
positive cash flow in December and January 2025. January 2025 net
cash flow was higher than expected at $15,452.68. Based
particularly on January's results and the cost reductions in the
refresh and Ms. Paul's salary, Debtor believes the attached
financial projections are feasible and are reasonably grounded on
Debtor's past and current financial performance.
Through this proposed Plan, Debtor intends to reorganize and
continue operating its business, and to make pro rata distributions
to General Unsecured Creditors equal to Debtor's Projected
Disposable Income during the three-year Plan Term.
As shown in the projections, Debtor estimates that by continuing to
operate the business, Debtor will be able to make total payments to
General Unsecured Creditors over a three-year period of $12,000,
after all payments required under the Plan on account of all
secured, administrative and priority claims. Debtor proposes to
distribute its Projected Disposable Income through three annual
payments to be made on April 30 of 2026, 2027 and 2028.
The Projections also assume, as detailed in the Plan, that Debtor
will retain the 2021 Range Rover financed through JP Morgan Bank
and will treat the loan as fully secured; and will surrender the
2022 GMC Sierra, and will treat any deficiency claim after sale of
the GMC Sierra as a General Unsecured Claim. The proposed payments
to JP Morgan Chase for the Land Rover ($1,038 per month) are also
reflected in the Class I Secured Creditors line.
During the course of this Chapter 11 Case, all payments for the GMC
Sierra have been made by Dallas Bird, Debtor's former co owner, and
Debtor has been informed that Mr. Bird intends to purchase the GMC
Sierra from Citizens Bank, after surrender by Debtor, for the
amount owed on the vehicle. Debtor intends to file a motion to
abandon the GMC Sierra shortly after the filing of this Plan and
does not expect that there will be any deficiency claim. However,
in the event that the GMC Sierra is not abandoned as of the
Confirmation Date, this Plan will effect the abandonment of the GMC
Sierra.
Class II consists of all Allowed General Unsecured Claims. Class II
Claims include any Allowed Claims resulting from the rejection of
any contracts or unexpired leases as set forth in Article X as well
as any deficiency Claim that may be asserted by Citizens Bank
resulting from a sale of the 2022 GMC Sierra for less than the
amount owed by Debtor.
The deadline for the filing of claims has not passed and,
accordingly, the final claim amount may differ substantially from
Debtor's estimate. However, Debtor anticipates that all Class II
Claims have been filed or are reflected in Debtor's Schedules as
follows (all Claims remain subject to dispute or may be challenged
as avoidable): American Express National Bank ($12,832.05); Live
Oak DHP Debt ($630,398.58); Citizens Bank Deficiency Claim
($35,619.68, expected to be $0 after abandonment of collateral);
PNC Bank Credit Card ($1,249.59); DTE Energy Co. ($1,922.54); and
Dallas Bird ($180,162.52).
Holders of Allowed Class II Claims shall receive a Pro Rata share
of the Projected Disposable Income based on all Class II Allowed
Unsecured Claims. Starting on the first anniversary of the
Effective Date and annually thereafter for a three-year
distribution period (with three distributions), the Reorganized
Debtor shall distribute no less than all of its Projected
Disposable Income to Class II Creditors (each an "Annual
Distribution"). All Annual Distributions shall be distributed to
Holders of Allowed Unsecured Claims on a Pro Rata basis. As set
forth in the Projections, each Annual Distribution will be in the
amount of $4,000.00, for total distributions to Holders of Allowed
Class II Claims of $12,000. This Class is Impaired.
Upon the Effective Date, Debtor will become the Reorganized Debtor.
The Reorganized Debtor shall continue operating Debtor's business,
shall collect all revenues and income, and shall distribute such
revenues and income as provided under the terms of this Plan.
During the Plan Term, the Reorganized Debtor shall retain Ms. Paul
as its Manager. The Reorganized Debtor may retain or hire other
employees at commercially reasonable rates of compensation.
A full-text copy of the Amended Subchapter V Plan dated February
18, 2025 is available at https://urlcurt.com/u?l=AhRvYj from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Ryan Heilman, Esq.
Heilman Law PLLC
40900 Woodward Ave., Suite 111
Bloomfield Hills, MI 48304
Telephone: (248) 835-4745
Email: ryan@heilmanlaw.com
About DD Mind Body Health
DD Mind Body Health, LLC was established on May 1, 2019, by Deanna
Paul and Dallas Bird to operate an Anytime Fitness center.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-46480) on July 3,
2024, with up to $50,000 in assets and up to $1 million in
liabilities.
Judge Lisa S. Gretchko presides over the case.
Ryan Heilman, Esq., at Heilman Law PLLC represents the Debtor as
legal counsel.
DE HOOP: Unsecureds Will Get 10% of Claims over 60 Months
---------------------------------------------------------
De Hoop Corporation d/b/a Kaia Wine Bar filed with the U.S.
Bankruptcy Court for the Southern District of New York a Chapter 11
Plan of Reorganization for Small Business under Subchapter V dated
February 18, 2025.
The Debtor is a New York Corporation owned 100% by Suzaan
Hauptfleisch (the "Owner"). The Debtor operates a unique and well
known South African wine bar and restaurant at 1614 Third Avenue,
New York, New York 10128 (the "Space").
The Debtor is a party to a lease agreement dated September 1, 2010,
as modified and extended by a Lease Modification Agreement dated
January 2018, and a Second Modification of Lease dated July 6, 2021
(collectively "Lease") concerning the Space with 172 East 91st
Street LLC ("Landlord"). In the Second Modification of the Lease
the Debtor and Landlord memorialized a rent arrears dispute
totaling $272,762.73 all of which was accrued during the COVID-19
pandemic.
The Debtor commenced this case on November 18, 2024 ("Petition
Date") to address a pending default under its lease of non
residential real property with its landlord and further relating to
a sales tax dispute with the New York State Department of Taxation
and Finance. The United States Trustee appointed Mr. Samual
Dawidowicz as the Debtor's Sub Chapter V Trustee.
On the Petition Date, the Debtor believes that the Landlord's
claims was for $468,673.76 in unpaid rent and related charges. The
Debtor believes that it has proposed a Plan that will result in two
tiers of distribution one more favorable than the other contingent
upon consensual resolution with the Landlord.
The Projection of Cash Flow has been prepared based on the prior
year's operating income and before the estimated amounts due for
Administrative Professional Fee Claims were calculated. For this
reason, the Debtor anticipates that committing its disposable
income to the Plan for 60 months will result in a meaningful
dividend to unsecured creditors of up to 10% of all Allowed
Unsecured Claims.
Class 1 shall consist of Allowed General Unsecured Claims. Holders
of Allowed Class 1 General Unsecured Claims shall receive up to 10%
of their Allowed Class 1. The holders of the Allowed Class 1 Claims
are impaired pursuant to Section 1124 of the Bankruptcy Code and
are entitled to vote to accept or reject the Plan.
Class 2 shall consist of the Debtor's Interest Holder Suzaan
Hauptfliesch. The Debtor's Interest Holder will retain her interest
in the Debtor. The Class 2 Interest Holder is unimpaired pursuant
to Section 1124 of the Bankruptcy Code and is deemed to have
accepted the Plan.
Claims, without interest, from the remaining balance of the Plan
Funds, after payment in full of all Unclassified Claims and Allowed
Professional Fee Claims. Payments to the Allowed Class 1 Claims
shall be paid in equal monthly installments of $3,500.00 a month
for the 60-month period from the Effective Date after the payment
of Unclassified Claims and Allowed Professional Fee Claims are
completed.
The Plan shall be funded from the Debtor's Cash on hand and
disposable income over the five-year period following the Effective
Date.
A full-text copy of the Plan of Reorganization dated February 18,
2025 is available at https://urlcurt.com/u?l=pOx8PG from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Eric S. Medina, Esq.
MEDINA LAW FIRM LLC
641 Lexington Avenue
Thirteenth Floor
New York, NY 10022
(212) 404-1742
Email: emedina@medinafirm.com
About De Hoop Corporation
De Hoop Corporation operates a unique and well known South African
wine bar and restaurant at 1614 Third Avenue, New York, New York
10128 (the "Space").
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-12005) on November 18,
2024, with $1,000,001 to $10 million in assets and $500,001 to $1
million in liabilities.
Eric S. Medina, Esq., at Medina Law Firm, LLC represents the Debtor
as legal counsel.
DECO GROUP: Case Summary & Six Unsecured Creditors
--------------------------------------------------
Debtor: Deco Group LLC
Walls BBQ
1836 Steakhouse
Mr. Hamburger
4050 Eastchester Dr. Apt. 102
Bryan, TX 77802-4783
Business Description: Deco Group runs and oversees both a quick-
service restaurant and a full-service
restaurant business.
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 25-31252
Judge: Hon. Jeffrey P Norman
Debtor's Counsel: Robert C Lane, Esq.
THE LANE LAW FIRM
6200 Savoy Dr Ste 1150
Houston TX 77036-3369
Tel: (713) 595-8200
Fax: (713) 595-8201
E-mail: notifications@lanelaw.com
Total Assets: $106,682
Total Debts: $2,238,074
The petition was signed by John Mathews as manager.
A full-text copy of the petition, which includes a list of the
Debtor's six unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/WMUONMA/Deco_Group_LLC__txsbke-25-31252__0001.0.pdf?mcid=tGE4TAMA
DESTINATIONS TO RECOVERY: Gets Extension to Access Cash Collateral
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California on
March 3 approved a stipulation between Destinations to Recovery,
LLC and Kapitus, LLC, extending the company's authority to use its
secured creditor's cash collateral.
The stipulation allows Destinations to Recovery to use cash
collateral to pay its expenses through the next hearing, which is
scheduled for March 12.
As protection, Kapitus was granted replacement liens on all assets
of the company in which it holds an interest, with the same
priority as its pre-bankruptcy liens.
The bankruptcy court on Feb. 25 approved an earlier stipulation
between Destinations to Recovery and Kapitus, which granted the
company a seven-day extension to use the secured creditor's cash
collateral and approved the payment of $15,000 to the secured
creditor on March 1.
About Destinations to Recovery
Destinations to Recovery, LLC operates an IPO and PHO
rehabilitation center located at 20951 Burbank Blvd., Woodland
Hills, Calif.
Destinations to Recovery filed Chapter 11 petition (Bankr. C.D.
Calif. Case No. 24-11877) on November 8, 2024, with up to $1
million in both assets and liabilities. Mark Sharf, Esq., a
practicing attorney in Los Angeles, serves as Subchapter V
trustee.
Judge Martin R. Barash oversees the case.
The Debtor is represented by Eric Bensamochan, Esq., at The
Bensamochan Law Firm, Inc.
Tamar Terzian is the patient care ombudsman appointed in the
Debtor's case.
Kapitus LLC, as secured creditor, is represented by Brian T.
Harvey, Esq., and Rebecca M. Wicks, Esq., at Buchalter.
DHW WELL: Seeks Approval to Hire Keller Williams Laredo as Realtor
------------------------------------------------------------------
DHW Well Service, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Keller Williams
Laredo as realtor.
The Debtor needs a realtor to sell its property located at 255 Loop
517, Carrizo prings, Texas.
The firm will receive a commission of 5 percent of the property's
sales proceeds.
Gilma Cervera, a real estate agent at Keller Williams Laredo,
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:
Gilma Cervera
Keller Williams Laredo
1000 Crown Ridge Blvd., Suite C
Eagle Pass, TX 78852
Telephone: (830) 325-6647
About DHW Well Service
DHW Well Service, Inc., a company in Carrizo Springs, Texas,
operates a vacuum trucking business in the South Texas oil field.
DHW Well Service sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-52436) on August 5,
2024, with up to $50,000 in assets and up to $10 million in
liabilities. Michael Colvard serves as Subchapter V trustee.
Judge Craig A. Gargotta presides over the case.
William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents
the Debtor as legal counsel.
DIAMOND COMIC: Committee Taps Lowenstein Sandler as Legal Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Diamond Comic Distributors, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
District of Maryland to employ Lowenstein Sandler LLP as counsel.
The firm will provide these services:
(a) advise the committee with respect to its rights, duties,
and powers in the Chapter 11 cases;
(b) assist and advise the committee in its consultation with
the Debtors relative to the administration of the Chapter 11
cases;
(c) assist and advise the committee's investigation of the
acts, conduct, assets, liabilities, and financial condition of the
Debtors and other relevant matters;
(d) assist the committee in analyzing the claims of the
Debtors' creditors and capital structure and in negotiating with
holders of claims and equity interests;
(e) assist the committee in analyzing (i) the Debtors' pre-
and post petition financing, (ii) proposed use of cash collateral,
and (iii) the adequacy of their financing and proposed budget;
(f) assist the committee in its investigation of the liens and
claims of the holders of the Debtors' pre-petition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
(g) assist the committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters related to,
among other things, the assumption or rejection of any leases of
nonresidential real property and executory contracts, asset
dispositions, sale of assets, financing of other transactions and
the terms of one or more plans of reorganization for them and
accompanying disclosure statements and related plan documents;
(h) assist and advise the committee as to its communications
to unsecured creditors regarding significant matters in the Chapter
11 cases;
(i) represent the committee at hearings and other
proceedings;
(j) review and analyze applications, orders, statements of
operations, and schedules filed with the court and advise the
committee as to their propriety;
(k) assist the committee in preparing pleadings and
applications as may be necessary in furtherance of its interests
and objectives in the Chapter 11 cases;
(l) assist the committee and provide advice concerning the
proposed sale of substantially all of the Debtors' assets;
(m) prepare, on behalf of the committee, any pleadings in
connection with any of the foregoing; and
(n) perform such other legal services as may be required or
are otherwise deemed to be in the interests of the committee in
accordance with its powers and duties as set forth in the
Bankruptcy Code, Bankruptcy Rules, or other applicable law.
The hourly rates of the firm's counsel and staff are as follows:
Partner $775 - $2,175
Of Counsel $890 - $1,575
Senior Counsel $675 - $1,595
Counsel $675 - $1,290
Associate $550 - $1,150
Patent Attorneys $325 - $825
Staff Attorneys $495 - $795
Paralegals, Practice Support and Assistants $225 - $505
The firm's primary attorneys in this representation will be paid at
these hourly rates:
Bruce Nathan, Esq. $1,515
Gianfranco Finizio, Esq. $1,185
Michael Papandrea, Esq. $1,075
Chelsea Frankel, Esq. $660
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Nathan also provided the following in response to the request
for additional information set forth in Section D of the Revised
U.S. Trustee Guidelines:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this engagement?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition period. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Answer: Lowenstein Sandler did not represent the committee
prior to the petition date.
Question: Has your client approved your prospective budget and
staffing plan and, if so, for what budget period?
Answer: Lowenstein Sandler expects to develop a budget and
staffing plan to reasonably comply with the U.S. request for
information and additional disclosures, as to which Lowenstein
Sandler reserves all rights. The committee has approved Lowenstein
Sandler's proposed hourly billing rates.
Mr. Nathan disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Bruce S. Nathan, Esq.
Lowenstein Sandler LLP
1251 Avenue of the Americas
New York, NY 10020
Telephone: (212) 262-6700
Email: bnathan@lowenstein.com
About Diamond Comic Distributors
Founded in 1982, Diamond Comic Distributors Inc. offers a
multi-channel platform of publishing, marketing and fulfillment
services, coupled with an unparalleled global distribution network
for its retailers, publishers and vendors.
Diamond Comic Distributors and its affiliates filed Chapter 11
petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At
the time of the filing, Diamond Comic Distributors reported between
$50 million and $100 million in both assets and liabilities.
Judge David E. Rice handles the case.
The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler
Henrich & Associates, LLC as financial advisor; Raymond James &
Associates, Inc. as investment banker; and Stephenson Harwood, LLP
as U.K. counsel. Omni Agent Solutions is the Debtors' claims and
noticing agent and administrative agent.
On January 29, 2025, the United States Trustee for the District of
Maryland appointed an official committee of unsecured creditors in
these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP
as counsel, Tydings & Rosenberg as local counsel, and Berkeley
Research as financial advisor.
DIAMOND COMIC: Committee Taps Tydings & Rosenberg as Local Counsel
------------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Diamond Comic Distributors, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
District of Maryland to employ Tydings & Rosenberg LLP as local
counsel.
The firm will provide these services:
(a) advise the committee with respect to its rights, duties,
and powers;
(b) review the Debtors' motions and applications to ensure
they comply with the Local Rules and local practices and
procedures;
(c) in conjunction with Lowenstein Sandler LLP, draft and
review with attention to the Local Rules, pleadings, applications,
and appropriate responses and/or objections;
(d) analyze any Chapter 11 plan(s) filed in these Chapter 11
cases;
(e) represent the committee, along with Lowenstein, the
committee's proposed lead counsel, in hearings and proceedings;
(f) represent the committee, along with Lowenstein, in
collateral litigation before this bankruptcy court and other
courts; and
(g) perform such other legal services as may be required or in
the best interests of the committee in accordance with its powers
and duties.
The firm's attorneys will be paid at these hourly rates:
Dennis Shaffer, Esq. $625
Stephen Gerald, Esq. $600
Richard Costella, Esq. $600
Jung Lee, Esq. $350
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Shaffer also provided the following in response to the request
for additional information set forth in Section D of the Revised
U.S. Trustee Guidelines:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this engagement?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and reasons for the difference.
Answer: The firm did not represent the committee prepetition.
Question: Has your client approved your respective budget and
staffing plan, and if so, for what budget period?
Answer: The firm expects to develop a budget and staffing plan
to reasonably comply with the U.S. Trustee Guidelines for the
duration of the engagement for the postpetition period. The
committee has approved the firm's proposed hourly billing rates. In
accordance with the U.S. Trustee Guidelines, the budget may be
amended as necessary to reflected changed or unanticipated
developments.
Mr. Shaffer 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:
Dennis J. Shaffer, Esq.
Tydings & Rosenberg LLP
One East Pratt Street, Suite 901
Baltimore, MA 21202
Telephone: (410) 752-9700
Facsimile: (410) 727-5460
Email: dshaffer@tydings.com
About Diamond Comic Distributors
Founded in 1982, Diamond Comic Distributors Inc. offers a
multi-channel platform of publishing, marketing and fulfillment
services, coupled with an unparalleled global distribution network
for its retailers, publishers and vendors.
Diamond Comic Distributors and its affiliates filed Chapter 11
petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At
the time of the filing, Diamond Comic Distributors reported between
$50 million and $100 million in both assets and liabilities.
Judge David E. Rice handles the case.
The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler
Henrich & Associates, LLC as financial advisor; Raymond James &
Associates, Inc. as investment banker; and Stephenson Harwood, LLP
as U.K. counsel. Omni Agent Solutions is the Debtors' claims and
noticing agent and administrative agent.
On January 29, 2025, the United States Trustee for the District of
Maryland appointed an official committee of unsecured creditors in
these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP
as counsel, Tydings & Rosenberg as local counsel, and Berkeley
Research as financial advisor.
DIAMOND COMIC: Panel Hires Berkeley Research as Financial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Diamond Comic Distributors, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
District of Maryland to employ Berkeley Research Group, LLC as
financial advisor.
The firm will provide these services:
(a) analyze the Debtors' assets and possible recoveries to
creditor constituencies under various scenarios and develop
strategies to maximize recoveries;
(b) monitor liquidity and cash flows throughout these cases
and scrutinize cash disbursements and capital requirements on an
on-going basis;
(c) develop and issue periodic monitoring reports to enable
the committee to evaluate effectively the Debtors' performance
relative to projections, any 363 sale processes, ability to realize
or settle claims for avoidance actions, and any relevant
operational issues, including liquidity and sales of equity or debt
securities/capital raise on an ongoing basis;
(d) evaluate and participate in any 363 sale process to ensure
the adequacy of such process and that it proceeds in the most
efficient manner to maximize recoveries to the unsecured
creditors;
(e) advise and assist the committee with respect to any
debtor-in-possession financing arrangements and/or the use of cash
collateral including evaluation of asserted liens thereon;
(f) evaluate relief requested in cash management motion;
(g) analyze both historical and ongoing intercompany and/or
related party transactions and/or material unusual transactions of
the Debtors and non-debtor affiliates. Such analysis to include
developing an oversight protocol with the Debtors' advisors to
closely monitor such transactions to prevent value leakage;
(h) advise and assist the committee in its analysis and
monitoring of the historical, current and projected financial
affairs of the Debtors;
(i) advise the committee and counsel in evaluating any court
motions, applications, or other forms of relief, filed or to be
filed by the Debtors, or any other parties in interest;
(j) advise and assist the committee in its assessment of the
Debtors' employee needs and related costs;
(k) analyze the Debtors' business plan and monitor the
implementation of any strategic initiatives and prepare reports
related thereto as needed;
(l) identify and develop strategies related to the Debtors'
intellectual property;
(m) review and provide analysis of any bankruptcy plan and
disclosure statement;
(n) prepare valuations of the Debtors' assets;
(o) assist counsel in evaluating all purported lien claims by
creditors;
(p) evaluate and advise on the Debtors' assumption and or
rejection of executory contracts and or leases;
(q) work with the Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured in a tax efficient
manner as well as assist with the committee's review of any tax
issues;
(r) monitor Debtors' claims management process;
(s) advise the committee in connection with any potential
claims and causes of action;
(t) participate in meetings, discussions, and negotiations
with the committee, the Debtors, and the other parties in interest
and with their respective professionals and attend court hearings
as may be required;
(u) provide any expert reports and/or testimony as requested
by the committee and counsel; and
(v) provide other matters as may be requested by the committee
or counsel from time to time.
The firm's professionals will be paid at these hourly rates:
David Galfus, Managing Director $1,395
Christopher Kearns, Managing Director $1,395
Jonathan Emerson, Associate Director $1,000
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Galfus disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
David Galfus
Berkeley Research Group LLP
307 International Circle, Suite 400
Hunt Valley, MD 21030
Telephone: (443) 391-1050
About Diamond Comic Distributors
Founded in 1982, Diamond Comic Distributors Inc. offers a
multi-channel platform of publishing, marketing and fulfillment
services, coupled with an unparalleled global distribution network
for its retailers, publishers and vendors.
Diamond Comic Distributors and its affiliates filed Chapter 11
petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At
the time of the filing, Diamond Comic Distributors reported between
$50 million and $100 million in both assets and liabilities.
Judge David E. Rice handles the case.
The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler
Henrich & Associates, LLC as financial advisor; Raymond James &
Associates, Inc. as investment banker; and Stephenson Harwood, LLP
as U.K. counsel. Omni Agent Solutions is the Debtors' claims and
noticing agent and administrative agent.
On January 29, 2025, the United States Trustee for the District of
Maryland appointed an official committee of unsecured creditors in
these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP
as counsel, Tydings & Rosenberg as local counsel, and Berkeley
Research as financial advisor.
DJK ENTERPRISES: Plan Exclusivity Period Extended to May 30
-----------------------------------------------------------
Laura K. Grandy of the U.S. Bankruptcy Court for the Southern
District of Illinois extended DJK Enterprises, LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to May 30 and July 31, 2025, respectively.
As shared by Troubled Company Reporter, the Debtor claims that its
reorganization is proceeding at a pace consistent with the size of
the case and the complex and difficult issues confronting the
Debtor. The Debtor's Amended Plan of Reorganization is set for
trial on March 27, 2025.
The Debtor explains that Courts considering an extension of a
debtor's exclusive period also assess its liquidity and solvency.
Here, the Debtor has sufficient liquidity and is paying its
postpetition bills as they come due and has operated at a profit
each month it has been in bankruptcy.
The Debtor asserts that although it has made progress in the
prosecution of its chapter 11 case, the company does require
additional time to confirm its chapter 11 plan. The Debtor needs
additional time to build a consensual plan, which will be the focus
of discussions with EAF and all other interested parties. These
discussions are progressing, but more time and resources will have
to be devoted by the parties in furtherance thereof.
DJK Enterprises, LLC is represented by:
Larry E. Parres, Esq.
John J. Hall, Esq.
LEWIS RICE LLC
600 Washington Ave., Suite 2500
St. Louis, MO 63101
Telephone: (314) 444-7600
Facsimile: (314) 612-7660
E-Mail: lparres@lewisrice.com
jhall@lewisrice.com
About DJK Enterprises
DJK Enterprises, LLC, operates in the traveler accommodation
industry. It conducts business under the names Thelma Keller
Convention Center, Holiday Inn Effingham and TK Grille Restaurant.
The company is based in Effingham, Ill.
DJK sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Ill. Case No. 24-60126) on August 9, 2024, with $10
million to $50 million in both assets and liabilities. Chris
Keller, DJK president and member, signed the petition.
Judge Laura K. Grandy oversees the case.
The Debtor is represented by Larry E. Parres, Esq., at Lewis Rice,
LLC.
DMD FLORIDA: Hires Kensington Company and Affiliates as Broker
--------------------------------------------------------------
DMD Florida Development 2, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to employ Kensington Company and Affiliates, Inc. as broker.
The Debtors need a broker to sell their assets located at:
(a) 2000 S. University Dr. Davie, Florida;
(b) 1903 Hollywood Blvd., Hollywood, Florida;
(c) 440 SW 145th Ave, Pembroke Pines, Florida;
(d) 2224 Palm Beach Lakes Blvd, West Palm Beach, Florida;
(e) 6401 N Andrews Ave, Fort Lauderdale, Florida;
(f) 16411 Corporate Commerce Way, Fort Myers, Florida;
(g) 2078 9th St N, Naples, Florida; and
(h) 8700 NW 18th Terrace, Doral, Florida.
The broker will receive a commission of 4 percent of the first
$45,000,000 of the Gross Sale Price, or any part, plus 5 percent of
the Gross Sale Price between $45,000,000 and $50,000,000, or any
part, plus 6 percent of the Gross Sale Price in excess of
$50,000,000.
The broker will receive an initial retainer of $25,000 for its
marketing program from the Debtors.
Adam Stein, vice president at Kensington Company and Affiliates,
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:
Adam Stein
Kensington Company and Affiliates, Inc.
185 Roslyn Road, Fl. 1
Roslyn Heights, NY 11577
Telephone: (516) 626-2211
Email: adam@kensingtoncompany.com
About DMD Florida Development 2
DMD Florida Development 2, LLC and its affiliates, DMD Florida
Restaurant Group C LLC, and DMD Florida Restaurant Group D, LLC,
filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No.
25-10088) on January 6, 2025. Jack Flechner, manager and co-chief
executive officer, signed the petitions.
At the time of the filing, each Debtor reported $500,001 to $1
million in assets and $10 million to $50 million in liabilities.
Judge Scott M. Grossman oversees the cases.
The Debtors tapped Wernick Law, PLLC as counsel and GGG Partners
LLC as financial advisor.
DUSOBOX CORP: Court OKs Inventory Sale to Precision Corr
--------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, has approved Dusobox Corp. to sell its inventory,
free and clear of liens, claims, encumbrances, and interests.
The Court authorized the Debtor to sell its inventory including all
of its operating assets, except for all its right, title and
interest in and to all inventory, finished goods, raw materials,
labels, Flexo ink, outsourced inventory, digital ink, work in
progress, consumable material, and other inventories, including,
without limiting, any such items that were in existence, cash,
accounts receivable, and certain causes of action to Precision Corr
FL LLC for $250,000, in accordance with the terms and conditions
set forth in the agreement.
The Court has determined that settlement agreement between the
Debtor and Precision Corr is fair, equitable, and in the best
interests of the Debtor's estate.
The Debtor is authorized and directed to execute, deliver, and
fully perform any and all obligations and documents necessary to
effectuate the purchase and settlement agreement, including but not
limited to transferring its interest in the Inventory to Buyer and
releasing all claims against the Buyer.
The Court ordered that the Inventory will be sold free and clear of
any and all liens, claims, encumbrances, and interests, with such
liens, claims, and encumbrances to attach to the sale proceeds with
the same validity, priority, and extent as existed prepetition.
About Dusobox Corporation
Dusobox Corporation is a designer, engineer and manufacturer of
custom corrugated display solutions and product packaging. It is
based in Orlando, Fla.
Dusobox filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
24-00391) on Jan. 29, 2024, with $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
Judge Tiffany P. Geyer oversees the case.
Michael A. Nardella, Esq., at Nardella & Nardella, PLLC is the
Debtor's legal counsel.
DW TRUST: Court OKs Limited Use of Cash Collateral
--------------------------------------------------
DW Trust Investments, LLC obtained an order from the U.S.
Bankruptcy Court for the Central District of California authorizing
limited use of cash collateral.
The order signed by Judge Sheri Bluebond authorized the company to
use cash collateral solely to pay the first mortgages on each of
its three properties from Feb. 25 to March 12.
The next hearing is scheduled for March 12.
About DW Trust Investments
DW Trust Investments, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-18452) on Oct.
16, 2024, listing between $1 million and $10 million in both assets
and liabilities. The petition was signed by Daryle J. Rutherford
as member of DW Trust.
Judge Sheri Bluebond handles the case.
The Debtor is represented by Michael Jay Berger, Esq., at the Law
Offices of Michael Jay Berger.
ELITE SCHOOL: Gets Interim OK to Use Cash Collateral Until March 18
-------------------------------------------------------------------
Elite School Bus Company, LLC received interim approval from the
U.S. Bankruptcy Court for the District of Maryland, Baltimore
Division, to use cash collateral.
The interim order signed by Judge David Rice authorized the company
to use cash collateral to pay its expenses for the period from Feb.
28 to March 18.
The company projects total operational expenses of $79,270.89 for
the week ending March 3; $5,571.83 for the week ending March 10;
and $63,167.85 for the week ending March 17.
The U.S. Small Business Administration and the company's junior
lien creditors assert interest in the cash collateral, which
consists of accounts receivables.
Elite School Bus Company still owes $467,841 to the SBA, which
provided a $500,000 COVID-related loan to the company in June 2020.
Meanwhile, the junior lien creditors assert liens on the company's
personal property.
As protection, the SBA and the junior lien creditors were granted a
replacement lien on and security interest in the company's
post-petition cash collateral. In addition, the SBA will receive a
monthly payment of $2,481.
Meanwhile, Cecil County Board of Education was ordered to send to
Elite School Bus Company all accounts payable owed to the company
as and when due.
Elite School Bus Company, which operates 23 school bus routes for
Cecil County public schools, filed for bankruptcy after a creditor,
Byzfunder NY LLC, instructed the Cecil County Board of Education to
send payments directly to the creditor.
A final hearing will be held on March 18.
About Elite School Bus Company
Elite School Bus Company, LLC operates a school bus company that
provides services primarily to Cecil County public schools. With 23
bus routes, the company is responsible for transporting children on
23 buses to and from school.
Elite School Bus Company filed Chapter 11 petition (Bankr. D. Md.
Case No. 25-11526) on February 25, 2025, listing up to 10 million
in both assets and liabilities. Rebecca Minks, manager of Elite
School Bus Company, signed the petition.
Judge David E. Rice oversees the case.
Mary Fran Ebersole, Esq., at Tydings & Rosenberg LLP, represents
the Debtor as legal counsel.
EMD EXPRESS: Charity Bird Named Subchapter V Trustee
----------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Charity Bird of
Kaplan, Johnson, Abate, & Bird as Subchapter V trustee for EMD
Express, LLC.
Ms. Bird will be paid an hourly fee of $300 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Bird declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Charity Bird
Kaplan, Johnson, Abate, & Bird
710 W. Main Street, 4th Floor
Louisville, KY 40202
Phone: (502) 540-8285
Email: cbird@kaplanjohnsonlaw.com
About EMD Express
EMD Express LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-10148) on February 21,
2025, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Robert C. Chaudoin, Esq. represents the Debtor as legal counsel.
EMERGENCY HOSPITAL: Gets Extension to Access Cash Collateral
------------------------------------------------------------
Emergency Hospital Systems, LLC received ninth interim approval
from the U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division to continue to use the cash collateral of its
pre-bankruptcy lenders.
The ninth interim order authorized the company to use cash
collateral for the period from March 1 to 31 in accordance with its
budget.
The budget shows total projected expenses of $2,856,000 for the
interim period.
Pre-bankruptcy lenders, including RDFCB Acquisition, LLC, were
granted replacement liens on the company's property, with the same
validity and priority as their pre-bankruptcy liens.
As additional protection, the court approved the payment of
$11,956.79 to RDFCB on March 10, 17 and 24, and ordered Emergency
Hospital Systems to keep its property insured, including the
pre-bankruptcy collateral of RDFCB.
The next hearing is scheduled for March 26.
About Emergency Hospital Systems
Emergency Hospital Systems LLC, doing business as Cleveland
Emergency Hospital, is a system of regional hospitals serving the
communities of The Woodlands, Porter, and Deerbrook, Cleveland.
These facilities support each other with respect to the services
they provide and are united under a common objective to provide
quality healthcare professionally and compassionately.
Emergency Hospital Systems sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on
October 3, 2024, with $10 million to $50 million in both assets and
liabilities. Rafael Delaflor, operating officer, signed the
petition.
Judge Eduardo V. Rodriguez oversees the case.
The Debtor is represented by Megan Rapp, Esq., at Kean Miller,
LLP.
RDFCB, as lender, is represented by:
Kell Mercer, Esq.
Kell C. Mercer, P.C.
901 S. Mopac Expy, Suite 300, Bldg. 1
Austin, Texas 78746
Telephone: 512-767-3214
EXELA TECHNOLOGIES: Units Seek Chapter 11 to Restructure Debt
-------------------------------------------------------------
Reshmi Basu, Luca Casiraghi, and Dorothy Ma of Bloomberg News
report that several units of Exela Technologies Inc. have filed for
bankruptcy protection in Texas after reaching a restructuring
agreement with bondholders.
The filings, which include Exela's main debt-issuing entities, list
assets between $500 million and $1 billion and liabilities between
$1 billion and $10 billion under Chapter 11. The Irving,
Texas-based company will continue operating while seeking court
approval for its restructuring plan.
Under the agreement with an ad hoc group of bondholders holding
notes due in 2026, Exela will receive $80 million in new funding,
court documents show.
About Exela Technologies
Headquartered in Irving, Texas, Exela Technologies, Inc. --
http://www.exelatech.com/-- is a business process automation (BPA)
company, leveraging a global footprint and proprietary technology
to provide digital transformation solutions enhancing quality,
productivity, and end-user experience.
Exela Technologies Inc. and several other units sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.
25-90024) on March 3, 2025. In its petition, the Debtor reports
estimated assets between $500 million and $1 billion and
liabilities between $1 billion and $10 billion.
Honorable Bankruptcy Judge Christopher M. Lopez handles the case.
The Debtor is represented by:
Timothy Alvin Davidson, II, Esq.
Andrews Kurth LLP
600 Travis, Ste 4200
Houston, TX 77002
Phone: 713-220-3810
Fax: 713-220-4285
FAMILY SOLUTIONS: Trustee Taps Calfee Halter & Griswold as Counsel
------------------------------------------------------------------
George Sanderson III, the trustee appointed in the Chapter 11 case
of Family Solutions of Ohio, Inc., seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Calfee, Halter & Griswold LLP as special purpose counsel.
The firm will provide the trustee legal advice with respect to Ohio
nonprofit and health laws and regulations pertaining to behavioral
health practices.
Michael VanBuren, Esq., the primary attorney in this
representation, will be paid at his hourly rate of $545.
Mr. VanBuren disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Michael G. VanBuren, Esq.
Calfee, Halter & Griswold LLP
The Calfee Building
1405 East Sixth Street
Cleveland, OH 44114
Telephone: (216) 622-8200
Facsimile: (216) 241-0816
Email: mvanburen@calfee.com
About Family Solutions of Ohio
Family Solutions of Ohio, Inc. in Wake Forest, NC, filed its
voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case
No. 24-03043) on Sept. 5, 2024, listing as much as $1 million to
$10 million in both assets and liabilities. John Hopkins, Jr., vice
president, signed the petition.
Judge Pamela W. Mcafee oversees the case.
Hendren, Redwine & Malone, PLLC serves as the Debtor's counsel.
George Sanderson III was appointed as trustee appointed in this
Chapter 11 case. The trustee tapped The Sanderson Law Firm, PLLC
and Hendren, Redwine & Malone, PLLC as bankruptcy counsel and
Calfee, Halter & Griswold LLP as special purpose counsel.
FANATICS COLLECTIBLES: Moody's Alters Outlook on 'Ba3' CFR to Pos.
------------------------------------------------------------------
Moody's Ratings changed Fanatics Collectibles Intermediate Holdco,
Inc.'s outlook to positive from stable. At the same time, Moody's
affirmed Fanatics Collectibles' ratings, including its Ba3
corporate family rating, B1-PD probability of default rating and
Ba3 senior secured bank credit facilities ratings.
The change in outlook to positive reflects Moody's expectations for
continued solid operating performance and credit metrics. The
company continues to report solid revenue and earnings growth led
by both new license agreements and new product releases of its
physical and digital trading cards. Free cash flow remains strong,
and the company has used excess cash flow to voluntarily pay down
debt and significantly improve credit metrics. As of December 31,
2024, Moody's adjusted debt/EBITDA was 0.5x, EBITA/interest
exceeded 12.5x, and free cash flow/debt was well over 100%. As
Fanatics Collectibles is poised to benefit from several new
licenses over the next year, Moody's expects metrics to continue to
improve through further revenue growth and debt reduction from
continued strong free cash flow.
RATINGS RATIONALE
Fanatics Collectibles' Ba3 CFR reflects the company's low financial
leverage and its solid position in the domestic Sports &
Entertainment ("S&E") collectibles market and large geographic
presence outside the US. The company benefits from the fanatics.com
e-commerce capabilities which position the company well to benefit
from the shift of consumer spending online. The exclusive long-term
rights to sell cards for the MLB/MLBPA, WWE, and UFC, as well as
future rights for the NBA/NBPA (starting in late 2025) and
NFL/NFLPA (starting in 2026), further solidify Fanatics
Collectibles as a valuable partner to professional sports leagues
and players associations. Liquidity is good, supported by Moody's
expectations that balance sheet cash, strong free cash flow and
ample revolver availability will support seasonal cash flow needs
over the next twelve months. The Ba3 CFR also reflects its all
first lien structure and inclusion of a financial maintenance
covenant, which along with the low leverage levels, drive a higher
than average recovery estimate.
Constraining factors include the company's small scale, its niche
product focus and the discretionary nature of its products.
Fanatics Collectibles is also exposed to inherent cyclicality in
the S&E collectibles industry where demand can be impacted by,
economic conditions, the popularity of upcoming rookie athletes and
sports tournaments, and that pricing can be impacted by levels of
supply.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded should Fanatics Collectibles increase its
scale and product diversification while maintaining revenue and
EBITDA growth as well as demonstrating low volatility in the
industry. An upgrade would also require a continued commitment and
ability to maintain a solid credit metrics profile, with Moody's
debt/EBITDA is sustained below 2.5x and EBITA/interest sustained
above 4x, with very good liquidity and free cash flow/debt
sustained above 10%.
The ratings could be downgraded if the company's operating
performance or liquidity materially deteriorate, or financial
strategies become more aggressive. Quantitatively, the rating could
be downgraded if Moody's debt/EBITDA rises above 4x or
EBITA/interest declines below 3x. An elimination of the financial
maintenance covenant could also result in reduced recovery
expectations and a downgrade to the CFR and instrument ratings.
Fanatics Collectibles is a global consumer products company
focusing on licensing, producing, designing, selling and
manufacturing physical and digital trading cards, sports
memorabilia and other digital assets for sports and entertainment
properties. The company has exclusive rights as a manufacturer of
trading cards for Major League Baseball and the Major League
Baseball Players Association, WWE, and UFC, and it also owns
exclusive trading cards rights for the NBA/NBPA (starting in late
2025) and NFL/NFLPA (starting in 2026). Fanatics Collectibles is an
indirect subsidiary of Fanatics Holdings, Inc. ("FHI"), which is
privately owned by a consortium of investors including founder and
CEO, Michael Rubin, who owns a majority if the voting stock.
Revenue exceeded $1.6 billion for the year ended December 31,
2024.
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
FRANKLIN STREET: Moody's Cuts CFR to Caa1, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings downgraded the corporate family rating and senior
unsecured rating of Franklin Street Properties Corp. (FSP) to Caa1
from B3. The speculative grade liquidity rating (SGL) remains
unchanged at SGL-4. The outlook was revised to stable from
negative.
The ratings downgrade reflects Moody's views that the REIT's
reduced size increases earnings volatility, which will be further
exacerbated as FSP pursues additional asset sales to address its
April 2026 debt maturities.
RATINGS RATIONALE
FSP's Caa1 CFR reflects the REIT's small size and weak business
profile. FSP's gross assets totaled $1.3 billion at year-end 2024
and its portfolio lease rate was modest at 68%, down from 70% at
year-end 2023. Moody's also notes that FSP is reliant on asset
sales to address basic liquidity needs over the next 18 months,
amidst muted market interest for non-prime quality office
properties.
The rating also reflects the company's low leverage for its rating
category, with Moody's expectations that net debt/EBITDA will
remain below 7.5x in 2025. Additionally, FSP's fully unencumbered
portfolio could allow it to raise secured debt to address operating
needs and maturities.
Over the past few years, FSP has been executing on its plan to
reduce debt through asset sales amidst a difficult refinancing
environment for lower-quality office properties. Accordingly, the
REIT's portfolio has decreased to only 15 properties, which
increases concentration risk and creates high potential earnings
volatility. The operating environment for office space in FSP's
markets remains challenging, and Moody's expects that the REIT's
occupancy will continue to erode as it continues to sell assets. In
the current environment, Moody's believes that the REIT is more
likely to sell better-leased assets.
The SGL-4 rating reflects the lack of a revolving credit facility
and the REIT's maturity schedule, with all outstanding debt (around
$250 million as of year-end 2024) due on April 01, 2026. At
year-end 2024, FSP had $42.7 million of cash on hand. While, in the
past, FSP has successfully extended the maturity of its debt,
Moody's cautions that a slowdown in asset sales or a worsening
operating environment could make an extension more uncertain and
increase the risk of default.
The stable outlook reflects Moody's expectations that leverage will
remain moderate and that FSP's operating environment will not
materially deteriorate in the coming year, allowing the REIT to
proceed with planned asset sales and apply the proceeds to debt
repayment.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade could occur if FSP were to improve its liquidity
profile, with long dated maturity and cash sources that would allow
it to invest in its portfolio. A ratings upgrade would also likely
reflect improvement in FSP's operating performance, leading to
growth in occupancy and Net Operating Income (NOI).
A ratings downgrade could occur if FSP's operating performance or
liquidity were to deteriorate further, raising concerns over the
ability of the REIT to address its April 2026 debt maturities.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in February 2024.
GARCIA DEARING: Seeks to Hire Tittle Law Group as Legal Counsel
---------------------------------------------------------------
Garcia Dearing Investments Inc., doing business as J&G's Citywide
Express Charter, seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to employ Tittle Law Group as
counsel.
The firm will provide these services:
(a) provide legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and the
management of its property;
(b) take all necessary action to protect and preserve the
Debtor's estate;
(c) prepare on behalf of the Debtor necessary legal papers in
connection with the administration of its estate;
(d) assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;
(e) perform any and all other legal services for the Debtor in
connection with its Chapter 11 case; and
(f) perform such legal services as the Debtor may request with
respect to any matter.
The hourly rates of the firm's counsel and staff are as follows:
Brandon Tittle, Esq. $625
Associates $305 - $495
Paralegals $205 - $295
The firm received a retainer of $15,000 from the Debtor.
Brandon Tittle, Esq., an attorney of the firm, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brandon J. Tittle, Esq.
Tittle Law Group
1125 Legacy Dr., Ste. 230
Frisco, TX 75034
Telephone: (972) 213-2316
Email: btittle@tittlelawgroup.com
About Garcia Dearing Investments
Garcia Dearing Investments, Inc., doing business as J&G's Citywide
Express Charter, filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Tex. Case No. 25-10170) on Feb. 5, 2025, listing under $1
million in both assets and liabilities.
The Debtor tapped Tittle Law Group as counsel.
GFL ENVIRONMENTAL: S&P Upgrades ICR to 'BB', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on GFL
Environmental Inc. to 'BB' from 'BB-' The outlook is stable. At the
same time, S&P raised its issue-level ratings on the company's
secured notes to 'BB+' and the company's unsecured notes to 'B+'.
S&P's issue-level ratings remain on CreditWatch with positive
implications to reflect its view that planned debt repayments over
the coming weeks are likely to improve recovery prospects for both
the secured and unsecured debt.
The stable outlook reflects S&P's expectation that GFL will
maintain S&P Global Ratings-adjusted debt to EBITDA in the 4x-5x
area while steadily improving margins.
Debt repayment following the partial sale of GFL's Environmental
Services (ES) business should more than offset lost EBITDA from the
sale and contribute to lower leverage. S&P said, "GFL completed the
previously announced sale of a majority of its stake in the ES
business to private equity firms Apollo and BC Partners, while
maintaining a 44% stake in the business that we assume will be
equity accounted. GFL intends to use up to C$3.75 billion of the
approximately C$6.2 billion in proceeds from the sale to repay
debt, which we anticipate will reduce leverage by at least half a
turn with S&P Global Ratings-adjusted debt to EBITDA expected to be
in the mid-4x area over the next couple of years. This reflects our
estimate that the proposed debt reduction would more than offset
the loss of S&P adjusted EBITDA of about C$450 million annually
from the sale of ES under equity accounting. That said, we expect
the ES business to maintain a highly leveraged balance sheet and
follow a relatively more aggressive financial policy when compared
to GFL, which is a qualitative consideration in our view of GFL's
credit profile, but not one that offsets the significant debt
repayment following the sale. We also recognize that there
continues to be a large difference between our calculation of
adjusted leverage (mid-4x this year) and that of the company's net
leverage target of the low-3x area. The differential stems
primarily from our inclusion of the GFL's preferred shares as debt,
which adds approximately 0.5x to our leverage. Post-sale of ES, we
anticipate the company will focus on densifying its solid waste
market position in key geographic regions through M&A and organic
investment (especially in Extended Producer Responsibility (EPR)
and Renewable Natural Gas (RNG) initiatives). Management's strategy
of focusing on smaller, tuck in acquisitions and its track record
of integration reduces the financial and execution risks posed by
M&A from what it was a few years ago. The company's lower debt
levels should also lead to better free operating cash flow (FOCF)
generation and financial flexibility. We assume FOCF conversion
will improve as approximately C$200 million of annualized interest
expense is saved from the debt repayment. We expect these savings
to facilitate higher capex, including growth spending related to
EPR and RNG in 2025, and M&A going forward."
S&P said, "In our view, the sale of ES does not have a meaningful
impact on GFL's competitive position. The ES business provides soil
remediation and liquid waste services primarily in Canada, and we
estimate it generated about C$450 million of annual S&P adjusted
EBITDA in 2024 (about 20% of GFL's S&P Global Ratings-adjusted
EBITDA). Following the sale, GFL is still the fourth largest waste
management company in North America, benefiting from resilient
demand and a robust pricing environment that should contribute to
relatively stable and growing earnings. In our view, this stems
from the essential nature of its solid waste services and high
revenue visibility from multiyear service contracts and high
renewal rates across a diversified customer base. In addition, GFL
intends to retain a 44% equity stake in the ES business, which
could enable it to continue to capture some operational synergies.
"We maintain GFL's issue-level ratings on CreditWatch with positive
implications as debt repayments in the coming weeks will likely
result in higher ratings. The company stated that it intends to use
a portion of the sale proceeds to immediately repay the amount
outstanding under its term loan B and revolver and in subsequent
weeks repay the notes maturing in 2025 and 2026. Once complete, we
think the recovery prospects for secured and unsecured claims will
likely improve and lead to another one notch increase. We have
placed all our issue-level ratings on CreditWatch with positive
implications to reflect this.
"Our stable outlook on GFL reflects our view that the company will
maintain S&P Global Ratings-adjusted debt to EBITDA in the
low-to-mid 4x area over the next 12 months. This incorporates our
view that the company will manage leverage to this level while
pursuing M&A and organic growth opportunities, while steadily
improving S&P adjusted EBITDA margins to the high 20% area.
"We could lower our ratings on GFL if we expect debt to EBITDA to
be sustained above 5x. This could occur if the company pursues a
financial policy more aggressive than we currently anticipate,
potentially including large share-holder distributions or spending
on acquisitions. This could also occur if demand for GFL's services
declines as a result of lost contracts, potentially from declining
service quality, or if volumes drop significantly.
"We could raise our ratings on GFL over the next 12 months if we
expect the company to sustain adjusted debt to EBITDA below 4x and
adjusted FOCF to debt above 5%, supported by steady organic growth
and profitability. This could occur if GFL converts its preferred
shares (which we consider debt) to equity."
GRESHAM WORLDWIDE: Gets Extension to Access Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona extended
Gresham Worldwide, Inc.'s authority to use cash collateral from
Feb. 28 to March 31.
The court ordered the company to pay $60,000 to Arena Investors, LP
by March 7 as provided in the budget.
The replacement liens granted to Arena and Ault Lending, LLC remain
in full force and effect.
About Gresham Worldwide
Gresham Worldwide, Inc. designs, manufactures, and distributes
purpose-built electronics equipment, automated test solutions,
power electronics, supply and distribution solutions, as well as
radio, microwave, and millimeter wave communication systems and
components for a variety of applications with a focus on the global
defense industry and the healthcare market.
Gresham Worldwide sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06732) on Aug. 14,
2024. In the petition filed by Lutz P. Henckels, chief financial
officer, the Debtor disclosed $32,859,000 in assets and $39,786,000
in liabilities as of June 30, 2024.
Judge Scott H. Gan oversees the case.
Patrick A. Clisham, Esq., at Engelman Berger, PC serves as the
Debtor's legal counsel.
The U.S. Trustee appointed an official committee of unsecured
creditors in this Chapter 11 case. The committee tapped Stinson,
LLP as legal counsel.
GUNNISON VALLEY: Plan Exclusivity Period Extended to March 26
-------------------------------------------------------------
Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the
District of Colorado extended Gunnison Valley Properties, LLC's
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to March 26 and June 26, 2025, respectively.
As shared by Troubled Company Reporter, the Debtor owns Gunnison
Rising, a 600-acre, fully-entitled, multi-phase, mixed-use
development approved for 1,700 residential units, and 920,000 sf of
commercial development, to include more than 350,000 sf of retail,
350,000 sf of industrial space, plus acreage for commercial space
and an RV park, all adjacent to Western Colorado University (the
"Project") in Gunnison, Colorado.
The Debtor believes the best path forward for the Project and
Debtor's creditors is to seek funding for the infrastructure
necessary to obtain subdivision approval. Debtor believes that with
access to capital, Debtor can obtain competitive bids for the work
necessary to complete the essential on-site and off-site
infrastructure and could actually complete the infrastructure in
the 2025 construction season. Based on the relatively complex
nature of the Project, Debtor anticipates it may take some time for
these parties to digest the relevant documents and information for
the Project and make proposals.
Gunnison Valley Properties, LLC is represented by:
Andrew D. Johnson, Esq.
Joli A. Lofstedt, Esq.
Gabrielle G. Palmer, Esq.
ONSAGER | FLETCHER | JOHNSON | PALMER LLC
600 17th Street, Suite 425 North
Denver, CO 80202
Tel: (720) 457-7059
Email: ajohnson@OFJlaw.com
About Gunnison Valley Properties
Gunnison Valley Properties LLC in Louisville, Colo., sought relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
24-15052) on Aug. 28, 2024, listing $50 million to $100 million in
assets and $10 million to $50 million in liabilities. Byron
Chrisman, manager, signed the petition.
Judge Joseph G. Rosania Jr. oversees the case.
Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's
legal counsel.
GWG HOLDINGS: Trustee Alleges Holland & Knight Assisted in Fraud
----------------------------------------------------------------
James Nani of Bloomberg Law reports that a litigation trustee for
GWG Holdings Inc.'s creditors has accused a Holland & Knight LLP
partner of aiding the company's former leader in a scheme to
misappropriate funds from the bond seller.
According to a complaint filed Friday, February 28, 2025, in the
U.S. Bankruptcy Court for the Southern District of Texas, Holland &
Knight litigation partner William "Bill" Banowsky allegedly
participated in a fraudulent scheme led by former GWG board
director and chair Bradley K. Heppner.
The trustee is seeking at least $148.4 million in damages, along
with additional costs.
About GWG Holdings
Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH)
conducts its life insurance secondary market business through a
wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned
subsidiaries.
GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20,
2022. In the petition filed by Murray Holland, president and chief
executive officer, GWG Holdings disclosed between $1 billion and
$10 billion in both assets and liabilities.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as
bankruptcy counsels; Tran Singh, LLP as special conflicts counsel;
FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as
investment banker. Donlin Recano & Company is the Debtors' notice
and claims agent.
National Founders LP, a debtor-in-possession (DIP) lender, is
represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and
William E. Curtin, Esq., at Sidley Austin, LLP.
The U.S. Trustee for Region 7 appointed an official committee to
represent bondholders in the Debtors' cases. The committee tapped
Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as
legal counsels; Piper Sandler & Co. as investment banker; and
AlixPartners, LLP as financial advisor.
The Debtors obtained confirmation of their Further Modified Second
Amended Joint Chapter 11 Plan on June 20, 2023.
H-FOOD HOLDINGS: Gets Approval for Executive Bonus Plan
-------------------------------------------------------
Randi Love of Bloomberg Law reports that bankrupt snack maker
Hearthside Food Solutions won approval to pay up to $7.4 million in
incentive bonuses to eight executives if they meet certain goals.
The performance-based incentive payments for senior management
members would be made after a bankruptcy plan goes into effect,
according to a Feb. 28 order in the US Bankruptcy Court for the
Southern District of Texas.
Those payments, which are only authorized if certain goals are met,
wouldn't reduce money available to unsecured creditors, Judge
Alfredo R. Perez wrote in approving the bonus plan.
About H-Food Holdings
H-Food Holdings, LLC, formerly known as Matterhorn Merger Sub, LLC,
was founded in 2009 in Grand Rapids, Mich. The company and its
affiliated debtors are a contract manufacturer of food products,
producing and supplying, among other things, nutrition bars, frozen
packaged foods, meal kits, snacks, sauces, refrigerated trays,
overwrap, custom packaging solutions, and more to customers. As the
largest food co-manufacturer in North America, the Debtors
manufacture some of the most valued and recognizable brands, and
the Debtors' key customers include many of the leading consumer
packaged goods customers in North America.
The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case
No. 24-90586) on Nov. 22, 2024, listing $1 billion to $10 billion
in both assets and liabilities. Robert M. Caruso,
chiefrestructuring officer, signed the petitions.
Judge Alfredo R. Perez presides over the cases.
The Debtors tapped Ropes & Gray, LLP as general bankruptcy counsel;
Porter Hedges, LLP as co-bankruptcy counsel; Evercore Group, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor.
HALO ESTATES: Gets Interim OK to Use Cash Collateral Until April 1
------------------------------------------------------------------
Halo Estates, LLC received interim approval from the U.S.
Bankruptcy Court for the Central District of California to use cash
collateral.
The interim order authorized the company to use cash collateral in
accordance with its 90-day budget and its stipulation with
Wilmington Trust, National Association, the trustee for registered
holders of J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Multifamily Mortgage Pass-Through Certificates, Series 2020-SB7.
Wilmington Trust was granted a replacement lien on all
post-petition cash collateral, to the same extent and with the same
validity and priority as its pre-bankruptcy lien.
The next hearing is scheduled for April 1.
About Halo Estates LLC
Halo Estates LLC is a Los Angeles-based real estate company.
Halo Estates sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 25-10025) on January 7, 2025,
listing up to $50,000 in both assets and liabilities.
Judge Martin R. Barash handles the case.
The Debtor is represented by:
Alla Tenina
Alla Tenina
Tel: 213-596-0265
Email: alla@teninalaw.com
HAYS TABERNACLE: Hires B. Riley Advisory as Financial Advisor
-------------------------------------------------------------
Hays Tabernacle CME Church seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ GlassRatner
Advisory & Capital Group, LLC, doing business as B. Riley Advisory
Services, as financial advisor consultant and expert witness.
The firm will render analysis and testimony related to, among other
matters, valuation, financing, future performance and present value
issues in connection with plan confirmation matters and any other
matter requiring financial analysis consulting or expert testimony
services.
The firm's hourly rates are as follows:
J. Michael Issa $695
Other Staff $425 $695
The firm requires a retainer of $5,000 from the Debtor.
J. Michael Issa, a senior managing director at GlassRatner Advisory
& Capital Group, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
J. Michael Issa
B. Riley Advisory Services
19800 MacArthur Blvd., Suite 820
Irvine, CA 92612
Telephone: (949)407-6620
Email: missa@brileyfin.com
About Hays Tabernacle CME Church
Hays Tabernacle CME Church sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18171) on
October 7, 2024. In the petition filed by Rev. Dr. Phillip D.
Washington, the Debtor disclosed estimated assets and liabilities
between $1 million and $10 million.
The Debtor tapped Shumika T. R. Sookdeo, Esq., at Robinson Sookdeo
Law as bankruptcy counsel and Liner Freedman Taitelman + Cooley,
LLP as special litigation counsel. GlassRatner Advisory & Capital
Group, LLC, doing business as B. Riley Advisory Services, is the
Debtor's financial advisor consultant and expert witness.
HAYS TABERNACLE: Hires Liner Freedman Taitelman as Special Counsel
------------------------------------------------------------------
Hays Tabernacle CME Church seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Liner
Freedman Taitelman + Cooley, LLP as special litigation counsel.
The firm will represent the Debtor with respect to a lawsuit in the
Los Angeles Superior Court, Case No. 21STCV20483 and an appeal
filed in the Court of Appeal, 2nd District, Case No. B341977.
The firm's counsel and staff will be paid at these hourly rates:
Senior Partners $900
Partners $600 - $800
Associates $450 - $500
Paralegals $200
Law Clerks $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $15,000 from Ninth Episcopal
District Christian Methodist Episcopal Church.
R. Sterling Henderson, a partner of Liner Freedman Taitelman +
Cooley, 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:
R. Sterling Henderson, Esq.
Liner Freedman Taitelman + Cooley, LLP
1801 Century Park W. Fl. 5
Los Angeles, CA 90067
Telephone: (310) 201-0005
Facsimile: (310) 201-0045
Email: shenderson@lftcllp.com
About Hays Tabernacle CME Church
Hays Tabernacle CME Church sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18171) on
October 7, 2024. In the petition filed by Rev. Dr. Phillip D.
Washington, the Debtor disclosed estimated assets and liabilities
between $1 million and $10 million.
The Debtor tapped Shumika T. R. Sookdeo, Esq., at Robinson Sookdeo
Law as bankruptcy counsel and Liner Freedman Taitelman + Cooley,
LLP as special litigation counsel. GlassRatner Advisory & Capital
Group, LLC, doing business as B. Riley Advisory Services, is the
Debtor's financial advisor consultant and expert witness.
HERSHEY CHAN: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Hershey Chan Realty Inc.
14969 Powells Cove Blvd.
Whitestone, NY 11357
Business Description: Hershey Chan Realty Inc. is a debtor with a
single real estate asset, as outlined in 11
U.S.C. Section 101(51B).
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 25-41079
Debtor's Counsel: Rachel L. Kaylie, Esq.
LAW OFFICES OF RACHEL L. KAYLE, P.C.
1702 Avenue Z
Suite 205
Brooklyn, NY 11235
Tel: 718-615-9000
Fax: 718-228-5988
E-mail: rachel@kaylielaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Grace Chan as president.
The Debtor has stated in the petition that there are no unsecured
creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/TTVLGKY/Hershey_Chan_Realty_Inc__nyebke-25-41079__0001.0.pdf?mcid=tGE4TAMA
HOP-HEDZ INC: Tampa Property Sale for $2.8MM OK'd
-------------------------------------------------
Hop-Hedz Inc. received the green light from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, to sell
its Property located at t 211 and 213 Fremont Ave., Tampa, Florida.
The Court authorized the Debtor to sell the Property in accordance
with the Commercial Contract and Addendum in accordance with the
commercial contract and addendum to the sale between the Debtor and
1901 W Platt St LLC, on the one hand, and B.A.C.H. Land Development
LLC, on the other hand, for the total cash price of $2,850,000.00,
free and clear of liens, claims, and interests with such liens,
claims, and interests attaching to the sale proceeds.
The proceeds of the sale will be distributed to:
-- Allstate Funding Corporation with $580,023.74
-- 2024 Real Estate Taxes – Hillsborough County (estimated)
$11,820.04
-- U.S. Trustee Fees with $22,800.00
-- Brandon Garner (Unsecured Creditor) with $15,000.00
-- Luther Moore (Unsecured Creditor) with $5,000.00
-- Jennis Morse P.A. with $35,000.00
-- Law Offices of McIntyre Thanasides Bringgold Elliott Grimaldi
& Guito, P.A. Trust Account with $440,000.00
-- M Funding I, LLC Balance of Proceeds
McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A., will
hold the $440,000.00 disbursed to it in an interest bearing nonIOTA
trust account. The McIntyre Firm shall not disburse the Escrowed
Funds absent order of this Court, except that the McIntyre Firm is
authorized to distribute up to $20,000.00 of the Escrowed Funds to
the United States Trustee for U.S. Trustee Fees in connection with
Debtor’s Chapter 11 Case and the Chapter 11 Case of In re 1901 W.
Platt St., LLC, Case No. 8:14-bk-05906-CPM. Any
remaining secured claim of Allstate and the junior lien held by M
Funding I, LLC, shall attach to the Escrowed Funds to the same
extent, validity, and priority as existed prior to the closing of
the sale.
About Hop-Hedz Inc.
Tampa, Fla.-based Hop-Hedz, Inc. filed a petition for Chapter 11
protection (Bankr. M.D. Florida Case No. 20-09249) on Dec. 20,
2020, listing up to $10 million in assets and up to $1 million in
liabilities.
Judge Caryl E. Delano oversees the case.
W.Bart Meacham, Esq., is the Debtor's legal counsel.
I A P CONSTRUCTION: Gets OK to Use Cash Collateral Until April 3
----------------------------------------------------------------
I A P Construction, Inc. received interim approval from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to use cash collateral until April 3.
The company requires immediate access to the cash collateral to pay
the expenses set forth in its budget, which shows total operational
expenses of $71,765.64 for March.
American Community Bank & Trust may have an interest in the
company's assets, including cash collateral.
As protection for the use of its cash collateral, the bank was
granted replacement liens on all post-petition property of I A P,
including cash collateral, to the same extent, validity and
priority as its pre-bankruptcy liens.
I A P's right to use cash collateral will cease upon entry of a
court order directing the cessation of the use of cash collateral;
dismissal of its Chapter 11 case; or conversion of the case to one
under Chapter 7.
The next hearing is scheduled for April 2.
About I A P Construction
I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D.
Ill. Case No. 25-02709) on February 24, 2025, listing up to $1
million in both assets and liabilities. Ian Proce, president of I A
P, signed the petition.
Judge Deborah L. Thorne oversees the case.
David R. Herzog, Esq., represents the Debtor as legal counsel.
INSTANT BRANDS: Directors Gain Limited Ch. 11 Liability Protection
------------------------------------------------------------------
James Nani of Bloomberg Law reports that a Houston judge has ruled
that independent directors appointed by Instant Brands before its
bankruptcy can receive limited liability protections, despite
opposition from the Justice Department's bankruptcy watchdog.
U.S. Bankruptcy Judge Marvin Isgur determined Monday, March 3,
2025, that the directors, serving as disinterested fiduciaries, are
entitled to the same safeguards as bankruptcy trustees—provided
their actions remain within their duties and do not involve gross
negligence or willful misconduct.
Instant Brands, the former maker of Instant Pot, Corelle, and Pyrex
products, had its Chapter 11 reorganization plan approved in
February 2025.
About Instant Brands
Instant Brands designs, manufactures and markets a global portfolio
of innovative and iconic consumer lifestyle brands: Instant, Pyrex,
Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions.
Instant Brands Holdings Inc. and Instant Brands Inc., and their
affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June
12, 2023. In the petition signed by Adam Hollerbach, chief
restructuring officer, the Debtors disclosed up to $1 billion in
both assets and liabilities. Judge David R. Jones oversees the
case.
Davis Polk & Wardwell LLP's Brian M. Resnick, Steven Z. Szanzer and
Joanna McDonald serve as counsel to the Debtors. The Debtors also
tapped Haynes and Boone, LLP as Texas counsel, Stikeman Elliott LLP
as Canadian counsel, AlixPartners, LLP as financial advisor,
Guggenheim Securities LLC as investment banker, and Epiq Corporate
Restructuring, LLC as claims, noticing, agent, solicitation and
administrative advisor.
DLA Piper LLP (US) serves as counsel to the Official Committee of
Unsecured Creditors.
Ropes & Gray LLP serves as counsel to the DIP Lenders, and Moelis &
Company LLC and Ankura Consulting Group, LLC act as advisors to the
Term DIP Secured Parties.
Skadden, Arps, Slate, Meagher & Flom LLP and Norton Rose Fulbright
and Norton Rose Fulbright Canada LLP serve as counsel and FTI
Consulting as financial advisor to the ABL DIP Secured Parties.
Kramer Levin Naftalis & Frankel LLP serves as counsel to Cornell
Capital.
INTEGRATED CARE: Seeks Court OK to Use Cash Collateral
------------------------------------------------------
Integrated Care of Greater Hickory, Inc. asked the U.S. Bankruptcy
Court for the Eastern District of North Carolina, New Bern
Division, for authority to use cash collateral on an interim
basis.
The Debtor's income is solely derived from its healthcare
businesses. In order to maintain existing operations, the Debtor
expects it will be required to incur certain operating expenses
including, but not limited to, purchases of supplies used in the
operation of the business, insurance, utilities and payroll.
The creditors that may have a lien on cash collateral are ASD
Specialty Healthcare, LLC (doing business as Besse Medical), CT
Corporation System and the U.S. Small Business Administration.
The Debtor projects $283,000 in total income and $392,185 in total
expenses for one month.
About Integrated Care of Greater Hickory
Integrated Care of Greater Hickory, Inc., doing business as ICGH,
ICGH Treatment Centers, is a healthcare organization in North
Carolina dedicated to providing comprehensive support for adults,
children, adolescents, and their families facing various behavioral
health challenges, such as addiction, depression, anxiety, trauma,
and more. The organization's primary goal is to promote lifelong
recovery through a range of interventions rather than just offering
treatment. Additionally, ICGH provides Peer Support Services, which
are led by Certified Peer Support Specialists -- individuals with
personal, transformative experiences who assist others struggling
with mental health issues, trauma, or substance use.
Integrated Care of Greater Hickory filed Chapter 11 petition
(Bankr. E.D. N.C. Case No. 25-00629) on February 21, 2025, listing
up to $1 million in assets and up to $10 million in liabilities.
Corey Richardson, chief executive officer of Integrated Care of
Greater Hickory, signed the petition.
George Mason Oliver, Esq., at The Law Offices of Oliver & Cheek,
PLLC, represents the Debtor as bankruptcy counsel.
JACKSON COURT: Seeks to Sell "The Jackson Court" Property
---------------------------------------------------------
Jackson Court City Share Owners Association seeks approval from the
U.S. Bankruptcy Court for the Northern District of California, to
sell Jackson Court, free and clear of the respondents' liens with
the liens to re-attach to the proceeds of sale.
The Debtor is a non-profit mutual benefit corporation, operating as
the homeowners association for the property commonly known as "The
Jackson Court," located at 2198 Jackson Street in San Francisco,
California.
Versatyme Controls Corporation developed the Property, which had
previously been a single family residence, into a bed and breakfast
timeshare. The Property sits at the corner of Jackson and Buchanan
Streets in the Pacific Heights neighborhood of San Francisco. As
developed, the Property has 10 separate guest bedrooms (and a
manager's room).
Timeshare ownership was structured in the form of 500 Shares, each
of which represented both a Share of the City Share mutual benefit
corporation, akin to a homeowner's association for the timeshare,
and a 1/500th ownership interest in the underlying real property.
Under City Share’s Organic Documents, transfers of Shares must be
recorded against title to the real property.
The Homeowners Association (HOA) has been generally willing to
accept surrenders of Shares from Shareholders who were unable or
unwilling to continue paying assessments. Over the years, a number
of Shareholders failed to pay their assessments and surrendered
their Shares to City Share. As Shares were surrendered to the HOA,
the burden on the remaining Shareholders to meet operating expenses
through assessments increased.
To facilitate sales of the timeshare intervals, Versatyme (and
subsequently World Wide Group) offered seller financing for a
portion of the purchase price in the form of notes secured by deeds
of trust encumbering the purchaser's Share of the underlying
Property. Versatyme (and subsequently World Wide Group) then
assigned those deeds of trust to a lender, principally, it appears,
Security Pacific Finance Corporation.
The Debtor wants to sell the Property to clear its title from its
timeshare past.
The premise of the seller financing which gave rise to the Liens
was that a purchaser of a Share would borrow a portion of the
purchase price and submit that Share as collateral for the
repayment of the financing. Substantially all of the financing was
obtained in the early 1980s and amounted to less than $10,000 per
Share.
While it seems unlikely that any of the Liens are valid and
enforceable, if one assumes that there are perhaps $100,000 of
valid Liens, they will be dwarfed by the available proceeds of
sale.
About Jackson Court City Share Owners Association
Based in San Francisco, Jackson Court City Share Owners Association
operates as a property owners association.
Jackson Court City Share Owners Association sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No.
25-30010) on January 8, 2025. In its petition, the Debtor reported
estimated assets between $1 million and $10 million and estimated
liabilities between $100,000 and $500,000.
Judge Hannah L. Blumenstiel handles the case.
The Debtor tapped Michael St. James, Esq., at St. James Law, PC as
bankruptcy counsel and Bruce M. Boyd, Esq., at Lee, Hong, Degerman,
Kang & Waimey as corporate counsel.
JOE'S SPORTS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Joe's Sports Bar, Inc.
AKA Village Corner Comfort Kitchen and Bar
AKA Kuni's Kitchen (Closed)
AKA Beef Brine Flip (Closed)
AKA Barcos Sports and Seaford (Closed)
AKA Barcos Sports and Raw Bar (Closed)
360 Exchange St., #102
Concord, NC 28027
Case No.: 25-30207
Business Description: Joe's Sports Bar, Inc. (also known as
Village Corner) is a member of the Scratch
Made Hospitality Group, located in Concord,
NC. The restaurant serves a diverse range
of breakfast and lunch dishes, including
options like "Biscuit Bennys," "Scrambles,"
"Handhelds," and "Plates/Bowls," with
special dishes such as fried chicken, pulled
pork, and shrimp & grits.
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Western District of North Carolina
Judge: Hon. George R Hodges
Debtor's Counsel: John C. Woodman, Esq.
ESSEX RICHARDS PA
1701 South Boulevard
Charlotte, NC 28203
Tel: (704) 37-7-43x00
Email: jwoodman@essexrichards.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ryan Bybee as president.
The Debtor failed to include a list of its 20 largest unsecured
creditors in the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/DVT4P7Q/Joes_Sports_Bar_Inc__ncwbke-25-30207__0001.0.pdf?mcid=tGE4TAMA
JUNK SHUTTLE: Gets Extension to Access Cash Collateral
------------------------------------------------------
Junk Shuttle, LLC received second interim approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia, Richmond
Division, to use cash collateral.
The second interim order authorized the company to use cash
collateral to pay business expenses in accordance with its
projected budget, with a 10% variance.
As protection, secured creditors including Ascendus, Inc., Cadence
Bank and On Deck Capital, Inc. were granted replacement liens on
Junk Shuttle's post-petition assets to the same extent and with the
same validity and priority as their pre-bankruptcy liens.
In addition, Junk Shuttle was authorized to make monthly payments
of $1,241.69 to Ascendus, $1,798.25 to Cadence, and an unspecified
amount to On Deck.
The final hearing is set for April 30. Objections are due by April
23.
About Junk Shuttle
Junk Shuttle, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 24-34738) on
December 16, 2024, listing between $50,001 and $100,000 in assets
and between $500,001 and $1 million in liabilities. Jennifer
McLemore, Esq., at Williams Mullen serves as Subchapter V trustee.
Judge Keith L. Phillips oversees the case.
Paula S. Beran, Esq., and Lynn L. Tavenner, Esq., at Tavenner &
Beran, PLC represent the Debtor as legal counsel.
L4L INVESTMENT: Taps Rountree Leitman Klein & Geer as Counsel
-------------------------------------------------------------
L4L Investment Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Rountree, Leitman,
Klein & Geer, LLC as counsel.
The firm will provide these following services:
(a) represent the Debtor at hearings on motions to validate
foreclosure sales and a motion to dismiss set for February 25,
2025;
(b) give the Debtor legal advice with respect to its powers
and duties;
(c) prepare necessary schedules, applications, motions,
answers, orders, reports and other legal matters;
(d) assist in examination of the claims of creditors;
(e) assist with formulation and preparation of the disclosure
statement and plan of reorganization and with the confirmation and
consummation thereof; and
(f) perform all other legal services that may be necessary
herein.
The firm will be paid at these hourly rates:
William Rountree, Attorney $595
Will Geer, Attorney $595
Michael Bargar, Attorney $535
David Klein, Attorney $495
Hal Leitman, Attorney $425
William Matthews, Attorney $425
Ceci Christy, Attorney $425
Elizabeth Childers, Attorney $395
Caitlyn Powers, Attorney $375
Shawn Eisenberg, Attorney $300
Elizabeth Miller, Paralegal $290
Megan Winokur, Paralegal $175
Catherine Smith, Paralegal $150
Law Clerk $175
The firm received a post-petition retainer of $34,965 from a
third-party non-debtor entity.
Mr. Rountree 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:
William A. Rountree, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Email: wrountree@rlkglaw.com
About L4L Investment
L4L Investment Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51137) on February 3,
2025. In its petition, the Debtor disclosed estimated assets and
liabilities between $1 million and $10 million each.
The Debtor tapped William A. Rountree, Esq., at Rountree, Leitman,
Klein & Geer, LLC as counsel.
LIBERTY COMMUNICATIONS: S&P Cuts ICR to 'B', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered all its ratings on cable and mobile
provider Liberty Communications of Puerto Rico LLC (LCPR) by one
notch, including the issuer credit rating (ICR), to 'B' from 'B+'.
S&P incorporates one-notch of uplift to its ICR on the company
because it believes Liberty Latin America (LLA) would support it
during periods of temporary stress.
The negative outlook reflects the execution risk related to
management's cost-reduction plans. S&P could lower its rating on
LCPR in the next 6-12 months if it is unable to significantly
improve its credit metrics.
S&P said, "We expect LCPR's liquidity will remain tight through
2025. The company ended 2024 with $23 million of balance sheet cash
but only had access to less than $7.5 million under its revolver on
Dec. 31, 2024, to prevent its senior secured net leverage covenant
from being tested. In addition, LCPR generated a roughly $50
million free operating cash flow (FOCF) deficit in 2024 due to the
sharp decline in its earnings, though it partially offset this
decline by significantly reducing its capital spending to about
$125 million, which excludes its acquisition of spectrum and
prepaid subscribers from EchoStar. In 2025, we believe the company
can generate $20 million-$40 million of FOCF on a roughly $100
million expansion in its earnings stemming from fewer one-time
expenses associated with its mobile migration, lower bad debt
expense, and moderate spending of about $140 million-$160 million.
However, if LCPR is unable to significantly improve its credit
metrics in the coming quarters, we believe it could turn to
external financing to partially fund its $72 million installment
payment to EchoStar in September 2025 to limit the borrowing under
its revolver."
The company's weak mobile segment results have pressured its
earnings. LCPR experienced a 19% decline in its residential mobile
service revenue, on an approximately 22% drop in its mobile
postpaid subscribers, due to the expiration of the Emergency
Connectivity Fund (ECF), intensified competition from T-Mobile, and
its ongoing mobile migration, which contributed to its
weaker-than-expected results. S&P said, "These factors, combined
with the organic losses in its mobile prepaid business--which we
believe accounts for roughly 10% of its total residential mobile
service revenue--caused the company's 2024 earnings to weaken
significantly relative to our previous base-case assumptions.
Therefore, LCPR's debt to EBITDA was about 10x in 2024, which is up
from about 5.7x as of Dec. 31, 2023. We believe the company can
significantly improve its earnings on the reduction of its expenses
related to the integration of its AT&T wireless assets, as well as
a full year of contributions from the prepaid subscribers it
acquired from EchoStar, such that it reduces its leverage to the 7x
area in 2025. Notably, the company is unlikely to face further
subscriber losses related to the ECF in 2025 because this was a
one-time impact However, LCPR's credit metrics could remain weak
over the long term if it faces heightened competition, given its
required installment payments to EchoStar of $45 million in 2026
and $40 million in 2027."
S&P said, "We believe intensifying competition from T-Mobile will
continue to pressure LCPR's mobile subscriber metrics in the near
to intermediate term. Including the subscriber losses related to
the expiration of the ECF, the company's mobile postpaid subscriber
base contracted by 22% in 2024 amid heightened competition from
T-Mobile and execution missteps related to its mobile migration.
Until recently, T-Mobile held a spectrum advantage in Puerto Rico
due to its acquisition of Sprint in 2020, which we believe
translated to a better 5G customer experience and limited the
number of postpaid subscriber additions for LCPR. However, in 2025
we believe the company could narrow its mobile postpaid subscriber
losses to the 4%-6% range on a reduction in the losses related to
its mobile migration, the expiration of the ECF, and its
strengthened 5G mobile network following its recent spectrum
purchase. Longer term, the magnitude of the potential recovery in
LCPR's performance remains uncertain given the heightened
competition from T-Mobile.
"We believe LCPR will increase its residential broadband services
revenue by 1%-2% in 2025. That said, we anticipate the company will
experience a limited improvement in its average revenue per user
(ARPU) due to the increasing competition from Claro's fiber to the
home (FTTH) offering and T-Mobile fixed wireless access (FWA)
offering. Although LCPR lost 2,700 residential broadband
subscribers in 2024, we believe it can expand its subscribership
amid the absence of the headwinds stemming from the expiration of
the Affordable Connectivity Program (ACP). The company's
competitive position in broadband has been less affected by FWA and
FTTH competition over the past three years, which we believe is due
to its relatively low ARPU and position as the only quadruple-play
provider on the island (limiting customer churn).
"We incorporate one-notch of uplift to our ICR On LCPR to reflect
our belief that LLA would support LCPR during periods of temporary
stress. The company is 100% owned by LLA, which also owns Cable &
Wireless Communications Ltd. and Liberty Costa Rica. While our
group credit profile on LLA is 'bb-', we do not equalize our
ratings on the companies because LCPR only accounts for about 28%
of the group's total revenue and there are no contractual
obligations to incentivize the parent's support, such as
cross-default provisions among the different credit pools.
Furthermore, there is minimal operational overlap between the
group's members. Still, we consider the company to be moderately
strategic to its group and expect the parent would provide support
during periods of temporary stress. However, if LCPR's wireless
subscriber trends and financial performance continue to deteriorate
such that it permanently impairs its capital structure, this
support could become more uncertain, which would lead us to
reevaluate the strategic importance of the company to its group and
the related notching of our ICR.
"The negative outlook reflects that we could lower our rating on
LCPR in the next 6-12 months if it doesn't significantly improve
its credit metrics."
S&P could lower its rating on LCPR if its EBITDA underperforms its
expectations, causing debt to debt to EBITDA to remain above 8x
over the next 6-12 months. S&P could also lower its rating,
potentially by more than a notch, if the company's liquidity
profile faces further pressure and it doesn't receive support from
its parent such that:
-- There is increased uncertainty around its ability to make the
$72 million September payment to Echostar; or
-- The company draws further on its revolver such that it triggers
the springing 5.5x max senior secured net leverage maintenance
covenant without receiving a waiver from its lenders.
S&P could revise its outlook on LCPR to stable in the next 12
months if it stabilizes its operations and expands its EBITDA such
that its leverage approaches 7x on a sustained basis, its FOCF to
debt approaches 2% on a sustained basis, and it improves its
liquidity cushion.
LOOK CINEMAS: Court Extends Cash Collateral Access to April 30
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, issued a fourth interim order extending Look
Cinemas II, LLC's authority to use cash collateral.
The order signed by Judge Michelle Larson authorized the company to
use cash collateral for the period from Feb. 20 to April 30 in
accordance with its budget.
As adequate protection, lenders were granted replacement liens and
security interests in all property currently owned or to be
acquired by the company that are of the same kind or nature the
lenders had pre-petition.
Look Cinemas II was ordered to pay its landlord, Spirit Master
Funding X, LLC, at least $191,229.65 by April 1 in order to
continue to occupy the premises from April 1 to 30.
The company's right to use cash collateral terminates upon
conversion of its Chapter 11 case to one under Chapter 7;
appointment of a Chapter 11 trustee or receiver; and failure to
make rent payment.
A final hearing is set for April 22.
About LOOK Cinemas II
LOOK Cinemas II, LLC operates in the motion picture and video
industries.
LOOK Cinemas II sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November
14, 2024, with $1 million to $10 million in both assets and
liabilities. Brian E. Schultz, chief executive officer of LOOK
Cinemas II, signed the petition.
Judge Michelle V. Larson handles the case.
The Debtor is represented by:
Frank Wright, Esq.
Law Offices of Frank J. Wright, PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: 214-238-4153
Email: frank@fjwright.law
LUTHERAN HOME: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------
Adam Brief, the Acting U.S. Trustee for Region 11, appointed an
official committee to represent unsecured creditors in the Chapter
11 cases of Lutheran Home and Services for the Aged, Inc. and its
affiliates.
The committee members are:
1. Select Rehabilitation
Representative: Neal Deutsch
Phone: (847) 441-5591
Email: ndeutsch@selectrehab.com
Counsel: Diane Walker
Email: dwalker@walkerrobertsllp.com
Phone: (312) 590-1112
2. Pharmacy Corporation
d/b/a PharMerica
Representative: Claire Medeiros
Phone: (774) 265-3933
claire.medeiros@pharmerica.com
Counsel: Phillip Martin
3. Robert L. Connor
4. James Rew James Rew
5. Carole Brodbeck Carole Brodbeck
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Lutheran Home and Services for the Aged
Lutheran Home and Services for the Aged, Inc. is a non-profit,
mission-driven community offering a range of services including
assisted living, memory care, skilled nursing, and short-term
rehabilitation, along with extensive outpatient rehabilitation
therapy.
Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr.
N.D. Ill. Lead Case No. 25-01705). At the time of the filing,
Lutheran Home reported between $100 million and $500 million in
both assets and liabilities.
The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy
counsel; McDonald Hopkins, LLC as Illinois counsel; and OnePoint
Partners, LLC as financial advisor. Stretto is the claims,
noticing, solicitation, balloting, and tabulation agent.
MAJESTIC OAK: Gets OK to Hire BransonLaw PLLC as Bankruptcy Counsel
-------------------------------------------------------------------
Majestic Oak Estates, G.P., LLC received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
BransonLaw, PLLC as counsel.
The firm will render these services:
(a) prosecute and defend any causes of action on behalf of the
Debtor; prepare, on behalf of the Debtor, all necessary legal
papers;
(b) assist in the formulation of a plan of reorganization;
and
(c) provide all other services of a legal nature.
The firm's attorneys and paralegals will be paid at their hourly
rates between $535 to $200 plus out-of-pocket expenses.
BransonLaw also received a payment of $2,025 for legal services
rendered prior to the filing of this case. The firm also received
an advance fee of $5,475 for post-petition services from the
Debtor.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord Street
Orlando, FL 32803
Telephone: (407) 894-6834
Email: jeff@bransonlaw.com
About Majestic Oak Estates
Majestic Oak Estates G.P. LLC is a limited liability company.
Majestic Oak Estates sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06488) on November
27, 2024. In the petition filed by Gene A. Liguori, Jr., member,
the Debtor disclosed estimated assets up to $50,000 and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Tiffany P. Geyer oversees the case.
Jeffrey Ainsworth, Esq., at BransonLaw, PLLC serves as the Debtor's
counsel.
MANNINGTON MILLS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings affirmed Mannington Mills, Inc.'s B2 corporate
family rating and B2-PD probability of default rating. Moody's also
assigned a B3 rating to Mannington Mills' proposed $225 million
senior secured term loan B due 2032. The outlook remains stable.
Proceeds from the new term loan will be used to refinance the
company's existing $221 million senior secured term loan B due 2026
and to pay related fees and expenses. Moody's expects the terms and
conditions of the proposed term loan will be similar to Mannington
Mills' existing term loan. At the close of the transaction, the B3
rating of the existing term loan will be withdrawn.
The affirmation of the CFR reflects Moody's expectations of
continued improvement in margin performance over the next 12-18
months, despite a challenging operating environment in the
company's residential flooring segment resulting in weaker volume
growth. Moody's expects the company to operate with EBITA margins
in the 8-8.5% range through 2026. However downside risks to Moody's
forecast remain, including the potential impact of tariffs since
Mannington Mills' US residential luxury vinyl tile (LTV) product,
which makes up about 10% of the company's revenues, is imported
from Asia. The company's ability to raise prices to offset
increased costs as well as the impact of higher prices on consumer
demand remains unclear.
The B3 rating of the company's proposed $225 million term loan is
one notch below the CFR. The term loan's first lien on
substantially all assets not pledged to the revolver, but the
asset-based revolver (ABL), which has a first priority on the
relatively more liquidity ABL collateral, including accounts
receivable, inventory, deposit accounts and cash, accounts for a
meaningful proportion in the company's debt capital structure.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.
RATINGS RATIONALE
Mannington Mills' B2 CFR is underpinned by strong fundamentals in
the non-residential construction activity, which accounts for about
half of the company's annual sales. This market continues to
benefit from robust backlogs and extended lead times, particularly
in the healthcare and education sectors. These factors should help
mitigate ongoing volume weakness in the residential segment.
Additionally, the company enjoys financial flexibility due to the
absence of near-term maturities and ample revolver availability.
These factors are offset by the inherent cyclicality of the
residential new construction and remodel end markets, coupled with
the highly discretionary nature of flooring relative to other
building products.
Moody's expects Mannington Mills to maintain good liquidity over
the next 12 to 18 months, with positive free cash flow of about $25
million in 2025 and $10 million in 2026. Moody's expects the
company will utilize its ABL from time to time to support working
capital needs. As of September 30, 2024, Mannington had about $75
million available on its $150 million ABL, after considering
borrowings outstanding, standby letters of credit and other
reserves.
The stable outlook reflects Moody's expectations of growth in
Mannington's US commercial business that will help to offset
continued weakness in the US residential business. The stable
outlook also assumes maintenance of good liquidity with a priority
towards generating cash.
Marketing terms for the new credit facility (final terms may differ
materially) include the following:
Incremental pari passu debt capacity up to $85 million, plus
unlimited amounts subject to 3.0x senior secured leverage ratio.
There is no inside maturity sublimit.
The credit agreement is not expected to include an "unrestricted
subsidiary" concept. There are no "blocker" provisions which
prohibit the transfer of specified assets to non-guarantor
subsidiaries.
The credit agreement is expected to provide some limitations on
up-tiering transactions, requiring lender consent for amendments
that subordinate or have the effect of subordinating the debt or
liens.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings upgrade would require sustained improvement in credit
metrics, including debt to EBITDA below 4.5x and sustained margin
improvement. An upgrade would also require end market stability as
well as greater visibility into topline growth. Finally, an upgrade
would require maintenance of conservative financial policies,
including maintenance of very good cash flow and liquidity.
The ratings could be downgraded if credit metrics experience
sustained weakness, including debt to EBITDA above 5.5x and EBITA
to interest coverage below 2.0x. A downgrade would also result from
significant debt-financed acquisitions or shareholder friendly
actions affecting the company's liquidity profile.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
Mannington Mills, Inc., headquartered in Salem, New Jersey, is a
manufacturer of flooring products used in both commercial and
residential construction end markets throughout North America and
Europe. For the 12 months ended September 30, 2024, the company
generated $800 million of revenue.
MAPRAGENCY INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: MAPRagency, Inc.
d/b/a Comprise
d/b/a Stryker-Munley Group Boulder
1919 14th Street, Suite 700
Boulder, CO 80302
Business Description: MAPRagency, now known as Comprise, is a
Boulder-based public relations and marketing
agency that specializes in creative
services, digital marketing, web design, and
public relations. The Company focuses on
delivering innovative strategies and
solutions for businesses to enhance their
brand visibility and engagement.
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
District of Colorado
Case No.: 25-11092
Judge: Hon. Thomas B Mcnamara
Debtor's Counsel: Jeffrey A. Weinman, Esq.
ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C.
1600 Stout Street
1900
Denver, CO 80202
Tel: 303-534-4499
Email: jweinman@allen-vellone.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Doyle Albee as CEO.
A copy of the Debtor's list of 20 unsecured creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/CWU6OYY/MAPRagency_Inc__cobke-25-11092__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/CMDRXRI/MAPRagency_Inc__cobke-25-11092__0001.0.pdf?mcid=tGE4TAMA
MCAP LLC: Unsecureds Will Get 100% of Claims in Liquidating Plan
----------------------------------------------------------------
MCAP LLC filed with the U.S. Bankruptcy Court for the Eastern
District of California a Disclosure Statement describing Plan of
Liquidation dated February 19, 2025.
The Debtor's sole significant asset is the real property located at
3955 Coffee Road, Modesto, CA 95355 (the "Property"). The Property
has an estimated value of $1,800,000.00.
The Debtor currently does not generate any income from the
Property. The Debtor's proposed plan is based on a post-petition
financing of $170,000-$200,000 from Perfect Logistic Inc. and
payment of the balance from the sale of the Property. Perfect
Logistics Inc. holds an 88% interest in the Debtor.
The Debtor is working on post-petition financing from Perfect
Logistics to reduce its secured obligation while it is diligently
pursuing the sale of the Property to satisfy all creditors of the
estate.
Class 2 consists of General Unsecured Claims. In the present case,
the Debtor estimates that there are approximately $111,000.00 in
general unsecured debts. Holders of Class 2 claims will receive a
100% distribution on their allowed claims in one lump-sum payment
after the Property is sold.
The equity security holders of the Debtor are Perfect Logistics,
Inc. (88% equity security interest in the Debtor) and Bryce Packnit
(12% equity security interest in the Debtor). Neither Perfect
Logistics, Inc/ nor Mr. Packnit hold a pre-petition claim against
the Debtor.
The Debtor intends to obtain a post-petition financing of
approximately $200,000.00 from Perfect Logistics, Inc. to reduce
the secured obligation of MPCPI and pay off the remaining balance
of MPCPI's secured obligation, the property taxes, the general
unsecured claims, as well as the administrative expenses of the
bankruptcy estate from the sale proceeds of the Property.
A full-text copy of the Disclosure Statement dated February 19,
2025 is available at https://urlcurt.com/u?l=QLspO7 from
PacerMonitor.com at no charge.
About MCAP LLC
MCAP LLC is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)). The Debtor owns a property located at
3955 Coffee Road, Modesto, CA 95355 valued at $1.8 million.
MCAP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D. Cal. Case No. 24-90708) on November 21, 2024. In the
petition filed by Bryce Packnit, as member, the Debtor reports
total assets of $1,800,000 and total liabilities of $1,311,000.
Honorable Bankruptcy Judge Ronald H. Sargis handles the case.
The Debtor is represented by:
Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Fax: (310) 271-9805
Email: michael.berger@bankruptcypower.com
MENORA CAMPUS: Hearing Today on Bid to Use Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of New York is
set to hold a hearing today to consider another extension of
Menorah Campus, Inc.'s authority to use cash collateral.
The court's previous interim order issued on Feb. 28 allowed
Menorah Campus and its affiliates to use up to $100,000 in cash
collateral for the period from Feb. 27 to March 6.
The cash collateral includes cash generated from remaining assets,
including rents from Forest Creek Commons and Stovroff Apartments.
The Feb. 28 order granted BP Getzville Campus, LLC, the Foundation
for Jewish Philanthropies and the Internal Revenue Service
protection in the form of roll-over or replacement lien on the
assets.
As additional protection, the order approved the monthly payment of
$2,032.11 to the IRS.
Menorah Campus owes around $5 million to the Foundation for Jewish
Philanthropies, originally secured by a mortgage on real property
and later increased with additional collateral such as accounts and
healthcare receivables.
Meanwhile, the IRS has a lien for unpaid taxes amounting to
$612,367.
About Menorah Campus Inc.
Menorah Campus Inc., doing business as Weinberg Campus, operates in
the healthcare sector.
Menorah Campus sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-10127) on February 6,
2025, listing between $10 million and $50 million in both assets
and liabilities.
On February 7, 2025, Menorah Campus Adult Home, Inc. (Case No.
25-10133), Menorah Campus Independent Senior Apartments, Inc. (Case
No. 25-10135) and Rosa Coplon Jewish Home & Infirmary (Case No.
25-bk-10132) filed Chapter 11 petitions.
Judge Carl L. Bucki oversees the cases.
The Debtors are represented by Kevin R. Lelonek, Esq., at Gross
Shuman, PC.
Foundation for Jewish Philanthropies, Inc., as creditor, is
represented by:
Raymond L. Fink, Esq.
John A. Mueller, Esq.
Lippes Mathias LLP
50 Fountain Plaza, Suite 1700
Buffalo, New York 14202
Telephone: (716) 853-5100
Facsimile: (716) 853-5199
rfink@lippes.com
jmueller@lippes.com
MITEL NETWORKS: Prepares for Chapter 11 Bankruptcy Filing
---------------------------------------------------------
Reshmi Basu of Bloomberg News reports that Mitel Networks, a
telecommunications company, is preparing to file for Chapter 11
bankruptcy as soon as next week, according to sources familiar with
the matter.
The privately held Canadian firm has been in talks with lenders to
restructure its debt as it grapples with declining revenue and
upcoming maturities, the sources said, requesting anonymity due to
the private nature of the discussions.
Mitel's debt has been trading at distressed levels, with some
brokers assigning it de minimis value, according to additional
sources.
About Mitel Networks
Mitel Networks Inc. provides communication solutions.
MZS PROPERTIES: Seeks Cash Collateral Access
--------------------------------------------
MZS Properties, LLC asked the U.S. Bankruptcy Court for the
Northern District of Illinois, Eastern Division, for authority to
use cash collateral and provide adequate protection to its
pre-bankruptcy secured lender, Bank of America.
The company's principal asset is real estate in Chicago, Ill.,
secured by a mortgage in which the initial lender was Sharestates
Investments, DACL LLC. The lender holds a first priority lien on
the property in the initial amount of $113,000. As of the petition
date, the lender claims an amount owed of approximately $226,211.
Rents collected are the sole source of revenue of MZS and, at this
time, are adequate to meet required interest payments to the
lender. In addition, there is sufficient equity in the property so
that the lender is receiving adequate protection post-petition.
The value of the property is scheduled at $325,000. MZS believes
that lender would be adequately secured by a lien on post-petition
rentals being received by the company.
A hearing is set for March 11.
About MZS Properties
MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill.
Case No. 25-01523) on January 31, 2025, listing up to $500,000 in
both assets and liabilities. Mouzma Syed, manager of MZS
Properties, signed the petition.
Judge Jacqueline Cox oversees the case.
Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman,
P.C., represents the Debtor as bankruptcy counsel.
MZS PROPERTIES: Seeks to Hire Bradley H. Foreman as Legal Counsel
-----------------------------------------------------------------
MZS Properties, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ The Law Offices of
Bradley H. Foreman, PC as its counsel.
The firm will provide these services:
(a) assist the Debtor with respect to its powers and duties in
the continued management and operation of its business;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the case;
(c) advise the Debtor in matters relating to the evaluation of
the assumption, rejection or assignment of certain unexpired leases
and executory contracts;
(d) provide the Debtor advice with respect to legal issues
arising in or relating to its ordinary course of business;
(e) take all necessary action to protect and preserve the
Debtor's estate;
(f) prepare on behalf of the Debtor all legal papers necessary
to the administration of the estate;
(g) prepare on the Debtor's behalf a plan of reorganization,
disclosure statement, and all related agreements and/or documents
and take any necessary action on its behalf to obtain confirmation
of such plan;
(h) attend meetings with third parties and participate in
negotiations with respect to the above matters;
(i) appear before this bankruptcy court, any appellate courts,
and the U.S. Trustee, and protect the interests of the Debtor's
estate before such courts and the U.S. Trustee; and
(j) perform any and all other necessary legal services and
provide all other necessary legal advice to the Debtor in
connection with this Chapter 11 proceeding.
Bradley Foreman, Esq., sole member of the firm, will be paid at his
hourly rate of $400 plus expenses.
The firm also requested a retainer of $7,580 from the Debtor.
Mr. Foreman 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:
Bradley H. Foreman, Esq.
The Law Offices of Bradley H. Foreman, PC
900 West Jackson Blvd., Suite 7E
Chicago, IL 60607
Telephone: (312) 948-8126
Email: brad@foremanlawoffice.com
About MZS Properties
MZS Properties, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01523) on January 31,
2025, listing under $1 million in both assets and liabilities.
The Law Offices of Bradley H. Foreman, PC serves as the Debtor's
counsel.
O'BRIEN'S RENT-ALL: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
O'Brien's Rent-All & Sales, Inc. got the green light from the U.S.
Bankruptcy Court for the Northern District of West Virginia to use
cash collateral to pay its expenses.
The interim order signed by Judge David Bissett authorized the
company to use cash collateral for the period from Feb. 27 until
March 13 or until the occurrence of so-called termination events.
MMG Investments V, LLC may have potential security interests in the
cash collateral.
As protection for the use of its cash collateral, the secured
lender will be granted security interest in and lien on all of the
company's assets, to the same extent, priority and validity as its
pre-bankruptcy security interest and lien.
As additional protection, MMG will receive payment in the amount of
$15,000 by March 7. Future payments will be determined in the final
order.
MMG holds a secured interest in the company's assets, including a
revolving line of credit extended by Main Street Bank. The lender
is currently owed at least $209,576.44 under this line of credit,
which is secured by a UCC filing covering all of the company's
business assets. In April 26 last year, Main Street Bank assigned
its interest in this line of credit to MMG.
The next hearing is set for March 13.
About O'Brien's Rent-All & Sales
O'Brien's Rent-All & Sales, Inc. operates a construction business
in West Virginia and Pennsylvania.
O'Brien's filed Chapter 11 petition (Bankr. N.D. W.V. Case No.
25-00077) on February 24, 2025, listing up to $10 million in both
assets and liabilities. Sean O'Brien, president of O'Brien's,
signed the petition.
Judge David L. Bissett oversees the case.
Kelly Gene Kotur, Esq., at Davis & Kotur Law Office Co. LPA,
represents the Debtor as legal counsel.
MMG Investments V, as lender, is represented by:
Kelly M. Neal, Esq.
Buchanan Ingersoll & Rooney, LLP
Union Trust Building
501 Grant Street, Suite 200
Pittsburgh, PA 15219-1410
Telephone: (412) 562-8800
Facsimile: (412) 562-1041
Email: kelly.neal@bipc.com
OCEAN BAY HOLDINGS: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Ocean Bay Holdings, LLC
704 Howe Street
Point Pleasant Beach, NJ 08742
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 25-12234
Debtor's Counsel: Brian W. Hofmeister, Esq.
LAW FIRM OF BRIAN W. HOFMEISTER, LLC
3131 Princeton Pike
Building 5, Suite 110
Lawrenceville, NJ 08648
Tel: 609-890-1500
Fax: 609-890-6961
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Louis Mercantani as managing member.
The Debtor failed to include a list of its 20 largest unsecured
creditors in the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/VAJMSOY/Ocean_Bay_Holdings_LLC__njbke-25-12234__0001.0.pdf?mcid=tGE4TAMA
OLIN CORP: Moody's Rates New $600MM Unsecured Notes 'Ba1'
---------------------------------------------------------
Moody's Ratings assigned a Ba1 senior unsecured rating to Olin
Corporation's (Olin) proposed $600 million senior unsecured notes
due 2033. Proceeds from the new notes along with a new $650 million
senior unsecured term loan due 2030 will be used to repay existing
borrowings under its revolver, its existing term loan due 2027 and
senior unsecured notes due 2025 and 2027, as well as to pay for the
fees and expenses related to this transaction. As part of this
process, Olin is entering into a new $1.2 billion senior unsecured
revolving credit facility that matures in 2030. Olin's corporate
family rating of Ba1 and the Ba1 ratings on its other unsecured
debt remain unchanged. The outlook is stable.
"Olin is refinancing about one third of its balance sheet debt in
what Moody's views as the trough of the current cycle with
relatively weak credit metrics; however Moody's believes that
metrics will rebound by the end of 2026 to levels that are more
supportive of the rating," stated John Rogers Moody's Ratings'
Senior Vice President and lead analyst for Olin Corporation.
RATINGS RATIONALE
Olin's Ba1 rating reflects its position as the largest supplier of
chlor alkali in North America, supported by access to low-cost
energy that provides a meaningful cost advantage for its
operations. The rating is also supported by excellent liquidity and
management's relatively conservative financial policies, which
target a Net Debt/EBITDA ratio of 2.0x over the cycle. Olin's
EBITDA is largely tied to the performance of its largest segment,
Chlor Alkali Products and Vinyls (CAPV). This business continues to
demonstrate cyclical performance that periodically stresses credit
metrics, despite changes to its marketing strategy that have
significantly increased profitability over the cycle. At the
current time, its Winchester and Epoxy segments provide limited
diversification, but the profitability of these businesses should
improve by 2026 due to bolt-on acquisitions (Winchester) and the
imposition of tariffs on Asian imports (Epoxy).
Olin's Chlor Alkali Products and Vinyls segment's fiscal 2024
EBITDA declined by about 35% compared to fiscal 2023, primarily
driven by continued weak demand for chlorine and its derivatives,
along with higher operating costs. While chlor alkali pricing is
clearly not at levels that would support new capacity, several
companies have announced capacity additions or new capacity that
may start up in 2027 or 2028. If these projects are brought
onstream without a meaningful improvement in domestic demand, it
could delay the recovery in Olin's financial performance. The
company's epoxy segment continues to be negatively impacted by
cheaper Asian import volumes into the US and Europe, despite some
resin price recovery in both regions. Moody's expects epoxy margins
will gradually improve with the expected imposition of tariffs on
imports in the US and Europe expected in the first half of 2025.
Winchester's EBITDA was slightly down by about 4% compared to
fiscal 2023, primarily driven by continued commercial ammunition
retailer destocking and weaker demand, partially offset by growing
demand from domestic and international military sales and military
project spending. Moody's adjusted Debt/EBITDA was 4.1x and
Retained Cash Flow/Debt was 14% in 2024. Due to a
slower-than-expected macroeconomic recovery, Moody's expects Olin's
adjusted Debt/EBITDA to remain moderately elevated, but Moody's
also expects them to continue to generate $200 – 250 million of
free cash flow (after dividends) giving the company some financial
flexibility during this downturn.
Olin has excellent liquidity. The SGL-1 Speculative Grade Liquidity
Rating is supported by roughly $176 million in cash on hand,
expectations for $200 -250 million of free cash flow and pro forma
full availability under its new $1.2 billion unrated revolving
credit facility that matures in 2030. Olin also has access to an
increased $500 million unrated accounts receivable facility
maturing in November 2027, of which $475 million was utilized as of
December 31, 2024. The expected cushion of compliance under
financial maintenance covenants (including a net leverage ratio
test and an interest coverage ratio test) will remain sufficient.
The stable outlook reflects Moody's expectations that Olin will
continue to pursue modest bolt-on acquisitions to improve its
portfolio and long-term organic growth prospects. Management is
also expected to continue to maintain relatively conservative
financial policies.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's could upgrade the rating if the company can expand its
product portfolio and increase the profits and cash flow over time
while maintaining Debt/EBITDA below 2.5x and Retained Cash
Flow/Debt above 25% over the vast majority of the cycle.
Moody's could downgrade the rating with expectations for adjusted
financial leverage sustained above 3.5x (Debt/EBITDA), Retained
Cash Flow/Debt (RCF/Debt) sustained below 15%, or a substantive
deterioration in liquidity.
The principal methodology used in this rating was Chemicals
published in October 2023.
Olin Corporation is a Clayton, Missouri-based manufacturer and
distributor of commodity chemicals and a manufacturer of small
caliber firearm ammunition. The company operates through three main
segments: (i) Chlor Alkali Products and Vinyls whose primary
products include chlorine and caustic soda, hydrochloric acid,
vinyl chloride, sodium hypochlorite (bleach), and potassium
hydroxide; (ii) Epoxy, which produces and sells a full range of
epoxy materials, including allyl chloride, epichlorohydrin, liquid
epoxy resins and downstream products such as converted epoxy resins
and additives; and (iii) Winchester, whose primary focus is the
manufacture and sale of small caliber, firearm sporting and
military ammunition. Annual sales can range from $6 -10 billion
depending on commodity prices.
ONEMAIN FINANCE: S&P Rates New $500MM Unsecured Notes 'BB'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to OneMain
Finance Corp.'s proposed $500 million senior unsecured notes due
2032. OneMain Finance Corp. (OMFC) is a direct, wholly owned
subsidiary of OneMain Holdings Inc. (OneMain). The notes will be
guaranteed on an unsecured basis by OneMain. The company intends to
use the net proceeds for general corporate purposes, which may
include debt repurchases or debt repayments.
S&P said, "Pro forma for this unsecured issuance, we expect
leverage to be 6.3x-6.5x, slightly higher than 6.0x-6.3x as of Dec.
31, 2024. Growing equity and potential debt paydowns could offset
the increase in leverage during the first quarter. However, the
company has very little cushion against our 6.5x downside
threshold.
"As of Dec. 31, 2024, OneMain's ratio of unencumbered assets to
unsecured debt was about 1.06x. Pro forma for this transaction, we
expect this ratio to remain 1.0x-1.1x, albeit in the lower to
middle part of the range. If the company's unsecured debt becomes
greater than its unencumbered assets, we would lower the issue
rating by one notch, to 'BB-'."
The company's consumer loans net charge-off ratio increased to 8.1%
as of Dec. 31, 2024, from 7.5% a year prior. In addition, the ratio
of loans 30 or more days delinquent was 5.8%. For credit cards, the
ratio of 30-plus-day delinquent loans was around 13.3%. Onemain's
back book (loan originations made prior to credit tightening in
August 2022) declined to 16% of receivables as of Dec. 31, 2024,
from 35% at the beginning of last year. The back book contributed
32% to 30-plus-day delinquencies as of year-end, down from 43% in
the second quarter.
Profitability and delinquencies should improve as the tail risk
from 2022 vintages declines, but macroeconomic headwinds could
challenge performance for newer vintages. For 2025, OneMain expects
its net charge-offs to be 7.5%-8.0%, compared with 8.1% in 2024.
S&P said, "The stable rating outlook on OneMain indicates our
expectation that in the next 12 months, the company will keep its
competitive position in nonprime consumer lending and operate with
leverage of 4.5x-6.5x, although our base-case assumption is
5.5x-6.5x. We expect the company to maintain adequate liquidity,
manageable net charge-offs of about 8%, and its funding mix.
"We could lower our ratings over the next 12 months if debt to
adjusted total equity rises above 6.5x or if net charge-offs
substantially rise above our base-case expectation and erode
earnings. We could also lower the ratings if regulatory actions
impede OneMain's business, if the company takes on large
debt-funded initiatives, or if competition increases in the
nonprime consumer lending industry such that risk-adjusted yields
decline and weaken earnings."
An upgrade is unlikely over the next 12 months.
PAUL LESPOIR: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Paul Lespoir Inc.
280 Remsen Ave
Brooklyn, NY 11212
Business Description: Paul Lespoir Inc. is a single-asset real
estate company.
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 25-41058
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Troy Lambert, Esq.
ALTER & BARBARO, P.A.
26 Court Street, Suite 1812
Brooklyn, NY 11242
Tel: 407-897-0880
Email: troylambert@alterbabaro.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paula Lespoir as president.
The Debtor provided a list of its 20 biggest unsecured creditors,
but the list was empty.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/4APEIRI/Paul_lespoir_inc__nyebke-25-41058__0002.1.pdf?mcid=tGE4TAMA
PICCARD PETS: Seeks to Extend Plan Exclusivity to April 14
----------------------------------------------------------
Piccard Pets Supplies Corp. asked the U.S. Bankruptcy Court for the
Middle District of Florida to extend its exclusivity periods to
file a plan of reorganization and disclosure statement April 14,
2025.
The Debtor explains that its current exclusivity period to file a
plan of reorganization and disclosure statement is set to expire on
March 13, 2025 (the "Current Exclusivity Period"). The Debtor has
made significant progress toward formulating a plan of
reorganization but requires additional time to complete the plan
process.
The Debtor claims that it is currently seeking to sell its primary
asset, the real property located 5521 Blanding Blvd, Jacksonville,
FL per the terms of the Motion to Sell Property Free and Clear of
Liens filed October 28, 2024. The subject sale was originally set
to close on March 3, 2025, however, the sale has been delayed to
mid-March.
The Debtor notes that the proposed sale would liquidate the
Debtor's primary asset and payoff one of the Debtor's largest
secured creditors which would impact its available resources to
fund its plan of reorganization and make payments to other
creditors.
The Debtor asserts that extending the exclusivity period will not
harm other creditors or the estate. The Debtor has continued to
operate its business in a manner that benefits the estate, and
creditors will not be prejudiced by an extension of the exclusivity
period.
Piccard Pets Supplies Corp. is represented by:
Thomas C. Adam, Esq.
ADAM LAW GROUP, P.A.
2258 Riverside Avenue
Jacksonville, FL 32202
(904) 329-7249 telephone
Email: tadam@adamlawgroup.com
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.
PPW AERO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to PPW
Aero Buyer Inc. (Pursuit Aerospace).
At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's proposed term loan B.
The stable outlook reflects S&P expectation that its S&P Global
Ratings-adjusted debt to EBITDA will be above 5x throughout its
forecast, but free cash flow will remain solidly positive.
Pursuit plans to refinance its existing debt and fund an
acquisition with a new term loan. The company will pay down its
existing revolver and term loan while making a $65 million
acquisition with a new $790 million term loan B due 2032. Pursuit
will also have access to a new $180 million revolving credit
facility due 2030 and a $160 million delayed-draw term loan that we
expect the company to use to fund future acquisitions. Owners
Greenbriar and Clayton, Dubilier, and Rice combined two platforms
to create Pursuit in 2023, and plan to drive earnings growth by
realizing large cost savings within the components manufacturer.
The rating reflects Pursuit's modest size, and high leverage. With
under $1 billion of annual revenue, Pursuit is among our smallest
rated components manufacturers compared to competitors such as Goat
Holdco LLC (Barnes Group), Ovation Parent Inc. (Arxis), and
Chromalloy Corporation, which all post $1.1 billion-$1.6 billion.
Only Novaria Group is smaller among the peer group, with annual
revenue under $500 million.
S&P said, "Given costs associated with the transaction and
potential acquisitions throughout the year, we expect leverage to
be elevated in 2025 at about 7x. Without any further acquisitions,
we'd expect leverage to be near 6x. Even as earnings grow and
various costs run-off, we don't expect debt to EBITDA to decline
below 5x during our forecast period."
Market conditions have Pursuit well-positioned to realize organic
revenue growth. Pursuit's place as a vertically integrated
components manufacturer is a differentiator when it comes to
winning new business. Customers may prefer to work with one
supplier for the entire process from casting and forging through
fabrication and assembly. Working on "hot section" engine
components creates various barriers to entry due to the technical
requirements and rigorous regulatory approval process.
Approximately three-quarters of sales are also covered by long-term
supply agreements, leading to revenue visibility.
Next-generation narrowbody aircraft engines, including LEAP and GTF
models, are leading growth in the commercial segment, with original
equipment manufacturing (OEM) making up the first wave, and
aftermarket opportunities to follow. Aviation engines tend to have
lifespans of over 30 years, providing multiple opportunities to
work on a single engine. These market conditions have resulted in a
$2.6 billion backlog, representing more than two years of
forecasted revenue and creating strong revenue visibility. S&P
expects organic revenue growth of 6%-10% annually throughout its
forecast.
Financial policy will help determine the rating's trajectory. A
growing top line with improving margins could lead to stronger
credit metrics. The magnitude depends on management's and the
owners' financial policy. S&P forecasts modest positive free cash
flow in 2025 due to one-time expenses, increasing to $60
million-$70 million in 2026 and growing from there.
S&P said, "We think leverage reduction is more likely to stem from
earnings growth than debt reduction. We anticipate that the company
will pursue growth through opportunistic acquisitions, funded with
the delayed-draw term loan and revolver borrowings, as well as
internally generated cash flow. If the company is more aggressive
than expected, debt to EBITDA could sustain above 7x if the company
takes on additional debt to fund the growth.
"The stable outlook reflects Pursuit's market position and
favorable market dynamics, and our expectation that free cash flow
should remain solidly positive while S&P Global Ratings-adjusted
debt to EBITDA remains above 5x throughout our forecast."
S&P could lower its rating on Pursuit if debt to EBITDA sustains
above 7x or free cash flow approaches breakeven. This could occur
if:
-- The company pursues growth through debt-financed acquisitions;
The company fails to grow organically through new business wins;
EBITDA margins do not improve as anticipated as the company is
unable to realize pro forma cost savings; or
-- The company pursues debt-financed dividends.
Although unlikely in the near term, S&Pcould raise the rating on
Pursuit if the company's debt to EBITDA declines well below 5x and
the sponsor shows a commitment to maintaining such credit metrics.
This could occur if:
-- EBITDA margins grow faster than expected as cost synergies are
more substantial than anticipated;
-- The company captures new business through organic growth; and
-- The sponsor commits to maintaining improved credit ratios, even
with potential acquisitions or dividends.
PREMIER DATACOM: Seeks to Tap Jackson Walker as Bankruptcy Counsel
------------------------------------------------------------------
Premier Datacom, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Jackson Walker LLP as
counsel.
Jackson Walker will provide these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
property;
(b) advise and consult on the conduct of this Chapter 11
case;
(c) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(d) take all necessary actions to protect and preserve the
Debtor's estate;
(e) prepare pleadings in connection with this Chapter 11
case;
(f) represent the Debtor in connection with obtaining
authority to continue using cash collateral and, if applicable, to
obtain postpetition financing;
(g) advise the Debtor in connection with any potential sale of
assets;
(h) appear before the bankruptcy court and any appellate
courts to represent the interest of the Debtor's estate;
(i) take any necessary action on behalf of the Debtor to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related
thereto; and
(j) perform all other necessary legal services for the Debtor
in connection with the prosecution of this Chapter 11 case.
The firm will be paid at these hourly rates:
Partners $650 - $1,825
Senior Counsel $425 - $1,175
Associates $545 - $930
Paraprofessionals $230 - $485
In addition, the firm will seek reimbursement for expenses
incurred.
In connection with the First Engagement Letter, the Debtor paid a
retainer fee to the firm in the amount of $20,000. Additionally, in
connection with the Restructuring Engagement Letter, the Debtor
paid a retainer fee to the firm in the total amount of $45,000.
Jennifer Wertz, a partner at Jackson Walker, 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:
Jennifer F. Wertz, Esq.
Jackson Walker LLP
100 Congress Avenue, Suite 1100
Austin, TX 78701
Telephone: (512) 236-2000
Facsimile: (512) 236-2002
Email: jwertz@jw.com
About Premier Datacom
Premier Datacom, Inc. is a technology construction services company
specializing in low voltage cabling systems and components, data
transmission, and security systems.
Premier Datacom sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10097) on January 24,
2025. In the petition signed by Glenn Ryan Willis, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Jennifer F. Wertz, Esq., at Jackson Walker LLP represents the
Debtor as counsel.
RABAH LLC: To Sell Dallas Property to Jacqueline Nortman
--------------------------------------------------------
Rabah LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, to sell Property, free
and clear of all liens, claims, and encumbrances.
The Debtor is a Texas limited liability corporation which owns a
single parcel of residential real property located at 5025 Grace
Drive, Dallas County, Texas. The Property is unoccupied, and has
served as an investment property for the Debtor.
The Debtor asserts that determines in the exercise of its sound
business judgment that the sale of the Property will generate the
most value for the benefit of the creditors of the estate. The
Debtor asserts that the sale of the Property will enable it to pay
all creditors in full, after payment of the taxes and closing
costs.
The Debtor executes an earnest money contract to potential buyer,
Ms. Jacqueline Nortman, with the purchase price of $490,000.
The terms of sale will include a cash down payment of $14,700 with
third party financing of $475,300.
The closing date of the sale will be on March 25, 2025, and the
gross proceeds will be distributed as:
A. First, to pay all reasonable/actual closing cost, including a
broker's commission.
B. Second, to pay ad valorem taxes on the Property.
C. Third, the balance of the sale proceeds shall be paid to the
first lienholder of the Property to satisfy their claim in full.
D. The balance of the purchase price after paying all creditors
of the estate, shall be paid to the Debtor. There are no unsecured
creditors of the estate.
The Debtor believes that the sale of the Property at this time is
necessary to preserve the value of Property and to achieve the
maximum return to the estate, and will enable the realization of
significant value from the Property without the risk of
jeopardizing the realizable value which would be unavoidable
consequence of any delay.
About Rabah LLC
Rabah, LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33530) on November 4,
2024, listing $100,001 to $500,000 in both assets and liabilities.
Judge Scott W Everett presides over the case.
James B. Jameson, Esq. at James B. Jameson & Associates, PC
represents the Debtor as counsel.
RAINBOW PRODUCTION: Plan Exclusivity Period Extended to May 5
-------------------------------------------------------------
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware extended Rainbow Production Services, LLC and
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to May 5 and July 7, 2025, respectively.
As shared by Troubled Company Reporter, the Debtors explain that
these chapter 11 Cases have presented various complex and
time-consuming matters, including, the sale process the Debtors
undertook, which resulted in Court approval of a sale of the
Debtors' assets to the Buyer, which the Debtors are working
diligently to close. In light of the complexity of these Cases and
the significant progress made thus far, the extensions requested
herein are necessary to allow the negotiation, filing, solicitation
and confirmation of a chapter 11 plan.
The Debtors claim that they will require time after the closing of
the sale to discuss and implement an appropriate exit mechanism in
these Cases. One potential option the Debtors are strongly
considering, and which the Debtors believe their secured creditors
support, is the dismissal of these Cases. The extension sought
herein are designed to avoid potentially unnecessary, and
premature, plan preparations.
Since filing these chapter 11 Cases, the Debtors have taken
numerous affirmative steps to ensure that valid administrative
expenses are paid. The Debtors respectfully submit that, under the
relevant facts and circumstances, the requested extension of the
Exclusive Periods will not prejudice the legitimate interests of
creditors, as the Debtors continue to make timely payment on their
undisputed post-petition obligations.
Counsel to the Debtors:
Ericka F. Johnson, Esq.
Steven D. Adler, Esq.
Bayard, P.A.
600 N. King Street, Suite 400
P.O. Box 25130
Wilmington, DE 19899
Tel: (302) 429-4275
Fax: (302) 658-6395
Email: ejohnson@bayardlaw.com
-and-
David L. Neale, Esq.
Krikor J. Meshefejian, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Avenue
Los Angeles, CA 90034
Telephone: (310) 229-1234
Email: DLN@lnbyg.com
KJM@lnbyg.com
About Rainbow Production Services
Rainbow Production Services, LLC and its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del. Lead Case No. 24-12564) on
Nov. 4, 2024. At the time of the filing, Rainbow Production
Services reported $10 million to $50 million in both assets and
liabilities.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo &
Golubchik, LLP as legal counsel. Donlin, Recano & Company, Inc., is
the claims and noticing agent.
RED HORSE: Seeks to Hire Sternberg Naccari & White as Counsel
-------------------------------------------------------------
Red Horse Infrastructure Group LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Louisiana to employ
Sternberg, Naccari & White, LLC to handle its Chapter 11 case.
Ryan Richmond, Esq., a partner at Sternberg, Naccari & White, will
be billed at his hourly rate of $400 plus expenses.
Allison Brown, Partner $1,566
Jesica Davidson, Of Counsel $1,844
Christopher Cox, Associate $1,475
Joseph Caruso, Associate $752
Rachel Papalski, Paraprofessional $225
The firm received a retainer of $16,738 from the Debtor.
Mr. Richmond 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. Raymond, Esq.
Sternberg, Naccari & White, LLC
450 Laurel Street, Suite 1450
Baton Rouge, LA 70801
Telephone: (225) 412-3667
Facsimile: (225) 286-3046
Email: ryan@snw.law
About Red Horse Infrastructure Group
Red Horse Infrastructure Group LLC is a construction company based
in Baton Rouge, Louisiana, that specializes in institutional
building construction.
Red Horse Infrastructure Group sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10144) on
February 24, 2025. In the petition signed by Melissa Burgess, as
Independent Testamentary Executor, the Debtor disclosed up to
$500,000 in estimated assets and up to $10 million in estimated
liabilities.
Judge Michael A. Crawford oversees the case.
Ryan J. Raymond, Esq., at Sternberg, Naccari & White, LLC serves as
the Debtor's counsel.
RED RIVER: Seeks to Hire Kirkland as Special Litigation Counsel
---------------------------------------------------------------
Red River Talc, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Kirkland & Ellis LLP
and Kirkland & Ellis International LLP as special litigation
counsel.
The firm will render these legal services:
(i) any issues or proceedings implicating the factual and
scientific bases of the Debtor's talc claims;
(ii) discovery relating to the Debtor's talc claims;
(iii) any issues or proceedings related to the stay of, or
other matters relating to, the Debtor's talc claims in non
bankruptcy forums; and
(iv) such other specific services as may be requested by the
Debtor from time to time relating to its talc claims in this
Chapter 11 case.
The firm's professionals will be paid at these hourly rates:
Allison Brown, Partner $1,566
Jessica Davidson, Partner $1,844
Christopher Cox, Associate $1,475
Jospeh Caruso, Associate $752
Rachel Papalski, Paraprofessional $225
Allison Brown, a partner at Kirkland & Ellis, also provided the
following in response to the request for additional information set
forth in Section D of the Revised U.S. Trustee Guidelines:
Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?
Answer: Kirkland and the Debtor have agreed that Kirkland will
match the billing rates charged by Skadden for this engagement. The
agreed upon billing rates of those Kirkland professionals primarily
responsible for work for the Debtor are set forth in Appendix A
attached hereto.
Question: Question: Do any of the Kirkland professionals in
this engagement vary their rate based on the geographic location of
the Debtor's Chapter 11 case?
Answer: No.
Question: If Kirkland has represented the Debtor in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed postpetition,
explain the difference and the reasons for the difference.
Answer: Kirkland did not represent the Debtor prepetition.
Ms. Brown 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:
Allison M. Brown
Kirkland & Ellis LLP
333 West Wolf Point Plaza
Chicago, IL 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200
About Red River Talc
Red River Talc LLC is a wholly owned subsidiary of Johnson &
Johnson, a New Jersey company incorporated in 1887, which first
began selling JOHNSON'S Baby Powder in 1894, launching its baby
care line of products.
Red River Talc LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
24-90505) on September 20, 2024, listing $1 billion to $10 billion
in both assets and liabilities. The petition was signed by John K.
Kim as chief legal officer.
Judge Christopher M. Lopez presides over the case.
The Debtor tapped John F. Higgins, IV, Esq., at Porter Hedges LLP
as bankruptcy counsel and Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as special litigation counsel.
RED RIVER: Talc Trial Describes Law Firms' Chapter 11 Deal Dispute
------------------------------------------------------------------
Clara Geoghegan of Law250 Bankruptcy Authority reports that
personal injury attorneys testified on Friday, February 21, 2025,
about how their firms' longstanding relationship unraveled last
summer during the fourth day of trial in the Texas bankruptcy of
Johnson & Johnson's talc spin-off.
About J&J Talc Units
LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.
LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.
On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.
3rd Try
In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion.
Claimants must cast their vote to accept or reject the Plan by 4:00
p.m. (Central Time) on July 26, 2024. A solicitation package may be
requested at www.OfficialTalcClaims.com or by calling
1-888-431-4056. If the Plan is accepted by at least 75% of voters,
a bankruptcy may be filed under the case name In re: Red River Talc
LLC in a bankruptcy court in Texas or in the bankruptcy court of
another jurisdiction. Epiq Corporate Restructuring, LLC is serving
as balloting and solicitation agent for LLT.
On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505).
Porter Hedges LLP and Jones Day serve as counsel in the new Chapter
11 case. Epiq is the claims agent.
Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.
REDLINE METALS: Plan Exclusivity Period Extended to April 30
------------------------------------------------------------
Judge Jacqueline Cox of the U.S. Bankruptcy Court for the Northern
District of Illinois extended Redline Metals, Inc.'s exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to April 30, 2025.
As shared by Troubled Company Reporter, the Debtor explains that
the court had previously extended Exclusivity under Section 1121(d)
of the Bankruptcy Code to and including February 28, 2025. The new
requested date of April 30, 2025 is well within the time
limitations set by Section 1121(d) of the Bankruptcy Code.
The Debtor claims that it has now proceeded and closed the sale of
all of its assets to a third party. At this time the Debtor is in
negotiations (via Andrew Cameron, the Chief Restructuring Officer)
with its secured creditor, Old Second National Bank and the
Official Committee of Unsecured Creditors regarding the terms of a
Chapter 11 Plan.
These negotiations are regarding the Debtor's exit strategy for
this case and the payment allocation of the funds from the sale and
should be completed in the next month allowing a Chapter 11 Plan to
filed by the proposed deadline of April 30, 2025.
This is the Debtor's second request for an extension of exclusivity
and to extend the date to file a Chapter 11 Plan and Disclosure
Statement. The extension of time will not prejudice any creditors
or the United States Trustee.
Redline Metals, Inc., is represented by:
Paul M. Bach, Esq.
Bach Law Offices, Inc.
P.O. Box 1285
Northbrook, IL 60062
Telephone: (847) 564-0808
Email: paul@bachoffices.com
About Redline Metals
Redline Metals, Inc. is a recycling center in Lombard, Ill.
Redline Metals filed Chapter 11 petition (Bankr. N.D. Ill. Case No.
24-12590) on Aug. 27, 2024, with $10 million to $50 million in both
assets and liabilities.
Judge Jacqueline P. Cox oversees the case.
Paul M. Bach, Esq., at Bach Law Offices, is the Debtor's bankruptcy
counsel.
REITER BROTHERS: Gets Final OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
issued a final order authorizing Reiter Brothers, Inc. to use the
cash collateral of its lenders.
The final order signed by Judge Scott Grossman approved the use of
cash collateral to pay the expenses set forth in the company's
30-day budget, which shows total projected expenses of $31,338.
The court order granted protection to lenders in the form of a
replacement lien on the company's post-petition property.
The provisions of the final order will remain in effect until
further order of the bankruptcy court.
About Reiter Brothers Inc.
Reiter Brothers Inc. is a Hollywood, Florida-based furniture
manufacturer operating as Vannucchi Brothers.
Reiter Brothers filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10190) on January
9, 2025, with $50,000 to $100,000 in assets and $500,000 to $1
million in liabilities. Tarek Kiem, Esq., at Kiem Law, PLLC serves
as Subchapter V trustee.
Judge Scott M. Grossman oversees the case.
The Debtor is represented by Robert A. Stiberman, Esq., at
Stiberman Law, P.A.
ROMBOUTS AVE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Rombouts Ave LLC
444 Harrison Avenue
Harrison, NY 10528
Business Description: Rombouts Ave is a subcontracting
construction company based in Harrison, New
York, offering services including
excavation, rock breaking and removal,
shoring, and concrete work.
Chapter 11 Petition Date: March 3, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-22174
Judge: Hon. Sean H. Lane
Debtor's Counsel: Bruce Duke, Esq.
DUKE LAW FIRM
788 Shrewsbury Ave
Suite 2225
Eatontown, NJ 07724
Tel: 848-208-1030
Email: bruce@bdukelawfirm.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Robin Vingo as member.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/FTLIZXA/Rombouts_Ave_LLC__nysbke-25-22174__0001.0.pdf?mcid=tGE4TAMA
ROONEY AND BORDEN: Seeks Cash Collateral Access
-----------------------------------------------
Rooney and Borden Jewellers, Inc. asked the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division, for
authority to use cash collateral.
Rooney and Borden requires the use of cash collateral to fund
operating expenses and continue its business of selling fine
jewelry.
The cash collateral is valued at $322,428. Readycap Lending, LLC
asserts an interest in the cash collateral.
As adequate protection, Rooney and Borden offers maintenance of its
property and monthly payments to ReadyCap in the amount of $5,052.
A hearing on the matter is set for March 27.
About Rooney and Borden Jewellers
Rooney and Borden Jewellers, Inc. sells fine jewelry and is based
in Long Beach, Calif.
Rooney and Borden filed Chapter 11 petition (Bankr. C.D. Calif.
Case No. 24-20640) on December 31, 2024, listing up to $500,000 in
assets and up to $10 million in liabilities. Minh Chau, company
owner, signed the petition.
Judge Julia W. Brand oversees the case.
Larry Fieselman, Oaktree Law, represents the Debtor as bankruptcy
counsel.
RYLEE & CO: Selling Ponder Property to Cornerstone to Construction
------------------------------------------------------------------
Rylee & Company, LLC seeks permission from the U.S. Bankruptcy
Court for the Eastern District of Texas, Plano Division, to sell
real property, free and clear of liens, interests, and
encumbrances.
The Debtor's business is operated under the name Little Lions
Learning Center as a preschool and childcare facility situated in
Ponder, TX. The address for the property is 134 January Lane,
Ponder, Texas 76259 (Rylee addition Block A, Lot 1, consisting of
approximately 2 acres). The Property was bought in approximately
2012 and is zoned commercial. The center was established and has
continuously operated since 2008.
The Debtor suffered a financial interruption which occurred when a
vendor bored a hole through a sewer line causing sewage to damage
the building and improvements of the Debtor. The business was
already financially struggling from the effects of the economy
generally, and from the prior shut down caused by COVID-19. The
customers of the daycare center are impacted by financial
conditions including inflation, which affects the ability of those
customers to use the facility.
The Debtor owed secured debt to creditors with lien claims against
property. The ad valorem tax authorities are owed for taxes and the
County of Denton filed a claw for $9,435.13 as of the time of the
bankruptcy filing.
The lienholders of the Property include First United Bank and
Trust Company and Bayfirst National Bank.
The Debtor enters into a contract with Cornerstone Construction and
Remodeling, LLC for the sale and purchase of the Property for
$645,000.00.
The sales price is divided into a cash deposit of $161,250.00 and
financing. The sale is contingent upon financing. The Buyer has
represented, and Rylee believes that the Buyer will be able to
acquire funding.
The Seller will become a Lessee of the Property, and all personal
property shall remain property of the Sellers. For the avoidance of
doubt, the exclusion of personal property from this sale is
expressly an exclusion of all property of Rylee that would be
considered claims, causes, choses and action in the like, in tort
or contract, against any third party.
The Property would be sold as is. Rylee will pay ordinarily closing
costs. However, the Seller will pay the first and second
contractual lien, prorated taxes, preparation of the deed and any
bill of sale, and the costs to record documents. The Buyer has
agreed to cover many expenses including the expense of
survey, the title policy, and inspection.
The Seller will become a Lessee of the Property, and all personal
property will remain property of the Sellers. For the avoidance of
doubt, the exclusion of personal property from the sale is
expressly an exclusion of all property of Rylee that would be
considered claims, causes, choses and action in the like, in tort
or contract, against any third party.
The Debtor will be required to execute a warranty deed. The
Property would be sold as is. The Debtor will pay ordinarily
closing costs, however, will also pay the first and second
contractual lien, prorated taxes, preparation of the deed and any
bill of sale, and the costs to record documents. The Buyer has
agreed to cover many expenses including the expense of survey, the
title policy, and inspection.
The Debtor believes that the proposed sale represents a prudent and
proper exercise of its business judgment and are supported by
articulated business reasons.
About Rylee & Company, LLC
Rylee & Company, LLC provides childcare services, generating
revenue from tuition, subsidies, and reimbursements while managing
operational costs like utilities, payroll, and supplies. The
company is undergoing financial reorganization to stabilize and
ensure sustainability.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Texas Case No. 24-42062) with $500,000
to $1 million in assets and $1 million to $10 million in
liabilities. The petition was signed by Amber Castillo,
owner/director.
The Hon. Brenda T. Rhoades presides over the case.
Mark J. Petrocchi, Esq., at GRIFFITH, JAY & MICHEL, LLP, is the
Debtor's legal counsel.
SAPOBLA INVESTMENTS: Case Summary & Five Unsecured Creditors
------------------------------------------------------------
Debtor: Sapobla Investments LLC
2212 Calle Gen Del Valle
San Juan, PR 00913-4514
Case No.: 25-00955
Business Description: The Debtor is an investment company based in
San Juan, Puerto Rico.
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
District of Florida
Debtor's Counsel: Jesus Enrique Batista Sanchez, Esq.
THE BATISTA LAW GROUP, PSC
239 Ave Arterial Hostos Ste 206
San Juan PR 00918-1475
Tel: (787) 620-2856
Email: jeb@batistasanchez.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Fermin Francinetti Rivas as authorized
representative of the Debtor.
A full-text copy of the petition, which includes a list of the
Debtor's five unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/6ZSAVEY/SAPOBLA_INVESTMENTS_LLC__prbke-25-00955__0001.0.pdf?mcid=tGE4TAMA
SB CONTRACTORS: Seeks to Extend Plan Exclusivity to May 23
----------------------------------------------------------
SB Contractors, LLC asked the U.S. Bankruptcy Court for the Western
District of Texas to extend its exclusivity periods to file a plan
of reorganization and obtain acceptance thereof to May 23 and July
22, 2025, respectively.
The Debtor believes the relevant factors weigh in favor of
extending exclusivity.
* First, the Debtor has been progressing towards in this
bankruptcy case in good faith and proceeding towards an equitable
resolution in favor of all known constituents. The Debtor has been
communicating with its creditors and has begun the plan drafting
process.
* Second, the Debtor is paying its debts as they come due.
* Third, the Debtor believes it has reasonable prospects for
confirming a viable plan.
* Fourth, this is the Debtor's first request, and the case has
only been pending for 120 days.
* Fifth, the Debtor is not filing the instant Motion as a
means of pressuring any creditors.
* Sixth, and most importantly, the Debtor seeks this extension
to allow time to correct the financial records and assess the
actual liability of certain claims which will assist with the
creation of a feasible plan of reorganization. Accordingly, the
Debtor believes the exclusivity period should be extended.
SB Contractors LLC is represented by:
Todd Headden, Esq.
Bach W. Norwood, Esq.
Hayward PLLC
7600 Burnet Road, Suite 530
Austin, TX 78757
Tel:(737) 881-7100
Email: theadden@haywardfirm.com
bnorwood@haywardfirm.com
About SB Contractors, LLC
SB Contractors, LLC is a Texas-based general contractor
specializing in heavy highway and commercial services.
SB Contractors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52121) on October
25, 2024, with $1 million to $10 million in both assets and
liabilities. William S. Simpson, authorized signatory, signed the
petition.
Judge Michael M. Parker oversees the case.
Todd Headden, Esq., at Hayward PLLC, represents the Debtor as legal
counsel.
SEAQUEST HOLDINGS: To Sell Aquarium Properties to Norcal Aquarium
-----------------------------------------------------------------
Matt McKinlay, Chapter 11 Trustee of Seaquest Holdings LLC, seeks
permission from the U.S. Bankruptcy Court for the District of
Idaho, to sell its Assets, free and clear
The Debtor's wants to sell substantially all of its assets across
all six of its locations to Z&A Management LLC, an entity owned
and/or managed by Jeff Cox for a gross purchase price of $80,000.
The Debtor wants to sell its Property to Norcal Aquarium & Wildlife
Adventures LLC, Layton Aquarium & Wildlife Encounters LLC, and
Woodbridge Aquarium & Wildlife Center LLC (Woodbridge Purchaser).
The Trustee has contacted approximately five parties to gauge their
interest in purchasing some or all of the Debtor's assets. Of these
parties, four have expressed interest in purchasing certain of the
Debtor's assets.
The Buyer, through Cox, who is the owner and/or manager of Noveen
Capital, Inc. which holds a 4.01% non-managerial equity interest in
the Debtor, provided the Chapter 11 Trustee with an offer to
purchase all of the Debtor’s animals and personal property
located at the Debtor’s Folsom, California, Layton, Utah, and
Woodbridge, New Jersey leased premises.
The Layton contracts provides that the Layton Purchaser has agreed
to provide a cash purchase price of $50,000 and that Cox has agreed
to provide a credit bid in the amount of $503,921.66 of his alleged
secured claim for a total purchase price of $553,921.66.
Based on the Debtor’s dire liquidity position, the Chapter 11
Trustee's concerns for animal welfare, and the total consideration
to the Debtor's estate to be received by the Purchase Price, the
Chapter 11 Trustee believes that the sale of the Assets to the
Purchasers, subject to overbids no less than $100,000 greater than
the total Purchase Price $1,661,765.
About SeaQuest Holdings, LLC
SeaQuest Holdings, LLC better known as SeaQuest, is an interactive
marine, exotic mammal, and bird/reptile life attraction chain.
Guests are encouraged to connect with animals and learn about their
ecosystems through various hands-on activities which include
hand-feeding sharks, stingrays, birds, and tropical animals.
SeaQuest offers a private event venue ideal for school field trips,
birthday parties, and more.
SeaQuest Holdings sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 24-00803) on December 2,
2024, with total assets of $659,473 and total liabilities of
$16,653,877. Aaron Neilsen, chief executive officer of SeaQuest
Holdings, signed the petition.
Judge Benjamin P. Hursh handles the case.
The Debtor is represented by Matthew T. Christensen, Esq. at
Johnson May, PLLC.
SERVE TECH: Mark Sharf Named Subchapter V Trustee
-------------------------------------------------
The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a
practicing attorney in Los Angeles, as Subchapter V trustee for
Serve Tech Global, LLC.
Mr. Sharf will charge $660 per hour for his services as Subchapter
V trustee and will seek reimbursement for work-related expenses
incurred.
Mr. Sharf declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark Sharf, Esq.
6080 Center Drive, 6th Floor
Los Angeles, CA 90045
Telephone: (323) 612-0202
Email: mark@sharflaw.com
About Serve Tech Global
Serve Tech Global, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30134) on
February 19, 2025, listing up to $50,000 in both assets and
liabilities.
Judge Dennis Montali presides over the case.
SOLANO HOME: Seeks to Tap Peter G. Macaluso as Bankruptcy Counsel
-----------------------------------------------------------------
Solano Home Solutions, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ the Law
Offices of Peter G. Macaluso to handle its Chapter 11 case.
The firm received a retainer of $1,000 from the Debtor.
The firm entered into a contingency agreement with the Debtor,
which calls for 30 percent plus any unpaid costs before summary
judgement, 35 percent plus any unpaid costs sixty days before trial
and 40 percent thru trial and resolution plus unpaid costs.
Peter Macaluso, Esq., an attorney at the firm, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Peter G. Macaluso, Esq.
Law Offices of Peter G. Macaluso
7230 South Land Park Drive #127
Sacramento, CA 95831
Telephone: (916) 392-6591
Facsimile: (916) 392-6590
About Solano Home Solutions
Solano Home Solutions LLC is a limited liability company.
Solano Home Solutions LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No.
24-25470) on December 3, 2024. In the petition filed by Caroline
Marie Hegarty, managing member, the Debtor disclosed total assets
of $1,011,090 and total liabilities of $1,207,009.
Honorable Bankruptcy Judge Christopher D. Jaime handles the case.
The Law Office of Peter G. Macaluso serves as the Debtor's counsel.
SORENTO ON YESLER: Gets Final OK to Use Cash Collateral
-------------------------------------------------------
Sorento on Yesler Owner, LLC received final approval from the U.S.
Bankruptcy Court for the Western District of Washington to use cash
collateral to pay its operating expenses.
The final order authorized the company to provide Wells Fargo Bank
National Association, a secured creditor, with protection in the
form of a first priority post-petition security interest in and
lien on all of the company's assets, including cash collateral.
Sorento was also authorized to make monthly payments of $100,940 to
the secured creditor as additional protection.
The company's authority to use cash collateral will terminate at
the earlier of May 18 or the conversion of its Chapter 11 case to
one under Chapter 7.
About Sorento on Yesler Owner
Sorento on Yesler Owner, LLC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
Sorento sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Wash. Case No. 24-13217) on December 17, 2024,
with $10 million to $50 million in both assets and liabilities.
Judge Christopher M. Alston handles the case.
The Debtor is represented by Christopher L. Young, Esq., at the Law
Offices of Christopher L. Young, PLLC.
STATION CASINOS: Moody's Alters Outlook on 'B1' CFR to Positive
---------------------------------------------------------------
Moody's Ratings affirmed the ratings of Station Casinos LLC,
including the company's B1 Corporate Family Rating and B1-PD
Probability of Default Rating. Moody's additionally affirmed the
company's B3 rated senior unsecured notes and the company's Ba2
rated senior secured term loan B and Ba2 rated senior secured
revolving credit facility. The company's Speculative Grade
Liquidity rating remains unchanged at SGL-2, and the outlook was
changed to positive from stable.
The positive outlook reflects the continued strong operating
results and reduction in leverage as the company's Durango facility
has ramped and revolver drawings are repaid.
RATINGS RATIONALE
Station Casinos LLC's B1 CFR reflects the historically stable
operating results, limited supply growth in the Las Vegas locals
market and solid margins. Positive free cash flow before growth
capex and good liquidity further support the credit profile.
Moody's expects gross debt to adjusted EBITDA leverage to decline
as the company's Durango property has ramped and revolver
borrowings are reduced. Station owns its real estate and has
multiple parcels of gaming entitled land to support future
development. Station continues to see strong operating results and
improved EBITDA margins as compared to pre-pandemic levels. Key
challenges are the company's geographic concentration and
vulnerability to changes in the economic environment given the
highly discretionary nature of consumer spending on casino gaming.
The positive outlook reflects the solid operating performance of
the company's business as compared to pre-pandemic levels. The
positive outlook also incorporates the company's good liquidity and
the expectation for leverage to decline from current levels.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if the company generates consistent
positive free cash flow, continues to grow revenue, and maintain
debt-to-EBITDA below 4.5x.
Ratings could be downgraded if EBITDA margins decline, liquidity
deteriorates, or if debt-to-EBITDA is maintained over 5.5x.
Station Casinos LLC owns and operates 7 major hotel/casino
properties and 12 smaller casino properties (three of which are 50%
owned) in the Las Vegas metropolitan area. Station's net revenue
for the LTM period ended December 31, 2024 was $1.9 billion.
Station Casinos LLC is owned by Red Rock Resorts, Inc., a publicly
traded holding company whose principal asset is Station. The
Fertitta family controls approximately 90% of the voting rights in
Red Rock Resorts, Inc.
The principal methodology used in these ratings was Gaming
published in June 2021.
STEWARD HEALTH: Doctors File Lawsuit Over Compensation Disputes
---------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that a group of
doctors has filed a proposed class action against Steward Health
Care System LLC, seeking to protect their compensation funds from
the company's bankruptcy estate.
In a complaint filed Monday, March 3, 2025, in the U.S. Bankruptcy
Court for the Southern District of Texas, the doctors—who are
beneficiaries of Steward's deferred compensation plans—challenge
whether the plans qualify as "top-hat plans" under the Employee
Retirement Income Security Act (ERISA).
ERISA regulates most private-sector retirement and health plans,
with "top-hat plans" specifically designed for a select group of
highly compensated employees.
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.
SUNNOVA ENERGY: New KKR Loan to Remain Outside Possible Bankruptcy
------------------------------------------------------------------
Dorothy Ma and Mark Chediak of Bloomberg News reports that Sunnova
Energy International Inc. said its $185 million term loan from KKR
& Co. would remain outside any potential bankruptcy proceedings,
Bloomberg News reported.
The three-year loan, which carries a 15% interest rate, is backed
by collateral, including Sunnova's asset-based securitizations,
according to a filing with the Securities and Exchange Commission.
Sunnova told Bloomberg on Tuesday, March 4, 2025, that the loan is
"securitized against the future cash flows of the dedicated
assets," ensuring it remains separate from any bankruptcy case.
About Sunnova Energy International Inc.
Sunnova -- https://www.sunnova.com/ -- is a leading national
residential solar company.
T-SHACK INC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: T-Shack, Inc.
405 County Rd 25
Mantador, ND 58058-4026
Business Description: T-Shack is in the rental business and owns
(or owned) several real properties in Las
Vegas.
Chapter 11 Petition Date: March 5, 2025
Court: United States Bankruptcy Court
District of Nevada
Case No.: 25-11208
Debtor's Counsel: Michael J. Harker, Esq.
LAW OFFICES OF MICHAEL J. HARKER
2901 El Camino Ave., Suite 200
Las Vegas, NV 89102
Tel: 702-248-3000
E-mail: notices@harkerlawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Raymond Zajac as registered agent.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5SNQLFA/T-SHACK_INC__nvbke-25-11208__0001.0.pdf?mcid=tGE4TAMA
TINKER REAL: To Sell Acworth Property to Darryl Smith for $1.6MM
----------------------------------------------------------------
Tinker Real Estate Investments LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia, Atlanta
Division, to sell Property to Darryl Smith and Dorothie Smith
and/or assigns, free and clear of all liens, claims, and
encumbrances.
The Debtor's sole asset is a single-family house located in Cobb
County, Georgia and having a local address of 6205 Arnall Court
Northwest, Acworth, GA 30101.
The Debtor's Property was scheduled to be foreclosed on March
4,2025 by the secured mortgage lender Citibank N.A. To halt the
foreclosure sale of its only asset, the Debtor filed a voluntary
relief.
The value of the Property is $1,800,000 and Citibank holds the
secured mortgage in the Property in the approximate amount of
$914,212.61.
Homeowner's association dues are owed to Governorstowne Club
Homeowners Association in the approximate amount of $6,166.83.
The Debtor wants to sell the Property in the gross purchase price
of $1,670,000. Closing is set to occur on March 18, 2025 and the
closing attorney is Allen Law Group. Earnest money is $17,000 that
will held in trust by the Closing Attorney. Seller's Broker Maximum
One Greater Atlanta Realtors is to receive a real estate commission
at closing in the amount of 4% of the gross sales price and the
Buyer's Broker the Commission Luxury Group LLC is to receive a real
estate commission at closing in the amount of 2% of the gross sales
price.
The Property will be sold on an "as is" basis.
About Tinker Real Estate Investments LLC
Tinker Real Estate Investments LLC is a single asset real estate
debtor, as defined in 11 U.S.C. Section 101(51B).
Tinker Real Estate Investments sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.: 25-52199) on
February 28, 2025. In its petition, the Debtor reported an
estimated assets of $1 million to $10 million and estimated
liabilities of $500,000 to $1 million. The petition was signed by
Lucy Mae Ellis Tinker as sole member.
Paul Reece Marr of Paul Reece Marr, PC represents the Debtor as
legal counsel.
TLC MEDICAL: Hires Watermark Estate's as Real Estate Broker
-----------------------------------------------------------
TLC Medical Group, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Watermark
Estate's Inc. as real estate broker.
The Debtor needs a broker to market and sell its property located
at Lot 48, St. Lucie West Plat No. 184 St. Lucie Center, Florida.
The firm will receive a commission of 5 percent of the property's
gross sales price.
Albert Douglas, a real estate sales associate at Watermark
Estate's, 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:
Albert Douglas
Watermark Estate's Inc.
1224 US Highwat 1 Suite D-1
North Palm Beach, FL 33408
Telephone: (561) 909-8811
About TLC Medical Group
TLC Medical Group, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21588) on November 4,
2024, listing under $1 million in both assets and liabilities.
Susan D. Lasky, PA serves as the Debtor's counsel.
TOG HOTELS: Seeks to Hire Joyce W. Lindauer as Bankruptcy Counsel
-----------------------------------------------------------------
TOG Hotels Downtown, LLC, doing busiess as Crowne Plaza Dallas
Downtown, seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to employ Joyce W. Lindauer Attorney,
PLLC to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Joyce Lindauer, Attorney $595
Paul Geilich, Of Counsel $495
Laurance Boyd, Associate Attorney $295
Dian Gwinnup, Paralegal $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $100,000 from the Debtor.
Ms. Lindauer 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:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About TOG Hotels Downtown
TOG Hotels Downtown, LLC operates the Crowne Plaza Dallas Downtown,
a hotel located at 1015 Elm Street in Dallas, Texas. Established in
2007, the Company specializes in operating hotels and motels.
TOG Hotels Downtown sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-30600) on February
20, 2025. In its petition, the Debtor disclosed estimated assets
and liabilities between $10 million and $50 million each.
Judge Scott W. Everett oversees the case.
Joyce W. Lindauer Attorney, PLLC serves as the Debtor's counsel.
TREESAP FARMS: Seeks to Hire Donlin as Claims & Noticing Agent
--------------------------------------------------------------
Treesap Farms, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Donlin, Recano & Company, LLC as claims, noticing and solicitation
agent.
Donlin, Recano & Company will oversee the distribution of notices
and will assist in the maintenance, processing, and docketing of
proofs of claim filed in the Chapter 11 cases of the Debtors.
Prior to the petition date, the firm received a retainer of $25,000
from the Debtors.
The firm also received a prepetition payment for services in the
amount of $11,634 on January 31, 2025. In addition, it received a
prepetition payment for services in the amount of $12,430 on
February 20, 2025.
Lisa Terry, a member at Donlin, Recano & Company, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Lisa Terry
Donlin, Recano & Company, LLC
48 Wall St. 23rd Floor
New York, NY 10005
Telephone: (212) 481-1411
About Treesap Farms
TreeSap Farms LLC is a leading supplier of trees and plants to home
improvement retailers.
TreeSap Farms LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90021) on February
24, 2025. In its petition, the Debtor disclosed estimated assets
and liabilities between $100 million and $500 million each.
Honorable Bankruptcy Judge Alfredo R. Perez handles the case.
The Debtor tapped McKool Smith, Esq., as counsel and Donlin, Recano
& Company, LLC as claims, noticing and solicitation agent.
TRI-CITY SERVICE: Seeks Approval to Hire HB Morgan as Accountant
----------------------------------------------------------------
Tri-City Service, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of North Carolina to employ HB Morgan,
Inc. as accountant.
The firm will provide complete general accounting and related
bookkeeping needs for the Debtor, as well as complete its 2024 tax
return.
The firm will charge a monthly flat fee of $752.16 for its
accounting and bookkeeping services.
Alan King, a certified public accountant at HB Morgan, 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:
Alan King, CPA
HB Morgan Inc.
215 East Chatham Street, Suite 210
Cary, NC 27511
Telephone: (919) 388-3901
About Tri-City Service
Tri-City Service LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
24-04063) on Nov. 21, 2024, listing up to $50,000 in assets and $1
million to $10 million in liabilities. The petition was signed by
Yehia Hussein as manager.
Judge Pamela W. Mcafee presides over the case.
The Debtor tapped Rebecca F. Redwine at Hendren Redwine & Malone,
PLLC as counsel and Alan King, CPA, at HB Morgan Inc. as
accountant.
TROPICANA BRANDS: Weighs Rescue Offers Amid Dipping Juice Sales
---------------------------------------------------------------
Eliza Ronalds-Hannon, Jill R. Shah, and Reshmi Basu of Bloomberg
News report that Tropicana Brands Group, grappling with a liquidity
crunch as juice sales decline, is considering competing cash
infusion offers from new lenders and existing debt holders,
according to sources familiar with the matter.
A loan proposal from TPG Angelo Gordon is under review, the sources
said, requesting anonymity due to the confidential nature of the
discussions.
Meanwhile, a group of existing lenders to PAI Partners-controlled
Tropicana is negotiating a debt restructuring plan that includes
fresh financing, the sources added.
About Tropicana Brands Group
Tropicana Brands Group produces fruit juices, smoothies and other
beverages based in Chicago, Illinois.
TXMV2017 LLC: Gets Extension to Access Cash Collateral
------------------------------------------------------
TXMV2017, LLC received another extension from the U.S. Bankruptcy
Court for the Southern District of Texas, Houston Division, to use
the cash collateral of First Technology Federal Credit Union.
The court order authorized the company to use the lender's cash
collateral to pay the operational expenses set forth in its budget,
which shows total projected expenses of $195,630.94 for March,
$195,680.94 for April, and $195,730.94 for May.
First Technology asserts a lien on TXMV2017's real property in
Harris County, Texas, based on its $21 million loan to the company.
All proceeds and rents from the property constitute First
Technology's cash collateral.
As protection, First Technology was granted a replacement lien on
its collateral. The lender will also receive a monthly payment of
$97,365.07, starting this month until confirmation of TXMV2017's
Chapter 11 plan.
As additional protection, TXMV2017 was ordered to keep the lender's
collateral insured.
TXMV2017's authority to use cash collateral will terminate upon the
occurrence of an event of default, including conversion of its
Chapter 11 case to one under Chapter 7, dismissal of the case, or
failure to comply with the terms of the order.
About TXMV2017 LLC
TXMV2017, LLC owns a 352-unit appartement complex in Houston,
Texas.
TXMV2017 sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Texas Case No. 25-30126) on January 6, 2025,
listing up to $50 million in both assets and liabilities. Fercan E.
Kalkan, sole manager and member, signed the petition.
Steven Shurn, Esq., at Hughes Watters Askanase, represents the
Debtor as legal counsel.
First Technology Federal Credit Union, as lender, is represented
by:
Michael P. Menton, Esq.
Danika Lopez, Esq.
SettlePou
3333 Lee Parkway, Eighth Floor
Dallas, Texas 75219
Tel: (214) 520-3300
Fax: (214) 526-4145
mmenton@settlepou.com
dlopez@settlepou.com
ULTRA SAFE: Seeks to Extend Plan Exclusivity to May 27
------------------------------------------------------
Ultra Safe Nuclear Corp. and its affiliates asked the U.S.
Bankruptcy Court for the District of Delaware to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to May 27 and July 28, 2025, respectively.
The Debtors claim that this is their first request to extend the
Exclusive Periods. In the four months since the Petition Date, the
Debtors have addressed critical case management issues in an effort
to maximize the value of the Debtors' estates and sell
substantially all of the Debtors' assets. The complexity of the
various issues addressed, and the time, effort, and planning
required to obtain the progress made thus far warrant the requested
extension of the Exclusive Periods.
Since the Petition Date, the Debtors and their professionals have
focused substantially all of their time, energy, and resources on
smoothly transitioning into chapter 11, addressing critical case
management issues, marketing the Debtors' assets in connection with
a postpetition sale process, and closing on the Sales, all in an
effort to maximize the value of the Debtors' estates.
The Debtors believe that, in light of the progress that the Debtors
and other professionals have made in these chapter 11 cases over
the past four months, and the Debtors' demonstrated efforts to work
cooperatively with their stakeholders, it is reasonable and
appropriate that the Debtors be granted an extension of the
Exclusive Periods. Accordingly, the Debtors submit that this factor
weighs in favor of extending the Exclusive Periods.
The Debtors explain that they continue to pay undisputed
postpetition obligations on a timely basis. As such, the requested
extension of the Exclusive Periods will afford the Debtors a
meaningful opportunity to solicit votes on a plan and negotiate
with key parties to confirm a plan without prejudice to the parties
in interest in these chapter 11 cases.
The Debtors assert that they have endeavored to establish and
maintain cooperative working relationships with their primary
creditor constituencies. Importantly, the Debtors are not seeking
the extension of the Exclusive Periods to delay administration of
these chapter 11 cases or to exert pressure on their creditors, but
rather to continue the orderly, efficient, and cost-effective
chapter 11 process. Thus, this factor also weighs in favor of the
requested extension of the Exclusive Periods.
The Debtors further assert that termination of the Exclusive
Periods would adversely impact the Debtors' efforts to preserve and
maximize the value of the estates and the progress of these chapter
11 cases. Terminating the Exclusive Periods would only foster a
chaotic environment and cause opportunistic parties to engage in
counterproductive behavior in pursuit of alternatives that are
neither value-maximizing nor feasible under the circumstances of
these chapter 11 cases.
The Debtors' Counsel:
Michael R. Nestor, Esq.
Elizabeth S. Justison, Esq.
Matthew B. Lunn, Esq.
Elizabeth S. Justison, Esq.
Shella Borovinskaya, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mnestor@ycst.com
mlunn@ycst.com
ejustison@ycst.com
sborovinskaya@ycst.com
About Ultra Safe Nuclear Corporation
Ultra Safe Nuclear Corp. -- https://www.usnc.com/ -- is a
privately-owned provider of nuclear fuel and reactor components.
Ultra Safe Nuclear and its affiliates filed Chapter 11 petitions
(Bankr. D. Del. Lead Case No. 24-12443) on Oct. 29, 2024, with $10
million to $50 million in assets and $50 million to $100 million in
liabilities. Kurt A. Terrani, the interim chief executive officer,
signed the petition.
The Debtors are represented by Elizabeth Soper Justison, Esq., at
Young Conaway Stargatt & Taylor, LLP.
US COATING: Seeks Chapter 11 Bankruptcy in Florida
--------------------------------------------------
On February 25, 2025, US Coating Specialists 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
$1 million and $10 million in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
      About US Coating Specialists LLC
US Coating Specialists LLC 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.
US Coating Specialists LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-11972) on
February 25, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Mindy A. Mora handles the case.
The Debtor is represented by:
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
VALVOLINE INC: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Ratings changed the outlook for Valvoline Inc. to negative
from stable. At the same time, Moody's affirmed Valvoline's Ba2
corporate family rating, Ba2-PD probability of default rating and
Ba3 senior unsecured notes rating. Valvoline's speculative grade
liquidity rating (SGL) remains unchanged at SGL-2.
The change in outlook to negative from stable reflects Valvoline's
intention to acquire Breeze Autocare, a large operator of about 200
quick lube stores, for a purchase price of approximately $625
million which is to be entirely debt-funded with a new Term Loan B.
The change in outlook also reflects governance considerations,
including a financial policy that has a higher tolerance for
leveraged transactions than Moody's had previously anticipated. The
Breeze Autocare debt-funded acquisition will result in pro forma
LTM December 30, 2024 lease-adjusted debt/EBITDA of about 4.7x and
Moody's expects debt/EBITDA to remain above Moody's 3.5x downgrade
trigger for the company's fiscal years ending September 30, 2025
and 2026. Moody's expectations for continued solid topline growth
and good margins in the core Valvoline business plus growth in the
newly acquired stores will help drive overall EBITDA expansion. In
addition, Valvoline has committed to pausing share repurchases so
that it can focus on repaying acquisition debt. The combination of
debt repayment along with higher EBITDA will result in a reduction
in leverage. However, Moody's do not expects leverage to return to
below Moody's 3.5x downgrade trigger until fiscal 2027. The
affirmations reflect Moody's expectations that industry
fundamentals will continue to remain supportive and that Valvoline
will continue to grow, resulting in improving credit metrics and
good liquidity over time with positive free cash flow. The
transaction is anticipated to close by the end of June 2025 subject
to satisfaction of customary closing conditions and regulatory
approvals.
RATINGS RATIONALE
Valvoline's Ba2 CFR is supported by its leading position in the
"do-it-for-me" (DIFM) instant oil change market, a proven business
model that generates elevated revenue growth, high margins and good
operating cash flow. The rating is also supported by solid industry
fundamentals including increasing vehicle miles traveled, an aging
car parc and growing vehicle registrations.
However, the planned debt-funded acquisition of Breeze Autocare
will result in debt/EBITDA remaining elevated at about 4.4x through
the end of fiscal 2025 pro forma for the acquisition and 3.7x
through the end of fiscal 2026. Positively, Moody's expects
EBITA/interest to be in the high 3x range during this timeframe. By
the end of fiscal 2027, Moody's expects leverage to fall to 3.0x
while coverage to be in the 4x-5x range. The overall deleveraging
will be driven by a combination of growth in the business yielding
earnings and free cash flow improvements, but also by acquisition
debt paydown funded primarily by a pause in share repurchase
activity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely over the near term because of the company's
size and its aggressive debt-funded growth plan. However, ratings
could be upgraded if the company is able to increase systemwide
revenue to over $4 billion, keep adjusted debt/EBITDA below 2.5x,
sustain EBITA/interest above 4.0x, generate at least $250 million
of free cash flow on a consistent basis and maintain very good
liquidity.
Ratings could be downgraded should the integration of Breeze
Autocare or the integration of other large acquisitions not be
successful, should adjusted debt/EBITDA be sustained above 3.5x, if
EBITA/interest falls below 3.0x or if liquidity deteriorates.
Headquartered in Lexington, Kentucky, Valvoline Inc., is a leading
instant oil change company in the US and Canada. It operates
through Valvoline Instant Oil Change (VIOC) and Great Canadian Oil
Change retail locations. The company has 2,045 franchised and
company-owned stores and generated $1.7 billion in revenue for the
LTM period ending December 31, 2024. Valvoline's systemwide
revenue, which includes the revenue earned by franchised stores,
was about $3.2 billion for the LTM period ending December 31,
2024.
The principal methodology used in these ratings was Retail and
Apparel published in November 2023.
VERTIV HOLDINGS: Bid to Dismiss Securities Class Suit Pending
-------------------------------------------------------------
Vertiv Holdings Co. disclosed in its Form 10-K Report for the
annual period ending December 31, 2024 filed with the Securities
and Exchange Commission on February 18, 2025, that the securities
class suit dismissal motion is pending in court.
On May 3, 2022, a putative securities class action, In re Vertiv
Holdings Co Securities Litigation, 22-cv-3572, was filed against
Vertiv, certain of the Company's officers and directors, and other
defendants in the Southern District of New York. Plaintiffs filed
an amended complaint on September 16, 2022.
The amended complaint alleges that certain of the Company's public
statements were materially false and/or misleading with respect to
inflationary and supply chain pressures and pricing issues, and
asserts claims under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934, as amended, and Sections 11, 12(a)(2), and 15
of the Securities Act of 1933, as amended.
These claims are asserted on behalf of a putative class of all
persons and entities that (i) purchased Vertiv securities between
February 24, 2021 and February 22, 2022; and/or (ii) purchased
Vertiv securities in or traceable to the November 4, 2021 secondary
public offering by a selling stockholder pursuant to a resale
registration statement.
On January 31, 2024, the Court issued an order dismissing the
claims under Sections 11, 12(a)(2), and 15 of the Securities Act.
The motion to dismiss the claims under Sections 10(b) and 20(a) of
the Exchange Act remains pending. Vertiv Holdings Co. (formerly
known as GS Acquisition Holdings Corp.) provides mission-critical
infrastructure technologies and life cycle services for data
centers, communication networks, and commercial and industrial
environments that include AC and DC power management products,
thermal management products, integrated rack systems, modular
solutions, management systems for monitoring and controlling
digital infrastructure, and services.
VETERANS HOLDINGS: Seeks to Hire Patrick J. Gros as Accountant
--------------------------------------------------------------
Veterans Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Louisiana to employ Patrick J.
Gros, CPA, A Professional Accounting Corporation as accountant.
The firm will render these services:
(a) prepare monthly and quarterly financial reports as
required;
(b) assist in preparing for and testifying at the Plan
Confirmation hearing; and
(c) provide such other accounting and financial advisory
services as may be requested by the Debtor and other professionals
employed.
The firm's professionals will be paid at these hourly rates:
Partner $275
Manager $175
Senior Accountant $150
Staff Accountant $105
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also requested a retainer of $4,000 from the Debtor.
Patrick Gros, a certified public accountant at the firm, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Patrick J. Gros, CPA
Patrick J. Gros, CPA, A Professional Accounting Corporation
651 River Highlands Boulevard
Covington, LA 70433
Telephone: (985) 898-3512
About Veterans Holdings
Veterans Holdings, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12453) on
December 17, 2024, with $1 million to $10 million in both assets
and liabilities. Cullan Maumus, manager, signed the petition.
Judge Meredith S. Grabill oversees the case.
The Debtor tapped Patrick Garrity, Esq., at the Derbes Law Firm,
LLC as bankruptcy counsel and Patrick J. Gros, CPA as accountant.
VILLAGE RV: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Village RV Inc.
11585 South US Hwy 441
Belleview, FL 34420
Business Description: Village RV Inc. is an RV dealership located
in Florida, offering a variety of
recreational
vehicles from different brands. The Debtor
owns
the property at 11585 South US Hwy 441,
Belleview,
FL 34420, in Marion County, which is
currently valued
at $1.9 million.
Chapter 11 Petition Date: March 4, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-00640
Judge: Hon. Jacob A Brown
Debtor's Counsel: Richard A. Perry, Esq.
RICHARD A. PERRY P.A.
820 East Fort King Street
Ocala, FL 34471-2320
Tel: 352-732-2299
E-mail: richard@rapocala.com
Total Assets: $1,919,311
Total Liabilities: $3,076,024
The petition was signed by Anthony Piccione 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/XTX2QSQ/Village_RV_Inc__flmbke-25-00640__0001.0.pdf?mcid=tGE4TAMA
VISION CAPITAL: Seeks to Hire Fallon Law as Bankruptcy Counsel
--------------------------------------------------------------
Vision Capital Holdings Ltd. Co. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Fallon Law PC as counsel.
The firm will provide these services:
(a) give the Debtor legal advice with respect to its powers
and duties in the management of its property;
(b) prepare on behalf of the Debtor any necessary amended
schedules, applications, motions, answers, orders, reports and
other legal matters;
(c) assist in examination of the claims of creditors;
(d) represent the Debtor at the evidentiary hearing that
occurred on February 18, 2025;
(e) represent the Debtor at the confirmation hearing scheduled
for March 11, 2025; and
(e) perform all other legal services for the Debtor that may
be necessary herein.
The firm will be paid at these hourly rates:
Brad Fallon, Attorney $350
Paralegals $155
The firm received a retainer of $4,500 from the Debtor.
Mr. Fallon 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:
Brad Fallon, Esq.
Fallon Law PC
1201 W. Peachtree St. NW, Suite 2625
Atlanta, GA 30309
Telephone: (404) 849-2199
Facsimile: (470) 994-0579
Email: brad@fallonbusinesslaw.com
About Vision Capital Holdings
Vision Capital Holdings Ltd. Co. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-59271) on
September 3, 2024. In the petition signed by Julia Burton, managing
member, the Debtor disclosed estimated assets and liabilities
between $1 million and $10 million each.
Judge Barbara Ellis-Monro presides over the case.
Brad Fallon, Esq., at Fallon Law PC serves as the Debtor's counsel.
YELLOW CANOE: Kathleen O'Malley Named Subchapter V Trustee
----------------------------------------------------------
Brian Behr, the U.S. Bankruptcy Administrator for the Eastern
District of North Carolina, appointed Kathleen O'Malley as
Subchapter V trustee for Yellow Canoe LLC.
Ms. O'Malley will be paid an hourly fee of $375 for her services.
Ms. O'Malley disclosed in a court filing that she does not have an
interest materially adverse to Sai Baba's estate, creditors and
equity security holders.
About Yellow Canoe
Yellow Canoe, LLC operates multiple fast-casual restaurant chain
franchises. It operates two Schlotzsky's franchise stores and one
Cinnabon franchise store. Yellow Canoe's restaurants are located in
Apex, N.C. and Fayetteville, N.C.
Yellow Canoe filed Chapter 11 petition (Bankr. E.D. N.C. Case No.
25-00618) on February 21, 2025, listing up to $100,000 in assets
and up to $10 million in liabilities. Paul Sabattus, managing
member of Yellow Canoe, signed the petition.
Judge David M. Warren oversees the case.
Lydia C. Stoney, Esq., at Hendren, Redwine & Malone, PLLC,
represents the Debtor as legal counsel.
YELLOW CANOE: Seeks to Hire Hendren Redwine & Malone as Counsel
---------------------------------------------------------------
Yellow Canoe, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to employ Hendren, Redwine &
Malone, PLLC to handle its Chapter 11 case.
The firm received a payment of $25,000 from the Debtor.
Lydia Stoney, Esq., an attorney at Hendren, Redwine & Malone,
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:
Lydia C. Stoney, Esq.
Hendren, Redwine & Malone, PLLC
4600 Marriott Drive, Suite 150
Raleigh, NC 27612
Telephone: (919) 420-7867
Facsimile: (919) 420-0475
Email: lstoney@hendrenmalone.com
About Yellow Canoe
Yellow Canoe LLC is a multi-franchise business operating
Schlotzsky's and Cinnabon locations in Apex and Fayetteville, NC,
with a focus on providing fast-casual food services. The business
also offers food delivery options.
Yellow Canoe LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00618) on
February 21, 2025. In its petition, the Debtor disclosed total
assets of $90,228 and total liabilities of $2,056,745.
Honorable Bankruptcy Judge David M. Warren handles the case.
Lydia C. Stoney, Esq., at Hendren, Redwine & Malone, PLLC serves as
the Debtor's counsel.
ZMETRA LAND: Court Extends Cash Collateral Access to March 27
-------------------------------------------------------------
Zmetra Land Holdings, LLC received interim approval from the U.S.
Bankruptcy Court for the District of Massachusetts to use the cash
collateral of Newtek Small Business Finance, LLC until March 27.
The interim order authorized the company to use up to $107,861.37
in cash collateral in accordance with its budget.
As protection, Newtek was granted a continuing replacement lien and
security interest in all assets of Zmetra to secure any diminution
in value of its collateral.
In addition, Newtek will receive monthly payment of $25,823.
A final hearing is set for March 27, with objections due by March
25.
About Zmetra Land Holdings
Zmetra Land Holdings, LLC specializes in property management,
overseeing the operations, maintenance, and leasing of real estate
assets. It owns a 35,000-square-foot industrial facility located at
2 Old Worcester Road, Webster, Mass. The property is valued at $2.5
million.
Zmetra filed Chapter 11 petition (Bankr. D. Mass. Case No.
25-40127) on February 4. In its petition, Zmetra reported total
assets of $2,962,284 and total debts of $3,085,001.
James L. O'Connor, Esq., at Nickless, Phillips and O'Connor,
represents the Debtor as legal counsel.
Newtek Small Business Finance, LLC, as lender, is represented by:
Jonathan M. Hixon, Esq.
Hackett Feinberg P.C.
155 Federal Street, 9th Floor
Boston, MA 02110
Email: jmh@bostonbusinesslaw.com
ZMETRA LAND: Taps Nickless Phillips and O'Connor as Legal Counsel
-----------------------------------------------------------------
Zmetra Land Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ the law firm of
Nickless, Phillips and O'Connor to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Counsel $410
Paralegals $165
James O'Connor, Jr., Esq., an attorney at Nickless, Phillips and
O'Connor, 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:
James L. O'Connor, Jr., Esq.
Nickless, Phillips and O'Connor
P.O. Box, 2101
780 Main Street, Suite 401
Fitchburg, MA 01420
Telephone: (978) 342-4590
Email: joconnor@npolegal.com
About Zmetra Land Holdings
Zmetra Land Holdings, LLC specializes in property management,
overseeing the operations, maintenance, and leasing of real estate
assets. It owns a 35,000-square-foot industrial facility located at
2 Old Worcester Road, Webster, Mass. The property is valued at $2.5
million.
Zmetra filed Chapter 11 petition (Bankr. D. Mass. Case No.
25-40127) on February 4. In its petition, Zmetra reported total
assets of $2,962,284 and total debts of $3,085,001.
James L. O'Connor, Jr., Esq., at Nickless, Phillips and O'Connor,
represents the Debtor as legal counsel.
[] Moody's Reports U.S. Public Companies' Default Risk at 9.2%
--------------------------------------------------------------
Jill R. Shah of Bloomberg News reports that the default risk for
U.S. public companies climbed to 9.2% at the end of 2024, the
highest level since the global financial crisis, according to a
Moody's Asset Management report released Tuesday.
Elevated interest rates have increased default risks, a trend
expected to persist through 2025. However, companies issuing
high-yield debt face a lower default risk of 3.3%, the report
stated.
The median high-yield issuer is 12 times larger than the median
U.S. public company and has greater access to capital, according to
report.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Eurasia, LLC
Bankr. D. Ariz. Case No. 25-01515
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/DYD2EEY/EURASIA_LLC__azbke-25-01515__0001.0.pdf?mcid=tGE4TAMA
represented by: Allan D. NewDelman, Esq.
ALLAN D. NEWDELMAN, P.C.
E-mail: anewdelman@adnlaw.net
In re Jeffrey David Phair
Bankr. S.D. Cal. Case No. 25-00661
Chapter 11 Petition filed February 25, 2025
represented by: Aaron De Leest, Esq.
In re AMC Development LLC
Bankr. D. Nev. Case No. 25-10977
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/WALY5SY/AMC_DEVELOPMENT_LLC__nvbke-25-10977__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re BHNV Realty 2 Corp
Bankr. E.D.N.Y. Case No. 25-40933
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/3JPTRAQ/BHNV_Realty_2_Corp__nyebke-25-40933__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re SNC Watson LLC
Bankr. E.D.N.Y. Case No. 25-40930
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/2RCDT5I/SNC_WATS0N_LLC__nyebke-25-40930__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Eureka Realty Corp
Bankr. S.D.N.Y. Case No. 25-10345
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/O5GR6CQ/Eureka_Realty_Corp__nysbke-25-10345__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re PR83 Hospitality LLC
Bankr. S.D.N.Y. Case No. 25 -10339
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/BQY6O5I/PR83_HOSPITALITY_LLC__nysbke-25-10339__0001.0.pdf?mcid=tGE4TAMA
represented by: Gabriel Del Virginia, Esq.
LAW OFFICE OF GABRIEL DEL VIRGINIA
E-mail: gabriel.delvirginia@verizon.net
In re Deepak Chaudry
Bankr. M.D. Tenn. Case No. 25-00801
Chapter 11 Petition filed February 25, 2025
represented by: Jay Lefkovitz, Esq.
In re The Link Up, LLC
Bankr. W.D. Tenn. Case No. 25-20934
Chapter 11 Petition filed February 25, 2025
See
https://www.pacermonitor.com/view/SD4QBOY/The_Link_Up_LLC__tnwbke-25-20934__0001.0.pdf?mcid=tGE4TAMA
represented by: Curtis Johnson, Esq.
JOHNSON and JOHNSON PC
E-mail:
cjohnson@johnsonandjohnsonattys.com
In re Southern Cutters Land Clearing and Hauling LLC
Bankr. S.D. Ala. Case No. 25-10519
Chapter 11 Petition filed February 26, 2025
See
https://www.pacermonitor.com/view/2AAFYLI/Southern_Cutters_Land_Clearing__alsbke-25-10519__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Mark L. New
Bankr. D. Ariz. Case No. 25-01597
Chapter 11 Petition filed February 26, 2025
represented by: Chris Barski, Esq.
In re Florida Magical Homes LLC
Bankr. M.D. Fla. Case No. 25-01093
Chapter 11 Petition filed February 26, 2025
See
https://www.pacermonitor.com/view/LLG4UDY/Florida_Magical_Homes_LLC__flmbke-25-01093__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
E-mail: dvelasquez@lathamluna.com
In re I&I Diamonds LLC
Bankr. S.D. Fla. Case No. 25-12017
Chapter 11 Petition filed February 26, 2025
See
https://www.pacermonitor.com/view/TRLXEQA/II_DIAMONDS_LLC__flsbke-25-12017__0001.0.pdf?mcid=tGE4TAMA
represented by: Joe M. Grant, Esq.
LORIUM LAW
E-mail: jgrant@loriumlaw.com
In re Wendy Marie Maes Scavo
Bankr. E.D. La. Case No. 25-10353
Chapter 11 Petition filed February 26, 2025
represented by: Darryl Landwehr, Esq.
In re Make It Happen Affordable Homes LLC
Bankr. E.D. Mich. Case No. 25-41843
Chapter 11 Petition filed February 26, 2025
See
https://www.pacermonitor.com/view/C5BLZBQ/Make_It_Happen_Affordable_Homes__miebke-25-41843__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 372 Parkside Ave Inc
Bankr. E.D.N.Y. Case No. 25-40942
Chapter 11 Petition filed February 26, 2025
See
https://www.pacermonitor.com/view/J6IWQSI/372_Parkside_Ave_Inc__nyebke-25-40942__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Daniel Thomas Walter and Daphne Walter
Bankr. M.D. Ga. Case No. 25-30100
Chapter 11 Petition filed February 27, 2025
represented by: Paul Marr, Esq.
In re Zachariah David Kuchta
Bankr. S.D. Ga. Case No. 25-40158
Chapter 11 Petition filed February 27, 2025
represented by: Jon A. Levis, Esq.
In re Stephen Smith
Bankr. E.D.N.Y. Case No. 25-41001
Chapter 11 Petition filed February 27, 2025
represented by: Lawrence Morrison, Esq.
In re JMMG2 LLC
Bankr. E.D.N.Y. Case No. 25-70789
Chapter 11 Petition filed February 27, 2025
See
https://www.pacermonitor.com/view/NH7TOBI/JMMG2_LLC__nyebke-25-70789__0001.0.pdf?mcid=tGE4TAMA
represented by: Andrew Gottesman, Esq.
ROSENBERG & ESTIS, P.C.
E-mail: agottesman@rosenbergestis.com
In re R&R Malone II, Inc
Bankr. N.D.N.Y. Case No. 25-30140
Chapter 11 Petition filed February 27, 2025
See
https://www.pacermonitor.com/view/4GTA2VA/RR_Malone_II_Inc__nynbke-25-30140__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re D&G Produce Inc
Bankr. S.D.N.Y. Case No. 25-22156
Chapter 11 Petition filed February 27, 2025
See
https://www.pacermonitor.com/view/UP46LPQ/DG_Produce_Inc__nysbke-25-22156__0001.0.pdf?mcid=tGE4TAMA
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re Mexican-American El Tio Ltd.
Bankr. S.D.N.Y. Case No. 25-22158
Chapter 11 Petition filed February 27, 2025
See
https://www.pacermonitor.com/view/3WEQ4SI/Mexican-American_El_Tio_LTD__nysbke-25-22158__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert L. Rattet, Esq.
DAVIDOFF HUTCHER & CITRON LLP
E-mail: rlr@dhclegal.com
In re Dunimus Outreach Ministries, Inc.
Bankr. E.D.N.C. Case No. 25-00692
Chapter 11 Petition filed February 27, 2025
See
https://www.pacermonitor.com/view/PYKYQWI/Dunimus_Outreach_Ministries_Inc__ncebke-25-00692__0001.0.pdf?mcid=tGE4TAMA
represented by: John G. Rhyne, Esq.
JOHN G. RHYNE, ATTORNEY AT LAW
E-mail: johnrhyne@johnrhynelaw.com
In re Hairoin Inc.
Bankr. E.D.N.C. Case No. 25-00702
Chapter 11 Petition filed February 27, 2025
See
https://www.pacermonitor.com/view/JV6EHOA/Hairoin_Inc__ncebke-25-00702__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re LFR3I Ventures LLC
Bankr. E.D. Wash. Case No. 25-00348
Chapter 11 Petition filed February 27, 2025
See
https://www.pacermonitor.com/view/K54KH2I/LFR3I_Ventures_LLC__waebke-25-00348__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Thomas St. John, Inc.
Bankr. C.D. Cal. Case No. 25-11641
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/TC4GQJY/Thomas_St_John_Inc__cacbke-25-11641__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
E-mail:
michael.berger@bankruptcypower.com
In re Comfort Specialists, LLC
Bankr. D.N.J. Case No. 25-12079
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/SSKV6OA/Comfort_Specialists_LLC__njbke-25-12079__0001.0.pdf?mcid=tGE4TAMA
represented by: Scott J Goldstein, Esq.
LAW OFFICES OF WENARSKY & GOLDSTEIN LLC
E-mail: scott@wg-attorneys.com
In re Pallet Consultants North America, LLC
Bankr. D.N.J. Case No. 25-12075
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/SMG2QNY/Pallet_Consultants_North_America__njbke-25-12075__0001.0.pdf?mcid=tGE4TAMA
represented by: Ellen M. McDowell, Esq.
MCDOWELL LAW, PC
E-mail: emcdowell@mcdowelllegal.com
In re Runway Towing Corp.
Bankr. E.D.N.Y. Case No. 25-41030
Chapter 11 Petition filed February 28, 2028
See
https://www.pacermonitor.com/view/M62DUWQ/Runway_Towing_Corp__nyebke-25-41030__0001.0.pdf?mcid=tGE4TAMA
represented by: James H. Shenwick, Esq.
SHENWICK & ASSOCIATES
E-mail: jshenwick@gmail.com
In re V & M Diner Corp.
Bankr. E.D.N.Y. Case No. 25-41040
Chapter 11 Petition filed February 28, 2025
represented by: Lawrence Morrison, Esq.
In re 433 East 141st, LLC
Bankr. S.D.N.Y. Case No. 25-10387
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/DUMZMFI/433_East_141st_LLC__nysbke-25-10387__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re RLR Marketing Corp
Bankr. N.D. Ohio Case No. 25-30347
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/KIBF6XA/RLR_Marketing_Corp__ohnbke-25-30347__0001.0.pdf?mcid=tGE4TAMA
represented by: Eric Neuman, Esq.
DILLER AND RICE, LLC
E-mail: Steven@drlawllc.com;
Kim@drlawllc.com;
Eric@drlawllc.com
In re Quinebaug Camp Properties, LLC
Bankr. D. Rhode Island Case No. 25-10145
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/27H6KZA/Quinebaug_Camp_Properties_LLC__ribke-25-10145__0001.0.pdf?mcid=tGE4TAMA
represented by: Joseph Carnevale, Esq.
SAVAGE LAW PARTNERS LLP
E-mail: jcarnevale@savagelawpartners.com
In re MOG Properties LLC
Bankr. W.D. Tex. Case No. 25-50369
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/N746CLY/MOG_Properties_LLC__txwbke-25-50369__0001.0.pdf?mcid=tGE4TAMA
represented by: Morris E. "Trey" White, III, Esq.
VILLA & WHITE LLP
E-mail: treywhite@villawhite.com
In re Canyon Springs Resort Property Owner's Association, Inc.
Bankr. W.D. Tex. Case No. 25-50385
Chapter 11 Petition filed February 28, 2025
See
https://www.pacermonitor.com/view/34A6ZYQ/Canyon_Springs_Resort_Property__txwbke-25-50385__0001.0.pdf?mcid=tGE4TAMA
represented by: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
E-mail: joyce@joycelindauer.com
In re Avondale Capital LLC
Bankr. D. Ariz. Case No. 25-01783
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/XOGIGYI/Avondale_Capital_LLC_Avondale__azbke-25-01783__0001.0.pdf?mcid=tGE4TAMA
represented by: Keith Knowlton, Esq.
KEITH KNOWLTON
E-mail: keithknowlton@msn.com
In re 11262 Ventura LLC
Bankr. C.D. Cal. Case No. 25-11664
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/6BQYS7Q/11262_VENTURA_LLC__cacbke-25-11664__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Michelle Diane Villaclara
Bankr. C.D. Cal. Case No. 25-10340
Chapter 11 Petition filed March 3, 2025
In re Sean Gary Antoine and Maria Elisabetha Antoine
Bankr. C.D. Cal. Case No. 25-10274
Chapter 11 Petition filed March 3, 2025
In re Big Valley Cold Storage LLC
Bankr. E.D. Cal. Case No. 25-10654
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/CWUIQMQ/Big_Valley_Cold_Storage_LLC__caebke-25-10654__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Azucar Restaurants LLC
Bankr. E.D. Cal. Case No. 25-20969
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/4PMMDZA/Azucar_Restaurants_LLC__caebke-25-20969__0001.0.pdf?mcid=tGE4TAMA
represented by: David C. Johnston, Esq.
DAVID C. JOHNSTON
E-mail: david@johnstonbusinesslaw.com
In re Frugality, Inc.
Bankr. N.D. Fla. Case No. 25-30177
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/LNHNEII/Frugality_Inc__flnbke-25-30177__0001.0.pdf?mcid=tGE4TAMA
represented by: Byron W. Wright III, Esq.
BRUNER WRIGHT, P.A.
E-mail: twright@brunerwright.com
In re Harrco Transportation Services Inc.
Bankr. S.D. Fla. Case No. 25-12323
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/2JPYBDI/HARRCO_TRANSPORTATION_SERVICES__flsbke-25-12323__0001.0.pdf?mcid=tGE4TAMA
represented by: Joe M. Grant, Esq.
LORIUM LAW
E-mail: jgrant@loriumlaw.com
In re Victor Hugo Padilla
Bankr. S.D. Fla. Case No. 25-12301
Chapter 11 Petition filed March 3, 2025
represented by: Luctricia Thompson, Esq.
In re Harrco Van Lines Incorporated
Bankr. S.D. Fla. Case No. 25-12324
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/25BR7NQ/HARRCO_VAN_LINES_INCORPORATED__flsbke-25-12324__0001.0.pdf?mcid=tGE4TAMA
represented by: Joe M. Grant, Esq.
LORIUM LAW
E-mail: jgrant@loriumlaw.com
In re Travelers Xpress Services Inc.
Bankr. S.D. Fla. Case No. 25-12320
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/WMSG7RI/TRAVELERS_XPRESS_SERVICES_INC__flsbke-25-12320__0001.0.pdf?mcid=tGE4TAMA
represented by: Debi Gheorge-Alten, Esq.
LAW OFFICE OF DEBI GHEORGE ALTEN, PA
E-mail: daltenlaw@att.net
In re R & J Benton Grading, Inc.
Bankr. M.D. Ga. Case No. 25-50344
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/PZ2W27A/R__J_Benton_Grading_Inc__gambke-25-50344__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel L. Wilder, Esq.
EMMETT L GOODMAN JR LLC
E-mail: bkydept@goodmanlaw.org
In re GA Real Estate Acquisitions, LLC
Bankr. N.D. Ga. Case No. 25-52269
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/CJFWORA/GA_Real_Estate_Acquisitions_LLC__ganbke-25-52269__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re David Everette Bonner
Bankr. S.D. Miss. Case No. 25-00556
Chapter 11 Petition filed March 3, 2025
represented by: Douglas Engell, Esq.
In re Hunterdon Developers LLC
Bankr. D.N.J. Case No. 25-12168
Chapter 11 Petition filed March 2, 2025
See
https://www.pacermonitor.com/view/N63OKNI/HUNTERDON_DEVELOPERS_LLC__njbke-25-12168__0001.0.pdf?mcid=tGE4TAMA
represented by: Solomon Rosengarten, Esq.
E-mail: vokma@aol.com
In re 28 Deer Ridge Trail LLC
Bankr. E.D.N.Y. Case No. 25-70840
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/CMIYOOA/28_Deer_Ridge_Trail_LLC__nyebke-25-70840__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Skybird Hospitality Partners LLC
Bankr. S.D.N.Y. Case No. 25-10399
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/L4I4HOA/Skybird_Hospitality_Partners_LLC__nysbke-25-10399__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Basel Salama Hils
Bankr. D. Ore. Case No. 25-30672
Chapter 11 Petition filed March 3, 2025
represented by: Keith Karnes, Esq.
In re Subjective Home Care, LLC
Bankr. S.D. Tex. Case No. 25-31154
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/4ILBIAY/Subjective_Home_Care_LLC__txsbke-25-31154__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Del Rio Parks, LLC
Bankr. W.D. Tex. Case No. 25-50409
Chapter 11 Petition filed March 3, 2025
See
https://www.pacermonitor.com/view/MPOXNUY/Del_Rio_Parks_LLC__txwbke-25-50409__0001.0.pdf?mcid=tGE4TAMA
represented by: William R. Davis, Jr., Esq.
LANGLEY & BANACK, INC.
E-mail: wrdavis@langleybanack.com
In re Gregory A Peralta
Bankr. W.D. Tex. Case No. 25-60129
Chapter 11 Petition filed March 3, 2025
represented by: Bridget Hardage, Esq.
In re Bambi Health, Inc.
Bankr. D. Del. Case No. 25-10384
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/BIL55HQ/Bambi_Health_Inc__debke-25-10384__0001.0.pdf?mcid=tGE4TAMA
represented by: Kevin S. Mann, Esq.
CROSS & SIMON, LLC
E-mail: kmann@crosslaw.com
In re Markus Corp
Bankr. N.D. Ill. Case No. 25-03310
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/2D3WI7Q/Markus_Corp__ilnbke-25-03310__0001.0.pdf?mcid=tGE4TAMA
represented by: Arthur Corbin, Esq.
CORBIN LAW FIRM, LLC
E-mail: arthur@corbin-law.com
In re Ashish Alfred
Bankr. D. Md. Case No. 25-11821
Chapter 11 Petition filed March 4, 2025
represented by: Steven Greenfeld, Esq.
LAW OFFICE OF STEVEN H. GREENFELD, LLC
In re John Alexander Hansen and Christy Leigh Hansen
Bankr. W.D. Mo. Case No. 25-40297
Chapter 11 Petition filed March 4, 2025
represented by: Colin Gotham, Esq.
EVANS & MULLINIX, PA
Email: cgotham@emlawkc.com
In re BGI Sewell, LLC
Bankr. D.N.J. Case No. 25-12235
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/V3PKJCY/BGI_Sewell_LLC__njbke-25-12235__0001.0.pdf?mcid=tGE4TAMA
represented by: Edmond M. George, Esq.
OBERMAYER REBMANN MAXWELL & HIPPEL LLP
E-mail: edmond.george@obermayer.com
In re Newkirk Nostrand East SPE Owner, LLC
Bankr. E.D.N.Y. Case No. 25-41057
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/E7CCSBI/Newkirk_Nostrand_East_SPE_Owner__nyebke-25-41057__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Radiant One, LLC
Bankr. E.D.N.C. Case No. 25-00787
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/EAQQEBA/Radiant_One_LLC__ncebke-25-00787__0001.0.pdf?mcid=tGE4TAMA
represented by: Danny Bradford, Esq.
PAUL D. BRADFORD, PLLC
E-mail: dbradford@bradford-law.com
In re Upfront Investment LLC
Bankr. N.D. Tex. Case No. 25-30795
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/XLKOFDA/Upfront_Investment_LLC__txnbke-25-30795__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 3BM Group Holdings LLC
Bankr. N.D. Tex. Case No. 25-30799
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/PQXVUIQ/3BM_Group_Holdings_LLC__txnbke-25-30799__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Luz Diantha Francois
Bankr. S.D. Tex. Case No. 25-31233
Chapter 11 Petition filed March 4, 2025
In re On Tavenor Lane, LLC
Bankr. S.D. Tex. Case No. 25-31244
Chapter 11 Petition filed March 4, 2025
See
https://www.pacermonitor.com/view/H3GDKDA/On_Tavenor_Lane_LLC__txsbke-25-31244__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
*********
Monday's edition of the TCR delivers a list of indicative prices
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