/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250310.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, March 10, 2025, Vol. 29, No. 68 Headlines 143 COURT ST: Voluntary Chapter 11 Case Summary 385 GREENWICH: Case Summary & 14 Unsecured Creditors 4069 - 4089 MINNESOTA: Hires Richard B. Rosenblatt PC as Counsel 4901 16TH LLC: Seeks to Hire Balisok & Kaufman as Attorney 4901 16TH: Seeks to Use Cash Collateral 514 THAT WAY: Gets Interim OK to Use Cash Collateral 568 REALTY: Seeks Approval to Hire Carlos J. Cuevas as Attorney 61 SOUTH MORTON: Seeks Chapter 11 Bankruptcy in Pennsylvania 679 COLUMBIA: Seeks to Hire John F. Sommerstein as Legal Counsel 70 CLERMONT AVE: Seeks Chapter 11 Bankruptcy in New York 90 NASSAU STREET: Case Summary & 19 Unsecured Creditors ACCURIDE CORP: Completes Restructuring With Interim CEO, New Owner AINOS INC: Posts Net Loss of $14.86 Million for 2024 AIRWAY AIR: Unsecured Creditors to Split $190K for 3 Years ALAMO BEER: Gets Interim OK to Use Cash Collateral ALLAN'S COFFEE: Seeks to Hire SingerLewak as Accountant ALVOGEN PHARMA: Inks Private Credit Loan for Refinancing Solution AMERICAN TIRE: Oldco Stays in Chapter 11 Amid Lender Asset Sale ANDERSON TAP: Unsecured Creditors Will Get 10% of Claims in Plan ANTIGONE SKOULAS: Hires Meyer Law Group as Bankruptcy Counsel ASCEND PERFORMANCE: Secures $100MM Rescue Financing ASHFORD HOSPITALITY: Extends $12.3M Loan for Atlanta Hotel to 2027 ASHFORD HOSPITALITY: Lowers Quorum for 2025 Annual Meeting ATHENEX INC: Investor Loses Legal Battle Over FDA Prospects AVON PRODUCTS: Natura Says IG4 Talks No Longer Exclusive AZZUR GROUP: Sells Consulting Unit For $56 Million Amid Chapter 11 BED BATH: Investors Fail in Bid to Restore Class Status BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral BELT ENTERTAINMENT: Unsecureds to Split $50K over 5 Years BIG LOTS: Forman Mills Secures Leases in Bankruptcy Sale BISHOP OF SAN DIEGO: Committee Taps Hilco Valuation as Advisor BLACK ROCK MINING: Seeks Chapter 11 Bankruptcy in California BLACKROCK AUTOMOTIVE: To Sell Flushing Property to Charanjit Singh BRIGHT GREEN: Hires Doney Law Firm as Special Counsel BRIGHT GREEN: Seeks to Hire Nephi D. Hardman as Legal Counsel BTG TEXTILES: Has Deal on Cash Collateral Access CHATEAU CREOLE: Trustee Hires Fishman Haygood as Special Counsel CLI TRANSPORTATION: Hires Bankruptcy Legal Center as Counsel CLIFFWOOD DEVELOPMENT: Case Summary & Three Unsecured Creditors CLS ELECTRIC: Seeks Cash Collateral Access Until April 30 COLD SPRING: Asks Court to Approve Asset Sale CUTERA INC: Case Summary & 30 Largest Unsecured Creditors CUTERA INC: Files Pre-Pack Chapter 11 to Cut $400 Million Debt CUTERA INC: Hearing for Chapter 11 Plan Set for April DCCM RESTAURANT: Unsecureds to Split $7,200 over 3 Years DEEP SOUTH: Seeks to Hire Jason D. Kessel CPA as Accountant DISTINCTIVE CORP: Updates First Bank Secured Claims Pay DMMJ REALTY: Seeks Subchapter V Bankruptcy in New York DON ENTERPRISES: Hires Campbell & Levine as Bankruptcy Counsel DONALD PATZ: Hires Carbonneau Williams as Accountant EASTERN COLORADO: Hires Town & Country as Real Estate Broker EASTSIDE DISTILLING: Beeline Loans Integrates With CredEvolv ECP OWNER: To Sell Washington Property to Paragon Construction ELEGANZA TILES: Seeks Chapter 11 Bankruptcy in California ELETSON HOLDINGS: Court Declines Chapter 11 Plan Stay for Ex-Owners EMD EXPRESS: Hires Harlin Parker Attorneys as Bankruptcy Counsel EMPLOYBRIDGE HOLDING: S&P Downgrades ICR to 'CC', Outlook Negative ENGLOBAL CORP: Seeks Chapter 11 Bankruptcy in Texas w/ $9MM Debt ETIENNE ESTATES: Hires Northgate as Real Estate Advisor EURASIA LLC: Gets Interim OK to Use Cash Collateral EURASIA LLC: Hires Allan D. NewDelman P.C. as Counsel EXACTECH INC: Seeks Amendment to DIP Loan to Free Up $31MM EXELA TECHNOLOGIES: In Restructuring Support Talks w/ Bondholders FANATICS HOLDINGS: S&P Affirms 'BB-' ICR on Debt Reduction FILTERX LLC: Trustee Taps Thompson Burton as Bankruptcy Counsel FORTREA HOLDINGS: S&P Downgrades ICR to 'B+' on Watch Negative FRISCO BAKING: Gets Interim OK to Use Cash Collateral FTX TRADING: Customer Committee Wants $3MM in Chapter 11 Fees GLIDE LOGISTICS: Seeks Subchapter V Bankruptcy in Illinois GLOBAL SUPPLIES: Court Extends Cash Collateral Access to April 3 HALL LABS: Voluntary Chapter 11 Case Summary HARE TAYLOR: Gets Final OK to Use Cash Collateral HARRAH LAND: Updates Unsecured Claims Pay; Files Amended Plan HARVEY CEMENT: Hires Laciak Accountancy Group P.C. as Accountant HEART OF GOLD: Hires Kelli Walsh CPA as Accountant HELIX ENERGY: Posts $55.6 Million Net Income in Full Year 2024 HILMORE LLC: Hires Law Offices of Raymond H. Aver as Counsel HMC PARTNERS: Seeks Chapter 11 Bankruptcy in Nevada HYPERSCALE DATA: Extends Forbearance Agreement to May 15 IMPERIAL TOBACCO: Court Approves CCAA Settlement Plan INRI LANDSCAPE: Gets Extension to Access Cash Collateral INRI LANDSCAPE: Hires Smith Gilliam William & Miles as Attorney IYS VENTURES: Court to Hold Cash Collateral Hearing on April 1 J DREYFUSS: Hires CBIZ Advisors LLC as Accountant JERVOIS MINING: Gets Court Ok for Ch. 11 Plan Debt-for-Equity Swap JOANN INC: Initiates Store Closing Process at All 790 Locations JOP3 DEVELOPMENT: To Sell Furniture & Electronics to PIVO Realty JW REALTY: Hires Davidoff Hutcher & Citron LLP as Attorney JW REALTY: Seeks to Hire Jacobs PC as Special Litigation Counsel KAL FREIGHT: Ch. 7 Liquidation Hearing Postponed Amid Sale Debate KENYON SHERMAN: Seeks Approval to Hire RISM LLC as General Counsel KINGSBOROUGH ATLAS: Hires Michael C. Fallon as Bankruptcy Counsel LA DELTA FARMS: Hires Patrick J. Gros CPA as Accountant LACAYO REAL: Hires Law Firm of CRL Law Group as Attorney LEADPOINT INC: Seeks to Hire Levene Neale Bender as Counsel LEE FRANCHISE: Gets OK to Use Cash Collateral Until March 26 LEE FRANCHISE: Seeks to Hire Ayers & Haidt as Bankruptcy Counsel LEVY VENTURES: Voluntary Chapter 11 Case Summary LJB LLC: Trustee Hires Nai Glickman as Real Estate Broker LOOP MEDIA: Converts $1.1 Million Debt Into 26.26MM Common Shares LUTHERAN HOME: Hires WYSE Advisors LLC as Financial Advisor MAGIC CAR: Hires Anyama Law Firm APC as Insolvency Counsel MAGIC CAR: Seeks Cash Collateral Access MAJESTIC OAK: Car Lot Sale to Teresi Auto for $270,000 OK'd MARKOV CORPORATION: Hearing Today on Bid to Use Cash Collateral MEMSTAR USA: Seeks to Hire Dykema Gossett as Bankruptcy Counsel MERRILL SERVICES: Hires D'Amico Accounting Services as Accountant METATRON HEALTH: Gets Interim OK to Use Cash Collateral METATRON HEALTH: Hires Elevate Law Group as Bankruptcy Counsel MID-ATLANTIC RHEUMATOLOGY: Gets Extension to Access Cash Collateral MIDWEST CHRISTIAN: Taps Ziegler as Sell-Side Financial Advisor MORANS AUTO: Gets Interim OK to Use Cash Collateral MT DISTILLERY: Hires Exit Realty as Real Estate Broker MULLEN AUTOMOTIVE: Enters $4 Million Securities Purchase Agreement NEDDY LLC: Seeks to Hire Burch & Cracchiolo as Bankruptcy Counsel NEXTTRIP INC: Gets Nasdaq Notice on Annual Meeting Non-Compliance NIKOLA CORP: Gets Court Okay for Chapter 11 Sale Timeline NOBLE CORP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable NORTH LIBERTY: Hires Iowa Office to Provide Payroll Services NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral OCUGEN INC: Reports Net Loss of $54.05 Million for 2024 OLIVIA J STUDIOS: Unsecureds to Split $48K over 60 Months ONEMETA INC: Reduces 2024 Net Loss to $4.60 Million With Cost Cuts ORB TERTIUS: Seeks Approval Hire RHM Law LLP as Bankruptcy Counsel OT MERGER: S&P Raises ICR to 'CCC+' on Restructuring, Outlook Neg. OTB HOLDING: Restaurant Chain to File Bankruptcy OTB HOLDING: Seeks to Sell Casual Dining Business in Auction OUTFRONT MEDIA: Posts Q4 Net Income of $74M, FY Net Loss of $258.2M OYA RENEWABLES: Asset Sale Proceeds to Fund Plan Payments PACER PRINT: Hires Steven R. Fox as Bankruptcy Counsel PANZER BUILDING: Taps Goldberg Weprin Finkel as Bankruptcy Counsel PARK 151 CS: Updates Unsecured Claims Pay; Files Amended Plan PERASO INC: Registers 1.5 Mil. Additional Shares for Stock Plan PHB 2023: To Sell Residential Homes to CHIPS for $5.9MM PHOENIX EXTEND-A: Seeks to Hire Concierge Consulting as Accountant PINE TREE: Proposes Immaterial Modifications to Plan PINEAPPLE PROPERTIES: Case Summary & Eight Unsecured Creditors PINNACOL HOLDINGS: Hires Town & Country as Real Estate Broker PIONEER HEALTH: Hires Gavin/Solmonese as Independent Manager POSEIDON INVESTMENT: S&P Upgrades ICR to 'CCC', Outlook Negative POTOMAC ENERGY: S&P Assigns Prelim 'BB-' Rating on Term Loan B PRIMESOURCE INC: Seeks to Hire Deschenes & Associates as Attorney PROFESSIONAL DIVERSITY: Terminates Stock Purchase Deal With Tumim PROFESSIONAL DIVERSITY: To Implement 10-to-1 Reverse Stock Split PROSPECT MEDICAL: Committee Taps Jefferies LLC as Investment Banker PROSPECT MEDICAL: Committee Taps Paul Hastings as Counsel PROSPECT MEDICAL: Committee Taps Province LLC as Financial Advisor PROSPECT MEDICAL: Ombudsman Hires Greenberg Traurig as Counsel PROSPECT MEDICAL: PCO Hires Sak as Medical Operations Advisor QHSLAB INC: Partners With Hayden IR to Expand Investor Reach QHSLAB INC: Receives Default Notice From Mercer for $1.4M in Notes QVC GROUP: Two Directors to Exit Board; Size Reduced to Seven QXC COMMUNICATIONS: Seeks Chapter 11 Bankruptcy in Florida RECOM LLC: Claims to be Paid From Disposable Income REMNANT OF FAITH: Case Summary & 14 Unsecured Creditor RETO ECO-SOLUTIONS: Implements 10-to-1 Reverse Stock Split ROCK N CONCEPTS: Court OKs Interim Use of Cash Collateral ROCK N CONCEPTS: Hires Spector & Cox PLLC as Counsel ROCKY MOUNTAIN: Gets Final OK to Use Cash Collateral Until Aug. 1 ROGERS COMMUNICATIONS: DBRS Finalizes BB Rating, Trend Stable ROY BLACKWELL: Selling Tipton County Property to Marcus Smith ROYSTONE ON QUEEN: Claims to be Paid From Property Sale Proceeds ROYSTONE ON QUEEN: Seeks Continued Cash Collateral Access SANUWAVE HEALTH: Moves to the Nasdaq Global Market SHREE AMRITAYA: Seeks Chapter 11 Bankruptcy in Connecticut SINCLAIR BROADCAST: Swings to $235 Million Net Income in FY 2024 SINTX TECHNOLOGIES: Raises $5 Million in Private Placement SIYATA MOBILE: Signs Definitive Merger Agreement With Core Gaming SK INDUSTRIES: Hires Bruner Wright P.A. as Counsel SK INDUSTRIES: Seeks to Use Cash Collateral SOLID BIOSCIENCES: Commodore Capital Entities Hold 7.6% Stake SOLUNA HOLDINGS: Land Deal Secures 187 MW for AI, Bitcoin Mining SSR HOSPITALITY: Court Extends Cash Collateral Access to March 13 STARLIGHT PARENT: Fitch Assigns 'B' LongTerm IDR, Outlook Stable STEWARD HEALTH: Gets Court Approval for Transition Contracts Deal STEWARD HEALTH: Vendor Slams Transition Contracts Sale Bid STICKY FINGERS: Seeks Chapter 11 Bankruptcy in South Carolina SULLIVAN MECHANICAL: Case Summary & 20 Top Unsecured Creditors SULLIVAN MECHANICAL: To Dispose Various Vehicles SUNNOVA ENERGY: Warns of Going Concern Risk, Hires Debt Advisor SUNNY ENERGY: Trustee Hires Cross Law Firm as Special Counsel SUNSHINE PEDIATRICS: Case Summary & Six Unsecured Creditors TECIAS CHILDCARE: Files Emergency Bid to Use Cash Collateral TECIAS CHILDCARE: Hires Cristo Law Group LLC as Attorney TEKNATOOL USA: Seeks Chapter 11 Bankruptcy in Florida TELEFONICA DEL PERU: Controlling Shareholders Tap Rothschild & Co. THINK DEVELOPMENT: Taps Rountree Leitman Klein & Geer as Counsel THINK GOODNESS: Hires May Potenza Baran & Gillespie as Counsel TINKER REAL ESTATE: Seeks Chapter 11 Bankruptcy in Geogia TOG HOTELS: Taps Larry D. Williams as Chief Reorganization Officer TOP FLIGHT: Seeks to Hire Bankruptcy Legal Center as Counsel TRANSCARE CORP: Amini Wins $2.8M More in Fraud Case Against PPAS TRI-MAXX INDUSTRIES: Seeks Cash Collateral Access TUPPERWARE BRANDS: Can Seek Post-Sale Liquidation Plan Votes UNIMODE WOODWORKING: Gets Extension to Access Cash Collateral US COATING: Gets Interim OK to Use Cash Collateral VENUS CONCEPT: President Resigns Effective March 28 VENUS CONCEPT: Secures $2.3-Mil. in Seventh Loan Drawdown VISION2SYSTEMS LLC: Hires Stretto as Claims and Noticing Agent WATCHTOWER FIREARMS: Seeks Chapter 11 Bankruptcy in Texas WATER'S EDGE: Taps Cohn Rios & Wholley as Insurance Counsel WESTPHALIA DEV: Seeks Creditor Approval for CCAA Restructuring WHITTAKER CLARK: $535MM Settlement Is Best for Talc Creditors WILD EARTH: Hires Biggs Law Firm PLLC as Attorney WILDCAT LENDER: Hires Marshack Hays Wood LLP as General Counsel WILSON CREEK: Committee Taps Dentons as Bankruptcy Counsel WOM SA: Gets Court Okay to Cut Debt, Exit Chapter 11 Bankruptcy WORKHORSE GROUP: Electric Step Vans Approved for Sale in Canada WORKSPORT LTD: Dealer Network Grows 30% in Early 2025 WORLDWIDE IMPORTS: Seeks to Hire Sheehan & Ramsey as Attorney XYZ HOME: B&H SFR Gets Interim OK to Use Cash Collateral XYZ HOME: Gets Interim OK to Use Cash Collateral YOUNG MEN'S: Court OKs Golf Equipment Sale to Shannon Provence ZOOZ POWER: Series 3 Warrants to Expire March 20 [] Commercial Chapter 11 Filings Drop 42% in February [] Erratic Payments Signal Bankruptcy Risk, Creditsafe Study Finds ********* 143 COURT ST: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 143 Court St. Associates LLC 143 Court Street Brooklyn, NY 11201 Business Description: 143 Court St. Associates LLC is a real estate debtor holding a single asset, as outlined in 11 U.S.C. Section 101(51B). The Debtor owns the property at 143 Court Street, Brooklyn, NY, in fee simple, and the property's current value is $4 million. Chapter 11 Petition Date: March 4, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-41056 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Jonathan S. Pasternak, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue, 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 Total Assets: $4,000,000 Total Liabilities: $3,745,332 The petition was signed by Habib Tawil as managing member. 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/HR2BFXI/143_Court_St_Associates_LLC__nyebke-25-41056__0001.0.pdf?mcid=tGE4TAMA 385 GREENWICH: Case Summary & 14 Unsecured Creditors ---------------------------------------------------- Debtor: 385 Greenwich Street LLC 3131 Bedford Avenue Brooklyn, NY 11210 Business Description: 385 Greenwich Street LLC is the fee simple title owner of the property located at 385 Greenwich Street, New York, NY 10013. The property is currently valued at $7.78 million, as per a sale contract. Chapter 11 Petition Date: March 6, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-41127 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $8,056,190 Total Liabilities: $18,521,892 The petition was signed by Zachary Gindi as authorized signatory. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SQN6S6Y/385_Greenwich_Street_LLC__nyebke-25-41127__0001.0.pdf?mcid=tGE4TAMA 4069 - 4089 MINNESOTA: Hires Richard B. Rosenblatt PC as Counsel ---------------------------------------------------------------- 4069 - 4089 Minnesota Ave NE, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ the Law Offices of Richard B. Rosenblatt, PC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties; (b) prepare, as necessary, legal papers filed by the Debtor; (c) prepare a Disclosure Statement and Plan of Reorganization; and (d) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these rates: Richard Rosenblatt, Attorney $400 per hour Linda Dorney, Attorney $400 per hour Other Attorneys $350 per hour Paralegal $200 per hour The firm received from the Debtor a retainer of $8,262, and $1,738 for the filing fee, on February 27, 2025, from Oscar Portillo, the sole and managing member of the Debtor. Mr. Rosenblatt disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard B. Rosenblatt, Esq. The Law Offices of Richard B. Rosenblatt, P.C. 30 Courthouse Square, Suite 302 Rockville, MD 20850 Telephone: (301) 838-0098 Email: rrosenblatt@rosenblatt.com About 4069 - 4089 Minnesota Ave NE, LLC 4069 - 4089 Minnesota Ave is a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). 4069 - 4089 Minnesota Ave, NE, LLC in Washington, DC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-00070) on Feb. 27, 2025, listing as much as $10 million to 50 million in both assets and liabilities. Oscar Portillo as managing member, signed the petition. Judge Elizabeth L Gunn oversees the case. LAW OFFICES OF RICHARD B. ROSENBLATT, PC serve as the Debtor's legal counsel. 4901 16TH LLC: Seeks to Hire Balisok & Kaufman as Attorney ---------------------------------------------------------- 4901 16th LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Balisok & Kaufman PLLC as its attorneys. The firm's services include: (a) advising Debtor of its powers and duties in the continued management of its property and affairs; (b) negotiating with creditors in the formulation of a Chapter 11 plan of reorganization and taking the necessary legal steps to effectuate the plan; (c) preparing legal papers; (d) attending court hearings; (e) attending meetings and negotiating with representatives of creditors and other parties; (f) advising Debtor in connection with any potential refinancing of its secured debt and any potential sale of its business; (g) representing Debtor in connection with obtaining post-petition financing; and (h) taking any necessary action to obtain approval of a disclosure statement and confirmation of the plan. The firm's attorneys and paraprofessionals will be paid at hourly rates as follows: Attorneys $350 - $650 Paraprofessionals $175 Balisok & Kaufman received a retainer from Debtor in the amount of $13,262. Joseph Balisok, Esq., a partner at Balisok & Kaufman, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Y. Balisok, Esq. Balisok & Kaufman, PLLC 251 Troy Avenue Brooklyn, NY 11213 Telephone: (718) 928-9607 Facsimile: (718) 534-9747 Email: joseph@lawbalisok.com About 4901 16th LLC 4901 16th LLC owns a commercial office building located at 4901 16th Avenue, Brooklyn, NY 11204, with an estimated value of $2.5 million. 4901 16th LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40777) on February 19, 2025, listing $2,500,000 in assets and $4,310,000 in liabilities. The petition was signed by Bernard Gelbstein as member. Judge Jil Mazer-Marino handles the case. Joseph Y. Balisok, Esq. at BALISOK & KAUFMAN PLLC represents the Debtor as counsel. 4901 16TH: Seeks to Use Cash Collateral --------------------------------------- 4901 16th, LLC asked the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral. The company requires the use of cash collateral to pay its monthly expenses. The continued use of cash collateral will enable the company to preserve, enhance, and realize its value by allowing ongoing operations and the collection of rental income proceeds. According to the budget, the anticipated receivables from the company's monthly rental income over the next few weeks total approximately $14,300, while receivables from pre-bankruptcy rental arrears amount to $118,625. The collection of these pre-bankruptcy rental arrears is necessary to fund the renovations which, in turn, will preserve the value of the company's assets. Finwise Bank asserts an interest in the company's cash collateral. A hearing on the matter is set for March 12. About 4901 16th LLC 4901 16th, LLC owns a commercial office building located at 4901 16th Avenue, Brooklyn, N.Y., with an estimated value of $2.5 million. 4901 16th sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-40777) on February 19, 2025, listing $2,500,000 in assets and $4,310,000 in liabilities. Bernard Gelbstein, a member of 4901 16th, signed the petition. Judge Jil Mazer-Marino oversees the case. Joseph Y. Balisok, Esq., at Balisok & Kaufman, PLLC, represents the Debtor as legal counsel. Finwise Bank, as secured creditor, may be reached through: Finwise Bank 756 East Winchester, Suite 100 Murray, UT 84107 Phone: (801) 501-7200 514 THAT WAY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- 514 That Way, LLC and its affiliates got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use the cash collateral oof their secured lender. The interim order signed by Judge Christopher Lopez authorized the companies to use the cash collateral of The Federal Home Loan Mortgage Corporation (Freddie Mac) to pay the expenses set forth in their budget. As protection, Freddie Mac was granted protection in the form of replacement liens and security interests in the companies' assets. In addition, the secured lender will receive a monthly payment of $12,358.37, starting on March 10. The companies' authority to use cash collateral will terminate upon the dismissal or conversion of their Chapter 11 cases to proceedings under Chapter 7; the appointment of a trustee; or entry of an order modifying or vacating the interim order. The companies' liquidity issues are largely due to ongoing litigation with vendors, which significantly affected their financial position. Rising wages, increasing costs, unforeseen operational disruptions, and a decline in rental occupancy due to falling market rates further strained cash flow. About 514 That Way 514 That Way, LLC owns Edgewater Apartments located at 514 That Way, Lake Jackson, Texas. 514 That Way and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90013) on February 24, 2025. At the time of the filing, 514 That Way reported between $10 million and $50 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Melissa A. Haselden, Esq., and Elyse M. Farrow, Esq., at Haselden Farrow, PLLC, represent the Debtors as legal counsel. 568 REALTY: Seeks Approval to Hire Carlos J. Cuevas as Attorney --------------------------------------------------------------- 568 Realty LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Carlos J. Cuevas, Esq. as attorney. The firm's services include: a) advising the Debtor concerning the conduct of the administration of this bankruptcy case; b) preparing all necessary applications and motions as required under the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local Bankruptcy Rules; c) preparing a disclosure statement and plan of reorganization; and d) performing all other legal services that are necessary to the administration of the case. Carlos J. Cuevas will be paid at the hourly rate of $550. The firm will be paid a retainer in the amount of $5,000. Carlos J. Cuevas will also be reimbursed for reasonable out-of-pocket expenses incurred. Carlos J. Cuevas, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Carlos J. Cuevas can be reached at: Carlos J. Cuevas, Esq. 1250 Central Park Avenue Yonkers, NY 10704 Tel: (914) 964-7060 About 568 Realty LLC 568 Realty LLC is primarily engaged in renting and leasing real estate properties. 568 Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11890) on October 31, 2024. In the petition filed by Joel Fishman, as managing member, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Carlos J. Cuevas, Esq. 61 SOUTH MORTON: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------ On February 28, 2025, 61 South Morton Avenue LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filing, the Debtor reports $236,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 61 South Morton Avenue LLC 61 South Morton Avenue LLC operates a health care business, as defined in 11 U.S.C. Section 101(27A). The Debtor owns the property located at 61 South Morton Avenue, which is currently valued at $1.5 million. 61 South Morton Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10826) on February 28, 2025. In its petition, the Debtor reports total assets of $1,500,000 and total liabilities of $236,000. Honorable Bankruptcy Judge Ashely M. Chan handles the case. The Debtor is represented by: John Everett Cook, Esq. THE LAW OFFICES OF EVERETT COOK PC 1605 N Cedar Crest Blvd Allentown, PA 18104 Tel: (610) 351-3566 Email: bankruptcy@everettcooklaw.com 679 COLUMBIA: Seeks to Hire John F. Sommerstein as Legal Counsel ---------------------------------------------------------------- 679 Columbia Reality, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire the Law Offices of John F. Sommerstein as general bankruptcy counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and assets; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and respond to creditors inquiries; (c) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (d) advise and assist the Debtor in connection with any potential property disposition; (e) assist the Debtor in reviewing, estimating and resolving claims asserted against its estate; (f) negotiate and prepare on behalf of the Debtor a feasible plan of reorganization and all related documents; (g) prepare necessary legal documents necessary for the administration of the estate; and (h) perform all other bankruptcy-related legal services and provide all other legal advice to the Debtor that may be necessary and proper in this proceeding. John Sommerstein, the owner of the Law Offices of John F. Sommerstein, will be paid at his hourly rates of $475 plus reimbursement for expenses incurred. The firm requested a retainer in the amount of $15,000 from the Debtor. Mr. Sommerstein 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: John F. Sommerstein, Esq. Law Offices of John F. Sommerstein 1091 Washington Street Gloucester, MA 01930 Telephone: (617) 523-7474 About 679 Columbia Reality, LLC 679 Columbia Reality, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-40172) on February 19, 2025, listing up to $50,000 in both assets and liabilities. Judge Elizabeth D Katz presides over the case. John F. Sommerstein, Esq. at Law Offices Of John F. Sommerstein represents the Debtor as counsel. 70 CLERMONT AVE: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On March 1, 2025, 70 Clermont Ave Ltd. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $2,664,164 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 70 Clermont Ave Ltd. 70 Clermont Ave Ltd. is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B). The Company owns the property at 70 Clermont Avenue, Brooklyn, NY 11205, which is valued at approximately $1.60 million based on comparable sales. 70 Clermont Ave Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41043) on March 1, 2025. In its petition, the Debtor reports total assets of $1,599,100 and total liabilities of $2,664,164. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by: Nnenna O. Onua, Esq. MCKINLEY ONUA PLLC 233 Broadqay, Suite 2348 New York, NY 10297 Tel: (718) 522-0236 E-mail: nonua@mckinleyonua.com 90 NASSAU STREET: Case Summary & 19 Unsecured Creditors ------------------------------------------------------- Debtor: 90 Nassau Street LLC 3131 Bedford Avenue Brooklyn, NY 11210 Business Description: 90 Nassau Street LLC is a debtor with one real estate asset, as defined under 11 U.S.C. Section 101(51B). The Debtor owns the property at 90 Nassau Street, New York, NY 10038, in fee simple, which has a current value of $10.5 million, according to the sale contract. Chapter 11 Petition Date: March 6, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-41126 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $10,521,777 Total Liabilities: $18,543,196 The petition was signed by Zachary Gindi as authorized signatory. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SIZ4EBQ/90_Nassau_Street_LLC__nyebke-25-41126__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 19 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Alba HVAC $0 1715 West 13th Brooklyn, NY 11223 2. Bank Direct Capital Finance $0 150 North Filed Drive Suite 190 Lake Forest, IL 60045 3. Con Edison $0 JAF Station P.O. Box 1702 New York, NY 10016 4. Core Scaffold $21,303 Systems, Inc. 417 Myrtle Avenue Suite 14 Brooklyn, NY 11205 5. Daily Maintenance LLC $0 29 West 36th Street Suite 801 New York, NY 10018 6. Decamind $0 1656 86th Street Brooklyn, NY 11214 7. Duke Fire LLC $0 DBA Ace Fire Protection 119 Hausman Street Brooklyn, NY 11222 8. ES & DS, Inc. $0 2281 Westchester Ave Bronx, NY 10462 9. Internal Revenue Service Unknown Centralized Insolvency Operations PO Box 7346 Philadelphia, PA 19101-7346 10. Ladder CRE Finance $8,018,892 REIT Inc. 320 Park Avenue 15th Floor New York, NY 10022 11. NYC Dept. of Finance Unknown Office of Legal Affairs 375 Pearl Street, 30th Floor New York, NY 10038 12. NYC Fire Department $0 Church Street Station PO Box 840 New York, NY 10008 13. NYS Department of Taxation Unknown Bankruptcy/Special Procedures Section P.O. Box 5300 Albany, NY 12205 14. P & M Air Mechanical $0 109 Christie St Ridgefield Park, NJ 07660 15. Paramount Coverage Inc. $0 2241 East 1st Street Brooklyn, NY 11223 16. ProPump $0 707 Woodfield Road West Hempstead, NY 11552 17. Rand Engineering & $0 Architecture, OPC 159 WEst 25th St 12th Floor New York, NY 10001 18. Safety Fire Sprinkler $0 1070 38th Street Brooklyn, NY 11219 19. Strivers Management $0 29 West 36th Street Suite 801 New York, NY 10018 ACCURIDE CORP: Completes Restructuring With Interim CEO, New Owner ------------------------------------------------------------------ Tonya Garcia of Bloomberg Law reports that Accuride has successfully completed its Chapter 11 restructuring, appointing Geoff Bruce as interim CEO and transitioning to new ownership, including KKR and Caspian. The restructuring eliminates over $400 million in funded debt and restructures approximately $170 million in additional obligations. Existing investors have provided new financing, including a $70 million asset-based lending facility and a $95 million+ exit facility, according to Bloomberg Law. Former CEO Robin Kendrick is retiring immediately but will remain on the board as a director.The company's new board consists of five directors. Accuride plans to accelerate investments and innovation in its core steel and aluminum product lines, the report states. Manufacturing operations will continue across its U.S. and Mexico facilities, the report relays. About Accuride Corp. Accuride Corporation and its affiliates are a global leader in steel and aluminum wheels and wheel-end components and assemblies, supplying innovative products to over 1,000 customers in the commercial vehicles, passenger cars, agriculture, construction and industrial equipment markets. Headquartered in Livonia, Michigan, the Debtors are part of a global enterprise that employs approximately 3,600 individuals at facilities in the United States, Canada, Mexico, Germany, France, Turkey, Russia, and China. Accuride's U.S. entities first filed for Chapter 11 protection in October 2009, also in Delaware, to restructure in excess of $675 million in debt. The Court confirmed the Company's Plan of Reorganization in February 2010. On Oct. 9, 2024, Accuride Corp. and its U.S. entities filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12289). Accuride reported $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. In the new chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel, Young Conaway Stargatt & Taylor, LLP, as local bankruptcy counsel, and Perella Weinberg Partners LP as investment banker. Alvarez & Marsal North America, LLC is the CRO provider. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AINOS INC: Posts Net Loss of $14.86 Million for 2024 ---------------------------------------------------- Ainos, Inc., submitted its annual report on Form 10-K to the Securities and Exchange Commission, revealing a net loss of $14.86 million on revenues of $20,729 for the year ending Dec. 31, 2024. This compares to a net loss of $13.77 million on revenues of $122,112 for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company reported $28.82 million in total assets, $13.30 million in total liabilities, and $15.52 million in total stockholders' equity. As of Dec. 31, 2024 and 2023, the Company had available cash and cash equivalents of $3,892,919 and $1,885,628, respectively. The Company has incurred net operating losses and has an accumulated deficit as of Dec. 31, 2024 of $52,749,316 and expects to incur additional losses and negative operating cash flows for at least the next twelve months. The Company said its ability to meet its obligations is dependent upon its ability to generate sufficient cash flows from operations and future financing transactions. Because a large portion of its future expenditures will be to fund its growth, the Company expects that if needed it will be able to adjust its capital and operating expenditures by operating segment. In the near-term, the Company expects an increase in the pace of clinical trial spending to advance its VOC POCT and VELDONA drug candidates and expects to invest more in R&D activities. The Company also plans to allocate sales and marketing efforts for VELDONA Pet. "For future liquidity consideration, we expect primary uses of cash are to fund our operations as we continue to grow our business. We may require a significant amount of cash to fund working capital and capital expenditures as we grow our commercial infrastructure. We may continue to incur operating losses in the near term as our operating expenses will be increased to support the growth of our business. We expect that our selling, general and administrative expenses, and research and development expenses will continue to increase our internal sales force to move forward our product development and commercialization roadmaps. We may also have cash requirements related to capital expenditures to support the planned growth of our business, including investments in corporate facilities and equipment," the Company mentioned in the report. "We anticipate business revenues and further potential financial support from external sources to fund our operations over the next twelve months. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than we expect. To finance our continuing operations, we will need to raise additional capital, which cannot be assured," the Company added. Management Comments Chun-Hsien (Eddy) Tsai, Chairman of the Board, president, and chief executive officer of Ainos, commented, "2024 marked another pivotal year as we transitioned from our COVID-19 antigen rapid test business to advancing the VELDONA and pioneering AI Nose programs. This shift has positioned us at the forefront of transformative healthcare, industrial, and robotics applications, unlocking new pathways for long-term growth." Christopher Lee, chief financial officer of Ainos, commented, "During the last year of strategic transition, we navigated through the financial impact of shifting away from COVID-19 antigen rapid test. Additionally, Ainos remains capital-efficient and prudent in strategically allocating resources to advance our key programs while maintaining financial flexibility. Excluding non-cash items, our operating expense growth was primarily driven by continued investments in AI Nose and VELDONA development. At the same time, disciplined financial management enabled us to reduce selling, general and administrative (SG&A) expenses. Looking ahead, we will continue prioritizing investments in our core technology platforms while pursuing strategic partnerships to accelerate commercialization. While we anticipate a near-term increase in research and development (R&D) expenses, we remain confident that our ongoing efforts to optimize costs and diversify revenue sources will generate sustained growth." The full text of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1014763/000149315225009568/form10-k.htm About Ainos Ainos, Inc. -- https://www.ainos.com/ -- formerly known as Amarillo Biosciences, Inc., develops disruptive medical and healthcare solutions based on its proprietary AI Nose and VELDONA technologies. The name "Ainos" combines "AI" and "Nose" to signify the Company's commitment to enabling AI with the ability to smell and individuals to live healthier. The Company's clinical-stage product pipeline includes AI-driven, telehealth-friendly POCT solutions powered by AI Nose, VELDONA human and animal oral therapeutics, and human orphan drugs. Ainos experienced a net loss of $14.01 million in 2022, a net loss of $3.89 million in 2021, and a net loss of $1.45 million in 2020. AIRWAY AIR: Unsecured Creditors to Split $190K for 3 Years ---------------------------------------------------------- Airway Air Charter, Inc., and Noble Jet Holdings submitted a Final Subchapter V Plan of Reorganization dated February 21, 2025. The Debtor believes the restructuring proposed herein maximizes recoveries to creditors and provides the best method for its exit from Chapter 11. Class 1 consists of the Allowed Secured Claim of Signature Bank of Georgia as more fully set out in Claim No. 20 which is secured by, among other things, a first priority lien on Airway's Personal Property (the "Class 1 Collateral"). In full and final satisfaction of its Allowed Class 1 Claim, Signature shall retain its lien against the Class 1 Collateral and shall receive monthly principal and interest payments consistent with the terms and conditions of the loan arrangement between Airway and Signature. Upon payment of the Class 1 Claim in full, the Allowed Secured Claim of Signature shall be fully satisfied, and any associated liens and UCC-1 filings (if any) shall be released, withdrawn or terminated. Notwithstanding anything to the contrary in the Plan, (i) the Debtor's obligations with respect to SBG and SBG's legal, equitable, and contractual rights under the SBG loan documents shall remain unaltered and in full force and effect, shall not be modified by confirmation of the Plan, shall not be subject to any temporary injunction, or an objection to the allowance of its claim provided all pre- and post petition payments received are properly accounted for and comply with the terms of the SBG loan documents, and shall survive any discharge that may be entered in the Case, (ii) if following confirmation of the Plan, any default occurs under the SBG loan documents, then SBG shall be allowed to exercise its legal, equitable and contractual remedies in accordance with the terms of the SBG loan documents and applicable law without further order of the Court, notice pursuant to any default provisions under the Plan, and any automatic stay or post discharge injunction shall not be deemed to preclude SBG to exercise same, (iii) no provision of the Plan shall impair SBG's credit bid rights and the amounts owed under the SBG loan documents, (iv) all pre-petition security documents and default rights contained therein shall remain valid and enforceable, and (vi) nothing contained in this Plan shall be deemed to release any obligors from any obligations under the SBG loan documents, including, those certain unconditional guarantees of Jonathan L. Jackson, and Robert A. Jackson executed in favor SBG and dated April 25, 2019 and any agreements and documents related thereto, and any other guarantees of the SBG Loan Documents shall continue in full force and effect. Class 2 consists of all Allowed General Unsecured Claims against Airway. As set forth in Airway's financial projections Airway's projected disposable income is $40,334.99; however, following negotiations with interested parties, the Debtor's officer affiliates (Mr. and Mrs. Jackson) stipulate to the subordination of a portion of their compensation during the 3-year term of the Plan (in the aggregate amount of $150,000.00) which sum shall be included to the Debtor's Projected Disposable Income and distributed to Class 2 Claimholders in accordance with the Distribution schedule. In full satisfaction of the Allowed Class 2 General Unsecured Claims, Holders of Class 2 Claim shall receive a pro rata share of Distributions from Airway totaling $190,334.99 paid pursuant to the following payment schedule which payments shall commence on the Effective Date: Quarters 1 through 4 (Plan Year 1): $15,861.25 per quarter. Quarters 5 through 8 (Plan Year 2): $15,861.25 per quarter. Quarters 9 through 12 (Plan Year 3): $15,861.25 per quarter. In addition to the quarterly distributions outlined herein, Class 2 Claimholders shall also receive a pro rata share of the net proceeds recovered from all Causes of Action after payment of professional fees and costs associated with such collection efforts, and after Administrative Claims and Priority Claims are paid in full. The maximum Distribution to Class 2 Claimholders shall be equal to the total amount of all Allowed Class 2 General Unsecured Claims. The total value of Class 2 Claims is currently $6,594.628.33, which figure includes $4,694,038.60 of claims which are subject to dispute or unliquidated. As such, the best- and worst-case scenario for Class 2 Claimholders is a recovery on their respective Allowed Claims in the range of 2.89% and 4.05%. Class 2 is Impaired. Class 3 consists of all equity interests in Airway Air Charter, Inc. Class 3 Interest Holders shall retain their respective Interests in Airway Air Charter, Inc. in the same proportions such Interests were held as of the Petition Date (i.e., 100.00% Interest retained by Venture Air Solutions, Inc.). Class 3 is Unimpaired. The Plan contemplates Airway will continue to manage and operate its business in the ordinary course, but with restructured debt obligations and a scaled down operation with the three Cessna 402 aircraft remaining (after sale of the Citation Excel) on its current Federal Aviation Administration Part 135 Certificate. It is anticipated the Debtor's post-confirmation business will mainly involve continued operation of its air charter business with service within the State of Florida and to the Bahamas, the income from which will be committed to make the Plan Payments to the extent necessary. In addition to Airway's post-confirmation income from operations, Airway also anticipates the pursuit of at least (2) Causes of Action, the proceeds from which (if any) will be distributed in accordance with the Plan. Funds generated from Airway's operations through the Effective Date will be used for Plan Payments; however, cash on hand as of date of the Confirmation Order will be available for payment of Administrative Expenses. A full-text copy of the Final Subchapter V Plan dated February 21, 2025 is available at https://urlcurt.com/u?l=nEMah2 from PacerMonitor.com at no charge. Counsel to the Debtors: Daniel A Velasquez, Esq. Latham Luna Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com About Airway Air Charter Airway Air Charter, Inc., is a private jet company dedicated to excellence, personalized service, and adherence to safety standards. Its private aircraft can land at numerous airports not serviced by commercial airlines. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-16200) on June 21, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Jonathan Jackson, president, signed the petition. Judge Robert A. Mark presides over the case. Daniel A. Velasquez, at Latham Luna Eden & Beaudine, LLP, is the Debtor's legal counsel. ALAMO BEER: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Alamo Beer Company, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The company requires the use of cash collateral to maintain operations, pay ongoing expenses, and stabilize its business for reorganization. Bexar County, Texas, and PlainsCapital Bank, N.A. may assert security interests in the cash collateral. As protection, both secured creditors were granted a replacement lien on all of the company's post-petition accounts, receivables and proceeds thereof. The next hearing is set for March 31. About Alamo Beer Company Alamo Beer Company, LLC is a beverage manufacturer in San Antonio, Texas. Alamo Beer Company filed Chapter 11 petition (Bankr. W.D. Texas Case No. 25-50245) on February 3, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William B. Kingman, Esq., at the Law Offices of William B. Kingman. PlainsCapital Bank, LLC, as lender, is represented by: Michael P. Menton, Esq. Danika Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, Texas 75219 Phone: (214) 520-3300 Fax:(214) 526-4145 mmenton@settlepou.com dlopez@settlepou.com ALLAN'S COFFEE: Seeks to Hire SingerLewak as Accountant ------------------------------------------------------- Allan's Coffee & Tea, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ SingerLewak as accountant. The firm will provide preparation of tax returns and assistance with bookkeeping. The firm will be paid at these rates: Kevin Gienger $605 per hour Other CPAs $255 to $475 per hour Non-CPA staff $215 to $305 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kevin Gienger, a partner at SingerLewak, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin Gienger SingerLewak 200 SW Calapooia St. Albany, OR 97321 About Allan's Coffee & Tea Inc. Allan's Coffee & Tea, Inc., doing business as Allan's Cafe and Allan's Coffee, sells coffee, tea, syrups, concentrates, cups, and filters. Allan's Coffee & Tea Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 24-62692) on December 3, 2024, with total assets of $1,246,785 and total liabilities of $2,767,308. Robert Morgan, president of Allan's Coffee & Tea, signed the petition. Judge Thomas M. Renn handles the case. The Debtor is represented by: Loren S. Scott, Esq. The Scott Law Group PO Box 70422 Springfield, OR 97475 Tel: (541) 868-8005 Fax: (541) 868-8004 ALVOGEN PHARMA: Inks Private Credit Loan for Refinancing Solution ----------------------------------------------------------------- Carmen Arroyo and Jill R. Shah of Bloomberg News reports that Alvogen Pharma US Inc. has obtained a private loan led by Centerbridge Partners to ease immediate refinancing pressures as the generic drug manufacturer faces expected revenue declines. Blue Torch Capital also participated in the deal, which will replace Alvogen’s syndicated loan originally set for repayment this year, according to sources who requested anonymity. While the exact loan amount remains undisclosed, the new financing is expected to extend the company’s debt maturity by three to four years, one source said. About Alvogen Pharma US, Inc. Alvogen Pharma US, Inc. ("Alvogen") is a subsidiary of Alvogen Lux Holdings S.a.r.l. ("LuxCo"). Alvogen Pharma US, Inc. comprises the US generic and branded pharmaceuticals divisions and contract manufacturing operations of LuxCo, which also has international operations not included in the US credit group. For the twelve months ended September 30, 2023, Alvogen Pharma US, Inc. reported revenues of approximately $790 million. Alvogen Pharma US, Inc. is owned by a consortium of private equity firms including CVC Capital and Temasek. The company's Chairman Robert Wessman also owns a significant stake in the company. AMERICAN TIRE: Oldco Stays in Chapter 11 Amid Lender Asset Sale --------------------------------------------------------------- American Tire Distributors, Inc. announced on March 5, 2025 that it has completed the sale of substantially all of its assets to a buyer entity formed by certain of its existing lenders. The assets not included in the sale will remain in Chapter 11 and be administered under OldCo Tire Distributors, Inc. f/k/a American Tire Distributors, Inc., which will seek Bankruptcy Court approval of a chapter 11 plan at a hearing currently scheduled for March 27, 2025. Court filings and other information related to the Chapter 11 proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by the OldCo Tire Distributors, Inc.'s claims agent, Donlin Recano & Company, LLC, at www.donlinrecano.com/atd, by calling toll-free at 1-866-666-1597 (or 1-212-771-1128 for calls originating outside the U.S. or Canada), or by sending an email to atdinfo@drc.equiniti.com. Kirkland & Ellis LLP and Troutman Pepper Locke LLP are serving as legal counsel, Moelis and Company LLC is serving as investment banker, and AP Services LLC, an affiliate of AlixPartners, LLP, is serving as restructuring advisor, to OldCo Tire Distributors, Inc. The purchaser is represented by Akin Gump Strauss Hauer & Feld LLP as legal counsel and Perella Weinberg Partners LP as financial advisor. About American Tire Distributors Headquartered in Huntersville, N.C., American Tire Distributors Inc. and its affiliates are the largest distributor of replacement tires in North America based on dollar amount of wholesale sales. With their network of over 115 distribution centers and 1,500 delivery vehicles, the Debtors service a geographic region covering more than 90 percent of the replacement tire market for passenger vehicles and light trucks in the United States. The Debtors carry many of the nation's leading tire brands including Michelin, Pirelli, and Continental. In addition, the Debtors' proprietary Hercules brand is a leading private tire brand in North America. American Tire Distributors and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12391) on October 22, 2024. In its petition, American Tire Distributors reported $1 billion to $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Kirkland & Ellis as bankruptcy counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP Services, LLC as restructuring advisor; and Moelis & Company, LLC as financial advisor. Donlin, Recano & Company, Inc. is the notice and claims agent and administrative advisor. ANDERSON TAP: Unsecured Creditors Will Get 10% of Claims in Plan ---------------------------------------------------------------- Anderson Tap House LLC filed with the U.S. Bankruptcy Court for the Southern District of Ohio a Plan of Reorganization dated February 20, 2025. Anderson Tap House LLC was formed in March 2022 to own and operate Anderson Tap House, a restaurant located on the east side of Cincinnati, OH. Anderson Tap House opened in August 2022 with overwhelming success. The restaurant operates in a 7000 square foot space in the Anderson Towne Center. A majority of the income comes from the restaurant food sales and bar which provides live entertainment on a stage. As of the Petition Date, the Debtor's estimated assets total $91,330.00 and the estimated secured and unsecured liabilities total approximately $690,000. The total unsecured debt pool, including the unsecured portions of the claims of Clicklease and WebBank are estimated to be $332,037.00. The Debtor will make monthly payments of no less than $ 6,500.00 (the "Scheduled Minimum Payments") for 52 months after the Effective Date which will be disbursed quarterly beginning on the First Distribution Date. Any Allowed Priority Tax claim will be paid by the Debtor through the Plan. In addition to the Scheduled Minimum Payments, the Unsecured Claimants shall also receive the Additional Profit-Sharing Distributions based upon the profitability of the business. Specifically, should the net income in any calendar year beginning in 2025 exceed 20% of the Projected Net Income, all of such net profit shall be shared 50% to the unsecured creditors, paid over the following 12 months, and 50% to the Debtor. Unsecured creditors shall receive at least 10% of their Allowed Unsecured Claims with potential higher recoveries up to payment in full if and to the extent that there are any Additional Profit Sharing Distributions. The length of the Plan from the Effective Date shall be 52 months. A final payment in the amount to satisfy a minimum 10% distribution, if payment to Allowed Unsecured Claimants does not total 10% of the claim, will be made between months 53 to 60. Total unsecured claims are estimated at $332,037.00 for a 10% distribution. The percentage may be increased, but not reduced, depending on the profitability of the company and the payment of any Additional Profit-Sharing Distributions. Class 6 consists of all Allowed Unsecured Claimants. The Class 6 creditors will receive payments under the Plan from the Debtor's net disposable income over the commitment period. The Debtor has provided projections with the Plan indicating its general projected monthly performance over the life of the Plan, and, based on those projections, Class 6 creditors shall receive at least 10% of their Allowed Unsecured Claims. In addition, this Class will potentially receive Additional Profit Sharing Distributions. Class 6 is impaired under the Plan. Class 7 consists of the Equity Interests of the Member. Class 7 will retain their equity interests but will receive no dividends or stock-related benefits until creditors have been paid as required in this Plan. During the period from the Confirmation Date up to and including the Effective Date, the Debtor may continue to operate the business, subject to all applicable orders of the Bankruptcy Court. A full-text copy of the Plan of Reorganization dated February 20, 2025 is available at https://urlcurt.com/u?l=YTQG1h from PacerMonitor.com at no charge. The firm can be reached through: Eric W. Goering, Esq. Alexis Mize, Esq. Goering & Goering, LLC 220 West Third Street Cincinnati, OH 45202 Telephone: (513) 621-0912 About Anderson Tap House Anderson Tap House LLC was formed in March 2022 to own and operate Anderson Tap House, a restaurant located on the east side of Cincinnati, OH. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 24-12762) on Nov. 22, 2024, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Beth A Buchanan presides over the case. Eric W. Goering, Esq., at Goering and Goering, is the Debtor's legal counsel. ANTIGONE SKOULAS: Hires Meyer Law Group as Bankruptcy Counsel ------------------------------------------------------------- Antigone Skoulas D.D.S., Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Meyer Law Group LLP as general bankruptcy counsel. The firm will assist with plan formulation, prepare the schedules and the statement of financial affairs, review monthly operating reports, respond to creditor inquiries, evaluate claims and all services usually performed by such counsel. The firm will be paid at these rates: Partner (Brent D. Meyer) $450 per hour Paralegals $125 per hour The firm received a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Brent D. Meyer, a partner at Meyer Law Group LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brent D. Meyer, Esq. Meyer Law Group LLP 268 Bush Street #3639 San Francisco, CA 94104 Tel: (415) 765-1588 Fax: (415) 762-5277 Email: brent@meyerllp.com About Antigone Skoulas D.D.S. Inc. Antigone Skoulas D.D.S. Inc. is a dental practice in San Francisco specializing in cosmetic and restorative dentistry, offering services like implant restorations, Invisalign, dentures, and TMJ treatment. With a focus on advanced digital technology and artistic expertise, the practice provides compassionate care and exceptional results to help patients achieve their best smiles. Antigone filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 25-30100) on February 9, 2025, listing total assets of $133,991 and total liabilities of $1,568,196. Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Brent D. Meyer, Esq., at Meyer Law Group, LLP. ASCEND PERFORMANCE: Secures $100MM Rescue Financing --------------------------------------------------- Reshmi Basu of Bloomberg News reports that some creditors of Ascend Performance Materials Inc. have extended fresh financing to help the troubled chemical company restructure its debt, according to sources familiar with the matter. The SK Capital Partners-backed firm will secure a $100 million loan, with an initial disbursement of $40 million, the sources said. All lenders are invited to participate in the financing, they added. About Ascend Performance Materials scend Performance Materials LLC produces nylon resins and fibers. The Company offers basic and intermediate nylon chemicals, including polymers and plastics, carpet fibers, intermediate chemicals, and industrial fiber products. Ascend Performance Materials serves customers worldwide. ASHFORD HOSPITALITY: Extends $12.3M Loan for Atlanta Hotel to 2027 ------------------------------------------------------------------ Ashford Hospitality Trust, Inc. has successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. The loan had a final maturity date in December of 2024. The extension provides for an initial maturity in February 2026 and a one-year extension option, subject to the satisfaction of certain conditions, with a final maturity date in February 2027. The loan has a current balance of $12.3 million and continues to bear interest at a floating rate of SOFR + 2.85%. About Ashford Hospitality Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc. operates as a self-advised real estate investment trust focusing on the lodging industry. Ashford Hospitality Trust reported a net loss of $180.73 million for the year ended Dec. 31, 2023, compared to a net loss of $141.06 million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $3.46 billion in total assets, $3.69 billion in total liabilities, $22.01 million in redeemable noncontrolling interests in operating partnership, $79.98 million in Series J Redeemable Preferred Stock, $0.01 par value (3,475,318 shares issued and outstanding at December 31, 2023), $4.78 million in Series K Redeemable Preferred Stock, $0.01 par value (194,193 shares issued and outstanding at December 31, 2023), and $331.04 million in total deficit. * * * Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Ashford Hospitality Trust, Inc. On March 1, 2024, the Company received notice that the hotel properties securing the KEYS Pool A and KEYS Pool B loans had been transferred to a court-appointed receiver. On March 6, 2024, the Company sold the Residence Inn Salt Lake City in Salt Lake City, Utah, for $19.2 million in cash. As reported by the TCR on April 22, the Company closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts, for $171 million. On April 29, it closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia, for $8.1 million. On May 27, Ashford closed a $267 million refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee, which had a final maturity date of March 2026. On June 14, the Company closed on the sale of the 90-room Courtyard located in Manchester, Connecticut, for $8 million. ASHFORD HOSPITALITY: Lowers Quorum for 2025 Annual Meeting ---------------------------------------------------------- Ashford Hospitality Trust, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, by resolution of its board of directors, adopted Amendment No. 8 to the Second Amended and Restated Bylaws of the Company. The Bylaw Amendment reduced the quorum required solely for the 2025 annual meeting of the Company's stockholders from a majority to at least one-third of all votes entitled to be cast at such meeting, as permitted under the Maryland General Corporation Law. Retail brokers have adopted policies whereby they will not cast discretionary votes (including auditor ratification) in the absence of retail shareholder instructions. The Company has seen a generally increasing number of retail holders become shareholders in the Company over the past several years as compared to historical levels. In order to ensure a sufficient quorum and allow the Company to hold the 2025 annual meeting, the Company is decreasing the quorum requirement solely for the 2025 annual meeting. The Bylaw Amendment is effective as of February 25, 2025. About Ashford Hospitality Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc. operates as a self-advised real estate investment trust focusing on the lodging industry. Ashford Hospitality Trust reported a net loss of $180.73 million for the year ended Dec. 31, 2023, compared to a net loss of $141.06 million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $3.46 billion in total assets, $3.69 billion in total liabilities, $22.01 million in redeemable noncontrolling interests in operating partnership, $79.98 million in Series J Redeemable Preferred Stock, $0.01 par value (3,475,318 shares issued and outstanding at December 31, 2023), $4.78 million in Series K Redeemable Preferred Stock, $0.01 par value (194,193 shares issued and outstanding at December 31, 2023), and $331.04 million in total deficit. * * * Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Ashford Hospitality Trust, Inc. On March 1, 2024, the Company received notice that the hotel properties securing the KEYS Pool A and KEYS Pool B loans had been transferred to a court-appointed receiver. On March 6, 2024, the Company sold the Residence Inn Salt Lake City in Salt Lake City, Utah, for $19.2 million in cash. As reported by the TCR on April 22, the Company closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts, for $171 million. On April 29, it closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia, for $8.1 million. On May 27, Ashford closed a $267 million refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee, which had a final maturity date of March 2026. On June 14, the Company closed on the sale of the 90-room Courtyard located in Manchester, Connecticut, for $8 million. ATHENEX INC: Investor Loses Legal Battle Over FDA Prospects ----------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that a federal judge ruled that the Athenex Inc. bankruptcy estate is not responsible for claims that it misled investors about the clinical trial results and new drug application for its metastatic breast cancer treatment. Judge Lawrence J. Vilardo of the U.S. District Court for the Western District of New York found that lead plaintiff John McKenzie did not sufficiently prove Athenex intended to deceive shareholders regarding Oraxel's phase 3 trial results and its chances of FDA approval, according to Bloomberg Law. The case had been on hold, with a motion to dismiss pending, while Athenex underwent Chapter 11 bankruptcy and dissolved in 2023, the report states. About Athenex Inc. Founded in 2003, Athenex, Inc. (NASDAQ: ATNX) -- http://www.athenex.com/-- is a clinical-stage biopharmaceutical company dedicated to becoming a leader in the discovery, development, and commercialization of next-generation cell therapy products for the treatment of cancer. The Company's mission is to become a leader in bringing innovative cancer treatments to the market and to improve patient health outcomes. In pursuit of the mission, Athenex leverages years of experience in research and development, clinical trials, regulatory standards, and manufacturing. The Company is focused on its innovative Cell Therapy platform, based on natural killer T ("NKT") cells. On May 14, 2023, Athenex, Inc. and five affiliated companies initiated voluntary Chapter 11 proceedings (Bankr. S.D. Texas Lead Case No. 23-90295). The Debtors' cases have been assigned to the Honorable David R. Jones. Athenex commenced these proceedings after conducting a strategic review and reaching an agreement with its lenders to conduct an expedited, orderly sales process of the Company's assets across its primary businesses: Athenex Pharmaceutical Division, Orascovery, and Cell Therapy. In the petition filed by Nicholas K. Campbell, as chief restructuring officer, Athenex reported assets and liabilities between $100 million and $500 million. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel; MERU as financial advisor; and Cassel Salpeter & Co., LLC as investment banker. Epiq is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Porzio, Bromberg & Newman, P.C. as lead bankruptcy counsel; McKool Smith, PC as co-counsel with Porzio; and Emerald Capital Advisors as financial advisor. AVON PRODUCTS: Natura Says IG4 Talks No Longer Exclusive -------------------------------------------------------- Ney Hayashi of Bloomberg News reports that on Wednesday, March 5, 2025, Natura announced that its exclusive negotiations with asset management firm IG4 for the potential sale of Avon's operations outside Latin America ended on February 28. Talks are continuing without exclusivity, while Natura explores strategic options for Avon's business outside Latin America, including a possible sale, partnerships, or a spinoff. About AIO US and Avon Products AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Cooley, LLP and A.M. Saccullo Legal, LLC as bankruptcy counsels; Gilbert, LLP as special insurance counsel; Caplin & Drysdale, Chartered as special asbestos counsel; Province, LLC as financial advisor; and Houlihan Lokey Capital, Inc. as investment banker. AZZUR GROUP: Sells Consulting Unit For $56 Million Amid Chapter 11 ------------------------------------------------------------------ Azzur Group, a leading service provider to FDA-regulated pharmaceutical and biotech companies, announced on March 2, 2025, that it has reached an agreement to sell its consulting business to a strategic acquirer, ELIQUENT Life Sciences with the support of its investor GHO Capital, for $56 million. All Azzur Consulting employees and leadership are expected to transition to ELIQUENT and the business will continue to operate in the ordinary course with no intended operational changes as a result of this acquisition. "Azzur's Consulting business is a premier provider of GxP consulting services to the life science sector. We are thrilled to partner with a firm of this caliber and reputation and believe that there is a strong fit with ELIQUENT as part of our end-to-end capabilities across regulatory, quality and safety. We believe the combined offering will allow us to serve our customers better across the globe" said Tim Dietlin, CEO of ELIQUENT. "The business and the team have an exceptional reputation. We are excited to continue investing in Azzur Consulting's dedicated employees, broadening its capabilities and supporting its blue-chip client roster as part of our platform." "We extend our gratitude to our employees and customers for their continued trust throughout this process," said Michael Khavinson, CEO of Azzur Group. "We believe that ELIQUENT is the right partner for our consulting business to continue delivering tangible results for clients and provide a runway for success for years to come. We are proud of all that Azzur Group and its employees have accomplished over the years." To facilitate this process with minimal disruption to the business's clients and employees, the Azzur Group has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Azzur intends to complete the sale process under Section 363 of the U.S. Bankruptcy Code, with ELIQUENT acting as the stalking horse bidder for the consulting business. The sale process allows other potential buyers to express interest and bid to propose the highest or otherwise best transaction for the business. In conjunction with the sale process, Azzur has received a commitment for approximately $23.5 million in debtor-in-possession financing from its secured lender, M&T Bank. Upon Court approval, the new financing, combined with cash generated from the Company's ongoing operations, will increase liquidity and be used to support continued, uninterrupted business operations throughout the process. Azzur Group currently has two business units, Cleanrooms-on-Demand, and Consulting. Azzur invested heavily in its COD business following rapid market growth during and after COVID. The Company will continue marketing the COD business as part of the Chapter 11 process. The Company has filed customary "first day" motions seeking court approval to continue its operations as normal during the process, including the payment of employee wages. The Company expects to receive court approval for these requests and intends to operate the business in the normal course during the marketing period. Court filings and additional information related to the proceedings are available on a website administered by the Company's claims agent, Stretto, at https://cases.stretto.com/Azzur or by calling the Company's Restructuring Hotline, toll-free in the U.S., at (833) 900-1730. Parties interested in bidding on the consulting business, the COD business, or any other assets of the Azzur Group should contact J. Kyle Brown or T. Michael Madden at Brown Gibbons Lang & Company, the Company's investment banker. Azzur Group is also represented by DLA Piper as restructuring counsel and Ankura Consulting as financial advisor. 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 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by: Stuart M. Brown, Esq. DLA Piper LLP (US) 555 Mission Street Suite 2400 San Francisco, CA 94105-2933 Tel: (415) 836-2500 Fax: (415) 836-2501 BED BATH: Investors Fail in Bid to Restore Class Status ------------------------------------------------------- Martina Barash of Bloomberg Law reports that a federal court has reaffirmed that Bed Bath & Beyond Inc. investors cannot pursue class status in their market manipulation lawsuit against activist investor Ryan Cohen. U.S. District Judge Trevor N. McFadden ruled Thursday, March 6, 2025, that the lead investor's request for reconsideration relied on arguments that were either forfeited or merely repeated. Belgian investment firm Bratya SPRL and other shareholders sued Bed Bath & Beyond, its CEO Sue Gove, Cohen, and his firm, RC Ventures LLC, alleging that Cohen and RC Ventures acquired nearly 10% of the retailer’s stock as part of a market manipulation scheme. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Beech International, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to pay its expenses. The court's previous order issued on Feb. 26 allowed the company to access its secured creditors' cash collateral until March 8 only. The latest order signed by Judge Ashely Chan authorized the company to use cash collateral (except those cash held by UMB Bank, National Association in reserves) until April 5 or until the occurrence of a termination event such as the entry of a subsequent cash collateral order; the appointment of a Chapter 11 trustee or examiner; the conversion of the company's Chapter 11 case to one under Chapter 7; or the filing by the company of a motion to obtain financing secured by liens senior to the liens in favor of UMB Bank. As protection, each creditor with an interest in the cash collateral was granted replacement lien on all property of the company acquired after its bankruptcy filing, excluding proceeds of actions commenced under Chapter 5 of the Bankruptcy Code. A final hearing is scheduled for April 2. Objections are due by March 26. About Beech International Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan handles the case. The Debtor is represented by: Robert Lapowsky, Esq. Stevens & Lee, P.C. 620 Freedom Business Center, Ste. 200 King of Prussia PA 19406 Tel: (215) 751-2866 Email: Robertlapowsky@stevenslee.com BELT ENTERTAINMENT: Unsecureds to Split $50K over 5 Years --------------------------------------------------------- Belt Entertainment, LLC, filed with the U.S. Bankruptcy Court for the Western District of Missouri a Disclosure Statement describing Plan of Reorganization dated February 21, 2025. The Debtor was established in October, 2018. The members who established the Debtor in October, 2018 are the same members of the LLC now. The Debtor purchased the business/property from Tucker's Bowl, Inc. The primary lender Incredible Bank made three loans: one for the Debtor to buy the business/property from Tucker's Bowl, Inc., one to redo the roof and the parking lot and one to redo the restaurant. In hindsight, Debtor overpaid for the business/property that it had purchased in October, 2018. Several events caused the Debtor to experience severe financial problems. In March, 2020, the Debtor was forced to close its business due to COVID. When it reopened approximately three months later, the leagues did not come back and business was a fraction of what it had been pre-COVID. Then, in 2021, a bowling business (that had been a competitor and which had closed) reopened. It took away some league play bowlers. Also, a new entertainment center called Ricky Dean's opened for business. While it did not have bowling, it had other attractions that competed directly with the Debtor, such as arcade games, bumper boats, pickleball, rock climbing and mini golf. The combination of the two competitors negatively impacted upon the Debtor's business revenue. This reduction in revenue combined with the large debt service owed to Incredible made the Debtor's budget untenable. For a time Incredible agreed to reduce the interest rate to 2% and to accept interest-only payments. Class Five includes all Allowed General Unsecured Priority Claims with taxing authorities. The Internal Revenue Service ("IRS") filed a Proof of Claim; however, all amounts shown are estimated. Debtor is investigating said tax periods and amounts. Should the Debtor not agree with the IRS, the Debtor will file an Objection to the Claim. Any Priority tax liability owed to the IRS shall be paid with the applicable interest rate within five years of the filing of the Petition (October 24, 2024). The Missouri Department of Revenue ("MDOR") filed a Proof of Claim. Debtor shall pay the MDOR for the Priority portion of the Claim with the applicable interest rate within five years of the filing of the Petition (October 24, 2024). Class Six includes all Allowed General Unsecured Nonpriority Claims with non-insider Creditors. This class includes a total of $4,482,399.69. These creditors shall share prorata in $50,000, payable $10,000 per year for five years. Payments shall commence six months after the Effective Date. Class Seven includes All Allowed General Unsecured Nonpriority Claims with insiders. This class totals $323,589. These Claims will not be paid. The Debtor will continue to operate its business and to pay its expenses per its budget. A full-text copy of the Disclosure Statement dated February 21, 2025 is available at https://urlcurt.com/u?l=vHvZhR from PacerMonitor.com at no charge. Counsel to the Debtor: Erlene W. Krigel, Esq. Krigel Nugent + Moore, PC 4520 Main Street, Suite 700 Kansas City, MO 64111 Telephone: (816) 756-5800 Facsimile: (816) 756-1999 About Belt Entertainment Belt Entertainment, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-50306) on Oct. 24, 2024, with up to $10 million in both assets and liabilities. Michael White, managing member, signed the petition. Judge Cynthia A. Norton oversees the case. Erlene W. Krigel, Esq., at Krigel, Nugent + Moore, P.C., is the Debtor's legal counsel. BIG LOTS: Forman Mills Secures Leases in Bankruptcy Sale -------------------------------------------------------- Forman Mills, Inc. is proud to announce the successful closing of its lease acquisition deal with Big Lots Stores, LLC and Gordon Brothers Retail Partners, LLC, securing key retail locations as part of Big Lots' Chapter 11 bankruptcy proceedings. This strategic move positions Forman Mills for significant expansion, strengthening its footprint in key markets across New York, Pennsylvania, Michigan, Ohio, and Indiana.Forman Mills Logo Under the agreement, Forman Mills has officially assumed several former Big Lots leases, allowing the company to bring its deep discount retail model to new communities. The transaction was finalized following extensive negotiations and approval by the United States Bankruptcy Court for the District of Delaware. "This is a milestone moment for Forman Mills," said Sam Dushey, CEO of Forman Mills, Inc. "We are excited to expand our presence and continue delivering unbeatable deals to families across the country. The addition of these new locations is a testament to our commitment to growth and serving value conscious shoppers in new and existing markets." With this acquisition, Forman Mills will: -- Expand its footprint in New York, Pennsylvania, Michigan, Ohio, and Indiana, adding to its existing store base. -- Preserve jobs and create new employment opportunities in these regions. -- Introduce its signature "More for Less" shopping experience to a broader customer base. The lease assignments were facilitated by Gordon Brothers, a leader in asset management and retail restructuring, which has overseen Big Lots' liquidation efforts. The transition process for the newly acquired locations is already underway, with plans to reopen stores under the Forman Mills brand starting April 2025. Forman Mills will begin rebranding and renovating the acquired locations. Close to 1000 new jobs will be created in preparation for store openings. Additional details about grand opening events will be announced soon. As Forman Mills continues to grow, the company remains dedicated to offering a shopping experience providing brand name clothing and home furnishings at over 80% off department store prices. Shoppers can expect incredible savings on some of the most well-known household brands, providing everyday essentials and high-quality merchandise at unbeatable prices. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BISHOP OF SAN DIEGO: Committee Taps Hilco Valuation as Advisor -------------------------------------------------------------- The official committee of unsecured creditors of the Roman Catholic Bishop of San Diego seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Hilco Valuation Services, LLC as its pension financial advisors. The firm will render professional services with respect to its evaluation of the Debtor's pension programs and other post-employment benefit plan issues, including, but not limited to, evaluation of the Debtor's pension liabilities and funding, analysis of ERISA controlled group issues, analysis of termination of any defined benefit pension plan, communication with the Committee and its professionals with respect to pension issues, and the provisions of other pension financial advisory services to the Committee as may be necessary in this Case. John Spencer and Robert Campbell will be primarily responsible for providing pension financial advisory services to the Committee. Mr. Spencer's standard hourly rate is $1,325 and Mr. Campbell's standard hourly rate is $950. Hilco has agreed to undertake work on behalf of the Committee at discounted hourly rates of $950 for Mr. Spencer and $740 for Mr. Campbell. As disclosed in the court filings, Hilco is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: John Spencer Robert Campbell Hilco Valuation Services, LLC 5 Revere Drive Suite 300 Northbrook, IL 60062 Tel: (842) 313-4720 Fax: (847) 897-0820 About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., as administrative advisor. BLACK ROCK MINING: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------ On February 28, 2025, Black Rock Mining LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. 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 Black Rock Mining LLC Black Rock Mining LLC, based in Boron, California, is involved in the extraction and processing of basalt, a dark-colored igneous rock. The Company offers products used in construction, such as crushed aggregate for road bases, concrete, asphalt, and railroad ballast. Black Rock Mining LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-10619) on February 28, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Rene Lastreto II handles the case. The Debtor is represented by: Stephen R. Wade, Esq. THE LAW OFFICES OF STEPHEN R. WADE 5150 E. Pacific Coast Hwy., Suite 210 Long Beach, CA 90804 Tel: (909) 575-7597 Email: srw@srwadelaw.com BLACKROCK AUTOMOTIVE: To Sell Flushing Property to Charanjit Singh ------------------------------------------------------------------ Blackrock Automotive Center LLC seeks approval from the U.S. Bankruptcy Court Eastern District of New York to sell its business assets located at 161-15 46th Avenue, Flushing, New York, to Charanjit Singh, free and clear of all liens, claims, and encumbrances. The Debtor is a New York Limited Liability company with its corporate office located at 61-15 46th Avenue, Flushing, New York. It is engaged in the business of operating a retail gasoline sales and auto repair business. The Debtor's financial difficulties are a result of major loss of business income precipitated by the loss of its wholesale gasoline supply contract and the inability of the Debtor to secure a new source. The Debtor enters a contract with Charanjit Singh for the purchase of the Property for $400,000, which represents the highest and best offer the Debtor received. The Debtor's largest creditor is its landlord Charle Lippert, who has already pre-approved Charanjit Singh as the assignee of the lease subject the payment of all rent arrears at the closing of the title. The Asset is encumbered by a first position lien of $50,000 by TD bank NA and second petition lien by JP Morgan Chase Bank NA, which has been reduced to $22,600. The Debtor asserts that the sale will generate sufficient funds to enable it to satisfy its pre-petition and post-petition rent obligations to Charles Lippert. About Blackrock Automotive Center LLC Blackrock Automotive Center, LLC is a New York Limited Liability company that is engaged in the business of operating a retail gasoline sales and auto repair business at 61-15 46th Avenue, Flushing, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44694) on November 12, 2024. Judge Elizabeth S. Stong presides over the case. Richard S. Feinsilver, Esq. represents the Debtor as legal counsel. BRIGHT GREEN: Hires Doney Law Firm as Special Counsel ----------------------------------------------------- Bright Green Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Doney Law Firm as special counsel. The firm will provide these services: a. prepare statements and reports for the Debtor to be filed with the SEC; b. respond to questions and formulate approaches with the Debtor to ensure ongoing compliance with securities laws and regulations; and c. perform any other legal services for Debtor as deemed appropriate in a securities-related matter. The firm will be paid at these rates: Scott Doney, Esq. $650 per hour Paralegals $190 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Doney disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott Doney, Esq. Doney Law Firm 4955 S. Durango Dr. Suite 165 Las Vegas, NV 89113 Tel: (702) 982-5686 Email: sean@doneylawfirm.com About Bright Green Corporation Bright Green Corporation, filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10195-11) on Feb. 22, 2025. The Debtor hires NEPHI D. HARDMAN ATTORNEY AT LAW, LLC as counsel. BRIGHT GREEN: Seeks to Hire Nephi D. Hardman as Legal Counsel ------------------------------------------------------------- Bright Green Corporation, a Delaware corporation, seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to hire Nephi D. Hardman Attorney at Law, LLC, as counsel. The firm will render these services: a. represent and to render legal advice to the Debtor regarding all aspects of this bankruptcy case, including, without limitation, the meetings of creditors, initial debtor interview, claims objections, adversary proceedings, plan confirmation and all hearings before the Bankruptcy Court; b. prepare on behalf of the Debtor necessary petitions, answers, motions, applications, orders, reports and other legal papers, including the Debtor's plan of reorganization and disclosure statement; c. assist the Debtor in taking actions required to effect reorganization under Chapter 11 of the Bankruptcy Code; d. perform all legal services necessary or appropriate for the Debtor's continued operation; and e. perform any other legal services for the Debtor as deemed appropriate. Nephi D. Hardman will be paid at these hourly rates: Attorneys $450 Paralegals $200 Nephi D. Hardman will be paid a retainer in the amount of $5,000. Nephi D. Hardman will also be reimbursed for reasonable out-of-pocket expenses incurred. Nephi D. Hardman, partner of Nephi D. Hardman Attorney at Law, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Nephi D. Hardman can be reached at: Nephi D. Hardman, Esq. NEPHI D. HARDMAN ATTORNEY AT LAW, LLC 9400 Holly Ave NE, Bldg 4 Albuquerque, NM 87122 Tel: (505) 944-2494 Fax: (505) 392-5177 E-mail: nephi@turnaroundbk.com About Bright Green Corporation, a Delaware corporation Bright Green Corporation, a Delaware corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.M. Case No. 25-10195) on February 22, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge David T Thuma presides over the case. Nephi D. Hardman, Esq. at Nephi D. Hardman Attorney At Law, LLC represents the Debtor as counsel. BTG TEXTILES: Has Deal on Cash Collateral Access ------------------------------------------------ BTG Textiles, Inc. and Transportation Alliance Bank d/b/a TAB Bank advised the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor and TAB Bank entered into a Loan and Security Agreement in June 2021, securing a revolving line of credit of up to $6.5 million, backed by a security interest in the Debtor's personal property. Several amendments to the loan and forbearance agreements followed, the most recent being in January and February 2024. TAB Bank claims it holds valid and perfected liens on the Debtor's property, including cash collateral. The parties agree that the Debtor may use cash collateral on an interim basis, to cover ordinary expenses necessary for operations. The Debtor agrees to make adequate protection payments of $112,767 per month to TAB Bank from March 2025 to August 2025. TAB Bank will be granted a replacement lien on all post-petition assets, including cash collateral, to secure its claim against the Debtor's property. A copy of the stipulation is available at https://urlcurt.com/u?l=sLWTl4 from PacerMonitor.com. About BTG Textiles Inc. BTG Textiles Inc. is a Montebello, California-based textile manufacturer and distributor. Founded in 1988, the company manufactures and distributes textile products to healthcare facilities, institutional laundries, janitorial services, and hospitality businesses. BTG operates manufacturing facilities in Bangladesh, Portugal, and Pakistan, maintaining its principal place of business at 710 Union Street in Montebello. BTG Textiles Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10548) on January 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, in Beverly Hills, California. TAB Bank, as secured creditor, is represented by Michele S. Assayag, Esq. and Byron B. Mauss, Esq., at Snell & Wilmer L.L.P. CHATEAU CREOLE: Trustee Hires Fishman Haygood as Special Counsel ---------------------------------------------------------------- Dwayne M. Murray, the Chapter 11 Trustee of Chateau Creole Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Fishman Haygood, L.L.P. as special litigation counsel. The Debtor needs the firm's legal assistance in connection with the following: a. claims arising out of Hurricane Ida and subsequent copper theft at the Debtor's apartment complex ("Insurer Claims"); and b. the following actions were commenced in connection with the Insurer Claims: (a) Damon L. Baldone, LLC v. Starr Surplus Lines Insurance Company, et. al. pending under Civil Action No. 22-01903 in the United States District Court Eastern District of Louisiana Court, (b) Damon L. Baldone, LLC v. Starr Surplus Lines Insurance Company, et. al. pending under Civil Action No. 24-00543 in the United States District Court Eastern District of Louisiana Court, (c) Damon L. Baldone, LLC v. Swiss Corporate Solutions Capacity Insurance Company f/k/a First Specialty Insurance Corporation pending under Civil Action No. 654032/2023 in the New York Supreme Court (collectively, the "Insurer Litigation"). The firm will be paid on a contingency basis based on recovery. In the event of a Recovery, any Expenses which have been incurred shall be paid or reimbursed in full from that portion of the Recovery allocated to the Trustee up to the amount of the Recovery allocated to the Trustee. The amount thereof shall first be applied to reimburse Fishman Haygood for all Expenses, as hereinafter defined, incurred from the date hereof, and to pay any outstanding and unpaid Expenses, subject to the approval of the Court. The balance of the Recovery shall be allocated 70 percent to the Trustee for the benefit of the estate, and 30 percent to the "Attorney Fee Fund." Fishman Haygood will apply for compensation for its fees from the Attorney Fee Fund. Cherie Nobles, Esq., an attorney at Fishman Haygood, L.L.P., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cherie Nobles, Esq. Fishman Haygood, L.L.P. 201 St. Charles Avenue, Suite 4600 New Orleans, LA 70170 Tel: (504) 586-5252 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. CLI TRANSPORTATION: Hires Bankruptcy Legal Center as Counsel ------------------------------------------------------------ CLI Transportation, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Bankruptcy Legal Center as counsel. The firm will provide these services: a. provide Debtor general legal advice with respect to its powers and duties as Debtor-In-Possession and the continued operation of its business and management of its property; b. prepare, on behalf of Debtor-In-Possession, necessary applications, answers, orders, reports, and other legal papers including, without limitation, emergency orders for the operation of the business, including applications and orders for use of cash collateral; and c. perform all other legal services for Debtor as Debtor-In-Possession which may be necessary. The firm will be paid at these rates: James F. Kahn $495 per hour Krystal M. Ahart $395 per hour Paralegal Assistant $195 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. James F. Kahn, Esq., a partner at Bankruptcy Legal Center, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James F. Kahn, Esq. Bankruptcy Legal Center 301 E. Bethany Home Rd., Suite C-195 Phoenix, AZ 85012-1266 Telephone: (602) 266-1717 Facsimile: (602) 266-2484 Email: James.Kahn@azbk.biz About CLI Transportation CLI Transportation, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01437) on February 21, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Eddward P. Ballinger Jr. presides over the case. James F. Kahn, Esq., at Kahn & Ahart, PLLC represents the Debtor as legal counsel. CLIFFWOOD DEVELOPMENT: Case Summary & Three Unsecured Creditors --------------------------------------------------------------- Debtor: Cliffwood Development Partners, LLC 825 S. Barrington Ave. Los Angeles, CA 90049 Case No.: 25-11786 Business Description: Cliffwood Development Partners, LLC is a Los Angeles-based property owner and developer involved in a variety of real estate projects, focusing on development and investment in residential and commercial properties. Chapter 11 Petition Date: March 6, 2025 Court: United States Bankruptcy Court Central District of California Judge: Hon. Julia W Brand Debtor's Counsel: Gary E. Klausner, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: GEK@lnbyg.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million Logan Beitler signed the petition as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UWI34NQ/Cliffwood_Development_Partners__cacbke-25-11786__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. LA County Treasurer & Tax $341,309 Collector P.O. Box 54018 Los Angeles, CA 90054 2. LADWP $0 P.O. Box 515407 Los Angeles, CA 90030 3. Post Insurance $0 Services Inc. 2356 Torrance Blvd Torrance, CA 90501 CLS ELECTRIC: Seeks Cash Collateral Access Until April 30 --------------------------------------------------------- CLS Electric Corporation asked the U.S. Bankruptcy Court for the District of Arizona for authority to continue using cash collateral under the same terms and conditions as previous orders. The company has been operating under the supervision of Michael Carmel, the Subchapter V trustee. Since the company's bankruptcy filing, the court has approved several orders for the use of cash collateral, including replacement liens and payments to creditors such as the U.S. Small Business Administration. CLS and the SBA agreed to extend the current cash collateral arrangement through April 30 to allow the company to use cash for the expenses set forth in its monthly budget, with a 10% variance. The terms would remain unchanged from the previous order entered on Nov. 24 last year, which authorized the use of cash through Jan. 31. The monthly budget includes payments to certain secured creditors, including payments of $2,900 per month to the SBA. About CLS Electric Corporation CLS Electric Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-03283) on April 29, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. Jorge Gonzalez, president and chief executive officer of CLS, signed the petition. Judge Eddward P. Ballinger Jr oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C., represents the Debtor as bankruptcy counsel. COLD SPRING: Asks Court to Approve Asset Sale --------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that on March 5, 2025, Long Island nursing home Cold Spring Acquisition LLC asked a New York bankruptcy court to approve its asset sale and transfer receivership to the proposed buyer, stating it had reached an agreement with both the buyer and its previously opposing union. About Cold Spring Acquisition Cold Spring Acquisition, LLC operates a skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs and rehabilitation care, and runs a senior day program. Cold Spring Acquisition filed Chapter 11 petition (Bankr. S.D. N.Y. Case No. 25-22002) on January 2, 2025, with $1 million to $10 million in assets and $50 million to $100 million in liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Schuyler G. Carroll, Esq. at Manatt, Phelps & Phillips, LLP. CUTERA INC: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------- Lead Debtor: Cutera, Inc. 3240 Bayshore Blvd. Brisbane, CA 94005 Business Description: Cutera, Inc. offers aesthetic and dermatological solutions to medical professionals worldwide. The Company designs, manufactures, and sells energy- based product platforms for medical use, as well as distributes third-party skincare products. Its portfolio includes various system platforms such as AviClear, enlighten, excel HR, excel V/V+, truSculpt, Secret PRO, Secret DUO, Secret RF, xeo, and xeo+, which allow practitioners to perform a wide range of procedures. These procedures include treatments for acne, body contouring, skin resurfacing and rejuvenation, hair and tattoo removal, the elimination of benign pigmented lesions, and vascular conditions. Many of Cutera's systems feature multiple handpieces and applications, offering customers the flexibility to upgrade their equipment. Chapter 11 Petition Date: March 5, 2025 Court: United States Bankruptcy Court Southern District of Texas Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Cutera, Inc. (Lead Case) 25-90088 Crystal Sub, LLC 25-90087 Judge: Hon. Alfredo R Perez Debtors' Local Bankruptcy Counsel: Timothy A. ("Tad") Davidson II, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, Texas 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com Debtors' General Bankruptcy Counsel: ROPES & GRAY LLP Debtors' Investment Banker: HOULIHAN LOKEY CAPITAL, INC. Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Notice, Claims, Solicitation & Balloting Agent: KURTZMAN CARSON CONSULTANTS, LLC DBA VERITAL GLOBAL Debtors' Auditor: BDO USA Total Assets as of Dec. 31, 2024: $200,881,854 Total Debts as of Dec. 31, 2024: $480,459,932 The petitions were signed by Taylor Harris as chief executive officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ZXMXQA/Cutera_Inc__txsbke-25-90088__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/HHQY3JI/Crystal_Sub_LLC_Jointly_Administered__txsbke-25-90087__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank Trust Company, 2028 Unsecured $240,000,000 National Association Notes David Jason, Corporate Trust Services (Cutera, Inc.) 1 California Street Suite 1000 San Francisco, Ca 94111 Phone: 415-677-3622 Email: David.Jason@Usbank.com 2. U.S. Bank Trust Company, 2029 Unsecured $120,000,000 National Association Notes David Jason, Corporate Trust Services (Cutera, Inc.) 1 California Street Suite 1000 San Francisco, Ca 94111 Phone: 415-677-3622 Email: David.Jason@Usbank.com 3. U.S. Bank National Association 2026 Unsecured $69,125,000 David Jason, Corporate Trust Services Notes (Cutera, Inc.) 1 California Street Suite 1000 San Francisco, Ca 94111 Phone: 415-677-3622 Email: David.Jason@Usbank.com 4. Silicon Valley Bank PPP Loan $548,480 Dekel Mahatzri, VP Relationship Manager 3003 Tasman Drive Santa Clara, Ca 94005 Phone: 502-210-8807 Email: Dmahatzri@Svb.com 5. Creation Technologies Ltd Trade Debt $547,515 Lucy Lu 8999 Fraserton Ct Burnaby, BC V5J 5h8 Canada Phone: 604-430-4336 Email: Lucy.Lu@Creationtech.com 6. Innovative Machining Trade Debt $514,883 Trang Vo 845 Yosemite Way Milpitas, Ca 95035 Phone: 408-262-2270 Fax: 408-262-2355 Email: Trangvo@Sbcglobal.net 7. Chubb Insurance $394,909 C/O Alliant Insurance Services, Inc. Attn: Matthew L. Cohn 2415 E. Camelback Road Suite 950 Phoenix, AZ 85016 Phone: 602-707-1917 Email: Mcohn@Alliant.com 8. Wilson Sonsini Goodrich Rosati Professional $393,431 Aimee Wiley Services 650 Page Mill Road Palo Alto, Ca 94304 Phone: 650-845-5995 Fax: 650-858-4462 Email: Awiley@Wsgr.com 9. Classys Inc. Trade Debt $282,500 Minnie Gong 208, Teheran-Ro Gangnam-Gu Seoul, 06220 South Korea Phone: +82-2-1544-3481 Email: Minnie@Classys.com 10. Sidley Austin LLP Professional $258,475 Debra Geoghegan Services One S. Dearborn St. Chicago, Il 60603 Phone: 212-839-5463 Email: Dgeoghegan@Sidley.com 11. Veritiv Operating Company Trade Debt $177,134 Kurt Beeler 6120 South Gilmore Road Fairfield, Oh 45014 Phone: 925-321-8264 Fax: 510-477-7229 Email: Kurt.Beeler@Veritivcorp.com 12. Eclipse Metal Fabrication Trade Debt $173,431 Adalberto Cuevas 17700 Shideler Pkwy Lathrop, Ca 95330 Phone: 650-298-8731 Fax: 650-298-8747 Email: Al@Eclipsemf.com 13. Aeronet Worldwide Inc Trade Debt $148,678 Joelle Berg 850 Mitten Rd Burlingame, Ca 94010 Phone: 650-589-2155 Fax: 650-259-2150 Email: Jberg@Aeronet.com 14. Pro Stainless, Inc. Trade Debt $132,076 Shannon Goerss 333 E Brokaw Road San Jose, Ca 95112 Phone: 408-437-0600 Fax: 408-283-1790 Email: Sgoerss@Prostainless.com 15. Oxid Corporation Trade Debt $112,385 Janet Cylkowski 25325 Regency Drive Novi, Mi 48375 Phone: 248-474-9817 Fax: 248-474-9277 Email: Jcylkowski@Lasermech.com 16. Michelman & Robinson, LLP Professional $106,941 Madison Dini Services 717 Texas Ave 31st Floor Houston, Tx 77002 Phone: 281-339-4035 Email: Mdini@Mrllp.com 17. Advanced Thin Films Trade Debt $104,176 Thomas Minetree 1625 S Fordham St Longmont, Co 80503 Phone: 303-815-1541 Fax: 720-652-9948 Email: Atfar@Idexcorp.com 18. Vigience, Inc. Trade Debt $93,720 Asako Fukuda 201 Mission St Suite 1200 San Francisco, Ca 94105 Phone: 415-226-9867 Email: Fukuda@Vigience.com 19. Starfish Product Trade Debt $90,088 Engineering US Inc. Dba Omnica, A Starfish Company Stacy Russell 15560 Rockfield Blvd Suite D Irvine, CA 92618 Phone: 949-472-0275 Email: srussell@Starfish.com 20. Nasdaq, Inc Trade Debt $87,338 dba The Nasdaq Stock Market, Inc. Kimberly Hines One Liberty Plaza 49th Floor New York, Ny 10006 Phone: 646-718-3489 Email: accounts.Receivable@Nasdaq.com 21. Crytur USA Inc Trade Debt $85,495 Irina Shestakova 50 Hunt Street Suite 303 Watertown, Ma 02472 Phone: 617-744-5335 Email: Irina.Shestakova@Crytur-Usa.com 22. Laser Material Corporation Trade Debt $80,648 Clara Williams 12706 Ne 95th St. #102 Vancouver, Wa 98682 Phone: 360-254-1480 Fax: 360-254-1480 Email: Clara@Lasermaterials.Com 23. Kristen Green And Gregory Green Litigation Unliquidated C/O The Sutton Law Firm Claim Attn: William J. Sutton 3660 Stoneridge Road Suite D102 Austin, Tx 78746 Phone: 512-900-5530 Fax: 855-900-5530 Email: Will@Willsuttonlaw.com 24. Walter Ezeigbo, Litigation Unliquidated Advanced Family & Claim Sports Medicine Pllc C/O Samuel Ogbogu, Inc. Attn: Samuel O. Ogbogu, Esq. 4311 Wilshire Boulevard Suite 308 Los Angeles, Ca 90010 Phone: 213-624-1500 Fax: 323-433-7330 Email: Sogboguinclaw@Aol.com 25. Wildflower Aesthetics Litigation Unliquidated And Wellness Clinic, PLLC Claim C/O The Lanfear Law Firm, P.C. Attn: Daniel W. Lanfear 4040 Broadway Suite 510 San Antonio, Tx 78209 Phone: 210-824-9230 Fax: 210-824-7911 Email: Dan@Lanfearlaw.net 26. Mary Gaffney, Do, Litigation Unliquidated Msph, Gaffney Claim Healthy Services Pa C/O Law Offices Of Pamela A. Hunter Attn: Pamela A. Hunter 715 East 5th Street Suite 106 Charlotte, NC 28202 Phone: 704-376-7709 Email: Pamelahtmterlaw@Bellsouth.net 27. Lavonda Tabron Litigation Unliquidated C/O Law Offices Of Pamela A. Hunter Claim Attn: Pamela A. Hunter 715 East 5th Street Suite 106 Charlotte, Nc 28202 Phone: 704-376-7709 Email: pamelahtmterlaw@Bellsouth.net 28. Yu Tong Tiffany Ling Litigation Unliquidated C/O Haberkorn & Associates Claim Attn: Matthew H. Haberkorn, Esq. 336 Bon Air Center Suite 337 Greenbrae, Ca 94904 Phone: 650-268-8378 Fax: 650-332-1528 Email: matthewhaberkorn@Mac.com 29. Tonya Crapo Litigation Unliquidated C/O Burneikis Law, P.C. Claim Attn: Monica J. Burneikis 66 Franklin Street Third Floor Oakland, Ca 94607 Phone: 510-328-3238 Email: Monica@Burneikislaw.com 30. Arturo Corpuz Litigation Unliquidated C/O Wilshire Law Firm Claim Attn: Justin F. Marquez 3055 Wilshire Blvd. 12th Floor Los Angeles, Ca 90010 Phone: 213-381-9988 Fax: 213-381-9989 Email: justin.marquez@Wilshirelawfirm.Com CUTERA INC: Files Pre-Pack Chapter 11 to Cut $400 Million Debt -------------------------------------------------------------- CUTERA, INC., a leading provider of aesthetic and dermatology solutions, announced on March 5, 2025, that it is initiating a restructuring transaction with the support of a group of existing lenders, representing approximately 74% of the Company's notes, to strengthen its balance sheet and position Cutera for long-term success. Through the transaction, Cutera will reduce its debt by nearly $400 million, or over 90%, and raise $65 million in new money from its existing lenders. To implement the transaction, Cutera has filed voluntary "pre-packaged" Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Cutera will operate as usual throughout the court-supervised process and continue to provide best-in-class solutions to its customers around the globe without disruption. "Cutera has established a legacy of premium engineering, innovation, and service, and we are constantly evolving to better meet the needs of our customers and their patients," said Taylor Harris, CEO of Cutera. "There is clear momentum underway across the business, and today we are taking an important step that will enable us to continue to execute on our growth initiatives and pursue our mission with a much stronger capital structure to support us. We are pleased to have the confidence of our lenders, who are aligned with our vision and invested in our future success. We thank our customers and partners for their continued support, and we are grateful to our employees for their commitment to Cutera. We look forward to continuing to innovate, serve our customers, and improve patient lives for many years to come." Cutera has negotiated and solicited votes on its restructuring plan in advance and expects to complete this process quickly and efficiently, within 60 days. At the end of the process, Cutera will be a private company, with a much stronger capital structure and the backing of a large consortium of leading investment firms. The Company has filed a request with the Court that will allow it to make timely payments to vendors in full under normal terms for goods and services delivered both before and after the filing. Cutera expects to receive approval for this request. The Company's entities located outside of the U.S. are not included in the Chapter 11 filings. Additional information about Cutera's restructuring is available at https://cutera.com/strengtheningcutera. Court filings and other information regarding the case can be found at https://www.veritaglobal.net/cutera or by contacting Verita, the Company's noticing and claims agent, at (888) 788-0109 (for toll-free U.S. calls) or (781) 575-2045 (for tolled international calls). Advisors Cutera is advised in this matter by Ropes & Gray LLP and Hunton Andrews Kurth LLP as legal counsel, Houlihan Lokey as investment banker, and FTI Consulting as financial advisor. The group of the Company's lenders is advised in this matter by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel and Centerview Partners as investment banker. About Cutera, Inc. Cutera is a leading provider of aesthetic and dermatology solutions for practitioners worldwide. For over 25 years, Cutera has strived to improve lives through medical aesthetic technologies that are driven by science and powered through partnerships. For more information, call 1-888-4-CUTERA or visit Cutera.com. CUTERA INC: Hearing for Chapter 11 Plan Set for April ----------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on March 6, 2025, a Texas bankruptcy judge approved Cutera Inc., a skincare and beauty technology company, to access $15 million in Chapter 11 financing as it prepares for a mid-April 2025 hearing on its prepackaged debt-swap reorganization plan. About Cutera, Inc. Brisbane, Calif.-based Cutera, Inc. develops, manufactures, distributes, and markets energy-based product platforms for medical practitioners, enabling them to offer treatments to their customers. As of June 30, 2024, the Company has $276.3 million in total assets, $492 million in total liabilities, and $215.7 million in total stockholders' deficit. DCCM RESTAURANT: Unsecureds to Split $7,200 over 3 Years -------------------------------------------------------- DCCM Restaurant Group, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated February 20, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on April 17, 2014, with an effective date of April 15, 2014. The Debtor operates a sports bar/restaurant located in Davenport, Florida. The Debtor's principal place of business is located at 1260 Posner Blvd. Davenport, FL 33837 ("Premises"), which the Debtor leases from PREP Posner Real Estate LLC (a noninsider). The Debtor's projected Disposable Income over the life of the Plan is $7,200.00. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $7,200.00. Payments will be made in equal quarterly payments of $600.00. Payments shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. Holders of Class 2 claims shall be paid directly by the Debtor. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $7,200.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the fifteenth day of the month, on the first month that is one year after the Effective Date and shall continue annually for two additional years. The initial estimated annual payment shall be $2,400.00. Holders of Class 2 claims shall be paid directly by the Debtor. Class 3 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Unimpaired. Holders of a Class 3 interests shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the Petition Date. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated February 20, 2025 is available at https://urlcurt.com/u?l=F9riRw from PacerMonitor.com at no charge. About DCCM Restaurant Group DCCM Restaurant Group, LLC, owns and operates a sports bar. DCCM Restaurant Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06400) on Nov. 22, 2024. In the petition filed by Charlie Norman, as manager, the Debtor reports total assets of $29,964 and total liabilities of $1,474,834. Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 DEEP SOUTH: Seeks to Hire Jason D. Kessel CPA as Accountant ----------------------------------------------------------- Deep South Silk, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to hire Jason D. Kessel, CPA as accountant. The firm's services include: a. reconciling accounts with bank statements for the accounts listed in the attached exhibit each month, identifying errors, informing the Debtor as to correcting entries; b. recording depreciation; c. processing the Debtor's payroll, pay all payroll taxes, filing all required payroll tax returns; d. reviewing all income and expenses and deposits during the monthly close-out period; e. preparing financial statements including operating statements; f. assisting the Debtor with preparation of financial materials and exhibits; g. preparing federal and state income tax returns and personal returns of the managing member on whose returns the Debtor's income is reported; h. preparing any bookkeeping entries necessary in connection with preparation of the income tax returns; i. assisting management with any reporting needed in the Chapter 11 bankruptcy case; j. preparing the Debtor's schedules and statement of affairs; and k. providing other accounting functions as needed. Mr. Kessel charges for his accounting services on an hourly basis plus costs and expenses. His hourly rate is $125. He has estimated that his monthly fees will be between $625 and $1,000. Jason Kessel CPA is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b), according to court filings. The firm can be reached through: Jason D. Kessel, CPA Jason Kessel CPA 21493 Tyrolite Ave Parker, CO 80138 Tel: (720) 839-8159 About Deep South Silk Deep South Silk, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-10248) on January 29, 2025, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Henry A. Callaway presides over the case. Jason R. Watkins, Esq., at Silver Voit Garrett & Watkins represents the Debtor as legal counsel. DISTINCTIVE CORP: Updates First Bank Secured Claims Pay ------------------------------------------------------- Distinctive Corporation submitted a Third Amended Plan of Reorganization for Small Business. The Debtor's financial projections show that the Debtor will have projected disposable income of $615,000. The final Plan payment is expected to be paid on March 15, 2029, which is anticipated to be 48 months after the effective date. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 0 cents on the dollar [or] is unable to estimate the distribution to creditors, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of the Secured claims of First Bank. Secured Creditor First Bank will be paid $175,000, to be amortized over 10 years with interest at 10%. The total payment over the 10-year period will be $277,516.55, with monthly payments of $2,312.64. The first payment will be on May 15, 2025 and the last on April 15, 2035. This Class is impaired. Like in the prior iteration of the Plan, Class 3 non-priority unsecured creditors will be paid zero. Class 4 consists of equity security holders of the Debtor. Equity security holders will be paid zero. The plan will be funded by payments from Debtor's income. Debtor projects that its net income will increase during the length of the plan to allow for payments. A full-text copy of the Third Amended Plan dated Feb. 20, 2025 is available at https://urlcurt.com/u?l=2LwpD0 from PacerMonitor.com at no charge. Counsel to the Debtor: Douglas A Crowder, Esq. Crowder Law Center, PC 303 N. Glenoaks Blvd., Suite 200 Burbank, CA 91502 Telephone: (213) 509-1515 Facsimile: (877) 772-7094 Email: dcrowder@croderlaw.com About Distinctive Corporation Distinctive Corporation started in 2005 with a full-service restaurant to what is now called Ale House and Bistro in Gilroy, California. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-50603) on April 24, 2024, with $34,500 in assets and $3,149,772 in liabilities. Jung Albright, president, signed the petition. Judge M. Elaine Hammond presides over the case. Douglas A. Crowder, Esq., at Crowder Law Center, PC, is the Debtor's bankruptcy counsel. DMMJ REALTY: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------ On February 27, 2025, DMMJ Realty Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About DMMJ Realty Corp. DMMJ Realty Corp. is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). DMMJ Realty Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22157) on February 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue, 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 Email: rlr@dhclegal.com DON ENTERPRISES: Hires Campbell & Levine as Bankruptcy Counsel -------------------------------------------------------------- DON Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Campbell & Levine, LLC as counsel. The firm's services include: a. providing legal advice with respect to the Debtor’s duties in this case and management of its assets; b. taking all necessary action to protect and preserve the Debtor’s estate, including the prosecution of actions on behalf of the Debtor, the defense of actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, and objections to claims filed against the Debtor’s estate; c. preparing, on behalf of the Debtor, all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtor’s estate; d. performing any and all other legal services for the Debtor in connection with this case and the formulation and implementation of a plan of reorganization; e. assisting the Debtor in preparing for and the filing of a plan of reorganization at the earliest possible date; and f. performing such a legal service as the Debtor may request with respect to any matter appropriate to assisting the Debtor in its efforts to reorganize. The firm will be paid at these rates: Attorneys: Douglas A. Campbell $900 Stanley E. Levine $725 David B. Salzman $825 Philip E. Milch $800 Paul J. Cordaro $625 Jeanne S. Lofgren $600 Shannon M. Clougherty $550 Frederick D. Rapone, Jr. $475 Kathryn L. Harrison $450 Joseph C. Bacharach $275 Paralegals: Heather L. Penn $155 Theresa M. Matiasic $140 Kaitlan A. Monahan $120 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Kathryn Harrison, Esq., a member of Campbell & Levine, 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 firm can be reached through: Kathryn L. Harrison, Esq. CAMPBELL & LEVINE, LLC 310 Grant St., Suite 1700 Pittsburgh, PA 15219 Tel: (412) 261-0310 Fax: (412) 261-5066 Email: kharrison@camlev.com About DON Enterprises Inc. DON Enterprises Inc. is a nonprofit organization focusing on community revitalization, housing, and employment opportunities for people with disabilities. Through its range of programs and services, DON Enterprises strives to foster a more inclusive community while promoting independence and integration into society. DON Enterprises Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20379) on February 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Kathryn L. Harrison, Esq. at CAMPBELL & LEVINE, LLC. Wesbanco Bank, as lender, is represented by Jeffrey R. Lalama, Esq. at Meyer Unkovic & Scott LLP. DONALD PATZ: Hires Carbonneau Williams as Accountant ---------------------------------------------------- Donald Patz Wine Group, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Carbonneau Williams as accountant. The firm will assist with the Debtor's bookkeeping, accounting, and reporting functions. The firm will be paid at these rates: Jim Williams $235 per hour Brian Vasquez, Associate $75 per hour The firm received a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jim Williams, a partner at Carbonneau Williams, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jim Williams Carbonneau Williams 1500 Railroad Avenue St. Helena, CA 94558 Tel: (707) 968-5335 About Donald Patz Wine Group LLC Donald Patz Wine Group LLC formed in 2017, is a partnership between Donald Patz and his wife, Jung Min Lee, focused on crafting distinctive wines from various regions. The Company oversees three separate wine projects, each with unique vineyard sources and winemaking styles: Maritana Vineyards for Russian River Valley Chardonnay and Pinot Noir, Secret Door Winery for Napa Valley Cabernet Sauvignon, and Terminim for Mendocino County Marsanne/Roussanne and Syrah. Drawing on Donald's extensive experience in the wine industry, the Group produces wines that reflect his deep understanding of both vineyard practices and winemaking techniques. Donald Patz Wine Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No.: 25-10038) on January 27, 2025. In its petition, the Debtor reports total assets of $3,705,425 and total liabilities of $1,778,833. Honorable Bankruptcy Judge Charles Novack handles the case. The Debtor is represented by Merle C. Meyers, Esq. at MEYERS LAW GROUP, P.C. EASTERN COLORADO: Hires Town & Country as Real Estate Broker ------------------------------------------------------------ Eastern Colorado Seeds, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Town & Country Real Estate Inc. as real estate broker. The firm will market and sell the property of the Debtor located at 5136 N. Prince Street, Clovis New Mexico 88101. The firm will be paid at a 6 percent commission of the sales price of the property. Brett Johnson, a partner at Town & Country Real Estate Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brett Johnson Town & Country Real Estate Inc. 521 N Main St A Clovis, NM 88101 Tel: (575) 760-3654 Email: 505brett@gmail.com About Eastern Colorado Seeds, LLC Eastern Colorado Seeds LLC s a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. The knowledgeable team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.: 25-10244) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Joseph G Rosania Jr. handles the case. The Debtor is represented by Andrew W. Johnson, Esq. at Onsager Fletcher Johnson LLC. EASTSIDE DISTILLING: Beeline Loans Integrates With CredEvolv ------------------------------------------------------------ Eastside Distilling, Inc. (doing business as Beeline Holdings) announced that its subsidiary, Beeline Loans Inc., has integrated with CredEvolv to help declined borrowers improve their credit and secure mortgage approval. CredEvolv, founded by mortgage industry veterans, specializes in assisting borrowers with low credit scores. Through a transparent and expedited process, CredEvolv has helped thousands of credit-challenged consumers achieve mortgage-readiness in six months or less. Once borrowers reach their target credit score, they can return to Beeline, where most of their financial information is already on file, streamlining the approval process. "Steve Romano and his team at CredEvolv are outstanding," said Nick Liuzza, CEO of Beeline Financial Holdings, Inc. "This partnership strengthens our ability to help more borrowers achieve homeownership." By integrating CredEvolv's services, Beeline improves conversion rates and enhances customer satisfaction, reinforcing its position as an innovator in mortgage lending. "Beeline shares our belief that everyone should have the opportunity to qualify for a mortgage," said Steve Romano, Co-Founder and President of CredEvolv. "We're thrilled to partner with this exceptional lender that is truly focused on giving back by helping more people achieve financial stability, unlock better rates, and ultimately become and remain homeowners." About CredEvolv More than just a credit and debt management solution, CredEvolv's proprietary technology platform breaks down the barriers to credit equity and guides individuals on a journey to sustainable, lifelong financial well-being. The platform also enables lenders to turn their credit-challenged applicants into loyal, qualified customers by connecting them with HUD-approved, nonprofit credit counselors who legally, ethically, and empathetically help them improve their credit and become loan-ready. About Beeline Financial Holdings, Inc. Beeline Financial Holdings, Inc. is a technology-driven mortgage lender and title provider building a fully digital, AI-powered platform that simplifies and accelerates the home financing process. Headquartered in Providence, RI, Beeline Financial Holdings, Inc. is dedicated to transforming the mortgage industry through innovation and customer-focused solutions. It is a wholly-owned subsidiary of Beeline Holdings and owns Beeline Loans and Beeline Labs. About Eastside Distilling Headquartered in Portland, Oregon, Eastside Distilling, Inc. (d/b/a Beeline Holdings) has been producing craft spirits in Portland, Oregon since 2008. The Company is distinguished by its highly decorated product lineup that includes Azunia Tequilas, Burnside Whiskeys, Hue-Hue Coffee Rum, and Portland Potato Vodkas. All Eastside spirits are crafted from natural ingredients for the highest quality and taste. Eastside's Craft Canning + Printing subsidiary is one of the Northwest's leading independent mobile canning, co-packing, and digital can printing businesses. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. Eastside Distilling incurred a net loss of $7.5 million during the year ended December 31, 2023. As of June 30, 2024, Eastside Distilling had $16,589,000 in total assets, $18,523,000 in total liabilities, and $1,934,000 in total stockholders' deficit. ECP OWNER: To Sell Washington Property to Paragon Construction -------------------------------------------------------------- ECP Owner 2 LLC and its affiliates, ECP Owner 1 LLC (ECP Owner 1), ECP Owner 3 LLC (ECP Owner 3), and ECP Owner 4 LLC (ECP Owner 4, seek permission from the U.S. Bankruptcy Court for the District of Columbia to sell Real Property, free and clear of liens, interests, and encumbrances. The Debtors' Property is located at 5011 B Street SE, Washington, D.C. and will be sold to Paragon Construction Group, Inc. or its assignee. The Debtor and Debtor Affiliates are each a special purpose District of Columbia limited liability company formed on May 20, 2019, to own and operate nineteen low income multifamily residential buildings in the District of Columbia known as "The Villages at Tillman" and "The Villages at Evergreen." The Debtor and Debtor Affiliates are each a subsidiary of East Capitol Partners Owner LLC. The properties owned by ECP Owner 1 and ECP Owner 2 are encumbered by a first-priority Purchase Money Deed of Trust, Assignment of Leases and Rents and Security Agreement from Chase to ECP Owner 1 and ECP Owner 2 in the original principal amount of $7,000,000. The properties owned by ECP Owner 3 and the ECP Owner 4 are encumbered by a first-priority Purchase Money Deed of Trust, Assignment of Leases and Rents and Security Agreement from Chase to ECP Owner 3 and ECP Owner 4 in the original principal amount of $8,250,000. The Sale Property is improved with a small multi-family housing building with 12 apartment units. The Sale Property was subject to a fire in 2022 and insurance paid $750,000 as a result of the fire. Since acquiring the Properties, the Debtors have used their revenues to pay for services to their residents and to maintain and improve the Properties' physical condition and systems. Nonetheless, due to the lasting effects of the eviction moratorium imposed by the District of Columbia during the COVID 19 pandemic and the inability of the Debtor and Debtor Affiliates to obtain low income housing tax credits from the District of Columbia, the Properties have not generated sufficient cash flow to permit the Debtor and Debtor Affiliates to satisfy all of their loan and operating expenses and other obligations as they have come due. Paragon has obtained a funding commitment for the purchase of the Sale Property from the same lender who is funding the purchase of the Garden Properties. To maximize efficiency, the Debtor and Paragon would like to close on the Sale Property contemporaneously with the Garden Properties on March 31, 2025. The sale price for the Sale Property is $600,000, and the purchasing entity (assignee of Paragon) is Paragon REO 1 LLC. Paragon is well-known in the DC metro region as a full service construction company with a focus on new construction and redevelopment of multifamily housing projects. It was founded in 2017 by Chi Perrus and Cristian Castellanos. Paragon's successful projects include the construction or redevelopment of condominium buildings in the Washington, D.C. neighborhoods of Columbia Heights, Foxhall Village, Mount Vernon Square, and Park View. About ECP Owner 2 LLC ECP Owner 2 LLC is a special purpose District of Columbia limited liability company formed on May 20, 2019, to own and operate nineteen low income multifamily residential buildings in the District of Columbia known as "The Villages at Tillman" and "The Villages at Evergreen." The Debtor and Debtor Affiliates are each a subsidiary of East Capitol Partners Owner LLC. The Debtor sought sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Co. Case No.: 23-00328) on November 1, 2023. In the petition signed by Robert B. Margolis as manager, the Debtor disclosed estimated Assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Judge Elizabeth L. Gunn presides over the case. Kristen E. Burgers, Esq., at HIRSCHLER FLEISCHER PC, represents the Debtor as legal counsel. ELEGANZA TILES: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On March 2, 2025, Eleganza Tiles Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. 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 Eleganza Tiles Inc. Eleganza Tiles Inc. is a distributor of ceramic, porcelain, and glass tiles throughout North America, catering to both residential and commercial markets. The Company's diverse offerings encompass European cabinetry, luxurious bathroom fixtures, and innovative countertops, designed to inspire and meet the needs of designers, architects, builders, and homeowners. Eleganza Tiles Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10535) on March 2, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by: Jeffrey B. Smith, Esq. CURD, GALINDO & SMITH, LLP 301 E. Ocean Blvd., Suite 1700 Long Beach, CA 90802 Tel: 562-624-1177 Fax: 562-624-1178 Email: jsmith@cgsattys.com ELETSON HOLDINGS: Court Declines Chapter 11 Plan Stay for Ex-Owners ------------------------------------------------------------------- Emily Lever of Law360 reports that a New York bankruptcy judge has declined to pause Greek shipping group Eletson Holdings' Chapter 11 plan while its former owners appeal the plan's confirmation, handing the company's current management a win as they seek to compel the ex-leadership to enforce the plan. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel. EMD EXPRESS: Hires Harlin Parker Attorneys as Bankruptcy Counsel ---------------------------------------------------------------- EMD Express, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Harlin Parker Attorneys at Law as counsel. The firm will provide these services: a. give legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued operation of the estate's business and management of its assets; b. take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning all litigation which the Debtor is involved, if any, and objecting to claims filed against the Debtor's estate; c. prepare on behalf of the Debtor all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; and d. perform any and all other legal services for the Debtor in connection with the Chapter 11 case and the formulation implementation of the Debtor's Chapter 11 Plan. The firm will be paid at these rates: Robert C. Chaudoin $295 per hour Justin L. Duncan $295 per hour Teresa L. Story, Paralegal $150 per hour The Debtor paid the firm an advance retainer of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert C. Chaudoin, Esq., a partner at Harlin Parker Attorneys at Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert C. Chaudoin, Esq. HARLIN PARKER ATTORNEYS AT LAW 519 E. 10th Street PO Box 390 Bowling Green, KY 42102 Tel: (270) 842-5611 Email: chaudoin@harlinparker.com About EMD Express LLC EMD Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ken. Case No. 25-10148) on February 21, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. The Debtor is represented by Robert C. Chaudoin, Esq. at Harlin Parker. EMPLOYBRIDGE HOLDING: S&P Downgrades ICR to 'CC', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Atlanta-based staffing provider EmployBridge Holding Co. to 'CC' from 'CCC+' and its issue-level rating on its secured debt to 'CC' from 'CCC+'. S&P said, "The negative outlook indicates that we will likely lower our issuer credit rating to 'SD' (selective default) and our issue-level ratings to 'D' upon the completion of the exchange offer. "We view the proposed transaction as a distressed exchange and tantamount to a default. EmployBridge has launched a comprehensive debt restructuring transaction. Part of the proposed capital structure includes offering a new money term loan and a second-out exchange term loan to replace the existing delayed draw term loan and first-lien term loan. Employbridge will be receiving $225 million in the form of a new money term loan with commitments for another $100 million delayed-draw term loan. "Lenders will receive less than originally promised because the first-lien term loan is being exchanged at a value that is less than par. In addition, the maturity is being pushed back 18 months, and we do not believe lenders are receiving adequate compensation to offset the updated maturity date. Lenders are required to purchase a pro rata share to participate, and if they do not, then their piece of the existing term loan will rank below all the other tranches of debt. Therefore, we lowered all of our ratings on Employbridge to 'CC'. We expect to lower our issuer credit rating to 'SD' and our issue-level rating to "D" following the closure of the transaction and will then reassess the rating based on the new capital structure. "The negative outlook indicates that we will likely lower our issuer credit rating to 'SD' and our issue-level ratings to 'D' upon the completion of the exchange offer. "We expect to lower our issuer credit rating on EmployBridge to 'SD' when the company completes its distressed debt exchange, which we expect to occur in the coming days. "We could raise our rating on Employbridge if we no longer expected the transaction to be completed." EmployBridge Holding Co. provides light industrial staffing solutions across 50 U.S. states and several locations in Canada. The light industrial staffing industry includes a range of end markets, such as logistics, clerical, technicians, machinists, shipping, and last-mile transportation. The company provides its services primarily under the ResourceMFG, ProLogistix, ProDrivers, and Hire Dynamics brands, as well as others. The company is owned by private-equity sponsor Apollo Global Management Inc. and its financial statements are private. ENGLOBAL CORP: Seeks Chapter 11 Bankruptcy in Texas w/ $9MM Debt ---------------------------------------------------------------- Emlyn Cameron of Law360 reports that ENGlobal Corp., an engineering firm serving the energy sector, filed for Chapter 11 bankruptcy in Texas alongside its subsidiaries, reporting nearly $9 million in debt. About Englobal Corp. Englobal Corp. and affiliates provide innovative project solutions with expertise in engineering, automation, and government services, supported by a workforce of over 100 employees and contractors in Houston and Tulsa. Their engineering group offers services such as engineering, procurement, construction management, and fabricated products for industries like refineries, petrochemicals, renewable energy, and transportation. The automation group designs and integrates modular systems, including control systems and data monitoring, for both new and existing facilities. Additionally, the government services group specializes in process control system design, integration, and maintenance for U.S. government agencies and commercial clients. Englobal Corp. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case. No. 25-90083) on March 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by: Christopher Adams, Esq. Ryan A. O'Connor, Esq. John Thomas Oldham, Esq. Madeline Schmidt, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, TX 77002 Tel: (713) 228-4100 Email: info@okinadams.com roconnor@okinadams.com joldham@okinadams.com mschmidt@okinadams.com ETIENNE ESTATES: Hires Northgate as Real Estate Advisor ------------------------------------------------------- Etienne Estates at Washington LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Northgate Real Estate Group as Real Estate Advisor. The firm will market and sell, or otherwise dispose of the Properties located at 301 Washington Avenue, Brooklyn, NY on such terms as are acceptable to the Debtor The firm will be paid as follows: a. 3 percent commission, if the Property is sold at auction; b. 3 percent refinancing fee if the Property is refinanced through Northgate; c. if the Debtor refinances with a lender not identified by Northgate, or sells the Property in a Court-approved private sale, Northgate shall be paid a minimum $10,000 fee. Greg Corbin, a partner at Northgate Real Estate 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 at: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 Tel: (212) 369-4000 About Etienne Estates at Washington LLC Etienne Estates at Washington LLC holds title to real property located at 301 Washington Avenue, Brooklyn, New York valued at $6.3 million. Etienne Estates at Washington LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code IBankr. E.D.N.Y. Case No. 24-43203) on July 31, 2024. In the petition filed by Johanna M.L. Francis, manager, the Debtor disclosed total assets of $6,800,084 and total liabilities of $2,655,845. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, serves as the Debtor's counsel. EURASIA LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Eurasia, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The company needs to use cash collateral to pay its post-petition operating expenses. Expansion Capital Group asserts an interest in the cash collateral. It is estimated that the amount owed to Expansion Capital is $21,892 covering the balance owed under a 2023 business loan agreement. As protection, Expansion Capital was granted a replacement lien on Eurasia's post-petition assets. A final hearing will be held on March 18. About Eurasia LLC Eurasia, LLC is a furniture and home furnishings business in Prescott, Ariz. Eurasia filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-01515) on February 25, 2025, listing up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Paul Sala handles the case. The Debtor is represented by Allan D. Newdelman, Esq., at Allan D. Newdelman, PC. EURASIA LLC: Hires Allan D. NewDelman P.C. as Counsel ----------------------------------------------------- Eurasia, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allan D. NewDelman, P.C. as counsel. The firm will provide these services: a. give Debtor legal advice with respect to all matters related to this case; b. prepare on behalf of the Debtor, as Debtor-In-Possession, necessary applications, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor. The firm will be paid at these rates: Allan D. NewDelman $475 per hour Roberta J. Sunkin $395 per hour Paralegal $150 to $200 per hour The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Allan D. New Delman, Esq., a partner at Allan D. NewDelman, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Allan D. NewDelman, Esq. Allan D. Newdelman, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 Email: anewdelman@adnlaw .net About Eurasia, LLC Eurasia LLC is a furniture and home furnishings business located in Prescott, Arizona. Eurasia LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01515) on February 25, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Allan D. Newdelman, Esq., at ALLAN D NEWDELMAN PC. EXACTECH INC: Seeks Amendment to DIP Loan to Free Up $31MM ---------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that medical implant maker Exactech asked a Delaware bankruptcy judge to approve modifications to its debtor-in-possession loan to free up $31 million, citing limited remaining funds for its Chapter 11 case. About Exactech, Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on Oct. 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, Exactech estimated assets and liabilities between $100 million and $500 million each. Young Conaway Stargatt & Taylor, LLP serves as as co-counsel to the Debtors. Riveron Management Services, LLC is the Debtors' chief restructuring officer. Centerview Partners LLC is the investment banker. Kroll Restructuring Administration LLC is the claims agent and administrative advisor. EXELA TECHNOLOGIES: In Restructuring Support Talks w/ Bondholders ----------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that Exela's bondholder group, which holds notes maturing in 2026 and is in discussions with the struggling company, includes Gates Capital Management Inc. and Avenue Capital Management, according to court records. After debt restructuring efforts, the software firm's units filed for bankruptcy on Monday, March 3, 2025. Court records also show that other funds with smaller positions in the group include Anchorage Capital and BofA Securities Inc.'s distressed and special situations group. At a hearing on Tuesday, March 4, 2025, company attorney Ray C. Schrock stated that Exela is continuing to negotiate and finalize the restructuring support agreement with the 2026 bondholders. 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 FANATICS HOLDINGS: S&P Affirms 'BB-' ICR on Debt Reduction ---------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit ratings on New York-based sports merchandise and collectibles retailer and online sports betting and iCasino company Fanatics Holdings Inc. (FHI) and its core operating subsidiaries--Fanatics Commerce Intermediate Holdco LLC and Fanatics Collectibles Intermediate Holdco Inc. S&P also affirmed the 'BB-' issue-level rating on Commerce's senior secured term loan and Collectibles' senior secured credit facility. The recovery rating on the debt remains '3.' The ongoing negative outlook reflects the risk that FHI is unable to achieve positive EBITDA and FOCF in fiscal 2025 due to underperformance at its core operating subsidiaries or outsized losses at its new ventures. The rating affirmation reflects a combination outsized operating losses at Betting & Gaming and FHI's debt reduction. The company continues to spend heavily on its new online gaming and betting venture, which contributes to higher overhead and subsidiary investment costs. S&P said, "FHI's significant cash balance (roughly $755 million as of Dec. 31, 2024) helps support its strategy of investing in new ventures even during periods of weaker demand at existing businesses; however, it meaningfully strains its credit metrics because we do not net cash in our adjusted calculations." Betting & Gaming had meaningfully negative reported EBITDA in fiscals 2023 and 2024 due to significant start-up costs, infrastructure investments, and new customer incentives. Given the magnitude of this elective investment, FHI also reported consolidated negative EBITDA and significant cash burn over the past two years. Nonetheless, the company has remained committed to its financial policy, paying down more than $700 million of debt at its main operating subsidiaries since fiscal 2022 to well below its stated gross leverage target of 3x-4x. Specifically, the company has reduced its $500 million term loan B at Commerce by $350 million and its $300 million term loan at Collectibles by $200 million since fiscal 2022, while also reducing debt at its Lids retail business. S&P notes that in contrast to our adjusted credit metric calculations, the referenced gross leverage target is at the operating subsidiary level and does not incorporate overhead costs or costs associated with new subsidiary investments at FHI. S&P said, "We expect FHI's S&P Global Rating-adjusted EBITDA margin to improve to the 3% area in fiscal 2025 from break-even in fiscal 2024, with $25 million-$50 million of positive FOCF . Following two years of negative reported EBITDA and significant cash burn, we forecast a material improvement in consolidated results. Importantly, we expect the operating loss at Betting & Gaming to narrow in fiscal 2025 as the business scales, with the potential for that segment to break even in fiscal 2027. "We also forecast significant growth (about 85%) in Commerce & Retail's EBITDA base in fiscal 2025 as a $57 million non-cash inventory charge rolls off and the company benefits from tighter inventory management, more efficient marketing dollars, and lower retail labor costs." This follows a 20% decline in reported EBITDA in fiscal 2024 due to the non-cash inventory charge, higher labor costs at its retail stores, investments in systems and infrastructure, and increased revenue share. The Collectibles segment continues to perform well, with significant performance upside as it incorporates new NBA and NFL licenses in late 2025 and in early 2026, respectively. In fiscal 2024, the segment's reported EBITDA increased more than 50% due to new product launches in its physical and digital trading card business. S&P said, "We expect EBITDA to grow by 12% in fiscal 2025 as new product launches are partially offset by investments in headcount, infrastructure, and emerging businesses. Notably, we expect Collectibles' EBITDA base to nearly double in 2026 because of the new NBA and NFL licenses and associated scale." S&P said, "Although we expect FHI's S&P Global Ratings-adjusted leverage to fall below 5x in fiscal 2025, there remain risks to our forecast. Improved operating trends, in combination with funded debt reduction, should enable the company to restore consolidated leverage to below 5x from current elevated levels." However, the less-than-favorable macroeconomic environment presents a risk. Although the company has limited direct tariff exposure, higher prices could dampen consumer discretionary spending across its main operating segments. In addition, Commerce's licensing agreements include guaranteed minimum royalty payments that it must pay to intellectual property owners regardless of its sales volume, which would further weaken its profitability if it were unable to increase its sales in line with its contractual obligations. Moreover, Betting and Gaming faces significant new customer acquisition costs that are required in the highly competitive online sports betting and iGaming space. Ultimately, a combination of economic or competitive pressures, operating missteps, or higher customer acquisition costs at Betting & Gaming, would likely limit FHI's ability to restore credit measures and result in a lower rating. Despite performance uncertainty over the next 12 months, FHI holds a solid position in the sports merchandise and collectibles market. Commerce maintains long-term exclusive rights to manufacture and distribute branded fan apparel, and Collectibles holds exclusive rights to produce and sell trading cards and other collectible products using the intellectual property (IP) of its partners. In our view, FHI's broad portfolio of exclusive merchandising and retailing rights provides it with a reliable, long-term competitive moat. In addition, its diversified revenue channels and vast customer database offset some near-term macroeconomic risks. Lastly, FHI maintains a significant cash balance, which supports news ventures; the company has furthermore demonstrated a willingness and ability to support its subsidiaries with its cash reserves during periods of stress. S&P applies a positive one-notch comparable ratings analysis adjustment to its anchor on the company to reflect its view that these factors positively differentiate FHI from other retailers. S&P said, "The negative outlook reflects the risk that outsized losses at Betting & Gaming or underperformance at FHI's core operating subsidiaries--due to macroeconomic weakness, increasing competitive pressures, or operating missteps—could lead to continued negative EBITDA and FOCF on a consolidated basis in 2025. "We could lower our ratings if FHI were unable to improve profitability at Commerce & Retail in line with our forecast, maintain profitability at Collectibles while operationalizing the new rights beginning in late 2025, or scale its Betting & Gaming business while narrowing its operating loss. Under this scenario, we would expect negative EBITDA and FOCF on a consolidated basis and S&P Global Ratings-adjusted leverage sustained above 5x in 2025." S&P could revise its outlook back to stable if: -- S&P believed the company could consistently generate positive consolidated EBITDA and FOCF through good underlying performance at its core operating subsidiaries and a narrowing loss at Betting & Gaming. This would likely lead to sustained S&P Global Ratings-adjusted leverage below 5x on a consolidated basis in 2025; and -- It remained committed to its financial policy and reduces intra-year borrowings on its revolving and asset-based credit facilities through consistent FOCF generation, particularly at its Commerce & Retail business. FILTERX LLC: Trustee Taps Thompson Burton as Bankruptcy Counsel --------------------------------------------------------------- Tim Stone, Subchapter V Trustee of Filterx LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Thompson Burton PLLC as his counsel. The services of Thompson Burton will consist of representation of the Trustee in pursuing financing for the estate, evaluating claims, evaluating assets, recovering assets of the estate through contested motions and/or adversary proceedings, assisting with the sale of estate assets, pursuing causes of action on behalf of the estate, and filing pleadings with this Court. Phillip Young, Esq. will be the primary professional performing work in this matter. Mr. Young’s current billing rate is currently $575 per hour. Thompson Burton PLLC has other attorneys whose billing rate ranges between $250 - $575 per hour that might be asked to perform work. The rates reflected in this motion became effective Jan. 1, 2025. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Phillip G. Young, Esq., a partner at Thompson Burton PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Phillip G. Young, Jr. Thompson Burton PLLC One Franklin Park 6100 Tower Circle, Suite 260 Franklin, TN 37067 About Filterx LLC Filterx LLC is an air filter manufacturer based in Gallatin, Tennessee. The company operates a modern manufacturing facility producing air filter products and serves as the only manufacturer in the Middle Tennessee Region. Filterx LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-00186) on January 16, 2025. In its petition, the Debtor reported assets and liabilities between $500,000 and $1 million. Judge Nancy B. King handles the case. The Debtor is represented by Henry E. Hildebrand, Esq., at Dunham Hildebrand Payne Waldron, PLLC, in Brentwood, Tenn. FORTREA HOLDINGS: S&P Downgrades ICR to 'B+' on Watch Negative -------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating and issue-level ratings on North Carolina-based contract research organization Fortrea Holdings Inc. to 'B+' from 'BB' and placed its ratings on CreditWatch with negative implications. S&P said, "The CreditWatch placement indicates the potential for lowering our credit ratings on Fortrea by an additional one or more notches within the next few months. We plan to resolve the CreditWatch placement once we can refine our projections for 2026 and beyond. "The downgrade reflects Fortrea's weak operating performance and 2025 guidance that are inconsistent with a 'BB' rating. While we anticipated some difficulties with Fortrea's separation from Labcorp's Drug Development segment, we underestimated how much work was necessary and how long it would take to align profitability with industry peers. Management has been transparent and proactive in identifying and addressing inefficiencies, including costs, pricing, and working capital management; however, Fortrea's debt load was determined based on a more optimistic view of the stand-alone entity. "The company's 2025 EBITDA guidance will likely result in S&P Global Ratings-adjusted leverage of above 7x in 2025, and we expect its free cash flow will be negative as the company continues to incur restructuring costs. We expect cash flow and leverage will improve in 2026 but plan to refine our projections to reflect the likely magnitude of year-over-year improvement before we resolve our CreditWatch. Despite having much weaker margins than other contract research organization (CRO) peers, the company still has a healthy book-to-bill ratio since its separation from Labcorp and has made some progress in improving profitability of new contracts. Additionally, the company has demonstrated the prioritization of debt repayment in its past capital allocation decisions. "The CreditWatch placement indicates the potential for lowering our credit ratings on Fortrea by an additional one or more notches within the next few months. We expect to resolve the CreditWatch placement once we can refine our projections for 2026 and beyond." FRISCO BAKING: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Frisco Baking Company, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division to use cash collateral. The company requires the use of cash collateral, including cash and cash equivalents, to pay its operating expenses. Leaf Capital Funding, LLC and other lenders may have valid security interests on the cash collateral. In January, Leaf Capital Funding advanced $50,000 to the company as working capital. LEAF is currently owed a total of $271,358.34, including interest and charges. A final hearing is scheduled for March 18. About Frisco Baking Company Established in 1941, Frisco Baking Company, Inc. specializes in San Francisco-style sourdough bread and a variety of baked goods such as French and Italian rolls, baguettes, and specialty loaves. The company offers wholesale services to restaurants and delis across Los Angeles and Orange counties while maintaining retail operations at its Los Angeles bakery. Frisco Baking Company filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-11395) on February 24, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Damon M. Perata, chief executive officer of Frisco Baking Company, signed the petition. Judge Neil W. Bason oversees the case. The Debtor is represented by Jeffrey S. Shinbrot, Esq. The Shinbrot Firm Tel: 310-659-5444 Email: jeffrey@shinbrotfirm.com FTX TRADING: Customer Committee Wants $3MM in Chapter 11 Fees ------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a committee of non-U.S. FTX customers has asked the Delaware bankruptcy court to approve its $2.7 million fee request, stating it was instrumental in securing approval of FTX's Chapter 11 plan. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GLIDE LOGISTICS: Seeks Subchapter V Bankruptcy in Illinois ---------------------------------------------------------- On March 2, 2025, Glide Logistics Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports $1,050,846 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Glide Logistics Inc. Glide Logistics Inc. is a transportation company specializing in open deck, heavy haul, and oversize freight services across the U.S. Glide Logistics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on March 2, 2025. In its petition, the Debtor reports total assets of $1,220,786 and total liabilities of $1,050,846. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by: Keevan D. Morgan, Esq. MORGAN & BLEY, LTD. 900 W. Jackson Blvd., Suite 4 East Chicago, IL 60607 Tel: 312-243-0006 Email: kmorgan@morganandbleylimited.com GLOBAL SUPPLIES: Court Extends Cash Collateral Access to April 3 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York approved a stipulation extending Global Supplies NY Inc.'s authority to use the cash collateral of its secured lenders. The stipulation entered into between Global Supplies NY and its secured lenders, Flushing Bank and Amazon Capital Services, extended the company's authority to use the cash collateral from Feb. 13 until April 3. The hearing and case management conference scheduled for Feb. 13 was moved to April 3. About Global Supplies NY Global Supplies NY, Inc. is a distribution service provider in New York. Global Supplies NY filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 24-43232) on August 1, 2024, with $1,115,425 in assets and $3,633,514 in liabilities. Jolene Wee of JW Infinity Consulting, LLC serves as Subchapter V trustee. Judge Elizabeth S. Stong presides over the case. Rachel S. Blumenfeld, Esq., at the Law Office of Rachel S. Blumenfeld is the Debtor's bankruptcy counsel. Flushing Bank can be reached through its counsel: Frank C. Dell'Amore, Esq. Jaspan Schlesinger Narendran, LLP 300 Garden City Plaza Garden City, NY 11530 Tel: 516-393-8289 Fax: 516-393-8282 fdellamore@jaspanllp.com Amazon Capital Services can be reached through its counsel: Michael J. Gearin, Esq. K&L Gates, LLP 925 Fourth Avenue, Suite 2900 Seattle, WA 98104 Phone: +1.206.370.6666 Mike.Gearin@klgates.com HALL LABS: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Hall Labs, LLC f/k/a New Vistas, LLC 3500 Mountain Vista Parkway Provo, UT 84606 Business Description: Hall Labs focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly-formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Chapter 11 Petition Date: March 5, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-21038 Judge: Hon. Joel T Marker Debtor's Counsel: Andres Diaz, Esq. DIAZ & LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Tel: (801) 596-1661 Fax: (801) 359-6803 Email: courtmail@adexpresslaw.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $50 million to $100 million The petition was signed by David R. Hall as chief executive officer. 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/AWJCJUQ/Hall_Labs_LLC__utbke-25-21038__0001.0.pdf?mcid=tGE4TAMA HARE TAYLOR: Gets Final OK to Use Cash Collateral ------------------------------------------------- Hare Taylor, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Florida to use cash collateral. The final order authorized the accounting firm to use cash collateral to pay the operating expenses set forth in its 13-week budget, with a 10% variance allowed. The U.S. Small Business Administration will continue to receive a monthly payment of $981 and a post-petition lien on the cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. Hare Taylor was ordered to keep its property insured in accordance with its obligations under a loan agreement with SBA. About Hare Taylor Hare Taylor, LLC is a full-service accounting firm with offices in Panama City and Chipley, Fla. It offers a broad range of services for business owners, executives, and independent professionals. Hare Taylor filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-50181) on Dec. 6, 2024, with up to $10 million in both assets and liabilities. Gerald W. Taylor, manager of Hare Taylor, signed the petition. Judge Karen K. Specie oversees the case. Brian G. Rich, Esq., at Berger Singerman, LLP serves as the Debtor's legal counsel. HARRAH LAND: Updates Unsecured Claims Pay; Files Amended Plan ------------------------------------------------------------- Harrah Land FC, LLC, submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated February 20, 2025. On Feb. 14, 2025, Harrah Land and TFCU entered into a Plan Support Agreement and Restructuring Plan Terra Sheet. The Disclosure Statement and Plan are a result of these documents. Harrah Land initially filed a Subchapter V Petition, but withdrew its Sub V election because TFCU's objection based on the combination of Harrah Land's and Park 151's exceeded the debt limits of Section 109 of the Bankruptcy Code was exceeded. Within 14 days of Harrah Land's bankruptcy, TFCU also filed a Motion for Relief from Stay and Abandonment, and m the alternative. Payment of Adequate Protection Payments but withdrew this motion on June 28, 2024. Harrah Land filed an Emergency Motion to Use Cash Collateral on May 21, 2024, but this motion was withdrawn as Harrah Land does not have cash pledged as collateral to a secured creditor. The Bankruptcy Court approved Hanah Land's retention of Scott P. Kitdey and Riggs Abney Neal Turpen Orbisoa & Lewis ("Riggs Abney") as counsel on June 12, 2024. In the ordinary course of Harrah Land's business at the time of the filing of this Disclosure Statement, it has procured contracts to sell 15 undeveloped lots for $525,000.00. Class 12 consists of General Unsecured Claims. The General Unsecured Creditors shall receive pro rata distributions upon the sale of the Valor Bank Houses and Valor Bank Lots within two years of the Effective Date of the Plan. In the event 100% of the General Unsecured Claims are not paid within two years, Harrah Land will liquidate sufficient equipment to pay these claims. This Class is impaired. The source of payments under the Plan will be funded by the day-to-day operations of Hanah Land in the sale of residential houses and lots. Harrah Land has 13 houses substantially completed for sale with prices ranging from $215,000 each for the 3 Valor Bank Houses to $245,000 each for the TFCU Houses. As acted, each of the 13 houses require some expense ($3,000 to $8,000) to close the sale. These expenses include carpeting, landscaping, appliances and heat and air conditioning units. Harrah Land has negotiated sale of the 3 Valor Bank Houses for $525,000. Although these sale prices appear to be lower than market value, these sale prices will generate the same net proceeds because no commissions (6%) or closings costs (averaging $10,000) per house will be incurred. Harrah Land has contracts to sell 15 of the 46 lots developed for construction for $35,000.00 per lot. This price is the historical value of the developed lots. The remaining 31 lots will be sold or homes built in the ordinary course of Harrah Land's business operations during the next two to three years. The sale of houses and lots will satisfy the allowed secured claims and allowed general unsecured claims. A full-text copy of the Second Amended Disclosure Statement dated February 20, 2025 is available at https://urlcurt.com/u?l=s8SkSm from PacerMonitor.com at no charge. Attorney for the Debtor: ScottP. Kirdey, Esq. RIGGS, ABNEY, NEAL, TURPEN, ORBISON & LEWIS 502 West 6th Street Tulsa, OK 74119-1019 Tel: (918) 587-3161 Fax: (918) 587-9708 E-mail: skirtley@riggsabney.com About Harrah Land FC Harrah Land FC, LLC, is a limited liability company organized with the Office of the Secretary of State of Oklahoma on Match 15, 2012. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 24-80401) on May 21, 2024, listing $7,862,207 in assets and $7,013,314 in liabilities. Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., serves as Subchapter V trustee. Judge Paul R. Thomas presides over the case. Scott P. Kirtley, Esq., at Riggs, Abney, Neal, Turpen, Orbison & Lewis, is the Debtor's counsel. HARVEY CEMENT: Hires Laciak Accountancy Group P.C. as Accountant ---------------------------------------------------------------- Harvey Cement Products Incorporated seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Laciak Accountancy Group, P.C. as accountant. The firm will prepare the 2024 Federal and Illinois Corporate Income Tax Returns with applicable schedules and supporting statements; and review and adjustment of QuickBooks accounting records for the year ending December 31, 2024, necessary for preparation of income tax returns. The firm will be paid a flat fee of $3,885 for the services rendered. Michelle Gonzalez, a partner at Laciak Accountancy Group, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michelle Gonzalez Laciak Accountancy Group, P.C 833 West Lincoln Highway Suite 109 W Schererville, IN 46375 Tel: (219) 864-7000 About Harvey Cement Products Incorporated Harvey Cement Products Incorporated founded in 1947, has grown over the years to be one of the leading manufacturers of over 200 varieties and sizes of masonry products and is able to deliver customer orders to virtually any job site in the contiguous United States. Harvey Cement Products Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18335) on Dec. 5, 2024. In the petition filed by Gordon Steck, as vice president, the Debtor reports total liabilities of $1,174,348. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by Scott R. Clar, Esq. at CRANE, SIMON, CLAR & GOODMAN. HEART OF GOLD: Hires Kelli Walsh CPA as Accountant -------------------------------------------------- Heart of Gold Home Care, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Kelli Walsh, CPA as accountant. The firm will provide bookkeeping services, income tax returns and various and miscellaneous business matters as required in the Debtor's case or as requested by Debtor's management. The firm will be paid at $150 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Walsh disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kelli Walsh, CPA 907 Avenue O Matamoras, PA 18336 Tel: (570) 491-4058 Email: kelli@kjwalshcpa.com About Heart of Gold Home Care, LLC Heart of Gold Home Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00268) on January 31, 2025, with $500,001 to $1 million in assets and liabilities. Judge Mark J. Conway presides over the case. Robert E. Chernicoff, Esq. at Cunningham And Chernicoff PC represents the Debtor as legal counsel. HELIX ENERGY: Posts $55.6 Million Net Income in Full Year 2024 -------------------------------------------------------------- Helix Energy Solutions Group, Inc. reported net income of $20.1 million, or $0.13 per diluted share, for the fourth quarter 2024 compared to net income of $29.5 million, or $0.19 per diluted share, for the third quarter 2024 and a net loss of $28.3 million, or $(0.19) per diluted share, for the fourth quarter 2023. Net loss in the fourth quarter 2023 includes a net pre-tax loss of approximately $37.3 million related to the repurchase of $159.8 million principal amount of our former Convertible Senior Notes due 2026. Helix reported adjusted EBITDA1 of $71.6 million for the fourth quarter 2024 compared to $87.6 million for the third quarter 2024 and $70.6 million for the fourth quarter 2023. For the full year 2024, Helix reported net income of $55.6 million, or $0.36 per diluted share, compared to a net loss of $10.8 million, or $(0.07) per diluted share, for the full year 2023. Net income in 2024 included a pre-tax loss of $20.9 million related to the retirement of the 2026 Notes, and the net loss in 2023 included pre-tax losses of $37.3 million related to the repurchase of $159.8 million principal amount of the 2026 Notes and $42.2 million related to the increase in the fair value of the contingent consideration related to the Alliance acquisition. Adjusted EBITDA for the full year 2024 was $303.1 million compared to $273.4 million for the full year 2023. Owen Kratz, President and Chief Executive Officer of Helix, stated, "Our full-year results for 2024 reflect our third consecutive year of revenue and EBITDA growth, with our highest EBITDA since 2014, despite a pull-back in our Shallow Water Abandonment segment. Our Free Cash Flow is the highest in two decades and would have been even higher absent the $58 million earnout payment included in our operating cash flows. Our Well Intervention and Robotics businesses continue to generate strong results, with high levels of utilization and improving rates. We completed the restructuring of our balance sheet with the retirement of our remaining convertible notes during the year, and we ended the year in a strong financial position, with significant cash levels and negative net debt. Based on the strength of this market and the value we bring to our customers, we signed new awards that provide over half of our well intervention fleet with contracted work for multiple years as we enter 2025 with strong contract coverage with expected significant improvements over 2024. We continue to execute on our capital allocation framework, and we've now repurchased over $40 million in our shares and expect to increase repurchases in 2025." Fourth Quarter Results: Well Intervention Well Intervention revenues increased $51.6 million, or 30%, during the fourth quarter 2024 compared to the prior quarter primarily due to a fewer number of transit and mobilization days and higher day rates compared to the prior quarter. During the fourth quarter 2024, the Q4000 incurred 58 fewer days of mobilization and transit compared to the prior quarter, a period during which mobilization revenues and costs were deferred and not recognized. The Q4000 completed its mobilization for its Nigeria campaign and commenced operations at higher rates in early October 2024, and the Q7000 generated higher rates during the fourth quarter 2024 compared to the prior quarter prior to commencing its transit to Brazil early November 2024. Revenues also increased quarter over quarter due to a contract cancellation for work scheduled in 2025 of approximately $14 million in our North Sea operations, as well as higher rates and utilization on the Siem Helix 1, which commenced its contract extension with Trident in Brazil at higher rates during the fourth quarter 2024. Revenue increases were offset in part by low seasonal utilization on our North Sea vessels, which were nearly fully utilized during the prior quarter, and lower utilization on the Siem Helix 2, which commenced its vessel acceptance period at the end of December on its new contract with Petrobras. Overall Well Intervention vessel utilization was 79% during the fourth quarter 2024 compared to 97% during the prior quarter. Well Intervention operating income increased $13.0 million during the fourth quarter 2024 compared to the prior quarter. The increase was due primarily to the contract cancellation fee in addition to improvements in operating income on the Q4000 and the Siem Helix 1 being mostly offset by idle vessel-related costs in the North Sea. Well Intervention revenues increased $22.3 million, or 11%, during the fourth quarter 2024 compared to the fourth quarter 2023. The increase was due to the contract cancellation fee in addition to higher rates on the Q4000, Q7000 and Siem Helix 1, offset in part primarily by lower revenues on the Q5000 during the fourth quarter 2024. The Q4000 and the Q7000 generated higher rates during the fourth quarter 2024 compared to the same quarter in 2023. Additionally during the fourth quarter 2024, the Siem Helix 1 commenced its contract extension with Trident in Brazil at higher rates. Fourth quarter 2024 utilization was lower on our North Sea vessels, which were fully utilized during the fourth quarter 2023, and with the Siem Helix 2 commencing its vessel acceptance period at the end of December. Revenues on the Q5000 were also lower due to the vessel working at lower legacy rates during the fourth quarter 2024. There were a similar number of mobilization and transit days during both the fourth quarters 2024 and 2023. Overall Well Intervention vessel utilization decreased to 79% during the fourth quarter 2024 compared to 95% during the fourth quarter 2023. Well Intervention operating income increased $8.1 million during the fourth quarter 2024 compared to the fourth quarter 2023, primarily due to the contract cancellation fee and higher margins on the Q7000 Australia operations, offset in part by idle vessel costs in the North Sea and lower margins on the Q5000. Robotics Robotics revenues decreased $2.9 million, or 3%, during the fourth quarter 2024 compared to the prior quarter. The decrease in revenues was due to lower overall vessel, trenching and ROV utilization, offset in part by an increase in integrated vessel trenching days compared to the prior quarter. Chartered vessel activity decreased to 508 days, or 98%, during the fourth quarter 2024 compared to 532 days, or 96%, during the prior quarter. ROV and trencher utilization decreased to 64% during the fourth quarter 2024 compared to 77% during the prior quarter. Integrated vessel trenching increased to 269 days during the fourth quarter 2024 compared to 249 days during the prior quarter. The i-Plough had 26 days of utilization on a third-party vessel and the IROV boulder grab had 65 days of utilization during the fourth quarter 2024, whereas the i-Plough and the IROV boulder grab each had 92 days of utilization during the prior quarter. Robotics operating income decreased $4.8 million during the fourth quarter 2024 compared to the prior quarter primarily due to lower revenue and project demobilization costs incurred related to two vessels during the fourth quarter. Robotics revenues increased $18.6 million, or 30%, during the fourth quarter 2024 compared to the fourth quarter 2023. The increase in revenues was primarily due to higher rates on our vessels and ROVs and higher vessel activities, offset by lower ROV utilization during the fourth quarter 2024. Chartered vessel activity increased to 508 days, or 98%, during the fourth quarter 2024 compared to 463 days, or 97%, during the fourth quarter 2023. Integrated vessel trenching remained relatively flat with 269 days during the fourth quarter 2024 compared to 271 days during the fourth quarter 2023, and the fourth quarter 2024 included 26 days of utilization on the i-Plough trencher on a third-party vessel and 65 days of utilization on the IROV boulder grab, whereas the i-Plough and IROV were idle during the fourth quarter 2023. Overall ROV and trencher utilization decreased to 64% during the fourth quarter 2024 compared to 68% during the fourth quarter 2023. Robotics operating income increased $10.1 million during the fourth quarter 2024 primarily due to higher revenues compared to the fourth quarter 2023. Shallow Water Abandonment Shallow Water Abandonment revenues decreased $33.9 million, or 47%, during the fourth quarter 2024 compared to the prior quarter. The decrease in revenues was due to the seasonal decrease in vessel and system utilization during the fourth quarter 2024. Vessel utilization (excluding heavy lift) decreased to 65% during the fourth quarter 2024 compared to 76% during the prior quarter. Plug and Abandonment ("P&A") and Coiled Tubing ("CT") systems activity declined to 416 days, or 17% utilization, during the fourth quarter 2024 compared to 607 days, or 25% utilization, during the prior quarter. The Epic Hedron heavy lift barge had 41% utilization during the fourth quarter 2024 compared to 88% during the prior quarter. Shallow Water Abandonment operating income decreased $14.2 million during the fourth quarter 2024 compared to the prior quarter primarily due to lower revenues during the fourth quarter 2024. Shallow Water Abandonment revenues decreased $24.3 million, or 39%, during the fourth quarter 2024 compared to the fourth quarter 2023 due to lower vessel and system utilization during the fourth quarter 2024. Vessel utilization (excluding heavy lift) was 65% during the fourth quarter 2024 compared to 71% during the fourth quarter 2023. P&A and CT systems utilization declined to 416 days, or 17%, during the fourth quarter 2024 compared to 1,386 days of utilization, or 58%, during the fourth quarter 2023. The Epic Hedron heavy lift barge had 41% utilization during the fourth quarter 2024 compared to 76% utilization during the fourth quarter 2023. Shallow Water Abandonment operating income decreased $17.5 million during the fourth quarter 2024 compared to the fourth quarter 2023 primarily due to lower revenues. Production Facilities Production Facilities revenues decreased $2.2 million, or 11%, during the fourth quarter 2024 compared to the prior quarter primarily due to lower oil and gas production and prices during the fourth quarter. Oil and gas production declined quarter over quarter due to no production from the Thunder Hawk wells, which had one month of production in the prior quarter before being shut in, and an unplanned shut-in of the Droshky wells during October 2024, which had a full quarter of production during the prior quarter. Production Facilities operating income decreased $2.8 million during the fourth quarter 2024 compared to the prior quarter primarily due to lower revenues during the fourth quarter 2024. Production Facilities revenues decreased $0.9 million, or 5%, during the fourth quarter 2024 compared to the fourth quarter 2023 primarily due to lower oil and gas production and prices during the fourth quarter 2024. Oil and gas production declined during the fourth quarter 2024 due to an unplanned shut-in of the Droshky wells during October 2024. The Thunder Hawk wells were shut-in during both the fourth quarters 2024 and 2023. Production Facilities operating income increased $6.5 million during the fourth quarter 2024 compared to the fourth quarter 2023 primarily due to the incurrence of well workover costs related to the Thunder Hawk wells at the end of the fourth quarter 2023. Selling, General and Administrative and Other Selling, general and administrative expenses were $27.6 million, or 7.8% of revenue, during the fourth quarter 2024 compared to $21.1 million, or 6.2% of revenue, during the prior quarter and $23.0 million, or 6.9% of revenue, during the fourth quarter 2023. The increase in expenses during the fourth quarter 2024 was primarily due to higher compensation costs compared to the prior quarter and prior year. Other Income and Expenses Other expense, net was $1.3 million during the fourth quarter 2024 compared to $0.0 million during the prior quarter and other income, net of $7.0 million during the fourth quarter 2023. Other expense, net in the fourth quarter 2024 primarily included foreign currency losses related to the approximate 6% depreciation of the British pound. Other income, net during the fourth quarter 2023 primarily includes foreign currency gains related to the approximate 4% appreciation in the British pound, offset in part by losses on conversions of our Nigerian naira into dollars. Change in Fair Value of Contingent Consideration Change in fair value of contingent consideration of $10.9 million during the fourth quarter 2023 was related to our acquisition of Alliance and reflected an increase in the fair value during the fourth quarter 2023 of the estimated earnout, which was paid in April 2024. Cash Flows Operating cash flows were $78.0 million during the fourth quarter 2024 compared to $55.7 million during the prior quarter and $94.7 million during the fourth quarter 2023. Fourth quarter 2024 operating cash flows increased compared to the prior quarter primarily due to working capital inflows during the fourth quarter 2024 compared to outflows during the prior quarter and lower regulatory certification costs on our vessels and systems, offset in part by lower earnings during the fourth quarter 2024. Fourth quarter 2024 operating cash flows decreased compared to the fourth quarter 2023 primarily due to higher regulatory certification costs on our vessels and systems, and lower working capital inflows during the fourth quarter 2024. Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $6.1 million during the fourth quarter 2024 compared to $8.9 million during the prior quarter and $3.3 million during the fourth quarter 2023. Capital expenditures, which are included in investing cash flows, totaled $12.5 million during the fourth quarter 2024 compared to $3.2 million during the prior quarter and $3.4 million during the fourth quarter 2023.Free Cash Flow was $65.5 million during the fourth quarter 2024 compared to $52.6 million during the prior quarter and $91.9 million during the fourth quarter 2023. The increase in Free Cash Flow in the fourth quarter 2024 compared to the prior quarter was due primarily to higher operating cash flows, offset in part by higher capital expenditures, during the fourth quarter 2024. The decrease in Free Cash Flow in the fourth quarter 2024 compared to the fourth quarter 2023 was due to lower operating cash flow and higher capital expenditures during the fourth quarter 2024. Full Year Results: Well Intervention Well Intervention revenues increased $122.1 million, or 17%, in 2024 compared to 2023 due primarily to overall higher rates and utilization in 2024. U.S. Gulf Coast utilization improved in 2024 following a higher number of regulatory docking days during 2023 on the Q4000 and Q5000 vessels. Revenues on the Q7000 also increased during 2024 as the vessel incurred fewer transit and mobilization days in 2024 compared to 2023, and the vessel generated higher integrated project revenues on its Australia campaign during 2024 compared to the rates generated in New Zealand in 2023. During transit and mobilization periods, mobilization revenues and costs are deferred and not recognized. Revenues in Brazil improved primarily due to the transition of the Siem Helix 1 to its improved contracted rates with Trident during the fourth quarter 2024. North Sea revenues increased with year-over-year improvements in rates on both vessels and the recognition of a contract cancellation fee, offset in part by the return to lower winter seasonal utilization and the regulatory docking of the Well Enhancer during 2024, whereas both vessels had high utilization in 2023. Overall Well Intervention vessel utilization increased to 90% during 2024 compared to 88% in 2023. Well Intervention operating income increased $60.8 million during 2024 compared 2023 primarily due to higher revenues in 2024. Robotics Robotics revenues increased $39.8 million, or 15%, in 2024 compared to 2023. The increase was due to higher vessel, trenching and ROV utilization and higher rates in 2024. Chartered vessel days increased to 1,901 days, which included 371 spot vessel days, in 2024 compared to 1,699 days, which included 310 spot vessel days, in 2023. Vessel trenching days increased to 835 days in 2024 compared to 807 days in 2023. Overall ROV and trencher utilization increased to 69% in 2024 compared to 62% in 2023. Robotics operating income increased $24.9 million in 2024 compared to 2023. The increase in operating income was primarily due to higher revenues during 2023. Shallow Water Abandonment Shallow Water Abandonment revenues decreased $88.0 million, or 32%, in 2024 compared to 2023. The decrease in revenues was due primarily to lower utilization on our systems and vessels in 2024 compared to 2023. P&A and CT systems achieved 2,281 days of utilization, or 24%, during 2024 compared to 5,748 days, or 70%, during 2023. Vessel utilization (excluding heavy lift) declined to 61% in 2024 compared to 75% during 2023. Utilization on the Epic Hedron heavy lift barge was 44% in 2024 compared to 68% during 2023. Shallow Water Abandonment generated an operating loss of $9.3 million during 2024 compared to operating income of $66.2 million in 2023, primarily due to lower revenue in 2024. Production Facilities Production Facilities revenues increased $0.8 million, or 1%, during 2024 compared to 2023. The increase was primarily due to higher oil and gas production volumes in 2024, offset in part by lower rates on the Helix Fast Response System, which were reduced with the Q4000 project in Nigeria during the second half 2024. Production Facilities operating income increased $0.5 million during 2024 primarily due to higher revenues compared to 2023. Selling, General and Administrative and Other Selling, general and administrative expenses were $91.7 million, or 6.7% of revenue, in 2024 compared to $94.4 million, or 7.3% of revenue, in 2023. The decrease in expense was primarily due to a net decrease in compensation related costs offset partially by an increase in other facilities and professional fees in 2024. Net Interest Expense Net interest expense increased to $22.6 million in 2024 compared to $17.3 million in 2023. The increase was due to a full year of interest on our $300 million Senior Notes due 2029 issued during the fourth quarter 2023, offset in part by higher interest income on our invested cash during 2024. Change in Fair Value of Contingent Consideration Change in fair value of contingent consideration related to our acquisition of Alliance was $42.2 million during 2023 and reflects an increase in the fair value of the earnout that was based on Alliance earnings through 2023, which was paid in cash in April 2024. Losses Related to Convertible Senior Notes Losses related to convertible senior notes was $20.9 million in 2024 and $37.3 million in 2023 and are related to the redemption of the remaining $40.2 million principal amount of the 2026 Notes in 2024 and the repurchase of $159.8 million principal amount of the 2026 Notes during 2023. Other Income and Expenses Other expense, net was $3.9 million in 2024 compared to $3.6 million in 2023. Other expense, net in 2024 was primarily due to a charge of $2.4 million related to an increase in the value of incentive credits issued to the seller of P&A equipment acquired in 2023 and foreign currency losses due to the weakening of the British pound and Brazilian real in 2024, whereas other expense, net in 2023 primarily included foreign currency gains due to the strengthening in the British pound, offset in part by losses associated with the devaluation of our Nigerian naira holdings during 2023. Cash Flows Helix generated operating cash flows of $186.0 million in 2024 compared to $152.5 million in 2023. Operating cash flows in 2024 included $58.3 million cash paid for the earnout related to the Alliance acquisition. Absent this payment, operating cash flows would have increased $91.9 million compared to 2023 primarily due to higher earnings, improved working capital inflows, and lower regulatory certification costs on our vessels and systems in 2024. Regulatory certification costs, which are considered part of Helix's capital spending program but are classified in operating cash flows, were $35.4 million in 2024 compared to $62.5 million in 2023. Capital expenditures increased to $23.3 million in 2024 compared to $19.6 million in 2023. Free Cash Flow increased to $163.2 million in 2024 compared to $133.8 million in 2023. The increase was due to higher operating cash flows, offset in part by higher capital expenditures in 2024 compared to 2023. (Free Cash Flow is a non-GAAP measure. See reconciliation below.) Share Repurchases Share repurchases in 2024 totaled 2.9 million shares for approximately $29.6 million compared to share repurchases in 2023 of 1.6 million shares for approximately $12.0 million. Financial Condition and Liquidity Cash and cash equivalents were $368.0 million on December 31, 2024. Available capacity under our ABL facility on December 31, 2024 was $66.6 million, and total liquidity was $429.6 million, and excludes cash pledged toward our ABL facility. Consolidated long-term debt was $315.2 million on December 31, 2024, resulting in negative Net Debt of $52.9 million. About Helix Energy Headquartered in Houston, Texas, Helix Energy Solutions Group, Inc. is an American oil and gas services company. * * * Egan-Jones Ratings Company on December 16, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Helix Energy Solutions Group, Inc. HILMORE LLC: Hires Law Offices of Raymond H. Aver as Counsel ------------------------------------------------------------ Hilmore LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Law Offices of Raymond H. Aver as counsel. The firm will provide these services: a. represent the Debtor at its Initial Debtor Interview; b. represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 314(a), or any continuance thereof; c. represent the Debtor at all hearings before the United States Bankruptcy Court involving the Debtor as debtor in possession and as reorganized debtor, as applicable. d. prepare on behalf of the Debtor, as debtor in possession all necessary applications, motions, orders, and other legal papers; e. advise the Debtor regarding matters of bankruptcy law, including Applicant's rights and remedies with respect to the Debtor's assets and the claims of its creditors; f. represent applicant with regard to all contested matters; g. represent the Debtor with regard to the preparation of a disclosure statement and the negotiation, preparation, and implementation of a plan of reorganization; h. analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; i. negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims. j. object to claims as may be appropriate; and k. perform all other legal services for the Debtor as debtor in possession as may be necessary, other that adversary proceedings which would require a further written agreement. The firm will be paid at the rate of $595 per hour. It will also be paid a retainer in the amount of $35,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Raymond H. Aver, Esq. a partner at Law Offices of Raymond H. Aver, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Raymond H. Aver, Esq. Law Offices of Raymond H. Aver 10801 National Boulevard, Suite 100 Los Angeles CA 90064 Tel: (310) 571-3511 Email: ray@averlaw.com About Hilmore LLC Hilmore LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Hilmore LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.: 25-10481) on January 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Raymond H. Aver, Esq. at LAW OFFICES OF RAYMOND H. AVER, A PROFESSIONAL CORPORATION. HMC PARTNERS: Seeks Chapter 11 Bankruptcy in Nevada --------------------------------------------------- On February 28, 2025, HMC Partners LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About HMC Partners LLC HMC Partners LLC is a Las Vegas-based financial advisory firm. HMC Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-11148) on February 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 Email: mzirzow@lzlawnv.com HYPERSCALE DATA: Extends Forbearance Agreement to May 15 -------------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and an institutional investor entered into an amended and restated forbearance agreement, pursuant to which the Investor agreed to forebear through the close of business on May 15, 2025, from exercising the rights and remedies it is entitled to under the Old Note, and any and all transaction documents related thereto, in consideration for the Company's agreement to issue the A&R Forbearance Note. As previously reported in the Current Report on Form 8-K on July 18, 2024, the Company entered into a note purchase agreement with the Investor pursuant to which the Investor agreed to acquire, and the Company agreed to issue and sell in a registered direct offering to the Investor, a $5,390,000 10% OID Convertible Promissory Note for $4,900,000, which transaction closed on July 19. The Old Note had a maturity date of October 19. On December 10, the Company and the Investor entered into a Forbearance Agreement pursuant to which the Investor agreed to forebear through the close of business on December 31, 2024, from exercising the rights and remedies it is entitled to under the Old Note, and any and all transaction documents related thereto, in consideration for the Company's agreement to issue a convertible promissory note in the amount of $853,067.93, which transaction closed on December 10, 2024. Description of the A&R Forbearance Note The Company issued to the Investor an amended and restated convertible promissory note in the amount of $3.5 million , consisting of: (i) the amount then due under the Forbearance Note of $887,985.29, (ii) a forbearance extension fee of $311,916.67 and (iii) a true-up amount of $2,300,098.04. Subject to the approval by the NYSE American LLC and the Company's stockholders, the A&R Forbearance Note shall be convertible into shares of class A common stock, par value $0.001 per share of the Company, at a conversion price equal to $2.00. The A&R Forbearance Note will accrue interest at the rate of 18% per annum and mature on May 15, 2025. The A&R Forbearance Note is convertible at any time after NYSE approval of the Supplemental Listing Application and Stockholder Approval into shares of Common Stock at the Conversion Price, subject to adjustment. It contains standard and customary events of default including, but not limited to, failure to pay amounts due under the A&R Forbearance Note when required, default in covenants, bankruptcy events and suspension or delisting from trading of our Common Stock on an eligible exchange. The Company may not issue Conversion Shares to the extent such issuances would be prohibited in accordance with the rules and regulations of the NYSE unless the Company first obtains Stockholder Approval. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a working capital deficiency, has incurred net losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. IMPERIAL TOBACCO: Court Approves CCAA Settlement Plan ----------------------------------------------------- Imperial Tobacco Canada reported on March 6, 2025, that the court-appointed Mediator's and Monitor's Plan of Compromise and Arrangement has been sanctioned by the Ontario Superior Court of Justice in the ongoing proceedings under the Companies' Creditors Arrangement Act. Eric Gagnon, Vice President, Corporate and Regulatory Affairs for Imperial Tobacco Canada, stated: "We are pleased that the Court has sanctioned the Mediator's and Monitor's Plan of Arrangement, a critical milestone in the CCAA process. We look forward to the successful implementation of this Plan, which maximizes value for claimants, resolves outstanding tobacco litigation, and allows us to emerge from CCAA protection." The Plan resolves all Canadian tobacco litigation and provides a full and comprehensive release to Imperial Tobacco Canada, BAT and all related entities for all Canadian tobacco claims. This settlement will be funded by the cash on hand and the profits generated from the future sale of tobacco products in Canada, thereby maximizing recovery for the claimants. "While there are still some steps that must be taken to implement the settlement, Imperial Tobacco Canada is committed to continue working with the relevant parties to complete this process as quickly as possible for the benefit of all stakeholders," added Mr. Gagnon. Companies' Creditors Arrangement Act CCAA is the Companies' Creditors Arrangement Act, and it refers to the Canadian Federal Act that allows corporations the opportunity to restructure their affairs. An organization that files for court protection under CCAA continues to operate and maintain business that is "in the ordinary course" or business as usual. FTI Consulting Canada Inc. is serving as the Court-appointed Monitor of Imperial Tobacco Canada. Additional information regarding Imperial Tobacco Canada's CCAA proceedings will be available on the Monitor's website at http://cfcanada.fticonsulting.com/imperialtobacco. About Imperial Tobacco Imperial Tobacco Canada Limited -- http://www.imperialtobaccocanada.com/-- is a cigarette manufacturing company operating in Canada. It is a wholly-owned subsidiary of British American Tobacco. INRI LANDSCAPE: Gets Extension to Access Cash Collateral -------------------------------------------------------- INRI Landscape Management, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral. The company needs to use cash collateral to maintain operations, pay its operating expenses, and make payments to creditors holding secured interests in its tangible assets. The creditors that have filed liens asserting interests in cash collateral are the U.S. Small Business Administration, CT Corporation, Financial Agent Services, Corporate Service Company, and Kyle Doster. Other creditors that may claim liens on cash collateral are Bankers Health Group, LLC, Kapitus Servicing and Rapid Finance. INRI has been unable to identify documents confirming these creditors have perfected secured interests. As protection, each creditor that held a perfected secured interest before the filing of INRI's bankruptcy petition was granted security interest in and lien on all post-petition assets of the company to the same extent and with the same priority as its pre-bankruptcy lien. The next hearing is set for March 27. About INRI Landscape Management Inc. INRI Landscape Management Inc. filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20039) on January 13, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Stacey Braselton, president of INRI, signed the petition. Judge James R. Sacca oversees the case. The Debtor is represented by Bradley J. Patten, Esq., at Smith, Gilliam, Williams & Miles, P.A. INRI LANDSCAPE: Hires Smith Gilliam William & Miles as Attorney --------------------------------------------------------------- Inri Landscape Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Smith, Gilliam, William & Miles, P.A. as attorney. The firm's services are: a. giving Debtor legal advice with respect to its powers and duties as a debtor-in-possession in the continued operation of its business and management of its assets; b. preparing on behalf of Debtor of the necessary applications, motions, answers, orders, reports, plans, and other legal papers; and c. providing all other legal services for Debtor which may be necessary for the efficient administration of the above-referenced case. The firm will be paid at these rates: Brad J. Patten $375 per hour Associates $250 per hour Legal Assistants $175 per hour The firm was paid a retainer in the amount of $21,187. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Brad J. Patten, Esq. a partner at Smith, Gilliam, William & Miles, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brad J. Patten, Esq. Smith, Gilliam, William & Miles, P.A. 340 Jesse Pkwy SE, Suite 300 Gainesville, GA 30501 Tel: (770) 536-3381 Email: bpatten@sgwmfirm.com About INRI Landscape Management Inc. INRI Landscape Management Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20039) on January 13, 2025. In the petition signed by Stacey Braselton, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. The Debtor is represented by Brad J. Patten, at Smith, Gilliam, Williams & Miles, P.A. IYS VENTURES: Court to Hold Cash Collateral Hearing on April 1 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold an evidentiary hearing on April 1 on IYS Ventures, LLC's motion to use cash collateral. The court's previous interim order issued on Feb. 26 allowed the company to access cash collateral until March 7. The Feb. 26 order granted lien claimants replacement liens on the company's equipment, inventory and other assets as protection for the use of their cash collateral. The deadline for filing objections to the motion is on March 31. About IYS Ventures IYS Ventures, LLC leases, owns and operates gas stations in Illinois, Minnesota, Michigan, Indiana, Ohio, South Dakota, Virginia, Wisconsin, and Louisiana. IYS Ventures filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06782) on May 23, 2023, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Muwafak Rizek, manager and member of IYS Ventures, signed the petition. Judge David D. Cleary oversees the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. J DREYFUSS: Hires CBIZ Advisors LLC as Accountant ------------------------------------------------- J Dreyfuss & Associates Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ CBIZ Advisors, LLC as accountant. The firm will prepare and provide financial reporting to be made in connection with the bankruptcy case, including but not limited to income and expense reports, financial statements, tax returns , monthly operating reports and providing data necessary for interim statements and operating reports. The firm will be paid a flat fee of $4,125 for the preparation of the Debtor's 2024 tax return. Beth Welty Dreyfuss, a partner at CBIZ Advisors, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Beth Welty Dreyfuss CBIZ Advisors, LLC 30870 Russell Ranch Road, #380 Westlake Village, CA 91362 Tel: (805) 988-3222 Fax: (805) 988-3220 About J Dreyfuss & Associates Inc. J Dreyfuss & Associates Inc. filed its voluntary petition for relief as a Chapter 7 case (Bankr. C.D. Cal. Case No. 24-11393) on Feb 26, 2024. It was converted to Chapter 11 by the order entered on July 26, 2024. At the time of filing, the Debtor estimated up to $50,000 in both assets and liabilities. Bradley J. Yourist, Esq. at Youris Law Corporation, APC as its counsel. JERVOIS MINING: Gets Court Ok for Ch. 11 Plan Debt-for-Equity Swap ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that on March 6, 2025, a Texas bankruptcy judge approved the reorganization plan of Australia-based cobalt mining and refining company Jervois Mining Ltd., overruling a shareholder's objection concerning the case's speed and U.S. connections. About Jervois Global Jervois Global Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and its affiliates are global suppliers of advanced manufactured cobalt products, serving customers in the powder metallurgy, battery and chemical industries. The Debtors' principal asset base is comprised of an operating cobalt facility in Finland and non-operating plants in both the United States and Brazil. On January 28, 2025, Jervois Texas, LLC and seven affiliated debtors, including Jervois Global Limited filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The Debtors' bankruptcy cases are seeking joint administration under Case No. 25-90002 and are pending before the Honorable Judge Christopher M. Lopez in the United States Bankruptcy Court for the Southern District of Texas. The Debtors tapped SIDLEY AUSTIN LLP as restructuring counsel, MOELIS & COMPANY as investment banker, and FTI CONSULTING, INC., as restructuring advisor. STRETTO, INC., is the claims agent. JOANN INC: Initiates Store Closing Process at All 790 Locations --------------------------------------------------------------- JOANN, the fabric and crafts retailer, has commenced store closing sales at all 790 locations nationwide. The sale offers customers significant discounts on a wide assortment of crafting, sewing, and home décor products while supplies last. Initial discounts start at up to 40% off store merchandise. The store closing process is being managed by GA Group, a leading asset disposition, valuation, appraisal, and real estate services firm with extensive expertise in large-scale retail liquidations, together with Tiger Group as part of a joint venture. "JOANN has been a beloved destination for makers and craft enthusiasts for more than 80 years," said Tim Shilling of GA Group. "As we begin this store closing process, our priority is to ensure an orderly wind-down of the retailer's operations while providing customers with exceptional savings on their favorite crafting and home décor products. This sale is a great opportunity for shoppers to take advantage of these deep discounts before stores close." Tiger Group, the financial, disposition, asset-valuation and advisory services firm, which is assisting in managing the store closing sales, emphasized the opportunity for customers to take advantage of these special discounts. "This sale represents an extraordinary chance for JOANN's loyal customers to find great deals on their favorite craft and home décor supplies," said Michael McGrail of Tiger Group. "We encourage shoppers to visit early for the best selection." GA Group was recognized as the successful bidder to serve as JOANN's exclusive agent to monetize substantially all of JOANN's assets pursuant to an auction approved by the U.S. Bankruptcy Court for the District of Delaware on February 26, 2025. All sales are final during this store closing event. The sale is expected to last for approximately 12 weeks, until the end of May, or until supplies last. All furniture, fixtures, and equipment are also available for purchase. The retailer's intellectual property and leases will also be sold as part of this process. For more information on store locations and sale details, shoppers are encouraged to visit www.joann.com. About Tiger Group Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 50 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation, and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital, or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto. About GA Group GA Group is a privately held, global firm offering a comprehensive set of tailored solutions to meet our clients' diverse needs. Our experts value, monetize, lend against, or acquire assets across a broad range of sectors from both healthy and distressed companies. GA Group and its predecessors are celebrating 50 years of customer service, and the company's leadership has over 100 years of collective experience in the industry. GA Group is majority-owned by funds managed by Oaktree Capital Management, L.P. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25 10068) on Jan. 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. JOP3 DEVELOPMENT: To Sell Furniture & Electronics to PIVO Realty ---------------------------------------------------------------- JOP3Development LLC and its affiliate, Integrity General Contractors LLC, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, to sell Assets, free and clear of all liens, claims, encumbrances, and interests. The Debtor's Assets are comprised of furniture and electronics located at 615 Six Flags Drive, Arlington, Texas. The Debtor negotiates with PIVO Realty LLC for the purchase of the Assets with the purchase price of $5,000 payable to the Debtor in cash at closing. The Debtor believes that the offer is the highest and best offer that will be received for the Assets. About JOP3Development LLC JOP3 Development is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). JOP3 Development, LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33644) on Nov. 10, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Jon O. Pope, III, managing member, signed the petition. Judge Michelle V. Larson oversees the case. Hayward PLLC serves as the Debtor's legal counsel. JW REALTY: Hires Davidoff Hutcher & Citron LLP as Attorney ---------------------------------------------------------- JW Realty Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Davidoff Hutcher & Citron LLP as attorneys. The firm will render these services: (a) advise the Debtor with respect to the powers and duties; (b) advise and consult the conduct of this Chapter 11 case; (c) attend meetings and negotiate with representatives of creditors and other parties; (d) take all necessary actions to protect and preserve the Debtor's estate; (e) prepare pleadings in connection with the Chapter 11 case; (f) represent the Debtor in connection with obtaining authority to continue using cash collateral and post-petition financing; (g) advise the Debtor in connection with any potential sale of assets; (h) appear before the court and any appellate courts to represent the interests 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 the Chapter 11 case. The firm will be paid at these hourly rates: Robert Rattet, Partner $850 Jonathan Pasternak, Partner $825 Craig Price, Senior Counsel $750 Matthew Yogg, Associate $675 James Glucksman, Of Counsel $600 John Molino, Associate $500 Eric Schachter, Associate $450 Melanie Spencer, Paralegal $295 In addition, the firm will seek reimbursement to expenses incurred. The firm received a retainer of $22,500 from Yitzchok Weiner, sole member and manager of the Debtor. Mr. Pasternak disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan S. Pasternak, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About JW Realty Holdings LLC JW Realty Holdings LLC is a single-asset company, is the fee simple owner of the property located at 253 County Rte 105, Highland Mills, NY 10930, which is valued at $1.35 million. JW Realty Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-35180) on February 20, 2025. In its petition, the Debtor reports total assets of $1,350,000 and total liabilities of $1,155,000. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. JW REALTY: Seeks to Hire Jacobs PC as Special Litigation Counsel ---------------------------------------------------------------- JW Realty Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Jacobs PC as special litigation counsel. The firm will render these services: a. represent the Debtor with respect to the claims and issues asserted in the Appeal; b. assist and advise the Debtor and Debtor's bankruptcy counsel, in connection with settling and/or adjudicating the claims raised in the Appeal; c. appear before this Court and any other Federal or State or Administrative Court, as the Debtor deems necessary and/or appropriate; and d. perform all other necessary legal services requested or required by the Debtor in this case as it relates to the Appeal. The firm will be paid at these rates: Leo Jacobs $1,200 per hour Adam Sherman $815 per hour Paralegals $300 per hour Adam Sherman Esq., an attorney with Jacobs PC, 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 Sherman Esq. Jacobs PC 717 Fifth Avenue, FL 26 New York, NY 10022 Telephone: (914) 381-7400 About JW Realty Holdings LLC JW Realty Holdings LLC is a single-asset company, is the fee simple owner of the property located at 253 County Rte 105, Highland Mills, NY 10930, which is valued at $1.35 million. JW Realty Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-35180) on February 20, 2025. In its petition, the Debtor reports total assets of $1,350,000 and total liabilities of $1,155,000. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. KAL FREIGHT: Ch. 7 Liquidation Hearing Postponed Amid Sale Debate ----------------------------------------------------------------- Yun Park of Law360 reports that the hearing to decide whether bankrupt trucking company KAL Freight's case should be converted to Chapter 7 liquidation has been postponed to next week as the debtor works to finalize a Chapter 11 asset sale. About Kal Freight Established in 2014, Kal Freight Inc. is a trucking company that offers a complete range of transportation and logistics services to diverse industries across the United States. It has strategic locations across the United States with extended distribution warehouses and terminals in Fontana, Calif., Texas, New Jersey, Indiana, Tennessee, Georgia, Arizona and Arkansas. Kal Freight and its affiliates filed Chapter 11 petitions (Bankr. S.D. Tex. Case No. 24-90614) on Dec. 5, 2024, with $100 million to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel; Development Specialists, Inc. as interim management services provider; and Benesch, Friedlander, Coplan & Aronoff LLP as special transportation counsel. Stretto, Inc. is the Debtors' claims and noticing agent. KENYON SHERMAN: Seeks Approval to Hire RISM LLC as General Counsel ------------------------------------------------------------------ Kenyon Sherman LLC seeks approval from the U.S. Bankruptcy Court for the District of Colombia to hire Jamison B. Taylor, Esq. of RISM LLC as its counsel. The counsel will represent the Debtors in all aspects of the reorganization proceedings and provide legal advice associated with the filing of the chapter 11 proceeding, the preparing and filing of a plan of reorganization and solicitation and confirmation of the plan pursuant to the terms of the Bankruptcy Code. Mr. Taylor will charge $350 per hour for his services. The firm received a retainer in the amount of $6,000. Mr. Taylor, managing attorney at RISM LLC, assured the court that he is a disinterested party and does not have an adverse relationship to this case. The firm can be reached through: Jamison B. Taylor, Esq. RISM LLC 1218 11th St. N.W., Suite 100 Washington, DC 20001 Phone: (202) 792-5850 Fax: (202) 478-2146 Email: Jtaylor@rismllc.com About Kenyon Sherman LLC Kenyon Sherman LLC is a Washington DC-based real estate company. Kenyon Sherman LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00022) on January 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Jamison Bryant Taylor, Esq. KINGSBOROUGH ATLAS: Hires Michael C. Fallon as Bankruptcy Counsel ----------------------------------------------------------------- Kingsborough Atlas Tree Surgery Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ the Law Office of Michael C. Fallon as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. The firm will be paid at these rates: Attorneys $500 per hour Associates $400 per hour Legal Assistant $150 per hour The firm received from the Debtors a retainer of $75,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Fallon, Esq., disclosed in a court filing that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Fallon, Esq. Michael Fallon, Jr., Esq. 100 E Street, Suite 219 Santa Rosa, CA 95404 Tel: (707) 546-6770 Email: mcfallon@fallonlaw.net Email: fallonmcf@fallonlaw.net About Kingsborough Atlas Tree Surgery Inc. Kingsborough Atlas Tree Surgery Inc. is a Santa Rosa, California-based tree surgery company. Kingsborough Atlas Tree Surgery Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10088) on February 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor is represented by Michael C. Fallon, Esq. at Law Offices of Michael C. Fallon. LA DELTA FARMS: Hires Patrick J. Gros CPA as Accountant ------------------------------------------------------- LA Delta Farms Oil Company, 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 provide these services: a. prepare monthly and quarterly financial reports as required; b. assistance 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 by the Debtor. The firm will be paid at these rates: Partner $275 per hour Manager $175 per hour Senior Accountant $150 per hour Staff Accountant $105 per hour The firm will be paid a retainer in the amount of $8,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Patrick J. Gros, a partner at Professional Accounting Corporation, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Patrick J. Gros A Professional Accounting Corporation 651 River Highlands Boulevard Covington, LA 70433 Tel: (985) 898-3512 Fax: (985) 871-9600 About LA Delta Farms Oil Company, LLC LA Delta Farms Oil Company LLC is part of the crude petroleum extraction industry. LA Delta Farms Oil Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11550) on August 9, 2024. In the petition filed by Ethan A. Miller, as president/manager, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Meredith S. Grabill oversees the case. The Debtor is represented by: Frederick Bunol, Esq. THE DERBES LAW FIRM, LLC 3027 Ridgelake Drive Metairie LA 70002 Tel: (504) 207-0908 Email: fbunol@derbeslaw.com LACAYO REAL: Hires Law Firm of CRL Law Group as Attorney -------------------------------------------------------- Lacayo Real Estate Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ CRL Law Group as attorney. The firm will provide these services: a. advise the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its affairs and property; attend meetings and negotiate with representatives of creditors and other parties in interest; b. advise and consult on the conduct of the chapter 11 case, including all of the legal and administrative requirements of operating in chapter 11; c. advise the Debtor in connection with any contemplated sales of assets formulate and implement bidding procedures, evaluate competing offers, draft, appropriate documents with respect to the proposed sales and counsel the Debtor in connection with the closing of such sales; d. analyze the Debtor's leases and contracts and the assumptions, rejections, or assignments thereof and the validity of liens against the Debtor's assets, and advise the Debtor on matters relating thereto; e. take all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any actions commenced against the Debtor or its respective estate, and representing the Debtor's interests in negotiations concerning all litigation in which the Debtor is or may be involved, including objections to claims filed against the Debtor's estate; f. prepare pleadings in connection with the chapter 11 case on the Debtor's behalf, including all motions, applications, answers, orders, reports and papers necessary to the administration of the Debtor's estate; g. negotiate and prepare on the Debtor's behalf a chapter 11 plan of reorganization or liquidation, disclosure statement and all related agreements and/or documents, and take any necessary actions on behalf of the Debtor 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 the Court, any appellate courts, and the U.S. Trustee to protect and represent the interests of the Debtor's estate before such courts and the U.S. Trustee; and j. perform all other necessary legal services and provide all other necessary legal advise to the Debtor in connection with these chapter 11 cases. The firm will be paid at these rates: Partners $550 per hour Paraprofessionals $125 per hour The firm will be paid a retainer in the amount of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Laudy Luna, Esq., a partner at CRL Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laudy Luna CRL Law Group 2655 S. le Jeune Rd., Suite 804 Coral Gables, FL 33134 Tel: (786) 332-6787 Fax: (786) 204-0687 About Lacayo Real Estate Group Lacayo Real Estate Group LLC is the owner of four retail spaces, all located in Doral, Florida, with an estimated total current value of $3.25 million. Lacayo Real Estate Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10285) on January 13, 2025. In its petition, the Debtor reports total assets of $3,245,000 and total liabilities of $2,332,561. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. Jose M. Sanchez, Esq., at JMS Law, PA represents the Debtor as counsel. LEADPOINT INC: Seeks to Hire Levene Neale Bender as Counsel ----------------------------------------------------------- LeadPoint Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these rates: Attorneys $550 to $750 per hour Paraprofessionals $300 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. During the 1-year period prior to the Petition Date, the Debtor paid the total sum of $31,738 to the firm, which constituted a pre-bankruptcy retainer. Todd M. Arnold, Esq., a partner at Levene, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Todd M. Arnold, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: tma@lnbyg.com About LeadPoint Inc. LeadPoint Inc., d/b/a SecureRights, is a technology-driven platform that revolutionized the online lead generation industry by creating the first web-based lead exchange in 2004. It uses proprietary algorithms, machine learning, and feedback loops to validate and score leads, enabling smarter matching and pricing. The platform connects buyers and sellers of leads, providing a transparent and secure environment for real-time data and consumer-initiated voice leads across multiple verticals. With over 2,000 buyers and hundreds of thousands of leads purchased each month, LeadPoint offers significant value, control, and revenue for sellers in the lead marketplace. LeadPoint Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10179) on January 31, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Ron Bender, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. LEE FRANCHISE: Gets OK to Use Cash Collateral Until March 26 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina issued an interim order authorizing Lee Franchise Holdings, Inc. to use cash collateral until March 26. The interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. Lee Franchise projects total operational expenses of $38,111.35 from Feb. 21 to March 21. Secured creditors including Dogwood State Bank, Cashable, LLC, Millstone Funding, Inc., Alpine Advance 5, LLC, and Pipe Advance, LLC were granted post-petition liens and security interests in their collateral, with the same priority as their respective pre-bankruptcy liens and security interests. Lee Franchise's authority to use cash collateral terminates upon the occurrence of so-called events of default, including failure to comply with the terms of the order; use of cash collateral other than as agreed; dismissal or conversion of its Chapter 11 case to a proceeding under Chapter 7; and failure to pay post-petition tax liabilities. The next hearing is scheduled for March 19. About Lee Franchise Holdings Lee Franchise Holdings, Inc. operates a commercial window cleaning and pressure washing company in Craven County, N.C., with its principal office at 257 Belltown Road, Havelock, N.C. Lee Franchise Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00617) on February 21, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Bradley M. Lee, president of Lee Franchise Holdings, signed the petition. Judge Pamela W. McAfee oversees the case. The Debtor is represented by: David J. Haidt, Esq. Ayers & Haidt, P.A. P.O. Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: 252-638-2955 Email: david@ayershaidt.com LEE FRANCHISE: Seeks to Hire Ayers & Haidt as Bankruptcy Counsel ---------------------------------------------------------------- Lee Franchise Holdings, Inc. seeks approval from the U.S. Bankruptcy Court of North Carolina to hire Ayers & Haidt, P.A. to serve as legal counsel in its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $15,000. David J. Haidt, Esq., a partner at Ayers & Haidt, PA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David J. Haidt, Esq. AYERS & HAIDT, PA P.O. Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: (252) 638-2955 Email: davidhaidt@embarqmail.com About Lee Franchise Holdings Inc. Lee Franchise Holdings, Inc. operates a commercial window cleaning and pressure washing company based in Craven County, North Carolina, with its principal office at 257 Belltown Road, Havelock, North Carolina. Lee Franchise Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00617) on February 21, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Bradley M. Lee, president of Lee Franchise Holdings, signed the petition. Judge Pamela W. McAfee oversees the case. David J. Haidt, Esq., at Ayers and Haidt, PA, represents the Debtor as legal counsel. LEVY VENTURES: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Levy Ventures LLC 368 New Hempstead Road, #244 New City, NY 10956 Business Description: Levy Ventures LLC is engaged in real estate -related activities. Chapter 11 Petition Date: March 5, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22182 Judge: Hon. Sean H. Lane Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ephraim Diamond as chief restructuring officer. 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/KXRYOGI/Levy_Ventures_LLC__nysbke-25-22182__0001.0.pdf?mcid=tGE4TAMA LJB LLC: Trustee Hires Nai Glickman as Real Estate Broker --------------------------------------------------------- Mark G. DeGiacomo, the Trustee of LJB LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Nai Glickman Kovago & Jacobs as real estate broker. The firm will sell and market the Debtor's property located at 550/560/570 Moody St., 11 Alder St., 10 Myrtle St., and 90 Cherry St., Waltham, Massachusetts. The firm will be paid a commission of 4 percent of the sales price. Michael C. Jacobs, a partner at Nai Glickman Kovago & Jacobs, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael C. Jacobs Nai Glickman Kovago & Jacobs 1 Mercantile Street, Suite 510 Worcester, MA 01608 Tel: (508) 753-9100 About LJB LLC LJB LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12236) on November 7, 2024, with $1 million to $10 million in both assets and liabilities. Kenneth L. Brown, manager, signed the petition. Judge: Janet E Bostwick oversees the case. The Debtor is represented by: Gary W. Cruickshank Law Office Of Gary W. Cruickshank Tel: (617) 330-1960 Email: gwc@cruickshank-law.com LOOP MEDIA: Converts $1.1 Million Debt Into 26.26MM Common Shares ----------------------------------------------------------------- Loop Media, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on or around March 28, 2024, the Company issued a secured non-revolving line of credit promissory note in the original principal amount of $1,000,000 to Excel Family Partners, LLLP, a Florida limited liability limited partnership, as further reported in the Company's Current Report on Form 8-K filed on April 2, 2024. Bruce A. Cassidy, the Company's Executive Chairman of the Board and a significant stockholder of the Company, is Manager of Excel's general partner. On February 20, 2025, in order to reduce the Company's debt, the Company and Excel entered into an exchange agreement, pursuant to which the entire balance owed under the Note (totaling $1,103,000) was exchanged into 26,261,905 restricted shares of the Company's common stock, par value $0.0001 per share, which was equal to an exchange rate of $0.042 per share. The Company claims an exemption from the registration requirements of the Securities Act of 1933, as amended, for the private placement of the Shares pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder because, among other things, the transaction did not involve a public offering, each recipient is an accredited investor, each recipient acquired the securities for investment and not resale, and the Company took appropriate measures to restrict the transfer of the Shares. Following the issuance of the Shares, there were 109,215,474 shares of the Company's common stock outstanding as of February 20, 2025. A full-text copy of the Exchange Agreement by and between the Company and Excel dated February 20, 2025, is available at: https://tinyurl.com/ywtduu4v About Loop Media Headquartered in Burbank, CA, Loop Media, Inc., a Nevada corporation, is a multichannel digital video platform media company that uses marketing technology, or "MarTech," to generate its revenue and offer its services. The Company's technology and vast library of videos and licensed content enable it to curate and distribute short-form videos to connected televisions ("CTV") in out-of-home ("OOH") dining, hospitality and retail establishments, convenience stores and other locations and venues to enable the operators of those locations to inform, entertain and engage their customers. The Company's technology also provides businesses the ability to promote and advertise their products via digital signage and provides third-party advertisers with a targeted marketing and promotional tool for their products and services. Costa Mesa, California-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Dec. 12, 2024, citing that the Company has incurred recurring losses resulting in an accumulated deficit, had negative cash flows used in operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2024, Loop Media had $7.51 million in total assets, $25.30 million in total liabilities, and a total stockholders' deficit of $17.78 million. LUTHERAN HOME: Hires WYSE Advisors LLC as Financial Advisor ----------------------------------------------------------- Lutheran Home and Services for the Aged, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ WYSE Advisors LLC as financial advisor. The firm will provide these services: a. assistance to the Debtors in the preparation of financial-related disclosures required by the Court, including but not limited to the Debtors' schedules of assets and liabilities, statements of financial affairs and monthly operating reports; b. assistance to the Debtors' management team and counsel focused on the coordination of resources related to the bankruptcy filing and liquidation and/or reorganization efforts; c. assistance in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, and analysis of various asset and liability accounts; d. attendance at meetings and assistance in discussions with the United States Trustee, the other parties in interest and professionals hired by same, as requested; e. assistance to management in connection with the Debtors' development of forecasts as may be required in connection with the restructuring efforts; f. assistance in the preparation of information and analysis necessary for the confirmation of a chapter 11 plan in these chapter 11 cases, including information contained therein; and g. provision of such other general business consulting or such other assistance as the Debtors' management or counsel may deem necessary consistent with the role of a financial advisor to the extent that it would not be duplicative of services provided by other professionals in this proceeding. The firm will be paid at these rates: Michael Wyse $875 per hour Cole Celenza $475 per hour Josh Gatlin $475 per hour Jainee Shah $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Wyse, a partner at WYSE Advisors LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Wyse Wyse Advisors, LLC 51 JFK Pkwy. Short Hills, NJ 07078 Tel: (973) 218-2407 About Lutheran Home and Services for the Aged, Inc. 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 one point Partners, LLC as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. MAGIC CAR: Hires Anyama Law Firm APC as Insolvency Counsel ---------------------------------------------------------- Magic Car Rental Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Anyama Law Firm, APC as insolvency counsel. The firm will provide these services: a. advise the Debtor on matters relating to administration of the Estate, and on the Debtor's rights and remedies with regard to the Estate's assets and the claims of secured and unsecured creditors; b. appear for, prosecute, defend and represent the Applicant's interest in suits arising in or related to this case, including any adversary proceedings against the Debtor; c. assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this estate. The firm will be paid at these rates: Attorneys $400 to $450 per hour Paralegals $150 to $200 per hour On February 4, 2025, the Debtor paid the firm a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Onyinye N. Anyama, Esq., a partner at Anyama Law Firm, APC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Onyinye N. Anyama, Esq. Anyama Law Firm, APC 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Tel: (562) 645-4500 Fax: (562) 645-4494 About Magic Car Rental Inc. Magic Car Rental Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 25-10123) on Jan. 24, 2025, disclosing under $1 million in both assets and liabilities. The Debtor hires Anyama Law Firm, APC as counsel. MAGIC CAR: Seeks Cash Collateral Access --------------------------------------- Magic Car Rental, Inc. asked the U.S. Bankruptcy Court for the Central District of California, San Fernando Division, for authority to use cash collateral. The company needs to use cash collateral to cover post-petition expenses like mortgages, property maintenance, and utilities. Magic Car Rental has faced significant financial hardship, exacerbated by the pandemic, personal health issues, and family losses. Despite attempts to restructure the debts before filing for bankruptcy, these efforts were unsuccessful. ReadyCap Lending, LLC holds the first lien on Magic Car Rental's real properties. Perpetual Investments, LLC holds a second lien on the company's property in Winnetka, Calif., while Ted Goldberg holds a second lien on the company's property in Northridge, Calif. Magic Car Rental owes significant amounts to its creditors, including over $2.5 million to ReadyCap Lending and nearly $600,000 to Perpetual Investments. As protection, Magic Car Rental proposed to grant replacement liens and make payments to the secured creditors. A hearing on the matter is set for March 19. About Magic Car Rental Inc. Magic Car Rental, Inc. operates a car rental business and owns two real properties in California, which generate rental income. Magic Car Rental filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10123) on January 24, 2025, listing up to $10 million in both assets and liabilities. Simon Simonyan, chief executive officer of Magic Car Rental, signed the petition. Judge Victoria S. Kaufman oversees the case. The Debtor is represented by Anyama Law Firm and A.O.E. Law & Associates. MAJESTIC OAK: Car Lot Sale to Teresi Auto for $270,000 OK'd ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, has approved Majestic Oak Estate Ltd. to sell its Property located at 4795 Highway 46, Mims, Brevard County, Florida (Car Lot), free and clear of liens, interests, and encumbrances. The Debtor is authorized to sell the Property to Teresi Auto Sales LLC with the purchase price of $270,000. The Debtor is ordered, empowered, and directed to take any and all actions necessary or appropriate to: close and consummate the sale pursuant to and in accordance with the terms and conditions of the Motion. The Court further held that creditors and interested parties have 14 days from the entry of the Order to file any objections. About Majestic Oak Estate Ltd. Majestic Oak Estates G.P. LLC is a limited liability company. Majestic Oak Estates G.P. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06488) on November 27, 2024. In the petition filed by Gene A. Liguori, Jr. as member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tiffany P. Geyer oversees the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BRANSONLAW, PLLC, in Orlando, Florida. MARKOV CORPORATION: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, is set to hold a hearing today to consider another extension of Markov Corporation's authority to use cash collateral. The company's authority to use cash collateral pursuant to its Feb. 26 order expires today. The Feb. 26 order granted its secured creditor, the U.S. Small Business Administration, a replacement security interests in, and liens on, the post-petition property of the company. About Markov Corporation Markov Corporation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01575) on October 17, 2024, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Michael Markham, Esq., serves as Subchapter V trustee. Judge Caryl E. Delano presides over the case. The Debtor is represented by: Jonathan M. Bierfeld, Esq. Martin Law Firm Tel: 239-443-1094 Email: jonathan.bierfeld@martinlawfirm.com MEMSTAR USA: Seeks to Hire Dykema Gossett as Bankruptcy Counsel --------------------------------------------------------------- Memstar USA Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Dykema Gossett, PLLC as counsel. The firm's services include: a. providing legal advice with respect to its powers and duties as Debtor-in-Possession and the continued operation and management of its business; b. attending the Initial Debtor Conference and Sec. 341 Meeting of Creditors; c. advising the Debtor and consulting on the conduct of this Case, including all of the legal and administrative requirements of operating in Chapter 11; d. attending meetings and negotiating with representatives of creditors and other parties in interest; e. preparing necessary applications, answers, ballots, judgments, motions, notices, objections, orders, reports, and any other legal instrument necessary in furtherance of its reorganization; f. taking necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending actions commenced against the Debtor, and representing the Debtor's interests in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; g. reviewing prepetition executory contracts entered by the Debtor and to determine which should be assumed or rejected; h. assisting the Debtor in the sale of its assets and business as a going concern; i. consulting with the Debtor and the Debtor's accountant(s) regarding tax matters; j. assisting the Debtor in the preparation of a Disclosure Statement, the negotiation of a Plan with the creditors in its case, and any amendments thereto, and seeking confirmation of the Plan of Reorganization; k. performing all other legal services for the Debtor which may become necessary to effectuate a reorganization of the Bankruptcy Estate; l. taking all necessary or appropriate actions as may be required in connection with the administration of the Debtor's estate, including with respect to a chapter 11 plan and related disclosure statement; and m. performing such other legal services as may be necessary or as may be requested by the any statutory committee in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these hourly rates: Michael J. Durrschmidt, Senior Counsel $800 Kim Lewinski, Member $550 Nicholas Zugaro, Senior Counsel $525 Sebastian Campos, Paralegal $290 Jill Knutson, Paralegal $410 The Debtor advanced a retainer to Dykema for $51,738. Michael J. Durrschmidt, Esq., a partner at Dykema Gossett, 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 J. Durrschmidt, Esq. Kim E. Lewinski, Esq. DYKEMA GOSSETT PLLC 5 Houston Center 1401 McKinney Street, Suite 1625 Houston, TX 77010 Telephone: (713)-904-6874 Facsimile: (855) 262-3749 Email: mdurrschmidt@dykema.com Email: klewinski@dykema.com About Memstar USA Inc. Memstar USA Inc. owns the property located at 3655 Pollock Drive, Conroe, TX 77303. The Property encompasses 10 acres of land, a 41,000 sq. ft. manufacturing plant, and a 4,500 sq. ft. office building. The current value of the Property is estimated at $7.5 million. Memstar USA Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30764) on February 7, 2025. In its petition, the Debtor reports total assets of $8,712,000 and total liabilities of $10,547,608. The Debtor is represented by Michael J. Durrschmidt, Esq. at DYKEMA GOSSETT PLLC. MERRILL SERVICES: Hires D'Amico Accounting Services as Accountant ----------------------------------------------------------------- Merrill Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to hire D'Amico Accounting Services as accountant. D'Amico Accounting will perform general accounting services including the preparation and filing of necessary tax returns at the compensation rate of $200 per hour plus advanced costs. D'Amico Accounting is a "disinterested person" within the scope of 11 U.S.C. Sec. 101(14) as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached through: Greg D'Amico, CPA D'Amico Accounting Services 1710 S Neil St Champaign, IL 61820 Phone: (217) 352-2591 About Merrill Services, Inc. Merrill Services, Inc. provides professional lawn care, landscaping, fertilization, and snow removal to Champaign, Illinois and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 24-90597) on December 11, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Marcus R. Merrill, president of Merrill Services, signed the petition. Judge Mary P. Gorman oversees the case. Sumner A. Bourne, Esq., at Rafool & Bourne, P.C., represents the Debtor as legal counsel. METATRON HEALTH: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Metatron Health, LLC received interim approval from the U.S. Bankruptcy Court for the District of Oregon to use $82,553.18 in cash collateral through March 16. The company requires the use of cash collateral to pay the expenses set forth in its budget. Secured creditors, including the Internal Revenue Services and AbbVie, Inc. were granted replacement liens as adequate protection. The cash collateral consists solely of revenue collected from patients in exchange for services. Metatron has three creditors with liens on cash collateral are the Internal Revenue Service, AbbVie, Inc., and a second lien of the IRS. About Metatron Health LLC Metatron Health LLC, d/b/a Portland Regenerative Medicine, specializes in cutting-edge regenerative medicine and aesthetic treatments to enhance health and wellness. The Company offers services such as bioidentical hormone replacement therapy, sexual health treatments, pelvic health solutions, and advanced facial and body aesthetic procedures like Botox, fillers, CoolSculpting, and hair restoration. With a patient-centered approach, Metatron strives to improve and extend the quality of life for both women and men through personalized care and innovative therapies. Metatron Health LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30533) on February 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Nicholas J. Henderson, Esq. at ELEVATE LAW GROUP. METATRON HEALTH: Hires Elevate Law Group as Bankruptcy Counsel -------------------------------------------------------------- Metatron Health LLC, d/b/a Portland Regenerative Medicine, seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Elevate Law Group as its general bankruptcy counsel. The firm's services include: a. giving the Debtor legal advice with respect to its business operations; b. assisting the Debtor in any proposed reorganization of its business; c. if authorized, filing an appropriate petition for relief under Title 11 of the United States Bankruptcy Code; d. giving the Debtor legal advice with respect to its powers and duties in any proceeding in bankruptcy; e. proposing on behalf of the Debtor all necessary applications, answers, orders, reports or other legal papers; and f. performing for the Debtor any and all other legal services which may be necessary in connection with the filing of any petition or proceeding in bankruptcy. The firm will be paid at these rates: Nicholas J. Henderson, Partner $540 per hour Alex C. Trauman, Partner $540 per hour Troy G. Sexton, Partner $465 per hour Jeremy Tolchin, Associate $450 per hour Sean Glinka, Associate $450 per hour Ryan Ripp, Associate $310 per hour Noah Maurer, Associate $310 per hour Leona Yazdidoust, Associate $275 per hour Paralegal $290 per hour Legal Assistants $195 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nicholas J. Henderson, a partner at Elevate Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nicholas J. Henderson, Esq. Elevate Law Group 6000 Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel:(503) 417-0508 E-mail: nick@elevatelawpdx.com About Metatron Health LLC Metatron Health LLC, d/b/a Portland Regenerative Medicine, specializes in cutting-edge regenerative medicine and aesthetic treatments to enhance health and wellness. The Company offers services such as bioidentical hormone replacement therapy, sexual health treatments, pelvic health solutions, and advanced facial and body aesthetic procedures like Botox, fillers, CoolSculpting, and hair restoration. With a patient-centered approach, Metatron strives to improve and extend the quality of life for both women and men through personalized care and innovative therapies. Metatron Health LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30533) on February 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Nicholas J. Henderson, Esq. at ELEVATE LAW GROUP. MID-ATLANTIC RHEUMATOLOGY: Gets Extension to Access Cash Collateral ------------------------------------------------------------------- Mid-Atlantic Rheumatology, LLC received another extension from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to use cash collateral. The interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. Mid-Atlantic projects total operational expenses of $228,401 for March; $202,551 for April; and $227,501 for May. As protection, M&T Bank, ADS Specialty Healthcare LLC (Besse), Cardinal Health 108, LLC and the U.S. Small Business Administration will be granted replacement liens on all personal property acquired post-petition by the company in case of any diminution in the value of their interests in the collateral. In addition, M & T Bank, ADS Specialty Healthcare, SBA and Cardinal Health 108 will receive monthly cash payments of $3,500, $15,000, $751 and $1,000 respectively. M&T Bank is represented by: Bradley J. Swallow, Esq. Funk & Bolton, P.A. 100 Light Street, Suite 1400 Baltimore, MD 21202 410.659.8320 (telephone) 410.659.7773 (facsimile) bswallow@fblaw.com About Mid-Atlantic Rheumatology Mid-Atlantic Rheumatology, LLC is a medical group practice located in Millersville, Md., which specializes in internal medicine and rheumatology. Mid-Atlantic Rheumatology filed Chapter 11 petition (Bankr. D. Md. Case No. 25-10845) on January 31, 2025, with up to $1 million in assets and up to $10 million in liabilities. Erinn Maury, sole member, signed the petition. Judge David E. Rice oversees the case. The Debtor is represented by Daniel Alan Staeven, Esq., at Frost & Associates, LLC. MIDWEST CHRISTIAN: Taps Ziegler as Sell-Side Financial Advisor -------------------------------------------------------------- Ziegler, a specialty investment bank, announces its role as exclusive sell-side financial advisor to Midwest Christian Villages (d/b/a "Christian Horizons") in the sale of its senior living and care portfolio pursuant to Section 363 of the U.S. Bankruptcy Code. The sale of substantially all the Company's assets closed in multiple transactions on or before February 28th, 2025. Founded in 1962 in Lincoln, IL, Christian Horizons was one of the nation's largest not-for-profit, faith-based organizations and offered a comprehensive continuum of care that included over 1,200 Independent Living, Assisted Living, Memory Care, and Skilled Nursing units/beds. The organization served older adults in Illinois, Iowa, Indiana, and Missouri. On July 16th, 2024, following lasting financial pressures suffered from the COVID-19 pandemic, Christian Horizons filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code in the U.S. Bankruptcy Court for the Eastern District of Missouri and sought authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. Ziegler was exclusively retained to sell Christian Horizons' portfolio of 11 senior living communities and its wholly owned institutional pharmacy company and led a comprehensive sales process that resulted in a robust auction maximizing proceeds for Christian Horizons' stakeholders. Four distinct subsets of assets -- largely based on the geographical diversity of the communities within the portfolio -- were identified to initiate the stalking-horse bidding process. In September of 2024, four stalking horses were selected. A live auction for all the assets in the portfolio was conducted on November 12th and winning bidders were approved by the bankruptcy court on November 22nd. Outstanding entrance fee refund liabilities owed to residents and employee PTO obligations were fully assumed by buyers at closing. Ziegler worked in coordination with the Christian Horizons management team and Healthcare Management Partners (HMP), its designated chief restructuring agent, to ensure a smooth transition for the communities and a successful outcome for all parties involved. Shawn O'Conner, Managing Director at HMP and appointed Chief Restructuring Officer, commented, "It has been an honor and privilege to work alongside the Company's board, executive leadership team, and advisors like Ziegler, who worked tirelessly to ensure that resident care and business operations were maintained during the Chapter 11 bankruptcy process and transition to new ownership." Nick Glaisner, Managing Director in Ziegler's Senior Housing & Care Finance Practice stated, "Christian Horizons' executives and the advisory team they assembled to help transition the organization was professional and efficient and never lost sight of what is most important--the continuation of care for its residents. We believe that structuring the sale in multiple unique subsets helped optimize the outcome for all stakeholders." Ziegler's Senior Housing & Care Finance Practice is dedicated to delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas -- healthcare services, information technology, hospitals, and senior living. Ziegler is one of the most active M&A firms, offering innovative sell-side, buy-side, recapitalization / restructuring, equity private placement, and strategic partnering services. For more information about Ziegler, please visit us at http://www.ziegler.com. About Ziegler: Ziegler is a privately held, national boutique investment bank, capital markets and proprietary investments firm. It has a unique focus on healthcare, senior living and education sectors, as well as general municipal and structured finance. Headquartered in Chicago with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, strategic advisory services, fixed income sales, underwriting and trading as well as Ziegler Credit Surveillance and Analytics. To learn more, visit http://www.ziegler.com. About Midwest Christian Villages Midwest Christian Villages Inc. operates a mix of independent, assisted and skilled nursing campuses in 10 locations across the Midwest, serving over 1,000 residents. Midwest Christian Villages and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 24-42473) on July 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Kate Bertram, chief operating officer. Judge Kathy Surratt-States oversees the cases. The Debtors tapped Stephen O'Brien, Esq., at Dentons US, LLP and Summers Compton Wells, LLC as bankruptcy counsels; B.C. Ziegler and Company as investment banker; and Plante Moran as auditor and tax consultant. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims and noticing agent. The U.S. Trustee for Region 13 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Cullen and Dykman, LLP as general counsel; Sandberg Phoenix & von Gontard P.C. and Schmidt Basch, LLC as local counsel; and Province, LLC as financial advisor. MORANS AUTO: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Morans Auto Connection, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The company requires the use of cash collateral to pay business expenses and maintain its property as set forth in its budget. The U.S. Small Business Administration and Mid Atlantic Finance Company Inc. assert an interest in the company's cash collateral. As protection, the lenders will be granted a replacement lien on the company's receivables. The next hearing is set for April 15. About Morans Auto Connection Morans Auto Connection, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00151) on January 17, 2025, listing up to $500,000 in both assets and liabilities. Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., serves as Subchapter V trustee. Judge Jacob A. Brown oversees the case. The Debtor is represented by: Thomas C. Adam, Esq. Adam Law Group, P.A. 2258 Riverside Avenue Jacksonville, FL 32204 Tel: 904-329-7249 Email: bk@adamlawgroup.com MT DISTILLERY: Hires Exit Realty as Real Estate Broker ------------------------------------------------------ MT Distillery LLC seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ Exit Realty Missoula as real estate broker. The firm will market and sell the commercial real estate of the Debtor located at 302 and 304, Stevensville, Montana including any fixtures specific to the property but not inclusive of and distillery equipment or other personal property unless specifically stated. The firm will be paid a commission of 6 percent of the sales price of the property. Kevin R. Bailey, a partner at Exit Realty Missoula, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin R. Bailey Exit Realty Missoula 715 Kensington Ave #13 Missoula, MT 59801 Tel: (406) 721-1010 About MT Distillery MT Distillery LLC -- http://www.themtdistillery.com/-- doing business as The Montana Distillery, is located in beautiful downtown Stevensville, MT. It is Montana's oldest fully functioning distillery since prohibition. MT Distillery LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 24-90081) on April 29, 2024. In the petition filed by Sharie L. McDonald, managing member, the Debtor estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Matt Shimanek, Esq., at Shimanek Law PLLC serves as the Debtor's counsel. MULLEN AUTOMOTIVE: Enters $4 Million Securities Purchase Agreement ------------------------------------------------------------------ Mullen Automotive Inc. filed a Form 8-K with the Securities and Exchange Commission announcing that on March 6 (the "Execution Date"), it entered into a securities purchase agreement with certain investors. Under the terms and conditions outlined in the Agreement, the investors have agreed to purchase, upon execution, approximately $4.0 million in principal of 5% Original Issue Discount Secured Notes, which are convertible into shares of common stock (par value $0.001 per share), along with five-year warrants exercisable for shares of Common Stock. For a period beginning on the Execution Date and ending on the one year anniversary from the later of (i) the date a registration statement covering all registrable securities is declared effective or (ii) the date the Company has obtained Stockholder Approval, the investors have investment rights to purchase from time to time additional Notes in the aggregate principal amount of up to approximately $4.0 million and related Warrants on the same terms and conditions as the Notes and Warrants. During the period commencing on the Execution Date and ending on the date immediately following the 90th day after the latest of: (i) the Execution Date, (ii) the date on which a registration statement (or registration statements) registering for resale all registrable securities has been declared effective by the SEC and (iii) the date on which Stockholder Approval is obtained (the "Restricted Period"), the Company has agreed, with certain exceptions, not to directly or indirectly issue, offer, sell, or otherwise dispose of (or make any announcement) any equity security or any equity-linked or related security, any convertible securities, debt (with or related to equity), any preferred stock or any purchase rights. The Company also agreed not to enter into any fundamental, transaction, such as a merger, sale of more than 50% of the outstanding voting shares, sale of substantially all assets, or business combination, unless the successor entity assumes all of the obligations of the Company under the Notes and Warrants and the other transaction documents. The Notes and Warrants are not convertible by a holder to the extent that the holder or any of its affiliates would beneficially own in excess of 9.9% of the Common Stock. Plus, the Notes and Warrants are not convertible to the extent the aggregate number of shares of Common Stock issued in connection with the conversion of all Notes and Warrants at any time exceeds 19.9% of the total number of shares of Common Stock outstanding or of the voting power of the Common Stock outstanding as of the Execution Date (the "Exchange Cap"), unless the Company obtains stockholder approval in compliance with Nasdaq Listing Rule 5635(d). The Company has agreed to hold a meeting of its stockholders for the purpose of obtaining stockholder approval for the issuance of all of the shares issuable upon conversion of the Notes or exercise of the Warrants in excess of the Exchange Cap. Description of the Notes The Notes accrue 15% annual interest, have a 5% original issue discount, and mature in four months and are secured by the Company's assets. The principal and unpaid interest can be converted into Common Stock at a conversion price based on the lower of $1.76, 95% of the stock price when the registration statement is effective, or 95% of the lowest volume-weighted average price in the five days before conversion, with a minimum price of $0.37 per share. If there's an event of default, the interest rate increases to 20% per annum. Defaults include failure to obtain stockholder approval, insufficient stock reserves, failure to deliver shares within five business days, payment issues, or any legal or bankruptcy proceedings involving the company. Certain defaults may trigger the increased interest rate or other penalties. Description of the Warrants In connection with the issuance of the Notes, the holders received 5-year warrants, which can be exercised for a total of 4,545,456 shares of Common Stock, subject to adjustments. These warrants provide the option for cashless exercise, meaning that the holder can exchange the warrants for a "net number" of shares based on a specified formula. * Cashless Exercise The number of shares received upon exercise is determined by the following formula: Net Number of Shares = (A x B) / C Where: A = Number of shares being exercised. B = The Black-Scholes value. C = The lower of the two closing bid prices for the stock in the two days prior to exercise, but not less than $0.01. The Black-Scholes value is calculated based on the option pricing model, with inputs such as the stock price, strike price, U.S. Treasury rate, expected volatility of 135%, and a five-year remaining term for the warrant. * Company's Option for Cash Exercise The Company has the right to require holders to exercise the warrants for cash, provided certain conditions are met, such as: () The registration statement covering the securities is effective. () The Company is in compliance with market regulations. () The VWAP (Volume Weighted Average Price) for each trading day during the 10 trading day period immediately preceding the date on which the Company elects to exercise this option is 250% above the exercise price. About Mullen Automotive Brea, California-based Mullen Automotive Inc., formerly known as "Net Element, Inc., is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S. The Company has also recently expanded its commercial dealer network to seven dealers, which includes Pape Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England and Mid-Atlantic markets. Larkspur, California-based RBSM, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Jan. 24, 2025. The report highlighted that the Company, among other things, (i) has an accumulated deficit, (ii) has incurred recurring losses, and (iii) does not believe that its available liquidity will be sufficient to meet its current obligations for a period of at least twelve months from the date of the issuance of the financial statements, which raises substantial doubt about its ability to continue as a going concern. For the years ended Sept. 30, 2024 and 2023, the Company incurred net losses of $505.8 million and $1,006.7 million, respectively, and net cash used in operating activities was $185.6 million and $179.2 million, respectively. As of Sept.30, 2024, the Company had an accumulated deficit of $2.3 billion. The Company stated it will need significant capital to, among other things, continue any research and development, increase its production capacity, and expand its sales and service network. The Company expects to continue to incur substantial operating losses for the next several years as it advances its product development, manufacturing and commercialization efforts. "The Company believes that its available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months from the date of the filing of these unaudited interim condensed consolidated financial statements. Accordingly, the Company has concluded there is substantial doubt about its ability to continue as a going concern. During the quarter ended December 31, 2024, the Company made the decision to temporarily shut down key production facilities due to short-term liquidity constraints. This action directly impacts our ability to produce vehicles. Should this shutdown continue, our cash flows from operating activities are expected to be further negatively impacted, which would further worsen the Company's cash position. Management is pursuing several strategies to address liquidity concerns, including equity or debt financing and cost reduction and operational restructuring. Despite these efforts, there is no assurance that these initiatives will be successful. Without additional funding, the Company may be unable to continue operations and could be required to seek bankruptcy protection within 30 days of the issuance of these financial statements," the Company mentioned in its Quarterly Report for the period ended Dec. 31, 2024. NEDDY LLC: Seeks to Hire Burch & Cracchiolo as Bankruptcy Counsel ----------------------------------------------------------------- Neddy LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Burch & Cracchiolo, P.A. as bankruptcy counsel. The firm will render these services: (a) take necessary or appropriate actions to protect and preserve the Debtor's estate; (b) provide legal advice with respect to Debtor's powers and duties in the continued operation of its business and management of its property; (c) prepare on behalf of Debtor any necessary legal papers; (d) appear in court on behalf of Debtor; (e) prepare and pursue confirmation of a plan and approval of a disclosure statement, and such further actions as may be required in connection with the administration of the Debtor's estate; (f) act as general bankruptcy counsel for the Debtor and perform all other necessary or appropriate legal services in connection with this Chapter 11 case; and (g) act as general litigation counsel for Debtor in connection with any matters "related to" or "arising under" this bankruptcy case or removed to the bankruptcy court or otherwise pending as of the filing of the Bankruptcy Petition. The firm's professionals will be paid at these hourly rates: Alan A. Meda, Attorney $625 Paralegals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $31,800. Mr. Meda 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 A. Meda, Esq. Burch & Cracchiolo, P.A. 1850 N. Central Ave., Suite 1700 Phoenix, AZ 85004 Telephone: (602) 274-7611 Email: ameda@bcattorneys.com About Neddy LLC Neddy LLC, operating as Fortress Asphalt, is a construction company based in Peoria, Arizona. Neddy LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01459) on February 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and 1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The Debtor is represented by ALAN A. MEDA, Esq. at Burch & Cracchiolo PA. NEXTTRIP INC: Gets Nasdaq Notice on Annual Meeting Non-Compliance ----------------------------------------------------------------- NextTrip, Inc., filed a Form 8-K with the Securities and Exchange Commission, stating that on March 3 it received a notification from the Listing Qualifications Staff of The Nasdaq Stock Market LLC regarding its non-compliance with Nasdaq Listing Rule 5620(a), as it has not held its annual shareholder meeting within 12 months of the end of its fiscal year, which concluded on Feb. 29, 2024. On the same day, the Company also received a notification from the Nasdaq Staff stating that, based on the Company's Form 8-K filed with the SEC on Feb. 18, 2024, it has been determined that the Company has regained compliance with the minimum stockholders' equity requirements under Nasdaq Listing Rule 5550(b)(1). However, if the Company does not demonstrate compliance with the Equity Rule in its next periodic report, it may face delisting. If this occurs, the Staff will issue a written notification, and the Company will have the option to appeal the decision to a Nasdaq Hearings Panel. Under Nasdaq Listing Rule 5810(c)(2)(G), the Company has until April 17, 2025 to provide Nasdaq with a plan to regain compliance with the Annual Meeting Rule. If Nasdaq accepts the Company's plan, Nasdaq can grant an exception of up to 180 calendar days from the Company's most recent fiscal year end, or until Aug. 27, 2025, to regain compliance with the Annual Meeting Rule. If Nasdaq does not accept the Company's plan to regain compliance, the Company will have the opportunity to appeal the decision to a Nasdaq Hearings Panel. The notification letters have no immediate effect on the listing of the Company's securities on Nasdaq. The Company plans to hold its 2025 Annual Meeting before April 17, 2025, to comply with the Annual Meeting Rule. If, for any reason, the meeting is not held by that date, the Company will submit a plan to regain compliance by April 17, 2025. However, there is no guarantee that the Company will regain compliance or meet the continued listing requirements during any compliance period granted by Nasdaq. If the Company does not meet the Annual Meeting Rule by April 17, 2025, or if its plan is not approved, its securities could be delisted. The Company would then have the opportunity to appeal the delisting decision to a hearings panel under Nasdaq Listing Rule 5815(a). Annual Meeting Scheduled for April 9 The Company has decided to reschedule its 2025 Annual Meeting and plans to hold it on April 9, 2025. The record date for the 2025 Annual Meeting and detailed information regarding the proposals to be presented at the 2025 Annual Meeting will be set forth in the Company's Definitive Proxy Statement on Schedule 14A to be filed with the Commission. Since the 2025 Annual Meeting will take place more than 30 following the anniversary of the Company's last annual meeting of stockholders, the due dates for the submission of any qualified shareholder proposal or qualified shareholder nominations under applicable Commission rules and the Company's Amended and Restated Bylaws listed in the Company's Definitive Proxy Statement on Schedule 14A for its last annual meeting of stockholders, filed with the SEC on Dec. 1, 2023, are no longer applicable. Additionally, since the Company determined not to hold its 2025 Annual Meeting on Feb. 27, 2025, as originally planned, those due dates for the submission of any qualified shareholder proposal or qualified shareholder nominations included in the Current Report on Form 8-K filed by the Company with the Commission on Jan. 27, 2025 are also no longer applicable. Such nominations or proposals, including any notice on Schedule 14N, are now due to be received by the Company no later than March 10, 2025 and must comply with all of the applicable requirements set forth in the rules and regulations of under the Securities Exchange Act of 1934, as amended, and the Bylaws. About NextTrip, Inc. Headquartered in Santa Fe, NM, NextTrip, Inc. -- www.nexttrip.com -- is an innovative technology company that is building next generation solutions to power the travel industry. NextTrip, through its subsidiaries, provides travel technology solutions with sales originating in the United States, with a primary emphasis on accommodations, hotels, flights, wellness, and all-inclusive travel packages. Its proprietary booking engine, branded as NXT2.0, provides travel distributors access to a sizeable inventory. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 4, 2024. The report cited that the Company has suffered recurring losses from operations and has a negative working capital, that raise substantial doubt about its ability to continue as a going concern. The Company's net loss applicable to common stockholders for the years ended Feb. 29, 2024 and Feb. 28, 2023 was $7,339,276 and $5,033,496, respectively. As of Feb. 29, 2024, the Company's accumulated deficit was $24,151,139. "There is no assurance that any revenues we generate will be sufficient for us to become profitable or to maintain profitability. Our revenues for the years ended February 29, 2024 and February 28, 2023 were $458,752 and $382,832, respectively, and our operating expenses for those periods were $5,740,577 and $4,979,766, respectively. Our current revenues are not sufficient to fund our operations. We cannot predict when, if ever, we might achieve profitability and we are not certain that we will be able to sustain profitability, if achieved. If we fail to achieve or maintain profitability, the market price of our securities is likely to be adversely affected," stated NextTrip in its Annual Report for the fiscal year ended Feb. 29, 2024. "Our ability to continue to fund our working capital needs will be dependent upon the success of our efforts to generate revenues from our operations, and by obtaining additional capital from the sale of securities or by borrowing funds from lenders to fulfill our business plans. If we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our common stock. There is no assurance that we will be successful in obtaining additional funding. The Company is unable to predict the effect a global recession or geopolitical events, including the on-going conflicts in Ukraine and Israel/Palestine, may have on its access to the financing markets. If we fail to obtain sufficient funding when needed, we may be forced to delay, scale back or eliminate all or a portion of our commercialization efforts and operations," the Company mentioned in its Quarterly Report for the period ended Nov. 30, 2024. NIKOLA CORP: Gets Court Okay for Chapter 11 Sale Timeline --------------------------------------------------------- Vince Sullivan of Law360 reports that bankrupt electric vehicle and hydrogen fueling technology maker Nikola Corporation received court approval on March 7, 2025, in Delaware for its bidding procedures, aiming to auction its assets within a month. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The Companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support the Company's FCEV trucks covering supply, distribution and dispensing. Founded in 2015, the Company is headquartered in Phoenix, Arizona. Nikola Corp. and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. NOBLE CORP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Noble Corp. plc's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Stable. The affirmation reflects Noble's low leverage, strong liquidity and well-positioned fleet. The acquisition of Diamond Offshore, while moderately leveraging, added four drillships and four semi-submersible rigs to an already large and high-quality fleet. The Stable Outlook is based on Fitch's expectation of broadly stable day rates in 2025 with gradual decreases thereafter. Fitch expects fleet utilization and day rates to grow through 2025 before reversing modestly thereafter in line with Fitch's oil price assumptions. Key Rating Drivers Leader in Offshore Drilling: Fitch views the addition of Diamond Offshore's fleet to Noble's existing fleet as supportive of the credit. Noble owns 25 floating rigs, including 17 drillships and eight semi-submersible rigs, and 13 jackups. Noble operates in all major offshore oil and gas basins, such as the Gulf of Mexico, South America, West Africa, the North Sea and Southeast Asia. As of Feb. 17, 2025, Noble's contract backlog totaled $5.8 billion. ExxonMobil Corporation, BP plc (A+/Stable) and Petrobras (BB/Stable) represent approximately 37%, 13% and 13%, respectively, of backlog. Additional Leverage: Fitch views the transaction-related increase in debt and leverage as manageable. The transaction added $800 million in term debt to Noble Finance II's balance sheet increasing leverage to 1.5x from 0.7x, which remains well below negative leverage sensitivities. The Noble Corp plc level will include the $580 million of second lien notes at Diamond Offshore and EBITDA leverage increases to 1.9x from 0.7x. Customer Concentration: Fitch views the concentration of Noble's backlog with ExxonMobil Corporation, BP plc (A+/Stable) and Petrobras (BB/Stable) of approximately 63% as modestly positive. The credit strength of these counterparties somewhat offsets customer concentration risk. ExxonMobil is the second-largest integrated oil and gas company in the world, with a credit quality commensurate with the 'aa' rating category. Noble's relationship with ExxonMobil operates under a long-term arrangement, and Diamond has maintained long relationships with BP and Petrobras. Unique Contract Arrangements: Noble's relationships with ExxonMobil and Aker BP ASA (BBB/Stable) operate under long-term arrangements which provide additional confidence in maintaining utilization. The agreements, which have been renewed, extend until 2028 for ExxonMobil and 2027 for Aker BP. While these are not fixed rig contracts, they do represent a contractual commitment to use Noble equipment in the relevant basins. They allow for maintenance of market pricing and focus on areas of great importance to both operators — Guyana and Suriname for ExxonMobil, and Norway for Aker BP. Floater Market Recovery Flattening: The recovery in floater day rates has been credit positive for Noble, with average rates stabilizing around $420,000 in 2024 after a significant rise from 2021 to 2023. Fitch expects a modest decline in 2025. Noble's floater utilization remained around 70% as it has remained disciplined in re-contracting. Noble announced its intention to scrap the Pacific Meltem (7G drillship) and Scirocco (6G drillship) in the near term and has scrapped two of the semi-submersibles acquired with the Diamond Offshore assets to further rationalize its fleet. Modest Rebound in Jackup Market: The improved utilization and day rates for Noble's jackup fleet is a modest credit positive. Noble's realized day rates increased by 3% to $152,000/day in 4Q24, and its utilization increased to 82% in 4Q24 from 61% in 4Q23. Noble's cash flow is much more leveraged to floaters than jackups, with floater-generated gross margin averaging approximately 85% of the total. Elevated Recent Spending: Fitch expects capital and acquisition spending to decline going forward. Capex was elevated in 2024 due to a high number of Special Periodic Surveys (SPS). In line with the age of vessels, Noble had more SPS work to do in 2024 relating to regulatory requirements before declining in 2025. Fitch forecasts annual capex to be in the $350 million to $400 million range and do not expect further large acquisitions within the rating horizon. Derivation Summary Noble's offshore peers include Valaris Limited (Valaris; B+/Stable) and Seadrill (B+/Stable). Valaris has similar scale to Noble but thinner margins, less consistent FCF margins and comparable leverage. Seadrill is smaller than Noble and has comparable margins and leverage. Onshore peers include Nabors Industries, Ltd. (Nabors; B-/Stable), Precision Drilling Corporation (Precision; BB-/Stable) and KCA Deutag Alpha Limited (KCA Deutag; B+/Rating Watch Positive). All three generate narrower EBITDA margins than Noble. Precision and KCA Deutag are both smaller and more highly levered. Nabors is of comparable size but is also more highly levered. The onshore drilling segment, which is more stable than the offshore segment, can withstand somewhat higher leverage. Key Assumptions - Brent oil price of $80/barrel (bbl) in 2024, $70/bbl in 2025, $65/bbl in 2026, $65/bbl in 2027 and $60/bbl thereafter; - EBITDA margins maintained in the mid-30% range; - Capex ranging between $350 million and $400 million after 2024. RATING SENSITIVITIES Factors that Could, Individually or Collectively, lead to Negative Rating Action/Downgrade - A loss of material customer contracts; - Deteriorating market fundamentals, such as a sustained decrease in day rates and offshore rig utilization; - A significant increase in gross debt; - Weakening liquidity; - Midcycle EBITDA leverage above 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustainable, stronger offshore drilling market fundamentals as shown by higher day rates, increased utilization, longer contract terms and a growing backlog; - A record of conservative financial policy keeping gross debt in check; - Midcycle EBITDA leverage below 1.5x. Liquidity and Debt Structure Liquidity at YE2024 consisted of $251 million of cash and $525million available under the credit facility which matures in 2028. The nearest maturities are in 2030 with the Diamond 2L notes and the Noble senior notes. Liquidity should remain healthy as long as capital spending, acquisitions and stock buybacks continue to moderate. Issuer Profile Noble is a leading provider of offshore contract drilling services, maintaining a fleet of 38 offshore rigs consisting of 14 7G drillships, three 6G drillships, five 6G semi-submersibles, three other semi-submersibles, eight harsh environment jackups and five ultra-harsh environment jackups. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Noble Corporation plc has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to Noble's focus on offshore drilling which exposes Noble to the risk of liability for oil spills related to its drilling, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Noble Corporation plc LT IDR BB- Affirmed BB- Noble Finance II LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- NORTH LIBERTY: Hires Iowa Office to Provide Payroll Services ------------------------------------------------------------ North Liberty Transportation, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Iowa to employ Iowa Office Services Ltd. to provide payroll processing services. The firm received $1,254.64 as payment for its January 2025 services. Debra Stannard, owner of Iowa Office Services, assured the court that the firm does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached through: Debra Stannard Iowa Office Services 416 Sierra Trail Coralville, IA 52241 Phone: (319) 354-9734 About North Liberty Transportation, LLC North Liberty Transportation, LLC operates within the General Freight Trucking sector, providing transportation and logistics services for a variety of goods across various regions. North Liberty Transportation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-00025) on January 9, 2025. In its petition, the Debtor reported total assets of $3,422,463 and total liabilities of $4,716,117. Siobhan Briley, Esq., at Pugh Hagan Prahm, PLC represents the Debtor as legal counsel. NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Northpoint Development Holdings, LLC received sixth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to pay its operating expenses. The sixth interim order authorized the company to use cash collateral until March 31 as outlined in its projected budget, with a 10% variance. Any further usage of cash collateral beyond March 31 requires further court approval. The budget shows projected total operating expenses of $27,344.55. The First National Bank of Ottawa, a secured creditor, was granted post-petition replacement liens on the company's collateral, including cash collateral, to protect its interest. The next hearing is scheduled for March 26. First National Bank of Ottawa can be reached through its counsel: Cindy M. Johnson, Esq. Johnson Legal Group, LLC 140 S. Dearborn St., Ste. 1510 Chicago, IL 60603 Tel: 312-345-1306 Email: Cjohnson@jnlegal.net About Northpoint Development Holdings Northpoint Development Holdings, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner of real property located at 1800 North Bloomington St., Streator, Ill., valued at $6.8 million. Northpoint filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-13265) on September 9, 2024, with total assets of $6,800,000 and total liabilities of $5,176,241. Keith Weinstein, manager of Greystone Develpment Holdings, LLC, signed the petition. Judge Deborah L. Thorne oversees the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. OCUGEN INC: Reports Net Loss of $54.05 Million for 2024 ------------------------------------------------------- Ocugen, Inc. filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $54.05 million on total revenue of $4.06 million for the year ending Dec. 31, 2024. This compares to a net loss of $63.08 million on total revenue of $6.04 million for the year ending Dec. 31, 2023. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $82.44 million in total assets, $52.81 million in total liabilities, and $29.63 million in total stockholders' equity. The Company has not generated significant revenue to date and has funded its operations through the sale of common stock, warrants to purchase common stock, the issuance of convertible notes and debt, and grant proceeds. As of Dec. 31, 2024, the Company had an accumulated deficit of $340.2 million and a cash balance of $58.5 million, which amount will not meet its capital requirements over the next 12 months. "We estimate that our cash and cash equivalents will enable us to fund our operations into the first quarter of 2026. Based on this estimate, we will need to raise significant additional capital in order to fund our future operations. We have based this estimate on assumptions that may prove to be wrong, and our operating and capital requirements may change as a result of many factors currently unknown to us," the Company mentioned in the report. "We are subject to risks and uncertainties frequently encountered by companies in the biotech industry, and while we intend to continue research, development, and commercialization efforts for our product candidates, we will require significant additional funding. If we are unable to obtain additional funding in the future and/or our research, development, and commercialization efforts require higher than anticipated capital, there will be a negative impact on our financial viability," the Company added. The full text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1372299/000162828025010271/ocgn-20241231.htm About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. OLIVIA J STUDIOS: Unsecureds to Split $48K over 60 Months --------------------------------------------------------- Olivia J Studios LLC filed with the U.S. Bankruptcy Court for the Central District of California a Chapter 11 Plan of Reorganization dated February 20, 2025. Olivia J Studios LLC runs a fan club called Fanward. Fanward is a fan engagement agency that partners with celebrities and public figures to help them build, engage, and monetize their fan bases. The company operates across two main divisions. The first is a fan club division which focuses on creating membership based digital communities for fans to connect with their favorite celebrities (www.Fanward.com). The second is a newly created marketing and brand partnership division. For the three years leading up to the bankruptcy filing, Debtor's primary focus was on building fan clubs for celebrities. While fan clubs were effective in engaging fans and generating revenue splits with the celebrities, which made scaling financially unsustainable. This issue was compounded by heavy investments in advertising spending to grow fan clubs, which drained cash flow without yielding significant returns. The limited cash flow and margins prior to launching the marketing and brand partnership division led to the company needing to borrow funds for operation. Two of the loans were high interest Merchant Creditor Accounts ("MCAs"). The repayment terms of these loans caused continued cash flow issues for the company. The loans required ongoing weekly ACH payments which ultimately necessitated the filing of the bankruptcy case in order to preserve the cash on hand to assist the company in its growth. Class 3 consists of General Unsecured Claims. In the present case, the Debtor estimates that Class 3 general unsecured debt totals $111,470.74. Class 3 will be paid $800.00 per month over sixty months with the total amount of $48,000.00 to be distributed to this class. Debtor's projected disposable income for the 60 months after the effective date of the plan projects that these payments are feasible. Payments to Class 3 will not commence until administrative claims have been paid in full. Class 3 creditors shall receive a pro rata distribution from each monthly disbursement. Stripe Capital was listed in Debtor's schedules as a creditor with an undisputed claim of $25,284.80. Stripe Capital did not file a Proof of Claim in this case. Stripe Capital issued a 1099-C on December 5, 2024 and, therefore, Debtor will not be including Stripe Capital as a creditor in Class 3 entitled to a pro rata distribution. Class 3 is impaired. The Plan will be funded from Debtor's continued operations. A full-text copy of the Plan of Reorganization dated February 20, 2025 is available at https://urlcurt.com/u?l=upcORx from PacerMonitor.com at no charge. Proposed Attorney for the Debtor: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 Email: tom@urelawfirm.com About Olivia J Studios Olivia J Studios, LLC runs a fan club called Fanward. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 24-11956) on Nov. 22, 2024. In the petition filed by David Blair, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Victoria S. Kaufman oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, is the Debtor's legal counsel. ONEMETA INC: Reduces 2024 Net Loss to $4.60 Million With Cost Cuts ------------------------------------------------------------------ OneMeta Inc. filed its Annual Report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $4.60 million on total revenue of $31,304 for the year ending Dec. 31, 2024, compared to a net loss of $6.15 million on revenue of $70,903 for the year ending Dec. 31, 2023. The improvement in the net loss for 2024 was primarily due to a significant reduction in operating expenses, which more than offset the decline in revenue. As of Dec. 31, 2024, the Company had $314,847 in total assets, $3 million in total liabilities, and a total stockholders' deficit of $2.68 million. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 6, 2025. The report highlighted that the Company has incurred recurring losses from operations and had not yet achieved profitable operations as of Dec. 31, 2024, which raises substantial doubt about its ability to continue as a going concern. The Company has experienced net losses since inception and expects to continue facing net losses and negative operating cash flows in the near future, with no assurance of becoming profitable or realizing growth in asset value. To date, primary sources of capital have included cash generated from common stock sales and debt financing. While these capital sources have mostly come from third-party investors, they also include loans from Mr. Rowland W. Day II, President and CFO. According to the Company, its ability to continue as a going concern depends on its capacity to generate future profitable operations or secure necessary financing to meet obligations and repay liabilities as they come due. Management is actively seeking additional funds through equity financing and related party advances, though there is no guarantee of securing such funding. If the Company fails to increase revenue, raise capital, or enter into necessary agreements, it may have to delay, scale back, or discontinue operations or the development and commercialization of its products. If the anticipated offering is successful, the Company may choose to raise additional funds to support further growth. If the offering is unsuccessful, it plans to rely on proceeds from equity issuance, debt financing, or other capital transactions to meet liquidity needs and fund operations. "We believe our ability to achieve commercial success and continued growth will be dependent upon our ability to sell our products and our continued access to capital either through sales of our equity or cash generated from operations. We will attempt to obtain additional capital through private investors; however, we have no agreements or understandings with third parties at this time in regard to investing additional monies," the Company mentioned in the report. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1388295/000149315225009285/form10-k.htm About OneMeta Headquartered in Bountiful, UT, OneMeta Inc. (https://www.onemeta.ai) specializes in developing AI-based products designed to help businesses and individuals overcome language barriers in everyday communication, by providing high-quality, accurate, and efficient interpretation and translation services using natural language processing (NLP) technology. The Company's focus is on developing a proprietary architecture that is faster and more accurate than any other company, with a commitment to providing superior quality services to its customers. The Company intends to serve a wide variety of markets and customers and will be focused on becoming a leader in the creation of pragmatic products for the interpretation and translation industry. ORB TERTIUS: Seeks Approval Hire RHM Law LLP as Bankruptcy Counsel ------------------------------------------------------------------ Orb Tertius, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire RHM LAW LLP as its general bankruptcy counsel. The firm will provide these services: a. advice and assistance regarding compliance with the requirements of the United States Trustee; b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. advice regarding cash collateral matters; d. examinations of witnesses, claimants or adverse parties and prepare and assist in the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. assistance with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and g. appearance in the Bankruptcy Court on behalf of the Debtor; and take such other action and to perform such other services as the Debtor may require; and h. provision of such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Roksana D. Moradi-Brovia $650 per hour Paralegals $135 per hour The firm received an initial retainer fee of $21,738 for its representation of the Debtor in this case. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Roksana D. Moradi-Brovia, Esq., a partner at RHM Law LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roksana D. Moradi-Brovia, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About Orb Tertius LLC Orb Tertius, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-bk-10482) on January 22, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Milton Sznaider, managing member of Orb Tertius, signed the petition. Judge Deborah J. Saltzman oversees the case. Matthew D. Resnik, Esq., at RHM Law, LLP, represents the Debtor as bankruptcy counsel. OT MERGER: S&P Raises ICR to 'CCC+' on Restructuring, Outlook Neg. ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Portland, Ore.-based saw chain manufacturer OT Merger Corp. (Oregon Tool) to 'CCC+' from 'SD' (selective default) and its issue-level ratings on its pre-restructuring term loan and senior unsecured notes to 'CCC-' from 'D' based on its '6' recovery rating on this debt (indicating our expectation for negligible recovery). S&P said, "At the same time, we assigned our 'B' issue-level rating to the company's new first-lien credit facilities based on our '1' recovery rating (indicating expectations for a very high recovery; 95% rounded estimate), 'CCC+' rating to its new second lien term loan based on our recovery rating of '4' (average recovery expectation; rounded estimate 30%), and 'CCC-' rating to its third lien notes based on our '6' recovery rating (negligible recovery; rounded estimate of 0%). We also withdrew our ratings on the company's existing (replaced) revolving credit facility (RCF). The negative outlook indicates that we could lower our rating on Oregon Tool over the next 12 months if its leverage remains high and we think it will likely pursue another debt restructuring or file for bankruptcy." Oregon Tool has completed a debt restructuring with certain parties of its existing lender group, which provided it with $150 million of additional liquidity and extended most of its maturities to October 2029. However, S&P Global Ratings believes the company's capital structure remains unsustainable because we forecast its S&P Global Ratings-adjusted debt to EBITDA will remain high at more than 15x and anticipate it will generate minimal free operating cash flow (FOCF) in 2025. S&P said, "Oregon Tool's high debt leverage and lack of FOCF indicate its capital structure remains unsustainable. We estimate the company's S&P Global Ratings-adjusted debt to EBITDA rose to about 20x in 2024 as its sales declined about 15% and its S&P Global Ratings-adjusted margins contracted by 450 basis points (bps). Its weak performance reflected the pull forward of demand into 2021 and 2022 stemming from the COVID-19 pandemic-related lockdowns and lifestyle shifts, as well as elevated interest rates, which have incentivized its dealer network to reduce their stock. Although we believe these demand trends are beginning to reverse, we view the company as dependent on favorable business conditions--specifically stronger demand relative to 2024--to meet its financial commitments. "We believe Oregon Tool's debt leverage will improve substantially but remain above 10x through 2026. We view EBITDA expansion as the primary path for the company to deleverage. We anticipate operating leverage on higher sales will support increasing profitability. Still, we anticipate the company's minimal FOCF generation in 2025-2026 will limit its ability to repay debt using internally generated cash. Considering the cyclical nature of its business and the de-stocking trends over the past two years, we anticipate the demand for Oregon Tool's products will likely improve during the second half of 2025. However, we expect the improvement will be slow at first, thus we forecast limited revenue growth in 2025. "Oregon Tool has ample liquidity over the next 12 months. Its undrawn revolver and asset-based lending (ABL) facility support its liquidity. We also forecast improved working capital efficiency and capital expenditure (capex) discipline will likely minimize its FOCF outflows in 2025. Our modest growth expectation for 2025 should require only limited working capital investment. The company's extension of all its material debt maturities to 2029 will provide it with time for demand to improve and its operating environment to stabilize. "Tariffs could challenge Oregon Tool's demand and profitability. We note that the company increased its prices significantly to offset inflation during 2021-2022. Additionally, we believe Oregon Tool is on roughly equal footing with its competitors from a manufacturing footprint perspective. That said, higher selling prices and the uncertain business environment could pressure demand, which would delay the anticipated rebound in volumes. S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecast carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly. "The negative outlook indicates we could lower our rating on Oregon Tool over the next 12 months if its debt leverage remains high and we believe it will likely pursue another debt restructuring or file for bankruptcy." S&P could lower its rating on Oregon Tool if it envisions a default scenario in the next 12 months. This could occur if: -- S&P believes the company's deleveraging will be slower than we currently anticipate and see an increased likelihood it will undertake another distressed restructuring; or -- Its demand or operating performance are weaker than S&P expects--due to tariffs, for example--which could lead to a liquidity crunch. S&P could raise its ratings on Oregon Tool if: -- S&P believes it can generate sufficient operating profit to significantly improve its leverage on a sustained basis; -- It generates materially positive S&P Global Ratings-adjusted FOCF; and -- It maintains adequate liquidity and remains in compliance with its covenants. OTB HOLDING: Restaurant Chain to File Bankruptcy ------------------------------------------------ Dorothy Ma and Reshmi Basu of Bloomberg News reports that On The Border Mexican Grill & Cantina is the latest U.S. casual-dining chain to file for bankruptcy, citing rising labor costs, declining customer traffic, and inflationary pressures. Atlanta-based OTB Holding filed for Chapter 11 protection in Georgia on Tuesday, reporting estimated assets and liabilities between $10 million and $50 million, according to court documents. Founded in Dallas in 1982, the Tex-Mex chain currently operates over 80 restaurants in the U.S. and South Korea, where it launched its first location 18 years ago. At its peak, it had 160 locations before Chili's Grill & Bar parent company, Brinker International Inc., sold the brand. About OTB Holding LLC OTB Holding LLC and affiliates are the operators of the well-known restaurant brand "On The Border Mexican Grill & Cantina," which focuses on the development, operation, and franchising of casual dining establishments in the U.S. and South Korea. Founded in 1982 in Dallas, Texas, On The Border is recognized for its sizzling mesquite-grilled fajitas, award-winning margaritas, house-made salsa, and endless chips and salsa. Over the past 40 years, the brand has expanded from a single cantina into one of the most popular Tex-Mex chains in the country, offering a wide range of flavorful dishes inspired by Texas and Mexico. With more than 80 locations in the U.S. and internationally, it has become a go-to spot for fresh Tex-Mex food and lively dining experiences. On The Border stands out in the casual dining industry by leveraging its unique and authentic brand. As of the Petition Date, the Debtors continue to operate 60 restaurant locations across 18 states, all of which are leased. In addition, the Company has franchise agreements with third parties who run 20 additional locations in the U.S. and South Korea. OTB Holding LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-52415) on March 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Sage M. Sigler handles the case. Debtors' Counsel: Jeffrey R. Dutson, Esq. Brooke L. Bean, Esq. Kyung Won Song, Esq. KING & SPALDING LLP 1180 Peachtree Street, NE Atlanta, GA 30309 Tel: (470) 572-4600 Email: jdutson@kslaw.com Email: bbean@kslaw.com Email: asong@kslaw.com Debtors' Chief Restructuring Officer Provider: ALVAREZ & MARSAL NORTH AMERICA, LLC Monarch Tower, 3424 Peachtree Road NE Suite 1500 Atlanta, GA 30326 Debtors' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC D/B/A VERITA GLOBAL 222 N. Pacific Coast Highway 3rd Floor El Segundo, CA 90245 Debtors' Lead Investment Banker: HILCO CORPORATE FINANCE, LLC 5 Revere Drive, Suite 206 Northbrook, Illinois 60062 OTB HOLDING: Seeks to Sell Casual Dining Business in Auction ------------------------------------------------------------ OTB Holding LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell substantially all of its Assets, free and clear of liens, interests, and encumbrances. The Debtors operate the well-known fast-casual restaurant brand "On The Border Mexican Grill & Cantina," which is engaged primarily in the development, operation and franchising of fast casual restaurants in the United States and South Korea. In 1982, the first On the Border Mexican Grill & Cantina opened in Dallas, Texas. In the past 40 years, the Business has steadily grown over time from a single cantina to one of the country's most well known domestic and international Tex-Mex restaurant chains offering affordable, consistent, cultivated delicious menu items featuring bold flavors from Texas and Mexico. The Debtors have experienced declining financial performance as a result of, among other reasons, difficult macroeconomic environment, labor shortages and leadership turnover, an underperforming restaurant footprint, and creditor enforcement actions. The Debtors closed underperforming restaurants, implemented cost reduction measures to help mitigate the effect of declining performance and improve their financial position and liquidity, but have not been able to overcome the trends in this business segment and certain other operational challenges. The Debtors required additional working capital to continue operations and evaluate and pursue certain strategic alternatives in order to maximize the value of the Debtors’ assets for the benefit of all stakeholders. The Debtors were also in default under the Prepetition Credit Agreement and the Prepetition Lenders were unable to advance additional funds. On February 14, 2025, the Debtors entered into the Senior Secured Note with the Bridge Lender pursuant to which the Bridge Lender advanced the Debtors an amount equal to $4,000,000 (Bridge Financing). The proceeds of the Bridge Financing were used to fund operations while assessing strategic alternatives to maximize the value of the Debtors’ assets and repay an overdraft balance in the Debtors' cash management system. The Bridge Financing provided the Company with the liquidity it needed to salvage operations, maintain over 2,800 jobs for the Debtors' employees and, ultimately, continue a comprehensive marketing and sale process for the benefit of all stakeholders. Debtors engage financial advisor, Alvarez & Marsal North America, LLC, and investment banker, Hilco Corporate Finance, LLC, to assist in evaluating various strategic alternatives available to the Debtors. On March 7, 2025 the Debtors entered into that certain Asset Purchase Agreement with the Stalking Horse Purchaser (subject to higher or better bids), which contains the materials terms. -- The aggregate amount of the Prepetition Secured Note Obligations and the DIP Obligations, by means of a credit bid. -- The Assets are comprised of the Debtors' rights, title, and interests in and all tangible and intangible real and personal property assets used or held for use by Sellers in the operation of the business. -- The closing of the Contemplated Transactions shall take place on the first Business Day on which all conditions to the obligations of Sellers and Buyer to consummate the Contemplated Transactions shall have been satisfied or waived. -- $600,000 Breakup Fee and $350,000 Expense Reimbursement The bidding deadline will be on May 1, 2025 and the Debtors will hold the Auction for the Purchased Assets at the offices of King & Spalding LLP, 1180 Peachtree Street, N.E., Atlanta, Georgia 30309, commencing on May 6, 2025 at 10:00 a.m. (prevailing Eastern time). The Debtors believe that the Proposed Sale Process provides the Debtors with their best opportunity to preserve and maximize the value of the Business and the Purchased Assets for the benefit of their estates. About OTB Holding LLC OTB Holding LLC The Debtors are the operators of the well-known restaurant brand "On The Border Mexican Grill & Cantina," which focuses on the development, operation, and franchising of casual dining establishments in the U.S. and South Korea. Founded in 1982 in Dallas, Texas, On The Border is recognized for its sizzling mesquite-grilled fajitas, award-winning margaritas, house-made salsa, and endless chips and salsa. Over the past 40 years, the brand has expanded from a single cantina into one of the most popular Tex-Mex chains in the country, offering a wide range of flavorful dishes inspired by Texas and Mexico. With more than 80 locations in the U.S. and internationally, it has become a go-to spot for fresh Tex-Mex food and lively dining experiences. On The Border stands out in the casual dining industry by leveraging its unique and authentic brand. As of the Petition Date, the Debtors continue to operate 60 restaurant locations across 18 states, all of which are leased. In addition, the Company has franchise agreements with third parties who run 20 additional locations in the U.S. and South Korea. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ge. Case No. 25-52415 (SMS) on March 4, 2025. In the petitions signed by Jonathan Tibus as chief restructuring officer, the Debtor reports an estimated assets of $10 million to $50 million and liabilities of $10 million to $50 million. Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- OTB Holding LLC (Lead Case) 25-52415 OTB Acquisition LLC 25-52416 OTB Acquisition of New Jersey LLC 25-52417 OTB Acquisition of Howard County LLC 25-52418 Mt. Laurel Restaurant Operations LLC 25-52419 OTB Acquisition of Kansas LLC 25-52420 OTB Acquisition of Baltimore County, LLC 25-52421 Judge Sage M. Sigler presides over the case. Jeffrey R. Dutson, Esq., Brooke L. Bean, Esq., and Kyung Won Song, Esq., at KING & SPALDING LLP, represent the Debtors as legal counsel. ALVAREZ & MARSAL NORTH AMERICA, LLC serves as the Debtors' Chief Restructuring Officer Provider. KURTZMAN CARSON CONSULTANTS, LLC serves as the Debtors' Claims & Noticing Agent. HILCO CORPORATE FINANCE, LLC represents the Debtors as Lead Investment Banker. OUTFRONT MEDIA: Posts Q4 Net Income of $74M, FY Net Loss of $258.2M ------------------------------------------------------------------- OUTFRONT Media Inc. reported results for the quarter and full year ended December 31, 2024. "We finished the year well, with fourth quarter revenue growth coming in slightly ahead of our expectations and full-year AFFO nicely above the guidance we provided last year," said Nick Brien, Interim Chief Executive Officer of OUTFRONT Media. "Over the last two weeks I have met many talented people, and I am looking forward to leading them, and all of OUTFRONT, to an exciting 2025." Fourth Quarter 2024 Results: "We currently manage our operations through two reportable operating segments - (1) Billboard and (2) Transit. On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries, which hold all of the assets of our outdoor advertising business in Canada. Prior to its sale, the Canadian Business comprised our International operating segment, which did not meet the criteria to be a reportable segment, and accordingly, was included in Other." The following reported results include the historical results of the Canadian Business through the date of sale. Consolidated: * Reported revenues of $493.2 million decreased $8.0 million, or 1.6%, for the fourth quarter of 2024 as compared to the same prior-year period. Organic revenues of $493.2 million increased $18.3 million, or 3.9%. * Reported billboard segment revenues of $374.6 million increased $7.2 million, or 2%, due to higher average revenue per display (yield) compared to the same prior-year period, driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues and higher proceeds from condemnations. Organic billboard segment revenues of $374.6 million increased $7.2 million, or 2.0%. * Reported transit segment revenues of $116.5 million increased $9.7 million, or 9.1%, due primarily to a increase in average revenue per display (yield) compared to the same prior-year period. Organic transit segment revenues of $116.5 million increased $9.7 million, or 9.1%. * Total operating expenses of $237.4 million decreased $9.7 million, or 3.9%, due primarily to the impact of the Transaction and lower variable property lease expenses, partially offset by higher maintenance and utilities costs, production expense, and higher transit franchise costs, including higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the "MTA"). * Selling, General and Administrative expenses ("SG&A") of $109.6 million increased $1.7 million, or 1.6%, due primarily to higher compensation-related expenses, including salaries and commissions, partially offset by the impact of the Transaction. * Adjusted OIBDA of $155.2 million increased $3.5 million, or 2.3%, compared to the same prior-year period. Segment Results: Billboard: * Reported revenues of $374.6 million increased $7.2 million, or 2.0%, due to higher average revenue per display (yield) compared to the same prior-year period, driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues and higher proceeds from condemnations. Organic revenues increased $7.2 million, or 2.0%. * Operating expenses decreased $1.2 million, or 0.8%, due primarily to lower variable billboard property lease expenses, partially offset by higher posting, maintenance and other costs. * SG&A expenses increased $2.7 million, or 4.3%, due primarily to higher compensation related expenses. * Adjusted OIBDA of $151.0 million increased $5.7 million, or 3.9%, compared to the same prior-year period. Transit: * Reported revenues of $116.5 million increased $9.7 million, or 9.1%, due to higher average revenue per display (yield) compared to the same prior-year period. Organic revenues increased $9.7 million, or 9.1%. * Operating expenses increased $2.2 million, or 2.9%, due primarily to higher posting, maintenance, and other expenses and higher transit franchise expenses. * SG&A expenses decreased $0.8 million, or 4.5%, due primarily to lower professional fees. * Adjusted OIBDA of $22.0 million increased $8.3 million, or 60.6%, compared to the same prior-year period. Other: * Reported revenues of $2.1 million decreased $24.9 million, or 92.2%, primarily driven by the impact of the Transaction. Organic revenues increased $1.4 million, or 200.0%. * Operating expenses decreased $10.7 million, or 86.3%, due primarily to the impact of the Transaction. * There were no SG&A expenses in the fourth quarter of 2024 due to the impact of the Transaction. * Adjusted OIBDA of $0.4 million decreased $8.6 million, or 95.6%, compared to the same prior-year period. Corporate: * Corporate costs, excluding stock-based compensation, increased $1.9 million, or 11.7%, to $18.2 million, due primarily to higher compensation-related expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees. Full Year 2024 Results: Consolidated: * Reported revenues of $1,830.9 million increased $10.3 million, or 0.6%, for the year December 31, 2024, as compared to the same prior-year period. Organic revenues of $1,796.0 million increased $67.5 million, or 3.9%. * Reported billboard segment revenues of $1,409.3 million increased $39.6 million, or 2.9%, due to an increase in average revenue per display (yield), driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues, partially offset by the impact of new and lost billboards in the period, including acquisitions, and lower proceeds from condemnations. Organic billboard segment revenues of $1,409.3 million increased $39.6 million, or 2.9%. * Reported transit segment revenues of $383.8 million increased $31.2 million, or 8.8%, due primarily to an increase in average revenue per display (yield) compared to the same prior-year period, partially offset by the impact of new and lost transit franchise contracts. Organic transit segment revenues of $383.8 million increased $31.2 million, or 8.8%. * Total operating expenses of $949.0 million decreased $14.1 million, or 1.5%, due primarily to lower billboard property lease expenses, which are attributable to lower variable property lease expenses, and the impact of the Transaction, partially offset by higher posting, maintenance and other expenses, higher guaranteed minimum annual payments to the MTA and the net impact of new and lost transit franchise contracts. * SG&A expenses of $447.9 million increased $18.2 million, or 4.2%, primarily due to higher compensation-related expenses, including salaries, commissions and severance, higher professional fees, as a result of a management consulting project, and higher rent related to new offices, partially offset by the impact of the Transaction. * Adjusted OIBDA of $464.8 million increased $8.6 million, or 1.9%, compared to the same prior-year period. Segment Results: Billboard: * Reported revenues of $1,409.3 million increased $39.6 million, or 2.9%, compared to the same prior-year period due to higher average revenue per display (yield) , driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues, partially offset by the impact of new and lost billboards in the period, including significant acquisitions, and lower proceeds from condemnations. Organic revenues increased $39.6 million, or 2.9%. * Operating expenses increased $8.5 million, or 1.4%, due primarily to higher posting, maintenance and other costs, partially offset by lower variable billboard property lease expenses. * SG&A expenses increased $11.2 million, or 4.4%, due primarily to higher compensation-related expenses and higher rent related to new offices, partially offset by lower professional fees. * Adjusted OIBDA of $520.5 million increased $19.9 million, or 4.0%, compared to the same prior-year period. Transit: * Reported revenues of $383.8 million increased $31.2 million, or 8.8%, due to higher average revenue per display (yield) compared to the same prior-year period. Organic revenues increased $31.2 million, or 8.8%. * Operating expenses increased $6.5 million, or 2.2%, due primarily to higher posting and rotation costs, driven by higher business activity, and higher compensation-related expenses, as well as higher transit franchise expenses. * SG&A expenses increased $0.4 million, or 0.6%, due primarily to higher compensation-related expenses, partially offset by lower professional fees. * Adjusted OIBDA was $8.3 million in 2024 compared to an Adjusted OIBDA loss of $16.0 million in 2023. Other: * Reported revenues of $37.8 million decreased $60.5 million, or 61.5%, primarily driven by the impact of the Transaction and a decline in third-party digital equipment sales. Organic revenues decreased $3.3 million, or 53.2%, driven by a decline in third-party digital equipment sales. * Operating expenses decreased $29.1 million, or 55.0%, primarily driven by the impact of the Transaction and lower costs related to third-party digital equipment sales. * SG&A expenses decreased $11.1 million, or 49.8%, driven primarily by the impact of the Transaction. * Adjusted OIBDA of $2.8 million decreased $20.3 million, or 87.9%, compared to the same prior-year period. Corporate: * Corporate costs, excluding stock-based compensation, increased $15.3 million, or 29.7%, primarily due to higher compensation-related expenses, including salaries, commissions and severance, and higher professional fees, as a result of a management consulting project. Impairment Charges: * As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on our MTA asset group during the three months ended March 31, 2024 and June 30, 2024, and recorded impairment charges of $9.1 million and $8.8 million, respectively, in those periods for a total of $17.9 million in the six months ended June 30, 2024. The impairment charges recorded during 2024 represented additional MTA equipment deployment cost spending during the six months ended June 30, 2024. Our analysis performed as of September 30, 2024, and December 31, 2024, resulted in positive aggregate cash flows in excess of the carrying value of our MTA asset group. As such, no impairment charges were recorded during each of the three months ending September 30, 2024, and December 31, 2024. In 2023, we recorded impairment charges of $534.7 million, primarily representing impairment charges related to our MTA asset group. Interest Expense: * Net interest expense in the fourth quarter of 2024 was $36.6 million, including amortization of deferred financing costs of $1.5 million, as compared to $40.8 million in the same prior-year period, including amortization of deferred financing costs of $1.7 million. The decrease was due primarily to a lower debt balance and lower interest rates. The weighted average cost of debt as of December 31, 2024, was 5.4% compared to 5.7% in the same prior-year period. Income Taxes: * The income tax provision decreased $1.2 million, or 66.7%, in the fourth quarter of 2024 as compared to the same prior-year period. This decrease is primarily related to the impact of the Transaction. Cash paid for income taxes in the year ended December 31, 2024, was $11.5 million. Net Income Attributable to OUTFRONT Media Inc.: * Net income attributable to OUTFRONT Media Inc. was $74.0 million in the fourth quarter of 2024, which increased $13.6 million, or 22.5%, compared to the same prior-year period. Diluted weighted average shares outstanding were 171.8 million for the fourth quarter of 2024 compared to 169.3 million for the same prior-year period. Net income attributable to OUTFRONT Media Inc. per common share for diluted earnings per weighted average share was $0.43 in the fourth quarter of 2024 as compared to $0.36 in the same prior-year period. FFO: * FFO attributable to OUTFRONT Media Inc. was $114.8 million in the fourth quarter of 2024, an increase of $15.5 million, or 15.6%, from the same prior-year period, driven primarily by higher net income. AFFO: * AFFO attributable to OUTFRONT Media Inc. was $118.7 million in the fourth quarter of 2024, an increase of $10.6 million, or 9.8%, from the same prior-year period, due primarily to lower interest expense, higher Adjusted OIBDA, and lower maintenance capital expenditures. Cash Flow & Capital Expenditures: * Net cash flow provided by operating activities of $299.2 million for the year ended December 31, 2024 increased $45.0 million compared to $254.2 million during the same prior-year period, primarily due to a decrease in prepaid MTA equipment deployment costs, the timing of receivables and a smaller use of cash related to accounts payable and accrued expenses, driven by lower incentive compensation payments made in 2024 related to prior-year performance, and higher net income. Total capital expenditures decreased 10.0% to $78.1 million for the year ended December 31, 2024, compared to the same prior-year period. Dividends: * In the year ended December 31, 2024, we paid cash dividends of $208.4 million, including $199.6 million on our common stock and vested restricted share units granted to employees and $8.8 million on our Series A Convertible Perpetual Preferred Stock (the "Series A Preferred Stock"). We announced on February 25, 2025, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on March 31, 2025, to stockholders of record at the close of business on March 7, 2025. Balance Sheet and Liquidity: * As of December 31, 2024, our liquidity position included unrestricted cash of $46.9 million and $494.5 million of availability under our $500.0 million revolving credit facility, net of $5.5 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility and $140.0 million of additional availability under our accounts receivable securitization facility. During the three months ended December 31, 2024, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. As of December 31, 2024, the maximum number of shares of our common stock that could be required to be issued on conversion of the outstanding shares of the Series A Preferred Stock was approximately 7.8 million shares. Total indebtedness as of December 31, 2024 was $2.5 billion, excluding $17.0 million of deferred financing costs, and includes a $400.0 million term loan, $450.0 million of senior secured notes, $1.7 billion of senior unsecured notes, and $10.0 million of borrowings under our accounts receivable securitization facility. About OUTFRONT Media Inc. Headquartered in New York, OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. OUTFRONT Media reported a net loss attributable to the Company of $430.4 million for the year ended December 31, 2023, compared to a net income of $147.9 million for the year ended December 31, 2022. As of September 30, 2024, OUTFRONT Media had $5.2 billion in total assets, $4.5 billion in total liabilities, $13.5 million in redeemable noncontrolling interests, $119.8 million of preferred stock, and $618.2 million in total shareholders' equity. * * * Egan-Jones Ratings Company, on September 10, 2024, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by OUTFRONT Media Inc. OYA RENEWABLES: Asset Sale Proceeds to Fund Plan Payments --------------------------------------------------------- OYA Renewables Development LLC and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for the Joint Chapter 11 Plan of Liquidation dated February 20, 2025. Each Debtor is a direct or indirect subsidiary of the non-Debtor parent, and each such Debtor is incorporated under the laws of the state of Delaware. As the concern for climate change has increased, some have turned to renewable energy, such as solar power, to mitigate these impacts. By converting energy from the sun into power, solar projects effectively have an infinite energy source that generates no harmful greenhouse gas emissions. The Debtors engaged in extensive, arm's-length negotiations with Radial Power LLC, who agreed to serve as the Stalking Horse Bidder for all or substantially all of the assets of ORECO, OYA Renewables Construction Holdings 2 LLC ("ORCH 2"), and OYA Renewables Construction Holdings 3 LLC ("ORCH 3" and, such bid, the "Stalking Horse Bid"), in connection with the Debtors' sale process. On November 6, 2024, the Debtors and the Stalking Horse Bidder entered into the Stock and Asset Purchase Agreement (as amended, supplemented, or otherwise modified by the parties thereto, and including the exhibits, schedules or attachments thereto, the "Stalking Horse Purchase Agreement"). The Stalking Horse Purchase Agreement contemplated the sale of the ORECO, ORCH 2, and ORCH 3 assets to the Stalking Horse Bidder for (i) $30,000,000 in cash, plus (ii) the contingent payments totaling $1 million, and the assumption or satisfaction of various liabilities (the "Purchase Price"). The Court entered the Order approving the sale of the Transferred Assets to the Stalking Horse Bidder pursuant to the terms of the Successful Purchase Agreement (each as defined in the Stalking Horse Sale Order). Pursuant to the Stalking Horse Sale Order, Carval was paid approximately $24,748,773.48 of the sale proceeds in full and final satisfaction of the Prepetition Carval Secured Obligations. Class 4 consists of all General Unsecured Claims against the Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of such Claim, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors or Liquidation Trustee, as applicable, agree to less favorable treatment for such Holder, its pro rata share of the beneficial interests of the Liquidation Trust allocable to the Debtor against whom such Holder's Allowed General Unsecured Claim is held, entitling each respective Holder of an Allowed General Unsecured Claim to its pro rata share of the Liquidation Trust Net Assets. Class 4 is Impaired. Class 7 consists of all Interests, other than Intercompany Interests. Except to the extent that a Holder of Existing Equity Interests agrees to less favorable treatment, in full and final satisfaction and release of, and in exchange for Existing Equity Interests, each such Holder thereof shall receive the following treatment: * On the Effective Date, all Existing Equity Interests shall be cancelled and one common share of equity in each of the Existing Equity Debtors (the "Single Shares") shall be issued to the Liquidation Trustee to hold in trust as custodian for the benefit of the former holders of Existing Equity Interests consistent with their former relative priority and economic entitlements and the Single Share shall be recorded in the books and records maintained by the Liquidation Trustee. * Each former Holder of Existing Equity Interests (through their interest in the Single Shares, as applicable) shall neither receive nor retain any property of the Estates or direct interest in property of the Estates on account of such Existing Equity Interest; provided that in the event that all Allowed Claims have been satisfied in full in accordance with the Bankruptcy Code and the Plan, each former holder of Existing Equity Interests may receive its share of any remaining assets of the Estates consistent with such holder's rights of payment existing immediately prior to the Petition Date. Unless otherwise determined by the Liquidation Trustee, on the date that the Existing Equity Debtors' Chapter 11 Cases are closed in accordance with the Plan, the Single Shares issued on the Effective Date shall be deemed cancelled and of no further force and effect provided that such cancellation does not adversely impact the Debtors' Estates; and * the continuing rights of former Holders of Existing Equity Interests (including through their interest in the Single Shares or otherwise) shall be nontransferable except (A) by operation of law or (B) for administrative transfers where the ultimate beneficiary has not changed, subject to the Liquidation Trustee's consent. Pursuant to the Plan, (a) the Liquidation Trust will be established and receive the Liquidation Trust Assets and (b) any Remaining Assets will be transferred to Holders of Claims in Class 3. For U.S. federal income tax purposes, the transfer of the Liquidation Trust Assets and the Remaining Assets generally is treated as equivalent to a sale of such assets at their then fair market value. On the Effective Date, the Debtors, on their own behalf and on behalf of the Liquidation Trust Beneficiaries, and the Liquidation Trustee shall execute the Liquidation Trust Agreement and take all other steps necessary to establish the Liquidation Trust pursuant to the Liquidation Trust Agreement and Article VIII of the Plan. On the Effective Date, and in accordance with and pursuant to the terms of the Plan, the Debtors shall irrevocably transfer and shall be deemed to have irrevocably transferred to the Liquidation Trust all of their rights, title, and interests in all of the Liquidation Trust Assets, in accordance with Section 1141 of the Bankruptcy Code, the Liquidation Trust Assets shall automatically vest in the Liquidation Trust free and clear of all Claims, Liens, encumbrances or interests, subject to the terms of the Liquidation Trust Agreement. Subject to the provisions of the Plan concerning the Professional Fee Reserve, the Debtors or the Liquidation Trustee (as applicable) shall fund distributions under the Plan with Cash on hand on the Effective Date and the Debtors' other assets. A full-text copy of the Disclosure Statement dated February 20, 2025 is available at https://urlcurt.com/u?l=gD1zqg from Kroll Restructuring Administration LLC, claims agent. Counsel for the Debtors: Edmon L. Morton, Esq. Robert S. Brady, Esq. Kenneth J. Enos, Esq. Rebecca L. Lamb, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Rodney Square Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: emorton@ycst.com rbrady@ycst.com kenos@ycst.com rlamb@ycst.com Duston K. McFaul, Esq. Maegan Quejada, Esq. SIDLEY AUSTIN LLP 1000 Louisiana Street, Suite 5900 Houston, Texas 77002 Tel: (713) 495-4500 Fax: (713) 495-7799 Email: dmcfaul@sidley.com mquejada@sidley.com - and - Nathan C. Elner, Esq. Chelsea M. McManus, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, Texas 75201 Tel: (214) 981-3300 Fax: (214) 981-3400 Email: nelner@sidley.com cmcmanus@sidley.com - and - Ian C. Ferrell, Esq. One South Dearborn Chicago, Illinois 60603 Tel: (312) 853-7000 Fax: (312) 853-7036 Email: iferrell@sidley.com About OYA Renewables OYA Renewables Development LLC own a portfolio of operating solar projects and projects in various stages of development in North America. OYA also deliver distributed energy and smart long-term renewable energy solutions to local communities. OYA Renewables and seven its affiliates filed for bankruptcy protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6, 2024. In petition signed by John Shepherd as chief restructuring officer, the Debtors reported $100 million to $500 million in estimated assets and liabilities. The Hon. Karen B. Owens presides over the cases. Young Conway Stargatt & Taylor LLP serves the Debtors' local bankruptcy counsel and Sisley Austin LLP serves as the general bankruptcy counsel. Ankara Consulting Group, LLC acts as financial advisor to the Debtors, while Agenis Capital Advisors and SenahillAdvisors LLC act as investment bankers to the Debtors. Kroll Restructuring Administration LLC is the Debtors' notice and claims agent. OYA Renewables Development LLC own a portfolio of operating solar projects and projects in various stages of development in North America. OYA also deliver distributed energy and smart long-term renewable energy solutions to local communities. OYA Renewables and seven its affiliates filed for bankruptcy protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6, 2024. In petition signed by John Shepherd as chief restructuring officer, the Debtors reported $100 million to $500 million in estimated assets and liabilities. The Hon. Karen B. Owens presides over the cases. Young Conway Stargatt & Taylor LLP serves the Debtors' local bankruptcy counsel and Sisley Austin LLP serves as the general bankruptcy counsel. Ankara Consulting Group, LLC acts as financial advisor to the Debtors, while Agenis Capital Advisors and Senahill Advisors LLC act as investment bankers to the Debtors. Kroll Restructuring Administration LLC is the Debtors' notice and claims agent. PACER PRINT: Hires Steven R. Fox as Bankruptcy Counsel ------------------------------------------------------ Pacer Print received seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Law Offices of Steven R. Fox as general bankruptcy counsel. The firm will provide these services: a. advise the Debtor with respect to its powers and duties as a Debtor-in-Possession and the management of the property of the estate and assist the Debtor in performing the duties required of it as a Debtor-in-Possession; b. negotiate, formulate, draft, and confirm a plan of reorganization and attend hearings before this Court in connection with any proposed disclosure statements and plans of reorganization, and, then and there, to conduct, if necessary, examinations of interested parties and to advise the Debtor in connection with any proposed plan of reorganization; c. examine all claims filed in these proceedings in order to determine their nature, extent, validity and priority; d. advise and assist the Debtor in connection with the collection of assets, the sale of assets, or the refinancing of sale in order to implement any plan of reorganization which might be confirmed in these proceedings; e. take actions as may be necessary to protect the properties of this estate from seizure or other proceedings, pending confirmation and consummation of the plan of reorganization in this case; f. advise the Debtor with respect to the rejection or assumption of executory contracts and leases; g. advise and assist the Debtor in fulfilling its obligations as fiduciaries of the chapter 11 estate; h. prepare all necessary pleadings pertaining to matters of bankruptcy law before the Court; i. advise the Debtor on a limited basis with respect to tax obligations, and their payment; j. prepare applications and reports as are necessary and for which the services of an attorney are required including responding to the compliance requirements of the U.S. Trustee; k. render other legal services for the Debtor for which the services of a bankruptcy attorney may be necessary during the pendency of this case; and l. perform all legal services required to assist the Debtor in fulfilling its duties under 11 USC sec. 1106 and 1107, including all contested matters but excluding tax and securities related services. The firm will be paid at these rates: Principal $650 per hour Associate $600 per hour Law Clerk/Paralegal $175 per hour Prepetition, the Debtor paid $50,000 including the filing fee due to the firm. From the $42,000, Steven R. Fox, Esq., a partner at Law Offices of Steven R. Fox assured the Court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. LOSRF may be reached at: Steven R. Fox, Esq. Law Offices of Steven R. Fox 17835 Ventura Blvd., Suite 306 Encino, CA 91316 Tel: (818) 774-3545 Fax: (818) 774-3707 Email: srfox@foxlaw.com About Pacer Print Pacer Print, a company in Simi Valley, Calif., provides custom packaging and commercial printing services. Pacer Print filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10187) on February 18, 2025, with up to $10 million in both assets and liabilities. Peter Varady, managing agent, signed the petition. Judge Ronald A. Clifford III oversees the case. Steven R. Fox, Esq., at the Fox Law Corporation, Inc., represents the Debtor as bankruptcy counsel. PANZER BUILDING: Taps Goldberg Weprin Finkel as Bankruptcy Counsel ------------------------------------------------------------------ Panzer Building Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Goldberg Weprin Finkel Goldstein LLP to handle its Chapter 11 case. The firm will render these services: a. provide the Debtor with all necessary representation in connection with this Chapter 11 case, as well as the Debtor's responsibilities as a debtor-in-possession; b. represent the Debtor in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; c. review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, pleadings, and reports a required in the Chapter 11; and d. provide all other legal services required with respect to selling the Property and achieving confirmation of a liquidating plan of reorganization. The hourly rates of the firm's counsel are: Partner $685 Associate $275 to $525 The firm received a $7,500 retainer fee from Nancy Haber, the president and sole shareholder on behalf of the Debtor. J. Ted Donovan, 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: J. Ted Donovan, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave., Floor 12 New York, NY 10017 Telephone: (212) 221-5700 About Panzer Building Corp. Panzer Building Corp. owns a mixed-used apartment building located at 651 West 169th Street, New York, NY. The Property is located in the immediate vicinity of Columbia Presbyterian Hospital and is improved by a five-story elevator building with 20 residential apartments and two commercial stores, including a Subway fast food restaurant and Premier Deli. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11924) on Dec. 4, 2023, with $8,064,000 in assets and $6,660,619 in liabilities. Nancy J. Haber, authorized representative, signed the petition. Judge John P. Mastando III presides over the case. Kevin Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, is the Debtor's legal counsel. PARK 151 CS: Updates Unsecured Claims Pay; Files Amended Plan ------------------------------------------------------------- Park 151 CS, LLC, submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated February 20, 2025. On or about February 14, 2025, Park 151 and TFCU entered into a Plan Support Agreement and Restructuring Plan Term Sheet. This Disclosure Statement and the Plan are a result of these documents. The treatment of the claims of 3M 1322 Properties and 3M 1322 Capital have been negotiated by and between Park 151, as such, these secured and unsecured creditors have expressed their consent and will vote in favor of the Plan. Park 151 and TFCU both acknowledge TFCU is an oversecured creditor; and Exhibit "E" establishes Park 151 will have sufficient cash flow over the 12 months after the Effective Date of the Plan to make monthly payments to TFCU and other creditors while Park 151 either refinances or sells the commercial buildings. Class 4 consists of General Unsecured Claims. On the Petition Date, Park 151 believed it did not have any general unsecured creditors. However, after a "stand-up" record tide search in preparation of the Plan and Disclosure Statement, and confirmed by the U.S. Small Business Administration's ("SBA") Proof of Claim, Claim No. 2, filed on July 2, 2024, Park 151 has determined the claim of the SBA in the amount of $27,031.82 is unsecured as well as the claim of 3M 1322 Capital, LLC in the amount of $600,000.00. The Allowed General Unsecured Claims of the SBA and 3M 1322 Capital, LLC shall be paid a pro rata monthly distribution of $289.94 with interest accruing at the rate of 3.25% per annum for eleven months beginning 30 days after the Effective Date. The remaining principal and interest shall be paid on the 12th payment which will satisfy these Claims in full. Timothy L. Remy shall retain his fifty percent membership interest in Park 151 as the Reorganized Debtor. Timothy J. Remy shall retain his fifty percent membership interest in Park 151 as the Reorganized Debtor, and serve as the Managing Member of Park 151 as the Reorganized Debtor. The source of payments under the Plan will be funded by the day-to-day operations of Park 151's collection of rents from its commercial buildings. A full-text copy of the Second Amended Disclosure Statement dated February 20, 2025 is available at https://urlcurt.com/u?l=TVO9u0 from PacerMonitor.com at no charge. Attorneys for the Debtor: ScottP. Kirdey, Esq. RIGGS, ABNEY, NEAL, TURPEN, ORBISON & LEWIS 502 West 6th Street Tulsa, OK 74119-1019 Tel: (918) 587-3161 Fax: (918) 587-9708 E-mail: skirtley@riggsabney.com About Park 151 CS Park 151 CS, LLC, a company in Glenpool, Okla., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 24-80403) on May 21, 2024, listing $6,000,007 in assets and $5,315,082 in liabilities. The petition was signed by Timothy J. Remy as managing member. Judge Paul R Thomas presides over the case. Scott P. Kirtley, Esq., at Riggs, Abney, Neal, Turpen, Orbison & Lewis, is the Debtor's counsel. PERASO INC: Registers 1.5 Mil. Additional Shares for Stock Plan --------------------------------------------------------------- Peraso, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering: (i) 1,325,100 shares of common stock, par value $0.001 per share, of the Company underlying stock options previously granted under the Peraso Inc. Amended and Restated 2019 Stock Incentive Plan, as amended, and (ii) 174,900 shares of Common Stock issuable pursuant to the 2019 Plan. The shares of Common Stock registered are in addition to shares originally registered on the Registration Statements on Form S-8 filed with the Commission on: * November 13, 2019 (File No. 333-234675) and * January 7, 2022 (File No. 333-262062). At the Company's 2024 annual meeting of stockholders held on December 20, 2024, the Company's stockholders approved an amendment to the 2019 Plan to increase the number of shares of Common Stock reserved for issuance thereunder by 1,500,000 shares. Subsequently, the Company granted options to purchase an aggregate of 1,325,100 shares of Common Stock under the 2019 Plan to certain officers and employees of the Company, which shares are being registered in this Registration Statement. As of the date hereof, there are 217,081 shares of Common Stock available for issuance under the 2019 Plan. A full-text copy of the Registration Statement is available at: https://tinyurl.com/434pa688 About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. (NASDAQ: PRSO) -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. Los Angeles, California-based Weinberg & Company, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 29, 2024, citing that during the year ended Dec. 31, 2023, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Peraso had $7.2 million in total assets, $5.2 million in total liabilities, and $2.02 million in total stockholders' equity. PHB 2023: To Sell Residential Homes to CHIPS for $5.9MM ------------------------------------------------------- PHB 2023 LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to sell Assets in a private sale, free and clear of liens, encumbrances, and other interests. The Debtor proposes to sell its interest in certain real estate consisting of 16 partially completed residential homes (WIP Assets) in the community known as West Lagoon, in the municipality of Gulf Shores, Baldwin County, Alabama. The Debtor wants to sell the Assets free and clear of any and all mortgages, liens, interests and/or other encumbrances, excepting that CF Encore Purchaser LLC's (Encore) lien rights specifically and fully attach to all proceeds of the Sale. The proposed sale will occur at closing for the WIP Assets via private sale with the total sale price of $5,950,000. The Debtor enters into a contract with CHIPS – West Lagoon, LLC for the purchase of the Assets. The Debtor determines that the total sales price for the WIP Assets represents the fair market value of the WIP Assets. The WIP Assets are subject to the liens, mortgages or other interest held by Encore. About PHB 2023 LLC PHB 2023 LLC is part of the residential building construction industry. PHB 2023 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-03678) on December 5, 2024. In the petition filed by Misty M. Glass, as manager, the Debtor reports total assets of $16,265,505 and total liabilities of $16,265,517. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. Stephen P. Leara, Esq., at SPAIN & GILLON, LLC represents as the legal counsel of the Debtor. PHOENIX EXTEND-A: Seeks to Hire Concierge Consulting as Accountant ------------------------------------------------------------------ Phoenix Extend-A-Suites LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Concierge Consulting and Accounting, PLLC to provide accounting services to Debtor. The firm will provide these services: a. preparing monthly financials; b. preparing Monthly Operating Reports to be filed in this proceeding; c. performing accounting services necessary to gather data for report filings; d. preparing State and Federal income tax returns and or amendments; e. providing any further or other accounting services needed by Debtor; The firm will be paid at the rate of $250 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Theresa Valade, a partner at Concierge Consulting and Accounting, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Theresa Valade Concierge Consulting and Accounting, PLLC 9903 E Bell Rd # 110 Scottsdale, AZ 85260 Tel: (480) 372-2543 About Phoenix Extend-A-Suites LLC Phoenix Extend-A-Suites LLC is a limited liability company. Phoenix Extend-A-Suites LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-00688) on January 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda Moody Whinery handles the case. The Debtor is represented by Patrick F. Keery, Esq., at Keery Mccue, PLLC, in Scottsdale, Arizona. PINE TREE: Proposes Immaterial Modifications to Plan ---------------------------------------------------- Pine Tree Condominium Association, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a First Modification to Plan of Reorganization dated February 20, 2025. In the time since the Plan was filed, Debtor has engaged in extensive discussions with the City of Atlanta Department of Watershed Management ("Atlanta Watershed"), who is the primary creditor in this bankruptcy. The changes described herein are to align the Plan and Plan budget with the extensive discussions had with Atlanta Watershed and do not otherwise materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. The Plan is hereby amended to replace Section 4.4, Class 4 of the Plan with the following: Class 4 consists of the claim of the City of Atlanta Department of Watershed Management. On September 30, 2024, Watershed filed proof of claim number 5 in the amount of $2,226,746.14 (the "Class 4 Claim"). Of the Class 4 Claim, Watershed asserts that it is secured by a statutory lien to the extent of the value of Debtor's real property located at 1604 Pine Tree Trail, Atlanta, GA 30349, which Watershed estimates in its proof of claim to have a value of $117,200.00 (the "Class 4 Secured Claim"). The Debtor shall market and list the real property located at 1604 Pine Tree Trail Atlanta Georgia 30349 for a fair market price as determined by Debtor and supported by a Broker's Price Opinion. Any sale of 1604 Pine Tree shall be subject to the approval of Watershed in its sole, arbitrary and unfettered discretion. (the "1604 Proceeds"). Upon the sale of 1604 Pine Tree, the 1604 Proceeds, less all reasonable costs and expenses associated with the sale (the "Net 1604 Proceeds"), shall be deemed to be equal to the value of the Class 4 Secured Claim. The Net 1604 Proceeds shall be applied to the Class 4 Secured Claim to pay off the secured claim in full. The sale of Pine Tree shall occur on or before six months following the Effective Date. The Net Proceeds shall be paid to Watershed within 10 days of Debtor's receipt of the same. Until the Net 1604 Proceeds are paid to Watershed, Debtor shall maintain comprehensive insurance acceptable to Watershed naming Watershed additional insured/loss payee and shall provide to Watershed verifiable evidence of such insurance. The balance of the Class 4 Claim is an unsecured claim in the approximate amount of $2,109,546.14.1 Watershed as the Holder of the Class 4 unsecured Claim is projected to receive $159,061.62 for the life of the Plan (the "Watershed Projected Payments"). In any event, Watershed shall receive a minimum distribution totaling $106,041.08 for the life of the Plan to be paid in regular monthly payments as a general unsecured Class 7 Creditor (the "Watershed Minimum Payments"). The Plan is additionally amended to add the following language to Section 2.3 of the Plan: In the event of a default by Debtor as to a Class 7 Minimum Payment to Watershed, Watershed shall deliver a Default Notice to Debtor. In the event that Debtor receives a Default Notice from Watershed concerning its Class 4 and/or Class 7 Claim (a "Watershed Default"), Debtor shall have three opportunities per year to cure the same. Debtor shall have ten days (in the case of a monetary or insurance Watershed Default) and thirty days (in the case of a non-monetary Watershed Default) from receipt by Debtor and Debtor's counsel of the Default Notice from Watershed. In the event of an uncured Watershed Default in payment or performance as to the allowed secured claim of Watershed under Class 4 or the allowed unsecured claim of Watershed under Class 7 (i) the entire remaining unpaid principal balance owed together with earned unpaid interest shall be accelerated without notice or demand of any kind (ii) Watershed has the right to discontinue refuse alter and/ or terminate service subject only to applicable non-bankruptcy law and city ordinance (iii) seek such relief as may be appropriate in the Bankruptcy Court. The remedies provided herein are not exclusive and are in addition to any other remedy that is afforded by law and Watershed may commence an action to enforce the same, with the Plan being treated and constituting a contract under Georgia law. The Plan is modified to replace the second paragraph of Section 4.10.1 of the Plan with the following: "Beginning in January of 2026, Debtor shall reserve $2,083.33 per month to pay into Debtor's association reserves. The maintenance of Debtor condominium association reserves shall permit Debtor to make repairs as needed to the Community and will permit Debtor maintain common areas therein in the event the same require repairs that are outside the scope of ordinary maintenance." Additionally, the Plan is amended to replace Section 4.10.4.ii & iii with the "Beginning on the thirteenth month of the Plan and for the remainder of the Plan continuing by the last day of each subsequent month (or the next Business Day if the last day of the month is not a Business Day), upon payment in full of any allowed administrative expense fees, all remaining payments, less Debtor's retention of $2,083.33 per month for Debtor's association reserves, shall be paid to Class 7 General Unsecured Creditors pro-rata." Counsel to the Debtor: Mark D. Gensburg, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: mgensburg@joneswalden.com About Pine Tree Condominium Association Pine Tree Condominium Association, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-57695) on July 26, 2024, with $383,876 in assets and $2,263,903 in liabilities. Marion Webb, vice president, signed the petition. Mark D. Gensburg, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. PINEAPPLE PROPERTIES: Case Summary & Eight Unsecured Creditors -------------------------------------------------------------- Debtor: Pineapple Properties of SA, LLC 44 Spanish Street Inn c/o Brian A. Funk, Owner 44 Spanish Street Saint Augustine, FL 32084 Business Description: Pineapple Properties operates 44 Spanish Street Inn, a bed and breakfast located in St. Augustine, Florida. Originally built in 1920, the Inn offers guests a historic setting with modern amenities. The Inn has eight guest rooms, each featuring private baths, and provides convenient access to local attractions. Chapter 11 Petition Date: March 5, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-00647 Judge: Hon. Jacob A Brown Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlingon Expy. Jacksonville FL 32211 Tel: (904) 725-0822 Fax: (904) 725-0855 E-mail: bkmickler@planlaw.com Debtor's CPA: Sheila Brown Total Assets: $13,172 Total Liabilities: $1,184,420 The petition was signed by Brian A. Funk as managing member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DFGU6MQ/Pineapple_Properties_of_SA_LLC__flmbke-25-00647__0001.0.pdf?mcid=tGE4TAMA PINNACOL HOLDINGS: Hires Town & Country as Real Estate Broker ------------------------------------------------------------- Pinnacol Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Town & Country Real Estate Inc. as real estate broker. The firm will market and sell the Debtor's property located at 5136 N. Prince Street, Clovis New Mexico 88101. The broker would earn a 6 percent commission upon a sale of the NM Property. As disclosed in the court filings, Town & Country Real Estate is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Brett Johnson Town and Country Real Estate, Inc. 521 N Main St A Clovis, NM 88101 Phone: (575) 760-3654 About Pinnacol Holdings, LLC Pinnacol Holdings, LLC in Clovis, NM, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-10480) on Jan. 29, 2025, listing $0 to $50,000 in assets and $10 million to $50 million in liabilities. Clayton R. Smith as president, signed the petition. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. serve as the Debtor's legal counsel. PIONEER HEALTH: Hires Gavin/Solmonese as Independent Manager ------------------------------------------------------------ Pioneer Health Systems LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gavin/Solmonese LLC to designate Edward T. Gavin, CTP, NCPM as independent manager. The firm's services include: a. reviewing and analyzing the businesses', management, operations, financial condition and prospects of the Debtors; b. reviewing and analyzing historical financial performance, and transactions between and among the Debtors, their' creditors, affiliates and other entities; c. reviewing the assumptions underlying the business plans and cash flow projections for the assets involved in any potential asset sale or plan of reorganization; d. determining the reasonableness of the projected performance of the Debtors, both historically and for the future; e. providing ongoing assistance to the Debtors and the Debtors' legal counsel; f. evaluating the Debtors' capital structure and making recommendations to the Debtors with respect to the Debtors' efforts to reorganize their business operations and implement their plan; g. assisting the Debtors in preparing documentation or testimony required in connection with creating, supporting or opposing a plan or the implementation thereof, and participating in negotiations on behalf of the Debtors with any groups affected by a plan; h. providing ongoing analysis of the Debtors' financial condition, business plans, capital spending budgets, operating forecasts, management and the prospects for their future performance, and; i. Such other tasks as the Debtors or its counsel may reasonably request in the course of the exercise of the Debtors' duties in these Chapter 11 Cases. The firm will be paid at these rates: Edward T. Gavin, CTP, NCPM $850 per hour Anne Eberhardt, CFE, CAMS $675 per hour Additional Personnel $250 to $750 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Edward T. Gavin, CTP,NCPM, a partner at Gavin/Solmonese LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Edward T. Gavin, CTP,NCPM Gavin/Solmonese LLC 1007 N. Orange Street, Suite 461 Wilmington, DE 19801 Tel: (302) 655-8997 Fax: (302) 655-6063 About Pioneer Health Systems, LLC Pioneer Health Systems, LLC, is the parent company for the following brands: Surgical Hospital of Oklahoma, L.L.C. (SHO), Direct Orthopedic Care (DOC), and Integrated Care Technologies (ICT). Combined, this model allows Pioneer to offer a complete vertical orthopedic healthcare system. The Debtor filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-10279) on Feb. 21, 2024, with $1 million to $10 million in both assets and liabilities. Colin Chenault, chief financial officer, signed the petition. Judge J. Kate Stickles oversees the case. Alessandra Glorioso, Esq., at Dorsey & Whitney (Delaware), LLP, is the Debtor's legal counsel. POSEIDON INVESTMENT: S&P Upgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings raised the issuer credit rating on Poseidon Investment Intermediate L.P. to 'CCC' from 'SD' (selective default). S&P said, "The rating on the company's second-lien term loan remains 'D', reflecting the potential for additional discounted repurchases. "Our 'B-' and 'CCC' issue-level ratings on Poseidon's super senior first-out (SSFO) loan and super senior second-out (SSSO) loan, respectively, are unchanged. "The negative outlook reflects our view that the company will continue to report negative free operating cash flow (FOCF) over the next 12 months, further constraining the company's liquidity position and elevating the risk of a distressed restructuring. "The 'CCC' issuer credit rating reflects our expectation of a continued FOCF deficit, weakening the company's liquidity position. Therefore, we believe there is a high likelihood of a transaction that we consider tantamount to a default over the next 12 months. We expect the combination of new business wins, synergy realization from the acquisition of Alpha Packaging, and other cost-saving initiatives will drive modest top-line growth and expand Poseidon's margins in 2025. However, we believe the company's high cash interest expense will continue to outweigh improvement in performance and further deteriorate its liquidity position. Alongside high cash interest expense, we expect a modest working capital outflow and about $20 million of capital expenditure (capex) will lead to a FOCF deficit each quarter this year." In the first quarter of 2025, a $24 million FOCF deficit, reduced availability on the asset-based lending (ABL) facility, and the repurchase of a portion of the company's second-lien term loan reduced the company's liquidity by about $42 million. S&P expects the liquidity position will continue to diminish, elevating the risk of a distressed restructuring of the company's capital structure within the next 12 months. S&P Global Ratings' issue-level rating on the company's second-lien term loan remains 'D'. Poseidon reported a debt repurchase of its second-lien term loan below par value in four of the five previous quarters, helping to reduce debt and cash interest expense. The remaining $201.9 million second-lien term loan trades significantly below par. Therefore, S&P now believes the company will continue to make repurchases on its second-lien term. As a result, it did not change the 'D' issue level rating on the second-lien term loan. S&P said, "The negative outlook on Poseidon reflects our expectations of persistent negative FOCF, increasing the risk of a distressed restructuring within the next 12 months. Poseidon's high interest expense, alongside our forecast of a net working capital outflow and capex to support growth, outweigh our expectations of the company's earnings improvement, leading to a FOCF deficit in fiscal 2025." S&P could lower the rating on Poseidon if: -- The company's FOCF deficit worsened such that S&P believed it would not be able to meet its debt obligations over the next six months; or -- The company repurchased its SSFO or SSSO term loans at a discount to par value or completed a distressed restructuring that S&P viewed as tantamount to a default. S&P could raise the rating if it no longer envisioned a specific default scenario over the next 12 months. POTOMAC ENERGY: S&P Assigns Prelim 'BB-' Rating on Term Loan B -------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' project finance issue rating to Potomac Energy Center LLC proposed $525 million term loan B (TLB). S&P also assigned a preliminary '2' recovery rating to the debt. Potomac Energy Center, which will be wholly owned by Blackstone Energy Transition Partners IV L.P., will use the proceeds to support the acquisition of the asset, as well as to pay transaction-related expenses. Potomac Energy Center's sole asset, an operating 774-megawatt (MW) natural gas-fired combined cycle gas turbine (CCGT) facility in Leesburg, Va. The project's operating risk profile is typical of a fully merchant, single-asset and modern CCGT that generates cash flow through its life via energy sales, participation in the capacity markets and ancillary services. Based on S&P's view of industry factors and market-driven variables, it forecasts a minimum debt service coverage ratio (DSCR) of 1.42x and an average DSCR of 1.53x for Potomac Energy Center LCC, including the post-refinancing period. The stable outlook reflects S&P's expectation the project will continue to operate in line with its historical performance and generate DSCRs largely in the 1.4x-1.6x area through the life of the project, which includes the post-refinancing period. Potomac Energy Center LLC owns an operating 774 MW natural-gas power plant in Leesburg, Va. The facility achieved commercial operations in April 2017 and consists of two Siemens SGT6-5000F combustion turbines. The facility only burns natural gas fuel. Funds managed by Blackstone Energy Transition Partners executed a definitive agreement to wholly acquire Potomac Energy Center LLC on Jan. 17, 2024. Located in the Dominion transmission zone of the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the project benefits by relatively higher capacity pricing in the PJM. The Dominion zone has strong demand fundamentals driven by the buildout of AI demand centers in the area, which should support capacity factors, power, and capacity prices. The asset is among the most efficient combined cycles facilities in the region, with a full baseload heat rate of about 7,136 Btu per kilowatt hours (kWh). This is a single-asset stand-alone plant that lacks scale and geographic diversity. With no long-term contractual cash flows, the project is fully merchant base and has exposure to market forces in the PJM and for its natural gas supply. Like other projects financed with TLB structures, the project will not have sufficient cash flow available for debt servicing (CFADS) and cash on hand to repay the debt maturity and will therefore be exposed to refinancing risk at this time. Capacity prices in the Dominion Zone of the PJM clear at a premium compared with the rest of the regional transmission organization (RTO). The Dominion Zone has the highest demand growth of any RTO market due to the large amount of data centers in the area. The 2025-2026 auction cleared at $444 MW per day (MW-d), which is a substantial increase from $29/MW-d in the prior auction, and well above the $267/MW-d for much of the PJM footprint, reflecting the relatively higher demand and limited supply growth in the region. S&P said, "We expect the price signal should be an incentive for investment in incremental dispatch; however, the PJM market has limited transmission capacity and long interconnection processes, resulting in high barriers to entry and delayed timing for new entrants. We expect limitations to supply growth to result in a sustained premium on capacity prices up to the PJM capacity price cap of $325/MW-d through 2028-2029. We anticipate that capacity prices should come down as additional dispatch comes online in the next five years." With a full baseload heat rate of about 7,136 Btu/kWh and relatively low marginal costs, Potomac is one of the most efficient gas plants in the PJM-Dominion Zone (DOM) supply stack. Potomac has contractual arrangements to source its natural gas supply primarily from Eastern Gas South (formerly Dominion South) hub, which has exhibited a 20%-25% discount to Henry Hub and provides a competitive advantage relative to other CCGT plants that source from higher-cost regions. Its low heat rate and cost advantage puts it ahead of other plants in the PJM-DOM dispatch stack; however, its positioning in the DOM does not isolate it from competition from neighboring zones. S&P anticipates data center demand growth and supply constraints should continue to support capacity factors of over 68% over the next five years under normal operating conditions. Historical capacity factors have largely remained in the 68%-76% range since 2021 under normal operating conditions. Potomac operates on a fully merchant basis in the PJM and is subject to supply and demand fundamentals of the broader market. The project does not benefit from any long-term contractual sales or hedges on its natural gas supply, which exposes its profitability and cash generation to market-related forces. Power prices are difficult to predict and can exhibit volatility from period to period. Under current market conditions, power prices in the PJM-DOM have cleared at a premium in both on-peak and off-peak relative to PJM-RTO, resulting in higher clean spark spreads expectations of $19-$22/MWh compared to other peers in the PJM, which range from $9-$15/MWh. Although stronger pricing under current market fundamentals provides some upside, given the project operates on a fully merchant basis, the project is exposed to margin volatility through its asset life. Additional dispatch additions, increases in regulations, and the uncertainty around the reversal of Virginia's RGGI withdrawal, both regarding to its timing and future auction clearing prices, could affect energy margins and the project's competitive advantage over the life of the asset. Capacity prices do provide some level of cash flow visibility through the cleared periods, generating at least 35% of the project's gross margin over the life of the asset. The project may be exposed to refinancing risk at the end of its debt term. S&P said, "We forecast that the project will not have sufficient CFADS and cash on hand to repay debt outstanding at maturity in 2032. Prospects for debt repayment over the debt tenor under the TLB sweep structure are sensitive to changes in market-driven and regulatory variables, particularly for merchant-based projects such as Potomac. We estimate that approximately $320 million, or 61% of issuance amount, will remain outstanding at the end of the debt term." S&P said, "The stable outlook recommendation reflects our expectation that Potomac will have dispatch levels in excess of 65% and spark spreads in the $19-$22/MWh range through the life of the TLB. We project DSCRs in the 1.4x-1.6x area through the life of the project, which includes the post-refinancing period. "We could lower the rating if we expect the project is unable to maintain a minimum DSCR of 1.35x on a sustained basis. This could result from factors such as lower-than-expected capacity factors, material reductions in power price, or if operational challenges such as forced outages result in lower plant availability." While unlikely within the next year or so due to the single-asset nature of the project, S&P could raise the rating if: -- S&P has a qualitative view that it could rate the project 'BB' given the project's single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk and; -- S&P expects the project will maintain a minimum base-case DSCR greater than 1.80x in all years, including the post-refinancing period. PRIMESOURCE INC: Seeks to Hire Deschenes & Associates as Attorney ----------------------------------------------------------------- Primesource Incorporated seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ Deschenes & Associates Law Offices to handle its Chapter 11 case. The firm will be paid at these rates: Gary S. Deschenes $450 per hour Zach B. Duhon $250 per hour Lisa Peck, paralegals $175 per hour Bryanna J. Richards $155 per hour Harry Wright $155 per hour Kenzie Tuttle $155 per hour The firm received a general retainer of $8,367.65 from Harley Fudge. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gary S. Deschenes, Esq., a partner at Deschenes & Associates Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gary S. Deschenes, Esq. Zach B. Duhon, Esq. Deschenes & Associates Law Offices 309 First Avenue North P.O. Box 3466 Great Falls MT 59403-3466 Tel: (406) 761-6112 E-mail: gsd@dalawmt.com Da@dalawmt.com About Primesource Incorporated Primesource Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40004) on February 6, 2025, with $500,001 to $1 million in assets and liabilities. Judge Benjamin P. Hursh presides over the case. Gary S. Deschenes, Esq. at Deschenes & Associates represents the Debtor as legal counsel. PROFESSIONAL DIVERSITY: Terminates Stock Purchase Deal With Tumim ----------------------------------------------------------------- Professional Diversity Network, Inc.‎ disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company served notice to Tumim Stone Capital LLC of the Company's decision to terminate the Common Stock Purchase Agreement in accordance with Section 7.1 thereof, effective on the fifth business day thereafter. Consequently, no further Purchase Shares will be sold under the Purchase Agreement. As previously disclosed, on June 30, 2023, the Company, entered Purchase Agreement, dated as of June 30, 2023, with Tumim Stone. Under the terms and subject to the conditions of the Purchase Agreement, the Company had the right, but not the obligation, to sell to the Investor, and the Investor was obligated to purchase, up to $12,775,000‎ ‎ worth of newly issued shares of the Company's common ‎stock, par value $0.01 per share, subject to certain limitations and the satisfaction (or, where permissible, the waiver) of the conditions set forth in the Purchase Agreement. As of the date of this Current Report on Form 8-K, the Company had issued and sold $2,846, 017 worth of Purchase Shares under the Purchase Agreement, which were registered on the Company's Registration Statement on Form S-3 (File No. 333-260316). About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, Professional Diversity Network had $5,302,121 in total assets, $3,659,961 in total liabilities, and $1,642,160 in total stockholders' equity. PROFESSIONAL DIVERSITY: To Implement 10-to-1 Reverse Stock Split ---------------------------------------------------------------- Professional Diversity Network, Inc., filed a Form 8-K with the Securities and Exchange Commission, announcing the submission of a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to the Delaware Secretary of State, implementing a 10-to-1 reverse stock split. This amendment will take effect at 12:01 a.m. ET on March 13, 2025. On Jan. 24, 2025, certain stockholders of the Company, holding approximated 52.13% ‎of the total issued and outstanding voting power, approved an amendment to the Company's Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company's common stock, par value $0.01 per share, at a ratio of 1.5-to-1, 2-to-1, 3-to-1, 4-to-1, 5-to-1, 10-to-1, or 20-to-1, as determined necessary and desirable by management to achieve and maintain a minimum market trading price of at least $1.00 per share for the Common Stock, which may be implemented multiple times if necessary with any resulting fractional shares to be cashed out. Management later fixed the reverse stock split ratio at 10-to-1. As a result of the Reverse Stock Split, every ten shares of Common Stock will be combined into one share of Common Stock and the total number of shares of Common Stock outstanding will be reduced from 19,322,748 shares to 1,933,274 shares. Stockholders who otherwise would be entitled to receive fractional shares because they held a number of shares not evenly divisible by the ratio of the Reverse Stock Split will automatically be entitled to receive cash in lieu of such fractional shares. Trading of the Company's Common Stock on The Nasdaq Capital Market on a split-adjusted basis is expected to begin on March 13, 2025. The Company's new Common Stock will continue to be traded under the symbol IPDN. A new CUSIP number has been issued for the Company's new Common Stock (74312Y400) to replace the old CUSIP number (74312Y301). The Company's stockholders should not send their stock certificates to the Company. Stockholders will be notified by the Company's transfer agent, Computershare Inc., regarding the process for exchanging existing stock certificates representing pre-split shares. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. is an operator of professional networks with a focus on diversity, employment, education and training. The Company uses the term "diversity" to describe communities, or "affinities," that are distinct based on a wide array of criteria, which may change from time to time, including ethnic, national, cultural, racial, religious or gender classification. The Company serves a variety of such communities, including Women, Hispanic-Americans, African-Americans, Asian-Americans, persons with disabilities, Military Professionals, and Lesbian, Gay, Bisexual and Transgender (LGBTQ+) persons, and students and graduates seeking to transition from education to career. The Company's technology platform is integral to the operation of its business. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024. The report highlighted that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company recorded a net loss from continuing operations of approximately $4.5 million for the year ended Dec. 31, 2023, and $3.1 million for the year ended Dec. 31, 2022. "We continue to focus on our overall profitability by altering our strategies in targeting new clients and reducing operating and overhead expenses. We have continued to generate negative cash flows from operations, and we expect to incur net losses for the foreseeable future and this may have an effect on our liquidity and financial position. These conditions raise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent on our ability to further implement our business plan, raise capital, and generate revenues," the Company stated in its Quarterly Report for the period ended Sept. 30, 2024. PROSPECT MEDICAL: Committee Taps Jefferies LLC as Investment Banker ------------------------------------------------------------------- The official committee of unsecured creditors of Prospect Medical Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Jefferies LLC as its investment banker. The firm will render these services: (a) become familiar with, to the extent Jefferies deems appropriate, and analyze the business, operations, properties, financial condition and prospects of the Debtors; (b) advise the Committee on the current state of the "restructuring market"; (c) assist and advise the Committee in its evaluation of the Debtors’ proposed debtor in possession financing and potential alternative sources of financing; (d) assist and advise the Committee on a sale, disposition or other business transaction or series of transactions, including, without limitation, merger, reverse merger, liquidation, tender or exchange offer, stock purchase, asset purchase, recapitalization, reorganization, consolidation, amalgamation, joint venture, strategic partnership, license, a sale under section 363 of the Bankruptcy Code (including any "credit bid" made pursuant to section 363(k) of the Bankruptcy Code and including under a plan pursuant to the Bankruptcy Code); (e) assist and advise the Committee in developing a general strategy for accomplishing a Transaction; (f) assist and advise the Committee in implementing a Transaction involving the Debtors; (g) assist and advise the Committee in evaluating and analyzing any Transaction, including any securities or debt instruments that may be issued in any such Transaction; (h) assist and advise the Committee in connection with negotiations with other stakeholders; (i) assist and advise the Committee in evaluation and negotiating any restructuring and/or settlement proposals and/or alternatives and evaluating the impact on recoveries; (j) provide testimony, as necessary and appropriate, with respect to matters on which Jefferies has been engaged to advise the Committee thereunder; (k) attend meetings of the Committee with respect to matters on which Jefferies has been engaged to advise the Committee thereunder; and (l) render such other investment banking services as may from time to time be agreed upon by the Committee and Jefferies and reasonably appropriate. The firm will be paid as follows: (a) Monthly Fee. A monthly fee (the "Monthly Fee") equal to $175,000 per month until the termination of the Engagement Letter. The first Monthly Fee shall be deemed to have accrued in advance on the date of the Engagement Letter and each subsequent Monthly Fee shall accrue and be payable in advance on each monthly anniversary thereafter; provided that all accrued but unpaid Monthly Fees incurred prior to Bankruptcy Court approval of the Engagement Letter shall be immediately payable upon Bankruptcy Court approval of this Agreement. Additionally, fifty percent of the Monthly Fees in excess of 6 Monthly Fees ($1,050,000) actually paid to Jefferies under the Engagement Letter shall be credited once, without duplication, against any Transaction Fee subsequently payable to Jefferies. (b) Transaction Fee. A transaction fee in an amount equal to $3,500,000 (the "Transaction Fee") (which includes a contingent fee in the amount equal to $500,000), payable upon the closing of a Transaction; provided that, solely with respect to the contingent fee portion of the Transaction Fee, if the UCC notifies Jefferies and counsel to the Debtors in writing (which may be an email) prior to entry of an order approving a chapter 11 plan that it has elected not to pay such contingent fee portion of the Transaction Fee, the Transaction Fee shall be in an amount equal to $3,000,000. For the avoidance of doubt, only one Transaction Fee may be payable to Jefferies under the terms of the Engagement Letter. (c) Expenses. In addition to any fees that may be paid to Jefferies under the Engagement Letter, the Debtors will reimburse Jefferies, promptly upon receipt of an invoice therefor, for all out-of-pocket expenses (including reasonable fees and expenses of its counsel and ancillary expenses) incurred by Jefferies and its designated affiliates in connection with its engagement by the Committee. Leon Szlezinger, a Managing Director and Joint Global Head of Debt Advisory & Restructuring, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leon Szlezinger Jefferies LLC 520 Madison Avenue New York, NY 10022 Tel: (212) 284-2300 About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on January 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PROSPECT MEDICAL: Committee Taps Paul Hastings as Counsel --------------------------------------------------------- The official committee of unsecured creditors of Prospect Medical Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Paul Hastings LLP as its counsel. The firm will be assisting, advising, and representing the Committee with respect to the following: (a) the Committee's general oversight of the Chapter 11 Cases; (b) the Committee's evaluation and negotiation of any post-petition financing, cash collateral usage, or exit financing; (c) the Committee's analysis of the Debtors' capital structure, as well as other claims against and interests in the Debtors; (d) the Committee's analysis of the assumption or rejection of the Debtors' executory contracts and unexpired leases, as well as any negotiations with third parties to such contracts and leases; (e) the Committee's analysis and investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors; (f) the Committee's analysis and investigation of potential estate claims and causes of action, including potential avoidance actions arising under Chapter 5 of the Bankruptcy Code; (g) the Committee's evaluation, negotiation, and documentation of any proposed sale of all or a portion of the Debtors' assets or businesses, including any proposed bidding procedures, bids, purchase agreements, and related pleadings and orders; (h) the Committee's evaluation, negotiation, confirmation, and implementation of any chapter 11 plan, disclosure statement, and related documentation that may be filed in the Chapter 11 Cases; (i) the preparation, on behalf of the Committee, of any pleadings, motions, applications, orders, memoranda, complaints, answers, objections, replies, responses, and other legal papers, and the review and analysis of all other pleadings filed in connection with the Chapter 11 Cases; (j) appearances in hearings, litigation conferences, mediations, or other proceedings pending before this Court (or any ancillary proceedings related to the Debtors before any other court) on behalf of the Committee; (k) any consultations, meetings, and negotiations with the Debtors, creditors, and other parties-in-interest on behalf of the Committee; (l) communications with the Committee's constituents, consistent with section 1102 of the Bankruptcy Code and otherwise; and (m) the performance of such other legal services as are necessary to assist the Committee in discharging its duties and responsibilities in connection with the Chapter 11 Cases. The firm's current hourly rates are: Partners $1,625 to $2,520 Of Counsel $1,575 to $2,395 Associates $825 to $1,520 Paraprofessionals $295 to $670 Paul Hastings provides the following response to the request for information set forth in Paragraph D.1. of the U.S. Trustee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: 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 post-petition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Committee and Paul Hastings expect to work together to develop a budget and staffing plan for the Chapter 11 Cases. Paul Hastings is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b), according to court filings. The firm can be reached through: Gabriel E. Sasson, Esq. Frank A. Merola, Esq. Matthew D. Friedrick, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, NY 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Email: gabesasson@paulhastings.com frankmerola@paulhastings.com matthewfriedrick@paulhastings.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on January 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PROSPECT MEDICAL: Committee Taps Province LLC as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of Prospect Medical Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Province, LLC as its financial advisor. The firm's services include: (a) becoming familiar with and analyzing the Debtors' DIP budget, assets and liabilities, and overall financial condition; (b) reviewing financial and operational information furnished by the Debtors; (c) monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; (d) scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; (e) analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; (f) assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; (g) preparing, or reviewing as applicable, avoidance action and claim analyses; (h) assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP budgets, and monthly operating reports; (i) advising the Committee on the current state of these chapter 11 cases; (j) advising the Committee in negotiations with the Debtors and third parties as necessary; (k) if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and (l) other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's current standard hourly rates are: Managing Directors and Partners $900 to $1,450 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $350 to $825 Paraprofessional / Admin $270 to $450 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul Navid, a partner at Province, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Navid Province, LLC 2360 Corporate Circle, Suite 340, Henderson, NV 89074 Tel: (702) 685-5555 Email: pnavid@provincefirm.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on January 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PROSPECT MEDICAL: Ombudsman Hires Greenberg Traurig as Counsel -------------------------------------------------------------- Suzanne A. Koenig, the Patient Care Ombudsman of Prospect Medical Holdings, Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Greenberg Traurig, LLP as counsel. The firm's services include: a. representing the Ombudsman in any proceeding or hearing in the Court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of these Cases; b. advising the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the discharge of her duties under section 333 of the Bankruptcy Code; c. advising and representing the Ombudsman in evaluating any patient or healthcare related issues, including, in connection with any sale or reorganization; and d. performing such other legal services as may be required under the circumstances of these Cases in accordance with the Ombudsman's powers and duties as set forth in the Bankruptcy Code, including assisting the Ombudsman with reports to the Court, fee applications, or other matters. The firm will be paid at these rates: Shareholders/Of Counsel $550 to $2,250 per hour Associates $350 to $1,280 per hour Legal Assistants/Paralegals $145 to $655 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nancy A. Peterman, Esq., a partner at Greenberg Traurig, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nancy A. Peterman, Esq. Greenberg Traurig, LLP 77 West Wacker Drive, Suite 3100 Chicago, IL 60601 Tel: (312) 456-8400 Fax: (312) 456-8435 Email: PetermanN@gtlaw.com About Prospect Medical Holdings Inc. Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PROSPECT MEDICAL: PCO Hires Sak as Medical Operations Advisor ------------------------------------------------------------- Prospect Medical Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Sak Management Services, LLC d/b/a SAK Healthcare as medical operations advisor. The firm's services include: a. conducting interviews of patients, family members, guardians, and hospital staff as required; b. reviewing license and governmental permits; c. reviewing adequacy of staffing, supplies, and equipment; d. reviewing safety standards; e. reviewing hospital maintenance issues or reports; f. reviewing patient, family, staff, or employee complaints; g. reviewing risk management reports; h. reviewing litigation relating to the Debtors; i. reviewing patient records; j. reviewing any possible sale, closure, or restructuring of the Debtors and how it impacts patients; k. reviewing other information, as applicable to the Debtors and these Cases, including, without limitation, patient satisfaction survey results, regulatory reports, utilization review reports, discharged and transferred patient reports, staff recruitment plans, and nurse/patient/acuity staffing plans; l. reviewing various financial information, including, without limitation, current financial statements, cash projections, accounts receivable reports, and accounts payable reports to the extent such information may impact patient care; and m. assisting the Ombudsman with such other services as may be required under the circumstances of these Cases, including any diligence or investigation required for the reports to be submitted by the Ombudsman. The firm will be paid at these hourly rates: Principals/Executives $525 Senior Managing Directors/Vice Presidents $475 Senior Directors/Regional Directors/Directors $425 Staff/Administrative $275 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Suzanne A. Koenig, a Founder and Chief Executive Officer at SAK Management Services, LLC d/b/a SAK Healthcare, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Suzanne A. Koenig SAK Healthcare 300 Saunders Rd. Riverwoods, IL 60015 Tel: (847) 446-8400 About Prospect Medical Holdings Inc. Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. QHSLAB INC: Partners With Hayden IR to Expand Investor Reach ------------------------------------------------------------ QHSLab Inc. has engaged Hayden IR, a highly recognized national investor relations firm, to raise its visibility and strengthen its relationships with the investment community. Troy Grogan, President and CEO of QHSLab, "Over the past year, we have made significant strides in expanding our suite of digital health solutions, growing our provider network and strengthening our market position. As we continue to drive innovation and scale our business, we have engaged the professionals at Hayden IR to help us reach a broader investor audience and effectively communicate our strategy and achievements." With offices in New York, Phoenix, and Dallas, Hayden IR provides a comprehensive range of investor relations services to a growing list of clients. For more than two decades, Hayden IR has been a recognized leader in driving market recognition and creating sustainable competitive advantages for more than 150 micro- and small-cap companies. Hayden delivers expertise and professionalism in such areas as investor management, relationship building, awareness campaigns, online presence and corporate identity. Brett Maas, Managing Principal of Hayden IR, "QHSLab has developed an impressive portfolio of digital health solutions that address critical gaps in primary care. Their strategy is focused on leveraging data-driven tools to improve patient outcomes while enhancing efficiency for healthcare providers. The company is well-positioned to capitalize on a sizable market opportunity, and we look forward to assisting them in telling their story to a broader investor audience." For more information about QHSLab and our healthcare solutions, please visit www.qhslab.com. About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Going Concern The Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The continuation of the Company's business is dependent upon its ability to achieve increased positive cash flows and profitability and, pending such achievement, future issuances of equity or other financings to fund ongoing operations. However, access to such funding may not be available on commercially reasonable terms, if at all. QHSLAB INC: Receives Default Notice From Mercer for $1.4M in Notes ------------------------------------------------------------------ QHSLab, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a Notice of Default from Mercer Street Global Opportunity Fund, LLC in connection with the following outstanding convertible promissory notes: * Original Issue Discount Secured Promissory Note dated August 10, 2021 * Original Issue Discount Secured Promissory Note dated July 22, 2022 Under the terms of the Notes, a failure to pay the principal and interest when due constitutes an Event of Default under Section 7(a)(i) of the Notes. The Notes matured on August 10, 2022, and July 22, 2023, respectively, and remain unpaid. The Company had previously advised that it was in default in its obligations under the Notes. Pursuant to the acceleration provisions of Section 7(b) of the Notes, the Lender has declared all outstanding principal and accrued interest immediately due and payable. As of February 20, 2025, according to the Lender, based upon an interest rate of 18% from the initial days of the defaults, the principal and accrued interest owed by the Company is $1,400,853.77, absent an additional 20% in default principal Lender claims it may demand. The Company believes this number is incorrect and will seek to resolve the discrepancy with the Lender. About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. As of September 30, 2024, QHSLab had $1,764,643 in total assets, $2,099,910 in total liabilities, and $335,267 in total stockholders' deficit. Going Concern The Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The continuation of the Company's business is dependent upon its ability to achieve increased positive cash flows and profitability and, pending such achievement, future issuances of equity or other financings to fund ongoing operations. However, access to such funding may not be available on commercially reasonable terms, if at all. QVC GROUP: Two Directors to Exit Board; Size Reduced to Seven ------------------------------------------------------------- QVC Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Andrea L. Wong notified the Company that she does not intend to stand for reelection as a member of the Board of Directors. Ms. Wong will continue to serve on the Board until her current term expires at the Company's 2025 annual meeting of stockholders, which will be held on May 12, 2025. Ms. Wong's decision not to stand for reelection to the Board was not the result of any dispute or disagreement with the Company. As previously announced by the Company on its Current Report on Form 8-K filed on September 25, 2024, John C. Malone, a member of the Board, will not stand for reelection and will cease being a member of the Board when his current term expires at the 2025 annual meeting. Mr. Malone and Ms. Wong currently serve as Class III directors. As a result of Mr. Malone's and Ms. Wong's respective determinations to not stand for reelection, the Board has approved a reduction in the size of the Board from nine directors to seven directors, to become effective immediately following the end of Mr. Malone's and Ms. Wong's respective terms at the 2025 annual meeting (the "board size reduction"). The Board has also approved the redesignation of Richard N. Barton as a Class III director, such that Mr. Barton will stand for election at the 2025 annual meeting. Mr. Barton was previously elected as a Class II director at the Company's 2024 annual meeting of stockholders. He has agreed to be redesignated and stand for election at the 2025 annual meeting so that, in accordance with the Company's Restated Certificate of Incorporation, each class of the Board will consist, as nearly as possible, of a number of directors equal to one-third of the number of Board members authorized following the expiration of Mr. Malone's and Ms. Wong's respective terms at the 2025 annual meeting and the board size reduction. As a result of the board size reduction, Class I of the Board will consist of three directors and each of Class II and III will consist of two directors effective immediately following the 2025 annual meeting. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- (NASDAQ: QVCGA, QVCGB, QVCGP) is a Fortune 500 company with six leading retail brands – QVC, HSN, Ballard Designs, Frontgate, Garnet Hill and Grandin Road (collectively, "QVC GroupSM"). QVC GroupSM is a live social shopping company that redefines the shopping experience through video-driven commerce on every screen, from smartphones and tablets to laptops and TVs. QVC Group reaches more than 200 million homes worldwide via 15 television channels, which are widely available on cable/satellite TV, free over-the-air TV, and FAST and other digital livestreaming TV. The retailer also reaches millions of customers via its QVC+ and HSN+ streaming experience, Facebook, Instagram, TikTok, YouTube, Pinterest, websites, mobile apps, print catalogs, and in-store destinations. QVC Group, Inc. also holds various minority interests. * * * As reported by TCR on April 22, 2024, S&P Global Ratings revised its outlook to stable from negative and affirmed all its ratings on U.S.-based video commerce and online retailer Qurate Retail Inc., including its 'CCC+' Company credit rating. The stable outlook reflects S&P's expectation that Qurate will maintain sufficient liquidity over the next 12 months despite its view that its capital structure remains unsustainable, as further cost reductions offset sales weakness and support profit recovery. QXC COMMUNICATIONS: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- On February 28, 2025, QXC Communications Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $13,912,001 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About QXC Communications Inc. QXC Communications Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. The Company caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. It uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256 ) on February 28, 2025. In its petition, the Debtor reports total assets of $11,677,760 and total liabilities of $13,912,001. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by: John E. Page, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr, Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 Email: jpage@slp.law RECOM LLC: Claims to be Paid From Disposable Income --------------------------------------------------- Recom LLC filed with the U.S. Bankruptcy Court for the District of Utah a Plan of Reorganization dated February 21, 2025. The Debtor is a logistics and fulfillment company, commonly known as a third-party logistics company, or 3PL. Recom formerly occupied warehouse space, and conducted its business from property it leased from 225 East 900 South Industrial, LLC. The Debtor filed bankruptcy in substantial part because of disputes with its Landlord. The Debtor has since left its former warehouse space leased from the Landlord and restructured its business. Subsequent to the Debtor vacating its former leased space, the Debtor substantially restructured the manner in which it conducts business. The Debtor had intended to operate without leased space. During the period October through December, 2024, the Debtor's goods had been held for sale at a combination of retail locations of Downeast (which has 21 retail stores in the Intermountain West) and a local Downeast distribution center. Unfortunately, in late December 2024, Downeast reneged on its commitments to the Debtor, which forced the Debtor to retool its Plan. Recently, the Debtor secured a new lease at a mall anchor endcap in the Newgate mall in Ogden, Utah (a former Downeast location) which the Debtor uses for warehousing, fulfillment, and omni channel liquidation sales. The Debtor's new location also enables the Debtor to add a store front to sell its customers liquidation goods. The Debtor's new retail location is called Rendezvous at the Newgate mall. With this restructuring, the Debtor believes that its business prospects are good, and that its new business model will allow it to generate positive disposable income to reorganize with the benefit of subchapter V of Chapter 11 of the Bankruptcy Code. Broadly speaking, the Debtor's Plan proposes to pay holders of Allowed Claims the Debtor's "Disposable Income" for a period of three years, which will be distributed to such holders on a pro rata basis as provided in this Plan. As shown therein, the Debtor will initially pay creditors $49,669 in year one of the Plan, $86,616 in year two of the Plan, and $86,616 in year three of the Plan. In addition, on the Plan's Effective Date, the Debtor will pay $137,000 to the Landlord. The Debtor currently estimates that the Administrative Claims that will be paid over the three-year term of the Plan are (a) $137,000 to the Landlord; (b) $20,000 to the Debtor's bankruptcy attorneys; and (c) $5,000 to the SubChapter V Trustee. The Debtor's Plan proposes that only the latter two amounts would be paid from the projected Plan Payments; stated otherwise, the total amount the Debtor anticipates will be paid from the Plan Payments towards administrative expenses over the three-year life of the Plan is $20,000. Accordingly, the Debtor anticipates that over the three-year life of the Plan Holders of General Unsecured Claims will receive total distributions of approximately $202,931. Class 2 consists of General Unsecured Claims. The holders of Allowed Class 2 Claims shall be paid pro rata from Plan Payments. Plan Payments will be paid, first, to the holders of Allowed Claims having greater priority in distribution. Specifically, the holders of Allowed Class 2 Claims will not receive distributions until the holders of claims with higher priority have been paid or reserved in full. Subject to the priorities set forth in Section 5.4 of this Plan, the holders of Allowed Class 2 Claims shall be paid, pro rata, beginning on the Initial Distribution Date and continuing for each of the subsequent Interim Distribution Dates, to the extent that a full or partial distribution of Cash is available from Plan Payments on such dates, until the earlier that (i) such claims are paid in full, or (ii) the Final Distribution Date. Class 2 is impaired under the Plan. Class 4 consists of Equity Interests. Each record holder of an Equity Interest in the Debtor shall retain its interest in the Debtor. Subject to the limitations and priorities, the holders of Allowed Class 4 Equity Interests shall receive pro rata distributions, (a) from time to time, but in any event at least on the Initial Distribution Date and the subsequent Interim Distribution Dates, to the extent that a full or partial distribution of Cash is available to the holder of such interest on such dates, and (b) on the Final Distribution Date. Except as otherwise provided in this Plan, the Reorganized Debtor, as of the Effective Date, shall be vested with all of the property and assets of the Debtor and its Estate. If the Plan is confirmed under Bankruptcy Code S 1191(b), property of the Estate that is included as property of the Estate by operation of Bankruptcy Code § 1186 shall be vested in the Reorganized Debtor as of the Effective Date. The Reorganized Debtor shall have exclusive and absolute authority to conduct its business, manage its assets, and otherwise determine and direct its financial affairs. The Reorganized Debtor shall be managed by Danny Hales, its current Chief Executive Officer. In exchange for his management services, Mr. Hales shall be paid an annual salary of $150,000.00 (which is a substantial reduction of his pre-bankruptcy salary which was just over $200,000 per year), subject to annual increases at a rate no greater than 3%, provided that the Reorganized Debtor is otherwise complying with the terms of the Plan. A full-text copy of the Plan of Reorganization dated February 21, 2025 is available at https://urlcurt.com/u?l=T1b3iG from PacerMonitor.com at no charge. Counsel to the Debtor: George B. Hofmann, Esq. COHNE KINGHORN, PC 111 E. Broadway, 11th Floor Salt Lake City, UT 84111 Telephone: (801) 363-4300 Email: ghofmann@ck.law About Recom LLC Recom, LLC, is a logistics and fulfillment company, commonly known as a third-party logistics company, or 3PL. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 24-23750) on July 30, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Peggy Hunt presides over the case. George B. Hofmann, Esq., at Cohne Kinghorn PC, is the Debtor's legal counsel. REMNANT OF FAITH: Case Summary & 14 Unsecured Creditor ------------------------------------------------------ Debtor: Remnant of Faith a/k/a Remnant of Faith Church of God in Christ 825 West Pentagon Dallas TX 75224 Business Description: Remnant of Faith, located in Dallas, TX, is a Pentecostal church dedicated to empowering individuals through worship, ministry, and community outreach. Chapter 11 Petition Date: March 4, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-40620 Debtor's Counsel: Gary G. Lyon, Esq. BAILEY JOHNSON & LYON, PLLC Attn: Gary G. Lyon 6401 W. Eldorado Parkway McKinney TX 75070 Tel: (214) 620-2034 E-mail: glyon.attorney@gmail.com Total Assets: $1,442,744 Total Liabilities: $1,060,106 The petition was signed by Lorenzo Plater, serving as president/CEO/pastor. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YQUZ5CY/Remnant_of_Faith__txebke-25-40620__0001.0.pdf?mcid=tGE4TAMA RETO ECO-SOLUTIONS: Implements 10-to-1 Reverse Stock Split ---------------------------------------------------------- ReTo Eco-Solutions, Inc. announced that its Class A shares began trading on a post-ten-to-one reverse stock split basis on March 7, 2025. This follows the approval of the ten-to-one reverse stock split by the Company's board of directors on Feb. 11, 2025. As a result of the Share Combination, each 10 pre-combination Class A shares of the Company will be automatically combined into one Class A share without any action on the part of the holders, with par value of the Class A shares of the Company being changed from $0.1 per share to $1.0 per share, and the Company's issued and outstanding Class A shares will be reduced from 19,352,636 to approximately 1,935,264. The Company's Class A shares will continue to trade on the Nasdaq Capital Market under the symbol "RETO" under a new CUSIP number - G75271307. The Share Combination is intended to increase the market price per share of the Company's Class A shares to allow the Company to maintain its Nasdaq listing. No fractional shares will be issued as a result of the Share Combination. Shareholders who otherwise would be entitled to a fractional share because they hold a number of Class A shares not evenly divisible by ten will automatically be entitled to receive an additional share of the Company's Class A shares. The Share Combination will not be submitted to a vote of the Company's shareholders as a vote is not required under the laws of the British Virgin Islands. The Company's transfer agent, VStock Transfer, LLC, will act as the exchange agent. Adjustments made to Class A shares represented by physical stock certificates can be made upon surrender of the certificate to the transfer agent. Please contact VStock Transfer, LLC for further information at (212) 828-8436. About Reto Eco-Solutions Reto Eco-Solutions, Inc., through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings), as well as equipment used for the production of these eco-friendly construction materials. Headquartered in Beijing, Peoples Republic of China, the Company also provides consultation, design, project implementation and construction of urban ecological protection projects through its operating subsidiaries in China. It also provides parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. Irvine, California-based YCM CPA, Inc., the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 15, 2024. The report highlighted that the Company records an accumulated deficit as of Dec. 31, 2023, and the Company currently has net working capital deficit, continued net losses and negative cash flows from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's net loss from continuing operations amounted to $16.1 million, $15.4 million and $20.5 million for the year ended Dec. 31, 2023, 2022 and 2021, respectively. The Company's net loss from discontinued operations amounted to nil, nil and $1.6 million for the year ended Dec. 31, 2023, 2022 and 2021, respectively. Total net loss amounted to approximately $16.1 million, $15.4 million and $22.1 million for the year ended Dec. 31, 2023, 2022 and 2021, respectively. ROCK N CONCEPTS: Court OKs Interim Use of Cash Collateral --------------------------------------------------------- Rock N Concepts, LLC and Lava Cantina The Colony, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas to use cash collateral until March 18. The interim order signed by Judge Brenda Rhoades authorized the companies to use cash collateral to pay the expenses set forth in their budget, with a 10% variance allowed. Secured lenders Regions Bank and the U.S. Small Business Administration were granted replacement security interests in, and liens on, all post-petition property of the companies. A final hearing is scheduled for March 18. Regions Bank is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, PC The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com About Rock N Concepts LLC Rock N Concepts, LLC and Lava Cantina The Colony, LLC, a live entertainment venue and restaurant located in The Colony, Texas, filed Chapter 11 petitions (Bankr. E.D. Texas Lead Case No. 25-40416) on February 18, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. The Debtors are represented by: Sarah M. Cox, Esq. Spector & Cox, PLLC 12770 Coit Rd., Ste. 850 Dallas, TX 75251 Phone: 214-310-1321 ROCK N CONCEPTS: Hires Spector & Cox PLLC as Counsel ---------------------------------------------------- Rock N Concepts LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Spector & Cox, PLLC as counsel. The firm's services include: a. providing legal advice with respect to its powers and duties as Debtors-in-possession; b. preparing and pursuing confirmation of a plan and approval of a disclosure statement; c. preparing on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; d. appearing in Court and protecting the interests of the Debtors before the Court; and e. performing all other legal services for the Debtors which may be necessary and proper in these proceedings. The firm will be paid at these rates: Sarah M. Cox $395 per hour Howard Marc Spector $435 per hour Paralegals $145 per hour The firm received a retainer in the amount of $ 30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sarah M. Cox, Esq., a partner at Spector & Cox, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sarah M. Cox, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850, Dallas, TX 75251 Tel: (214) 310-1321 About Rock N Concepts LLC Rock N Concepts LLC is a limited liability company. Rock N Concepts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40416) on February 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Sarah M. Cox, Esq., at Spector & Cox, PLLC. ROCKY MOUNTAIN: Gets Final OK to Use Cash Collateral Until Aug. 1 ----------------------------------------------------------------- The United States Bankruptcy Court for the District of Colorado issued a final order authorizing Rocky Mountain Imports, LLC, to use cash collateral and granting to the secured creditors, Live Oak Banking Company and Peak Imports, Inc. The company is authorized to use cash collateral, including proceeds from its accounts receivable, on a final basis through August 1. The secured creditors were granted replacement liens on all post-petition assets of the company and proceeds thereof, excluding any avoidance causes of action, only to the extent of any diminution in value during the interim period. The company will provide adequate protection to Live Oak Bank by setting aside 25% of any excess cash balance in a segregated account and holding it for the benefit of Live Oak and will transmit such excess in monthly payments on or before the last business day of each month to Live Oak. Live Oak can be reached through its counsel: Christopher J. Harayda, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Telephone: (612) 335-1500 Facsimile: (612) 335-1657 Email: cj.harayda@stinson.com About Rocky Mountain Imports Rocky Mountain Imports, LLC, doing business as Pikes Peak Rock Shop, is a direct importer and wholesale distributor of minerals, fossils and jewelry. Its customers include national parks, museums, gift shops, multi-store chains, science and nature shops, rock & gem shops, trading posts and local rock-hounds. The company directly imports from Brazil, Peru, China, Morocco, and India, and distributes its products to businesses across the U.S. and Canada. Rocky Mountain Imports sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-10311) on January 21, 2025, with $96,089 in assets and $1,800,938 in liabilities. Gary Greenwald, managing member of Rocky Mountain Imports, signed the petition. Judge Michael E. Romero oversees the case. The Debtor is represented by: Kevin S. Neiman Tel: 303-996-8637 Email: kevin@ksnpc.com ROGERS COMMUNICATIONS: DBRS Finalizes BB Rating, Trend Stable ------------------------------------------------------------- DBRS Limited finalized its provisional credit rating of BB with a Stable trend on Rogers Communications Inc.'s (Rogers or the Company) USD1.1 billion 7.000% Fixed-to-Fixed Rate Subordinated Notes Due 2055, USD1.0 billion 7.1250% Fixed-to-Fixed Rate Subordinated Notes Due 2055 and CAD1.0 billion 5.625% Fixed-to-Fixed Rate Subordinated Notes due 2055 (collectively the Notes). There is no change to either the Company's Issuer Rating or Senior Unsecured Notes rating, which remain at BBB (low) with Stable trends. The Notes are unsecured subordinated obligations of Rogers. The payment of principal; premium, if any; and interest on the Notes will be subordinated in right of payment to the prior payment in full of all senior indebtedness. The Notes are also structurally subordinated to all debt and other liabilities of, and guarantees by, Rogers' subsidiaries. Morningstar DBRS expects Rogers will use the net proceeds of the Notes to repay certain of its outstanding indebtedness and/or fund a portion of the purchase price for the Company's pending acquisition of BCE Inc.'s indirect ownership stake in Maple Leaf Sports & Entertainment Inc. Pending any such uses, the Company may invest the net proceeds in bank deposits and money market securities. Morningstar DBRS regards the Notes as subordinated hybrid debt, which is rated two notches below the Company's Issuer Rating and Senior Unsecured Notes rating. Morningstar DBRS has assigned a 50% equity weighting to the proposed Notes, reflecting the deep subordination of the Notes to Rogers' senior unsecured debt, an assumed term to maturity of 30 years, the Company's ability to defer interest payments for up to five years (unlimited deferral periods are permitted), and the presence of acceptable replacement language that supports the notion of permanence of subordinated debt in Rogers' long-term capital structure strategy. In year 21 (2046) the equity treatment of the Notes will drop to 25% and in year 26 (2051), the equity treatment of the Notes will drop to 0%. Rogers' credit ratings reflect the size and diversity of its customer base, the Company's status as national incumbent telecommunications service provider and the performance of its advanced 5G network. The credit ratings also reflect intensifying competition, the expected loss of legacy wireline services revenues, higher near- to medium-term network investment spending, and the risks associated with technological and regulatory change. Notes: All figures are in Canadian dollars unless otherwise noted. ROY BLACKWELL: Selling Tipton County Property to Marcus Smith ------------------------------------------------------------- Roy Blackwell Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, to sell Real Property, free and clear of liens, claims, interests, and encumbrances. James E. Bailey, Jr. was appointed as the Subchapter V Trustee of the Debtor. The Debtor is a corporation organized and authorized under the laws of the State of Tennessee with its principal place of business at 250 Menefee Street, Covington, Tipton County, Tennessee 38019. The Debtor owns certain real property located at 250 Menefee Street, Covington, Tipton County, Tennessee 38019. The Debtor wants to sell the Property to Marcus Smith for the purchase price of $315,000. The Debtor believes that the consummation of the transaction is in the best interest of this estate, and creditors insofar as the offer will produce immediate cash to the estate. The purchase price provided represents fair and reasonable purchase price for the Property and the Debtor believes that the offer is the highest and best offer she will receive for said assets. About Roy Blackwell Enterprises Inc. Roy Blackwell Enterprises, Inc., provides precision laser alignments and maintenance and mechanical services throughout the petrochemical industry and has been in business continuously since 1998. The Debtor filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 23-24865) on Oct. 2, 2023, with $1,120,661 in assets and $2,894,996 in liabilities. Larry Avist Jr., president, signed the petition. Judge Jennie D. Latta oversees the case. Bo Luxman, Esq., at Luxman Law Firm represents the Debtor as bankruptcy counsel. ROYSTONE ON QUEEN: Claims to be Paid From Property Sale Proceeds ---------------------------------------------------------------- Roystone on Queen Anne LLC submitted a Disclosure Statement for the Amended Chapter 11 Plan of Liquidation dated February 20, 2025. Roystone owns real property and multi-family improvements commonly known as the Roystone Apartments, located in the heart of lower Queen Anne at 5 W Roy Street in Seattle, Washington. The Property is comprised of 93 residential units, almost 4,000 square feet of retail space, and 15 subterranean parking stalls. Roystone is working to complete the remaining work, as designated and required by the City of Seattle, to obtain its final certificate of occupancy. When project funding under the FIB Loan ceased, numerous inspections and permits were left open, including insulation, framing, and structural inspections, Smoke Control, Site Final, Side-Sewer, Boiler Permits, and right-of-way work. Currently, all have been signed off except for the boiler permits and right-of-way work. The necessary work for boiler permit sign off was completed on September 20, 2024, and Roystone has requested final inspection. Unfortunately, King County Metro was not accepting trolley shutdown requests in January and February apparently due to backlog, workload, and resource issues, and the earliest it is considering accepting new deactivation requests is in late March. Roystone is currently scheduled for the trolley shutdown on March 22, 2025 for rewiring of the streetlight. Assuming the work is completed on March 22, Roystone anticipate it will obtain the final certificate of occupancy on or around April 15. Roystone's TCO has been extended until May 25, 2025, and Roystone is committed to using best efforts to obtain the final certificate of occupancy as soon as possible. Roystone obtained a $3.5 million loan (the "Equity Funding Loan") from Equity Funding, LLC ("Equity Funding") in June 2023 and utilized the Equity Funding loan proceeds to pay off Resolve for completing the City-required SIP work, to provide an additional interest reserve to FIB, to establish holdback for mechanics lien, to fund other project soft costs, and to pay off the SolTerra RLOC. In connection with the Equity Funding Loan, the parties negotiated a purchase and sale agreement that would have provided for a third-party entity, Same Investment Co., LLC, to purchase the Property under certain circumstances if there was a default in order to accommodate the Equity Funding Loan. The Plan provides for payment of the Debtor's creditors, in order of their statutory priority, from the sale of the Debtor's real property and improvements located at 5 West Roy Street in Seattle, Washington, commonly known as the Roystone Apartments (the "Property"), together with the Property Related Assets, pursuant to the Sale Procedures as may be approved by order of the Bankruptcy Court, which sale shall be closed following the Effective Date of the Plan (but subject to certain conditions set forth in detail herein and in the Plan, including approval of any proposed sale by the Bankruptcy Court), and the proceeds, if any, from any recovery on the SolTerra Transfer and any other Avoidance Claims to be investigated and potentially pursued by the Special Master. Class 4 consists of all Unsecured Claims (each, a "Class 4 Claim"). Each Holder of an allowed Class 4 Claim shall be paid on a pro rata basis from (a) the Net Property Sale Proceeds, if any, after payment in full of the 5Roy Allowed Claim, Class 2 Claim, Class 2A Claims, and Class 3 Claim, (b) net proceeds of Avoidance Claims, if any, and (c) the net proceeds of the disposition of any remaining unencumbered Asset(s) of the Debtor. To the extent the proceeds are sufficient to pay Class 4 Claims in full, interest shall accrue on allowed Class 4 Claims at the federal judgment rate, which shall be adjusted annually, until such Claims are paid in full. The Debtor shall list the Property for sale in accordance with and pursuant to the Sale Procedures approved by the Bankruptcy Court. The Property Sale shall be free and clear of all liens, claims, interests and encumbrances pursuant to sections 1123(a)(5)(D) and 1141(c) of the Bankruptcy Code, with such liens, claims, interests and encumbrances attaching to the Net Property Sale Proceeds and such Net Property Sale Proceeds will be paid first to 5Roy on account of its 5Roy Allowed Claim plus interest accruing at the Federal Prime Rate as of the date of the Confirmation Order, and then, if Net Property Sale Proceeds remain after such payment, to other Allowed Claims in the order of legal priority as set forth in the Plan. The Property Sale shall close on or before July 31, 2025 (the "Closing Deadline"), which deadline may be extended by a maximum period of 45 days if and only if there is a pending executed Purchase and Sale Agreement sufficient to pay the 5Roy Allowed Claim in full (including any interest, costs, fees, and expenses which may accrue after entry of the Confirmation Order up through and including the Closing Date, as the same may be extended) with a nonrefundable earnest money deposit of no less than 2.5% of the purchase price. A full-text copy of the Disclosure Statement dated February 20, 2025 is available at https://urlcurt.com/u?l=JcJ5mn from PacerMonitor.com at no charge. Counsel to the Debtor: Richard B. Keeton, Esq. Christine M. Tobin-Presser, Esq. Thomas A. Buford, Esq. Bush Kornfeld Llp 601 Union Street, Suite 5000 Seattle, WA 98101 Tel: (206) 292-2110 Email: rkeeton@bskd.com About Roystone On Queen Anne Roystone on Queen Anne, LLC owns a newly-constructed residential apartment complex commonly known as the Roystone Apartments located at 5 W. Roy Street, Seattle, Wash. The property has an appraised value of $39,056,543. Roystone on Queen Anne filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 24-11462) on June 12, 2024, listing $39,433,126 in assets and $35,776,259 in liabilities. James H. Wong, manager of Vibrant Cities, LLC, signed the petition. Judge Christopher M. Alston oversees the case. Bush Kornfeld, LLP serves as the Debtor's legal counsel. ROYSTONE ON QUEEN: Seeks Continued Cash Collateral Access --------------------------------------------------------- Roystone on Queen Anne, LLC asked the U.S. Bankruptcy Court for the Western District of Washington, for authority to use cash collateral through May 30. The company, operating under Chapter 11 bankruptcy, previously filed for voluntary relief in June 2024 and has since extended the cash collateral period twice. It is currently managing its operations and using cash collateral with the agreement of its senior secured lender, 5 Roy SEA1, LLC. Roystone anticipates that the cash collateral period will not extend beyond May 2025, and it will be replaced by a plan budget once a Chapter 11 plan is confirmed. The company assures that 5 Roy's interests will remain protected through replacement liens and other provisions as outlined in prior orders. It requested that the court approve the motion, extend the cash collateral period, and approve the third extended budget, while maintaining the existing terms of the final cash collateral order. A court hearing is set for March 20. About Roystone On Queen Anne Roystone on Queen Anne, LLC owns a newly-constructed residential apartment complex commonly known as the Roystone Apartments located at 5 W. Roy Street, Seattle, Wash. The property has an appraised value of $39,056,543. Roystone on Queen Anne filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 24-11462) on June 12, 2024, listing $39,433,126 in assets and $35,776,259 in liabilities. James H. Wong, manager of Vibrant Cities, LLC, signed the petition. Judge Christopher M. Alston oversees the case. Bush Kornfeld, LLP serves as the Debtor's legal counsel. SANUWAVE HEALTH: Moves to the Nasdaq Global Market -------------------------------------------------- Sanuwave Health, Inc. announced on March 4, 2025, that its common stock has been approved for listing on the Nasdaq Global Market. Trading on Nasdaq began on March 7, 2025, with shares continuing to trade under the ticker symbol "SNWV." The Company's shares traded on the OTCQB until they began trading on Nasdaq on March 7, 2025. Stockholders are not required to take any action as a result of the uplisting. Commenting on the announcement, CEO Morgan Frank stated, "The last 18 months have been a time of transition and progress at Sanuwave, and it's with great excitement and pride that we join the Nasdaq Global Market, one of the premier stock exchanges in the world, as the next step toward achieving our aim of transforming the wound care market and driving value for our shareholders. This is going to be fun." About Sanuwave Headquartered in Eden Prairie, MN, Sanuwave Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures. Sanuwave's end-to-end wound care portfolio of regenerative medicine products and product candidates helps restore the body's normal healing processes. Sanuwave applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 21, 2024. The report cited that the Company has incurred recurring losses and needs to raise additional funds to meet its obligations, sustain its operations, and to resolve the events of default on the Company's debt. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company incurred a net loss of $25.8 million and $10.3 million for the years ended Dec. 31, 2023, and 2022, respectively. "We may be required to raise additional funds to finance our operations and remain a going concern; we may not be able to do so, and/or the terms of any financing may not be advantageous to us. The continuation of our business is dependent upon raising additional capital. We expect to devote substantial resources for the commercialization of UltraMIST and PACE systems which will require additional capital resources to remain a going concern," the Company mentioned in its Quarterly Report for the period ending Sept. 30, 2024. Since inception, the Company has incurred losses from operations each year. As of Sept. 30, 2024, the Company had an accumulated deficit of $239 million. Historically, the Company's operations have primarily been funded from the sale of capital stock, notes payable, and convertible debt securities. SHREE AMRITAYA: Seeks Chapter 11 Bankruptcy in Connecticut ---------------------------------------------------------- On February 28, 2025, Shree Amritaya LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Connecticut. According to court filing, the Debtor reports $1,145,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Shree Amritaya LLC Shree Amritaya LLC is a real estate firm based in Branford, CT, focusing on single-asset properties. The Company owns the property at 315-317 East Main Street, Branford, CT 06405, which is valued at $500,000. Shree Amritaya LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-30181) on February 28, 2025. In its petition, the Debtor reports total assets of $525,000 and total liabilities of $1,145,000. The Debtor is represented by: Joseph J. D'Agostino, Jr., Esq. ATTORNEY JOSEPH J. D'AGOSTINO, JR. 1062 Barnes Road, Suite 108 Wallingford, CT 06492 Tel: 203-265-5222 Fax: 203-774-1269 E-mail: joseph@lawjjd.com SINCLAIR BROADCAST: Swings to $235 Million Net Income in FY 2024 ---------------------------------------------------------------- Sinclair Broadcast Group, LLC filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net income of $235 million on $3.3 billion of total revenues for the year ended December 31, 2024, compared to a net loss of $245 million on $3 billion of total revenue for the year ended December 31, 2023. As of December 31, 2024, the Company had $4.7 billion in total assets, $5.3 billion in total liabilities, and $626 million in total deficit. CEO Comment: "We are pleased to close out a strong 2024 and we have entered 2025 on a high note. Our consolidated Adjusted EBITDA for the fourth quarter exceeded our guidance range, along with various other key financial metrics. This performance underscores the continued dominance of broadcast TV as the leading platform for advertisers to reach broad audiences," said Chris Ripley, Sinclair's President and Chief Executive Officer. "As we move into 2025, we have substantially completed a comprehensive refinancing, extending our debt maturities to over six and a half years, de-risking our balance sheet and providing greater financial flexibility. Our balance sheet now has the longest maturity profile in the industry. Following the refinancing, we can turn our attention to deploying the Ventures cash balance in multiple ways, such as outside investments that we could consolidate in our financial results, as well as the potential for returning a portion of the cash to shareholders over time. Given our recent retransmission rate agreements with distributors in 2024, as well as coming to terms with our last network affiliation agreement expiration before 2026, we have greatly enhanced visibility on both our retransmission revenues as well as our reverse retransmission expenses for the next several years. We remain confident in the power of broadcast TV, including the new opportunities for our joint venture, EdgeBeam, which we expect to drive meaningful advancements for NextGen Broadcast in the years ahead." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/yvrsf8dp About Sinclair Broadcast Group Headquartered in Cockeysville, Maryland, Sinclair Broadcast Group, LLC of Maryland, operates as a media company. * * * Egan-Jones Ratings Company on November 1, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Sinclair Broadcast Group, LLC of Maryland. SINTX TECHNOLOGIES: Raises $5 Million in Private Placement ---------------------------------------------------------- SINTX Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a private placement transaction, pursuant to a Securities Purchase Agreement with certain institutional and accredited investors for aggregate gross proceeds of $5.0 million, before deducting fees to the placement agent and other expenses payable by the Company in connection with the Private Placement. The Company intends to use the net proceeds from the Private Placement for general corporate purposes and working capital. H.C. Wainwright & Co., acted as the exclusive placement agent for the Private Placement, which closed on February 25, 2025. As part of the Private Placement, the Company issued: (i) 1,171,189 shares of the Company's common stock, par value $0.01 per share, (ii) pre-funded warrants to purchase 278,098 shares of Common Stock with an exercise price of $0.0001 per share, and (iii) warrants to purchase 1,449,287 shares of Common Stock, with an exercise price of $3.32 per share. The purchase price per share of Common Stock and the associated Common Warrant was $3.45 and the purchase price per Pre-Funded Warrant and associated Common Warrant was $3.4499. The Common Warrants are exercisable immediately and expire five-and-one-half years from issuance. The Pre-Funded Warrants are exercisable immediately and terminate when exercised in full. The Pre-Funded Warrants were sold, in lieu of shares of Common Stock, to any Purchaser whose purchase of shares of Common Stock would otherwise result in such Purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at such Purchaser's option upon issuance, 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of the Securities on the closing date of the Private Placement. The Purchase Agreement contains customary representations and warranties and agreements of the Company and the Purchasers and customary indemnification rights and obligations of the parties. Pursuant to the Purchase Agreement, the Company agreed not to issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock or file any registration statement or prospectus, or any amendment or supplement thereto for a period beginning on February 20, 2025 and ending 60 days after the earliest of the date that: (a) the initial registration statement has been declared effective by the United States Securities and Exchange Commission, (b) all of the Shares and Common Stock issuable upon exercise of the Warrants (the "Warrant Shares") have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one-year anniversary of the closing date provided that a holder of Shares or Warrant Shares is not an affiliate of the Company, or (d) all of the Shares and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions and company counsel has delivered to such holders a standing written unqualified opinion that resales may then be made by such holders of the Shares and Warrant Shares pursuant to such exemption which opinion shall be in form and substance reasonably acceptable to such holders. Pursuant to the Purchase Agreement, the Company also agreed not to effect or enter into an agreement to effect any issuance of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock involving a variable rate transaction, for a period beginning on February 20, 2025 and ending 1 year after the Effective Date. The Company agreed to pay Wainwright: (i) a cash fee equal to 7.5% of the aggregate gross proceeds raised in the Private Placement, (ii) a cash fee equal to 7.5% of the aggregate gross exercise price paid with respect to all Pre-Funded Warrants and Common Warrants (when exercised), (iii) a cash management fee equal to 1.0% of the aggregate gross proceeds and the aggregate gross exercise price of the Pre-Funded Warrants and Common Warrants (when exercised), (iv) warrants to purchase up to 108,697 shares of Common Stock, and (v) reimbursement of Wainwright's accountable and non-accountable expenses of $85,000. The Placement Agent Warrants have an exercise price of $4.3125, are exercisable immediately and expire five and one-half years from issuance. Warrants The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. The Pre-Funded Warrants may be exercised on a cashless basis at any time, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Pre-Funded Warrants. No fractional shares of Common Stock will be issued in connection with the exercise of a Pre-Funded Warrant. In lieu of fractional shares, the Company will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price or round up to the next whole share. The Common Warrants will be exercisable immediately upon issuance and have a term of exercise equal to five and one-half years from the date of issuance. If a registration statement registering the issuance of the shares of Common Stock underlying the Common Warrants under the Securities Act, is not effective or available, the holder may, in its sole discretion, elect to exercise the Common Warrants through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Common Warrants. No fractional shares of Common Stock will be issued upon the exercise of any Common Warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price or round up to the next whole share. The Placement Agent Warrants will be exercisable immediately upon issuance and have a term of exercise equal to five and one-half years from the date of issuance. If a registration statement registering the issuance of the shares of Common Stock underlying the Placement Agent Warrants under the Securities Act, is not effective or available, the holder may, in its sole discretion, elect to exercise the Placement Agent Warrants through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Placement Agent Warrants. No fractional shares of Common Stock will be issued upon the exercise of any Placement Agent Warrant. In lieu of fractional shares, the Company will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price or round up to the next whole share. Fundamental Transaction -- If a Fundamental Transaction occurs, then the successor entity will succeed to, and be substituted for the Company, and may exercise every right and power that the Company may exercise and will assume all of the Company's obligations under the Warrants with the same effect as if such successor entity had been named in the Warrants itself. If holders of shares of Common Stock are given a choice as to the securities, cash or property to be received in such a Fundamental Transaction, then the holder shall be given the same choice as to the consideration it would receive upon any exercise of the Warrants following such a Fundamental Transaction. Additionally, as more fully described in the Common Warrants and Placement Agent Warrants, in the event of certain Fundamental Transactions, the holders of the Common Warrants and Placement Agent Warrants will be entitled to receive consideration in an amount equal to the Black Scholes Value, on the date of consummation of such Fundamental Transaction. Stock Dividends and Splits -- If at any time on or after the date of issuance there occurs any share split, share dividend, share combination recapitalization or other similar transaction involving our Common Stock then in each case the exercise price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of the Warrant shall be proportionately adjusted such that the aggregate exercise price of the Warrant shall remain unchanged. Beneficial Ownership Limitations -- A holder will not have the right to exercise any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election by a holder prior to the issuance of any warrants, 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrants and Pre-Funded Warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, upon at least 61 days' prior notice from the holder to us with respect to any increase in such percentage. Registration Rights Agreement The Company has agreed to file a resale registration statement covering the resale of the shares of Common Stock sold in the Private Placement and the shares of Common Stock underlying the Pre-Funded Warrants and Common Warrants, pursuant to a Registration Rights Agreement entered into with the Purchasers. Pursuant to the Registration Rights Agreement, the Company shall file the resale registration statement within 30 calendar days after the closing of the Private Placement, and the resale registration statement shall be effective within 60 calendar days following the filing date (or, in the event of a full review by the SEC, 90 calendar days following the filing date). The Company has also agreed to keep the registration statement continuously effective for a period that extends from the first date on which the SEC issues an order of effectiveness in relation to the Registration Statement until such date that all registrable securities (as such term is defined in the Registration Rights Agreement) covered by the registration statement have been sold thereunder or pursuant to Rule 144 or may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144. About SINTX Technologies Headquartered in Salt Lake City, Utah, SINTX Technologies, Inc. -- https://ir.sintx.com/ -- is an advanced ceramics company that develops and commercializes materials, components, and technologies for biomedical, technical, and antipathogenic applications. The core strength of SINTX Technologies is the manufacturing, research, and development of advanced ceramics for external partners. Lehi, Utah-based Tanner LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 27, 2024, citing that the Company has recurring losses from operations and negative operating cash flows and needs to obtain additional financing to finance its operations. These issues raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2024, SINTX Technologies had $11.3 million in total assets, $5.7 million in total liabilities, and $5.6 million in total stockholders' equity. SIYATA MOBILE: Signs Definitive Merger Agreement With Core Gaming ----------------------------------------------------------------- Siyata Mobile Inc. has signed a definitive merger agreement with Core Gaming, Inc. a privately-held, global gaming developer and publisher with approximately $80 million in revenues in 2024. Key Highlights of the Merger: * Core Gaming, Inc., a Delaware corporation, will become a wholly owned subsidiary of Siyata through a merger with a subsidiary of Siyata. * The combined public company will be led by Mr. Aitan Zacharin, the current CEO of Core Gaming. * Marc Seelenfreund, the current CEO of Siyata, will step down as the public company CEO to serve as President and lead a newly formed Push-To-Talk subsidiary of Siyata. * The Board of Directors of the combined public company will consist of Marc Seelenfreund and four directors designated by Core Gaming. * In exchange for the outstanding shares of Core Gaming, Siyata will issue common shares to the shareholders of Core Gaming based on an exchange ratio calculated as $160,000,000 divided by the volume-weighted average closing price (VWAP) of Siyata's common shares on the Nasdaq Stock Market LLC for the 10-day trading period immediately preceding the effective time of the merger. * Legacy Siyata shareholders shall have the right to receive a stock dividend within six months after the merger so that they will own a minimum of 10% of the combined entity. * The Board of Directors of Siyata received a fairness opinion from ValueScope, LLC., a marshall + stevens company, valuing Core Gaming at $160 million. Marc Seelenfreund, CEO of Siyata, commented, "Today's announcement is the product of an exhaustive assessment of numerous strategic alternatives for Siyata over the past several months. Core Gaming possesses all of the qualities we look for in a merger partner - strong business fundamentals, excellent management and opportunities for outsized growth. We could not be more excited to partner with Core Gaming and unlock value for our shareholders. The timing of this transaction is significant given the positive outlook for Core Gaming's business. Core Gaming operates in the fast-growing mobile gaming industry and we believe is well-positioned for rapid growth in the near-term. It has been independently valued at approximately $160 million, which will provide Siyata's shareholders with a premium to our current market valuation." Mr. Seelenfreund continued, "At Siyata, we remain committed to our mission of being a leader in critical communications, providing outstanding service to our customers and ensuring a seamless transition for our partners. We have made great progress towards expanding distribution and increasing sales, and we are highly optimistic about the future of this business. Despite our many successes, we believe that the company is undervalued, and the merger with Core Gaming represents an exciting path forward. I am pleased to remain with Siyata to continue to lead our efforts and further our strategic objectives." Core Gaming's Business Profile: * Core Gaming is an international gaming developer and publisher that has developed, published and marketed over 2,000 casual mobile games in over 140 countries. * Core Gaming engages 40 million monthly active users, and has an extensive worldwide distribution platform, which has led to over 600 million downloads. * Core Gaming has a unique, algorithm-driven technology that gives it an edge in user acquisition. * Core Gaming has developed cutting edge AI tools using text, language, image and video models to achieve a 50% boost in content production, reducing production time by over 40%, and significantly enhancing creative output and efficiency. * In fiscal year 2024, Core Gaming had unaudited gross revenues of approximately $80 million. Aitan Zacharin, CEO of Core Gaming, commented, "We are excited to announce this reverse-merger with Siyata as it provides us with the opportunity to become a publicly traded company at a pivotal time in our industry. We believe that Core Gaming is well positioned to enter the public markets to pursue our vision of becoming a leading AI-driven gaming company in what is now a $126 billion global market1. We are beginning to see how our AI tools and algorithms are shaping the next generation of gaming. Our unique technology coupled with our exceptional team puts us on track for significant growth potential. I look forward to working with Marc and his team to finalize the transaction, and to make this a tremendous success for Siyata shareholders." The Board of Directors of both Siyata and Core Gaming have unanimously approved the proposed transaction, which is expected to be completed in the second quarter of 2025, subject to regulatory approval and the satisfaction of customary closing conditions in the merger agreement. For further information regarding the terms and conditions contained in the definitive Agreement, please see Siyata's Current Report on Form 6-K to be filed with the U.S. Securities and Exchange Commission available at: https://tinyurl.com/5ffyyxy2 About Siyata Mobile British Columbia, Canada-based Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories. Jerusalem, Israel-based Barzily and Co., CPA's, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 3, 2024, citing that the Company has suffered recurring losses from operations, high accumulated losses, outstanding bank loan and an outstanding balance in respect of the sale of future receipts, that raise substantial doubt about its ability to continue as a going concern. The Company incurred a net loss for the year ended Dec. 31, 2023 of $12,931,794 as compared to a net loss of $15,299,251 in the prior year. SK INDUSTRIES: Hires Bruner Wright P.A. as Counsel -------------------------------------------------- SK Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to Bruner Wright, P.A. to handle its Chapter 11 case. The firm will be paid at these rates: Robert Bruner, Attorney $450 per hour Byron Wright, III, Attorney $400 per hour Samantha Kelly, Attorney $375 per hour Paralegal $175 per hour The firm received a retainer of $15,000 from the Debtor. Mr. Wrigth III 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: Byron Wright, III, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About SK Industries, LLC SK Industries LLC, d/b/a Pensacola Athletic Center, operating as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron W. Wright III, Esq., at BRUNER WRIGHT, P.A. SK INDUSTRIES: Seeks to Use Cash Collateral ------------------------------------------- SK Industries, LLC asked the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, for authority to use cash collateral. The creditors that may claim an interest in the cash collateral are Regions Bank and Credibly of Arizona, LLC, pursuant to UCC-1 Financing Statements filed in the State of Florida's secured transaction registry. Regions Bank is in first lien position with respect to the cash collateral. The bank also holds the first mortgage on SK Industries' real property. As of the petition date, SK Industries' assets include monies of deposit, and personal property consisting primarily of fitness equipment worth approximately $50,000. The company is operating and generating revenue each month. SK Industries proposed to pay monthly payments to Regions Bank in the amount of $15,000 beginning on or before April 1 as protection for the use of its cash collateral. A hearing on the matter is set for March 21. About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025, listing between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. SOLID BIOSCIENCES: Commodore Capital Entities Hold 7.6% Stake ------------------------------------------------------------- Commodore Capital LP and Commodore Capital Master LP disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 18, 2025, they beneficially owned 5,825,000 shares of Solid Biosciences Inc.'s common stock, representing 7.6% of the 76,318,810 shares outstanding. Commodore Capital may be reached through: Michael Kramarz, Managing Partner 444 Madison Avenue Floor 35 New York, New York 10022 Tel: 212-256-8600 A full-text copy of Commodore Capital's SEC Report is available at: https://tinyurl.com/4s48xwe9 About Solid Biosciences Charlestown, Mass.-based Solid Biosciences, Inc. is a life sciences company focused on advancing a portfolio of current and future gene therapy candidates, including SGT-003 for the treatment of Duchenne muscular dystrophy, SGT-501 for the treatment of catecholaminergic polymorphic ventricular tachycardia, and additional assets for the treatment of cardiac and other diseases, at different stages of development with varying levels of investment. As of September 30, 2024, the Company had $211.8 million in total assets, $44.8 million in total liabilities, and $167 million in total stockholders' equity. The Company has evaluated whether there are conditions and events that, considered in the aggregate, raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. As of September 30, 2024, the Company had an accumulated deficit of $740.9 million. The Company expects to continue to generate operating losses for the foreseeable future. Based upon its current operating plan, the Company expects that its cash, cash equivalents and available-for-sale securities of $171.1 million excluding restricted cash of $1.9 million, as of September 30, 2024, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of these condensed consolidated financial statements. However, the Company has based this estimate on assumptions that may prove to be wrong, and its operating plan may change as a result of many factors currently unknown to it. As a result, the Company could deplete its capital resources sooner than it currently expects. The Company expects to finance its future cash needs through a combination of equity offerings, debt financings, collaborations, strategic partnerships and alliances, or licensing arrangements. If the Company is unable to obtain funding, the Company would be forced to delay, reduce or eliminate some or all of its research and development programs, preclinical and clinical testing, or commercialization efforts, which could adversely affect its business prospects. SOLUNA HOLDINGS: Land Deal Secures 187 MW for AI, Bitcoin Mining ---------------------------------------------------------------- Soluna Holdings, Inc. announced that it has secured the necessary land purchase agreement to build its new data center, Project Rosa. This milestone marks a significant step forward in expanding Soluna's capacity with up to an impressive 187 MW of renewable energy dedicated to powering next-generation AI and Bitcoin mining operations. Key Project Highlights: * Soluna Capacity Expansion: Project Rosa will provide up to 187 MW of sustainable energy, executed in two phases, specifically allocated to support high-performance computing tasks in AI and Bitcoin mining. * Strategic Land Acquisition: Project Rosa will be strategically co-located with a 240 MW wind farm in Texas, enabling the project to directly harness a substantial share of its renewable energy. Soluna has secured the land purchase agreement for the 60 acres of land necessary for this project's development, an important milestone in its journey to shovel readiness. * Environmental and Economic Impact: The development of the new data center aligns with Soluna's mission to utilize excess renewable energy and create sustainable, scalable, low-cost data centers for next-generation workloads. "Securing these land agreements is a critical achievement for Soluna," said John Belizaire, CEO of Soluna. "Project Rosa not only enhances our operational capacity but also reinforces our commitment to delivering sustainable, cutting-edge solutions in high performance computing." With Project Rosa, Soluna continues its tradition of naming its data centers after women who have made significant contributions to science and technology. The project is named after Rosalind Franklin, a chemist whose work was central to understanding the molecular structures of DNA, RNA, and viruses. About Soluna Holdings Headquartered in Albany, New York, Soluna Holdings designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Going Concern The Company was in a net loss, has negative working capital, and has significant outstanding debt as of March 31, 2024. These factors, among others, indicate that there is substantial doubt about the Company's ability to continue as a going concern within one year after the issuance of the Company's condensed financial statements, according to the Company's Quarterly Report for the period ended March 31, 2024. As of June 30, 2024, Soluna Holdings reported $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SSR HOSPITALITY: Court Extends Cash Collateral Access to March 13 ----------------------------------------------------------------- SSR Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use its lender's cash collateral until March 13, marking the second extension since the company's Chapter 11 filing. The court's previous interim order allowed the company to access the cash collateral of CRE Bridge Capital, LLC until Feb. 27 only. The second interim order granted the lender replacement liens on proceeds generated from its collateral after SSR's Chapter 11 filing and a superpriority administrative claim in case of any diminution in the value of its interests in the collateral. A final hearing is scheduled for March 12. About SSR Hospitality SSR Hospitality, LLC is a hospitality management company in Skokie, Ill., specializing in owning, operating, and managing hotels and related properties. SSR Hospitality filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02208) on February 13, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Deborah L. Thorne handles the case. Penelope Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. CRE Bridge Capital, LLC, as lender, is represented by: Ryan C. Hardy, Esq. Levenfeld Pearlstein, LLC 120 S. Riverside Plaza, Suite 1800 Chicago, IL 60606 Phone: (312) 346-8380 Email: rhardy@lplegal.com STARLIGHT PARENT: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'B' to Starlight Parent, LLC (dba SolarWinds). The Rating Outlook is Stable. Fitch has also assigned a 'BB' rating with a Recovery Rating of 'RR1' to SolarWinds' first lien secured debt and a 'CCC+'/'RR6' rating to its second lien secured term loan. SolarWinds' IDR is primarily constrained by the financial structure resulting from its LBO by Turn/River, particularly in terms of EBITDA leverage and (CFO-capex)/debt ratios. Despite these challenges, Fitch anticipates the company will continue to grow its revenue and EBITDA, improving leverage metrics over time. However, should the revenue growth be slower-than-expected due to execution risk, deleveraging will slow down. SolarWinds' mission-critical products, diversified customer base, high recurring revenue, and strong retention rates, coupled with favorable industry trends, support the rating despite ongoing affects from a cyberattack in 2020. Key Rating Drivers Weak but Improving Financial Structure: Fitch expects SolarWinds to end FY25 with EBITDA leverage of 5.7x, up from 3.1x at the end of FY24, mainly due to the significantly increased debt balance from the LBO by Turn/River. With no incremental debt issuance or prepayments assumed for the forecast period, Fitch projects leverage will decrease to 5.5x in FY26 and to 5.0x by FY28. SolarWinds is likely to experience ongoing pressure on cash flow from operations (CFO) from large interest expenses, leading to a (CFO-capex)/debt ratio below 7% before FY28. It could also prioritize ROE and grow with more LBOs under private ownership, weakening the financial structure. Elevated Execution Risk: Execution risk after the acquisition by Turn/River could slow deleveraging. The company plans to focus on total revenue growth by accelerating the conversion of customers on maintenance contracts to subscriptions for higher contract values and turn annual contracts to multi-year contracts to enhance its customer retention. However, if the revenue growth is not as strong as planned, the expansion of EBITDA, CFO and FCF could all see negative impacts. High Revenue Visibility: SolarWinds operates on a recurring revenue model with high customer retention. In FY24, 93.5% of total revenues were recurring, comprising 38.2% from subscriptions, and 55.3% from maintenance. This represented a significant increase from 84% in FY21. Perpetual license sales are declining YoY, and Fitch expects them to diminish further in the forecast period, leading to 100% recurring revenue. The net retention rate from subscription services grew to 99% in FY24 from 96% in FY22. The maintenance contract renewal rate increased to 97% in FY24 from 96% in FY23. Stable Demand and Diversified Customer: SolarWinds' mission-critical product offerings result in stable demand from customers. Although revenue growth slowed in 2021 due to the cybersecurity incident, the growth rate returned to the mid-single digits in 2023. The company serves mid-market companies globally in all sectors, with minimal revenue concentration from any single sector or customer. The diversified customer base further enhances demand stability and resilience to economic cycles. Secular Tailwinds Supporting Growth: SolarWinds' products are geared towards IT Services Management (ITSM). Demand for ITSM software and services is strong due to increased workload volumes and enterprise computing complexity from increasingly mobile workforces. Demand is also supported by evolving endpoint protection requirements, increased cloud environment usage, and the need for high availability of enterprise applications. Continued Cyberattack Affects: SolarWinds' Orion platform suffered a cyberattack in 2020, potentially compromising customer servers. By YE2024, the company incurred related expenses (net of insurance) of around $65 million. The expenses covered investigation and remediation, legal and other professional services, and consulting services for customers. SolarWinds has concluded its internal investigations relating to the incident but is still subject to lawsuits and external investigations. The perceived brand reputation risk could hinder future growth. Derivation Summary SolarWinds' closest peer in the Fitch-rated universe is ConnectWise (B+/Stable), which also provides ITSM software solutions. Fitch expects SolarWinds to have a consistently higher EBITDA leverage and lower (CFO-capex)/debt ratio than ConnectWise, resulting in an IDR one notch lower. Both companies generate most of their revenue from recurring sources such as subscriptions and maintenance contracts, with high retention rates and a strong growth outlook. Other comparable software peers include MeridianLink (BB-/Stable), Rocket Software (B/Stable) and Qlik (B/Stable). MeridianLink is similar to SolarWinds in terms of recurring revenue and high retention rates, but it has a much lower EBITDA leverage, and stronger FCF through the forecast period, warranting a stronger IDR than SolarWinds. SolarWinds' recurring revenue, revenue retention and financial structure are consistent with Rocket Software, Qlik and other 'B' rated software peers. Key Assumptions - In FY25, total revenue will rise significantly due to a quicker transition to multi-year contracts and changes in revenue recognition. - Fitch expects total revenue growth rate to decelerate to the low- to mid-single digits afterward. - No acquisitions are assumed for the forecast period. - Fitch assumes capex to be flat at around 2.2% of annual revenues. - Annual SOFR rates are assumed to be 4.3%, 4.0%, 4.0% and 4.0% for 2025-2028. - No debt prepayment or incremental issuance is assumed through the forecast period. Recovery Analysis Key Recovery Assumptions - The recovery scenario assumes the enterprise value (EV) of SolarWinds is maximized in a going concern scenario versus liquidation. - A full draw of the $200 million revolver is assumed. - Fitch also assumes a 10% administrative claim. Going-Concern (GC) Approach Fitch considers a scenario in which the company fails to convert as many customers as planned from maintenance contracts to subscriptions, resulting in default due to sustained customer churn. This could occur because of significant competitive advantages held by its competitors and other factors in a default scenario. Fitch estimates GC EBITDA to be around $375 million as the company invests more in sales and marketing to attract more customers. Fitch assumes SolarWinds will receive a GC recovery EV/EBITDA multiple of 7.0x under this scenario, which is supported by the following: - In the 2024 "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT multiple of reorganization EV/EBITDA is around 5.9x. Among the companies covered in this study, five were in the software subsector: SunGard Availability Services Capital, Inc. (4.6x), Aspect Software, Inc. (5.5x), Allen Systems Group, Inc. (8.4x), Avaya, Inc. (8.1x in 2017, 7.5x in 2023) and Riverbed Technology Software (8.3x). - Software-as-a-Service (SaaS) companies rated 'B' by Fitch are generally assigned recovery multiples between 5.5x and 7.0x. Fitch believes that a recovery multiple of 7.0x is appropriate for SolarWinds. The closest competitor in the Fitch-rated universe is ConnectWise, which also has a 7.0x EV multiple for recovery. - SolarWinds offers mission-critical products for customer. It has low customer churn, high revenue visibility, and strong profitability and FCF generation. Besides, the secular tailwinds and other industry dynamics also support the 7.0x multiple. Fitch's GC EBITDA of $375 million and recovery multiple of 7.0x result in a post-reorganization EV of $2.363 billion after the deduction of 10% administrative claims. Fitch rates first lien debt 'BB'/'RR1', assuming a fully drawn revolver, and second lien debt 'CCC+'/'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA Leverage sustained above 7.0x; - (CFO - Capex)/Debt below 3.0% on a sustained basis; - Operational deterioration such as fewer customer renewals, revenue decline and margin compression. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - (CFO-Capex)/Debt above 7.0% on a sustained basis; - EBITDA Leverage sustained below 5.5x. Liquidity and Debt Structure Fitch anticipates negative FCF and a decrease in ending cash balance in FY25 due to the significant one-time expense from the acquisition by Turn/River, However, there should still be over $100 million cash by year end. SolarWinds is expected to achieve positive FCF and grow its cash balance in FY26. The company will have full access to the $200 million revolver, minus any outstanding letters of credit, as an additional liquidity source. SolarWinds also has access to $75 million cash at the parent entity, Starlight TopCo, LP, if additional liquidity is required to address RSU payments and other general corporate purposes. In the upcoming acquisition by Turn/River, all existing debts will be paid off. New indebtedness, including a $200 million revolver, a $2.225 billion first lien term loan and a $525 million second lien term loan, will be raised to finance this acquisition. The new revolver will be undrawn at closing. Issuer Profile SolarWinds sells a comprehensive portfolio of IT management products for IT operations, DevOps, SecOps, and IT security professionals. Its products manage on-premises, hybrid cloud, and public cloud environments. Date of Relevant Committee 26-Feb-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Starlight Parent, LLC LT IDR B New Rating senior secured LT BB New Rating RR1 Senior Secured 2nd Lien LT CCC+ New Rating RR6 STEWARD HEALTH: Gets Court Approval for Transition Contracts Deal ----------------------------------------------------------------- Rick Archer of Law360 reports that on March 7, 2025, a Texas bankruptcy judge approved Steward Health Care's transfer of transition service responsibilities for the hospitals sold during its Chapter 11 case to another hospital chain. 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. STEWARD HEALTH: Vendor Slams Transition Contracts Sale Bid ---------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a technology company hired by Steward Health to support the transition of its former facilities to new management accused the embattled hospital system on Thursday, March 6, 2025, of attempting to evade its payment obligations by transferring service agreements to a third party, leaving the vendor and others unpaid during the bankruptcy case. 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. STICKY FINGERS: Seeks Chapter 11 Bankruptcy in South Carolina ------------------------------------------------------------- On March 1, 2025, Sticky Fingers Restaurants, LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of South Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Sticky Fingers Restaurants LLC Sticky Fingers Restaurants LLC offers a variety of hickory-smoked meats and Southern barbecue specialties in a casual dining setting. Sticky Fingers Restaurants LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-00774) on March 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Robert H. Cooper, Esq. THE COOPER LAW FIRM 1610 Gowdeysville Road Gaffney, SC 29340 Tel: 864-271-9911 Fax: 864-232-5236 E-mail: rhcooper@thecooperlawfirm.com SULLIVAN MECHANICAL: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Sullivan Mechanical Contractors, Inc. a/k/a Sullivan Mechanical 710 4th Street Shenandoah, VA 22849 Business Description: Sullivan Mechanical, established in 1946, is a family-owned business specializing in commercial HVAC, plumbing, and sheet metal fabrication. The Company provides services such as HVAC installations, plumbing, piping, and custom sheet metal work for various industries. Known for its expertise in BIM and Trimble Technology, Sullivan Mechanical delivers innovative and efficient solutions for complex construction projects. Chapter 11 Petition Date: March 6, 2025 Court: United States Bankruptcy Court Western District of Virginia Case No.: 25-50126 Debtor's Counsel: Paula S. Beran, Esq. TAVENNER & BERAN, PLC 20 N 8th Street, 2nd Floor Richmond, VA 23219 E-mail: pberan@tb-lawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Malcolm Sullivan, Jr. signed the petition in his capacity as the chairman of the Board. 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/NWHFS2I/Sullivan_Mechanical_Contractors__vawbke-25-50126__0001.0.pdf?mcid=tGE4TAMA SULLIVAN MECHANICAL: To Dispose Various Vehicles ------------------------------------------------ Sullivan Mechanical Contractors Inc. seeks permission from the U.S. Bankruptcy Court for the Western District of Virginia, Harrisonburg Division, to sell various vehicles, free and clear of liens, claims, and encumbrances. The Debtor, which was first established in Virginia in 1946, is a storied Shenandoah Valley commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. Always a family run business, Malcom Sullivan, Jr, the present Chairman of the Board, with the aid of other family members, currently manages the hands-on operation with the additional assistance of dedicated employees. Having begun humbly in a small, unheated garage, Sullivan Mechanical now operates from its state-of-the-art facilities in Shenandoah, Virginia. The Debtor became an extremely well-respected and in demand mechanical contractor focusing on sheet metal specialties, air conditioning, plumbing, and heating services. As of late, its services have been concentrated on the construction of medical and educational institutions, with numerous at the collegiate level and including many on the grounds of the University of Virginia. While Sullivan Mechanical has had a storied career with a stellar reputation and lengthy track record in its industry, it found its business plummeting downward due to issues directly related to the UVA Brandon Dorm Project (Gaston House & Ramazani House), in which it provided services under a contract with the construction manager, Barton Malow Builders, LLC. Ultimately the additional compounding costs of the job, without timely remuneration for the same, caught up to Sullivan Mechanical, and it was no longer able to continue to pay all of its obligations as they came due. The Debtor seeks to sell several vehicles with Kelly Blue Book value indicated: 2011 FORD F-150, 1FTEW1CM6BFB00483 $8,400.00 2011 FORD F-150, 1FTEW1CM1BKE21502 $8,800.00 FORD F-150 CREW CAB, 1FTFW1CF9CFC47839 $7,500.00 2003 DODGE TRUCK (RAM 2500), 3D7KA26D23G744538 $6,100.00 2013 FORD F-150 CREW CAB, 1FTFW1CF5DFA99822 $10,400.00 2002 FORD F350 STAKE BODY, 1FDWF36L32EC49504 $5,000.00 2003 FORD E-250 VAN, 1FTNE24W53HC02288 $3,500.00 2007 FORD RANGER 4X4, 1FTYR15E87PA66168 $7,700.00 2008 JEEP GRAND CHEROKEE, 1J8GR48K18C221515 $3,100.00 2000 DODGE DAKOTA QUAD CAB, 1B7GG2AN2YS749995 $2,000.00 2013 FORD EXPEDITION, 1FMJU2A54DEF65922 $8,500.00 2014 FORD F-250, 1FTBF2B62EEB13267 $18,900.00 2016 FORD EXPLORER, 1FM5K8F81GGD23238 $12,800.00 2018 FORD TRANSIT 150, 1FMZK1ZM4JKB50109 $22,000.00 The Vehicles are currently securely parked at the Debtor's principal place of business at 710 4th Street, Shenandoah, VA 22849. The Vehicles are not necessary in connection with the Debtor’s winddown operations. The Debtor plans to sell such the Vehicles at prices not less than 80% of the Stated Value or if the Debtor believes that acceptance of a lesser purchase price is, in the exercise of its business judgment and discretion, in the best interest of the estate. The Debtor will serve a notice of the proposed transaction by overnight service or electronic mail upon the Office of the United States Trustee, the Subchapter V Trustee (when appointed), and anyone who desires said notice and makes written request to the Debtor's counsel. The Vehicles will be sold "as is" and "where is," without any representation or warranties from the Debtor. About Sullivan Mechanical Contractors Inc. Sullivan Mechanical Contractors Inc. was first established in Virginia in 1946 and a family-owned commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. It is a well-respected and in demand mechanical contractor focusing on sheet metal specialties, air conditioning, plumbing, and heating services. As of late, its services have been concentrated on the construction of medical and educational institutions, with numerous at the collegiate level and including many on the grounds of the University of Virginia. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.Va. Case No. 25-50126-RBC). Paula Steinhilber Beran of Tavenner & Beran, PLC represents the Debtor as legal counsel. SUNNOVA ENERGY: Warns of Going Concern Risk, Hires Debt Advisor --------------------------------------------------------------- Sunnova Energy Corporation on March 3, 2025, stated in its fourth quarter and full-year 2024 financial results that there is substantial doubt about its ability to continue as a going concern for at least one year without implementing additional capital management measures. To address this, Sunnova is looking to take a number of steps to increase the amount of available cash and reduce expenses. It has also hired a financial advisor to manage certain aspects of their debt management and refinancing efforts. KBRA currently maintains ratings on 30 classes of notes issued from 12 solar loan ABS transactions totaling $2.6B of initial principal balances and on 21 classes of notes issued from 11 solar lease ABS transactions totaling $3.2B of initial principal balances where Sunnova is the sponsor. For all of these solar ABS transactions, Sunnova is also the originator, production guarantor and performance guarantor. Sunnova TE Management, LLC or Sunnova ABS Management, LLC (Sunnova Management), each a wholly-owned subsidiary of Sunnova, act as the transaction manager and/or servicer, responsible for administrative, collection, and management services. While Sunnova's bankruptcy alone would not directly trigger a manager or servicer termination event within the ABS, it could if Sunnova Management also files for bankruptcy and directed by the controlling class noteholders. Each transaction includes a transition manager, Computershare Trust Company or Wilmington Trust, N A, which is responsible for overseeing the performance of the transaction manager or servicer and assists in the transition to a replacement manager if a manager termination event was to occur. In addition, the transactions each have a back-up servicer that can mitigate risk of payment disruption during a servicer transfer. KBRA will continue to monitor the developments and implications of Sunnova's financial health, as well as possible manager transitions and performance of the Sunnova transactions. About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Founded in Houston, Texas in 2012, Sunnova started its journey to create a better energy service at a better price. Driven by the changing energy landscape, technology advancements, and demand for a cleaner, more sustainable future, we are proud to help pioneer the energy transition. SUNNY ENERGY: Trustee Hires Cross Law Firm as Special Counsel ------------------------------------------------------------- James E. Cross, the Subchapter V Trustee for Sunny Energy, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Cross Law Firm, PLC as special counsel. The firm will provide legal services which shall include, without limitation, the investigation, pursuit, and collection on any Chapter 5 causes of action available in these proceedings. The firm will be paid on a contingency basis of 33 percent of all net recoveries obtained after reimbursement of necessary costs. Nathan A. Finch, a partner at Cross Law Firm, PLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nathan A. Finch Cross Law Firm, PLC 7301 North 16th Street, Suite 102 Phoenix, AZ 85020 Tel: (602) 412-4422 About Sunny Energy LLC Sunny Energy LLC is a solar energy equipment supplier in Tempe, Arizona. Sunny Energy LLC sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06111) on July 26, 2024. In the petition filed by Joseph J. Cunningham, as manager, the Debtor reports total assets as of April 30, 2024 amounting to $1,838,684 and total liabilities as of April 30, 2024 amounting to $2,115,170. The Honorable Bankruptcy Judge Brenda K. Martin oversees the case. The Debtor is represented by: Bradley D. Pack, Esq. ENGELMAN BERGER PC 2800 N. Central Avenue, Suite 1200 Phoenix, AZ 85004 Tel: (602) 271-9090 Email: bdp@eblawyers.com SUNSHINE PEDIATRICS: Case Summary & Six Unsecured Creditors ----------------------------------------------------------- Debtor: Sunshine Pediatrics, PC 5040 N. 15th Avenue S104 Phoenix, AZ 85015 Business Description: Sunshine Pediatrics, PC is a pediatric healthcare practice in Phoenix, AZ, offering comprehensive care for children from newborns to young adults. With a focus on family-centered wellness and prevention, it provides services such as sick visits, vaccinations, allergy testing, and asthma management. Chapter 11 Petition Date: March 6, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-01927 Debtor's Counsel: Lawrence D. Hirsch, Esq. PARKER SCHWARTZ, PLLC 7310 N 16th Street, Suite 300 Phoenix, AZ 85020 Tel: (602) 282-0477 Fax: (602) 282-0478 E-mail: lhirsch@psazlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Maritza Irizarry as owner/president. 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/5WWCCLI/Sunshine_Pediatrics_PC__azbke-25-01927__0001.0.pdf?mcid=tGE4TAMA TECIAS CHILDCARE: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ Tecias Childcare, LLC asked the U.S. Bankruptcy Court for the Western District of New York for authority to use cash collateral. The company needs to use cash collateral in the amount of $62,000 to operate its business in the ordinary course. The secured lenders that assert interests in the cash collateral are ESL Federal Credit Union, Expansion Capital Group, Funding Metrics, LLC, and NYBDC Local Development Corporation, doing business as Pursuit Community Finance. As protection for the use of the lenders' cash collateral, Tecias Childcare proposed to provide a replacement lien to the lenders and to segregate and account for cash collateral, which is in or which hereafter comes into its possession, custody or control. A copy of the motion is available at https://urlcurt.com/u?l=YHZxUy from PacerMonitor.com. About Tecias Childcare LLC Tecias Childcare, LLC, doing business as Shining Stars Childcare Center, operates childcare facility in Rochester, N.Y. Tecias Childcare filed Chapter 11 petition (Bankr. W.D.N.Y. Case No. 25-20077) on January 29, 2025, listing between $500,000 and $1 million in assets and between $100,000 and $500,000 in liabilities. Judge Warren handles the case. The Debtor is represented by David H. Ealy, Esq., at Cristo Law Group LLC, doing business as Trevett Cristo. TECIAS CHILDCARE: Hires Cristo Law Group LLC as Attorney -------------------------------------------------------- Tecias Childcare LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Cristo Law Group, LLC as attorney. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and in the management of its property; b. take necessary action to avoid liens against Debtor's property, remove restraints against the Debtor's property and such other actions to remove any encumbrances or liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; c. take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor in which property Debtor has substantial equity; d. represent the Debtor as Debtor-in-Possession in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; e. prepare on behalf of the Debtor, as Debtor-in-Possession, necessary petitions, answers, orders, reports and other legal papers; f. perform all other legal services for the Debtor as Debtor-in-Possession, or to employ attorneys for such services. The firm will be paid at these rates: Partners $350 per hour Associates $170 per hour Paralegals $75 per hour The firm will be paid a retainer in the amount of $12,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David H. Healy, Esq., a partner at Cristo Law Group, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David H. Healy, Esq. Cristo Law Group, LLC 45 Exchange Blvd., Suite 888 Rochester, NY 14614 Tel: (585) 454-2181 Email: dealy@trevettcristo.com About Tecias Childcare LLC Tecias Childcare LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.Y. Case No. 25-20077) on Jan. 29, 2025, disclosing under $1 million in both assets and liabilities. The Debtor is represented by CRISTO LAW GROUP LLC. TEKNATOOL USA: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On March 1, 2025, Teknatool USA Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Teknatool USA Inc. Teknatool USA Inc. offers a wide array of woodturning tools and accessories, including lathes and chucks, catering to both hobbyists and professionals in the woodworking community. Teknatool USA Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01248) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by: Joel Aresty, Esq. JOEL M. ARESTY PA 309 1st Ave. S. Tierra Verde, FL 33715 Tel: (305) 904-1903 E-mail: aresty@icloud.com TELEFONICA DEL PERU: Controlling Shareholders Tap Rothschild & Co. ------------------------------------------------------------------ Valentine Hilaire of Bloomberg Law reports that the controlling owner is working with Rothschild & Co to explore strategic options for the company's assets in Peru, according to a regulatory filing. Telefonica del Peru to file for insolvency restructuring. The company's creditors retain advisers following insolvency. About Telefonica del Peru Telefonica del Peru is a Spanish telecommunications company. Telefonica del Peru sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90022) on February 26, 2025. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Foreign Representative is Timothy O'Connor and is represented by Charles R. Koster, Esq., at WHITE & CASE LLP, in Houston, Texas. THINK DEVELOPMENT: Taps Rountree Leitman Klein & Geer as Counsel ---------------------------------------------------------------- Think Development Systems Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC as attorneys. The firm will provide these following services: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary. 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 $30,000. 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: Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Think Development Systems Inc. Think Development Systems Inc. operates as a software solutions provider specializing in custom programming, computer facilities management, and consulting services. The company provides supply chain management software solutions and IT staffing services to government, retail, distribution, and manufacturing sectors. Think Development Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50856) on January 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Will B. Geer, Esq. at Rountree Leitman Klein & Geer LLC. THINK GOODNESS: Hires May Potenza Baran & Gillespie as Counsel -------------------------------------------------------------- Think Goodness, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire May Potenza Baran & Gillespie P.C. as its Chapter 11 counsel. The firm's services include: a. preparing of pleadings and motions and conducting of examinations incidental to estate administration; b. advising the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code; c. taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 estate; and d. advising the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating to the foregoing. The firm's hourly rates are: Grant L. Cartwright $595 per hour Andrew A. Harnisch $595 per hour Eric W. Moats $475 per hour Michelle Giordano $275 per hour The retainer fee is $20,000. May Potenza is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court papers filed by the firm. The firm can be reached through: Grant L. Cartwright, Esq. Andrew A. Harnisch, Esq. Eric W. Moats, Esq. May Potenza Baran & Gillespie, P.C. 201 North Central Avenue 22nd Floor Phoenix, AZ 85004-0608 Tel: (602) 252-1900 Email: gcartwright@maypotenza.com aharnisch@maypotenza.com emoats@maypotenza.com About Think Goodness LLC Think Goodness, LLC, a company in Gilbert, Ariz., offers a curated selection of jewelry, skincare, makeup, and wellness products. It focuses on providing thoughtfully designed, customizable items from reputable brands, aiming to enhance both appearance and well-being. Originally known as Origami Owl, Think Goodness transitioned from a multi-level marketing (MLM) model to a single-level distribution model as of Sept. 1, 2023. Think Goodness filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01160) on February 12, 2025, listing between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Grant L. Cartwright, Esq. at May Potenza Baran & Gillespie, P.C. TINKER REAL ESTATE: Seeks Chapter 11 Bankruptcy in Geogia --------------------------------------------------------- On February 28, 2025, Tinker Real Estate Investments LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 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 LLC 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 reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328-4402 Tel: (770) 984-2255 Email: paul.marr@marrlegal.com TOG HOTELS: Taps Larry D. Williams as Chief Reorganization Officer ------------------------------------------------------------------ TOG Hotels Downtown, LLC, doing business as Crowne Plaza Dallas Downtown, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Larry D. Williams as its independent chief reorganization officer. Mr. Williams will be administering all aspects of the Debtor's estate, including the payment of expenses and receipt of revenues, the hiring and supervision of hotel personnel, the operation of the hotel, the hiring of professionals, and the filing of pleadings and other actions necessary to move this case forward to a successful plan of reorganization. The firm will bill $1,000 per month for its services and seek reimbursement for customary expenses incurred. Mr. Williams assured the court that he is a disinterested person within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Larry D. Williams, CHA Bradenton, FL 34209 Tel: (214) 901-8844 Email: williamslarry1214@gmail.com 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. TOP FLIGHT: Seeks to Hire Bankruptcy Legal Center as Counsel ------------------------------------------------------------ Top Flight Transport, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Bankruptcy Legal Center as counsel. The firm will provide these services: a. provide Debtor general legal advice with respect to its powers and duties as Debtor-In-Possession and the continued operation of its business and management of its property; b. prepare, on behalf of Debtor-In-Possession, necessary applications, answers, orders, reports, and other legal papers including, without limitation, emergency orders for the operation of the business, including applications and orders for use of cash collateral; and c. perform all other legal services for Debtor as Debtor-In-Possession which may be necessary. The firm will be paid at these rates: James F. Kahn $495 per hour Krystal M. Ahart $395 per hour Paralegal Assistant $195 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. James F. Kahn, Esq., a partner at Bankruptcy Legal Center, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James F. Kahn, Esq. Bankruptcy Legal Center 301 E. Bethany Home Rd., Suite C-195 Phoenix, AZ 85012-1266 Telephone: (602) 266-1717 Facsimile: (602) 266-2484 Email: James.Kahn@azbk.biz About Top Flight Transport Top Flight Transport, LLC operates in the transportation sector. It is based in El Mirage, Ariz. Top Flight Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01440) on February 21, 2025, listing between $500,000 and $1 million in both assets and liabilities. Judge Madeleine C. Wanslee handles the case. The Debtor is represented by James F. Kahn, Esq. and Kahn & Ahart, PLLC at Bankruptcy Legal Center. TRANSCARE CORP: Amini Wins $2.8M More in Fraud Case Against PPAS ---------------------------------------------------------------- Amini LLC has won another $2.8 million for the Chapter 7 Trustee of TransCare from Patriarch Partners Agency Services LLC (PPAS), a lending entity affiliated with Lynn Tilton. In a written decision dated February 5, 2025, Bankruptcy Judge David Jones determined that the Trustee was entitled to an additional $2.8 million in legal fees from PPAS under New York Debtor Creditor Law -- 276-a because PPAS had engaged in an actual fraudulent transfer. The underlying fraudulent transfer concerned PPAS' pre-bankruptcy strict foreclosure of TransCare's most valuable assets for which Amini LLC won a $52 million judgment after trial. Granting the motion, the Court rejected PPAS' argument that the fees should be denied under the "single satisfaction" rule. PPAS argued that because Amini LLC had already recovered so much money from Tilton on the same strict foreclosure -- an amount facially exceeding PPAS's own judgment, plus the attorneys' fees sought from PPAS -- that PPAS should be excused from paying attorney's fees under -- 276-a. The Bankruptcy Court rejected this argument, stating it was "analytically misguided" because the recovery of prejudgment interest "cannot be said to have been a recovery or satisfaction of any attorneys' fee award" which must be "in addition to ... the base judgment amount plus interest." The Bankruptcy Court entered a $2.8 million judgment for attorneys' fees and ordered that the award is not subject to reduction or offset on account of the Tilton judgment having been satisfied. The victory is significant not only for the monetary result but also because PPAS' claims against the TransCare estate will be disallowed under section 502(d) until this award is paid. Amini LLC is pleased with the result and is committed to vigourously pursuing all avenues of recovery for the Trustee. About Amini LLC Amini LLC (www.aminillc.com) is a premier litigation boutique distinguished by its team of trial attorneys, who handle highly complex and challenging commercial disputes, achieving multi-million-dollar outcomes for clients. The firm excels in navigating multifaceted cases spanning diverse areas of law, practice domains, and industry sectors. Amini LLC has earned notable victories in courts nationwide, both alongside and against the nation's largest firms. Chambers and Partners' New York Spotlight Guide for 2025 recognized Amini LLC for "fielding a strong bench of trial attorneys, known for their extensive courtroom experience in high-stakes commercial litigation cases." About TransCare Corp. Patriarch Partners LLC's TransCare Corp. filed a Chapter 7 petition (Bankr. S.D.N.Y. Case No. 16-10407) on Feb. 24, 2016, shutting down operations in New York, Pennsylvania and Maryland. The Hon. Stuart M. Bernstein is the case judge. The Chapter 7 trustee is Salvatore LaMonica. The Trustee tapped his own firm, LaMonica Herbst & Manisalco, LLP, as counsel in the case. Lucy L. Thomson is the patient care ombudsman. The Trustee can be reached at Salvatore LaMonica, Esq. LAMONICA HERBST & MANISCALCO, LLP Tel: (516) 826-6500 Fax: (516) 826-0222 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 E-mail: sl@lhmlawfirm.com TRI-MAXX INDUSTRIES: Seeks Cash Collateral Access ------------------------------------------------- Tri-Maxx Industries, LLC asked the U.S. Bankruptcy Court for the Western District of Louisiana, Alexandria Division, for authority to use cash collateral. The company requires cash collateral to pay ordinary operating expenses including payroll and labor costs, taxes and insurance, utilities, equipment and vehicle maintenance, and general business expenses. Tri-Maxx is indebted to Sabine State Bank and Trust in the total amount of $433,709 as of the petition date. The company asserts that Sabine Bank holds a first-position lien on the cash collateral by virtue of its security agreement and UCC-1 Financing Statements filed with the Louisiana Secretary of State on Jan. 28, 2021, and Nov. 14, 2022. In 2024, well after Sabine Bank perfected its security interest, Tri-Maxx entered into loan agreements with the following creditors, purportedly assigning future revenue in exchange for a lump sum payment: 968 W. Veterans Realty, LLC; Green Note Capital Partners, SPV; Kash Advance, LLC; MNR Capital Group, LLC; Seabrook Funding, Inc.; TVT Capital Source, LLC; and Zahav Asset Management, LLC. Tri-Maxx proposed to provide adequate protection in the form of cash payments to compensate Sabine Bank for any depreciation in the collateral's value. A court hearing is set for March 19. About Tri-Maxx Industries Tri-Maxx Industries LLC -- https://www.trimaxxusa.com -- sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-80594) on September 27, 2024, listing up to $50,000 in assets and up to $1 million in liabilities. Rebekah French, managing member of Tri-Maxx, signed the petition. Judge Stephen D. Wheelis handles the case. The Debtor is represented by L. Laramie Henry, Esq. TUPPERWARE BRANDS: Can Seek Post-Sale Liquidation Plan Votes ------------------------------------------------------------ Ben Zigterman of Law360 reports that the estate of Tupperware Brands can solicit votes on its Chapter 11 liquidation plan, despite creditors claiming it strays from a previous agreement. About Tupperware Brands Tupperware Brands Corporation (NYSE: TUP) -- https://www.tupperwarebrands.com/ -- is a global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. The company distributes its products into nearly 70 countries, primarily through independent representatives around the world. Tupperware Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17, 2024. In the bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor. Epiq is the claims agent and has put up the page https://dm.epiq11.com/Tupperware UNIMODE WOODWORKING: Gets Extension to Access Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued a fifth interim order extending Unimode Woodworking, Inc.'s authority to use cash collateral from Feb. 28 to April 11. The order signed by Judge Timothy Barnes authorized the company to use the cash collateral of its secured creditor, the U.S. Small Business Administration, to pay its expenses for the interim period. As protection, the SBA was granted liens and security interests in the company's collateral, including post-petition collateral. Unimode was ordered to keep collateral insured as additional protection. A status hearing is scheduled for April 9. About Unimode Woodworking Unimode Woodworking, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-15017) on October 9, 2024, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Matthew Brash of Newpoint Advisors Corporation serves as Subchapter V trustee. Judge Timothy A. Barnes presides over the case. The Debtor is represented by David Freydin, Esq., at the Law Offices of David Freydin Ltd. US COATING: Gets Interim OK to Use Cash Collateral -------------------------------------------------- US Coating Specialists, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral on an interim basis until the next hearing. The company requires the use of cash collateral to pay operating expenses and the costs of administering its Chapter 11 case. It projects total expenses of $367,139.91 for March. The U.S. Small Business Administration and Leaf Capital Funding, LLC may assert an interest in the cash collateral. As protection for the use of their cash collateral, both lenders were granted a post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy lien. US Coating Specialist's secured indebtedness consists of an SBA loan, a loan with Leaf Capital Funding, and purchase-money financing secured by vehicles. The SBA loan has an approximate balance of $450,908 and is secured by substantially all assets of US Coating Specialists, including accounts receivable. US Coating Specialists also received funding from Leaf Capital Funding, an MCA company. The company owes the lender approximately $150,000. US Coating Specialists also took on purchase-money financing with Ford Motor Company, secured by vehicles, with an approximate aggregate balance of $131,000. The company does not believe Ford Motor Company has an interest in cash collateral. The next hearing is set for March 25. About US Coating Specialists US Coating Specialists, LLC is a licensed commercial roofing company in Florida, offering services like SPF spray foam, silicone, and metal roofing. It 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 filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-11972) on February 25, 2025, listing up to $10 million in both assets and liabilities. Anthony Flett, chief executive officer of US Coating Specialists, signed the petition. Judge Mindy A. Mora oversees the case. Mark F. Robens, Esq., at Stichter, Riedel, Blain, & Postler P.A., represents the Debtor as legal counsel. Leaf Capital Funding, LLC, as lender, may be reached at: Brian Kestenbaum Manager 110 S. Poplar Street, Suite 101 Wilmington, DE 19108 Email: sbarnett@leafnow.com. VENUS CONCEPT: President Resigns Effective March 28 --------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on February 21, 2025, Hemanth Varghese, the Company's President and Chief Operating Officer, advised the Company of his intention to resign from the Company, effective as of March 28, 2025. Dr. Varghese resigned for personal reasons and not for reasons related to any disagreement on any matter relating to the Company's operations, policies or practices. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Toronto, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VENUS CONCEPT: Secures $2.3-Mil. in Seventh Loan Drawdown --------------------------------------------------------- As previously disclosed, on April 23, 2024, Venus Concept Inc., Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company, entered into a Loan and Security Agreement, with lenders, Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP. Pursuant to the Loan and Security Agreement (as amended), the Lenders have agreed to provide the Borrower with bridge financing in the form of a term loan in one or more draws in an aggregate principal amount of up to $5,000,000 which amount was subsequently increased to $11,000,000. Borrowings under the Bridge Financing will bear interest at a rate per annum equal to 12%. On the maturity date of the Bridge Financing, the Loan Parties are obligated to make a payment equal to all unpaid principal and accrued interest. The Loan and Security Agreement also provides that all present and future indebtedness and the obligations of the Borrower to Madryn shall be secured by a priority security interest in all real and personal property collateral of the Loan Parties. * The initial drawdown under the Loan and Security Agreement occurred on April 23, 2024, when the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in the principal amount of $2,237,906.85. * The second drawdown under the Loan and Security Agreement occurred on July 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The third drawdown under the Loan and Security Agreement occurred on September 11, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The fourth drawdown under the Loan and Security Agreement occurred on November 1, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The fifth drawdown under the Loan and Security Agreement occurred on November 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,200,000. * The sixth drawdown under the Loan and Security Agreement occurred on December 9, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. * The seventh drawdown under the Loan and Security Agreement occurred on January 27, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. On February 21, 2025, the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,300,000. The Seventh Delayed Drawdown was partially funded on February 21, 2025 in the amount of $2,000,000 with the remainder to be funded on a future date as mutually agreed by the Loan Parties and Lenders. The Company expects to use the proceeds of the Seventh Delayed Drawdown, after payment of transaction expenses, for general working capital purposes. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Toronto, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VISION2SYSTEMS LLC: Hires Stretto as Claims and Noticing Agent -------------------------------------------------------------- Vision2systems LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Vision2systems LLC Vision2Systems LLC founded in 2012, is a software company based in Dallas, Texas, that provides online giving and membership management platforms tailored for churches. The platform offers solutions for accounting, donations, event planning, and overall church management. Vision2Systems LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40583) on February 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jason P. Kathman, Esq., at SPENCER FANE. WATCHTOWER FIREARMS: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On February 27, 2025, Watchtower Firearms LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by: Joseph Acosta, Esq. CONDON TOBIN 8080 Park Lane Suite 700 Dallas TX 75231 Tel: 214-763-3440 Email: jacosta@condontobin.com WATER'S EDGE: Taps Cohn Rios & Wholley as Insurance Counsel ----------------------------------------------------------- Water's Edge Limited Partnership seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Cohn, Rios, & Wholley as special insurance counsel. The firm will assist the Debtor in obtaining a recovery from the Insurer, including Coastwise Adjusters and Building Consultants, LLC for services necessary to appraise the property damage and create a detailed estimate of the unpaid claims related to the building. Jason Cohn, Esq., a partner at Cohn, Rios, & Wholley, will be performing the services in this case, charges an hourly rate of $400 per hour. As disclosed in the court filings, Cohn, Rios, & Wholley, its shareholders, counsel and associates are "disinterested persons" within the meaning of Section 101(14). The firm can be reached through: Jason E. Cohn, Esq. Cohn, Rios & Wholley Two Center Plaza 8th Floor Boston, MA 02108 Tel: (617) 723-1720 About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel and Verdolino & Lowey, PC as financial advisor. WESTPHALIA DEV: Seeks Creditor Approval for CCAA Restructuring -------------------------------------------------------------- Westphalia Dev. Corp. announces that it will be restructuring its affairs under a plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act. The Restructuring will provide a stronger financial foundation for the Corporation going forward and additional liquidity to ensure the completion and monetization of the "Westphalia" property being undertaken by Walton Westphalia Development (USA), LLC, the Corporation's U.S. subsidiary. Walton Global Investments Ltd. will continue to develop and manage the Project. Management is looking forward to working with the district council member and the community leaders on the next stages of planning the Westphalia Master Plan. An engineer has been engaged to undertake additional entitlements on the available parcels to further enhance the development. There are sales agreements in place on portions of the property and negotiations are on-going on the available parcels. The Corporation obtained an Order from the Court of King's Bench of Alberta on March 4, 2025, authorizing the Corporation to file its proposed Plan and hold a meeting of creditors to vote on the Plan at 10:00 a.m. (Calgary time) on March 25, 2025. If the Plan is approved, among other things, a new board of directors will be appointed and all issued and outstanding Class B Non-Voting shares in the Corporation will be extinguished for no consideration. Existing shareholders of the Corporation shall not be entitled to attend or vote at the Meeting. The holders of the Class B Non-Voting shares shall not receive any distribution under the Plan on account of their shares in the Corporation. Certain large claims against the Corporation, including the claim of its most significant creditor and interim lender, Walton Global will be put into abeyance pending the monetization of the Project. Other, smaller claims of creditors belonging to a "convenience class" will be paid in full. This description is a summary only and is subject to the terms of the Plan and Orders of the Court. The implementation of the Plan is conditional upon, among other things, an affirmative vote by the required majority of Voting Creditors at the Meeting. "Convenience class" creditors will be deemed to vote in favour of the Plan. If the Plan is approved by the Voting Creditors, the Corporation will seek a Sanction Order for final Plan approval from the Court. The Sanction Order hearing is scheduled for March 28, 2025. To facilitate the Plan, the Corporation and the Subsidiary have entered into a restructuring support agreement with Walton Global and the Subsidiary which provides the support necessary for the Restructuring and the Plan, including an agreement to provide management services and credit support to the Corporation going forward. FTI Consulting Canada Inc. is the Court-appointed Monitor in the Corporation's CCAA proceedings. During the CCAA proceedings, management of the Corporation through Walton Global will continue to be responsible for managing day-to-day operations under the general oversight of the Monitor. Additional information with respect to the Plan and the Meeting, including instructions on how to vote at the Meeting, copies of any filed Court materials and other updates, will be available on the Monitor's website: http://cfcanada.fticonsulting.com/westphaliadevcorp Overview of the Corporation The Corporation is the shareholder of the largest co-owner of the Westphalia Town Center in Prince George's County, Maryland. The property includes residential, commercial and industrial land uses. The Property Master Plan is designed as a pedestrian-oriented, mixed-use community. Westphalia Town Center includes family-friendly neighborhoods, and in the near future community shopping, restaurants, and potentially an elementary school, a veteran's hospital, and a hotel. About Walton Global Walton Global is a privately-owned, leading land asset management and global real estate investment company with more than 88,000 acres of land under ownership, management and administration in the United States and Canada, totaling $4.5 billion. With more than 45 years of experience, Walton has a proven track record of land investment projects within the path of growth in the fastest-growing metropolitan areas. A total of $2.7 billion has been distributed to investors located in 87 countries. The company works closely with top U.S. home builders, developers and industry partners. Business lines include exit-focused pre-development land investments, builder land financing, development projects, DST offerings, and various fund structures. For more information, visit www.walton.com. WHITTAKER CLARK: $535MM Settlement Is Best for Talc Creditors ------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Whittaker Clark & Daniels Inc., a financially troubled talc supplier, told a New Jersey bankruptcy judge on March 6, 2025, that a proposed $535 million settlement with Berkshire Hathaway-affiliated entities offers the best chance for talc injury claimants to secure compensation. About Whittaker, Clark & Daniels Whittaker, Clark & Daniels, Inc. and affiliates, Brilliant National Services Inc., Soco West Inc. and L.A. Terminals Inc., were engaged in nonmetallic mineral mining and quarrying. The Debtors sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 23-13575) on April 26, 2023. The Debtors estimated $100 million to $500 million in assets against $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Michael B. Kaplan is the case judge. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Cole Schotz P.C. as co-bankruptcy counsel; and M3 Partners LLC as financial advisor. Stretto, Inc. is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent talc claimants in the Debtors' Chapter 11 cases. The talc committee is represented by Cooley, LLP. The Hon. Shelley Chapman was appointed as the future claimants' representative (FCR) in the Chapter 11 cases. Willkie Farr & Gallagher, LLP is the FCR's counsel. WILD EARTH: Hires Biggs Law Firm PLLC as Attorney ------------------------------------------------- Wild Earth, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Biggs Law Firm, PLLC as attorney. The firm's services include: a. undertaking any and all steps and actions necessary to authorize the use of cash collateral pursuant to § 363 of the Bankruptcy Code, if applicable; b. advising the Debtor with respect to its powers and duties as debtor-in possession in the continued management, operation, and reorganization of its business; c. reviewing any and all claims asserted against the Debtor by its creditors, equity holders, and parties in interest; d. representing the Debtor's interests at the Meeting of Creditors under the Bankruptcy Code ("341 Meeting"), and at any other hearing or conference scheduled in the Bankruptcy Case before the Court related to the Debtor; e. attending any meetings, conferences, and negotiations with representatives of creditors and other parties in interest; f. reviewing and examining, if necessary, any and all transfers which may be avoided a preferential or fraudulent transfers under the appropriate provisions of the Bankruptcy Code; g. taking any and all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, negotiations concerning all litigation in which the Debtor is, or may become involved, and objections to any claims filed against the bankruptcy estate of the Debtor; h. preparing, on behalf of the Debtor all motions, applications, answers, orders, reports, and pleadings necessary to the administration of the bankruptcy estate; i. preparing, on behalf of the Debtor, any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any necessary actions on behalf of the debtor to obtain confirmation of such plan of reorganization and approval of such disclosure statement; j. representing the Debtor in connection with any potential postpetition financing; k. advising the Debtor in connection with the sale or liquidation, if applicable, of any assets and property to third parties; l. appearing before the Court, or any such appellate court, and the Office of the Bankruptcy Administrator to protect the interests of the Debtor and the bankruptcy estate; m. representing the Debtor with respect to any general, corporate, or transactional matters that arise during the course of the administration of the Bankruptcy Case; and n. assisting and advising the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of any corporate transactions, including sales of assets, in the Bankruptcy Case. The firm will be paid at these rates: Laurie B. Biggs (Attorney) $425 per hour Joseph A. Bledsoe, III (Attorney) $375 per hour Wendy Karam (N.C. Certified Paralegal) $200 per hour Jamie Slaughter (Paralegal) $175 per hour Qiara McCain (Paralegal) $150 per hour Lindsey Gadwell (Legal Assistant) $100 per hour The firm received a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Laurie B. Biggs, Esq., a partner at Biggs Law Firm, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laurie B. Biggs, Esq. Biggs Law Firm, PLLC 9208 Falls of Neuse Road, Ste. 120 Raleigh, NC 27615 Tel: (919) 375- 8040 About Wild Earth, Inc. Wild Earth, Inc. has been operating since 2017, originally as a startup focused on creating a fully plant-based dog food. Its mission is to develop vegan pet food that promotes longer, healthier lives for pets through superior nutrition. Since its inception, the Company has been primarily selling its products online, with Amazon and Chewy as two major retail partners, in addition to direct sales via its website, wildearth.com. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00495) on February 11, 2025. In the petition signed by Ryan Bethencourt, chief executive officer, the Debtor disclosed $2,424,899 in assets and $12,625,462 in liabilities. Judge Pamela W. Mcafee oversees the case. Laurie B. Biggs, Esq., at BIGGS LAW FIRM PLLC, represents the Debtor as legal counsel. WILDCAT LENDER: Hires Marshack Hays Wood LLP as General Counsel --------------------------------------------------------------- Wildcat Lender LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Marshack Hays Wood LLP as general counsel. The firm's services include: a. advising Debtor of their rights, powers, and duties as debtor and debtor-in-possession in continuing to operate and manage their business and assets; b. advising Debtor concerning, and assisting in the negotiation and documentation of, agreements, debt restructurings, and related transactions; c. preparing on behalf of Debtor all necessary and appropriate applications, motions, pleadings, proposed orders, notices, and other documents, and reviewing all financial and other reports to be filed in their Chapter 11 cases; d. advising Debtor concerning, and preparing responses to, applications, motions, pleadings, notices, and other papers that may be filed and served in their Chapter 11 cases; e. counseling the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; and f. performing all other legal services for and on behalf of Debtor that may be necessary or appropriate in the administration of their Chapter 11 cases or in the conduct of their bankruptcy cases and Debtor's business, including advising and assisting Debtor with respect to debt restructurings. The firm will be paid at these hourly rates: Partners $590 to $770 Senior Counsel $670 Of Counsel $570 to $670 Associates $400 to $570 Paralegals $350 to $380 The firm received a $50,000 retainer payment. In addition, the firm will seek reimbursement for expenses incurred. David A. Wood, a partner at Marshack Hays, 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 A. Wood, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Wildcat Lender LLC Wildcat Lender LLC is a limited liability company. Wildcat Lender LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.: 25-10304) on February 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by David A. Wood, Esq. at MARSHACK HAYS WOOD LLP. WILSON CREEK: Committee Taps Dentons as Bankruptcy Counsel ---------------------------------------------------------- The official committee of unsecured creditors of Wilson Creek Energy, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Dentons as counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties and powers in this case; b. assist and advise the Committee in its consultations with the Debtors relating to the administration of the Chapter 11 Cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structures and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Committee's investigation of the acts, conducts, assets, liabilities and financial condition of the Debtors and other parties involved with the Debtors, and of the operation of the Debtors' businesses; e. assist the Committee in its analysis of, and negotiations with the Debtors or any other third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and/or executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtors; f. assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in this case; g. represent the Committee at all hearings and other proceedings; h. review and analyze, as well as advise the Committee with respect to, applications, orders, statements of operations and schedules filed with the Court; i. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; and j. perform such other services as may be required and are deemed to be the in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Dentons' professionals have agreed to cap their hourly rates at $875 per hour and to reduce other hourly rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas D. Maxson, Esq., a partner at Dentons, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas D. Maxson, Esq. Dentons Cohen & Grigsby 625 Liberty Avenue, 5th Floor Pittsburgh, PA 15222-3152 Telephone: (412) 297-4900 Facsimile: (412) 209-0672 Email: thomas.maxson@dentons.com About Wilson Creek Energy Through their U.S.-based operating subsidiaries, Wilson Creek Energy, LLC and its affiliates supply premium-quality metallurgical coal, an essential ingredient in steel production. The Debtors' core business involves the mining, production and supply of premium-quality metallurgical coal, which is sold to both domestic and international steel and coke producers. The sources of the Debtors' metallurgical coal include (i) coal that the Debtors produce, and (ii) coal that the Debtors purchase from third parties, which they then enhance through value-added services such as storing, washing, blending, and loading, making the coal suitable for sale. The Debtors' headquarter is located in Friedens, Somerset County, Pa. All the Debtors' physical assets, mining operations and employees are based in Somerset County, Pa., and Garrett County, Md. Wilson Creek Energy and 10 affiliates filed Chapter 11 petitions (Bankr. W.D. Pa. Lead Case No. 25-70001) on January 6, 2025. At the time of the filing, Wilson Creek Energy reported $50 million to $100 million in assets and $10 million to $50 million in liabilities. Judge Jeffery A. Deller presides over the cases. The Debtors tapped Raines Feldman Littrell, LLP as bankruptcy counsel; Stikeman Elliott, LLP as Canadian insolvency counsel; BDO USA as financial advisor and consultant; and PricewaterhouseCoopers, LLP as Canadian information officer. Omni Agent Solutions, Inc. serves as the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. WOM SA: Gets Court Okay to Cut Debt, Exit Chapter 11 Bankruptcy --------------------------------------------------------------- Steven Church of Bloomberg News reports that Chilean telecom provider WOM has gained court approval to restructure its debt and emerge from bankruptcy under the control of its unsecured noteholders, including affiliates of BlackRock Inc., Crédit Agricole Group, and Patria Investments. U.S. Bankruptcy Judge Karen Owens dismissed objections from holdout noteholders who argued they were excluded from a deal granting the majority an additional $62.5 million for ensuring the reorganization is fully funded. The ruling strengthens WOM's financial position, enabling Chile's third-largest mobile operator to better compete with larger rivals, Telefónica SA's Movistar and Entel SA.1 About WOM S.A. WOM is a Chilean telecommunications provider, focused on offering mobile voice, data, and broadband services, along with a rapidly expanding "Fiber to the Home" broadband offering, to consumers and businesses in Chile. Since the acquisition of Nextel Chile in 2015 through Novator Partners LLP's investment vehicle NC Telecom AS, WOM has expanded from having virtually no market share to establishing itself as the second-largest mobile network operator in Chile. WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition filed by Timothy O'Connoer, as independent director, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Karen B. Owens oversees the case. The Debtors tapped White & Case, LLP as general bankruptcy counsel; Richards, Layton & Finger, P.A. as local bankruptcy counsel; Riveron Consulting, LLC, as financial advisor; and Rothschild & Co US Inc. as investment banker. Kroll Restructuring Administration, LLC, is the claims agent. WORKHORSE GROUP: Electric Step Vans Approved for Sale in Canada --------------------------------------------------------------- Workhorse Group Inc. announced that its W56 and W750 electric step vans have been approved for importation and sale in Canada. Workhorse has completed registration as a foreign manufacturer under Transport Canada's Appendix G pre-clearance program, allowing Canadian import dealers to bring Workhorse W56 and W750 step vans into the country and sell them nationwide. As part of the process, Transport Canada completed a review of the Company's documentation validating Canadian Motor Vehicle Safety Standards (CMVSS) compliance of both vehicles. This development marks a significant milestone for Workhorse as the Company expands its distribution and service network footprint to support the demand for sustainable commercial vehicles in the Canadian market. With Canada's commitment to achieving net-zero emissions and the adoption of clean transportation solutions, Workhorse's electric step vans are ideally suited to support businesses transitioning to zero-emission fleets. On-road testing of demo trucks with a last-mile delivery fleet in Canada is set to begin no later than the second quarter of 2025, further demonstrating the real-world capabilities of Workhorse vehicles. "This is a major step forward for Workhorse," said Josh Anderson, Workhorse Chief Technology Officer. "Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America. We're excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on." Workhorse has seen strong interest from Canadian fleets eager to add medium-duty commercial EV trucks to their portfolios. With both the W56 and W750 now certified, Workhorse is preparing for a seamless entry into the Canadian market, bringing proven real-world performance, operational efficiency, and its best-in-class service and support network. Workhorse is actively exploring opportunities to expand its dealer network to better serve customers across Canada. For more information about Workhorse and its full lineup of commercial EVs, including the W56 and W750, visit www.workhorse.com. About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. Cincinnati, Ohio-based Grant Thornton LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 12, 2024, citing that the Company incurred a net loss of $123.9 million and used $123.0 million of cash in operating activities during the year ended December 31, 2023. As of that date, the Company had total working capital of $40.5 million, including $25.8 million of cash and cash equivalents, and an accumulated deficit of $751.6 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. WORKSPORT LTD: Dealer Network Grows 30% in Early 2025 ----------------------------------------------------- Worksport Ltd. announced two new sales milestones. The Company's dealer network has expanded by 30% in the first two months of 2025, and, following an ongoing production ramp-up driven by strong early feedback, initial models of its AL4 Premium Tonneau Cover are now officially available for purchase at www.worksport.com. AL4 Tonneau Cover Now Live Online The AL4, Worksport's newly introduced flagship tonneau cover, combines premium materials and design features to offer superior durability, streamlined installation, and user-friendly functionality (see Figure 1 below). Through the Company's direct-to-consumer (D2C) sales platform, customers can immediately place orders, track shipments, and take advantage of Worksport's American customer support team. Worksport expects 5 available models by the end of February 2025 and expects to add new models to the AL4 lineup every month. While Worksport has increased sales from $1.5M in 2023 to a run rate of approximately $1MM per month in 2024, the Company believes the AL4 premium cover will be its best-selling tonneau cover, driving the sales and margins for 2025. Steven Rossi, CEO of Worksport, commented: "We are excited to bring the AL4 cover directly to consumers through our e-commerce website, especially after the positive reception we've seen from distributors and our growing dealer network. This marks a significant step in Worksport's evolution, as we continue to scale production to meet growing demand. We believe the AL4's success will pave the way for future product launches, including our forthcoming clean-tech solutions - the SOLIS solar tonneau cover and the COR portable nano-grid system." Alignment with Future Growth By offering the AL4 cover on its e-commerce store, Worksport.com, the Company continues to bolster its direct-to-consumer presence, complementing its expanding distribution network, which is expected to maintain momentum in the coming months. This move also lays the groundwork for upcoming releases, including the SOLIS solar tonneau cover and the COR mobile power system, planned for later this year. Management believes these innovations, combined with the AL4's anticipated success, will drive revenue growth and strengthen shareholder value in the months ahead. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Going Concern The Company cautioned in its Form 10-Q Report for the quarter ended March 31, 2024, that there is substantial doubt about its ability to continue as a going concern. As of March 31, 2024, the Company had $3,536,980 in cash and cash equivalents. The Company has generated only limited revenues and has relied primarily upon capital generated from public and private offerings of its securities. Since the Company's acquisition of Worksport in fiscal year 2014, it has never generated a profit. As of September 30, 2024, Worksport had $24,939,158 in total assets, $8,576,083 in total liabilities, and $16,363,075 in total shareholders' equity. WORLDWIDE IMPORTS: Seeks to Hire Sheehan & Ramsey as Attorney ------------------------------------------------------------- Worldwide Imports Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Sheehan & Ramsey, PLLC as attorneys. The firm will provide these services: (a) consult with any appointed committee concerning the administration of the Debtors' Chapter 11 cases; (b) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors and other matters relevant to the cases; (c) formulate a Chapter 11 plan; (d) prepare legal papers and reports necessary in the bankruptcy cases; (e) attend all hearings and trials concerning the Debtor or the estate; and (f) initiate adversary proceedings as deemed necessary for successful reorganization. The firm will be paid at these rates: Patrick A. Sheehan $500 per hour Partners $350 per hour Associate Attorneys $300 per hour Paralegals $150 per hour In addition, the firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Patrick Sheehan, Esq., a partner at Sheehan & Ramsey, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick A. Sheehan, Esq. SHEEHAN & RAMSEY, PLLC 492 Porter Avenue Ocean Springs, MS 39564 Tel: (228) 875-0572 Fax: (228) 875-0895 Email: Pat@sheehanramsey.com About Worldwide Imports Inc. Worldwide Imports Inc. -- https://wwimports.store/ -- is a trusted source for premium wholesale products. Specializing in high-quality perfumes, including spray and roll-on varieties, we also offer a diverse range of body sprays, air and floor fresheners, luxurious soaps and creams, Bakhour, Mabkhara, apparel, sujad, home and kitchen essentials, and foods. Worldwide Imports Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-50175) on February 7, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jamie A. Wilson handles the case. The Debtor is represented by Patrick Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC. XYZ HOME: B&H SFR Gets Interim OK to Use Cash Collateral -------------------------------------------------------- B&H SFR, LLC, an affiliate of XYZ Home Buyers, LLC, received interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia to use cash collateral. The company requires the use of cash collateral to pay the operating expenses set forth in its monthly budget. The budget shows total expenses of $14,865.25 for March and $47,349.25 for April. Citadel Servicing Corporation and 22 other creditors may assert an interest in B&H SFR's cash collateral. The creditors will be granted replacement liens on B&H SFR's assets as protection for any diminution in the value of their interest in such assets. A final hearing will be held on March 18. About XYZ Home Buyers XYZ Home Buyers, LLC manages multiple residential rental properties. XYZ Home Buyers filed Chapter 11 petition (Bankr. M.D. Ga. Case No. 25-40081) on February 7, 2025, listing up to $500,000 in both assets and liabilities. James Bell, chief restructuring officer of XYZ Home Buyers, signed the petition. The Debtor is represented by Thomas McClendon, Esq., at Jones & Walden, LLC. XYZ HOME: Gets Interim OK to Use Cash Collateral ------------------------------------------------ XYZ Home Buyers, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Georgia to use cash collateral. The company requires the use of cash collateral to pay the operating expenses set forth in its monthly budget. The budget shows total expenses of $8,675 for March and $375 for April. Horizon Trust Company Custodian FBO Molly Young IRA and Anchor Loans, LP may assert an interest in XYZ's cash collateral. The creditors will be granted replacement liens on XYZ's assets as protection for any diminution in the value of their interest in such assets. A final hearing is scheduled for March 18. About XYZ Home Buyers XYZ Home Buyers, LLC manages multiple residential rental properties. XYZ Home Buyers filed Chapter 11 petition (Bankr. M.D. Ga. Case No. 25-40081) on February 7, 2025, listing up to $500,000 in both assets and liabilities. James Bell, chief restructuring officer of XYZ Home Buyers, signed the petition. The Debtor is represented by Thomas McClendon, Esq., at Jones & Walden, LLC. YOUNG MEN'S: Court OKs Golf Equipment Sale to Shannon Provence -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, has approved The Young Men's Christian Association of Metropolitan Huntsville, Alabama doing business as the Heart of the Valley Young Men’s Christian Association, to sell Personal Property free and clear of liens, claims, interests, and encumbrances. The Court authorized the Debtor to sell personal property that is comprised of 1998 Dodge Ram 1500 (not running) for $500; the 2011 Ezgo Golf electric golf cart for $2,500; and the round tables used in the mess hall for $1,200 free and clear of all liens, claims, interests and encumbrances to Shannon Provence. The Debtor is also directed to sell the personal property to an entity or individual, other than an insider, an affiliate, or a relative of the Debtor's employees, who offers to purchase for cash some or all of the personal property for a price not less than 15% of the sales price, free and clear of all liens, claims, interests and encumbrances. The Court ordered the Debtor to deposit all sale proceeds from the sale into its DIP operating account at Redstone Federal Credit Union. About About The Young Men's Christian Association The Young Men's Christian Association of Metropolitan Huntsville, Alabama is a non-profit organization that offers programs to support the needs of a growing and diverse communities including childcare, health & fitness, teen programs and community programs. YMCA filed Chapter 11 petition (Bankr. N.D. Ala. Case No, 24-81638) on August 23, 2024, with $10 million to $50 million in both assets and liabilities. Jeff Collen, interim chief executive officer of YMCA, signed the petition. Judge Clifton R Jessup Jr. presides over the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, is the Debtor's legal counsel. ZOOZ POWER: Series 3 Warrants to Expire March 20 ------------------------------------------------ ZOOZ Power Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that in accordance with the provisions of Section 6.2.4 of the Company shelf offering report dated March 14, 2022, pursuant to which the Company issued, among other things, warrants (series 3) to purchase ordinary shares of the Company, par value 0.00286 per share, the Company notified that in accordance with the terms of the Warrants and the rules and regulations of the Tel-Aviv Stock Exchange, the last date on which the Warrants may be exercised in accordance with their terms shall be March 20, 2025, and the last trading date of the Warrants on the TASE shall be March 17, 2025. No Warrant may be exercised following the Last Exercise Date, and after such date, all outstanding Warrants which were not duly exercised in accordance with their terms shall become void, null and shall have no further force and effect, and shall confer no rights upon the holders thereof. About ZOOZ Power Ltd. ZOOZ Power Ltd is a provider of Flywheel-based Power Boosting solutions enabling widespread deployment of ultra-fast charging infrastructure for electric vehicles (EV), while overcoming existing grid limitations. ZOOZ Power pioneers its unique Flywheel-based power boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel-based technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure. Jerusalem, Israel-based Kesselman & Kesselman, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 30, 2024, citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2023, 2022 and 2021. Such circumstances raise substantial doubt about the Company's ability to continue as a going concern. [] Commercial Chapter 11 Filings Drop 42% in February ----------------------------------------------------- Commercial Chapter 11 bankruptcy filings decreased 42 percent in February 2025, with the 481 filings declining from the 826 filings in February 2024, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. Last February's commercial Chapter 11 total was elevated by the related filings of two sizeable commercial chapter 11 proceedings. Additionally, there was one less business day in February 2025 compared to last year due to the leap year taking place in 2024. Total February commercial filings decreased 16 percent to 2,152 from the 2,576 commercial filings in February 2024. Small business filings, captured as subchapter V elections within chapter 11, declined 12 percent in February 2025 to 176, down from 201 the previous year. "The overall filing volume trend waned in February, primarily due to fewer filing days and a typical trend of filings after tax return season, " said Michael Hunter, Vice President of Epiq AACER. "The availability and increased utilization of home equity has enabled homeowners to leverage that value to temporarily offset higher living costs. I expect a continued trend of increased filings through the spring and summer months primarily due to continued increases in living costs, debt accumulation, relatively flat household income growth, and influences related to regulatory change." Total bankruptcy filings were 40,260 in February 2025, a 3 percent increase from the February 2024 total of 39,034. Individual bankruptcy filings increased 5 percent in February to 38,108, up from the February 2024 individual filing total of 36,458. There were 22,899 individual chapter 7 filings in February 2025, an 8 percent increase over the 21,151 filings recorded in February 2024. Conversely, there were 15,128 individual chapter 13 filings in February 2025, a 1 percent decrease from the 15,247 filings last February. "Inflation, elevated interest rates, tighter lending terms and geopolitical tensions are creating more challenges for distressed consumers and businesses looking to alleviate their growing debt loads," said ABI Executive Director Amy Quackenboss. "Bankruptcy provides an established process for struggling households and businesses looking to access a financial fresh start." ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. About Epiq Epiq is a leading legal and compliance services platform integrating people, process, and technology. Through this combination of innovative technology, legal and business expertise, and comprehensive solutions, Epiq drives efficiency in large-scale and increasingly complex tasks. High-performing clients around the world rely on Epiq to streamline the administration of business, settlement administration, legal, and compliance operations to solve immediate challenges and provide scalable ongoing support to transform the enterprise. Learn more at www.epiqglobal.com. About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [] Erratic Payments Signal Bankruptcy Risk, Creditsafe Study Finds ------------------------------------------------------------------ 2024 was a milestone year for corporate bankruptcies, with well-known brands like Express, Joann, Red Lobster and TGI Friday's filing for bankruptcy. The reality is that several factors contributed to the downfall of these companies, including declining sales, high debt loads, increasing costs and cash flow issues. The reality is that erratic payment practices are often highly indicative of cash flow issues and financial distress. But the 'Cost of Late Payments' study released by Creditsafe reveals that few businesses know how to spot the red flags or identify which risk patterns are indicative of cash flow issues. The good news is that 86% of the respondents believe frequent or increasing late payments from customers over a 12-month period has a moderate to high impact on the likelihood that a customer will go out of business or file for bankruptcy. This suggests that businesses are becoming more aware of the correlation between payment behaviors and bankruptcy risk. But there is one major problem. Only 3% of businesses are accurately spotting the real signs of trouble when analyzing the payment behaviors of their customers -- despite historical data showing that sudden shifts in payment behavior often precede bankruptcy. Key findings from the report include: -- Overdue invoiced sales are a serious drain on monthly cash flow. According to the study's findings, 86% of businesses reported that up to 30% of their monthly invoiced sales are overdue. On top of this, 66% of the respondents said they're typically waiting for overdue payments from customers -- totaling up to $70,000 each month. -- Bad debt poses a risk to a significant minority of businesses. Nearly one-third (32%) of businesses reported losing between 5% and 30% of their annual revenue to bad debt -- with 16% losing 5-10% of their revenue and another 16% losing 11-30% of their revenue. -- Lure of revenue often overshadows critical need for financial due diligence. Its study found that 61% of businesses don't always analyze a potential customer's historical trade payments and late payment trends before signing a contract with them. Of the 61% of businesses that don't take financial risk analysis seriously, 17% said they either rarely or never do so, while another 17% said they only do it sometimes. -- Businesses prioritize strategic customer relationships over rigid payment timelines. As the study reveals, finance teams can end up spending quite a lot of time chasing customers to pay overdue invoices. For instance, 81% of the respondents said they typically chase a customer between one and four times just to get a single overdue invoice paid. Given how many attempts it takes to chase customers for unpaid invoices, it was surprising to see that 29% of businesses were willing to wait between 31 and 60 days for a customer to pay $50,000 in overdue invoices. Steve Carpenter, Chief Operating Officer for North America at Creditsafe, says, "Our study's findings highlight the need to educate -- or re-educate -- finance teams on how they can properly identify red flags when assessing the financial health of their customers. It's not just about why it's important to regularly review and analyze the historical trade payment data of customers. While that's very important, it's also necessary to provide helpful tips and training so finance teams can accurately identify problematic patterns that are indicative of cash flow issues and an increased likelihood of late payments over time. Otherwise, businesses will continue to miss and misread clear red flags -- costing them dearly in terms of the amount of time it takes to chase unpaid invoices and the negative impact it has on the bottom line." ABOUT CREDITSAFE Creditsafe, the global expert in credit monitoring and risk management, is the world's most used provider of business reports. Today, over 115,000 customers globally depend on Creditsafe to make critical business decisions. Using real-time data from over 9,000 sources across over 200 countries and territories, Creditsafe's mission is to help businesses mitigate financial, legal and compliance risks, while also empowering them to make more informed decisions. To learn more, visit our website. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***