/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250314.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, March 14, 2025, Vol. 29, No. 72 Headlines 10186 OLIVIA: Voluntary Chapter 11 Case Summary 162 UTICA AVE: Seeks Chapter 11 Bankruptcy in New York 385 GREENWICH: Seeks Chapter 11 Bankruptcy in New York 6525 BELCREST: Fails to Vacate Arbitration Award in Dewey Dispute 9 LAKE REGION: Gets OK to Hire Tully & Maier CPA as Accountant ACADIAN ASSET: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ACCO BRANDS: S&P Lowers ICR to 'B+' on Continuing Sales Declines ACTION FACE: Unsecured Creditors to Get Infinite Reality Shares AMC ENTERTAINMENT: In Talks with Creditors to Settle Lawsuit AMERICAN MARICULTURE: Gets Extension to Access Cash Collateral ARCADIAN RESOURCES: Seeks to Tap Jeter Law Firm as Special Counsel ATHENEX INC: Court Transfers Exyte Suit to Bankruptcy Court AZZUR GROUP: Taps Brown Gibbons Lang & Co. as Investment Banker BAD DOG: M. Aaron Spencer Named Subchapter V Trustee BC AVENTURA: Amends Plan to Include Other Secured Claims Details BEACH BUGGY: Court OKs Lotus Property Sale to Samuel Quaynor BELT ENTERTAINMENT: Seeks to Hire CliftonLarsonAllen as Accountant BIZNESS AS USUAL: U.S. Trustee Unable to Appoint Committee BLUE DOG: Gets Extension to Access Cash Collateral C&S GROUP: Moody's Cuts CFR to B2, Ratings on Review for Downgrade CANDEO SCHOOLS: S&P Lowers Education Revenue Rating to 'BB+' CAREPOINT HEALTH: Rescue Plan Experiences Court Test CELSIUS HOLDINGS: S&P Assigns 'BB-' ICR, Outlook Stable CHICAGO THEATRE: S&P Rates 2025A/B Bonds 'BB', Outlook Stable CHROMALLOY CORP: Moody's Alters Outlook on 'B2' CFR to Negative COCO SUSHI: Amends Plan to Include Landlord Claims Pay Details COLLEGE OF SAINT ROSE: To Sell Campus Equipment for $551K CORSA COAL: Auction Paused for 2 Weeks After Value Surge COWTOWN TRANSPORTATION: Voluntary Chapter 11 Case Summary CRYSTAL BASIN: Seeks Interim Cash Collateral Access DCA OUTDOOR: U.S. Trustee Appoints Creditors' Committee DEL RIO PARKS: Seeks to Tap Langley & Banack as Bankruptcy Counsel DELCATH SYSTEMS: Incurs $26.4M Net Loss in 2024 DIAMOND ELITE: Gets Final OK to Use Cash Collateral DNC AND TCPA: Updates JP Morgan Secured Claim Pay; Amends Plan DOC VENTURES: Seeks to Use Cash Collateral DOCUDATA SOLUTIONS: Seeks to Tap Omni as Claims and Noticing Agent ELETSON HOLDINGS: Ex-Owners Face $5K Daily Fine for Opposing Ch.11 ELITA 7 LLC: Court Extends Cash Collateral Access to June 12 ELITE SCHOOL: Seeks to Hire Tydings & Rosenberg as Legal Counsel EQUIPSOURCE LLC: Seeks Chapter 11 Bankruptcy in Arkansas EXCELTECH ONE: Case Summary & 20 Largest Unsecured Creditors FAMILY FIRST: Gets Final Approval to Use Cash Collateral FEENEY ENTERPRISES: Court OK's Furniture & Fixture Sale via Auction FIG & FENNEL: Court Extends Cash Collateral Access to April 15 FIVE RIVERS: Examiner Gets Interim OK to Use Cash Collateral FLORIDA MAGICAL: L. Todd Budgen Named Subchapter V Trustee FOX AND BIRD: Seeks to Tap Richman & Richman as Bankruptcy Counsel FRANCHISE GROUP: Seeks to Extend Plan Exclusivity to June 2 FWR LLC: Seeks to Tap Cooper Law Firm as Bankruptcy Counsel GENERATIONS ON 1ST: Seeks Extension to Use Cash Collateral GLENOAKS GROUP: Claims Will be Paid from Note Sale/Refinance GLOBAL PREMIER: Case Summary & Seven Unsecured Creditors GWG HOLDINGS: Beneficient Settles Litigation with Insurance Funds GWG HOLDINGS: Mayer Brown Reaches $30MM Settlement with Trustee HEART 2 HEART: Seeks to Tap Bernstein-Burkley as Bankruptcy Counsel HIGHER GROUND: Court Extends Cash Collateral Access to March 26 HILLCREST CENTER: Court Denies Bid to Reduce Payment to MinnWest HIREX INC: Seeks Approval to Hire Frances M. Caruso as Bookkeeper HO WAN KWOK: Court Rules on Motions to Dismiss in Avoidance Actions HOODSTOCK RANCH: Seeks Chapter 11 Bankruptcy in Washington HULKZ CONSTRUCTION: Amends Plan; Confirmation Hearing March 18 IHEARTMEDIA INC: J. Fasbender to Step Down as Chief Legal Officer INFINITE GLOW: Seeks to Tap Fox Law Corp. as Bankruptcy Counsel INTEGRITY CELEBRATIONS: Gets OK to Use Cash Collateral INVERSIONES ALFA: U.S. Trustee Unable to Appoint Committee IRON WORKS: Case Summary & 20 Largest Unsecured Creditors ISA ENTERPRISES: Seeks to Tap The Cooper Law Firm as Legal Counsel IYS VENTURES: Seeks Approval to Hire Special Litigation Counsel JACK COOPER: Starts Chapter 7 Liquidation w/ $100MM Debt JACKSON COURT: Seeks to Sell San Francisco Garage Property KAL FREIGHT: Agrees to Settlement w/ Lenders and $3MM Sale KAMC HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR KATANA ELECTRONICS: Updates Priority Claims Details; Amends Plan KIRCHOFF OIL: Case Summary & 10 Unsecured Creditors LEFEVER MATTSON: Hires Compass California II as Real Estate Broker LEVY VENTURES: Seeks Chapter 11 Bankruptcy in New York LJB LLC: Gets Interim OK to Use Cash Collateral Until April 1 LONERO ENGINEERING: Hires Harmon Partners LLC as Investment Banker LR GREENVIEW: Hires Regal Tax & Law Group as Bankruptcy Counsel M2I GLOBAL: Reports Larger Net Loss of $3.89 Million for FY 2024 MARIZYME INC: Reports $1.9MM Net Loss in Fiscal Q3 MASS POWER: Seeks Chapter 11 Bankruptcy in Massachusetts MAVENCRUX I LLC: Taps Dickinson Bradshaw Fowler & Hagen as Counsel MCR HEALTH: Court Extends Cash Collateral Access to March 27 MIDWEST MOBILE: Gets Extension to Access Cash Collateral MITEL NETWORKS: Files Chapter 11 to Restructure $1.15B Debt MITEL NETWORKS: S&P Downgrades ICR to 'D' on Bankruptcy Filing MODIVCARE INC: S&P Rates $251MM Second-Lien Notes Exchange 'CCC-' MONDEE HOLDINGS: Unsecureds to Get Nothing in Liquidating Plan NORTHVOLT AB: Ch. 11 Dismissal May Follow Swedish Filing,Says Judge NORTHWEST RENEWABLE: Claims to be Paid From Asset Sale Proceeds NUMALE CORP: U.S. Trustee Unable to Appoint Committee NUWELLIS INC: Posts Reduced Net Loss of $11.17 Million for 2024 O'BRIEN'S RENT-ALL: Hires Davis & Kotur Law Office Co. as Counsel OCUGEN INC: Files Registration Statement for 11.6MM Shares ONDAS HOLDINGS: Partners With Palantir to Enhance Operations PAP-R PRODUCTS: Gets OK to Use Cash Collateral Until April 29 PAP-R PRODUCTS: Seeks to Hire Lewis Rice as Bankruptcy Counsel PBF HOLDING: S&P Rates $750MM Senior Unsecured Notes 'BB' PETROQUEST ENERGY: Plans to Sell $8MM Judgment in Chapter 11 PIER 115: Case Summary & 20 Largest Unsecured Creditors PLANO SMILE: Seeks Chapter 11 Bankruptcy in Texas PLAZA MARIACHI: Seeks Cash Collateral Access Until April 23 PREMIER SILVER: Excellon to Acquire Mallay Mine via Court Sale QSR STEEL: Seeks to Hire CBIZ as Financial Advisor and Accountant QXC COMMUNICATIONS: Gets Interim OK to Use Cash Collateral R2 MARKETING: Case Summary & 20 Largest Unsecured Creditors RAGI GI: To Sell Rolls Royce Vehicle to Koti Kondaveeti for $67,500 ROMBOUTS AVE: Seeks Chapter 11 Bankruptcy in New York ROSEMAN UNIVERSITY: S&P Ups Bond Rating to 'BB+' on Accreditation ROVER PROPERTIES: Court Extends Cash Collateral Access to March 31 RUNNER BUYER: S&P Downgrades ICR to 'D' on Missed Interest Payment RUSSELL SAGE: Moody's Alters Outlook on 'B3' Ratings to Stable SAMYS OC: Gets Extension to Access Cash Collateral SEBASTIAN TECH: Seeks to Hire Derek A. Dodd as Tax Preparer SHADYLANE HOLDINGS: Voluntary Chapter 11 Case Summary SHAPIRO MANAGEMENT: Unsecureds Owed $1.8M Will Get 1.69% of Claims SI SE PUEDE: Unsecureds Will Get 10% of Claims over 3 Years SKYLOCK INDUSTRIES: Court OKs Deal to Use Cash Collateral SMITH ENVIRONMENTAL: Gets OK to Use Cash Collateral Until April 16 SONI HOLDINGS: Trustee Can't Recover Two Properties Under Sec. 550 SOPHIA HOSPITALITY: Seeks Chapter 11 Bankruptcy in Illinois SOUTH REGENCY: U.S. Trustee Unable to Appoint Committee SOUTHERN AUTO: Court Extends Cash Collateral Access to April 3 SPIRIT AIRLINES: Exits Ch.11 Bankruptcy After 4-Mons. Restructuring SPITFIRE ENERGY: Claims to be Paid From Asset Sale Proceeds SWC INDUSTRIES: Committee Taps Gilbert as Special Insurance Counsel T-SHACK INC: Seeks Chapter 11 Bankruptcy in Nevada TARGET HOSPITALITY: S&P Cuts ICR to 'B' on Contract Volatility TBB DEEP: Affiliates Get Final OK to Use Cash Collateral TELEFLEX INC: Moody's Affirms Ba1 CFR & Alters Outlook to Negative TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to May 1 TOUCH OF TEXAS: Gets Final OK to Use Cash Collateral UROGEN PHARMA: Reports $126.9 Million Net Loss for 2024 VIKING CRUISES: S&P Upgrades ICR to 'BB' on Strong Performance VISTA PARTNERS: Seeks Chapter 11 Bankruptcy in Oregon WATTS CHOPPING: Gets OK to Use Cash Collateral Until March 31 WEBSTERNT LLC: U.S. Trustee Unable to Appoint Committee WILLSCOT HOLDINGS: S&P Rates New $500MM Senior Secured Notes 'BB-' WILSON CREEK: Seeks to Hire BDO USA as Tax Services Consultant WOODBRIDGE PARTNERS: Creditors to Get Proceeds From Liquidation WORLD BRANDS: Case Summary & 16 Unsecured Creditors YUM! BRANDS: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable [] Marti Murray Joins Charles River Associates' Finance Practice [^] BOOK REVIEW: The Heroic Enterprise ********* 10186 OLIVIA: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 10186 Olivia Terrace LLC 766 E Colorado Blvd Ste 102 Pasadena, CA 91101 Business Description: 10186 Olivia Terrace is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: March 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11972 Judge: Hon. Neil W Bason Debtor's Counsel: Yoon O. Ham, Esq. LAW OFFICE OF YOON O. HAM 1425 W. Foothill Blvd., Suite 235 Upland, CA 91786 Tel: 909-256-2920 E-mail: hamyesq@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hussam Khatib as managing member. The Debtor did not provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YVH4AQI/10186_OLIVIA_TERRACE_LLC__cacbke-25-11972__0001.0.pdf?mcid=tGE4TAMA 162 UTICA AVE: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On March 5, 2025, 162 Utica Ave Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 162 Utica Ave Inc. 162 Utica Ave Inc. is a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). 162 Utica Ave Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41102) on March 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Elio Forcina, Esq. 6685 73rd Village Place Middle Village NY 11379 Tel: 347-528-7099 E-mail: Forcinalaw@gmail.com 385 GREENWICH: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On March 6, 2025, 385 Greenwich Street LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $18,521,892 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 385 Greenwich Street LLC 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. 385 Greenwich Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41127) on March 6, 2025. In its petition, the Debtor reports estimated assets of $8,056,190 and total liabilities of $18,521,892. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com 6525 BELCREST: Fails to Vacate Arbitration Award in Dewey Dispute ----------------------------------------------------------------- In the case captioned as 6525 BELCREST ROAD, LLC v. DEWEY, L.C., No. 1828 (Md. Ct. Spec. App.), Judges Terrence M. R. Zic, Stephen H. Kehoe and McDonald, Robert N. McDonald of the Appellate Court of Maryland affirmed the judgment of the Circuit Court for Prince George's County granting DEWEY, L.C.'s motion to dismiss the petition filed by 6525 Belcrest Road, LLC to vacate the final arbitration award in a lease dispute between the parties. Appellant 6525 Belcrest Road, LLC, as tenant, and Appellee Dewey, L.C., as landlord, entered into a lease for a surface parking lot. In 2020, Dewey attempted to exercise the substitute parking provision in the Ground Lease, but Belcrest objected. Pursuant to the Ground Lease, the dispute went to arbitration. Throughout the arbitration proceeding, Dewey filed three motions for partial summary judgment. In Dewey's second motion, it sought summary judgment as to the validity of the Exchange Notice and argued that it fully complied with the Exchange of Leased Premises provisions of the Ground Lease and First Amendment. Along with the motion, Dewey submitted the affidavit of Joseph Galli, the executive vice president of The Bernstein Companies. In the affidavit, Mr. Galli attests that Garage A is owned by New Town and that New Town leased 842 spaces in Garage A to Dewey for the purpose of providing substitute parking for Belcrest pursuant to the Parking Exchange Notice. The Galli Affidavit further states that New Town Metro leases 700 spaces in Garage B and has sublet 142 spaces to Dewey for the same purpose. The arbitrator issued the Final Award in favor of Dewey on Aug. 12, 2021. Belcrest filed a petition to vacate arbitration award in the Circuit Court for Prince George's County, arguing that the Final Award was procured by corruption, fraud, or other undue means. More specifically, Belcrest argued that the Final Award was procured by fraud because Dewey made false representations to the arbitrator and the arbitrator relied on those false representations when issuing the Final Award. Dewey filed a motion to dismiss Belcrest's petition, and the circuit court granted the motion to dismiss. Belcrest appealed. On May 19, 2021, before the arbitration had concluded, Belcrest filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. Belcrest sought to reject the Ground Lease pursuant to Sec. 365 of the Bankruptcy Code and Dewey filed a proof of claim seeking damages based on the rejection of the Ground Lease. The Bankruptcy Court ordered Dewey to produce any written agreements, leases, or subleases between Dewey and Bernstein that relate to the substituted parking under the Ground Lease. Dewey did not produce a lease for Garage A or a sublease for Garage B but did produce an Assignment and Assumption of Parking Lease between New Town and Dewey. The Assignment, dated Feb. 14, 2019, would transfer all rights Dewey held in the Ground Lease to New Town as of the Transfer Date. The First Amendment to the Assignment was signed by Galli on April 28, 2021. These documents were provided to Belcrest for the first time in June of 2022. Belcrest maintains that it could not and did not discover the nonexistent lease and sublease even after exercising due diligence, prior to and throughout the arbitration. It further contends that the fraudulent misrepresentations as to Dewey's leasehold interests in the parking garages were materially related to an issue at the arbitration. Belcrest argues that the alleged fraud was foundational to the arbitrator's decision because the arbitrator listed the existence of the lease for Garage A and sublease for Garage B as material and uncontested facts in the summary judgment order, which was incorporated in the Final Award. It then asserts that the arbitrator concluded from these facts that Dewey could exercise the exchange provision under the Parking Ground Lease. Dewey argues that the Galli Affidavit was not fraudulent because there was a legal commitment by New Town to provide substitute parking in Garages A and B. Dewey asserts that the basic facts remain unchanged regardless of the nomenclature used to describe Dewey and New Town's agreement regarding the parking spaces and so, the legal classification of this arrangement, even if it was inaccurate or false, is not fraudulent for the purpose of providing a legal basis for vacating the award. It then contends that the alleged fraud is not extrinsic and is of not the type of error warranting vacating the award pursuant to [CJP] Sec. 3-224. Dewey further argues that the arbitrator did not rely on the statements in the Galli Affidavit in issuing the Final Award and, therefore, that the Final Award was not procured by fraud. It specifically contends that the arbitrator rejected the claim that Dewey was required to possess a written lease or show control of the substitute parking. Dewey asserts that discovery of the Assignment would not have provided Belcrest with any meritorious claims that could have been raised in the arbitration, and that Belcrest admitted this in the Bankruptcy Court. The Appellate Judges conclude that there is no nexus between the alleged fraud and the decisions of the arbitrator. While the arbitrator listed the existence of the lease and sublease as 'facts,' the arbitrator acknowledged there was no actual lease or sublease included in the record and states that there was no requirement in the Ground Lease that Dewey provide any agreements to Belcrest to prove privity between Dewey and New Town as to Garages A and B. If the Assignment had been produced during the arbitration instead of the Galli Affidavit, the arbitrator's conclusions would have been wholly unaffected because the arbitrator did not rely on the existence of a lease and sublease to determine that the Exchange Provision is valid. The Appellate Judges agree with Dewey and conclude that the alleged fraud did not procure the Final Award and that the circuit court did not err in dismissing the petition. A copy of the Court's decision is available at https://urlcurt.com/u?l=MBZLhe About 6525 Belcrest Road New York-based 6525 Belcrest Road, LLC owns Metro Center III, a commercial real property in Hyattsville, Maryland. 6525 Belcrest Road filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-10968) on May 19, 2021, listing as much as $10 million in both assets and liabilities. Judge Michael E. Wiles oversees the case. The Debtor tapped Robinson Brog Leinwand Greene Genovese & Gluck, PC as its bankruptcy counsel. Peckar & Abramson, PC and The Law Office of Michele Rosenfeld, LLC serve as the Debtor's special counsel. 9 LAKE REGION: Gets OK to Hire Tully & Maier CPA as Accountant -------------------------------------------------------------- 9 Lake Region Blvd, LLC received approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Tully & Maier CPA's PC as accountant. The firm will prepare the necessary tax returns to be filed with the Internal Revenue Service abd perform various accounting services as may become necessary during the Chapter 11 case. The firm's services will be based upon the amount of time required at standard billing rates plus out-of-pocket expenses. Jerry Maier, CPA, a partner at Tully & Maier, 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: Jerry P. Maier, CPA Tully & Maier CPA's PC 119 S. Main St. Ellenville, NY 12428 Telephone: (845) 647-7900 About 9 Lake Region Blvd 9 Lake Region Blvd, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-36192) on December 9, 2024, listing under $1 million in both assets and liabilities. Judge Peter D. Russin presides over the case. The Debtor tapped the Law Offices of Robert S. Lewis, PC as counsel and Jerry P. Maier, CPA, at Tully & Maier CPA's PC as accountant. ACADIAN ASSET: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings has affirmed Acadian Asset Management Inc.'s Ba1 corporate family rating and its Ba1-PD probability of default rating. In the same action, Moody's affirmed the Ba1 rating on Acadian's senior unsecured notes due 2026. The outlook remains stable. RATINGS RATIONALE The affirmation reflects the stability of Acadian's key operating metrics and the progress the company is making in expanding the capabilities of Acadian into new asset classes. Debt-to-EBITDA, adjusted for capitalized lease obligations, was 1.9x at year-end 2024 which is lower due to the growth in EBITDA. The company has made investments to improve assets under management (AUM) diversification in recent years, including adding a systematic credit capability to complement its systematic macro offering, and is expanding into equity alternatives, which helped Acadian generate positive net flows in 2024. Acadian's Ba1 rating principally reflects the credit profile of a moderately sized asset manager with a high concentration in equity products. The company's credit profile is supported by moderate leverage and solid pre-tax profitability. Acadian has committed to a leverage profile of around 2x debt-to-EBITDA, and has a good recent track record of actively managing leverage. Although until recently Acadian has been experiencing net asset outflows, it operates in the quant investing space, which has attracted greater investor interest than traditional active management strategies in recent years and where the asset manager has a strong performance track record. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could cause upward pressure on Acadian's ratings include: 1) improved business diversification; 2) organic asset growth driving revenue scale, earnings, and margins; 3) leverage sustained below 1.5x. Conversely, the ratings could face downward pressure if: 1) leverage is sustained above 2.5x; 2) there is a decline in revenue due to market events, performance weakness or AUM instability; 3) deployment of balance sheet liquidity is not balanced between creditor and shareholder interests; and 4) there is an upsizing of the Acadian revolver that causes Acadian senior note subordination in Moody's Loss Given Default analysis. The principal methodology used in these ratings was Asset Managers published in May 2024. Acadian Asset Management Inc. is an asset manager with $117 billion of AUM as of December 31, 2024. Acadian focuses on managing global equities using a proprietary quantitative investment process including data and technology. ACCO BRANDS: S&P Lowers ICR to 'B+' on Continuing Sales Declines ---------------------------------------------------------------- S&P Global Ratings lowered its rating on U.S.-based ACCO Brands Corp. to 'B+' from 'BB-'. The outlook is stable. S&P said, "Concurrently, we lowered our issue-level rating on the company's $575 million senior unsecured notes to 'B' from 'B+'. Our recovery rating on this debt remains '5', indicating our expectation of modest recovery (10%-30%; rounded estimate: 20%) in the event of a payment default. "The stable outlook reflects our expectation the company will continue to generate solid cash flow and maintain leverage of about 4x in 2025, despite the sales decline. "The downgrade reflects our expectation of continuing sales declines. ACCO reported 9.1% year-over-year net sales decline during fiscal 2024 (ended Dec. 31, 2024) due to lower consumer and business spending in its categories, its strategic exit of certain low-margin products, and adverse foreign exchange movements. Comparable sales declined about 8%. The company experienced a challenging operating environment in both its Americas and International segments, which were down 12% and 4.4%, respectively. The company's technology accessories business grew year over year due to improved demand, new product introductions, and geographic expansion, though its Business Essentials and Learning & Creative product categories continued to experience decreasing demand. ACCO provided fiscal 2025 sales guidance of reported net sales declines in the range of 3%-7%. (This is a comparable sales decline of 1%-5%.) "We believe business and consumer spending on most of ACCO's product categories will remain weak in 2025 due to macroeconomic uncertainty and sustained high interest rates and inflation in the U.S., its largest market. Moreover, we anticipate the company will need to raise prices to protect profitability from higher U.S. tariffs on imports from China. An increase in prices would likely hurt already weak demand. We also expect the operating environment to remain challenging in several of ACCO's other key markets, including Europe and Latin America, with macroeconomic uncertainty potentially muting a recovery in consumer and business spending. As a result, we forecast ACCO's net sales will decline for a fourth consecutive year, about 6% in fiscal 2025. Furthermore, we believe net sales could continue to decline into 2026." The company is seeking to enter new distribution channels, expand the breadth of its product offerings, improve the pace of innovation and new product development, and is actively pursuing acquisitions. However, its initiatives have so far not stemmed sales declines, and it is unclear if they will be sufficiently successful to offset secular declines in certain product categories. ACCO may need to make significant incremental investments to create sustained organic sales growth. S&P said, "We expect ACCO will sustain solid free operating cash flow (FOCF) generation and S&P Global Ratings-adjusted leverage of about 4x in fiscal 2025. We acknowledge the company's cost reduction efforts and solid cash flow generation, which have helped ACCO to deleverage despite a prolonged softening in demand since mid-2022. ACCO realized about $25 million of cost savings in 2024. This included headcount reduction, facility closures, consolidated supply chain management, and investments in automation. The company's cost reduction actions contributed to FOCF generation of about $130 million during fiscal 2024, compared with about $115 million in 2023. This allowed the company to repay about $86 million of debt in 2024. As a result, we estimate it maintained S&P Global Ratings-adjusted leverage of about 4.2x for the 12 months ended Dec. 31, 2024, compared to 4.3x for the same prior-year period. ACCO recently announced new cost reduction initiatives and anticipates it will generate about $40 million of incremental cost savings in 2025. We forecast ACCO will generate FOCF of over $100 million in 2025, which will continue to facilitate debt repayment and deleveraging. We estimate its S&P Global Ratings-adjusted leverage will decline to about 4x in fiscal 2025. "The stable outlook reflects our expectation that, notwithstanding continued sales declines, the company will continue to generate solid cash flow and maintain leverage of about 4x in 2025." S&P could lower its rating on ACCO if it forecasts it will sustain leverage above 5x. This could occur if: -- Consumer and business spending deteriorates further because of macroeconomic uncertainty, rising inflation, increasing unemployment, or a recession; -- The company cannot offset volume declines or higher import tariffs through incremental cost reduction or pricing; -- The company requires incremental restructuring actions or investments to right-size its cost structure or to grow its business; and -- ACCO adopts more aggressive financial policies, including large debt-funded acquisitions. While unlikely over the next 12 months, S&P could raise its rating if the company sustains positive organic revenue growth while maintaining S&P Global Ratings-adjusted leverage below 4x and solid FOCF generation. S&P believes this could occur if: -- The company expands into new product categories, distribution channels, and geographies with better growth prospects; -- Demand for its key product categories improves, and the company gains market share by successfully creating and innovating products that appeal to consumer and business preferences; and -- The company maintains profitability by managing its cost structure in line with demand and costs. ACTION FACE: Unsecured Creditors to Get Infinite Reality Shares --------------------------------------------------------------- Action Face, Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement and Plan of Reorganization dated February 26, 2025. The Debtor, which was founded in December 2018, is the developer of proprietary technology that enabled individual users to utilize their smartphone or other web-connected device with a camera to take a photo of themselves to create a 3D avatar, which could be used in virtual and augmented realities and also 3D-printed to order as a personalized action figure. As of the Petition Date, the Debtor's assets were comprised primarily of intangible assets including, but not limited to, the Debtor's interests in its brands and trademarks, domain names, customer data, copyrights, patents, proprietary software, license agreements, and IP addresses (collectively, the "Assets"). The Debtor received a timely qualified bid to purchase the Assets from Infinite Reality, Inc. ("Infinite Reality") in accordance with the terms and conditions set forth in that certain Intellectual Property Asset Purchase Agreement (the "APA"). As set forth in the APA, Infinite Reality's bid to purchase the Assets was for approximately 1,187,449 common shares of stock in Infinite Reality (the "Infinite Reality Shares"), which Infinite Reality estimated had an aggregate value of approximately $10 million (or approximately $8.42 per share). The Court entered a written order approving the sale of the Debtor's Assets to Infinite Reality on May 21, 2024 (the "Sale Order"). The sale of the Assets to Infinite Reality closed on June 3, 2024. To facilitate the filing of a plan of reorganization which is feasible and provides for the distribution of the Infinite Reality Shares (or the cash proceeds of the sale of such shares) to its creditors in the order of priority set forth in the Bankruptcy Code, the Debtor has worked diligently to address the priority tax claims asserted against the Debtor and its bankruptcy estate. Class 1 consists of Allowed General Unsecured Claims. Total allowed amount of claims estimated to be approximately $9,559,915.28. Paid on or before the date that is three months after the Effective Date, in one or both of the following manners: * If the Debtor elects to distribute Infinite Reality Shares directly to creditors, then each Class 1 creditor will receive a pro rata share of Infinite Reality Shares based on the allowed dollar amount of such creditor's claim, after any allowed administrative and priority claims have been paid in accordance with the terms of the Plan; or * In the event that the Debtor has cash remaining after allowed administrative and priority claims have been paid in accordance with the terms of the Plan, the remaining cash shall be distributed to holders of allowed Class 1 claims on a pro rata basis, up to the allowed amounts of such claims. Any cash remaining after payment of allowed Class 1 claims in full shall vest in the Reorganized Debtor. The Plan provides for no distribution to Class 2 equity holders on account of their interests in the Debtor, which will be terminated and extinguished. This Class is deemed to have rejected the Plan. The equity in the Reorganized Debtor shall be acquired by Kenneth Davis and Elizabeth Gasper on account of their New Value Contributions made in connection with the confirmation of this Plan. The sources of money or other assets earmarked to pay creditors and interest-holders include: * The Debtor's cash on hand as of the Effective Date of the Plan, which the Debtor estimates will be approximately $26,000. * "New value" contributions totaling approximately at least $5,000 total from Kenneth Davis and Elizabeth Gasper (the "New Value Contributions"), for the purchase of 100% equity interests in the Reorganized Debtor. The New Value Contributions will be deposited into a client trust account maintained by the Debtor's counsel, LNBYG, prior to the date of the Plan confirmation hearing. * Holders of general unsecured claims will receive pro rata shares of the Infinite Reality Shares (or the cash proceeds of the sale of the Infinite Reality Shares), after allowed administrative and priority claims have been paid in accordance with the terms of the Plan. All existing equity interests will be cancelled and extinguished with no distribution under the Plan. A full-text copy of the Disclosure Statement dated February 26, 2025 is available at https://urlcurt.com/u?l=YHq4e8 from PacerMonitor.com at no charge. Counsel to the Debtor: Ron Bender, Esq. Monica Y. Kim, Esq. Juliet Y. Oh, Esq. Robert M. Carrasco, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: rb@lnbyg.com myk@lnbyg.com jyo@lnbyg.com rmc@lnbyg.com About Action Face Action Face, Inc., is a developer of customized selfie action figures and avatar videos starring the user, intended to capture memorable events in life. The company is based in Woodlands Hills, Calif. Action Face filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-10180) on Feb. 5, 2024, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Kenneth Davis as chief executive officer. Judge Martin R. Barash oversees the case. Levene, Neale, Bender, Yoo & Golubchik, LLP, is the Debtor's legal counsel. AMC ENTERTAINMENT: In Talks with Creditors to Settle Lawsuit ------------------------------------------------------------ Reshmi Basu of Bloomberg News reports that the creditors of AMC Entertainment Holdings Inc. have entered private negotiations with the movie theater chain to settle a lawsuit stemming from last 2024's major restructuring deal, according to sources familiar with the situation. The company and its noteholders are seeking to resolve the dispute and achieve a mutually beneficial outcome, the sources said, speaking on condition of anonymity due to the confidential nature of the talks. Representatives for AMC and the plaintiffs' law firm, Paul Weiss Rifkind Wharton & Garrison, declined to comment. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hot dogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. AMC operates over 900 theatres with 10,000 screens globally, including over 661 theatres with 8,200 screens in the United States and over 244 theatres with approximately 2,200 screens in Europe. The Company's subsidiary also includes Carmike Cinemas, Inc. AMC was forced to close its shutter its theaters when the Covid-19 pandemic struck in March 2020. It eventually reopened its theaters but admissions remained substantially low. The world's biggest theater chain said in an October 2020 filing that liquidity will be largely depleted by the end of the year or early 2021 if attendance doesn't pick up, and it's exploring actions that include asset sales and joint ventures. However, AMC managed to raise $1.8 billion in 2021, capitalizing on the rally triggered by retail investors' interest in meme stocks. * * * In February 2024, S&P Global Ratings raised its issuer credit rating to 'CCC+' from 'SD' (selective default) on AMC Entertainment Holdings Inc., the world's largest motion picture exhibitor. S&P also raised its issue-level rating on the second-lien notes to 'CCC-' from 'D'. The negative outlook reflects S&P's expectation that AMC's revenue will decline 8%-9% in 2024 due to a limited theatrical release slate, resulting in negative free operating cash flow (FOCF) and leverage around 8x. AMC completed a series of distressed exchanges to swap an aggregate $123 million of its second-lien notes due 2026 for common equity. AMERICAN MARICULTURE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- American Mariculture, Inc. and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use the cash collateral of their lenders. The companies were authorized to use cash collateral to pay ordinary and necessary business expenses as set forth in the budget, with a 10% variance allowed. As protection, the lenders will be granted a post-petition lien on the cash collateral and all other post-petition assets to the same extent and with the same validity and priority as their pre-bankruptcy lien. To the extent such protection is insufficient to protect the lenders from any diminution in value of their pre-bankruptcy liens on the cash collateral, the lenders will be granted an administrative priority claim. The next hearing is set for March 26. About American Mariculture Inc. American Mariculture Inc. is a food production company located at 9703 Stringfellow Road, Saint James City, Fla. American Mariculture sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00022) on January 8, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Caryl E. Delano handles the case. The Debtor is represented by: Scott A. Stichter, Esq. Stichter, Riedel, Blain & Postler, P.A. Tel: 813-229-0144 Email: sstichter.ecf@srbp.com ARCADIAN RESOURCES: Seeks to Tap Jeter Law Firm as Special Counsel ------------------------------------------------------------------ Arcadian Resources, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Jeter Turner Sook Baxter, LLP, also known as Jeter Law Firm, as oil and gas special counsel. The firm will render these services: (a) prepare and file all of the Debtor's oil and gas-related transactional documents; (b) research and render acquisition, leasehold, mineral, drilling, and division order title opinions; (c) represent the Debtor in pending and future actions necessary to cure title defects; and (d) advise the Debtor as to oil and gas-related matters. The hourly rates of the firm's counsel and staff are as follows: William W. Jeter, Esq. $300 Michael J. Braxter, Esq. $275 Sara Hicks, Paralegal $120 Karen Alexander, Staff Member $75 Michael Baxter, Esq., a partner at Jeter Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael J. Braxter, Esq. Jeter Law Firm 1200 Main St., Ste. 200 Hays, KS 67601 Telephone: (785) 628-8226 About Arcadian Resources Arcadian Resources is part of the oil and gas extraction industry. Arcadian Resources, LLC in Glen Elder KS, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 24-10158) on Sept. 1, 2024, listing as much as $1 million to $10 million in both assets and liabilities. James P. Deverman, sole member, signed the petition. The Debtor tapped Tittle Law Group, PLLC as bankruptcy counsel and Jeter Law Firm as special counsel. ATHENEX INC: Court Transfers Exyte Suit to Bankruptcy Court ----------------------------------------------------------- Chief Judge Elizabeth A. Wolford of the United States District Court for the Western District of New York granted Athenex, Inc.'s motion to transfer the case captioned as EXYTE U.S., INC., Plaintiff, v. ATHENEX, INC. and IMMUNITYBIO, INC., Defendants, Case No. 1:24-CV-00242 EAW (W.D.N.Y.) to the United States Bankruptcy Court for the Southern District of Texas. ImmunityBio, Inc.'s cross-motion is denied. On Oct. 5, 2022, Exyte U.S., Inc. sued Athenex, Inc. and ImmunityBio, Inc. in New York State Supreme Court, Erie County, for breach of contract and related claims in connection with the design and build of a pharmaceutical manufacturing facility in Dunkirk, New York. In May 2023, Athenex and five affiliated companies filed for protection from their creditors under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Pending before the Cistrict Court is Athenex's motion to transfer this action to the Bankruptcy Court pursuant to 28 U.S.C. Sec. 1412 and ImmunityBio's cross-motion to remand. Motion to Remand ImmunityBio argues remand is required because this action is subject to mandatory abstention. However, abstention is only mandatory for non-core matters. This matter is a core proceeding. According to the District Court, all of the claims in this adversary proceeding arise from the same operative facts as the core claims and creditor's proofs of claim, administrative expenses, and affirmative defenses. Thus, they are core claims. ImmunityBio's interests are intertwined with Athenex's interest in defending against Exyte's claims, as those claims are based on a common set of facts and are brought against both ImmunityBio and Athenex. Thus, federal court jurisdiction is proper, and the case is not subject to mandatory abstention, the Court concludes. ImmunityBio makes no other arguments to support its cross-motion for remand. Because the Court has subject matter jurisdiction and the action is not subject to mandatory abstention, the Court denies the motion to remand. Motion to Transfer Athenex argued in its opening brief that the action should be transferred pursuant to the in the interest of justice prong. The Court agrees that transfer in the interest of justice is appropriate. Athenex represents that the claims involved in the action are the two largest claims in the bankruptcy proceeding, representing roughly 30 percent of the unsecured claims pool. The Court says the claims in the action mirror and overlap those set out in the proofs of claim, such that transfer will promote efficient administration of the bankruptcy estate. The Court also finds transfer is also appropriate for the convenience of the parties. According to the Court, it would be more efficient to litigate the proofs of claim and the action in one forum. A copy of the Court's decision is available at https://urlcurt.com/u?l=fRc05k from PacerMonitor.com. 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. AZZUR GROUP: Taps Brown Gibbons Lang & Co. as Investment Banker --------------------------------------------------------------- Azzur Group Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Brown Gibbons Lang & Co. Securities Inc. as investment banker. The firm will render these services: (a) provide recommendations as to the structure, offering price, terms and conditions of any sale of the Debtors' assets or interests; (b) consult with the Debtors with respect to the contents of diligence materials provided to potential bidders; (c) develop a plan for marketing the Azzur Consulting and Cleanrooms on Demand businesses; (d) organize, arrange and accompany members of the Debtors' management to meetings with potential bidders; (e) advise and assist the Debtors in negotiations with potential bidders; (f) assist the Debtors in evaluating potential bids for the Azzur Consulting and Cleanrooms on Demand businesses; (g) assist the Debtors in conducting an auction for the Azzur Consulting and/or Cleanrooms on Demand businesses pursuant to bid procedures established by the court; and (h) perform such other services in connection with transactions as the firm and the Debtors may from time to time agree upon in writing. The firm will be paid at these fees: (a) Transaction Fee: (i) if, at each closing of a Transaction, the value of the Transaction is less than or equal to $100,000,000, the fee is calculated as 2.0 percent of the enterprise value; (ii) if, at each closing of a Transaction, the value of the Transaction is greater than $100,000,000, the fee is calculated as the sum of the Base Fee plus 1.0 percent of any excess enterprise value above $100,000,000. (b) Monthly Fee of $100,000; (c) In addition, to any Transaction Fee or Monthly Fee payable to the firm, the Debtors shall also reimburse the firm for its reasonable out-of-pocket expenses incurred. J. Kyle Brown, a managing director at Brown Gibbons Lang & Co. Securities, 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. Kyle Brown Brown Gibbons Lang & Co. Securities Inc. 1375 E. 9th St. Cleveland, OH 044114 Telephone: (216) 241-2800 About Azzur Group Holdings Azzur Group Holdings Pennsylvania-based professional services company operates across multiple locations including Boston, Chicago, San Diego, and San Francisco, providing specialized life sciences services including consulting, laboratory testing, cleanrooms-on-demand, and technical training services. Azzur Group Holdings and more than 30 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In their petitions, the Debtors reported estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Karen B. Owens handles the cases. DLA Piper LLP represents the Debtors as general bankruptcy counsel. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as investment banker, and Stretto Inc. acts as claims and noticing agent. BAD DOG: M. Aaron Spencer Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed M. Aaron Spencer of Woolf, McClane, Bright, Allen & Carpenter, PLLC as Subchapter V trustee for Bad Dog, Inc. Mr. Spencer will be paid an hourly fee of $310 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Spencer declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Aaron Spencer Woolf, McClane, Bright, Allen & Carpenter, PLLC Post Office Box 900 Knoxville, TN 37901-0900 Phone: (865) 215-1000 | Fax: (865) 215-1001 Email: aspencer@wmbac.com About Bad Dog Inc. Bad Dog Inc., doing business as Brogdon Construction, is a full-service land development contractor based in Chattanooga, Tennessee, specializing in commercial, industrial, and municipal land development projects. Its services include land clearing, excavation, sewer and septic systems, utilities installation, erosion control, grading, stormwater management, and more. The Company also provides estimating, land surveying, and planning services to ensure the success of development projects. Bad Dog sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10459) on February 18, 2025. In its petition, the Debtor reported total assets of $371,921 and total liabilities $1,003,418. Judge Nicholas W. Whittenburg handles the case. The Debtor is represented by: Amanda M Stofan, Esq. Farinash & Stofan 100 West ML King Blvd Ste 816 Chattanooga, TN 37402 Tel: (423) 805-3100 Fax: (423) 805-3101 Email: amanda@8053100.com BC AVENTURA: Amends Plan to Include Other Secured Claims Details ---------------------------------------------------------------- BC Aventura Contemporary Furniture, LLC, and its affiliates submitted a First Amended Joint Consolidated Chapter 11 Plan of Liquidation dated February 26, 2025. The Plan constitutes a liquidating Chapter 11 plan for the Debtors and provides for the distribution of the Debtors' assets liquidated or to be liquidated over time to Holders of Allowed Claims in accordance with the terms of the Plan. The Plan provides for the substantive consolidation of the Estates into a single Estate for all purposes associated with Confirmation and Consummation of the Plan. As a result of such substantive consolidation, each Class of Claims and Interests will be treated as against a single consolidated Estate, and the assets of the Debtors' Estates are being combined and treated as a single Estate for purposes of making Distributions to such Classes, notwithstanding the otherwise separate corporate identity of each of the Debtors. Class 1-A consists of all Claims entitled to priority under section 507(a)(4) of the Bankruptcy Code. All Allowed Class 1-A Claims shall either (i) be paid by the Debtors in full, in cash, upon the later of the Effective Date, or the date on which such claim is Allowed or (ii) receive such other treatment as is agreed to by the Holder of the Class 1-A Claim and the Debtors. Class 1-A Claims are Unimpaired. Class 1-B consists of all Other Secured Claims. All Allowed Class 1-B Claims shall either (i) be paid by the Debtors in full, in cash, upon the later of the Effective Date, or the date on which such claim is Allowed or (ii) receive such other treatment as is agreed to by the Holder of the Class 1 Claim and the Debtors. Class 1-B Claims are Unimpaired. Like in the prior iteration of the Plan, holders of Class 3 Claims shall share in their respective pro rata share of a fund in the amount of $25,000.00 USD (the "GUC Pool"), in the aggregate, provided by the Debtors. Although the BoConcept Franchisor Claims expected to be impaired in excess of $400,000.00 USD, the BoConcept Franchisor Deficiency Claim shall not be entitled to its pro rata recovery such that only Holders of Class 3 Claims that do not constitute the BoConcept Franchisor Claim shall share in their respective recovery from the GUC Pool. The Debtors estimate General Unsecured Claims to be in the amount of approximately $1,092,104.29, in the aggregate. All payments as provided for in the Plan shall be funded by Debtors. A full-text copy of the First Amended Joint Liquidating Plan dated February 26, 2025 is available at https://urlcurt.com/u?l=SbWFx8 from PacerMonitor.com at no charge. Counsel to the Debtors: Joseph A. Pack, Esq. Jessey J. Krehl, Esq. Jorge A. Sanz, Esq. Pack Law, P.A. 51 NE 24th St., Suite 108 Miami, FL 33137 Tel: (305) 916-4500 Email: joe@packlaw.com Email: jessey@packlaw.com Email: jorge@packlaw.com About BC Aventura Contemporary Furniture BC Aventura Contemporary Furniture, LLC and affiliates sell BoConcept-brand furniture merchandise in the State of Florida. The Debtors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-22028) on Nov. 15, 2024. As of Sept. 30, 2024, BC Aventura reported total assets of $589,996 and total liabilities of $741,692. Judge Peter D. Russin oversees the case. The Debtor is represented by Joseph A. Pack, Esq., and Jessey J. Krehl, Esq., at Pack Law. BEACH BUGGY: Court OKs Lotus Property Sale to Samuel Quaynor ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has approved Beach Buggy Holdings Corp. to sell Lotus Property, free and clear of liens, claims, and encumbrances. The Debtor owns three unit rental building located at 324 N. Lotus Avenue, Chicago, Illinois (Lotus Property). The Debtor is authorized to sell the Lotus Property to Samuel D. Quaynor for $202,000. The Court ordered the Debtor to pay all reasonable and necessary costs and expenses of sale, including all ad valorem property taxes with respect to the Lotus Property, title charges, normal and customary closing costs and prorations and real estate commissions. The payment authorized to be paid at closing includes the secured claim of Newline Holding Inc. which will be paid at closing per its Proof of Claim plus 18% interest from the date of filing through the date of closing for past due real estate taxes. The Debtor is authorized to execute any and all documents, directions to convey, deeds, and/or any and all other similar instruments necessary to sell, transfer and/or convey the Lotus Property to Samuel D. Quaynor. About Beach Buggy Holdings Corp. Beach Buggy Holdings sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-13021) on September 3, 2024. Judge David D Cleary presides over the case. Gregory K. Stern of Gregory K. Stern, P.C. represents as the legal counsel of the Debtor. BELT ENTERTAINMENT: Seeks to Hire CliftonLarsonAllen as Accountant ------------------------------------------------------------------ Belt Entertainment, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ CliftonLarsonAllen LLP as accountant to provide accounting services. The firm will charge hourly rates ranging from $175 to $400. Nathan D. Howell, a certified public accountant at CliftonLarsonAllen, 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: Nathan D. Howell, CPA CliftonLarsonAllen LLP 100 Walnut Street, Suite 3400 Kansas City, MO 64106 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. The Debtor tapped Erlene W. Krigel, Esq., at Krigel, Nugent + Moore, PC as counsel and Nathan D. Howell, CPA, at CliftonLarsonAllen LLP as accountant. BIZNESS AS USUAL: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bizness as Usual, Inc. About Bizness as Usual Inc. Bizness as Usual Inc. filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-10551) on February 11, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Patricia M. Mayer handles the case. Jonathan H. Stanwood, Esq., at Law Office - Jonathan H. Stanwood, LLC represents the Debtor as bankruptcy counsel. BLUE DOG: Gets Extension to Access Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division granted The Blue Dog in Boca, Inc. authorization to use cash collateral on an interim basis. The interim order authorized the company to use cash collateral pursuant to its budget, subject to a 10% variance limit on any particular line-item expense, unless otherwise agreed upon by the parties or ordered by the court. Square Financial Services, Inc., KYF Global Partners, LLC, AAA Alpha Advisors Alliance, LLC and Sysco Southeast Florida, LLC may have a lien on the cash held by the company. As protection, the creditors were granted replacement liens to the same extent as their pre-bankruptcy liens without prejudice to the rights of the company to seek to void the liens. The next hearing is set for April 29, 2025. About The Blue Dog in Boca The Blue Dog in Boca, Inc. is a business located in Boca Raton, Fla., that operates in the hospitality sector. Known for its vibrant atmosphere, the establishment likely serves food and beverages, catering to both locals and tourists in the area. It positions itself as a community-oriented venue, providing entertainment and a social gathering space. Blue Dog in Boca sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20655) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mindy A. Mora oversees the case. The Debtor is represented by Rachamin Cohen, Esq. C&S GROUP: Moody's Cuts CFR to B2, Ratings on Review for Downgrade ------------------------------------------------------------------ Moody's Ratings downgraded C&S Group Enterprises LLC's ("C&S") corporate family rating to B2 from B1 and its probability of default rating to B2-PD from B1-PD. Moody's also downgraded the company's senior unsecured notes rating to Caa1 from B3. The rating outlook is stable. Previously, the ratings were on review for downgrade. This concludes the review for downgrade that was initiated on November 8, 2024. The downgrade of the ratings reflects C&S' reduced operating performance, which has led to weaker than expected credit protection measures and cash flow. Operating performance was negatively affected by reduced revenue from the continued wind down of C&S' contract with Koninklijke Ahold Delhaize N.V. ("Ahold", Baa1 stable) and the loss of its contract with Target Corporation ("Target", A2 stable) in 2024. The loss of these contracts will continue to pressure earnings going forward. Although the company recently secured a new contract with Save Mart Companies, Moody's do not believe that this will fully offset the loss of the contracts with Target and Ahold. For the LTM period ending December 21, 2024, debt to EBITDA increased to 5.0x from 3.8x in fiscal 2023 (ending September 30th, 2023) and EBITA to interest weakened to 1.8x from 1.9x for the same period, both of which exceed Moody's downgrade rating thresholds. RATINGS RATIONALE C&S' B2 corporate family rating reflects the company's weakened credit protection measures and cash flow, very thin margins, high fixed cost structure and high customer concentration. Moody's expect C&S' loss of two material contracts with Ahold and Target to negatively impact earnings over the next 12-18 months. Partially offsetting these losses is the company's new contract with Save Mart Companies, however Moody's do not expect this new contract to fully offset the loss of Ahold and Target. To improve profitability and cash flow, C&S continues to rationalize its business through cost cutting initiatives, including work force reductions and consolidation of its distribution network. The company will also continue to focus on independent grocers, as demonstrated by its new contract with Save Mart. However, independent grocers face stiff competition from large traditional grocers like Kroger and Albertsons and non-traditional grocers like Walmart, Target and Costco. Moody's expects food retailing for small independent grocers to remain highly competitive. C&S may need to pursue acquisitions to grow its topline, which could further weaken credit protection measures. The rating also reflects the company's private ownership and history of distributions to its owners for tax purposes. Despite these challenges, C&S holds a leading position in the highly fragmented food distribution industry. C&S will have adequate liquidity largely supported by about $700 million available under the company's $1.5 billion asset based lending facility ("ABL") expiring in August 2027. The company has no near term debt maturities. The stable outlook reflects Moody's expectations that C&S will improve profitability and strengthen credit protection measures through EBITDA growth while maintaining adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade would require an increase in business volumes which will offset the loss of material contracts and balanced financial policies particularly regarding future growth through acquisitions. Quantitatively, an upgrade would require EBITA/interest sustained above 1.75x and debt/EBITDA sustained below 4.5x. An upgrade will also require an improvement in operating margins towards 1% as evidence that the company's strategy of diversifying its revenue base with independent grocers is seeing some success. Failure to improve earnings to offset the loss of revenues, or negative impact on cash flow from serviced stores due to closures or divestitures or loss of any other material customer could result in a downgrade. Quantitatively, ratings could be downgraded if EBITA/interest is sustained below 1.25x or debt/EBITDA is sustained above 5.5x. C&S Group Enterprises LLC, issuer of the rated debt, is a financing subsidiary of C&S Wholesale Grocers, Inc. and four affiliated operating companies. C&S Wholesale Grocers, Inc. is a private distributor of groceries to food retailers in the US. The company is headquartered in Keene, New Hampshire and is owned by the Cohen family. Consolidated revenue is about $20 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. CANDEO SCHOOLS: S&P Lowers Education Revenue Rating to 'BB+' ------------------------------------------------------------ S&P Global Ratings lowered its underlying rating (SPUR) on Arizona Industrial Development Authority's series 2020A and 2020B education revenue bonds, issued for Candeo Schools Inc., one notch to 'BB+' from 'BBB-'. The outlook is stable. S&P said, "The rating action reflects our opinion of the school's weakening operating margins and lease-adjusted maximum annual debt service (MADS) coverage due to a trend of decreasing enrollment that resulted in significant budget cuts for fiscal years 2024 and 2025. "We have analyzed the school's environmental, social, and governance factors; we view them all as neutral in our credit-rating analysis. "The stable outlook reflects S&P Global Ratings' expectation that the school's healthy liquidity provides some financial flexibility to withstand enrollment loss and that the school's operating margins and MADS coverage will likely remain consistent with the rating. The outlook also reflects our expectation that management will likely continue to adjust its budget proactively, as needed, to ensure financial stability and that it will prioritize debt-service payments and meet legal covenants. "We could lower the rating further if the school's enrollment loss were to negatively affect its ability to maintain balanced operations, further weakening its lease-adjusted MADS coverage, or if liquidity were to decrease to levels we no longer consider consistent with the rating. "In our view, a higher rating is unlikely during the outlook due to the school's declining enrollment, which we think could influence its enterprise- and financial-risk profiles. We, however, could raise the rating if enrollment were to grow materially, with management sustaining higher levels, while achieving and maintaining positive operating performance, robust days' cash on hand and MADS coverage." CAREPOINT HEALTH: Rescue Plan Experiences Court Test ---------------------------------------------------- Steven Church of Bloomberg News reports that former owners are challenging a plan to rescue three financially troubled New Jersey hospitals from bankruptcy. The reorganization plan for CarePoint Health Systems grants excessive benefits to Hudson Regional Hospital, the proposed rescuer, according to Matthew Harvey, an attorney representing a firm linked to the former owners. He argued that Hudson would receive more than $330 million over 10 years while being shielded from lawsuits that could help repay creditors. "Nobody wants to see these hospitals fail," Harvey told the bankruptcy judge overseeing CarePoint's insolvency case in Wilmington, Delaware. About CarePoint Health CarePoint Health brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. For more information on its facilities, partners and services, visit www.carepointhealth.org. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CELSIUS HOLDINGS: S&P Assigns 'BB-' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned a 'BB-' issuer credit rating to U.S.-based Celsius Holdings Inc. The outlook is stable. S&P said, "We also assigned a 'BB' issue-level rating to the company's proposed first-lien secured credit facility, including the term loan B and a $100 million revolving credit facility due April 2030 and $900 million 1st lien term loan due April 2032. The recovery rating is '2', indicating our expectation of substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. "The stable outlook reflects our expectation that Celsius will increase revenue and EBITDA by mid-single digits and low-double digits, respectively, on a pro forma basis in 2025. It also reflects our expectation the company will realize anticipated acquisition synergies over the next two years integrating Alani Nu, allowing it to reduce leverage to under 3x. "The acquisition of Alani Nu moderately leverages the company, but its healthy cash flow generation and synergies will likely enable meaningful deleveraging. We estimate pro forma leverage for the acquisition will be near 3.5x compared with negligible leverage prior to this transaction. Our S&P Global Ratings-adjusted debt includes the $550 million (plus accrued paid-in-kind [PIK] dividends) of preferred stock held by PepsiCo. In 2025, we expect S&P Global Ratings-adjusted leverage of about 3.7x after accrued PIK dividends from PepsiCo's preferred stock units. We note Celsius has historically paid the preferred dividends in cash on a discretionary basis. Absent the preferred stock, we believe Celsius' leverage will be around 2x in 2025. Overall, we believe Celsius maintains strong capacity to generate free operating cash flow ($230 million-$250 million expected annually) on a pro forma basis, which will likely lead to substantial de-leveraging in the outer years of our forecast with cash netted against debt. We also believe synergies can further add to EBITDA growth and future deleveraging. We expect the company will achieve planned transaction synergies of $25 million over the next 12 months, and the remaining $25 million in year two. We have assumed there will be modest one-time costs incurred in 2025 to achieve these synergies. Once the company captures its projected synergies, we believe leverage will decline below 3x by fiscal year-end 2026. "The Alani Nu acquisition represents a strategic move to bolster Celsius' market position within the health-conscious consumer of energy beverages with a female-centric brand in a category historically dominated by young men. We expect the acquisition to drive approximately $2 billion in combined sales and more than $300 million S&P Global Ratings-adjusted EBITDA on a pro forma basis, leveraging both brands' strengths to enhance distribution, innovation, and overall growth. Alani Nu is a logical addition to Celsius' beverage platform, which was built on the back of tapping a broad base of new consumers that historically have not been energy drink consumers. The Celsius brand markets itself as a health and wellness product with its zero sugar offerings and functional vitamins, and the Alani Nu product brings a similar ingredient profile to the portfolio. Pro forma market share will increase from 12% to 16%. Still, the Alani Nu acquisition is transformational, and we believe Celsius could face integration risk, possibly delaying its de-leveraging. Although we believe the brand improves business diversification, as the company was previously exposed to single-brand risk pre-acquisition, still-to-be proven efforts to restore growth of the Celsius brand after recent underperformance in the second half of 2024 and integration risk have precluded a higher rating. "We believe the energy drink market will maintain a mid-to high-single digit category growth profile, with zero-sugar offerings growing faster than legacy high-sugar brands. Celsius is the No. 3 player in the U.S. energy beverage category (behind Red Bull and Monster) with a focus on zero-sugar offerings, a subcategory experiencing faster growth relative to traditional sugary counterparts and faster than the overall nonalcoholic beverage industry. Celsius is the first brand to take more than 10% category share in over a decade, which occurred following its 2022 distribution agreement with Pepsi, leading to market share more than doubling. Notwithstanding the advantages that leveraging Pepsi's mature distribution network globally (high retail penetration, favorable logistics, delivery reliability, and potential for global expansion), we believe that Celsius is highly dependent on volume ordered and distributed by Pepsi. In the third quarter of 2024, Celsius experienced a negative 30% sales shock with about 450 basis points (bps) of gross margin contraction year over year, primarily driven by Pepsi's strategic decision to tighten its inventory position substantially to work through excess. Nevertheless, tracked retail channels delivered more than 20% volume growth for the Celsius brand in 2024, despite a pricing environment that was more promotional as category competition increased. "The company will likely have the capacity to repay debt, but it has no track record with mergers and acquisitions (M&A) and is accessing the debt capital markets for the first time. From a financial policy perspective, we believe the company will prioritize paying down debt with excess cash flow. Given the company has not historically operated with funded debt on its balance sheet, we recognize that Celsius does not have a track record for its ability to deleverage following an acquisition. However, the company maintains good cash flow generation prospects, and absent a material change in the company's approach to shareholder distributions (not meaningful today), we believe the company will focus on deleveraging prior to considering other capital allocation priorities. "The stable outlook reflects our expectation that Celsius will increase revenue and EBITDA by mid-single digits and low-double digits, respectively, on a pro forma basis in 2025. It also reflects our expectation the company will realize anticipated acquisition synergies over the next two years integrating Alani Nu and reduce leverage closer to 3x within a year of the transaction. We also believe the company will generate about $230 million free operating cash flow in 2025." S&P could lower its ratings if Celsius sustains S&P Global Ratings-adjusted leverage above 4x and it faces challenges integrating the Alani Nu acquisition. This could occur if: -- The company faces significant macroeconomic pressure, possibly including a prolonged slowdown in consumer spending in the energy drink category; -- The company's distribution relationship with Pepsi is terminated, or Pepsi exerts undue pressure on ordering behavior with Celsius in an effort to de-stock inventories for a prolonged period. -- The company's brands fall out of favor with consumers, leading to persistently weak volumes and declining margins. S&P could raise the rating if Celsius sustains leverage below 3x, or if the company demonstrates it can restore its growth trajectory to first half of 2024 levels and successfully integrate Alani Nu. This could occur if: -- The energy drink category continues to perform as a high-growth category within the nonalcoholic beverage space; -- The company achieves its targets synergies; -- The company does not undertake further debt-funded M&A; and -- The company does not meaningfully alter its financial policy with respect to shareholder distributions. CHICAGO THEATRE: S&P Rates 2025A/B Bonds 'BB', Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' rating to the Illinois Finance Authority's approximately $25.9 million series 2025A revenue and refunding bonds and $4.3 million series 2025B bonds, issued for The Chicago Theatre Group (the Goodman Theatre or the Goodman). The outlook is stable. S&P said, "We analyzed the Goodman's environmental, social, and governance (ESG) credit factors pertaining to its market position, management and governance, and financial performance, and found them to be neutral in our credit rating analysis. "The stable outlook reflects our expectation that management will work to improve operating performance, with a more modest deficit expected in fiscal 2025, while attendance continues to improve with high-demand programming. We expect no additional debt beyond what is currently planned, with balance-sheet resources maintained near current levels. "We could lower the rating if significant deficits on a full-accrual basis persist, or if financial resource ratios were to weaken materially due to additional debt or otherwise. "We could raise the rating longer-term if operations were to sustain a trend of being closer to break-even, while balance-sheet ratios improve and demand characteristics are maintained." CHROMALLOY CORP: Moody's Alters Outlook on 'B2' CFR to Negative --------------------------------------------------------------- Moody's Ratings affirmed Chromalloy Corporation's B2 corporate family rating and B2-PD Probability of Default Rating. Concurrently, Moody's affirmed the B2 rating on the senior secured bank credit facilities. The outlook was revised to negative from stable. The affirmation reflects Moody's expectations that a new management team put in place over the last year will improve operating performance, deleverage the business and drive positive free cash flow of $20 million per annum over the next 12-18 months. Modest performance in 2024 was primarily driven by weak operating results in the first half of the year primarily due to supply chain challenges in the market and delay of the launch of new products. The change in the outlook to negative from stable reflects uncertainty associated with the continued improvement in operating performance and improvement in liquidity following cash burn in 2024 and debt/EBITDA above 6.0x. RATINGS RATIONALE The B2 ratings reflect Chromalloy's solid position within the global commercial and military aerospace maintenance, repair and overhaul ("MRO") sector supported in part by its production of Federal Aviation Administration ("FAA") approved spare parts for airplane engines. Chromalloy also serves industrial gas turbine ("IGT") customers. Moody's views the company's vertically integrated development of Parts Manufacturer Approval ("PMA") spare parts as a competitive advantage relative to other third-party MRO providers. The company specializes in developing PMA parts for the most complex or "hot" section of an engine. The business is almost entirely aftermarket repairs and parts. Moody's expects that demand for MRO services will remain strong as air travel increases and deliveries of new aircraft are delayed, requiring customers to extend the useful life of their existing fleets. The ratings also reflect the very competitive nature of the aerospace and defense sector. Chromalloy competes with other independent MRO service providers in addition to in-house repair providers at engine manufacturers and large commercial airlines. Moody's expects liquidity will be adequate over the next 12 to 18 months supported by positive free cash flow. The negative outlook reflects Moody's views that that leverage could be sustained above Moody's downgrades factor of above 5.0x and free cash flow remains negative over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings may be upgraded if financial policies become more conservative, debt/EBITDA is sustained below 4.0x or if free cash flow-to-debt is sustained above 5%. Ratings may be downgraded if liquidity weakens, debt/EBITDA will be sustained above 5.0x or if the company generates negative free cash flow. The principal methodology used in these ratings was Aerospace and Defense published in December 2024. Chromalloy Corporation, headquartered in Palm Beach Gardens, Florida, is a leading independent provider of advanced engine components and repairs. The company serves commercial and military aerospace and industrial gas turbine ("IGT") markets, serving primarily aftermarket customers. Private equity firm Veritas owns Chromalloy Corporation. The company generated $893 million of revenue in the 12-month period ending September 30, 2024. COCO SUSHI: Amends Plan to Include Landlord Claims Pay Details -------------------------------------------------------------- Coco Sushi, LLC, submitted a First Amended Plan of Reorganization dated February 26, 2025. The Plan Proponent’s financial projections show that the Debtor will have sufficient projected disposable income to make all payments under the Plan. The final Plan payment is expected to be paid on or before the expiration of 48 months from the Effective Date. The Debtor reserves the right to amend this Plan to the extent necessary. This Plan proposes to pay Allowed Claims no less than the value of Coco Sushi's Projected Net Disposable Income for a period of 48 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 1. Allowed Priority Claims. Allowed Priority Claims shall be paid in full at $1,000 per month paid pro rata to Allowed Class 1 Claims starting on the Effective Date with a balloon payment payable in the third year of the Plan. Allowed Priority Tax Claims shall be paid in full within sixty months from the Effective Date as follows: * $2,5,000 per month paid pro rata to holders of Allowed Priority Tax Claims for the first 12 months; * then payable in equal monthly installments bearing statutory interest until paid in full; * in the event that the sums due at the end of 48 months are insufficient to satisfy the Allowed Priority Claims, then principals of the Debtor, Alexandra Ghersy and Jonas Millan, agree to loan the Reorganized Debtor (from the exempt proceeds of the sale of their homestead residence) said sums required to satisfy the Allowed Tax Claims; any repayment of the foregoing loan will be subordinate to payment of Allowed Priority Claims; and * any portion of an Allowed Class 1 Claim attributable to penalties will be included in Class 3, but subordinated to payment in full of nonpenalty Allowed Class 3 Claims. Class 2. Allowed Secured Claims. The principal amount of Allowed Secured Claims (other than secured tax claims which will receive treatment with Class 1) will be determined pursuant to Section 506(a) of the Bankruptcy Code and receive the present day value of their respective Allowed Claims amortized over 10 years with at five percent interest per annum with a balloon payment in month 48 of the Plan. Upon information and belief, the only creditor that holds an Allowed Secured Claim in this case is U.S. Foods, Inc. (Claim No. 18). Class 3 consists of Allowed General Unsecured Claims. The Reorganized Debtor will make pro rata distributions in the aggregate amount of $24,500.004 commencing on the one-year anniversary of the Effective Date to holders of timely-filed Allowed Claims or claims that were scheduled by the Debtor as "liquidated, noncontingent, and undisputed" in Class 3 pursuant to the following terms: * The Reorganized Debtor will distribute the sum $3,500.00 in months 12, 18, 24, 30 and 36, 24 and 48 of the Plan term; * In addition to the foregoing, the Reorganized Debtor will contribute 50% of every dollar collected from the Retained Causes of Action to (after payment of legal fees and costs incurred in this case) to be disbursed in accordance with the priorities set forth in Section 507(a) of the Bankruptcy Code. For example, if the Debtor recovers $100,000 (after payment of legal fees and costs incurred in this case), the estate will receive an additional distribution of $50,000.00 to be disbursed to first to Class 1 with any remainder to Class 3. As such, the Debtor estimates that Holders of Allowed Class 3 Claims may receive a distribution of between 1% and 100% subject to resolutions of claims objections, resolution of Retained Causes of Action, and Plan voting. * As of the date of filing of this Plan, the total aggregate amount of asserted Class 3 Claims is approximately $425,0005. Objections to certain claims have been or will be filed contemporaneously herewith. Class 5 consists of the Allowed Claim of Debtor's Landlord, Frit Cocowalk Owner, LLC (the "Landlord"). The Landlord has filed proof of claim No. 7, wherein it asserts a prepetition cure in the sum of $392,186.12. On the Effective Date, the underlying lease for the business premises (the "Lease") will be cured, assumed, and modified as follows: * Monthly rent payments: The Lease will be modified such that the Reorganized Debtor will pay an extra $10,000 per months during the months of "high season" and pay $10,000 per months less during the months of "low season" until the end of the term; * Cure: The prepetition cure on the Lease shall be paid as follows: (a) on the Effective Date, Landlord will credit Debtor's unused tenant allowance ($199,700.00) to the partial satisfaction of the Cure; (b) the balance of $191,486.12 shall be paid in quarterly installments of $15,000 (January, April, July, October) until paid in full, subject to the following: (i) any balance due on the prepetition cure will be paid no later than 24 months from the Effective Date; (ii) Alexandra Ghersy and Jonas Millan will lend sufficient funds to the Reorganized Debtor to pay the cure in full upon the sale of their home and using the exempt proceeds thereof; and (iii) repayment of the foregoing loan shall be subordinated to payment in full by the Reorganized Debtor of all sums due under the Plan. On the Effective Date, all property of the Debtor not otherwise disposed of under the Plan, shall vest with the Reorganized Debtor. The Plan proposes to pay Allowed Claims to be paid under the Plan from Projected Net Disposable Income. A full-text copy of the First Amended Plan dated February 26, 2025 is available at https://urlcurt.com/u?l=Gyxu0K from PacerMonitor.com at no charge. Attorneys for the Debtor: Jacqueline Calderin, Esq. Agentis, PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 Email: jc@agentislaw.com About Coco Sushi Coco Sushi, LLC, is a Japanese restaurant in Miami Fla., which conducts business under the name Sushi Garage. Coco Sushi filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-13421) on April 9, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Aleida Martinez Molina, Esq., serves as Subchapter V trustee. Judge Laurel M. Isicoff oversees the case. Jacqueline Calderin, Esq., at Agentis PLLC, is the Debtor's legal counsel. COLLEGE OF SAINT ROSE: To Sell Campus Equipment for $551K --------------------------------------------------------- The College of Saint Rose seeks permission from the U.S. Bankruptcy Court for the Northern District of New York to sell personal property, free and clear of liens, claims, and encumbrances to the Albany County Pine Hills Land Authority (Authority). The Debtor's largest asset consists of its Albany campus from which it operated prior to the petition date. The Debtor owns a substantial amount of personal property located in the buildings on campus including teaching materials, course materials, course books and textbooks, library books, pianos, artworks, grounds equipment, motor vehicles, religious artifacts, furniture and furnishings, office equipment, shop equipment, and broadcasting equipment. Some property has been sold in accordance with Court orders and the proceeds were distributed to the holders of liens. In connection with the closing of the sale of the campus, the Debtor negotiates to sale the remaining property to the Authority. The Debtor's financial consultants, FTI Consultants Inc., prepared a repot that valued the Property between $532,000 and $805,000. The most valuable property were generators, which the Authority asserts are fixtures that were already sold to it as part of the sale of the Campus. The Authority offers to purchase the Property for $551,000 and agrees that the Debtor and certain books and records could remain in certain space at the Campus without paying rent until June 30, 2025, for the Debtor to completely winddown operations and the bankruptcy case. The Debtor requests to sell the Property to the Authority in a private sale, free and clear of liens, claims, and encumbrances. About The College of Saint Rose College of Saint Rose -- https://strose.edu -- is a New York-based college. College of Saint Rose sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-11131) on October 10, 2024. In the petition filed by Marcia J. White, as president the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million and $100 million. Judge Robert E. Littlefield Jr. presides over the case. The Debtor is represented by Cullen and Dykman LLP. Heller Kauffman LLP is special counsel. FTI Consulting Inc. is financial advisor. CORSA COAL: Auction Paused for 2 Weeks After Value Surge -------------------------------------------------------- P. J. D'Annunzio of Law360 reports that a Pennsylvania bankruptcy judge has agreed to pause the auction of bankrupt Corsa Coal Corp.'s assets after attorneys in the Chapter 11 case revealed that recent appraisals valued the machinery, equipment, and real estate higher than the current bids. About Corsa Coal Corsa Coal is a coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel. Its core business is producing and selling metallurgical coal to domestic and international steel and coke producers in the Atlantic and Pacific basin markets. Corsa Coal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70003) on January 6, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jeffery A. Deller handles the case. Michael J. Roeschenthaler of Raines Feldman Littrell LLP represents the Debtor as counsel. COWTOWN TRANSPORTATION: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Cowtown Transportation Company, LLC Cowtown Bus Charters, Inc. 5504 Forest Hill Dr. Forest Hill, TX 76119-6705 Business Description: Cowtown Transportation, a debtor with a single real estate asset as defined in 11 U.S.C. Section 101(51B), owns the property at 5504 Forest Hill Drive, Forest Hill, TX. Chapter 11 Petition Date: March 11, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 4:25-bk-40860 Debtor's Counsel: Mark J. Petrocchi, Esq. GRIFFITH, JAY & MITCHEL, LLP 2200 Forest Park Blvd. Fort Worth TX 76110 Tel: (817) 926-2500 E-mail: mpetrocchi@lawgjm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brenda Pippin Cross as vice president, Cowton Bus Charters, Inc. 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/6U6U56Q/Cowtown_Transportation_Company__txnbke-25-40860__0001.0.pdf?mcid=tGE4TAMA CRYSTAL BASIN: Seeks Interim Cash Collateral Access --------------------------------------------------- Crystal Basin Cellars, Inc. asked the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral through April 22. The Debtor argued that it urgently requires cash collateral to maintain business operations, including paying for supplies, equipment, and other necessary expenses. The cash collateral consists of proceeds from wine product sales, totaling a cash collateral value of $60,329. The secured creditors include Cadence Bank (with the largest claim), the U.S. Small Business Administration, Bankers Healthcare Group, On-Deck Capital, Scott and Mellanie Bigelow, and The Middlefield Banking Co. Cadence Bank is owed approximately $1.5 million under a pre-bankruptcy revolving line of credit. The creditors hold liens primarily through Deeds of Trust and UCC filings, which grant them rights to specific assets of the Debtor, including cash collateral, inventory, accounts receivable, and possibly real estate or other business property. The Debtor proposed offering replacement liens to secured creditors to protect their interests as the cash collateral is used. The Debtor initially filed a motion to use cash collateral on Feb. 10 but it was denied by the court. About Crystal Basin Cellars Crystal Basin Cellars, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-25612) on December 13, 2024, with $1 million to $10 million in both assets and liabilities. Michael Owen, president of Crystal Basin Cellars, signed the petition. Judge Christopher D. Jaime presides over the case. Peter G. Macaluso, Esq., at the Law Office of Peter G. Macaluso represents the Debtor as bankruptcy counsel. DCA OUTDOOR: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of DCA Outdoor, Inc. and its affiliates. The committee members are: 1. Creative Planning Business Services 3800 American Blvd. W #1000 Bloomington, MN 55431 2. Greenleaf Nursery Co. 28406 Hwy 82 Park Hill, OK 74451 3. Left Coast Logistics, LLC 5775 Jean Rd. #215 Lake Oswego, OR 97035 4. West Michigan Farms, Inc. 1156 Lincoln Rd. Allegan, MI 49010 5. Greendell Landscape Solutions, Inc. 749 W. State Road 42 Mooresville, IN 46158-6045 6. Helios Nursery P.O. Box 2089 Quincy, WA 98848 7. Marion Agricultural Services, Inc. 7746 St. Paul Hwy NE St. Paul. OR 97137 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About DCA Outdoor Inc. Established in 2016, DCA Outdoor, Inc. is a vertically integrated green industry organization headquartered in Kansas City, Mo. It connects various sectors, including agricultural production, landscape distribution, retail, agritourism, and transportation, through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor and its affiliates filed Chapter 11 petitions (Bankr. W.D. Mo. Lead Case No. 25-50053) on February 21, 2025. At the time of the filing, DCA Outdoor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Judge Cynthia A. Norton oversees the cases. Larry E. Parres, Esq., at Lewis Rice LLC, represents the Debtors as legal counsel. DEL RIO PARKS: Seeks to Tap Langley & Banack as Bankruptcy Counsel ------------------------------------------------------------------ Del Rio Parks, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Langley & Banack, Inc. as counsel. The firm's services include: (a) advise the Debtor of its duties and powers in this Chapter 11 case; and (b) handle all matters which come before the court in this case. William Davis, Jr., Esq., the primary attorney in this representation, will be paid at his hourly rate of $425. The firm estimated a retainer of $10,000 from the Debtor. Mr. Davis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William R. Davis, Jr., Esq. Langley & Banack, Inc. 745 E. Mulberry, Suite 700 San Antonio, TX 78212 Telephone: (210) 736-6600 Email: wrdavis@langeybanack.com About Del Rio Parks Del Rio Parks, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50409) on March 3, 2025, listing under $1 million in both assets and liabilities. The petition was signed by Scott Kramer, president. William R. Davis, Jr., Esq., at Langley & Banack, Inc. represents the Debtor as counsel. DELCATH SYSTEMS: Incurs $26.4M Net Loss in 2024 ----------------------------------------------- Delcath Systems, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $26,439,000 over $31,017,000 in gross profits for the year ended December 31, 2024, compared to a net loss of $47,460,000 over $1,430,000 in gross profits for the year ended December 31, 2023. The Company further disclosed $76,589,000 in total assets, $7,843,000 in total liabilities, and $68,746,000 in total stockholders' equity at December 31, 2024. The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The substantial doubt previously disclosed has been alleviated due to the cash on hand, cash equivalents and investments held on December 31, 2024 and through the issuance of this Annual Report on Form 10-K. In 2024, due to the commercialization of HEPZATO and increased demand for CHEMOSAT, the Company was able to partially fund operations from the revenue produced by the sales of these products. Further increases of cash on hand, cash equivalents and investments were due to the sales of common stock through stock option exercises and the March 2024 PIPE plus exercises of Series E, Series E-1, Tranche B and prefunded warrants. On December 31, 2024, the Company had cash and cash equivalents totaling $32.4 million and short-term investments totaling $20.8 million, as compared to cash, cash equivalents and restricted cash totaling $12.7 million and short-term investments totaling $19.8 million at December 31, 2023. During the twelve months ended December 31, 2024, the Company used $18.7 million of cash in its operating activities and $10.6 million for principal payments. The Company believes that the current cash on hand, cash equivalents, investments and revenue produced by sales will be sufficient to support current operations through at least 12 months from the issuance of the consolidated financial statements included in this Annual Report on Form 10-K. Actual future liquidity and capital requirements will depend on numerous factors, including the initiation and progress of clinical trials and research and product development programs; obtaining regulatory approvals and complying with applicable laws and regulations; the timing and effectiveness of product commercialization activities, including marketing arrangements; the timing and costs involved in preparing, filing, prosecuting, defending and enforcing intellectual property rights; the resolution of any disputes with third parties; and the effect of competing technological and market developments. The Company's capital commitments over the next twelve months include $6.1 million to satisfy accounts payable, accrued expenses, current lease liabilities and current medac settlement. Additional capital commitments beyond the next twelve months include (a) $1.3 million of lease liabilities; and (b) $0.8 million for settlement of litigation with medac A full-text copy of the Form 10-K is available at https://tinyurl.com/yycs6ur7 About Delcath Systems Headquartered in New York, N.Y., Delcath Systems, Inc. -- www.delcath.com -- is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The company's proprietary products, HEPZATO KIT (Hepzato (melphalan) for Injection/Hepatic Delivery System) and CHEMOSAT Hepatic Delivery System for Melphalan percutaneous hepatic perfusion (PHP) are designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects during a PHP procedure. New York, N.Y.-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 26, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DIAMOND ELITE: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a final order authorizing Diamond Elite 6516, LLC to use cash collateral. The final order authorized the company to use cash collateral to pay post-petition operating expenses in accordance with its six-month budget, with a 20% variance. As protection, BCIF Holdings I, LLC and other creditors with a pre-bankruptcy security interest in assets of the estate were granted a replacement lien on the same type of assets acquired by the company after the petition date. Diamond Elite 6516 was ordered to pay $1,000 per month to BCIF as additional protection. About Diamond Elite 6516 Diamond Elite 6516, LLC is a single asset real estate debtor as defined in 11 U.S.C. Section 101(51B). Diamond Elite 6516 filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-00905) on February 3, 2025, listing between $1 million and $10 million in both assets and liabilities. The Debtor is represented by D. Lamar Hawkins, Esq., at Guidant Law, PLC. DNC AND TCPA: Updates JP Morgan Secured Claim Pay; Amends Plan -------------------------------------------------------------- DNC and TCPA List Sanitizer, LLC, submitted a Fourth Amended Small Business Plan of Reorganization under Subchapter V dated February 26, 2025. The Debtor's bankruptcy case was initiated in part because of litigation with Ringba, LLC. On October 23, 2021, the Debtor filed a state court complaint against Ringba in the El Paso County District Court of Colorado, initiating Case No. 2021CV31668 (the "State Court Litigation"), alleging that Ringba stole its database of do not call contacts by inducing the Debtor to disclose its confidential data under the false pretense of acquiring its business. As a sanction against the Debtor, On May 12, 2023, the El Paso County District Court (the "State Court") entered an order and judgment for terminating sanctions against the Debtor. Additionally, on January 12, 2024, the State Court entered an order and judgment for attorneys' fees and costs against the Debtor and in favor of Ringba (the "State Court Ruling"). The request was for $800,000 in attorney fees and approximately $140,000 in costs. The trial court judge awarded Ringba its attorney's fees of $500,000 and its costs of approximately $140,000.00. The Debtor then hired the law firm of Allen Vellone Wolf Helfrich & Factor, P.C. to take over for Mr. Cohen. The judgment entered and Allen Vellone filed two appeals for the Debtor. The first appeal, which relates to the dismissal of the original action against Ringba has been fully briefed and oral argument was held on September 3, 2024 (the "Merit Appeal"). The Court of Appeals upheld the State Court's dismissal of the action as a sanction for Debtor’s discovery misconduct. The second appeal, which relates to the award of attorneys' fees and costs, has not been fully briefed; the opening brief was filed on October 4, 2024 and the Answer brief is due February 27, 2025 (the "Fee Appeal"). Michael O'Hare personally purchased Allen Vellone's Claim in this Bankruptcy Case. Allen Vellone has entered its appearance in both appeals. On Aug. 12, 2024, Debtor filed an ex parte application to employ Allen Vellone to represent it in both appeals, which application has been granted. The Debtor filed bankruptcy as a result of the Ringba judgment and collection efforts related thereto along with the high cost of litigation which impacted the Debtor's cash flow. Class 2 consists of the claim of JP Morgan Chase Bank, or its successors or assigns. The Credit Agreement, Term Note, and Continuing Security Agreement (collectively, the "Loan Documents") shall remain in effect, Chase shall retain all rights and remedies under the Loan Documents, and Chase shall retain its liens and security interest in the same priority as existed on the Petition Date. The Class 2 Secured Claim is impaired by this Plan. The Class 2 Secured Claim as reflected in Proof of Claim No. 6 plus post-petition attorneys' fees and non-default interest is an Allowed Secured Claim. After this Plan is confirmed, the Debtor shall begin making monthly payments to Chase under the Plan on the 26th day of each month including the month the Plan is confirmed. For purposes of calculating the monthly payments under this Plan the payments shall be amortized based upon a 48-month term calculated at 13.45% interest with a principal balance of $86,329.98, less any payments made to Chase during the bankruptcy case. Monthly payments shall be in the amount of $5,000. To the extent the Allowed Secured Claim has not been paid in full by July 26, 2028, all unpaid principal and accrued and unpaid interest plus attorneys' fees incurred in this bankruptcy case is finally due and payable on July 26, 2028. The Class 2 Secured Claim shall accrue interest at the non-default rate under the Loan Documents (13.45% Per Annum – the "Note Rate") unless there is a (a) default as defined in the loan documents as modified by this Plan, (b) there is an existing default under the Final Cash Collateral Order; in which event the interest rate shall be at the rate of 3.00% per annum above the Note Rate, at the option of Chase. Like in the prior iteration of the Plan, the Debtor will deposit into the Unsecured Creditor for the Term of the Plan, or until Administrative Claims and Class 4(a) Allowed Claim are paid in full: (a) during the first year of the Plan $26,042; (b) during the second year of the Plan $40,950; (c) during the third year term of the Plan $53,409; (d) during the fourth year of the Plan $64,502 and (e) during the fifth year of the Plan $77,060. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. On the Effective Date of the Plan, the Debtor (or such other designee charged with handling the obligations under the Plan) will open a separate interest-bearing deposit account at a federally insured commercial bank selected by the Debtor. The bank account will be maintained by the Debtor as the Unsecured Creditor Account into which all payments made by the Debtor for the benefit of holders of Allowed Administrative Claims and Class 4(a) creditors will be made until the obligations under the Plan are completed. A full-text copy of the Fourth Amended Plan dated February 26, 2025 is available at https://urlcurt.com/u?l=hwJ4Qh from PacerMonitor.com at no charge. Attorneys for the Debtor: John A. Cimino, Esq. Cimino Law Office LLC 5500 East Yale Ave., Suite 201A Denver, CO 80222 Telephone: (720) 434-0434 Email: JC925AVE@yahoo.com About DNC and TCPA Sanitizer DNC and TCPA List Sanitizer, LLC, is a Colorado limited liability company that is primarily an internet-based business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-12624) on May 16, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson oversees the case. The Debtor tapped John Cimino, Esq., at Cimino Law Office, LLC, as bankruptcy counsel and Vandana Koelsch, Esq., at Allen Vellone Wolf Helfrich & Factor PC as special litigation counsel. DOC VENTURES: Seeks to Use Cash Collateral ------------------------------------------ Doc Ventures, LLC asked the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral. The Debtor owns a residential property located at 6027 13th Street, Lubbock, Texas, which is valued at approximately $180,000, with secured claims totaling approximately $130,000. The rental income from the property constitutes cash collateral. The First National Bank of Aspermont has a deed of trust against the property, holds a secured claim against the property and a perfected security interest in the rents derived therefrom. The Debtor needs to use cash collateral to pay: a. commissions owed to the property manager; b. Adequate protection payments to First Bank, which includes property taxes owed to the taxing authorities; and c. Insurance premiums necessary to maintain coverage on the Property. Adequate protection payments will be made to the lender in an amount equal to $867, the amount set forth in the Note, and payments of the Note includes payment of property taxes to ensure no liens are placed on the property. A copy of the Debtor's motion and budget is available at https://urlcurt.com/u?l=h6XDAV from PacerMonitor.com. About Doc Ventures LLC Doc Ventures, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32595) on August 29, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Stacey G Jernigan presides over the case. David D. Ritter, Esq. at Ritter Spencer Cheng PLLC represents the Debtor as counsel. The First National Bank of Aspermont, as lender, is represented by: Ashley N. Pirtle, Esq. Crenshaw Dupree & Milam, L.L.P. P.O. Box 64479 Lubbock, TX 79464-4479 (806) 762-5281 Telephone (806) 762-3510 Facsimile apirtle@cdmlaw.com DOCUDATA SOLUTIONS: Seeks to Tap Omni as Claims and Noticing Agent ------------------------------------------------------------------ Docudata Solutions, LC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Omni Agent Solutions, Inc. as claims, noticing, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $75,000. Paul Deutch, an executive vice president at Omni, 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: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About Docudata Solutions Docudata Solutions, LC, together with their Debtors and non-Debtor affiliates (the Company), are a global leader in business process automation. Leveraging their worldwide presence and proprietary technology, the Company offers high-quality payment processing and digital transformation solutions across the Americas and Asia, helping clients enhance efficiency and lower operational costs. The Company has worked with over 60% of the Fortune 100 companies. They provide essential services to top global banks, financial institutions, healthcare payers and providers, and major global brands. These services include finance and accounting solutions, payment technologies, healthcare payer and revenue cycle management, hyper-automation and remote work solutions, enterprise information management, integrated communications and marketing automation, as well as digital solutions for large enterprises. Docudata Solutions and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90023) on March 3, 2025. In the petitions signed by Matt Brown, interim chief financial officer, the Debtors disclosed $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins LLP, Houlihan Lokey, Financial Advisors, Inc. as investment banker, AlixPartners, LLP as financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and solicitation agent. ELETSON HOLDINGS: Ex-Owners Face $5K Daily Fine for Opposing Ch.11 ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that on Wednesday, March 12, 2025, a New York bankruptcy judge ordered the prebankruptcy shareholders of Greek shipping group Eletson Holdings to cease opposing overseas recognition of the company's Chapter 11 plan or face fines of $5,000 per day. 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. ELITA 7 LLC: Court Extends Cash Collateral Access to June 12 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts extended Elita 7, LLC's authority to use cash collateral from March 6 to June 12. As protection for any diminution in the value of their collateral, the secured lenders were granted replacement liens on the companies' assets to the same extend, priority and enforceability held by each secured lender as of the petition date. The next hearing is scheduled for June 12. About Elita 7 and Victoria Light Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble Street, Worcester, Mass. Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20, 2024. At the time of the filing, the Debtors reported $1 million to $10 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the cases. The Debtors are represented by: John O. Desmond, Esq. 5 Edgell Road, Suite 30A Farmingham, MA 01701 Tel: 508-879-9638 Email: attorney@jdesmond.com ELITE SCHOOL: Seeks to Hire Tydings & Rosenberg as Legal Counsel ---------------------------------------------------------------- Elite School Bus Company, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Tydings & Rosenberg LLP as legal counsel. The firm will render these services: (a) advise the Debtor of its powers and duties in the operation of its business and management of its property; (b) represent the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay; (c) prepare any necessary applications, answers, orders, reports and other pleadings, and appear on the Debtor's behalf in proceedings instituted by or against it; (d) assist the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto; (e) assist with the evaluation of a possible sale of the Debtor's business and/or assets, if necessary; (f) assist the Debtor in the preparation of a plan of reorganization or orderly liquidation, if necessary; (g) object to claims filed in the case; (h) seek permission to use cash collateral to fund its operations; (i) assist the Debtor with other possible legal matters; (j) assist the Debtor with all bankruptcy legal work; and (k) perform all of the legal services for the Debtor that may be necessary or desirable herein. The hourly rates of the firm's counsel are as follows: Mary Fran Ebersole, Partner $500 Joseph Selba, Partner $500 Counsel & Partners $500 - $700 Associates $325 - $350 Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $15,000 from the Debtor. Ms. Ebersole 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: Mary Fran Ebersole, Esq. Tydings & Rosenberg LLP One East Pratt Street, Suite 901 Baltimore, MA 21202 Telephone: (410) 752-9700 Email: mebersole@tydings.com About Elite School Bus Company Elite School Bus Company, LLC operates a school bus company that provides services primarily to Cecil County public schools. With 23 bus routes, the company is responsible for transporting children on 23 buses to and from school. Elite School Bus Company filed Chapter 11 petition (Bankr. D. Md. Case No. 25-11526) on February 25, 2025, listing up to 10 million in both assets and liabilities. Rebecca Minks, manager, signed the petition. Judge David E. Rice oversees the case. Mary Fran Ebersole, Esq., at Tydings & Rosenberg LLP represents the Debtor as counsel. EQUIPSOURCE LLC: Seeks Chapter 11 Bankruptcy in Arkansas -------------------------------------------------------- On March 6, 2025, EquipSource LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Arkansas. 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 EquipSource LLC EquipSource LLC, operating as Lifan Power USA, is a distributor specializing in small engines, generators, pressure washers, and related machinery and equipment. The Company focuses on wholesale trade for both residential and commercial use. EquipSource LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70367) on March 6, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by: M. Sean Brister, Esq. BRISTER LAW FIRM 800 Highway 71 North PO Box 1451 Alma, AR 72921 Email: sean@bristerlawfirm.com EXCELTECH ONE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Exceltech One, Inc 10191 SW Avery Street Tualatin, OR 97062 Business Description: ExcelTech is an Electronics Manufacturing Services (EMS) company that specializes in high-tech industries such as avionics, medical, industrial, transportation, commercial, and energy sectors. The Company offers services including PCBA & electro- mechanical assembly, prototype development, system integration, and testing. With ISO 9001:2015 certification and ITAR registration, ExcelTech focuses on delivering quality solutions with a commitment to customer satisfaction. Chapter 11 Petition Date: March 11, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-30765 Judge: Hon. Peter C Mckittrick Debtor's Counsel: Garrett S. Eggen, Esq. Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway Suite 1400 Portland, OR 97205 Tel: 503-227-1111 E-mail: dricks@sussmanshank.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Paul Matthew Redhead as president and sole director. 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/EK7LBXA/Exceltech_One_Inc__orbke-25-30765__0001.0.pdf?mcid=tGE4TAMA FAMILY FIRST: Gets Final Approval to Use Cash Collateral -------------------------------------------------------- Family First Health Center P.A. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The secured creditors that assert a lien on the cash collateral are Corp. Serv. Company, MMP Capital Inc. ISAOA, and North Mill Credit Trust. These secured creditors were granted post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. All prior interim orders granting Family First's motion to use cash collateral are deemed final. About Family First Health Family First Health Center P.A. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04484) on August 26, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Grace E. Robson presides over the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com FEENEY ENTERPRISES: Court OK's Furniture & Fixture Sale via Auction ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division has approved Feeney Enterprises Inc., to sell Assets consist of furniture, fixtures, equipment, and other items. The Debtor operates two locations, one in Stuart, FL and one in Tennessee. The Debtor has decided to close its Florida operations and move its operations to its other location in Tennessee. The Debtor cannot transport all equipment and furnishings to Tennessee and has no need for those items in the area. The Court authorized the Debtor to sell its furniture, fixtures, and equipment and its inventory via auction that will be conducted by Harry P. Stampler Inc. on March 25, 2025. About Feeney Enterprises Inc. Feeney Enterprises, Inc., operating under trade names including Cabinet Maker Warehouse, Feeney Supply, and Bevel-Edge, is a Stuart, Florida-based cabinet and supply distributor. Feeney Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10570) on January 21, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $500,000 and $1 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Brian K. McMahon, Esq. at Brian K. McMahon, PA. FIG & FENNEL: Court Extends Cash Collateral Access to April 15 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, issued a 10th interim order allowing Fig & Fennel at MIA, LLC and its affiliates to use cash collateral until April 15. The order authorized the companies to use cash collateral to pay the expenses set forth in the budget, with a 10% variance allowance. To protect creditors including Newtek Small Business Finance, Inc. and the U.S. Small Business Administration, the court granted these creditors replacement liens. In addition, the court ordered the companies to make interest-only payments to Newtek. In case of non-payment, Newtek must notify the companies of any default. If the companies fail to rectify the default within 10 days, Newtek may seek further relief regarding its cash collateral rights. The next hearing is scheduled for April 15. About Fig & Fennel at Mia Fig & Fennel at MIA, LLC and affiliates own and operate restaurants offering a broad selection of grab-and-go sandwiches, salads, bowls, snacks and desserts. The Debtors filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 23-18515) on October 18, 2023. Robert Siegmann, manager, signed the petitions. At the time of the filing, Fig & Fennel at MIA reported $2,956,271 in total assets and $523,057 in total liabilities. Judge Scott M. Grossman oversees the cases. Adam Leichtling, Esq., at Lapin & Leichtling, LLP, is the Debtors' legal counsel. FIVE RIVERS: Examiner Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Scott Sackett, the court-appointed examiner for Five Rivers Land Company, LLC, got the green light from the U.S. Bankruptcy Court for the Central District of California to use funds that may constitute cash collateral. The examiner needs funds to run the company's farming operations pending the closing of the sales of its real estate. The interim order signed by Judge Theodor Albert authorized the examiner to use the lenders' cash collateral except the proceeds from the sale of so-called processor property, one of Five Rivers' primary assets. The sale proceeds are being held by the examiner in a segregated account. In case the cash collateral used by the examiner is subject to liens held by any lender, such lender will be granted a replacement lien on any funds subsequently brought into the bankruptcy estate. The lenders asserting an interest in the cash collateral are Rabo Agrifinance, LLC, Trantexa, LLC, and the so-called Falcon Group, which includes Falcon Investments, LLC. The next hearing is scheduled for May 6. Rabo Agrifinance is represented by: Valerie Bantner Peo, Esq. Arlen P. Moradi, Esq. Buchalter, A Professional Corporation 425 Market Street, Suite 2900 San Francisco, CA 94105-3493 Telephone: (415) 227-0900 vbantnerpeo@buchalter.com amoradi@buchalter.com Trantexa is represented by: Jacob M. Faircloth, Esq. Bluestone Faircloth & Olson, LLP 1825 Fourth Street Santa Rosa, CA 95404 Telephone: (707) 526-4250 Facsimile: (707) 526-0347 jacob@bfolegal.com Falcon Group is represented by: Allan D. Sarver, Esq. Law Office of Allan D. Sarver 16000 Ventura Boulevard, Suite 1000 Encino, CA 91436 Telephone: (818) 981-0581 Facsimile: (818) 981-0026 ADS@asarverlaw.com About Five Rivers Land Company Five Rivers Land Company, LLC is engaged in fruit and tree nut farming in Newport Beach, Calif. Five Rivers Land Company filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 23-11167) on June 6, 2023, listing between $10 million and $50 million in both assets and liabilities. Judge Theodor Albert oversees the case. The Debtor tapped Garrick A. Hollander, Esq., at Winthrop Golubow Hollander, LLP as bankruptcy counsel and Katten Muchin Rosenman, LLP as special litigation counsel. Scott M. Sacket has been appointed as examiner in the case. The examiner is represented by Sheppard, Mullin, Richter & Hampton, LLP. FLORIDA MAGICAL: L. Todd Budgen Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Florida Magical Homes, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Florida Magical Homes Florida Magical Homes LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01093) on February 26, 2025, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. FOX AND BIRD: Seeks to Tap Richman & Richman as Bankruptcy Counsel ------------------------------------------------------------------ Fox and Bird, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Richman & Richman LLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) assist the Debtor with the continuation of operations and monthly reporting requirements; (c) advise the Debtor and take all necessary action to protect and preserve the Debtor's estates; (d) prepare amendments to bankruptcy schedules, statements of financial affairs, and all related documents as necessary; (e) assist with the preparation of a plan of reorganization and the related negotiations and hearings; (f) work with the Sub V Trustee, as necessary, to successfully reorganize the Debtors' estate; (g) prepare pleadings in connection with the Chapter 11 case; (h) analyze executory contracts and unexpired leases, and the potential assumptions, assignments, or rejections of such contracts and leases; (i) advise the Debtor in connection with any potential sales of assets; (j) appear at and be involved in various proceedings before this court or other courts to assert or protect the interests of the Debtor and its estates; (k) analyze claims and prosecute any meritorious claim objections; and (l) perform other legal services for the Debtor that may be necessary and proper in connection with this Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Michael Richman, Member $795 Claire Ann Richman, Member $625 Eliza Reyes, Senior Associate $495 James Soo, Associate $325 David Fowle, Paralegal $250 Kiran Hayer, Paralegal $225 Law Clerks $195 - $225 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $20,000 from the Debtor. Mr. Richman 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 P. Richman, Esq. Richman & Richman LLC 122 W. Washington Ave., Ste. 850 Madison, WI 53703 Telephone: (608) 889-2322 About Fox and Bird Fox and Bird, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10440) on March 3, 2025, listing under $1 million in both assets and liabilities. Michael P. Richman, Esq., at Richman & Richman LLC serves as the Debtor's counsel. FRANCHISE GROUP: Seeks to Extend Plan Exclusivity to June 2 ----------------------------------------------------------- Franchise Group, Inc., and its Debtor Affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 2 and July 31, 2025, respectively. The Debtors explain that these Chapter 11 Cases are undoubtedly large and complex with nearly $2 billion of funded debt obligations, 53 jointly-administered Debtor entities, a complex corporate and capital structure. As such, administering these Chapter 11 Cases requires significant input from the Debtors' management team and advisors on a wide range of complicated matters necessary to bring structure and consensus to a large and complex process. Accordingly, the size and complexity of these Chapter 11 Cases weigh in favor of extending the Exclusivity Periods. Since the Petition Date, the Debtors have paid their undisputed postpetition obligations in the ordinary course or as otherwise provided by Bankruptcy Court order. Importantly the Debtors maintain their ability to continue to pay their bills throughout these Chapter 11 Cases in light of the liquidity provided by the DIP Facility and through the continued use of cash collateral. Accordingly, this factor weighs in favor of extending the Exclusivity Periods. The Debtors claim that they are continuing to engage with all interested parties, including the Freedom Lender Group, in good faith, arm's length negotiations in an effort to reach a global resolution to the Freedom Lender Group’s anticipated objections to Confirmation of the Plan, and the Freedom Lender Group will have the opportunity to raise issues with the Plan, as it may be amended or modified in the coming weeks, at Confirmation. Accordingly, the Debtors assert that the requested extension is warranted under the facts and circumstances of this case. The Debtors assert that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. To the contrary, the Debtors are proposing an extension of exclusivity to continue engaging such creditors in restructuring negotiations while they continue to garner creditor support and solicit acceptance of the Plan, without the distraction and confusion that could be created by multiple competing plans. All creditor groups have an opportunity to actively participate in these substantive discussions with the Debtors regarding a consensual plan of reorganization. The Debtors further assert that in light of the scheduled Confirmation Hearing in May, along with the established discovery and litigation schedule with the Freedom Lender Group, it is both appropriate and in the best interest of all stakeholders to extend exclusivity. Accordingly, the relief requested herein is without prejudice to the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest, and allows the Debtors' proposed Plan to proceed in accordance with the discovery schedule agreed-upon with the Freedom Lender Group. Moreover, the Debtors seek to maintain exclusivity so parties with competing interests do not hinder the Debtors' efforts to finalize a value-maximizing restructuring. Extending the Exclusivity Periods will benefit all creditors by preventing the drain on time and resources that inevitably occurs when multiple parties, with potentially diverging interests, vie for the consideration of their own respective plans. All stakeholders benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole potential plan proponents. Proposed Co-Counsel to the Debtors: Edmon L. Morton, Esq. Shella Borovinskaya, Esq. Matthew B. Lunn, Esq. Allison S. Mielke, Esq. Shella Borovinskaya, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: emorton@ycst.com mlunn@ycst.com amielke@ycst.com sborovinskaya@ycst.com Debra M. Sinclair, Esq. Matthew A. Feldman, Esq. Betsy L. Feldman, Esq. Joseph R. Brandt, Esq. WILLKIE FARR & GALLAGHER LLP 787 Seventh Avenue New York, New York 10019 Tel: (212) 728-8000 Fax: (212) 728-8111 E-mail: dsinclair@willkie.com mfeldman@willkie.com bfeldman@willkie.com jbrandt@willkie.com About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FWR LLC: Seeks to Tap Cooper Law Firm as Bankruptcy Counsel ----------------------------------------------------------- FWR, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ The Cooper Law Firm as legal counsel. The firm will render these services: (a) provide the Debtor legal advice with respect to its powers and duties in the continued management and control of its assets, and its responsibilities regarding its liabilities to its creditors; (b) provide legal advice to the Debtor regarding its responsibility to provide insurance and bank account information, to file monthly operating reports with this court, to pay quarterly fee to the U.S. Trustee's Office, to seek and receive through its attorney consent of this court to incur debt or sell property, to file a Plan of Reorganization and Disclosure Statement within 180 days of filing of the petition, and to file a Final Report, Accounting and Request for Final Decree as soon after Confirmation of the Plan as is feasible, but no later than 120 days after confirmation of the plan; and (c) prepare the petition, schedules, statement of financial affair, plan of reorganization disclosure statement, final report, final accounting, final decree, as well as any of the necessary applications, answers, orders, reports, or legal documents relative to the Chapter 11 case. The firm will be paid at these hourly rates: Robert Cooper, Attorney $395 Associate Lawyers $295 The firm received a retainer of $20,000 plus the $1,738 filing fee from the Debtor. Mr. Cooper disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert H. Cooper, Esq. The Cooper Law Firm 1610 Gowdeysville Road Gaffney, SC 29340 Telephone: (864) 271-9911 Email: rhcooper@thecooperlawfirm.com About FWR LLC FWR, LLC filed Chapter 11 petition (Bankr. D.S.C. Case No. 25-00384) on February 1, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Christine Brimm, Esq., serves as Subchapter V trustee. Judge Helen E. Burris presides over the case. Robert H. Cooper, Esq., at The Cooper Law Firm represents the Debtor as bankruptcy counsel. GENERATIONS ON 1ST: Seeks Extension to Use Cash Collateral ----------------------------------------------------------- Generations on 1st, LLC and Parkside Place, LLC asked the U.S. Bankruptcy Court for the District Court of North Dakota to continue using cash collateral after March 15. Previously, the Debtors obtained court approval to use cash collateral through an interim order and a final order, with conditions outlined in a stipulation between the Debtors and Red River State Bank. However, this stipulation only allows cash collateral use until March 15, 2025. The Debtors and RRSB have been in discussions regarding the case but have concerns that a new stipulation might not be reached due to the strained relationship between them. Therefore, the Debtors are requesting the court's permission to use cash collateral for the duration of the jointly administered cases. As part of the request, the Debtors proposed the following protections for RRSB: 1. Automatically perfected replacement liens to cover any loss in value. 2. Monthly payments of $14,500 from Parkside and $25,000 from Generations, due by the 15th of each month. 3. Cash collateral usage for each month to be 110% of the amounts projected in previously filed budgets. A copy of the motion is available at https://urlcurt.com/u?l=3HTjic from PacerMonitor.com. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by: Drew J. Hushka, Esq. Vogel Law Firm 218 NP Avenue PO Box 1389 Fargo, ND 58107-1389 Tel. 701.237.6983 Email: dhushka@vogellaw.com GLENOAKS GROUP: Claims Will be Paid from Note Sale/Refinance ------------------------------------------------------------ Glenoaks Group LLC and Triarch, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan of Reorganization dated February 27, 2025. Glenoaks is a California Limited Liability Corporation which was incorporated on or about October 27, 2011. As set forth herein, Glenoaks owns and manages two of the Properties. Triarch is a California Limited Liability Corporation which was incorporated on or about March 30, 2009. As set forth herein, Triarch owns and manages seven of the Properties. The Debtors are both owned and managed by Ms. Rosemary Donoyan and the Debtors do not have any affiliates or related businesses. The Debtors were forced to file for bankruptcy because of the pending foreclosure sale of the Debtors' real properties by Secured Creditor, McMillen Capital, LLC. Specifically, McMillen sought to foreclose on the Debtors' assets because of an alleged default under a Cross-Collateralized Promissory Note dated on or about December 4, 2019 (hereinafter the "Note"). However, due to Debtors' bankruptcy filings, the Debtors' Properties were not sold at any foreclosure sale. In summary, the Debtor's Plan calls for an orderly buy-out or refinancing of the McMillen POC. As set forth herein, upon the Court's approval of the herein Disclosure Statement and Plan, the Debtor is able to reorganize itself if an investor whom is interested in buying the Note is able to consummate the same with McMillen. This investor has agreed to provide the Debtors with additional time to repay the Note at a much lower interest rate than McMillen is presently charging the Debtor. If the investor is unable to purchase the Note from McMillen, the Debtor will refinance the Note and pay off the Note after a complete accounting is provided under the Note. Overall, the Debtors' Properties are worth about $3,900,000.00 which is more than sufficient to obtain a refinancing loan to repay the Note after the previously mentioned sales of collateralized property is completed outside of bankruptcy. As set forth in the Declaration of Rosemary Donoyan, the Debtors plan is to repay McMillan in full upon the determination of the true and correct amounts owed the McMillen POC. Overall, the Debtors Plan calls for the payoff of the McMillen POC in exchange for McMillen's extinguishment and/or reconveyance of all Deeds of Trust or other instrumentalities recorded on the title of the Properties to secure said McMillen’s claims. Finally, no additional payments will be required to McMillen under the Plan after full payoff. There are no general unsecured claims in this matter. As set forth in the Debtors' Plan, the Debtor has the ability to fund its Plan either via an investor whom wishes to step in the shoes of McMillen and purchase the Note OR via a refinanced loan to payoff McMillen's Note with the loan along with all cash on hand in the Debtors' DIP Accounts to fund the entire Plan. The Debtors do not generate sufficient income to payoff the McMillen POC but the Debtors have the following two options to payoff the McMillen POC: * The first option is the sale of the Note by McMillen to an investor. Under this option, the Debtors shall have access to the needed fund for its Plan on the Effective Date because an investor is interested in purchasing the Note from McMillen. This investor will essentially steps into the shoes of McMillen and shall recoup its investment by moving forward with collection under the Note which includes the taking of needed action against the non-paying co-obligor under the Note (Tavip Tobing) whom has failed to pay his fair share under the jointly obligated McMillen Note. * The second option is for the refinancing of the Note with the Properties serving as the collateral for this refinanced loan. As set forth in Mr. Weaver's declaration, the Debtors' Properties are collectively worth at least $3,900,000.00. Therefore, the Debtors can obtain a refinanced loan to payoff the true and correct McMillen POC. A full-text copy of the Disclosure Statement dated February 27, 2025 is available at https://urlcurt.com/u?l=qZKqvw from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew Abbasi, Esq. ABBASI LAW CORPORATION 6320 CANOGA AVE., SUITE 950 WOODLAND HILLS, CALIFORNIA 91367 TEL: (310) 358-9341 FAX: (888) 709-5448 EMAIL: matthew@malawgroup.com About Glenoaks Group LLC Glenoaks Group LLC is a California Limited Liability Corporation which was incorporated on or about October 27, 2011. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-12641) on October 16, 2024, with $0 to $50,000 in assets and liabilities. Judge Scott C. Clarkson presides over the case. Matthew Abbasi, Esq., at Abbasi Law Corporation, is the Debtor's legal counsel. GLOBAL PREMIER: Case Summary & Seven Unsecured Creditors -------------------------------------------------------- Debtor: Global Premier Regency Palms Oxnard, LP 2020 Main Street Suite 300 Irvine, CA 92614 Business Description: Global Premier Regency Palms Oxnard, LP owns and operates Regency Palms Oxnard, an assisted living and memory care facility located at 1020 Bismark Lane in Oxnard, California. The facility offers a range of services, including assistance for independent residents and specialized memory care programs developed through extensive research and experience. Chapter 11 Petition Date: March 11, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10614 Debtor's Counsel: Garrick A. Hollander, Esq. WINTHROP GOLUBOW HOLLANDER, LLP 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Tel: 949-720-4100 Fax: 949-720-4111 E-mail: ghollander@wghlawyers.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Christine Hanna as managing member and general partner. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5D5TH2A/Global_Premier_Regency_Palms_Oxnard__cacbke-25-10614__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Studio Six5, Inc. Interior Design $120,000 Attn: Corporate Officer 811 Barton Springs Rd Ste 800 Austin, TX 78704 2. Global Bancorp Note + Interest $55,770 Attn: Nina Hanna Payable 8 Hilltop Irvine, CA 92603 3. Global Realty and Note + Interest $22,747 Investment Corp. Payable Attn: Nina Hanna 8 Hilltop Irvine, CA 92603 4. Magdy Hanna Note + Interest $17,209 2200 Park Newport, Payable #401 Newport Beach, CA 92660 5. JTC USA Holdings EB5 Funds $13,200 Attn: Dawn Shuster Administrator 75 State Street Suite 2801 Boston, MA 02109 6. Gary White Healthcare $7,500 4206 Great Plains Dr NE Consultant Salem, OR 97305 7. Franchise Tax Board Taxes $1,945 942857 Sacramento, CA 94257-0531 GWG HOLDINGS: Beneficient Settles Litigation with Insurance Funds ----------------------------------------------------------------- Beneficient, a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced on March 10, 2025, that it has entered into a binding agreement to settle all claims in the previously disclosed lawsuits relating to GWG Holdings, Inc. in federal court in the Northern District of Texas and the Bankruptcy Court for the Southern District of Texas against the Company, its subsidiaries, and each of their current and former directors and officers, including its founder and CEO, Brad Heppner, for a sum within applicable insurance policy limits. The Company and its directors and officers have vigorously contested and continue to contest the allegations in the GWG Litigation, fundamentally challenging the underlying factual assertions and maintaining substantive and well-founded defenses. The Company's decision to enter into this settlement agreement was based on eliminating ongoing costs, distractions, and other risks inherent in litigation. The proposed settlement, which is subject to court approval and other conditions, would resolve all claims asserted against the Beneficient Parties without any admission, concession or finding of any fault, liability or wrongdoing by the Company or any defendant. Under the terms of the proposed settlement, the plaintiffs will receive an agreed upon amount of cash that will be paid entirely from funds available under applicable insurance policies. "While the Company thoroughly disputes the allegations in the GWG Litigation, we are pleased to have reached this agreement. Today's announcement is a major step toward allowing us to move past this matter so we can continue focusing on executing on our business plan and enhancing shareholder value," said a Company spokesperson. Following the settlement of the GWG Litigation, other GWG-related claims against parties other than the Company, its subsidiaries, and each of their current and former directors and officers, including its founder and CEO, remain outstanding, including certain claims against entities related to Beneficient's founder and CEO to whom Beneficient owes certain indemnification obligations. The Company intends to support a vigorous defense against such claims. About Beneficent Beneficient (Nasdaq: BENF) -- Ben, for short -- is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors - mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds- with solutions that could help them unlock the value in their alternative assets. Ben's AltQuote(TM) tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess(R) portal to explore opportunities and receive proposals in a secure online environment. Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas' Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. GWG HOLDINGS: Mayer Brown Reaches $30MM Settlement with Trustee --------------------------------------------------------------- James Nani of Bloomberg Law reports that Mayer Brown LLP has agreed to a $30 million settlement to resolve claims related to its representation of secondary life insurance bond seller GWG Holdings Inc. The settlement addresses allegations of conflicts of interest, aiding and abetting breaches of fiduciary duty, and failing to provide adequate legal advice, according to a motion filed Tuesday, March 11, 2025, in the US Bankruptcy Court for the Southern District of Texas. The trustee, responsible for pursuing litigation on behalf of creditors following GWG's bankruptcy, brought the claims against the firm. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HEART 2 HEART: Seeks to Tap Bernstein-Burkley as Bankruptcy Counsel ------------------------------------------------------------------- Heart 2 Heart Volunteers, Inc., doing business as Serenity Hills Life Center, seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Bernstein-Burkley, PC as counsel. The firm will render these services: (a) provide the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. The hourly rates of the firm's counsel and staff are as follows: Anthony S. Caliguire $315 Arthur W. Zamosky $415 David A. Jones, Jr. $390 David W. Ross $600 Gus Kallegeris $545 Gwenyth A. Ortman $260 Harry W. Greenfield $600 Heather A. Brooks $300 James M. Berent $375 Jeffrey C. Toole $425 John J. Richardson $455 John R. Whipkey $365 Keri P. Ebeck $395 Kerri C. Sturm $455 Kevin J. Cummings $360 Kirk B. Burkley $600 Kit F. Pettit $425 Lara S. Martin $375 Matthew J. Malcho $445 Matthew J. McClelland $375 Mary A. Shahverdian $295 Mason S. Shelton $315 Ray P. Wendolowski $385 Robert S. Bernstein $650 Robert M. Stefancin $475 Shawn P. McClure $425 Stuart C. Gaul $445 Sophia Stefanovski $260 Christina Wirick $200 Brian Temple $180 Andrew Episcopo $155 Lisa Young $155 Megan Bossart $170 Amy Smith $170 Rebecca Browne $170 Monique Patzer $170 Jennifer Morris $170 Julia Neuhart $190 Allison Gilbert $180 Justin Dryer $180 Cynthia Kovack $180 Kirk Burkley, Esq., attorney at Bernstein-Burkley, 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: Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Telephone: (412) 456-8100 Email: kburkley@bernsteinlaw.com About Heart 2 Heart Volunteers Heart 2 Heart Volunteers Inc., d/b/a Serenity Hills Life Center, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Kirk B. Burkley, Esq., at Bernstein-Burkley, PC serves as the Debtor's counsel. HIGHER GROUND: Court Extends Cash Collateral Access to March 26 --------------------------------------------------------------- Higher Ground Empowerment Center Church, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The interim order extended the church's authority to use cash collateral from Feb. 26 to March 26. Secured creditor, the U.S. Small Business Administration, will receive protection in the form of a valid and properly perfected lien on all property acquired by the church after its Chapter 11 filing that is the same or similar nature, kind, or character as its pre-bankruptcy collateral. As additional protection, the SBA will receive a monthly payment of $2,207. A final hearing is scheduled for March 26. About Higher Ground Empowerment Higher Ground Empowerment Center Church, Inc. is a non-profit church located in the Vine City neighborhood of Atlanta, Ga. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-51362) on Feb. 5, 2024, listing $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by: Benjamin R Keck, Esq. Keck Legal, LLC Tel: 470-826-6020 Email: bkeck@kecklegal.com HILLCREST CENTER: Court Denies Bid to Reduce Payment to MinnWest ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota denied, without prejudice, Hillcrest Center, LLC's motion to amend its Jan. 14 order, which authorized the use of MinnWest Bank's cash collateral. Hillcrest Center filed the motion on Feb. 12 to amend the order by reducing the amount of its monthly payment to MinnWest Bank from $33,758 to $21,735.54. MinnWest Bank refused to agree to the reduced amount. About Hillcrest Center Hillcrest Center, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Hillcrest Center filed Chapter 11 petition (Bankr. D. Minn. Case No. 24-33279) on December 12, 2024, with total assets of $8,181,056 and total liabilities of $6,256,577. Rosemary Kortgard, managing member of Hillcrest Center, signed the petition. Judge William J. Fisher handles the case. The Debtor is represented by Kenneth Edstrom, Esq., at Sapientia Law Group, in Minneapolis, Minn. MinnWest Bank, as secured creditor, is represented by: Cynthia L. Hegarty, Esq. Winthrop & Weinstine, P.A. 225 South Sixth Street, Suite 3500 Minneapolis, MN 55402 Telephone: (612) 604-6400 Facsimile: (612) 604-6800 chegarty@winthrop.com HIREX INC: Seeks Approval to Hire Frances M. Caruso as Bookkeeper ----------------------------------------------------------------- Hirex, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Frances M. Caruso, a professional practicing in Melville, New York, as its bookkeeper. The bookkeeper will provide these services: (a) prepare monthly operating statements and other financial reports or statements required by the court of the Office of the United States Trustee, the Bankruptcy Code, the Bankruptcy Rule or otherwise deemed to be necessary or beneficial to the Debtor and/or its estate; and (b) render such other financial assistance or services as may be necessary in the Chapter 11 case. Ms. Caruso will be paid at her hourly rate of $75 plus out-of-expenses. The bookkeeper requested an up-front retainer payment of $750 from the Debtor. Ms. Caruso disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The bookkeeper can be reached at: Frances M. Caruso Caruso Accounting LLC Melville, NY 11747 Telephone: (631) 378-3222 About HireX Inc. Hirex Inc. offers solutions for staffing, recruitment, and HR services. Hirex, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10243) on February 7, 2025. In its petition, the Debtor reports total assets of $139,774 and total liabilities of $1,108,709. The Debtor tapped Douglas Pick, Esq., at Pick & Zabicki LLP as counsel and Frances M. Caruso as bookkeeper. HO WAN KWOK: Court Rules on Motions to Dismiss in Avoidance Actions ------------------------------------------------------------------- Judge Julie A. Manning of the United States Bankruptcy Court for the District of Connecticut ruled on several motions to dismiss or for judgment on the pleadings filed by avoidance action defendants in the bankruptcy case of Ho Wan Kwok. The avoidance actions were commenced by Luc A. Despins, the Chapter 11 trustee for the bankruptcy estate of Ho Wan Kwok. The Trustee seeks to avoid and recover alleged fraudulent transfers and unauthorized post-petition transfers pursuant to sections 544, 548, 549, and 550 of title 11 of the United States Code and sections 273, 274, and 276 of New York's Debtor and Creditor Law, codifying New York's Uniform Voidable Transactions Act. Thirty-seven motions have been filed by defendants pursuant to the Order Further Amending Avoidance Action Procedures Order and Scheduling Joint Briefing of Motions to Dismiss and Motions for Judgment on the Pleadings. The Joint Defendants requested and proposed this omnibus process and prepared and submitted common legal issues they requested the Court address. The Trustee did not object to the Joint Defendants' request. In issuing the Joint Briefing Order, the Court adopted the Joint Defendants' process. Additional motions have been filed by defendants who, although they did not participate in the joint briefing, raised some or all the issues raised by the Joint Defendants and requested to have their motions be heard at the same time as the Joint Motions. Because it raised some of the issues in the Joint Briefing Order, Zeisler & Zeisler, P.C. also requested its objection to a motion for judgment on the pleadings filed by the Trustee be heard at the same time as the Joint Motions. The Joint Motions, Non-Joint Motions, and Z&Z Objection assert the Trustee has failed to state a claim upon which relief can be granted. Joint Motions The Court addresses the arguments of the Joint Defendants on the following issues: (i) whether the Trustee can avoid an initial transfer by a non-debtor entity; (ii) whether applicable law allows for reverse veil piercing or alter ego determinations; (iii) the effect under applicable law of a reverse veil piercing or alter ego determination; and (iv) whether a determination of reverse veil piercing or alter ego may be applied retroactively. Regarding issues (i) and (iii), the Joint Defendants argue even if the Court were to hold certain entities are the Individual Debtor's alter egos, the Court must dismiss the complaints because an alter ego finding does not give the Trustee standing to sue on the alter ego's transfers of its property. As to issues (ii) and (iv), the Joint Defendants raise a series of arguments that alter ego determinations are improper under applicable state law or must be circumscribed in the bankruptcy context because of prejudice to the alter egos' transferees. The Trustee argues an alter ego determination provides him with a basis to assert fraudulent transfer and unauthorized postpetition transfer claims. The Trustee contends that if the Court agrees with the Joint Defendants, the result will be to ignore the Individual Debtor's misconduct and inequitable dealings by cutting off the estate's recovery. The Court agrees with the Trustee. As a threshold matter, the Joint Defendants' argument focuses solely on the Avoidance Claims' alter ego allegations and fails to address the overlapping and alternative beneficial ownership allegations. The Avoidance Claims assert the Individual Debtor's beneficial ownership of the alter egos and their assets as a basis for the relief requested. Non-Joint Motions and Z&Z Objection The following Non-Joint Defendants: (1) FFP (BVI) Limited; (2) Mr. Aaron A. Mitchell; (3) V.X. Cerda & Associates, P.A.; (4) The Francis Firm PLLC; (5) Berkeley Rowe Ltd.; (6) Weddle Law PLLC; (7) Lawall & Mitchell, LLC; (8) G4S Security Systems (Hong Kong) Ltd.; and (9) ACASS Canada LTD are represented by the same counsel who argued their Non-Joint Motions as a single argument. There are two other Non-Joint Defendants: (10) Liberty Jet Management Corp. and (11) Z&Z. Liberty Jet and Z&Z raise no distinct arguments that are not also raised by the Assorted Non-Joint Defendants. Moreover, neither Liberty Jet nor Z&Z advanced independent arguments during the hearing. The Assorted Non-Joint Defendants raise two distinct arguments. First, with respect to issue (ii) -- whether applicable law allows for reverse veil piercing or alter ego determinations -- the Assorted Non-Joint Defendants argue the Trustee lacks standing to bring an alter ego claim because he stands in the shoes of the Individual Debtor who, accepting the Trustee's allegations as true, is in pari delicto with the alleged alter egos. Second, with respect to issues (i), whether the Trustee can avoid an initial transfer by a non-debtor entity, and (iii), the effect under applicable law of a reverse veil piercing or alter ego determination, the Assorted Non-Joint Defendants argue that the Trustee is improperly asserting claims of the alter egos' bankruptcy estates without the alter egos having filed for bankruptcy and without the substantive consolidation of the Individual Debtor's Chapter 11 case and the not-filed alter ego bankruptcy cases. In doing so, the Assorted Non-Joint Defendants assert the Trustee is bypassing disclosure requirements of the Bankruptcy Code. The Trustee argues he has standing under either section 541 or section 544(a) of the Bankruptcy Code because he stands in the shoes of the Individual Debtor's creditors and, even if he did not, the insider exception to in pari delicto would apply. The Trustee argues he has properly asserted claims of the Individual Debtor's bankruptcy estate, has properly asserted alter ego claims, and that, in any event, he will be seeking a new claims bar date to allow creditors of the alter egos to assert claims against the estate. The Court does not reach the parties' arguments regarding exceptions to in pari delicto. The Trustee has standing to bring the alter ego claims, the Court finds. On the basis of the allegations in the complaints and the incorporated alter ego complaints, the Court concludes the Trustee has plausibly alleged (1) Golden Spring; (2) Lamp Capital; (3) HCHK Tech; (4) HCHK Property; (5) Lexington; (6) Greenwich Land; and (7) Leading Shine are alter egos of the Individual Debtor and their corporate veils should be pierced in reverse. The Trustee has plausibly pled (i) the Individual Debtor dominated and controlled the alter egos such that they have no independent economic existence and serve only as a façade for the Individual Debtor; and (ii) the corporate form of the alter egos serves to hinder, delay, or defraud the Individual Debtor's creditors as part of a large shell game designed to effectively judgment proof the Individual Debtor. Furthermore, the allegations in the complaints and the alter ego complaints, taken as true, do not establish prejudice to the creditors of the alter egos. The Court concludes that none of the four common issues raised by the avoidance action defendants merit dismissal of the avoidance actions. The Court finds because (i) the issues of law raised are not dispositive of the sufficiency of the pleadings; (ii) the defendants do not prevail on the issues of law; and (iii) many of the issues raised are issues of fact, not law, the Joint Motions are denied. The Non-Joint Motions are denied in part as to the issues set forth in the Joint Briefing Order and the Z&Z Objection is overruled in part to the same extent. A copy of the Court's decision is available at https://urlcurt.com/u?l=rSmv8s from PacerMonitor.com. About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. HOODSTOCK RANCH: Seeks Chapter 11 Bankruptcy in Washington ---------------------------------------------------------- On March 6, 2025, Hoodstock Ranch LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Washington. According to court filing, the Debtor reports $3,092,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Hoodstock Ranch LLC Hoodstock Ranch LLC owns the property at 267 86th Rd., Trout Lake, WA 98620, with an estimated value of $3.2 million, based on comparable sales. Hoodstock Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-00388 on March 5, 2025. In its petition, the Debtor reports total assets of $3,200,000 and total liabilities of $3,092,000. Honorable Bankruptcy Judge Whitman L. Holt handles the case. The Debtor is represented by: Patrick D. McBurney, Jr., Esq. MCBURNEYLAW, PLLC 719 Jadwin Ave. Richland, WA 99352 Tel: (509) 374-8996 Fax: (509) 374-1296 E-mail: pdmcburney@gmail.com HULKZ CONSTRUCTION: Amends Plan; Confirmation Hearing March 18 -------------------------------------------------------------- Hulkz Construction LLC submitted a Second Amended Disclosure Statement for Chapter 11 Plan of Reorganization dated February 26, 2025. The Debtor believes that its chapter 11 case has been and will be successful, and that it will therefore be in a position to emerge from chapter 11 having achieved all of the goals it had on the filing date. Class 3 desginated under and by the Plan consists of Allowed Equity Interests. On the effective date, the holders of Class 3 Equity Interests shall retain their interests as they existed on the filing date, being held and owned 100% by Doodnauth. Other than having paid the retention fees for the Debtor's attorney and some miscellaneous expenses, the holders of Class 3 Inteersts have thus far contributed no new value to the Debtor. There shall be no distributions to the holders of Class 3 interests pending the full and final payment of all sums required. This Class is unimpaired are therefore not entitled to vote for or against the Plan and will be deemed to have accepted the Plan. All monies which shall be used to make the payments to all holders of Administrative claims, Priority Tax claims, Class 1 Claims, Class 2 Claims and Class 3 Claims shall be derived from the Debtor's operations, as well as from monies contributed by Doodnauth. The Bankruptcy Court has scheduled a hearing to consider confirmation of the Plan for March 18, 2025 at 11:30 a.m. before the Honorable Nancy Hershey Lord, United States Bankruptcy Judge, at the United States Bankruptcy Court for the Eastern District of New York. A full-text copy of the Second Amended Disclosure Statement dated February 26, 2025 is available at https://urlcurt.com/u?l=AFL2WB from PacerMonitor.com at no charge. Counsel for the Debtor: Raymond W. Verdi Jr., Esq. Law Offices of Raymond W. Verdi Jr., PC 116 East Main Street, Suite C Patchogue, NY 11772 Telephone: (631) 289-2670 Facsimile: (631) 758-2304 About Hulkz Construction LLC Hulkz Construction LLC is in the business of owning and operating the real properties being (1) a two family property located at 1834 Hamburg Street, Schenectady, NY 12304 (the "Hamburg Property") and (2) a one family property located at 142 N. Brandywine Ave., Schenectady, NY 12307 (the "Brandywine Property") (collectively the "Business Properties"). The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-70785) on Feb. 5, 2024, listing up to $50,000 in both assets and liabilities. Judge Nancy Hershey Lord presides over the case. Raymond W. Verdi Jr., Esq. at the Law Offices of Raymond W. Verdi Jr., is the Debtor's counsel. IHEARTMEDIA INC: J. Fasbender to Step Down as Chief Legal Officer ----------------------------------------------------------------- iHeartMedia Inc. disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission that on March 3, 2025, Jordan R. Fasbender, the Executive Vice President, Chief Legal Officer and Secretary of the Company resigned from her positions with the Company, effective on or around April 1, 2025, to accept another position outside of the Company. Ms. Fasbender will remain in her current position to assist with the transition of her responsibilities through the Effective Date. Ms. Fasbender's resignation is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. About iHeartMedia iHeartmedia Inc. develops, owns, and operates the iHeart.com Website, which includes a broad selection of video content posted along with their stories. As of September 30, 2024, iHeartmedia had $5.8 billion in total assets, $7.2 billion in total liabilities, and $1.4 billion in total stockholders' deficit. * * * As reported by the Troubled Company Reporter on March 5, 2024, S&P Global Ratings lowered its issuer credit rating on iHeartMedia Inc. to 'CCC+' from 'B' because it believes the company is dependent on favorable business, financial, and economic conditions to meet its financial obligations. INFINITE GLOW: Seeks to Tap Fox Law Corp. as Bankruptcy Counsel --------------------------------------------------------------- Infinite Glow, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ The Fox Law Corporation, Inc. as its counsel. The firm will provide these services: (a) advise the Debtor as to its powers and duties, as to managing property of the estate and assist it to perform its duties; (b) negotiate, formulate, draft, and confirm a plan of reorganization and to attend hearings before this court in connection with any proposed disclosure statements and plans of reorganization, and advise the Debtor with respect to any proposed plan of reorganization or any proposal made in connection with a plan; (c) examine all filed claims to determine their nature, extent, validity and priority; (d) advise and assist the Debtor to collect assets, the sale of assets, or the refinancing of same in order to implement any plan of reorganization which might be confirmed in these proceedings; (e) take such actions as may be necessary to protect the properties of this estate from seizure or other proceedings, pending confirmation and consummation of a plan in this case; (f) advise the Debtor with respect to the rejection or affirmation of executory contracts; (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) prepare such applications and reports as are necessary and for which the services of an attorney are required; (j) 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 (k) assist the Debtor to fulfill its duties under 11 U.S.C. sections 1106 and 1107, excluding tax and securities related services. The firm's counsel and staff will be paid at these hourly rates: Steven Fox, Attorney $650 Barry Wegman, Attorney $600 Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $50,000 plus a filing fee of $1,738 from Tara Singhal, the Debtor's principal. Mr. Fox 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: Steven R. Fox, Esq. The Fox Law Corporation, Inc. 17385 Ventura Blvd., Suite 306 Encino, CA 91316 Telephone: (818) 774-3545 Facsimile: (818) 774-3707 Email: sfox@ffoxlaw.com About Infinite Glow LLC Infinite Glow LLC has an equitable interest in the property situated at 2912 14th Ave, Oakland, CA 94606, which is valued at $4.7 million. Infinite Glow LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal.Case No. 25-50253) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Stephen L. Johnson handles the case. The Debtor tapped Steven R. Fox, Esq., at The Fox Law Corporation Inc. as counsel. INTEGRITY CELEBRATIONS: Gets OK to Use Cash Collateral ------------------------------------------------------ Integrity Celebrations, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to use cash collateral to pay its expenses. The order signed by Judge Rachel Blise authorized the company to make monthly payments of $7,850 to Citizens Bank, a secured lender, as protection for the use of the bank's cash collateral. The company's authority to use cash collateral terminates upon occurrence of an event of default such as the failure to comply with the order; bankruptcy case dismissal, trustee appointment; cancellation or lapse of insurance on the collateral; or cessation of business operations. In case of default, Citizens Bank must provide written notice to the company's counsel, with 14 days to cure. About Integrity Celebrations LLC Integrity Celebrations LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Integrity Celebrations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No.: 25-20595) on February 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Rachel M. Blise handles the case. The Debtor is represented by Craig Stevenson, Esq. at SwansonN Sweet, LLP. Citizens Bank, as secured lender, is represented by: Daniel J. Habeck, Esq. Beth M. Brockmeyer, Esq. Cramer Multhauf LLP 1601 E. Racine Ave., Suite 200 Waukesha, WI 53186 Email: djh@cmlawgroup.com bb@cmlawgroup.com INVERSIONES ALFA: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Inversiones Alfa V, C.A., according to court dockets. About Inversiones Alfa V C.A. Inversiones Alfa V, C.A. owns a condominium unit, specifically Unit 2303, located in the Turnberry Ocean Colony South Tower in Sunny Isles, Fla. The unit is valued at $4.1 million based on a purchase offer made in February 2024. Inversiones Alfa V filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-11310) on February 6, 2025, listing total assets of $7,763,329 and total liabilities of $8,903,465. Judge Laurel M. Isicoff handles the case. The Debtor is represented by Christian Somodevilla, Esq., of LSS LAW. IRON WORKS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Iron Works Enterprises Incorporated Iron Works Inc. 3901 Pennebaker Ave Bardstown, KY 40004 Business Description: Iron Works Enterprises, also known as Iron Works Inc., is a manufacturing company located in Bardstown, KY, specialing in transforming raw materials into industrial metal components and structures, offering tailored solutions to meet the unique needs of various industries and projects. Chapter 11 Petition Date: March 12, 2025 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 25-30563 Judge: Hon. Charles R Merrill Debtor's Counsel: Joseph H. Haddad, Esq. SEILLER WATERMAN LLC Meidinger Tower - 22nd Floor 462 S. 4th Street Louisville, KY 40202 Tel: 502-371-3504 Fax: 502-371-9204 E-mail: haddad@derbycitylaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Charles Todd Durbin as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7TC6RYY/Iron_Works_Enterprises_Incorporated__kywbke-25-30563__0001.0.pdf?mcid=tGE4TAMA ISA ENTERPRISES: Seeks to Tap The Cooper Law Firm as Legal Counsel ------------------------------------------------------------------ ISA Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ The Cooper Law Firm as counsel. The firm will render these services: (a) provide the Debtor legal advice with respect to its powers and duties in the continued management and control of its assets, and its responsibilities regarding its liabilities to its creditors; (b) provide legal advice to the Debtor regarding its responsibility to provide insurance and bank account information, to file monthly operating reports with this court, to pay quarterly fee to the U.S. Trustee's Office, to seek and receive through its attorney consent of this court to incur debt or sell property, to file a Plan o Reorganization and Disclosure Statement within 180 days of filing of the petition, and to file a Final Report, Accounting and Request for Final Decree as soon after Confirmation of the Plan as is feasible, but no later than 120 days after confirmation of the plan; and (c) prepare the petition, schedules, statement of financial affair, plan of reorganization disclosure statement, final report, final accounting, final decree, as well as any of the necessary applications, answers, orders, reports, or legal documents relative to the Chapter 11 case. The firm will be paid at these hourly rates: Robert Cooper, Attorney $395 Associate $295 The firm requires a retainer of $20,000 plus the $1,738 filing fee from the Debtor. Mr. Cooper disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert H. Cooper, Esq. The Cooper Law Firm 1610 Gowdeysville Road Gaffney, SC 29340 Telephone: (864) 271-9911 Email: rhcooper@thecooperlawfirm.com About ISA Enterprises ISA Enterprises, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-00382) on February 1, 2025, listing under $1 million in both assets and liabilities. Judge Elisabetta Gm Gasparini oversees the case. Robert H. Cooper, Esq., at The Cooper Law Firm serves as the Debtor's counsel. IYS VENTURES: Seeks Approval to Hire Special Litigation Counsel --------------------------------------------------------------- IYS Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Gregory K. Stern, Dennis E. Quaid, Monica C. O'Brien and Rachel S. Sandler, attorneys practicing in Chicago, Illinois, as special litigation counsel. The attorneys will represent the Debtor in the prosecution and/or settlement of the Adversary Complaint. The attorneys will be compensated as follows: 40 percent of the Cause of Action if by settlement or judgment and 45 percent of the adversary complaint after any appeal and reimbursement of costs and expenses, and the attorneys agreement to reduce any allowed compensation for services rendered through the date hereof related to the adversary complaint by one-half in consideration for the employment of the attorneys as special counsel. The attorneys disclosed in a court filing that they are "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorneys can be reached at: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Telephone: (312) 427-1558 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, signed the petition. Judge David D. Cleary oversees the case. The Debtor tapped Gregory K. Stern, PC as bankruptcy counsel and Gregory K. Stern, Esq., Dennis E. Quaid, Esq., Monica C. O'Brien, Esq., and Rachel S. Sandler, Esq., as special litigation counsel. JACK COOPER: Starts Chapter 7 Liquidation w/ $100MM Debt -------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Jack Cooper Transport Co., a trucking company specializing in vehicle transport, has filed for Chapter 7 bankruptcy in Delaware, citing at least $100 million in debt. About Jack Cooper Transport Co. Jack Cooper Transport Co. is a trucking company that specializes in vehicle transport. Jack Cooper Transport Co. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10416) on March 8, 2025. In its petition, the Debtor reports about $100 million in liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by: Zachary I. Shapiro, Esq. Richards, Layton & Finger, P.A. 1 Wallich Street #37-01 Guoco Tower 078881 Singapore JACKSON COURT: Seeks to Sell San Francisco Garage Property ---------------------------------------------------------- Jackson Court City Share Owners Association seeks permission from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to sell Lease of a portion of the Garage of Lauren Nemeth and Timothy Faye, free and clear of liens, interests, and encumbrances. The Debtor wants to sell its principal asset, a property located at 2198 Jackson Street, San Francisco, California, in a fashion which affords the buyer good, insurable title. The Property sits at the corner of Jackson and Buchanan Streets in the Pacific Heights neighborhood of San Francisco. In 1980, Versatyme Controls Corporation developed the Property, which had previously been a single family residence, into a bed and breakfast timeshare. As developed, the Property has 10 separate guest bedrooms. In order to facilitate sales of the timeshare intervals, Versatyme (and subsequently World Wide Group) offered seller financing for a portion of the purchase price in the form of notes secured by deeds of trust encumbering the underlying Property. At present, 29 of the Deeds of Trust remain outstanding and encumbrances against the Property. The City Share Board of Directors expended four years and hundreds of thousands of dollars attempting to resolve the clouds on title, ultimately through a quiet title proceeding, before concluding that it would likely enjoy success more expeditiously and less expensively through a Chapter 11 proceeding. The Debtor determines that the marketing and sale of the Property will be enhanced if it can be sold free and clear of the Garage Lease, affording the buyer full, complete, and exclusive control over the entirety of the Garage. The debtor proposes to sell the Property free and clear of the Garage Lease, with any claim associated with the Garage Lease to re-attach to the proceeds of the sale. About Jackson Court City Share Owners Association Based in San Francisco, Jackson Court City Share Owners Association operates as a property owners association. Jackson Court City Share Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30010) on January 8, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Judge Hannah L. Blumenstiel handles the case. The Debtor tapped Michael St. James, Esq., at St. James Law, PC as bankruptcy counsel and Bruce M. Boyd, Esq., at Lee, Hong, Degerman, Kang & Waimey as corporate counsel. KAL FREIGHT: Agrees to Settlement w/ Lenders and $3MM Sale ---------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge has agreed to approve a global settlement between trucking company Kal Freight Inc., its secured lenders, and the committee of unsecured creditors, as well as a $3.3 million sale of select assets. 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. KAMC HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating and 'B-' issue-level rating on Port Washington, Wis.-based provider of energy efficiency and demand-side management (DSM) solutions and products KAMC Holdings Inc.'s (doing business as Franklin Energy) first-lien debt. The negative outlook reflects the risk that S&P could lower its ratings over the next six months if the company has not completed a comprehensive refinancing before its revolver becomes current, and S&P expects the company to maintain sufficient liquidity while generating FOCF after the refinancing transaction. The outlook revision reflects rising refinancing risks. The company's revolving credit facility and term loan B are at risk of becoming current within the next six months. S&P said, "We do not forecast the company will have sufficient liquidity to repay these maturities, necessitating access to external financing. Although we believe Franklin will look to execute a potential refinancing over the near term, it may lack the ability to do so if macroeconomic conditions, its operating performance, or credit markets deteriorate. In our base case, we assume the company refinances its outstanding debt at similar terms. Higher interest rates would weaken our FOCF forecast." S&P said, "Franklin Energy did not meet our forecast expectations in 2024. Our previous forecast assumed Franklin would achieve higher revenue and EBITDA growth stemming from industry tailwinds and improved operating performance from the company's highly technical and programmatic in-house expertise, enabling the company to capture revenue. Due to lower-than-expected product sales and a large contract rolling off, we expect the company's revenue growth in 2024 to be around 2% and S&P Global Ratings-adjusted EBITDA of nearly $10 million lower than our previous forecast for the year. The company also made three acquisitions in 2024, which resulted in higher one-time costs, ultimately leading to S&P adjusted EBITDA margin compression of about 240 basis points to around 13% from over 15% in 2023, with negligible FOCF. "We believe Franklin Energy's operating performance will improve in 2025, which could partly support the company's refinancing efforts. Despite its weak growth and negligible FOCF in 2024, we expect the company's performance to improve in 2025 due to the revenue and EBITDA contributions from its acquisitions, strong services backlog, and well-established relationships with large utility companies. We forecast acquired EBITDA and lower acquisition-related charges will result in S&P Global Ratings-adjusted EBITDA growth, margin expansion, and $5 million to $10 million of FOCF in 2025 with leverage improving to the low-9x area from the mid-12x area at the end of 2024. Still, we believe the company faces execution risk in achieving the upper end of our FOCF forecast as elevated one-time costs and operating underperformance has kept FOCF relatively muted over the past six years, with reported FOCF peaking at $6.5 million in 2023. "We see a longer-term credit risk because we think the company's preferred equity terms create uncertainty over governance and financial policies. In the first quarter of 2024, Franklin issued $135 million of preferred equity to replace its second-lien term loan, and the company issued another $40 million in the fourth quarter of 2024 to help fund an acquisition. While the transactions helped the liquidity profile of Franklin, the preferred equity comes with sizeable risks. The instrument holder has the right to demand repayment in the third quarter of 2029, at which time we estimate the cash requirement to be more than $350 million after paid-in-kind (PIK) accrual. If full redemption does not occur, the preferred equity holder has the right to step up the PIK rate and take control with majority board seats. We think this creates incentive for the current sponsors to refinance the preferred equity to avoid facing possible change of control. Business underperformance from our base case could increase refinancing risk and reduce the chance the company can convert the preferred equity to debt. We also believe this future preferred equity liability will limit the maturity of a potential first-lien refinancing transaction to the first half of 2029. "The negative outlook reflects the risk that we could lower our ratings over the next six months if the company has doesn't completed a comprehensive refinancing before its revolver becomes current, and we expect the company to maintain sufficient liquidity while generating FOCF after the refinancing transaction. "We could lower the rating if we do not expect Franklin to refinance and extend its maturities before they become current or if the company agrees to refinancing terms that materially reduce our FOCF forecast resulting in an unsustainable capital structure, in our view. We could also lower the rating if the company's operating performance weakens, and we expect negligible or negative FOCF to persist." This could result from: -- Failure to capture revenue and EBITDA growth from recent acquisitions or a delay in revenue realization from the company's backlog, -- Persistently lower demand; or -- Greater-than-expected competitive pressures that lead to price pressures or loss of key customers. S&P said, "We could revise the outlook to stable if Franklin extends its upcoming maturities through a refinancing transaction with terms that allow it to generate sufficient FOCF to cover its debt service costs, and we believe the company will perform in line with our expectations." KATANA ELECTRONICS: Updates Priority Claims Details; Amends Plan ---------------------------------------------------------------- Katana Electronics, LLC, submitted a Third Amended Plan of Reorganization for Small Business dated February 26, 2025. The Plan Proponent's financial projections show that the Debtor will have projected disposable income $9,830.00. The final Plan payment is expected to be paid on July 2028. 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. This Plan also provides for the payment of administrative and priority claims. Class 1 consists of Priority Claims. Class 1 is unimpaired by this Plan, and each holder of a Class 1 Priority Claim will be paid in full, in cash, upon the later of the effective date of this Plan, or the date on which such claim is allowed by a final non-appealable order per the plan payments estimated to cover 39 months ending in approximately July 2028. Like in the prior iteration of the Plan, all claims in Class 3 Non-priority unsecured creditors shall receive the pro rata distribution of of all disposable income during the life of the plan, which is estimated to be $0.00. If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, payments to Creditors provided for in the Plan will be made by the Trustee/Debtor pursuant to Section 1194(a) of the Bankruptcy Code. Debtor will make the plan payments to the respective claimants. Once the Trustee's service is terminated under Section 1183(c) of the Bankruptcy Code, the Debtor shall make Plan payments except as otherwise provided in the Plan or in the order confirming the Plan. If the Plan is confirmed under section 1191(b) of the Bankruptcy Code, except as otherwise provided in the Plan or in the order confirming the Plan, the Trustee/Debtor shall make all Plan payments to creditors under the Plan. The Debtor shall make monthly plan payments of $9,830.00 a month to satisfy its obligation to Classes of Creditors mentioned above. Unsecured creditor will receive their portion of the plan payment in accordance with their classification and pursuant to the pro rata portion of their claims, unsecured creditor shall receive no less than $3,578.03 total. A full-text copy of the Third Amended Plan dated February 26, 2025 is available at https://urlcurt.com/u?l=q3eEXL from PacerMonitor.com at no charge. Attorney for the Debtor: Ted F. Stokes, Esq. Stokes Law, PLLC 2072 North Main Suite 102 North Logan, UT 84341 Tel: (435) 213-4771 Fax: (888) 443-1529 Email: ted@stokeslawpllc.com About Katana Electronics Katana Electronics, LLC, is an electronics manufacturing company specializing in circuit boards and other electronic hardware. Katana Electronics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 23-22919) on July 11, 2023, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Brian Rothschild, Esq., has been appointed as Subchapter V trustee. Judge Kevin R. Anderson oversees the case. The Debtor tapped Theodore Floyd Stokes, Esq., at Stokes Law PLLC, as legal counsel and Beynon & Associates, Inc. as accountant. KIRCHOFF OIL: Case Summary & 10 Unsecured Creditors --------------------------------------------------- Debtor: Kirchoff Oil Inc. 117 S. Cook St., Suite 195 Barrington, IL 60010 Business Description: Kirchoff Oil Inc. owns and operates an an attended self-service gas station located at 4200 Kirchoff Road in Rolling Meadows, IL 60008. Chapter 11 Petition Date: March 11, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-03686 Judge: Hon. Donald R Cassling Debtor's Counsel: Paul M. Bach, Esq. BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60065 E-mail: paul@bachoffices.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mohammed Hussain as president. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VTXADPI/Kirchoff_Oil_Inc__ilnbke-25-03686__0001.0.pdf?mcid=tGE4TAMA LEFEVER MATTSON: Hires Compass California II as Real Estate Broker ------------------------------------------------------------------ LeFever Mattson and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California to employ Compass California II, Inc. as real estate broker. The Debtors need a broker to market and sell their properties located at: (a) 1383 Larkin Drive, Sonoma, California; (b) 596 3rd Street East, Sonoma, California; (c) 19450 Old Winery Road, Sonoma, California; (d) 453/457/459 2nd Street W., Sonoma, California; (e) 377 West Spain Street, Sonoma, California; (f) 653 3rd Street W., Sonoma, California; (g) 101 Meadowlark Lane, Sonoma, California; (h) 24101 Arnold Drive, Sonoma, California; (i) 24151 Arnold Drive, Sonoma, California; (j) 310 Meadowlark, Sonoma, California; (k) 201 Meadowlark, Sonoma, California; (l) 19340 7th Street E., Sonoma, California; (m) 430 West Napa, Sonoma, California; and (n) 424 2nd Street W., Sonoma, California. The firm will receive a commission of 2.5 percent of the purchase price for each property, payable at the close of escrow. There are two vineyards among the properties; a 3 percent commission will be paid for those two properties at the close of escrow. Maurice Tegelaar, a broker at Compass California II, 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: Maurice Tegelaar Compass California II, Inc. 135 W. Napa Street, Suite 200 Sonoma, CA 95476 Telephone: (707) 934-2288 Email: maurice.tegelaar@compass.com About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. LEVY VENTURES: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On March 5, 2025, Levy Ventures LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Levy Ventures LLC Levy Ventures LLC is engaged in real estate -related activities. Levy Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22182) on March 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com LJB LLC: Gets Interim OK to Use Cash Collateral Until April 1 ------------------------------------------------------------- Mark G. DeGiacomo, the Chapter 11 Trustee for LJB, LLC, received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral until April 1. The Trustee needs to use cash collateral to pay utilities, taxes and other essential costs of maintaining and preserving the real property in which the estate has an interest. At the time of the Trustee's appointment, the Debtor had $171,792 in cash in its debtor-in-possession operating account, all of which has been transferred to the Trustee. The Debtor's schedules reflect that it had $45,544 cash on hand as of the Petition Date. Alpha Debt Partners I, LLC asserts a claim against the Debtor totaling approximately $5.4 million as of the Petition Date,1 which Alpha Debt asserts is secured by a first priority mortgage lien against each of the properties and their rents. The City of Waltham, Massachusetts, may also assert municipal liens against the properties for unpaid real estate taxes and sewer and water charges. The Trustee is not aware of any other creditors asserting a lien in the Debtor’s cash collateral or the properties. As protection, secured creditors were granted replacement liens on the Debtor's post-petition assets with the same priority as their pre-bankruptcy liens. The Debtor said creditors with claims secured by the properties are also adequately protected by an equity cushion in the properties, reflected by the properties' aggregate tax assessed value of $12.586 million, and offers to purchase the properties reviewed by the Trustee for amounts in excess of the secured claims. The next hearing is scheduled for March 27. 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 at Law Office of Gary W. Cruickshank. LONERO ENGINEERING: Hires Harmon Partners LLC as Investment Banker ------------------------------------------------------------------ Lonero Engineering Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Harmon Partners LLC as investment banker. The firm will render these services: (a) research, identify, qualify and contribute to a list of potential buyers who Harmon and the Debtor agree may be capable of completing a transaction on terms and conditions acceptable to the Debtor, contact those buyers for the purpose of soliciting purchase offers and maintain a log noting progress made with such potential buyers; (b) assist the Debtor and its specialist advisors in executing the recommended strategy; (c) assist the Debtor and its specialist advisors during the independent and confidential due-diligence process conducted by any potential buyer; (d) support and advise the Debtor and support its counsel in connection with the negotiation and structuring of a purchase and sale agreement specifying the terms and conditions associated with any transaction; (e) at the Debtor's reasonable request, meet with its management team, board of directors, managers, shareholders and lenders to discuss progress and share transactional observations, compare alternatives and make recommendations at reasonable intervals; and (f) assist in the development of such other strategic options or alternatives that arise out of Harmon's work efforts, if any. The firm will receive a commission based on the following fees: (a) Success Fee - 6 percent of sale price; and (b) Minimum Success Fee - $150,000. John Dimovski, a member of Harmon Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Dimovski, CFE, CVA Harmon Partners, LLC 300 Park Street, Suite 100 Birmingham, MI 48009 Telephone: (248) 723-7933 About Lonero Engineering Co. Lonero Engineering Co., Inc. is a company based in Troy, Mich., which operates as a specialized machine shop providing precision machining services for complex, close-tolerance applications. Lonero sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-40041) on January 3, 2025. In its petition, the Debtor reported up to $50,000 in assets and up to $500,000 in liabilities. Judge Lisa S. Gretchko handles the case. The Debtor tapped Schafer and Weiner, PLLC as counsel and Harmon Partners, LLC as investment banker. LR GREENVIEW: Hires Regal Tax & Law Group as Bankruptcy Counsel --------------------------------------------------------------- LR Greenview, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Regal Tax & Law Group, PC as general bankruptcy counsel. The firm will provide these services: (a) represent the Debtor at the initial debtor interview, at all meetings of creditors, hearings, pretrial conferences, and trials in this case or any litigation arising in connection with the case; (b) prepare, file, and present to the court any pleading requesting or opposing relief; (c) prepare, file, and present to the court a disclosure statement and plan of arrangement under Chapter 11 of the Bankruptcy Code; (d) review of claims made by creditors and interested parties; (e) prepare and present final accounting and motion for final decree closing this case; and (f) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Erin Daly, Attorney $550 Johnathan Vaknin, Attorney $440 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $40,000 from the Debtor. Mr. Daly 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: Erin E. Daly, Esq. Regal Tax & Law Group, PC 4 Embarcadero Center, Ste. 1400 San Francisco, CA 94111 Telephone: (415) 360-5850 Facsimile: (415) 360-5855 Email: erin@regaltaxlaw.com About LR Greenview LR Greenview, LLC filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 25-40170) on January 31, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Erin E. Daly, Esq., at Regal Tax & Law Group, PC represents the Debtor as bankruptcy counsel. M2I GLOBAL: Reports Larger Net Loss of $3.89 Million for FY 2024 ---------------------------------------------------------------- M2i Global, Inc. filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $3.89 million with no revenue for the year ending Nov. 30, 2024. This compares to a net loss of $1.99 million on revenue of $3,400 for the year ending Nov. 30, 2023. The increase in net loss is attributed to higher operating expenses and increased interest expenses. As of Nov. 30, 2024, the Company had $85,420 in total assets, $2.62 million in total liabilities, and a total stockholders' deficit of $2.53 million. Diamond Bar, California-based TAAD, L.L.P., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Feb. 27, 2025, citing that the Company has limited revenues and incurred recurring losses that raise substantial doubt about its ability to continue as a going concern. As of the fiscal year ended Nov. 30, 2024, the Company had cash of $80,281 and $48,197 as of the fiscal year ended Nov. 30, 2023. Furthermore, the Company had a working capital deficit of $2,532,472 and $1,038,946 as of the fiscal years ended Nov. 30, 2024 and 2023, respectively. The increase in the working deficit is due to a rise in unpaid accounts payable and payables to related parties. During the fiscal year ended Nov. 30, 2024, the Company used $2,098,661 of cash in operating activities compared to $1,611,258 of cash in operating activities during the fiscal year ended Nov. 30, 2023. The increase in cash used in operating activities was the result of an increase in net loss, offset by an increase in accounts payable and accounts payable-related party. During the fiscal years ended Nov. 30, 2024 and 2023, the Company had no cash flows from investing activities During the fiscal year ended Nov. 30, 2024, the Company generated $2,130,745 cash in financing activities which came from a net decrease in the related-party loan of $563,950 and proceeds from sale of common stock of $2,396,735 offset by repurchase of common stock of $5,000 and a promissory note for $302,960. During the fiscal year ended Nov. 30, 2023, the Company generated $1,659,341 of cash in financing activities which came from a related-party loan of $608,319, a convertible note for $250,000 and proceeds from sale of common stock of $1,236,022 offset by repurchase of common stock of $435,000. The complete text of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1753373/000149315225008533/form10-k.htm About M2I Global, Inc. M2I Global, Inc., headquartered in Incline Village, NV, focuses on securing reliable access to critical minerals and metals essential for the U.S., its allies, and partners. By developing a diverse portfolio of projects, it aims to address challenges in the critical minerals and materials sector, ensuring sustainable and stable supply chains. The Company's efforts support industries like technology, defense, and energy, while contributing to national security and economic growth. MARIZYME INC: Reports $1.9MM Net Loss in Fiscal Q3 -------------------------------------------------- Marizyme, Inc., filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting $1,959,861 in net loss over $0 gross profit for the three months ended September 30, 2024, compared to $26,546,688 in net loss over $130,546 in gross profit for the three months ended September 30, 2023. The Company also reported $14,792,177 in net loss over $23,208 in gross profit for the nine months ended September 30, 2024, compared to $65,185,311 in net loss over $355,373 in gross profit for the nine months ended September 30, 2023. The Company had $21,256,297 in total assets, $36,795,387 in total liabilities, and $15,539,090 in total stockholders' deficit at September 30, 2024. The Company's unaudited condensed consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have an established source of revenues sufficient to cover its operating costs, which requires the Company to rely on investing and financing activities in order to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $170,320,946 at September 30, 2024 (December 31, 2023 - $155,528,769). Additionally, the Company has negative working capital of $29,122,609 (December 31, 2023 - $21,673,945) and $63,732 (December 31, 2023 - $148,465) of cash on hand, which is not sufficient to fund operations for the next twelve months. These factors raise substantial doubt about the Company's ability to continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing its business for the foreseeable future with neither the intention or necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to the laws and regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent upon its ability to continue to successfully develop its intangible assets, meet its debt obligations until such time future profitable revenues are achieved, and raise funds beyond its working capital balance in order to finance future development of its intangible assets. During the next twelve months from the date the unaudited condensed consolidated financial statements were issued, the Company's foreseeable cash requirements will relate to continuous operations of its business, maintaining its good standing and making the required filings with the Securities and Exchange Commission, and the payment of expenses associated with its product development. The Company may experience a cash shortfall and be required to raise additional capital. Management intends to raise additional funds by way of a private or public offering. In July 2024, the Company executed a promissory note in favor of Qualigen Therapeutics, Inc., which had previously engaged in an agreement with the Company to advance the commercialization of DuraGraft(TM). Under the terms of the promissory note, Qualigen lent the Company $1,250,000, providing temporary financial support as the Company seeks additional funding. During the last quarter of the fiscal year 2024, the Company has secured additional funding of $1,027,400 in the form of short-term loans. While the Company has successfully raised capital in the past and remains confident in its strategy to develop and expand its products, as well as generate sufficient revenue, there is no guarantee of future success. The Company's ability to continue as a going concern depends on its success in implementing its business plan, generating sufficient revenue, and securing additional funds through public or private offerings. A full-text copy of the Form 10-Q is available at https://tinyurl.com/5n7af8pu About Marizyme Marizyme, Inc. is a medical technology company changing the landscape of cardiac care by delivering innovative solutions for coronary artery bypass graft (CABG) surgery. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated May 13, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. MASS POWER: Seeks Chapter 11 Bankruptcy in Massachusetts -------------------------------------------------------- On March 5, 2025, Mass Power Solutions LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. 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 Mass Power Solutions LLC Mass Power Solutions LLC, established in 2018, is an electrical contracting company specializing in renewable energy solutions, including solar project design, installation, and management, serving both residential and commercial clients. Mass Power Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40234) on March 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by: John O. Desmond, Esq. 5 Edgell Road, Suite 30A Framingham, MA 01701 Tel: 508-879-9368 E-mail: attorney@jdesmond.com MAVENCRUX I LLC: Taps Dickinson Bradshaw Fowler & Hagen as Counsel ------------------------------------------------------------------ Mavencrux I, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Dickinson, Bradshaw, Fowler & Hagen PC as reorganization counsel. The firm will provide these following services: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtor regarding matters of Bankruptcy Law, including the rights and remedies of the Debtor with regard to its assets and with respect to the claims of creditors; (c) represent the Debtor in any proceedings or hearings in the bankruptcy court and in any action in any other court where its rights under the Bankruptcy Code may be litigated or affected; (d) conduct examinations of witnesses, claimants, or adverse parties and prepare and assist in the preparation of reports, accounts, and pleadings related to this Chapter 11 case; (e) advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules as the same affect the Debtor in this proceeding; (f) assist the Debtor in the negotiation, formulation, confirmation, and implementation of a Chapter 11 Plan; (g) make any court appearances on behalf of the Debtor; and (h) take such other action and perform such other services as the Debtor may require of the firm in connection with the Chapter 11 case. The firm's services will be based upon the amount of time required at standard billing rates plus out-of-pocket expenses. The firm received a retainer in the amount of $101,078 from the Debtor. Jeffrey Goetz, Esq., an attorney at Dickinson, Bradshaw, Fowler & Hagen, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey D. Goetz, Esq. Dickinson Bradshaw Fowler & Hagen PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309 Telephone: (515) 246-5817 Facsimile: (515) 246-5808 Email: jgoetz@dickinsonbradshaw.com About Mavencrux I Mavencrux I, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00292) on March 3, 2025. In the petition signed by Louis Weltman, CRO and manager, the Debtor disclosed under $1 million in both assets and liabilities. The Debtor tapped Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen PC as counsel. MCR HEALTH: Court Extends Cash Collateral Access to March 27 ------------------------------------------------------------ MCR Health, Inc. and AllCare Options, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use the cash collateral of ServisFirst Bank. The fourth interim order authorized the companies to use the secured creditor's cash collateral until March 27 to pay their expenses. As protection, ServisFirst Bank was granted a replacement lien on post-petition cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. The next hearing is scheduled for March 27. ServisFirst Bank has a lien on substantially all of MCR Health's assets, including assets valued at approximately $60 million. MCR Health owes ServisFirst Bank approximately $11.89 million. About MCR Health Inc. MCR Health, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06604) on November 8, 2024, listing between $10 million and $50 million in both assets and liabilities. Mary Ruiz, board chair, signed the petition. Judge Roberta A. Colton oversees the case. The Debtor is represented by Steven M. Berman, Esq., at Shumaker, Loop & Kendrick, LLP. ServisFirst Bank, as secured creditor, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 lfernandez@trenam.com MIDWEST MOBILE: Gets Extension to Access Cash Collateral -------------------------------------------------------- Midwest Mobile Imaging, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Missouri, Southern Division to use cash collateral to pay its operating expenses. As protection, Community First Bank, a secured creditor, was granted a replacement security interests in, and liens on, all post-petition property of the company that is the same type of property that the bank holds a pre-bankruptcy interest, lien or security interest. Additionally, Community First Bank will continue to receive a monthly payment of $1,200, until further order of the court. Midwest will continue to pay Marie Taylor her usual salary of $45,000 per year and Dan Taylor a salary up to $7,000 per month. No additional insider compensation is allowed. The next hearing is scheduled for March 4. About Midwest Mobile Imaging Midwest Mobile Imaging, LLC is a full-service mobile diagnostic x-ray services provider in Springfield, Mo. Midwest Mobile Imaging sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60002) on January 3, 2025, with up to $500,000 in assets and up to $10 million in liabilities. Dan Taylor, a member of Midwest Mobile Imaging, signed the petition. Judge Brian T. Fenimore oversees the case. The Debtor is represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. Community First Bank, as secured creditor, is represented by: Lee J. Viorel, Esq. Lowther Johnson, LLC 901 St. Louis Street, 20th Floor Springfield, MO 65806 Office: (417) 866-7777 Fax: (417) 866-1752 lviorel@lowtherjohnson.com MITEL NETWORKS: Files Chapter 11 to Restructure $1.15B Debt ----------------------------------------------------------- Mitel Networks Corporation, a global leader in business communications, announced on March 10, 2025, it has entered into an agreement with an ad hoc group of its senior lenders, certain junior lenders, and other key stakeholders to recapitalize its debt in a manner that best positions the Company to optimize its global operations and drive profitable and predictable growth. Right-sizing Mitel's capital structure will enable the Company to invest in its long-term business strategy as it looks to be the leader in unified communications, addressing the increased demand for hybrid communications solutions by new and existing enterprise customers in the most demanding industries and geographies, while also continuing to support more than 70 million users with customers in over 100 countries. Mitel will continue to operate in the ordinary course throughout its financial reorganization process, fulfilling its go-forward commitments to customers, partners, and other stakeholders. With support from the Ad Hoc Group and other key stakeholders, Mitel expects this to be a swift, streamlined process with minimal disruption to customers, employees, vendors, or partners. "For over 50 years, Mitel has pioneered and adapted to the ever-changing communications industry, shaping how organizations worldwide connect and communicate," said Tarun Loomba, Chief Executive Officer of Mitel. "We are confident the steps we are taking to optimize our capital structure will make us a stronger company primed for efficient and sustainable growth. Our strengthened capabilities at the end of this process will ensure our ability to continue to support customers and partners with innovative solutions, incorporating emerging technologies, and meeting their evolving needs for secure, reliable communications solutions for years to come. We look forward to becoming an even stronger vendor to our customers through this process, better positioned to power their most meaningful connections and to address the increasing preferences for hybrid communications solutions, globally." To implement the reorganization transaction, the Company and certain of its affiliates have commenced solicitation of a joint prepackaged plan of reorganization (the "Plan") and filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Mitel's operations outside of the U.S., Canada, and select business segments in the U.K. are not included within the Chapter 11 filing. Mitel's global business will continue to operate in its normal course. Mitel has received a commitment for $60 million of new money debtor-in-possession ("DIP") financing from certain of the supporting lenders to further bolster the business through the restructuring process. Once approved by the Court, the DIP financing and Company's existing working capital will provide liquidity to support day-to-day operations during the Chapter 11 process. Mitel has also received a commitment for $64.5 million of new exit financing upon consummation of the Plan to support the Company's go-forward operations. This process will result in the Company's balance sheet being deleveraged by approximately $1.15 billion and its annual cash interest expense to be reduced by approximately $135 million. As part of the Chapter 11 process, the Company has sought expedited relief through customary motions to allow Mitel to maintain its operations in the ordinary course. Under the terms of the motions, employees would continue to be paid as usual and continue their benefits without disruption. Additionally, the Company has filed a motion with the Bankruptcy Court that will allow it to make timely payments to vendors, suppliers, and other trade partners in full under normal terms for goods and services delivered both before and after the filing date. The Company is represented in this matter by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisor, FTI Consulting, Inc. as financial advisor, and PJT Partners LP as investment banker. The Ad Hoc Group is advised by Davis Polk & Wardwell LLP as legal advisor and Perella Weinberg Partners LP as investment banker. For more information about Mitel's financial restructuring, visit www.mitel.com/about/financial-restructuring, cases.stretto.com/mitel or call (855) 704-1401 (U.S. and Canada); or (949) 570-9105 (International). About Mitel Networks Inc. Mitel Networks Inc. provides communication solutions. Mitel Networks Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90094) on March 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. MITEL NETWORKS: S&P Downgrades ICR to 'D' on Bankruptcy Filing -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Mitel Networks (International) Ltd. to 'D' from 'CCC'. S&P also lowered its issue-level rating on the all the company's rated debt instruments to 'D'. The downgrade reflects Mitel filing for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The company filed for bankruptcy as of March 10 and at the time of its filing, Mitel's outstanding debt totaled approximately $1.28 billion. The bankruptcy filing follows persistently weak operating performance with declines in revenues and insufficient liquidity to cover its debt service obligations and investment needs. However, S&P doesn't expect the bankruptcy filing to impact operations and expect vendors will be paid in full. Mitel Networks Corp. (parent company) has entered into a transaction support agreement with lenders who have pledged their support for the in-court recapitalization. The company announced that the prepackaged plan would come with US$60 million of new debtor-in-possession financing to fund its operations as it works through bankruptcy proceedings. In addition, it has also received commitments of US$64.5 million of new financing to support its operations once restructuring is complete. Post reorganization, management expects balance sheet debt will be reduced by approximately by $1.15 billion and annual cash interest expense will be about $135 million lower. S&P Global Ratings expects to assign ratings to the company and its debt once it exits bankruptcy. MODIVCARE INC: S&P Rates $251MM Second-Lien Notes Exchange 'CCC-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'CCC-' issue-level rating and '6' recovery rating to the new $251 million second-lien notes by ModivCare Inc. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of default. The exchange follows ModivCare's January 2025 announcement that it would exchange up to $251 million of senior unsecured notes for second-lien payment-in-kind (PIK) toggle notes. Concurrently with the transaction, the existing senior unsecured notes outstanding will reduce to $249 million. S&P expects the transaction will be leverage neutral because it will not affect total debt outstanding. Additionally, investor Coliseum Capital Management LLC intends to fund an additional $30 million of second-lien notes and it will exchange $20 million of its existing senior unsecured notes into second-lien notes, subject to shareholder vote on March 13. S&P said, "Our 'CCC+' issuer credit rating and negative outlook reflects our expectations for continued cash flow deficits and EBITDA margin pressure as Medicaid redeterminations and cost-savings initiatives are further delayed into 2025. Issue Ratings--Recovery Analysis Key analytical factors -- Under the proposed transaction, the company's capital structure will comprise a $325 million revolving credit facility ($269 million drawn as of December 2024, with maturity in February 2027), $525 million of first-lien term loan maturing in July 2031, $75 million incremental first-lien term loan maturing in January 2026, pro forma $229 million 5% unsecured notes due in October 2029, and pro forma $301 million second-lien notes maturing in October 2029. -- S&P's analysis incorporates the exchange with Coliseum Capital, subject to shareholder vote on March 13. -- S&P assumes the second-lien notes PIK at 10%. -- S&P assumes about 85% drawn on the revolver at default. -- S&P has valued the company on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA, which is consistent with the multiples we use for other non-hospital health care services companies. -- S&P's simulated default scenario contemplates a default occurring in 2026, likely due to intensified pricing pressure and competition. -- S&P's recovery analysis assumes that, in a hypothetical bankruptcy scenario, the company would reorganize because of its contracts and continued demand for its services. Simulated default assumptions -- Simulated year of default: 2026 -- EBITDA at emergence: $122 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $640 million -- Valuation split (obligors/nonobligors): 100%/0% -- Total collateral value available to secured debt: $640 million -- First-lien debt claims: $904 million --First-lien recovery expectations: 70%-90% (rounded estimate: 70%) -- Second-lien debt claims: $347 million --Second-lien recovery expectations: 0%-10% (rounded estimate: 0%) -- Total value available to unsecured claims: $0 million -- Total unsecured claims: $847 million --Unsecured recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. MONDEE HOLDINGS: Unsecureds to Get Nothing in Liquidating Plan -------------------------------------------------------------- Mondee Holdings Inc. and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Second Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated February 27, 2025. The Debtors were founded in 2011. Over time, the Debtors acquired several large businesses, including the largest air ticket consolidator companies in the United States and Canada, to become a successful marketplace for negotiated airfares. The Debtors executed the Stalking Horse Term Sheet with the Prepetition Lenders and DIP lenders, certain of which will serve as the Stalking Horse Bidder in a sale process pursuant to section 363 of the Bankruptcy Code, subject to Bankruptcy Court approval. The Sale contemplates a credit bid for a total purchase price of $191 million in the aggregate consisting of (i) certain obligations under the DIP Facility, (ii) a portion of the Prepetition Last Out Obligations, and (iii) the assumption/refinance of Allowed Prepetition Loan Claims and/or Allowed DIP Loan Claims, as applicable, on account of Allowed First Out Obligations. As part of the purchase price, the Stalking Horse bidder have also agreed to assume certain liabilities (including contract cure costs up to an agreed upon cap) and leave behind cash to conclude these Chapter 11 Cases and wind-down the Debtors' estates post-sale. As part of the Sale, the Debtors propose to sell all claims and causes of action of the Debtors (including derivative claims and causes of action) against the Prepetition Lenders and any current or former officers and directors of the Debtors. In addition to evaluating a pending investigation by the Securities and Exchange Commission against Mr. Gundumogula, the Debtors and their advisors are currently performing due diligence to determine the extent and value, if any, of any causes of action to be sold pursuant to the Sale. The findings of the Debtors' investigation will be disclosed in advance of the hearing scheduled to consider the Sale. Prior to the Petition Date, the Debtors signed the RSA, with the Prepetition Lenders and Mr. Gundumogula. The RSA memorializes the parties' support for the proposed DIP facility, Stalking Horse Bid, and this Plan. The RSA memorializes the agreed terms among Mr. Gundumogula and the Prepetition Lenders regarding go-forward economics, equity splits and other rights that the parties will hold in the company following the sale. On the Petition Date, the Debtors filed the Combined Disclosure Statement and Plan. If confirmed, the Combined Disclosure Statement and Plan will allow for both the efficient wind-down of the Debtors' estates following the sale process and the realization of maximum value with respect to remaining assets for the benefit of their stakeholders. The wind-down efforts will be facilitated by the Liquidation Trust established under the Combined Disclosure Statement and Plan and overseen by the Liquidation Trustee. The purpose of the Liquidation Trust will include winding down the Debtors' estates, and making distributions to the beneficiaries of the Liquidation Trust. Class 4 consists of General Unsecured Claims. Holders of General Unsecured Claims shall not receive or retain any distribution under the Combined Disclosure Statement and Plan on account of such General Unsecured Claims. The allowed unsecured claims total $45,670,083.00. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. The Combined Disclosure Statement and Plan will be implemented by, among other things, the consummation of the Sale, the establishment of the Liquidation Trust, the vesting in and transfer to the Liquidation Trust of the Liquidation Trust Assets, and the making of Distributions by the Liquidation Trust in accordance with the Combined Disclosure Statement and Plan, and the Liquidation Trust Agreement. Distributions under the Combined Disclosure Statement and Plan shall be funded from Excluded Cash and the proceeds of other Liquidation Trust Assets, if any. Except for the contribution of Excluded Cash in accordance with the Stalking Horse Agreement, neither the Successful Bidder, the DIP Lenders or the Prepetition Secured Parties will have any obligation to provides funds to make distributions required by the Combined Disclosure Statement and Plan. A full-text copy of the Second Amended Combined Disclosure Statement and Liquidating Plan dated February 27, 2025 is available at https://urlcurt.com/u?l=Qjjjbd from PacerMonitor.com at no charge. Co-Counsel for the Debtors: Edmon L. Morton, Esq. Matthew B. Lunn, Esq. Timothy R. Powell, Esq. Shella Borovinskaya, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: emorton@ycst.com mlunn@ycst.com tpowell@ycst.com sborovinskaya@ycst.com Rachel C. Strickland, Esq. Andrew S. Mordkoff, Esq. Amanda X. Fang, Esq. Cameron J. Cavalier, Esq. FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP One New York Plaza New York, New York 10004 Tel: (212) 859-8000 Fax: (212) 859-4000 Email: rachel.strickland@friedfrank.com andrew.mordkoff@friedfrank.com amanda.fang@friedfrank.com cameron.cavalier@friedfrank.com About Mondee Holdings Inc. Mondee Holdings Inc. operates as a travel technology company in the leisure travel markets in the United States and internationally. Founded in 2011, Mondee Holdings acquired several major businesses, including the largest air ticket consolidators in the United States and Canada. Mondee Holdings are headquartered in Austin, Texas, with additional offices in Canada, Brazil, Mexico, India, and Thailand. Mondee Holdings Inc. and several of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10047) on Jan. 14, 2025. In the petitions signed by Mohsin Meghji as chief restructuring officer, the Debtors reported total assets of $362,804,000 and total debts of $358,688,000 as of June 30, 2024. The Hon. J Kate Stickles presides over the cases. The Debtors has tapped Young Conaway Stargatt & Taylor, LLP as their Delaware bankruptcy counsel; and Fried, Frank, Harris, Shriver & Jacobson LLP as their general bankruptcy counsel. M3 Advisory Partners, LP serves as restructuring advisor to the Debtors; Piper Sandler & Co acts as investment banker; and Kroll Restructuring Administration LLC acts as notice and claims agent. NORTHVOLT AB: Ch. 11 Dismissal May Follow Swedish Filing,Says Judge ------------------------------------------------------------------- Vince Sullivan of Law360 reports that Northvolt AB, a bankrupt electric vehicle battery maker, informed a Texas bankruptcy judge that its Chapter 11 case could be dismissed following its parent company's insolvency filing in a Swedish court on Wednesday, March 12, 2025. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. NORTHWEST RENEWABLE: Claims to be Paid From Asset Sale Proceeds --------------------------------------------------------------- Northwest Renewable Energy Group LLC, d/b/a Arsiero Logging, filed with the U.S. Bankruptcy Court for the Western District of Washington a Chapter 11 Plan of Liquidation dated February 26, 2025. The Debtor is a timber harvesting company, founded in 2009, operating in the State of Washington. Mr. B. Michael Malgarini is the manager and 100% owner of the Company. On or around May 27, 2022, the Debtor executed and delivered to Bank of Idaho a Business Loan Agreement and Promissory Note in the principal amount of $300,000, evidencing advances made by the Bank to the Debtor under a revolving line of credit (the "LOC"). As part of the same transaction and to secure the LOC, the Debtor executed and delivered a certain Commercial Security Agreement in which the Debtor granted Bank of Idaho a security interest in all Assets of the Debtor including, among other things, all chattel paper, accounts, receivables, general intangibles, and proceeds of such collateral. Unable to maintain its mounting financial obligations, on June 18, 2024, the Company filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code, thereby commencing this Chapter 11 Case. Due to circumstances which prohibited the Debtor from being able to harvest timber during the offseason, the Debtor ceased all operations as of December 2024. This Plan provides for three Classes of Claims and one Class of Equity Interests. The Plan provides for limited payment of Administrative Expense Claims and Secured Claims of Bank of Idaho from the Net Proceeds of an Auction of certain Bank of Idaho Collateral as well an any recovery of the Taneum Deposit held by the U.S. Forest Service as security for performance on the Taneum DxP Timber Sale, in accordance with the priorities of the Bankruptcy Code and as set forth in the Plan. Class 3 consists of Unsecured Claims filed by or on behalf of Holders asserting an Unsecured Claim against the Debtor, whether listed by the Debtor on its Schedules, by a Proof of Claim filed by the claimant, or by an asserted deficiency claim of a Holder of a Class 1 Claim or Class 2 Claim. Each Class 3 Claim shall be allowed or disallowed, as the case may be, whether prior to or following Confirmation, in such amount as to which the Debtor and the claimant may agree or the Bankruptcy Court may approve following Notice and Hearing. Each Holder of a Class 3 Claim shall be paid on a Pro Rata basis from the Net Proceeds of the Estate's portion of any liquidation or recovery of Assets, after payment in full of allowed Administrative Expense Claim (including Professional Fee Claims), Priority Wage Claims, and Priority Tax Claims. For the avoidance of doubt, Holders of allowed Administrative Expense Claims, Professional Fee Claims, Priority Wage Claims, and Priority Tax Claims shall be paid pursuant to and in accordance with the terms set forth in Section 5.1. It is anticipated that Holders of non-priority Class 3 Claims shall not receive any Distribution pursuant to this Plan. Class 3 is Impaired. Each Holder of a Class 3 Claim is entitled to vote to accept or reject the Plan. No interest shall accrue on any Class 3 Claim. Class 4 consists of Equity Interests. The Holder of the Equity Interests shall retain such Equity Interests that existed on the Petition Date. The Holder of Class 4 Claims, if any, shall not receive any Distribution pursuant to this Plan. On February 11, 2024, the Court entered its Order Authorizing Employment of Auctioneer (the "Auctioneer Order"), thereby approving the engagement of James G. Murphy, Co. ("Auctioneer") to auction and sell various vehicles and equipment of the Debtor, all of in which Bank of Idaho holds a senior lien position. The Plan constitutes a motion to sell the Equipment (the Declaration of Todd Meyers in Support of Application for Order Authorizing Employment of Auctioneer for the Estate) at the Auction free and clear of any and all liens, claims, interests and encumbrances pursuant to Section 1123(a)(5)(D) of the Bankruptcy Code, provided that any such liens, claims, interests and encumbrances in the Equipment shall attach to the Net Proceeds attributable to the Equipment in the same order of priority, with the same validity, force and effect that Bank of Idaho had prior to the sale, subject to a 15% carveout from the Net Proceeds of the Auction to be retained by the Estate for Distribution to Holders of Claims pursuant to this Plan. The Debtor's primary Assets are its logging equipment and vehicles, which are all encumbered by either purchase money security interests of various lenders and/or the blanket lien of Bank of Idaho on all Assets, including accounts, receivables, general intangibles, and proceeds of such collateral. After the Debtor ceased operations in December 2024, it abandoned or surrendered all vehicles and equipment except for those items that are Bank of Idaho Collateral. The Bank of Idaho Collateral will be Auctioned and sold under the Plan, and the Debtor will also seek to liquidate those certain Timber Sale Contracts listed as Assumed Contracts, as well as the Taneum Deposit, such Assets also being Collateral of Bank of Idaho. Under the Plan, the Debtor has negotiated a 15% carveout to the Estate from the Auction Net Proceeds, plus a 50% carveout of the Net Proceeds of any recovery by the Estate on account of the Taneum Deposit, if any, the sale or liquidation of any Timber Sale Contract, and/or the Net Proceeds received by the Estate derived from any other Asset, any of which are also Bank of Idaho Collateral. The total Disbursement to Bank of Idaho through the Plan will not exceed the amount of the Bank of Idaho Secured Claim. A full-text copy of the Liquidating Plan dated February 26, 2025 is available at https://urlcurt.com/u?l=UYIAYT from PacerMonitor.com at no charge. Counsel to the Debtor: Richard B. Keeton, Esq. Bush Kornfeld Llp 601 Union Street, Suite 5000 Seattle, WA 98101 Tel: (206) 292-2110 Email: rkeeton@bskd.com About Northwest Renewable Energy Group Northwest Renewable Energy Group LLC, doing Arsiero Logging, is primarily engaged in cutting timber, producing rough, round, hewn, or riven primary wood, and producing wood chips in the forest. Northwest Renewable Energy Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-11520) on June 18, 2024. In the petition signed by B. Michael Malgarini, as managing member, the Debtor reports total assets amounting to $3,392,164 and total liabilities of $5,541,377. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtor is represented by Thomas A. Buford, Esq. at BUSH KORNFELD LLP. NUMALE CORP: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 17 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Numale Corporation and its affiliates. About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by: David A. Riggi, Esq. Riggi Law Firm 7900 W Sahara Ave Suite 100 Las Vegas, NV 89117 Email: riggilaw@gmail.com NUWELLIS INC: Posts Reduced Net Loss of $11.17 Million for 2024 --------------------------------------------------------------- Nuwellis, Inc. filed its Annual Report on Form 10-K with the Securities and Exchange Commission, revealing a net loss of $11.17 million on net sales of $8.74 million for the year ending Dec. 31, 2024. This marks a notable improvement compared to 2023, when the company reported a net loss of $20.21 million on net sales of $8.86 million. The Company has incurred net losses since its inception. As of Dec. 31, 2024, the Company's accumulated deficit was $298.8 million. As of Dec. 31, 2024, the Company had $9.86 million in total assets, $3.33 million in total liabilities, and $6.53 million in total stockholders' equity. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 11, 2025. The report highlighted that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and needs additional working capital. These are the reasons that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024 and 2023, cash, cash equivalents, and marketable securities amounted to $5.1 million and $3.8 million, respectively. The Company's business strategy and its ability to sustain operations in the future depend, in part, on its ability to grow the Aquadex Business by expanding its salesforce, selling products to hospitals and healthcare facilities, and managing costs. The Company will need to secure additional financing in the future, which, to date, has been through equity offerings. The Company believes it has enough capital to fund its operations through May 31, 2025. Net cash used in operating activities was $9.6 million and $17.9 million in 2024 and 2023, respectively. The net cash used in each of these periods primarily reflects the net loss for those periods, offset in part by stock-based compensation, depreciation and amortization, and the effects of changes in operating assets and liabilities, including working capital, as well as the net impact of non-cash financing expense and change in the fair value of the warrant liability and warrant financing expense. Net cash used in investing activities was $60,000 in 2024. Net cash provided by investing activities was $0.3 million in 2023. The cash used in investing activities in 2024 was for the purchase of property and equipment. The cash provided by investing activities in 2023 represented the proceeds from the sale of marketable securities. Net cash provided by financing activities was $11.0 million and $3.7 million in 2024 and 2023, respectively. The cash provided by financing activities in the current year period was the result of proceeds received from the April 2024, July 2024, and August 2024 financings and from the exercise of warrants from the October 2023, April 2024, and August 2024 financings. The cash provided from financing activities in the prior year was the result of proceeds received from the Company's underwritten public offerings of equity securities and the Company's participation in an "At-the-Market Program" resulting in additional proceeds. "We believe that we have sufficient capital to fund our operations through May 31, 2025. We will need to raise additional capital to fund our operations through the end of fiscal year 2025. Changing circumstances may cause us to consume capital significantly faster than we currently anticipate and could adversely affect our ability to raise additional capital. Additional financing may not be available when we need it or may not be available on terms that are favorable to us. In addition, the risk that we may not be able to continue as a going concern may make it more difficult to obtain necessary additional funding on terms favorable to us, or at all. If we raise additional funding through the issuance of equity securities, our stockholders may suffer dilution and our ability to use our net operating losses to offset future income may be limited. If we raise additional funding through debt financing, we may be required to accept terms that restrict our ability to incur additional indebtedness, require us to use our cash to make payments under such indebtedness, force us to maintain specified liquidity or other ratios or restrict our ability to pay dividends or make acquisitions. If we are unable to secure additional funding, our development programs and our commercialization efforts would be delayed, reduced or eliminated, our relationships with our suppliers and manufacturers may be harmed, and we may not be able to continue our operations," the Company mentioned in the report. The complete text of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1506492/000114036125008124/ef20039019_10k.htm About Nuwellis Inc. Eden Prairie, Minn.-based Nuwellis, Inc., is a medical technology company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration, and innovative technology. The Company is focused on developing, manufacturing, and commercializing medical devices used in ultrafiltration therapy, including the Aquadex FlexFlow and the Aquadex SmartFlow systems. The Aquadex SmartFlow system is indicated for temporary (up to eight hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. O'BRIEN'S RENT-ALL: Hires Davis & Kotur Law Office Co. as Counsel ----------------------------------------------------------------- O'Brien's Rent-All & Sales, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Davis & Kotur Law Office Co. LPA as counsel. The firm will render these services: (a) give the Debtor advice with respect to its powers and duties and assist as needed in the administration of its estate and preparation of a plan of reorganization; (b) prepare on behalf of the Debtor any necessary legal papers. (c) represent the Debtor at hearings on various motions, applications and proceedings; (d) investigate and institute any proceedings relating to transactions between the Debtor and its creditors; and (e) perform such other legal services as shall be necessary and appropriate in connection with the Debtor's performance of its duties. The firm will be paid at these hourly rates: Kelly Gene Kotur, Attorney $275 Paralegal $110 The firm received a retainer of $4,000 from the Debtor. Ms. Kotur 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: Kelly Gene Kotur, Esq. Davis & Kotur Law Office Co. LPA 407-A Howard Street Bridgeport, OH 43912 Telephone: (740) 635-1217 Facsimile: (740) 633-9843 Email: kellykotur@davisandkotur.com About O'Brien's Rent-All & Sales O'Brien's Rent-All & Sales, Inc. operates a construction business in West Virginia and Pennsylvania. O'Brien's filed Chapter 11 petition (Bankr. N.D. W.V. Case No. 25-00077) on February 24, 2025, listing up to $10 million in both assets and liabilities. Sean O'Brien, president, signed the petition. Judge David L. Bissett oversees the case. Kelly Gene Kotur, Esq., at Davis & Kotur Law Office Co. LPA represents the Debtor as legal counsel. OCUGEN INC: Files Registration Statement for 11.6MM Shares ---------------------------------------------------------- Ocugen, Inc.. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission to register an additional 11,654,702 shares of common stock, par value $0.01 per share, issuable pursuant to the Ocugen, Inc. 2019 Equity Incentive Plan. These additional shares of Common Stock have become reserved for issuance as a result of the operation of the "evergreen" provision in the 2019 Plan, which provides that the total number of shares subject to the 2019 Plan will be increased on the first day of each fiscal year pursuant to a specified formula or will be increased to such lesser total number of shares as may be determined by the Board of Directors of the Registrant. Upon the effectiveness of this Registration Statement, an aggregate of 50,283,697 shares of Common Stock will be registered for issuance from time to time under the 2019 Plan. A full-text copy of the Form S-8 is available at https://tinyurl.com/2kxh7een 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. ONDAS HOLDINGS: Partners With Palantir to Enhance Operations ------------------------------------------------------------ Ondas Holdings Inc. has unveiled a strategic alliance between its subsidiary, Ondas Autonomous Systems (OAS), and Palantir Technologies, a top provider of AI solutions. This partnership will utilize Palantir's Foundry platform to integrate data, optimize operations, and create a scalable platform to support the global adoption of OAS's Optimus System and Iron Drone Raider autonomous drone platforms. Through this partnership, Ondas will integrate Palantir's Foundry platform as a decision-making accelerator, enabling real-time operational intelligence across its core functions, including customer engagement, sales and marketing, production, supply chain management, and field support. Foundry's capabilities will be particularly helpful in scaling a US-based supply chain for Optimus and Iron Drone. Foundry's capabilities will enhance Ondas' ability to navigate complex operational environments and scale its autonomous solutions to provide aerial security and intelligence across defense, security, and public safety markets. "Palantir's Foundry platform will serve as a central operating system for our data, creating a unified operational picture that significantly boosts efficiency and scalability," said Eric Brock, Chairman and CEO of Ondas. "By leveraging Foundry and other Palantir capabilities, we access a comprehensive AI-enabled infrastructure that supports our business expansion. As we deploy our Optimus and Iron Drone platforms, Foundry's AI-driven insights will allow us to optimize supply chain, production workflows, and customer engagement strategies, ensuring we deliver exceptional value to both commercial and military clients." "We are excited to partner with Ondas to scale their autonomous drone solutions," said Kevin Kawasaki, Global Head of Business Development at Palantir. "Foundry's ability to integrate siloed data sources and enable real-time analytics will empower Ondas to make faster, data-driven decisions, ensuring their customers -- across industries and defense -- operate with greater efficiency and resilience." The scalability of Palantir's Foundry platform will also support Ondas' broader strategic initiatives, facilitating deeper market penetration and reinforcing its leadership position in the autonomous systems industry. The Company mentioned that as the Optimus System and Iron Drone Raider gain traction globally, this partnership will enable Ondas to manage its growing operational complexity efficiently while continuing to innovate and deliver cutting-edge autonomous solutions. The partnership also allows Ondas and Palantir to explore future technology collaborations. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. Ondas Holdings reported a net loss of $38.01 million for the year ending Dec. 31, 2024, compared to a loss of $44.84 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company had $109.62 million in total assets, $73.68 million in total liabilities, $19.36 million in redeemable noncontrolling interest, and $16.58 million in total stockholders' equity. Somerset, New Jersey-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2018, issued a "going concern" qualification in its report date March 12, 2025. The report highlighted that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. PAP-R PRODUCTS: Gets OK to Use Cash Collateral Until April 29 ------------------------------------------------------------- Pap-R Products Company received interim approval from the U.S. Bankruptcy Court for the Southern District of Illinois to use cash collateral until April 29. The Debtor requires the use of cash collateral to pay its regular expenses, including employee wages and utilities. The company faced significant challenges after entering an unsuccessful joint venture in 2015, followed by a sharp decline in sales due to the COVID-19 pandemic. The resulting financial struggles led to heavy losses in 2022, 2023, and 2024. As of November 2024, the debtor faced substantial financial pressure, leading to legal action by its primary secured lender, First Neighbor Bank (FNB). FNB filed a complaint and obtained judgments against the debtor and its affiliated entities, totaling several million dollars across different entities. The Debtor also owes debt to Advantage Capital Community Development Fund ($1.7 million), the Small Business Administration (SBA) ($3.7 million), BMO Harris Bank (for a truck loan), and Highland Capital Corporation (for an ink jet system loan). The Debtor's total unsecured debt is estimated to be under $1.5 million. As protection for the use of their cash collateral, FNB and Advantage were granted a replacement lien on all post-petition assets of the Debtor, with the same validity, extent, priority, perfection and enforceability as their respective pre-bankruptcy liens. As additional protection, FNB and Advantage will receive monthly payments of $8,600 and $10,000, respectively, starting next month. The next hearing is set for April 29. About Pap-R Products Company Pap-R Products Company specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable.The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025. In the petition signed by Kenneth Scott Ware, president, the Debtor disclosed up to $50 million in both assets and liabilities. Larry E. Parres, Esq., at LEWIS RICE LLC, represents the Debtor as legal counsel. PAP-R PRODUCTS: Seeks to Hire Lewis Rice as Bankruptcy Counsel -------------------------------------------------------------- Pap-R Products Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ Lewis Rice LLC as its counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) advise the Debtor with respect to corporate transactions and corporate governance, and in any negotiations with creditors, equity holders, and investors; (c) assist the Debtor with respect to employee matters; (d) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the Chapter 11 case; (e) take all necessary action to protect and preserve the Debtor's estate; (f) review and prepare on behalf of the Debtor all documents and agreements as they become necessary and desirable; (g) review and prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (h) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statement and all related agreements and/or documents and take any necessary action on its behalf to obtain confirmation of such plan; (i) review and object to claims; analyze, recommend, prepare, and bring any causes of action created under the Bankruptcy Code; (j) advise the Debtor in connection with any sale of assets; and (k) appear before this court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor in connection with this Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Larry Parres, Partner $628 R. Scott Moore, Parter $612 John Hall, Partner $612 Nate Lowis, Associate $300 Devin Hayes, Associate $300 Skylar Pettit, Associate $300 Devona Howard, Paralegal $184 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $105,000 from the Debtor. Mr. Parres disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About Pap-R Products Company Founded in 1947, PAP-R Products specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable. The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing up to $50 million in both assets and liabilities. The petition was signed by Kenneth Scott Ware as president. Larry E. Parres, Esq., at Lewis Rice LLC serves as the Debtor's counsel. PBF HOLDING: S&P Rates $750MM Senior Unsecured Notes 'BB' --------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to PBF Holding Co. LLC and PBF Finance Corporation's proposed $750 million senior unsecured notes due 2030. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company intends to use the net proceeds from this offering to repay outstanding borrowings on its revolving credit facility and for general corporate purposes. PBF Holding is a U.S.-based refining company with assets in the East Coast, Midcontinent, Gulf Coast, and West Coast regions. PBF Holding owns six refineries with a combined capacity of approximately 1 million barrels per day (bbl/d) and a weighted-average Nelson Complexity Index of 12.8. It is a subsidiary of PBF Energy Inc. PETROQUEST ENERGY: Plans to Sell $8MM Judgment in Chapter 11 ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that PetroQuest Energy, a bankrupt oil and gas company, has asked a Delaware bankruptcy judge to approve bidding procedures for the sale of its rights to an $8 million judgment against Sanare Energy Partners, seeking to secure funds after a $20.6 million asset sale fell through. About PetroQuest Energy PetroQuest Energy Inc. is an oil and gas exploration company in Lafayette, La. PetroQuest Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12609) on Nov. 13, 2024. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities of $115.5 million. Judge Craig T. Goldblatt presides over the case. The Debtor is represented by Patrick J. Reilley, Esq., at Cole Schotz P.C. PIER 115: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Pier 115, LLC 115 River Road Edgewater, NJ 07020 Business Description: Pier 115 is a modern American restaurant located on the waterfront in Edgewater, New Jersey. The establishment offers a scenic view of the Hudson River, with a prime location that extends out into the river, providing a relaxed atmosphere with views of nearby Manhattan. The restaurant specializes in contemporary American cuisine and also features a lounge area. Additionally, Pier 115 hosts private events and offers services such as takeout and delivery. Chapter 11 Petition Date: March 12, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-12533 Debtor's Counsel: Mark J. Politan, Esq. POLITAN LAW, LLC 88 East Main Street, #502 Mendham, NJ 07945 Tel: 973-768-6072 E-mail: mpolitan@politanlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jeremy Casilli as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZDP3SMY/Pier_115_LLC__njbke-25-12533__0001.0.pdf?mcid=tGE4TAMA PLANO SMILE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------- On March 6, 2025, Plano Smile Studio P.A. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Plano Smile Studio P.A. Plano Smile Studio P.A. is a dental practice located in Plano, Texas, specializing in both general and cosmetic dentistry. Led by Dr. John M. Hucklebridge, the studio offers a wide range of services including dental implants, smile makeovers, Invisalign, teeth whitening, veneers, and sedation dentistry. Plano Smile Studio P.A. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40633) on March 6, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by: Brandon Tittle, Esq. TITTLE LAW GROUP, PLLC 1125 Legacy Dr., Ste. 230 Frisco TX 75034 Tel: 972-213-2316 Email: btittle@tittlelawgroup.com PLAZA MARIACHI: Seeks Cash Collateral Access Until April 23 ----------------------------------------------------------- Plaza Mariachi, LLC asked the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, for authority to use cash collateral until April 23. The Debtor needs to use cash collateral to cover administrative costs such as insurance and professional fees. First Financial Bank holds a first-position lien on the property (approximately $8.2 million) and claims cash collateral from the rents and profits generated by the property. Capital One holds a junior lien (approximately $6.7 million) on the same property and also claims rights to the cash collateral from the property’s rents and profits. The Debtor agrees to make monthly adequate protection payments of $55,000 to FFB from February 1, 2025, through April 23, 2025, in lieu of interest-only payments. In exchange for the monthly payments and other covenants, FFB has agreed to forbear from taking certain actions, such as moving for stay relief or dismissal of the bankruptcy case, until April 23, 2025. If the Debtor fails to make timely payments or comply with agreed terms, FFB can exercise its rights and remedies. A copy of the motion is available at https://urlcurt.com/u?l=JdC82n from PacerMonitor.com. About Plaza Mariachi LLC Plaza Mariachi is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Plaza Mariachi LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-02441) on July 1, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Mahan Mark Janbakhsh, member/manager. Judge Charles M. Walker oversees the case. Sean C. Wlodarczyk, Esq. at Evans, Jones & Reynolds, PC, is the Debtor's counsel. First Financial Bank, as lender, is represented by: Chase Fann, Esq. Spencer Fane, LLP 511 Union Street, Suite 1000 Nashville, TN 37219 Telephone: (615) 238-6300 Facsimile: (615) 238-6301 Email: cfann@spencerfane.com PREMIER SILVER: Excellon to Acquire Mallay Mine via Court Sale -------------------------------------------------------------- Excellon Resources Inc. announces a definitive agreement has been executed between Adar Mining Corp. and Premier Silver Corp., relating to the acquisition by Excellon of Minera CRC S.A.C., which holds the past-producing Mallay Silver Mine and Tres Cerros Exploration Property in Peru. Under the terms of the Agreement, Excellon is acquiring the shares of Minera CRC through an expedited, court-supervised process, ensuring a legally definitive resolution of all prior disputes. Upon completion, Excellon will receive full ownership of Minera CRC free and clear of all encumbrances, as per the transaction terms previously announced on October 31, 2024. Announcement Highlights -- The Adar and Premier Agreement: definitively resolves any outstanding disputes, ensuring a clear legal process for the transfer of Minera CRC, without further timing risks or delays. -- Reinforces asset transfer: Premier Silver has committed to selling 100% of the shares of Minera CRC under an expedited, court-supervised process. -- Timing: Excellon expects to close the acquisition of Minera CRC in April 2025. -- Restart planning: Work is now underway to update the historic resource model for Mallay, incorporating higher silver and base metals prices. The updated resource model will form the basis of detailed mine scheduling and planning for restart. -- Exploration: Excellon to provide update on recent surface prospecting completed at Tres Cerros, a greenfields, bulk tonnage gold-silver epithermal target, 5.8 km northwest of the Mallay Mine. -- Capital Raise: Discussions underway with potential offtakers and equity financing partners to secure restart financing, in the form of equity and other non-dilutive sources of capital. Shawn Howarth, President and CEO of Excellon, commented, "Today's announcement provides certainty in our acquisition of the past-producing Mallay Mine, previously operated by Buenaventura. We are executing on an aggressive plan to return to silver production at Mallay in Q4 2025 and this agreement ensures an expedited closing with the full support of all stakeholders, allowing us to focus on unlocking value from the property." Mr. Howarth added: "An operational team is already in place in Peru, Mallay is fully permitted and our plan leverages the historic US$115 million invested in mill and surface infrastructure and kilometres of underground mine development. We will immediately begin the restart process after closing and aim to return Excellon to producer status on an accelerated timeline." Details of the Adar and Premier Agreement Premier has agreed to sell the shares of Minera CRC S.A.C. to Excellon through a court-supervised sale process conducted under Canadian insolvency law. The transaction will proceed through a proposal proceeding under the Bankruptcy and Insolvency Act (Canada), ensuring a transparent and orderly transition of ownership. As part of the settlement agreement, Premier Silver will receive CAD$400,000 in Excellon shares, priced at the value of Excellon shares based on a 5-Day volume-weighted average price, on the close of the acquisition. Update to terms of the Acquisition Agreement Between Excellon and Adar Excellon and Adar have amended the definitive agreement announced October 31, 2024, to provide for: (i) an increase of the upfront cash payments payable to Adar to US$1.565 million (from US$1.25 million), with any portion of such upfront payments that is not spent by Adar prior to closing of the Acquisition continuing to remain with Minera CRC; (ii) an increase of the termination fee payable by Adar to Excellon to US$3.1 million (from US$2.5 million) in the event that Excellon does not acquire the shares of Minera CRC S.A.C. in the bankruptcy proceedings and Adar receives repayment of indebtedness owed to Adar by the parent company of Minera CRC; and (iii) an extension of the outside date to complete the Acquisition to April 29, 2025, which may be extended by 30 days by Excellon, and up to four additional times through Excellon making a cash payment in the amount of US$250,000 to Adar for each such 30-day extension. About Mallay The Mallay Mine is a past-producing silver mine, fully permitted to restart production. Mallay was built and operated by Buenaventura from 2012 to 2018, with US$115 million of historical investment. The mine went into care and maintenance in 2018 due to low silver prices (US$16.00 per ounce) and a change in strategic priorities at Buenaventura. Annual production by Buenaventura (2013 to 2017) averaged 1.3 million ounces of silver, 9,100 tonnes of zinc and 6,500 tonnes of lead(1) . The Tres Cerros Project is a highly prospective gold-silver exploration project approximately five kilometers northwest of the Mallay Mine. The project's prime area of interest is a 2.5 kilometer by 500 meter corridor of gold-silver mineralization and coincident IP/resistivity anomalies, indicative of a bulk tonnage, high sulfidation epithermal system. Numerous historical grab samples were taken across the 2.5 kilometer fault, which are being analyzed to determine further follow-up exploration work. Further details on the Mallay Mine and Tres Cerros Project are provided in the news release announcing the Acquisition. About Excellon Excellon's vision is to realize opportunities through the acquisition of advanced development or producing assets with further potential to gain from an experienced management team for the benefit of our employees, communities and shareholders. Excellon is in the process of acquiring the past-producing Mallay Silver Mine and Tres Cerros Exploration Project in Peru. The Company is also advancing a portfolio of gold, silver and base metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and little modern exploration. QSR STEEL: Seeks to Hire CBIZ as Financial Advisor and Accountant ----------------------------------------------------------------- QSR Steel Corporation, LLC seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ CBIZ, Inc. as financial advisor and accountant. Ethan Brysgel, a managing director at CBIZ, 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: Ethan Brysgel CBIZ Inc. 30870 Russell Ranch Rd. Westlake Village, CA 91362 Telephone: (805) 988-3222 About QSR Steel Corporation QSR Steel Corporation, LLC is a one-stop, full service structural steel company based in Hartford, Conn., offering everything from steel buildings to stairs and railings. QSR Steel filed Chapter 11 petition (Bankr. D. Conn. Case No. 24-20562) on June 18, 2024, with $2,838,179 in assets and $2,124,057 in liabilities as of March 31, 2024. Glenn Salamone, member, signed the petition. Judge James J. Tancredi oversees the case. The Debtor tapped Irve J. Goldman, Esq., at Pullman & Comley, LLC as counsel and CBIZ, Inc. as financial advisor and accountant. QXC COMMUNICATIONS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- QXC Communications, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral from Feb. 28 to April 1. The company requires the use of cash collateral to fund its operating expenses. The creditors that may have an interest in the company's cash collateral are American Momentum Bank; BayFirst National Bank; Corporation Service Company; CT Corporation System; Millennium QXC Holdings LLC; NewTek Capital; Rapid Finance; Resibuilt Homes, LLC; U.S. Small Business Administration; and Truist Bank formerly known as SunTrust Bank. As protection for the use of their cash collateral, the creditors were granted replacement liens on QXC's post-petition assets. A final hearing is scheduled for April 1. In order to finance its operations, the company previously entered into a series of secured loan agreements with several lenders, including lenders backed by the SBA. The company became unable to timely service such debts, and its largest creditor, Millennium QXC Holdings, LLC brought suit against the company and its principal, Von Stein, in October 2024 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida. More recently, Millennium QXC Holdings, LLC sought the appointment of a receiver in the State Court case, and the company filed for bankruptcy protection in order to continue operating and to preserve its going concern value and reorganize. 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. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. R2 MARKETING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: R2 Marketing & Consulting, LLC 19800 MaCarthur Blvd #360 Irvine, CA 92612-2421 Business Description: R2 Marketing & Consulting, LLC is a full- service non-emergency medical transportation company operating throughout Orange County and surrounding areas, providing safe and reliable transport for patients to various medical appointments. The Company's services include transportation for doctor's visits, physical therapy, hospice care, assisted living, and more. Chapter 11 Petition Date: March 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10631 Judge: Hon. Scott C Clarkson Debtor's Counsel: Michael R. Totaro, Esq. TOTARO & SHANAHAN, LLP PO Box 789 Pacific Palisades CA 90272 Tel: (310) 804-2157 E-mail: Ocbkatty@aol.com Total Assets: $5,354 Total Liabilities: $2,285,519 The petition was signed by Ryan Morris as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LO2DG7Y/R2_Marketing__Consulting_LLC__cacbke-25-10631__0001.0.pdf?mcid=tGE4TAMA RAGI GI: To Sell Rolls Royce Vehicle to Koti Kondaveeti for $67,500 ------------------------------------------------------------------- Ravi GI Associates PA LLP seeks permission from the U.S. Bankruptcy Court for the Western District of Pennsylvania to sell its 2016 Rolls Royce to Koti Kondaveeti, for the purchase price of $67,500.00, or to another purchaser who presents a higher and better offer, free and clear of all liens and claims. The Debtor's 2016 Black Rolls Royce is in fair condition and has approximately 36,000.00 miles of use. The vehicle is not necessary for the Debtor's reorganization. The sale of the vehicle will raise funds to be used towards the reorganization and will eliminate the duty to insure the asset. BMW Financial Services holds a lien of the vehicle and will be paid in full from the proceeds of the sale at closing. The proposed purchaser, Koti Kondaveeti, is a relative of the principal member of the Debtor. Koti Kondaveeti is an "insider" and has made an offer to purchase the 2016 Rolls Royce for $67,500.00. The offer is an all-cash and Koti Kondaveeti has deposited the purchase price with Debtor's Counsel. Kondaveeti will pay all costs of sale, sales taxes, and any documentary fees and will pick up the vehicle at his expense. The sale is an "As-Is" and "Where-Is" and there are no warranties other than the sale will be free and clear of any liens or claims by any creditor. About Ravi GI Associates PA LLP Ravi GI Associates PA, LLP is operating as a healthcare provider in Monroeville, Pa. Ravi sought relief under Chapter 11 of the U.S. Bankruptcy Code(Bankr. W.D. Pa. Case No. 25-20012) on January 3, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Judge Gregory L. Taddonio presides over the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik represents the Debtor as legal counsel. ROMBOUTS AVE: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On March 3, 2025, Rombouts Ave LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Rombouts Ave LLC Rombouts Ave LLC is a subcontracting construction company based in Harrison, New York, offering services including excavation, rock breaking and removal, shoring, and concrete work. Rombouts Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y.Case No. 25-22174) on March 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by: Bruce Duke, Esq. DUKE LAW FIRM 788 Shrewsbury Ave Suite 2225 Eatontown, NJ 07724 Tel: 848-208-1030 Email: bruce@bdukelawfirm.com ROSEMAN UNIVERSITY: S&P Ups Bond Rating to 'BB+' on Accreditation ----------------------------------------------------------------- S&P Global Ratings raised its rating to 'BB+' from 'BB' on the Public Finance Authority, Wis.' series 2015, 2020, and 2022 bonds issued for Roseman University, which is located in Henderson, Nev., and South Jordan, Utah. The outlook is stable. The upgrade is driven by the preliminary accreditation of Roseman University's College of Medicine (COM), which will allow it to begin conferring Doctor of Medicine (MD) degrees, and which we believe will improve the school's demand profile and brand. The upgrade is also supported by solid operating margins over the last few years and our expectation that they will continue. S&P said, "We analyzed Roseman's environmental, social, and governance factors related to its market position and financial performance. We view the environmental risks for Roseman University as neutral and do not believe it is particularly susceptible to drought or extreme heat conditions prevalent in the American West, as it is in a metropolitan area and does not rely heavily on water resources as part of its operations and to date its operations have not been negatively affected by extreme heat. We also view the system's social and governance risk as neutral factors in our credit rating analysis. "The stable outlook reflects our view that the university will maintain its demand profile across its wide variety of health sciences-related programs, and reflects our expectation that the university will successfully guide the COM through full accreditation. The outlook also indicates our belief that the university will maintain positive operating margins, which will help to offset its high debt burden and below-average financial resources relative to debt. "We could lower the rating should the university issue material levels of debt such that the cash and investment to debt ratios weaken further. Although not anticipated during the outlook period, we could also consider a lower rating should the university see a trend of operating deficits. Any delay or failure for the COM to achieve full accreditation upon the graduation of its inaugural class would also be seen as a pressuring credit factor. "We could consider a positive rating action if the university continues its trend of strong operating surpluses, does not issue additional debt beyond the anticipated $50 million issuance, and continues to increase financial resources such that they are commensurate with those of higher-rated peers. We would also expect the university to maintain or improve its enrollment and demand profile, and we would also view progress toward full accreditation for the COM favorably." ROVER PROPERTIES: Court Extends Cash Collateral Access to March 31 ------------------------------------------------------------------ A U.S. bankruptcy judge signed a consent order allowing Rover Properties, LLC to use the cash collateral of Fulton Bank, N.A. The consent order, signed by Judge Michelle Harner of the U.S. Bankruptcy Court for the District of Maryland, authorized the company to use its secured creditor's cash collateral to pay property expenses until March 31. The bank's consent to the use of cash collateral terminates at the earlier of 5:00 p.m. on March 31, or upon the occurrence of an event of default under the consent order. Fulton Bank will receive payment of $6,954.01 by March 17 as protection for its interest in the cash collateral. As additional protection, Fulton Bank was granted a first priority position security interest in and lien on all rental income and rent receivables acquired, generated, or received by the company after the bankruptcy filing. The next hearing is scheduled for March 27. About Rover Properties Rover Properties, LLC owns a gas station, a convenience store, and three apartments located at 201 Hanover Pike, Hampstead, Md., valued at $1.5 million. Rover Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-18524) on October 9, 2024, with total assets of $1,593,000 and total liabilities of $968,000. Nikunj M. Patel, company owner, signed the petition. Judge Michelle M. Harner oversees the case. The Debtor is represented by: William Edward Sherwood, Jr., Esq. Fns Law Group Tel: 667-755-1000 Email: info@fnslawgroup.com RUNNER BUYER: S&P Downgrades ICR to 'D' on Missed Interest Payment ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on e-commerce rug retailer Runner Buyer Inc. (dba Rugs USA) to 'D' from 'CCC'. At the same time, S&P lowered its issue-level rating on its revolving credit facility and term loan to 'D' from 'CCC'. S&P will reassess its ratings on the company once the default is addressed. The downgrade reflects the missed interest payment due on March 3, 2025. Continued liquidity issues due to weak consumer demand for home-related discretionary categories, operating margin pressures, and a free operating cash flow deficit led to the missed payment and default. In the quarter ended Sept. 30, 2024, Runner Buyer's highly leveraged capital structure consisted of $487.5 million outstanding under the company's term loan due in 2028 and a fully drawn $75 million revolving credit facility due in 2026. The company's turn-around initiatives, which included cost reductions, inventory management, and supply chain optimization, were insufficient to meaningfully improve operating performance and prevent a deterioration of the company's liquidity position. S&P believes it is unlikely the company will make the interest payment within the stated grace period of five business days given the ongoing liquidity challenges. S&P will reassess its ratings on the company once it has more information on Runner Buyer's plans to address the default and its liquidity position. RUSSELL SAGE: Moody's Alters Outlook on 'B3' Ratings to Stable -------------------------------------------------------------- Moody's Ratings has revised Russell Sage College's (NY) ("Sage") outlook to stable from positive and affirmed its B3 issuer and revenue bond ratings. The college had $9 million total adjusted debt outstanding as of June 30, 2024. The revision of the outlook to stable from positive is driven by a reduction in liquidity as Sage completes a portion of its strategic capital and programmatic initiatives. Fiscal 2025 results may generate an uptick in liquidity, but could be offset over time with continued campus investments. RATINGS RATIONALE The affirmation of the B3 issuer rating incorporates the college's modest but growing total wealth. Fiscal 2024 cash and investments of $55 million covered expenses and total adjusted debt by 1.2x and 6.0x, respectively. The college's operating performance will remain thin, but could improve in the short term due to undergraduate and graduate enrollment growth driven by strategic investments in new programs. Weak regional demographics and elevated competition will continue to depress pricing flexibility and student-related revenue growth though there will be realized gains in the short term. A relatively small scale of operations and minimal unrestricted monthly liquidity, $6 million in fiscal 2024, exposes the college to operating performance volatility and limits financial flexibility. Draws on a line of credit and executing a new construction loan in fiscal 2024 have added to and extended their liabilities. However, Sage's debt burden remains manageable with most of its debt maturing within the next five years. Limited capital spending presents a longer-term competitive and financial challenge for Sage. Recent fundraising success will address some need. The affirmation of the B3 revenue bond ratings incorporates the issuer rating and general obligation characteristics of the bonds. RATING OUTLOOK The stable outlook reflects the expectation of generally balanced operations and incremental improvement of wealth and liquidity. -FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained increase in liquidity and reduction of reliance on external lines of credit -- Achieving EBIDA margins of 10% or higher while effectively implementing strategic initiatives -- Diversification of revenue sources, particularly through increased gift revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Acceleration of bank debt or lack of access to external liquidity given thin cash and investments; reduction of liquid cash and investments -- Inability to sustain balanced operations, including above 1x debt service coverage LEGAL SECURITY All outstanding revenue bonds are unsecured general obligations of the college. However, the bonds are effectively subordinated to various other debt instruments, including bank loans and lines of credit, which have a security interest in portions of the campus or cash and investments. The outstanding bonds introduce liquidity risk due to multiple financial covenants, which could result in acceleration of debt if tripped, absent forbearance or a waiver. The college is required to meet financial covenants of maintaining a minimum debt service coverage ratio of 1.0x for the variable rate Series 2002A bonds. The college's reported annual debt coverage ratio for June 30, 2024, was 2.6x, providing some headroom above covenanted levels. PROFILE Russell Sage College is a private college founded in 1916 offering undergraduate and graduate degrees with two campuses located in Albany and Troy, New York. The college enrolled 2,352 full-time equivalent (FTE) students as of fall 2024 and generated operating revenue of $47 million as of fiscal 2024. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. SAMYS OC: Gets Extension to Access Cash Collateral -------------------------------------------------- Samys OC, LLC received third interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral. The third interim order authorized the company to use cash collateral to pay operating expenses set forth in its budget, with a variance of 10%. As adequate protection, secured creditors Dream First Bank and the U.S. Small Business Administration were granted replacement liens on all post-petition cash collateral and other property of the company to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Dream First Bank will receive a monthly payment of $59,913.90. The interim order provides for a carve-out of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. A final hearing is scheduled for March 20. About Samys OC, LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. The Debtor is represented by: Lora J Smith, Esq. Hinkle Law Firm Tel: 316-267-2000 Email: lsmith@hinklaw.com Nicholas R Grillot Hinkle Law Firm, L.L.C. Tel: 316-267-2000 Email: ngrillot@hinklaw.com SEBASTIAN TECH: Seeks to Hire Derek A. Dodd as Tax Preparer ----------------------------------------------------------- Sebastian Tech Systems, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Derek A. Dodd, CPA, PLLC as tax preparer. The firm will perform accounting functions, including, but not limited to, the preparation of monthly bank reconciliations and filing of state and federal income, use, sales or personal property tax returns, if needed. Derek Dodd, CPA, the primary tax preparer at this representation, will be paid at this monthly rate of $400. Mr. Dodd 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: Derek A. Dodd, CPA Derek A. Dodd, CPA, PLLC 2604 SW Sq. Jonesboro, AR 72401 Telephone: (870) 206-7647 About Sebastian Tech Systems Sebastian Tech Systems, LLC owns and operates an IT Service company in Jonesboro, Ark. Sebastian Tech Systems sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-13722) on Nov. 13, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Meg Sebastian, managing member, signed the petition. Judge Phyllis M. Jones oversees the case. The Debtor tapped Kevin P. Keech, Esq. at Keech Law Firm, PA as counsel and Derek A. Dodd, CPA, PLLC as tax preparer. SHADYLANE HOLDINGS: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Shadylane Holdings 1006, LLC 303 Broadway Ste 104-66 Laguna Beach CA 92651 Business Description: Shadylane Holdings 1006, LLC qualifies as a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). The Company is the owner of the property located at 28832 Shady Lane, Laguna Beach, CA 92651, which a broker has appraised at an estimated value of $2.44 million. Chapter 11 Petition Date: March 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10622 Judge: Hon. Scott C Clarkson Debtor's Counsel: James Mortensen, Esq. SOCAL LAW GROUP, PC 2855 Michelle Drive 120 Irvine CA 92606 Tel: 213-387-7414 E-mail: pimmsno1@aol.com Total Assets: $2,435,200 Total Liabilities: $1,549,275 The petition was signed by D. Scott Abernathy as manager. The Debtor provided a list of its 20 largest unsecured creditors, but the list was empty. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZFGMOJA/Shady_land_holdings_1006_LLC__cacbke-25-10622__0001.0.pdf?mcid=tGE4TAMA SHAPIRO MANAGEMENT: Unsecureds Owed $1.8M Will Get 1.69% of Claims ------------------------------------------------------------------ Shapiro Management Group, Inc., submitted a Second Amended Plan of Reorganization dated February 25, 2025. Creditors will receive payment from the Debtor from the cash flow of the Debtor's operations for a period of three years. This Plan provides for five classes of secured claims, one class of administrative convenience claims, one class of general unsecured claims, and one class of equity security holders claims. General unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 1.69%. This Plan also provides for the payment of administrative and priority claims. The Debtor's financial projections show that the Debtor will have projected disposable income of $30,087.17. The final Plan payment is expected to be paid in the fourth quarter of 2027. Class 6 consists of all allowed general unsecured creditors and undersecured claims. The allowed unsecured claims total $1,781,713.27. The Class 6 General Unsecured Creditors and Claims shall share pro rata in total distribution in the amount of $30,078.17. Unsecured creditors will be receiving a distribution of approximately 1.69% of their allowed claim(s), which is an amount in excess of what claimants would receive in a hypothetical Chapter 7 proceeding, in which case such claimants would receive 0.00%. This Class is impaired. Class 7 consists of the following: Gennadiy Shapiro, Anna Shapiro, Maya Shapiro, and Kira Shapiro (together "Equity Security Holders"). Equity Security Holders shall retain their pre-petition interests. The means necessary for the implementation of this Plan include the Debtor's cash flow from operations for a period of three years and contributions from the Principals of the Debtor when necessary. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. The estimated cash on hand as of the First Payment Date of this Plan is $7,500.00. The Debtor's financial projections show that the Debtor will have projected disposable income for a period of three years (after payment of all amounts under this Plan, as well as operating expenses) of $30,078.17. To the extent that the Debtor performs consistent with such financial projections, then such disposable income will be utilized by the Debtor in the form of cash reserves, in order to ensure that the Debtor will have sufficient cash over the life of the Plan to not only make the required Plan payments but operate its business without any concern of illiquidity. A full-text copy of the Second Amended Plan of Reorganization dated February 25, 2025 is available at https://urlcurt.com/u?l=G3srnt from PacerMonitor.com at no charge. Counsel to the Debtor: Rachamin Cohen, Esq. COHEN LEGAL SERVICES, PA 12 SE 7th Street, Suite 805 Fort Lauderdale, FL 33301 Tel: (305) 570-2326 E-mail: Rocky@CohenLegalServicesFL.com About Shapiro Management Group Shapiro Management operates in the healthcare industry. Shapiro Management Group, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-14473) on May 7, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Gennadiy Shapiro as president. Judge Robert A. Mark presides over the case. Rachamin "Rocky" Cohen, Esq. at COHEN LEGAL SERVICES, PA, is the Debtor's counsel. SI SE PUEDE: Unsecureds Will Get 10% of Claims over 3 Years ----------------------------------------------------------- Si Se Puede Enterprises, LLC filed with the U.S. Bankruptcy Court for the District of Arizona an Amended Plan of Reorganization under Subchapter V. The Debtor is owned by Grace Nicole Soto. The Debtor owns and operates Anita's Street Market located at 849 N. Anita Avenue, Tucson, AZ 85705 (the "Property"). Anita's Street Market is a family-owned business that opened in 1984 and specializes in handmade flour tortillas, burritos and tamales. In early 2023, the City of Tucson Fire Department ordered the Debtor's business to make substantial repairs to the restaurant's commercial ovens for compliance reasons. This cause the Debtor's business to stop operating for a period of time. The cessation of operations caused the Debtor to fall behind on the mortgage payments owed to the private lenders. On January 16, 2024, Ms. Soto filed a Voluntary Petition pursuant to Chapter 11, Subchapter V of Title 11 of the United States Bankruptcy Code. She later converted the Bankruptcy to one under Chapter 13 of the Code. Despite Ms. Soto's best efforts, the Debtor continued to experience financial problems and she was unable to make the required Plan payments. Subsequently, the Automatic Stay was lifted and the Property was set for sale on August 27, 2024. In a last ditch attempt to save her family's business, Ms. Soto transferred the Property to the Debtor on August 20, 2024 and the Debtor filed a Voluntary Petition pursuant to Chapter 11, Subchapter V of Title 11 of the Bankruptcy Code on August 27, 2024. The Subchapter V election will increase the Debtor's ability to obtain a speedy reorganization to allow it to focus on running its business. The Debtor will be responsible for resolving the claims of creditors through traditional claims allowance as permitted by the Bankruptcy Code and Bankruptcy Rules. Priority creditors will be paid in full the allowed amount of their claims with interest, within three years of the Effective Date. Secured creditors will be paid in full within five years of the Effective Date. Unsecured creditors will be paid within three years of the Effective Date. Class 5 consists of Unsecured Claims. This class consists of the allowed, outstanding, unsecured claims as of the Effective Date and any timely filed rejection damages. The Bankruptcy Schedules reflect claims against Debtor in the amount of $24,641.10. Class 4 Claims, shall be paid a 10% dividend in full within three years of the Effective Date. Class 4 claims are impaired and may vote. Class 5 consists of Debtor's equity security holders. The equity holder of Debtor is Grace A. Soto. Current Equity will remain as Equity, the Debtor will not make any distributions until after the Plan is fully consummated. The Plan will be funded entirely from Debtor's ongoing business operations. The Debtor's monthly gross income has increased from from roughly $3,500.00 to near $7,000.00 in the past 4 months. The Debtor anticipates continued increases in the average gross income average and believes the business can generate at least $12,000 per month in average gross income. If the business continues to increase, Debtor can fund a feasible plan. Debtor has prepared Debtor's Revenue Projections, which provides projections for Debtor's net operating income over the next five years. Based on Debtor's current business, Debtor believes its Plan is viable. A full-text copy of the Amended Subchapter V Plan dated February 26, 2025 is available at https://urlcurt.com/u?l=2n7QjZ from PacerMonitor.com at no charge. Counsel to the Debtor: Charles N. Kendall, Jr., Esq. Law Offices of Charles N. Kendall, Jr., PLLC P.O. Box 1756 Bisbee, AZ 85603 Telephone: (520) 452-9022 Email: Ckendallesq@gmail.com About Si Se Puede Enterprises Si Se Puede Enterprises, LLC, owns and operates Anita’s Street Market located at 849 N. Anita Avenue, Tucson, AZ 85705. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-07108) on Aug. 27, 2024, with as much as $50,000 in both assets and liabilities. Judge Scott H. Gan oversees the case. The Law Offices of Charles N. Kendall, Jr., PLLC, is the Debtor's bankruptcy counsel. SKYLOCK INDUSTRIES: Court OKs Deal to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved a stipulation between Skylock Industries Inc. and its secured creditors Adhara Aerospace and Defense, LLC and Pasadena Private Lending Inc. The stipulation extended Skylock Industries' authority to use cash collateral until March 31. The use of funds must be in accordance with the previously filed budget and terms of prior court orders. About Skylock Industries Skylock Industries Inc. is a California-based aircraft parts manufacturer. Skylock Industries sought relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-17820) on Sept. 26, 2024, with $10 million to $50 million in both assets and liabilities. Judge Sheri Bluebond handles the case. The Debtor is represented by Jeffrey S Shinbrot, Esq., at The Shinbrot Firm. Adhara Aerospace and Defense, LLC and Pasadena Private Lending Inc., the Debtor's secured creditors, are represented by Dorsey & Whitney, LLP. Dorsey & Whitney can be reached through: Rachel P. Stoian, Esq. Dorsey & Whitney, LLP 167 Hamilton Avenue, Suite 200 Palo Alto, CA 94301 Telephone: (650) 857-1717 Facsimile: (650) 857-1288 stoian.rachel@dorsey.com SMITH ENVIRONMENTAL: Gets OK to Use Cash Collateral Until April 16 ------------------------------------------------------------------ Smith Environmental and Engineering Inc. received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral until April 16. The Debtor needs to use cash collateral to cover essential expenses such as payroll, material purchases, and equipment repairs. Smith is a construction and environmental engineering firm that has faced financial difficulties due to unpaid taxes and has incurred significant debt with high interest rates. Various creditors, based on UCC filings, have secured pre-petition liens against the Debtor's assets, including cash collateral. Specifically: 1. Fundbox (March 12,2020) holds a lien on accounts receivable. 2. First Corporate Solutions (June 21, 2022) and Corporation Service Company (March 31,2023) have liens on all assets and future receivables. 3. CT Corporation System (June 25, 2024) holds liens on future receipts. A final hearing is set for April 16. About Smith Environmental and Engineering Inc. Smith Environmental and Engineering Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the Company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reports total assets of $1,486,401 and total liabilities of $2,975,603. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. SONI HOLDINGS: Trustee Can't Recover Two Properties Under Sec. 550 ------------------------------------------------------------------ Judge Robert E. Grossman of the United States Bankruptcy Court for the Eastern District of New York denied the motion for partial summary judgment filed by Soni Holdings LLC's Chapter 7 trustee in the case captioned as New Falls Corporation, Plaintiff, -against- Soni Holdings LLC, Kunal Soni, Anjali Soni, 632 MLK BLVD JR LLC, Om P. Soni, Soni Capital Resources, LLC, Weanona Hugie, Richard Spears, Liel Shishi MLK LLC, Defendants, Adv. Pro. No. 24-8089-reg (Bankr. E.D.N.Y.). Before the Court is the chapter 7 trustee's motion for partial summary judgment on the second and third causes of action of the amended complaint which allege actual and constructive fraudulent conveyances of two properties which were owned by the Debtor, Soni Holdings LLC pre-petition. This action was originally commenced in 2019 in the District Court for the Eastern District of New York by the plaintiff New Falls Corporation, a creditor in this bankruptcy case. This lawsuit was referred to this Court by Order of the District Court, dated Oct. 1, 2024. The amended complaint filed in the District Court asserts a claim under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. Sec. 1962, but also asserts two separate and distinct causes of action under New York state law to recover property, or the value of property, allegedly fraudulently transferred by the Debtor in a concerted effort to hinder, delay and defraud New Falls in its efforts to collect a debt. There are two properties in issue: one in Newark, New Jersey, and another in Reunion, Florida. The Trustee, without formally seeking to be substituted as plaintiff in the lawsuit, and without filing an amended complaint to assert his standing and right to recover the transferred properties under 11 U.S.C. Sec. 544 and 550, states in his Motion that he is stepping into the shoes of New Falls under Sec. 544 and therefore brings the Motion as the Plaintiff. The Trustee contends that he is entitled to judgment as a matter of law because the undisputed facts show that the Debtor transferred the Newark Property and the Florida Property with actual intent to defraud New Falls, and that the transfers were constructively fraudulent because they were made to entities affiliated with the Debtor for no consideration. The Court finds the Trustee has established several badges of fraud in connection with the subject transfers which creates a strong presumption that the Debtor had actual intent to defraud New Falls. Upon submission of an appropriate judgment by the Trustee, the Court will enter judgment as a matter of law finding that the transfers of both the Newark Property and the Florida Property were fraudulent under New York DCL Secs. 273 and 276. However, because the Trustee did not seek to amend the complaint to address his assumption of these claims on behalf of this bankruptcy estate, the Trustee has sought no relief under 11 U.S.C. Sec. 550, which is the provision of the Bankruptcy Code which allows a trustee to recover, for the benefit of the estate, property that was fraudulently transferred. The Court cannot grant relief under Sec. 550 where it was not requested. A copy of the Court's decision is available at https://urlcurt.com/u?l=Zmq6OJ from PacerMonitor.com. About Soni Holdings LLC Soni Holdings LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-73863) on Oct. 18, 2023, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Marc A Pergament, Esq. at Weinberg, Gross, & Pergament, LLP represented the Debtor as counsel. The case was converted to Chapter 7 on Dec. 26, 2023. SOPHIA HOSPITALITY: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------------- On March 5, 2025, Sophia Hospitality LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Sophia Hospitality LLC Sophia Hospitality LLC is a limited liability company. Sophia Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03361) on March 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by: Penelope Bach, Esq. BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60065 Tel: (847) 564-0808x216 Fax: (847) 564-0985 Email: pnbach@bachoffices.com SOUTH REGENCY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of South Regency Shops, LLC. About South Regency Shops South Regency Shops, LLC owns a shopping center situated at 9296 Metcalf Avenue in Overland Park, Kan., with an estimated current value of $810,000. South Regency Shops filed Chapter 11 petition (Bankr. D. Kan. Case No. 25-20140) on February 10, 2025, listing total assets of $817,347 and total liabilities of $2,578,359. Judge Dale L. Somers handles the case. The Debtor is represented by: Colin Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com SOUTHERN AUTO: Court Extends Cash Collateral Access to April 3 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, authorized Southern Auto Parts, Inc. to use cash collateral for the period from March 3 to April 3. The interim order signed by Judge David Warren authorized the company to use cash collateral to pay the operating expenses set forth in its budget. The budget projects total operational expenses of $179,668.49 for the interim period. The creditors that assert an interest in the company's cash collateral are General Parts Distribution, LLC, Carolina Small Business Development Fund, House-Hasson Hardware Company, First-Citizens Bank & Trust Company, and the U.S. Small Business Administration. As protection, the creditors were granted post-petition lien and security interest in all property of Southern Auto Parts with the same priority as their pre-bankruptcy lien and security interest. As additional protection, First-Citizens, the current holder of several loans, will be granted a superpriority administrative expense claim to the extent the use, sale, or lease of its collateral results in a decrease in its interest therein. The next hearing is set for March 31. About Southern Auto Parts Southern Auto Parts, Inc., formerly known as Trenton Auto Parts, Inc., owns and operates an auto parts store in Trenton, N.C. Southern Auto Parts filed Chapter 11 petition (Bankr. E.D.N.C. Case No. 25-00294) on January 27, 2025, with $1 million to $10 million in both assets and liabilities. Jared L. Beverage, president of Southern Auto Parts, signed the petition. Judge David M. Warren presides over the case. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC Tel: 919-296-5040 Email: jfrost@bbflawfirm.com SPIRIT AIRLINES: Exits Ch.11 Bankruptcy After 4-Mons. Restructuring ------------------------------------------------------------------- Mary Schlangenstein of Bloomberg News reports that Spirit Airlines has successfully emerged from bankruptcy protection, reporting "significantly less debt and greater financial flexibility" after completing its reorganization ahead of schedule. The restructuring included a $350 million equity injection from existing investors, according to a statement. The funding will support new initiatives aimed at moving beyond the airline's basic fare model by adding premium offerings to attract consumers seeking more upscale travel options. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. SPITFIRE ENERGY: Claims to be Paid From Asset Sale Proceeds ----------------------------------------------------------- Spitfire Energy Group, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a First Amended Disclosure Statement describing Chapter 11 Plan dated February 26, 2025. The Debtor is a strategic midstream and water management provider that operated 14 commercial saltwater disposal facilities ("SWD Assets") in the Texas panhandle with over 165 miles of pipeline gathering and a disposal capacity of over 100,000 barrels per day. The Debtor's primary customer was Templar Energy LLC, an oil and gas production and operating company, and certain affiliates thereof. Pursuant to a written contract, Templar paid Spitfire to remove and dispose of saltwater produced during mineral extraction on wells located in Oklahoma and Texas. On November 16, 2023, the Court entered the Order (A) Approving Bidding Procedures for the Sale of Certain of the Debtor's Assets, (B) Scheduling Certain Dates with Respect Thereto, (C) Approving the Form and Manner of Notice Thereof, (D) Approving Bid Protections, (E) Approving Contract Assumption and Assignment Procedures, and (F) Authorize the Debtor to Enter Into Definitive Purchase Agreements (the "Bid Procedures Order"), which established certain procedures for the sale of the SWD Assets (the "Bid Procedures"). Subsequent to the Auction, on or about February 5, 2024, the Debtor received an offer from Le Norman Recovery LLC ("LNR") of $5,000,000.00 for the same assets included in IBC's bid, plus an additional $400,000.00 for certain additional assets of the Debtor (the "LNR Bid"). On May 13, 2024, the Court entered its Order (I) Approving the Sale of Certain of the Debtor's Assets Free and Clear of Liens, Encumbrances, Claims, and Interests; (II) Approving the Assumption and Assignment of Designated Executory Contracts and Unexpired Leases, and (III) Granting Related Relief (the "Sale Order"). Pursuant thereto, $4,100,000.00 of the purchase price was paid in cash up front, with the remaining $1,300,000.00 paid in five equal quarterly payments of $260,000.00, with the first payment beginning on June 30, 2024. On May 31, 2024, the sale of the SWD Assets closed. To date, the Debtor has received a total of $4,880,000.00, which, pursuant to the Sale Order, was paid to IBC, subject to a clawback right should the claim of IBC be disallowed. The Plan contemplates the monetization and liquidation of the Debtor's remaining assets, with the proceeds thereof distributed to holders of allowed claims and interests. In addition, New Value contributed by the Debtor's existing equity holders in the amount of $525,000.00 will be used for the payment of the Allowed Claims of the Debtor's professionals. A Litigation Trust will be established to take possession of the majority of the Debtor's assets, including certain litigation claims. The Litigation Trustee will liquidate and monetize said assets and litigation claims and make distributions to holders of allowed claims and interests pursuant to the priority scheme outlined in the Plan. On the Effective Date, the Litigation Trust shall be created pursuant to the Litigation Trust Agreement. The Class 4 Claims shall consist of the Allowed Unsecured Claims. Asserted Unsecured Claims approximate $28,238,479.14 by 24 separate creditors. Allowed Unsecured Claims are guaranteed no fixed minimum percentage or dividend pursuant to this Plan. Except to the extent that a holder of a Class 4 Claim has been paid before the Effective Date or agrees to a different treatment in writing, in full and final satisfaction, settlement, and release of and in exchange for such Allowed Claim, each holder thereof shall receive the Pro Rata share, up to the amount of such Allowed Claim, of all Proceeds, after all other expenses and Plan payments are made, to include, but not limited to, post confirmation administrative expenses, as and to the extent Proceeds come available. Creditor payments shall be paid Pro Rata pursuant to Plan. Class 4 claims are impaired and entitled to vote to accept or reject the Plan. The Class 5 Claims shall consist of Interests in the Debtor. The Debtor's Interests are currently owned by Reign Capital Holdings LLC. The Debtor's existing Interest holders shall pay or cause to be paid to the Debtor the New Value in cash, in full, on the Effective Date; provided, however, that the Debtor's existing Interest holders shall be entitled to receive credit towards the New Value for any payments made by or on behalf of such Interest holders to the Debtor's professionals for fees and expenses approved by the Bankruptcy Court. The Debtor has sold substantially all of its operating assets, with the only material assets remaining being ongoing litigation claims, which will be prosecuted by the Debtor and Litigation Trustee. In light of the fee arrangements for those litigation matters, the Debtor does not anticipate incurring future material expenses, other than ongoing legal fees, which may potentially include claims litigation. A full-text copy of the First Amended Disclosure Statement dated February 26, 2025 is available at https://urlcurt.com/u?l=BnB99g from PacerMonitor.com at no charge. Spitfire Energy Group, LLC is represented by: Clayton D. Ketter, Esq. PHILLIPS MURRAH P.C. 3710 Rawlins Street, Suite 900 Dallas, TX 75219 Tel: (405) 235-4100 Email: cdketter@phillipsmurrah.com - and - Jason A. Sansone, Esq. PHILLIPS MURRAH P.C. 101 North Robinson Ave., Suite 1300 Oklahoma City, OK 73102 Tel: (405) 235-4100 Email: jasansone@phillipsmurrah.com About Spitfire Energy Group Spitfire Energy Group, LLC is a strategic midstream and water management provider and currently operates commercial saltwater disposal facilities in the Texas panhandle with over 165 miles of pipeline gathering and a disposal capacity of over 100,000 barrels per day. Such facilities are primarily located in Hemphill County and Wheeler County, Texas. Spitfire Energy Group filed Chapter 11 petition (Bankr. N.D. Texas Case No. 23-20186) on Sept. 1, 2023, with $10 million to $50 million in both assets and liabilities. David D. Le Norman, manager, signed the petition. Judge Robert L. Jones oversees the case. The Debtor tapped Clayton D. Ketter, Esq., at Phillips Murrah PC as legal counsel; Energy Capital Solutions, LLC as investment banker; and Watts Guerra LLP, Lovell, Isern & Farabough, LLP and Lovell Hoffman Law, PLLC as special litigation counsel. SWC INDUSTRIES: Committee Taps Gilbert as Special Insurance Counsel ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of SWC Industries, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Gilbert LLP as special insurance counsel. The firm will render these services: (a) analyze all insurance policies under which the Debtors may have rights and provide strategic advice to the committee on steps to be taken to preserve and maximize insurance coverage; (b) attend meetings and negotiate with representatives of the Debtors, their non bankrupt affiliates, their insurance carriers, and other parties in interest in these Chapter 11 cases related to the preservation of insurance coverage and resolution of disputed insurance coverage; (c) assist the committee with any insurance-related matters arising in connection with the formulation of a plan of reorganization and funding any trust for the payment of personal injury claims established under a plan of reorganization; and (d) perform such other insurance-related tasks as may be necessary during the course of these Chapter 11 cases. The firm will be paid at these hourly rates: Partners $1,025 - $1,700 Counsel $925 - $1,550 Associates $360 - $900 Paralegals $250 - $600 In addition, the firm will seek reimbursement for expenses incurred. Kami Quinn, a partner at Gilbert, 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: Kami E. Quinn, Esq. Gilbert LLP 57 West 57th Street New York, NY 10019 Telephone: (212) 859-5016 About SWC Industries LLC With principal operations in California and Massachusetts, SWC Industries LLC manufactures a range of innovative sealing and logistics equipment -- and offers related services -- that create efficiencies and reduce costs across multiple industries. In addition, the company's San Diego-based business designs and develops a full suite of software designed to improve warehouse operations. SWC Industries LLC and 12 affiliates sought Chapter 11 protection (Bankr. N.D. Cal. Lead Case No. 24-51721) on Nov. 13, 2024. SWC listed assets and debt of $50 million to $100 million as of the bankruptcy filing. The Debtors tapped Allen Overy Shearman Sterling US LLP as lead restructuring counsel; Binder Malter Harris & Rome-Banks LLP as restructuring co-counsel and local counsel; Getzler Henrich & Associates LLC as financial advisor; and Gordian Group, LLC as investment banker. Stretto, Inc. is the claims agent. T-SHACK INC: Seeks Chapter 11 Bankruptcy in Nevada -------------------------------------------------- On March 5, 2025, T-Shack Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About T-Shack Inc. T-Shack Inc. is in the rental business and owns (or owned) several real properties in Las Vegas. Rombouts Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-11208) on March 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $50 million. The Debtor is represented by: Michael J. Harker, Esq. LAW OFFICES OF MICHAEL J. HARKER 2901 El Camino Ave., Suite 200 Las Vegas, NV 89102 Tel: 702-248-3000 E-mail: notices@harkerlawfirm.com TARGET HOSPITALITY: S&P Cuts ICR to 'B' on Contract Volatility -------------------------------------------------------------- S&P Global Ratings lowered all its ratings on specialty rental and hospitality provider Target Hospitality Corp., including its issuer credit rating to 'B' from 'B+'. The stable outlook reflects S&P's expectation that Target should partly mitigate contract losses with new business wins. The rating action reflects Target's contract volatility following the PCC termination. On Feb. 24, 2025, the U.S. government gave notice of its intention to terminate the PCC agreement effective around that time. This was Target's largest contract with minimum committed annual revenue of $168 million and the ability to generate more from occupancy-based variable revenue from the 6,000 beds available at the facility. S&P originally viewed these terms as favorable as they provided clear revenue visibility for the contract period. However, these government contracts are now proving to be more volatile than we originally thought, and government contracts makes up a majority of Target's total revenue. This will result in significant revenue and EBITDA decline. This is partially offset by new contract wins--one being the reactivation of the South Texas Family Residential Center (STFRC) contract that was originally terminated by the government last July. This will be a similar contract supporting 2,400 beds and expected revenue of $246 million over its five-year term. Target also has another recent contract win in its hospitality and facilities services segment, which is an agreement to provide facility services and hospitality solutions to Lithium Americas as they develop the Thacker Pass Project. This site will have 2,000 beds and $76 million of committed revenue with the ability to generate up to $140 million over its initial term through 2027. S&P said, "We do expect an increase in capital spending of about $20 million to establish the regional network for this project. The company will not take ownership of the assets at the Thacker Project unlike the two government locations where the company owns the assets located at the PCC and STFRC sites. We believe the company will actively look to repurpose the vacant assets, the pace of which will determine profit and cash flow benefits." The company is expected to repay its senior notes with available liquidity. The company currently has $181 million of senior secured notes maturing in June 2025. Target recently announced its plan to redeem all outstanding notes on March 25. Target's good free cash flow generation and robust liquidity support the company's ability to repay debt. As of September 2024, the company had $178 million of cash and a fully available $175 million revolver. Despite the contract volatility, S&P continues to expect the company to generate good free operating cash flow, albeit at lower levels compared to last year. The stable outlook reflects our expectation the company will continue to see growth from new contract wins despite the large loss, which will support cash generation to build liquidity. While S&P views it as unlikely given the company's low leverage, we could lower our rating on Target if it fails to maintain contracts such that leverage nears 5x. S&P could raise its rating on Target if the company: -- Demonstrates strong and consistent operating performance while diversifying and broadening its business; or -- Sustains leverage comfortably below 5x to accommodate contract volatility. TBB DEEP: Affiliates Get Final OK to Use Cash Collateral -------------------------------------------------------- U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division issued a final order authorizing TBB Deep Ellum, LLC's affiliates to use cash collateral. The affiliates are TBB Boardwalk, LLC, TBB North Arlington, LLC, TBB Stockyards FW, LLC, TBB Coppell, LLC, and TBB Abilene, LLC. The final order authorized the companies to pay the expenses set forth in their budget from the cash collateral. As protection, any creditor secured on the companies' inventory as of Feb. 6 was granted a replacement lien on all cash and cash collateral acquired or generated by the companies as of Jan. 21, and on all assets of the companies to the same extent and priority as the creditor's pre-bankruptcy lien. About TBB Deep Ellum TBB Deep Ellum, LLC operates as The Biscuit Bar and provides counter-service dining featuring biscuit sandwiches and full-bar service. The company operates from its location at 2550 Pacific Avenue in Dallas's Deep Ellum neighborhood. TBB Deep Ellum filed Chapter 11 petition (Bankr. D. Texas Case No. 25-30207) on January 21, 2025, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michelle V. Larson handles the case. On February 12, 2025, the bankruptcy court ordered the joint administration of TBB Deep Ellum's case and the Chapter 11 cases filed by its affiliates on February 6, 2025. The affiliates are TBB Boardwalk, LLC, TBB North Arlington, LLC, TBB Stockyards FW, LLC, TBB Coppell, LLC, and TBB Abilene, LLC. Judge Michelle V. Larson oversees the cases. The Debtors' legal counsel is Thomas Berghman, Esq., at Munsch Hardt Kopf & Harr, P.C., in Dallas, Texas. Spectra Bank, as lender, is represented by: Jack M. Kuykendall, Esq. Law Offices of Jack M. Kuykendall 5048 Tennyson Parkway, Suite 250 Addison, TX 75001 Phone: 972-989-7140 Fax: 972-200-9933 Email: jmkesq@jmklaw.net TELEFLEX INC: Moody's Affirms Ba1 CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings affirmed the ratings of Teleflex Incorporated, including the Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating and the Ba2 rating on the senior unsecured notes. The company's Speculative Grade Liquidity Rating (SGL) was unchanged at SGL-1. The outlook was revised to negative from stable. The rating actions follow the company's announcements that it plans to acquire BIOTRONIK's Vascular Intervention business for approximately EUR760 million, less certain adjustments as provided in the purchase agreement including certain working capital not transferring and other customary adjustments and launch a $300 million accelerated share repurchase program. The acquisition and share repurchases will be financed by $500 million of incremental term loan A debt, a revolver draw and cash on hand. The acquisition is expected to close by the end of Q3 2025. Teleflex also announced that it plans to separate its Acute Care, OEM and Urology businesses, to be effectuated through a tax-free spin-off transaction creating two independent publicly traded companies. The spin-off will occur through a pro-rata distribution to Teleflex's shareholders of common stock of the newly created NewCo. The spin-off will reduce Teleflex's revenues and EBITDA by about 40% and 20% respectively. Teleflex has publicly stated its intention to maintain moderate financial leverage post-spin, and will receive a dividend from the NewCo with proceeds to repay debt at Teleflex. The spin-off is expected to close in the middle of 2026. The transaction is subject to market, regulatory, and other conditions. Although Teleflex will retain a strong position in higher growth businesses within vascular access, interventional and surgical products post separation, the change in outlook to negative from stable reflects Moody's views that the transaction also reduces its scale and business diversity. The spinoff also presents some execution risk and is planned after the acquisition of BIOTRONIK's Vascular Interventional business. Pro forma of the spin-off and debt financed acquisition and share repurchases, Moody's expects leverage to be at around 3x for FY 2026 on a Moody's adjusted basis. The ratings affirmation reflects Teleflex's track record of operating with low to moderate financial leverage and very good liquidity. Teleflex continues to generate very strong free cash flow, underpinned by solid margins and continued earnings growth. Moody's expects Teleflex to maintain strong credit metrics and moderate financial policies after the spin-off. Governance risk considerations factor into the rating action. Teleflex's G-3 score (previously G-2) reflects heightened risks in financial strategy and risk management with the combination of share repurchases, debt financed M&A and spin-off. RATINGS RATIONALE Teleflex's Ba1 Corporate Family Rating benefits from the company's scale, leading market positions in key products and good revenue diversity by products and customers. The company offers a broad range of medical technologies in vascular access, interventional access, urology and surgical products. Further, the company generates robust free cash flow, has strong interest coverage and has moderate financial leverage. The company's debt/EBITDA on a Moody's adjusted basis was approximately 2.2x for the twelve months ended September 30, 2024. Teleflex's rating is constrained by industrywide pricing pressures as well as payors' increased focus on value-based healthcare. The risk of technology obsolescence and competition from much larger medical products companies are also constraining factors. Teleflex will continue to remain acquisitive and will use debt to fund acquisitions. Moody's expects the company's liquidity to be very good over the next 12-18 months. Pro forma for the BIOTRONIK acquisition and share repurchases, the company would have $290 million of cash on hand and $678 million drawn out of its $1 billion revolver as of December 31, 2024. Even though the revolver will be used, Moody's expects the company to continue to generate strong internal cash flow. The negative outlook reflects Moody's views that there is heighted operational and execution risks from the company's acquisition and integration of BIOTRONIK's Vascular Intervention business, that is simultaneous to a pursuit of a spin-off transaction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Teleflex's ratings could be upgraded if the company is able to effectively operate as a stand-alone company post the pending spin-off of various segments. In addition, expanding its scale and product sophistication could support a ratings upgrade. The ratings could also be upgraded if the company sustains debt/EBITDA below 2x and demonstrates a commitment to conservative financial policies post-spin. The ratings could be downgraded if a completed spin-off meaningfully reduces the scale, growth prospects, and business diversification of the company. Additionally, the ratings could be downgraded due to unanticipated challenges related to the spin-off or issues with integrating the BIOTRONIK's Vascular Intervention business including weakening in liquidity. Quantitatively, debt/EBITDA sustained above 3 times could lead to a downgrade. Teleflex Incorporated, headquartered in Wayne, Pennsylvania, is a provider of medical technologies in the fields of vascular and interventional access, surgical, anesthesia, cardiac care, interventional urology, emergency medicine and respiratory care. The company is a manufacturer of medical devices including single-use disposable devices and, to a lesser extent, reusable devices, instruments and capital equipment. It has production facilities located in the United States, Czech Republic, Malaysia and Mexico. The company is publicly traded, and its annual revenues for the last twelve months ending on December 31, 2024, were approximately $3 billion. The principal methodology used in these ratings was Medical Products and Devices published in October 2023. TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to May 1 ------------------------------------------------------- TGI Friday's Inc. and affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 1 and June 30, 2025, respectively. The Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods include: * The Debtors' chapter 11 cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors marketed, held an auction, and obtained Court approval for sales of their assets pursuant to the results of the auction. Sale Order. Thereafter, the Debtors continued to pursue asset sales, culminating in Court approval for the sales of certain assets to two additional parties. Yadav and Sugarloaf Sale Order. Given the length of time dedicated to pursuing such sales, the Debtors require additional time to negotiate with the Committee and all other stakeholders in an effort to propose a consensual plan. * The Debtors have made significant progress in negotiating in good faith with all creditors and working towards a viable chapter 11 plan. The Debtors' time and resources have been productively spent on (i) ensuring a smooth chapter 11 process with minimal disruption to the Debtors' operations, preserving the Debtors' assets to the benefit of all parties in interest; (ii) administering value-maximining sales processes; (iii) engaging the various stakeholders to ensure the closing of the various asset sales; (iv) filing procedures for the sale of the Debtors' remaining liquor licenses; (v) transitioning the Debtors' operations to the new owners pursuant to the asset sales; and (vi) negotiating support with the Debtors' other constituents, including the Committee and contract counter parties. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies are benefitted by providing the Debtors with sufficient time to continue to negotiate the terms of a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to their estates and the greatest recovery to their creditors. Extending exclusivity benefits all creditors by preventing the drain on time and resources that inevitably occurs when competing plans are filed. * The Debtors are paying their bills as they come due. The Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by Court order. * Significant time has not elapsed in these chapter 11 cases. This is the Debtors' first request for an extension of the Exclusivity Periods and will result in a total extension of the Exclusivity Periods of 60 days. As noted above, courts routinely grant a Debtors' request for an initial exclusivity extension. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entres, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. TOUCH OF TEXAS: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York issued a final order allowing Touch of Texas, LLC to use cash collateral. The final order authorized the company to use cash collateral for payroll and operational costs per the attached budget. As adequate protection for the use of their cash collateral, the lenders were granted replacement liens on the company's post-petition assets. Touch of Texas was ordered to pay to the Subchapter V trustee the sum of $500 per month to fund an escrow for payment of the trustee' fees up to the amount of $4,000. About Touch of Texas Touch of Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60930) on November 19, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Patrick G. Radel oversees the case. The Debtor is represented by: Peter Alan Orville, Esq. Orville & Mcdonald Law, PC Tel: 607-770-1007 Email: peteropc@gmail.com UROGEN PHARMA: Reports $126.9 Million Net Loss for 2024 ------------------------------------------------------- Urogen Pharma Ltd. filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $126.87 million on revenue of $90.40 million for the year ending Dec. 31, 2024, compared to a net loss of $102.24 million on revenue of $82.71 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company had $285.71 million in total assets, $294.51 million in total liabilities, and a total shareholders' deficit of $8.80 million. As of Dec. 31, 2024, the Company had $241.7 million in cash and cash equivalents and marketable securities. Cash in excess of immediate requirements is invested in accordance with the Company's investment policy, primarily with a view to liquidity and capital preservation, and is held primarily in U.S. dollars. Through Dec. 31, 2024, the Company funded its operations primarily through public equity offerings, private placements of equity securities and its funding arrangements with RTW and Pharmakon. The Company has incurred losses since its inception and negative cash flows from its operations, and as of Dec. 31, 2024 the Company had an accumulated deficit of $806.2 million. The company expects to continue incurring losses for the foreseeable future. Its primary uses of capital are anticipated to remain focused on commercialization activities, research and development expenses, including third-party clinical research and development services, laboratory and related supplies, clinical costs such as manufacturing expenses, as well as legal, regulatory, and general administrative costs, partially offset by revenue from Jelmyto sales. "Based on the Company's cash, cash equivalents and marketable securities as of December 31, 2024, together with management's cash flow projections, the Company believes that it has sufficient cash and cash equivalents to fund its operations beyond one year from the issuance of these consolidated financial statements. If the Company is unable to obtain approval for UGN-102 and generate sufficient cash inflows from the sale and distribution of UGN-102, the Company may need to raise additional capital in the future or reduce operating expenditures. There can be no assurances that the Company will be able to secure such additional financing on terms that are satisfactory to the Company, in an amount sufficient to meet the Company's needs, or at all. In the event the Company is not successful in obtaining sufficient funding, this could force the Company to delay, limit, reduce or terminate the Company's product development, commercialization efforts or other operations," 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/1668243/000143774925006842/urgn20241231_10k.htm About Urogen Pharma Ltd. Urogen Pharma Ltd. (www.urogen.com), headquartered in Princeton, NJ, is a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. The Company has developed RTGel reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based technology that has the potential to improve therapeutic profiles of existing drugs. Its technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. The Company's approved product Jelmyto (mitomycin) for pyelocalyceal solution, and its investigational candidates, UGN-102 (mitomycin) for intravesical solution, UGN-103 (mitomycin) for intravesical solution and UGN-104 (mitomycin) for pyelocalyceal solution, are designed to ablate tumors by non-surgical means and to treat several forms of non-muscle invasive urothelial cancer, including low-grade upper tract urothelial cancer ("low-grade UTUC") in the case of Jelmyto and UGN-104 and low-grade intermediate risk non-muscle invasive bladder cancer ("low-grade intermediate risk NMIBC") in the case of UGN-102 and UGN-103. In addition, the Company's immuno-uro-oncology pipeline includes UGN-301 (zalifrelimab), an anti-CTLA-4 antibody, which the Company is currently studying as both a monotherapy and combination therapy. The Company has experienced consistent net losses over the past several years, posting a loss of $109.78 million in 2022, $110.82 million in 2021, $124.48 million in 2020, and $105.15 million in 2019. VIKING CRUISES: S&P Upgrades ICR to 'BB' on Strong Performance -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on river and ocean cruise operator Viking Cruises Ltd. to 'BB' from 'BB-'. At the same time, S&P raised its issue-level ratings on Viking's secured and unsecured debt one notch. The stable outlook reflects S&P's expectation that Viking's forward booked position will support EBITDA and cash flow growth and continued deleveraging to the mid-1x area in 2025, incorporating new ship deliveries. S&P said, "The upgrade to 'BB' reflects our expectation that Viking's booked position for 2025 will support significant credit measure improvement, with leverage declining to mid-1x. Viking's 2025 advanced bookings for both its river and ocean cruise segments are elevated above 2024 levels. As of Feb. 23, 2025, Viking's 2025 advanced bookings are 26% above 2024 levels due to higher capacity, higher pricing, and the amount of inventory sold. Viking will also benefit from new ship deliveries, including 10 new river ships and a new ocean ship set to join the fleet before the end of 2025. Viking had sold 89% of its 2025 river operating capacity and 87% of its ocean capacity as of Feb. 23, 2025. We believe this revenue visibility and growth will support significant cash flow generation and deleveraging in 2025. "As a result of Viking's strong forward booked position, we now expect leverage will decline to the mid-1x area in 2025 from approximately 2.6x at the end of 2024, which supports the upgrade and provides good cushion relative to our 4x leverage downgrade threshold for Viking at a 'BB' rating. Previously, we expected leverage to improve to the high-2x area in 2025. We expect Viking's S&P Global Ratings-adjusted funds from operations (FFO) to debt to improve to 50%-55% from about 27% in 2024, significant cushion to our 20% downgrade threshold. We expect this will continue to improve over time as cash flow increases and the company addresses higher-cost incremental debt issued during the COVID-19 pandemic in its capital structure through refinancing or repayment. "Viking's typically long booking window supports our view of its revenue and EBITDA trajectory despite the risk of a slowing economy. In addition, Viking commented on its recent earnings call that preliminary bookings for 2026 are ahead of 2025. However, demand for future cruise bookings could decline due to stock market volatility that hurts the wealth of its target customer demographic, North Americans 55 years and older, and reduces their discretionary spending on travel. Given the company's strong booked position and long booking window (typically 11 months), we see more risks to volumes and pricing later on this year and into 2026 in a slowing economy. An escalation in geopolitical conflicts could also affect consumer willingness to travel to eastern Europe and the Middle East, especially on river cruises that rely on customers flying to overseas destinations, which could cause customers to cancel current 2025 and 2026 bookings. "Despite our base-case forecast for Viking's 2025 leverage below our 3x upgrade threshold, the outlook is stable because financial policy constrains rating upside. As forward bookings provide visibility for significant free cash flow generation, we expect the company will add to its sizable cash balance, most of which we net against debt balances, and increase its financial flexibility. However, financial policy choices may increase leverage relative to our base case if Viking returns capital to shareholders, pursues acquisition opportunities, or orders more ships. While Viking has indicated that it is not contemplating a dividend or share repurchases, we believe it may pursue an acquisition that could increase leverage above our base-case forecast if a suitable opportunity arose. While Viking does not have a publicly articulated long-term leverage target, it has consistently maintained large cash reserves on the balance sheet, which it says acts as a buffer against economic uncertainty and flexibility to pursue acquisitions or other investment opportunities. Nevertheless, we believe the company will likely maintain leverage below 4x even if it pursues a leveraging acquisition or returns capital to shareholders. "We expect Viking will prioritize reinvesting in the business mainly by ordering new ships to drive organic growth. Cruise operators generally must commit to new ship deliveries several years in advance, particularly ocean ships, and generally obtain financing commitments before and while contracting delivery. This provides liquidity support should cash flow decline. However, incremental debt to finance ship deliveries can significantly deteriorate credit measures when operations are weak because debt balances increase while EBITDA declines. When demand softens, incremental capacity from new ships can also exacerbate pricing pressure as operators try to match supply and demand. In 2025, Viking will take delivery of one ocean ship and 10 river ships. Beyond 2025, Viking has eight ocean ships on order, with annual deliveries of one to two ships scheduled per year between 2026 and 2030. Viking also has options for two additional ocean ships in both 2031 and 2032. The company also has ordered six river ships for delivery in 2026, two in 2027 and exercised its options for four in both 2027 and 2028. "The stable outlook reflects our expectation that Viking's forward booked position will support EBITDA and cash flow growth and continued deleveraging to the mid-1x area. We believe this provides sufficient cushion relative to our 4x downgrade threshold to accommodate expected new ship deliveries, modest operating volatility, and potential acquisitions or shareholder returns." S&P could lower the rating if it believed it would sustain: -- Adjusted leverage above 4x; and -- FFO to debt below 20%. S&P said, "Given our forecast leverage provides significant cushion relative to our downgrade threshold, we believe this would most likely result from more aggressive financial policy decisions than we expect, including leveraging acquisitions or shareholder returns. Viking underperforming our base case could exacerbate this, driven by escalating geopolitical conflicts or increased competitive pressures that significantly reduce demand for cruising." S&P could raise the rating if it believed Viking would: -- Sustain adjusted leverage below 3x; FFO to debt above 30%; and -- Have sufficient cushion compared with these thresholds such that the company could sustain these measures during the next cyclical downturn, incorporating ship deliveries and potential shareholder returns or acquisitions. S&P would also want to ensure that maintaining these measure was aligned with the company's financial policy. VISTA PARTNERS: Seeks Chapter 11 Bankruptcy in Oregon ----------------------------------------------------- On March 5, 2025, Vista Partners Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. According to court filing, the Debtor reports $3,651,251 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Vista Partners Inc. Vista Partners Inc., doing business as Petersen - Arne, PA Distribution, Accent Design, Leisure Arts, and Newood MFG, provides a comprehensive multi-service solution for the sewing and crafting industry's distribution, shipping, and fulfillment needs. Founded in 1959, the Company is the only major craft distributor on the West Coast, perfectly positioned to distribute product originating from a global market to a wide variety of retailers. Offering a diverse selection of products, PA Distribution covers everything from essential creative supplies to trending seasonal and holiday items. The Company's services are tailored to meet the unique demands of the crafting and sewing industry, ensuring reliable inventory management and supply chain solutions. Vista Partners Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-60597) on March 5, 2025. In its petition, the Debtor reports total assets of $35,932,947 and total liabilities of $3,651,251. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtor is represented by: Joseph A.G. Sakay, Esq. BUCHALTER, A PROFESSIONAL CORPORATION 805 SW Broadway, Suite 1500 Portland, OR 97205 Tel: (503) 226-1191 Fax: (503) 226-0079 E-mail: jsakay@buchalter.com WATTS CHOPPING: Gets OK to Use Cash Collateral Until March 31 ------------------------------------------------------------- Watts Chopping, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, to use cash collateral for the period from March 1 to 31. The Debtor needs to use cash collateral to pay business expenses. As protection, the Internal Revenue Service will be granted a replacement lien on post-petition assets of the Debtor and will receive payments of $3,211 per month. The Debtor's pre-bankruptcy bank accounts and accounts receivable are subject to perfected security interests held by the Internal Revenue Service. The Debtor's pre-bankruptcy bank accounts had $6,638 on deposit and the Debtor's accounts receivable had a balance of $234,600 when the Debtor filed its Chapter 11 case. The Debtor incurred debt in its business before Debtor filed its Chapter 11 case. This debt included $3.1 million in secured claims and $236,442 in general unsecured claims. The Debtor's secured claims are secured by liens against the Debtor's personal property. The Debtor's debt owed to the IRS was $149,456 when the Debtor filed its Chapter 11 case on February 21, 2025. The liens against the Debtor's pre-bankruptcy bank accounts and accounts receivable held by the IRS are first priority liens. A final hearing is set for March 26. About Watts Chopping Watts Chopping operates an agricultural equipment business with significant holdings in harvesting and farming equipment. Watts Chopping sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-10505) on February 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. The Debtor is represented by Leonard K. Welsh, Esq. at Law Offices Of Young Wooldridge. WEBSTERNT LLC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of WebsterNT, LLC. About WebsterNT LLC WebsterNT, LLC filed Chapter 11 petition (Bankr. W.D. N.Y. Case No. 24-11436) on December 19, 2024, listing up to $10 million in both assets and liabilities. Ralph Dailey, a member of WebsterNT, signed the petition. Judge Carl L. Bucki oversees the case. Scott J. Bogucki, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., represents the Debtor as legal counsel. WILLSCOT HOLDINGS: S&P Rates New $500MM Senior Secured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue rating and '5' recovery rating to the proposed $500 million senior secured notes, due 2030, issued by WillScot Holdings Corp. (WillScot)'s subsidiary Williams Scotsman Inc. The '5' recovery rating indicates its expectation of modest (10%-30% rounded estimate: 10%) recovery in the event of default. The company intends to use the proceeds to repay the senior secured notes of $526.5 million maturing in June 2025. WillScot plans to fund the remaining $26.5 million along with costs through the asset-based lending (ABL) facility, with $1.6 billion available as of Dec. 31, 2024 (subject to borrowing base restrictions). S&P said, "Our issue-level ratings on WillScot's existing $495.6 million senior secured notes due 2028, $492.5 million senior secured notes due 2029, and $494.3 million senior secured noted due 2031 remain 'BB-'. Our recovery ratings of '5', with a rounded recovery estimate of 10%, are also unchanged. This represents modest recovery prospects for noteholders in the event of a simulated default, resulting in an issue-level rating one notch lower than the 'BB' issuer credit rating (ICR) on WillScot. "The stable outlook on the ICR reflects our expectation that WillScot will maintain its operating performance and credit metrics through 2025. This includes EBIT interest coverage of 2.5x-3.0x and funds from operations (FFO) to debt of 22%-23% over the next 12 months." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's '5' recovery rating on the company's $495.6 million senior secured notes due 2028, $492.5 million senior secured notes due 2029, $494.3 million senior secured notes due 2031, and the proposed $500 million senior secured notes due 2030 reflects its expectation of modest (10%-30%, rounded estimate: 10%) recovery in the case of a payment default. -- The company's ABL revolver (not rated) is $3.7 billion. However, availability remains linked to the borrowing base, which is currently lower than the size of the ABL facility. -- As the company continues to grow its asset base (including equipment fleet, and inventory), it will likely allow for more borrowing under the ABL. At that time, S&P will adjust its recovery analysis to reflect our view of both the larger asset base and increased borrowing at default. Simulated default assumptions: -- In S&P's simulated scenario, it assumes a payment default in 2030 due to an economic recession that causes steep demand, rental rate, and utilization declines in key North American end markets, leading to lower earnings and a hypothetical default. -- S&P values the company as a going concern and use a discrete-asset-value approach. S&P believes WillScot would likely be reorganized rather than liquidated following a payment default, given its market position and customer relationships. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.96 billion -- Valuation split (obligors/nonobligors): 90%/10% -- Senior first priority claims: $1.5 billion -- Value available to senior secured creditors (second priority claims): $245 million -- Senior secured debt claims: $2.0 billion -- Recovery expectations: 10%-30% (rounded estimate: 10%) Note: All amounts include six months of prepetition interest. WILSON CREEK: Seeks to Hire BDO USA as Tax Services Consultant -------------------------------------------------------------- Wilson Creek Energy, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ BDO USA, PC as tax services consultants. The firm will provide tax consulting services and such other consulting, advice, research, planning, and analysis regarding tax services as may be necessary, desirable, or requested by the Debtors from time to time. The firm's professionals will be paid at these rates: Principal/Managing Director $725 - $1,150 Director/Senior Manager $650 - $850 Manager $550 - $750 Senior Associate $375 - $625 Associate $175 - $375 In addition, the firm will seek reimbursement for expenses incurred. Kevin Wilkes, a principal at BDO, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin Wilkes BDO USA, PC 330 North Wabash Avenue, Suite 3200 Chicago, IL 60611 Telephone: (312) 856-9100 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. WOODBRIDGE PARTNERS: Creditors to Get Proceeds From Liquidation --------------------------------------------------------------- Woodbridge Partners L.P. and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for First Amended Joint Plan of Liquidation dated February 26, 2025. The Debtors are all part of a family owned wholesale greenhouse business providing high quality annuals, perennials and ground covers to garden centers across Texas for more than 25 years. The Debtors are all related entities headquartered in Mansfield, Texas. On December 10, 2024, Woodbridge and Seville filed a joint motion to approve the sale of the Schulenburg Property and certain personal property owned by Seville located thereon to Cooper Creek Growers, Inc. for a purchase price of $3,000,000 and closing date of December 31, 2025 with the possibility of extension to May 1, 2026 or June 30, 2026. Woodbridge also filed a motion to approve a lease to Cooper Creek to allow Cooper Creek's immediate access to the property starting in December 2024, to make capital improvements and commence operations. After conducting a hearing on December 31, 2024, and no objections, the Court approved both motions. Beginning in December 2024, Cooper Creek has made capital improvements, repairs and has commenced operations. The Plan is being proposed only for Seville Farms, Woodbridge, Brentwood, IBOT and GB2. Under the Plan, all property owned by these Debtors will be sold to pay creditors. Each Debtor will continue to exist solely for purposes of wind-down and liquidation of their Assets by the Plan Administrator. The Plan Administrator will assume all responsibilities with respect to implementation of the Plan, sale of Assets, administration and distributions to creditors under the Plan. Cash to pay creditors will be generated from any remaining operations and the sale of property, consisting primarily of the real property owned by Woodbridge and Brentwood. Under the Plan proceeds from the sale or lease of Woodbridge and Brentwood's properties will be used to pay Allowed Claims against Brentwood and Woodbridge with any remaining amounts paid to their Equity Interest holders, and used in part to fund the GUC Fund for distribution to holders of Allowed General Unsecured Claims holders of Seville, IBOT and GB2. Under the Plan, Administrative and Priority Claims will be paid in full either from Cash held be each respective Debtor or by Woodbridge and Brentwood from Cash on hand or from Asset sale proceeds; providing that with respect to Priority Claims against IBOT, William Brentlinger and Robert Brentlinger will pay such Allowed Claims up to $2,000. Allowed Professional Fee Claims will be paid by the Plan Administrator from Cash on hand of the Debtors on the Effective Date and as it becomes available after the Effective Date from operations and/or sale of Assets. Allowed Secured Claims will be satisfied by return of collateral, retention of liens and rights and remedies for repayment thereof and/or payment in Cash upon the sale of collateral. Allowed General Unsecured Claims against Seville, IBOT, and GB2 will be paid from i) Cash and proceeds from the liquidation of Assets of each respective Debtor, if any, after payment of senior in priority Claims and ii) a pro rata share of the GUC Fund, funded from amounts received by William and Robert Brentlinger as Equity Interest holders of Brentwood and Woodbridge in an amount up to $100,000. The Plan also subordinates all Claims of insiders and affiliates to all other Claims. All Equity Interests in the Liquidating Debtors will be extinguished. The Plan also provides that if the Plan Administrator is not able to sell all the Properties within the 10-month Sale Term (and any extensions thereto), the Plan Administrator may deliver any remaining Unsold Property to GNCU in full and final settlement of its Class 1 and Class 2 Secured Claims against the Debtors. Class 6 consists of General Unsecured Claims against Woodbridge. Except to the extent that a holder of a Class 6 Claim has been paid prior to the Effective Date, or agrees to less favorable treatment, or is the subject of an order entered with respect to the treatment of such Class 6 Claim prior to the Effective Date, each holder of a Class 6 Claim shall receive, in full and final satisfaction, settlement, release, and discharge of, and in exchange for its General Unsecured Claim against Woodbridge, a pro rata share of Cash up to the Allowed amount of its General Unsecured Claim plus interest as required under the Bankruptcy Code, from any Cash of Woodbridge remaining from the sale of Assets, operations and any amounts collected from the prosecution of any Causes of Action belonging to Woodbridge (less costs of litigation and collection), after satisfaction in full of all senior in priority Allowed Claims against Woodbridge pursuant to the Plan. Class 6 Claims are impaired under the Plan. The allowed unsecured claims total $1,194,762. This Class will receive a distribution of 0-100% of their allowed claims. Class 10 consists of General Unsecured Claims against Brentwood. Except to the extent that a holder of a Class 10 Claim has been paid prior to the Effective Date, or agrees to less favorable treatment, or is the subject of an order entered with respect to the treatment of such Class 10 Claim prior to the Effective Date, each holder of a Class 10 Claim shall receive, in full and final satisfaction, settlement, release, and discharge of, and in exchange for such Claim, a pro rata share of Cash up to the Allowed amount of its Class 10 Claim plus interest as required under the Bankruptcy Code, from any Cash of Brentwood remaining from the sale of Assets, operations and any amounts collected from the prosecution of any Causes of Action belonging to Brentwood (less costs of litigation and collection), after satisfaction in full of all senior in priority Allowed Claims against Brentwood pursuant to the Plan. Class 10 Claims are impaired under the Plan. The allowed unsecured claims total $1,189,036. This Class will receive a distribution of 0-100% of their allowed claims. Class 14 consists of General Unsecured Claims against Seville. Except to the extent that a holder of a Class 14 Claim has been paid prior to the Effective Date, or agrees to less favorable treatment, or is the subject of an order entered with respect to the treatment of such Claim prior to the Effective Date, each holder of an Allowed Class 14 Claim shall receive, in full satisfaction, settlement, discharge and release of, and in exchange for such Claim, on or as reasonably practicable after, the later of the GUC Distribution Date and the date on which such Claim becomes an Allowed Class 14 Claim, Cash equal to its pro rata share of: (i) the GUC Fund; and (ii) Net Sale Proceeds from the sale of Seville Assets and prosecution of Causes of Action belonging to Seville (less costs of litigation and collection), if any, remaining after satisfaction in full of all senior in priority Claim holders under the Plan. Class 14 Claims are impaired under the Plan. The allowed unsecured claims total $21,705,466. This Class will receive a distribution of 0-2% of their allowed claims. Class 17 consists of General Unsecured Claims against IBOT. Except to the extent that a holder of a Class 17 Claim has been paid prior to the Effective Date, or agrees to a less favorable treatment, or is the subject of an order entered with respect to the treatment of such Claim prior to the Effective Date, each holder of an Allowed Class 17 Claim shall receive, in full satisfaction, settlement, discharge and release of, and in exchange for such Claim, on or as reasonably practicable after, the later of the GUC Distribution Date and the date on which such Claim becomes an Allowed Class 17 Claim, Cash equal to its pro rata share of: (i) the GUC Fund; and (ii) Net Sale Proceeds from the sale of IBOT's Assets and prosecution of Causes of Action belonging to IBOT (less costs of litigation and collection), if any, remaining after satisfaction in full of all senior in priority Claim holders under the Plan. Class 17 Claims are impaired under the Plan. The allowed unsecured claims total $2,772,445.46. This Class will receive a distribution of 0-2% of their allowed claims. Class 20 consists of General Unsecured Claims against GB2. Except to the extent that a holder of a Class 20 Claim has been paid prior to the Effective Date, or agrees to a less favorable treatment, or is the subject of an order entered with respect to the treatment of such Claim prior to the Effective Date, each holder of an Allowed Class 20 Claim shall receive, in full satisfaction, settlement, discharge and release of, and in exchange for such Claim, on or as reasonably practicable after, the later of the GUC Distribution Date and the date on which such Claim becomes an Allowed Class 23 Claim Cash equal to its pro rata share of: (i) the GUC Fund; and (ii) Net Sale Proceeds from the sale of GB2 Assets and prosecution of Causes of Action belonging to GB2 (less costs of litigation and collection), if any, remaining after satisfaction in full of all senior in priority Claim holders under the Plan. Class 20 Claims are impaired under the Plan. The allowed unsecured claims total $1,188,551. This Class will receive a distribution of 0-2% of their allowed claims. The Plan is a Plan of Liquidation. Under the Plan, the Plan Administrator will continue to operate the Reorganized Debtors and market the Properties of Woodbridge and Brentwood for sale and liquidate any other Assets of the Debtors for purposes of distributions to holders of Allowed Claims in accordance with the Plan. A full-text copy of the Disclosure Statement dated February 26, 2025 is available at https://urlcurt.com/u?l=6MOOEN from PacerMonitor.com at no charge. Counsel for the Debtors: Katherine T. Hopkins, Esq. Kelly Hart & Hallman, LLP 201 Main Street, Suite 2500 Fort Worth, TX 76102 Tel: (817) 878-9377 Fax: (817) 878-9280 Email: katherine.hopkins@kellyhart.com About Woodbridge Partners Woodbridge Partners, LP is engaged in activities related to real estate. Woodbridge Partners and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 24-41520) on May 1, 2024. At the time of the filing, Woodbridge Partners reported $10 million to $50 million in both assets and liabilities. Judge Edward L. Morris oversees the cases. The Debtors tapped Kelly Hart & Hartman, LLP and Lain Faulkner & Co., PC, as legal counsel and financial advisor, respectively. WORLD BRANDS: Case Summary & 16 Unsecured Creditors --------------------------------------------------- Debtor: World Brands, Inc. 11924 SW 99 Terrace Miami, FL 33186 Business Description: World Brands Inc. focuses on custom printed paper packaging and provides a diverse selection of products such as clamshells, hot cups, cold cups, vision boxes, paper bags, wet wipes, kraft trays, pizza boxes, and hoagie boxes under its own brand. Additionally, the Company offers private label products, tailored packaging solutions, and book printing services. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-12653 Judge: Hon. Corali Lopez-Castro Debtor's Counsel: Daniel R. Fogarty, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: dfogarty@srbp.com Total Assets: $2,357,099 Total Liabilities: $3,692,774 The petition was signed by Alicia Coya as president. A copy of the Debtor's list of 16 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VXRK22A/World_Brands_Inc__flsbke-25-12653__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VKAIBAA/World_Brands_Inc__flsbke-25-12653__0001.0.pdf?mcid=tGE4TAMA YUM! BRANDS: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on YUM including the 'BB+' long-term issuer credit rating and unsecured notes ratings. The stable outlook reflects S&P's expectation for steady operating performance and credit metrics driven by ongoing successful brand-level initiatives offsetting a constrained consumer that will contribute to flattish same-store sales and good franchisee restaurant development. S&P said, "Our affirmation primarily reflects YUM's credit metrics, which have consistently stayed in the 4x-5x range. The company recently commented that it expects to stop deleveraging at its current level of company-calculated debt to EBITDA of 4x (S&P Global Ratings-adjusted debt to EBITDA is typically 0.2x-0.3x higher than the company's calculation). For 2025 and 2026, we expect adjusted debt to EBITDA comfortably in the 4x-5x range and adjusted FOCF to debt of about 13%. Though if execution remains consistent and interest rates decline further, we think share repurchases could grow slightly faster than cash flow, given the company is likely already fully funding its largest initiative, the Byte technology platform. YUM is taking a deliberate approach with new concepts like KFC Saucy and Live Más Café, so we expect capital expenditures to remain generally on trend, although higher as a percentage of revenue compared to 2024 due to lower proceeds from refranchising. "Our affirmation also reflects YUM's execution, demonstrating the benefit of its scale, multiple brands, and geographic diversification. YUM's scale is a differentiator relative to most QSR chains. This helps facilitate national advertising, global brand recognition, and effective investments in technology including Byte system. The Byte system in particular has helped increase rewards members and push digital sales above 50%. Rewards members tend to dine at restaurants more frequently and digital transactions average a larger check size than non-digital. YUM's three major brands--Taco Bell, KFC, and Pizza Hut--provide some cushion for changing and cyclical consumer preferences as well as commodity volatility. It also enables multi-brand locations, which is fairly unique to YUM (though we also see IRB Holding Corp. [B+/Stable/--] taking this approach), providing additional opportunities for franchisees." YUM is geographically diverse, particularly with its four brands in the U.S. and KFC international in China, Japan, India, South Africa, and many other countries. This diversification mitigates changing consumer preferences that may affect a single brand in a single geography. It also allows the company to participate in both steadier economies and faster growing economies. YUM's restaurants have robust economics, supporting continued growth in new restaurants, despite restaurant-level margins shrinking approximately 40 basis points in 2024. The lower margins reflect lower overall same store sales, discounting, and above average inflation. Longer term, S&P expects restaurant-level margins to expand as inflation continues to slow and stores gain efficiencies from evolving technology and digital orders. Margins should also benefit from Pizza Hut's continued transition to a carry-out and delivery focused footprint, enabling it to compete better with pizza industry leader Domino's (not rated but has rated securitized notes). S&P said, "We expect new restaurant expansions to continue, especially in Taco Bell and KFC international, despite the current tepid consumer. Taco Bell's store-level margins in the 25% area are high for the QSR space, so we think the longer-term challenge in that business is density in the U.S. and introduction of the cuisine to unfamiliar international markets. Our forecast includes AUV growth at Taco Bell, although slightly below the pace to achieve $3 million per store by 2030, which is the company's recently stated goal." S&P said, "The stable outlook reflects our view that YUM will generate 8% EBITDA growth in 2025 and about 6% in 2026 through new restaurant openings and flattish to slightly positive same-store sales growth, while maintaining S&P Global Ratings-adjusted leverage of 4x-5x and adjusted FOCF to debt of 12%-13%." S&P could lower its rating on Yum! if: -- S&P expects its leverage to exceed 5.5x on a sustained basis or -- Adjusted FOCF to debt sustained below about 8%. This could occur due to a large acquisition, a shift to a more aggressive financial policy, or deteriorating operating performance. S&P said, "We could consider an upgrade if YUM's leverage improves to 4x on a sustained basis due to a more conservative financial policy, including a reduction in debt. In this scenario, we would expect the company's stated leverage target and capital allocation priorities to coincide with a higher rating." [] Marti Murray Joins Charles River Associates' Finance Practice ---------------------------------------------------------------- Charles River Associates, a worldwide leader in providing economic, financial, and management consulting services, announced on March 11, 2025, that Marti P. Murray of Murray Analytics, Inc. has affiliated with the Company's Finance Practice as a Senior Consultant. "We are excited to welcome Marti as a Senior Consultant to our Finance Practice," said CRA President and Chief Executive Officer Paul Maleh. "Marti has more than 40 years of experience that spans bankruptcy and restructuring advisory, corporate credit, distressed debt, investment advisory, and commercial and SEC-related litigation support, as well as industry custom and practice for investment advisers, hedge funds, and private equity." "Marti has an impressive track record of advising clients on issues related to financial distress, business and securities valuation, solvency, and fraud," said Dr. Mukarram Attari, Vice President & Finance Practice Co-Leader. "We look forward to working with her." "Marti shares our analytically rigorous, evidence-based approach to solving complex problems and is joining a talented team of experts that advise CRA clients in high-stakes and high-profile legal disputes," said Stephen O'Neil, Vice President & Finance Practice Co-Leader. Ms. Murray was previously the Founder, President, and Portfolio Manager of Murray Capital Management, Inc., an SEC-registered, distressed-debt hedge fund firm, the business of which was later acquired by a large investment management firm. She has served on numerous boards of directors and acted as a court-appointed SEC Monitor and Receiver for an investment adviser accused of fraud. From 2001 to 2013, Ms. Murray was an adjunct professor at New York University's Stern School of Business, where she taught courses in bankruptcy, distressed debt investing, and equity analysis and valuation. She is a Certified Valuation Analyst and a Certified Fraud Examiner, with expertise in fraud prevention, detection, and deterrence. Ms. Murray has an MBA in Finance from the Stern School of Business and a BA in World Affairs and Chinese from Colgate University. About CRA's Finance Practice CRA's Finance Practice focuses on providing expert testimony in legal disputes relating to securities trading and markets, company valuations, bankruptcy and solvency, and damages to companies, shareholders, and other interested parties. About Charles River Associates (CRA) Charles River Associates(R) is a leading global consulting firm specializing in economic, financial, and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. [^] BOOK REVIEW: The Heroic Enterprise -------------------------------------- The Heroic Enterprise: Business and the Common Good Author: John Hood Publisher: Beard Books (reprint of book published by The Free Press/Division of Simon and Schuster in 1996). Paperback: 266 pages List Price: $34.95 Order your copy at https://bit.ly/3awLUV3 Hood writes as a counterbalance to ideas that business should be expected to contribute to the common good along the lines of charities, say, or public health. He writes too against the highly partisan, pernicious perspective that business activity is antisocial and disruptive which at times gains some degree of credibility. Critiques of business have been around as long as commerce and business have been around. These come usually from religious or political zealots seeking dictatorial hold over all significant kinds of human activity and enterprise. In this work, Hood aims to counterbalance latter-day versions of such critiques arising in American society. The counterculture, antiestablishment 1960s was a time when such critiques were particularly strong. They have moderated since, yet remain a persistent chorus which influences politics and imagery and public affairs of business. Hood does not aim to stifle or eliminate debate about the effects of business on society or how business should engage in business. What he aims for is dismissing once and for all myopic and almost utopian conceptions about business and related erroneous purposes and values of it. Such conceptions are worrisome to businesspersons not because they believe they have any foundation, but because they waste resources and energy in having to continually correct them so business can function properly. And to the extent such myopic conceptions are believed or entertained by the public, they hamper the public and politicians in working out policies by which the greatest benefits of business can be reaped by society. The author clarifies the place and role of business by contrasting business with other parts of society. A standard, self-evident tenet of sociologists going back to the time of Plato is that society is made up of different parts fulfilling different roles for the varied needs of society and so that a society will function smoothly and survive. Business is distinguished from government and philanthropy. "Businesses exist to make and sell things, whereas by contrast "governments exist to take and protect things [and] charities exist to give things away." The social responsibility for each category of institution is inherent in its purposes and activities. For example, businesses alone cannot solve environmental problems. Whatever problems which can be attached to business are related to government policies and business's operations to satisfy consumer interests. Hence, business alone cannot solve environmental problems, and should not be expected to. Critics requiring that business solve environmental problems without similarly requiring changes in government policies and consumer interests are shortsightedly and unreasonably tarnishing business while not making any relevant or productive arguments for dealing with environmental problems. In elucidating business's proper place in and contributions to society, Hood is not unmindful that some businesses fail to fulfill their role in good faith and beneficially. But instead of criticizing business fundamentally, he proffers questions critics can ask before targeting particular businesses. Two of these are "Are corporations obtaining their profits through force or fraud?" and "Are corporations putting investments at their disposal to the most economically productive use?" Hood's perspective in support of business against unfair and irrelevant criticisms is based on the acknowledgment that business is operating productively, for the common good, and is open to cooperative activities with other parts of society in trying to resolve common problems. "The Heroic Enterprise" is not an argument for business -- for as a fundamental aspect of any society, business does not need an argument to justify it. The book mostly takes the approach of reviewing why business is necessary and therefore must be naturally, easily accepted -- namely, because of the manifold benefits business provides for society and because it along with good government and respectable morals has been a primary engine for the betterment of human life. John Hood has much experience in the media and communication as a syndicated columnist, TV commentator, and radio host. Author of seven nonfiction books on subjects as business, advertising, public policy, and political history, and many articles for national publications such as the Wall Street Journal, Hood is President of the John William Pope Foundation, a Raleigh, N.C.-based grantmaker that supports public policy organizations, educational institutions, arts and cultural programs, and humanitarian relief in North Carolina and beyond. Hood also serves on the board of the John Locke Foundation, the state policy think tank he helped found in 1989 and led as its president for more than two decades. He teaches at Duke University's Sanford School of Public Policy. ********* 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 ***