/raid1/www/Hosts/bankrupt/TCR_Public/250403.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, April 3, 2025, Vol. 29, No. 92
Headlines
3101 SAGE RD: Case Summary & One Unsecured Creditor
819 E GRAND: U.S. Trustee Unable to Appoint Committee
8787 RICCHI: Case Summary & 20 Largest Unsecured Creditors
ALL AMERICAN HOLDINGS: Case Summary & Three Unsecured Creditors
ALL CRAFT: Gets Extension to Access Cash Collateral
AMERICAN TIRE: Two Creditors Step Down as Committee Members
ARCHDIOCESE OF BALTIMORE: Survivors Sue to Fight Immunity Defense
ARCHDIOCESE OF SAN FRANCISCO: Court Approves Claim Data Release
ASPLUNDH TREE: Moody's Affirms 'Ba1' CFR, Outlook Remains Negative
AVALON SUGAR: Case Summary & Two Unsecured Creditors
BAMBI HEALTH: U.S. Trustee Unable to Appoint Committee
BAR LOUIE: Operations to Continue Amid Chapter 11 Filing
BARRETTS MINERALS: Creditors Reject Mediation with Parent Company
BOSTON HARBOR: Case Summary & 20 Largest Unsecured Creditors
BRIGHTMARK PLASTICS: U.S. Trustee Unable to Appoint Committee
CAREPOINT HEALTH: Judge Orders Revisions to Bankruptcy Plan
CLUB CAR: S&P Downgrades ICR to 'B-', Outlook Stable
CTN HOLDINGS: April 7 Deadline Set for Panel Questionnaires
DAAT ESTATES: Voluntary Chapter 11 Case Summary
EQUIPSOURCE LLC: Lender Seeks to Prohibit Cash Collateral Access
F21 OPCO: U.S. Trustee Appoints Creditors' Committee
FOOT LOCKER: S&P Downgrades ICR to 'BB-', Outlook Stable
FOREVER 21: Liquidation Sales Underway Amid Bankruptcy
GABRIEL BROTHERS: Considers Possible Sale, Raises Cash
GREAT CANADIAN GAMING: S&P Downgrades ICR to 'B-', Outlook Stable
GREAT CANADIAN GAMING: S&P Downgrades ICR to 'B-', Outlook Stable
GULF COAST: Case Summary & 20 Largest Unsecured Creditors
HOOTERS OF AMERICA: Case Summary & 30 Largest Unsecured Creditors
HOOTERS OF AMERICA: Gets Chap. 11 Financing Offer from Bracebridge
HUBBARD RADIO: Moody's Cuts CFR to 'Caa2' & Alters Outlook to Neg.
INTERCEMENT BRASIL: Gets Ch. 15 Brazil Restructuring Recognition
J.B. POINDEXTER: Moody's Affirms 'B1' CFR, Outlook Remains Stable
JAG PUBLIC: Case Summary & 20 Largest Unsecured Creditors
KTRV LLC: Case Summary & 20 Largest Unsecured Creditors
LEISURE INVESTMENTS: Seeks Chapter 11 Bankruptcy in Delaware
LIKELIHOOD LLC: U.S. Trustee Unable to Appoint Committee
MARYMOUNT UNIVERSITY: Moody's Affirms 'Caa1' Issuer & Debt Ratings
MAVENCRUX I LLC: U.S. Trustee Unable to Appoint Committee
MID VALLEY NUT: Seeks Cash Collateral Access
MLN US HOLDCO: Davis Polk & Kane Russel Represent Ad Hoc Group
MORANS AUTO: Gets Interim OK to Use Cash Collateral
MP OCTOPUS: Affiliate Seeks to Sell Pizza Business to JNY OM 2
MP OCTOPUS: Affiliate Seeks to Sell Pizza Business to Kyle Garrick
MR. COOPER GROUP: Fitch Puts 'BB' LongTerm IDR on Watch Positive
MR. COOPER GROUP: Moody's Puts 'Ba3' CFR on Review for Upgrade
OMRAADHI LLC: Voluntary Chapter 11 Case Summary
ONTARIO GAMING: S&P Downgrades ICR to 'B-', Outlook Stable
OSTEEN'S LOAD: Hearing Today on Bid to Use Cash Collateral
PANTEGO DEVELOPMENT: Case Summary & Three Unsecured Creditors
PINSEEKERS DEFOREST: U.S. Trustee Unable to Appoint Committee
PREPAID WIRELESS: Court Extends Use of Cash Collateral
PROSPECT MEDICAL: Sussman & Moore Represents Utilities
ROCKET MORTGAGE: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
ROSSLYN2016 LLC: Voluntary Chapter 11 Case Summary
ROYAL BLUE REALTY: Gets OK to Use $107K in Cash Collateral
SAIPRASAD LLC: Voluntary Chapter 11 Case Summary
SALEM POINTE: Seeks to Amend Final Cash Collateral Order
SMITH ENVIRONMENTAL: Gets OK to Use Cash Collateral Until April 16
SPARTAN GROUP: To Sell Construction Business to Automated
SPECIALTY BUILDING: S&P Alters Outlook to Neg., Affirms 'B' ICR
SPLENDIDLY BLENDED: Seeks Cash Collateral Access
STEPHENS GARAGE: Gets Interim OK to Use Cash Collateral
STG DISTRIBUTION: LRFC Marks $988,000 1L Secured Debt at 44% Off
STG LOGISTICS: LRFC Marks $2.4 Million 1L Loan at 26% Off
STRAWBERRY HILL: U.S. Trustee Appoints Creditors' Committee
SULLIVAN MECHANICAL: Court OKs DIP Loan, Cash Collateral Access
TANDEM GROUP: Voluntary Chapter 11 Case Summary
TERRA LAGUNA: Case Summary & 30 Largest Unsecured Creditors
TEXAS ESENCIA 2019: Voluntary Chapter 11 Case Summary
THERMOPRO INC: Case Summary & 20 Largest Unsecured Creditors
TUBULAR TEXTILE: LRFC Marks $5.1M Subordinated Debt at 46% Off
VILLAGE ROAD: U.S. Trustee Appoints Creditors' Committee
VILLAGE ROADSHOW: Bush & Law Office of Susan Advise Union Entities
VILLAGE ROADSHOW: Morrison & Potter Anderson Represent DIP Lenders
WATER ENERGY: To Sell Truck to Darryl Reid for $150,000
WELLPATH HOLDINGS: Shannon & Lee Files Rule 2019 Statement
WHITTAKER CLARK: Bankruptcy Battle Reveals Circuit Court Divide
WINDWARD DESIGN: Court OKs Furniture Business Sale Berlin Gardens
WOLYNIEC CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
WW INTERNATIONAL: In Talks to Possibly Transfer Control to Lenders
ZAYO GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable
ZIPS CAR WASH: Paul Hastings Represents Ad Hoc Term Lender Group
[] Glenn Siegel Joins MVA's Bankruptcy & Restructuring Team
[] MACCO Restructuring Expands With Key West Coast, Houston Hires
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
3101 SAGE RD: Case Summary & One Unsecured Creditor
---------------------------------------------------
Debtor: 3101 Sage Rd. LLC
3101 Sage Road
Houston, TX 77056
Business Description: 3101 Sage Rd. LLC is a real estate debtor
with a single asset, as defined in 11
U.S.C. Section 101(51B).
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 25-31806
Judge: Hon. Eduardo V Rodriguez
Debtor's Counsel: Larry Vick, Esq.
LAW OFFICE OF LARRY A. VICK
13501 Katy Fwy, Suite 3474
Houston TX 77079
Tel: (832) 413-3331
Email: lv@larryvick.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sam Hamouie as managing member.
The Debtor has identified the City of Houston Water Department,
located at PO Box 1560, Houston, TX 77251-1560, as its sole
unsecured creditor, with a claim of $141,973.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/F754BFI/3101_Sage_Rd_LLC__txsbke-25-31806__0001.0.pdf?mcid=tGE4TAMA
819 E GRAND: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 9 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of 819 E Grand Blvd MI, LLC.
About 819 E Grand Blvd MI
819 E Grand Blvd MI, LLC filed Chapter 11 petition (Bankr. E.D.
Mich. Case No. 25-41546) on February 19, 2025, listing between
$100,001 and $500,000 in both assets and liabilities.
Judge Thomas J. Tucker oversees the case.
The Debtor is represented by:
Robert McClellan, Esq.
Resurgent Legal Services, PLC
Fisher Building
3011 W. Grand Blvd., Suite 432
Detroit, MI 48202
Phone: (586) 755-0700
bob@robertjmcclellan.com
8787 RICCHI: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: 8787 Ricchi LLC
8777 and 8787 N. Stemmons Fwy.
Dallas TX 75247
Business Description: 8787 Ricchi LLC is a real estate development
and management company based in Dallas,
Texas, specializing in commercial
properties, including the prominent Eldorado
Towers located at 8787 N. Stemmons Freeway,
offering office and retail space.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-31144
Judge: Hon. Stacey G Jernigan
Debtor's Counsel: Frank Wright, Esq.
LAW OFFICES OF FRANK J. WRIGHT, PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: 214-238-4153
E-mail: frank@fjwright.law
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Leobardo Trevino as manager.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/4QFVAOQ/8787_Ricchi_LLC__txnbke-25-31144__0001.0.pdf?mcid=tGE4TAMA
ALL AMERICAN HOLDINGS: Case Summary & Three Unsecured Creditors
---------------------------------------------------------------
Debtor: All American Holdings, LLC
7315 Hudson Ave.
Hudson, FL 34667
Chapter 11 Petition Date: April 1, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-02066
Judge: Hon. Catherine Peek McEwen
Debtor's Counsel: Harry E. Riedel, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St., Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
Email: hriedel@srbp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by Alfred O. Bonati as manager .
A copy of the Debtor's list of three unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/XT646GQ/All_American_Holdings_LLC__flmbke-25-02066__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/XWNVVGI/All_American_Holdings_LLC__flmbke-25-02066__0001.0.pdf?mcid=tGE4TAMA
ALL CRAFT: Gets Extension to Access Cash Collateral
---------------------------------------------------
All Craft Marine, LLC received second interim approval from the
U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, to use cash collateral.
The second interim order authorized the company to use cash
collateral to pay the amounts expressly authorized by the court;
the expenses set forth in its budget; and additional amounts
subject to approval by its lenders, Greater Nevada Credit Union and
James Schneider.
Greater Nevada Credit Union, the company's primary and senior
secured lender, has made a series of loans to the company both
through and outside of various government lending programs. The
lender is owed as much as $9 million.
Meanwhile, All Craft Marine has obtained $100,000 in
debtor-in-possession financing from Mr. Schneider to help the
company get through bankruptcy.
Both lenders assert an interest in the cash collateral, according
to court filings.
As protection for the company's use of their cash collateral, the
lenders will receive replacement liens on the cash collateral and
all other assets acquired by the company after its Chapter 11
filing, to the same extent and with the same validity and priority
as their pre-bankruptcy liens.
To the extent the replacement liens are not enough to protect their
interest, the lenders will be granted an administrative priority
claim.
The second interim order will remain in effect until further order
of the bankruptcy court.
The next hearing is set for April 17.
About All Craft Marine Holdings
All Craft Marine Holdings, LLC, a company in Zephyrhills, Fla.,
filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00129) on
January 10, 2025. In its petition, the Debtor reported between $1
million and $10 million in both assets and liabilities.
Judge Roberta A. Colton oversees the case.
Daniel R Fogarty, Esq., at Stichter, Riedel, Blain & Postler, P.A.
is the Debtors legal counsel.
Secured lender Greater Nevada Credit Union is represented by:
Stephen P. Drobny, Esq.
Jones Walker, LLP
201 South Biscayne Boulevard
Suite 3000
Miami, FL 33131
Tel: (305) 679-5700
sdrobny@joneswalker.co
AMERICAN TIRE: Two Creditors Step Down as Committee Members
-----------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing the
resignation of Continental Tire the Americas, LLC and Nexen Tire
America, Inc. from the official committee of unsecured creditors in
the Chapter 11 cases of American Tire Distributors, Inc. (now known
as Oldco Tire Distributors, Inc.) and its affiliates.
The remaining members of the committee are:
1. Sumitomo Rubber North America, Inc.
Attn: Toby Beiner
8656 Haven Avenue
Rancho Cucamonga, CA 91730
Phone: 909-694-3152
tbeiner@srnatire.com
2. The Carlstar Group, LLC
Attn: Randy O'Banion
725 Cool Springs Blvd., Suite 500
Franklin, TN 37067
Phone: 615-503-0270
Email: randy.obanion@carlstargroup.com
3. 3PLogic, LLC d/b/a Redwood Supply Chain Solutions
Attn: Jeffrey Leppert
1765 N. Elston Avenue
Chicago, IL 60642
Phone: 630-384-6140
Email: jleppert@redwoodlogistics.com
4. Ryder Truck Rental Inc.
Attn: Michael Mandell
2333 Ponce DeLeon Blvd., Suite 700
Coral Gables, FL 33134
Phone: 954-439-4477
Email: mandms@ryder.com
5. FacilitySource, LLC d/b/a CBRE Retail
Attn: Molly Machold, Lead Senior Counsel
2575 E. Camelback Road, Suite 500
Phoenix, AZ 85016
Phone: 415-336-3625
Email: molly.machold@cbre.com
About American Tire Distributors
Headquartered in Huntersville, N.C., American Tire Distributors
Inc. (now known as Oldco Tire Distributors, Inc.) and its
affiliates are the largest distributor of replacement tires in
North America based on dollar amount of wholesale sales. With their
network of over 115 distribution centers and 1,500 delivery
vehicles, the Debtors service a geographic region covering more
than 90 percent of the replacement tire market for passenger
vehicles and light trucks in the United States. The Debtors carry
many of the nation's leading tire brands including Michelin,
Pirelli, and Continental. In addition, the Debtors' proprietary
Hercules brand is a leading private tire brand in North America.
American Tire Distributors and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12391) on October 22, 2024. In its petition, American Tire
Distributors reported $1 billion to $10 billion in both assets and
liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Kirkland & Ellis as bankruptcy counsel;
Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP
Services, LLC as restructuring advisor; and Moelis & Company, LLC
as financial advisor. Donlin, Recano & Company, Inc. is the notice
and claims agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ARCHDIOCESE OF BALTIMORE: Survivors Sue to Fight Immunity Defense
-----------------------------------------------------------------
James Nani of Bloomberg Law reports that the survivors of child sex
abuse from the Archdiocese of Baltimore have requested a bankruptcy
court to determine that the institution cannot use charitable
immunity to avoid paying claims not covered by insurance.
In a complaint filed Tuesday, April 1, 2025, in the U.S. Bankruptcy
Court for the District of Maryland, the survivors argue that the
archdiocese's reliance on charitable immunity is "inconsistent"
with both its bankruptcy filing and Maryland's Child Victims Act.
About the Archdiocese of Baltimore
The Archdiocese of Baltimore operates as a non-profit religious
organization. The organization provides catholic charities,
chancery, pastoral council, policies, presbyteral council, and
child and youth protection.
The Archdiocese of Baltimore sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29,
2023. In the petition filed by Archbishop William E. Lori, the
Debtor estimated assets between $100 million and $500 million and
liabilities between $500 million and $1 billion.
The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS
Law, LLC.
ARCHDIOCESE OF SAN FRANCISCO: Court Approves Claim Data Release
---------------------------------------------------------------
For the first time ever, over the objections of the Debtor, the
Judge in a Diocesan bankruptcy has mandated the disclosure of
meeting minutes prepared by the Debtor's Independent Review Board
and anonymous claims data aggregated from proofs of claim submitted
by Survivors of childhood sexual abuse. The case is In re THE ROMAN
CATHOLIC ARCHBISHOP OF SAN FRANCISCO and the committee is
represented by law firm Pachulski Stang Ziehl & Jones.
Judge Dennis Montali soundly rejected arguments that there was no
bankruptcy purpose for the disclosure motion. Focusing on the
bankruptcy court's unique role and the importance of nonmonetary
commitments to Survivors, Judge Montali noted that there are
"hundreds of claims alleging clergy abuse, all of which have been
yanked out of traditional state courts and have been thrust into
this bankruptcy court, at the Archbishop's behest." He further
reasoned that a consensual plan is only possible when all parties
feel that the process is fair and, in this case, disclosure may
assist mediation efforts.
"The Motion serves a clear bankruptcy purpose, and an argument that
no such purpose exists, from the very Debtor who brought these
claims and discovery into this court, is not credible and is
rejected," Judge Montali added.
"Judge Montali's decision represents an important victory not just
for the Archdiocese of San Francisco Survivors but for all
Survivors and Catholic communities around the world," said Margie
O'Driscoll, co-chair of the Survivors' committee. "This decision
sets a precedent for all Dioceses to be held accountable for
protecting children today and tomorrow and to provide transparency
for the children they did not protect in the past."
"Public scrutiny and learning from the past are vital for the
safety of children," said PSZJ attorney Brittany Michael, counsel
for the committee. "Judge Montali's decision recognizes that
dioceses cannot use bankruptcy to escape disclosure," she added.
The IRB Minutes were prepared by an Archdiocese Advisory Board that
investigates allegations of abuse and makes recommendations to the
Archbishop regarding the church's response. The committee argued
that the IRB Minutes should be publicly disclosed because, contrary
to the Archdiocese's assurances regarding the board's independence
and its mission to protect children, the minutes reflect an
outsized concern for the perpetrators, their reputations, and
questioning of the abuse claimants' credibility.
The Claims Data reflects data from Survivors' proofs of claim,
including: the age range of Survivors when the abuse began; the
current age range of Survivors; specific types of abuse alleged in
the proofs of claim; the named perpetrators and how many claims
identify those perpetrators; and the locations where abuse
occurred. No Survivor objected to disclosure of the anonymous form
of Claims Data.
Ultimately, the Court granted the committee's request for
disclosure and the ability to file the Claims Data on the court
docket on the condition that:
(1) the page reflecting perpetrator names and the number of proofs
of claim identifying each perpetrator must be modified to remove
the names or reduce them to initials, and
(2) the committee must send notice to all Survivor claimants to
allow individuals to opt out of having their claim information
included as part of the Claims Data.
The committee is hopeful that the Court's ruling on the disclosure
motion (and other pending motions) will bring the parties closer in
mediation negotiations.
About San Francisco Archdiocese
The Roman Catholic Archbishop of San Francisco, Archdiocese of San
Francisco, is a tax exempt religious organisation. The Archdiocese
of San Francisco is a Latin Church ecclesiastical territory or
diocese of the Catholic Church in the northern California region of
the United States. The Archdiocese of San Francisco was erected on
July 29, 1853, by Pope Pius IX and its cathedral is the Cathedral
of Saint Mary of the Assumption.
The Archdiocese sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the
petition filed by Fr. Patrick Summerhays as vicar general and
moderator of the Curia, the Archdiocese reported $100 million to
$500 million in assets and liabilities.
The Hon. Dennis Montali oversees the case.
The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel.
ASPLUNDH TREE: Moody's Affirms 'Ba1' CFR, Outlook Remains Negative
------------------------------------------------------------------
Moody's Ratings affirmed Asplundh Tree Expert, LLC's ("Asplundh")
Ba1 corporate family rating, Ba1-PD probability of default rating,
and Ba1 senior secured first lien bank credit facilities ratings.
The outlook remains negative.
The negative outlook reflects the risk of increasing leverage if
Asplundh pursues its ambitious growth strategy through both organic
growth and debt-financed acquisitions. Asplundh generates modest
amounts of free cash flow, which is however, insufficient to fund
larger acquisitions or materially reduce debt. Moody's expects
leverage to remain in the 3.0x – 3.5x range on a Moody's adjusted
basis over the next 12 months, and for the company's margin and
cash flow to continue showing modest improvement over the same
period.
RATINGS RATIONALE
Asplundh's Ba1 CFR reflects the company's position as the leading
provider of vegetation management and utility infrastructure
services across the United States, Canada, Australia, and New
Zealand. Asplundh is one of few companies in the industry with the
scale, expertise, and value-added capabilities to service corporate
clients. The business is supported by long term contracts with
tenured customers in defensive end markets such as electric
utilities, other power providers, and local governments. The
nondiscretionary nature of vegetation management leads to strong
recurring revenue and high customer retention rates.
At the same time, the rating reflects the company's modest organic
growth in its vegetation business, revenue exposure to the utility
sector, and modest margins that continue to be pressured by
elevated fuel and labor costs. Asplundh's capital spending (about
6% of revenue) and high dividend payout ratio limit financial
flexibility, especially as earnings are negatively impacted by
inflationary pressures.
Moody's projects good liquidity over the next 12-18 months with the
company generating over $75 million in free cash flow in 2025 and
2026 after funding tax and cash dividends. The company's liquidity
is supported by the $750 million revolving credit facility due
October 2028 (or springing September 2027, if the term loan remains
outstanding). As of December 31, 2024, the company had $587 million
of revolver availability and $95 million of cash.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings is unlikely over the next 12-18 months
given the negative outlook. Longer-term, the rating could be
upgraded if the company maintains strong liquidity and if its
financial policy shifts to being more conservative. Specifically,
Moody's could upgrade the ratings if debt/EBITDA improves towards
2.5x and EBITDA/interest is sustained above 6.0x.
The ratings could be downgraded if the company's margins
deteriorate and if debt/EBITDA is sustained above 3.5x or
EBITDA/interest below 4.5x. Weaker liquidity or a large debt-funded
acquisition or dividend could also result in a downgrade.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Headquartered in Willow Grove, PA, Asplundh is North America's
largest provider of vegetation management, infrastructure and other
services that support the operations of utilities, rail roads and
other industries. Asplundh is owned and majority controlled by the
Asplundh family, while private equity firms CVC Capital Partners
and The Carlyle Group own a minority stake. In 2024, the company
reported $6.3 billion in revenue.
AVALON SUGAR: Case Summary & Two Unsecured Creditors
----------------------------------------------------
Debtor: Avalon Sugar Land Hospitality LLC
Hampton Inn
218 Promenade Way
Sugar Land, TX 77478-5036
Business Description: Avalon Sugar Land Hospitality LLC is a
single-asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)) that owns the
Hampton Inn in Sugar Land, Texas.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 25-31802
Debtor's Counsel: Richard L Fuqua, II, Esq.
FUQUA & ASSOCIATES, P.C.
8558 Katy Fwy Suite 119
Houston TX 77024
Tel: (713) 960-0277
Email: fuqua@fuqualegal.com
Total Assets: $19,375,000
Total Debts: $13,851,944
The petition was signed by Anil Verma as member.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/NGLSH3A/Avalon_Sugar_Land_Hospitality__txsbke-25-31802__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Two Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. IBC Bank Real Estate $13,606,944
5615 Kirby Dr
Houston, TX 77005
2. Anil Verma Management Fees $245,000
5 Camden Ct and Credit Card
Sugar Land, TX 77479
BAMBI HEALTH: 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 Bambi Health, Inc.
About Bambi Health
Bambi Health, Inc. filed for Chapter 11 bankruptcy petition (Bankr.
D. Del. Case No. 25-10384) on March 4, 2025. At the time of
filing, the Debtor estimated $50,001 to $100,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Laurie Selber Silverstein presides over the case.
The Debtor is represented by Kevin S. Mann, Esq. of Cross & Simon,
LLC.
BAR LOUIE: Operations to Continue Amid Chapter 11 Filing
--------------------------------------------------------
Bar Louie announced on March 27, 2025, that it has reached an
agreement with its lender to reduce debt and support the company
through a Chapter 11 restructuring plan for its 31 corporate-owned
locations. Operations will continue without interruption.
To facilitate the financial restructuring, Bar Louie has
voluntarily filed for Chapter 11 protection in the United States
Bankruptcy Court for the District of Delaware. This process is not
expected to impact the company's day-to-day operations. Prior to
the filing, Bar Louie closed underperforming locations to enhance
its financial stability.
The company has secured commitments from its lender for
debtor-in-possession (DIP) financing, ensuring it can maintain
operations, complete the restructuring process, and meet
obligations to employees and suppliers.
Court filings and related documents can be accessed through the
claims agent, Stretto, Inc., at
https://cases.stretto.com/barlouie.
Company Advisors
Raines Feldman Littrell LLP is serving as legal counsel for Bar
Louie.
About Bar Louie
Founded in downtown Chicago in 1990 and headquartered in Dallas,
Texas, Bar Louie is the original Gastrobar, known for its
award-winning, vibrant neighborhood bars. Bar Louie is recognized
for its signature handcrafted martinis, cocktails, and a diverse
menu featuring appetizers, burgers, and sandwiches served daily
until close.
BARRETTS MINERALS: Creditors Reject Mediation with Parent Company
-----------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that a committee of
unsecured creditors has asked the court to reject bankrupt talc
supplier Barretts Minerals Inc.'s request for mediation with its
parent company, arguing that the parties lack sufficient
independence and that the request aims to shield the parent from
tort liabilities.
In an objection filed Monday, March 31, 2025, in the U.S.
Bankruptcy Court for the Southern District of Texas, the committee
asserted that the proposal would effectively allow Minerals
Technologies Inc. to "mediate with itself" over its own
talc-related tort liabilities. The creditors condemned the request
as a "pernicious attempt" to legitimize inherently conflicted
negotiations under the guise of mediation privilege.
About Barretts Minerals Inc.
Barretts Minerals Inc.'s current operations are focused on the
mining, beneficiating, processing, and sale of industrial talc. It
historically supplied a relatively minor percentage of its sales
into cosmetic applications. Barretts Minerals' talc is sold to
distributors and third-party manufacturers for use in such parties'
products, which are then incorporated into downstream products
eventually sold to consumers.
Barretts Minerals and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90794) on Oct. 2, 2023. In the petition signed by its chief
restructuring officer, David J. Gordon, Barretts Minerals disclosed
$50 million to $100 million in assets and $10 million to $50
million in liabilities.
The case was initially assigned to Judge David R. Jones before
Judge Marvin Isgur took over.
The Debtors tapped Porter Hedges, LLP and Latham& Watkins, LLP as
legal counsel; M3 Partners, LP as financial advisor; Jefferies, LLC
as investment banker; and DJG Services, LLC as restructuring
advisor. David J. Gordon of DJG Services serves as the Debtors'
chief restructuring officer. Stretto, Inc. is the claims, noticing
and solicitation agent and administrative advisor.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Caplin & Drysdale, Chartered and Province, LLC serve as the
committee's legal counsel and financial advisor, respectively.
BOSTON HARBOR: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Boston Harbor Distillery, LLC
12R Ericsson Street
Dorchester, MA 02122
Business Description: Boston Harbor Distillery, founded in 2012 by
Rhonda Kallman, is a women-owned craft
spirits producer located in Dorchester,
Massachusetts. The distillery revives a
historic Boston Harbor location, offering a
diverse range of spirits such as Putnam New
England Whiskey, Lawley's Gin, and Spirit of
Boston. In addition to its premium spirits,
Boston Harbor Distillery provides unique
experiences like tastings, distillery tours,
and live music events.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 25-10650
Debtor's Counsel: Jesse Redlener, Esq.
ASCENDANT LAW GROUP, LLC
2 Dundee Park Drive
Suite 102
Andover, MA 01810
E-mail: jredlener@ascendantlawgroup.com
Total Assets: $641,580
Total Liabilities: $3,201,702
Rhonda Kallman, acting as founder and CEO, affixed her signature to
the petition.
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/B3WGCYY/Boston_Harbor_Distillery_LLC__mabke-25-10650__0001.0.pdf?mcid=tGE4TAMA
BRIGHTMARK PLASTICS: 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 Brightmark Plastics Renewal, LLC.
About Brightmark Plastics Renewal
Brightmark Plastics Renewal LLC utilize proprietary processes and
licensed technology to convert hard-to-recycle plastic waste into
valuable chemical feedstocks that can be used to make new plastics.
This innovative approach helps reduce plastic waste by repurposing
hydrocarbons that would otherwise end up in landfills,
contributing
to a more sustainable environment.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10472) on March 16,
2025. In the petition signed by Craig R. Jalbert, chief
restructuring officer, the Debtor disclosed up to $500 million in
both assets and liabilities.
Judge Laurie Selber Silverstein oversees the case.
The Debtor tapped Potter Anderson & Corroon, LLP as bankruptcy
counsel, SSG Capital Advisors, LLC as investment banker, and Omni
Agent Solutions, Inc. as claims, noticing and solicitation agent.
Brightmark Plastics Ashley Holdco LLC, as DIP Lender, is
represented by:
Mark L. Desgrosseilliers, Esq.
Alison R. Maser, Esq.
Robert A. Weber, Esq.
Chipman Brown Cicero & Cole, LLP
Hercules Plaza
1313 North Market Street, Suite 5400
Wilmington, DE 19801
Telephone: (302) 295-0191
desgross@chipmanbrown.com
maser@chipmanbrown.com
weber@chipmanbrown.com
-and-
Paul M. Rosenblatt, Esq.
Kilpatrick Townsend & Stockton, LLP
1100 Peachtree Street NE, Suite 2800
Atlanta, GA 30309-4528
Telephone: (404) 815-6321
Email: PRosenblatt@ktslaw.com
CAREPOINT HEALTH: Judge Orders Revisions to Bankruptcy Plan
-----------------------------------------------------------
Ben Zigterman of Law250 reports that on Tuesday, April 1, 2025, a
Delaware bankruptcy judge ruled that the Chapter 11 plan proposed
by New Jersey hospital operator CarePoint requires additional
revisions.
The plan, which aimed to transfer control of the health system's
medical facilities to one of its creditors, must address a claim
from another creditor about the decreased value of its collateral,
the report states.
The Troubled Company Reporter, citing Clara Geoghegan of Law360
Bankruptcy Authority, previously reported that a mediator in the
New Jersey hospital operator's Chapter 11 case told a Delaware
bankruptcy judge that efforts to bridge the gap on holdout
objections to its reorganization plan have stalled.
The TCReporter, citing Steven Church of Bloomberg News, also
reported 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.
CLUB CAR: S&P Downgrades ICR to 'B-', Outlook Stable
----------------------------------------------------
S&P Global Ratings lowered its issuer credit rating to 'B-' from
'B'. At the same time, we lowered our issue-level rating on its
first-lien term loan to 'B-' from 'B' and our issue level rating on
its senior unsecured notes to 'CCC' from 'CCC+'.
S&P said, "The stable rating outlook reflects Club Car's
still-adequate liquidity, solid position in its golf segment, and
low capital expenditure (capex) requirements, which we assume in
our base case leads to a recovery toward positive free cash flow
generation in the second half of 2025. This should allow for
minimal additional revolver drawings for working capital needs in
the first half of this year as the company builds up inventory and
attempts to regain market share in its consumer segment in the
second half of the year.
"We lowered the rating because Club Car's operating performance
will be below our prior forecast and we expect its S&P Global
Ratings-adjusted debt leverage to remain above 7x through 2025."
This stems from weaker operating performance in the second half of
2024 as Club Car's business returned to typical seasonal production
volumes in its golf segment compared with very high production in
2023 and faced disruption in its operations due to Hurricane Helene
in the third quarter. There was also an external network disruption
during the fourth quarter coupled with weaker demand in its
consumer and commercial segments.
Club Car's golf segment accounted for roughly half of revenues in
2024. Golf demand in terms of rounds played remained robust in
2024, according to the National Golf Foundation and Golf Datatech,
with rounds played up 2.2% for the year. In addition, participation
is at record levels, with 47 million people in the U.S
participating in the sport in 2024. S&P said, "We believe the sport
will remain healthy and that these elevated playing levels are
plausible given the positive tailwinds in golf's popularity and
participation, which should translate to continued good use of golf
carts and steady demand for Club Car's golf segment in 2025. With
the expected introduction of targeted dumping-induced tariffs on
low-priced Chinese produced alternatives during the second quarter
of the year, we believe Club Car should regain some share in its
consumer segment in 2025. However, recovery in this segment faces a
potential weary consumer battling cost fatigue that may lead to
delays in big-ticket leisure items such as golf carts."
S&P said, "In the second half of 2025, we project more favorable
working capital flows will support better free operating cash flow
due to an expected increase in order volumes and forecast the
company will be able repay some of its outstanding revolver balance
in the second half of the year. In addition, we expect Club Car's
EBITDA margin will return to the mid -teens percent area as volumes
increase and operating leverage improves, as well as the roll-off
of some one-time costs. Based on these assumptions, we expect
leverage in the low-7x area in 2025, potentially improving below 7x
in early 2026.
"Club Car's consumer segment has lost significant market share to
low-priced Chinese alternatives, but with the anticipated
introduction of new targeted anti-dumping tariffs, we expect the
company to regain share. In the second half of 2023, Club Car began
to lose significant market share in its consumer segment from
low-priced Chinese competitors. The segment revenue declined 30% in
2023 and 41% in 2024. In response, the U.S Trade Commission and
Department of Commerce preliminarily determined in favor of
countervailing duties and anti-dumping tariffs on Chinese
competitors, with final determination expected by the second
quarter of 2025. We expect these tariffs will create a more level
playing field and lead to increased sales for Club Car's offering.
We currently assume the company could regain some lost share in the
second half of 2025 and that revenue in the segment could increase
in the double-digit percent area. However, this could be hampered
by a decrease in consumer spending and an uncertain macroeconomic
environment."
Input prices and supply chain remain key risks. Club Car's
manufacturing relies on raw materials--including steel, aluminum,
lithium, lead, and rubber--the prices of which can fluctuate over
time. Volatility in commodity prices for raw material inputs and
being unable to pass these fully through to customers are key risks
for Club Car. In the past, the company mitigated these risks with
product surcharges and, while S&P expects it could increase product
prices to partially offset potential inflationary or tariff-induced
pressures in raw materials, a material prolonged increase in costs
could pose a significant burden on margins and may lead to weaker
credit metrics.
Club Car sells its products primarily through independent
distributors, which creates some barriers to entry. S&P said, "We
believe Club Car's well-established global distribution channels
create some barriers to entry. The company primarily sells its
products in the U.S., and although we believe international sales
have increased due to the integration of Garia, they will remain a
relatively small portion of total sales. The company assembles most
of its vehicles at a single manufacturing facility in Georgia,
which we believe involves some concentration risk."
Club Car has a solid market position and long-standing reputation
as a premium manufacturer in the golf cart industry, where it
primarily competes against E-Z-GO and Yamaha. In 2024, the
company's sales to golf course operators accounted for about half
of its new cart sales. S&P said, "Although we view Club Car's end
markets as relatively cyclical, with demand tied to consumer
discretionary spending, spending on golf has remained resilient
from its COVID-19 pandemic highs, with sustained elevated
participation rates and favorable income demographics of its
participants." In addition, Club Car often leases golf carts to
course operators, typically for a period of four to five years,
which provides some visibility into its future sales based on its
fleet renewal and replacement cycles. Following the expiration of
its leases, Club Car has the option to resell the used carts, which
it often offers to its retail and commercial customers.
S&P said, "We believe Club Car has a strong third-party financing
network and sufficient alternatives for financing options. Club Car
is a long-established brand in the golf industry and has access to
a network of strong third-party financing partners to support its
sales effort across segments. Through this network, Club Car is
able to offer its customers competitive lease terms, which has
supported its sales effort over the years. It is our understanding
that although Club Car has concentration in a few partners in its
current network, these partners are healthy and the company has
sufficient alternatives even if economic stresses prevent some
third-party financing partners from fulfilling financing needs.
"The rating outlook is stable to reflect Club Car's still-adequate
liquidity, solid position in its golf segment, and low capex
requirements, which we assume in our base case leads to a recovery
toward positive free cash flow generation in the second half of
2025. This should allow for minimal additional revolver drawings
for working capital needs in the first half of this year as they
build up inventory and attempt to regain market share in its
consumer segment in the second half of the year.
"We could lower our rating if the company is unable to improve
revenue, cash flow, and credit ratios as we assume in our current
base case, or we believe its capital structure is unsustainable or
it encounters a liquidity shortfall. This could occur if an
economic downturn cuts consumer discretionary spending or
competitive pressure increases.
"We could raise our rating on Club Car if its debt leverage is
sustained below 7.0x, incorporating some cushion for operating
volatility. This would also predicate a successful
refinancing/extension of its $150 million revolver currently due in
June 2026."
CTN HOLDINGS: April 7 Deadline Set for Panel Questionnaires
-----------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of CTN Holdings Inc.,
fka Aspiration Partners Inc., et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/asfj3cj3 and return by email it to
Rosa.Sierra-Fox, Esq. -- Rosa.Sierra-Fox@usdoj.gov -- at the Office
of the United States Trustee so that it is received no later than
Monday, April 7, 2025 at 4:00 p.m.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About CTN Holdings
CTN Holdings Inc. is a climate finance company specializing in
providing high-quality carbon solutions to businesses worldwide.
They connect companies with effective decarbonization strategies
and a wide range of carbon removal projects, selling carbon credits
sourced from a diverse network of project developers. The company
is famous for providing carbon creditors of Microsoft Corp., Meta
Platforms Inc., and other big companies.
CTN Holdings Inc. and six of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
25-10613) on March 30, 2025. In the petition, the Debtors reported
estimated assets of $50 million to $100 million and up to $50,000
and estimated liabilities of $100 million to $500 million. The
petitions were signed by Miles Staglik as chief restructuring
officer.
The Debtors are represented by Whiteford, Taylor & Preston LLC.
The Debtors' claims and noticing agent is Kurtzman Carson
Consultants, LLC dba Verita Global.
DAAT ESTATES: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: DAAT Estates, LLC
309 E Harrisburg
Odessa, TX 79766-9006
Business Description: DAAT Estates, LLC owns a total of six
properties in Odessa, Texas, with a combined
value of $2.74 million.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-30392
Debtor's Counsel: James Jopling, Esq.
JIM K. JOPLING, ATTORNEY AT LAW
521 Texas Avenue
El Paso TX 79901
Tel: (915) 541-6099
E-mail: jim@joplinglaw.com
Total Assets: $2,736,034
Total Liabilities: $1,840,000
In his position as managing member, Jose A. Marquez signed the
petition.
The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/FIUPJMA/DAAT_Estates_LLC__txwbke-25-30392__0001.0.pdf?mcid=tGE4TAMA
EQUIPSOURCE LLC: Lender Seeks to Prohibit Cash Collateral Access
----------------------------------------------------------------
Cadence Bank asked the U.S. Bankruptcy Court for the Western
District of Arkansas, Fort Smith Division, to prohibit EquipSource
LLC from using cash collateral.
The Debtor filed for Chapter 11 bankruptcy for the second time in
less than six months, after previously filing in September 2024.
Cadence Bank is a secured creditor with a perfected interest in the
Debtor's accounts, receivables, and inventory, amounting to over
$1.6 million in debt.
The Debtor has been using Cadence's cash collateral without
permission from the court or Cadence, violating bankruptcy rules.
Cadence claims that due to mismanagement, the Debtor is unlikely to
progress in its reorganization, and without court intervention,
Cadence will suffer irreparable damage.
Cadence seeks to have the court order the Debtor to segregate and
account for all cash collateral in its control and to prohibit the
Debtor from using it further.
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. at BRISTER LAW
FIRM.
Cadence Bank, as lender, is represented by:
Christopher A. McNulty, Esq.
ROSE LAW FIRM, A Professional Association
120 East Fourth Street
Little Rock, AR 72201
Tel:(501) 375-9131
Email: cmcnulty@roselawfirm.com
F21 OPCO: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of F21 OpCo,
LLC and its affiliates.
The committee members are:
1. Hangzhou Qidi Fashion Apparel Co Ltd
Attn: Julie Deng, Tim Chang and Brian Holman
Room 102, Block A, Bldg. 1, #279 Shiqiao Rd
Xiacheng District
Hangzhou, Zhejiang
China
julie@hzbrightfashion.com
b.holman@musickpeeler.com
t.chang@musickpeeler.com
2. C&C Nantong Cathay Clothing Co, Ltd
Attn: Brian Mitteldorf (U.S. agent)
4340 Fulton Avenue, Third Floor
Sherman Oaks, CA 91423
Phone: 818-523-6660
blm@cabcollects.com
3. Shanghai Toex International Trading Co Ltd
Attn: Li Ge Bin
Floor 5, Bldg. 6, No. 67 Zhujin Road
Songjiang District, Shanghai
China
josh@toex.cn
4. Grand Apparels Designs Limited
Attn: Kamlesh Chandiramani
807, Harbour Crystal Center, 100
Granville Rd.
T.S.T East, Kowloon, Hong Kong
Phone: 00852-2368 8666
kgsrinivas@grandgrouphk.com
anup.grandltd@gmail.com
steven@balasianolaw.com
5. Guang Zhou Hong Ying Da Clothing Co. Ltd.
Attn: Silvia Wen
No. 14 No. 12 LiXin Road Yong Ning Street
Xin Tang Town, ZengCheng District
GuangZhou, GuangDong
China
Phone: 001-6266885219
silvia@hongyingda.net
6. Denim & Beyond LLC
Attn: Khurram Suhail
3422 Hilldale Pt
San Antonio, TX 78261
ceo@denimbeyond.com
arian@olympusguardian.com
7. Urban Nation Apparel, Inc.
Attn: Shahram Bijan
790 Rockbridge Road
Santa Barbara, CA 93108
Phone: 415-902-4212
Email: shahram@unapparel.com
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 Forever 21 Inc.
Founded in 1984 by South Korean husband and wife team Do Won Chang
and Jin Sook Chang and headquartered in Los Angeles, Calif.,
Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion
retailer of women's, men's and kids clothing and accessories and is
known for offering the hottest, most current fashion trends at a
great value to consumers. Forever 21 delivers a curated assortment
of new merchandise brought in daily.
Forever 21, Inc. and seven of its U.S. subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept.
29, 2019. According to the petition, Forever 21 has estimated
liabilities on a consolidated basis of between $1 billion and $10
billion against assets of the same range.
As of the bankruptcy filing, the Debtors operated 534 stores under
the Forever 21 brand in the U.S. and 15 stores under beauty and
wellness brand, Riley Rose.
The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez &
Marsal as restructuring advisor; and Lazard as investment banker;
and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel.
Prime Clerk is the claims agent.
Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Oct. 11, 2019. The committee is
represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing
Arnstein & Lehr LLP.
Counsel to the administrative agent under the Debtors' prepetition
revolving credit facility and the Debtors' DIP ABL financing
facility are Morgan, Lewis & Bockius LLP and Richards, Layton &
Finger, PA.
Counsel to the administrative agent under the Debtors' DIP term
loan facility is Schulte Roth & Zabel LLP.
* * *
In February 2020, the company was purchased by a consortium that
includes Authentic Brands Group, Simon Property Group and
Brookfield Property Partners for $81.1 million. As part of the
deal, ABG and Simon will each own 37.5% of the fast-fashion
retailer, while Brookfield controls the remaining 25% of Forever
21's operating and intellectual property businesses.
FOOT LOCKER: S&P Downgrades ICR to 'BB-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on New
York-based footwear and apparel retailer Foot Locker Inc. to 'BB-'
from 'BB'.
S&P said, "We also lowered our issue-level rating on the company's
senior unsecured notes to 'BB-' from 'BB'. The recovery rating
remains at '3', reflecting our expectation for meaningful (50%-70%;
rounded estimate: 60%) recovery in the event of default.
"The stable outlook reflects our view that the company will improve
its operating margins and free operating cash flow (FOCF) over the
next 12 months as a result of its turnaround initiatives."
The downgrade reflects Foot Locker's continued weak operating
performance due to a highly competitive environment. Its S&P Global
Ratings-adjusted EBITDA margin increased to about 13% in fiscal
2024 from the low-12% area in 2023 due to higher lease adjustments
and merchandise margins, partially offset by compensation and
investment expenses in technology and brand-building. S&P said,
"Despite comparable sales gains and lower promotions in the fourth
quarter of 2024, the company's profitability has meaningfully
declined in recent years and remains pressured as we compare last
year's S&P Global Ratings-adjusted EBITDA margin to the historical
three-year average of about 18% leading up to the launch of the
Lace Up plan in 2023. Since then, the company has optimized and
relocated its store fleet, cut costs, and invested in its
omnichannel. However, while the company has implemented initiatives
to improve its stores efficiency, increased competition and excess
inventory led to a highly promotional environment. As a result, we
view the company's business risk less favorably."
At the same time, Foot Locker's main vendor, Nike, shifted its
strategy toward its own direct-to-consumer (DTC) and digital sales
and pulled merchandise from select retailers, such as Foot Locker,
which hindered its operating performance. Nike's strategy has now
shifted toward an omnichannel approach, but it is uncertain when
Foot Locker will benefit from the brand's return amid a competitive
landscape in athletic footwear. Foot Locker guides for modest
margin improvement this year, which also incorporates a decline in
traffic and macroeconomic uncertainties, increasing the risks of a
protracted recovery period. S&P forecasts its S&P Global
Ratings-adjusted EBITDA margin will improve to 13.3% in 2025
compared with about 13% in the prior year due to lower promotions
throughout the year, offset by lower operating lease adjustments as
the company continues to close stores, as well as investment
expenses.
Foot Locker has diversified its product brands, decreasing its
exposure to Nike to about 60% in 2024 compared with 65% in 2022,
while increasing its ecommerce channel to approximately 18%. S&P
said, "While we believe the company will benefit in the longer term
from a strengthened relationship with Nike as it reprioritizes
wholesale partners, reduces promotions, and invests in new
products, we expect short-term stresses will continue as Nike
continues to liquidate inventory as part of its turnaround efforts.
In addition, we believe potential delays on Nike's turnaround plan
will lead to further pressure on Foot Locker's operating
performance given its high exposure to its vendor."
Foot Locker increased its reported FOCF generation to $105 million
in 2024 after reporting a deficit for two years. The company has
increased the amount invested in strengthening its brands and
enhancing consumer experience while continuing to reduce its stores
fleet, which prevented further improvement in FOCF in 2024. In
addition, the company has deployed additional capital in technology
in recent years to compensate for underinvestment. S&P said, "We
project FOCF of $86 million this year due to working capital
normalization, partially offset by lower capital spending in
technology. In 2026, we expect FOCF will improve to $111 million,
largely driven by improved profitability and faster inventory
turnover. In our view, the low reported FOCF compared with revenue
of about $8 billion indicates challenges at converting cash as it
executes its turnaround initiatives."
S&P said, "We expect positive comparable sales this year despite
weak consumer demand outlook as Foot Locker executes its
transformation initiatives. Foot Locker's total sales were down
over 2% in 2024 due to about 113 net store closures and foreign
currency headwinds, while comparable sales increased about 1.4% due
to the continued execution of its Lace Up plan. Comparable sales
growth accelerated in the fourth quarter due to improved sales
conversion and higher average tickets as the company finalized over
400 refreshes in 2024. In addition, Champs Sports has also
contributed to the overall positive comparable sales growth as
consumers respond to its banner repositioning. Despite overall
improvement, the company continues to show some weak areas,
especially in the lower-income consumer demographic and apparel
segment. We view persistent inflationary pressures as a risk to the
company's effort to drive traffic. Nevertheless, we expect revenue
will be flat this year as comparable sales growth from store
refreshes and reimagine concepts offset about 90 net store
closures. We expect revenue will grow 2.5% in 2026 led by positive
comparable sales.
"We expect Foot Locker's S&P Global Ratings-adjusted leverage will
remain within the 2x area and improve over time due to higher
EBITDA margins. Its S&P Global Ratings-adjusted leverage remained
at about 2.7x in fiscal 2024, with favorable lease adjustments
offset by cash adjustments. While the company increased its cash
balance to $401 million as of Feb. 1, 2025, we stopped netting cash
on our adjusted debt metric calculation given our view on the
company's business profile as less favorable. We forecast leverage
metrics will improve to 2.6x this year due to lower lease
liabilities and higher EBITDA margins. We expect further
improvement to 2.5x in 2026 as the company continues to improve
adjusted EBITDA. Foot Locker stopped paying dividends in 2024,
which helped preserve cash. We believe the company has sufficient
liquidity, which includes an undrawn $600 million asset-based
lending (ABL) facility due in 2029, to execute its turnaround
initiatives. Our forecast does not assume it will resume dividend
payments or stock repurchases this year.
"The stable outlook reflects our expectation that Foot Locker's
profitability will improve as the company continues to execute its
Lace Up plan, leading to higher FOCF. In addition, we expect its
S&P Global Ratings-adjusted leverage will remain under 3x."
S&P could lower its ratings on Foot Locker if S&P believes its
leverage is likely to increase above 3x or operating performance
deteriorates. This could occur if:
-- The company is unable to improve its operating margins or
generate meaningful FOCF due to potential setbacks on its
turnaround plans;
-- Comparable sales decline as consumer demand weakens due to
persistent inflation; or
-- The company adopts a more aggressive financial policy.
S&P raises its ratings on Foot Locker if its leverage remains below
3x and operating performance improves. This could occur if it:
-- Successfully executes its transformation initiatives, leading
to consistent operating margin improvements and healthier FOCF;
and
-- Continues to engage its customers, leading to sustained
positive comparable sales.
FOREVER 21: Liquidation Sales Underway Amid Bankruptcy
------------------------------------------------------
Going-Out-of-Business sales are in progress at Forever 21, a
leading fashion retailer of women's, men's, and children's apparel
and accessories, following the US operating company F21 OpCo's
recent bankruptcy filing. The liquidation sales are happening both
in-store, at Forever 21's US locations, and online. Hilco
Consumer-Retail is managing these sales in a joint venture with
Gordon Brothers and SB360.
Forever 21 is an iconic North American retailer that captured the
hearts and minds of teenagers looking to sport the latest styles at
affordable price points through the 90s and 2000's. Recent
competition from online fast fashion companies like Shein and Temu
put Forever 21 under immense pressure, ultimately resulting in the
company's bankruptcy filing in the US.
Customers will find exceptional discounts on merchandise across all
categories, including clothing and accessories for women, men, and
kids. All inventory is significantly discounted, offering savings
of up to 60% off the lowest marked prices.
"Stores are fully stocked, and fresh inventory is continuously
being added at incredible discounts," said Ian Fredericks, CEO of
Hilco Consumer-Retail. "Customers should shop early for the best
selection--once items are sold out, they're gone!"
Going-Out-of-Business Sale Details:
-- Discounts: Up to 60% off lowest ticketed prices
-- All Sales Final: For purchases made on or after February 24,
2025
-- Returns: Accepted for valid returns made prior to final sale
designation
-- Gift Cards: Accepted through April 15, 2025
-- Store Fixtures and Equipment: Available for purchase
About F21 OpCo
F21 OpCo, LLC is the operator of Forever 21 stores and licensee of
the Forever 21 brand in the United States. For more information,
including online shopping and a list of stores, visit
forever21.com.
About Hilco Consumer -- Retail
Hilco Consumer -- Retail provides a wide range of analytical,
advisory, asset monetization, and capital investment solutions to
help define and execute a retailer's strategic initiatives.
Operating on 4 continents, Hilco Consumer -- Retail's services fall
into several principal categories including acquisitions;
disposition of underperforming stores; retail company or division
wind downs; event sales to convert unwanted assets into working
capital; facilitation of mergers and acquisitions; interim company,
division or store management teams; loss prevention; and the
monetization of furniture, fixtures and equipment. Additionally,
Hilco Consumer -- Retail owns the nation's premier fixture and
equipment liquidation firm, Hilco Fixed Asset Recovery
(www.hilcoffe.com), Restore for Retail, a SaaS-based virtual store
management platform that works on both Apple and Android devices
(www.restoreforretail.com), and an innovative sale locater website
called Shop Genius (www.shopgenius.com). Hilco Consumer -- Retail
is part of Northbrook, Illinois based Hilco Global
(www.hilcoglobal.com), the world's leading authority on maximizing
the value of business assets by delivering valuation, monetization,
advisory, and capital solutions to an international marketplace.
Hilco Global operates more than twenty specialized business units
offering services that include asset valuation and appraisal,
retail and industrial inventory acquisition and disposition, real
estate and strategic capital equity investments.
About Gordon Brothers
Since 1903, Gordon Brothers (www.Gordon Brothers.com)
has maximized liquidity through realizable asset value by providing
the people, expertise and capital to solve business challenges. Our
solutions-oriented approach across asset services, lending,
financing and trading gives clients the insights, strategies and
time to optimize asset values throughout the business cycle. We
work across the full spectrum of assets globally with deep
expertise in retail, commercial, industrial, brands and real
estate. We are headquartered in Boston with over 30 offices across
North America, Europe, the Middle East and Africa, and Asia
Pacific.
About SB360
SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate,
is one of North America's leading asset realization and merchant
banking firms. The firm invests equity capital to support growth
opportunities, fund business turnarounds, and provide liquidity to
businesses navigating change. SB360 encompasses business groups
involved in advisory services, asset disposition, luxury diamond
and jewelry assets, new store sets, and commercial real estate
advisory and investment. The firm's lending arm, Second Avenue
Capital Partners, provides asset-based loans for middle-market
companies. SB360's principals hold extensive financial interests in
internationally recognized retail and wholesale companies, consumer
brands, financial service operations, and commercial, residential
and industrial real estate properties.
About Forever 21 Inc.
Founded in 1984 by South Korean husband and wife team Do Won Chang
and Jin Sook Chang and headquartered in Los Angeles, Calif.,
Forever 21, Inc. -- http://www.forever21.com/-- is a fast-fashion
retailer of women's, men's and kids clothing and accessories and is
known for offering the hottest, most current fashion trends at a
great value to consumers. Forever 21 delivers a curated assortment
of new merchandise brought in daily.
Forever 21, Inc. and seven of its U.S. subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept.
29, 2019. According to the petition, Forever 21 has estimated
liabilities on a consolidated basis of between $1 billion and $10
billion against assets of the same range.
As of the bankruptcy filing, the Debtors operated 534 stores under
the Forever 21 brand in the U.S. and 15 stores under beauty and
wellness brand, Riley Rose.
The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez &
Marsal as restructuring advisor; and Lazard as investment banker;
and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel.
Prime Clerk is the claims agent.
Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Oct. 11, 2019. The committee is
represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing
Arnstein & Lehr LLP.
Counsel to the administrative agent under the Debtors' prepetition
revolving credit facility and the Debtors' DIP ABL financing
facility are Morgan, Lewis & Bockius LLP and Richards, Layton &
Finger, PA.
Counsel to the administrative agent under the Debtors' DIP term
loan facility is Schulte Roth & Zabel LLP.
* * *
In February 2020, the company was purchased by a consortium that
includes Authentic Brands Group, Simon Property Group and
Brookfield Property Partners for $81.1 million. As part of the
deal, ABG and Simon will each own 37.5% of the fast-fashion
retailer, while Brookfield controls the remaining 25% of Forever
21's operating and intellectual property businesses.
GABRIEL BROTHERS: Considers Possible Sale, Raises Cash
------------------------------------------------------
Reshmi Basu of Bloomberg News reports that discount retailer Gabe's
is evaluating strategic options, including a potential capital
infusion, to bolster its finances, according to sources familiar
with the matter.
The Warburg Pincus-backed company has enlisted Jefferies Financial
Group Inc. to explore possible paths forward, which may include a
sale, the sources said, requesting anonymity due to the
confidential nature of the discussions. Gabe’s first-lien term
loan of approximately $168 million, set to mature in 2028, is
currently trading at around 81.25 cents on the dollar, according to
Bloomberg data.
About Gabriel Brothers Inc.
Gabriel Brothers Inc., doing business as Gabe's, operates a chain
of off-price casual family fashion stores. The Company offers
clothing, shoes, work wear, and home accessories for men, women,
and children. Gabriel Brothers operates in the State of West
Virginia.
GREAT CANADIAN GAMING: S&P Downgrades ICR to 'B-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Canada-based
regional gaming operator Great Canadian Gaming Corporation (GCGC)
to 'B-' from 'B'.
S&P said, "At the same time, we lowered our issue-level rating on
the company's senior secured term loan and secured notes to 'B'
from 'B+'. Our recovery rating remains '2'.
"The stable outlook reflects our view that GCGC will manage through
macroeconomic headwinds to maintain funds from operations (FFO)
cash interest coverage above 1.5x and generate free operating cash
flow (FOCF) of about C$90 million-C$100 million in 2025."
GCGC exited year-end 2024 with an S&P Global Ratings-adjusted
debt-to-EBITDA ratio of 7.5x, which is weaker than its previous
expectations.
Macroeconomic headwinds in Canada and weak consumer discretionary
spending habits are delaying the ramp-up of the company's Pickering
and Toronto casinos. As a result, the company's 50% owned
subsidiary One Toronto Gaming's operating results were
significantly weaker than its previous expectation.
S&P said, "The downgrade reflects our expectation that the
debt-to-EBITDA ratio will remain in the 7.5x-8.0x range for the
next year or so. In 2024, general macroeconomic softness in Canada
and weaker consumer discretionary spending weighed on GCGC's gaming
revenues. Even though visitations remained stable, spending per
person per visit was lower than expected. This resulted in weak
operating performance across the company's casino properties, with
the majority of the weakness attributed to the three Ontario
bundles, including the newly built casinos in Ontario. Separately,
for fiscal 2024, GCGC's revenue and EBITDA were negatively
affected, when the East GTA and West GTA reverted to their
historical COSA compensation model (OTG COSA remained unchanged).
As a result, the weaker debt-to-EBITDA ratio on an S&P Global
Ratings-adjusted basis for 2024 at about 7.5x compared to our
expectation of 7.0x.
"In 2025, we expect the macroenvironment and customer confidence to
further weaken compared to 2024 owing to potential trade tensions.
We expect consumers will continue to be cautious with discretionary
spending. All these factors will continue to adversely affect the
company's EBITDA. At the same time, we revised our expectations for
stand-alone EBITDA at OTG such that we expect a significantly lower
contribution from OTG compared to our previous expectation. OTG
contributes roughly 50% to GCGC's consolidated EBITDA. Hence, on a
consolidated basis, we expect GCGG's 2025 EBITDA to further decline
by about 12% from our previous expectations. Our GCGC EBITDA
expectation for 2025 continues to reflect the full-year loss (C$95
million-C$100 million) from the reversion of COSA contracts in
mid-2024. Incorporating these factors, we estimate debt to EBITDA
to remain close to 7.5x-8x for the next two years, which is a
significant deterioration from our previous forecast of 6.8x and
6.2x, respectively.
"Revenue and EBITDA growth will be sluggish for the next year or
two. In order to boost customer traffic, management has put in
place several initiatives, chief of which includes setting up new
gaming amenities for VIP guests and expanding its hospitality,
food, and beverage offerings. In addition, the company has also
lined up several concerts and live events. While these initiatives
will be pivotal in attracting additional customer traffic, these
initiatives may take longer to translate into high-margin gaming
revenues. Therefore, in our view, GCGC's revenue and EBITDA growth
will remain sluggish for the next 12-18 months.
"We anticipate GCGC will maintain adequate liquidity and covenant
headroom despite relatively lower FOCF. As a result of weaker
EBITDA, we now forecast FOCF for GCGC to be lower by close C$100
million-C$150 million even though the company's capital expenditure
has reduced close to maintenance level. Nevertheless, we expect
GCGC to continue to generate lower albeit positive free-operating
cash flows (after lease payments) in the range of C$100-C$150
million which enhances liquidity. Furthermore, the company has
about C$240 million under its revolver and sufficient cash of C$235
million (net of restricted cash; standalone GCGC) on its balance
sheet. Hence, we view the company will maintain sufficient
liquidity cushion for the next 12 months.
"The stable outlook reflects our view that GCGC will manage through
macro-economic headwinds and generate a sufficient level of EBITDA
that allows the company to generate FFO to cash interest coverage
above 1.5x. The stable outlook also incorporates our view that GCGC
will continue to generate positive free-cash flows and maintain
sufficient liquidity cushion over the next 12 months."
S&P could lower its rating if it expects GCGC's EBITDA to further
weaken such that FFO cash interest coverage deteriorates below
1.5x, the company's cash flow deteriorates to significant deficits
and liquidity shortfall such that S&P views the capital structure
as unsustainable. Such a situation could occur if:
-- The macroeconomic situation weakens leading to declining
visitations and gaming revenues.
-- Financial owners pursue aggressive debt-funded dividends, which
could increase debt on an already heavily debt-loaded balance
sheet.
S&P could raise its ratings on GCGC if the company's operating
performance recovers such that leverage is sustainably well-below
7x. Contributing factors to organic EBITDA growth would be
improvement in the general macroeconomic situation, which will lead
to better consumer discretionary spending habits and consumer
visitations. The rating action will also hinge on our belief that
the sponsor will adhere to a financial policy that sustains GCGC's
leverage below 7x.
GREAT CANADIAN GAMING: S&P Downgrades ICR to 'B-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Canada-based
regional gaming operator Great Canadian Gaming Corporation (GCGC)
to 'B-' from 'B'.
S&P said, "At the same time, we lowered our issue-level rating on
the company's senior secured term loan and secured notes to 'B'
from 'B+'. Our recovery rating remains '2'.
"The stable outlook reflects our view that GCGC will manage through
macroeconomic headwinds to maintain funds from operations (FFO)
cash interest coverage above 1.5x and generate free operating cash
flow (FOCF) of about C$90 million-C$100 million in 2025."
GCGC exited year-end 2024 with an S&P Global Ratings-adjusted
debt-to-EBITDA ratio of 7.5x, which is weaker than its previous
expectations.
Macroeconomic headwinds in Canada and weak consumer discretionary
spending habits are delaying the ramp-up of the company's Pickering
and Toronto casinos. As a result, the company's 50% owned
subsidiary One Toronto Gaming's operating results were
significantly weaker than its previous expectation.
S&P said, "The downgrade reflects our expectation that the
debt-to-EBITDA ratio will remain in the 7.5x-8.0x range for the
next year or so. In 2024, general macroeconomic softness in Canada
and weaker consumer discretionary spending weighed on GCGC's gaming
revenues. Even though visitations remained stable, spending per
person per visit was lower than expected. This resulted in weak
operating performance across the company's casino properties, with
the majority of the weakness attributed to the three Ontario
bundles, including the newly built casinos in Ontario. Separately,
for fiscal 2024, GCGC's revenue and EBITDA were negatively
affected, when the East GTA and West GTA reverted to their
historical COSA compensation model (OTG COSA remained unchanged).
As a result, the weaker debt-to-EBITDA ratio on an S&P Global
Ratings-adjusted basis for 2024 at about 7.5x compared to our
expectation of 7.0x.
"In 2025, we expect the macroenvironment and customer confidence to
further weaken compared to 2024 owing to potential trade tensions.
We expect consumers will continue to be cautious with discretionary
spending. All these factors will continue to adversely affect the
company's EBITDA. At the same time, we revised our expectations for
stand-alone EBITDA at OTG such that we expect a significantly lower
contribution from OTG compared to our previous expectation. OTG
contributes roughly 50% to GCGC's consolidated EBITDA. Hence, on a
consolidated basis, we expect GCGG's 2025 EBITDA to further decline
by about 12% from our previous expectations. Our GCGC EBITDA
expectation for 2025 continues to reflect the full-year loss (C$95
million-C$100 million) from the reversion of COSA contracts in
mid-2024. Incorporating these factors, we estimate debt to EBITDA
to remain close to 7.5x-8x for the next two years, which is a
significant deterioration from our previous forecast of 6.8x and
6.2x, respectively.
"Revenue and EBITDA growth will be sluggish for the next year or
two. In order to boost customer traffic, management has put in
place several initiatives, chief of which includes setting up new
gaming amenities for VIP guests and expanding its hospitality,
food, and beverage offerings. In addition, the company has also
lined up several concerts and live events. While these initiatives
will be pivotal in attracting additional customer traffic, these
initiatives may take longer to translate into high-margin gaming
revenues. Therefore, in our view, GCGC's revenue and EBITDA growth
will remain sluggish for the next 12-18 months.
"We anticipate GCGC will maintain adequate liquidity and covenant
headroom despite relatively lower FOCF. As a result of weaker
EBITDA, we now forecast FOCF for GCGC to be lower by close C$100
million-C$150 million even though the company's capital expenditure
has reduced close to maintenance level. Nevertheless, we expect
GCGC to continue to generate lower albeit positive free-operating
cash flows (after lease payments) in the range of C$100-C$150
million which enhances liquidity. Furthermore, the company has
about C$240 million under its revolver and sufficient cash of C$235
million (net of restricted cash; standalone GCGC) on its balance
sheet. Hence, we view the company will maintain sufficient
liquidity cushion for the next 12 months.
"The stable outlook reflects our view that GCGC will manage through
macro-economic headwinds and generate a sufficient level of EBITDA
that allows the company to generate FFO to cash interest coverage
above 1.5x. The stable outlook also incorporates our view that GCGC
will continue to generate positive free-cash flows and maintain
sufficient liquidity cushion over the next 12 months."
S&P could lower its rating if it expects GCGC's EBITDA to further
weaken such that FFO cash interest coverage deteriorates below
1.5x, the company's cash flow deteriorates to significant deficits
and liquidity shortfall such that S&P views the capital structure
as unsustainable. Such a situation could occur if:
-- The macroeconomic situation weakens leading to declining
visitations and gaming revenues.
-- Financial owners pursue aggressive debt-funded dividends, which
could increase debt on an already heavily debt-loaded balance
sheet.
S&P could raise its ratings on GCGC if the company's operating
performance recovers such that leverage is sustainably well-below
7x. Contributing factors to organic EBITDA growth would be
improvement in the general macroeconomic situation, which will lead
to better consumer discretionary spending habits and consumer
visitations. The rating action will also hinge on our belief that
the sponsor will adhere to a financial policy that sustains GCGC's
leverage below 7x.
GULF COAST: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Gulf Coast Orthopedic Center Corporation
d/b/a The Bonati Institute
d/b/a The Bonati Spine Institute
7315 Hudson Ave.
Hudson, FL 34667
Business Description: Gulf Coast Orthopedic Center is a
specialized medical facility focused on
orthopedic care and pain management
services. The center offers treatments for
a range of orthopedic conditions, including
those requiring advanced procedures such as
lumbar, cervical, and thoracic spine
surgery, as well as back and neck surgeries.
Chapter 11 Petition Date: April 1, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-02068
Judge: Hon. Catherine Peek Mcewen
Debtor's Counsel: Harley E. Riedel, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St.
Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
E-mail: hriedel@srbp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alfred O. Bonati as president.
A copy of the Debtor's list of 20 unsecured creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/H54DCZQ/Gulf_Coast_Orthopedic_Center_Corporation__flmbke-25-02068__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HSF22YI/Gulf_Coast_Orthopedic_Center_Corporation__flmbke-25-02068__0001.0.pdf?mcid=tGE4TAMA
HOOTERS OF AMERICA: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Lead Debtor: Hooters of America, LLC
1815 The Exchange SE
Atlanta, GA 30339
Business Description: Founded in 1983, the Debtors own and operate
Hooters, a renowned brand in the casual
dining and sports entertainment industries.
Their global portfolio includes 151 company
-owned and operated locations and 154
franchised locations across 17 countries.
Known for their world-famous chicken wings,
beverages, live sports, and legendary
hospitality, the Debtors also partner with a
major food products licensor to offer
Hooters-branded frozen meals at 1,250
grocery store locations.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Thirty affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Hooters of America, LLC (Lead Case) 25-80078
Owl Holdings, LLC 25-80079
Hawk Parent, LLC 25-80080
HOA Holdings, LLC 25-80081
Night Owl, LLC 25-80082
Owl Wings, LLC 25-80083
Owl Restaurant Holdings, LLC 25-80084
HOA Restaurant Group, LLC 25-80085
Derby Wings Holdings, LLC 25-80086
Derby Wings, LLC 25-80087
HOA Gift Cards, LLC 25-80088
Elf Owl Investments, LLC 25-80089
TW Lonestar Wings, LLC 25-80090
Alamo Wings, LLC 25-80091
HOA Holdco, LLC 25-80092
HOA Systems, LLC 25-80093
HOA Funding, LLC 25-80094
HOA Restaurant Holder, LLC 25-80095
HOOTS Restaurant Holder, LLC 25-80096
HOA IP GP, LLC 25-80097
HOOTS Franchising, LLC 25-80098
HOA Franchising, LLC 25-80099
HOA Maryland Restaurant Holder, LLC 25-80100
HOA Kansas Restaurant Holder, LLC 25-80101
TW Restaurant Holder, LLC 25-80102
DW Restaurant Holder, LLC 25-80103
HI Limited Partnership 25-80104
HOA Towson, LLC 25-80105
HOA Waldorf, LLC 25-80106
HOA Laurel, LLC 25-80107
Judge: Hon. Scott W Everett
Debtors'
Co-Bankruptcy
Counsel: Holland N. O'Neil, Esq.
Stephen A. Jones, Esq.
Zachary C. Zahn, Esq.
FOLEY & LARDNER LLP
2021 McKinney Avenue, Suite 1600
Dallas, TX 75201
Tel: (214) 999-3000
Fax: (214) 999-4667
Email: honeil@foley.com
sajones@foley.com
zzahn@foley.com
Debtors'
General
Bankruptcy
Counsel: Ryan Preston Dahl, Esq.
ROPES & GRAY LLP
1211 Avenue of the Americas
New York, New York 10036
Tel: (212) 596-9000
Fax: (212) 596-9090
ryan.dahl@ropesgray.com
- and -
Chris L. Dickerson, Esq.
Rahmon J. Brown, Esq.
Michael K. Wheat, Esq.
ROPES & GRAY LLP
191 North Wacker Drive, 32nd Floor
Chicago, Illinois 60606
Tel: (312) 845-1200
Fax: (312) 845-5500
Email: chris.dickerson@ropesgray.com
rahmon.brown@ropesgray.com
michael.wheat@ropesgray.com
Debtors'
Investment
Banker: SOLIC CAPITAL, LLC
Debtors'
Financial
Advisor: ACCORDION PARTNERS, LLC
Debtors'
Notice, Claims,
Solicitation &
Balloting Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $50 million to $100 million
The petitions were signed by Keith Maib as chief restructuring
officer.
A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:
https://www.pacermonitor.com/view/JOKQ7RQ/Hooters_of_America_LLC__txnbke-25-80078__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Cheney Brothers Inc Food/Drink $1,860,632
1 Cheney Way Vendor
Rivera Beach FL 33404
Email: alisonw@cheneybrothers.com;
arachpayments@cheneybrothers.com
2. Ben E Keith Company Food/Drink $1,816,719
Po Box 901001 Vendor
Fort Worth TX 76101
Email: nationalaccountscredit@benekeith.com;
corp-mbx-achreceipts@benekeith.com
3. Barstool Sports Inc Marketing $1,238,000
333 7th Avenue
2nd Floor
New York NY 10001
Email: louis@barstoolsports.com;
ar@barstoolsports.com
4. HMS Holdings Limited Partnership Marketing $900,000
4400 Papa Joe Hendrick Blvd
Charlotte NC 28262
Email: mlambert@hmsracing.com
5. Icon International Inc Marketing $805,891
107 Elm Street
Stamford CT 6902
Email: yturbay@icon-intl.com
6. The Distribution Group Inc Food/Drink $773,302
650 Ionia Ave Sw Grand Vendor
Rapids MI 49503
Email: cashRA@vaneerden.com
7. Liberty Mutual Insurance $744,604
Insurance Group
Po Box 0569
Carol Stream IL 60132-0569
Email: sheila.gagne@libertymutual.com
jazpariece.barry@libertymutual.com
8. Regions Facility Services Inc Repairs & $726,152
2314 Circuit Way Maintenance
Brooksville FL 34604
Email: Accounting@rfsrenovates.Com
9. Caesars Entertainment Marketing $663,966
Po Box 96118
Las Vegas NV 89193T
10. Firehouse Ltd Marketing $541,998
14860 Landmark Blvd
Dallas TX 75254
Email: acctsreceivable@firehouse.agency
11. MCB HP Baltimore LLC Occupancy $467,794
2002 Clipper Park Road Cost
Suite 105
Baltimore MD 21211
Email: hhaseltine@mcbrealestate.com
12. Par Tech Inc Repairs & $406,863
8383 Seneca Turnpike Maintenance
New Hartford NY 13413
Email: remittance@partech.com
13. New Rivercenter Mall II LP Occupancy Cost $403,153
Po Box 825620
Philadelphia PA
19182-5620
Email: accounting@shoprivercenter.com
14. TMP Worldwide Software $328,858
Advertising & Communications LLC
Po Box 2310
Hicksville NY 11802
Email: cash@radancy.com
15. SREP Cityplacefwtx LLC Occupancy Cost $275,578
5210 Mckinney Ave
Dallas TX 75205-3357
Email: billing@spirerealty.com
16. First Insurance Funding Corp Insurance $248,097
450 Skokie Blvd - Ste 1000
Northbrook IL 60062
Email: junel@rpamerica.com
17. TRM 14 LLC Occupancy Cost $229,765
301 71st Street, Ste 620 Miami
Beach FL 33141
Email: trm1investments@gmail.com
18. Vinsue Corp Occupancy Cost $206,556
5 Glenmare Mews Nyack
NY 10960
Email: cvitanza@sdcaustin.com;
vinsuecorp@aol.Com
19. Apollo Property Management LLC Occupancy Cost $205,333
1521 N Glenville Dr
Richardson TX 75085
Email: scott@ashortinc.com
vicki@ashortinc.com
20. WPB Concourse Plaza LC Occupancy Cost $201,165
8845 N Millitary Trail,
Suite 100
Palm Beach Gardens FL 33410
Email: jbicknell@reichelrealty.com
21. Arthur J Gallagher Insurance $197,500
Risk Management Services Inc
Po Box 532143
Atlanta GA 30353
Email: ggb.us.receivables@ajg.com
22. Houser Holdings LLC Occupancy Cost $194,333
2764 N Green Valley
Henderson NV 89014
Email: teresathurman@aol.com
23. Aristotle Investments Inc Occupancy Cost $192,500
C/O Kaufman, Rossin & Co
Att: S Demar
2699 S.
Miami FL 33133
Email: mat@ib-germany.com
24. The Ultimate Software Payroll $192,241
Group Inc-Ukg Processor
Po Box 930953
Atlanta, GA 31193-0953
Email: mayra.gonzalez@ukg.com
25. Talley Culebra 2017 LLC Occupancy Cost $189,875
9993 IH 10 West
Suite 102
San Antonio, TX 78230
Email: elaina@investarinc.com
26. NDF LLC Occupancy Cost $186,340
2799 E Tropicana Ave
Suite H
Las Vegas, Nv 89121
Email: ndfllc@outlook.com
27. MGBL Properties LLC Occupancy Cost $183,333
3058 Wentworth Way
Tarpon Springs, FL 34688
Email: antonyo296@aol.com
28. Millennium Properties LLC Occupancy Cost $180,833
20929 Ventura Blvd,
Ste 47-350
Woodland Hills, CA 91364
Email: susan.farbenbloom@sbcglobal.net
29. Davis Bros LLC Occupancy Cost $180,090
1500 Mcgowen
Suite 200
Houston TX 77004
30. Norle Investments Inc Occupancy Cost $177,189
238 S Meridian Street,
Suite 501
Indianapolis, IN 46225
Email: kim@norle.net
HOOTERS OF AMERICA: Gets Chap. 11 Financing Offer from Bracebridge
------------------------------------------------------------------
Reshmi Basu and Carmen Arroyo of Bloomberg News reports that
Bracebridge Capital is among the lenders providing bankruptcy
financing to Hooters of America to support its Chapter 11
proceedings, according to sources who requested anonymity due to
the matter's confidentiality.
The restaurant chain filed for bankruptcy on Monday, March 31,
2025, involving approximately $300 million in asset-backed bonds
tied to its franchise. Hooters is seeking court approval for $40
million in debtor-in-possession financing from existing lenders,
including $35 million in new capital, the company announced in a
press release on Monday, the report states.
About Hooters of America
Hooters of America, LLC, owner and operator of a restaurant chain
with hundreds of locations in the United States, and its affiliates
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Lead Case No. 25-80078, Bankr. N.D. Texas) on
March 31, 2025.
Founded in 1983, the Debtors own and operate Hooters, a renowned
brand in the casual dining and sports entertainment industries.
Their global portfolio includes 151 company -owned and operated
locations and 154 franchised locations across 17 countries. Known
for their world-famous chicken wings, beverages, live sports, and
legendary hospitality, the Debtors also partner with a major food
products licensor to offer Hooters-branded frozen meals at 1,250
grocery store locations.
The case is before the Hon. Scott W Everett.
The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq.,
Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY &
LARDNER LLP, in Dallas, Texas.
The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl,
Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson,
Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES &
GRAY LLP, in Chicago, Illinois.
The Debtors' Investment Banker is SOLIC CAPITAL, LLC.
The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC.
The Debtors' Notice, Claims, Solicitation & Balloting Agent is
KROLL RESTRUCTURING ADMINISTRATION LLC.
HUBBARD RADIO: Moody's Cuts CFR to 'Caa2' & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Ratings downgraded Hubbard Radio, LLC's (Hubbard) Corporate
Family Rating to Caa2 from Caa1, Probability of Default Rating to
Caa3-PD from Caa2-PD, and the backed senior secured first lien term
loans ratings to Caa2 from Caa1. The outlook was changed to
negative from stable.
The downgrade of the CFR and change in outlook reflect Hubbard's
weak operating performance resulting from the challenging
conditions in the radio broadcast industry and elevated financial
leverage. The company has faced declines in broadcast radio
advertising due to increased competition from digital and streaming
platforms. Hubbard has continued to underperform Moody's
expectations since the debt maturity extension in Q2 2024 and
Moody's expects the company's credit metrics to remain weak over
the next 12 to 18 months.
RATINGS RATIONALE
The Caa2 CFR reflects Hubbard's modest scale, elevated financial
leverage and secular pressures in broadcast radio. Moody's adjusted
debt to EBITDA (including Moody's standard lease adjustments)
increased to 7.1x as of LTM Q3 2024 from 6.9x in 2023. Hubbard's
benefit from political ad spend is minimal due to its stations
primarily featuring music formats rather than news. Additionally,
the company's operating performance was negatively impacted,
especially in the second half of the year, as advertisers deferred
ad spend to avoid their ads being overshadowed by political
sentiment. As secular pressures in the traditional radio segment
continue, Moody's projects revenue to decline in the mid-single
digits percentage and margins to be pressured due to investments in
the digital segment, partially offset by cost reduction efforts in
2025. As a result, Moody's projects leverage to further increase to
8x. Despite challenging market conditions, Moody's expects free
cash flow to be positive given the decreased interest expense
resulting from the debt repayment in 2024 and minimal capital
expenditures.
Moody's expects Hubbard's liquidity to be weak over the next 12 to
15 months. Despite Moody's expectations of approximately $4 million
in annual free cash flow generation and $12 million of cash
holdings as of Q3 2024, there is significant risk of a covenant
breach in 2026 absent an improvement in operating performance. The
amended credit agreement provides covenant relief through Q4 2025;
however, the financial maintenance covenant will be reinstated with
a step down starting at total net leverage ratio of 7.0x in Q1 2026
and 6.5x in Q2 and thereafter. The right to cure provision, which
allows the company to exercise an equity cure, was reset to five
times through maturity, with a maximum of three in four consecutive
quarters. The company's basic cash needs include annual interest
expense of $20 million, modest capital expenditure and minimal
working capital needs. The company has no revolver.
The Caa2 rating on the first lien senior secured term loan due
September 2027 is the same as the Caa2 CFR as the senior secured
debt represents the preponderance of debt capital. It also reflects
an above average expected family recovery rate in an event of
default given all first lien debt structure with financial
maintenance covenants beginning in 2026.
Hubbard's ESG Credit Impact Score of CIS-5 indicates the rating is
lower than it would have been if ESG risk exposures did not exist.
While environmental risks are limited, social and governance risks
are the main drivers. Governance risks are related to the company's
track record of operating with elevated leverage levels which has
led to a distressed exchange and risks related to the
sustainability of the capital structure. Governance risks are
partly mitigated by a track record of directing free cash flow to
debt repayment.
The negative outlook reflects Moody's expectations that Hubbard's
operating performance will continue to face challenges given the
ongoing secular pressures in the traditional radio broadcast
industry in the next 12-18 months. As a result, Moody's expects
Moody's adjusted leverage ratio to increase to 8x and there is
significant risk of a covenant breach once the financial
maintenance covenant is reinstated.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Hubbard is expected to sustain
positive organic revenue and EBITDA growth driven by expansion in
its digital businesses, improve liquidity and maintain debt to
EBITDA below 7.0x.
The ratings could be downgraded if operating performance decline
further or liquidity weakens further such that free cash flow turns
negative.
Hubbard Radio, LLC, formed in 2011, is a family controlled and
privately held media company that owns and operates radio stations
in 8 of the top 50 markets, including Chicago, Washington, D.C.,
Minneapolis-St. Paul, St. Louis, Cincinnati, Seattle, Phoenix, and
West Palm Beach. Hubbard also operates 2060 Digital, LLC, a
national digital marketing agency based in Cincinnati, Ohio.
Hubbard is a wholly owned subsidiary of Hubbard Broadcasting, Inc.
(HBI), a television and radio broadcasting company that was started
in 1923. Headquartered in St. Paul, Minnesota, Hubbard generated
revenue on a standalone basis of $194 million as of LTM Q3 2024.
The principal methodology used in these ratings was Media published
in June 2021.
INTERCEMENT BRASIL: Gets Ch. 15 Brazil Restructuring Recognition
----------------------------------------------------------------
Ben Zigterman of Law360 reports that on Tuesday, April 1, 2025, a
New York bankruptcy judge upheld cement supplier InterCement's
reorganization efforts in Brazil, rejecting an objection from an ad
hoc group of New York noteholders who claimed that the
restructuring of a subsidiary should occur in the Netherlands.
About Intercement Brasil
Intercement Brasil is a producer of cement and concrete based in
Brazil. Overall, the Company has 34 production units, with an
active capacity of more than 33 million tons of cement per year,
employing more than 6,000 professionals.
Intercement Brasil and affiliates sought relief under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11226)
on July 15, 2024.
The firm's foreign representative is Antonio Reinaldo Rabelo Filho.
The Foreign Representative's counsel is John K. Cunningham, Esq. at
WHITE & CASE LLP.
J.B. POINDEXTER: Moody's Affirms 'B1' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings affirmed the ratings of J.B. Poindexter & Co., Inc.
(J.B. Poindexter) including the B1 corporate family rating, the
B1-PD probability of default rating and the B2 senior unsecured
rating. The stable outlook is maintained.
The affirmation of the ratings reflects Moody's expectations that
J.B. Poindexter will maintain its strong competitive position in
the commercial truck-body market and that it will continue to be
able to navigate weaker volumes from the suspension of orders from
one of its largest customers in the Morgan Olson segment.
RATINGS RATIONALE
J.B. Poindexter's ratings reflect the company's strong competitive
position in its main business lines and long-standing relationships
with key blue chip customers. The ratings also reflect the
company's exposure to cyclical end markets, with significant
customer concentrations and volatility around annual fleet truck
orders in both its Morgan and Morgan Olson segments.
The company was able to largely sustain a notable improvement in
profitability and cash flow following significant underperformance
in 2021 and 2022. Moody's estimates the EBIT margin in 2024 was
5.3%, down from 6.2% in 2023, despite the suspension of orders by
UPS in the Morgan Olson segment. Costs associated with a plant
shutdown in Mexico for the LEER division further weighed on the
company's operating performance.
Moody's anticipates the losses at Leer to abate, in part because
most of the Mexican plant closure costs will not reoccur in 2025.
But the resumption of orders from UPS at Morgan Olson remains
uncertain following UPS' decision to lower delivery volumes for
their largest customer, Amazon, by more than 50%. Also, the backlog
at the Morgan division normalized in the course of 2024, making
production volumes in this division more reliant on the
continuation of new order flow in 2025.
Debt/EBITDA will ease slightly in 2025 from Moody's estimates of
4.3 times at year-end 2024. Debt/EBITDA increased in 2024 primarily
due to higher operating lease liabilities following amendments to
the company's lease contracts.
The stable outlook reflects Moody's expectations that J.B.
Poindexter will be able to maintain current margins and cash flows
in 2025, despite ongoing earnings pressure from the lack of UPS
orders in the Morgan Olson division.
Moody's anticipates that J.B. Poindexter will maintain good
liquidity, supported by Moody's expectations that free cash flow
will be sustained at around $50 million in 2025. As a result, the
company's cash balance will grow steadily toward $200 million by
year-end 2025. Moody's believes that the company's ongoing
operations will not require borrowing under its $100 million
asset-based revolving credit facility.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if J.B. Poindexter maintains
debt/EBITDA below 3.0x and EBITDA/interest above 4.0 times through
cyclical periods in its end-markets. Good liquidity is also an
important consideration for a ratings upgrade. The rating could
also be upgraded if the company sustains the EBIT margin above
6.5%.
The ratings could be downgraded if J.B. Poindexter is unable to
maintain debt/EBITDA below 4.5 times, or if liquidity deteriorates,
including in the event negative free cash flow erodes the cash
balance. The ratings can also be downgraded if the EBIT margin is
sustained below 4.5%. The adoption of more aggressive financial
policies, such as sizeable owner distributions, could also cause a
ratings downgrade.
The principal methodology used in these ratings was Automotive
Suppliers published in December 2024.
J.B. Poindexter & Co., Inc. manufactures commercial truck bodies
for medium-duty trucks, pickup truck caps and tonneau covers, truck
bodies for walk-in step vans, service utility trucks, commercial
vehicle shelving and storage systems, funeral coaches and
limousines. Headquartered in Houston, Texas, the company is
privately held by Mr. J.B. Poindexter.
JAG PUBLIC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: JAG Public Safety LLC
9907 Iota Dr.
San Antonio, TX 78217-2608
Business Description: JAG Public Safety is a comprehensive service
provider specializing in traffic control
solutions. The Company offers a variety of
services, including the sale, rental, and
repair of traffic control devices such as
barricades, attenuators, and other essential
equipment. It also provides certified
traffic control plans, lane closure
management, and utility services, focusing
on ensuring safety and efficiency in work
zones.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-50692
Judge: Hon. Michael M Parker
Debtor's Counsel: Robert C Lane, Esq.
THE LANE LAW FIRM
6200 Savoy Dr Ste 1150
Houston TX 77036-3369
Tel: (713) 595-8200
E-mail: notifications@lanelaw.com
Total Assets: $1,156,383
Total Debts: $2,287,649
Lucio Gonzalez signed the petition in his capacity as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/KNBF6LQ/JAG_Public_Safety_LLC__txwbke-25-50692__0019.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5CTHDNI/JAG_Public_Safety_LLC__txwbke-25-50692__0001.0.pdf?mcid=tGE4TAMA
KTRV LLC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtors: KTRV LLC
1521 Concord Pike, Suite 201
Wilmington, DE 19803
- and -
Heritage Coal & Natural Resources, LLC
1117 Shaw Mine Road
Meyersdale, PA 15552
Business Description: KTRV is a Delaware holding company whose
sole asset is its membership interest in
HCNR, a Pennsylvania limited liability
company. HCNR owns and operates five coal
mines and related operations in Pennsylvania
and Maryland. Specifically, HCNR owns the
following: (i) the Carlos site (located in
Frostburg, MD) which is shipping and mining
coal with a substantially reduced work crew,
(ii) the Cabin Run site (located in
Frostburg, MD) which is currently shipping
coal and mining coal with a substantially
reduced work crew, (iii) Summit #2 site
(located in Meyersdale, PA) which is not
currently mining or shipping coal, (iv) the
Fisher #3 site (located in Meyersdale, PA)
which is not currently mining or shipping
coal, and (v) the Saylor Hill #2 site
(located in Meyersdale, PA) which is
currently mining coal with a substantially
reduced work crew. Additionally, HCNR owns
and operates a wash plant located in
Meyersdale, PA. HCNR also holds a number of
permits for other sites that are currently
in cessation or reclamation stages.
HCNR's main office is located in Meyersdale,
PA.
Chapter 11 Petition Date: March 30, 2025
Court: United States Bankruptcy Court
District of Delaware
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
KTRV LLC (Lead Case) 25-10601
Heritage Coal & Natural Resources, LLC 25-10602
Judge: Hon. Mary F Walrath
Debtors'
Bankruptcy
Counsel: Jeffrey R. Waxman, Esq.
Eric J. Monzo, Esq.
Christopher M. Donnelly, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Tel: (302) 888-6800
Fax: (302) 571-1750
E-mail: jwaxman@morrisjames.com
emonzo@morrisjames.com
cdonnelly@morrisjames.com
Debtors'
Restructuring
Advisor: RKC, LLC d/b/a RK | Consultants LLC
Debtors'
Claims,
Noticing &
Solicitation
Agent: STRETTO, INC.
KTRV LLC's
Estimated Assets: $50 million to $100 million
KTRV LLC's
Estimated Liabilities: $50 million to $100 million
Heritage Coal's
Estimated Assets: $100 million to $500 million
Heritage Coal's
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Brian Ryniker as chief restructuring
officer.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/A25A3XI/KTRV_LLC__debke-25-10601__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BA46IPA/Heritage_Coal__Natural_Resources__debke-25-10602__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Cleveland Brothers Equip. Co. $318,872
PO Box 417094
Boston, MA
02241-7094
2. Wampum Hardware Co. $281,615
636 Paden Road
New Galilee, PA 16141
3. Glassmere $203,911
PO Box 187
Curtisville, PA 15032
4. Green Acres $179,790
Contracting Co. Inc.
PO Box 463
Scottdale, PA 15683
5. Bill Miller $168,550
Equipment Sales, Inc.
PO Box 112
Eckhart Mines, MD 21528
6. Good Tire Service, Inc. $141,453
13616 State Route 422
Kittanning, PA 16201
7. Allegany Coal and Lease $130,081
Land Company
17 Depot Street
PO Box 410
Frostburg, MD 21532
8. Chemstream, Inc. $70,831
511 Railroad Ave
Homer City, PA 15748
9. Beechwood Coal LLC Lease $66,509
19709 Winner's View Terrace
Frostburg, MD 21532
10. Eco Solution $53,454
Distributing LLC
2275 Swallowhill Rd
Pittsburgh, PA 15220
11. J&D Explosives, Inc. $50,074
198 Industrial Park Road
Meyersdale, PA 15552
12. Shaw Big Vein Coal Company Lease $48,377
1063 Rockdale Road
Rockwood, PA 15557
13. Strassburger McKenna Gutnick & Gefsky $43,497
Four Gateway
Center, Suite 2200
444 Liberty Avenue
Pittsburgh, PA 15222
14. Timbercat Enterprises, LLC $40,447
2160 Pigs Ear Road
Grantsville, PA 21536
15. Here to Help LLC $37,674
166 Pattison Ave
Bloomington, MD 21523
16. Javelin Global $0
Commodities (UK) Ltd
27 Eccleston Place
London, SW1W 9NF,
United Kingdom
17. Appalachian Timber Litigation $0
Products, Inc. et al
c/o Andrew J. Leger, Jr., Esq.
Law Office of Andrew J Leger Jr.
310 Grant St #2630
Pittsburgh, PA 15219
18. Banshee Industries, LLC $0
338 Industrial Park Rd
Meyersdale, PA 15552
19. Heritage Holding Co., LLC $0
550 Beagle Road
Rockwood, PA 15557
20. Robindale Coal Sales LLC Litigation $0
c/o Jeffrey D. Monzo, Esq.
Quatrini Law Group
550 East Pittsburgh Street
Greensburg, PA
15601-2674
LEISURE INVESTMENTS: Seeks Chapter 11 Bankruptcy in Delaware
------------------------------------------------------------
Jonathan Randles of Bloomberg News reports that the Dolphin
Company, Latin America's largest aquatic theme park operator, has
filed for bankruptcy in the U.S. to restructure its debt and
address financial difficulties.
The Cancun, Mexico-based company, which owns Dolphin Discovery
habitats and the Selva Magica theme park in Guadalajara, sought
court protection in Delaware on Monday, March 31, 2025, reporting
assets and liabilities exceeding $100 million.
Operating in eight countries, including Mexico, Argentina, Italy,
and the U.S., The Dolphin Company manages multiple dolphin habitats
and theme parks, including the Miami Seaquarium and Marineland in
St. Augustine, the report states.
About Leisure Investments Holdings LLC
Leisure Investments Holdings LLC and affiliates are operating under
the name "The Dolphin Company," manage over 30 attractions,
including dolphin habitats, marinas, water parks, and adventure
parks, located in eight countries across three continents. Their
primary operations are based in Mexico, the United States, and the
Caribbean, with locations in Jamaica, the Cayman Islands, the
Dominican Republic, and St. Kitts. These attractions are home to
approximately 2,400 animals from more than 80 species of marine
life, including a variety of marine mammals such as dolphins, sea
lions, manatees, and seals, as well as birds and reptiles. As of
2023, the marine mammal population at the Debtors' parks includes
roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals.
Leisure Investments Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on
March 31, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100 million and $500 million each.
Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.
The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq.,
Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels.
The Debtors'
restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The
Debtors'
Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a
VERITA GLOBAL.
LIKELIHOOD LLC: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 18 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Likelihood, LLC.
About Likelihood LLC
Likelihood, LLC is a retail company in Seattle, Wash., specializing
in footwear, apparel, accessories, and home goods. Some of its
products include Maison Mihara Yasuhiro, Black Comme des Garcons,
Converse, Martine Rose, Crystal Haze, Reebok, and Teddy Vonranson.
Likelihood filed Chapter 11 petition (Bankr. E.D. Wash. Case No.
25-00202) on January 31, 2025, listing total assets of $382,721 and
total liabilities of $5,058,663.
The Debtor is represented by:
Jason Wax, Esq.
Bush Kornfeld, LLP
601 Union St., Suite 5000
Seattle, WA 98101-2373
Tel: 206-292-2110
Email: jwax@bskd.com
MARYMOUNT UNIVERSITY: Moody's Affirms 'Caa1' Issuer & Debt Ratings
------------------------------------------------------------------
Moody's Ratings has affirmed Marymount University's (VA) Caa1
issuer and outstanding debt ratings. The outlook is stable. As of
June 30, 2024 (fiscal year end), the university had total
outstanding debt of approximately $273 million, inclusive of the
PPP (PMB, formerly The Rixey) debt totaling $120 million.
RATINGS RATIONALE
The affirmation of Marymount University's Caa1 issuer rating
reflects its consistently weak operating performance, which is
expected to persist due to ongoing enrollment volatility and the
inability to align expenses with revenue challenges. Additionally,
the university's almost non-existent unrestricted liquidity limits
its ability to address significant operational issues without
drawing from restricted assets or seeking additional debt
financing. With total lines of credit maxed out as of fiscal year
end 2024, limited liquid resources and looming expiration of a
$11.9 million note payable, working capital is constrained. The
university also faces significant financial leverage and debt
structure risks, including the project financing currently
subsidized by the university, which adds further pressure.
Moreover, the weakening debt service coverage, reported at 1.2x
compared to a covenant requirement of 1.15x at the fiscal year end
2024-a decline from the previous year's 1.55x-intensifies the risk
of a default event.
These challenges are balanced by the university's strategic
positioning as a faith based private institution with an attractive
Northern Virginia location. Additionally, good program diversity
and recent improvements in full-time equivalent enrollment provide
some prospects for longer term improvement.
The Caa1 revenue bond ratings incorporate the issuer rating and
general obligation characteristics of the bonds. While the bonds
have a lien on unrestricted gross revenues, this provides limited
additional security due the university's fundamental operating
difficulties.
RATING OUTLOOK
The stable outlook incorporates expectations that the university
will continue to face operational and liquidity challenges. Further
credit deterioration is possible given the high reliance on bank
liquidity for operating capital. Nevertheless a fully funded debt
service reserve fund and potential availability of land and real
assets for sale, and other financing alternatives provide some
potential strategic options.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
-- Substantial rebuild of liquidity and wealth that is durable
-- Material and sustained improvement in operating performance
resulting in multi-year trends of positive cash flow
-- Widening and stabilization of headroom to financial covenants
over a multi-year period
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
-- Event of default resulting in acceleration of bonded debt
-- Reductions in operating performance and greater intrinsic
liquidity
-- Additional debt
LEGAL SECURITY
The Series 2015A and 2015B bonds are general obligations of the
university with a secured interest in gross receipts. The bonds are
further enhanced by a deed of trust on certain campus properties
and separate debt service reserve funds for each series.
2019 United Bank taxable term loan is on parity with the Series
2015A and 2015B bonds. While the term loan is not additionally
secured by a debt service reserve fund, the loan agreement includes
a Material Adverse Effect clause which would enable the bank to
accelerate debt, a liquidity risk.
The university has a debt service coverage financial covenant of
1.15x, which is measured at the end of each fiscal year. Failure to
maintain at least 1x coverage for any fiscal year: (i) is an event
of default if unrestricted liquidity at the time of failure is less
than or equal to $25 million; (ii) is an event of default at the
next annual testing date if unrestricted liquidity at the time of
failure is greater than $25 million and at the next testing date
coverage is not 1.15x or greater; and (iii) is not an event of
default if unrestricted liquidity at the time of failure is greater
than $25 million and coverage is 1.15x or greater at the next
annual testing date.
There is an additional obligations test, which requires an
Officer's Certificate concluding that the long-term debt service
coverage for the two most recent fiscal years was not less than
1.15x. Further, the test requires a management consultant report
stating that the forecasted long-term debt service coverage,
including the new debt, is not less than 1.15x each of the two full
fiscal years immediately succeeding the year in which the new debt
is incurred.
PROFILE
Marymount University is a private coeducational Catholic
institution located in Arlington, Virginia and founded in 1950 by
the Religious of the Sacred Heart of Mary, an international
congregation of Catholic sisters. The university currently has
three locations in Arlington. In fiscal 2024, the university
recorded Moody's adjusted operating revenue of $88 million and in
fall 2024, enrolled 3,355 full-time equivalent (FTE) students.
METHODOLOGY
The principal methodology used in these ratings was Higher
Education published in July 2024.
MAVENCRUX I LLC: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The U.S. Trustee for Region 12 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of MavenCrux I, LLC.
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.
Judge Lee M. Jackwig oversees the case.
The Debtor tapped Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw,
Fowler & Hagen PC as counsel.
MID VALLEY NUT: Seeks Cash Collateral Access
--------------------------------------------
Mid Valley Nut Company Inc. asked the U.S. Bankruptcy Court for the
Eastern District of California, Modesto Division, for authority to
use cash collateral.
The Debtor needs to use cash collateral for paying insurance
premiums, advertising, and other expenses necessary for ongoing
operations.
The cash collateral is primarily the rent payments from World Food
Products, Inc. for leasing the Debtor's assets, which total $50,400
per month.
Yosemite Land Bank holds a first-priority lien on the Debtor's
assets while the U.S. Small Business Administration holds a
second-priority lien, though the SBA's claim may be unsecured due
to the insufficient value of the collateral.
The Debtor proposed to use up to $20,513 of the rent income for
insurance and advertising costs, with the rest allocated to
adequate protection for Yosemite. Additional uses may require
Yosemite's consent.
The Debtor also proposed paying the rent to Yosemite as adequate
protection and granting replacement liens to both Yosemite and SBA
on the collateral.
WFP has made an $8 million offer for the Debtor's assets, with a
provision for overbidding.
The Debtor and WFP entered into a lease for the property, which
includes conditions subject to court approval, and a motion may be
filed to reject the lease if a third-party bidder wins.
A copy of the motion is available at https://urlcurt.com/u?l=RvOpkq
from PacerMonitor.com.
About Mid Valley Nut Company Inc.
Creditors Karm Bains, JS Johal & Sons, Inc., Suneel Sharma filed
involuntary Chapter 7 petition against Mid Valley Nut Company Inc.
(Bankr. E.D. Calif. Case No. 24-90741) on November 30, 2024. The
case was converted to one under Chapter 11 on February 18, 2025.
Judge Ronald H. Sargis oversees the case.
The petitioning creditors are represented by:
Ameet O'Rattan Sharma, Esq.
Omni Firms
757 Miller Avenue
Chico, CA 95928
Tel: 916-932-8928
Email: ameet@omnifirms.com
Mid Valley Nut Company is represented by:
Robert G. Harris, Esq.
Reno Fernandez, Esq.
Meera Balasubramanian, Esq.
Binder Malter Harris & Rome-Banks, LLP
2775 Park Avenue
Santa Clara, CA 95050
Tel: (408) 295-1700
Fax: (408) 295-1531
rob@bindermalter.com
reno@bindermalter.com
meera@bindermaltert.com
MLN US HOLDCO: Davis Polk & Kane Russel Represent Ad Hoc Group
--------------------------------------------------------------
The law firms of Davis Polk & Wardwell LLP and Kane Russell Coleman
Logan PC filed a verified statement pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure to disclose that in the
Chapter 11 cases of MLN US HoldCo LLC and affiliates, the firms
represent the Ad Hoc Group.
In or around November 2024, the Ad Hoc Group engaged Davis Polk to
represent it in connection with the Members' holdings under the
Priority Lien Credit Agreement, the Second Lien Credit Agreement
and the Third Lien Credit Agreement. In or around February 2025,
the Ad Hoc Group engaged Kane Russell to act as co-counsel in the
Chapter 11 Cases.
Counsel represents only the Ad Hoc Group and does not represent or
purport to represent any entities other than the Ad Hoc Group in
connection with the Chapter 11 Cases. In addition, the Ad Hoc Group
does not claim or purport to represent any other entity and
undertakes no duties or obligations to any entity.
The Members, collectively, beneficially own (or are the investment
advisors or managers for funds that beneficially own) or manage
approximately (i) $169.16 million in aggregate principal amount of
the Priority Lien Loans, (ii) $409.54 million in aggregate
principal amount of the Second Lien Term Loans, and (iii) $98.44
million in aggregate principal amount of the Third Lien Term
Loans.
Additionally, certain of the Members have agreed to backstop
approximately $58 million in DIP New Money Term Loans (as defined
in the Joint Prepackaged Chapter 11 Plan of Reorganization of MLN
US Holdco LLC and its Debtor Affiliates in connection with the DIP
Credit Agreement.
The Ad Hoc Group Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors
are:
1. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or
controlled by ANCHORAGE CAPITAL ADVISORS, L.P., or a subsidiary
or an affiliate thereof
610 Broadway, 6th Floor
New York, NY 10012
* $9,276,089 in aggregate principal amount of Priority Lien
Loans
* $29,503,518 in aggregate principal amount of Second Lien Term
Loans
2. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or
controlled by APOLLO CAPITAL MANAGEMENT, L.P., or a subsidiary
or an affiliate thereof
9 West 57th Street, 41st Floor
New York, NY 10019
* $10,134,316 in aggregate principal amount of Priority Lien
Loans
* $60,467,139 in aggregate principal amount of Second Lien Term
Loans
3. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or
controlled by BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC, or a
subsidiary or an affiliate thereof
2951 28th Street, Suite 1000
Santa Monica, CA 90405
* $36,000,000 in aggregate principal amount of Third Lien Term
Loans
4. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or
controlled by INVESCO SENIOR SECURED MANAGEMENT, INC., or a
subsidiary or an affiliate thereof
225 Liberty Street
New York, NY 10282
* $95,270,175 in aggregate principal amount of Priority Lien
Loans
* $165,991,237 in aggregate principal amount of Second Lien Term
Loans
* $59,418,853 in aggregate principal amount of Third Lien Term
Loans
* $1,535,591 in aggregate principal amount of Legacy Senior Term
Loans
* $2,964,888 in aggregate principal amount of Legacy Junior Term
Loans
5. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or
controlled by PGIM, INC., or a subsidiary or an affiliate
thereof
655 Broad Street
Newark, NJ 07102
* $37,621,586 in aggregate principal amount of Priority Lien
Loans
* $85,260,174 in aggregate principal amount of Second Lien Term
Loans
* $800,000 in aggregate principal amount of Third Lien Term
Loans
6. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or
controlled by REDDING RIDGE ASSET MANAGEMENT LLC, or a
subsidiary or an affiliate thereof
9 West 57th Street, 17th Floor
New York, NY 10019
* $2,775,242 in aggregate principal amount of Priority Lien
Loans
* $16,558,678 in aggregate principal amount of Second Lien Term
Loans
7. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or
controlled by SOUND POINT CAPITAL MANAGEMENT, LP, or a
subsidiary or an affiliate thereof
375 Park Avenue, 34th Floor
New York, NY 10152
* $14,079,313 in aggregate principal amount of Priority Lien
Loans
* $51,760,100 in aggregate principal amount of Second Lien Term
Loans
* $2,218,400 in aggregate principal amount of Third Lien Term
Loans
Counsel for the Ad Hoc Group:
Mark C. Taylor, Esq.
Kane Russell Coleman Logan PC
Frost Bank Tower, Suite 2100
401 Congress Ave.
Austin, Texas 78701
Telephone: (512) 487-6560
Email: mtaylor@krcl.com
- and -
Damian S. Schaible
Adam L. Shpeen
Michael Pera
Katharine Somers
DAVIS POLK & WARDWELL LLP
450 Lexington Avenue
New York, NY 10017
Telephone: (212) 450-4000
Facsimile: (212) 701-5800
E-mail: damian.schaible@davispolk.com
E-mail: adam.shpeen@ davispolk.com
E-mail: michael.pera@davispolk.com
E-mail: kate.somers@davispolk.com
About MLN US Holdco
MLN US Holdco and its affiliates are a global provider of business
telecommunication solutions, offering on-premise, cloud, and hybrid
services to help organizations of all sizes connect and collaborate
reliably. They have expanded their capabilities and offerings
through strategic acquisitions and partnerships, enhancing its
portfolio of software, hardware, and services. They serve a wide
range of industries, delivering flexible solutions to meet the
needs of diverse customers worldwide.
MLN US Holdco, LLC and its affiliates filed their Chapter 11
petitions (Bankr. S.D. Tex. Lead Case No. 25-90090) on March 9,
2025, listing up to $10 billion in both consolidated assets and
liabilities. Janine Yetter, authorized signatory, signed the
petitions.
Judge Christopher M. Lopez oversees the case.
The Debtors tapped Porter Hedges LLP and Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel; Goodmans LLP as Canadian
counsel; PJT Partners LP as investment banker and financial
advisor; FTI Consulting, Inc. as restructuring advisor; and KPMG
LLP as tax consultant. Stretto, Inc. is the Debtors' claims,
noticing and solicitation agent.
MORANS AUTO: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
Morans Auto Connection, LLC received interim approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Jacksonville
Division, to use cash collateral.
The company requires the use of cash collateral to pay business
expenses as set forth in its budget, maintain its property and make
an interim payment of $1,000 to Subchapter V Trustee Aaron Cohen.
As protection, lenders were granted post-petition replacement
liens, with the same validity and priority as their pre-bankruptcy
liens.
The next hearing is set for April 15.
About Morans Auto Connection
Morans Auto Connection, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-00151) on January 17, 2025, listing up to $500,000 in both
assets and liabilities. Aaron Cohen, Esq., a practicing attorney in
Jacksonville, Fla., serves as Subchapter V trustee.
Judge Jacob A. Brown oversees the case.
The Debtor is represented by:
Thomas C. Adam, Esq.
Adam Law Group, P.A.
2258 Riverside Avenue
Jacksonville, FL 32204
Tel: 904-329-7249
Email: bk@adamlawgroup.com
MP OCTOPUS: Affiliate Seeks to Sell Pizza Business to JNY OM 2
--------------------------------------------------------------
MP Octopus Pizza LLC and its affiliates, along with MP Summerlin
LLC (Applicable Debtor), seek approval from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, to sell
Property, free and clear of liens, interests, and encumbrances.
The Applicable Debtor is engaged in the ownership of pizza
franchise located at 15880 Summerlin Rd., Unit 304,
Ft. Myers, Lee County, Florida 33908.
The Applicable Debtor leases the space and the landlord is Prisa
Summerlin FL, LLC.
The Applicable Debtor proposes to sell its equipment and goodwill
located at the leased space, namely furniture and equipment.
The Applicable Debtor and purchasers, JNY OM 2, LLC, have reached
agreement in which the Debtor intends to sell certain of MP
Summerlin LLC's equipment, personal property, and goodwill.
Included in the sale, with the purchase price of $50,000, are:
a) 4 Point of Sale System
b) 2 MIddle B Marshall X70 ovens
c) Makeline 1 Delfield 186004PTBMP
d) Salad/Sub Station 1 Atosa MSF3615-GR
e) Reproofer 1 True T-23 G
f) Stretcher 1 Somerset CDR-300
g) Mixer 1 GLOB-SP62P-1-MPF
h. Walk in Fridge 1 Kolpak
i) Freezer 1 Seagate Freezer
j) 3 Compartment Sink
k) Hand Sinks 2 BKRE-BKHS-W-1410-SS-P-G.
l) Glass Chiller
m) Beer Tap/Dispenser
n) Eyebrow Oven Hood, Fan & Curb
o) 5 Sheet pan racks
p) 1 Channel Custom Dough Tray Rack
The food inventory will be paid separately at the time of closing
by the Purchaser.
The Applicable Debtor had the equipment appraised by Premier
Restaurant Supplies and the value is $70,061.31.
The purchase price offered by the Purchaser is consistent with the
appraised values of the Assets.
The lienholders of the Assets are ConnectOne Bank, Balboa Capitol
Corp. (CT Corporation), and Rewards Network (Corporation Service
Company).
The Applicable Debtor anticipates that the sale proceeds will not
exceed the total claims and seeks to sell the Assets "as is" and
"where is", free and clear of any potential liens.
About MP Octopus Pizza LLC
MP Octopus Pizza LLC, doing business as Marco's Pizza, filed
Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on
November 15, 2024, with $50,001 to $100,000 in assets and $500,001
to $1 million in liabilities. Terry Burkholder, manager of MP
Octopus Pizza, signed the petition.
Judge Catherine Peek McEwen oversees the case.
The Debtor is represented by: Buddy D. Ford, Esq., at BUDDY D.
FORD, P.A.
MP OCTOPUS: Affiliate Seeks to Sell Pizza Business to Kyle Garrick
------------------------------------------------------------------
MP Octopus Pizza LLC and its affiliates, along with Bama Pizza 8028
LLC (Applicable Debtor), seek approval from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, to sell
Pizza Store, free and clear of liens, interests, and encumbrances.
The Applicable Debtor is engaged in the ownership of pizza
franchise located at 1440 Main St., Dunedin, Pinellas County,
Florida 34698.
The Applicable Debtor leases the space and the landlord is 1126
62nd Avenue N., LLC and the lease payments are current. The Debtor
will assign all rights to the lease or alternatively the purchaser
will enter into its own lease.
The Applicable Debtor seeks to sell its equipment and goodwill
located at the leased space, namely furniture and equipment.
The Applicable Debtor and Kyle Garrick reach an agreement in
principal in which the Debtor intends to sell certain of Bama Pizza
8028 LLC's equipment, personal property, and goodwill to Garrick or
his assigns in the purchase price of $50,000.
The assets included in the sale are:
a) 4 Point of Sale Systems
b) 2 Middle B Marshall PS 555-Q
c) Makeline Delfield 196114PTBMP
d) Salad/Sub Station 1 Turbo Air MST-48-18
e) Reproofer 1 True T-23G
f) Stretcher 1 Somerset CDR-500
g) Mixer 1 Globe SP62P
h) Walk Fridge 1 Kolpak
i) Freezer 1 Magic Chef HMCF7W4
j) 3 Compartment Sink 1 Unit
k) Hand Sink(s) 2 Units
l) Eyebrow Oven Hood, Fan & Curb
m) 1 Channel Custom Dough Tray Rack
The food inventory is also included in the purchase price.
The purchase price offered by Garrick is consistent with the
appraised values of the Assets.
The lienholder of the property includes Marco's Franchising LLC,
ConnectOne Bank, and Rewards Network (Corporation Service Company).
The Applicable Debtor seeks to sell the Assets "as is" and "where
is", free and clear of any potential liens, with valid and
enforceable liens attaching to the proceeds of the sale.
About MP Octopus Pizza LLC
MP Octopus Pizza LLC, doing business as Marco's Pizza, filed
Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on
November 15, 2024, with $50,001 to $100,000 in assets and $500,001
to $1 million in liabilities. Terry Burkholder, manager of MP
Octopus Pizza, signed the petition.
Judge Catherine Peek McEwen oversees the case.
The Debtor is represented by: Buddy D. Ford, Esq., at BUDDY D.
FORD, P.A.
MR. COOPER GROUP: Fitch Puts 'BB' LongTerm IDR on Watch Positive
----------------------------------------------------------------
Fitch Ratings has placed Rocket Mortgage, LLC's (Rocket Mortgage)
'BBB-' Long-Term Issuer Default Rating (IDR) and senior unsecured
debt rating on Rating Watch Negative (RWN). Additionally, the 'BB'
Long-Term IDRs of Mr. Cooper Group, Inc. and its subsidiaries,
Nationstar Mortgage Holdings Inc. and Nationstar Mortgage LLC
(collectively, Mr. Cooper), along with the 'BB' senior unsecured
debt rating of Nationstar Mortgage Holdings Inc., were placed on
Rating Watch Positive (RWP).
The rating actions follow Rocket Companies, Inc.'s (Rocket; not
rated), Rocket Mortgage's parent, announced acquisition of Mr.
Cooper and its subsidiaries in an all-stock transaction. When the
acquisition closes, Fitch would expect to base Rocket Mortgage's
and Mr. Cooper's ratings on Rocket's consolidated credit profile,
which may result in a up to one-notch downgrade of Rocket Mortgage
and one- to two-notch upgrade of Mr. Cooper.
Fitch expects to resolve the Rating Watches upon completion of the
acquisition, anticipated to be around YE 2025 and likely occur more
than six months from the date of this rating action commentary.
Key Rating Drivers
Existing Ratings Placed on Watch: The ratings of Rocket Mortgage
and Mr. Cooper have been placed on Rating Watch, as Fitch would
expect to align them with Rocket's credit profile when the
acquisition closes. Fitch assesses Rocket based on the combined
credit profile of its mortgage subsidiaries and views its other
business, like Rocket Close and Rocket Money, as offering strategic
benefits to the mortgage companies, but not material to the
consolidated credit profile.
Rocket Mortgage Downgrade Possible: Upon closing, Fitch may
downgrade Rocket Mortgage to 'BB+' from 'BBB-.' The downgrade would
be primarily driven by higher corporate leverage of the parent, pro
forma the Mr. Cooper and Redfin acquisitions, which may remain
above the prior downgrade trigger of 1.0x beyond the 12-24 months
Outlook horizon.
Corporate leverage (gross corporate debt to tangible equity) is
expected to increase to 1.4x, from 0.6x at YE 2024, upon
transaction close. Fitch expects the combined company will show a
higher leverage appetite than Rocket Mortgage pre- transaction,
including increased corporate debt to fund purchases of mortgage
servicing rights (MSR). Additionally, MSR are expected to increase
to 179% of tangible equity at YE 2024, pro forma the transactions.
This is up from 100% for Rocket Mortgage prior to the
acquisitions.
Mr. Cooper Upgrade Expected: Upon closing, Fitch would expect to
upgrade Mr. Cooper by one or two notches, reflecting the stronger
combined business profile and lower leverage pre-acquisition. At YE
2024, Mr. Cooper's corporate and total leverage were 2.1x and 2.5x,
respectively.
Leading Franchise and Market Position: Rocket's consolidated credit
profile would reflect its strong market position and leading
mortgage franchise in the U.S.. The company would combine its
significant scale in mortgage origination with Mr. Cooper's leading
scale in mortgage servicing. Additionally, it would reflect the
company's strong pro forma liquidity, solid asset quality of the
servicing portfolio, robust and integrated technology platform, and
experienced management team.
Highly Cyclical Mortgage Industry: The ratings are constrained by
the highly cyclical nature of the mortgage origination business, an
expected increase in corporate leverage resulting from the
transaction, elevated MSR valuation risk exposure, execution risks
from integrating multiple acquired companies, a reliance on
secured, wholesale funding facilities, and potential servicing
advance needs and regulatory scrutiny related to Ginnie Mae (GNMA)
loans.
Improved Earnings Profile: Rocket's pre-tax return on average
assets (ROAA), adjusted for GNMA loans subject to repurchase right,
was 3.4% in fiscal 2024, and has been positive when adjusted for
MSR valuation changes in each of the last six quarters. Mr.
Cooper's profitability has been even more stable, with ROAA of 5.8%
in fiscal 2024 and averaging 8.5% from 2021-2024. Fitch believes
the combined company shows stronger earnings upside and stability,
as it should maintain a more balanced mix of origination and
servicing revenues.
Further, revenue synergies are expected as increased recapture
opportunities drive refinance origination volumes, and greater
purchase origination volumes expand the servicing portfolio.
Increased Leverage for Rocket: After closing, corporate leverage is
expected to be above Fitch's prior downgrade trigger for Rocket
Mortgage of 1.0x. Total leverage, including funding facilities,
will also be higher on a pro forma basis, estimated to be 2.3x at
YE 2024, compared to 1.4x for Rocket Mortgage pre-acquisitions. The
pace of potential deleveraging will depend on the realization of
synergies and broader market conditions.
Capital levels will remain sensitive to MSR valuation risks and the
firm's go-forward hedging policy, currently unknown. Rocket
Mortgage's retained MSRs are currently unhedged, while Mr. Cooper
targets a 75% hedge ratio. Fitch believes the use of financial
hedging, on a combined basis, will decline over time, given
Rocket's historical reliance on the natural hedge provided by its
origination business.
Reliance on Secured Debt; Improved Funding Duration: Pro forma for
the acquisition, Rocket's unsecured funding mix is expected to be
40% at YE 2024, compared to 38% for Rocket Mortgage and 43% for Mr.
Cooper pre-transaction. Fitch expects the unsecured funding mix to
decline moderately as originations rise and the company pursues
bulk MSR acquisitions. However, this is not expected to
meaningfully reduce funding flexibility over the Outlook horizon.
Rocket Mortgage and Mr. Cooper have more favorable funding duration
than non-bank mortgage peers, although duration remains shorter
than Fitch-rated non-bank finance and leasing companies in other
sectors. At YE 2024, 93% of Rocket Mortgage's warehouse capacity
carried original terms of two years and Mr. Cooper's MSR lines all
had two-year original terms. Fitch would view an increase in
funding duration as positive for the credit profile.
Strong Liquidity Profile: Fitch considers both companies' liquidity
profiles strong. Pro forma, Rocket's' available liquidity would
include $1.8 billion in cash, $1.6 billion in unencumbered
self-funded mortgage loans, $1.15 billion in borrowing capacity on
Rocket Mortgage's committed revolving credit facility, and $4.6
billion in capacity on combined MSR secured lines of credit. While
Fitch believes liquidity will remain strong, it expects the ratio
of liquidity-to-total debt to decline from 39% at YE 2024, pro
forma, as debt balances increase to fund originations and MSR
purchases.
Solid Asset Quality: Asset quality risk will remain minimal for
Rocket following the acquisition, as nearly all originated loans
are expected to be conforming agency or GNMA-eligible and sold
shortly after origination. Both Rocket Mortgage's and Mr. Cooper's
servicing performance is solid relative to peers, with 60+ day
delinquency rates of 1.5% and 1.6% at YE 2024, respectively.
Mortgages outperformed other consumer assets over the past year due
to strong home equity levels, but rising unemployment could
pressure delinquencies in 2025-2026. Rocket Mortgage and Mr. Cooper
face potential repurchase or indemnification claims on loans sold
under certain warranty provisions, though recent claims have been
minimal.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Should the acquisition fail to close, Fitch would likely remove the
RWP on Mr. Cooper's ratings and affirm them at 'BB' with a Stable
Outlook.
Following transaction closing, downgrade triggers applicable to the
combined entity include:
- A sustained increase in corporate leverage above 1.5x;
- A sustained increase in gross leverage above 4.0x;
- A sustained reduction in unsecured debt below 25% of total debt;
- A material reduction in liquidity resources or an inability to
manage future servicer advances or margin calls;
- A significant reduction in funding duration or committed
capacity;
- Sustained profitability challenges that erode market position;
and/or
- Substantial regulatory fines or litigation expenses that
negatively impact the company's franchise or operating
performance.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Factors that could result in Fitch removing the RWN on Rocket
Mortgage's ratings and affirming them at 'BBB-' with a Stable
Outlook:
- An expectation that corporate leverage will decline to 1.0x or
below within the Outlook horizon; or
- The acquisition fails to close.
Following transaction close, upgrade triggers applicable to the
combined entity include:
- A sustained reduction in corporate leverage below 1.0x;
- Gross leverage maintained at-or-below 3.0x;
- A sustained reduction in MSR exposure, either through decreased
MSR-to-tangible equity or a longer-term commitment to meaningful
financial MSR hedging;
- Unsecured debt maintained above 35% of total debt;
- Realization of revenue and cost synergies from the Mr. Cooper
acquisition that significantly enhance Rocket's profitability;
and/or
- Successful integration of Mr. Cooper's servicing portfolio and
correspondent lending platform.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The senior unsecured debt ratings of Rocket Mortgage and Mr. Cooper
and its subsidiaries are equalized with their Long-Term IDRs given
significant unencumbered assets are available to senior
noteholders, partially offset by Rocket's ability to incur secured
debt in a priority position, which suggests average recovery
prospects in a stressed scenario.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The senior unsecured debt ratings are primarily sensitive to
changes in the issuers' Long-Term IDRs, and these ratings would be
expected to move in tandem. However, a material reduction in
unencumbered assets could result in notching between Rocket's
Long-Term IDR and the rating on the unsecured notes.
SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS
Following the acquisition, the ratings of Rocket Mortgage LLC, Mr.
Cooper Group, Inc., and its subsidiaries Nationstar Mortgage
Holdings Inc. and Nationstar Mortgage LLC are expected to be
equalized with those of the parent, Rocket, given they will be
wholly owned subsidiaries and obligations will benefit from
cross-guarantees.
SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES
Should the acquisition close, the ratings of the wholly owned
subsidiaries would be primarily sensitive to changes in Rocket's
credit profile and would be expected to move in tandem.
ADJUSTMENTS
Rocket Mortgage:
The Standalone Credit Profile (SCP) has been assigned in line with
the implied SCP.
The Asset Quality score has been assigned below the implied score
due to the following adjustment reason: Non-loan exposures
(negative).
The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason: Historical
and future metrics (negative).
Mr. Cooper:
- The Standalone Credit Profile (SCP) has been assigned in line
with the implied SCP.
- The Business Profile score has been assigned below the implied
score due to the following adjustment reason: Business model
(negative).
- The Asset Quality score has been assigned below the implied score
due to the following adjustment reason: Non-loan exposures
(negative).
- The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reasons: Earnings
stability (negative).
- The Capitalization & Leverage score has been assigned below the
implied score due to the following adjustment reasons: Risk profile
and business model (negative).
- The Funding, Liquidity & Coverage score has been assigned below
the implied score due to the following adjustment reason: Business
model/funding market convention (negative).
ESG Considerations
Rocket has an ESG Relevance Score of '4' for Governance Structure
due to elevated key person risk related to its founder Dan Gilbert,
who continues to have substantial impact on the company as a
majority shareholder. This has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.
Rocket also has an ESG Relevance Score of '4' for Customer Welfare
— Fair Messaging, Privacy and Data Security due to its exposure
to compliance risks that include fair lending practices, debt
collection practices and consumer data protection. This has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.
Mr. Cooper has an ESG Relevance Score of '4' for Customer Welfare
— Fair Messaging, Privacy and Data Security due to its exposure
to compliance risks that include fair lending practices, debt
collection practices and consumer data protection. This has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Rocket Mortgage LLC LT IDR BBB- Rating Watch On BBB-
senior unsecured LT BBB- Rating Watch On BBB-
Nationstar
Mortgage LLC LT IDR BB Rating Watch On BB
Mr. Cooper
Group Inc. LT IDR BB Rating Watch On BB
Nationstar Mortgage
Holdings Inc. LT IDR BB Rating Watch On BB
senior unsecured LT BB Rating Watch On BB
MR. COOPER GROUP: Moody's Puts 'Ba3' CFR on Review for Upgrade
--------------------------------------------------------------
Moody's Ratings has placed Mr. Cooper Group Inc.'s (Mr. Cooper) Ba3
corporate family rating, Nationstar Mortgage Holdings Inc.'s B1
backed senior unsecured debt rating, Nationstar Mortgage LLC's B1
long-term issuer rating, and Home Point Capital Inc.'s B1 senior
unsecured debt rating (assumed by Mr. Cooper Group Inc.) on review
for upgrade. Mr. Cooper's outlook was previously positive.
The rating action follows the announcement by Rocket Companies,
Inc. (Rocket Companies), parent of Rocket Mortgage, LLC (Rocket
Mortgage, Ba1 CFR, stable), and Mr. Cooper that they have entered
into a definitive agreement under which Rocket Companies will
acquire Mr. Cooper in an all-stock transaction. Rocket Companies
will acquire the rights to service Mr. Cooper's mortgage servicing
rights (MSRs) with $1.6 trillion of unpaid principal balance.
Rocket Companies and Mr. Cooper anticipate that the transaction
will close late this year or early next year.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
Moody's placed Mr. Cooper's ratings on review for upgrade because
Moody's expects that the company's creditors will benefit from the
acquisition. Mr. Cooper's strong servicing business will complement
Rocket Mortgage's strength in originations and provide synergies
that will contribute to a stronger combined credit profile
following the transaction. Upon successful integration, Moody's
expects the increased scale of the combined entity to drive both
cost and revenue synergies, enhance operating leverage, boost
earnings, and moderately reduce earnings volatility.
In January, Moody's affirmed Mr. Cooper's ratings, reflecting the
company's strong franchise in the US mortgage market supporting its
strong earnings capacity, solid capitalization, and sufficient
liquidity. At that time, Moody's also changed Mr. Cooper's outlook
to positive from stable to reflect the company's strengthening
franchise, driving Moody's views that the company's earnings
capacity, and therefore resilience to unexpected losses, continues
to improve.
Upon the closing of the transaction, Moody's expects to upgrade all
the ratings of Mr. Cooper and its subsidiaries to be aligned with
those of Rocket Mortgage.
Moody's could upgrade Mr. Cooper's ratings if the acquisition by
Rocket Companies closes based on Rocket Mortgage's higher
creditworthiness. Absent the acquisition by Rocket Companies, Mr.
Cooper's ratings could be upgraded if the company: 1) continues to
demonstrate strong profitability, with average through-the-economic
cycle net income to assets (excluding MSR fair value marks) in
excess of 4.0%; 2) maintains solid capitalization, such as TCE/TMA
of at least 20%; and 3) commits to increasing the level of
committed warehouse capacity to 15% or more of total warehouse
capacity.
Moody's could downgrade Mr. Cooper's ratings if: 1) the company's
financial performance materially deteriorates; 2) capitalization
falls and Moody's expects it to remain below 17.5%; 3)
through-the-cycle average net income to assets falls and Moody's
expects it to be less than 3.0%; or 4) the company's funding
profile weakens or its liquidity position deteriorates beyond an
adequate buffer to its debt covenants. In addition, Moody's could
downgrade the ratings in the event of material negative regulatory
actions that impair Mr. Cooper's franchise and ability to remain
profitable.
LIST OF AFFECTED RATINGS
Issuer: Mr. Cooper Group Inc.
LT Corporate Family Rating, Placed on Review for Upgrade,
currently Ba3
Outlook Actions:
Outlook, Changed To Ratings Under Review From Positive
Issuer: Nationstar Mortgage Holdings Inc.
Placed On Review for Upgrade:
Backed Senior Unsecured (Local Currency), Placed on Review for
Upgrade, currently B1
Outlook Actions:
Outlook, Changed To Ratings Under Review From Positive
Issuer: Nationstar Mortgage LLC
Placed On Review for Upgrade:
LT Issuer Rating (Local Currency), Placed on Review for Upgrade,
currently B1
Outlook Actions:
Outlook, Changed To Ratings Under Review From Positive
Issuer: Home Point Capital Inc.
Placed On Review for Upgrade:
Senior Unsecured (Local Currency), Placed on Review for Upgrade,
currently B1 (Assumed by Mr. Cooper Group Inc.)
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Finance
Companies published in July 2024.
OMRAADHI LLC: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Omraadhi LLC
2755 North Interstate 35
San Antonio, TX 78208
Business Description: Omraadhi LLC owns and operates the Econo
Lodge Inn & Suites in San Antonio, TX,
offering affordable lodging accommodations
and rental services for travelers visiting
the city.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-50704
Judge: Hon. Craig A Gargotta
Debtor's Counsel: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main St. Suite 500
Dallas TX 75202
Tel: (972) 503-4033
Email: joyce@joycelindauer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mitul J. Patel as president.
The Debtor did not submit a list of its 20 largest unsecured
creditors with the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/4QWHYYI/Omraadhi_LLC__txwbke-25-50704__0001.0.pdf?mcid=tGE4TAMA
ONTARIO GAMING: S&P Downgrades ICR to 'B-', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Canada's
regional casino operator Ontario Gaming GTA L.P.'s (OTG) to 'B-'
from 'B'.
S&P said, "At the same time, we lowered our issue-level rating on
the company's senior secured term loan and secured notes to 'B-'
from 'B'. Our recovery rating remains '3'.
"The stable outlook reflects the stable outlook of parent Great
Canadian Gaming Corp. (GCGC), and we expect the company to maintain
funds from operations (FFO) cash interest coverage above 1.5x and
generate positive free operating cash flow (FOCF).
"Our downgrade reflects slower-than-expected EBITDA growth . For
the nine months ended December 2024 (fiscal year ended March 2025),
general macroeconomic softness and weak consumer discretionary
spending weighed on OTG's revenues and EBITDA. Even though
visitation was stable, spending per patron per visit declined
affecting overall revenues. In addition, In addition, non-recurring
fees received for Great Canadian Casino Resort Toronto lapsed as of
March 2024 which impacted revenues. A combination of both lower
EBITDA and high balance sheet debt caused debt-to-EBITDA to
deteriorate to about 7.6x as of the last 12 months ended December
2024 from our earlier expectation of below 7x.
"While the revenue and EBITDA weakness was modest for the
nine-month period, it reflects the fact that the newly built
casinos (GC-Toronto and Pickering) are not ramping up as previously
expected. Therefore, we have significantly revised downward our
EBITDA expectations and forecasts for fiscal 2025 (ending March
2025) and fiscal 2026 (ending March 2026) by 15%-20% compared with
our previous expectations. Therefore, we now expect OTG to exit
fiscal year-end 2025 (ended March-31) with leverage of about 8x
with modest improvements in fiscal 2026 (ending March 2026).
"Revenues and EBITDA will remain sluggish in fiscal 2026. In order
to boost customer traffic, management has put in place several
initiatives, chief of which includes setting up new gaming
amenities for VIP guests and expanding its hospitality, food, and
beverage offerings. In addition, company has also lined up several
concerts and live events. While these initiatives will be pivotal
in attracting additional customer traffic, that these initiatives
may take longer to eventually translate into high-margin gaming
revenues. We also forecast management will incur marketing and
promotional spending to attract foot traffic. While we forecast
growth in gaming revenues for the next 12 months, it is
significantly lower than our previous forecasts (low-single digit
compared to about low-double digit previously). We expect EBITDA to
be stable; however, we expect margins to be in the 54%-55% range
(about 200 basis points [bps] lower compared with our previous
expectation) as higher marketing costs should be offset by lower
restructuring costs. That said, against the backdrop of an
uncertain environment, OTG's revenue and EBITDA growth will remain
sluggish for the next 12-18 months, in our view.
"OTG will maintain adequate liquidity cushion. Despite softness in
EBITDA, we expect OTG to continue to generate lower, albeit
positive, free operating cash flows of about C$55 million-C$60
million in fiscal 2026. Furthermore, the company has robust
liquidity sources of about C$350 million including cash and
availability under the revolver. Therefore, in our view, OTG will
maintain sufficient liquidity cushion for the next 12 months.
"The stable outlook reflects our view that OTG's parent GCGC will
operate through macroeconomic headwinds and generate a sufficient
level of EBITDA that allows the company to maintain its FFO cash
interest coverage above 1.5x. The stable outlook also incorporates
our view that GCGC will continue to generate positive free cash
flows and maintain sufficient liquidity cushion over the next 12
months."
S&P could lower its rating on OTG if it lowers itsrating on GCGC or
OTG's stand-alone performance weakens. OTG's stand-alone credit
profile (SACP) could be pressured if:
-- S&P expects OTG's EBITDA to further weaken such that FFO cash
interest deteriorates below 1.5x, or
-- The company's cash flow deteriorates to significant deficits
and liquidity shortfall such that S&P views the capital structure
as unsustainable. resulting from weaker macroeconomic conditions,
or
-- Financial owners pursue aggressive debt-funded dividends, which
could increase debt on an already heavily debt-loaded balance
sheet.
S&P could raise its ratings on OTG if S&P raises the ratings on
OTG's parent GCGC, which depends on operating performance
recovering such that GCGC's leverage is sustainably well-below 7x.
Contributing factors to organic EBITDA growth would be improvement
in general consumer visitations as a result of improvement in
macroeconomic conditions.
OSTEEN'S LOAD: Hearing Today on Bid to Use Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida is set
to hold a hearing today to consider another extension of Osteen's
Load and Go, LLC's authority to use cash collateral.
The company's authority to use cash collateral pursuant to its
March 25 order expires today.
The March 25 order granted its secured creditor, the U.S. Small
Business Administration, a post-petition lien on cash collateral to
the same extent and with the same validity and priority as its
pre-bankruptcy lien. It also ordered Osteen's to keep SBA's
collateral insured as additional protection.
About Osteen's Load and Go
Osteen's Load and Go, LLC is a dumpster rental service provider
serving residential and commercial customers.
Osteen's sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 24-06079) on November 7, 2024,
listing between $100,001 and $500,000 in assets and between $1
million and $10 million in liabilities. Larry Osteen, manager,
signed the petition.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by:
Jeffrey Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-498-6834
Email: jeff@bransonlaw.com
PANTEGO DEVELOPMENT: Case Summary & Three Unsecured Creditors
-------------------------------------------------------------
Debtor: Pantego Development, LLC
2500 Smith Barry Rd.
Pantego, TX 76103
Business Description: Pantego Development is a single-asset real
estate debtor, as defined in 11 U.S.C.
Section 101(51B).
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-41162
Debtor's Counsel: Howard Marc Spector, Esq.
SPECTOR & COX, PLLC
17220 Coit Rd
Suite 850
Dallas TX 75251
Tel: (214) 365-5377
E-mail: hms7@cornell.edu
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Chase Bryant, the managing member of
Pantego Holdings, LLC.
A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/RXHMYNA/Pantego_Development_LLC__txnbke-25-41162__0001.0.pdf?mcid=tGE4TAMA
PINSEEKERS DEFOREST: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The U.S. Trustee for Region 11 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of PinSeekers DeForest Operations, LLC.
About PinSeekers DeForest Operations
PinSeekers DeForest Operations, LLC operates a hybrid golf
entertainment facility located in DeForest, Wis., just outside of
Madison.
The facility's year-round offerings include Toptracer golf suites,
which are equipped with all-weather luxury suites suitable for
golfers of all skill levels. It also features mini bowling, with a
scaled-down version of traditional bowling called duckpin bowling,
a custom-built putting course that caters to all levels of skill
and age, and high-definition multi-sports simulators. Moreover, the
facility provides a spacious event space for corporate gatherings,
networking events, meetings, or parties. The venue also includes a
restaurant and bar, offering a diverse menu for casual dining.
PinSeekers DeForest Operations filed Chapter 11 petition (Bankr.
W.D. Wis. Case No. 25-10326) on February 18, 2025. In its petition,
the Debtor reported between $1 million and $10 million in both
assets and liabilities.
Judge Beth E. Hanan oversees the case.
The Debtor is represented by Rebecca R. DeMarb, Esq., at Swanson
Sweet, LLP.
Golf DeForest RE, LLC, as lender, is represented by:
Erin A. West, Esq.
Godfrey & Kahn, S.C.
One East Main Street, Suite
500 Madison, WI 53703
Telephone: 608-284-2277
Facsimile: 608-257-0609
Email: ewest@gklaw.com
-- and --
Crystal N. Abbey, Esq.
200 S. Washington St., Suite 100
Green Bay, WI 54301
Telephone: 920-436-7692
Facsimile: 920-436-7988
Email: cabbey@gklaw.com
PREPAID WIRELESS: Court Extends Use of Cash Collateral
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland approved a
stipulation between Prepaid Wireless Group, LLC and T-Mobile USA,
Inc., allowing the company to use T-Mobile's cash collateral on an
interim basis.
The company's use of cash collateral will be subject to the same
terms and conditions as those set forth in the final order
authorizing post-petition use of cash collateral and granting
protection to T-Mobile USA entered on Dec. 2 last year.
Prepaid Wireless Group must use cash collateral in accordance with
the budget, according to the bankruptcy court's order.
About Prepaid Wireless Group
Prepaid Wireless Group, LLC is a provider of wireless
telecommunications services in Rockville, Md.
Prepaid Wireless Group sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 24-18852) on October 21,
2024, with $10 million to $50 million in both assets and
liabilities. Paul Greene, chief executive officer, signed the
petition.
Judge Maria Ellena Chavez-Ruark oversees the case.
The Debtor is represented by:
Irving Edward Walker, Esq.
Cole Schotz P.C.
Tel: 410-230-0660
Email: iwalker@coleschotz.com
PROSPECT MEDICAL: Sussman & Moore Represents Utilities
------------------------------------------------------
Weldon L. Moore, III of Sussman & Moore, LLP filed a verified
statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure to disclose that in the Chapter 11 cases of Prospect
Medical Holdings Inc. and its affiliates, the firm represents
utility companies (the "Utilities") that provide utility
goods/services to the Debtors.
The names and addresses of the Utilities represented by the Firm
are:
1. PECO Energy Company
Attn: Lynn R. Zack, Esq.
Assistant General Counsel
Exelon Corporation
230I Market Street, S23-I
Philadelphia, Pennsylvania 19103
2. Southern California Gas Company
Attn: Cranston J. Williams, Esq.
Office of the General Counsel
555 W. Fifth Street, GT14GI
Los Angeles, CA 90013-1034
3. Southern California Edison Company
Attn: Jeffrey S. Renzi, Esq.
Director and Managing Attorney
Southern California Edison Company, Law Department
2244 Walnut Grove Avenue
Rosemead, California 91770
4. The Connecticut Light & Power Company
Yankee Gas Services Company
Attn: Honor S. Heath, Esq. Eversource Energy
107 Selden Street
Berlin, Connecticut 06037
5. Rhode Island Energy
Attn: Tonya M. Harris, Esq.
PPL Corporation
Two City Center
645 Hamilton Street
Allentown, Pennsylvania 18101
Sussman & Moore, LLP was retained to represent the Utilities in
January 2025. The circumstances and terms and conditions of
employment of the Firm by the Utilities is protected by the
attorney-client privilege and attorney work product doctrine.
The law firm can be reached at:
Weldon L. Moore, III
Sussman & Moore, LLP
2911 Turtle Creek Blvd., Ste.
Dallas, Texas 75219
Tel: (214) 378-8270
Fax: (214) 378-8290
Email: wmoore@csmlaw.net
About Prospect Medical Holdings
Prospect Medical Holdings owns Roger Williams Medical Center, Our
Lady of Fatima Hospital, and several other healthcare facilities.
Prospect Medical sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan.
11, 2025. In the petition filed by Paul Rundell, as chief
restructuring officer, the Debtor estimated assets and liabilities
between $1 billion and $10 billion each.
Bankruptcy Judge Stacey G. Jernigan handles the case.
The Debtors' General Bankruptcy Counsel is Thomas R. Califano,
Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas,
Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne
G. Wallice, Esq., at Sidley Austin LLP, in New York.
The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA,
LLC.
The Debtors' Investment Banker is HOULIHAN LIKEY, INC.
The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT
SOLUTIONS, INC.
ROCKET MORTGAGE: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Rocket Mortgage, LLC's (Rocket
Mortgage) Ba1 corporate family and long-term senior unsecured
ratings. Rocket Mortgage's outlook remains stable.
The rating action follows the announcement by Rocket Companies,
Inc. (Rocket Companies), Rocket Mortgage's parent, and Mr. Cooper
Group Inc. (Mr. Cooper, Ba3 corporate family rating) that they have
entered into a definitive agreement under which Rocket Companies
will acquire Mr. Cooper in an all-stock transaction. Rocket
Companies and Mr. Cooper anticipate that the transaction will close
late this year.
RATINGS RATIONALE
The affirmation of the ratings reflects the acquisition's largely
credit-neutral impact on Rocket Mortgage's financial profile at
closing. However, upon successful integration, Moody's expects the
increased scale of the combined entity to drive both cost and
revenue synergies, enhance operating leverage, boost earnings, and
moderately reduce earnings volatility. Consequently, the
acquisition may eventually exert positive pressure on Rocket
Mortgage's ratings.
The affirmation also reflects Rocket Mortgage's strong franchise in
the US mortgage market, still-strong capitalization even after the
Mr. Cooper acquisition, solid funding profile, and historically
strong earnings.
Rocket Mortgage's capitalization is currently exceptionally strong
relative to peers, providing it greater resilience to losses in
stress scenarios. Rocket's Companies' capitalization, as measured
by tangible common equity (TCE) to adjusted tangible managed assets
(TMA), was 38% as of December 31, 2024. Assuming both the Mr.
Cooper and Redfin Corporation (Redfin, announced on March 10, 2025)
acquisitions close, Rocket Companies' pro-forma as of December 31,
2024 TCE/TMA would decline materially to 28%, primarily due to
acquisition goodwill. Nonetheless, at 28%, Rocket's TCE/TMA ratio
remains strong. Moody's expects that Rocket will continue to
maintain modest leverage with capitalization remaining strong and
that TCE/TMA will remain above 25%.
Moody's expects the acquisition will further increase Rocket
Companies' scale and, as a result, its operating leverage. On a
pro-forma basis, the combined companies would have been the largest
US residential mortgage originator in 2024 with around a 9% market
share and would have been by far the largest residential mortgage
servicer with around a 15% market share. The acquisition will
diversify Rocket Companies' revenue streams and reduce its reliance
on refinance origination volumes, which exhibit the highest level
of revenue volatility.
Rocket Companies and Mr. Cooper both have solid operating track
records and are focused on achieving operating efficiencies. In
addition to corporate functions and shared services, the primary
integration of operations will involve transferring Rocket
Mortgage's servicing operations to Mr. Cooper's platform over a
one-to-two-year period following the acquisition; and transferring
Mr. Cooper's servicing origination recapture operations to Rocket
Mortgage's platform. Given Mr. Cooper's robust and extensive
experience in onboarding new servicing business and considering the
industry's current low recapture volumes due to very low refinance
originations, Moody's do not foresee material risks regarding the
integration of these two operations.
Rocket Mortgage is currently heavily reliant on the high liquidity
of agency and government-insured mortgages, which represented about
85% of total loan origination volume in 2024. The election of
Donald Trump to a second presidential term has renewed discussions
on the potential administrative release from conservatorship of
government-sponsored enterprises (GSEs) Federal National Mortgage
Association (Fannie Mae, Aaa negative) and Federal Home Loan
Mortgage Corp. (Freddie Mac, Aaa negative). Like government-insured
mortgages, mortgages eligible to be purchased by the GSEs (i.e.,
agency mortgages) are very liquid, even during periods of market
stress, due in large part to the implicit guarantee by the US
government for GSE mortgage-backed securities (MBS). If the GSEs
were to be released from conservatorship and the aggregate market
share for government-insured or agency mortgages materially
declined or the liquidity of agency mortgages materially declined,
it would weaken the liquidity profile of Rocket Mortgage and its
peers, which would be credit negative. However, the Mr. Cooper
acquisition and the subsequent material increase in the volume of
loans serviced and revenue from mortgage servicing would somewhat
reduce the potential for increased liquidity risk on Rocket
Mortgage's financial profile.
The Mr. Cooper acquisition closely follows Rocket Companies' March
10 announcement that it has entered into a definitive agreement to
acquire Redfin in an all-stock transaction. Following the Redfin
announcement, Moody's affirmed Rocket Mortgage's ratings with a
stable outlook, reflecting the largely credit-neutral impact of the
acquisition. While leverage will increase modestly and
profitability will decrease as a result of the Redfin transaction,
the acquisition provides material upside to Rocket Mortgage and
Rocket Companies from increased purchase mortgage origination
volumes as well as higher real estate brokerage revenues.
While Moody's believes that the Mr. Cooper and Redfin acquisitions
will have a limited impact on Rocket Mortgage's financial profile
over the next year, the two acquisitions will require a material
amount of management resources to successfully integrate the two
acquired companies. Therefore, Moody's would likely view any
additional material acquisitions over the near term as credit
negative.
The Ba1 senior unsecured debt rating is at the same level as Rocket
Mortgage's Ba1 corporate family rating. These equivalent rating
levels reflect priority of claim and strength of asset coverage
considerations. The Mr. Cooper acquisition will increase Rocket's
reliance on secured debt; however, Moody's believes that within
12-18 months following the acquisition, the ratio of secured
mortgage servicing rights (MSR) and secured corporate debt to total
corporate debt will fall below 25%. If this ratio remains above
25%, negative ratings pressure would likely develop on the senior
unsecured debt ratings, given such debt is subordinated to the
secured debt.
The stable outlook reflects Moody's expectations that Rocket
Mortgage's current weaker-than-historical profitability will
improve over the next 12-18 months, driven by increased
profitability from the Mr. Cooper acquisition and higher industry
origination volumes. Moody's anticipates that Rocket Mortgage will
maintain its strong financial profile.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Assuming the two acquisitions close and are successfully
integrated, Moody's expects the increased scale of the combined
entity to drive both cost and revenue synergies, enhance operating
leverage, boost earnings, and moderately reduce earnings
volatility. Consequently, the acquisition may eventually exert
positive pressure on Rocket Mortgage's ratings. Assuming non-agency
and non-government mortgages remain a modest percentage of total
originations, Moody's could upgrade the ratings if the company: 1)
demonstrates strong financial resilience as measured by net income
to average assets (excluding MSR fair value marks) in excess of
4.0%, 2) maintains a solid capital position as measured by TCE/TMA
above 25%, and 3) maintains strong liquidity and funding as
measured by secured debt to gross tangible assets below 50%,
secured MSR debt and secured corporate debt to total corporate debt
below 25%, and low refinance risk on its warehouse facilities with
an average maturity runway of more than 12 months.
The company's ratings could be downgraded if its financial profile
or franchise position weaken; in particular, if TCE/TMA declines to
less than 20% or if profitability remains weak such that Moody's
expects net income to average assets to remain below 3.0%. In
addition, negative ratings pressure could develop if: 1) the
percentage of non-agency and non-government loan origination
volumes grow to more than 15% of the company's total originations
without a commensurate increase in alternative liquidity sources
and capital to address the riskier liquidity and asset quality
profile that such an increase would entail, or 2) refinance risk
increases such that the average remaining time to maturity of the
company's warehouse lines decreases and Moody's expects it to
remain less than 12 months. If secured MSR and secured corporate
debt to total corporate debt increases and Moody's expects it to
remain above 25%, could result in a downgrade of the long-term
senior unsecured debt ratings, as it would further subordinate the
debt's priority ranking.
The principal methodology used in these ratings was Finance
Companies published in July 2024.
ROSSLYN2016 LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: ROSSLYN2016 LLC
8600 Woodway Drive
Houston, TX 77063
Business Description: ROSSLYN2016 LLC, a real estate firm, is the
owner of The Retreat on Rosslyn Apartments
located in Houston, Texas.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 25-31817
Judge: Hon. Jeffrey P Norman
Debtor's Counsel: James Q. Pope, Esq.
THE POPE LAW FIRM
6161 Savoy Drive 1125
Houston TX 77036
Tel: (713) 449-4481
Email: jamesp@thepopelawfirm.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
Fercan Kalkan, in his role as managing member, signed the
petition.
The petition was filed without the Debtor's list of its 20 largest
unsecured creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2MHL7HY/ROSSLYN2016_LLC__txsbke-25-31817__0001.0.pdf?mcid=tGE4TAMA
ROYAL BLUE REALTY: Gets OK to Use $107K in Cash Collateral
----------------------------------------------------------
Royal Blue Realty Holdings, Inc. was granted a three-month
extension by the U.S. Bankruptcy Court for the Southern District of
New York to use cash collateral.
The interim order authorized the company to use $107,009 in cash
collateral, which includes approximately $81,288 in payments
reimbursed by Comm-U LLC, for the period from April 1 to June 30.
The use of cash collateral is limited to payment of authorized
expenses pursuant to the budget annexed to the Order, subject to a
10% variance.
As protection for the use of its cash collateral, Deutsche Bank
National Trust Company was granted replacement liens on all
property of the company and its estate.
As additional protection, Royal Blue was ordered to keep the
pre-bankruptcy collateral insured and pay all property taxes and
common charges relating to the collateral.
A final hearing is scheduled for June 18.
About Royal Blue Realty Holdings
Royal Blue Realty Holdings, Inc. is primarily engaged in renting
and leasing real estate properties. It holds business at 162-174
Christopher St., New York, N.Y.
Royal Blue filed Chapter 11 petition (Bankr. S.D.N.Y. Case No.
21-10802) on April 26, 2021, listing between $1 million and $10
million in assets and between $10 million and $50 million in
liabilities. Andrew Nichols, chief restructuring officer, signed
the petition.
Judge Lisa G. Beckerman oversees the case.
Davidoff Hutcher & Citron, LLP represents the Debtor as legal
counsel.
Elaine Shay was appointed as temporary receiver with respect to the
Debtor by order of the Supreme Court of New York on March 9, 2021.
SAIPRASAD LLC: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Saiprasad LLC
1259 Austin Hwy
San Antonio, TX 78209
Business Description: Saiprasad LLC is a hospitality company that
owns and
operates the Lotus Inn (Fireside Inn), a
budget-friendly
motel located in San Antonio, Texas.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-50705
Judge: Hon. Craig A Gargotta
Debtor's Counsel: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main St. Suite 500
Dallas TX 75202
Tel: (972) 503-4033
Fax: (972) 503-4034
Email: joyce@joycelindauer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mitul J. Patel as president.
The Debtor did not submit a list of its 20 largest unsecured
creditors with the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/POYJ6IQ/Saiprasad_LLC__txwbke-25-50705__0001.0.pdf?mcid=tGE4TAMA
SALEM POINTE: Seeks to Amend Final Cash Collateral Order
--------------------------------------------------------
Salem Pointe Capital, LLC asks the U.S. Bankruptcy Court for the
District of Tennessee, at Knoxville, for entry of an order amending
the final cash collateral order to accommodate certain increased
expenses.
The Debtor seeks to address two key changes in its expenses:
1. In March 2025, the Debtor faced an unexpected increase in
employee health insurance premiums, from $5,380 to $7,063, due to
retroactive coverage charges for employees. This increase is a
one-time event, and future monthly premiums should return to the
lower amount.
2. Starting April 2025, the Debtor's monthly property insurance
premiums will increase from $5,762 to $7,064 for the 2025-2026
policy term.
To cover these changes, the Debtor proposes a revised cash
collateral budget. The amended order has been approved by parties
with an interest in the cash collateral, including ORNL Federal
Credit Union, the U.S. Small Business Administration, Kapitus, LLC,
and the Office of the U.S. Trustee.
A hearing on the matter is set for April 17.
A copy of the motion is available at https://urlcurt.com/u?l=efOijf
from PacerMonitor.com.
About Salem Pointe Capital
Salem Pointe Capital, LLC, is a financial services company that
typically focuses on investment and capital management. Its
operations include providing financing solutions, investment
opportunities, and asset management to various sectors.
Salem Pointe Capital filed Chapter 11 petition (Bankr. E.D. Tenn.
Case No. 24-31702) on Sept. 29, 2024, listing between $10 million
and $50 million in both assets and liabilities.
Judge Suzanne H. Bauknight oversees the case.
The Debtor is represented by James R. Moore, Esq., at Moore &
Brooks.
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 interim order authorized the consulting firm to use cash
collateral to pay operating expenses pursuant to its budget, with
15% line-item variance permitted.
Secured creditors will be provided with protection in the form of
replacement liens on post-petition accounts, maintenance of
insurance, submission of financial reports and payment of taxes.
Smith was ordered to make weekly payments of $1,000 to Overton
Funding, LLC, which purchased accounts receivable from the
consulting firm prior to its Chapter 11 filing.
The interim order does not resolve disputes over the validity of
secured creditors' claims.
A final hearing is scheduled for April 16.
About Smith Environmental and Engineering
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 reported total assets of $1,486,401 and total liabilities of
$2,975,603.
Judge Michael E. Romero handles the case.
The Debtor is represented by David J. Warner, Esq., at Wadsworth
Garber Warner Conrardy, P.C.
SPARTAN GROUP: To Sell Construction Business to Automated
---------------------------------------------------------
Spartan Group Holdings, LLC and its affiliates seek permission from
the U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, to sell substantially all of its remaining
Assets, free and clear of liens, interests, and encumbrances.
The Debtors provide integrated, innovative, high-quality
engineering and construction services and solutions, including
"turnkey" concrete and reinforcing solutions, from design, to
engineering, to fabrication, to pouring.
The Debtors also fabricate steel reinforcements and components at
their fabrication plant outside of El Paso.
After rapid growth and profitability, dramatic increases in steel
prices disrupted the Debtors' business in 2021 and 2022, and world
events exacerbated the disruption.
The Debtors' Assets included in the sale are all the direct and
indirect right, title and interest of the Debtors in and to all of
the Assets such as cash and cash equivalents (other than $275,000,
which will remain with Debtors); account receivables and all
supporting obligations; equipment and fixtures; vehicles, general
intangibles, and all supporting obligations; inventory;
miscellaneous personal property; intellectual property, including
trademarks, trade names, domain names website URL and website
content data; lines of business and bushiness opportunities;
securities, investment property, and financial assets and more.
The Debtors propose to sell substantially all of the remaining
assets to Automated Reinforcement Solutions LLC, an affiliate of
their senior secured lender, in exchange for the purchaser assuming
$8 million of the Debtors' indebtedness to Westdale; and Westdale
releasing the Debtors to the extent of such $8 million.
BMO holds valid and first priority lines on and security interests
in the senior collateral of the Property. However, Westdale Capital
Investors 3, LP filed a transfer of claim in each of the Debtor's
cases, indicating that it had taken assignment of the claims
originally filed by BMO.
The Debtor's restructuring officer, Brad Walker, has attempted to
market the Debtor's assets to other buyers without success.
The offer from Westdale and the purchaser, Automated Reinforcement
Solutions, LLC, represents the highest and best offer for the
Assets. However, the Debtor and the purchaser's purchase agreement
indicates that the Debtor has to entertain higher and better offers
through an auction in the event another interested purchase
emerges.
The Debtor proposes to sell the property free and clear of another
party's interest.
About Spartan Group Holdings, LLC
Spartan Group Holdings, LLC is a family of companies that provide
dependable turnkey engineering, construction, and supply chain
service solutions.
Spartan Group Holdings, LLC and its affiliates filed their
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Tex. Lead Case No. 23-42384) on Dec. 13, 2023.
The petitions were signed by Adrian J. Cano as chief executive
officer. At the time of filing, Spartan estimated $50 million to
$100 million in assets and $100 million to $500 million in
liabilities.
Judge Brenda T. Rhoades presides over the case.
Davor Rukavina, Esq. at MUNSCH HARDT KOPF & HARR, P.C., is the
Debtor's counsel.
SPECIALTY BUILDING: S&P Alters Outlook to Neg., Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook on Specialty Building
Products Holdings LLC (SBP) to negative from stable. At the same
time, it affirmed all the ratings on the company, including the 'B'
issuer credit rating.
S&P said, "The negative outlook reflects our view that SBP's recent
earnings leave little to no cushion toward the downside scenario of
debt to EBITDA sustained above 7x and EBITDA interest coverage
below 2x.
"We forecast S&P Global Ratings-adjusted EBITDA margins to lag our
previous expectations of approximately 8%-10% in 2025. This
forecast is based on our view of generally sluggish business
conditions over the next 12 months, with overall flat or minimal
declines across key end markets, backed by macroeconomic and
affordability challenges. Specifically, we expect SBP's revenue to
be relatively flat year over year, with modest organic volume
declines being somewhat offset by stabilizing price realizations,
specifically in the molding and millwork categories, which have
seen significant price deflation. Despite our assumptions for
stabilizing prices, we do expect increases in facility and
compensation expenses (sales, general and administrative [SG&A])
related to growth initiatives, which would lower EBITDA margins to
about 7%-8% in 2025. Therefore, we forecast leverage of
approximately 7x, which leaves little cushion against our downside
scenario.
"Further, we expect the U.S economy's growth to slow down amid
regressive policies, such as higher tariffs and federal workforce
layoffs, resulting in anticipated GDP growth of 1.9% in 2025 (down
from 2.8% in 2024). Residential construction could remain flat to
slightly down compared with 4.2% growth in 2024.
"We expect SBP to generate positive free cash flows that support
its liquidity over the next 12 months. Despite the weaker revenue
and earnings generation, we expect SBP to generate about $90
million-$100 million in free cash flows in 2025, after generating
about $55 million in 2024, based on our estimation. The increase in
free cash flows is due to some implemented efficiency initiatives
that helped reduce expenses and a modest reduction of SG&A. This,
along with forecast EBITDA interest coverage of about 2x, help
mitigate some of the challenges with the company's weakened
financial performance.
"We believe SBP's recent capital structure actions temporarily
alleviate potentially more negative actions on the issuer credit
rating. The company recently extended the maturities in its capital
structure, including its senior secured notes, and asset-based
lending (ABL) revolving credit facility. We deem the company's
capital structure and staggered longer-dated maturities as
beneficial to its credit quality because the nearest maturity is
2028. Because the company has financial flexibility and no
near-term needs to refinance, we believe the emphasis is strictly
on operational execution against guidance over the next six to 12
months before taking any additional rating actions.
"The negative outlook reflects our view that SBP's recent earnings
leave little to no cushion toward the downside scenario of debt to
EBITDA sustained above 7x and EBITDA interest coverage below 2x.
"We could lower the rating if SBP's operating ability deteriorated
further than we forecast over the next 12 months such that its debt
to EBITDA remained above 7x and EBITDA interest coverage below 2x,
most likely driven by debt-funded initiatives, operating setbacks,
or weaker margins.
"We could revise the outlook to stable if SBP's debt to EBITDA fell
below 7x and EBITDA interest coverage rose above 2x and were
sustained at these levels through most market conditions, and we
anticipated management would commit to that leverage profile."
SPLENDIDLY BLENDED: Seeks Cash Collateral Access
------------------------------------------------
Splendidly Blended We, LLC asked the U.S. Bankruptcy Court for the
Eastern District of Louisiana for authority to use cash
collateral.
The Debtor needs to use cash collateral to maintain operations
during the bankruptcy proceedings, including payroll and other
essential expenses.
The Debtor also sought authorization to grant American Bank and
Trust adequate protection liens, potentially in the form of
replacement liens on post-petition assets, pending confirmation
that the bank holds valid, non-avoidable pre-bankruptcy liens.
Splendidly Blended We proposed to pay American Bank and Trust
$2,929 per month as adequate protection and use a budget to track
cash inflows and outflows during this period.
A court hearing is scheduled for April 16.
About Splendidly Blended We
Splendidly Blended We, LLC owns and operates a bed and breakfast in
New Orleans, La.
Splendidly Blended We sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10300) on
February 18, 2025, listing up to $100,000 in assets and up to
$500,000 in liabilities. Mia Weber, managing director of Splendidly
Blended We, signed the petition.
Judge Meredith S. Grabill oversees the case.
Ralph Bickham, Esq., at Bickham Law, represents the Debtor as
bankruptcy counsel.
STEPHENS GARAGE: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana
entered an amended interim order authorizing Stephens Garage
Building, LLC to use cash collateral and granting adequate
protection to the lender, BDS III LA The Garage, LLC.
Stephens Garage Building was authorized to use cash collateral to
fund its operations, subject to its budget, with a 10% variance
allowed.
BDS was granted protection for any diminution in the value of its
interest in the pre-bankruptcy collateral, including cash
collateral, resulting from the Debtor's use thereof. This
protection comes in the form of a monthly payment of $100,000 and
replacement lien on all of the company's property.
Stephens Garage Building is prohibited from using cash collateral
to object, contest, or raise any defense to the validity of the
pre-bankruptcy debt and liens or claims granted under the interim
order.
The company's right to use cash collateral will terminate if
certain events occur, including failure to make adequate protection
payments, failure to comply with restructuring milestones, or entry
of an order reversing or modifying the order.
A final hearing is scheduled for April 30.
About Stephens Garage Building
Stephens Garage Building, LLC filed Chapter 11 petition (Bankr.
E.D. La. Case No. 24-12467) on December 18, 2024, listing between
$10 million and $50 million in both assets and liabilities. Marcel
Wisznia, manager and managing member, signed the petition.
Judge Meredith S. Grabill handles the case.
The Debtor is represented by:
Stewart Peck, Esq.
Lugenbuhl Wheaton Peck Rankin & Hubbard
Tel: 504-568-1990
Email: speck@lawla.com
STG DISTRIBUTION: LRFC Marks $988,000 1L Secured Debt at 44% Off
----------------------------------------------------------------
Logan Ridge Finance Corp. has marked its $988,000 loan extended to
STG Distribution LLC to market at $554,000 or 56% of the
outstanding amount, according to LRFC's Form 10-K for the fiscal
year ended December 31, 2024, filed with the U.S. Securities and
Exchange Commission.
LRFC is a participant in a First Lien Senior Secured Debt, Second
Out, to STG Distribution LLC. The debt accrues interest at a rate
of 12.12% per annum. The debt matures on October 3, 2029.
LRFC is an externally managed non-diversified closed-end management
investment company incorporated in Maryland that has elected to be
regulated as a business development company under the Investment
Company Act of 1940. It is managed by Mount Logan Management LLC,
an investment adviser that is registered as an investment adviser
under the Investment Advisers Act of 1940, and BC Partners
Management LLC, which provides the administrative services
necessary for it to operate.
LRFC may invest in first lien loans, which have a first priority
security interest in all or some of the borrower's assets. In
addition, its first lien loans may include positions in "stretch"
senior secured loans, also referred to as "unitranche" loans, which
combine characteristics of traditional first lien senior secured
loans and second lien loans, providing it with greater influence
and security in the primary collateral of a borrower and
potentially mitigating loss of principal should a borrower default.
LRFC may also invest in second lien loans, which have a second
priority security interest in all or substantially all of the
borrower's assets. In addition to debt securities, it may acquire
equity or detachable equity-related interests (including warrants)
from a borrower. It also intends to target investments that mature
in four to six years from its investment.
LRFC is led by Ted Goldthorpe as chief executive officer and
president; Brandon Satoren as chief financial officer, and
Alexander Duka as director.
LRFC can be reached through:
Logan Ridge Finance Corp.
650 Madison Avenue, 3rd Floor
New York, NY 10022
Telephone: (212) 891-2880
About STG Distribution LLC
STG Distribution LLC is a provider of integrated, port-to-door
containerized logistic services including drayage, transloading,
warehousing, fulfilment, rail brokerage and final-mile solutions.
It serves the continental U.S. including major ports.
STG LOGISTICS: LRFC Marks $2.4 Million 1L Loan at 26% Off
---------------------------------------------------------
Logan Ridge Finance Corp. has marked its $2,469,000 loan extended
to STG Logistics to market at $1,827,000 or 74% of the outstanding
amount, according to LRFC's Form 10-K for the fiscal year ended
December 31, 2024, filed with the U.S. Securities and Exchange
Commission.
LRFC is a participant in a First Lien Senior Secured Debt to STG
Logistics. The debt accrues interest at a rate of 11.50% per annum.
The debt matures on March 24, 2028.
LRFC is an externally managed non-diversified closed-end management
investment company incorporated in Maryland that has elected to be
regulated as a business development company under the Investment
Company Act of 1940. It is managed by Mount Logan Management LLC,
an investment adviser that is registered as an investment adviser
under the Investment Advisers Act of 1940, and BC Partners
Management LLC, which provides the administrative services
necessary for it to operate.
LRFC may invest in first lien loans, which have a first priority
security interest in all or some of the borrower's assets. In
addition, its first lien loans may include positions in "stretch"
senior secured loans, also referred to as "unitranche" loans, which
combine characteristics of traditional first lien senior secured
loans and second lien loans, providing it with greater influence
and security in the primary collateral of a borrower and
potentially mitigating loss of principal should a borrower default.
LRFC may also invest in second lien loans, which have a second
priority security interest in all or substantially all of the
borrower's assets. In addition to debt securities, it may acquire
equity or detachable equity-related interests (including warrants)
from a borrower. It also intends to target investments that mature
in four to six years from its investment.
LRFC is led by Ted Goldthorpe as chief executive officer and
president; Brandon Satoren as chief financial officer, and
Alexander Duka as director.
LRFC can be reached through:
Logan Ridge Finance Corp.
650 Madison Avenue, 3rd Floor
New York, NY 10022
Telephone: (212) 891-2880
bout STG Logistics
STG Logistics, Inc., also known as St. George Logistics, is a
logistics company with a corporate office in North Bergen, New
Jersey.
STRAWBERRY HILL: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 20 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Strawberry
Hill Povitica, Inc.
The committee members are:
1. Great Plains Analytical Lab, Inc.
Jared Radke, Chief Financial Officer
9503 N. Congress Ave.
Kanas City, MO 64153
(913)727-3434
jradke@gpalab.com
2. Dawn Food Products, Inc.
Russell Helganz, Credit Manager
3333 Sargent Road
Jackson, MI 49201
(800)248-1144
russell.helganz@dawnfoods.com
3. Texas Barcode Systems, LTD
David Edwards, President
P.O. Box 700637
Dallas, TX 75370
(972)267-7900
dedwards@texasbarcode.com
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 Strawberry Hill Povitica
Strawberry Hill Povitica, Inc. is engaged in the retail sale of
bakery products in Merriam, Kansas.
Strawberry Hill Povitica filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Kan. Case No.
24-20923) on July 2, 2024, listing $519,520 in assets and
$2,847,467 in liabilities. Dennis K. O'Leary, president, signed the
petition.
Judge Dale L Somers presides over the case.
Colin Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor
as legal counsel.
SULLIVAN MECHANICAL: Court OKs DIP Loan, Cash Collateral Access
---------------------------------------------------------------
Sullivan Mechanical Contractors, Inc. got the green light from the
U.S. Bankruptcy Court for the Western District of Virginia to
obtain post-petition financing and use cash collateral to get
through bankruptcy.
The order signed by Judge Rebecca Connelly authorized the company
to enter into a debtor-in-possession financing facility with
Sullivan Group, LLC, an insider), which would provide up to
$75,000, with terms including an 8.5% interest rate and junior
liens on the company's property. The financing would be used for
operational expenses as
the company winds down its business.
As protection, Sullivan Group was granted security interest in and
lien on the company's real property and improvements located at 710
4th Street, Shenandoah, Va.
The order authorized Sullivan to use the cash collateral of its
secured creditors including First Bank and Northeast Bank in
accordance with its budget, with a 10% variance allowed.
First Bank will receive a monthly payment of $6,000 and replacement
liens on assets similar to its pre-bankruptcy collateral while
Northeast Bank will receive monthly payments of $3,385.94 and
similar replacement liens to protect against loss in collateral
value.
Sullivan is prohibited from using proceeds from certain bonded
contracts as cash collateral and must deposit any proceeds from
these contracts into a separate debtor-in-possession account.
About Sullivan Mechanical Contractors Inc.
Sullivan Mechanical Contractors Inc. was first established in
Virginia in 1946 and a family-owned commercial mechanical
contractor, having served Western and Central Virginia for almost
eight decades. It is a well-respected and in demand mechanical
contractor focusing on sheet metal specialties, air conditioning,
plumbing, and heating services. As of late, its services have been
concentrated on the construction of medical and educational
institutions, with numerous at the collegiate level and including
many on the grounds of the University of Virginia.
Sullivan sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Va. Case No. 25-50126) on March 6, 2025, listing
between $1 million and $10 million in both assets and liabilities.
Judge Rebecca Connelly oversees the case.
Paula Steinhilber Beran of Tavenner & Beran, PLC represents the
Debtor as legal counsel.
Sullivan Group, as DIP lender, is represented by:
David Cox, Esq.
Cox Law Group, PLLC
900 Lakeside Drive
Lynchburg, VA 24501
Telephone (434) 845-2600
Facsimile (434) 845-3838
david@coxlawgroup.com
TANDEM GROUP: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Tandem Group, LP
101 SE 11th Street
Amarillo, TX 79101
Business Description: Tandem Group, LP is a real estate leasing
company.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-41159
Judge: Hon. Edward L Morris
Debtor's Counsel: Jeff Prostok, Esq.
VARTABEDIAN HESTER & HAYNES LLP
301 Commerce St. Ste 3635
Forth Worth, TX 76102
Tel: (817) 877-4223
E-mail: jeff.prostok@vhh.law
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Larry Jack Taylor as Member of Two
Tandem, LLC, General Partner of the Debtor.
The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/6Z7XOQY/Tandem_Group_LP__txnbke-25-41159__0001.0.pdf?mcid=tGE4TAMA
TERRA LAGUNA: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Terra Laguna Beach, Inc.
520 Newport Center Drive, Suite 480
Newport Beach CA 92660
Business Description: Terra Laguna Beach is a fine-dining
restaurant and event venue in Laguna Beach,
California, offering a seasonal culinary
experience with a focus on fresh, locally
sourced ingredients. During the Pageant of
the Masters from July 5 to September 5, the
restaurant transforms into a gourmet
destination with a special dinner menu,
intermission offerings, and curated wine
selections. Outside of this period, Terra
serves as a regular dining establishment
while also hosting private events, making it
an ideal location for weddings and special
gatherings.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
District of Delaware
Case No.: 25-10641
Judge: Hon. Judge Brendan Linehan Shannon
Debtor's
Restructuring
Counsel: Christopher M. Samis, Esq.
POTTER ANDERSON & CORROON LLP
1313 N. Market Street, 6th Floor
Wilmington, DE 19801
Tel: (302) 984-6000
Email: csamis@potteranderson.com
Debtor's
Special
Counsel: BUCHALTER, A PROFESSIONAL CORPORATION
Debtor's
Chief
Restructuring
Officer: FTI CONSULTING, INC.
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Mark Shinderman as chief restructuring
officer.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/ZWALHNY/Terra_Laguna_Beach_Inc__debke-25-10641__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Cantor Group IV LLC Loan Unknown
520 Newport Center Dr
Suite 480
Newport Beach, CA 92660
Email: Cantorgroupiv@gmail.com
2. Coastline Santa Monica Loan Unknown
Investments LLC
520 Newport Center Dr
Suite 480
Newport Beach, CA 92660
Email: Coastlinesantamonica@outlook.com
3. Cantor Group V LLC Loan Unknown
520 Newport Center Dr
Suite 480
Newport Beach, CA 92660
Email: Cantorgroupv@gmail.com
4. Allen Matkins Professional $2,488,807
865 S Figueroa St Services
Suite 2800
Los Angeles, CA 90017
Phone: 949-553-1313
Email: demmel@allenmatkins.com
5. My Laguna Stay Inc. Vendor $185,205
24351 Armada Dr
Dana Point, CA 92629
Phone: 760-659-3986
Email: vacation@everydaylux.com
6. BPM LLP Professional $97,032
2001 N Main St Services
Suite 360
Walnut Creek, CA 94596
Phone: 925-296-1040
Email: mrowe@bmp.com
7. Prenovost Normandin Professional $90,823
2122 N Broadway Services
Suite 200
Santa Ana, CA 92706
Phone: 714-547-2444
Email: receptionist@pnbd.com
8. Cal Star Services Vendor $88,010
PO Box 1172
Loma Linda, CA 92354
Phone: 951-850-9998
Email: info@calstar.com
9. Worldwide Produce Vendor $71,493
PO Box 745159
Los Angeles, CA 90074-5159
Phone: 213-747-4411
Email: shawnb@wwproduce.com
10. The Chef's Warehouse West Vendor $52,512
Coast LLC
PO Box 601154
Pasadena, CA 91189-1154
Phone: 626-465-4200
Email: chef@chefswarehouse.com
11. Regal Court Reporting Professional $48,366
1551 N Tustin Ave #750 Services
Santa Ana, CA 92705
Phone: 866-228-2685
Email: info@regalcourtreporting.com
12. Newport Meat Company Vendor $35,639
PO Box 19726
Irvine, CA 92623
Phone: 949-399-4299
Email: tonys@newportmeat.com
13. Santa Monica Seafood Company Vendor $34,906
18531 S Broadwick St
Rancho Dominguez, CA 90220
Phone: 800-969-8862
Email: orders@smseafood.com
14. A&S Accounting Solutions Professional $30,000
321 5th St Services
Huntington Beach, CA 92648
Phone: 714-536-6828
Email: audra@asaccountingsolutions.com
15. Fuscoe Vendor $29,500
16795 Von Karmen
Suite 100
Irvine, CA 92602
Phone: 949-474-1960
Email: ar-invoices@fuscoe.com
16. Traker Development Vendor $26,250
260 Newport Center Dr
Suite 410
Newport Beach, CA 92660
Phone: 949-999-0834
Email: jim_trammell@yahoo.com
17. US Foods Vendor $26,207
File 6993
Los Angeles, CA 90074-6993
Phone: 714-670-3500
Email: tradeinvoices@usfoods.com
18. Liberty Landscaping Inc. Vendor $23,029
5212 El Rivino Rd
Riverside, CA 92509
Phone: 951-683-2999
Email: office@libertylandscaping.com
19. Reece Bath & Kitchen Vendor $21,528
PO Box 740039
Los Angeles, CA 90074-0039
Phone: 714-459-5019
Email: ecomsupport@reece.com
20. Kendall Brill & Kelly LLP Professional $20,303
10100 Santa Monica Blvd Services
Suite 1725
Los Angeles, CA 90067
Phone: 310-556-2700
Email: mender@kbkfirm.com
21. D&D Wholesale Vendor $19,940
777 Baldwin Park Blvd
City of Industry, CA 91746
Phone: 626-333-2111
Email: ddwholesaler@gmail.com
22. Pro-Line Electrical Vendor $18,974
Contractors, Inc.
360 E 1st St #169
Tustin, CA 92780
Phone: 714-832-1187
Email: info@prolineelectrical.com
23. Southern California Grading Vendor $17,284
16291 Construction Circle E
Suite A
Irvine, CA 92606
Phone: 949-551-6655
Email: estimating@socalgrading.com
24. Smart Key Locksmith Vendor $16,380
25211 Sunnymead Blvd
Suite C-4
Moreno Valley, CA 92553
Phone: 951-544-2544
Email: smartkeylocksmiths@yahoo.com
25. International Marine Vendor $15,963
Products Inc.
3020 E Washington Blvd
Los Angeles, CA 90023
Phone: 213-893-6123
Email: order@intmarine.com
26. Standard Air Mechanical Inc. Vendor $15,630
PO Box 5803
Norco, CA 92860
Phone: 909-896-1825
Email: felix96@live.com
27. Trend Systems Group Vendor $15,506
2126 S Standard Ave
Santa Ana, CA 92708
Phone: 714-936-6545
Email: reice@trendsystems.net
28. Vierergruppe Management Inc. Vendor $14,486
1932 E Deere Ave
Suite 150
Santa Ana, CA 92705
Phone: 949-546-5452
Email: brian@vgruppemanagement.com
29. SureTech Insurance Company Vendor $13,503
2103 City West Blvd
Suite 1300
Houston, TX 77042
Phone: 800-446-6671
Email: zoe.zuo@amwins.com
30. Camacho's Plumbing and Vendor $12,420
Welding
5590 W Mission Blvd
Ontario, CA 91762
Phone: 909-961-3912
Email: jose@camachorepair.com
TEXAS ESENCIA 2019: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Texas Esencia 2019 LLC
8600 Woodway Drive
College Station, TX 77063
Business Description: Texas Esencia 2019 LLC, a real estate debtor
holding a single property as defined by 11
U.S.C. Section 101(51B), is the owner of the
La Esencia Apartments in Texas.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 25-31816
Judge: Hon. Eduardo V Rodriguez
Debtor's Counsel: James Q. Pope, Esq.
THE POPE LAW FIRM
6161 Savoy Drive 1125
Houston TX 77036
Tel: (713) 449-4481
Email: jamesp@thepopelawfirm.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Fercan Kalkan as managing member.
The debtor failed to provide a list of its 20 largest unsecured
creditors along with the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2DQGQPA/TEXAS_ESENCIA_2019_LLC__txsbke-25-31816__0001.0.pdf?mcid=tGE4TAMA
THERMOPRO INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: ThermoPro, Inc.
d/b/a Prize Wheels R Fun
d/b/a Games People Play
d/b/a The Golf Target
1600 Cross Pointe Way, Suite D
Duluth, GA 30097
Business Description: ThermoPro is a plastics thermoforming
manufacturer based in the metro Atlanta,
Georgia area, specializing in heavy gauge
vacuum forming, pressure forming, drape
forming, plastic fabrication, and secondary
assembly. ThermoPro serves a wide range of
industries, including office products,
medical devices, recreational vehicles,
kiosks, and more. Additionally, the Company
offers design and development services to
help clients create high-quality, engineered
plastic parts.
Chapter 11 Petition Date: April 1, 2025
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 25-53612
Judge: Hon. Barbara Ellis-Monro
Debtor's Counsel: Michael Pugh, Esq.
THOMPSON, O'BRIEN, KAPPLER & NASUTI, P.C.
2 Sun Court, Suite 400
Peachtree Corners, GA 30092
Tel: (770) 925-0111
E-mail: mpugh@tokn.com
Total Assets: $2,127,245
Total Liabilities: $1,634,653
Gregory Weigle, in his capacity as CEO, signed the petition.
The full petition, including a list of the Debtor's 20 largest
unsecured creditors, is available for free on PacerMonitor at:
https://www.pacermonitor.com/view/54H5W5A/ThermoPro_Inc__ganbke-25-53612__0001.0.pdf?mcid=tGE4TAMA
TUBULAR TEXTILE: LRFC Marks $5.1M Subordinated Debt at 46% Off
--------------------------------------------------------------
Logan Ridge Finance Corp. has marked its $5,159,000 loan extended
to Tubular Textile Machinery, Inc. to market at $2,771,000 or 54%
of the outstanding amount, according to LRFC's Form 10-K for the
fiscal year ended December 31, 2024, filed with the U.S. Securities
and Exchange Commission.
LRFC is a participant in a Subordinated Debt to Tubular Textile
Machinery, Inc. The debt accrues interest at a rate of 5% payment
in kind per annum. The debt matures on October 29, 2027.
LRFC is an externally managed non-diversified closed-end management
investment company incorporated in Maryland that has elected to be
regulated as a business development company under the Investment
Company Act of 1940. It is managed by Mount Logan Management LLC,
an investment adviser that is registered as an investment adviser
under the Investment Advisers Act of 1940, and BC Partners
Management LLC, which provides the administrative services
necessary for it to operate.
LRFC may invest in first lien loans, which have a first priority
security interest in all or some of the borrower's assets. In
addition, its first lien loans may include positions in "stretch"
senior secured loans, also referred to as "unitranche" loans, which
combine characteristics of traditional first lien senior secured
loans and second lien loans, providing it with greater influence
and security in the primary collateral of a borrower and
potentially mitigating loss of principal should a borrower default.
LRFC may also invest in second lien loans, which have a second
priority security interest in all or substantially all of the
borrower's assets. In addition to debt securities, it may acquire
equity or detachable equity-related interests (including warrants)
from a borrower. It also intends to target investments that mature
in four to six years from its investment.
LRFC is led by Ted Goldthorpe as chief executive officer and
president; Brandon Satoren as chief financial officer, and
Alexander Duka as director.
LRFC can be reached through:
Logan Ridge Finance Corp.
650 Madison Avenue, 3rd Floor
New York, NY 10022
Telephone: (212) 891-2880
About Tubular Textile Machinery, Inc.
Tubular Textile Machinery Inc. is engaged in the manufacture of
finishing machinery for the global textile industry. Based in
Lexington, North Carolina, Navis TubeTex designs, engineers and
manufactures the world's leading machinery for the global knit,
woven, nonwoven, technical and geotextile industries.
VILLAGE ROAD: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Village
Roadshow Entertainment Group USA Inc. and its affiliates.
The committee members are:
1. 10100 Santa Monica, Inc.
c/o Hines, Eric Lyons
10100 Santa Monica Blvd., Suite 180
Los Angeles, CA 90067
Phone: 310-552-3700
eric.lyon@hines.com
2. McGuffin Entertainment Media Inc.
c/o Glaser Weil Fink Howard Jordan & Shapiro, LLP
10250 Constellation Blvd., 19th Floor
Los Angeles, CA 90067
Attn: Douglas Stone and James Scura
Phone: 310-556-7820
dstone@glaserweil.com
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 Village Roadshow Entertainment Group USA
Village Roadshow Entertainment Group USA Inc. and its affiliates
are a prominent independent producer and financier of major
Hollywood films, having produced over 100 successful movies since
1997. Their portfolio includes globally recognized blockbusters
such as "Joker," "The Great Gatsby," and the "Matrix" trilogy.
Before the WB Arbitration, which began in 2022, the Company had a
profitable and well-established co-production and co-financing
partnership with Warner Bros. Entertainment Inc. and its affiliates
("WB"), resulting in many successful projects. The Company's most
valuable assets include its Film Library and Derivative Rights,
stemming from its extensive and enduring film industry presence.
Village Roadshow Entertainment Group USA Inc. and its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions
signed by Keith Maib, chief restructuring officer, the Debtors
disclosed up to $500 million in estimated assets and up to $1
billion in estimated liabilities.
Honorable Bankruptcy Judge Thomas M. Horan handles the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local
counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy
counsel; Kirkland & Ellis LLP as special litigation counsel;
Accordion Partners, LLC as financial and restructuring advisor; and
Solic Capital Advisors, LLC as investment banker. Kurtzman Carson
Consultants, LLC, doing business as Verita Global, is the Debtors'
claims and noticing agent.
VILLAGE ROADSHOW: Bush & Law Office of Susan Advise Union Entities
------------------------------------------------------------------
The law firms of Bush Gottlieb, a Law Corporation and Law Office of
Susan E. Kaufman, LLC filed a verified statement pursuant to Rule
2019 of the Federal Rules of Bankruptcy Procedure to disclose that
in the Chapter 11 cases Village Roadshow Entertainment Group USA
Inc. and affiliates, the firms represent Union Entities:
1. Directors Guild of America, Inc.
7920 Sunset Boulevard
Los Angeles, CA 90046
(310) 289-2000
2. Screen Actors Guild – American Federation of Television and
Radio Artists
5757 Wilshire Boulevard
Los Angeles, CA 90036
(323) 954-1600
3. Writers Guild of America, West, Inc.
7000 West Third Street
Los Angeles, CA 90048
(323) 951-4000
4. Directors Guild of America-Producer Pension and Health Plans
5055 Wilshire Blvd., Ste. 600
Los Angeles, CA 90036
(323) 866-2255
5. Motion Picture Industry Pension and Health Plans
11365 Ventura Boulevard
Studio City, CA 91604
(818) 769-0007
6. Screen Actors Guild-Producers Pension Plan and SAG-AFTRA Health
Plan
3601 West Olive Avenue, 2nd Floor
Burbank, CA 91510-7830
(818) 973-4444
7. Writers' Guild-Industry Health Fund
Producer-Writers Guild of America Pension Plan
1015 North Hollywood Way
Burbank, CA 91505
(818) 846-1015
The Union Entities are unable to estimate liquidated claims at this
time due to Debtors' sole control over necessary records, required
to be provided to the Union Entities pursuant to applicable
collective bargaining agreements and trust agreements.
Post-petition, the Union Entities are working with the Debtors to
obtain the necessary reporting and liquidate the claims. Further
note that certain film rights held by the Debtors are subject to
prior and senior encumbrances in favor of one or more Union
Entities.
Bush Gottlieb is the long-standing outside counsel to the Union
Entities in connection with insolvency and collection matters and
Susan E. Kaufman of Law Office of Susan E. Kaufman, LLC has
previously worked with Bush Gottlieb on Delaware bankruptcy
matters. Bush Gottlieb and Law Office of Susan E. Kaufman, LLC have
no claims or interest against the Debtors.
Attorneys for the Union Entities:
LAW OFFICE OF SUSAN E. KAUFMAN, LLC
Susan E. Kaufman, Esq.
919 North Market Street, Suite 460
Wilmington, DE 19801
(302) 472-7420
(302) 792-7420 Fax
Email: skaufman@skaufmanlaw.com
- and -
David E. Ahdoot, Esq.
Kirk Prestegard, Esq.
BUSH GOTTLIEB
A Law Corporation
500 North Central Avenue, Suite 800
Glendale, California 90103
(818) 973-3200 (telephone)
(818) 973-3201 (facsimile)
Email: jkohanski@bushgottlieb.com
About Village Roadshow Entertainment Group USA
Village Roadshow Entertainment Group USA Inc. and its affiliates
are a prominent independent producer and financier of major
Hollywood films, having produced over 100 successful movies since
1997. Their portfolio includes globally recognized blockbusters
such as "Joker," "The Great Gatsby," and the "Matrix" trilogy.
Before the WB Arbitration, which began in 2022, the Company had a
profitable and well-established co-production and co-financing
partnership with Warner Bros. Entertainment Inc. and its affiliates
("WB"), resulting in many successful projects. The Company's most
valuable assets include its Film Library and Derivative Rights,
stemming from its extensive and enduring film industry presence.
Village Roadshow Entertainment Group USA Inc. and its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions
signed by Keith Maib, chief restructuring officer, the Debtors
disclosed up to $500 million in estimated assets and up to $1
billion in estimated liabilities.
Honorable Bankruptcy Judge Thomas M. Horan handles the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local
counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy
counsel; Kirkland & Ellis LLP as special litigation counsel;
Accordion Partners, LLC as financial and restructuring advisor; and
Solic Capital Advisors, LLC as investment banker. Kurtzman Carson
Consultants, LLC, doing business as Verita Global, is the Debtors'
claims and noticing agent.
VILLAGE ROADSHOW: Morrison & Potter Anderson Represent DIP Lenders
------------------------------------------------------------------
The law firms of Morrison & Foerster LLP ("MoFo") and Potter
Anderson & Corroon LLP filed a verified statement pursuant to Rule
2019 of the Federal Rules of Bankruptcy Procedure to disclose that
in the Chapter 11 cases Village Roadshow Entertainment Group USA
Inc. and affiliates, the firms represent DIP Lenders.
Prior to the commencement of these chapter 11 cases, the DIP
Lenders retained Counsel to represent them in connection with the
restructuring of the Debtors.
Counsel represents the DIP Lenders and does not represent or
purport to represent any entities other than the DIP Lenders in
connection with the Debtors' bankruptcy cases. In addition, neither
of the DIP Lenders represents or purports to represent any other
entities in connection with these cases.
Each individual DIP Lender holds disclosable economic interests or
acts as investment advisor, sub-advisor, or manager to certain
funds and/or accounts that hold disclosable economic interests in
relation to the Debtors.
The DIP Lenders' address and the nature and amount of disclosable
economic interests held in relation to the Debtors are:
1. 1397225 Ontario Limited
5650 Yonge Street, 5th floor,
Toronto, ON, CA
* 2028 Notes ($19,357,111.81)
* 2024 Bridge Notes ($3,479,286.40)
* Tranche 3 Notes ($2,863,256.25)
* No. Shares (9,132,271)
2. Falcon Strategic Partners IV, LP
21 Custom House Street, 10th Floor
Boston, MA 02110
* 2028 Notes ($26,675,083.13)
* 2024 Bridge Notes ($4,794,633.42)
* Tranche 3 Notes ($2,863,256.25)
* No. Shares (7,698,731)
The law firms can be reached at:
Christopher M. Samis, Esq.
R. Stephen McNeill, Esq.
Brett M. Haywood, Esq.
Shannon A. Forshay, Esq.
POTTER ANDERSON & CORROON LLP
1313 N. Market Street, 6th Floor
Wilmington, Delaware 19801
Telephone: (302) 984-6000
Facsimile: (302) 658-1192
Email: csamis@potteranderson.com
rmcneill@potteranderson.com
bhaywood@potteranderson.com
sforshay@potteranderson.com
– and –
James A. Newton, Esq.
Miranda K. Russell, Esq.
MORRISON & FOERSTER LLP
250 West 55th Street
New York, New York 10019-9601
Telephone: (212) 468-8000
Facsimile: (212) 468-7900
Email: jnewton@mofo.com
mrussell@mofo.com
About Village Roadshow Entertainment Group USA
Village Roadshow Entertainment Group USA Inc. and its affiliates
are a prominent independent producer and financier of major
Hollywood films, having produced over 100 successful movies since
1997. Their portfolio includes globally recognized blockbusters
such as "Joker," "The Great Gatsby," and the "Matrix" trilogy.
Before the WB Arbitration, which began in 2022, the Company had a
profitable and well-established co-production and co-financing
partnership with Warner Bros. Entertainment Inc. and its affiliates
("WB"), resulting in many successful projects. The Company's most
valuable assets include its Film Library and Derivative Rights,
stemming from its extensive and enduring film industry presence.
Village Roadshow Entertainment Group USA Inc. and its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions
signed by Keith Maib, chief restructuring officer, the Debtors
disclosed up to $500 million in estimated assets and up to $1
billion in estimated liabilities.
Honorable Bankruptcy Judge Thomas M. Horan handles the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local
counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy
counsel; Kirkland & Ellis LLP as special litigation counsel;
Accordion Partners, LLC as financial and restructuring advisor; and
Solic Capital Advisors, LLC as investment banker. Kurtzman Carson
Consultants, LLC, doing business as Verita Global, is the Debtors'
claims and noticing agent.
WATER ENERGY: To Sell Truck to Darryl Reid for $150,000
-------------------------------------------------------
Water Energy Services LLC seeks permission from the U.S. Bankruptcy
Court for the Western District of Texas, San Antonio Division, to
sell truck, free and clear of liens, interests, and encumbrances.
The Debtor historically has operated saltwater disposal wells but
has recently changed its business model from operations to rather
being an investor in an operating entity to which it has
contributed its wells.
The Debtor is seeks to sell the following truck via arm’s length
private sale: Unit number 146084, 2015 Kenworth W900, VIN #
1NKWL40X3FJ446084 Truck).
The Debtor receives an offer from Darryl Reid of Wichita Falls, TX
to purchase the truck for $150,000.
The Debtor has investigated the value of the Truck, and the offer
exceeds the price for trucks of similar age and mileage by a great
deal. Certain enhancements have been made to the Truck that render
it difficult to value and more attractive to the particular Buyer.
The Debtor believes it is getting a good price.
The creditor of the truck, Citizens Bank & Trust, has tentatively
approved of the proposed sale.
The Debtor believes that the offer on the Truck is fair and
equitable and that accepting the same would be in the best interest
of the estate.
In the event that a higher and better offer is presented, the
Debtor requests that the Court hold an auction to determine the
final highest and best offer and thereafter approve the same.
The Debtor is not aware of any negative tax consequences of the
sale, and any tax liability will be paid out of the proceeds of
sale.
About Water Energy Services LLC
Water Energy Services LLC is a San Antonio-based company operating
in the oil and gas extraction industry.
Water Energy Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March
21, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtor is represented by Herbert C Shelton, II, Esq., at
Hayward PLLC.
WELLPATH HOLDINGS: Shannon & Lee Files Rule 2019 Statement
----------------------------------------------------------
The law firm of Shannon & Lee LLP ("S&L") filed a verified
statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure to disclose that in the Chapter 11 case of Wellpath
Holdings, Inc., and affiliates, the firm represents Parties in
their capacities as creditors.
Neither S&L nor its attorneys hold any disclosable economic
interests (as that term is defined in Bankruptcy Rule 2019(a)(1))
in relation to the Debtors.
The Parties' names and addresses, together with the nature of the
claim are:
1. Jaclyn Mohrbacher
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
2. Erin Ellis
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
3. Jaime Johnston
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
4. Jazzmin Barboza
c/o Yolanda Huang
528 Grand Avenu
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
5. Leanna Zamora
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
6. Domonique Swain
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
7. Dominique Jackson
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
8. Tikisha Upshaw
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
9. Frankie Porcher
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
10. Sydney Whalen
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
11. Dayna Alexander
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
12. Gabriela Defranco
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
13. Marcaysha Alexander
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
14. Andanna Ibe
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
15. Andrania Yancy
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
16. Sandra Griffin
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
17. Diamond Cooper
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
18. Mary Mapa
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
19. Rose Perez
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
20. Annette Kozlowsk
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
21. Denise Rohrbach
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
22. Alexis Wah
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
23. Kelsey Erwin
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
24. Shani Jones
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
25. Dawn Dedrick
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
26. Jamila Longmire
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
27. Natalie Garrido
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
28. Jazmine Tate
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
29. Monica Nunes
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
30. Martina Gomez
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
31. Christina Zepeda
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
32. Estate of Jesus Eric Magana
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
33. Daniel Gonzalez
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
34. Lawrence Gerrans
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
35. Cedric Henry
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
36. Michael Lockhart
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
37. Randy Harris
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
38. Eric Rivera
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
39. David Misch
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
40. Tikisha Upshaw
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
41. Donald Corsetti
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
42. Tiara Arnold
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
43. James Mallet
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
44. Darryl Geyer
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
45. Timothy Phillips
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
46. Rasheed Tucker
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
47. Eric Wayne
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
48. James Mallett
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
49. Rasheed Tucker
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
50. Darryl Geyer
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
51. Timothy Phillips
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
52. Tiara Arnold
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
53. Donald Corsetti
c/o Yolanda Huang
528 Grand Avenue
Oakland, CA 94610
* Tort resulting in personal injury or wrongful death
54. K.C.
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
55. Terri Williams Park
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
56. Daryl Leon Pugh, SR
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
57. Sherri Reynolds
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
58. Lynn Segebart
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
59. Chue Doa Yang
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
60. Mai Thao Yang
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
61. Doug Fahrni
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
62. Tiffany Fahrni
c/o T. Kennedy Helm, IV
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
63. R.R.
c/o Sanjay S. Schmid
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
64. A.L.
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
65. Gabriel Roberts
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
66. Teil Gallo Ramirez
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
67. Desiree Dionne
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
68. R.D., Jr.
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
69. Bonnee Young
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
70. J.S.
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
71. J.T.
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
72. Teresa Slaven
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
73. Robert Slaven
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
74. Chue Doa Yang
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
75. Mai Thao Yang
c/o Sanjay S. Schmidt
1388 Sutter Street, Suite 810
San Francisco, CA 94109
* Tort resulting in personal injury or wrongful death
76. Maxine Johnson
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
77. C.M.
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
78. Laura Madrid
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
79. Michael Madrid
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
80. Barbara Doss
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
81. B.A.
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
82. J.L.J.A.
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
83. O.A.
c/o James Cook
Airport Corporate Centre
7677 Oakport Street, Suite 1120
Oakland, CA 94621
* Tort resulting in personal injury or wrongful death
84. Charles Ronald Anderson
c/o Kennedy Helm
644 40th Street, Suite 305
Oakland, CA 94609
* Tort resulting in personal injury or wrongful death
The law firm can be reached at:
SHANNON & LEE LLP
R. J. Shannon, Esq.
2100 Travis Street, STE 1525
Houston, Texas 77002
Tel. (713) 714-5770
Email: rshannon@shannonleellp.com
About Wellpath Holdings
Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.
Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions.
At the time of the filing, the Debtors reported $1 billion to $10
billion in assets and liabilities.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery,
LLP as bankruptcy counsel; FTI Consulting, Inc., as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.
WHITTAKER CLARK: Bankruptcy Battle Reveals Circuit Court Divide
---------------------------------------------------------------
Randi Love of Bloomberg Law reports that Whittaker Clark & Daniels
Inc., a defunct talc supplier, defended its bankruptcy against
claimants disputing its validity, bringing a circuit split over
jurisdiction into focus.
On April 1, 2025, the company's attorneys urged the U.S. Court of
Appeals for the Third Circuit to allow its Chapter 11 case to
proceed, facilitating a $535 million settlement to resolve lawsuits
alleging its talc contained cancer-causing asbestos.
About Whittaker, Clark & Daniels
Whittaker, Clark & Daniels, Inc. and affiliates, Brilliant National
Services Inc., Soco West Inc. and L.A. Terminals Inc., were engaged
in nonmetallic mineral mining and quarrying.
The Debtors sought Chapter 11 protection (Bankr. D.N.J. Lead Case
No. 23-13575) on April 26, 2023. The Debtors estimated $100 million
to $500 million in assets against $1 billion to $10 billion in
liabilities as of the bankruptcy filing.
The Hon. Michael B. Kaplan is the case judge.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Cole Schotz P.C. as co-bankruptcy counsel; and M3 Partners
LLC as financial advisor. Stretto, Inc. is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent talc claimants in the Debtors' Chapter 11
cases. The talc committee is represented by Cooley, LLP.
The Hon. Shelley Chapman was appointed as the future claimants'
representative (FCR) in the Chapter 11 cases. Willkie Farr &
Gallagher, LLP is the FCR's counsel.
WINDWARD DESIGN: Court OKs Furniture Business Sale Berlin Gardens
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, has approved Windward Design Group Inc., to sell
substantially all of its furniture business, free and clear of all
liens, claims, and encumbrances.
The Debtor is a 30-year-old, family-owned and operated business
that designs and manufactures high-quality, handcrafted outdoor
furniture and cushions supplied to retailers across Florida.
The Court authorized the Debtor to sell business assets to Berlin
Gardens LL in the purchase price of $2,200,000.
The Court recognized that the Debtor has demonstrated good,
sufficient, and sound business purposes and justifications for, and
compelling circumstances to promptly consummate the Sale.
The Debtor conducted a marketing and sale process in accordance
with the Bid Procedures Order and accordingly afforded a full,
fair, and reasonable opportunity for any person to make a higher or
otherwise better offer to purchase the Purchased Assets before the
Bid Deadline.
The Court acknowledged that Berlin Gardens LLC's offer was the
highest and best offer in the amount of initial overbid amount of
$2,200,000.00, from Superior Plastic Products LLC's $2.075 million
during the auction.
The Court authorized the Debtor to sell or otherwise transfer the
Purchased Assets free and clear of all
interests.
The Court held that the consideration provided by the Buyer for the
Purchased Assets under the Asset
Purchase Agreement is fair and reasonable and shall be deemed for
all purposes to constitute reasonably equivalent value, fair value,
and fair consideration under the Bankruptcy Code.
About Windward Design Group Inc.
Windward Design Group, Inc. filed Chapter 11 petition (Bankr.
M.D.Fla. Case No. 25-00780) on February 6, 2025, listing up to $10
million in both assets and liabilities. David G. Peace, president
of Windward Design Group, signed the petition.
Judge Catherine Peek McEwen oversees the case.
Edward J. Peterson, Esq., at Johnson, Pope, Bokor, Ruppel & Burns,
LLP, represents the Debtor as legal counsel.
WOLYNIEC CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Wolyniec Construction, Inc.
294 Freedom Road
Williamsport, PA 17703
Business Description: Wolyniec Construction, established in 1961,
is a general contracting firm based in
Williamsport, Pennsylvania. The Company
specializes in both residential and
commercial concrete construction, offering
services such as driveways, curbs, walkways,
stairs, ponds, streetscaping, parking lots,
concrete repair, and resurfacing.
Chapter 11 Petition Date: March 31, 2025
Court: United States Bankruptcy Court
Middle District of Pennsylvania
Case No.: 25-00881
Debtor's Counsel: Robert E. Chernicoff, Esq.
CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC
2320 N. Second St.
Harrisburg, PA 17110
Tel: (717) 238-6570
Fax: (717) 238-4809
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steve Schenck 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/ULG725Y/Wolyniec_Construction_Inc__pambke-25-00881__0001.0.pdf?mcid=tGE4TAMA
WW INTERNATIONAL: In Talks to Possibly Transfer Control to Lenders
------------------------------------------------------------------
Reshmi Basu of Bloomberg News reports that WW International Inc. is
in negotiations with lenders to swap part of their debt for equity
in a deal that could potentially transfer control of the struggling
diet business to creditors, according to sources familiar with the
situation.
WeightWatchers, formerly a leading name in diet products and
services, has been in discussions with lenders to manage its nearly
$1.5 billion debt as it contends with falling revenue and rising
competition from a new generation of weight-loss medications, the
states.
About WW International
Headquartered in New York, WW International Inc. is a technology
company at the forefront of weight health, grounded in nutritional
and behavior change science. The Company is powered by its weight
loss and weight management programs, its award-winning app and its
commitment to tailoring solutions for its members to improve their
weight health, including providing medical weight management
treatment via access to clinician-prescribed weight management
medications and related support through the WeightWatchers Clinic
affiliated practices.
WW International reported a net loss of $112.25 million in 2023
following a net loss of $256.87 million in 2022. As of March 30,
2024, WW International had $654.25 million in total assets, $1.76
billion in total liabilities, and a total deficit of $1.11
million.
* * *
As reported by the TCR on Nov. 20, 2024, S&P Global Ratings lowered
the issuer credit rating on WW International Inc. to 'CCC' from
'CCC+'. The outlook is negative.
At the same time, S&P lowered the ratings on the company's senior
secured debt to 'CCC' from 'B-'. S&P also revised downward its
recovery rating on the debt to '4' from '2', indicating its
expectation for average recovery (30%-50%; rounded estimate 30%) in
the event of a payment default. This reflects the secular decline
in the traditional weight loss category as evidenced by continued
subscriber losses due to increased competition, as well as an
aging
demographic with weaker demand from younger consumers and an
overall weaker brand name.
The negative outlook reflects the potential for a debt
restructuring, including potentially a bankruptcy filing, over the
subsequent 12 months.
ZAYO GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Ratings affirmed the B3 corporate family rating and B3-PD
probability of default rating of Zayo Group Holdings, Inc. (Zayo),
a leading provider of bandwidth infrastructure. Moody's also
affirmed the company's existing ratings, including its B3 senior
secured first lien bank credit facilities ratings, B3 senior
secured first lien notes rating, and the Caa2 senior unsecured
notes rating. The outlook is maintained at stable.
The ratings affirmation follows the issuance of $1.42 billion of
fiber securitization notes (not rated) issued by Zayo Issuer, LLC,
a special-purpose, bankruptcy remote, indirect wholly owned
subsidiary of Zayo Group Holdings, Inc. The notes are secured by
fiber network assets and associated contracts in the Northeast
region of Zayo's US footprint. Moody's expects proceeds will be
used for general corporate purposes, which may include funding
growth investments and/or repaying debt. Despite the increase in
gross financial leverage, the transaction increases Zayo's
liquidity and diversifies its capital access.
The ratings affirmation also reflects the growing long-term demand
for Zayo's fiber infrastructure products and fiber-enabled high
bandwidth solutions underpinned by the surge of AI-driven demand
and data center activity. In 2024, Zayo booked over $1 billion in
AI-related deals and has an additional $3 billion in its pipeline.
Over the next five years, the company will build over 5,000
long-haul fiber route miles including five new long-haul routes and
seven overbuilds of existing routes. The buildouts are capital
intensive, but Zayo has been successful in receiving favorable
upfront payments from its customers and reducing payback periods on
committed capital. Moody's expects Zayo's continued pursuit of
growth investments towards unprecedented fiber demand will
contribute to annual free cash flow remaining negative in 2025.
Moody's anticipates cash on hand increased by the recent
securitization transaction and available capacity under its $1.05
billion revolvers will be sufficient to fund cash flow deficits
over the period. Moody's expects Zayo to pursue further
securitization issuances to strengthen its liquidity position.
However, Zayo's substantial maturity tower of approximately $7.4
billion in term loans and notes due in March 2027 hangs in the
balance. The company walks a tightrope as it must proactively
address impending debt maturities while investing in the long-term
growth of its business. If Zayo's liquidity meaningfully
deteriorates, or it does not address its upcoming large debt
maturity tower over the next few quarters, a negative rating
action, such as a downgrade to the B3 CFR or outlook change to
negative is possible.
Zayo also announced on March 14, 2025 that its subsidiary, Fiber
FinCo, LLC, entered into a definitive agreement to acquire the
Fiber Solutions business of Crown Castle Inc. (Baa3 negative) for
approximately $4.25 billion. Fiber FinCo, LLC is expected to fund
the acquisition with a senior secured warehouse term loan facility
secured by the assets of the Fiber Solutions business and cash on
hand reserved to fund the acquisition. The acquisition will
increase Zayo's scale, add approximately 90,000 route miles to
Zayo's long-haul fiber network, and increase its reach to over
70,000 on-net locations. The company expects the transaction to
close in the first half of 2026, subject to regulatory review and
other customary closing conditions. EQT Active Core Infrastructure
fund will also acquire Crown Castle Inc.'s small cells business,
and concurrent with the deals closing, Zayo and the small cells
business will enter into a long-term agreement for Zayo to provide
fiber to the small cells business. While information is limited at
this time and current details are subject to change, the
transaction will enhance Zayo's fiber network with complementary
metro-focused fiber assets and enable connectivity to more data
centers across the US. Moody's believes Zayo may consider using
portions of proceeds from its recent fiber securitization and
possible future fiber securitizations to fund the acquisition.
RATINGS RATIONALE
Zayo's B3 CFR reflects the company's high debt to EBITDA of 7.6x as
of year-end 2024 (which increases to 9x when excluding Moody's
standard operating lease adjustments), aggressive financial
strategy, and history of negative free cash flow contributing to
Zayo being reliant at times on its revolvers to fund growth capital
spending. Moody's expects growth capital spending to remain
elevated for at least the next 12 months due to the surging demand
for AI and data center activity. AI-related projects typically have
longer build and install times which delay revenue recognition and
suppress free cash flow. Consequently, Moody's do not expect Zayo
to generate positive free cash flow in 2025.
The CFR benefits from unprecedented demand for Zayo's fiber
products and bandwidth solutions as demonstrated by ten consecutive
quarters of positive net installs, its high percentage of
contracted recurring revenue, and its valuable long-haul and metro
fiber footprint which comprise the majority of revenue and EBITDA.
Capturing a greater share of the growth in its addressable end
markets remains critical to Zayo achieving greater scale and the
potential to drive financial leverage meaningfully lower.
Increasing bandwidth needs from data centers, hyperscalers,
carriers, and other enterprises primarily driven by AI,
accelerating adoption of cloud services, and wireless network
densification support the company's business model. Zayo also
benefits from better diversified capital access following the
Northeast fiber securitization transaction, and Moody's expects the
company to pursue more similar transactions.
The senior secured bank credit facilities, which include the
company's first lien revolvers and USD and Euro first lien term
loans, and first lien senior secured notes are rated B3, in line
with the company's B3 CFR given both the level of first lien debt
in the capital structure and the loss absorption from the company's
senior unsecured notes. The senior unsecured notes is rated Caa2,
two notches below the CFR, reflecting their junior rank within the
capital structure. Separately, the securitized debt (not rated)
issued by a special-purpose, bankruptcy remote, indirect wholly
owned subsidiary of Zayo is excluded from Moody's LGD waterfall for
Zayo.
Moody's expects Zayo to maintain good liquidity primarily supported
by large cash balances after the securitization transaction. As of
December 31, 2024, the company had $52 million cash on hand and it
further benefits from $1.42 billion of proceeds from the fiber
securitization transaction in February. Liquidity is also supported
by a $1.05 billion revolver with $606 million of availability as of
December 31, 2024. Zayo's $5.9 billion of floating rate debt
(excluding revolver drawings) benefits from $3.9 billion of
interest rate hedges expiring in June 2025. Moody's expects
negative free cash flow, primarily driven by growth investments,
and annual term loan amortization will reduce its liquidity over
the next 12 months. While the term loan is not subject to financial
covenants, the revolver contains a springing maximum first lien
leverage ratio of 7.75x (with no step downs) when utilization is
greater than 35% ($367.5 million). As of December 31, 2024, Zayo's
first lien leverage was 5.2x. Over the next 12 months, Moody's
expects the covenant to continue being tested if fiber
securitization proceeds are not used to repay the revolver balance
and that Zayo will maintain at least 35% covenant cushion.
The stable outlook reflects Moody's expectations that the surge of
fiber product and bandwidth demand contribute to sustained bookings
growth and positive net installs that drive revenue and EBITDA
growth over the next 12 months. The stable outlook also reflects
Moody's expectations that Zayo will maintain at least adequate
liquidity and proactively address its March 2027 debt well in
advance of maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
While unlikely in the near term due to the company's high financial
leverage, the ratings could be upgraded if gross debt to EBITDA
approaches 6x and free cash flow to debt is sustained in the
low-to-mid single-digit percentages.
The ratings could be downgraded if net debt to EBITDA is sustained
above 7.5x or liquidity deteriorates beyond Moody's current
expectations. Additionally, no plan of action or a failure to
address its large debt maturity tower due in 2027 before the end of
2025 may result in negative ratings pressure.
The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.
Headquartered in Boulder, Colorado, Zayo Group Holdings, Inc. is a
leading provider of bandwidth infrastructure, with significant
networks in the US and Canada. Zayo's products and offerings enable
high-bandwidth applications, such as cloud-based computing, video,
mobile, social media, machine-to-machine connectivity, and other
bandwidth-intensive applications.
ZIPS CAR WASH: Paul Hastings Represents Ad Hoc Term Lender Group
----------------------------------------------------------------
The law firm of Paul Hastings LLP filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 cases of Zips Car Wash, LLC and
affiliates, the firm represents Ad Hoc Term Lender Group.
The members of the Ad Hoc Term Lender Group are either the
beneficial holders of, or the investment advisors or managers to,
funds and/or accounts that hold disclosable economic interests in
relation to the Debtors.
Counsel represents only the Ad Hoc Term Lender Group and does not
represent or purport to represent any persons or entities other
than the Ad Hoc Term Lender Group in connection with the Chapter 11
Cases. In addition, as of the date of this Verified Statement, the
Ad Hoc Term Lender Group does not, either collectively or through
its individual members, represent or purport to represent any other
persons or entities in connection with the Chapter 11 Cases.
Counsel does not make any representation regarding the validity,
amount, allowance, or priority of such claims, and reserves all
rights with respect thereto. Counsel does not own, nor has it ever
owned, any claims against or interests in the Debtors, except for
claims for services rendered to the Ad Hoc Term Lender Group.
The Ad Hoc Term Lender Group Members' address and the nature and
amount of disclosable economic interests held in relation to the
Debtors are:
1. Certain funds and/or accounts owned or managed by Brightwood
Capital Advisors, LLC and/or its
affiliates
810 Seventh Avenue, 26th
Floor, New York, NY 10019
* Prepetition Term Loans ($180,091,991.90)
* DIP Loans ($5,508,135.01)
2. Certain funds and/or accounts owned or managed by HPS Investment
Partners, LLC and/or its affiliates
40 W 57th St, 33rd Floor,
New York, NY 10019
* Prepetition Term Loans ($179,225,144.51)
* DIP Loans ($5,481,622.39)
3. Certain funds and/or accounts owned or managed by PennantPark
Investment Advisers, LLC and/or its
affiliates
1691 Michigan Avenue, Suite
500, Miami Beach, FL 33139
* Prepetition Term Loans ($76,582,450.01)
* DIP Loans ($2,342,283.31)
4. Certain funds and/or accounts owned or managed by Northleaf
Capital Partners (Canada) Ltd. and/or its
affiliates
40 King Street West, Suite
5600, Box 206, Toronto, ON M5H 3S1, Canada
* Prepetition Term Loans ($116,757,480.27)
* DIP Loans ($3,571,041.42)
5. Certain funds and/or accounts owned or managed by Hamilton Lane
Advisors, L.L.C. and/or its affiliates
110 Washington Street, Suite
1300, Conshohocken, PA 19428
* Prepetition Term Loans ($44,001,738.19)
* DIP Loans ($1,345,798.41)
6. Capital Southwest Corporation
8333 Douglas Avenue, Suite
1100, Dallas, TX 75225
* Prepetition Term Loans ($19,135,937.35)
* DIP Loans ($585,274.93)
7. Certain funds and/or accounts owned or managed by Main Street
Capital Corporation and/or its affiliates
1300 Post Oak Blvd, 8th Floor,
Houston, TX 77056
* Prepetition Term Loans ($28,703,906.01)
* DIP Loans ($877,912.39)
8. Certain funds and/or accounts owned or managed by Onex Credit
Advisor, LLC and/or its affiliates
600 Lexington Avenue,
New York, NY 10022
* Prepetition Term Loans ($9,414,125.73)
* DIP Loans ($287,932.16)
Counsel to the Ad Hoc Term Lender Group:
PAUL HASTINGS LLP
Charles Persons, Esq.
2001 Ross Avenue, Suite 2700
Dallas, Texas 75201
Telephone: (972) 936-7500
Facsimile: (713) 936-7501
Email: charlespersons@paulhastings.com
- and -
Justin Rawlins, Esq.
1999 Avenue of the Stars, 27th Floor
Century City, California 90067
Telephone: (310) 620-5700
Facsimile: (310) 620-5899
Email: justinrawlins@paulhastings.com
- and -
Robert Nussbaum, Esq.
Matthew Friedrick, Esq.
200 Park Avenue
New York, New York 10166
Telephone: (212) 318-6000
Facsimile: (212) 319-4090
Email: robertnussbaum@paulhastings.com
matthewfriedrick@paulhastings.com
About Zips Car Wash, LLC
Zips Car Wash LLC and affiliates are among the largest privately
owned express car wash operators in the U.S., offering advanced car
wash services using cutting-edge chemistry like Ultra HD Glaze and
Graphene-Ceramic Fusion X to deliver superior results, including
glossy tires, streak-free windows, and a well-protected paint job.
Founded in 2004 with just two locations in rural Arkansas, the
Debtors have expanded significantly through strategic acquisitions,
now operating over 260 locations across 23 states. Headquartered in
Plano, Texas, the Debtors run their businesses under the Zips, Jet
Brite, and Rocket Express brands and serve their customers through
two core revenue channels: a traditional pay-per-wash format and
Zips Unlimited, their flagship monthly subscription program with
over 600,000 members.
Zips Car Wash LLC and affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80069)
on Feb. 5, 2025. In its petition, the Debtor reports estimated
assets between $500 million and $1 billion and estimated
liabilities between $1 billion and $10 billion.
Honorable Bankruptcy Judge Michelle V. Larson handles the case.
The Debtors' local bankruptcy counsel is Jason S. Brookner, Esq.,
Aaron M. Kaufman, Esq., and Amber M. Carson, Esq., at Gray Reed,
Dallas, Texas.
The Debtors' general bankruptcy counsel is Joshua A. Sussberg,
Esq., and Ross J. Fiedler, Esq., at Kirkland & Ellis LLP, in New
York, and Lindsey Blumenthal, Esq., at Kirkland & Ellis LLP,
Chicago, Illinois.
The Debtors' investment banker is Evercore Group LLC. The Debtors'
financial advisor is Alixpartners LLP. The Debtors' Noticing &
Claims Agent is Kroll Restructuring Administration LLC. The
Debtors' Real Estate Consultant & Advisor is Hilco Real Estate LLC.
The Debtors' tax advisor is PWC US TAX LLP.
[] Glenn Siegel Joins MVA's Bankruptcy & Restructuring Team
-----------------------------------------------------------
Moore & Van Allen PLLC announced that Glenn E. Siegel has joined
the firm as a member and will practice* in the Bankruptcy &
Restructuring group. Mr. Siegel joins MVA from the New York office
of Morgan, Lewis & Bockius LLP, where he formerly co-led the firm's
bankruptcy practice.
"Glenn is a veteran restructuring practitioner who is widely
regarded nationally for his leading roles in high-profile
bankruptcies and distress situations," said Zachary H. Smith, who
co-leads MVA's Bankruptcy & Financial Restructuring group alongside
Stephen E. Gruendel. Added Mr. Gruendel, "Glenn's ability to find
creative solutions, mitigate risk, and navigate clients through the
complex capital structures of troubled companies makes him an ideal
addition to our practice. We're honored to welcome him."
For more than four decades, Mr. Siegel has aided major stakeholders
in protecting their interests through every phase of novel and
complex bankruptcy proceedings. He has counseled clients in all
types of insolvency and other distressed situations, both inside
and outside of the courtroom, with tenacious efficiency. In doing
so, Siegel takes a full-scope approach, balancing legal best
practices with his clients' financial goals while protecting their
business relationships with the affected enterprises.
"I am grateful for the many clients who have sought and trusted my
counsel over the years, and I look forward to entering this next
chapter carrying these relationships forward. Moore & Van Allen is
highly respected, especially in the bankruptcy and restructuring
industry, and I am excited to join this dedicated and talented
team," Mr. Siegel said.
Most recently, Mr. Siegel represented the largest secured required
lender in the Chapter 11 case of MVK FarmCo LLC, the nation's
largest peach distributor, leading the wind down of the business.
In the Chapter 11 bankruptcy of automotive manufacturer Delphi
Corp., he counseled the largest debtor-in-possession lender in its
acquisition of Delphi. In Residential Capital's Chapter 11
bankruptcy, Mr. Siegel counseled the largest residential
mortgage-backed securities trustees to achieve a
multibillion-dollar settlement.
In his many years of distinguished practice, Mr. Siegel has served
the industry in a variety of capacities. He currently belongs to
the American Bar Foundation and the American Bankruptcy Institute
40 Under 40 Committee and is a past member of the American
Bankruptcy Institute's Board of Directors chairing the claims
trading committee and New York City Conference. Additionally, he
serves on the Turnaround Management Association's New York City
Chapter Board and chairs the chapter's Academic Relations
Committee. He also chairs the American Bar Association's Business
Reorganization Section and Committee on Trust Indentures and
belongs to the United Jewish Appeal Federation's Bankruptcy and
Reorganization Planning Committee.
"We are excited to welcome Glenn to Moore & Van Allen as part of
our robust Bankruptcy and Restructuring practice. His very
successful career to date, wealth of experience, and deep
understanding of bankruptcy law will be invaluable to our clients.
We look forward to working with him and benefiting from his
contributions to the continued success and growth of our firm,"
said MVA's Chair & Managing Partner, Tom Mitchell.
Mr. Siegel earned his LL.M. from New York University School of Law,
J.D. from Boston University School of Law, and B.A. from Brooklyn
College.
Mr. Siegel is currently admitted to practice law in New York, New
Jersey, and Massachusetts.
About Moore & Van Allen
For 75 years, Moore & Van Allen PLLC -- http://www.mvalaw.com/--
has practiced law and served clients with excellence in numerous
core practice areas, including all aspects of Corporate &
Transactional, Finance & Investments, and Litigation & Global
Disputes. Today, MVA is an Am Law 200 firm comprised of 400+
attorneys and professionals with wide-ranging backgrounds and
experience serving clients in 90+ areas.
[] MACCO Restructuring Expands With Key West Coast, Houston Hires
-----------------------------------------------------------------
MACCO Restructuring Group, a leading provider of operational and
financial distress advisory services, is proud to announce two
significant additions to its team as it enters its sixth year of
operation. Founder and CEO Drew McManigle welcomes Reece Fulgham as
Managing Director on the West Coast and John Aschenbeck as Director
in Houston, further solidifying the firm's commitment to delivering
top-tier leadership and solutions to clients nationwide.
"I am delighted to have Reece Fulgham, a former colleague from my
Los Angeles days, joins MACCO as a Managing Director," said
McManigle. "Reece's extensive experience and proven track record
across diverse industries greatly enhance our capabilities. And as
we continue to expand our Houston headquarters, I am also pleased
to add John Aschenbeck, as a Director and skilled financial analyst
to our professional team of business fire experts." McManigle
continued, "These key hires strengthen our entire organization,
enabling MACCO to continue its award-winning, solution-oriented
approach to business restructuring that enables us to 'put out the
fire and protect the stakeholders from getting burned'."
Based on the West Coast, Managing Director Reece Fulgham brings
over four decades of expertise in business turnarounds, interim
leadership, operations, and finance, having led fifty engagements
both in the U.S. and abroad. Fulgham has held roles such as CEO,
CRO, CFO, and Independent Director for middle-market companies,
including private and private equity-backed firms, often serving as
Board or Committee Chairman. His industry experience spans retail,
manufacturing, motion picture distribution, construction,
engineering, mechanical contracting, defense, healthcare,
technology, and cannabis, where he excels in navigating complex
regulatory landscapes. Specializing in stabilizing cash-strapped
organizations, Fulgham implements urgent operational and financial
restructurings, both in and out of Chapter 11 bankruptcy. His
adeptness at managing fraud investigations, regulatory challenges,
acquisitions, spin-offs, and asset sales under 11 U.S.C. 363(b)
processes has earned him a stellar reputation. A graduate of Texas
State University, Fulgham is a former CPA and a licensed cannabis
executive in nine states.
John Aschenbeck, based in Houston, joins MACCO as a Director with
12 years of corporate finance experience across interim management,
turnaround and restructuring consulting, investment banking, M&A
advisory, and private equity. Having advised some of the world's
largest institutional investors, Aschenbeck has contributed to over
$3 billion in restructuring, capital markets, and M&A transactions.
He earned an MBA from the University of Texas at Austin's McCombs
School of Business, as well as a Master's in accountancy and a
Bachelor's in Accounting with honors from the University of
Houston's C.T. Bauer College of Business.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Stephanie A Hands
Bankr. D. Ariz. Case No. 25-02542
Chapter 11 Petition filed March 25, 2025
represented by: Patrick Keery, Esq.
KEERY MCCUE, PLLC
In re Kastle Investments of Nevada, LLC
Bankr. N.D. Cal. Case No. 25-40515
Chapter 11 Petition filed March 25, 2025
See
https://www.pacermonitor.com/view/WRA2ANA/Kastle_Investments_of_Nevada__canbke-25-40515__0002.0.pdf?mcid=tGE4TAMA
represented by: Paul E. Manasian, Esq.
E-mail: manasian@mrlawsf.com
In re Corbin L Young, LLC
Bankr. N.D. Ga. Case No. 25-53242
Chapter 11 Petition filed March 25, 2025
See
https://www.pacermonitor.com/view/XR5F3EQ/Corbin_L_Young_LLC__ganbke-25-53242__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Nicole Allulli Brown
Bankr. E.D. La. Case No. 25-10547
Chapter 11 Petition filed March 25, 2025
represented by: Robin DeLeo, Esq.
In re Piscataway Bay Holdings LLC
Bankr. D. Md. Case No. 25-12555
Chapter 11 Petition filed March 25, 2025
See
https://www.pacermonitor.com/view/YRTMOXQ/Piscataway_Bay_Holdings_LLC__mdbke-25-12555__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven Greenfeld, Esq.
LAW OFFICE OF STEVEN H. GREENFELD
E-mail: steveng@cohenbaldinger.com
In re Love One LLC
Bankr. E.D.N.Y. Case No. 25-41407
Chapter 11 Petition filed March 25, 2025
See
https://www.pacermonitor.com/view/LMICIFQ/Love_One_LLC__nyebke-25-41407__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re DEIJH, Inc
Bankr. E.D.N.Y. Case No. 25-71145
Chapter 11 Petition filed March 25, 2025
See
https://www.pacermonitor.com/view/PDCRXLQ/DEIJH_Inc__nyebke-25-71145__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Wals Transport, LLC
Bankr. M.D. Tenn. Case No. 25-01256
Chapter 11 Petition filed March 25, 2025
See
https://www.pacermonitor.com/view/GEPGAGI/Wals_Transport_LLC__tnmbke-25-01256__0001.0.pdf?mcid=tGE4TAMA
represented by: Keith D. Slocum, Esq.
SLOCUM LAW
E-mail: keith@keithslocum.com
In re People First Pizza, Inc.
Bankr. C.D. Cal. Case No. 25-10764
Chapter 11 Petition filed March 26, 2025
See
https://www.pacermonitor.com/view/LX5CGUQ/People_First_Pizza_Inc__cacbke-25-10764__0001.0.pdf?mcid=tGE4TAMA
represented by: Richard Sturdevant, Esq.
FINANCIAL RELIEF LAW CENTER, APC
E-mail: rich@bwlawcenter.com
In re Princess Port Bed and Breakfast, LLC
Bankr. N.D. Cal. Case No. 25-40517
Chapter 11 Petition filed March 26, 2025
See
https://www.pacermonitor.com/view/VBYRH6A/Princess_Port_Bed_and_Breakfast__canbke-25-40517__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re EWright Holding, LLC
Bankr. M.D. Fla. Case No. 25-00530
Chapter 11 Petition filed March 26, 2025
See
https://www.pacermonitor.com/view/NHY52QY/EWright_Holding_LLC__flmbke-25-00530__0001.0.pdf?mcid=tGE4TAMA
represented by: Erik J. Washington, Esq.
THE WASHINGTON LAW FIRM, PA
E-mail: ewashington@washfirm.com
In re Pendy's Restaurant Group, LLC
Bankr. E.D. Mich. Case No. 25-43017
Chapter 11 Petition filed March 26, 2025
See
https://www.pacermonitor.com/view/XXQNSQQ/Pendys_Restaurant_Group_LLC__miebke-25-43017__0001.0.pdf?mcid=tGE4TAMA
represented by: Lynn M. Brimer, Esq.
STROBL PLLC
Email: lbrimer@strobllaw.com
In re 256 Bedford Ave LLC
Bankr. E.D.N.Y. Case No. 25-41431
Chapter 11 Petition filed March 26, 2025
See
https://www.pacermonitor.com/view/WABR74Y/256_Bedford_Ave_LLC__nyebke-25-41431__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Chioma Nnenaya Ukwa
Bankr. S.D. Tex. Case No. 25-31615
Chapter 11 Petition filed March 26, 2025
In re Premier Pediatrics, LC
Bankr. D. Utah Case No. 25-21548
Chapter 11 Petition filed March 26, 2025
See
https://www.pacermonitor.com/view/WVJX2PQ/Premier_Pediatrics_LC__utbke-25-21548__0001.0.pdf?mcid=tGE4TAMA
represented by: Geoffrey L. Chesnut, Esq.
BED ROCK LEGAL SERVICES, PLLC
E-mail: courtmailrr@expresslaw.com
In re Mark H. Awad
Bankr. C.D. Cal. Case No. 25-12504
Chapter 11 Petition filed March 27, 2025
represented by: Robert Altagen, Esq.
In re LaFortune Real Estate Development LLC
Bankr. D.D.C. Case No. 25-00109
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/D3TLVSI/LaFortune_Real_Estate_Development__dcbke-25-00109__0001.0.pdf?mcid=tGE4TAMA
represented by: Esthus Amos, Esq.
LAW OFFICE OF E. CHRISTOPHER AMOS, P.C.
E-mail: echrisamos@gmail.com
In re Keith Blessitt DMD PA
Bankr. M.D. Fla. Case No. 25-01896
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/K3CJG4Q/Keith_Blessitt_DMD_PA__flmbke-25-01896__0001.0.pdf?mcid=tGE4TAMA
represented by: Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
E-mail: chad@cvhlawgroup.com
In re FSH Maintenance, LLC
Bankr. M.D. Fla. Case No. 25-01897
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/LEL5USI/FSH_Maintenance_LLC__flmbke-25-01897__0001.0.pdf?mcid=tGE4TAMA
represented by: Almarosa Torres-O'Connor, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
E-mail: atorres@srbp.com
In re Carlos Augusto Acosta
Bankr. S.D. Fla. Case No. 25-13288
Chapter 11 Petition filed March 27, 2025
represented by: Jacqueline Calderin, Esq.
In re LV Opportunity Zone LLC Series 5
Bankr. D. Nev. Case No. 25-11698
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/SHJ4TYI/LV_OPPORTUNITY_ZONE_LLC_SERIES__nvbke-25-11698__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael J. Harker, Esq.
LAW OFFICES OF MICHAEL J. HARKER
E-mail: notices@harkerlawfirm.com
In re Suresh C. Nayak and Pritimayee Nayak
Bankr. D.N.J. Case No. 25-13141
Chapter 11 Petition filed March 27, 2025
represented by: Eugene Roth, Esq.
In re VSG Group LLC
Bankr. D.N.J. Case No. 25-13161
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/QS7ZMMQ/VSG_Group_LLC__njbke-25-13161__0001.0.pdf?mcid=tGE4TAMA
represented by: Melinda Middlebrooks, Esq.
MIDDLEBROOKS SHAPIRO, P.C.
E-mail:
middlebrooks@middlebrooksshapiro.com
In re 12033 LLC
Bankr. E.D.N.Y. Case No. 25-41503
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/E6AW4LI/12033_LLC__nyebke-25-41503__0001.0.pdf?mcid=tGE4TAMA
represented by: Joshua Reid Bronstein, Esq.
JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC
E-mail: jbrons5@yahoo.com
In re Gerard Martin Coffey
Bankr. S.D.N.Y. Case No. 25-22240
Chapter 11 Petition filed March 27, 2025
represented by: Erica Aisner, Esq.
KIRBY AISNER & CURLEY LLP
Email: eaisner@kacllp.com
In re W.O Holdings, LLC
Bankr. M.D.N.C. Case No. 25-10192
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/72335FA/WO_Holdings_LLC__ncmbke-25-10192__0001.0.pdf?mcid=tGE4TAMA
represented by: Dirk W. Siegmund, Esq.
IVEY, MCCLELLAN, SIEGMUND, BRUMBAUGH &
MCDONOUGH, LLP
In re Northern Liberties Early Childhood LLC
Bankr. E.D. Pa. Case No. 25-11173
Chapter 11 Petition filed March 27, 2025
See
https://www.pacermonitor.com/view/FS2X3UA/Northern_Liberties_Early_Childhood__paebke-25-11173__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Dudash, Esq.
E-mail: rjdattorney@comcast.net
In re Johnathan Zavala Duran
Bankr. D.P.R. Case No. 25-01321
Chapter 11 Petition filed March 27, 2025
represented by: Jesus Batista Sanchez, Esq.
In re Christopher Andrew Tapper and Erika Tapper
Bankr. N.D. Tex. Case No. 25-31058
Chapter 11 Petition filed March 27, 2025
represented by: David Langston, Esq.
In re Say Yes Realty of Birmingham, LLC
Bankr. N.D. Ala. Case No. 25-00943
Chapter 11 Petition filed March 28, 2025
See
https://www.pacermonitor.com/view/RSFKAQA/Say_Yes_Realty_of_Birmingham_LLC__alnbke-25-00943__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Tiffany Anne Lingenfelter
Bankr. D. Ariz. Case No. 25-02735
Chapter 11 Petition filed March 28, 2025
represented by: Patrick F Keery, Esq.
KEERY MCCUE, PLLC
In re Stephanie Morgan
Bankr. C.D. Cal. Case No. 25-10808
Chapter 11 Petition filed March 28, 2025
represented by: David Wood, Esq.
In re Matthew Brock Edmonds
Bankr. N.D. Fla. Case No. 25-10073
Chapter 11 Petition filed March 28, 2025
represented by: Byron Wright, Esq.
In re Riteway Insurance Repair Service, Inc.
Bankr. S.D. Fla. Case No. 25-13401
Chapter 11 Petition filed March 28, 2025
See
https://www.pacermonitor.com/view/4GJP3ZY/Riteway_Insurance_Repair_Service__flsbke-25-13401__0001.0.pdf?mcid=tGE4TAMA
represented by: Bradley S. Shraiberg, Esq.
SHRAIBERG PAGE PA
E-mail: bss@slp.law
In re 2079 Ben Hill LLC
Bankr. N.D. Ga. Case No. 25-53361
Chapter 11 Petition filed March 28, 2025
See
https://www.pacermonitor.com/view/UT6FKEY/2079_Ben_Hill_LLC__ganbke-25-53361__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Chastity Moore
Bankr. N.D. Ga. Case No. 25-53434
Chapter 11 Petition filed March 28, 2025
represented by: Michael Robl, Esq.
In re 11157 Corp
Bankr. E.D.N.Y. Case No. 25-41525
Chapter 11 Petition filed March 28, 2025
See
https://www.pacermonitor.com/view/3WHWXIY/11157_Corp__nyebke-25-41525__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Svetlana Kazakevich
Bankr. E.D.N.Y. Case No. 25-41530
Chapter 11 Petition filed March 28, 2025
represented by: Alla Kachan, Esq.
In re 26 Metal Recycling Corp
Bankr. D.P.R. Case No. 25-01362
Chapter 11 Petition filed March 28, 2025
See
https://www.pacermonitor.com/view/SKQWA7A/26_METAL_RECYCLING_CORP__prbke-25-01362__0001.0.pdf?mcid=tGE4TAMA
represented by: Jose R Cintron LLM, Esq.
LAW OFFICE OF JOSE R CINTRON
E-mail: jrcintron@prtc.net
In re Kytto Enterprise Inc.
Bankr. D.P.R. Case No. 25-01382
Chapter 11 Petition filed March 28, 2025
See
https://www.pacermonitor.com/view/GU7ZEYI/KYTTO_ENTERPRISE_INC__prbke-25-01382__0001.0.pdf?mcid=tGE4TAMA
represented by: Javier Vilarino, Esq.
VILARINO AND ASSOCIATES LLC
E-mail: jvilarino@vilarinolaw.com
In re Abigail L Misegades and Logan J Misegades
Bankr. E.D. Tex. Case No. 25-60189
Chapter 11 Petition filed March 28, 2025
represented by: Howard Spector, Esq.
In re Michael Rudolph Green
Bankr. S.D. Tex. Case No. 25-31669
Chapter 11 Petition filed March 28, 2025
Filed Pro Se
In re Marco Antonio Guzman
Bankr. W.D. Tex. Case No. 25-50606
Chapter 11 Petition filed March 28, 2025
represented by: Alma Sosa, Esq.
In re Adlai Momtaz Karim
Bankr. N.D. Cal. Case No. 25-40540
Chapter 11 Petition filed March 30, 2025
represented by: Ruth Auerbach, Esq.
In re Andrew John Fetters and Terri Lynn Fetters
Bankr. D. Ariz. Case No. 25-02791
Chapter 11 Petition filed March 31, 2025
represented by: Michael A. Jones, Esq.
ALLEN, JONES & GILES, PLC
In re Parjodh Singh and Saravjeet Kaur
Bankr. E.D. Cal. Case No. 25-10996
Chapter 11 Petition filed March 31, 2025
In re Brandon Tyrone Marshall
Bankr. S.D. Fla. Case No. 25-13514
Chapter 11 Petition filed March 31, 2025
represented by: Joe Grant, Esq.
In re Realsys USA, Inc
Bankr. N.D. Ga. Case No. 25-53467
Chapter 11 Petition filed March 31, 2025
See
https://www.pacermonitor.com/view/2DGYBAI/Realsys_USA_Inc__ganbke-25-53467__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Abeni Acosta
Bankr. N.D. Ga. Case No. 25-53481
Chapter 11 Petition filed March 31, 2025
In re 564-566 Kelton Ave Industries LLC
Bankr. N.D. Ill. Case No. 25-05003
Chapter 11 Petition filed March 31, 2025
See
https://www.pacermonitor.com/view/5HKQ3FY/564-566_KELTON_AVE_INDUSTRIES__ilnbke-25-05003__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Kelly, Esq.
KELLY & BRACEY LAW OFFICES
E-mail: mkelly@kellybraceylaw.com
In re Pizzeria Management III LLC
Bankr. N.D. Ohio Case No. 25-11334
Chapter 11 Petition filed March 31, 2025
See
https://www.pacermonitor.com/view/KJN4EIY/Pizzeria_Management_III_LLC__ohnbke-25-11334__0001.0.pdf?mcid=tGE4TAMA
represented by: Thomas W. Coffey, Esq.
COFFEY LAW LLC
E-mail: tcoffey@tcoffeylaw.com
In re Michael Neil Bossert
Bankr. E.D. Tenn. Case No. 25-30618
Chapter 11 Petition filed March 31, 2025
represented by: Thomas Tarpy, Esq.
In re Ezedrick Fitzgerald Evans and Pamela Evon Evans
Bankr. E.D. Tex. Case No. 25-60205
Chapter 11 Petition filed March 31, 2025
represented by: M. Watson, Esq.
In re WRX Management, LLC
Bankr. N.D. Tex. Case No. 25-41156
Chapter 11 Petition filed March 31, 2025
See
https://www.pacermonitor.com/view/64G5GKQ/Jermaine_WRX_Management_LLC__txnbke-25-41156__0001.0.pdf?mcid=tGE4TAMA
represented by: M. Jermaine Watson, Esq.
CANTEY HANGER, LLP
E-mail: jwatson@canteyhanger.com
In re Javed Ashraf
Bankr. S.D. Tex. Case No. 25-80124
Chapter 11 Petition filed March 31, 2025
represented by: David Venable, Esq.
Email: david@dlvenable.com
In re Hurricane Glass, Inc.
Bankr. S.D. Tex. Case No. 25-31809
Chapter 11 Petition filed March 31, 2025
See
https://www.pacermonitor.com/view/V3CYF7A/Hurricane_Glass_Inc__txsbke-25-31809__0001.0.pdf?mcid=tGE4TAMA
represented by: Reese Baker, Esq.
BAKER & ASSOCIATES
E-mail: courtdocs@bakerassociates.net
In re Brad Filiciano Jones
Bankr. S.D. Tex. Case No. 25-31834
Chapter 11 Petition filed April 1, 2025
*********
Monday's edition of the TCR delivers a list of indicative prices
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