/raid1/www/Hosts/bankrupt/TCR_Public/250412.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, April 12, 2025, Vol. 29, No. 101
Headlines
CRYSTAL BASIN: Unsecureds to Get 100 Cents on Dollar in Plan
LINX OF LAKE: Unsecureds to Get Share of Income for 3 Years
PRIMAL MATERIALS: Unsecureds to Get Share of Income for 36 Months
SPIRIT AIRLINES: Net Loss in January Swings to $138.4 Million
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CRYSTAL BASIN: Unsecureds to Get 100 Cents on Dollar in Plan
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Crystal Basin Cellars, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of California a Plan of Reorganization for
Small Business dated March 13, 2025.
The Debtor is a corporation. Since March 5, 2000, the Debtor has
been in the business of promoting and selling wine products.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $45,000.00 x 36 months
($1,620,000.00), plus $1,400,000.00 Lump Sum Payment from Sale of
Real Property.
The final Plan payment is expected to be paid on May 2028.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 3 consists of non-priority unsecured creditors. Class 3 is
unimpaired by this Plan, and each holder of a Class 3 Non-priority
Unsecured Claim will be paid in full, in cash, upon the later of
the effective date of this Plan, or the date on which such claim is
allowed by a final non-appealable order.
Class 4 consists of equity security holders of the Debtor. Class 4
is unimpaired by this Plan, and each holder of a Class 4 Priority
Claim will be paid in full, in cash, upon the later of the
effective date of this Plan, or the date on which such claim is
allowed by a final non-appealable order.
The Debtor shall pay a total of $45,000.00 per month for 36 months,
then sell the real property at 3550/3544 Carson Road, to pay all
creditors in full, estimated at $1,352,412.40.
The "Bigelows" shall receive $20,000.00 per month for 36 months,
then pay in full from proceeds of sale.
The Cadence Bank shall receive $10,000.00 per month for 36 months,
then pay in full from proceeds of sale. All other secured Creditors
shall receive equal sums from $15,000.00 for 36 months, then pay in
full from proceeds of sale.
A full-text copy of the Plan of Reorganization dated March 13, 2025
is available at https://urlcurt.com/u?l=GUl5N0 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Peter G. Macaluso, Esq.
LAW OFFICES OF PETER G. MACALUSO
7230 South Land Park Drive, Suite 127
Sacramento, CA 95831
Tel: (916) 392-6591
Cell: (916) 705-8847
Fax: (916) 392-6590
Email: info@pmbankruptcy.com
About Crystal Basin Cellars
Crystal Basin Cellars, Inc. has been in the business of promoting
and selling wine products since March 5, 2000.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Calif. Case No. 24-25612) on Dec. 13, 2024, with
$1 million to $10 million in both assets and liabilities. Michael
Owen, president of Crystal Basin Cellars, signed the petition.
Judge Christopher D. Jaime presides over the case.
Peter G. Macaluso, Esq., at the Law Office of Peter G. Macaluso, is
the Debtor's bankruptcy counsel.
LINX OF LAKE: Unsecureds to Get Share of Income for 3 Years
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Linx of Lake Mary, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Subchapter V Plan of
Reorganization dated March 13, 2025.
The Debtor owns and operates an elite championship golf course
located in Lake Mary, Florida known as the "Timacuan Club." The
golf course was recently renovated with new greens, tee boxes and
improvements to the irrigation system.
The Debtor also has a 24,000 square foot clubhouse, is also a
popular venue for social and corporate events and the grill is a
frequent spot for lunch. The Debtor leases the grounds from
Timacuan Partners, LLC, a non-affiliated entity, under a long-term
lease.
In November 2022, the Debtor took out a loan with HLI Investments
and Funding-Fund 2, LLC on a senior secured basis in the amount of
approximately $630,000.00. The loan matured in November 2024. As of
the Petition Date, HLI and the Debtor could not agree to terms on
the extension of the loan based on a former owner refusing to sign
the required paperwork.
The Debtor's revamped and improved course along with new management
shall provide a successful path for the Debtor's continue
operations with the hopes of resolving disputes with its creditors
and ensure the Debtor's long-term success for the benefit of Lake
Mary and the Central Florida community.
Class 2 consists of all Allowed General Unsecured Claims against
the Debtor. In full satisfaction of the Allowed Class 2 General
Unsecured Claims, Holders of Class 2 Claims shall receive a pro
rata share of Debtor's projected Disposable Income for three years
following the Effective Date paid quarterly. The first distribution
will occur the first quarter after the Effective Date.
In addition to the annual distributions outlined herein, Class 2
Claimholders shall also receive a pro rata share of the net
proceeds recovered from all Causes of Action after payment of
professional fees and costs associated with such collection
efforts, and after Administrative Claims and Priority Claims are
paid in full. The maximum Distribution to Class 2 Claimholders
shall be equal to the total amount of all Allowed Class 2 General
Unsecured Claims. Class 2 is Impaired.
Class 3 consists of all equity interests in the Debtor. The Class 3
Interest Holders shall retain their respective Interest in the
Debtor, in the same proportion such Interest were held as of the
Petition Date. Class 3 is Unimpaired.
The Plan contemplates the Debtor will continue to manage and
operate its business in the ordinary course, but with restructured
debt obligations.
Funds generated from the Debtor's operations through the Effective
Date will be used for Plan Payments; however, the Debtor's cash on
hand as of Confirmation will be available for payment of
Administrative Expenses.
A full-text copy of the Subchapter V Plan dated March 13, 2025 is
available at https://urlcurt.com/u?l=OPzBue from PacerMonitor.com
at no charge.
About Linx of Lake Mary
Linx of Lake Mary, LLC owns and operates an elite championship golf
course located in Lake Mary, Florida known as the "Timacuan Club."
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06781) on Dec. 13,
2024, listing up to $10 million in both assets and liabilities.
Patrick Schneider, manager of Linx of Lake Mary, signed the
petition.
Judge Grace E. Robson oversees the case.
The Debtor is represented by:
Justin M. Luna, Esq.
Latham, Luna, Eden & Beaudine, LLP
Tel: 407-481-5800
Email: jluna@lathamluna.com
PRIMAL MATERIALS: Unsecureds to Get Share of Income for 36 Months
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Primal Materials, LLC, and Primal Crushing, LLC, filed with the
U.S. Bankruptcy Court for the Northern District of Texas an
Original Joint Plan of Reorganization dated March 13, 2025.
The primary value of the Debtors' Estates is associated with the
Debtors' rock crushing and loading equipment as well as accounts
receivable. The Debtors believe that while the liquidation value
of the personal property of the estates is significant, the vast
majority of that value would be consumed by the Claims of Secured
Creditors and Administrative Expenses in a chapter 7 liquidation.
The Plan provides for the substantive consolidation of Primal
Materials and Primal Crushing with Primal Materials emerging from
bankruptcy as the Reorganized Debtor. This Plan is provided to all
known Creditors and parties in interest pursuant to the Bankruptcy
Code.
Under the Plan, the Reorganized Debtor will pay in full Allowed
Secured Claims, Allowed Administrative Claims, Allowed Priority
Claims and Allowed Priority Tax Claims. Debtor will make payments
to Creditors holding Allowed General Unsecured Claims over a period
of 36 months in quarterly distributions of a fixed amount proposed
herein or, alternatively, of Disposable Income available to the
Debtor.
Class 5 consists of General Unsecured Claims against Primal
Materials. Each holder of an Allowed Unsecured Claim in Class 5
shall be paid by the Reorganized Debtor as follows in full
satisfaction of such creditor's claim: holders of an allowed Class
5 (as well as other Classes of Claims deemed to be a member of
Class 5) shall receive their pro-rata share of payments of a fixed
amount from a common fund (the "Unsecured Creditor Pool"), for
thirty-six months or, alternatively, of Disposable Income available
to Primal Materials as described in greater detail in Paragraph 8.5
herein, in payment of this Claim.
Payments from the Unsecured Creditor Pool to holders of allowed
Class 5 Claims shall be accrued and paid quarterly, for a period
not to exceed three years. The first of twelve quarterly Disposable
Income Payments shall be made on the first day of the third month
following the Effective Date and every three months thereafter. No
Holder of a Class 5 Claim shall receive more than 100% of their
Allowed Claim. A Holder of both a Class 5 Claim and a Class 12
Claim which is based on the same underlying obligation, shall be
entitled to a single recovery pursuant to this Class 5 of the
Plan.
Class 6 consists of the Holder of Allowed Interests of Primal
Materials. The Holder of the Allowed Class 6 Interests shall retain
his interests in the Reorganized Debtor.
Class 12 consists of Allowed Unsecured Claims against Primal
Crushing (including Claims arising from the rejection of executory
contracts and/or unexpired leases) other than: (i) Administrative
Claims; (ii) Priority Tax Claims; or (iii) Claims included within
any other Class designated in this Plan. All Allowed Class 12
Claims shall be assumed by the Reorganized Debtor and paid pursuant
to the terms of Class 5 of the Plan. Class 12 is impaired and
entitled to vote on the Plan.
Class 13 consists of the Holders of Allowed Interests of Primal
Crushing. The interests of Holders of Allowed Class 13 Interests
shall be cancelled as of the Effective Date. Class 13 is impaired.
The Holders are not entitled to vote on the Plan.
In the event of Confirmation pursuant to Section 1191(a) of the
Bankruptcy Code, the Reorganized Debtor shall make monthly deposits
of $25,000.00 to the Unsecured Creditor Pool from which Disposable
Income Payments shall be made on a quarterly basis to the Holders
of Allowed Class 5 and Class 12 Claims pro rata. The first of
twelve quarterly Disposable Income Payments shall be made on the
first day of the third month following the Effective Date and every
three months thereafter.
In the event of Confirmation pursuant to Section 1191(b) of the
Bankruptcy Code, the Unsecured Creditor Pool shall be funded by the
Reorganized Debtor's Disposable Income which shall be calculated on
each anniversary of the Effective Date for three years.
A full-text copy of the Original Joint Plan of Reorganization dated
March 13, 2025 is available at https://urlcurt.com/u?l=8hDa2v from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Joseph F. Postnikoff, Esq.
ROCHELLE MCCULLOUGH, LLP
300 Throckmorton Street, Suite 520
Fort Worth, Texas 76102
Telephone – 817.347.5260
Email: jpostnikoff@romclaw.com
About Primal Materials
Primal Materials, LLC, is a locally owned and operated company,
providing dirt moving and excavation services for ranchers and new
construction sites in the Big Country surrounding Abilene, Texas.
Primal Materials and Primal Crushing, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case
No. 24-10217) on December 12, 2024. In the petitions signed by
Victor John Hirsch, III, member/manager, Primal Materials disclosed
up to $500,000 in assets and up to $10 million in liabilities.
The Debtors tapped Joseph F. Postnikoff, Esq., at Rochelle
McCullough, LLP, as counsel and McKinney Tax Professionals, LLC, as
accountant.
SPIRIT AIRLINES: Net Loss in January Swings to $138.4 Million
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Spirit Airlines, Inc. filed with the U.S. Securities and Exchange
Commission its monthly operating report for January 2025.
The Debtor's statement of operations reflected a net loss of $138.4
million for the current reporting period, compared to a net loss of
$93.5 million for the month prior.
As of January 31, 2025, the Debtor listed $9.5 billion in total
assets, $9.7 billion in total liabilities, and -$217.9 million in
total shareholders' equity.
The Debtor started the month with $1.1 billion cash. It listed
total cash receipts of $407.8 million and total disbursements of
$532.1 million. At month end, the Debtor had $1 billion cash.
A copy of the monthly operating report is available at the SEC at:
https://tinyurl.com/2dhrb6fa
About Spirit Airlines
Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to
delivering the best value in the sky by offering an enhanced travel
experience with flexible, affordable options. Spirit serves
destinations throughout the United States, Latin America and the
Caribbean with its Fit Fleet, one of the youngest and most
fuel-efficient fleets in the U.S. On the Web:
http://wwww.spirit.com/
Spirit Airlines and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after
reaching terms of a pre-arranged plan with bondholders. At the time
of the filing, Spirit Airlines reported $1 billion to $10 billion
in both assets and liabilities. Judge Sean H. Lane oversees the
case.
The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel;
Alvarez & Marsal North America, LLC, as financial advisor; and
Perella Weinberg Partners LP as investment banker. Epiq Corporate
Restructuring, LLC, is the claims agent.
Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel
for the Ad Hoc Group of Convertible Noteholders.
Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC
represent the Ad Hoc Group of Senior Secured Noteholders.
The official committee of unsecured creditors retained Willkie Farr
& Gallagher LLP as counsel.
Citigroup Global Markets, Inc., is serving as financial advisor and
Latham & Watkins LLP is serving as legal counsel to Frontier.
SPIRIT AIRLINES:
Spirit Airlines, Inc. filed with the U.S. Securities and Exchange
Commission its monthly operating report for November 2024.
The Debtor's statement of operations reflected a net loss of $316.4
million for the current reporting period.
As of November 30, 2024, the Debtor listed $9.48 billion in total
assets, $9.47 billion in total liabilities, and $12.6 million in
total shareholders' equity.
The Debtor started the month with $877.3 million cash. It listed
total cash receipts of $213.5 million and total disbursements of
$203.6 million. At month end, the Debtor had $887.2 million cash.
A copy of the monthly operating report is available at the SEC at:
https://tinyurl.com/3ccyrsha
About Spirit Airlines
Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to
delivering the best value in the sky by offering an enhanced travel
experience with flexible, affordable options. Spirit serves
destinations throughout the United States, Latin America and the
Caribbean with its Fit Fleet, one of the youngest and most
fuel-efficient fleets in the U.S. On the Web:
http://wwww.spirit.com/
Spirit Airlines and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after
reaching terms of a pre-arranged plan with bondholders. At the time
of the filing, Spirit Airlines reported $1 billion to $10 billion
in both assets and liabilities. Judge Sean H. Lane oversees the
case.
The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel;
Alvarez & Marsal North America, LLC, as financial advisor; and
Perella Weinberg Partners LP as investment banker. Epiq Corporate
Restructuring, LLC, is the claims agent.
Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel
for the Ad Hoc Group of Convertible Noteholders.
Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC
represent the Ad Hoc Group of Senior Secured Noteholders.
The official committee of unsecured creditors retained Willkie Farr
& Gallagher LLP as counsel.
Citigroup Global Markets, Inc., is serving as financial advisor and
Latham & Watkins LLP is serving as legal counsel to Frontier.
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