/raid1/www/Hosts/bankrupt/TCR_Public/250414.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, April 14, 2025, Vol. 29, No. 103
Headlines
1021-1025 SANTA FE: Seeks to Hire Raymond H. Aver as Legal Counsel
1027 FANTASY: Case Summary & Five Unsecured Creditors
13007 YUKON: Taps Armory Consulting Co. as Financial Advisor
145 NAVARRO: Seeks to Tap Tran Singh as Bankruptcy Counsel
210 8TH ST: Taps Wadsworth Garber Warner Conrardy as Counsel
23ANDME HOLDING: Zentree Holds 18.2% Class A Common Shares
26 METAL RECYCLING: Hires Jose Ramon Cintron as Legal Counsel
47-30 REALTY: Seeks Interim Cash Collateral Access
75 RI LLC: Seeks to Hire William C. Johnson Jr. as Counsel
80G DEVELOPMENT: Seeks to Hire Greg Burns as Real Estate Agent
99 BOTTLES: Court OKs Melbourne Property Sale
AC DUCTOLOGIST: Seeks Approval to Hire KapilaMukamal as Accountant
AC DUCTOLOGIST: Seeks Approval to Tap LSS Law as Bankruptcy Counsel
ACCOUNTING LAB: Taps Latham Luna Eden & Beaudine as Counsel
ADVOCATES FOR OPPORTUNITY: Taps Maxwell Consulting as Accountant
AFH AIR PROS: Seeks to Hire Greenberg Traurig as Bankruptcy Court
AFH AIR: Seeks Approval to Hire Jefferies LLC as Investment Banker
AFTERSHOCK COMICS: Claims to be Paid From Available Cash and Income
AIR INDUSTRIES: Delays 10-K Filing Due to Financial Review
ALPINE 4: Kent Wilson, Ian Kantrowitz Resign as Directors
AMERICAN STEAM: Section 341(a) Meeting of Creditors on May 9
APPLIED DNA: Sets 2025 Annual Meeting for May 22
ATLANTIC NATURAL: Seeks Chapter 11 Bankruptcy in Louisiana
AUSTEX AGGREGATES: Case Summary & 15 Unsecured Creditors
AVENIR WELLNESS: Delays 10-K Filing Due to Info Compilation Issues
AZZUR GROUP: Seeks Approval to Hire Ordinary Course Professionals
B. RILEY FINANCIAL: Completes Debt Exchange for New 8% Notes
BARRACUDA PARENT: Moody's Alters Outlook on 'B3' CFR to Negative
BEELINE HOLDING: Delays 10-K Filing Due to Audit Work Post-Merger
BEST CHOICE: Section 341(a) Meeting of Creditors on May 8
BETA DRIVE: Gets Extension to Access Cash Collateral
BH DOWNTOWN: Taps Hilco Real Estate as Real Estate Agent
BIOREGENX INC: Delays 2024 Form 10-K Filing Due to Audit Issues
BISHOP OF SAN DIEGO: Fee Examiner Taps Bielli & Klauder as Counsel
BOSTON HARBOR: Seeks to Hire Ascendant Law Group as Counsel
BOYNE USA: Settles Big Sky Class-Action Lawsuit for $25 Million
BRIGHT CARE: Seeks Chapter 11 Bankruptcy in California
BROOGE ENERGY: Deadline to File Claims in SEC Case Set for July 26
BUS-TEV LLC: Taps Berger Fischoff Shumer Wexler & Goodman as Atty.
CALERES INC: S&P Downgrades ICR to 'BB-' on Elevated Leverage
CAMBER ENERGY: Closes Transaction With T&T Power Group
CANYON CREEK: Hires Allen Vellone Wolf Helfrich as Counsel
CANYON SPRINGS: Hires Joyce W. Lindauer as Bankruptcy Counsel
CANYON SPRINGS: Seeks to Hire Joyce W. Lindauer as Legal Counsel
CAPSTONE CONSULTING: To Sell Logan Property
CAREPOINT HEALTH: Battles to Confirm Revised Chapter 11 Plan
CAREVIEW COMMUNICATIONS: Reports $4.7 Million Net Loss in FY 2024
CARRUTH COMPLIANCE: Seeks to Hire Sussman Shank as Legal Counsel
CFN ENTERPRISES: Needs More Time to Complete Form 10-K Filing
CHARITY PRIME: Taps New Beginnings Realty as Real Estate Broker
CHRISTIAN HOMES: Fitch Withdraws 'D' Issuer Rating
COLD SPRING: No Decline in Resident Care, 1st PCO Report Says
COMMUNITY AWARENESS: Hires Robert S. Lewis as Bankruptcy Counsel
COMMUNITY HEALTH: Closes $284M Sale of Lake Norman Medical Center
CONVENTION CENTER: Seeks Approval to Tap Tamarez CPA as Accountant
COTTON HOUSE: Seeks Chapter 11 Bankruptcy in North Carolina
CRANE ENTERPRISES: Hires Silverman Law as Bankruptcy Counsel
CTN HOLDINGS: Taps Kurtzman Carson as Claims and Noticing Agent
CUSHMAN & WAKEFIELD: S&P Affirms 'BB-' ICR, Outlook Stable
CUTERA INC: Paul Weiss & Porter Hedges Update List of Noteholders
CUTERA INC: Trustee Opposes Chapter 11 Reorganization Plan
DCA OUTDOOR: Taps Creative Planning as Audit and Tax Professional
DE HOOP CORP: Seeks to Hire Medina Law Firm LLC as Attorney
DE HOOP: Seeks to Hire Alessandro & Associates CPA as Accountant
DEEP GREEN: Delays Annual Report on Form 10-K Filing
DMD FLORIDA: Seeks to Hire Moecker Realty as Real Estate Broker
DON ENTERPRISES: Seeks $80,000 DIP Loan From Don Services
EARTHSNAP INC: Seeks to Hire Elite BAT Services as Accountant
EL CASTILLO RETIREMENT: Fitch Affirms BB+ Issuer Default Rating
EL CHILITO MEXICAN: Court OKs Deal to Use SBA's Cash Collateral
EMMAUS LIFE: Delays Filing of 2024 Annual Report
ENERGY FOCUS: CEO Buys $200K Worth of Shares in Private Placement
ENGLOBAL CORP: Taps Okin Adams Bartlett Curry as Legal Counsel
ENPRO INC: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
ERC MANUFACTURING: Taps Jose L. Ortiz-Torres as Accountant
FAIR ANDREEN: Hearing Today on Bid to Use Cash Collateral
FAMILY OF CARE: PCO Reports No Resident Care Complaints
FARRELL'S ON ROUND: Taps Coldwell Banker as Real Estate Broker
FIREFLY NEUROSCIENCE: Appoints Greg Lipschitz as CEO
FIRST HEALTH: Gets Final OK to Use Cash Collateral
FLORIDA MONSTER: Court Extends Cash Collateral Access to April 23
FRANCHISE GROUP: Taps Chilmark Partners as Financial Advisor
FREE SPEECH: Conn. High Ct. Won't Review $1.4B Alex Jones Verdict
FULL HOUSE: Seeks Approval to Hire Tamarez CPA as Accountant
FUTURE FINTECH: Implements 1-for-10 Reverse Stock Split
G FAB: Seeks to Sell Ford Truck for $32,928
GEORGIA EARTH & PIPE: Gets OK to Use Cash Collateral for Payroll
GLIDE LOGISTICS: Seeks Cash Collateral Access Until May 31
GO LAB: Hires Omni Agent Solutions as Claims and Noticing Agent
GO LAB: Seeks to Hire Cozen O'Connor as Bankruptcy Counsel
GO LAB: Seeks to Hire Jefferies LLC as Investment Banker
GO LAB: Seeks to Hire Nixon Peabody LLP as Special Tax Counsel
GOL LINHAS: Fine-Tunes Plan Documents
GOLDEN TRIANGLE: Seeks Approval to Hire Tamarez CPA as Accountant
GOLDSBY ENTERPRISES: Seeks Subchapter V Bankruptcy in Delaware
GREAT EDUCATION: Seeks Subchapter V Bankruptcy in Illinois
GREENLEAF 2 CPE: Hires Broadway Advisors LLC as Sales Agent
GUIDEPOST A LLC: April 30 Public Sale Auction Set
HALL LABS: Stutzman Bromberg Represents Certain Tort Claimants
HAWAII STAGE: Unsecureds Will Get 10% of Claims in Plan
HEALTHIER CHOICES: Delays 10-K Filing Due to Spin-Off, Audit Issues
HEALTHY EXTRACTS: Posts $840K Net Loss in 2024, Faces Going Concern
HOOTERS OF AMERICA: Seeks to Hire Kroll as Claims & Noticing Agent
HURRICANE GLASS: Gets Interim OK to Use Cash Collateral
HYPERSCALE DATA: Files Certificate for Series B Preferred Stock
HYPERSCALE DATA: Issues $1.65M Convertible Note to Orchid Finance
HYPERSCALE DATA: Secures $50M Financing for Michigan AI Center
HYPERTECH INC: Case Summary & 20 Largest Unsecured Creditors
I A P CONSTRUCTION: Gets OK to Use Cash Collateral Until April 30
ILUSTRATO PICTURES: Delays 10-K Filing, Expects to File by April 15
IMPACT THEORY: Claims in Settled SEC Case Due Aug. 15, 2025
INDEPENDENCE REALTY: Hires Butler Snow LLP as Special Counsel
INDIVIDUALIZED ABA: Seeks Cash Collateral Access
INTERNATIONAL IMPULSE: Taps James & Haugland as Legal Counsel
INTERNATIONAL LAND: Delays Filing of 2024 Annual Report
JACKSON COURT: Court OKs San Francisco Property Sale
K&NN TRUCKING: Gets OK to Hire Goldsmith & Guymon as Counsel
KAL FREIGHT: Chapter 11 Plan Approved After Effective Date Extended
KAM REALTY: Unsecured Creditors Will Get 100% of Claims in Plan
KB3 2275: Hires Divine Law Office as Special Counsel
KB3 2275: Seeks to Hire Divine Law Office as Special Counsel
KNY 26671: Case Summary & 20 Largest Unsecured Creditors
KRT INC: Seeks Approval to Hire Steffes Group as Auctioneer
KRUGER PRODUCTS: DBRS Confirms BB Issuer Rating
KWENCH JUICE: Trustee Seeks to Hire Murphy & King as Legal Counsel
LAKE BENNETT: Seeks Chapter 11 Bankruptcy in Florida
LAKESHORE LEARNING: Moody's Cuts CFR to 'B3', Outlook Stable
LANDMARK HOLDINGS: PCO Hires Rimon P.C. as Lead Counsel
LANDMARK HOLDINGS: PCO Taps Shutts & Bowen LLP as Local Counsel
LEE FRANCHISE: Seeks to Hire Michael A. Rogers CPA as Accountant
LEISURE INVESTMENTS: Hires Kurtzman as Claims & Noticing Agent
LG PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
MAT TRANSPORT: Seeks Approval to Tap I&S Tax Service as Accountant
MENORAH CAMPUS: Hires Pyramid Brokerage as Real Estate Broker
MID-COLORADO INVESTMENT: Hires Hackstaff Snow Atkinson as Counsel
MID-COLORADO INVESTMENT: Taps Fairfield and Woods as Legal Counsel
MILLENKAMP CATTLE: Unsecured Creditors Have 2 Options in Plan
MILLENNIUM SERVICES: Trustee Taps Vanderwilt Steven as Accountant
MIRAMAR TOWNHOMES: Gets Extension to Access Cash Collateral
MOBIVITY HOLDINGS: Delays 10-K Filing Due to Audit Completion
MOM CA: Gets Court Approval to Hire Ordinary Course Professionals
MURPHY OIL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable
NEW LEDA LANES: Court Extends Cash Collateral Access to April 23
NIKOLA CORP: Lucid to Buy Certain Facilities, Assets
NORMAN REGIONAL: Moody's Lowers Rating on Revenue Bonds to Caa2
NXT ENERGY: Posts C$9.1 Million Loss in 2024
ORGANON & CO: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
OZOP ENERGY: Delays Filing of 2024 Annual Report
P3 HEALTH: Registers Additional 9.16M Shares Under Incentive Plan
PACTIV EVERGREEN: S&P Lowers ICR to 'B+' Then Withdraws Rating
PALWAUKEE HOSPITALITY: Gets Extension to Access Cash Collateral
PEARCE SPECIALTY: Seeks to Hire Neeleman Law Group as Counsel
PERFORMANCE MOBILE: Seeks Cash Collateral Access
PHAIR COMPANY: Taps Pinnacle Legal P.C. as Bankruptcy Counsel
PHILLIPS TOTAL: Taps Richman & Richman as Bankruptcy Counsel
PHVC4 HOMES: To Sell 20 Vacant Lots to Foxwood Farms
PHVC4 HOMES: To Sell 23 Single-Family Homes to Spartan Invest
PIZZERIA MANAGEMENT: Cash Collateral Hearing Set for April 15
PIZZERIA MANAGEMENT: Seeks to Hire Coffey Law as Bankruptcy Counsel
PLENTY UNLIMITED: Seeks to Hire Ordinary Course Professionals
POET TECHNOLOGIES: Net Loss Widens to $56.7 Million in 2024
PREMIER TILLAGE: Taps Great Plains Capital Partners as Broker
PUBLISHERS CLEARING HOUSE: To Streamline Operations in Chapter 11
PURDUE PHARMA: Can Begin Early Chapter 11 Claims Processing
REENVISION AESTHETICS: U.S. Trustee Appoints Tamar Terzian as PCO
REGIONS PROPERTY: Case Summary & 19 Unsecured Creditors
RITEWAY INSURANCE: Files Emergency Bid to Use Cash Collateral
RIVAL COMMERCIAL: Case Summary & 18 Unsecured Creditors
ROCKY MOUNTAIN: Seeks to Hire Tammy Broadlick as Bookkeeper
ROYAL INTERCO: April 16 Deadline Set for Panel Questionnaires
SAFE & GREEN: Posts $17M Loss in 2024, Going Concern Doubt Remains
SIYATA MOBILE: Net Loss Widens to $25.3 Million in 2024
SOLID FINANCIAL: Seeks Chapter 11 Bankruptcy in Delaware
SONIC AUTOMOTIVE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
SPENCER & ASSOCIATES: Seeks to Hire Lane Law Firm PLLC as Counsel
SPLASH BEVERAGE: Needs More Time to File 2024 Annual Report
STEWARD HEALTH: PCO Hires Kane Russell Coleman Logan as Counsel
STICKY FINGERS: Seeks to Hire Cooper Law Firm as Legal Counsel
STONY BROOK: Seeks Chapter 11 Bankruptcy in New York
SULLIVAN MECHANICAL: Seeks to Hire Cottonwood Commercial as Broker
SULLIVAN MECHANICAL: Seeks to Hire Tavenner & Beran as Counsel
TAKARA GROUP: Gets Interim OK to Use Cash Collateral
TALLULAH'S TAQUERIA: Seeks Subchapter V Bankruptcy in Rhode Island
THERAPY BRANDS: Moody's Alters Outlook on 'Caa1' CFR to Negative
THOMPSON ELECTRIC: Sec. 341(a) Meeting of Creditors on May 8
TRISTATE DEVELOPMENT: Seeks to Hire Steven H. Greenfeld as Counsel
TROPICANA BRANDS: Debt Deal Splits Creditors Into Winners, Losers
TRUE VALUE: Gets Post-Sale Chapter 11 Plan Court Approval
TRULEUM INC: Delays 2024 10-K Filing to Complete Disclosures
TURNONGREEN INC: Delays 10-K Filing Due to Review Constraints
TZADIK HIDDEN: Case Summary & 15 Unsecured Creditors
UNIVERSITY OF THE ARTS: Gets Chapter 7 Property Sale Court Approval
US LIGHTING: Delays 2024 10-K Filing Due to CFO Vacancy
VALHALLA LAND: Seeks to Hire Rafool & Bourne as Bankruptcy Counsel
VERITAS FARMS: Delays Filing of 2024 Annual Report
VETCORE TECHNOLOGY: Seeks Chapter 11 Bankruptcy in Texas
VICINITY MOTOR: Seeks to Sell Electric Vehicle Business at Auction
VILLAGE ROADSHOW: Hires Young Conaway Stargatt & Taylor as Counsel
VILLAGE ROADSHOW: Morrison & Potter Revise Rule 2019 Statement
VILLAGE ROADSHOW: Seeks to Hire Kurtzman as Administrative Advisor
VILLAGE ROADSHOW: Seeks to Hire Ordinary Course Professionals
VILLAGE ROADSHOW: Taps Accordion Partners as Restructuring Advisor
VILLAGE ROADSHOW: Taps Sheppard Mullin Richter & Hampton as Counsel
VILLAGE ROADSHOW: Warner Bros. Aims to Protect Ch. 11 Sale Rights
VIRGOLINO DE OLIVEIRA: Seeks Chapter 15 Bankruptcy in New York
VOSSEKUIL PROPERTIES: Gets Interim OK to Use Cash Collateral
WELLPATH HOLDINGS: PCO Hires Kane Russell Coleman as Legal Counsel
WESTERN URANIUM: Delays 10-K Filing Due to Incomplete Information
WIRECO WORLDGROUP: Moody's Cuts CFR to B2 & Alters Outlook to Neg.
WOLYNIEC CONSTRUCTION: Gets Court OK to Use Cash Collateral
WYNDHAM HOTELS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
XCELERATOR BOATWORKS: Court OKs to Sell Boat Business at Auction
YANKE CONSTRUCTION: Hires Schafer and Weiner as Bankruptcy Counsel
YELLOW CANOE: Seeks Approval to Hire Narron CPA as Accountant
ZIPRECRUITER INC: Fitch Lowers LongTerm IDR to 'B', Outlook Neg.
[] Kissimmee Development Site Up for Auction on April 30
*********
1021-1025 SANTA FE: Seeks to Hire Raymond H. Aver as Legal Counsel
------------------------------------------------------------------
1021-1025 Santa Fe Avenue LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
The Law Offices of Raymond H. Aver, A Professional Corporation as
its counsel.
The firm will render these services:
(a) represent the Debtor at its Initial Debtor Interview;
(b) represent the Debtor at its meeting of creditors pursuant
to Bankruptcy Code Section 341(a), or any continuance thereof;
(c) represent the Debtor at all hearings before the U.S.
Bankruptcy Court;
(d) prepare necessary legal papers;
(e) advise the Debtor regarding matters of bankruptcy law;
(f) represent the Debtor with regards to all coneetested
matters;
(g) represent the Debtor with regards to the preparation of a
disclosure statement and the negotiation, preparation, and
implementation of a plan of reorganization;
(h) analyze any secured, priority, or general unsecured claims
that have been filed in the Debtor's bankruptcy case;
(i) negotiate with the Debtor's secured and unsecured
creditors regarding the amount and payment of their claims;
(j) object to claims as may be appropriate; and
(k) perform all other legal services for the Debtor as may be
necessary, other than adversary proceedings which would require a
further written agreement.
The firm received a prepetition retainer payment of $4,000 from the
Debtor.
Raymond Aver, a shareholder at the firm, will be paid at his hourly
rate of $595.
Mr. Aver disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Raymond H. Aver, Esq.
The Law Offices of Raymond H. Aver
A Professional Corporation
10801 National Blvd., Ste. 100
Los Angeles, CA 90064
Telephone: (310) 571-3511
Email: ray@averlaw.com
About 1021-1025 Santa Fe Avenue
1021-1025 Santa Fe Avenue LLC is a limited liability company.
1021-1025 Santa Fe Avenue LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11700) on March
4, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Julia W. Brand handles the case.
The Law Offices of Raymond H. Aver, A Professional Corporation
serves as the Debtor's counsel.
1027 FANTASY: Case Summary & Five Unsecured Creditors
-----------------------------------------------------
Debtor: 1027 Fantasy, LLC
d/b/a Adventure Island
274 Ronald Reagan Pkwy
Davenport, FL 33896
Business Description: 1027 Fantasy, LLC, doing business as
"Adventure Island," is a Florida-based
company specializing in immersive, themed
vacation rentals tailored for large groups
and special events. The Debtor owns an
investment property located at 1027 Fantasy
Drive, Davenport, Florida 33896, valued at
approximately $10.9 million, which serves as
the flagship location for its luxury short-
term rental offerings.
Chapter 11 Petition Date: April 10, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-02242
Judge: Hon. 25-02242
Debtor's Counsel: Erik J. Washington, Esq.
THE WASHINGTON LAW FIRM, PA
PO Box 536086
Orlando, FL 32853
Tel: 407-982-4130
E-mail: ewashington@washfirm.com
Total Assets: $10,900,000
Total Liabilities: $7,338,256
Emmanuel Mohammed, in his capacity as the manager, signed the
petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/ZBWOIEI/1027_Fantasy_LLC__flmbke-25-02242__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Five Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Duke Energy $0
299 1st Ave
Saint Petersburg, FL 33701
2. Joe G. Tedder Unknown
Tax Collector
430 E Main St
Bartow, FL 33830
3. LEAF Capital Funding $4,000
8100 Sandpiper Cir
Suite 300
Nottingham, MD 21236
4. Polk County $0
330 W. Church St
Bartow, FL 33830
5. Unique Funding Solutions, LL $400,000
c/o Hector E. Lora
1801 NE 123 Street
Miami, FL 33181
13007 YUKON: Taps Armory Consulting Co. as Financial Advisor
------------------------------------------------------------
13007 Yukon Avenue, Hawthorne, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Central District of
California to employ Armory Consulting Co. as their financial
advisor.
The firm will provide these services:
a. provide strategic financial guidance and assistance for the
Debtors through their bankruptcy;
b. manage reporting requirements pertaining to the Bankruptcy
Court and the U.S. Trustee's office, including (as applicable)
Schedules and Statement of Financial Affairs, monthly operating
reports, cash flow projections, 341(a) hearings, and related
compliance matters;
c. assist with negotiating and, as appropriate, serving as a
liaison between the Debtors, and the creditors or their
representatives;
d. provide testimony, including deposition and courtroom
testimony, before the Bankruptcy Court on matters within Armory's
expertise and consistent with Armory's scope of services;
e. assist with the development of plans of reorganization;
f. prepare long-term projections and liquidation analysis;
g. evaluate the possible rejection of any executory contracts
and unexpired leases;
h. assist in the evaluation and analysis of avoidance actions
and causes of action; and oversee analysis of creditors’ claims;
and
i. provide additional services as may be mutually agreed upon
in writing between the Debtors and Armory.
The firm's professionals will be paid at these hourly rates:
James Wong $650
Staff $425
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James Wong, the principal at Armory Consulting, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
James Wong
Armory Consulting Co.
3943 Irvine Blvd.
Irvine, CA 92602
Telephone: (714) 222-5552
Email: jwong@armoryconsulting.com
About 13007 Yukon Avenue, Hawthorne LLC
13007 Yukon Avenue, Hawthorne LLC is a single asset real estate
debtor, as defined in 11 U.S.C. Section 101(51B)).
13007 Yukon Avenue, Hawthorne LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10880) on
February 3, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Barry Russell handles the case.
Matthew Lesnick, Esq., at Lesnick Prince & Pappas LLP serves as the
Debtor's counsel.
145 NAVARRO: Seeks to Tap Tran Singh as Bankruptcy Counsel
----------------------------------------------------------
145 Navarro, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Tran Singh LLP as
counsel.
The firm has been engaged to provide these services:
a. due diligence in preparation of the filing for Chapter 11;
and
b. representation of you in your Chapter 11 as general
bankruptcy counsel.
The firm will be paid at these hourly rates:
Susan Tran Adams, Attorney $650
Brendon Singh, Attorney $650
Paraprofessionals $85
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a pre-petition retainer of $50,000 from the
Debtor.
Mr. Singh disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Brendon Singh, Esq.
Tran Singh LLP
2502 La Branch Street
Houston, TX 77004
Telephone: (832) 975-7300
Facsimile: (832) 975-7301
Email: bsingh@ts-llp.com
About 145 Navarro LLC
145 Navarro LLC is a limited liability company.
145 Navarro LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90011) on February
18, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Christopher M. Lopez handles the case.
The Debtor is represented by Susan Tran Adams, Esq. at Tran Singh,
LLP.
210 8TH ST: Taps Wadsworth Garber Warner Conrardy as Counsel
------------------------------------------------------------
210 8th St LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to hire Wadsworth Garber Warner Conrardy,
P.C. as counsel
The firm's services include:
(a) prepare all necessary legal papers in this Chapter 11
case;
(b) perform all legal services for the Debtor which may become
necessary herein; and
(c) represent the Debtor in any litigation which it determines
is in the best interest of the estate, whether in state or federal
court(s).
The firm's counsel and staff will be paid at these hourly rates:
David Wadsworth, Attorney $500
Aaron Garber, Attorney $500
David Warner, Attorney $425
Aaron Conrardy, Attorney $425
Lindsay Riley, Attorney $325
Hallie S. Cooper, Attorney $225
Paralegals $125
The firm received a retainer in the amount of $30,000, plus $1,738
filing fee.
Mr. Warner disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
David J. Warner, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 W. Main St., Ste. 200
Littleton, CO 80120
Telephone: (303) 296-1999
Email: dwarner@wgwc-law.com
About 210 8th St LLC
210 8th St LLC is a real estate debtor with a single asset, as
described in 11 U.S.C. Section 101(51B). The Debtor holds full
ownership of the property situated at 210 8th St., Colorado
Springs, CO 80905, which is appraised at a market value of $1.4
million.
210 8th St LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 25-11653) on March 28,
2025. In its petition, the Debtor reports total assets of
$1,455,000 and total liabilities of $1,453,420.
Honorable Bankruptcy Judge Michael E. Romero handles the case.
The Debtor is represented by David J. Warner, Esq. at WADSWORTH
GARBER WARNER CONRARDY, P.C.
23ANDME HOLDING: Zentree Holds 18.2% Class A Common Shares
----------------------------------------------------------
Zentree Investments Limited and Richard Magides disclosed in a
Schedule 13D (Amendment No. 2) filed with the U.S. Securities and
Exchange Commission that as of March 28, 2025, they beneficially
owned a total of 3,699,236 shares of 23andMe Holding Co.'s Class A
Common Stock, representing 18.2% of the outstanding Class A Common
Stock, based on 20,340,344 shares outstanding as of March 6, 2025.
Zentree Investments Limited may be reached through:
Zentree Investment Management Pte Ltd
18 Robinson Road, Level 15-01
Singapore 048547
Tel: 656-635-1950
A full-text copy of Altium Zentree's SEC report is available at:
https://tinyurl.com/2s3k5dk3
About 23andMe
23andMe is a genetics-led consumer healthcare and biotechnology
company empowering a healthier future. Through its
direct-to-consumer genetic testing, 23andMe offers personalized
insights into ancestry, genetic traits, and health risks. The
Company has developed a large database of genetic information from
over 15 million customers, enabling it to provide health and
carrier status reports and collaborate on genetic research for drug
development. On the Web: http://www.23andme.com/
On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No.
25-40976).
The Company disclosed $277,422,000 in total assets against
$214,702,000 in total liabilities as of Dec. 31, 2024.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morgan, Lewis &
Bockius LLP are serving as legal counsel to 23andMe and Alvarez &
Marsal North America, LLC as restructuring advisor. Moelis &
Company LLC is serving as investment banker and Goodwin Procter LLP
is serving as legal advisor to the Special Committee of 23andMe's
Board of Directors. Reevemark and Scale are serving as
communications advisors to the Company. Kroll is the claims agent.
26 METAL RECYCLING: Hires Jose Ramon Cintron as Legal Counsel
-------------------------------------------------------------
26 Metal Recycling Corp. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Jose Ramon Cintron,
Esq., a professional practicing law in Puerto Rico, as counsel to
assist and represent it in all its proceedings.
Mr. Cintron will assist the Debtor in preparation of court
documents, appearance at the 341 meeting of creditors and other
court hearings, accounting, tax & financial analyses, and
preparation of a Plan & Disclosure Statement.
The Debtor has paid Mr. Crintron a $5,000 retainer fee against
which all future fees and costs will be charged until exhausted.
Mr. Crintron will charge $250 per hour for his services.
Mr. Crintron assures this Court that he and all members of his firm
are disinterested persons as the term is defined under the
Bankruptcy Code.
The counsel can be reached through:
Jose Ramon Cintron, Esq.
Calle Condado 605, Suite 602
Santurce, PR 00907
Tel: (787) 725-4027
Fax: (787) 725-1709
Cell: (787) 605-3342
E-mail: jrcintron@prtc.net
About 26 Metal Recycling Corp.
26 Metal Recycling Corp. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-01362) on
March 28, 2025, listing $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities. Jose Ramon Cintron, Esq., is the
Debtor's counsel.
47-30 REALTY: Seeks Interim Cash Collateral Access
--------------------------------------------------
47-30 Realty Associates, LLC asked the U.S. Bankruptcy Court for
the Southern District of New York for authority to use cash
collateral.
The Debtor needs to use cash collateral to cover ordinary operating
expenses, including maintenance and repairs. The Debtor's estimated
monthly net revenue is $22,160, with expenses of approximately
$8,000 per month.
DCR Mortgage 10 Sub 4, LLC is the holder of a first mortgage
against the Debtor's mixed-use building in New York City, with a
pre-petition claim, in the scheduled amount in excess of $5.984
million, and, other than the City of New York, is the Debtor's only
known secured creditor.
Prior to the bankruptcy filing, the lender initiated a foreclosure
action against the Debtor and related parties in January 2023,
which resulted in the appointment of a rent receiver, Mark McKew,
in September 2023. The Debtor and the lender have agreed to allow
the receiver to remain in possession of the property pending a
court order.
To provide adequate protection for the lender, the Debtor agrees to
grant the lender a replacement lien on all the Debtor's assets and
property, including future income, receivables, and proceeds from
cash collateral. The replacement liens will apply to any property
the Debtor currently owns or acquires during the bankruptcy
process, including all cash generated post-petition. The lender's
replacement lien extends to various forms of property and rights,
including insurance proceeds and tax refund claims.
A hearing on the matter is set for April 15.
A copy of the motion is available at https://urlcurt.com/u?l=yXauPf
from PacerMonitor.com.
About 47-30 Realty Associates
New York-based 47-30 Realty is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
47-30 Realty Associates filed its voluntary petition for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 24-11635) on Sept. 24, 2024,
listing between $1 million and $10 million in both assets and
liabilities. David Monian, a member of 47-30 Realty Associates,
signed the petition.
Judge David S. Jones oversees the case.
Kucker Marino Winiarsky & Bittens, LLP serves as the Debtor's legal
counsel.
DCR Mortgage 10 Sub 4, LLC, as creditor, is represented by:
Pauline McTernan, Esq.
Otterbourg P.C.
230 Park Avenue New York, NY 10169
Telephone: (212)661-9100/(212) 905-363
Facsimile: (212)682-6104
pmcternan@otterbourg.com
75 RI LLC: Seeks to Hire William C. Johnson Jr. as Counsel
----------------------------------------------------------
75 RI LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to hire William C. Johnson, Jr., Esq. as
counsel.
Mr. Johnson's services include:
(1) provide general advice and counsel concerning compliance
with the requirements of Chapter 11;
(2) prepare any necessary amendments to the Debtor's schedules,
statement of financial affairs, and related documents as
appropriate;
(3) represent the debtor in possession in all contested
matters;
(4) represent as appropriate in any related matters in other
Courts;
(5) advise and counsel the structure of a plan and any required
amendments thereto;
(6) advise feasibility of confirmation of a plan and
representation in connection with the confirmation process;
(7) provide liaison, consultation, and where appropriate,
negotiation with creditors and other parties in interest;
(8) review of relevant financial information;
(9) review of claims with a view to determining which claims are
allowable and in what amounts;
(10) prosecute claims objections, as appropriate;
(11) represent the Section 341 meeting of creditors and at any
hearings or status conferences in court; and
(12) provide such representations as may be necessary and
appropriate to the case.
Mr. Johnson will be paid at the rate of $450 per hour. The retainer
is $7,262.
Mr. Johnson will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William C. Johnson, Jr., Esq., disclosed in a court filing that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
William C. Johnson, Jr., Esq.
6305 Ivy Lane Suite 630
Greenbelt, Maryland 20770
Tel: (301) 477-3450
Fax: (301) 477-4813
Email: William@JohnsonLG.Law
About 75 RI LLC
75 RI LLC owns two properties: the first, located at 1901 1st St.
NW, Washington, DC 20001, is valued at approximately $4.28 million,
and the second, located at 75 Rhode Island Avenue NW, Washington,
DC 20001, consists of a townhouse adjacent to the Church and is
valued at $750,000.
75 RI LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.C. Case No. 25-00108) on March 26, 2025. In its
petition, the Debtor reports total assets of $5,025,028 and total
liabilities of $4,150,300.
The Debtor is represented by William C. Johnson, Jr., Esq. at THE
sJOHNSON LAW GROUP, LLC.
80G DEVELOPMENT: Seeks to Hire Greg Burns as Real Estate Agent
--------------------------------------------------------------
80G Development, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Greg Burns, a real
estate agent at Compass Realty.
The Debtor needs a broker to sell its property located at 80
Gansett Lane, Amagansett, New York.
The broker will receive a commission of 5 percent of the property's
sale price.
Mr. Burns disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The broker can be reached at:
Greg Burns
Compass Realty
110 Fifth Avenue, 3rd Floor
New York NY 10011
Telephone: (808) 214-0302
Email: gregburns@compass.com
About 80G Development
80G Development, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-74682) on Dec. 10,
2024, listing under $1 million in both assets and liabilities.
Judge Louis A. Scarcella oversees the case.
Douglas Moliterno, Esq., represents the Debtor as counsel.
99 BOTTLES: Court OKs Melbourne Property Sale
---------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, has granted 99 Bottles Hospitality LLC to sell
its Property, free and clear of liens, interests, and
encumbrances.
The Debtor owns commercial real property and personal property
located at 712 E. New Haven Ave., Melbourne, FL 32901.
The Court found that 712 E. New Haven, LLC and The Beef Boys LLC
are good faith purchasers of the properties.
The Court authorized the Debtor to sell the property utilizing the
bid procedures outlined in the Motion. Anyone interested in bidding
more than $2,000,000.00 plus payment of administrative, senior
secured, and priority claims (up to $122,000.00) may do so by
submitting a signed offer exceeding that amount, along with proof
of funds sufficient to pay the offer in full.
In the event the highest bidder fails to deliver proof of funds by
that time their bid will be disregarded, and the next highest
bidder will be notified and given until 5:00 p.m. on the first
business day following notification that they are the new highest
bidder.
The Debtor has full power and authority and is instructed to
execute the documents including without limitation a substantially
similar version of the Purchase Agreement, Security Agreement,
Joint Written Consent of the Members and Managers of 99 Bottles
Hospitality LLC, Real Property Assets Bill of Sale, Warranty Deed,
Business Assets Bill of Sale, together with any other documents as
may be reasonably required to implement and consummate the sale of
the Property.
Any promissory note and mortgage executed by Buyers in favor of the
Debtor at closing reflecting Buyer's promise to repay the $2M sale
price will be assigned to lienholder, Donal Caroll.
About 99 Bottles Hospitality LLC
99 Bottles Hospitality LLC owns and operates a full-service
restaurant business in Melbourne, Fla.
99 Bottles Hospitality sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03666)
on July 17, 2024, with up to $50,000 in assets and up to $10
million in liabilities. Kevin O. Andersen, manager, signed the
petition.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by Michael Faro, Esq., at Faro & Crowder.
AC DUCTOLOGIST: Seeks Approval to Hire KapilaMukamal as Accountant
------------------------------------------------------------------
The AC Ductologist, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ KapilaMukamal
as accountant.
The Debtor needs an accountant to assist with performing its duties
pursuant to the U.S. Trustee's Operating Guidelines and Reporting
Requirements and the rules of the court, including without
limitation, assisting the Debtor with the required monthly
operating reports. It will also assist with the Debtor's
projections for its Chapter 11 Plan of Reorganization and will
assist in the preparation and filing of any required tax returns or
amended tax returns and will further provide tax advice to the
Debtor.
Prior to filing this case, the accountant received a pre-petition
retainer in the amount of $7,500.
The firm's professionals will be paid at these hourly rates:
Melissa Davis, Partner $650
Rachel Weiss $476
In addition, the firm will seek reimbursement for expenses
incurred.
Ms. Davis disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Melissa Davis
KapilaMukamal
1000 South Federal Highway, Suite 200
Fort Lauderdale, FL 33316
Telephone: (954) 761-1011
Facsimile: (954) 761-1033
About The AC Ductologist
The AC Ductologist, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12944) on March 19,
2025, listing under $1 million in both assets and liabilities.
The Debtor tapped Zach Shelomith, Esq., at LSS Law as counsel and
Melissa Davis at KapilaMukamal as accountant.
AC DUCTOLOGIST: Seeks Approval to Tap LSS Law as Bankruptcy Counsel
-------------------------------------------------------------------
The AC Ductologist, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Leiderman
Shelomith + Somodevilla, PLLC, doing business as LSS Law, as
counsel.
The firm will render these services:
(a) give advice to the Debtor with respect to its powers and
duties;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal documents necessary in the administration of
the case;
(d) protect the interests of the Debtor in all matters pending
before the court;
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan; and
(f) perform all other legal services for the Debtor, which may
be necessary herein.
The firm will be paid at these hourly rates:
Zach Shelomith, Esq. $575
Attorneys $525 - $540
Paraprofessionals $195 - $225
In addition, LSS Law will seek reimbursement for expenses
incurred.
Prior to filing this case, the Debtor paid LSS a fee and cost
retainer in the amount of $30,000.
Zach Shelomith, Esq., a member at LSS Law, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Zach Shelomith, Esq.
LSS Law
2699 Stirling Road, Suite C401
Ft. Lauderdale, FL 33312
Telephone: (954) 920-5355
Facsimile: (954) 920-5371
Email: zbs@lss.law
About The AC Ductologist
The AC Ductologist, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12944) on March 19,
2025, listing under $1 million in both assets and liabilities.
The Debtor tapped Zach Shelomith, Esq., at LSS Law as counsel and
Melissa Davis at KapilaMukamal as accountant.
ACCOUNTING LAB: Taps Latham Luna Eden & Beaudine as Counsel
-----------------------------------------------------------
The Accounting Lab Group LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Latham, Luna, Eden & Beaudine, LLP as its counsel.
The firm's services include:
(a) advise the Debtor's rights and duties in this case;
(b) prepare pleadings related to this case; and
(c) take any and all other necessary action incident to the
proper preservation and administration of this estate.
The hourly rates of the firm's counsel and staff are:
Attorneys/Paralegals $485
Junior Paraprofessionals $105
Daniel Velasquez $275 - $475
Prior to the commencement of this case, the Debtor paid an advance
fee of $36,738 for services and expenses to be incurred in
connection with creditor negotiations, litigation, preparation of
the bankruptcy filing prior to the Chapter 11 Bankruptcy filing.
In addition, the firm received $7,450.50 on a current basis, for
services rendered and costs incurred prior to commencement of this
case.
Mr. Velasquez disclosed in a court filing that the firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Daniel A. Velasquez, Esq.
Latham, Luna, Eden & Beaudine LLP
201 S. Orange Ave., Suite 1400
Orlando, FL 32801
Telephone: (407) 481-5800
Facsimile: (407) 481-5801
Email: dvelasquez@lathamluna.com
About The Accounting Lab Group
The Accounting Lab Group LLC is a Florida-based firm specializing
in accounting, tax planning, and business management services. The
Company provides tailored solutions to help business owners
minimize taxes, optimize revenue, reduce overhead, and streamline
operations. The Company works closely with professionals such as
physicians, dentists, veterinarians, and small businesses to
enhance their financial performance and efficiency.
The Accounting Lab Group LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No.: 25-01659) on March
1, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Lori V. Vaughan handles the case.
The Debtor is represented by Daniel A. Velasquez, Esq. at Latham
Luna Eden & Beaudine LLP.
ADVOCATES FOR OPPORTUNITY: Taps Maxwell Consulting as Accountant
----------------------------------------------------------------
Advocates For Opportunity, Inc., seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Maxwell Consulting, Inc. as accountant.
The Debtor desires to employ Dorathea M. Maxwell, CPA, of Maxwell
Consulting, Inc. as its accountant in this case, to prepare the
Debtor’s 2024 tax return.
As compensation, the accountant shall receive a flat fee payment in
the amount of $1,100.
Ms. Maxwell assured the court that her firm does not represents any
interest adverse to the Debtor or the estate, and is a
disinterested person as required by 11 U.S.C. Sec. 327(a).
The firm can be reached through:
Dorathea M. Maxwell, CPA
Maxwell Consulting, Inc.
433 Plaza Real, Suite 275
Boca Raton, FL 33432
Tel: (561) 334-6251
About Advocates For Opportunity, Inc.,
Advocates For Opportunity, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Fla. Case No. 12-13019) on Feb. 7, 2012,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Chad T. Van Horn, Esq.
AFH AIR PROS: Seeks to Hire Greenberg Traurig as Bankruptcy Court
-----------------------------------------------------------------
AFH Air Pros LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Georgia to hire Greenberg Traurig, LLP as
counsel.
The firm's services include:
a. providing legal advice with respect to the Debtors' powers
and duties as debtors in possession in the continued operation of
their business and management of their property;
b. negotiating, drafting, and pursuing all documentation
necessary in these Chapter 11 Cases;
c. preparing, on behalf of the Debtors, applications, motions,
answers, orders, reports, and other legal papers necessary to the
administration of the Debtors' estates;
d. appearing in Court and protecting the interests of the
Debtors before the Court;
e. assisting with any disposition of the Debtors' assets, by
sale or otherwise;
f. negotiating and taking all necessary or appropriate actions
in connection with a plan or plans of reorganization and all
related documents thereunder and transactions contemplated
therein;
g. attending meetings and negotiating with representatives of
creditors, the United States Trustee, and other
parties-in-interest;
h. providing legal advice, including, but not limited to,
advice regarding bankruptcy law, corporate law, corporate
governance, employment, transactional, tax, labor, litigation, and
intellectual property law to the Debtors in connection with the
Debtors' ongoing business operations;
i. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;
j. performing other legal services for, and providing other
necessary legal advice to, the Debtors, which may be necessary and
proper in these Chapter 11 Cases; and
k. providing other related services as requested by the
Debtors and reasonably acceptable to Greenberg Traurig.
Greenberg Traurig's hourly rates are:
Shareholders $615 to $2,250
Of Counsel $550 to $1,975
Associates $350 to $1,220
Legal Assistants/Paralegals $140 to $655
Greenberg Traurig received advance payment retainers from the
Debtors in the aggregate amount of $3,551,385.53.
Pursuant to Part D1 of the Revised UST Guidelines, Greenberg
Traurig hereby provides the following responses:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and reasons for the difference
Response: The material financial terms for the prepetition
engagement remained the same, except that on January 1, 2025,
Greenberg Traurig increased certain hourly rates in accordance with
its historical practice and procedures.
Question: Has your client approved your respective budget and
staffing plan, and, if so, for what budget period?
Response: The Debtors and Greenberg Traurig expect to develop a
prospective budget and staffing plan, recognizing that in the
course of these Chapter 11 Cases, there may be unforeseeable fees
and expenses that will need to be addressed by the Debtors and
Greenberg Traurig.
David Kurzweil, Esq., a shareholder of Greenberg Traurig, LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
David B. Kurzweil, Esq.
Greenberg Traurig, LLP
Terminus 200, 3333 Piedmont Road
NE, Suite 2500,
Atlanta, GA 30305
Tel: (678) 553-2100
About AFH Air Pros LLC
Founded in 2017 in Fort Lauderdale, Florida, Air Pros is a
professional home services provider specializing in HVAC
installation, repair, maintenance, and air quality solutions for
residential and commercial clients. Air Pros also offer plumbing,
electrical services, and home warranties at certain locations. Air
Pros, which began with one vehicle and two employees, now operates
over 600 vehicles, employs more than 700 people, and serves
customers in eight states: Florida, Georgia, Alabama, Mississippi,
Louisiana, Texas, Colorado, and Washington.
AFH Air Pros, LLC, and 19 of its affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. 25-10356) on March 16, 2025, listing estimated
assets of $100 million to $500 million, and estimated liabilities
of $100 million to $500 million. The petitions were signed by by
Andrew D.J. Hede as chief restructuring officer.
Judge Paul Baisier presides over the case.
David B. Kurzweil, Esq. and Matthew A. Petrie, Esq., at Greenberg
Traurig LLP, represent the Debtor as counsel.
ACCORDION PARTNERS, LLC serves as the Debtor's financial advisor.
JEFFERIES LLC services as the Debtor's investment banker.
KURTZMAN CARSON CONSULTANTS, LLC and DBA VERITA GLOBAL serve as the
Debtor's notice, claims & balloting agent and administrative
advisor.
AFH AIR: Seeks Approval to Hire Jefferies LLC as Investment Banker
------------------------------------------------------------------
AFH Air Pros, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Jefferies LLC as investment banker.
The firm will render these services:
(a) provide advice and assistance to the Debtors in connection
with analyzing, structuring, negotiating and effecting, and acting
as their exclusive investment banker in connection with, any
restructuring, reorganization, recapitalization, repayment or
material modification of their outstanding indebtedness or
obligations;
(b) perform investment banking services;
(c) provide the Debtors with financial advice and assistance
in connection with a possible sale, disposition or other business
transaction or series of transactions involving all or a portion of
the equity interests or assets of one or more entities comprising
them to one or more unaffiliated third parties whether directly or
indirectly and through any form of transaction;
(d) Jefferies' services under the Engagement Letter; and
(e) act as sole and exclusive investment banker in connection
with a financing, a restructuring, and an merger & acquisition
(M&A) transaction.
The firm will be compensated as follows:
(a) A monthly fee equal to $100,000;
(b) a restructuring fee in an amount equal to $1.75 million;
(c) a PIMCO M&A transaction fee equal to the lesser of (a)
$250,000 and (b) 2 percent of the aggregate gross proceeds received
or to be received in connection with a PIMCO M&A transaction;
(d) a M&A transaction fee: (a) 2 percent of transaction value
less than or equal to $175.0 million; plus (b) 5 percent of that
portion of transaction value greater than $175 million but less
than or equal to $200 million; plus (c) 10 percent of that portion
of transaction value greater than $200 million;
(e) a financing fee equal to an amount to be determined
according to the following schedule: (a) 2 percent of the aggregate
principal amount of any secured Bank Debt or secured Debt
Securities of any Financing; (b) 3.5 percent of the aggregate
principal amount of any Bank Debt or Debt Securities of any
Financing not covered by paragraph 13(iv)(a) immediately above
(section 4(d)(i) of the Engagement Letter); and (c) 5 percent of
the aggregate gross proceeds received or to be received from the
sale of Equity Securities;
(f) to the extent a transaction qualifies as both a
Restructuring and an M&A transaction, Jefferies shall only be
entitled to the higher of the Restructuring Fee and the M&A
Transaction Fee payable on account of such transaction and not both
such fees. To the extent a transaction qualifies as both a
financing involving Equity Securities and an M&A transaction,
Jefferies shall only be entitled to the higher of the equity
financing fee and the m&a transaction fee payable on account of
such transaction and not both such fees;
(g) Jefferies shall be entitled to a cash fee (the "Break-Up
Fee"), payable promptly following the Debtors' or such affiliate's
receipt of such amount, equal to 25 percent of the aggregate amount
of all termination payments paid to the Debtors or such affiliate
(net of out-ofpocket, unreimbursed expenses of the Debtors paid or
owing to third parties; and
(h) the Debtors will reimburse Jefferies for all reasonable
out-of-pocket expenses.
During the 90-day period prior to the commencement of these Chapter
11 cases, Jefferies received: (i) $48,592.78 on account of expense
reimbursements; and (ii) expense retainers in the amount of
$45,000, which it has or will apply against any unpaid expenses
incurred by Jefferies prior to the petition date.
Jeffrey Finger, a managing director at Jefferies, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey Finger
Jefferies LLC
520 Madison Avenue
New York, NY 10022
Telephone: (212) 284-2300
About AFH Air Pros
Founded in 2017 in Fort Lauderdale, Florida, Air Pros is a
professional home services provider specializing in HVAC
installation, repair, maintenance, and air quality solutions for
residential and commercial clients. Air Pros also offer plumbing,
electrical services, and home warranties at certain locations. Air
Pros, which began with one vehicle and two employees, now operates
over 600 vehicles, employs more than 700 people, and serves
customers in eight states: Florida, Georgia, Alabama, Mississippi,
Louisiana, Texas, Colorado, and Washington.
AFH Air Pros, LLC, and 19 of its affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga.) on March 16, 2025, listing estimated assets of
$100 million to $500 million, and estimated liabilities of $100
million to $500 million. The petitions were signed by Andrew D.J.
Hede as chief restructuring officer.
Judge Paul Baisier presides over the cases.
The Debtors tapped David B. Kurzweil, Esq. and Matthew A. Petrie,
Esq., at Greenberg Traurig LLP, as bankruptcy counsel; Accordion
Partners, LLC as financial advisor; and Jefferies, LLC as
investment banker. Kurtzman Carson Consultants, LLC and DBA Verita
Global serve as the Debtors' notice, claims and balloting agent and
administrative advisor.
AFTERSHOCK COMICS: Claims to be Paid From Available Cash and Income
-------------------------------------------------------------------
AfterShock Comics, LLC, and Rive Gauche Television, the Official
Committees of Unsecured Creditors, and prepetition secured lender
Access Road Capital submitted a Joint Combined Disclosure Statement
and Chapter 11 Plan dated March 14, 2025.
Aftershock is engaged in the business of developing, creating, and
publishing comic books and graphic novels, which it sells through
retail channels (e.g., bookstores). Aftershock also creates and
owns original IP content related to its comic books, which it
controls for exploitation in all forms of media.
Aftershock's affiliate, RGTV, is a leading co-producer and
distributor of television programing around the world. Since its
founding in 1994, RGTV has acquired distribution rights
("Distribution Rights") to a library of over 166 titles,
representing over 2,200 episodes and 1,700 hours of non-scripted
television and documentary programming (the "RGTV Library").
The Plan contemplates that all allowed claims of creditors against
the Debtors shall be paid in full from the ongoing operations of
the Debtors. The only way for creditors to be paid at all, much
less in full, is to pay allowed claims from the cash flow generated
by the continued operation of the Debtors' businesses over time as
provided for herein. The Plan Proponents have spent months
negotiating the terms and conditions of the Plan, and believe that
confirmation of the Plan presents the highest, indeed, the only,
likelihood of a full recovery by the Debtors' creditors.
In simple terms, the Plan, if confirmed, would allow for the
following recoveries by creditors:
* The Debtors' secured lender would be paid in full from the
payments of Available Cash, within approximately 30 months
following the Effective Date of the Plan;
* Unpaid wage claimants with administrative claims would be
paid 40% of their claims on the Effective Date of the Plan from the
Effective Date Shared Admin Claims Payments, with the remainder
paid in full from the payment of Available Cash, within
approximately 9 months thereafter;
* The allowed priority claims of professionals and others
entitled to such treatment would be paid approximately 7.1% on the
Effective Date of the Plan from the Effective Date Shared Admin
Claims Payments, with the remainder paid in full from the payments
of Available Cash, within approximately 39 months thereafter;
* General Unsecured Claims against the Debtors will be paid in
full, with interest, within approximately 42 months following the
Effective Date; and
* Insiders are not paid in full by the end of the Plan's cash
flow projections, and the projected payoff will occur after all
other creditors are paid in full.
The Effective Date Shared Admin Claims Payments total five hundred
thousand dollars ($500,000), and that payment will be distributed
on the Effective Date as follows: (1) Allowed Unpaid Wage Claims
would be paid 40% of their claims (i.e., 40% x $516,842 [total Wage
Claims] = $206,736.80); (2) Allowed Content Creator Claims and
Post-Petition Royalty Claims will share pro rata in $40,000; and
(3) Allowed Professional Fee Claims (and any other Allowed
Administrative Claims to the extent there are any) will share pro
rata in the remaining amount of the Effective Date Shared Admin
Claims Payment (i.e., $253,263.20 or 7.1% of their claims)
All other Plan Payments will be made from the Debtors' Available
Cash, and it is anticipated that all noninsider classes of
creditors will be paid in full from these payments by November,
2028.
Class 4 consists of Allowed General Unsecured Claims against both
Debtors. Holders of Allowed General Unsecured Claims shall receive
their pro rata share of the funds available to pay such Allowed
General Unsecured Claims in the amounts and in the manner set forth
in Sections 3.1 and/or Section 3.2 herein and the Cash Flow
Projections. Payments pursuant to the Plan shall continue as shown
in the Cash Flow Projections until such time as all Allowed General
Unsecured Claims have been paid in full.
The Debtors estimate that such full payment shall occur by not
later than the fourth anniversary of the Effective Date. General
Unsecured Claims shall receive interest on account of the unpaid
portion of their respective claims at the rate of 5% per annum to
be paid as set forth on the Cash Flow Projections. In addition to
the payments, holders of Allowed General Unsecured Claims will also
receive their pro rata share of any Avoidance Action Proceeds (net
of any applicable legal fees and expenses).
In no event shall holders of Allowed General Unsecured Claims be
entitled to distributions which, in the aggregate, exceed the
Allowed amounts of their respective Claims plus 5% interest. In
addition, holders of Class 4 Claims shall continue to receive the
treatment set forth herein (payable solely by the Reorganized
Debtors and any successor thereof, and not by ARC or the ARC
Affiliate) should there be a default under the Plan and ARC
exercises its remedies. The allowed unsecured claims total
$9,979,000.
The Plan will be funded by the Debtors' Cash on hand as of the
Effective Date, and from the Available Cash resulting from the
business operations of the Reorganized Debtors. The Cash Flow
Projections set forth the projected amount and timing of payments
to be made by the Reorganized Debtors under the Plan.
On or before the Effective Date, Newco shall be created to hold all
of the New Debtors Interests. On the Effective Date, 100% of the
New Debtors Interests shall be deemed issued to Newco and Newco
will become the 100% parent of each of the Reorganized Debtors. On
the Effective Date, Newco shall be deemed to have issued 75% of the
total Newco Units to the ARC Affiliate and 25% of the total Newco
Units to be held by Newco as treasury Newco Units.
A full-text copy of the Combined Disclosure Statement and Plan
dated March 14, 2025 is available at https://urlcurt.com/u?l=K65ChC
from PacerMonitor.com at no charge.
Attorneys for the Debtors:
David L. Neale, Esq.
Jeffrey S. Kwong, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Avenue, Los Angeles, California 90034
Telephone: (310) 229-1234
Email: dln@lnbyg.com; jsk@lnbyg.com
Attorneys for the Official Committees of Unsecured Creditors:
Robbin L. Itkin, Esq.
SKLAR KIRSH, LLP
1880 Century Park East, Suite 300, Los Angeles, California
90067
Telephone: (310) 845-6416
Email: ritkin@sklarkirsh.com
Attorneys for Access Road Capital, LLC:
Andrew Behlmann, Esq.
LOWENSTEIN SANDLER LLP
One Lowenstein Drive
Roseland, New Jersey 07068
Telephone: (973) 597-2332
Email: abehlmann@lowenstein.com
About AfterShock Comics
AfterShock Comics, LLC -- https://Aftershockcomics.com -- is an
American comic book publisher launched in 2015. The company is
based in Sherman Oaks, Calif. AfterShock Comics and affiliate Rive
Gauche Television filed petitions for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 22-11456) on
Dec. 19, 2022.
Judge Martin R. Barash oversees the cases.
At the time of filing, AfterShock Comics reported $10 million to
$50 million in both assets and liabilities while Rive Gauche
reported $50 million to $100 million in assets and $10 million to
$50 million in liabilities.
The Debtors are represented by David L. Neale, Esq., at Levene,
Neale, Bender, Yoo & Golubchik L.L.P.
The U.S. Trustee for Region 16 appointed two separate committees to
represent unsecured creditors in the Chapter 11 cases of AfterShock
Comics, LLC and Rive Gauche Television.
AIR INDUSTRIES: Delays 10-K Filing Due to Financial Review
----------------------------------------------------------
Air Industries Group filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission with
respect to its Annual Report on Form 10-K for the year ended
December 31, 2024, informing that it has determined that it is
unable to file its Form 10-K within the prescribed time period
without unreasonable effort or expense within the prescribed time
period because it requires additional time to complete its
financial statement preparation and review process.
About Air Industries Group
Headquartered in Bay Shore, New York, Air Industries Group (NYSE
American: AIRI) is a manufacturer of precision components and
assemblies for large aerospace and defense prime contractors. Its
products include landing gears, flight controls, engine mounts, and
components for aircraft jet engines, ground turbines, and other
complex machines.
Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor
since 2008, issued a "going concern" qualification in its report
dated April 15, 2024. The report noted that for the period ending
March 31, 2024, the Company was not in compliance with the
financial covenants required under the terms of its current credit
facility. It is reasonably possible that the Company will not
receive a waiver and may fail to meet these financial covenants in
future periods. The Company is required to maintain a collection
account with its lender into which substantially all of the
Company's cash receipts are remitted. If the Company's lender were
to cease lending and keep the funds remitted to the collection
account, the Company would lack the funds to continue its
operations. Failure to receive a waiver or meet the financial
covenants in future periods raises substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Air Industries Group had $50.4 million in
total assets, $35.7 million in total liabilities, and $14.7 million
in total stockholders' equity.
ALPINE 4: Kent Wilson, Ian Kantrowitz Resign as Directors
---------------------------------------------------------
Alpine 4 Holdings, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that Kent Wilson and
Ian Kantrowitz submitted their resignations as members of the Board
of Directors on March 20, 2025, serving in only an advisory
capacity for the winddown of the Company, as needed.
Both Mr. Wilson and Mr. Kantrowitz's resignations from the Board
were a result of new business opportunities and were not the result
of any disagreement with the Company, the Board, or management on
any matter relating to the Company's operations, policies, or
practices.
Mr. Wilson and Mr. Kantrowitz issued their resignation letters, of
which are available at https://tinyurl.com/2rbm4amr and
https://tinyurl.com/3nyy22tc, respectively.
About Alpine 4
Alpine 4 Holdings, Inc. (formerly Alpine 4 Technologies, Ltd) is a
publicly traded conglomerate that is acquiring businesses that fit
into its disruptive DSF business model of Drivers, Stabilizers, and
Facilitators. The Company's focus is on how the adaptation of new
technologies, even in brick-and-mortar businesses, can drive
innovation. The Company also believes that its holdings should
benefit synergistically from each other and that the ability to
have collaboration across varying industries can spawn new ideas
and create fertile ground for competitive advantages.
"[T]he Company has negative working capital and has continued to
experience operating losses, which causes doubt as to the ability
of the Company to continue. The Company's ability to raise
additional capital through the future issuances of common stock is
unknown. The obtainment of additional financing, the successful
development of the Company's plan of operations, and its ultimate
transition to profitable operations are necessary for the Company
to continue. The uncertainty that exists with these factors raises
substantial doubt about the Company's ability to continue as a
going concern," according to the Company's Quarterly Report for the
three months ended Sept. 30, 2023.
The Company has yet to file its Annual Report on Form 10-K for the
year ended Dec. 31, 2023, and Quarterly Report for the quarter
ended March 31, 2024.
AMERICAN STEAM: Section 341(a) Meeting of Creditors on May 9
------------------------------------------------------------
On April 7, 2025, American Steam Inc. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Northern District of Texas.
According to court filing, the Debtor reports $7,019,257 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Section 341(a) to be held on May 9,
2025 at 01:30 PM by Telephone.
About American Steam Inc.
American Steam Inc. specializes in providing steam and hydronic
equipment solutions, including the sale, reconditioning, and rental
of boilers, heat exchangers, and thermal fluid heaters. The Company
also offers custom metal fabrication for pressure vessels and
storage spheres, along with a range of ancillary equipment. Its
services extend to preventive maintenance, intelligent combustion
control, and emergency support. Founded in 1969, the Company
focuses on solving complex heat transfer problems across various
industries, emphasizing reliability and efficiency.
American Steam Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41255) on April 7,
2025. In its petition, the Debtor reports total assets of
$1,070,810 and total liabilities of $7,019,257.
Honorable Bankruptcy Judge Edward L. Morris handles the case.
The Debtor is represented by Robert T DeMarco, Esq. at DEMARCO
MITCHELL, PLLC.
APPLIED DNA: Sets 2025 Annual Meeting for May 22
------------------------------------------------
Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Board of
Directors resolved to hold its 2025 Annual Meeting of Stockholders
on May 22, 2025. The 2025 Annual Meeting will be held virtually
online by means of remote communication.
The record date for the 2025 Annual Meeting is April 3, 2025.
Stockholders owning the Company's common stock at the close of
business on the record date, or their legal proxy holders, are
entitled to vote at the 2025 Annual Meeting. The Company, however,
reserves the right to change the record date or the meeting date.
Because the date of the 2025 Annual Meeting has been changed by
more than 30 days from the date of the Company's 2024 Annual
Meeting of Stockholders, the deadline for stockholders' nominations
or proposals for consideration at the 2025 Annual Meeting set forth
in the Company's proxy statement for the 2024 Annual Meeting no
longer applies. As such, the Company is filing this Current Report
on Form 8-K to inform stockholders of this change and to provide
the due date for the submission of any qualified stockholder
proposals or qualified stockholder director nominations.
Stockholders of the Company who wish to have a proposal considered
for inclusion in the Company's proxy materials for the 2025 Annual
Meeting pursuant to Rule 14a-8 under the Exchange Act must ensure
that such proposal is delivered or mailed to and received by the
Company's Corporate Secretary at Applied DNA Sciences, Inc., 50
Health Sciences Drive, Stony Brook, NY 11790. Such proposals must
comply with all applicable procedures and requirements of Rule
14a-8.
Any stockholder who intends to submit a director nomination or who
intends to submit a proposal regarding any other matter of business
at the 2025 Annual Meeting other than in accordance with Rule 14a-8
or otherwise must similarly make sure that such nomination or
proposal and related notice comply with all applicable rules of the
Securities and Exchange Commission, the Delaware General
Corporation Law and the Company's Bylaws, as amended, and are
delivered to, or mailed to and received at, the Company's principal
executive offices. Any director nominations and stockholder
proposals received after this deadline will be considered untimely
and will not be considered for inclusion in the proxy materials for
the 2025 Annual Meeting nor will it be considered at the 2025
Annual Meeting.
About Applied DNA Sciences
Applied DNA Sciences -- adnas.com -- is a biotechnology company
developing technologies to produce and detect deoxyribonucleic acid
("DNA"). Using the polymerase chain reaction ("PCR") to enable both
the production and detection of DNA, the Company currently operates
in three primary business markets: (i) the enzymatic manufacture of
synthetic DNA for use in the production of nucleic acid-based
therapeutics and the development and sale of a proprietary RNA
polymerase ("RNAP") for use in the production of mRNA therapeutics;
(ii) the detection of DNA and RNA in molecular diagnostics and
genetic testing services; and (iii) the manufacture and detection
of DNA for industrial supply chain security services.
Melville, NY-based Marcum LLP, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated Dec. 17,
2024, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
"We will continue to seek to raise additional working capital
through public equity, private equity or debt financings. If we
fail to raise additional working capital, or do so on commercially
unfavorable terms, it would materially and adversely affect our
business, prospects, financial condition and results of operations,
and we may be unable to continue as a going concern. If we seek
additional financing to fund our business activities in the future
and there remains substantial doubt about our ability to continue
as a going concern, investors or other financing sources may be
unwilling to provide additional funding to us on commercially
reasonable terms, if at all," the Company mentioned in its Annual
Report for the year ending Sept. 30, 2024.
As of December 31, 2024, Applied DNA Sciences had $16 million in
total assets, $3.4 million in total liabilities, and $12.5 in total
equity.
ATLANTIC NATURAL: Seeks Chapter 11 Bankruptcy in Louisiana
----------------------------------------------------------
On April 7, 2025, Atlantic Natural Foods LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of Louisiana. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed
to 100 and 199 creditors. The petition states funds will be
available to unsecured creditors.
About Atlantic Natural Foods LLC
Atlantic Natural Foods LLC is a producer of plant-based foods,
offering a variety of brands such as Loma Linda, TUNO, and Kaffree
Roma. Loma Linda's products primarily consist of canned meat
alternatives, sold under various names including FriChick,
Choplets, Super-Links, Big Franks, Tender Bits, and Chik'n, among
others. Currently, most of the Company's production occurs in
Asia.
Atlantic Natural Foods LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10676) on April
7, 2025. In its petition, the Debtor reports estimated assets
between $10 million and $50 million and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Meredith S. Grabill handles the case.
The Debtor is represented by Tristan Manthey, Esq. at FISHMAN
HAYGOOD, LLP.
AUSTEX AGGREGATES: Case Summary & 15 Unsecured Creditors
--------------------------------------------------------
Debtor: AusTex Aggregates, LLC
851 County Road 256
Florence, TX 76527
Business Description: AusTex Aggregates, founded in 2017 and
located in Florence, Texas, specializes in
producing a variety of aggregate products
for the construction industry. The
Company's offerings include geo-tech lab
qualified flex-base and road base materials,
pipe bedding gravels, drainage and ballast
gravel, select fill, foundation fill
screenings and crusher fines, rip-rap,
embankment fill, topsoil, landscape
boulders, and custom-made materials. It
also provides turnkey import and export
solutions for all specified aggregates and
soils required on its customers' projects,
with full consideration of on-site material
processing such as crushing and screening.
Chapter 11 Petition Date: April 10, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-10502
Judge: Hon. Shad Robinson
Debtor's Counsel: Stephen W Sather, Esq.
BARRON & NEWBURGER, P.C.
7320 N. MoPac Expressway 400
Austin TX 78731
Tel: (512) 649-3243
E-mail: ssather@bn-lawyers.com
Total Assets: $4,145,748
Total Liabilities: $2,903,960
Chet Fazand signed the petition in his role as the owner and
director.
A full-text copy of the petition, which includes a list of the
Debtor's 15 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/PVQNREI/AusTex_Aggregates_LLC__txwbke-25-10502__0001.0.pdf?mcid=tGE4TAMA
AVENIR WELLNESS: Delays 10-K Filing Due to Info Compilation Issues
------------------------------------------------------------------
Avenir Wellness Solutions, Inc. filed a Notification of Late Filing
on Form 12b-25 with the U.S. Securities and Exchange Commission,
informing that it could not complete the filing of its Annual
Report on Form 10-K for the fiscal year ended December 31, 2024 due
to a delay in obtaining and compiling information required to be
included in the Form 10-K, which delay could not be eliminated by
the Company without unreasonable effort and expense.
In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, as amended, the Company will file the Form 10-K no later than
the 15th calendar day following the prescribed due date.
About Avenir Wellness
Headquartered in Sherman Oaks, Calif., Avenir Wellness Solutions,
Inc., including its wholly-owned subsidiary, The Sera Labs, Inc.,
is a broad platform technology company focusing on the development
of nutraceutical formulation and delivery technologies in novel
dosage forms to improve efficacy and enhance wellness. The
Company's mission is to improve lives by redefining how active
ingredients are delivered and experienced by consumers. The
Company's primary business model is to develop health, wellness and
beauty products using its proprietary formulations and technology
as well as incubate new technologies for commercial exploitation
through product development of new products to be sold under
existing or new proprietary brands through Sera Labs and the
licensing and/or sale of the rights to such technologies to third
parties for their use. Development may include the conduction of
clinical trials for substantiation of efficacy of its products.
Urish Popeck & Co., LLC, based in Pittsburgh, Pa., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated May 16, 2024, citing that the Company has suffered
recurring losses from operations, has an accumulated deficit,
negative stockholders' equity, a working capital deficit, and
expects future losses. These conditions raise substantial doubt
about its ability to continue as a going concern.
As of Sept. 30, 2024, Avenir Wellness Solutions had $748,000 in
total assets, $13.30 million in total liabilities, and a total
stockholders' deficit of $12.55 million.
AZZUR GROUP: Seeks Approval to Hire Ordinary Course Professionals
-----------------------------------------------------------------
Azzur Group Holdings LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
professionals utilized in the ordinary course of business.
The ordinary course professionals (OCPs) provide services for the
Debtors in a variety of matters unrelated to these Chapter 11
cases, including, but not limited to, specialized legal,
accounting, and tax consultancy services.
The Debtors requested to pay the OCPs 100 percent of its fees and
expenses without the need to file a fee application.
The Debtors do not believe that any of the OCPs hold interests
materially adverse to them, their creditors, or other parties in
interest.
About Azzur Group Holdings
Azzur Group Holdings, a Pennsylvania-based professional services
company operates across multiple locations including Boston,
Chicago, San Diego, and San Francisco, providing specialized life
sciences services including consulting, laboratory testing,
cleanrooms-on-demand, and technical training services.
Azzur Group Holdings and more than 30 of its affiliates sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del.
Case No. 25-10342) on March 2, 2025. In their petitions, the
Debtors reported estimated assets and liabilities between $100
million and $500 million.
Honorable Bankruptcy Judge Karen B. Owens handles the cases.
DLA Piper LLP represents the Debtors as general bankruptcy counsel.
Ankura Consulting Group LLC serves as restructuring advisor to the
Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as
investment banker, and Stretto Inc. acts as claims and noticing
agent.
B. RILEY FINANCIAL: Completes Debt Exchange for New 8% Notes
------------------------------------------------------------
B. Riley Financial, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
completed a private exchange transaction with an institutional
investor pursuant to which the Investor exchanged approximately
$86.3 million aggregate principal amount of the Company's 5.50%
Senior Notes due March 2026 Notes and approximately $36.7 million
aggregate principal amount of the Company's 5.00% Senior Notes due
December 2026 owned by it for approximately $87.7 million aggregate
principal amount of newly-issued 8.00% Senior Secured Second Lien
Notes due 2028, whereupon the Exchanged Notes were cancelled.
The New Notes were issued pursuant to an Indenture, dated as of the
Closing Date, between the Company, certain subsidiaries of the
Company, as guarantors, and GLAS Trust Company LLC, a New Hampshire
limited liability company, as trustee and collateral agent, and the
New Notes are unconditionally guaranteed jointly and severally by
all direct and indirect wholly-owned restricted subsidiaries of the
Company, subject to certain excluded subsidiaries. The New Notes
are secured on a second lien basis, junior to the obligations under
the Company's credit agreement, by substantially all of the assets
of the Company and the Guarantors. The New Notes are subordinated
in right of payment to the payment in full of the obligations under
the Company's credit agreement, dated as of February 26, 2025, with
Oaktree Fund Administration, LLC, as administrative agent and as
collateral agent, as amended.
The New Notes will accrue interest a rate of 8.00% per annum,
payable semi-annually in arrears on April 30 and October 31,
starting October 31, 2025. The New Notes will mature on January 1,
2028.
The Company may redeem the New Notes:
(i) at any time, in whole or in part, before March 26, 2026,
at a redemption price equal to 100% of the aggregate principal
amount being redeemed, plus a customary make-whole premium, plus
accrued and unpaid interest, if any, to, but excluding, the
redemption date; and
(ii) at any time, in whole or in part, after March 26, 2026, at
a redemption price equal to 100% of the aggregate principal amount
being redeemed, plus accrued and unpaid interest, if any, to, but
excluding, the redemption date.
Additionally, if a change of control occurs, holders of the New
Notes will have the right to require the Company to repurchase all
or a portion of their Notes at a purchase price, in cash, equal to
101% of the principal amount thereof, plus accrued and unpaid
interest, if any, to, but excluding, the redemption date. In
addition, if the Company or its restricted subsidiaries engage in
certain asset sales and do not invest such proceeds or permanently
reduce certain debt within a specified period of time, the Company
will be required to use a portion of the proceeds of such asset
sales above a specified threshold to make an offer to purchase the
New Notes at a price equal to 100% of the principal amount of the
New Notes being purchased, plus accrued and unpaid interest
thereon, if any, to, but excluding, the purchase date.
In connection with the exchange transaction, the Company issued to
the Investor warrants to purchase 351,012 shares of the Company's
common stock, $0.0001 par value per share, at an exercise price of
$10.00 per share.
Furthermore, in connection with the issuance of the Warrants, on
the Closing Date, the Company entered into a registration rights
agreement with the Investor, pursuant to which the Company has
granted the Investor:
(i) certain shelf registration rights whereby the Company will
register resales of Common Stock issued upon exercise of the
Warrants and
(ii) certain piggyback registration rights, in each case
subject to the terms and conditions set forth in the Registration
Rights Agreement.
About B. Riley Financial
B. Riley Financial, Inc. -- http://www.brileyfin.com/-- is a
diversified financial services company that delivers tailored
solutions to meet the strategic, operational, and capital needs of
its clients and partners. B. Riley leverages cross-platform
expertise to provide clients with full service, collaborative
solutions at every stage of the business life cycle. Through its
affiliated subsidiaries, B. Riley provides end-to-end financial
services across investment banking, institutional brokerage,
private wealth and investment management, financial consulting,
corporate restructuring, operations management, risk and
compliance, due diligence, forensic accounting, litigation support,
appraisal and valuation, auction, and liquidation services. B.
Riley opportunistically invests to benefit its shareholders, and
certain affiliates originate and underwrite senior secured loans
for asset-rich companies.
As of June 30, 2024, B. Riley Financial had $3.2 billion in total
assets, $3.4 billion in total liabilities, and $143.1 million in
total deficit.
BARRACUDA PARENT: Moody's Alters Outlook on 'B3' CFR to Negative
----------------------------------------------------------------
Moody's Ratings affirmed Barracuda Parent, LLC (KKR)'s (Barracuda)
existing ratings, including the B3 corporate family rating, B3-PD
probability of default rating, B2 ratings on the company's senior
secured first lien bank credit facilities, and Caa2 rating on the
senior secured second lien term loan. The outlook is revised to
negative from stable.
Barracuda raised a $200 million pari passu first lien term loan
(unrated) in March 2025 to fully repay its outstanding revolving
credit facility and place cash on the balance sheet. While the
transaction improved the company's liquidity, it further increased
Barracuda's very high debt burden, which will continue to result in
high interest costs over the next 12 to 18 months. Pro forma for
the transaction, Moody's expects Barracuda's debt/EBITDA leverage
to increase to over 13x (Moody's adjusted).
The negative outlook reflects Barracuda's very high pro forma
debt/EBITDA leverage and Moody's expectations of negative free cash
flow generation over at least the next 12 months. Barracuda's
operating performance continues to be pressured amid a slow
macroeconomic environment and weaker than expected revenue growth
and bookings. Moody's expects the company's very high interest
expense and negative free cash flow generation to prevent
meaningful deleveraging over the next 12 to 18 months, which may
potentially increase capital structure sustainability risks over
the medium term.
Governance is a key driver of the rating action, including risks
from an aggressive financial policy with very high interest costs
and limited prospects of deleveraging.
RATINGS RATIONALE
The B3 CFR reflects Barracuda's very high pro forma financial
leverage of over 13x as of fiscal year ended February 2025 and
negative free cash flow (FCF) generation of over $80 million in
fiscal year 2025. Barracuda's high debt burden following the KKR
buyout in August 2022 has resulted in a significant increase in
interest costs in a high interest rate environment. Moody's expects
the $200 million incremental first lien term loan to further
increase annual interest costs by approximately $20 million. The
company's high leverage and negative free cash flow generation will
continue to limit Barracuda's financial flexibility in a slow
macroeconomic environment and a highly competitive market.
Barracuda has experienced a significant slowdown in its annual
recurring revenue and bookings due to disruptions in its sales
force, as well as macroeconomic and competitive pressures. The
company's bookings for fiscal year 2025 decreased by 1%, with
annual recurring revenues experiencing flat growth. This represents
a material decrease from the mid to high single-digit growth rates
historically experienced by Barracuda. While Moody's expects these
trends to improve in fiscal year 2026 as a result of the
restructuring of the sales organization and improved sales
productivity, an inability to reaccelerate growth could lead to an
unsustainable capital structure.
At the same time, the rating takes into consideration Barracuda's
strong niche position in providing email security, storage, cloud
and infrastructure security and network security products for small
to midsized companies and managed service providers (MSP). The
company's product offerings span uses cases including Email
Protection, Application & Network Security, and Data Protection and
are offered via the cloud and on-prem.
Barracuda's liquidity profile is adequate reflecting its expected
cash balance of $119 million at the close of the March 2025
transaction and full availability under its $150 million revolving
credit facility. Moody's anticipates that Barracuda will generate
negative FCF/debt of around 2% in fiscal year 2026. Moody's expects
the company to maintain sufficient operating cushion under the
financial maintenance covenant in its revolving credit facility
that requires Barracuda to maintain net first lien leverage ratio
of less than 9.25x if revolver utilization exceeds 40%. The company
does not have meaningful debt maturities until 2027 with its senior
secured revolving credit facility expiring in August 2027, senior
secured first lien term loans maturing in August 2029, and senior
secured second lien term loan maturing in August 2030.
The negative outlook reflects Barracuda's very high debt/EBITDA
leverage and Moody's expectations of negative free cash flow
generation at least over the next 12 months. Moody's expects
Barracuda's top line to remain flat and adjusted EBITDA margins to
improve driven by realized benefits from restructuring and business
optimization initiatives over the next 12 to 18 months. Therefore,
Moody's expects leverage (Moody's adjusted) to decrease to around
11x over the outlook period.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Barracuda's debt/EBITDA leverage
(Moody's adjusted) is sustained below 7.5x, FCF/debt approaches
mid-single digit percentage range, and the company maintains solid
growth in revenue and EBITDA.
The ratings could be downgraded if Barracuda fails to produce
positive free cash flow by fiscal year 2027, does not significantly
improve its leverage, is unable to achieve organic revenue growth,
or capital structure sustainability risks increase.
Barracuda is a provider of storage and security appliances and
software. The company, headquartered in Campbell, CA, is owned by
affiliates of investment management firm KKR, which acquired the
firm from Thoma Bravo in August 2022. Barracuda had GAAP revenue of
$643 million for fiscal the LTM period ended November 2024.
The principal methodology used in these ratings was Software
published in June 2022.
BEELINE HOLDING: Delays 10-K Filing Due to Audit Work Post-Merger
-----------------------------------------------------------------
Beeline Holdings, Inc. filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission, informing
that it is unable to file the Annual Report on Form 10-K for the
fiscal year ended December 31, 2024 in a timely manner without
unreasonable effort or expense, because the Company and its
accounting personnel have been engaged in the ongoing process of
preparing and undergoing audit procedures for audited financial
statements of the combined company following the Company's merger
with Beeline Financial Holdings, Inc. which closed on October 7,
2024 and a debt exchange transaction and sale of its subsidiary
Craft Canning & Bottling, LLC which also closed on such date, as
disclosed on a Current Report on Form 8-K filed on such date.
Based upon generally accepted accounting principles, the Company's
results of operations for the year ended December 31, 2024, reflect
the full year 2024 for our spirits business; the period from
October 8 through December 31, 2024 for Beeline; and the period
from January 1 through October 7, 2024 for Craft which is presented
as one line item in discontinued operations. Our results of
operations for the year ended December 31, 2023, reflect the full
year for our spirits business with Craft presented as one line item
in discontinued operations for FY 2023.
About Beeline Holdings
Headquartered in Portland, Oregon, Beeline Holdings, Inc. (formerly
known as Eastside Distilling, Inc.) has been producing craft
spirits in Portland, Oregon since 2008. The Company is
distinguished by its highly decorated product lineup that includes
Azunia Tequilas, Burnside Whiskeys, Hue-Hue Coffee Rum, and
Portland Potato Vodkas. All spirits are crafted from natural
ingredients for the highest quality and taste. Beeline's Craft
Canning + Printing subsidiary is one of the Northwest's leading
independent mobile canning, co-packing, and digital can printing
businesses.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former
auditor, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company suffered a net loss from
operations and used cash in operations, which raises substantial
doubt about its ability to continue as a going concern.
The Company incurred a net loss of $7.5 million during the year
ended December 31, 2023. As of June 30, 2024, the Company had
$16,589,000 in total assets, $18,523,000 in total liabilities, and
$1,934,000 in total stockholders' deficit.
BEST CHOICE: Section 341(a) Meeting of Creditors on May 8
---------------------------------------------------------
On April 7, 2025, Best Choice Trucking LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Massachusetts. According to court filing, the
Debtor reports $3,206,429 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Section 341(a) to be held on May 8,
2025 at 02:00 PM as Telephonic Meeting.
About Best Choice Trucking LLC
Best Choice Trucking LLC is a Massachusetts-based freight carrier
specializing in full truckload services, including motor vehicle
transportation and last-mile delivery.
Best Choice Trucking LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-10704) on April 7,
2025. In its petition, the Debtor reports total assets of
$1,295,445 and total liabilities of $3,206,429
Honorable Bankruptcy Judge Christopher J. Panos handles the
case.
The Debtor is represented by Peter M. Daigle, Esq. at DAIGLE LAW
OFFICE.
BETA DRIVE: Gets Extension to Access Cash Collateral
----------------------------------------------------
Beta Drive Hotel Group, LLC received another extension from the
U.S. Bankruptcy Court for the Northern District of Ohio to use its
lender's cash collateral.
The second interim order authorized the Debtor to use cash
collateral from March 2 to May 31 to pay its expenses in accordance
with its budget.
As protection, PSOF NP Cleveland, LLC was granted a continuing
replacement security interest in, and lien on, its collateral
effective as of the petition date.
In addition, the lender will receive payments of $44,196.16 and
$10,000 on the 15th and 30th of each month, respectively.
Regarding any potential valid liens held by Sysco Cleveland Inc.
under the Perishable Agricultural Commodities Act (PACA), the
Debtor will pay the most recent outstanding invoices to Sysco as
indicated in the budget, provided Sysco agrees to continue to
provide credit to the Debtor.
The Debtor uses Sysco as a food vendor and Sysco may have a PACA
lien on the cash collateral. PACA provides super-priority to
suppliers of perishable goods (e.g., fruits and vegetables) in the
Debtor's accounts receivable and inventory. Sysco supplies some
goods that could be covered under PACA.
Sysco has an unpaid prepetition balance of $5,200, which it insists
be paid for continued food deliveries. The Debtor's restaurant was
closed at the time of filing for seasonal reasons but it is now
open for business.
About Beta Drive Hotel Group
Beta Drive Hotel Group LLC, doing business as Hilton Garden Inn
Cleveland East/Mayfield Village, is a hospitality company that
operates the Hilton Garden Inn Cleveland East/Mayfield Village,
offering amenities such as complimentary Wi-Fi, an indoor/outdoor
pool, and extensive meeting spaces.
Beta Drive Hotel Group sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-10849) on March 2,
2025. In its petition, the Debtor reported between $1 million and
$10 million in both assets and liabilities.
Judge Suzana Krstevski Koch handles the case.
The Debtor is represented by Frederic P. Schwieg, Esq. at Frederic
P. Schwieg, Attorney at Law.
PSOF NP Cleveland, LLC, as lender, is represented by:
Robert C. Folland, Esq.
Barnes & Thornburg LLP
41 S. High Street, Suite 3300
Columbus, OH 43215
Telephone: (614) 628-1429
Rob.Folland@BTLaw.com
-- and --
Lisa Wolgast, Esq.
Jason H. Watson, Esq.
3340 Peachtree Rd NE, Suite 2900
Atlanta, GA 30326-1092
Telephone: (470) 832-7535
Lisa.Wolgast@BTLaw.com
Jason.Watson@BTLaw.com
BH DOWNTOWN: Taps Hilco Real Estate as Real Estate Agent
--------------------------------------------------------
BH Downtown, LLC and 340 Biscayne Owner, LLC seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Hilco Real Estate, LLC as real estate agents.
Hilco will perform real estate consulting and advisory services and
to market and sell the property or to find a third party to
refinance the debt or enter into a joint venture.
The proposed fee structures are:
(a) This fee structure applies if a Buyer's Broker is involved
in the sale:
In the event the Property is sold for a purchase price up to
$199,999,999, Hilco shall earn a fee equal to 1.5 percent of the
Gross Sale Proceeds. In the event the Property is sold for a
purchase price of $200,000,000 or more, Hilco shall earn a fee
equal to 2 percent of the Gross Sales Proceeds for any amount that
exceeds $199,999,999 in addition to the 1.5 percent for the amount
up to $199,999,999. For purposes hereof, "Gross Sale Proceeds"
shall mean the aggregate cash consideration received by the Debtors
in consideration of a Property. Hilco has the full authority to
negotiate the fee that is paid to a Buyer's Broker, provided that
the total fee paid by the Debtors shall not exceed the amounts set
forth.
(b) This fee structure applies if there is no other broker
involved in the sale:
In the event the Property is sold for a purchase price up to
$199,999,999, Hilco shall earn a fee equal to 1 percent of the
Gross Sale Proceeds. In the event the Property is sold for a
purchase price of $200,000,000 or more, Hilco shall earn
a fee equal to 1.5 percent of the Gross Sales Proceeds for any
amount that exceeds $199,999,999 in addition to the 1.5 percent for
the amount up to $199,999,999. For purposes hereof, "Gross Sale
Proceeds" shall mean the aggregate cash consideration received by
the Debtors in consideration of a Property.
(c) This fee structure applies if there is an Alternative
Transaction:
In the event that Hilco aids the Debtors in successfully closing on
a Transaction, other than a sale of the Property, which may
comprise of a refinance on the Property, a joint venture on the
development of the Property with a cash payment at closing, and/or
any other transaction that may assist the Debtors in successfully
paying off the senior secured lender, Hilco shall earn a fee in an
amount equal to 1 percent of the total amount of said Transaction,
at closing. Hilco has the full authority to negotiate the fee that
is paid to any broker used by the third party, provided that the
total fee paid by the Debtors shall not exceed the amounts set
forth.
(d) Carveout For Previous Potential Buyer:
If the Debtors are able to successfully close a Transaction with
the entity identified by the Debtors to Hilco prior to Hilco
commencing the marketing process under the Agreement, Hilco shall
be entitled to 1 percent of the total Transaction amount, or 1
percent of the Gross Sale Proceeds in the event of a sale to
such entity. Hilco has the full authority to negotiate the fee that
is paid to any broker used by the third party, provided that the
total fee paid by the Debtors shall not exceed the amounts set
forth.
As disclosed in court filings, Hilco does not have a material
interest adverse to the Debtor regarding the specific matters for
which it is to be retained.
The firm can be reached through:
Eric W. Kaup
Hilco Diligence Services, LLC
5 Revere Drive, Suite 206
Northbrook, IL 60062
Tel: (847) 504-2463
Email: ekaup@hilcoglobal.com
About BH Downtown
BH Downtown, LLC and 340 Biscayne Owner, LLC filed Chapter 11
petitions (Bankr. S.D. Fla. Lead Case No. 24-23028) on Dec. 13,
2024. At the time of the filing, both Debtors reported $100 million
to $500 million in assets and $50 million to $100 million in
liabilities. Cristiane Bomeny, manager, signed the petitions.
Judge Laurel M. Isicoff oversees the cases.
The Debtors are represented by:
Linda W. Jackson, Esq.
Pardo Jackson Gainsburg, Pl
100 SE 2nd St Suite 2050
Miami, FL 33131
Tel: (305) 358-1001
Email: ljackson@pardojackson.com
BIOREGENX INC: Delays 2024 Form 10-K Filing Due to Audit Issues
---------------------------------------------------------------
BioRegenx, Inc. filed a Notification of Late Filing on Form 12b-25
with the U.S. Securities and Exchange Commission, informing that it
is unable to complete its audit and preparation of its Form 10-K
for the period ended December 31, 2024, in a timely manner because
of unanticipated delays.
About BioRegenx
Chattanooga, Tenn.-based BioRegenx, Inc. develops and manufactures
medical test equipment and high quality, science-based nutritional
products. The Company distributes wellness devices. The products
are sold nationally through a direct selling channel, to health
professionals and research organizations.
As of September 30, 2024, BioRegenx had $17,361,364 in total
assets, $3,800,594 in total liabilities, and $13,560,770 in total
stockholders' equity.
Going Concern
The Company has recurring losses from operations and cash flow
deficits from its operations since inception and has had to raise
funds through equity offerings or borrowings to continue operating.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.
The continuation of the Company as a going concern is dependent
upon its ability to obtain necessary debt or equity financing to
continue operations until it begins generating positive cash flow.
No assurance can be given that any future financing will be
available or, if available, that it will be on terms that are
satisfactory to the Company. Even if the Company is able to obtain
additional financing, it may contain undue restrictions on its
operations, in the case of debt financing or cause substantial
dilution for its stockholders, in case of equity financing.
BISHOP OF SAN DIEGO: Fee Examiner Taps Bielli & Klauder as Counsel
------------------------------------------------------------------
David Klauder, Esq., the fee examiner appointed in the Chapter 11
case of the Roman Catholic Bishop of San Diego, seeks approval from
the U.S. Bankruptcy Court for the Southern District of California
to employ Bielli & Klauder, LLC as counsel.
The firm will render these services:
(a) review with the fee examiner fee applications and related
invoices for 18 compliance with applicable provisions of the
Bankruptcy Code, the Bankruptcy Rules, the U.S. Trustee Guidelines,
and the Local Rules and Orders of the court;
(b) assist the fee examiner in any hearings or other
proceedings before the court to consider fee applications;
(c) assist the fee examiner with legal issues raised by
inquiries to and from the professionals retained or proposed to be
retained in this case and related adversary proceedings by the
Debtor, the Creditors' Committee, or otherwise retained with court
approval and any other professional services provider retained by
the fee examiner;
(d) where necessary, attend meetings between the fee examiner
and retained professionals;
(e) assist the fee examiner with the preparation of
preliminary and final reports regarding professional fees and
expenses;
(f) assist the fee examiner in developing protocols and making
reports and recommendations;
(g) assist the fee examiner in conducting such discovery as
may be pertinent and necessary to the performance of his other
duties and responsibilities after first securing approval of the
court;
(h) assist the fee examiner in communicating concerns
regarding any application to the retained professionals to whom
such application pertains and to provide him such supplemental
information as he may reasonably require in order to evaluate the
reasonableness of any particular fee item; and
(i) provide such other services as the fee examiner may
request.
Bielli & Klauder and the fee examiner propose a combined monthly
flat fee of $19,500 for this engagement.
The hourly rates of the firm's counsel and staff are as follows:
Attorneys $225 - $525
Paraprofessionals $100 - $195
In addition, the firm will seek reimbursement for expenses
incurred.
Thomas Bielli, Esq., a partner at Bielli & Klauder, also provided
the following information in response to the request for additional
information set forth in section D.1 of the U.S. Trustee
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: Yes. The monthly rate structure as set forth herein is
different that Bielli & Klauder's customary billing arrangements
for similar engagements.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: Bielli & Klauder represents the fee examiner in his
capacity as the fee examiner in other cases. Bielli & Klauder has
billed athourly rates for those engagements at its customary hourly
fee structure of $225-$525 per hour for attorneys, and $100-$195
per hour for paraprofessionals in the Roman Catholic Bishop of
Oakland cases now pending in the United States Bankruptcy Court for
the Northern District of California, in the Terraform Labs Pte.
Ltd., and the Vyaire Medical, Inc. cases pending in the United
States Bankruptcy Court for the District of Delaware. Bielli &
Klauder billed In the Purdue Pharma cases now pending in the United
States Bankruptcy Court for the Southern District of New York,
Bielli & Klauder is billing a flat fee of $55,000 per month in
those cases, which includes the costs of the fee data software.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: The fee examiner and Bielli & Klauder will develop a
prospective budget and staffing plan to comply with the U.S.
Trustee's requests for information and additional disclosures, and
will work with the U.S. Trustee to provide the appropriate
information in this instance.
Mr. Bielli disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Thomas D. Bielli, Esq.
Bielli & Klauder LLC
1905 Spruce St.
Philadelphia, PA 19103
Telephone: (215) 642-8271
Email: tbielli@bk-legal.com
About The Roman Catholic Bishop of San Diego
The Roman Catholic Bishop of San Diego sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No.
24-02202) on June 17, 2024. In the petition signed by Rodrigo
Valdivia, vice moderator of the Curia, the Debtor disclosed up to
$500 million in both assets and liabilities.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and
GlassRatner Advisory & Capital Group, LLC, doing business as B.
Riley Advisory Services, as financial advisor. Donlin, Recano &
Company, Inc., as administrative advisor.
David Klauder, Esq. was appointed as fee examiner in this Chapter
11 case. The fee examiner tapped Bielli & Klauder, LLC as counsel.
BOSTON HARBOR: Seeks to Hire Ascendant Law Group as Counsel
-----------------------------------------------------------
Boston Harbor Distillery, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ
Ascendant Law Group LLC as counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties
in the continued management and operation of its businesses and
properties;
(b) representing the Debtor at all hearings and matters
pertaining to its affairs;
(c) attending meetings and negotiating with representatives of
the Debtor's creditors and other parties-in-interest;
(d) taking all necessary action to protect and preserve the
Debtor's estate;
(e) preparing on behalf of the Debtor all necessary and
appropriate legal papers;
(f) reviewing applications and motions filed in connection
with the Debtor's bankruptcy case;
(g) negotiating and preparing on the Debtor's behalf any plan
of reorganization, disclosure statement, and all related agreements
and/or documents, and taking any necessary action on behalf of the
Debtor to obtain confirmation of such plan;
(h) advising the Debtor in connection with any potential sale
or sales of assets or its business, or in connection with any other
strategic alternatives;
(i) reviewing and evaluating the Debtor's executory contracts
and unexpired leases, and representing the Debtor in connection
with the rejection, assumption or assignment of such leases and
contracts;
(j) representing the Debtor in connection with any adversary
proceedings or automatic stay litigation which may be commenced by
or against the Debtor;
(k) reviewing and analyzing various claims of the Debtor's
creditors and treatment of such claims, and preparing, filing or
prosecuting any objections thereto; and
(l) performing all other necessary legal services and
providing all other necessary legal advice to the Debtor in
connection with its bankruptcy case.
The firm will be paid at these hourly rates:
Jesse I. Redlener, Member $420
Lee Harrington, Member $420
Matthew Ginsburg, Member $420
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $41,596 from the Debtor.
Mr. Redlener disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Jesse I. Redlener, Esq.
Ascendant Law Group LLC
2 Dundee Park Dr., Ste. 102
Andover, MA 01810
Telephone: (978) 393-0850
Email: jredlener@ascendantlawgroup.com
About Boston Harbor Distillery
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.
Boston Harbor Distillery, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10650) on March
31, 2025. In the petition signed by Rhonda Kallman, founder and
CEO, the Debtor disclosed $641,580 in total assets and $3,201,702
in total liabilities.
Jesse Redlener, Esq., at Ascendant Law Group, LLC serves as the
Debtor's counsel.
BOYNE USA: Settles Big Sky Class-Action Lawsuit for $25 Million
---------------------------------------------------------------
Isabel Hicks, writing for Montana Free Press, reports that Boyne
USA, the parent company that owns Big Sky Resort and several other
ski areas in North America, agreed this spring to pay nearly $25
million to settle a class-action lawsuit.
The lawsuit was brought by condominium owners in three Big Sky
properties developed and managed by Boyne. The plaintiffs disputed
the validity of condo rental programs and the requirement that
rentals be exclusively managed through Boyne.
The suit was originally filed in the U.S. District Court in Butte
more than three years ago. Chief District Judge Brian Morris
approved the preliminary settlement agreement on Feb. 27, just
weeks before the case was scheduled to go to trial on March 10. The
agreement will require the judge's final approval in June.
The plaintiffs and class members are current or former owners of
condo units in the Shoshone Condominium Hotel, the Summit Hotel and
the Village Center Condominium who participated in Boyne's rental
management program. Class members are the unnamed parties who
joined the lawsuit and will receive settlement payments from
Boyne.
A condo hotel is a hotel where a portion of rooms are converted to
condos, which are then sold to property owners. The condos remain
available to rent to the public, and owners may use the unit for
vacations and receive some of the rental revenue. In the three
condo hotels, unit owners signed an agreement to exclusively use
Boyne for rental management and pay Boyne 50% of net rental revenue
for management services, according to court documents.
The original complaint alleged that selling condo units with a
mandatory management program is illegal under state and federal
laws and that the 50% fee was far above the typical management rate
for properties at similar resorts. It also outlined grievances
about imposing maintenance and repair fees on owners, shorting
owners' rental revenue and requiring owners to make units available
for up to five nights of complementary use for Boyne business
partners.
The settlement emphasized that Boyne does not admit the
allegations.
Ben Alke, a Bozeman lawyer representing the plaintiffs, told
Montana Free Press the plaintiffs and attorneys are "very pleased
with the proposed agreement."
The plaintiffs were represented by firms Goetz, Geddes and Gardner
and Crist, Krogh, Alke and Nord; Crowley Fleck and Wheeler Trigg
O'Donnell represented Boyne.
Per the settlement, Boyne must pay $18.79 million by April 1 to
establish a settlement fund, which will be dispersed among
plaintiffs and class members and used to cover plaintiff attorney
fees.
Any involved parties must file objections to the settlement before
May 2. A hearing to consider any objections will be held at the
Butte courthouse on June 12. Following that hearing, a judge will
finalize the settlement agreement, and then checks will be mailed
to class members.
There are approximately 377 class members, including the named
plaintiffs in the lawsuit: Lawrence Anderson, trustee for the
Lawrence T. Anderson and Suzanne M. Anderson Joint Revocable Living
Trust, Robert and Nora Erhard, and Tjarda Clagett.
The plaintiff's legal representation will propose a formula for
calculating the payment to each class member, which will be based
proportionally on their past transactions with Boyne. The formula
will be vetted and approved by the court, according to the
settlement agreement.
While the payouts will vary drastically based on how long people
have owned units and worked with Boyne, Alke said some class
members are expected to receive tens of thousands of dollars.
The named plaintiffs will also be able to request up to $10,000 in
service fees for representing class members in the lawsuit.
Boyne also must pay a total of $6.2 million to the three homeowners
associations in two equal installments. The first payment is due on
April 1, 2026, and the second on April 1, 2027.
In each installment, the Shoshone Homeowners Association will
receive $743,756, the Summit Homeowners Association will receive
$845,534, the Village Center Homeowners Association will receive
$477,570, and $1.03 million will go towards attorney fees.
The homeowners' associations can use that money for capital
improvements in common areas and to improve the attractiveness,
functionality and operations of the condo hotels.
The settlement also removed the stipulation that Boyne must be the
exclusive rental management company and hotel manager for the
condo-hotels, stating that "exclusivity is unenforceable as written
under Montana law as construed by the court."
Stacie Harris, a spokesperson for Boyne, told MTFP the proposed
resolution "reflects our shared commitment to maintaining Big Sky
Resort's exceptional guest experience and standards."
"While we cannot comment on specific details until court approval
is granted, this resolution allows us to move forward with clarity
while maintaining our focus on continuing to build Big Sky Resort
as a premier mountain destination," Harris wrote in an email.
Boyne has disputed and continues to dispute the allegations, but
believes the settlement "is the most effective and least costly
resolution of this lawsuit," the agreement said. "Boyne has agreed
to enter into this settlement agreement to avoid the further
expense, inconvenience, and distraction of burdensome and
protracted litigation." [GN]
BRIGHT CARE: Seeks Chapter 11 Bankruptcy in California
------------------------------------------------------
On April 8, 2025, Bright Care Veterinary Hospital Inc. filed
Chapter 11 protection in the U.S. Bankruptcy Court for the Central
District of California. According to court filing, the
Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About Bright Care Veterinary Hospital Inc.
Bright Care Veterinary Hospital Inc., dba CASE is a veterinary
facility in Anaheim, CA, offering 24/7 emergency care and
specialized veterinary services. Its services include neurology
and neurosurgery, cardiology, internal medicine, oncology, surgery,
and advanced imaging. The hospital emphasizes compassionate and
comprehensive care, working collaboratively with primary care
veterinarians to improve the quality of life for pets. CASE
state-of-the-art facility ensures the latest technology and
equipment, focusing on pet safety and comfort.
Bright Care Veterinary Hospital Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10900)
on April 8, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Scott C. Clarkson handles the case.
The Debtor is represented by David B. Golubchik, Esq. at LEVENE,
NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
BROOGE ENERGY: Deadline to File Claims in SEC Case Set for July 26
------------------------------------------------------------------
The Securities & Exchange Commission notified all persons or
entities who purchased or acquired Brooge Energy Limited Common
Stock, traded on the New York Stock Exchange under the trading
symbol BROG during the relevant period from Dec. 20, 2019 to Dec.
21, 2023, to file a claim on or before on July 26, 2025, at 11:59
p.m. Eastern Standard Time.
To complete and submit an online claim form or obtain a physical
claim form by visiting https://www.BroogeEnergyFairFund.com/
Additionally, to submit a claim form by mail, submit it at the
following address by first class mail, postmarked no later than
July 26, 2025:
Brooge Energy Fair Fund
c/o Rust Consulting Inc.
Fund Administrator - 8793
PO Box 2599
Fairbault, MN 55021-9599
To be eligible for a payment from the Fair Fund, you must satisfy
certain eligibility criteria that are described in detail in the
Plan of Distribution. Those criteria include the following:
1) You must have purchased or acquired Brooge Energy common stock,
traded on New York Stock Exchange under the trading symbol BROG,
during the Relevant Period (December 20, 2019 through December 21,
2023, inclusive);
2) Your approved transactions must calculate to an Eligible loss as
calculated under the Plan of Allocation and the Distribution
Payment must equal or exceed $20.00.
3) You are not an Excluded Party as defined in the Plan of
Distribution, including:
a) The Respondent;
b) Present or former officers or directors of the Respondents or
any assigns, creditors, heirs, distributees, spouses, parents,
dependent children or controlled entities of any of the foregoing
Persons or entities;
c) Any employee or former employee of the Respondents or any of
its affiliates who has been terminated for cause or has otherwise
resigned, in connection with the conduct detailed in the Order;
d) Any Person who, as of the Claims Bar Date, has been the
subject of criminal charges related to the conduct described in the
Order or any related Commission action;
e) Any firm, trust, corporation, officer, or other entity in
which Respondents have or had a controlling interest;
f) The Fund Administrator, its employees, and those persons
assisting the Fund Administrator in its role as the Fund
Administrator; or
g) Any purchaser or assignee of another Person's right to obtain
a recovery from the Fair Fund for value; provided, however, that
this provision shall not be construed to exclude those Persons who
obtained such a right by gift, inheritance or devise.
On Dec. 22, 2023, the Commission issued an Order instituting and
simultaneously settling cease-and-desist proceedings against the
Respondents. In the Order, the Commission found that Brooge went
public through a special purpose acquisition company ("SPAC")
transaction in December 2019. Before and after going public
between thirty and eighty percent of Brooge's revenues were
unsupported and materially misstated from 2018 through early 2021.
After the SPAC transaction, Brooge registered the offer and sale of
up to $500 million in different types of securities with the
Commission and an affiliate of the company issued $200 million in
5-year senior secured bonds in the Nordic bond market. The
Commission also found that Paardenkooper and Saheb knew, or were
reckless in not knowing, of this accounting fraud. The Commission
ordered the Respondents to pay $5,200,000 in civil money penalties
to the Commission. The Commission also created the Fair Fund,
pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so
the penalties collected can be distributed to harmed investors.
The Respondents have paid in full. The Fair Fund has been
deposited in a Commission-designated account at the United States
Department of the Treasury, and any accrued interest will be added
to the Fair Fund.
A copy of the Plan of Distribution and the Plan Notice can be
viewed at https://www.broogeenergyfairfund.com/Important-Documents.
The plan can also be obtained by calling 1 (888) 558-0547 or by
emailing the fund administrator at info@BroogeEnergyFairFund.com.
Brooge Energy provides oil storage and related services.
BUS-TEV LLC: Taps Berger Fischoff Shumer Wexler & Goodman as Atty.
------------------------------------------------------------------
Bus-Tev, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ Berger, Fischoff, Shumer,
Wexler & Goodman, LLP to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are:
Gary C. Fischoff, Partner $685
Heath S. Berger, Partner $550
Dawn Traina, Paralegal $210
Angelique Filardi, Paralegal $210
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $33,262
plus $1,738 filing fee from the Debtor.
Mr. Fischoff disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Gary C. Fischoff, Esq.
Berger, Fischoff, Shumer, Wexler & Goodman, LLP
6901 Jericho Turnpike, Suite 230
Syosset, NY 11791
Telephone: (516) 747-1136
About Bus-Tev LLC
Bus-Tev LLC is a merchant wholesaler of grocery and related
products in Bronx, N.Y.
Bus-Tev filed Chapter 11 petition (Bankr. S.D.N.Y. Case No.
25-10195) on January 31, 2025, listing between $1 million and $10
million in both assets and liabilities.
Judge Philip Bentley handles the case.
Gary C. Fischoff, Esq., at Berger, Fischoff, Shumer, Wexler &
Goodman, LLP serves as the Debtor's counsel.
CALERES INC: S&P Downgrades ICR to 'BB-' on Elevated Leverage
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
footwear retailer and wholesaler Caleres Inc. to 'BB-' from 'BB'.
The stable outlook reflects S&P's expectation that the company's
S&P Global Ratings-adjusted leverage will peak in the mid-2x area
this year and remain above 2x in 2026 (incorporating the repayment
of its RCF borrowings).
S&P said, "The downgrade reflects Caleres' higher-than-expected S&P
Global Ratings-adjusted leverage due to its elevated adjusted debt
and pressured operating performance, which we expect it will
continue to face this year. The company generated reported free
operating cash flow (FOCF) of $53 million in 2024, which compares
with $151 million the prior year, due to working capital outflows
and operating margin pressures. At the same time, Caleres increased
its shareholder returns to $75 million, from $27 million the prior
year, which it partially funded with borrowings from its $500
million RCF. Therefore, the company ended fiscal year 2024 with
$220 million of outstanding debt. This raised Caleres' S&P Global
Ratings-adjusted leverage to 2.2x as of the end of fiscal year
2024, which exceeded our previous expectation for 1.9x.
"We forecast the company's pro forma leverage will increase to the
mid-2x this year because we expect it will face ongoing operating
margin pressures due to soft consumer demand, high promotional
activity, and elevated supply chain costs stemming from tariff
increases. In addition, Caleres plans to further draw on its RCF to
acquire Stuart Weitzman, which we project will lead its outstanding
debt to rise to about $250 million as of the end of fiscal year
2025. We expect the company will improve its leverage to 2.1x in
2026 as it focuses on repaying its RCF borrowings and begins to
realize synergies from the integration of Stuart Weitzman. Our
base-case forecast assumes Caleres will address its RCF (due
October 2026) before it becomes current.
"We expect the company's operating margins will remain pressured
this year. Caleres' S&P Global Ratings-adjusted EBITDA margin
declined to 14.1% in 2024, from 14.9% the prior year, due to a
reduction in its operating leverage and higher payroll and benefit
expenses, which were partially offset by an improvement in its
merchandise margin and larger operating lease adjustments. In
addition, the company's S&P Global Ratings-adjusted EBITDA margin
declined to 10.7% in the fourth quarter due its reduced operating
leverage and elevated discounting to clear excess inventory.
Caleres expanded its overall inventory position by 4.5% in 2024,
including a 2.0% rise at Famous Footwear and a 7.4% rise in its
Brand Portfolio segment, due to elevated levels of fall merchandise
and its in-transit sneaker assortment. The company guided for a
revenue decline in the 5%-6% range in the first quarter of 2025,
which reflects the challenges to consumer spending and highlights
the risk for discounts and markdowns. We forecast Caleres's margins
will contract to 12.8% this year due to expenses related to its
acquisition, tariffs, and promotional activities. We expect the
company will expand its margins to 13.7% in 2026 due to its
realization of synergies from the Stuart Weitzman acquisition and
the optimization of its inventory.
"While policies are rapidly evolving, we believe the imposition of
tariffs will negatively affect the company's operating performance.
Caleres sourced most of the footwear for its Brand Portfolio
segment (45% of revenue for fiscal year 2024) from manufacturers
located in China and other countries in southeast Asia in 2024.
While the company plans to limit its exposure to China to about 25%
of its direct product by the second quarter of 2025, additional
tariffs on other southeast Asian countries could negatively affect
its supply chain and cost structure. That said, Caleres plans to
negotiate lower merchandise costs with its suppliers and pass along
cost increases to its customers, which will somewhat offset these
headwinds. However, we believe the company could experience a
further deterioration in its operating performance--particularly
margin compression and elevated FOCF volatility--if it is unable to
mitigate potential tariff increases. In addition, we believe higher
tariffs will likely lead to inflationary pressures over the short
term, which could reduce the demand for Caleres' products if
consumers choose to focus on essentials.
"We expect the company's demand will remain soft this year as
consumers remain cautious with their discretionary spending.
Caleres reported a revenue decline of 3.4% in 2024, with the
comparable sales in its Famous Footwear segment falling by 1.3%.
Macroeconomic uncertainties and persistent inflation caused the
company's retailer partners to postpone their inventory receipts
and led consumer to cut back on their spending, particularly among
the lower-income cohorts. Caleres has focused on newness and
product innovation while implementing its Famous Localized and
Immersive Retail (FLAIR) store concept and adding new wholesale
partners to increase its sales. We forecast the company will expand
its revenue by over 8% in 2025, which will enable it to approach
total pro forma revenue of $3 billion for the year due to the
Stuart Weitzman acquisition. In 2026, we expect Caleres will
increase its revenue by about 1% as it continues to expand its
wholesale partnerships and invests in store refreshes."
On Feb. 19, 2025, Caleres announced a definitive agreement to
acquire Stuart Weitzman from Tapestry Inc. for a total
consideration of $105 million, which it will fund with borrowings
from its RCF. S&P said, "In our view, the Stuart Weitzman
acquisition will strengthen the company's lead brands by adding
about $230 million of revenue and increasing its exposure to the
premium luxury categories and higher-income consumers. While we
expect the acquisition will benefit Caleres over the long term, it
will also require it to implement some turnaround efforts at the
acquired business over the short term. Stuart Weitzman has reported
volatile revenue--including an about 15% decline in the quarter
ended Dec. 28, 2024, following a 2% increase the previous
quarter--due to weakness in China and North America and has
reported persistent negative operating income. Our base-case
forecast assumes the company's margins improve over the next two
years as it realizes synergies from the acquisition. However, weak
consumer discretionary spending and integration missteps could
challenge management's ability to materially improve Stuart
Weitzman's profitability."
The stable outlook reflects S&P expectation that Caleres S&P Global
Ratings-adjusted leverage will peak in the mid-2x area this year
and remain above 2x in 2026 (incorporating the repayment of its RCF
borrowings).
S&P could lower its ratings on Caleres if it sustains S&P Global
Ratings-adjusted leverage of more than 3x. This could occur if:
-- Its operating performance weakens materially below our
base-case assumptions due to tariffs, inventory missteps, or soft
demand for its products;
-- The company's financial policy becomes more aggressive,
potentially by undertaking large share repurchases or debt-funded
acquisitions; or
-- The company faces challenges integrating its recent
acquisition.
S&P could raise its ratings on Caleres if it sustains S&P Global
Ratings-adjusted leverage of below 2x. This could occur if:
-- The company adopts a more conservative financial policy by not
using debt to fund its shareholder friendly activities and
permanently pays down its RCF;
-- The company improves its operating performance amid a
challenging macroeconomic environment and partially offsets the
headwinds from new tariffs such that it improves its operating
margin and increases its FOCF generation; or
-- The company successfully integrates its new acquisition.
CAMBER ENERGY: Closes Transaction With T&T Power Group
------------------------------------------------------
Camber Energy, Inc. announced the closing of a strategic
transaction involving T&T Power Group, Inc. and Simson-Maxwell
Ltd., two industry leaders in power generation, electrical
distribution and energy solutions.
On April 1, 2025, Viking Energy Group, Inc., a wholly-owned
subsidiary of Camber, entered into a Share Subscription Agreement
with T&T Power, Remora EQ LP, Simmax Corp., and Simson-Maxwell
Ltd., a Canadian federal corporation. The SSA relates to a
restructuring of the ownership of Simson that results in Camber
ceasing to have a controlling interest in Simson. As such, Camber
deconsolidated Simson from its consolidated financial statements
effective April 1, 2025.
Under the SSA, T&T agreed to:
(i) subscribe for 952 Class A Common Shares of Simson for an
aggregate subscription price of approximately CAD $2.28 million;
(ii) purchase 903 Class A Common Shares from Remora for an
agreed purchase price; and
(iii) purchase 681 Class A Common Shares from Simmax for an
agreed purchase price.
T&T also agreed to provide up to CAD $3.0 million in additional
working capital to Simson on closing or at such time as is
reasonably required to meet the cash requirements of Simson, and to
repay on or within a reasonable period following the closing
amounts owing under Simson's then outstanding senior secured credit
facilities.
T&T acquired the Subscription Shares by paying the subscription
price in cash. T&T acquired the Remora Shares by paying
approximately 3.5% of the purchase price in cash and issuing a
promissory note for the remaining balance, maturing on December 1,
2025. T&T acquired the Simmax Shares by issuing a promissory note
to Simmax, also maturing on December 1, 2025.
Following the closing of the transactions, T&T and Viking are the
only remaining shareholders of Simson. T&T owns 51% of Simson's
issued and outstanding Class A Common Shares, and Viking owns the
remaining 49%. Viking did not sell or purchase any shares in
connection with the Simson Share Transactions; however, Viking's
ownership decreased from approximately 60.5% to 49%.
As a result of the reduction in Viking's ownership interest and
ceasing to have control over Simson, Camber will no longer
consolidate Simson's financial results in its consolidated
financial statements. Beginning April 1, 2025, the Company will
instead account for its investment in Simson under the equity
method of accounting.
In connection with the closing of the Simson Share Transactions,
Viking also entered into a Unanimous Shareholders Agreement with
T&T and Simson. The USA governs the ownership and management of
Simson and provides that T&T is entitled to nominate two members to
Simson's board of directors, and Viking is entitled to nominate one
member.
The deal, which closed effective April 1, 2025, results in T&T and
Viking Energy Group, Inc. (Camber's wholly-owned subsidiary) being
co-owners of Simson-Maxwell.
James Doris, Camber's President & CEO, commented, "With T&T's
support, expertise and decades-long track record, Simson-Maxwell is
well positioned for growth and to deliver an unmatched experience
for industrial and commercial power solutions' customers across
Canada."
About Camber Energy
Based in Houston, Texas, Camber Energy, Inc. --
http://www.camber.energy-- is a growth-oriented diversified energy
company. Through its majority-owned subsidiaries, the Company
provides custom energy and power solutions to commercial and
industrial clients in North America and has a majority interest in:
(i) an entity with intellectual property rights to a fully
developed, patented, proprietary Medical and Bio-Hazard Waste
Treatment system using Ozone Technology; and (ii) entities with the
intellectual property rights to fully developed, patented, and
patent-pending proprietary Electric Transmission and Distribution
Open Conductor Detection Systems. Additionally, the Company holds a
license to a patented clean energy and carbon-capture system with
exclusivity in Canada and for multiple locations in the United
States. Various of the Company's other subsidiaries own interests
in oil properties in the United States. The Company is also
exploring other renewable energy-related opportunities and/or
technologies, which are currently generating revenue or have a
reasonable prospect of generating revenue within a reasonable
period of time.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated March 25, 2024, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.
The Company has yet to file its Annual Report on Form 10-K for the
fiscal year ended December 31, 2024.
CANYON CREEK: Hires Allen Vellone Wolf Helfrich as Counsel
----------------------------------------------------------
Canyon Creek Villas LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to hire Allen Vellone Wolf
Helfrich & Factor P.C. as counsel.
The firm will handle all matters concerning the administration of
the estate, including preparation of the bankruptcy statements and
schedules, a plan of reorganization and disclosure statement, as
well as all contested and litigation matters that arise in this
case.
The firm will be paid at these rates:
Jeffrey A. Weinman $650
Patrick D. Vellone $725
Matthew M. Wolf $500
Jordan Factor $675
Katharine S. Sender $425
Paralegals $120 to 225 per hour
The firm received from the Debtor a retainer of $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Katharine Sender, Esq., a partner at Allen Vellone Wolf Helfrich &
Factor P.C., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Jeffrey A. Weinman, Esq.
Katharine S. Sender, Esq.
Allen Vellone Wolf Helfrich & Factor P.C.
1600 Stout Street, Suite 1900
Denver, CO 80202
Tel: (303) 534-4499
Email: JWeinman@allen-vellone.com
KSender@allen-vellone.com
About Canyon Creek Villas LLC
Canyon Creek Villas LLC is a Colorado-based single asset real
estate company that owns and manages condominium units in Boulder.
Canyon Creek Villas LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 25-11683) on March 28,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Kimberley H. Tyson handles the case.
The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN
VELLONE WOLF HELFRICH & FACTOR, P.C.
CANYON SPRINGS: Hires Joyce W. Lindauer as Bankruptcy Counsel
-------------------------------------------------------------
Canyon Springs Resort Property Owner's Association, Inc. seeks
approval from the U.S. Bankruptcy Court for the Western District of
Texas to hire Joyce W. Lindauer Attorney, PLLC to handle its
Chapter 11 case.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Associate $295 per hour
Paralegals and Legal Assistants $125 to 250 per hour
The firm will be paid a retainer in the amount of $11,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney,
PLLC, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Tel: (972) 503 4033
Fax: (972) 503-4034
About Canyon Springs Resort Property
Owner's Association
Canyon Springs Resort Property Owner's Association, Inc. sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Texas Case No. 25-50385) on February 28, 2025, listing between
$100,001 and $500,000 in assets and up to $50,000 in liabilities.
Judge Craig A. Gargotta presides over the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as bankruptcy counsel.
CANYON SPRINGS: Seeks to Hire Joyce W. Lindauer as Legal Counsel
----------------------------------------------------------------
Canyon Springs Resort Property Owner's Association, Inc. seeks
approval from the U.S. Bankruptcy Court for the Western District of
Texas to employ Joyce W. Lindauer Attorney, PLLC to handle its
Chapter 11 case.
The firm will be paid at these hourly rates:
Joyce W. Lindauer $595
Associate $295
Paralegals and Legal Assistants $125-$250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $11,738.
Joyce Lindauer, Esq., a partner at the firm, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503 4033
Facsimile: (972) 503-4034
About Canyon Springs Resort Property
Owner's Association
Canyon Springs Resort Property Owner's Association, Inc. sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Tex. Case No. 25-50385) on February 28, 2025, listing between
$100,001 and $500,000 in assets and up to $50,000 in liabilities.
Judge Craig A. Gargotta presides over the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as bankruptcy counsel.
CAPSTONE CONSULTING: To Sell Logan Property
-------------------------------------------
Capstone Consulting, LLC, seeks permission from the U.S. Bankruptcy
Court for the District of Utah, to sell real property, free and
clear of liens, interests, and encumbrances.
The Debtor's Property is located at 1200 East 1400 North, Logan,
Utah (Development), which is comprised of 48 build-ready lots
known as the Mountainside Estates subdivision.
The Debtor's ownership of the Development is as a tenant-in-common
with Shree Giriraj Ji, Inc. (SGJ), with SGJ owning an undivided
28.846% interest in the Development, the Debtor owning the
remainder interest. The relationship between the Debtor and SGJ is
governed in part by the Development Agreement, which permits the
Debtor to sell the Development, including SGJ's interest in that
property.
Several of the lot owners adjacent to the Mountainside Estates
subdivision, including lots sold owned by Alexander Ray Elliott,
Kristopher Egbert, and Ricky Humphreys desire to purchase
relatively
small slivers of surplus land in the Mountainside Estates
subdivision (consisting of approximately 1,874.55, 2,182.26, and
773 square feet, respectively in order to preserve the views from
their properties. In the Debtor's estimation, the sale of these
slivers of land will not adversely affect the marketability of the
remainder of the Development's lots.
The purchase price for the Property is $24,369.19 in the case of
Elliott; $28,369.35 in the case of Egbert; and $9,834.53 in the
case of Humphreys.
From the proceeds of the sale of the Property, the Debtor shall pay
expenses of sale and closing costs and fees, including title
insurance costs, pay all outstanding and past due and 2025 prorated
property taxes due on the Property, and use the proceeds of the
sale to pay two payments for May and June 2025 in the
estimated amount of $23,333.33 each, which the Debtor believes is
the "applicable nondefault contract rate of interest" on its
first-priority trust deed which is currently held by Graybird, LLC
and/or Providence Lending, LLC; and retain the remainder of the
sale proceeds, which the Debtor calculates as $14,956.40 in its
debtor-in-possession account as "cash collateral" of its secured
lender(s).
The proposed sale is not subject to higher and better offers.
The Debtor asserts that the sale prices are fair and reasonable.
The Debtor’s Managing Member, Brent J. Lawyer, is a realtor and
is very familiar with the Logan real estate market in general and
the Development in particular.
About Capstone Consulting, LLC
Capstone Consulting LLC is involved in real estate development,
with a focus on residential projects in the Logan, Utah area. The
Company works on subdividing properties, expanding neighborhoods,
and collaborating with other stakeholders to enhance local
communities.
Capstone Consulting LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Utah Case No. 25-20752) on February 18,
2025. In its petition, the Debtor reports estimated assets between
$10 million and $50 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Joel T. Marker handles the case.
The Debtor is represented by George B. Hofmann, Esq. at COHNE
KINGHORN, P.C.
CAREPOINT HEALTH: Battles to Confirm Revised Chapter 11 Plan
------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that on
Thursday, April 10, 2025, the operator of three New Jersey
hospitals stated that its updated Chapter 11 plan addresses or
delays resolution of concerns raised by a Delaware bankruptcy judge
after last month's three-day confirmation hearing.
Troubled Company Reporter, citing Ben Zigterman of Law250,
previously reported 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 TCR also 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.
Former owners challenged the 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.
CAREVIEW COMMUNICATIONS: Reports $4.7 Million Net Loss in FY 2024
-----------------------------------------------------------------
Careview Communications Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $4.7 million on $8.3 million of total revenues for the year
ended Dec. 31, 2024, compared to a net loss of $4 million on $9.7
million of total revenues for the year ended Dec. 31, 2023.
As of and for the year ended December 31, 2024, the Company had an
accumulated deficit of approximately $212.6 million, a loss from
operations of approximately $1.6 million, net cash used in
operating activities of $(238,652) and an ending cash balance of
$759,266.
As of the year ended December 31, 2024, the Company had a working
capital deficit of $41.1 million.
Somerset, New Jersey-based Rosenberg Rich Baker Berman & Co., the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated March 27, 2024, citing that the
Company's net losses, cash outflows, and working capital deficit
that raise substantial doubt about its ability to continue as a
going concern.
Management has evaluated the significance of the conditions in
relation to the Company's ability to meet its obligations and
concluded that, without additional funding, the Company will not
have sufficient funds to meet its obligations within one year from
the date the consolidated financial statements were issued. While
management will look to continue funding operations by increased
sales volumes and raising additional capital from sources such as
sales of its debt or equity securities or loans to meet operating
cash requirements, there is no assurance that management's plans
will be successful.
Management continues to monitor the immediate and future cash flows
needs of the company in a variety of ways which include forecasted
net cash flows from operations, capital expenditure control, new
inventory orders, debt modifications, increases sales outreach,
streamlining and controlling general and administrative costs,
competitive industry pricing, sale of equities, debt conversions,
new product or services offerings, and new business partnerships.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/4jucd7ph
About CareView Communications
Headquartered in Lewisville, Texas, CareView Communications, Inc.
-- http://www.care-view.com-- is a provider of products and
on-demand application services for the healthcare industry,
specializing in bedside video monitoring, software tools to improve
hospital communications and operations, and patient education and
entertainment packages.
As of Dec. 31, 2024, the Company had $3.6 million in total assets,
$44.1 million in total liabilities, and a total stockholders'
deficit of $40.4 million.
CARRUTH COMPLIANCE: Seeks to Hire Sussman Shank as Legal Counsel
----------------------------------------------------------------
Carruth Compliance Consulting, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Oregon to employ Sussman Shank
LLP as counsel.
The firm will render these services:
(a) give advice regarding the duties and responsibilities of
the Debtor;
(b) prepare and file schedules;
(c) defend motions for relief from stay;
(d) analyze and object claims;
(e) formulate and approve a plan of reorganization under
Chapter 11;
(f) negotiate with creditors and other parties in interest;
and
(g) perform all other matters requiring legal representation
of the Debtor in this Chapter 11 case.
Sussman Shank holds a retainer of $74,728 to be applied to
postpetition fees and expenses as they are incurred.
Thomas Stilley, Esq., an attorney at Sussman Shank, disclosed in a
court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Thomas W. Stilley, Esq.
Christopher N. Coyle, Esq.
Garrett S. Eggen, Esq.
Sussman Shank LLP
1000 SW Broadway, Suite 1400
Portland, OR 97205
Telephone: (503) 227-1111
Facsimile: (503) 248-0130
Email: tstilley@sussmanshank.com
ccoyle@sussmanshank.com
geggen@sussmanshank.com
About Carruth Compliance Consulting
Carruth Compliance Consulting, Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-31060) on
March 31, 2025, listing under $1 million in both assets and
liabilities. Harvey Carruth, president, signed the petition.
Honorable Bankruptcy Judge David W. Hercher handles the case.
The Debtor is represented by Thomas W. Stilley, Esq., at Sussman
Shank LLP.
CFN ENTERPRISES: Needs More Time to Complete Form 10-K Filing
-------------------------------------------------------------
CFN Enterprises Inc. filed a Notification of Late Filing on Form
12b-25 with respect to its Annual Report on Form 10-K for the
period ended December 31, 2024, with the U.S. Securities and
Exchange Commission, informing that it is unable to file the Annual
Report within the prescribed time period without unreasonable
effort or expense. Additional time is necessary as the Company is
still working on the completion of the financial statements for the
period ended December 31, 2024.
The Company currently expects to file the Annual Report within the
15 calendar day extension period provided by Rule 12b-25.
About CFN Enterprises Inc.
CFN Enterprises Inc owns and operates as a media agency. The
Company offers creative and media network solutions for cannabis
industry. CFN Enterprises serves customers in the United States.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated April
11, 2024, citing that the Company has suffered recurring losses
from operations and will require additional capital to continue as
a going concern. This raises substantial doubt about the Company's
ability to continue as a going concern.
As of June 30, 2024, CFN Enterprises had $6,142,415 in total
assets, $21,462,163 in total liabilities, and $15,319,748 in total
stockholders' deficit.
CHARITY PRIME: Taps New Beginnings Realty as Real Estate Broker
---------------------------------------------------------------
Charity Prime Realty, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Jacquelyn
Cato of New Beginnings Realty Specialists as real estate broker.
Ms. Cato will provide real estate brokerage services with respect
to the real property located at 4313 Hoen Drive, Santa Rosa, CA
95405.
Ms. Cato will receive a commission equal to 8 percent of the
listing price.
Ms. Cato assured the court that she does not hold or represent any
interest adverse to the Debtor or its estate.
The broker can be reached at:
Jacquelyn Cato
New Beginnings Realty Specialists
2010 Harbison Dr
Vacaville, CA 95687
Phone: (707) 235-4827
E-mail: jacquelyncato2022@gmail.com
About Charity Prime Realty, Inc.
Charity Prime Realty, Inc. owns four rental properties all located
in California having a total comparable sale value of $6.8
million.
Charity Prime Realty, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
24-13284) on April 29, 2024, listing $6,800,000 in assets and
$4,422,000 in liabilities. The petition was signed by Jenero
Jefferson as manager.
Judge Sandra R. Klein presides over the case.
Onyinye N. Anyama, Esq. at ANYAMA LAW FIRM, APC represents the
Debtor as counsel.
CHRISTIAN HOMES: Fitch Withdraws 'D' Issuer Rating
--------------------------------------------------
Fitch Ratings has affirmed and withdrawn Illinois Christian
Horizons', formerly known as Christian Homes, Inc. (CH), Issuer
Default Rating (IDR) of 'D'. Fitch has also affirmed and withdrawn
the 'D' rating on approximately $24 million series 2021A and 2021B
bonds, and $66.690 million series 2016 and 2018 outstanding bonds
previously issued through various authorities on behalf of CH.
Entity/Debt Rating Prior
----------- ------ -----
Christian Homes,
Inc. (IL) LT IDR D Affirmed D
LT IDR WD Withdrawn
Christian Homes,
Inc. (IL) /General
Revenues/1 LT LT D Affirmed D
Christian Homes,
Inc. (IL) /General
Revenues/1 LT LT WD Withdrawn
Fitch has affirmed and withdrawn the 'D' rating on approximately
$24 million series 2021A and 2021B bonds, and $67 million series
2016 and 2018 outstanding bonds previously issued through various
authorities on behalf of CH. Fitch has also affirmed and withdrawn
CH's 'D' IDR.
Fitch has withdrawn the ratings because CH has defaulted.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for CH. The updated rating history is reflected on Fitch's
website at 'www.fitchratings.com'.
On July 16, 2024, CH filed a voluntary petition for relief under
chapter 11 of title 11 of the U.S. Code in the U.S. Bankruptcy
Court for the Eastern District of Missouri. For more information on
CH's financial distress refer to Fitch's rating action commentary
published on July 25, 2024.
SECURITY
The bonds are secured by a pledge of gross revenue, first lien
mortgage and security interest in the facilities, and a debt
service reserve fund.
Revenue Defensibility - 'b and below'
Operating Risk - 'b and below'
Financial Profile - 'b and below'
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Rating sensitivities are no longer relevant.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Rating sensitivities are no longer relevant.
PROFILE
CH is a large senior living system that operates facilities in
Illinois, Indiana, Iowa and Missouri. CH's parent company changed
the organization's brand name to Christian Horizons in January
2017. Fitch's analysis is based on CH's operating group, which
includes five facilities with 344 independent living units, 270
assisted living units and 579 skilled nursing facility beds.
Sources of Information
In addition to the sources of information identified in Fitch's
applicable criteria specified below, this action was informed by
data from Lumesis.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
COLD SPRING: No Decline in Resident Care, 1st PCO Report Says
-------------------------------------------------------------
David Crapo, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Southern District of New York his initial
report regarding the quality of patient care provided at Cold
Spring Acquisition, LLC's skilled nursing and rehabilitation
facility.
Mr. Crapo visited the facility three times since his appointment.
The PCO found the staff in both the occupational and physical
therapy rooms to be attentive to the residents. Medications are
kept secure at the nursing stations. The PCO attended morning
reports, which demonstrated that staff was on top of resident care
and safety issues.
During the first reporting period, the PCO spoke with Lisa
Wickens-Alteri, the independent health monitor, on several
occasions. More lengthy conferences occurred on (i) January 22;
(ii) February 21 and (iii) March 13. The PCO spoke with the monitor
on other occasions and e-mailed her as well to share information.
The PCO noted that he has not received any information indicating
that quality of care provided to the residents (including patient
safety) is not acceptable and is currently declining or is
otherwise being materially compromised, but reserves making an
actual finding in that regard pending the receipt of: (i)
additional information to be requested from the Debtor; and (ii) in
the event that the Facility transitions from closure mode,
interviews of residents and staff.
The PCO cited that three visits to the facility, extensive
communications with the monitor, an analysis of multiple sources of
information regarding the current performance of the facility
reveals that Cold Spring Acquisition continues to provide the same
level of resident care and safety it provided in the run-up to the
bankruptcy filing after the appointment of the monitor. Moreover,
that level of resident care and safety is adequate and stable,
notwithstanding the facility is in closure mode.
Additionally, adequate systems are in place to monitor the quality
of resident care and safety at the Facility to respond to
shortcomings. The morning report the PCO attended revealed that
Cold Spring Acquisition is generally on top of resident care and
safety issues and respond to them promptly. Cold Spring Acquisition
also enjoys the benefit of a loyal and competent workforce who see
their primary focus as the care and safety of its residents. The
loyalty and competence of the workforce should serve as a break
against a sudden decline in the quality of resident care and
safety, as well as an expeditious source of notice of any
problems.
The ombudsman may be reached at:
David N. Crapo, Esq.
Gibbons P.C.
One Gateway Center
Newark, NJ 07102
(973) 596-4500
Email: dcrapo@gibbonslaw.com
About Cold Spring Acquisition
Cold Spring Acquisition LLC operates a 588-bed skilled nursing and
rehabilitation facility in Woodbury, N.Y. In particular, the senior
care facility provides hospice, dementia care, medical needs, as
well as short-term and long-term rehabilitation care. The senior
care facility also runs a senior day program.
Cold Spring Acquisition sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2,
2025. In its petition, the Debtor reported between $1 million and
$10 million in assets and between $50 million and $100 million in
liabilities.
Judge Sean H. Lane handles the case.
Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt,
Phelps & Phillips represent the Debtor as legal counsels.
COMMUNITY AWARENESS: Hires Robert S. Lewis as Bankruptcy Counsel
----------------------------------------------------------------
Community Awareness Network for a Drugfree Life and Environment
Inc. seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to hire the Law Offices of Robert S. Lewis, PC
as counsel.
The firm will render these services:
`
(a) advise the Debtor with respect to its rights, powers and
obligations in the continued management of its assets and affairs;
(b) advise and consult the Debtor on the conduct of the
Chapter 11 case;
(c) take all necessary actions to protect and preserve the
Debtor's estate;
(d) prepare on the Debtor's behalf any necessary legal papers
necessary to the administration of its Chapter 11 case;
(e) negotiate and prepare on the Debtor's behalf plan(s) of
reorganization, disclosure statement(s) and all related agreements
and/or documents and take any necessary action on its behalf to
obtain confirmation of such plan(s);
(f) advise the Debtor in connection with the sale of any
assets;
(g) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(h) appear before this court, any appellate courts, and the
U.S. Trustee, and protect the interests of the Debtor's estate
before such courts and the U.S. Trustee; and
(i) perform all other necessary legal services and provide all
other necessary or appropriate legal advice to the Debtor in
connection with Chapter 11 case.
The firm will be paid at these hourly rates:
Robert Lewis, Member $400
Jasmine Rosa, Paralegal $150
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $3,000.
Mr. Lewis disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert S. Lewis, Esq.
Law Offices of Robert S. Lewis, PC
29 Main Street
Nyack, NY 10960
Telephone: (845) 358-7100
About Community Awareness Network
for a Drugfree Life and Environment Inc.
Community Awareness Network for a Drugfree Life and Environment
Inc. is a nonprofit organization founded in 1982 dedicated to
preventing substance abuse and violence among youth.
Community Awareness Network for a Drugfree Life and Environment
Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 25-22225) on March 21, 2025. In its
petition, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $100,000 and $500,000.
Honorable Bankruptcy Judge Sean H. Lane handles the case.
The Debtor is represented by Robert S. Lewis, Esq. at Robert S.
Lewis PC.
COMMUNITY HEALTH: Closes $284M Sale of Lake Norman Medical Center
-----------------------------------------------------------------
Community Health Systems, Inc. announced that subsidiaries of the
Company have completed the divestiture of Lake Norman Regional
Medical Center in Mooresville, North Carolina, and related
businesses to subsidiaries of Duke University Health System, Inc.
for $284 million.
The entry into the definitive agreement for this transaction was
announced on December 11, 2024, and the closing was effective April
1, 2025.
About Community Health Systems Inc.
Community Health Systems, Inc. -- http://www.chs.net/-- is a
publicly traded hospital company and an operator of general acute
care hospitals in communities across the country. Its affiliates
provide healthcare services, developing and operating healthcare
delivery systems in 40 distinct markets across 15 states.
For the year ended December 31, 2023, the net loss attributable to
Community Health Systems, Inc. stockholders was $133 million,
compared to net income of $46 million for the same period in 2022.
As of June 30, 2024, the Company had $14.4 billion in total assets,
$15.3 billion in total liabilities, $324 million in redeemable
noncontrolling interests in equity of consolidated subsidiaries,
and $1.2 billion in total stockholders' deficit.
* * *
Egan-Jones Ratings Company on January 23, 2025, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Community Health Systems, Inc.
In August 2024, S&P Global Ratings raised its rating on Community
Health Systems Inc. to 'CCC+' from 'SD' (selective default). At the
same time, S&P also raised its ratings on the senior unsecured
notes to 'CCC-' from 'D'. The outlook is negative, reflecting the
risk of further distressed exchanges in the intermediate future
despite credit metrics potentially improving in 2024.
CONVENTION CENTER: Seeks Approval to Tap Tamarez CPA as Accountant
------------------------------------------------------------------
Convention Center Parking, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Tamarez
CPA, LLC as accountant.
The firm will render these services:
a) reconcile financial information to assist the Debtor in the
preparation of monthly operating reports;
b) assist in the reconciliation and clarification of proof of
claims filed and amount due to creditors;
c) provide general accounting and tax services; and
d) assist the Debtor and its counsel in the preparation of the
supporting documents for the Joint Chapter 11 Reorganization Plan.
The firm will be paid at these hourly rates:
Albert Tamarez-Vasquez, CPA CIRA $165
CPA Supervisor $110
Senior Accountant $90
Staff Accountant $70
The firm received a post-petition retainer in the total amount of
$12,000.
Albert Tamarez Vasquez, CPA, owner of Tamarez CPA, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Albert Tamarez Vasquez, CPA
Tamarez CPA, LLC
1519 Ave. Ponce De Leon, Suite 412
San Juan, PR 00909
Telephone: (787) 795-2855
Facsimile: (787) 200-7912
Email: atamarez@tamarezcpa.com
About Convention Center Parking
Convention Center Parking, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-04516) on Oct. 21, 2024. In the petition signed by David
Santiago Martinez, president, the Debtor disclosed $1 million in
assets and $45,229,691 in liabilities.
Judge Maria De Los Angeles Gonzalez oversees the case.
The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and
Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant.
COTTON HOUSE: Seeks Chapter 11 Bankruptcy in North Carolina
-----------------------------------------------------------
On April 8, 2025, Cotton House Craft Brewers LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of North Carolina. According to court filing, the Debtor reports
between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
About Cotton House Craft Brewers LLC
Cotton House Craft Brewers LLC, also known as Triangle Beer Co., is
a family-owned brewery in Cary, NC, committed to crafting unique
and high-quality beers. With a focus on local ingredients, the
Company collaborates with nearby farmers and artisans to deliver
fresh, distinctive brews that reflect the community's spirit. In
addition to beer, it offers food trucks and host private events.
Cotton House Craft Brewers LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01294)
on April 8, 2025. In its petition, the Debtor reports estimated
assets between $100,000 and $500,000 and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Joseph N. Callaway handles the case.
The Debtor is represented by Joseph Z. Frost, Esq. at BUCKMILLER &
FROST, PLLC.
CRANE ENTERPRISES: Hires Silverman Law as Bankruptcy Counsel
------------------------------------------------------------
Crane Enterprises LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to hire Silverman Law PLLC as
general bankruptcy counsel.
The firm will render these services:
a. advise the Debtor of its rights, powers, and duties as
debtor in possession in continuing to operate and manage its assets
and business;
b. prepare on the Debtor's behalf all necessary and
appropriate applications, motions, pleadings, orders, notices,
petitions, schedules, reports and other documents to be filed in
the Debtor's chapter 11 case;
c. advise the Debtor concerning, and prepare responses to,
applications, motions, pleadings, notices and other pleadings or
documents which may be filed in its chapter 11 case;
d. advise the Debtor concerning the actions it might take to
collect and recover property for the benefit of its estate;
e. negotiate with creditors in connection with claims and
chapter 11 plan;
f. review and object to claims; and
g. perform all other legal services for and on behalf of the
Debtor which may be necessary or appropriate in the administration
of its chapter 11 case and fulfillment of its duties as debtor in
possession.
The hourly rates of the firm's counsel and staff are:
Brett S. Silverman, Esq. $500
Paraprofessionals $90
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $2,000.
Brett Silverman, Esq., a managing member at Silverman Law,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Brett Silverman, Esq.
Silverman Law PLLC
Terry Terrace
Livingston, NJ 07039
About Crane Enterprises LLC
Crane Enterprises LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
25-10405) on March 4, 2025, listing $500,001 to $1 million in
assets and $100,001 to $500,000 in liabilities.
Judge David S Jones handles the case.
Brett Silverman, Esq. at Silveman Law PLLC represents the Debtor as
counsel.
CTN HOLDINGS: Taps Kurtzman Carson as Claims and Noticing Agent
---------------------------------------------------------------
CTN Holdings Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kurtzman
Carson Consultants, LLC dba Verita Global as claims and noticing
agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases.
Prior to the petition date, the Debtors provided the firm a
retainer in the amount of $25,000.
In addition, the firm will seek reimbursement for its
out-of-pocket
expenses.
Evan Gershbein, an executive vice president of Corporate
Restructuring Services at Kurtzman, disclosed in a court filing
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Evan Gershbein
Kurtzman Carson Consultants, LLC
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Telephone: (310) 823-9000
Facsimile: (310) 823-9133
Email: egershbein@kccllc.com
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 their petitions, the Debtors
reported estimated assets of $50 million to $100 million 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.
Kurtzman Carson Consultants, LLC dba Verita Global is the Debtors'
claims and noticing agent.
CUSHMAN & WAKEFIELD: S&P Affirms 'BB-' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings revised its outlook on Cushman & Wakefield to
stable from negative.
S&P also affirmed its issuer credit rating on Cushman & Wakefield
at 'BB-' and issue-level ratings at 'BB-' with a recovery of 3
(55%), up from a recovery of 3(50%).
The stable outlook reflects S&P's expectation that Cushman &
Wakefield will sustainably operate with leverage of between
4.0x-5.0x due to improved commercial real estate leasing and
capital markets activity.
The outlook revision reflects that Cushman & Wakefield continues to
improve its credit metrics, indicating that it has sufficient
cushion for the current rating based on the rebound in commercial
real estate market activity. The commercial real estate markets
had a rebound in the second half of 2024, leading to a
revitalization of leasing and capital markets activity. After
leasing and capital markets fee revenues were down 12% and 41%,
respectively, in 2023, in 2024, both of Cushman & Wakefield's
transaction-related segments grew 7% and 4%, respectively. The
company's services business was down around 3% in 2024, largely due
to Cushman & Wakefield's efforts to restructure the business,
including divesting a non-core asset for net cash proceeds of $123
million. While the company's operations have improved, we remain
cautious of how the macroeconomic picture will materialize
throughout the year, particularly given the uncertainty promulgated
by President Trump's trade policies.
S&P said, "That said, we still think Cushman & Wakefield will
operate with S&P Global-adjusted debt to EBITDA of 4x-5x after
exceeding 5x in 2023. Cushman & Wakefield's debt to EBITDA fell
below 5x after the company's operations benefited from a return of
leasing and capital markets activity in the latter half of 2024. We
think that the marginal growth from these businesses, coupled with
the company's capital management efforts throughout the year,
positioned it to continue operating at below 5.0x leverage on a
sustained basis. Our net debt calculation consists of $2.0 billion
of first lien loans due 2030, $650 million of notes due 2028, $400
million of notes due 2031, $307 million in operating and finance
leases, and about $24 million of deferred purchase price
obligations related to prior merger and acquisition activity.
"We think the CRE services sector has passed the market bottom,
although the magnitude and pace of the recovery will depend on
interest rate stability, investor sentiment, CRE market liquidity,
and business confidence."
S&P's base-case forecast assumes:
Cushman & Wakefield's fee revenue increase by low-single digits in
2025 and mid-single digits by 2026, led by capital markets and
leasing businesses.
Adjusted EBITDA margin remains between 8%-10% in 2025 and 2026,
from 9% in 2024 (based on our calculation), primarily reflecting
the company's operating leverage in the higher-margin transactional
revenue businesses.
The downside risk to S&P's base-case expectation for debt to EBITDA
mainly includes the slower-than-expected CRE recovery, outsized
share repurchases, or large debt-funded acquisitions.
S&P said, "The company's capital management efforts throughout 2024
resulted in an improved balance sheet, in our view. In 2024,
Cushman & Wakefield was focused on repaying and repricing its term
loans due 2030. The company completed three repricings that
resulted in 100 basis points (bps) of rate reductions, and a debt
paydown of around $200 million. During the first quarter of 2025,
Cushman & Wakefield also repriced its $1 billion term loan due
2030, lowering the applicable interest rate by 25 bps. We think the
company's management team will continue to focus on cleaning up the
balance sheet while investing excess cash flow in the business.
"We expect Cushman & Wakefield to maintain adequate liquidity. In
our view, Cushman & Wakefield has sufficient capacity under its
$1.1 billion revolving credit facility and cash on its balance
sheet of $793 million as of Dec. 31, 2024, which we net against
gross debt. In 2023, Cushman & Wakefield extended most of its
maturities, and the company does not have any material near term
debt obligations, a credit positive in our view.
"The stable outlook reflects our expectation that Cushman &
Wakefield will sustainably operate with leverage of 4.0x-5.0x
because of improved commercial real estate leasing and capital
markets activity. The outlook also reflects the company's top three
market position in CRE services, sufficient liquidity to meet
ongoing operational needs, and no near-term refinancing risk due to
the company's capital management efforts.
"We could lower the ratings over the next 12 months if operating
performance materially weakens such that leverage exceeds 5x on a
sustained basis, which could be driven by a meaningful decline in
CRE brokerage activity if rates remain higher for longer.
"We could upgrade Cushman & Wakefield over the next 12-18 months if
the company operates with leverage of 3.0x-4.0x on a sustained
basis."
CUTERA INC: Paul Weiss & Porter Hedges Update List of Noteholders
-----------------------------------------------------------------
The law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Porter Hedges LLP filed a first amended verified statement pursuant
to Rule 2019 of the Federal Rules of Bankruptcy Procedure to
disclose that in the Chapter 11 cases of Cutera, Inc. and Crystal
Sub, LLC, the firms represent the Ad Hoc Noteholder Committee.
In or around May 2024, certain members of the Ad Hoc Noteholder
Committee retained Paul, Weiss to represent it as counsel in
connection with a potential transaction with the Debtors. In or
around January 2025, additional holders of Senior Notes joined the
Ad Hoc Noteholder Committee. In February 2025, the Ad Hoc
Noteholder Committee retained Porter Hedges to serve as its co
counsel with respect to such matters.
Counsel represent only the Ad Hoc Noteholder Committee in
connection with the Chapter 11 Cases. Counsel does not undertake to
represent the interests of, and are not a fiduciary for, any other
creditor, party in interest, or other entity in connection with the
Chapter 11 Cases. In addition, neither the Ad Hoc Noteholder
Committee nor any Member (i) has assumed any fiduciary duties to
any other creditor or person, or (ii) purports to act, represent,
or speak on behalf of any other entities in connection with the
Chapter 11 Cases.
The Ad Hoc Noteholder Committee Members' address and the nature and
amount of disclosable economic interests held in relation to the
Debtors are:
1. Funds and accounts under management by Highbridge Capital
Management, LLC
277 Park Ave., Floor 23
New York, NY 10172
* Senior Notes ($81,155,000.00)
* DIP Loans ($4,048,183.34)
2. Funds and accounts under management by Aequim Alternative
Investments LLC
Two Belvedere Place, Suite 250
Mill Valley, CA 94941
* Senior Notes ($31,855,000.00)
* DIP Loans ($1,592,912.83)
3. Funds and accounts under management by Davidson Kempner Capital
Management LP
520 Madison Ave., Floor 30
New York, NY 10022
* Senior Notes ($50,000,000.00)
* DIP Loans ($2,489,371.44)
4. Funds and accounts under management by Braidwell LP
2200 Atlantic St., Floor 4
Stamford, CT 06902
* Senior Notes ($54,240,000.00)
* DIP Loans ($2,707,029.14)
5. Funds and accounts under management by Context Capital
Management, LLC
7724 Girard Ave.
La Jolla, CA 92037
* Senior Notes ($55,049,000.00)
* DIP Loans ($2,378,363.54)
6. Funds and accounts under management by Silverback Asset
Management, LLC
1414 Raleigh Rd., Suite 250
Chapel Hill, NC 27517
* Senior Notes ($24,816,000.00)
* DIP Loans ($1,201,323.45)
7. Funds and accounts under management by Walleye Manager
Opportunities LLC
315 Park Ave. S., 18th Floor
New York, NY 10010
* Senior Notes ($28,999,000.00)
* DIP Loans ($1,407,816.26)
Co-Counsel to the Ad Hoc Noteholder Committee:
PORTER HEDGES LLP
John F. Higgins, Esq.
1000 Main St., 36th Floor
Houston, Texas 77002
Telephone: (713) 226-6000
Facsimile: (713) 228-1331
Email: jhiggins@porterhedges.com
- and -
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Jacob A. Adlerstein, Esq.
Sean A. Mitchell, Esq.
Douglas R. Keeton, Esq.
Joshua A. Esses, Esq.
1285 Avenue of the Americas
New York, New York 10019
Telephone: (212) 373-3000
Facsimile: (212) 757-3990
Email: jadlerstein@paulweiss.com
smitchell@paulweiss.com
dkeeton@paulweiss.com
jesses@paulweiss.com
About Cutera Inc.
Cutera, Inc., offers aesthetic and dermatological solutions to
medical professionals worldwide. The Company designs, manufactures,
and sells energy-based product platforms for medical use, as well
as distributes third-party skincare products. Its portfolio
includes various system platforms such as AviClear, enlighten,
excel HR, excel V/V+, truSculpt, Secret PRO, Secret DUO, Secret RF,
xeo, and xeo+, which allow practitioners to perform a wide range of
procedures. These procedures include treatments for acne, body
contouring, skin resurfacing and rejuvenation, hair and tattoo
removal, the elimination of benign pigmented lesions, and vascular
conditions. Many of Cutera's systems feature multiple handpieces
and applications, offering customers the flexibility to upgrade
their equipment.
Cutera Inc. and Crystal Sub, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
25-90088) on March 5, 2025, with $200,881,854 in total assets and
$480,459,932 in total liabilities. Taylor Harris, chief executive
officer, signed the petition.
Judge Alfredo R. Perez presides over the case.
The Debtors tapped Hunton Andrews Kurth LLP as local bankruptcy
counsel; Ropes & Gray LLP as general bankruptcy counsel; Houlihan
Lokey Capital, Inc., as investment banker; FTI Consulting, Inc. as
financial advisor and Kurtzman Carson Consultants, LLC d/b/a
Verital Global as notice, claims, solicitation & balloting agent.
CUTERA INC: Trustee Opposes Chapter 11 Reorganization Plan
----------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the U.S. Trustee's Office
has objected to Cutera Inc.'s Chapter 11 reorganization plan,
arguing it includes unauthorized provisions that would release
third parties from potential legal claims without the necessary
consent of affected creditors.
In a filing Wednesday, January 9, 2025, with the U.S. Bankruptcy
Court for the Southern District of Texas, the Justice Department
unit urged the court to deny or revise the plan, which it says
improperly aims to protect company insiders, advisers, and major
creditors from future lawsuits.
About Cutera Inc.
Cutera, Inc., offers aesthetic and dermatological solutions to
medical professionals worldwide. The Company designs, manufactures,
and sells energy-based product platforms for medical use, as well
as distributes third-party skincare products. Its portfolio
includes various system platforms such as AviClear, enlighten,
excel HR, excel V/V+, truSculpt, Secret PRO, Secret DUO, Secret RF,
xeo, and xeo+, which allow practitioners to perform a wide range
of
procedures. These procedures include treatments for acne, body
contouring, skin resurfacing and rejuvenation, hair and tattoo
removal, the elimination of benign pigmented lesions, and vascular
conditions. Many of Cutera's systems feature multiple handpieces
and applications, offering customers the flexibility to upgrade
their equipment.
Cutera Inc. and Crystal Sub, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
25-90088) on March 5, 2025, with $200,881,854 in total assets and
$480,459,932 in total liabilities. Taylor Harris, chief executive
officer, signed the petition.
Judge Alfredo R. Perez presides over the case.
The Debtors tapped Hunton Andrews Kurth LLP as local bankruptcy
counsel; Ropes & Gray LLP as general bankruptcy counsel; Houlihan
Lokey Capital, Inc., as investment banker; FTI Consulting, Inc. as
financial advisor and Kurtzman Carson Consultants, LLC d/b/a
Verital Global as notice, claims, solicitation & balloting agent.
DCA OUTDOOR: Taps Creative Planning as Audit and Tax Professional
-----------------------------------------------------------------
DCA Outdoor, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Western District of Missouri to employ
Creative Planning, LLC and its affiliate BerganKDV as audit and tax
professionals.
The Debtors need audit and tax professionals to provide audit and
tax work for the years 2023 and 2024.
The Debtors and BerganKDV have agreed that the expected cost of the
2024 audit will be $160,000 plus out-of-pocket expenses.
In addition to the 2024 audit, the Debtors have asked BerganKDV to
complete the 2023 audit that it started prior to the petition date.
The Debtors have not paid BerganKDV the full amount due for the
2023. The total amount due as of the petition date is $74,315.
Nick Mizaur, corporate counsel at Creative Planning, disclosed in a
court filing that BerganKDV is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Nick J. Mizaur
Creative Planning, LLC
12818 Daylight Cir
Des Peres, MO 63131
Telephone: (314) 966-3400
About DCA Outdoor
DCA Outdoor Inc. established in 2016, is a vertically integrated
green industry organization headquartered in Kansas City,
Missouri.
The Company connects various sectors -- including agricultural
production, landscape distribution, retail, agritourism, and
transportation -- through its family of brands. The DCA Outdoor
family comprises several brands including Schwope Brothers Tree
Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT
Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and
Utopian Transport.
DCA Outdoor Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February
20, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities between $50 million and $100
million.
Honorable Bankruptcy Judge Cynthia A. Norton handles the case.
The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as
counsel and Creative Planning, LLC and its affiliate BerganKDV as
audit and tax professionals.
DE HOOP CORP: Seeks to Hire Medina Law Firm LLC as Attorney
-----------------------------------------------------------
De Hoop Corporation d/b/a Kaia Wine Bar seeks approval from the
U.S. Bankruptcy Court for the Southern District of New York to hire
Medina Law Firm LLC as its attorney.
The firm will render these services:
(a) take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is involved
and the preparation of objections to claims filed against the
Debtor's estate;
(b) prepare on behalf of the Debtor, as debtor-in-possession,
all necessary motions, applications, answers, orders, reports, and
other papers in connection with the administration of the Debtor's
estate;
(c) negotiate and prepare on behalf of the Debtor a plan of
reorganization and all related documents; and
(d) perform all other necessary legal services in connection
with the prosecution of this chapter 11 case.
Medina's current hourly billing rates are:
Eric S. Medina, Esq. $700 per hour
Matthew J. Press, Esq. $700 per hour
Jason Koral, Esq. $700 per hour
Other Associates $500 per hour
Paralegals $200 per hour
Law Clerks $175 per hour
Prior to the Petition Date, the firm received retainer payments
totaling $49,868, of which $28,578 was exhausted prior to the
commencement of the Debtor's bankruptcy case.
Eric S. Medina, managing member of Medina Law Firm LLC, attests
that his firm is a "disinterested person" within the meaning of 11
U.S.C. Sec. 101(14)
The counsel can be reached through:
Eric S. Medina, Esq.
MEDINA LAW FIRM LLC
641 Lexington Avenue
Thirteenth Floor
New York, NY 10022
Tel: (212) 404-1742
Fax: (888) 833-9534
E-mail: emedina@medinafirm.com
About De Hoop Corporation
De Hoop Corporation operates a unique and well known South African
wine bar and restaurant at 1614 Third Avenue, New York, New York
10128 (the "Space").
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-12005) on November 18,
2024, with $1,000,001 to $10 million in assets and $500,001 to $1
million in liabilities.
Eric S. Medina, Esq., at Medina Law Firm, LLC represents the Debtor
as legal counsel.
DE HOOP: Seeks to Hire Alessandro & Associates CPA as Accountant
----------------------------------------------------------------
De Hoop Corporation seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ Alessandro &
Associates CPA, PLLC as accountant.
The firm will render these services:
(a) assist in or the preparation of and/or review monthly
operating reports, budgets and projections;
(b) review, if necessary, the filed claims for reasonableness
against the Debtor's records and file schedules;
(c) if required, attend meetings and hearings with the Debtor
and its counsel; and
(d) assist in the preparing any financial documents needed to
seek confirmation of its Plan of Reorganization.
The hourly rates of the firm's professionals are:
Partners $395
Senior Accountants $275
Staff $125-$175
Guy Alessandro, a member at Alessandro & Associates, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Guy Alessandro
Alessandro & Associates CPA, PLLC
1200 Veterans Highway, Suite 350
Hauppauge, NY 11788
Telephone: (631) 232-4888
About De Hoop Corporation
De Hoop Corporation operates a unique and well known South African
wine bar and restaurant at 1614 Third Avenue, New York, New York
10128 (the "Space").
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-12005) on November 18,
2024, with $1,000,001 to $10 million in assets and $500,001 to $1
million in liabilities.
The Debtor tapped Eric S. Medina, Esq., at Medina Law Firm, LLC as
counsel and Alessandro & Associates CPA, PLLC as accountant.
DEEP GREEN: Delays Annual Report on Form 10-K Filing
----------------------------------------------------
Deep Green Waste & Recycling, Inc. filed a Notification of Late
Filing on Form 12b-25 with respect to its Annual Report on Form
10-K for the period ended December 31, 2024, with the U.S.
Securities and Exchange Commission, informing that it is unable to
file the Annual Report within the prescribed time period without
unreasonable effort or expense.
About Deep Green Waste & Recycling
Hermitage, Tenn.-based Deep Green Waste & Recycling, Inc. is
publicly traded company on the OTC Markets (ticker: DGWR). DEEP
GREEN provides sustainable waste and recycle management services
that minimizes costs based on volume and content of waste streams,
and methods of disposal, including landfills, transfer stations and
recycling centers.
As of June 30, 2024, the Company had $1,273,910 in total assets,
$4,616,660 in total liabilities, and $3,342,750 million in total
stockholders' deficit.
Going Concern
"There is no assurance that sufficient funds required during the
next year or thereafter will be generated from operations or that
funds will be available through external sources. The lack of
additional capital resulting from the inability to generate cash
flow from operations or to raise capital from external sources
would force the Company to substantially curtail or cease
operations and would, therefore, have a material effect on the
business. Furthermore, there can be no assurance that any such
required funds, if available, will be available on attractive terms
or they will not have a significant dilutive effect on the
Company's existing shareholders. We have therefore concluded there
is substantial doubt about our ability to continue as a going
concern through September 2025."
DMD FLORIDA: Seeks to Hire Moecker Realty as Real Estate Broker
---------------------------------------------------------------
DMD Florida Development 2, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to employ Moecker Realty Inc., doing business as Moecker Brokers,
as broker.
The Debtors need a broker to sell substantially all of their
assets, together with the other franchise locations owned by a
non-debtor affiliate.
The Debtors shall pay the broker an initial retainer in the amount
of $6,250 for its marketing program. Additionally, the broker will
receive a commission of 4 percent of the first $45,000,000 of the
gross sale price, or any part, plus 5 percent of the gross sale
price between $45,000,000 and $50,000,000, or any part, plus 6
percent of the gross sale price in excess of $50,000,000. In the
event that the broker chooses to retain additional personnel, as
defined in the Engagement Agreement, there will be no additional
cost to the estate, or any buyer, as any additional personnel will
be paid from the broker's commission.
Wilbert Reynoso, a real estate agent at Moecker Realty, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Wilbert Reynoso
Moecker Realty, Inc.
1885 Marina Mile Blvd., Suite 103
Fort Lauderdale, FL 33315
Telephone: (954) 252-1560
Email: wreynoso@moecker.com
About DMD Florida Development 2
DMD Florida Development 2, LLC and its affiliates, DMD Florida
Restaurant Group C LLC, and DMD Florida Restaurant Group D, LLC,
filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No.
25-10088) on January 6, 2025. Jack Flechner, manager and co-chief
executive officer, signed the petitions.
At the time of the filing, each Debtor reported $500,001 to $1
million in assets and $10 million to $50 million in liabilities.
Judge Scott M. Grossman oversees the cases.
The Debtors tapped Wernick Law, PLLC as counsel and GGG Partners
LLC as financial advisor.
DON ENTERPRISES: Seeks $80,000 DIP Loan From Don Services
---------------------------------------------------------
DON Enterprises, Inc. asked the U.S. Bankruptcy Court for the
Western District of Pennsylvania for authority to obtain
post-petition financing to fund its operations and administrative
expenses during its bankruptcy case.
The debtor-in-possession (DIP) loan is requested from DON Services,
Inc., the DIP lender, for a maximum of $80,000.
The financing is critical for the Debtor to maintain its business
operations and ensure the continuation of the bankruptcy
proceedings.
The DIP loan is structured with an interest rate of 7% starting
from the date the financing is advanced. The loan is set to mature
on the earlier of 24 months from the court's order, the conversion
or dismissal of the bankruptcy case, or the occurrence of a
material adverse event such as failure to confirm the order within
30 days, the appointment of a Chapter 11 trustee or examiner, or
the Debtor's failure to file a Chapter 11 plan within the
exclusivity period.
The loan will accrue interest only on the actual amount advanced,
and payments on any accrued interest will begin 180 days after the
court order, with the remaining unpaid interest due upon maturity.
The Debtor requested interim relief to access up to $40,000 of the
DIP Loan to pay vendor claims immediately while awaiting the final
hearing on the motion.
A court hearing is set for April 25.
A copy of the motion is available at https://urlcurt.com/u?l=M6wGB8
from PacerMonitor.com.
About DON Enterprises
Inc.
DON Enterprises Inc. is a nonprofit organization focusing on
community revitalization, housing, and employment opportunities for
people with disabilities. Through its range of programs and
services, DON Enterprises strives to foster a more inclusive
community while promoting independence and integration into
society.
DON Enterprises Inc. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20379) on
February 17, 2025. In its petition, the Debtor reported between $1
million and $10 million in both assets and liabilities.
The Debtor is represented by Kathryn L. Harrison, Esq., at
Campbell & Levine, LLC.
DON Services, Inc., as DIP lender, is represented by:
Ryan J. Cooney, Esq.
Cooney Law Offices
Fourth Avenue, 4th Fl. Pittsburgh, PA 15222
Tel: (412) 546-1234
Fax: (412) 546-1235
Email: rcooney@cooneylawyers.com
EARTHSNAP INC: Seeks to Hire Elite BAT Services as Accountant
-------------------------------------------------------------
Earthsnap, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Texas to employ Elite BAT Services, LLC as
accountant.
The firm's services include:
a. providing periodic financial statements;
b. assisting with preparation of bankruptcy monthly operating
reports;
c. preparing and filing state and local tax returns, including
but not limited to sales and use and franchise tax returns;
d. preparing and filing federal income tax returns; and
e. assisting the Debtor with any other accounting needs that
may arise.
The firm's normal hourly rates:
Accountant $175
Staff Members $95
As disclosed in the court filings, Elite is a disinterested person
as that term is defined in section 104(14) of the Bankruptcy Code
and does not represent or hold an interest adverse to the Debtor or
its estate.
The firm can be reached through:
Nancy Vigil
Elite BAT Services, LLC
4514 Rowlett Road, Suite 103
Rowlett, TX 75088
Phone: (469) 441-6394
About Earthsnap, Inc.
EarthSnap Inc. is an Android developer.
EarthSnap Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-60363) on
June 17, 2024. In the petition signed by Eric Ralls, as CEO, the
Debtor reports estimated assets between $1 million and $10 million
and estimated liabilities between $500,000 and $1 million.
The Debtor is represented by Kevin S. Wiley, Sr., Esq. at WILEY LAW
GROUP, PLLC.
EL CASTILLO RETIREMENT: Fitch Affirms BB+ Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed El Castillo Retirement Residences, NM's
Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed the
'BB+' ratings on the series 2012 and 2019A bonds issued by the City
of Santa Fe, NM on behalf of El Castillo.
The Rating Outlook is Stable.
Entity/Debt Rating Prior
----------- ------ -----
El Castillo Retirement
Residences (NM) LT IDR BB+ Affirmed BB+
El Castillo
Retirement Residences
(NM) /General
Revenues/1 LT LT BB+ Affirmed BB+
The 'BB+' rating reflects El Castillo's consistently strong
independent living (IL) occupancy supported by a favorable primary
market area (PMA) with very limited competition, solid cashflows
from IL unit turnover, and moderate unrestricted liquidity.
The Stable Outlook reflects Fitch's expectation that El Castillo
will gradually improve its profitability over the near term,
allowing the organization to maintain stable, albeit weak, leverage
and capital-related metrics regarding debt issued to fund
construction of the La Secoya independent living campus. El
Castillo's debt service coverage ratio (DSCR) of .83x as of Dec.
31, 2024, is below its 1.2x debt service covenant. Fitch believes
the community will meet its covenant as available IL units sell,
and the currently lower DSCR is primarily influenced by timing of
units turning over.
SECURITY
A gross revenue pledge, a mortgage on the community and a debt
service reserve fund secure the 2012 and 2019A bonds.
KEY RATING DRIVERS
Revenue Defensibility - a
Strong IL Demand/Limited Competition
Fitch's 'Strong' revenue defensibility assessment reflects El
Castillo's long operating history, favorable location, and
attractive pricing that has produced consistently strong IL
occupancy averaging 97% over the last five fiscal years. Fitch
believes El Castillo's ability to maintain high IL occupancy and
sell new units demonstrates sound demand characteristics, despite
consistently weak occupancy in healthcare service lines. Skilled
nursing facility (SNF) occupancy has averaged 71% over the same
period. Management is working to increase external healthcare
admissions, which should support incremental revenue growth in the
near term.
El Castillo has consistently implemented fee increases, including a
5.5% increase for entrance fees, 7% monthly service fees and per
diem rates budgeted for FY25 (YE June 30). On Jan. 1, 2024,
management increased entrance fees on the El Castillo campus by
$259,000 (79%) and $216,000 (44%) for the La Secoya campus. Fitch
views the approximately $477,000 weighted average entrance fee for
FY24 as affordable relative to the robust local real estate
market.
Management notes that the increased pricing has not impacted IL or
healthcare demand. Though the increase in pricing constrains El
Castillo's price flexibility going forward, Fitch believes the fee
increases are prudent and necessary to return the organization to a
sustainable level of profitability. Fitch expects the demand for El
Castillo's services to remain sound given El Castillo's position as
the only life plan community (LPC) in Santa Fe, limited competition
from rental communities, and a strong waiting list of approximately
350 people.
Operating Risk - bb
Weak Core Operating Performance, Leverage and Capital-Related
Metrics
The 'Weak' operating risk assessment reflects El Castillo's weak
core operating profitability and elevated capital related metrics.
In FY24, El Castillo generated an operating ratio and net operating
margin (NOM) of 117.2% and negative 4.1%, which is slightly weaker
compared to the 116.2% and 2.7% from FY23. El Castillo achieved a
DSCR of 1.74x in FY24 after recording a DSCR of 1.02x the year
prior. The lower DSCR in FY23 was due to salary expense inflation
at the El Castillo campus and the fact that FY23 was the first
fiscal year that included La Secoya's revenues, expenses and debt
service in the DSCR calculation.
Fitch expects an increase in external healthcare admissions, a
shift away from costly third-party dining services, and a change in
the healthcare staffing model will allow El Castillo's
profitability to show improvement over the Outlook period.
El Castillo generates consistently solid IL turnover that has
resulted in a NOM-adjusted (NOMA) averaging 20.5% over the past
five years, including an adequate 25.5% NOM-adjusted in FY24. Given
another year of robust entrance fees in FY24, El Castillo's NOMA
will likely remain consistently above the historical average over
the next few years.
El Castillo's average age of plant is very low at 7.6 years in FY24
as a result of its robust capital spending over the past few years
for construction of the La Secoya campus. The community is also
embarking on a three-year strategic project to convert office space
on the El Castillo campus to new IL apartments. Entrance fees
generated from the new units will be used to fund the renovation of
an adjacent owned building (Nambe Building) into administrative and
community space. Fitch views the project favorably, as it will be
phased to limit the balance sheet impact and will add additional
revenue generating IL units to the community.
El Castillo's capital-related metrics are weak. Based on Fitch's
calculations, revenue only maximum annual debt service (MADS)
coverage was only 0.1x in FY24. Additionally, MADS represented
22.4% of revenues and debt to net available was 19.7x in FY24.
Fitch expects these metrics to gradually improve through
management's ongoing performance improvement initiatives and fee
increases.
Financial Profile - bb
Sound Liquidity, Weak Debt Metrics
Given El Castillo's 'a' revenue defensibility, 'bb' operating risk,
and Fitch's forward-looking scenario analysis, Fitch expects key
leverage metrics to remain consistent with a 'bb' financial profile
assessment through the current economic and business cycle. El
Castillo had unrestricted cash and investments of approximately
$19.7 million at Dec. 31, 2024, which represented 37.1% of total
adjusted debt when including $4.3 million in its debt service
reserve funds.
Days cash on hand (DCOH) of 422 days, according to Fitch's
calculation, is neutral to the assessment of El Castillo's
financial profile and well above the 180 days master trust
indenture covenant requirement. As of Dec. 31, 2024, El Castillo
was able to produce a debt service coverage ratio of .83x. El
Castillo previously violated its 1.2x debt service covenant in FY23
and hired a management to remain compliant with its bond covenants.
Fitch believes the community will meet its covenant as available IL
units turnover.
Fitch's baseline scenario, which is a reasonable forward look of
financial performance over the next five years given current
economic expectations, shows El Castillo's operating ratio
gradually improving over the next few years but remaining above
105%. Capital spending is expected to be below depreciation over
this time. The stress scenario assumes an economic stress (to
reflect both operating and investment portfolio volatility). The
investment portfolio stress is specific to El Castillo's asset
allocation. DCOH remains above 300 days in both the base and stress
cases.
Asymmetric Additional Risk Considerations
No asymmetric risk considerations were relevant to the rating.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A material decline in unrestricted liquidity;
- Indications of weakening ILU demand to levels consistently below
93% or a significant decrease in waitlist households.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- A higher rating is possible over the longer-term if cash to
adjusted debt is expected to be sustained near 70%;
- Material improvement in core operating profitability with an
operating ratio below 100% and net operating margin above 3%.
PROFILE
El Castillo is a nonprofit corporation organized in 1969 that owns
and operates two campuses located in Santa Fe, NM. The El Castillo
campus consists of 180 ILU apartments, 26 assisted living units, 11
memory support units, and 21 skilled nursing beds. The La Secoya
campus, which opened in April 2022, consists of 68 ILUs and 143
underground parking spaces. El Castillo only offers a fully
amortizing type-A residency agreement. Total operating revenues in
FY24 were $21.3 million.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
EL CHILITO MEXICAN: Court OKs Deal to Use SBA's Cash Collateral
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, approved El Chilito Mexican Food, Inc.'s third
stipulation with the U.S. Small Business Administration for interim
use of cash collateral.
The stipulation authorizes the company to use cash collateral until
July 31 to pay its expenses.
El Chilito is also authorized to use cash collateral to pay a
one-time flat fee of $3,900 to Abel Moreno of the Moreno
Accountancy Corp., the proposed accountant for the estate.
The next hearing is scheduled for July 15.
About El Chilito Mexican Food
El Chilito Mexican Food, Inc. is a local taqueria serving a
selection of Tex-Mex and interior Mexican style tacos, coffee,
frozen sangria/mimosas, and draft beer.
El Chilito sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 24-11032) on September 11, 2024,
listing between $500,001 and $1 million in assets and between $1
million and $10 million in liabilities.
Judge Ronald A. Clifford III oversees the case.
The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law,
LLP.
EMMAUS LIFE: Delays Filing of 2024 Annual Report
------------------------------------------------
Emmaus Life Sciences, Inc. filed a Notification of Late Filing on
Form 12b-25 with the U.S. Securities and Exchange Commission,
informing that it is unable to file, without unreasonable effort or
expense, its Annual Report on Form 10-K for the year ended December
31, 2024 by the prescribed due date.
Emmaus Life said, "We will require additional time to furnish
information in connection with the completion of the first audit of
annual financial statements by our registered independent
accounting firm which we retained in September 2024. We anticipate
filing the Form 10-K on or before the 15th calendar day following
the prescribed due date."
About Emmaus Life Sciences
Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical
company engaged in the marketing and sales of the Company's lead
product Endari (prescription grade L-glutamine oral powder), which
is approved by the U.S. Food and Drug Administration, or FDA, to
reduce the acute complications of sickle cell disease in adult and
pediatric patients five years of age and older. Endari has received
Orphan Drug designation from the FDA, which designation generally
affords marketing exclusivity for Endari in the U.S. for a
seven-year period ending in July 2024.
San Diego, Calif.-based Baker Tilly US LLP, the Company's former
auditor, issued a "going concern" qualification in its report dated
July 2, 2024, citing that the Company has incurred recurring
operating losses, including a net loss of $3.7 million for the year
ended December 31, 2023, and had a working capital deficit of $50
million at December 31, 2023. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
Emmaus Life Sciences reported a net loss of $3.7 million for the
year ended December 31, 2023. As of March 31, 2024, Emmaus Life
Sciences had $29.5 million in total assets, $83.2 million in total
liabilities, and $53.6 million in total stockholders' deficit.
ENERGY FOCUS: CEO Buys $200K Worth of Shares in Private Placement
-----------------------------------------------------------------
Energy Focus, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company entered
into a securities purchase agreement with its Chief Executive
Officer and Chief Financial Officer, Mr. Chiao Chieh (Jay) Huang,
pursuant to which the Company agreed to issue and sell in a private
placement an aggregate of 103,627 shares of the Company's common
stock, par value $0.0001 per share, for a purchase price per share
of $1.93, totaling $200,000.
The Private Placement was priced higher than the closing price of
the Common Stock on The Nasdaq Stock Market LLC on the day of
signing of the Purchase Agreement. The issuance and sale of the
Shares pursuant to the Purchase Agreement are not being registered
under the Securities Act of 1933, as amended, and were made
pursuant to certain exemptions from registration, including Section
4(a)(2) of the Securities Act, in reliance on the representations
and covenants of the Purchaser under the Purchase Agreement.
A full-text copy of the Securities Purchase Agreement, dated as of
Mar. 27, 2025, between the Company and the Purchaser is available
at:
https://tinyurl.com/3ahxj8ty
About Energy Focus
Solon, Ohio-based Energy Focus -- http://www.energyfocus.com--
engages primarily in the design, development, manufacturing,
marketing, and sale of energy-efficient lighting systems and
controls. The Company develops, markets, and sells high-quality
light-emitting diode ("LED") lighting and controls products in the
commercial market and military maritime market.
Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
Mar. 25, 2025, attached in the Company's Annual Report on Form 10-K
for the year ended Dec. 25, 2024, citing that the Company has
suffered recurring losses from operations and negative cash flows
from operations that raise substantial doubt about its ability to
continue as a going concern.
ENGLOBAL CORP: Taps Okin Adams Bartlett Curry as Legal Counsel
--------------------------------------------------------------
ENGlobal Corporation and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Okin
Adams Bartlett Curry LLP as counsel.
The firm's services include:
(a) advise the Debtor with respect to its rights, duties and
powers in the Chapter 11 case;
(b) assist and advise the Debtor in its consultations relative
to the administration of the Chapter 11 case;
(c) assist the Debtor in analyzing the claims of its creditors
and in negotiating with such creditors;
(d) assist the Debtor in the analysis of and negotiations with
any third-party concerning matters relating to, among other things,
the terms of a plan of reorganization;
(e) represent the Debtor at all hearings and other
proceedings;
(f) review and analyze all applications, orders, statements of
operations and schedules filed with the court and advise the Debtor
as to their propriety;
(g) assist the Debtor in preparing pleadings and applications
as may be necessary in furtherance of its interests and objectives;
and
(h) perform such other legal services as may be required and
are deemed to be in the interests of the Debtor in accordance with
its powers and duties as set forth Subchapter V and other
applicable provisions in the Bankruptcy Code.
The hourly rates of the firm's counsel and staff are as follows:
Christopher Adams, Partner $800 per hour
Ryan A. O'Connor, Partner $625 per hour
John Thomas Oldham, Associate $575 per hour
Madeline M. Schmidt, Associate $445 per hour
In addition, Okin Adams will charge $135 to $155 per hour for the
work of legal assistants on this matter. Okin Adams will also bill
the Debtors for all out-of-pocket expenses incurred.
The firm received a total initial retainer of $50,000 on Feb. 21,
2025.
Christopher Adams, Esq., an attorney at Okin Adams Bartlett Curry,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Christopher Adams, Esq.
Okin Adams Bartlett Curry LLP
1113 Vine St., Suite 240
Houston, TX 77002
Telephone: (713) 228-4100
Facsimile: (346) 247-7158
Email: cadams@okinadams.com
About ENGlobal Corporation
ENGlobal Corporation and its debtor affiliates filed their
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Tex. Lead Case No. 25-90083) on March 5, 2025,
listing $10,000,001 to $50 million in both assets and liabilities.
Judge Alfredo R Perez handles the case.
Ryan Anthony O'Connor, Esq. at Okin Adams LLP represents the Debtor
as counsel.
ENPRO INC: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on Enpro
Inc. At the same time, S&P lowered its issue-level rating on its
$350 million senior unsecured notes to 'BB-' from 'BB' and revised
the recovery rating to '5' from '4'. The '5' recovery rating
indicates its expectation of modest (10%-30%; rounded estimate:
25%) recovery in the event of a default.
S&P said, "The stable outlook reflects our expectation for S&P
Global Ratings-adjusted debt leverage of less than 4x throughout
the economic cycle, while incorporating shareholder returns and
acquisitions.
"We affirmed our 'BB' issuer credit rating on Enpro. This follows
the company's repayment in full of its $291 million first-lien term
loan and the upsizing of its RCF. The new capacity under the RCF is
$800 million. Enpro's capital structure includes $350 million of
senior unsecured notes, due 2026 and the upsized $800 million RCF,
which matures April 2030.
"We revised our issue-level rating on the existing $350 million
senior unsecured notes to 'BB-'. This follows the upsize of the
company's RCF. The increased RCF will have priority in the payment
waterfall over the unsecured notes and dilutes expected recovery
value for the noteholders in the event of a default. We assume 85%
of the RCF commitment will be drawn in a distressed scenario that
leads to a payment default. We do not rate the RCF.
"We expect Enpro will utilize the increased RCF capacity to fund
modest-size bolt-on acquisitions. The company's acquisitions to
date focused on developing its capabilities in leading-edge,
industry technology. We believe it will continue to pursue similar
opportunities within the $150 million-$200 million price range.
Enpro has a demonstrated history of successfully integrating these
acquisitions, leading us to believe it has the capacity to absorb
modest incremental funded debt without stressing credit metrics.
Still, the company's relatively high exposure to cyclical end
markets limits potential ratings upside.
"Enpro has ample cushion below our 4x leverage threshold. We
forecast S&P Global Ratings-adjusted debt leverage in the high-1x
to low-2x area for full-year 2025, despite continued headwinds in
the smaller advance surface technologies (AST) segment as demand
for the company's suite of products remains tepid after two years
of customer destocking and underinvestment in semiconductor capital
equipment. Supportive credit metrics including free operating
cashflow to debt (FOCF/debt) above 20% and EBITDA margins in the
low-to mid-20 percentage area provide ample rating cushion for the
current 'BB' issuer credit rating. Notwithstanding the above, a
large-scale acquisition, especially given the increased RCF
capacity can cause debt leverage to breach our downside trigger.
"The stable outlook on Enpro reflects our expectation that the
company will maintain S&P Global Ratings-adjusted debt leverage of
less than 4x throughout the economic cycle while incorporating
shareholder returns and acquisitions.
"We could lower our rating on Enpro if debt-funded acquisitions and
share repurchases or operational underperformance caused the
company's S&P Global Ratings-adjusted debt to EBITDA to approach 4x
with no clear prospects for recovery.
"Although less likely given Enpro's relatively high exposure to
cyclical end markets, we could raise our rating on the company if
it expanded into less-cyclical businesses, lowering the risk of a
potential deterioration in its cash flow and debt leverage during
recessionary periods and allowing it to maintain debt leverage of
less than 3x throughout the business cycle on a sustainable basis,
even when incorporating acquisitions or share repurchases and
potential end-market volatility."
ERC MANUFACTURING: Taps Jose L. Ortiz-Torres as Accountant
----------------------------------------------------------
ERC Manufacturing Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Jose L. Ortiz-Torres,
a professional based in Puerto Rico, as accountant.
The accountant will render these services:
a. close out the Debtor's books as of the date of the filing
of this case and open new books as of the next day thereafter;
b. establish a new bookkeeping system to replace the system
used by the Debtor;
c. prepare the periodic statements of the Debtor in
Possession's operations;
d. prepare and file the Debtor's state and federal tax return
for the fiscal year which ended in the semester prior to the date
of the filing of this case;
e. prepare general ledger and disbursements register;
f. reconcile the account;
g. prepare Certified Interim Financial Statements, as needed;
h. prepare annual financial statements and returns;
i. tax and management counseling; and
j. represent the Debtor in taxes investigations.
Mr. Ortiz-Torres will bill $300 per hour for its services.
Mr. Ortiz-Torres assured the court that he is a "disinterested
person" within the meaning of 11 U.S.C. Sec. 101(14).
Mr. Ortiz-Torres can be reached at:
Jose L. Ortiz-Torres
368 Calle De Diego 1108, Apt 1108
San Juan, PR 00923
Tel: (787) 566-797
Email: cpajlortiz@gmail.com
About ERC Manufacturing Inc.
ERC Manufacturing Inc. owns the property located at Carr 814 Km 0.8
Cedro Abajo, Naranjito, Puerto Rico, spanning 6,977.84 square
meters. It includes a two-story commercial office building, two
metal concrete industrial buildings, 28 parking spaces, two
offices, two terraces, two workshops, two mezzanines, and two
bathrooms. The appraised value is $213,000, as of July 27, 2016.
ERC Manufacturing Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 25-00475) on February 4,
2025. In its petition, the Debtor reports total assets of $785,322
and total liabilities of $1,599,734.
The Debtor is represented by Juan C. Bigas, Esq., in Ponce, Puerto
Rico.
FAIR ANDREEN: Hearing Today on Bid to Use Cash Collateral
---------------------------------------------------------
Fair Andreen, Incorporated will ask the U.S. Bankruptcy Court for
the Eastern District of Wisconsin to grant its motion to use cash
collateral at a preliminary hearing today.
The Debtor intends to use cash collateral to maintain business
operations and pay employees.
The Debtor identifies several entities that may have an interest in
its cash collateral:
1. Huntington National Bank,
2. Lau & Fehring, Inc.
3. Itria Ventures LLC, Samson MCA LLC, and Revenued LLC
(collectively referred to as the MCAs).
These entities have varying interests in the Debtor's assets,
including cash collateral.
Huntington Bank holds a lien on all assets of the Debtor, with
collateral valued at approximately $725,000. However, the Debtor's
debts to Huntington Bank, totaling about $2.05 million, are not
fully secured by its collateral.
As protection, the Debtor will grant Huntington Bank and any other
secured creditors a replacement lien on the cash collateral. The
replacement liens would be of the same priority and extent as
existed before the petition date.
The Debtor proposed that any liens granted to secured creditors
will extend to the replacement liens on the cash collateral, as
well as to the proceeds and products of the collateral.
The Debtor intends to make monthly payments of $6,000 to Huntington
Bank, starting on May 10, as additional protection.
The Debtor will also continue to maintain general property and
liability insurance on its assets consistent with what was in place
before the petition date, in accordance with loan documents and the
requirements of Huntington Bank.
About Fair Andreen Incorporated
Fair Andreen, Incorporated, doing business as CityPress, is a
printing and graphic communications company specializing in
commercial printing, book printing, prepress, direct mail, digital
printing, and art printing services. With a strong focus on
innovation and eco-friendly solutions, the company serves diverse
industries by providing customized printing options.
Fair Andreen filed Chapter 11 petition (Bankr. E.D. Wisc. Case No.
25-21724) on April 2, 2025, listing up to $10 million in both
assets and liabilities. Steven S. Bates, president of Fair Andreen,
signed the petition.
Judge G. Michael Halfenger oversees the case.
Jerome R. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor
as legal counsel.
FAMILY OF CARE: PCO Reports No Resident Care Complaints
-------------------------------------------------------
Amanda Celentano, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the District of Maryland her report regarding
the quality of patient care provided at Family of Care Real Estate
and Charles County Nursing and Rehabilitation Center, Inc.'s
assisted care living facilities.
The ombudsman observed that the staff at Sagepoint Gardens AL Bldg
#121 were friendly, knowledgeable and attentive. The ombudsman
engaged in a conversation with three residents who had no
complaints or concerns and took information about the ombudsman
program. Moreover, the environment was quiet and clean.
The ombudsman cited that few residents at Sagepoint Gardens AL Bldg
#123 were happy to learn about the ombudsman program and
appreciated the materials. All other residents were relaxing or
asleep in their rooms. Residents who were awake expressed that they
had no complaints or concerns about the facility or staff and that
they were provided with ombudsman program information.
The ombudsman stated that the staff were friendly upon greeting and
were knowledgeable about current residents at Sagepoint Memory Care
10210 La Plata Rd. All residents appeared well-groomed and content
with their current activity. The facility was calm and clean and
safe from hazards. All the resident rooms were orderly and clean.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=SdKdFj from PacerMonitor.com.
About Family of Care Real Estate Holding Co
Family of Care Real Estate Holding Co. is a community-focused
nonprofit company that offers care and advice to seniors and their
families.
Family of Care Real Estate Holding Co. filed Chapter 11 petition
(Bankr. D. Md. Case No. 24-18782) on October 18, 2024, listing
between $10 million and $50 million in both assets and liabilities.
Terry Weaver, chief financial officer, signed the petition.
Judge Lori S. Simpson oversees the case.
The Debtor is represented by Catherine Keller Hopkin, Esq., at YVS
Law, LLC.
FARRELL'S ON ROUND: Taps Coldwell Banker as Real Estate Broker
--------------------------------------------------------------
Farrell's on Round Top LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Coldwell
Banker Village Green Realty as real estate broker.
The firm will market and sell the Debtor's real property known as
866-872 Mountain Avenue, Purling, New York.
The broker will earn a commission of 4 percent of the gross sales
price.
Coldwell Banker is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Candida Ellis
Coldwell Banker Village Green Realty
397 Main Street
Catskill, NY 12414
Cell Phone: (518) 522-5262
Office Phone: (845) 331-5357 ext. 100
Email: Candida.Ellis@VillageGreenRealty.Com
About Farrell's on Round Top
Farrell's on Round Top LLC owns a mixed-use commercial property
(105 acres, hotel, bar/restaurant (dormant) located at Mountain
Avenue, Purling NY 12470 having a current value $3 million.
Farrell's on Round Top LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35906) on
September 9, 2024. In the petition filed by Garrett P. Doyle, as
managing member, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by Richard S. Feinsilver, Esq.
FIREFLY NEUROSCIENCE: Appoints Greg Lipschitz as CEO
----------------------------------------------------
Firefly Neuroscience, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the board of
directors appointed Greg Lipschitz as the Chief Executive Officer
of the Company on March 26, 2025.
On March 27, 2025, the Board approved an Executive Employment
Agreement with Greg Lipschitz, which was dated as of and entered
into by the Company and Mr. Lipschitz on March 27, 2025. Under the
Lipschitz Employment Agreement, Mr. Lipschitz is entitled to a base
salary of $300,000 per year and is eligible to receive an annual
cash bonus equal to 50% of the annual base salary as of December 31
of the applicable fiscal year and performance bonus. Mr. Lipschitz
is also entitled to an award of restricted stock units under the
Firefly Neuroscience, Inc. 2024 Long-Term Incentive Plan that
represents, in the aggregate, 3.0% of the issued and outstanding
common stock of the Company, par value $0.0001 per share,
determined on a fully diluted basis, as of the date of the
Lipschitz Employment Agreement, which one and 1.5% of such award
shall vest monthly in 36 equal monthly installments, subject to
satisfaction of Mr. Lipschitz's continuous service; and the
remaining one and 1.5% of such award shall vest at a rate of 0.5%
per year over three years, contingent upon the achievement of
annual performance targets which these annual performance targets
will be mutually reviewed and determined by the Company and Mr.
Lipschitz and approved by the Board or the Compensation Committee
of the Board at the beginning of each calendar year.
The initial term of the Lipschitz Employment Agreement is three
years commencing on January 6, 2025, unless terminated earlier by
either party in accordance with the terms of the Lipschitz
Employment Agreement and will be renewed automatically for an
additional one year if neither party provides a notice of
termination within 30 days prior to the expiration of the
application term. If the Company terminates Mr. Lipschitz without
cause, Mr. Lipschitz will be entitled to the following severance
payments:
(i) cash in the amount of annual base salary in effect on the
date of such termination plus any annual cash bonus payable in 12
monthly installments; and
(ii) all outstanding equity compensation granted to Mr.
Lipschitz which are deemed to vest over the following 12 months
from the date of termination shall vest immediately. If the Company
terminates Mr. Lipschitz upon a Change of Control, Mr. Lipschitz
will be entitled to:
(i) severance payments in cash in the amount of the annual
base salary in effect on the date of such termination payable in
one single lump sum plus any annual cash bonus Mr. Lipschitz is
entitled to; and
(ii) all outstanding equity compensation granted to Mr.
Lipschitz shall vest immediately. The payment of severance may be
conditioned on receiving a release of any and all claims that Mr.
Lipschitz may have against the Company.
Mr. Lipschitz and the Company also entered into an Employee
Confidential Information and Inventions Assignment Agreement,
executed on March 27, 2025, which prohibits unauthorized use or
disclosure of the Company's proprietary information, contains a
general assignment of rights to inventions and intellectual
property rights, noncompetition provisions that apply during the
term of employment, non-solicitation provisions that apply during
the term of employment and for one year after the term of
employment, and non-disparagement provisions that apply during and
after the term of employment.
About Firefly
Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial
Intelligence company developing innovative solutions that improve
brain health outcomes for patients with neurological and mental
disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA)
software platform is designed to advance diagnostic and treatment
approaches for individuals with mental illnesses and cognitive
disorders, such as depression, dementia, anxiety, concussions, and
attention-deficit/hyperactivity disorder (ADHD).
Toronto, ON, Canada-based Marcum Canada LLP, the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated Apr. 2, 2025, attached on the Company's Annual Report on Form
10-K for the year ended Dec. 30, 2024, citing that the Company has
a significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
FIRST HEALTH: Gets Final OK to Use Cash Collateral
--------------------------------------------------
First Health Winter Springs, LLC received final approval from the
U.S. Bankruptcy Court for the Middle District of Florida, Orlando
Division to use cash collateral.
All prior interim orders granting the company's motion are deemed
final.
About First Health Winter Springs
First Health Winter Springs, LLC is a healthcare provider in Winter
Springs, Fla.
First Health filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla., Case No. 24-03708) on July 19,
2024, listing up to $50,000 in assets and up to $1 million in
liabilities. Jerrett McConnell, Esq., at McConnell Law Group, P.A.
serves as Subchapter V trustee.
Judge Grace E. Robson presides over the case.
Jeffrey Ainsworth, Esq., at BransonLaw, PLLC represents the Debtor
as bankruptcy counsel.
Citizens Bank, as secured creditor, is represented by:
Dora F. Kaufman, Esq.
Liebler, Gonzalez & Portuondo
44 West Flagler Street-25th Floor
Miami, FL 33130
Telephone: (305) 379-0400
Facsimile: (305) 379-9626
Email: dfk@lgplaw.com
FLORIDA MONSTER: Court Extends Cash Collateral Access to April 23
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
extended Florida Monster Chef, LLC's authority to use cash
collateral from March 26 to April 23.
The second interim order signed by Judge Tiffany Geyer authorized
the company to use cash collateral to pay the expenses expressly
approved by the court and those set forth in its budget, plus an
amount not to exceed 10% for each line item.
Kapitus Servicing, Inc. will be granted a post-petition lien on the
cash collateral to the same extent and with the same validity and
priority as its pre-bankruptcy lien.
The next hearing is scheduled for April 23.
About Florida Monster Chef
Florida Monster Chef, LLC owns and operates Vines Grille& Wine Bar
restaurant in Florida.
Florida Monster Chef filed Chapter 11 petition (Bankr. M.D. Fla.
Case No. 24-06830) on December 17, 2024, listing between $500,000
and $1 million in both assets and liabilities.
Judge Tiffany P. Geyer presides over the case.
Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP is the
Debtor's legal counsel.
Kapitus Servicing, Inc., as secured creditor, is represented by:
J. Ryan Yant, Esq.
Carlton Fields, P.A.
P.O. Box 3239
Tampa, FL 33601-3239
(813) 223-7000
ryant@carltonfields.com
FRANCHISE GROUP: Taps Chilmark Partners as Financial Advisor
------------------------------------------------------------
Retaining debtors Freedom VCM Interco, Inc. and Freedom VCM, Inc.
and their affiliates seek approval from the U.S. Bankruptcy Court
for the District of Delaware to employ Chilmark Partners, LLC to
render financial advisory services to Michael J. Wartell, as
independent director.
The firm will render these services:
(a) advise the Independent Director on financial matters
related to the Freedom HoldCo Independent Investigation, including
valuation and claims analysis;
(b) assist the Independent Director with the evaluation of
various conflicts issues as directed by the Independent Director,
or Akin on behalf of the Independent Director, in connection with
the exercise of the Independent Director's Delegated Authority;
(c) evaluate intercompany transactions and relationships;
(d) perform recoveries analysis with respect to various
stakeholders and related financial modeling, including with respect
to proposed or contemplated settlements and releases;
(e) assist the Independent Director and his special counsel,
as applicable, with the preparation, filing and prosecution of
motions, applications or other pleadings filed by or on behalf of
the Independent Director, including but not limited to the
Independent Director's responses or objections to other parties'
motions, applications or other pleadings, and. in each case,
including attendance at depositions and provision of expert reports
or testimony on case issues, as requested by the Independent
Director; and
(f) perform other financial advisory services as may be
necessary to advise the Independent Director in connection with the
Freedom HoldCo Independent Investigation, the Independent
Director's Delegated Authority and such other issues that may arise
in these Chapter 11 Cases.
Chilmark's standard hourly rates are:
Managing Member $1,650
Members $1,020 to $1,275
Associates $450 to $550
Chilmark is a "disinterested person," as such term is defined in
Bankruptcy Code section 101(14), as modified by Bankruptcy Code
section 1107(b) and as required by Bankruptcy Code section 327(a),
according to court filings.
The firm can be reached through:
Michael J. Kennedy
Chilmark Partners, LLC
875 N Michigan Ave., Ste 3460
Chicago, IL 60611
Tel: (312) 984-9711
Email: info@chilmarkpartners.com
About Franchise Group Inc.
Franchise Group, Inc., through its subsidiaries, operates
franchised and franchisable businesses including The Vitamin
Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More,
American Freight, Buddy's Home Furnishings and Sylvan Learning
Systems, Inc.
Franchise Group, Inc. and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing
$1,000,000,001 to $10 billion in both assets and liabilities. The
petitions were signed by David Orlofsky as chief restructuring
officer.
Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor,
LLP are serving as legal counsel, AlixPartners is serving as
financial advisor and Chief Restructuring Officer, and Ducera
Partners is serving as investment banker to the Company. Paul
Hastings LLP is serving as legal counsel and Lazard is serving as
investment banker to the first lien ad hoc group.
FREE SPEECH: Conn. High Ct. Won't Review $1.4B Alex Jones Verdict
-----------------------------------------------------------------
Brian Steele of Law360 reports that the Connecticut Supreme Court
has declined to hear Alex Jones' challenge to a defamation judgment
of over $1 billion awarded to the families of Sandy Hook Elementary
School shooting victims.
About Free Speech Systems
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. Free Speech Systems is a family-run business
founded by Alex Jones.
FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.
Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces. Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.
Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.
Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.
FULL HOUSE: Seeks Approval to Hire Tamarez CPA as Accountant
------------------------------------------------------------
Full House Development, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Tamarez
CPA, LLC as accountant.
The firm will render these services:
a) reconcile financial information to assist the Debtor in the
preparation of monthly operating reports;
b) assist in the reconciliation and clarification of proof of
claims filed and amount due to creditors;
c) provide general accounting and tax services; and
d) assist the Debtor and its counsel in the preparation of the
supporting documents for the Joint Chapter 11 Reorganization Plan.
The firm will be paid at these hourly rates:
Albert Tamarez-Vasquez, CPA CIRA $165
CPA Supervisor $110
Senior Accountant $90
Staff Accountant $70
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a post-petition retainer in the total amount of
$12,000.
Albert Tamarez Vasquez, CPA, owner of Tamarez CPA, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Albert Tamarez Vasquez, CPA
Tamarez CPA, LLC
1519 Ave. Ponce De Leon, Suite 412
San Juan, PR 00909
Telephone: (787) 795-2855
Facsimile: (787) 200-7912
Email: atamarez@tamarezcpa.com
About Full House Development
Full House Development, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-04515) on Oct. 21, 2024. In the petition signed by David
Santiago Martinez, president, the Debtor disclosed $700,000 in
assets and $45,229,691 in liabilities.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and
Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant.
FUTURE FINTECH: Implements 1-for-10 Reverse Stock Split
-------------------------------------------------------
Future FinTech Group Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company filed
with the Florida Secretary of State's office Articles of Amendment
to amend its Second Amended and Restated Articles of Incorporation,
as amended.
As a result of the Amendment, the Company has authorized and
approved a 1-for-10 reverse stock split of the Company's authorized
shares of common stock from 60,000,000 shares to 6,000,000 shares,
accompanied by a corresponding decrease in the Company's issued and
outstanding shares of common stock. The common stock will continue
to be $0.001 par value. The Company will round up the fractional
shares that result from the Reverse Stock Split and no fractional
shares will be issued in connection with the Reverse Stock Split
and no cash or other consideration will be paid in connection with
any fractional shares that would otherwise have resulted from the
Reverse Stock Split. The current pre-split number of shares of
commons stock outstanding is 30,082,890 and the post-split number
of shares outstanding will be approximately 3,009,289. No changes
are being made to the number of preferred shares of the Company
which remain as 10,000,000 preferred shares as authorized but not
issued. The amendment to the Articles of Incorporation of the
Company took effect at 1:00 pm E.T. on April 1, 2025.
The Reverse Stock Split and Amendment were authorized and approved
by the Board of Directors of the Company without shareholders'
approval, pursuant to 607.10025 of the Florida Business Corporation
Act of the State of Florida. The Reverse Stock Split is primarily
being effectuated to comply with Nasdaq Marketplace Rule 5550(a)(2)
related to the minimum bid price per share of the Company's shares
of common stock.
The Company's shares of common stock began to trade on the NASDAQ
Stock Market on the post-Reverse Stock Split basis under the symbol
"FTFT" on April 4, 2025. The new CUSIP number for the Company's
shares of common stock post-Reverse Stock Split is 36117V3033.
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered losses from
operations, which raise substantial doubt about its ability to
continue as a going concern.
As of Sept. 30, 2024, Future FinTech Group had $53.40 million in
total assets, $17.65 million in total liabilities, and $35.75
million in total stockholders' equity.
G FAB: Seeks to Sell Ford Truck for $32,928
-------------------------------------------
G Fab Inc. seeks permission from the U.S. Bankruptcy court for the
District of Oregon, to sell 2020 Ford F-350 Truck, free and clear
of liens, interests, and encumbrances.
The Debtor remains as Debtor in Possession of its assets and
intends to continue the operation of its business to fund its plan
of reorganization.
The Debtor has decided to sell the F350 Truck to eliminate the
monthly payment for First Foundation Bank and to obtain the equity
to enhance cash flow. The truck is no longer a necessity for the
business.
The Debtor has determined that the minimum reasonable price for the
truck is $32,928 by researching value online.
First Foundation Bank has filed a proof of claim in the sum of
$23,182 has grown due to accruing interest at 5.74% and no payments
having been made.
The Debtor will advertise and sell the vehicle because the Debtor
believes that any buyer of the truck will want to take possession
immediately upon negotiating the purchase price so as to not have
to wait 2 or 3 weeks for court approval of a sale, it proposes that
it be able to sell the truck and deliver possession and title
immediately so long as it receives at least $32,928.
About G Fab Inc.
G Fab Inc. is a specialty contractor that serves the White City,
Oregon area and specializes in structural steel.
G Fab sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Or. Case No. 24-62739) on December 12, 2024, with $1
million to $10 million in both assets and liabilities. Tracey
Glenn, resident of G Fab, signed the petition.
Judge Thomas M. Renn handles the case.
The Debtor is represented by Keith Y. Boyd, Esq., at Keith Y Boyd,
PC.
GEORGIA EARTH & PIPE: Gets OK to Use Cash Collateral for Payroll
----------------------------------------------------------------
Georgia Earth and Pipe, LLC obtained an interim order from the U.S.
Bankruptcy Court for the Northern District of Georgia, authorizing
limited use of cash collateral.
The interim order authorized the company to use cash collateral for
the sole and limited purpose of payroll expenses, which include the
wages of all employees except the company's principal, Lanny
Limburg; health insurance for all employees; federal and state
payroll taxes; payroll processing fees, and all other expenses
associated with the payment payroll.
All other use of cash collateral is prohibited pending further
order of the court, according to the interim order.
About Georgia Earth and Pipe
Georgia Earth and Pipe, LLC is a site preparation contractor in
Dawsonville, Ga.
Georgia Earth and Pipe sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-21100) on Sept. 9,
2024, with up to $50,000 in assets and up to $10 million in
liabilities. Lanny P. Limburg, president of Georgia Earth and Pipe,
signed the petition.
Judge James R. Sacca oversees the case.
The Debtor is represented by:
Will Geer, Esq.
Rountree Leitman Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road Suite 350
Atlanta GA 30329
Tel: 404-584-1238
Email: wrountree@rlkglaw.com
wgeer@rlkglaw.com
GLIDE LOGISTICS: Seeks Cash Collateral Access Until May 31
----------------------------------------------------------
Glide Logistics asked the U.S. Bankruptcy Court for the Northern
District of Illinois, Eastern Division, for authority to use cash
collateral until May 31.
The Debtor intends to use the cash to make necessary payments to
five lenders, as outlined in the proposed budget. This includes
lease payments from Express, the company to which the Debtor leases
its equipment.
The Debtor's budget for April and May 2025 includes lease income
from Express, payments to various lenders, and anticipated cash
flow. The Debtor expects to have an ending cash balance of $42,136
by May 31, 2025. Most lenders have agreed to the proposed payment
amounts, except for First Citizens Bank, whose response is pending.
The Debtor's cash collateral is subject to liens held by the U.S.
Small Business Administration, Commercial Credit Group, Inc.,
Auxilior Capital Partners, Inc. and Triumph Financial Services,
LLC.
SBA holds the first lien on the Debtor's cash collateral. This lien
is significant, as it exceeds the value of the Debtor's available
cash collateral, which at the beginning of the case amounted to
$17,732.44. The SBA's lien thus has the highest priority over the
other lenders with claims against the Debtor's cash.
The Debtor proposed that lenders with interests in cash collateral
be granted replacement liens on the Debtor's post-petition assets
to protect their interests. The Debtor also maintains that the
SBA’s lien is adequately protected due to the expected increase
in cash flow.
A hearing on the matter is set for April 16.
About Glide Logistics Inc.
Glide Logistics Inc. is a transportation company specializing in
open deck, heavy haul, and oversize freight services across the
United States.
Glide Logistics sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on
March 2, 2025. In its petition, the Debtor reported total assets of
$1,220,786 and total liabilities of $1,050,846.
Judge Janet S. Baer handles the case.
The Debtor is represented by Keevan D. Morgan, Esq. at Morgan &
Bley, Ltd.
GO LAB: Hires Omni Agent Solutions as Claims and Noticing Agent
---------------------------------------------------------------
GO Lab, Inc. and GO Lab Madison, LLC seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Omni Agent
Solutions, Inc. as claims, noticing, and solicitation agent.
Omni will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
Prior to the petition date, the Debtors provided Omni an advance
payment in the amount of $50,000.
Paul Deutch, an executive vice president at Omni, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul Deutch
Omni Agent Solutions, Inc.
1120 Avenue of the Americas, 4th Floor
New York, NY 10036
Telephone: (212) 302-3580
Facsimile: (212) 302-3820
About Go Lab
GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer
based in Madison, Maine, specializing in high-performing,
dry-process wood fiber construction insulation. Founded in 2017,
the Company produces three commercial products: TimberBatt,
TimberFill, and TimberBoard, all made from clean softwood residuals
sourced from sawmills and small-diameter trees.
GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No.
25-10557) on March 25, 2025. In the petition, the Debtors reported
total assets of $500,000 to $1 million and total debts of $10
million to $50 million. The petitions were signed by Matthew
O'Malia as president and CEO.
The Honorable Bankruptcy Judge Karen B Owens handles the case.
The Debtors tapped Cozen O'Connor to serve as their general
bankruptcy counsel. Pierce Atwood LLP is the Debtors' special
counsel for corporate matters. Nixon Peabody LLP is the Debtors'
special counsel for tax and bond matters. Jefferies LLC acts as
investment banker to the Debtors, and Berry Dunn McNeil & Parker
LLC acts as accountants to the Debtors. The Debtors' claims and
noticing agent is Omni Agent Solutions.
GO LAB: Seeks to Hire Cozen O'Connor as Bankruptcy Counsel
----------------------------------------------------------
GO Lab, Inc. and GO Lab Madison, LLC seek approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Cozen
O'Connor as its bankruptcy counsel.
The firm's services include:
a. advising the Debtors of their rights, powers, and duties as
debtors and debtors-in-possession;
b. taking all necessary actions to protect and preserve the
estates of the Debtors, including the prosecution of certain
actions on the Debtors' behalf, the defense of any actions
commenced against the Debtors, the negotiation of disputes in which
the Debtors are involved, and the preparation of objections to
claims filed against the Debtors' estate;
c. preparing on behalf of the Debtors, as
debtors-in-possession, necessary motions, applications, answers,
orders, reports, and papers in connection with the administration
of Debtors' estates;
d. pursuing final approval of the Debtors'
debtor-in-possession financing;
e. advising the Debtors' in connection with their Disclosure
Statement and Plan;
f. pursuing approval of final orders approving the Debtors'
"first day" relief, as applicable;
g. performing all other necessary legal services in connection
with the Chapter 11 Cases (except for those specifically being
performed by other counsel engaged by the Debtors).
Cozen O'Connor will be paid at these hourly rates:
Shareholders $895 to $995
Members $700 to $850
Paralegals $300 to $355
Mark Felger (Shareholder, Bankruptcy Group) $995
Simon Fraser (Member, Bankruptcy Group) $850
Joel Nesset (Member, Bankruptcy Group) $790
David Doyle (Member, Bankruptcy Group) $740
Shaina Carney (Sr. Paralegal, Bankruptcy Group) $315
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $500,000.
Mark Felger, Esq., a partner at Cozen O'Connor, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Mark E. Felger, Esq.
COZEN O'CONNOR
1201 North Market Street, Suite 19801
Wilmington, DE 19801
Telephone: (302) 295-2000
Facsimile: (302) 295-2013
E-mail: mfelger@cozen.com
About GO LAB
GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer
based in Madison, Maine, specializing in high-performing,
dry-process wood fiber construction insulation. Founded in 2017,
the Company produces three commercial products: TimberBatt,
TimberFill, and TimberBoard, all made from clean softwood residuals
sourced from sawmills and small-diameter trees.
GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No.
25-10557) on March 25, 2025. In the petition, the Debtors reported
total assets of $500,000 to $1 million and total debts of $10
million to $50 million. The petitions were signed by Matthew
O'Malia as president and CEO.
The Honorable Bankruptcy Judge Karen B Owens handles the case.
The Debtors tapped Cozen O'Connor to serve as their general
bankruptcy counsel. Pierce Atwood LLP is the Debtors' special
counsel for corporate matters. Nixon Peabody LLP is the Debtors'
special counsel for tax and bond matters. Jefferies LLC acts as
investment banker to the Debtors, and Berry Dunn McNeil & Parker
LLC acts as accountants to the Debtors. The Debtors' claims and
noticing agent is Omni Agent Solutions.
GO LAB: Seeks to Hire Jefferies LLC as Investment Banker
--------------------------------------------------------
GO Lab, Inc. and GO Lab Madison, LLC seek approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Jefferies LLC
as investment banker.
The firm will provide these services:
(a) Financing. The Debtors hereby retain and authorize
Jefferies, during the term of the Engagement Letter, to act as
exclusive financial advisor in connection with any of the following
(each, a "Financing"): (A) the sale and/or placement, whether in
one or more public or private transactions, of (1) common equity,
preferred equity, and/or equity-linked securities of the Debtors
(regardless of whether sold by the Debtors or its security
holders), including, without limitation. convertible debt
securities, debt that includes warrants and/or equity (individually
and collectively, "Equity Securities": and/or (2) notes, bonds,
debentures and/or other debt securities of the Company, including,
without limitation. mezzanine and asset-backed securities
(individually and collectively, "Debt Securities); and/or (B) the
arrangement and/or placement of any bunk debt and/or other credit
facilities of the Company including debtor-in-possession flawing
(individually and collectively, "Bank Debt", and any or a
combination of Bank Debt, Equity Securities and/or
Debt Securities shall be referred to as Instruments").
(b) M&A Transaction. During the term of the Engagement Letter,
and as mutually agreed upon by Jefferies and the Debtors, Jefferies
will provide the Debtors with financial advice and assistance in
connection with a possible sale, disposition or other business
transaction or series of transactions involving all or a material
portion of the equity or assets of one or more entities comprising
the Debtors, whether directly or indirectly and through any form of
transaction, including, without limitation, stock sale, asset sale,
merger, reverse merger, recapitalization, reorganization,
consolidation, amalgamation, spin-off, split-off, joint venture,
strategic partnership, license, asset swap, liquidation, a sale
under section 363 of the Bankruptcy Code (including any "credit
bid" made pursuant to Section 363(k) of the Bankruptcy Code and
including under a prepackaged or pre-negotiated plan of
reorganization or other plan pursuant to the Bankruptcy Code) or
other transaction (any of the foregoing, an "M&A Transaction").
(c) Restructuring. During the term of the Engagement Letter,
and as mutually agreed upon by Jefferies and the Debtors and as
appropriate, Jefferies will act as exclusive financial advisor to
the company in connection with analyzing, structuring, negotiating
and effecting (including providing valuation analyses as
appropriate) any restructuring, reorganization, recapitalization or
modification or the Debtors' outstanding indebtedness (including,
without limitation, the Debtors' $85.0 million FAME Revenue Bond
due 2051 (the "Existing Debt")), however achieved, including
without limitation, through any offer by the Debtor with respect to
any outstanding Debtor indebtedness, a solicitation of votes,
approvals, or consents giving effect thereto (including with
respect to a prepackaged or pre-negotiated plan of reorganization
or other plan pursuant to chapter 11, Title 11 of the United States
Code (the "Bankruptcy Code"), the execution of any agreement giving
effect thereto, an offer by any party to convert, exchange or
acquire any outstanding Debtor indebtedness, or any similar balance
sheet restructuring invoking the Debtor (any such transaction
considered in paragraph 1(c)(i) of the Engagement Letter is
hereinafter referred to us a "Restructuring" and, collectively with
an Amendment Transaction, Financing and an M&A Transaction, a
"Transaction"); provided that a Restructuring consisting of (A) any
waiver or forbearance of, or amendment or modification to, any
outstanding Company indebtedness that extends the maturity of such
indebtedness or effectuates a waiver or forbearance for less than
one year, (B) any waiver, consent, amendment or forbearance solely
with respect to any financial or other covenant on any outstanding
Company indebtedness, and/or (C) any "out-of-court" modification to
the Existing Debt to facilitate a Financing, shall be deemed an
"Amendment Transaction").
(d) Advising. Jefferies' services in connection with a
Restructuring shall include, as requested by the Debtors and
reasonably appropriate, assisting the Debtors in: (A) becoming
familiar with and analyzing, the business, operations, properties.
Financial condition and prospects of the Debtors; (B) understanding
the current state of the "restructuring market"; (C) developing a
general strategy for accomplishing a Restructuring; (D)
implementing a Restructuring; (E) evaluating and analyzing a
Restructuring, including the value of the Instruments, if any, that
may be issued in any such Restructuring; and (F) such other
financial advisory services as may from time to time be agreed upon
by the Debtors and Jefferies and reasonably appropriate. Jefferies'
services under the Engagement Letter shall
include, as requested by the Debtor and reasonably appropriate,
participating in conference calls from time-to-time upon reasonable
prior notice as required pursuant to that certain Standstill and
Forbearance Agreement, by and among the Debtors, certain of its
subsidiaries, and UMB Bank, N.A.
The firm will receive compensation ad follows:
(a) Monthly Fee. A monthly fee (the "Monthly Fee") payable in
accordance with section 4(a) of the Engagement Letter. The first
Monthly Fee shall be equal to $150,000 and shall be payable in
advance on January 14, 2025. The second Monthly Fee shall be equal
to $75,000 and shall be payable in advance on February 14, 2025.
All subsequent Monthly Fees shall be equal to $25,000 and shall be
payable on the 14th of each month commencing with the March 14,
2025 Monthly Fee; provided, however, to the extent the Debtors
become subject to proceedings under the Bankruptcy Code, all
Monthly Fees arising after the commencement of such proceedings
shall be equal to $50,000; provided, further, under no
circumstances shall the amounts of the January 14, 2025, and
February 14, 2025 Monthly Fees be reduced.
(b) M&A Transaction Fee. At the closing of an M&A Transaction
an amount to be determined according to the following schedule,
subject in all cases to a minimum fee of $2.0 million if
Transaction Value is less than $60.0 million or $2.5 million if
Transaction Value is equal to or exceeds $60.0 million (as
applicable, the "M&A Transaction Fee"):
i. In the event that Transaction Value is less than or
equal to the par value of the Existing Debt plus any interest
accrued thereon as of the date of such closing (the "Existing Debt
Threshold"), 3.00 percent of Transaction Value; or
ii. In the event that Transaction Value is greater than the
Existing Debt Threshold. 4.00 percent of Transaction Value.
(c) Financing Fee. Promptly upon the consummation of a
Financing, a fee (as applicable, the "Financing Fee") equal to an
amount to be determined according to the following schedule:
i. 2.25 percent of the greater of the aggregate principal
amount of or the aggregate maximum amount available under any
senior secured Bank Debt and senior secured Debt Securities in such
Financing (expressly including, without limitation, any commitments
for a "delayed draw" credit facility, whether or not such amounts
are available to be drawn at such time);
ii. 3.25 percent of the greater of the aggregate principal
amount or the maximum amount available under any Bank Debt and Debt
Securities in such Financing that are not covered by Section
4(c)(i) of the Engagement Letter (expressly including, without
limitation, any commitments for a "delayed draw" credit facility,
whether or not such amounts are available to be drawn at such
time); and
iii. 5.0 percent of the aggregate gross proceeds received or
to be received from the sale of Equity Securities, including,
without limitation, aggregate amounts committed by investors to
purchase Equity Securities.
(d) Restructuring Fee. Upon the consummation of a
Restructuring (other than a Restructuring solely involving an
Amendment Transaction), a fee ("Restructuring Fee") in an amount
equal $2.5 million.
(e) Expenses. In addition to any fees that may be paid to
Jefferies hereunder, whether or not any Transaction occurs, the
Debtor will reimburse Jefferies, promptly upon receipt of an
invoice therefor, for all reasonable out-of-pocket expenses
(including ancillary expenses and fees and expenses of its counsel
and, with the prior written approval of the Debtor (not to be
unreasonably withheld), any other independent experts retained by
Jefferies) incurred by Jefferies and its designated affiliates in
connection with the engagement contemplated under the Engagement
Letter.
Leon Szlezinger, a Managing Director and Joint Global Head of Debt
Advisory & Restructuring, disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Leon Szlezinger
Jefferies LLC
520 Madison Avenue
New York, NY 10022
Tel: (212) 284-2300
About GO LAB
GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer
based in Madison, Maine, specializing in high-performing,
dry-process wood fiber construction insulation. Founded in 2017,
the Company produces three commercial products: TimberBatt,
TimberFill, and TimberBoard, all made from clean softwood residuals
sourced from sawmills and small-diameter trees.
GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No.
25-10557) on March 25, 2025. In the petition, the Debtors reported
total assets of $500,000 to $1 million and total debts of $10
million to $50 million. The petitions were signed by Matthew
O'Malia as president and CEO.
The Honorable Bankruptcy Judge Karen B Owens handles the case.
The Debtors tapped Cozen O'Connor to serve as their general
bankruptcy counsel. Pierce Atwood LLP is the Debtors' special
counsel for corporate matters. Nixon Peabody LLP is the Debtors'
special counsel for tax and bond matters. Jefferies LLC acts as
investment banker to the Debtors, and Berry Dunn McNeil & Parker
LLC acts as accountants to the Debtors. The Debtors' claims and
noticing agent is Omni Agent Solutions.
GO LAB: Seeks to Hire Nixon Peabody LLP as Special Tax Counsel
--------------------------------------------------------------
GO Lab, Inc. and GO Lab Madison, LLC seek approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Nixon Peabody
LLP as special tax counsel.
The firm will render these services:
a. advise the Debtors in connection with the tax advice and
related tax opinions on particular issues related to the financing
and refinancing of the Project, including an opinion related to
whether certain holders of the Bonds are "substantial users or
related parties" within the meaning of the Internal Revenue Code of
1986, and an opinion related to the use of funds that had been on
deposit the Debt Service Reserve Fund;
b. for continued tax advice and opinions related to the
financing and refinancing of the Project; and
c. while not yet determined, it may be necessary for Nixon
Peabody to serve as bond counsel, or co-bond counsel with respect
the Bonds and the Project in order to provide appropriate tax
advice and opinions.
The firm will be paid at these rates:
Mitchell H. Rapaport $1,250 an hour
Johnny Hutchinson $1,140 an hour
Mitchell Rapapor, Esq., a partner at Nixon Peabody, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Mitchell H. Rapapor, Esq.
Nixon Peabody, LLP
799 9th Street NW, Suite 500
Washington, DC 20001-5327
Office: (202) 585-8305
Mobile: (202) 288-4005
Email: mrapaport@nixonpeabody.com
About GO LAB
GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer
based in Madison, Maine, specializing in high-performing,
dry-process wood fiber construction insulation. Founded in 2017,
the Company produces three commercial products: TimberBatt,
TimberFill, and TimberBoard, all made from clean softwood residuals
sourced from sawmills and small-diameter trees.
GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No.
25-10557) on March 25, 2025. In the petition, the Debtors reported
total assets of $500,000 to $1 million and total debts of $10
million to $50 million. The petitions were signed by Matthew
O'Malia as president and CEO.
The Honorable Bankruptcy Judge Karen B Owens handles the case.
The Debtors tapped Cozen O'Connor to serve as their general
bankruptcy counsel. Pierce Atwood LLP is the Debtors' special
counsel for corporate matters. Nixon Peabody LLP is the Debtors'
special counsel for tax and bond matters. Jefferies LLC acts as
investment banker to the Debtors, and Berry Dunn McNeil & Parker
LLC acts as accountants to the Debtors. The Debtors' claims and
noticing agent is Omni Agent Solutions.
GOL LINHAS: Fine-Tunes Plan Documents
-------------------------------------
GOL Linhas Aereas Inteligentes S.A., and its affiliates submitted a
Modified Third Amended Joint Plan of Reorganization dated March 14,
2025.
The Plan is predicated on a global settlement between the Debtors,
the Committee, Abra, and various other stakeholders regarding
various issues, including, among others, the settlement of
potential Causes of Action, the Plan value, and the allocation of
value amongst creditors, and the allocation of value amongst the
Debtors' estates.
Like in the prior iteration of the Plan, each holder of an Allowed
General Unsecured Convenience Class Claim shall receive, in full
and final satisfaction of its Allowed General Unsecured Convenience
Class Claim, Cash in an amount equal to 15% of the amount of such
Allowed General Unsecured Convenience Class Claim; provided,
however, if the aggregate amount of distributions to holders of
Allowed General Unsecured Convenience Class Claims would otherwise
exceed the General Unsecured Convenience Class Claim Fund, holders
of such Claims shall receive their Pro Rata share of the General
Unsecured Convenience Class Claim Fund.
The Reorganized Debtors shall fund distributions under the Plan
required to be paid in Cash, if any, with Cash on hand (including
Cash from operations and Cash received under the DIP Facility and
refinanced pursuant to the Exit Notes) and from the Cash proceeds
from the issuance of any Incremental New Money Exit Financing.
On the Effective Date, the Exit Notes Issuer shall issue the Exit
Notes on the terms herein and such other terms set forth in the
Exit Notes Documents. The initial obligors in respect of the Exit
Notes will be the Exit Notes Issuer and the applicable guarantors
set forth in the Exit Notes Documents.
The Liens on any shared collateral securing the Exit Notes, the
Incremental New Money Exit Debt, the Incremental New Money
Exchangeable Debt (to the extent issued), the 2026 Alternative
Notes (to the extent issued, and solely with respect to the 2026
Alternative Notes Collateral), and/or the Take Back Notes, and the
priorities of such Liens shall be set forth in, and subject to, one
or more intercreditor agreements consistent with the terms set
forth herein and otherwise in form and substance reasonably
satisfactory to Abra, the Debtors, and the applicable purchasers
and/or holders (or agents) thereof (each, an "Intercreditor
Agreement").
Notwithstanding anything to the contrary herein, the Exit Notes,
Take-Back Notes and/or Incremental New Money Exit Debt may be
structured as loans rather than notes as agreed among the
respective parties to the Exit Notes Documents, Take-Back Notes
Documents, and Incremental New Money Exit Debt Documents,
respectively, with the reasonable consent of Abra and subject to
the Committee Consent Right.
On the Effective Date, to the fullest extent permitted by
applicable law, all of the Liens to be granted or continued in
accordance with the New Debt Documents shall (i) be deemed to be
approved; (ii) be legal, binding, and enforceable Liens on the
property and assets granted under the New Debt Documents in
accordance with the terms thereof; (iii) be deemed perfected on the
Effective Date or, if necessary, after the fulfillment of any legal
formality required by Brazilian law, and have the priorities as set
forth in the New Debt Documents, subject only to such Liens as may
be permitted under such documents; and (iv) not be subject to
avoidance, recharacterization, or subordination (including
equitable subordination) for any purpose whatsoever and shall not
constitute preferential transfers, fraudulent conveyances or other
voidable transfers under the Bankruptcy Code or any applicable
non-bankruptcy law.
For the avoidance of doubt, notwithstanding Article IX.C of the
Plan or any other provision in the Plan, the Confirmation Order, or
any other document entered into in connection with the Plan,
including the New Debt Documents (other than the documents
governing the Amended Debentures) and any documents in connection
with the Exit Notes, Incremental New Money Exit Debt, Take-Back
Notes, and 2026 Alternative Notes, Safra and the Debenture Banks
shall retain their respective first-priority liens and security
interests (including through any "fiduciary assignment" granted
under Brazilian law) in any collateral securing the Amended Safra
Notes and Amended Debentures BdoB Letters of Credit, Santander
Letters of Credit, and Bradesco Letters of Credit, respectively,
which liens shall be senior to any liens on collateral granted in
connection with the Plan, including in connection with the Exit
Notes, Incremental New Money Exit Debt, Take-Back Notes, and 2026
Alternative Notes.
A full-text copy of the Modified Third Amended Joint Plan dated
March 14, 2025 is available at https://urlcurt.com/u?l=JJehUO from
Kroll Restructuring Administration LLC, the claims agent.
The Debtors' Counsel:
Evan R. Fleck, Esq.
Andrew C. Harmeyer, Esq.
Bryan V. Uelk, Esq.
MILBANK LLP
55 Hudson Yards
New York, NY 10001
Telephone: (212) 530-5000
Facsimile: (212) 530-5219
E-mail: efleck@milbank.com
aharmeyer@milbank.com
buelk@milbank.com
- and -
Gregory A. Bray, Esq.
MILBANK LLP
2029 Century Park East, 33rd Floor
Los Angeles, CA 90067
Telephone: (424) 386-4000
Facsimile: (213) 629-5063
E-mail: gbray@milbank.com
- and -
Andrew M. Leblanc, Esq.
Erin E. Dexter, Esq.
MILBANK LLP
1850 K St. NW, Suite 1100
Washington, DC 20006
Telephone: (202) 835-7500
Facsimile: (202) 263-7586
E=mail: aleblanc@milbank.com
edexter@milbank.com
About Gol GOLL4.SA
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring
Administration LLC is the claims agent.
GOLDEN TRIANGLE: Seeks Approval to Hire Tamarez CPA as Accountant
-----------------------------------------------------------------
Golden Triangle Realty, SE seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Tamarez CPA, LLC as
accountant.
The firm will render these services:
a) reconcile financial information to assist the Debtor in the
preparation of monthly operating reports;
b) assist in the reconciliation and clarification of proof of
claims filed and amount due to creditors;
c) provide general accounting and tax services; and
d) assist the Debtor and its counsel in the preparation of the
supporting documents for the Joint Chapter 11 Reorganization Plan.
The firm will be paid at these hourly rates:
Albert Tamarez-Vasquez, CPA CIRA $165
CPA Supervisor $110
Senior Accountant $90
Staff Accountant $70
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a post-petition retainer in the total amount of
$12,000.
Albert Tamarez Vasquez, CPA, owner of Tamarez CPA, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Albert Tamarez Vasquez, CPA
Tamarez CPA, LLC
1519 Ave. Ponce De Leon, Suite 412
San Juan, PR 00909
Telephone: (787) 795-2855
Facsimile: (787) 200-7912
Email: atamarez@tamarezcpa.com
About Golden Triangle Realty
Golden Triangle Realty S.E. is engaged in activities related to
real estate.
Golden Triangle Realty, S.E. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-04514) on Oct. 21, 2024. In the petition signed by David
Santiago Martinez, president, the Debtor disclosed $19,811,659 in
assets and $47,255,382 in liabilities.
Judge Maria De Los Angeles Gonzalez oversees the case.
The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and
Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant.
GOLDSBY ENTERPRISES: Seeks Subchapter V Bankruptcy in Delaware
--------------------------------------------------------------
On April 7, 2025, Goldsby Enterprises LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Delaware. According to court filing, the Debtor reports between
$100,000 and $500,000 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About Goldsby Enterprises LLC
Goldsby Enterprises LLC specializes in the rental and leasing of
various types of equipment and assets, excluding motor vehicles,
motorcycles, and recreational vehicles.
Goldsby Enterprises LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10664) on April 7,
2025. In its petition, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities between
$100,000 and $500,000.
Honorable Bankruptcy Judge Craig T. Goldblatt handles the case.
The Debtor is represented by Mark Billion, Esq. at BILLION LAW.
GREAT EDUCATION: Seeks Subchapter V Bankruptcy in Illinois
----------------------------------------------------------
On April 7, 2025, Great Education Partners LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Illinois. According to court filing, the
Debtor reports $2,154,718 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Great Education Partners LLC
Great Education Partners LLC is an educational organization in
Chicago, Illinois, offering early childhood education services.
Great Education Partners LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.
25-05324) on April 7, 2025. In its petition, the Debtor reports
total assets as of March 31, 2025 amounting to $49,876 and total
liabilities as of March 31, 2025 of $2,154,718.
Honorable Bankruptcy Judge Janet S. Baer handles the case.
The Debtor is represented by David K. Welch, Esq. at BURKE, WARREN,
MACKAY & SERRITELLA, P.C.
GREENLEAF 2 CPE: Hires Broadway Advisors LLC as Sales Agent
-----------------------------------------------------------
Greenleaf 2 CPE, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Broadway Advisors, LLC as sales agent.
The firm will render these services:
a. Broadway shall provide marketing and sale services to the
three Debtors herein as well as GLCM, LLC, a non-debtor affiliate
that operates a ghost kitchen in Orange County which should enhance
the overall value of the enterprise.
b. Broadway shall perform the following services to assist
monetizing assets of the Debtors:
i. compile a "Sales Book";
ii. develop and implement a marketing plan and timetable;
iii. manage and coordinate all aspects of the sale process,
including creation of a data room, information flow, solicitation
of and negotiations with potential buyers;
iv. assist in negotiations with potential buyers to select a
stalking horse bidder; and
v. manage the sale process through Bankruptcy Court
approval and closing.
Broadway shall be entitled to a sales fee equal to 7 percent of the
gross sale price plus reimbursement of costs.
Broadway shall receive a retainer of $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alfred M. Masse, a partner at Broadway Advisors LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alfred M. Masse
Broadway Advisors LLC
511 30th St.
Newport Beach, CA 92663
Phone: (949) 673-0855
About Greenleaf 2 CPE
Greenleaf 2 CPE, LLC filed Chapter 11 petition (Bankr. C.D. Calif.
Case No. 25-11187) on February 18, 2025, listing between $500,001
and $1 million in assets and between $1 million and $10 million in
liabilities. Jonathan Rollo, chief executive officer, signed the
petition.
David B. Golubchik, Esq. at Levene, Neale, Bender, Yoo & Golubchik
L.L.P. will serve as the Debtor's counsel.
GUIDEPOST A LLC: April 30 Public Sale Auction Set
-------------------------------------------------
Yughe A LLC ("Lender") under that certain security and pledge
agreement dated as of March 22, 2018, executed by Guidepost A LLC
("Grantor") in favor of lender, will offer for sale, at public
auction, the collateral pledged to it by the Grantor.
The public auction will be held on April 30, 2025, at 4:30 p.m.
(prevailing Eastern Time) virtually via the following zoom meeting
link: Meeting URL: https://bit.ly/guidepostUCC, Meeting ID: 878
8567 3476, Passcode: 910576, Dial-in: +1 646 931 3860 (US).
The sale will be conducted by Matthew D. Mannion of Mannion
Auctions LLC.
Any interested bidders who experience technical difficulties while
attempting to participate in the auction virtually via the Zoom
Meeting link or dial-in number should contact Mr. Mannion by
telephone at 908-752-1852 or by email at mdmannion@jpandr.com for
assistance.
Parties interested in bidding on the collateral must contact the
auctioneer:
Mannion Auctions LLC
Attn: Matthew D. Mannion
299 Broadway, Suite 1601
New York, NY 10007
Email: mdmannion@jpandr.com
The collateral consists of all Grantor's interests in Guidepost FIC
A LLC together with all equity interest certificates, options or
rights of any nature whatsoever which may be issued or granted by
the pledged entity to Grantor while this agreement is in effect.
Non of the collateral has been registered for sale under any
federal or state securities or blue sky laws, and as such may be
sold or otherwise transferred by lender or a purchaser of nay
collateral except in accordance with applicable law.
HALL LABS: Stutzman Bromberg Represents Certain Tort Claimants
--------------------------------------------------------------
The law firm of Stutzman, Bromberg, Esserman & Plifka, A
Professional Corporation ("SBEP") filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of Hall Labs, LLC, the firm
represents Certain Tort Claimants.
SBEP is a law firm that maintains its office at 2323 Bryan Street,
Suite 2200, Dallas, Texas 75201.
As to the nature and amount of the disclosable economic interests
held by each of the Certain Tort Claimants in relation to the
Debtor as of the date of this Verified Statement, each of the
Certain Tort Claimants have allegedly sustained damages as a result
of the tortious acts of the Debtor. Each of the Certain Tort
Claimants' claims for such damages is unsecured and unliquidated.
SBEP may represent other persons or entities who also hold claims
against the Debtor or their predecessors in interest, however, as
of the date of this Verified Statement, such persons or entities
have not requested that SBEP appear on their behalf in these cases.
Other than as outlined herein, as of the filing of this Verified
Statement SBEP does not purport to act, represent, or speak on
behalf of any parties in connection with these cases other than the
Certain Tort Claimants.
The names of Certain Tort Claimants are as follows:
Individuals
-----------
1. Abbott, Taylor
2. Cossifos, Kelsey
3. Davis, Shelly
4. Dominguez, Ariez
5. Dominguez, Modesto
6. Fergison, Elizabeth
7. Fergison, Kaitlyn
8. Fergison, Kelle
9. Gordon, Aaron
10. Gordon, Angela
11. Gordon, Ed
12. Gordon, Elise
13. Kendrick, James
14. Lopez, Raymond
15. Prevot, Kaylie
16. Prevot, Kourtney
17. Stambro, Christopher
18. Sutton, Tarah
19. Whitehead, Jazzmin
20. Whitehead, Zachary
21. P., B. (minor)
22. P., D. (minor)
23. S., D. (minor)
24. S., J. (minor)
Estates
--------
1. Estate of Aaron Fergison
2. Estate of Drew Gordon
3. Estate of Nancy Bullock-Prevot
4. Estate of Jeffrey Sutton
The law firm can be reached at:
Stutzman, Bromberg, Esserman & Plifka, A Professional
Corporation
Sander L. Esserman (admitted pro hac vice)
2323 Bryan Street, Suite 2200
Dallas, Texas 75201-2689
Telephone: (214) 969-4900
About Hall Labs LLC
Hall Labs LLC focuses on developing and monetizing intellectual
property across various industries by bringing together scientists
and engineers to solve complex problems. After prototyping and
market validation, Hall Labs licenses its technologies to
newly-formed entities, which then commercialize and further develop
the innovations. The Company generates revenue through the sale of
technologies, patents, and company interests, while its portfolio
companies become self-sustaining and progress toward an exit.
Hall Labs LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its
petition, the Debtor reports estimated assets between $100 million
and $500 million and estimated liabilities between $50 million and
$100 million.
Honorable Bankruptcy Judge Joel T. Marker handles the case.
Andres Diaz, Esq., at Diaz & Larsen, serves as the Debtor's
counsel.
HAWAII STAGE: Unsecureds Will Get 10% of Claims in Plan
-------------------------------------------------------
Hawaii Stage and Lighting Rentals, Inc., filed with the U.S.
Bankruptcy Court for the District of Hawaii a Plan of
Reorganization for Small Business dated March 14, 2025.
The Debtor specializes in designing, supplying and installing
lighting and staging systems for concerts, events, live
performances and sporting events in Hawaii.
Craig Maddocks founded the Debtor in the early 1970's to provide
equipment and related services to the entertainment industry in
Hawaii. The Debtor's main office is currently located in Kapalama,
Honolulu, Hawaii, which is leased from Hawaii Holding and
Investments, LLC ("HHI").
Pursuant to a Stock Purchase Agreement dated as of July 28, 2024,
HHI acquired all of the outstanding stock in HSLR from the Maddocks
family.
Under the Plan, the Debtor will borrow approximately $300,000 from
its parent company to fund a lump sum payment of 10% to general
unsecured creditors. The Plan provides for payment of
Administrative Expense Claims, Priority Tax Claims, and Allowed
Secured Claims in accordance with the Bankruptcy Code, and projects
payment to Allowed General Unsecured Claims. Finally, Holders of
Equity Interests will retain their Equity Interests as they existed
on the Commencement Date.
Class 6 consists of General Unsecured Claims (Excluding Employee
Claims and Convenience Class Claims). Except to the extent that a
Holder of an Allowed General Unsecured Claim agrees to a different
treatment, all Allowed General Unsecured Claims shall receive a
lump sum payment of 10% of the Allowed Claim within 30 Days of the
Effective Date. The allowed unsecured claims total $2,654,012.29.
This Class is impaired.
Class 7 Equity Interest Holders shall maintain existing Equity
Interest.
The Plan will be funded by the proceeds of a secured loan from HHI
in the approximate amount of $300,000. On Confirmation of the Plan,
all property of the Debtor, tangible and intangible, including,
without limitation, will revert, free and clear of all Claims and
Equitable Interests except as provided in the Plan, to the Debtor.
A full-text copy of the Plan of Reorganization dated March 14, 2025
is available at https://urlcurt.com/u?l=ufMidC from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Allison A. Ito, Esq.
Chuck C. Choi, Esq.
Choi & Ito
700 Bishop Street, Suite 1107
Honolulu, HI 96813
Telephone: (808) 533-1877
Facsimile: (808) 566-6900
Email: aito@hibklaw.com
About Hawaii Stage and Lighting Rentals
Hawaii Stage and Lighting Rentals Inc., doing business as Hawaii
Stage and Hawaii Stage Event Production Company, is a full service
event production company serving the Hawaiian Islands since 1976.
Hawaii Stage and Lighting Rentals Inc. sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Haw. Case No. 24-01132)
on Dec. 14, 2024. In the petition filed by Joseph Kuhio Lewis,
president, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
Judge Robert J. Faris handles the case.
Allison A. Ito, Esq., at Choi & Ito, serves as the Debtor's
counsel.
HEALTHIER CHOICES: Delays 10-K Filing Due to Spin-Off, Audit Issues
-------------------------------------------------------------------
Healthier Choices Management Corp. filed a Notification of Late
Filing on Form 12b-25, informing that it will not be able to timely
file with the U.S. Securities and Exchange Commission its Annual
Report on Form 10-K for the year ended December 31, 2024.
The Company experienced unanticipated delays in compiling certain
necessary information to complete its audit and prepare a complete
filing of its Annual Report in a timely manner without unreasonable
effort or expense. These delays were in part due to a recent
spin-off of its subsidiary Healthy Choice Wellness Corp.
The Company anticipates that the Annual Report will be filed as
soon as practicable and prior to the 15th calendar day following
the prescribed due date.
About Healthier Choices Management
Hollywood, Fla.-based Healthier Choices Management Corp. is a
holding company focused on providing consumers with healthier daily
choices with respect to nutrition and other lifestyle alternatives.
Through its wholly owned subsidiary HCMC Intellectual Property
Holdings, LLC, the Company manages its intellectual property
portfolio.
Saddle Brook, N.J.-based Marcum LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 27, 2024, citing that the Company has a working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations to sustain its operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
As of September 30, 2024, Healthier Choices Management had
$3,784,648 in total assets, $3,193,801 in total liabilities,
$1,111,100 of convertible preferred stock, and $520,253 in total
stockholders' deficit.
HEALTHY EXTRACTS: Posts $840K Net Loss in 2024, Faces Going Concern
-------------------------------------------------------------------
Healthy Extracts Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$840,671 on $3,113,279 of net revenues for the year ended Dec. 31,
2024, compared to a net loss of $2,472,931 on $2,485,866 of net
revenues for the year ended Dec. 31, 2023.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated March 31, 2025, citing that the Company's operating
losses raise substantial doubt about its ability to continue as a
going concern.
Since its inception, Healthy Extracts has been engaged
substantially in financing activities and developing its business
plan and expenses. As a result, the Company incurred accumulated
net losses from inception (December 19, 2014) through the year
ended December 31, 2024, of $19,240,344, and had limited cash
resources at December 31, 2024 of $112,020.
The Company said, "Due to our neutral cash flow, the Company has
doubt about the entity's ability to continue as a going concern
within one year after the date that the financial statements are
issued. In addition, most of the Company's development activities
since inception have been financially sustained through equity
financing but we are using all additional cash flow to help support
the Company's growth and research and development of new products.
Management plans to keep seeking funding through debt and equity
financing which are intended to mitigate the conditions that have
raise substantial doubt about the entity's ability to continue as a
going concern."
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/ym97rvh2
About Healthy Extracts
Headquartered in Henderson, Nev., Healthy Extracts Inc. --
www.healthyextractsinc.com -- is a platform for acquiring,
developing, patenting, marketing, and distributing plant-based
nutraceuticals. The Company's proprietary and patented products
target select high-growth categories within the multibillion-dollar
nutraceuticals market, such as heart, brain, and immune health.
As of Dec. 31, 2024, the Company had $2,377,973 in total assets,
$1,967,596 in total liabilities, and a total stockholders' equity
of $410,377.
HOOTERS OF AMERICA: Seeks to Hire Kroll as Claims & Noticing Agent
------------------------------------------------------------------
Hooters of America, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Kroll Restructuring Administration LLC as claims, noticing, and
solicitation agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases.
Prior to the petition date, the Debtors provided Kroll an advance
in the amount of $75,000.
Benjamin Steele, a managing director at Kroll, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Benjamin J. Steele
Kroll Restructuring Administration LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
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 (Bankr. N.D. Tex. Lead Case No. 25-80078) 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.
HURRICANE GLASS: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
Hurricane Glass, Inc. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division, to use cash collateral until April 16.
The Debtor needs to use cash collateral to pay necessary business
expenses for its ongoing operations.
According to a UCC lien search, the Debtor owes money to the
following lenders which hold liens or security interests in the
Debtor's inventory and accounts:
1. U.S. Small Business Administration
2. Itria Ventures LLC (filing numbers xxx 2886 and xxx 2859)
3. CHTD Company/Swift Financial (filing number 5063)
As protection, the lenders will continue to have the same liens on
and security interests in post-petition cash collateral and
proceeds.
A final hearing is scheduled for April 16.
Itria Ventures is represented by:
Constantine Z. Pamphilis, Esq.
Sara E. Wolfe, Esq.
Kasowitz Benson Torres, LLP
1415 Louisiana Street, Suite 2100
Houston, TX 77002
(713) 220-8800
(713) 222-0843 (fax)
DPamphilis@kasowitz.com
SWolfe@kasowitz.com
About Hurricane Glass Inc.
Hurricane Glass, Inc. operates a residential and commercial glass
company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31809) on March 31,
2025. In the petition signed by Todd Carter, president, the Debtor
disclosed up to $100,0000 in assets and up to $1 million in
liabilities.
Reese Baker, Esq., at Baker & Associates, represents the Debtor as
legal counsel.
HYPERSCALE DATA: Files Certificate for Series B Preferred Stock
---------------------------------------------------------------
Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company filed a
Certificate of Designation, Rights and Preferences with the
Secretary of State of the State of Delaware to establish the
preferences, voting powers, limitations as to dividends or other
distributions, qualifications, terms and conditions of redemption
and other terms and conditions of the Company's Series B
Convertible Preferred Stock.
There are 60,000 shares of the Series B Preferred Stock
designated.
Description of the Series B Preferred Stock
Conversion Rights:
Each share of Series B Preferred Stock has a stated value of
$1,000.00 and is convertible into shares of Common Stock at a at a
conversion price equal the lesser of a 25% discount to the
Company's Volume Weighted Average Price during the five trading
days immediately prior to:
(A) the Execution Date or
(B) the date of conversion into shares of Common Stock, but
not greater than $10.00 per share, which Maximum Price shall be
adjusted for stock dividends, stock splits, stock combinations and
other similar transactions.
Notwithstanding the foregoing, in no event shall the Series B
Preferred Stock be convertible at less than $0.40. The Conversion
Price is subject to adjustment in the event of an issuance of
Common Stock at a price per share lower than the Conversion Price
then in effect, as well as upon customary stock splits, stock
dividends, combinations or similar events. The Floor Price will not
be adjusted for stock dividends, stock splits, stock combinations
or similar transactions.
Voting Rights:
The holders of the Series B Preferred Stock are entitled to vote
with the Common Stock as a single class on an as-converted basis,
subject to applicable law provisions of the Delaware General
Corporation Law and the NYSE American, provided however, that for
purposes of complying with Exchange regulations, the conversion
price, for purposes of determining the number of votes the holder
of Series B Convertible Preferred Stock is entitled to cast, shall
not be lower than $2.44, which represents the closing sale price of
the Common Stock on the trading day immediately prior to the
Execution Date. The Voting Floor Price shall be adjusted for stock
dividends, stock splits, stock combinations and other similar
transactions.
Dividend Rights:
The holders of Series B Convertible Preferred Stock are entitled to
cumulative cash dividends at an annual rate of 15%, or $150.00 per
share, based on the stated value per share. Dividends shall accrue
from the date of the Initial Tranche Closing, for as long as any
shares of Series B Preferred Stock remain issued and outstanding
and are payable monthly in arrears. For the first two years, the
Company may elect to pay the dividend amount in Common Stock rather
than cash, with the number of shares of Common Stock issued at the
Conversion Price at the date that the dividend payment is due.
Dividends will accrue regardless of the Company's earnings or funds
availability and will not exceed the full cumulative dividends.
Liquidation Rights:
In the event of liquidation, dissolution, or winding up of the
Company, the holders of Series B Preferred Stock have a
preferential right to receive an amount equal to the stated value
per share of Series B Preferred Stock before any distribution to
other classes of capital stock, provided, however, that it ranks on
a pari passu basis with the Series C Preferred Stock and the Series
G Preferred Stock. If the assets are insufficient, the distribution
will be prorated among the holders of Series B Preferred Stock,
Series C Preferred Stock and Series G Preferred Stock. The
remaining assets will be distributed pro rata to the holders of
outstanding Capital Stock and all holders of Series B Preferred
Stock as if they had converted their Series B Preferred Stock into
Common Stock. The Series B Preferred Stock rank senior over other
classes of preferred stock, including the Series A, D, E and F
Preferred Stock. Additionally, any transaction that constitutes a
change of control transaction shall be deemed to be a liquidation
under the Certificate of Designation of the Preferences, Rights and
Limitations of Series B Convertible Preferred Stock.
About Hyperscale Data
Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly
known as Ault Alliance, Inc., is transitioning from a diversified
holding company pursuing growth by acquiring undervalued businesses
and disruptive technologies with a global impact to becoming solely
an owner and operator of data centers to support high performance
computing services. Through its wholly and majority-owned
subsidiaries and strategic investments, Hyperscale Data owns and
operates a data center at which it mines digital assets and offers
colocation and hosting services for the emerging artificial
intelligence ecosystems and other industries. It also provides,
through its wholly owned subsidiary, Ault Capital Group, Inc.,
mission-critical products that support a diverse range of
industries, including an artificial intelligence software platform,
social gaming platform, equipment rental services,
defense/aerospace, industrial, automotive, medical/biopharma and
hotel operations. In addition, Hyperscale Data is actively engaged
in private credit and structured finance through a licensed lending
subsidiary.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has a working capital
deficiency, has incurred net losses, and needs to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
HYPERSCALE DATA: Issues $1.65M Convertible Note to Orchid Finance
-----------------------------------------------------------------
Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company issued to
Orchid Finance LLC, a Nevada limited liability company, a
convertible promissory note in the principal face amount of
$1,650,000 in consideration for an advance of $1,500,000 previously
made by the Investor to the Company.
The Note has a principal face amount of $1,650,000 and was issued
with an original issue discount of 10%. The Note accrues interest
at the rate of 15% per annum, unless an event of default occurs, at
which time the Note would accrue interest at 18% per annum. The
Note will mature on September 30, 2025. The Note is convertible
into shares of the Company's class A common stock, par value $0.001
per share at any time after NYSE American approval of the
Supplemental Listing Application at a conversion price equal to the
greater of:
(i) $0.40 per share, which Floor Price shall not be adjusted
for stock dividends, stock splits, stock combinations and other
similar transactions and
(ii) the lesser of 75% of the VWAP of the Common Stock during
the five trading days immediately prior to (A) the Closing Date or
(B) the date of conversion into shares of Common Stock.
The Conversion Price is only subject to adjustment in the event
that the Company does a stock split or similar transaction of the
Common Stock.
The Company may not issue Conversion Shares to the extent such
issuances would result in an aggregate number of shares of Common
Stock exceeding 19.99% of the total shares of Common Stock issued
and outstanding as of the Closing Date, in accordance with the
rules and regulations of the NYSE unless the Company first obtains
stockholder approval. Pursuant to an understanding with the
Investor, the Company agreed to file a proxy or information
statement to obtain the Stockholder Approval.
The Note contains standard and customary events of default
including, but not limited to, failure to pay amounts due under the
Note when required, failure to deliver Conversion Shares when
required, default in covenants and bankruptcy events.
About Hyperscale Data
Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly
known as Ault Alliance, Inc., is transitioning from a diversified
holding company pursuing growth by acquiring undervalued businesses
and disruptive technologies with a global impact to becoming solely
an owner and operator of data centers to support high performance
computing services. Through its wholly and majority-owned
subsidiaries and strategic investments, Hyperscale Data owns and
operates a data center at which it mines digital assets and offers
colocation and hosting services for the emerging artificial
intelligence ecosystems and other industries. It also provides,
through its wholly owned subsidiary, Ault Capital Group, Inc.,
mission-critical products that support a diverse range of
industries, including an artificial intelligence software platform,
social gaming platform, equipment rental services,
defense/aerospace, industrial, automotive, medical/biopharma and
hotel operations. In addition, Hyperscale Data is actively engaged
in private credit and structured finance through a licensed lending
subsidiary.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has a working capital
deficiency, has incurred net losses, and needs to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
HYPERSCALE DATA: Secures $50M Financing for Michigan AI Center
--------------------------------------------------------------
Hyperscale Data, Inc. announced it has entered into an agreement
for up to $50 million in new equity financing from a single,
unaffiliated institutional investor. The Investor has committed to
purchasing up to 50,000 shares of newly designated Series B
Convertible Preferred Stock. The capital from the Preferred
Transaction will be used to accelerate the buildout of the
Company's state-of-the-art Michigan data center, marking a major
milestone in Hyperscale Data's previously announced growth plans.
"The Preferred Transaction represents a strong endorsement of our
vision and business model," stated William B. Horne, Chief
Executive Officer of Hyperscale Data. "With this infusion of
capital, we will be well-positioned to advance construction of our
Michigan data center and expand capacity to meet the accelerating
demand for scalable, energy-efficient data center infrastructure."
The Company's Michigan data center is being developed as a
hyperscale-ready campus designed to serve enterprise, artificial
intelligence, and high-performance computing cloud providers with
high-density workloads. The facility will feature advanced cooling
technologies, robust power infrastructure, and a commitment to
sustainable and efficient operations.
"We are building for the future--laying the groundwork for digital
infrastructure that is resilient, efficient, and future-proof,"
added Milton "Todd" Ault III, Executive Chairman of Hyperscale
Data. "The Preferred Transaction allows us to execute on that
vision at speed and scale, while also contributing to economic
development and job creation in the local community. The expansion
of the overall power capacity at our Michigan data center will
begin in the coming months and we will update stockholders as the
buildout progresses."
The Preferred Transaction will be conducted through a series of
monthly closings with the Investor being obligated to fund a
minimum of $1 million each month, subject to certain conditions,
with the right to accelerate closings. Additional information
regarding the securities described above and the terms of the
Preferred Transaction will be included in a Current Report on Form
8-K to be filed with the United States Securities and Exchange
Commission.
The preferred shares described above are being issued in a private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended, and Regulation D promulgated thereunder and, along with
the shares of common stock underlying the preferred shares, have
not been registered under the Securities Act, or applicable state
securities laws. Accordingly, the preferred shares and the
underlying shares of common stock issuable upon conversion of the
preferred shares may not be offered or sold in the United States
except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the
Securities Act and such applicable state securities laws.
For more information on Hyperscale Data and its subsidiaries,
Hyperscale Data recommends that stockholders, investors and any
other interested parties read Hyperscale Data's public filings and
press releases available under the Investor Relations section at
hyperscaledata.com or available at www.sec.gov.
About Hyperscale Data
Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly
known as Ault Alliance, Inc., is transitioning from a diversified
holding company pursuing growth by acquiring undervalued businesses
and disruptive technologies with a global impact to becoming solely
an owner and operator of data centers to support high performance
computing services. Through its wholly and majority-owned
subsidiaries and strategic investments, Hyperscale Data owns and
operates a data center at which it mines digital assets and offers
colocation and hosting services for the emerging artificial
intelligence ecosystems and other industries. It also provides,
through its wholly owned subsidiary, Ault Capital Group, Inc.,
mission-critical products that support a diverse range of
industries, including an artificial intelligence software platform,
social gaming platform, equipment rental services,
defense/aerospace, industrial, automotive, medical/biopharma and
hotel operations. In addition, Hyperscale Data is actively engaged
in private credit and structured finance through a licensed lending
subsidiary.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has a working capital
deficiency, has incurred net losses, and needs to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
HYPERTECH INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Hypertech, Inc.
AW Hi-Performance Auto Sales
AW Ramsey Automotive Electronics, Inc.
AW Hypertech Performance Corp.
AW Hypertech Vehicular Performance, Inc.
AW Hypertech Performance Corp.
7375 Adrianne Pl.
Memphis, TN 38133-8958
Business Description: Hypertech is a U.S.-based automotive
technology company that develops high-
performance engine tuning products for
vehicles with computer-controlled systems.
Unlike traditional aftermarket firms that
focus on mechanical upgrades, Hypertech
specializes in software-based enhancements
by recalibrating a vehicle's electronic
control units (ECUs) for improved power,
fuel efficiency, and drivability. The
Company's team includes engineers and
performance enthusiasts who apply advanced
knowledge of electrical engineering and
computer science to create products like
Power Chips and the Power Programmer.
Chapter 11 Petition Date: April 11, 2025
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 25-01562
Judge: Hon. Charles M. Walker
Debtor's Counsel: Robert J. Gonzales, Esq.
EMERGELAW, PLC
4235 Hillsboro Pike, Suite 300
Nashville, TN 37215
Tel: (615) 816-1535
E-mail: ecf@emerge.law
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gregory Jay Ramsey 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/SK2PBDQ/Hypertech_Inc__tnmbke-25-01562__0001.0.pdf?mcid=tGE4TAMA
I A P CONSTRUCTION: Gets OK to Use Cash Collateral Until April 30
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, extended I A P Construction, Inc.'s authority to
use cash collateral from April 3 to April 30.
The company requires access to cash collateral to pay the expenses
set forth in its budget, which shows total operational expenses of
$57,735.64 for April.
American Community Bank & Trust may have an interest in the
company's assets, including cash collateral.
As protection for the use of its cash collateral, the bank was
granted replacement liens on all post-petition property of I A P,
including cash collateral, to the same extent, validity and
priority as its pre-bankruptcy liens.
I A P's right to use cash collateral will cease upon entry of a
court order directing the cessation of the use of cash collateral
dismissal of its Chapter 11 case; or conversion of the case to one
under Chapter 7.
The next hearing is scheduled for April 30.
About I A P Construction
I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D.
Ill. Case No. 25-02709) on February 24, 2025, listing up to $1
million in both assets and liabilities. Ian Proce, president of I A
P, signed the petition.
Judge Deborah L. Thorne oversees the case.
David R. Herzog, Esq., represents the Debtor as legal counsel.
ILUSTRATO PICTURES: Delays 10-K Filing, Expects to File by April 15
-------------------------------------------------------------------
Ilustrato Pictures International Inc. filed a Notification of Late
Filing on Form 12b-25 with the U.S. Securities and Exchange
Commission, informing that it has been unable, without unreasonable
effort or expense, to timely compile all information for the
financial statements and related disclosures required to be
included in its Annual Report on Form 10-K for the fiscal year
ended December 31, 2024.
The Company expects to file the Annual Report on or before April
15, 2025.
About ILUS
Ilustrato Pictures International Inc. is a corporation registered
in Nevada and operating out of New York and Dubai. The company has
acquired and integrated businesses in the global industries of
technology, engineering, and manufacturing, with a specific focus
on public safety. ILUS has a history of developing and
manufacturing Emergency Services products, including Emergency
Response vehicles, Special Vehicle conversions, Commercial EVs, and
IoT Technology. Additionally, the company intends to acquire
complementary companies that have disruptive technology and strong
management, with the potential for rapid growth that may benefit
from cross-pollination of territories, products, and skills offered
by ILUS's other group companies. ILUS operates as a holding
company, leveraging its subsidiaries to engage in public safety,
technology, engineering, and manufacturing.
As of December 31, 2023, the Company had $62,487,166 in total
assets, $32,579,545 in total liabilities, and $29,987,621 in total
stockholders' equity.
Ahmedabad, India-based Pipara & Co LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
May 1, 2024, citing that the Company suffered losses from
operations in CY 2023 and CY 2022 and has a net capital deficiency
in the periods ended December 31, 2023, and 2022, which raises
substantial doubt about its ability to continue as a going concern.
IMPACT THEORY: Claims in Settled SEC Case Due Aug. 15, 2025
-----------------------------------------------------------
The United States Securities and Exchange Commission has settled
administrative proceedings against Impact Theory ("Respondent").
In the order, the SEC found that from Oct. 13, 2021, to Dec. 6,
2021, Impact Theory violated Section 5(a) and 5(c) of the
Securities Act by offering and selling crypto asset securities
known as Founder's Keys without having a registered statement filed
or in effect with the SEC, or qualifying for an exemption from
registration.
The SEC ordered the respondent to pay $5,120,718.27 in
disgorgement, $483,195.90 in prejudgment interest and a $500,000
civil money penalty, for a total of $6,103,912.17 to the SEC. The
SEC also created a Fair Fund, pursuant to Section 308(a) of the
Sarbanes-Oxley Act of 2002, so the penalty collected, along with
the disgorgement and interest collected, could be distributed to
harmed investors ("Fair Fund").
The Fair Fund will be paid out according to the Plan of
Distribution ("Plan").
A summary of the eligibility criteria and claims process is below.
Full details are available at https://impacttheoryfairfund.com.
You may also request a copy of the plan from the fund administrator
via email at info@ImpactTheoryFairFund.com or by calling
833-285-3401.
To receive a payment you must have:
1) purchased or acquired Founder's Keys between Oct. 13, 2021, and
Dec. 6, 2021;
2) submitted a timely Claim Form;
3) suffered a Recognized Loss as calculated under the plan; and
4) not been an excluded party under the plan.
All claims must be submitted online at
https:/www.ImpactTheoryFairFund.com on or before 11.59 p.m. Eastern
Standard Time on Aug. 15, 2025.
If you are unable to submit a claim form online or you have lost
relevant credentials associated with wallets or exchanges required
as part of an online claim, you ay request a copy of the paper
claim form from the Fund Administrator via Email at
info@ImpactTheoryFairFund.com or by calling 833-285-3401. Claim
forms submitted via email must be sent to the address provided on
the Claim Form and postmarked (or if not sent by U.S. mail, then
received) by Aug. 15, 2025.
INDEPENDENCE REALTY: Hires Butler Snow LLP as Special Counsel
-------------------------------------------------------------
Independence Realty & Investments, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Tennessee to hire
Butler Snow LLP as special counsel.
The counsel will represent Debtor in all matters related to the
Adversary Proceeding No. 24-00121.
Butler Snow will bill its standard hourly rates and will also seek
reimbursement for reasonable out-of-pocket expenses incurred.
The firm received a $7,500 retainer.
As disclosed in the court filings, Butler Snow is a "disinterested
person," as defined in section 101(14) of the Bankruptcy Code and
as required by section 327(a) of the Bankruptcy Code.
The firm can be reached through:
Adam M. Langley, Esq,
BUTLER SNOW LLP
6075 Poplar Avenue, Suite500
Memphis, TN 38119
Tel: (901) 680-7200
Fax: (901) 680-7201
E-mail: adam.langley@butlersnow.com
About Independence Realty & Investments
Independence Realty & Investments, LLC, a company in Memphis,
Tenn., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Tenn. Case No. 24-24362) on September 6, 2024,
with up to $50,000 in assets and up to $10 million in liabilities.
Derrick Brown, managing member, signed the petition.
Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker
represents the Debtor as bankruptcy counsel.
INDIVIDUALIZED ABA: Seeks Cash Collateral Access
------------------------------------------------
Individualized ABA Services for Families, LLC asked the U.S.
Bankruptcy Court for the Northern District of California, Oakland
Division, for authority to use cash collateral from April 23 until
its reorganization plan is confirmed.
The cash collateral is necessary for the Debtor to cover ongoing
business expenses, such as employee salaries, outsourced
administrative services, supplies, telecommunications, insurance,
and professional fees.
The Debtor's secured creditors listed in order of priority based on
UCC filings are:
1. Newtek Bank N.A.: $948,355 (UCC filed on September 22, 2023)
2. Kapitus Servicing, Inc.: $178,141 (UCC filed on September 19,
2024)
3. Funding by Samson: $150,087 (UCC filed on September 24, 2024,
within the 90-day preference period)
4. JP Morgan Chase & Co.: $110,542 (auto loan secured by a 2023
Range Rover)
5. Mercedes Benz Financial Services: $56,297 (auto lease secured by
a 2024 Mercedes Benz C300)
The first three creditors are directly impacted by the Debtor's
request for continued use of cash collateral. JP Morgan Chase and
Mercedes Benz Financial Services, though secured creditors, do not
have an interest in the cash collateral.
To protect the interests of these secured creditors, the Debtor
proposed to continue making monthly adequate protection payments to
Newtek Bank in the amount of $3,500 and $1,000 carve-out payments
to the Subchapter V Trustee. Additionally, the Debtor proposed to
grant a replacement lien on all post-petition assets to secured
creditors, which would protect them in the event that the value of
their collateral diminishes during the bankruptcy proceedings.
A hearing on the matter is set for April 23.
Newtek is represented by:
Christopher D. Crowell, Esq.
Hemar, Rousso & Heald, LLP
15910 Ventura Boulevard, 12th Floor
Encino, CA 91436
ccrowell@hrhlaw.com
Kapitus is represented by:
Rebecca Wicks, Esq.
Buchalter, A Professional Corporation
18400 Von Karman Avenue, Suite 800
Irvine, CA 92612
Telephone: (949) 760-1121
Facsimile: (949) 720-0182
rwicks@buchalter.com
About Individualized ABA
Services for Families
Individualized ABA Services for Families, LLC sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Calif. Case No. 24-41559) on Oct. 2, 2024, with total assets of
$193,244 and total liabilities of $1,635,914. Raajna Naidu, chief
executive officer, signed the petition.
Judge William J. Lafferty oversees the case.
The Debtor is represented by Michael Jay Berger, Esq., at the Law
Offices of Michael Jay Berger.
INTERNATIONAL IMPULSE: Taps James & Haugland as Legal Counsel
-------------------------------------------------------------
International Impulse Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire James & Haugland,
PC as counsel.
The firm will provide these services:
(a) analyze the Debtor's financial situation, and render
advise in determining whether to file a petition in bankruptcy;
(b) prepare and file the voluntary petition, schedules,
statement of financial affairs, plan of reorganization and
disclosure statement, as required;
(c) represent the Debtor at the initial debtor conference,
first meeting of creditors and confirmation hearing, and any
adjourned hearings thereof;
(d) represent the Debtor in adversary proceedings and other
contested bankruptcy matters;
(e) give the Debtor legal advice with respect to powers and
duties;
(f) prepare on behalf of the Debtor, the necessary legal
papers;
(g) help the Debtor with any necessary documents for obtaining
post-petition credit, offsets, etc.; and
(h) perform all of the legal services for the Debtor, which
may be necessary.
The firm's professionals will be paid at these hourly rates:
Corey Haugland, Attorney $400
Jamie Wall, Attorney $350
Paralegals $125
The firm received a retainer of $21,738.
Ms. Haugland disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Corey W. Haugland, Esq.
James & Haugland, PC
609 Montana Avenue
El Paso, TX 79902
Telephone: (915) 532-3911
Facsimile: (915) 541-6440
Email: chaughland@ighpc.com
About International Impulse Inc.
International Impulse Inc. is a warehousing and storage services
provider based in El Paso, Texas.
International Impulse Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-30368) on
March28, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Christopher G. Bradley handles the
case.
The Debtor is represented by Corey Haugland, Esq. at James &
Haugland, P.C.
INTERNATIONAL LAND: Delays Filing of 2024 Annual Report
-------------------------------------------------------
International Land Alliance, Inc. filed a Notification of Late
Filing on Form 12b-25 with the U.S. Securities and Exchange
Commission, informing that it is not in a position to file its
Annual Report on Form 10-K for the period ended December 31, 2024
within the prescribed time period due to a combination of factors,
including the recent acquisition of Rancho Costa Verde Development,
LLC which required significant number of resources to be devoted to
the completion of the transaction, and the securement of financing
to fund the ongoing operations of the Company.
The compilation, dissemination and review of the information
required to be presented in the Form 10-K for the period ended
December 31, 2024, have imposed time constraints that have rendered
timely filing of the Form 10-K impracticable without undue hardship
and expense to the Company. There can be no assurance that the
Company will be able to file its Annual Report on Form 10-K on or
before the 15th calendar day following the prescribed due date.
About International Land Alliance
San Diego, Calif.-based International Land Alliance, Inc. was
incorporated under the laws of the State of Wyoming on September
26, 2013. The Company is a residential land development company
with target properties located in the Baja California, Northern
region of Mexico and Southern California. The Company's principal
activities are purchasing properties, obtaining zoning and other
entitlements required to subdivide the properties into residential
and commercial building plots, securing financing for the purchase
of the plots, improving the properties' infrastructure and
amenities, and selling the plots to homebuyers, retirees,
investors, and commercial developers.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 27, 2024, citing that the Company has suffered
net losses from operations, which raises substantial doubt about
its ability to continue as a going concern.
JACKSON COURT: Court OKs San Francisco Property Sale
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
has approved Jackson Court City Share Owners Association, to sell
its Property located at 2198 Jackson Street, San Francisco,
California, free and clear of liens, interests, and encumbrances.
City Share is a non-profit mutual benefit corporation, operating as
the "homeowners association" for the property commonly known as
"The Jackson Court", located at 2198 Jackson Street in San
Francisco, California.
The Court has authorized the Debtor to sell the Property free and
clear of liens.
The Court has also determined that respondents, Guild Funding
Company; Mechanics Savings Bank; Webster Bank; Security Pacific
Finance Corporation; Versatyme Controls Corporation; World Wide
Group Inc.; and North State Savings & Loan Corporation of Southern
Pines formerly known as the First Colony Savings & Loan Association
Inc., have received adequate notice and an opportunity to be heard.
About Jackson Court City Share Owners Association
Based in San Francisco, Jackson Court City Share Owners Association
operates as a property owners association.
Jackson Court City Share Owners Association sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No.
25-30010) on January 8, 2025. In its petition, the Debtor reported
estimated assets between $1 million and $10 million and estimated
liabilities between $100,000 and $500,000.
Judge Hannah L. Blumenstiel handles the case.
The Debtor tapped Michael St. James, Esq., at St. James Law, PC as
bankruptcy counsel and Bruce M. Boyd, Esq., at Lee, Hong, Degerman,
Kang & Waimey as corporate counsel.
K&NN TRUCKING: Gets OK to Hire Goldsmith & Guymon as Counsel
------------------------------------------------------------
K&NN Trucking LLC received approval from the U.S. Bankruptcy Court
for the District of Nevada to employ Goldsmith & Guymon, P.C. as
its legal counsel.
The firm's services include:
a. institute, prosecute or defend any lawsuits, adversary
proceedings and/or contested matters arising out of this bankruptcy
proceeding;
b. assist in recovery and obtaining necessary Court approval
for recovery and liquidation of estate assets, and to assist in
protecting and preserving the same when necessary;
c. assist in determining the priorities and status of claims
in filing objections when necessary;
d. assist in preparation of a disclosure statement and plan;
and
e. advise the Debtor and perform all other legal services for
the Debtor which may be or become necessary in this bankruptcy
proceeding.
The firm's hourly rates are:
Partners $600 per hour
Associates $225-$475 per hour
Goldsmith & Guymon received an initial retainer in the amount of
$25,000.
Marjorie Guymon, Esq., at Goldsmith & Guymon, disclosed in a court
filing that her firm does not represent interests adverse to the
bankruptcy estate.
The firm can be reached through:
Marjorie A. Guymon, Esq.
Erin M. Houston, Esq.
Goldsmith & Guymon, P.C.
2055 Village Center Circle
Las Vegas, NV 89134
Tel: (702) 873-9500
Fax: (702) 873-9600
Email: bankruptcy@goldguylaw.com
About K&NN Trucking LLC
K&NN Trucking, LLC operates in the general freight trucking
industry.
K&NN Trucking sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 24-16543) on December 16,
2024. Nathan Nuesca, managing member of K&NN Trucking, signed the
petition.
As of November 30, 2024, K&NN Trucking had $809,191 in total assets
and $1,260,375 in total liabilities.
Judge Mike K. Nakagawa presides over the case.
Damon K. Dias, Esq., at Dias Law Group, Ltd represents the Debtor
as bankruptcy counsel.
KAL FREIGHT: Chapter 11 Plan Approved After Effective Date Extended
-------------------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that on April
10, 2025, a Texas bankruptcy judge agreed to confirm Kal Freight's
Chapter 11 liquidation plan after postponing the effective date by
one week to allow the company more time to return trucks and
trailers to its lenders.
The Troubled Company Reporter, citing Clara Geoghegan of Law360
Bankruptcy Authority, previously reported that Kal Freight Inc., a
California trucking company, is requesting an extension of its
Chapter 11 plan's effective date while it returns trucks and
trailers to lenders, its attorneys told a Texas bankruptcy judge on
Wednesday, April 2, 2025.
About Kal Freight
Established in 2014, Kal Freight Inc. is a trucking company that
offers a complete range of transportation and logistics services to
diverse industries across the United States. It has strategic
locations across the United States with extended distribution
warehouses and terminals in Fontana, Calif., Texas, New Jersey,
Indiana, Tennessee, Georgia, Arizona and Arkansas.
Kal Freight and its affiliates filed Chapter 11 petitions (Bankr.
S.D. Tex. Case No. 24-90614) on Dec. 5, 2024, with $100 million to
$500 million in both assets and liabilities.
Judge Christopher M. Lopez oversees the case.
The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel; Development Specialists, Inc. as interim management
services provider; and Benesch, Friedlander, Coplan & Aronoff LLP
as special transportation counsel. Stretto, Inc. is the Debtors'
claims and noticing agent.
KAM REALTY: Unsecured Creditors Will Get 100% of Claims in Plan
---------------------------------------------------------------
Kam Realty, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Pennsylvania a Disclosure Statement to
accompany Chapter 11 Plan.
The Debtor has been in the business of real estate investments.
The Debtor was required to file bankruptcy to prevent the
foreclosure sale on the property located at 372 Atlantic Avenue,
Monaca, PA 15061 that was scheduled for November 7, 2024, through
the Beaver County Sheriff's Office.
The Debtor will continue renting the property (Duplex) at 372
Atlantic Avenue, Monaca, PA 15601. The rent received from the one
side is $1,325.00 per month. The other source of income that Debtor
receives is from the note receivable and/or the mortgage that is
maintained on 6 Deemer Avenue, Forest Hills, PA. The amount of
$583.00 is received and will continue to be paid until the
$35,000.00 balance is paid off.
The monthly plan payment is approximately $2,084.57.
American Express in Class 4 will receive a monthly payment of
$60.57 over 84 months on its unsecured balance of $5,087.83.
Duquesne Light in Class 4 will receive a monthly payment of $84.17
over 84 months on its unsecured balance of $7,070.13.
The unsecured creditors will be paid at 100% under the Plan, as
well as through any Chapter 7 liquidation
The Debtor's intention is to surrender this property located at 523
N. 6th Street, Clairton, PA 15025 due to delinquent real estate
taxes in the amount of $16,327.16. Correspondence has been received
from Andrews & Price regarding a sheriff sale proceeding. The
Clairton City School District (Class 1), County of Allegheny (Class
1) and City of Clairton (Class 1) will be receiving no payment on
its claims since the property is being surrendered.
The Debtor receives $1,325.00 monthly rent from 372 Atlantic
Avenue, Monaca, PA 15061 and $583.00 from a note receivable and/or
mortgage on the property at 6 Demmer Avenue, Forst Hills, PA 15221
paid by 6 Demmer Avenue, LLC. The Debtor pays about $1,343.87 per
year or $592.62 per year or $49.39 per month for insurance on the
property of 372 Atlantic Avenue, Monaca, PA 15061.
A full-text copy of the Disclosure Statement dated March 14, 2025
is available at https://urlcurt.com/u?l=jGmv03 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Rodney D. Shepherd, Esq.
2403 Sidney Street Suite 208
Pittsburgh, PA 15203
Tel: (412) 471-9670
About Kam Realty LLC
Kam Realty, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Pa. Case No. 24-22697) on Nov. 1, 2024. The Debtor tapped
Rodney D. Shepherd, Esq., as counsel.
KB3 2275: Hires Divine Law Office as Special Counsel
----------------------------------------------------
KB3 2275 Century, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Divine Law Office as
special counsel.
The firm's services include:
a. preparing and filing an adversary complaint against Jorge
Tobias Leal, The Jorge Tobias Leal Family Trust DTD 12/14/2004,
Cresencio Garcia, Maria D. Garcia, Daniel L. Barraza, Veronia R.
Barraza, and Peter Mehrian;
b. pursuing claims for determination of validity, priority, or
extent of lien, disallowance of claim, turnover of property,
equitable subordination, fraudulent transfer, breach of contract,
fraud/misrepresentation, breach of fiduciary duty, unjust
enrichment, wrongful foreclosure, unfair business practices, breach
of implied covenant of good faith and fair dealing, quiet title,
cancellation of instruments, and accounting;
c. responding to counterclaims, if any;
d. conducting discovery, including dispositions,
interrogatories, requests for production of documents, and request
for admissions;
e. representing the Debtor at all hearings, conferences, and
trial of the adversary proceeding;
f. negotiating settlement, if appropriate; and
g. taking all other necessary actions to prosecute the
adversary proceeding through final judgement.
The firm will be paid at these rates:
Sedoo A. Manu, Esq., Principal $450 per hour
Paralegal/Law Clerk $175 per hour
The firm received a retainer in the amount of $12,000.
As disclosed in the court filings, Divine Law Office is a
"disinterested person," as defined in section 101(14) of the
Bankruptcy Code and as required by section 327(a) of the Bankruptcy
Code.
The firm can be reached through:
Sedoo A. Manu, Esq.
Divine Law Office
400 Corporate Pointe, Suite 300
Culver City CA 90230
Tel: (877) 500-4817
Email: contact@divine-law.com
About KB3 2275 Century
KB3 2275 Century, LLC is a Los Angeles-based real estate company.
KB3 2275 Century filed Chapter 11 petition (Bankr. C.D. Calif. Case
No. 25-10237) on January 14, 2025, listing between $1 million and
$10 million in both assets and liabilities.
Judge Neil W. Bason handles the case.
The Debtor is represented by Onyinye N. Anyama, Esq., at Anyama Law
Firm, A Professional Corp, in Cerritos, Calif.
KB3 2275: Seeks to Hire Divine Law Office as Special Counsel
------------------------------------------------------------
KB3 2275 Century LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Divine Law Office
as special counsel.
The Debtor needs the firm's legal assistance in preparing and
filing an adversary complaint against Jorge Tobias Leal, The Jorge
Tobias Leal Family Trust DTD 12/14/2004, Cresencio Garcia, Maria D.
Garcia, Daniel L. Barraza, Veronia R. Barraza, and Peter Mehrian.
The firm will be paid at these rates:
Attorneys $450 per hour
Associates $350 per hour
Legal Assistants $175 per hour
The firm will be paid a retainer in the amount of $12,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Sedoo Antonious Manu, Esq., a partner at Divine Law Office,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Sedoo Antonious Manu, Esq.
Divine Law Office
2001 Addison Street, Ste 342
Berkeley, CA 94704
Tel: (888) 457-2575
Fax: (888) 415-5739
Email: sm@divine-law.com
About KB3 2275 Century LLC
KB3 2275 Century, LLC a Los Angeles-based real estate company
operating from Avalon Boulevard.
KB3 2275 Century filed Chapter 11 petition (Bankr. C.D. Calif. Case
No. 25-10237) on January 14, 2025, listing between $1 million and
$10 million in both assets and liabilities.
Judge Neil W. Bason handles the case.
The Debtor is represented by Onyinye N. Anyama, Esq., at Anyama Law
Firm, A Professional Corp.
KNY 26671: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: KNY 26671 LLC
d/b/a Cooperative Laundry Tri-State LLC
d/b/a Cooperative Laundry
c/o Cooperative Laundry
1 Eastern Road
Kearny, NJ 07032
Business Description: KNY 26671 LLC dba Cooperative Laundry is a
provider of high-efficiency, eco-friendly
linen and laundry services for luxury
hotels, restaurants, and spas, with state-
of-the-art automated facilities in New
Jersey and Texas.
Chapter 11 Petition Date: April 10, 2025
Court: United States Bankruptcy Court
District of Delaware
Case No.: 25-10688
Debtor's Counsel: Ronald S. Gellert, Esq.
GELLERT SEITZ BUSENKELL & BROWN, LLC
1201 N. Orange Street
Suite 300
Wilmington, DE 19801
Tel: (302) 425-5806
Email: rgellert@gsbblaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Sang Cho as chief executive officer.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/36J2IGI/KNY_26671_LLC__debke-25-10688__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Eastern Funding Lender $4,663,856
213 W 35th Street, Suite 2W
New York, NY 10001
Michael Fanger
Tel: (212) 819-2000
Email: mfanger@easternfunding.com
2. Kannegiesser GmbH Supplies $1,472,673
David Hashmall
Tel: 612-373-8518
Email: dhashmall@felhaber.com
3. Kannegeisser - eTech Supplies $1,004,864
2425 109th Street Grand
Prairie TX 75050
Phil Hart
Tel: 972-877-7465
Email: phil.hart@kannegiesser-etech.com
4. MCA Servicing Company Lender $631,906
333 W Commercial Street, Suite 324
East Rochester, NY 14445
Isaac Kastner
Tel: 786-294-4888
Email: isaac@piekarski-law.com
5. KPIP Urban Renewal I LLC Lease $625,223
c/o Hugo Neu Kearny Development LLC
78 John Miller Way
Suite 102
Kearny NJ 07032
Steve Nislick
Tel: 201-306-8453
Email: snislick@hugoneu.com
6. Amtrust Audit United States Workerman's $573,514
800 Superior Avenue East Comp Insurance
Cleveland OH 44114
Christopher De Poy
Tel: 602-671-7142
Email: cdepoy@bethunelaw.com
7. Wynwood Capital Group Lender $347,695
20200 W Dixie Highway
Miami, FL 33180
Sol Teitel
Tel: 305-487-8893
Email: sol@wynwoodcapitalgroup.com
8. PIRS Capital, LLC Lender $330,829
1688 Meridian Ave. Ste 700
Miami Beach, FL 33139
Eric Mallenger
Tel: 646.762.8051
Email: Eric.Mallinger@PIRSCapital.com
9. Parkside Funding Group Lender $327,319
1615 Ave. I, Apt 22
Brooklyn, NY 11230
Elliot Setton
Tel: 516-900-6752
Email: elliot@landklegal.com
10. Avendra, LLC GPO Fees $267,268
P.O. Box 715019
Philadelphia PA 19171-5019
Jeanmarie Rall
Tel: 631-291-2895
Email: jeanmarie.rall@aramark.com
11. North Shore Linen Inc Outsource $218,062
20 Rider Pl Laundry
Freeport NY 11520-4612 Services
Larry Gentile
Tel: 516-442-7274
Email: Larry@northshorelinen.com
12. PSE&G Utilities $203,551
PO Box 14444
New Brunswick NJ 08906-4444
Tel: 888-234-9209
Email: Markeve.Exum@pseg.com
13. Horizon BlueCross Blue Health Insurance $200,621
Shield of NJ
PO Box 10130
Newark NJ 07101-3130
Tel: 973-466-4316
Email: Jacqueline_Mejia@horizonblue.com
14. Direct Energy Business Utilities $190,752
P.O. Box 32179
New York NY 10087-2179
Tel: (888) 925-9115
Email: tyrone.haynes@mhllp.com
15. HUB Truck Truck Lease $174,296
94 Gazza Blvd Services
Farmingdale NY 11735
Joe Golia
Tel: 516-319-5294
Email: JGolia@hubtruck.com
16. Jackson Lewis Legal Services $172,804
200 Connell Drive
Suite 2000
Berkeley Heights NJ 7922
Tel: (908) 795-5200
Email: Jeffrey.Corradino@jacksonlewis.com
17. Safety Facility Services Service $165,473
5 West 37th Street #803
New York NY 10018
Sam Herzfeld
Tel: 646-524-2192
Email: sherzfeld@safetyfacilityservices.com
18. Diamond Chemical Co., Inc. Supplies $69,341
PO Box 51021
East Rutherford NJ 07101-5121
Harold Diamond,
Tel: 201-935-4300
Email: hdiamond@diamondchem.com
19. Sax LLP Accounting $67,000
P.O. Box 51049 Services
Newar, NJ 07101-5149
Joshua Chananie
Tel: 973-554-6160
Email: jchananie@saxllp.com
20. Atlantic - Tomorrow's Office IT Services $53,200
PO Box 5149
White Plains NY 10602-5149
Tel: (212) 741-6400
Email: wthomas@tomorrowsoffice.com
KRT INC: Seeks Approval to Hire Steffes Group as Auctioneer
-----------------------------------------------------------
KRT, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Wyoming to employ Steffes Group, Inc. as auctioneer.
The Debtor needs an auctioneer to assist in the sale of its
equipment.
The firm will receive a commission of 7 percent of the equipment's
sale.
Mark Frosaker, chief financial officer of Steffes Group, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mark Frosaker
Steffes Group, Inc.
2000 Main Ave E
West Fargo, ND 58078
Telephone: (701) 237-9173
About KRT Inc.
Based in Rock Springs, Wyoming, KRT Inc. operates in the
specialized freight trucking industry.
KRT Inc. filed Chapter 11 petition (Bankr. D. Wyo. Case No.
25-20036) on February 7, 2025, listing total assets of $6,382,948
and total liabilities of $7,272,774.
Judge Cathleen D. Parker handles the case.
The Debtor is represented by Clark D. Stith, Esq.
KRUGER PRODUCTS: DBRS Confirms BB Issuer Rating
-----------------------------------------------
DBRS Limited confirmed the Issuer Rating of Kruger Products Inc.
(Kruger Products or the Company) at BB and the credit rating on the
Company's Senior Unsecured Notes (the Notes) at B (high), both with
Stable trends. The Recovery Rating on the Notes remains RR6.
KEY CREDIT RATING CONSIDERATIONS
The credit rating actions acknowledge the Company's
stronger-than-expected operating performance in 2024 and reflect
Morningstar DBRS' expectation that Kruger Products' credit risk
profile will strengthen as the Company's expansionary capital
expenditure (capex) projects ramp up and reach full production
capacity, thus driving further earnings growth over the medium
term.
EBITDA grew to $265 million in 2024 from less than $240 million in
2023, and exceeded Morningstar DBRS' projections, as higher selling
prices in the Consumer and Away-from-Home segments, volume growth
and a favorable sales mix in the Consumer segment, and lower pulp
prices more than offset higher manufacturing costs. Notwithstanding
the growth in EBITDA, and in line with Morningstar DBRS'
expectations, debt-to-EBITDA increased to 5.5 times (x) from 5.0x
in 2023 because of increased indebtedness associated with the
Sherbrooke Expansion Project. That said, debt-to-EBITDA remained
below the 6.0x level considered appropriate for the current credit
rating category.
CREDIT RATING DRIVERS
Should debt-to-EBITDA increase above 6.0x because of
weaker-than-expected operating performance and/or more
aggressive-than-expected financial management, Morningstar DBRS
could take a negative credit rating action. Furthermore, should the
Company undertake further debt-funded capex such that Morningstar
DBRS becomes concerned that debt-to-EBITDA will remain above 6.0x
without a proportionate improvement in the Company's business risk
profile, a negative credit rating action could result.
Conversely, Morningstar DBRS could take a positive credit rating
action should the Company's business risk profile strengthen
meaningfully with a commensurate improvement in debt-to-EBITDA to
below 4.5x on a normalized and sustainable basis, based on growth
in operating income.
EARNINGS OUTLOOK
Morningstar DBRS forecasts revenue to grow to approximately $2.1
billion in 2025 from $2.05 billion in 2024, primarily attributable
to volume growth as the Sherbrooke Expansion Project's
Light-Dry-Crepe tissue machine ramps up following its start-up in
September 2024. Looking ahead to the medium term, Morningstar DBRS
forecasts revenue to grow toward $2.3 billion in 2027, primarily
driven by further volume growth as the Sherbrooke Expansion Project
continues to ramp up toward full production capacity. Morningstar
DBRS expects EBITDA margins to improve modestly in 2025 compared
with 2024 as potential price increases and improving operating
leverage should more than offset pulp price volatility and higher
manufacturing costs. EBITDA margins could increase further in the
medium term on the back of growing volumes of higher-margin tissue
products combined with improving operating leverage. As such,
Morningstar DBRS forecasts EBITDA to grow to more than $275 million
in 2025 and to approximately $300 million in 2027. Morningstar DBRS
acknowledges the considerable uncertainty about potential shifts in
U.S. trade policy and its effect on Kruger Products' operating
performance, particularly as approximately one-third of the
Company's topline is exposed to potential tariffs, and the
Company's U.S. operations are also dependent on softwood pulp
imports from Canada. While this uncertainty presents a potential
downside risk to these forecasts, Morningstar DBRS believes that
Kruger Products will continue to have sufficient headroom to
cushion any effects thereof within the current BB credit rating
category.
FINANCIAL OUTLOOK
Morningstar DBRS forecasts a surplus free cash flow (FCF) (after
dividends but before changes in working capital and principal lease
payments) in 2025 compared with the net deficit position in 2024 as
(1) operating cash flow continues to trend in line with earnings
growth, (2) capex declines to between $70 million and $100 million
as the Sherbrook Expansion Project nears completion, and (3) the
gross dividend outlay increases modestly above 2024 levels.
Following the completion of the Sherbrooke Expansion Project in
2025, Morningstar DBRS expects capex to normalize at $50 million to
$70 million per year in 2026 and 2027. This lower capex, combined
with higher operating cash flow and a further modest increase in
the gross dividend outlay, should result in meaningful levels of
FCF in the medium term. Morningstar DBRS believes that the
projected FCF surplus, proceeds from Kruger Inc.'s Dividend
Reinvestment Plan participation, and available liquidity should
fund principal lease payments and mandatory debt repayments.
Combined with the projected growth in EBITDA, Morningstar DBRS
expects debt-to-EBITDA to improve toward 5.0x in 2025 and to
approximately 4.5x by the end of 2027. While uncertainty about U.S.
tariff policy could pressure Kruger Products' operating performance
and reduce credit metrics below Morningstar DBRS' projections,
Morningstar DBRS believes that the Company will have sufficient
headroom within the current BB credit rating category to absorb any
such downward pressure. Morningstar DBRS also notes that Kruger
Products is currently evaluating the construction of a new tissue
plant. Should the Company finance a meaningful portion of this
expansionary capex initiative with debt such that Morningstar DBRS
becomes concerned that debt-to-EBITDA will remain above 6.0x
without a proportionate improvement in the Company's business risk
profile, Morningstar DBRS could take a negative credit rating
action.
CREDIT RATING RATIONALE
Comprehensive Business Risk Assessment (CBRA): BB
Kruger Products' CBRA continues to be supported by the Company's
strong brands and leading market position in the tissue products
industry, stable demand, and significant barriers to entry. The
CBRA also reflects the intense competition, volatile input costs,
and product/market concentration.
Comprehensive Financial Risk Assessment (CFRA): BBH/BB
Kruger Products' CFRA reflects Morningstar DBRS' expectation that,
through EBITDA growth and mandatory debt repayment, debt-to-EBITDA
should improve toward 5.0x in 2025.
Intrinsic Assessment (IA): BB
The IA is based on Kruger Products' CBRA and CFRA. Taking into
consideration peer comparisons, among other factors, we place the
IA in the middle of the IA range.
Additional Considerations: -0.5
The negative 0.5 adjustment to the Issuer Rating reflects the
unmitigated structural subordination of Kruger Products' debt to
the cash flows of the Company's Unrestricted Subsidiaries.
Notes: All figures are in Canadian dollars unless otherwise noted.
KWENCH JUICE: Trustee Seeks to Hire Murphy & King as Legal Counsel
------------------------------------------------------------------
Stephen Darr, the trustee appointed in the Chapter 11 case of
Kwench Juice Franchising, Inc., seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ Murphy
& King, Professional Corporation as his counsel.
The firm's services include:
(a) consulting with the trustee concerning all matters
relating to the administration of the estate;
(b) providing assistance to the trustee in preparing the
motions, notices, complaints, and any other pleadings and documents
that must be prepared or reviewed by an attorney and which are
necessary to the administration of this case;
(c) directing the activities of accountants or other
professionals that are retained during these proceedings;
(d) negotiating and documenting the sale of assets of the
Debtor and preparing such motions and notices as are required in
connection herewith;
(e) assisting the trustee in determining the existence of
avoidable transfers and pursuing the avoidance and recovery of such
transfers;
(f) analyzing and determining the validity, status and
priority of claims asserted against the Debtor's bankruptcy estate;
and
(g) performing all other legal services for the trustee which
may be appropriate in connection with this case.
Murphy & King will seek compensation based upon its normal and
usual hourly billing rates, and will seek reimbursement of
expenses.
Andrew G. Lizotte, Esq., a partner at Murphy & King, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Andrew G. Lizotte, Esq.
Murphy & King
Professional Corporation
28 State Street, Suite 3101
Boston, MA 02109
Telephone: (617) 423-0400
Email: ALizotte@murphyking.com
About Kwench Juice Franchising
Kwench Juice Franchising, Inc. operates a cafe in Boston under the
trade name Kwench Juice Cafe, which features juices and fruit
smoothies.
Kwench Juice Franchising sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-12587) on December 26,
2024. In its petition, the Debtor reported up to $50,000 in assets
and up to $1 million in liabilities.
Judge Christopher J. Panos handles the case.
Barry Levine, Esq., represents the Debtor as legal counsel.
Stephen Darr was appointed as trustee in this Chapter 11 case. The
trustee tapped Murphy & King, Professional Corporation as his
counsel.
LAKE BENNETT: Seeks Chapter 11 Bankruptcy in Florida
----------------------------------------------------
On April 7, 2025, Lake Bennett Village-Ocoee LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida. According to court filing, the
Debtor reports $27,422,219 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Lake Bennett Village-Ocoee LLC
Lake Bennett Village-Ocoee LLC owns five parcels of undeveloped
vacant commercial property 955 Chicago Ave (2 parcels with this
address), 1177 Chicago Ave, 1101 Chicago Ave and 355 Maine Street,
located in Ocoee, FL 34761.
Lake Bennett Village-Ocoee LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02001)
on April 7, 2025. In its petition, the Debtor reports total assets
of $32,750,000 and total liabilities $27,422,21.
Honorable Bankruptcy Judge Lori V. Vaughan handles the case.
The Debtor is represented by Jonathan M. Sykes, Esq. at NARDELLA &
NARDELLA, PLLC.
LAKESHORE LEARNING: Moody's Cuts CFR to 'B3', Outlook Stable
------------------------------------------------------------
Moody's Ratings downgraded Lakeshore Learning Materials, LLC's
(Lakeshore) ratings including the Corporate Family Rating to B3
from B2, Probability of Default Rating to B3-PD from B2-PD and
senior secured first lien term loan rating to B3 from B2. The
outlook is stable.
The downgrade reflects Moody's expectations for high leverage,
limited free cash flow, and challenging market conditions following
the expiration of the ESSER (Elementary and Secondary School
Emergency Relief) funds in January 2025. These factors will make it
difficult for Lakeshore to quickly improve revenue and earnings,
while also managing through significant seasonality. ESSER funds
had temporarily increased budgets for local school districts in
response to the challenges posed by COVID-19. Without the
continuation of this stimulus, Moody's projects that Lakeshore will
face a 20% to 25% decline in revenue over the next 12 months, as
the demand for its products is expected to decrease substantially.
The expiration of ESSER funds is expected to significantly reduce
order volumes and revenue, as the stimulus had previously
contributed to outsized demand for Lakeshore's products.
Additionally, recently announced trade tariffs on China and
Vietnam, from where Lakeshore sources a significant portion of its
products, are expected to increase operating costs. The immediate
impact of tariffs on 2025 will be limited due to the company's
current inventory levels, but higher costs will become more
apparent as new inventory is purchased under the new tariff
regulations for the 2025-2026 school year.
Lakeshore's financial profile is characterized by high leverage,
which was exacerbated by a debt-funded shareholder distribution
completed in August 2023. This aggressive financial policy
increases the company's vulnerability to demand reductions.
Furthermore, significant capital expenditures for an ERP system and
a new distribution facility in Utah, incurred in 2023 and 2024,
have elevated capital requirements. These projects are expected to
wind down during the first quarter of 2025, at which point capital
expenditures should return to more normalized levels of around $10
to $20 million.
Despite these challenges, Lakeshore benefits from a robust
distribution network and strong relationships with local school
districts. Its high-quality, early childhood education and
elementary school classroom products and excellent brand reputation
provide a competitive edge. Additionally, efforts to optimize its
asset footprint and initiatives to gain market share could support
its financial stability going forward. After a period of expansion
funded by elevated capital expenditures, Lakeshore will focus on
optimizing its asset footprint over the next 12 months. In March
2025, Lakeshore took steps to upsize and extend the maturity of its
revolving credit facility.
RATINGS RATIONALE
Lakeshore's B3 CFR reflects its diversified and high-quality
product portfolio focused on early childhood education, along with
a good market position. However, current customer demand is
returning to normalized pre-COVID patterns and is anticipated to
decline. This decline is expected to impact earnings in 2025, as
the company faces challenges in replacing the substantial
stimulus-driven orders received over the past few years.
Earnings pressure will arise as fixed overhead costs will have
lower absorption amid anticipated lower volumes. Moody's
anticipates that spending on Lakeshore's product categories will
decline as ESSER spending ends. Key credit concerns include
cyclical product demand that is susceptible to pullback when
municipal and corporate budgets are reduced or spending is
restrained.
Leverage is expected to increase towards 6x in 2025, on a Moody's
adjusted basis, from about 4x as of the last 12 months ended
September 2024, due to the impact of increased trade tariffs, lower
orders, and one-time costs associated with establishing a new
distribution facility in Utah and footprint rationalization. The
company's scale is small, relative to the rated universe of
consumer products companies. Free cash flow will be limited in the
range of $5 to $10 million in 2025, with Lakeshore managing working
capital strategically, especially when it comes to investing in
inventory for the 2025-2026 school year.
Lakeshore will likely rely on its external facility to cover
shortfalls during quarters of high utilization. Lakeshore's
business is highly seasonal, with the revolver balance peaking
during the second quarter and repaid during the third quarter when
a large portion of accounts receivables is collected as orders are
delivered ahead of the new school year.
Investment in working capital has resulted in elevated inventory
positions as the company strategically ordered ahead to meet
anticipated demand, which did not materialize, due to long lead
times to procure products and to avoid previous supply chain
disruptions.
The company's strategies to mitigate potential earnings declines in
2025 involve execution risk in replacing volume decline driven by
ESSER funds through initiatives such as taking market share to
support its balance sheet and debt service requirements. The
integration of a new ERP system and the build-out of a distribution
center required significant cash investment. With limited options
to quickly mitigate costs, tariffs imposed by the US will
significantly impact earnings amid intense competition if they
remain in place for an extended period of time, although the
immediate impact in 2025 is expected to be limited due to the
company's current inventory levels.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectations that Lakeshore
will continue to maintain operational stability despite concerns
around revenue contraction and lower order volumes over the next 12
months. Adequate liquidity provides additional flexibility to
adjust to changes in demand.
The ratings could be upgraded if Lakeshore demonstrates organic
revenue and earnings growth, generates consistent and comfortably
positive free cash flow, maintains good liquidity and sustains
debt-to-EBITDA below 5.5x. An upgrade would also require confidence
that the company is successful in replacing volume driven by ESSER
funds through initiatives such as taking market share and expansion
of its product portfolio to support its balance sheet and debt
service requirements.
The ratings could be downgraded if earnings decline due to lower
volumes or product prices, deterioration in market share or cost
increases beyond current expectations. Negative free cash flow, a
deterioration in liquidity such as through increased revolver
reliance, or more aggressive financial policy could also lead to a
downgrade.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
Lakeshore Learning Materials, LLC (founded in 1954 and
headquartered in Carson, CA) is a developer, distributor, and
retailer of educational products and classroom furniture primarily
serving the early childhood education and K-5 markets. Lakeshore
sells its products through mail order catalogs, e-commerce, a sales
force, and retail stores. The company operated 60 retail stores
throughout 30 states in the United States (as of March 2025) and
has distribution facilities located in Carson, CA, Midway, KY and
Garland, Utah. Following a leveraged buyout (LBO) in September
2021, the company is majority owned by private equity firm Leonard
Green & Partners, L.P. with the founding Kaplan family retaining
minority ownership. Lakeshore generates annual revenue of
approximately $946 million.
LANDMARK HOLDINGS: PCO Hires Rimon P.C. as Lead Counsel
-------------------------------------------------------
Joseph J. Tomaino, the patient care ombudsman of the bankruptcy
estates of Landmark Holdings of Florida, LLC and its affiliates,
seeks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to employ Rimon P.C. as his lead counsel.
The firm will render these services:
(a) provide the PCO with legal advice with respect to his
duties, obligations, and powers as PCO during the continuance of
the Debtors' cases; and
(b) represent the PCO as an interested party in connection
with any proceedings in this case which effect the rights of the
PCO and the patients residing in the Debtors' facilities
(c) prepare on behalf of the PCO, all necessary applications,
motions, answers, orders, and other legal documents required by the
Bankruptcy Code and the Bankruptcy Rules; and
(d) perform all other legal services for the PCO, which may be
necessary in connection win the PCO's duties in the Debtors'
cases.
The firm will be paid at these rates:
Attorneys $375 to $850 per hour
Paralegals $210 to $275 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ronald J. Friedman, Esq., a partner at Rimon P.C., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ronald J. Friedman, Esq.
Rimon P.C.
100 Jericho Quadrangle, Suite 300
Jericho, NY 11753
Tel: (516) 479-6300
About Landmark Holdings of Florida
Landmark Holdings of Florida, LLC, founded in 2015, manages six
long-term acute care hospitals in Florida, Georgia, and Missouri.
Landmark Hospital is dedicated to delivering advanced care to
medically complex patients who need extended recovery times,
including those with respiratory failure, congestive heart failure,
severe stroke, and multi-system failure. They prioritize critical
care services, utilizing cutting-edge medical technology and
offering compassionate care. The Company's mission is to support
patients in their healing journey, with the goal of becoming the
leading critical care hospital in the areas they serve.
Landmark Holdings of Florida and its affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025,
listing up to $100 million in both assets and liabilities. The
petitions were signed by Bryan Day as chief executive officer.
Judge Caryl E. Delano oversees the cases.
The Debtors tapped Hunton Andrews Kurth LLP as counsel and American
Legal Claim Services, LLC as claims, noticing, and solicitation
agent.
LANDMARK HOLDINGS: PCO Taps Shutts & Bowen LLP as Local Counsel
---------------------------------------------------------------
Joseph J. Tomaino, the patient care ombudsman of the bankruptcy
estates of Landmark Holdings of Florida, LLC and its affiliates,
seeks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to employ Shutts & Bowen LLP as his local
counsel.
The firm will render these services:
(a) provide the PCO with legal advice with respect to his
duties, obligations, and powers as PCO during the continuance of
the Debtors' cases; and
(b) represent the PCO as an interested party in connection
with any proceedings in this case which effect the rights of the
PCO and the patients residing in the Debtors' facilities
(c) assist lead counsel with all necessary applications,
motions, answers, orders, and other legal documents required by the
Bankruptcy Code and the Bankruptcy Rules; and
(d) perform all other legal services for the PCO, which may be
necessary in connection win the PCO's duties in the Debtors' cases.
The firm will be paid at these rates:
Attorneys $400 to $750/hr.
Paraprofessionals at $250 to $365/hr.
As disclosed in court filings, Shutts & Bowen is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Harris J. Koroglu, Esq.
Shutts & Bowen LLP
200 South Biscayne Blvd., Suite 4100
Miami, FL 33131
Telephone: (305) 347-7314
Email: HKoroglu@shutts.com
About Landmark Holdings of Florida
Landmark Holdings of Florida, LLC, founded in 2015, manages six
long-term acute care hospitals in Florida, Georgia, and Missouri.
Landmark Hospital is dedicated to delivering advanced care to
medically complex patients who need extended recovery times,
including those with respiratory failure, congestive heart failure,
severe stroke, and multi-system failure. They prioritize critical
care services, utilizing cutting-edge medical technology and
offering compassionate care. The Company's mission is to support
patients in their healing journey, with the goal of becoming the
leading critical care hospital in the areas they serve.
Landmark Holdings of Florida and its affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025,
listing up to $100 million in both assets and liabilities. The
petitions were signed by Bryan Day as chief executive officer.
Judge Caryl E. Delano oversees the cases.
The Debtors tapped Hunton Andrews Kurth LLP as counsel and American
Legal Claim Services, LLC as claims, noticing, and solicitation
agent.
LEE FRANCHISE: Seeks to Hire Michael A. Rogers CPA as Accountant
----------------------------------------------------------------
Lee Franchise Holdings, Inc. seeks approval from the U.S.
Bankruptcy Court of North Carolina to hire Michael A Rogers CPA PA
as accountant.
The professional services to be rendered by the accountant are the
preparation of the Debtor's 2025 and 2024 Federal and State tax
returns, a forensic review of the Debtor's records, and preparation
of any and all payroll tax returns to bring the Debtor current, and
financial statements as needed. The firm will also perform various
items of accounting work necessary for the Debtor.
The firm will be paid at these rates:
Michael A. Rogers, CPA $200 per hour
Tracy L. Smithwick. EA $150 per hour
Mr. Rogers disclosed in the court filings that his firm is a
disinterested person within the meaning of 11 U.S.C. Sec. 101(1).
The firm can be reached through:
Michael A. Rogers, CPA
Michael A Rogers CPA PA
328 S Front St
New Bern, NC 28560
Phone: (252) 636-3500
About Lee Franchise Holdings Inc.
Lee Franchise Holdings, Inc. operates a commercial window cleaning
and pressure washing company based in Craven County, North
Carolina, with its principal office at 257 Belltown Road, Havelock,
North Carolina.
Lee Franchise Holdings sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00617) on
February 21, 2025, listing up to $500,000 in assets and up to $1
million in liabilities. Bradley M. Lee, president of Lee Franchise
Holdings, signed the petition.
Judge Pamela W. McAfee oversees the case.
David J. Haidt, Esq., at Ayers and Haidt, PA, represents the Debtor
as legal counsel.
LEISURE INVESTMENTS: Hires Kurtzman as Claims & Noticing Agent
--------------------------------------------------------------
Leisure Investments Holdings LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Kurtzman Carson Consultants, LLC dba Verita Global as claims
and noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases.
Verita did not receive any payments from the Debtors in the 90 days
prior to the petition date.
Evan Gershbein, an executive vice president of Corporate
Restructuring Services at Kurtzman, disclosed in a court filing
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Evan Gershbein
Kurtzman Carson Consultants, LLC
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Telephone: (310) 823-9000
Facsimile: (310) 823-9133
Email: egershbein@kccllc.com
About Leisure Investments Holdings
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.
LG PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B-' issuer credit rating on U.S.-based LG Parent
Holdco Inc. (the parent of operating entity Libbey Glass LLC).
S&P said, "We also affirmed our 'B-' issue-level rating on its
first-lien term loan B. We revised our recovery rating on this debt
to '3' from '4', reflecting our expectation of meaningful (50%-70%;
rounded: 50%) recovery in the event of a payment default.
"The negative outlook reflects the potential for a lower rating
within the next 12 months if we believe the company's capital
structure will become unsustainable."
LG Parent Holdco Inc. has experienced two years of sales declines
and macroeconomic uncertainty and cautious business and consumer
spending could further pressure performance in 2025. S&P said,
"Libbey reported a 3.3% year-over-year revenue decline in fiscal
2024 (ended Dec. 31, 2024) compared with our expectation of about
2% revenue growth for the year. While the company ramped up new
business in its business-to-business channel in the U.S. and
Canada, it experienced lower demand from its foodservice and
retailer customers in the U.S. and Canada and across its channels
in Latin America. The company also incurred one-time costs related
to its supply chain realignment, severance, and other strategic
initiatives. We estimate its S&P Global Ratings-adjusted EBITDA
declined about 17% and its adjusted leverage increased to about
4.9x in 2024, compared with 4.2x in 2023. The company's EBITDA to
cash interest coverage decreased to 2x in 2024 from 2.3x in 2023."
Recent changes in tariff policies have resulted in macroeconomic
uncertainty and impaired consumer sentiment and cautious consumer
spending, which may hurt already soft demand in Libbey's key
channels, including its foodservice channel. S&P said, "We believe
business and consumer spending could further weaken over the next
year and forecast Libbey's sales to decline for a third year in
row. As a result, we expect leverage will increase to the low-5x
area and that the company will generate negative free operating
cash flow (FOCF)."
S&P said, "We currently assume tariffs will have only a modest
direct impact on Libbey's cost structure. Libbey is subject to
higher tariffs on its imports of certain products, including
dinnerware, flatware, and metalware, which it sources from
suppliers in Asia. We expect Libbey would seek to pass through
higher tariffs costs to customers by raising prices to protect
profitability, which could affect demand. However, we do not expect
a significant impact. The company imports a significant amount of
its production from Mexico for its U.S. business. Importantly,
these imports from Mexico into the U.S. are currently exempt from
tariffs under the U.S.-Mexico-Canada (USMCA) free trade agreement.
The company could potentially gain a cost advantage over
competitors that import products from China. We assume the USMCA
tariff exemptions remain in place. We believe removal of the
exemptions would result in a significant increase in costs and as
such, this is a key risk to our forecast. Notwithstanding the
company's potential cost advantage in the near term provided by the
USMCA exemptions, we believe this could be outweighed by weakening
macroeconomic conditions that are likely to further pressure the
already stretched consumer, resulting in tighter spending on
discretionary goods."
The company is renegotiating union labor contracts, which could
raise labor costs or result in operational disruptions. Libbey's
labor contracts with certain unions in the U.S. expired in
September 2024. The company is renegotiating these contracts, which
cover its U.S. manufacturing facility in Toledo, Ohio, for the
first time since its emergence from bankruptcy in 2020. Employees
continue to work as negotiations continue in good faith between the
company and the union. However, S&P is uncertain of the outcome. A
renewed labor contract could result in material increases in labor
costs that weigh on the company's profitability.
S&P said, "While we believe the company could sustain negative FOCF
in 2025, we expect it to maintain adequate liquidity. Libbey
reported negative FOCF of about $9 million during fiscal 2024,
compared with positive FOCF of about $9 million in 2023. While the
company benefited from a tax provision credit carryforward and
lower capital expenditure requirements, this was more than offset
by lower profitability and one-time costs. We forecast the company
will sustain negative FOCF of about $15 million in 2025 due to
lower demand and higher working capital and capital investment
requirements given maintenance downtime, furnace and equipment
rebuild, infrastructure, and other productivity initiatives.
Nonetheless, we believe Libbey maintains an adequate liquidity
cushion of about $100 million, composed of cash on hand and
asset-based lending (ABL) facility availability. In September 2024,
the company refinanced its ABL facility extending the maturity to
September 2029. The company also lowered its interest costs and
increased its borrowing availability under the facility.
"The negative outlook reflects the weak macroeconomic environment
and potential for a lower rating within the next 12 months if we
believe the company's capital structure will become unsustainable.
"We could lower our ratings on Libbey if we expect it will generate
sustained negative FOCF or EBITDA cash interest coverage below
1.5x."
This could occur if:
-- Volumes decline because of weak consumer demand and softer
restaurant traffic amid weakening macroeconomic conditions;
USMCA tariff exemptions are removed, resulting in significantly
higher costs that the company cannot offset; or
-- The company cannot offset higher labor costs or operational
disruptions resulting from labor union contract negotiations; or
-- It requires larger-than-expected capital investments or
inventory safety stock for furnace and equipment rebuilds, leading
to significant FOCF deficits.
S&P could revise its outlook to stable if the company sustains
revenue and earnings growth, leading to EBITDA cash interest
coverage closer to 2x.
S&P believes this could happen if:
-- Macroeconomic conditions stabilize, and Libbey sustains market
share and organic sales growth in its key channels;
-- The company sustains profitability and positive FOCF generation
by managing its cost structure in line with demand and costs; and
-- The company reaches a new labor contract agreement with its
unions on non-onerous terms.
MAT TRANSPORT: Seeks Approval to Tap I&S Tax Service as Accountant
------------------------------------------------------------------
MAT Transport, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to employ I&S Tax Service LLC as
accountant.
The Debtor needs an accountant to assist in the preparation of
monthly operating reports and to help with general accounting
matters during the pendency of the bankruptcy case, including, but
not limited to, general ledger management, preparation of financial
documents, and cash management.
Igor Gojkovic, a member at I&S Tax Service, will be paid at his
hourly rate of $200 plus expenses.
Mr. Gojkovic disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Igor Gojkovic
I&S Tax Service LLC
23425 N. 39th Drive, Suite 107
Glendale, AZ 85310
Telephone: (602) 367-3761
About MAT Transport
MAT Transport, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-05932) on July 22,
2024. In the petition signed by Marko Tomovic, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Madeleine C. Wanslee oversees the case.
The Debtor tapped D. Lamar Hawkins, Esq., at Guidant Law, PLC as
counsel and Igor Gojkovic at I&S Tax Service LLC as accountant.
MENORAH CAMPUS: Hires Pyramid Brokerage as Real Estate Broker
-------------------------------------------------------------
Menorah Campus, Inc., d/b/a The Harry & Jeanette Weinberg Campus,
and its affiliates seek approval from the U.S. Bankruptcy Court for
the Western District of New York to employ Pyramid Brokerage
Company of Buffalo Inc. as real estate broker.
The firm will market and sell the Debtor's real properties known as
2700 North Forest Road, Amherst, New York. The property contains
approximately 500,000 square feet of buildings and improvements.
The firm will be paid at a commission as follows:
a. 2.75 percent conventional marketing sale;
b. 2.25 percent if marketed and sold with auction; or
c. 1.75 percent if stalking horse purchases the property.
Robert A. Schell, a member at Pyramid Brokerage Company of Buffalo,
Inc., disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Robert A. Schell
Pyramid Brokerage Company of Binghamton, Inc.
14 Lafayette Square, Suite 1900
Buffalo, NY 14203
Binghamton, NY 13901
Tel: (716) 852-7500
About Menorah Campus, Inc.
d/b/a The Harry & Jeanette Weinberg Campus
Menorah Campus Inc., doing business as Weinberg Campus, operates in
the healthcare sector.
Menorah Campus sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-10127) on February 6,
2025, listing between $10 million and $50 million in both assets
and liabilities.
On February 7, 2025, Menorah Campus Adult Home, Inc. (Case No.
25-10133), Menorah Campus Independent Senior Apartments, Inc. (Case
No. 25-10135) and Rosa Coplon Jewish Home & Infirmary (Case No.
25-bk-10132) filed Chapter 11 petitions.
Judge Carl L. Bucki oversees the cases.
The Debtors are represented by Kevin R. Lelonek, Esq., at Gross
Shuman, PC.
Foundation for Jewish Philanthropies, Inc., as creditor, is
represented by:
Raymond L. Fink, Esq.
John A. Mueller, Esq.
Lippes Mathias LLP
50 Fountain Plaza, Suite 1700
Buffalo, New York 14202
Telephone: (716) 853-5100
Facsimile: (716) 853-5199
E-mail: rfink@lippes.com
jmueller@lippes.com
MID-COLORADO INVESTMENT: Hires Hackstaff Snow Atkinson as Counsel
-----------------------------------------------------------------
Mid-Colorado Investment Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Hackstaff
Snow Atkinson & Griess, LLC as special counsel.
The Debtor needs a special counsel to assist in the corporate, real
estate, water, and other legal issues concerning the sale of its
water-delivery business in Colorado Springs, Colorado.
The firm's attorneys will be paid at these hourly rates:
Douglas Griess $415
J. Aaron Atkinson $450
Peter Troupe $215
The firm received a retainer of $20,000 from the Debtor.
Mr. Griess disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Douglas Griess, Esq.
Hackstaff Snow Atkinson & Griess, LLC
5105 DTC Pkwy., Ste. 312
Greenwood Village, CO 80111
Telephone: (303) 534-4317
About Mid-Colorado Investment Company
Mid-Colorado Investment Company provides bulk water services to a
community in El Paso County and operates a small cattle ranch.
Mid-Colorado Investment Company, Inc. sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Colo. Case No. 25-11742) on March 31, 2025. In the petition signed
by Charles A. Hagedorn, president/treasurer, the Debtor disclosed
up to $10 million in estimated assets and up to $50,000 in
estimated liabilities.
The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods,
PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC
as special counsel.
MID-COLORADO INVESTMENT: Taps Fairfield and Woods as Legal Counsel
------------------------------------------------------------------
Mid-Colorado Investment Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Fairfield
and Woods, PC as counsel.
The firm will provide these services:
(a) assist in the production of the Debtor's schedules and
statement of financial affairs and other filings necessary to
comply with the Bankruptcy Code;
(b) assist in the preparation of the Debtor's plan of
reorganization;
(c) prepare on behalf of the Debtor all necessary legal
papers;
(d) represent the Debtor in adversary proceedings and
contested matters related to its bankruptcy case;
(e) provide legal advice with respect to the Debtor's rights,
powers, obligations and duties as a Chapter 11 debtor in possession
in the continuing operation of its business and the administration
of the estate; and
(f) provide other legal services for the Debtor as necessary
and appropriate for the administration of its estate.
The firm's counsel and staff will be paid at these hourly rates:
Daniel J. Garfield, Attorney $585
Susan Wilkerson, Paralegal $265
The firm received a retainer of $25,365.
Mr. Garfield disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Daniel J. Garfield, Esq.
Fairfield and Woods, PC
1801 California Street, Suite 2600
Denver, CO 80202
Telephone: (303) 830-2400
Facsimile: (303) 830-1033
Email: dgarfield@fwlaw.com
About Mid-Colorado Investment Company
Mid-Colorado Investment Company provides bulk water services to a
community in El Paso County and operates a small cattle ranch.
Mid-Colorado Investment Company, Inc. sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Colo. Case No. 25-11742) on March 31, 2025. In the petition signed
by Charles A. Hagedorn, president/treasurer, the Debtor disclosed
up to $10 million in estimated assets and up to $50,000 in
estimated liabilities.
The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods,
PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC
as special counsel.
MILLENKAMP CATTLE: Unsecured Creditors Have 2 Options in Plan
-------------------------------------------------------------
Millenkamp Cattle, Inc. and its affiliates submitted a Disclosure
Statement for Third Amended Chapter 11 Plan of Reorganization dated
March 17, 2025.
On March 6 and 7, 2025, the interested parties (Debtors, MetLife,
Rabo, Conterra, Sandton and Unsecured Creditors Committee) met for
a judicial settlement conference to discuss and resolve issues
related to the different plan proposals.
Through those discussions, the Debtors agreed to certain changes to
its Second Amended Plan, which resulted in MetLife, Conterra,
Sandton and the Unsecured Creditors Committee supporting the
Debtors amended plan. Those changes are embodied in the Third
Amended Plan which accompanies this Disclosure Statement.
The Plan provides for the sale of Canyonlands and McGregor, which
will close no later than November 30, 2025. Canyonlands was
appraised in June of 2024 at $16,000,000.
McGregor was appraised in June of 2024 at $4,500,000. The net sale
proceeds after normal and customary closing costs, shall be
distributed first to Metlife in the amount of $5 million plus any
allocated and Allowed Non-Estate Professionals fees and then the
remaining balance of proceeds, less $2 million, will be paid to
Sandton. The $2 million shall be allocated to pay the tax
consequences of the sale and any amounts leftover, once the final
tax amount is determined, shall remain cash of the Reorganized
Debtors.
If the Reorganized Debtors are able through sale of equity or
otherwise, to infuse cash into the Reorganized Debtors without
raising the debt burden in order to make the timely required
payments to Sandton and MetLife, the Reorganized Debtors shall not
be required to sell the Canyonlands and McGregor properties. In the
event funds can be raised through the sale or borrowing against
equity, Rabo shall release its lien on said equity.
The Plan further provides for refinancing on or before November 30,
2027 to pay Rabo and Conterra in full and final satisfaction of
their Allowed Class 10, 11, and 12 claims as well as comply with
the rest of the terms of the Plan.
The Debtors believe that the Plan accomplishes all of the goals
that they sought to achieve by commencing the Chapter 11 Cases. If
consummated, the Plan will significantly reduce the Debtors'
leverage (thus making the refinance in 2027 more likely), provide
the Debtors with sufficient cash to run their businesses, and
provide recoveries to unsecured creditors significantly in excess
of what creditors would receive in a liquidation of the Debtors'
assets if the Plan were not consummated.
Class 13 consists of all General Unsecured Claims, in the
approximate amount of $28 million (the "GUC Principal Amount").
Each Holder of an Allowed General Unsecured Claim shall, at such
Holder's election, be entitled to distributions pursuant to either
option (i) or (ii) below. Such election must be made pursuant to
the election procedures:
* Single Cash Payment (Convenience Class): A single cash
payment equal to the lesser of (i) $25,000, or (ii) 70% of such
Holder's Allowed General Unsecured Claim. Any Holder of an Allowed
General Unsecured Claim that elects to receive a single cash
payment pursuant to this Section 3.14(b)(i) must affirmatively make
such election either (i) on the Ballot/Election Form or (ii) in
writing to the Debtors within seven months of the Effective Date
(the "Election Date"). The cash payment made to any Holder of an
Allowed General Unsecured Claim that elects treatment under this
section after the Effective Date, will be credited to deduct any
interest payments such Holder received between the Effective Date
and the Election Date on account of its Allowed General Unsecured
Claim.
* Deferred Principal and Interest Payments: Following the
Effective Date, each Holder of an Allowed General Unsecured Claim
shall receive (i) at the end of each calendar quarter through April
2028, interest-only cash payments based on such Holder's
outstanding balance at 7% per annum, (ii) commencing on May 1, 2028
through December 2029, monthly interest payments based on such
Holder's outstanding balance at 7% per annum; (iii) on May 1, 2028,
a single principal payment equal to 5/24 of the principal balance
owed to such Holder as of the Effective Date; (iv) on June 1, 2028
through December 2029, principal payments equal to 1/24 of the
principal balance owed to such Holder as of the Effective Date,
paid on a monthly basis; provided that if the Debtors elect to
repay General Unsecured Creditors within thirty months of the
Effective Date (the "Payoff Date"), the payoff amount owed to each
Holder of a General Unsecured Claim shall be reduced on a pro rata
basis by (i) the total amount of the Committee's professional fees
accrued through the Effective Date of the Plan and paid by the
Debtors following approval by the Court and (ii) all interest
payments made on General Unsecured Claims from the Effective Date
through the Payoff Date (the "Payoff Option").
The Holders of Class 13 Claims shall be paid 100% of their Claims
in full and final satisfaction through the foregoing payment
schedule. Class 13 is Impaired under the Plan. The Holders of Class
13 Claims are entitled to Vote under the Plan.
Except as otherwise provided in the Plan or the Confirmation Order,
the Reorganized Debtors shall fund distributions under the Plan
with Cash on hand from ongoing business operations, the net sale
proceeds from the sale of Canyonlands and McGregor, and the
proceeds from the Refinancing Facility.
A full-text copy of the Disclosure Statement dated March 17, 2025
is available at https://urlcurt.com/u?l=iVgbE2 from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
Matthew T. Christensen, Esq.
J. Justin May, Esq.
JOHNSON MAY
199 N. Capitol Blvd, Ste 200
Boise, Idaho 83702
Phone: (208) 384-8588
Fax: (208) 629-2157
Email: mtc@johnsonmaylaw.com
jjm@johnsonmaylaw.com
About Millenkamp Cattle
Millenkamp Cattle Inc. is part of a family-owned agriculture
business that can produce more than 1 million pounds of milk per
day.
Millenkamp Cattle Inc. and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case
No. 24-40158) on April 2, 2024. In the petitions filed by William
J. Millenkamp, manager, Millenkamp Cattle estimated assets between
$10 million and $50 million and estimated liabilities between $500
million and $1 billion.
Judge Noah G. Hillen oversees the cases.
The Debtors tapped Matthew T. Christensen, Esq., at Johnson May,
PLLC as bankruptcy counsel and Givens Pursley as special counsel.
MILLENNIUM SERVICES: Trustee Taps Vanderwilt Steven as Accountant
-----------------------------------------------------------------
Robert Altman, the Liquidating Trustee of Millennium Services of
Florida LLC, received approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Vanderwilt Steven M CPA as
his accountant.
The accountant will render tax advice and prepare tax returns.
The accountant will be paid at these rates:
a. $225 per hour for return preparation;
b. $395 per hour for tax analysis;
c. $195 per hour for tax preparation services; and
d. $105 per hour for paraprofessionals.
Vanderwilt Steven M CPA is a "disinterested person" within the
meaning of 11 U.S.C. 101(14), according to court filings.
The firm can be reached through:
Steven M. Vanderwilt, CPA
Vanderwilt Steven M CPA
9940 Hood Rd
Jacksonville, FL 32257
Phone: (904) 292-2905
About Millennium Services of Florida LLC
Millennium Services of Florida, LLC --
http://www.millenniumservicesfl.com/-- provides residential and
commercial landscaping services.
Millennium Services of Florida filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 22-02173) on June 20, 2022, listing up to $1 million in
assets and up to $10 million in liabilities. Robert Altman is the
Subchapter V trustee.
Judge Tiffany P. Geyer oversees the case.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's
counsel.
MIRAMAR TOWNHOMES: Gets Extension to Access Cash Collateral
-----------------------------------------------------------
Miramar Townhomes SWNG 2, LLC and its affiliates received fifth
interim approval from the U.S. Bankruptcy Court for the Southern
District of Texas to use the cash collateral of Fannie Mae.
The fifth interim order authorized the companies to use cash
collateral to pay the expenses set forth in their budget.
As protection, Fannie Mae was granted replacement liens on all
property of the companies whether acquired before or after their
Chapter 11 filing.
In addition, on or before the 15th day of December and the 10th day
of each month thereafter, each company will remit to the secured
lender a cash payment equal to the amount by which such company's
remaining cash balance at the end of the prior month exceeded the
following: $20,000 for Miramar, $40,000 for Toro Place, LLC, and
$40,000 for The Avenue SWNG TIC 1, LLC and The Avenue SWNG TIC 2,
LLC.
In case of any diminution in the value of its interests in the
collateral, the secured lender will be granted a superpriority
claim.
Fannie Mae's cash collateral consists of accounts receivable and
rents generated from three multifamily properties owned by the
companies.
The properties include The Avenue apartment complex, the Miramar
Townhomes and the Toro Place apartment complex in Houston, Texas.
These properties, along with the rents and accounts receivable,
secure the loans, which the companies obtained from the secured
lender.
A final hearing is set for May 27.
About Miramar Townhomes SWNG 2
Miramar Townhomes SWNG 2, LLC is owned by Miramar Townhomes SWNG
GP, LLC and Miramar Townhomes LP SWNG, LLC. Avenue SWNG TIC, 1 and
Avenue SWNG TIC, 2 are both owned by The Avenue SWNG, LLC while
Toro Place, LLC is owned by Toro Place Holdings, LLC.
Miramar owns the Miramar Townhomes located at 2380 Bering Drive,
Houston, Texas, while Toro owns the Toro Place Apartments located
at 12101 Fondren Road, Houston, Texas. The Avenue SWNG TIC
companies own The Avenue Apartments located at 5050 Yale Street,
Houston, Texas.
On November 27, 2024, the Debtors filed Chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90608). At the time of the
filing, each Debtor reported $10 million to $50 million in assets
and liabilities.
Judge Christopher M. Lopez handles the cases.
The Debtors are represented by Elyse M. Farrow, Esq., and Melissa
Anne Haselden, Esq., at Haselden Farrow, PLLC.
Fannie Mae is represented by:
Keith M. Aurzada, Esq.
Michael P. Cooley, Esq.
Dylan T.F. Ross, Esq.
Reed Smith, LLP
2850 N. Harwood Street #1500
Dallas, TX 75201
Telephone: (469) 680-4200
Facsimile: (469) 680-4299
Email: kaurzada@reedsmith.com
mpcooley@reedsmith.com
dylan.ross@reedsmith.com
MOBIVITY HOLDINGS: Delays 10-K Filing Due to Audit Completion
-------------------------------------------------------------
Mobivity Holdings Corp. filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission, informing
that it will not, without unreasonable effort and expense, be able
to file its Annual Report on Form 10-K for the fiscal year ended
December 31, 2024 within the prescribed time period due to delays
in completion of the audit for the financial statements for the
fiscal year ended December 31, 2024.
The Form 10-K cannot be filed within the prescribed time period
because the Company's auditor requires additional time to review
and finalize its audit of the Company's financial statements to
ensure adequate disclosure of the financial information required to
be included in the Form 10-K. The Company has dedicated significant
resources to completing the Form 10-K and is working diligently
with the auditor to complete the necessary work to file the Form
10-K as soon as practicable within the 15th calendar day following
the prescribed due date.
About Mobivity
Headquartered in Chandler, Arizona, Mobivity Holdings Corp. --
www.mobivity.com -- is in the business of developing and operating
proprietary platforms through which brands and enterprises can
conduct national and localized, data-driven marketing campaigns.
The company's core technology platform, RecurrencyTM, enables: (1)
transformation of messy point-of-sale (POS) data collected from
thousands of points of sale into usable intelligence, (2)
measurement, prediction, and ability to boost guest frequency and
spend by channel, (3) deployment and management of one-time use
offer codes and attribution of sales accurately across every
channel, promotion and media program, and (4) delivery of uniquely
attributable 1:1 offers that power incentivized actions in digital
environments like user acquisition, continued monetization, and
activities taken in a digital environment.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated April 16, 2024, citing that the Company has suffered net
losses from operations and has a net capital deficiency, which
raises substantial doubt about its ability to continue as a going
concern.
As of Sept. 30, 2024, Mobivity Holdings had $2.07 million in total
assets, $16.75 million in total liabilities, and a total
stockholders' deficit of $14.68 million.
MOM CA: Gets Court Approval to Hire Ordinary Course Professionals
-----------------------------------------------------------------
MOM CA Investco, LLC and affiliates received approval from the U.S.
Bankruptcy Court for the District of Delaware to retain
non-bankruptcy professionals in the ordinary course of business.
The Debtors need ordinary course professionals to perform services
for matters unrelated to this Chapter 11 case.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
The OCPs' include:
BPM LLP
Tax and Advisory Services
Monthly Cap: $50,000
Newmark Group, Inc.
Real Estate Lease Broker
Monthly Cap: $50,000
The Law Office of James M. Blucker
Legal Services
Monthly Cap: $5,000
About MOM CA Investco LLC
MOM CA Investco LLC and affiliates constitute a real estate joint
venture comprised of a portfolio of commercial properties owned by
the Debtors. The properties that make up the portfolio include
hotels, an apartment complex, office buildings, other commercial
real estate, and individual homes used as luxury vacation rentals.
The Debtors have requested joint administration of their Chapter 11
cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA
Investco LLC).
In the petition signed by Mark Shinderman, chief restructuring
officer, the Debor disclosed up to $500 million in both assets and
liabilities.
Judge Brendan Linehan Shannon oversees the case.
The Debtors tapped Buchalter, A Professional Corporation as lead
bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy
co-counsel; and FTI Consulting, Inc. as restructuring advisor.
MURPHY OIL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Murphy Oil Corporation's Long-Term
Issuer Default Rating (IDR) at 'BB+'. Additionally, Fitch has
affirmed Murphy's senior unsecured guaranteed revolver and senior
unsecured notes at 'BB+' with a Recovery Rating of 'RR4'. The
Rating Outlook has been revised to Stable from Positive.
Murphy's ratings reflect its strong credit metrics, with leverage
below 1.0x, abundant liquidity, production diversification between
onshore and offshore opportunities, and solid maturity profile.
These considerations are balanced by the significant environmental
remediation costs of operating in the Gulf of Mexico (Gulf of
America) compared with U.S. onshore peers, execution risk in new
developments, dependence on Gulf output for the majority of its
revenue, a minimal hedge book, and the need to grow and develop
core U.S. onshore and offshore assets.
The Stable Outlook reflects the accelerated shift in capital
allocation priorities to shareholder returns with lower debt
repayment along with slower-than-anticipated development
expectations.
Key Rating Drivers
Shift in Capital Allocation Priorities: Fitch expects Murphy to
focus more on share repurchases, exploration spending, and
increased dividends rather than debt repayment in 2025. Murphy
accelerated its capital allocation policy in 2024, allowing the
company to allocate a minimum of 50% of its FCF after dividends to
share repurchases and potential dividend hikes, before achieving
its gross debt target.
The company increased its quarterly dividend by 8% to $1.30/share
annually and repurchased approximately $95 million of stock
year-to-date as of February.. Although the current allocation
strategy prioritizes shareholder returns, significant debt
reduction since 2020 has improved credit metrics resulting in a
stronger capital structure and Fitch forecasts leverage to remain
below 1.0x.
Offshore Development Opportunity; Execution Risk: Murphy's
production levels are currently at the lower end of Fitch's
investment-grade oil and gas portfolio, a key credit rating driver.
Increased production visibility, in line with the company's capital
allocation strategy, could positively impact the rating.
Opportunities exist for long-term production growth through
offshore development and exploration projects in Vietnam and Cote
d'Ivoire, with 10-15mboepd net oil production expected to begin in
Vietnam by 4Q26. Fitch believes the size of discoveries in these
offshore opportunities will shape how the company's portfolio
evolves in the long term.
Although these development and exploration projects could benefit
the credit by increasing production scale and diversifying Murphy's
offshore production beyond the Gulf, they carry execution and cost
overrun risks in the coming years. The company currently
anticipates 10%-15% of capex to be allocated for exploration;
however, Fitch expects exploration and overall capex spend could
increase if current projects become more promising. Fitch notes
that existing infrastructure and positive discoveries by peers in
the regions may alleviate some of these risks.
Gulf Remains a Core Driver: Fitch expects the Gulf's offshore
operations to remain central to Murphy's portfolio, driving future
earnings due to its significant production share and strong liquids
mix. In 2025, approximately 34% of capital spending will target
Gulf development drilling (operated and non-operated) and field
development projects. Fitch anticipates flat to low single-digit
production growth here, as Murphy pursues offshore opportunities in
in Vietnam and Cote d'Ivoire. Fitch expects Murphy to continue
prioritizing offshore growth, given its inventory of approximately
193mmboe of total resources with a breakeven oil price of less than
$40 per barrel.
Onshore Production Optionality: While Fitch expects most organic
growth to come from Murphy's offshore assets, the company has over
50 years of low breakeven inventory in the Eagle Ford, Kaybob
Duvernay, and Tupper Montney. These assets provide flexibility and
the option to increase onshore production across various price
environments. Fitch forecasts stable production in the Eagle Ford
at 30 to 35mboepd and gross production in the Tupper Montney to
remain near the 500mmcfd plant capacity. Murphy's Tupper Montney
assets have favorable well economics with breakeven pricing of
$1.65/mcf or lower and are well-positioned to benefit from new
Canadian LNG projects.
Potential Regulatory Considerations: Similar to other offshore
peers, Murphy's remediation obligations remain high due to its Gulf
exposure. Asset retirement obligations (AROs) totaled $961 million
as of Dec. 31, 2024. Other regulatory risks include downtime risk
from storms and related environmental activity. Changes in the
regulatory environment around federal lease sales have had minimal
impact on Murphy's operations in the Gulf.
Peer Analysis
Murphy's gross production of 184mboe/d for 2024 is at the low end
of the range of most investment-grade issuers and high 'BB'
issuers, such as Hess Corporation (BBB/Positive Watch; 481 mboe/d),
Continental Resources Inc. (BBB/Stable; 426mboe/d), Occidental
Petroleum Corp. (BBB-/Positive Outlook; 1,328 mboe/d), APA
Corporation (BBB-/Stable; 455 mboe/d), Ovintiv Inc. (BBB-/Stable;
585 mboe/d), Civitas Resources, Inc. (BB+/Stable; 345mboe/d), and
Permian Resources Corporation (BB+/Stable; 344mboe/d).
Murphy's levered netbacks are toward the low end of its
investment-grade and high 'BB' peers. Murphy's Fitch-calculated
netback of $24.4/bbl for 2024 is lower compared to APA ($30.4/bbl),
Hess ($36/bbl), and Continental ($32.2/bbl). Murphy's netback
compares similarly to Occidental ($24.4/bbl), Civitas ($25.3/bbl),
and Permian ($26.5) and is higher than Ovintiv ($17.8/bbl).
Murphy's leverage metrics are stronger than its investment-grade
and high 'BB' peers at 0.8x for 2024. Murphy's approximately $961
million of asset retirement obligations are significant and larger
than comparable onshore peers given the offshore exposure. The
obligations are lower than Occidental ($4,042 million), APA ($2,694
million) and Hess ($1,458 million), but significantly higher than
onshore peers, such as Ovintiv ($356 million), Continental ($441
million), Civitas ($458 million), and Permian ($160 million).
Key Assumptions
- West Texas Intermediate oil prices of $65/bbl in 2025, $60/bbl in
2026 and 2027 and $57/bbl thereafter;
- Henry Hub natural gas prices of $3.25/mcf in 2025, $3.00/mcf in
2026, and $2.75/mcf thereafter;
- Neutral to slightly positive production growth in 2025 and
mid-single-digit increases in later years;
- Fitch assumes a gradual contribution from Vietnam production in
later years of its rating case;
- Capex of $1.2 billion through the forecast;
- Dividends increase to $1.30/share annually or approximately $190
million in 2025 and thereafter;
- At least 50% of FCF is allocated to stock buybacks or dividend
increases in line with Murphy's 3.0 capital allocation policy.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A change in financial policy that results in material weaker
credit metrics;
- Midcycle EBITDA Leverage above 2.5x and EBITDA sustained below $1
billion;
- Major operational issue or loss of momentum across key plays, or
failure to maintain adequate drilling inventory;
- Deviation from management's stated policy of no more than 15% of
the capital budget in exploratory projects.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increasing net production above 200mboepd while maintaining
reserve life;
- Sustained reduction of gross debt to below $1 billion;
- Continued clear and conservative capital allocation and financial
policy that demonstrates capex, shareholder return and M&A
discipline;
- Midcycle EBITDA Leverage below 2.0x.
Liquidity and Debt Structure
As of Dec. 31, 2024, Murphy had approximately $424 million in cash
on its balance sheet alongside an undrawn $1.35 billion revolving
credit facility with $0.4 million of outstanding letters of credit.
Under Fitch's base case price assumptions Fitch expects Murphy's
liquidity to be ample with positive FCF generation. Refinancing
risk is low with the first maturity coming due in 2027 and Fitch
expects Murphy to continue to pay off upcoming debt maturities
until reaching the $1 billion debt target.
Issuer Profile
Murphy Oil Corporation is a global oil and natural gas exploration
and production company. The company primarily operates in the Gulf,
Canadian onshore regions and U.S. onshore regions. Murphy had total
proved reserves of 713 MMBoe as of Dec. 31, 2024.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
Murphy Oil Corporation has an ESG Relevance Score of '4' for Waste
& Hazardous Materials Management; Ecological Impacts due to the
enterprise-wide solvency risks that an offshore oil spill poses for
an E&P company, which 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 Recovery Prior
----------- ------ -------- -----
Murphy Oil Corporation LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed RR4 BB+
guaranteed LT BB+ Affirmed RR4 BB+
NEW LEDA LANES: Court Extends Cash Collateral Access to April 23
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire issued
an order authorizing New Leda Lanes Inc., to use cash collateral
for the period from March 3 to April 23.
The order authorized the company to use cash collateral to fund the
expenses and other payments set forth in its revised budget.
The revised budget shows total cash out of $175,599.53 for the
interim period.
Creditors with valid liens on New Leda Lanes' property will receive
replacement liens on property acquired by the company after its
Chapter 11 filing, with the same priority as their pre-bankruptcy
liens.
In addition, these creditors will receive "adequate protection"
payments ranging from 5% to 10% of monthly secured debt payments.
The next hearing is scheduled for April 23.
About New Leda Lanes Inc.
New Leda Lanes Inc., doing business as Leda Lanes, Kegler's Den,
and Leda's Light House, is a family-owned candlepin bowling center
located at 340 Amherst Street, Nashua, N.H. It is also known for
hosting local tournaments and supporting the Special Olympics New
Hampshire's State Bowling Tournament.
New Leda Lanes sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.H. Case No. 25-10129) on March 3, 2025.
In its petition, the Debtor reported between $100,000 and $500,000
in assets and between $1 million and $10 million in liabilities.
The Debtor is represented by:
William J. Amann, Esq.
Amann Burnett, PLLC
757 Chestnut Street
Manchester, NH 03104
Tel: 603-696-5401
Email: wamann@amburlaw.com
NIKOLA CORP: Lucid to Buy Certain Facilities, Assets
----------------------------------------------------
Dayana Mustak of Bloomberg News reports that Lucid has reached an
agreement to acquire Nikola's former manufacturing facility in
Coolidge and its Phoenix site, according to a statement.
The company also plans to offer employment to more than 300 former
Nikola workers at its Arizona locations. The deal does not include
Nikola's business operations, customer relationships, or technology
related to its hydrogen fuel cell electric trucks.
About Nikola Corp.
Nikola Corporation manufactures commercial vehicles. The Company
provides battery and hydrogen fuel-cell electric vehicles,
drivetrains, components, energy storage systems, fueling station
infrastructure, and other transportation solutions. Nikola serves
customers worldwide.
Nikola Corp. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 25-10258) on February 19, 2025. In
its petition, the Debtor reports estimated assets between $500
million and $1 billion, with liabilities ranging from $1 billion to
$10 billion.
Honorable Bankruptcy Judge Thomas M. Horan handles the case.
The Debtor is represented by M. Blake Cleary, Esq. at Potter
Anderson & Corroon LLP.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Nikola
Corp. and its affiliates.
NORMAN REGIONAL: Moody's Lowers Rating on Revenue Bonds to Caa2
---------------------------------------------------------------
Moody's Ratings has downgraded Norman Regional Hospital Authority's
(OK)(NRH) revenue bond rating to Caa2 from B1. The outlook remains
negative. NRH had approximately $316 million of debt outstanding at
fiscal yearend 2024.
The downgrade to Caa2 reflects recent management turnover and
potential challenges as the organization navigates remaining
independent during a period of significant financial stress, which
includes a severe decline in cash. Ongoing cash flow losses and
NRH's entire reliance on a fully drawn bank line of credit
significantly increases the likelihood of default and a low
recovery value. These issues reflect high governance risk related
to financial strategy and track record, which is a key driver to
this rating action.
The negative outlook reflects the risk of continued cash depletion
related to ongoing cash flow losses and pending debt payments and
other payables coming due, increasing the risk of a default,
bankruptcy filing or liquidation.
RATINGS RATIONALE
The Caa2 reflects no financial flexibility with very weak liquidity
of 15-20 days cash, which is inadequate to cover short term debt
obligations. Cash is entirely reliant on a fully drawn bank line
and the bank can demand repayment in the absence of waivers or
decline to renew. Possible additional sources of liquidity over
the next month include the sale of a business unit and receipt of
supplemental payments. NRH's next debt service payment of about
$11.6 million is due in August. Higher than expected labor costs
and additional capital spending will continue to challenge margins
and liquidity. While NRH has engaged a consultant to identify
opportunities for margin improvement, the execution is likely to
take time. Importantly, utilization has improved through the
beginning of the year, and NRH will continue to benefit from its
leading market position, which is protected by a local city
ordinance that restricts entrance of inpatient competition.
RATING OUTLOOK
The negative outlook reflects the possibility of further liquidity
erosion should management be unable to achieve targeted margin
improvements quickly. The outlook also reflects the increased risk
of a default, bankruptcy filing or liquidation.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
-- Material growth in liquidity absent additional debt
-- Sustained and material improvement in operating performance
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
-- Inability to improve operating cash flow margin and stabilize
liquidity
-- Default, bankruptcy filing and/or liquidation
LEGAL SECURITY
The bonds are secured by a gross revenue pledge of the hospital.
Required covenants relating to the master trust indenture, loan
agreement and other related legal documents include a 1.1x maximum
annual debt service coverage. NRH was not in compliance at the June
30, 2022, 2023 and 2024 measurement dates but remedied the
non-compliance by engaging a consultant.
PROFILE
Norman Regional Hospital Authority (NRH) is a regional hospital
system located in Cleveland County, Oklahoma. NRH is a public trust
and GASB-reporting hospital. A local city ordinance insulates NRH
from competition within the City of Norman limits.
METHODOLOGY
The principal methodology used in these ratings was Not-for-profit
Healthcare published in October 2024.
NXT ENERGY: Posts C$9.1 Million Loss in 2024
--------------------------------------------
NXT Energy Solutions Inc. filed its Annual Information Form for the
year ended December 31, 2024, with the U.S. Securities and Exchange
Commission disclosing a net loss and comprehensive loss of
C$9,077,795 on C$644,294 of revenue for the year ended December 31,
2024, compared to a net loss and comprehensive loss of C$5,451,112
on C$2,145,716 of revenue for the same period in 2023.
Calgary, Canada-based MNP LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated March
27, 2025, citing that the Company's current cash position is not
expected to be sufficient to meet the Company's obligations and
planned operations for a year beyond the date of auditor's report,
unless additional financing is obtained or new revenue contracts
are completed. This raises substantial doubt about the Company's
ability to continue as a going concern.
Full-text copies of the Company's reports filed on Form 6-K with
the is available at: https://tinyurl.com/2st5u6et
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method.
This system can be used both onshore and offshore to remotely
identify areas with exploration potential for traps and reservoirs.
The SFD survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures, and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
As of December 31, 2024, the Company had C$14,026,301 in the total
assets, C$14,288,965 in total liabilities, and total deficit of
C$262,664.
ORGANON & CO: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Ratings affirmed Organon & Co.'s ("Organon") Ba2 Corporate
Family Rating, Ba2-PD Probability of Default Rating, Ba1 senior
secured first lien bank credit facility ratings, Ba1 senior secured
notes, and B1 senior unsecured notes. The speculative grade
liquidity rating is unchanged at SGL-1. At the same time, Moody's
revised the outlook to negative from stable.
The outlook revision to negative reflects Moody's expectations that
leverage will remain elevated over the next 12-18 months, with
limited near-term earnings growth prospects as Organon continues to
manage through the recent patent expirations of cholesterol drug
Atozet, its second largest product by revenues. While growth
prospects may improve over time as growth products such as Vtama
for atopic dermatitis accelerate, the overall organic growth
outlook remains subdued due to ongoing generic competition against
its established brands. At the same time, Moody's expects Organon
will have limited ability to pay down debt in the next 12-18 months
due to Moody's expectations for substantial one-time expenses,
business development spend, and dividend payments. The negative
outlook reflects the uncertainty in Organon's willingness and
ability to improve credit metrics, as the company seeks to balance
financial policies with its pursuit of longer-term growth
prospects.
RATINGS RATIONALE
Organon's Ba2 Corporate Family Rating reflects its niche position
in the global pharmaceutical industry, offering women's health
products, biosimilars, and established off-patent products. Organon
has good diversity at the product and geographic level. The
established brands have good name recognition in global markets.
The women's health franchise has favorable growth prospects owing
to demographic trends including rising demand for fertility
treatments.
These strengths are offset by limited organic growth owing to the
nature of established brands which face pricing and volume pressure
amid competition from generics. Organon's free cash flow remains
constrained by costs associated with restructuring activities and
planned exits from supplier arrangements. However, free cash flow
will continue to improve as these costs decline over time, which
could facilitate improvement in credit ratios over time if the
company chooses to pursue more moderate financial policies
including debt repayment. There is event risk of acquisitions as
the company is likely to pursue initiatives to improve earnings
growth.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include improvement in
organic growth rates, substantial expansion in free cash flow, and
debt/EBITDA sustained below 3.5x.
Factors that could lead to a downgrade include a significant
contraction in revenue due to pricing pressure or competition,
substantial debt-financed acquisitions, or debt/EBITDA sustained
over 4.5x for a prolonged period.
Headquartered in Jersey City, New Jersey, Organon & Co., is a
global pharmaceutical company with expertise in women's health,
established brands and biosimilars. Revenues in the annual period
ending December 31, 2024 totaled $6.4 billion.
The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.
OZOP ENERGY: Delays Filing of 2024 Annual Report
------------------------------------------------
Ozop Energy Solutions, Inc. filed a Notification of Late Filing on
Form 12b-25 with the U.S. Securities and Exchange Commission,
informing that it is unable to file, without unreasonable effort or
expense, its Annual Report on Form 10-K for the year ended December
31, 2024.
Additional time is needed for the Company to compile and analyze
supporting documentation in order to complete the Form 10-K and in
order to permit the Company's independent registered public
accounting firm to complete its audit. In accordance with Rule
12b-25 of the Securities Exchange Act of 1934, the Company will
file its Form 10-K no later than the 15th calendar day following
the prescribed due date.
About Ozop Energy
Warwick, N.Y.-based Ozop Energy Solutions, Inc. operates in the
renewable, electric vehicle, energy storage, and energy resiliency
sectors. It is engaged in multiple business lines that include
project development as well as equipment distribution.
Going Concern
According to the Company, as of September 30, 2024, Ozop had an
accumulated deficit of $223,479,149 and a working capital deficit
of $30,760,584 (including derivative liabilities of $666,677). As
of September 30, 2024, the Company was in default of $3,315,000
plus accrued interest on debt instruments due to non-payment upon
maturity dates. These factors, among others, raise substantial
doubt about the ability of the Company to continue as a going
concern.
P3 HEALTH: Registers Additional 9.16M Shares Under Incentive Plan
-----------------------------------------------------------------
P3 Health Partners Inc filed a Registration Statement on Form S-8
with the U.S. Securities and Exchange Commission for the purpose of
registering an additional 9,155,835 shares of Class A common stock,
par value $0.0001 per share, of P3 Health Partners Inc. that became
available for issuable pursuant to the Company's 2021 Incentive
Award Plan for which a Registration Statement of the Company on
Form S-8 (File No. 333-267966) is effective.
About P3 Health Partners
Henderson, Nev.-based P3 Health Partners Inc is a patient-centered
and physician-led population health management company and, for
accounting purposes, the successor to P3 Health Group Holdings, LLC
and its subsidiaries after the consummation of a series of business
combinations in December 2021 with Foresight Acquisition Corp. As
the sole manager of P3 LLC, P3 operates and controls all of the
business and affairs of P3 LLC and P3's only assets are equity
interests in P3 LLC.
Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
Mar. 27, 2025, attached in the Company's Annual Report on Form 10-K
for the year ended Dec. 25, 2024, citing that the Company has
suffered recurring losses from operations and has working capital
deficiencies that raise substantial doubt about its ability to
continue as a going concern.
As of September 30, 2024, P3 Health Partners had $833.3 million in
total assets, $569.4 million in total liabilities, $143.4 million
in redeemable non-controlling interest, and $120.5 million in total
shareholders' equity.
PACTIV EVERGREEN: S&P Lowers ICR to 'B+' Then Withdraws Rating
--------------------------------------------------------------
S&P Global Ratings lowered the rating on Pactiv Evergreen Inc. to
'B+' from 'BB-' following its acquisition by Clydesdale Acquisition
Holdings Inc. (dba Novolex Holdings LLC), and removed it from
CreditWatch, where S&P placed it with negative implications on Dec.
10, 2024.
Subsequently, S&P withdrew all its ratings on the company.
The outlook was stable at the time of withdrawal.
PALWAUKEE HOSPITALITY: Gets Extension to Access Cash Collateral
---------------------------------------------------------------
Palwaukee Hospitality, LLC received another extension from the U.S.
Bankruptcy Court for the Northern District of Illinois to use the
cash collateral of Albany Bank & Trust Company, N.A. and Holiday
Hospitality Franchising, LLC.
The second interim order extended the company's authority to use
cash collateral from April 5 to April 18 to pay the expenses set
forth in its budget, with a 10% variance.
As protection, Albany, a senior secured creditor, was granted a
replacement security interests in, and liens on, post-petition
property of the company.
The next hearing is scheduled for April 16.
About Palwaukee Hospitality LLC
Palwaukee Hospitality LLC operates a hotel property located at 600
N. Milwaukee Avenue in Prospect Heights, Illinois.
Palwaukee Hospitality LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on
February 23, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Deborah L. Thorne handles the case.
The Debtor is represented by:
Penelope N. Bach, Esq.
Bach Law Offices
P.O. Box 1285
Northbrook, IL 60065
Phone: 847-564-0808
Fax: 847-564-0985
pnbach@bachoffices.com
PEARCE SPECIALTY: Seeks to Hire Neeleman Law Group as Counsel
-------------------------------------------------------------
Pearce Specialty Framers, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Washington to employ
Neeleman Law Group as counsel.
The firm's services include:
(a) assist the Debtor in the investigation of the financial
affairs of the estate;
(b) provide legal advice and assistance to the Debtor with
respect to matters relating to this case and creditor
distribution;
(c) prepare all pleadings necessary for proceedings arising
under this case; and
(d) perform all necessary legal services for the estate in
relation to this case
The firm will be paid at these hourly rates:
Attorney $600
Associate $475
Paralegal $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $11,738.
Jennifer Neeleman, Esq., a partner at Neeleman Law Group, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jennifer L. Neeleman, Esq.
Neeleman Law Group, PC
1403 8th Street
Marysville, WA 98270
Telephone: (425) 212-4800
Email: jennifer@neelemanlaw.com
About Pearce Specialty Framers
Pearce Specialty Framers, LLC formerly known as Pearce & Guy
Builders, LLC, is a construction company based in Marysville, WA,
specializing in residential framing services. The Company provides
a wide range of construction solutions, including kitchen,
bathroom, and basement remodels, as well as full home renovations
and additions. The business holds an active construction contractor
license in Washington State.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-10464) on February
21, 2025. In the petition signed by Matthew Pearce, managing
member, the Debtor disclosed up to $50,000 in assets and up to $10
million in liabilities.
Judge Timothy W. Dore oversees the case.
Jennifer L. Neeleman, Esq., at Neeleman Law Group, PC represents
the Debtor as legal counsel.
PERFORMANCE MOBILE: Seeks Cash Collateral Access
------------------------------------------------
Performance Mobile Care, LLC asked the U.S. Bankruptcy Court for
the District of Colorado for authority to use cash collateral.
The Debtor needs to use cash collateral (e.g. cash and accounts
receivable) to fund its ongoing operations, which include monthly
payroll obligations of $78,000 and other operating expenses.
The U.S. Small Business Administration holds a perfected security
interest in the Debtor's tangible and personal property, including
accounts receivable, valued at $156,801, due to a COVID EIDL loan
agreement entered in June 2020.
The Debtor's main asset is its accounts receivable, with an
estimated value of $140,000 (due to past-due amounts).
To protect SBA's interests while using the cash collateral, the
Debtor proposed the following:
1. Replacement Liens: Debtor will provide replacement liens on all
post-petition cash and accounts receivable.
2. Monthly Payments: Debtor will make monthly payments of $731 to
the SBA, starting in April 2025.
3. Insurance: The Debtor will maintain adequate insurance on all
property securing the SBA's interest.
4. Accounting: The Debtor will provide the SBA with monthly
financial reports.
5. Budget: Debtor will only use cash collateral according to an
approved budget, with deviations allowed up to 10%.
6. Tax Payments: Debtor will ensure all post-petition taxes are
paid.
7. Collateral Maintenance: Debtor will maintain the collateral in
good repair.
Objections to the Debtor's request to use cash collateral are due
by April 16.
About Performance Mobile Care
Performance Mobile Care, LLC is a vehicle detailing company
specializing in providing mobile detailing services for trucks.
Performance Mobile Care LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.
25-11281) on March 13, 2025. In its petition, the Debtor reported
assets between $100,000 and $500,000 and liabilities between $1
million and $10 million.
Judge Kimberley H. Tyson handles the case.
The Debtor is represented by Jeffrey A. Weinman, Esq., at Allen
Vellone Wolf Helfrich & Factor P.C.
PHAIR COMPANY: Taps Pinnacle Legal P.C. as Bankruptcy Counsel
-------------------------------------------------------------
The Phair Company LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to hire Pinnacle Legal P.C.
as general counsel.
The firm's services include:
a. developing and drafting a disclosure statement and Chapter
11 plan;
b. negotiating with creditors to gain support for the plan;
c. filing motions, adversary proceedings, and applications to
protect Debtor's interests as necessary;
d. assisting in any possible liquidation of Debtor's assets
and administering the Bankruptcy Estate;
e. ensuring compliance with the Bankruptcy Code, the Federal
Rules of Bankruptcy Procedure and the Local Bankruptcy Rules,
including preparation and filing of periodic reporting;
f. reviewing and, if appropriate, objecting to creditor
claims;
g. representing Debtor in any proceeding or hearing in the
Bankruptcy Court and in any action where the rights of the Debtor
or the Estate may be litigated or affected; and
h. performing any and all other legal services incident and
necessary for the smooth administration of this bankruptcy case.
The firm's current billing rates are:
Vincent Renda, Principal $450 per hour
Robert Wright, Associate $350 per hour
Laurie Dillon, Paralegals $150 per hour
Kelley Vuong, Paralegals $150 per hour
The firm received a $25,000 retainer.
Vincent Renda, Esq., principal attorney with Pinnacle Legal,
assured the court that his firm is a "disinterested person" within
the meaning of 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Vincent Renda, Esq.
Pinnacle Legal P.C.
9565 Waples Street, Suite 200
San Diego, CA 92121
Phone: (858) 868-5000
Email: vr@pinlegal.com
About The Phair Company LLC
The Phair Company LLC is a limited liability company.
The Phair Company LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal.Case No. 25-00667) on February 25,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.
Vincent Renda, Esq. at PINNACLE LEGAL P.C. represents the Debtor as
counsel.
PHILLIPS TOTAL: Taps Richman & Richman as Bankruptcy Counsel
------------------------------------------------------------
Phillips Total Care Pharmacy Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Wisconsin to hire
Richman & Richman LLC as counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties
as a debtor in possession and the continued management and
operation of its businesses and properties;
(b) assisting the Debtor with the continuation of debtor in
possession operations and monthly reporting requirements;
(c) advising the Debtor and taking all necessary action to
protect and preserve the Debtor's estates, including prosecuting
actions on behalf of the Debtor, defending any actions commenced
against the Debtor, and representing the Debtor's interests in
negotiations concerning litigation in which the Debtor is
involved;
(d) preparing amendments to bankruptcy schedules, statements
of financial affairs, and all related documents as necessary;
(e) assisting with the preparation of a plan of reorganization
and the related negotiations and hearings;
(f) preparing pleadings in connection with the chapter 11
case, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtor's estates;
(g) analyzing executory contracts and unexpired leases, and
the potential assumptions, assignments, or rejections of such
contracts and leases;
(h) advising the Debtor in connection with any potential sales
of assets;
(i) appearing at and being involved in various proceedings
before this Court or other courts to assert or protect the
interests of the Debtor and its estates;
(j) analyzing claims and prosecuting any meritorious claim
objections; and
(k) performing other legal services for the Debtor that may be
necessary and proper in connection with this Case.
The firm's counsel and staff will be paid at these hourly rates:
Michael Richman, Member $795
Claire Ann Richman, Member $625
Eliza Reyes, Senior Associate $495
James Soo, Associate $325
David Fowle, Paralegal $250
Kiran Hayer, Paralegal $225
Law Clerks $195 - $225
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received an initial retainer of $50,000 from the Debtor.
Ms. Richman disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Claire Ann Richman, Esq.
Michael P. Richman, Esq.
Richman & Richman LLC
122 W. Washington Ave., Ste. 850
Madison, WI 53703
Telephone: (608) 889-2322
About Phillips Total Care Pharmacy Inc.
Phillips Total Care Pharmacy Inc. is a retail pharmacy based in
Mauston, Wisconsin.
Phillips Total Care Pharmacy Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10699) on
March 28, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
The Debtor is represented by Claire Ann Richman, Esq. and Michael
P. Richman, Esq. at Richman & Richman LLC.
PHVC4 HOMES: To Sell 20 Vacant Lots to Foxwood Farms
----------------------------------------------------
PHCV4 Homes, LLC, seeks approval from the U.S. Bankruptcy Court for
the Northern District of Alabama, Southern Division, to sell real
property, free and clear of liens, interests, and encumbrances.
The Debtor proposes to sell its interest in certain real estate
consisting of 20 vacant lots in the community known as Foxwood
Farms, in the municipality of Decatur, Morgan County, Alabama, in a
private sale for the total purchase price of $1,020,000.00.
The Debtor seeks to sell all of the estate's interest, free and
clear of any and all mortgages, liens, interests and/or other
encumbrances, excepting that CoreVest American Finance Lender LLC's
lien rights specifically and fully attach to all proceeds of the
sale.
All liens, mortgages, or other interests shall attach to the
proceeds of the sale to the extent properly allowed. However, no
proceeds of the sale shall be paid to Debtor or any person or party
related to Debtor, no other creditors or lienholders shall receive
the net proceeds of the sale after all closing costs, tax
prorations, and other routine and necessary sale related
disbursements are paid by the closing attorney.
All Net Sales Proceeds shall be paid directly CoreVest at closing
free and clear of all liens, interests, and encumbrances. If the
sale does not close on or before June 6, 2025, then it is null and
void and the sale cannot be completed without further approval of
the Court.
The Debtor enters into a contract with CHIPS-Foxwood Farms LLC to
purchase the property.
The Debtor asserts that the total sales price for the Assets
represents the fair market value of the Property.
The closing of the sale will be on June 6, 2025.
About PHCV4 Homes, LLC
PHCV4 Homes LLC is part of the residential building construction
industry.
PHCV4 Homes LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on September
10, 2024. In the petition filed by Misty M. Glass, as manager, the
Debtor reports estimated assets and liabilities between $10 million
and $50 million each.
The Honorable Bankruptcy Judge Tamara O. Mitchell presides over the
case.
The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN
& GILLON, LLC.
PHVC4 HOMES: To Sell 23 Single-Family Homes to Spartan Invest
-------------------------------------------------------------
PHCV4 Homes, LLC, seeks permission from the U.S. Bankruptcy Court
for the Northern District of Alabama, Southern Division, to sell
real property in a private sale, free and clear of liens,
interests, and encumbrances.
The Debtor proposes to sell its interest in certain real estate
consisting of 23 single-family homes in the community known as
Woodland Trails, in the municipality of Bessemer, Jefferson County,
Alabama, in the total purchase price of $3,890,000.00.
The Debtor seeks to sell all of its estate free and clear of the
mortgages, liens, interests and other encumbrances, excepting that
CoreVest American Finance Lender LLC's lien rights specifically and
fully attach to all proceeds of the sale.
All liens, mortgages, or other interests will be attached to the
proceeds of the sale to the extent
properly allowed. However, no proceeds of the sale shall be paid to
Debtor or any person or party
related to Debtor, no other creditors or lienholders shall receive
the net proceeds of the sale after
all closing costs, tax prorations, and other routine and necessary
sale related disbursements are
paid by the closing attorney.
All Net Sales Proceeds shall be paid directly CoreVest at closing
free and clear of all liens, interests, and encumbrances.
If the sale does not close on or before May 31, 2025, then it is
null and void and the sale cannot be completed without further
approval of the Court.
The Debtor enters into a contract with Spartan Invest LLC to
purchase the Property.
The Debtor asserts that the total sales price of the Assets
represents the fair market value of the Property.
About PHCV4 Homes, LLC
PHCV4 Homes LLC is part of the residential building construction
industry.
PHCV4 Homes LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on September
10, 2024. In the petition filed by Misty M. Glass, as manager, the
Debtor reports estimated assets and liabilities between $10 million
and $50 million each.
The Honorable Bankruptcy Judge Tamara O. Mitchell presides over the
case.
The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN
& GILLON, LLC.
PIZZERIA MANAGEMENT: Cash Collateral Hearing Set for April 15
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio,
Eastern Division, is set to hold a hearing on April 15 to consider
another extension of Pizzeria Management III, LLC's authority to
use cash collateral.
The company's authority to use cash collateral pursuant to the
court's April 2 order expires on April 16.
The April 2 order granted secured creditors replacement liens on
the company's assets, with the same validity and priority as their
pre-bankruptcy liens.
Pizzeria requires the use of cash collateral to pay $67,624 in
expenses during the interim period.
About Pizzeria Management III
Pizzeria Management III, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-11334) on
March 31, 2025, listing up to $50,000 in assets and between
$500,001 and $1 million in liabilities.
Judge Jessica E Price Smith oversees the case.
The Debtor is represented by:
Thomas W. Coffey, Esq.
Coffey Law LLC
Tel: 216-870-8866
Email: tcoffey@tcoffeylaw.com
PIZZERIA MANAGEMENT: Seeks to Hire Coffey Law as Bankruptcy Counsel
-------------------------------------------------------------------
Pizzeria Management III LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Ohio to employ Coffey Law LLC as
counsel.
The firm's services include:
(a) advise the Debtor of its rights and duties in this case;
(b) prepare and file all necessary and appropriate legal
documents;
(c) review the nature, extent and validity of liens asserted
against the property of the Debtor, and advise the Debtor with
respect to the enforceability of such liens;
(d) advise the Debtor with respect to the contemplated
formation, solicitation of approval, and confirmation of a Chapter
11 plan; and
(e) perform other legal services for the Debtor.
The firm will be paid at the rate of $350 per hour plus expenses.
The firm received a retainer of $11,738 from the Debtor.
Thomas Coffey, Esq., an attorney at Coffey Law, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Thomas W. Coffey, Esq.
Coffey Law LLC
2430 Tremont Avenue Front
Cleveland, OH 44113
Tel: (216) 870-8866
Email: tcoffey@tcoffeylaw.com
About Pizzeria Management III
Pizzeria Management III LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-11334) on March
31, 2025, listing under $1 million in both assets and liabilities.
Judge Jessica E. Price Smith oversees the case.
Thomas W. Coffey, Esq., at Coffey Law LLC serves as the Debtor's
counsel.
PLENTY UNLIMITED: Seeks to Hire Ordinary Course Professionals
-------------------------------------------------------------
Plenty Unlimited Texas LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
retain non-bankruptcy professionals in the ordinary course of
business.
The Debtors need ordinary course professionals to perform services
for matters unrelated to this Chapter 11 case.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
The OCPs' include:
KPMG LLP
Tax Services
Reed Smith LLP
Legal Services
Almanac IP Advisors LLP
Legal Services
Collective Strategies
Consulting
Kutak Rock, LLP
Legal Service
Brown Immigration Law PC LLP
Legal Services
Allen Matkins Leck Gamble Mallory & Natsis LLP
Legal Services
ArentFox Schiff LLP
Legal Services
Altus Group U.S., Inc.
Tax Services
About Plenty Unlimited Texas LLC
Plenty Unlimited Texas LLC and its affiliates are an innovative
Agricultural Technology (AgTech) companies with a platform focused
on indoor vertical farming.
Plenty Unlimited Texas LLC and its affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Lead Case No. 25-90105) on March 23, 2025. At the
time of filing, the Debtor estimated $100 million to $500 million
in both assets and liabilities. The petitions were signed by Daniel
Malech as interim chief executive officer.
Judge Christopher M Lopez handles the case.
Duston K. McFaul, Esq. at SIDLEY AUSTIN LLP represents the Debtor
as counsel. The Debtors tapped JEFFERIES LLC as investment banker;
UZZI & LALL as financial & restructuring advisor; and STRETTO, INC.
as claims agent.
POET TECHNOLOGIES: Net Loss Widens to $56.7 Million in 2024
-----------------------------------------------------------
POET Technologies Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 20-F reporting a net loss of
$56,695,823 for the year ended Dec. 31, 2024, compared to a net
loss of $20,267,365 in 2023.
The Company recognized a revenue of $41,427 for the year ended Dec.
31, 2024, compared to $465,777 in 2023. As of December 31, 2024, it
had an accumulated deficit of approximately $271,000,000.
Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred significant losses
over the past few years and needs to raise additional funds to meet
its future obligations and sustain its operations.
On April 22, 2024, Marcum resigned as the Company's independent
registered public accounting firm at the Company's request
effective as of such date. Following the foregoing, on April 23,
the Company engaged Davidson as its independent registered public
accounting firm to audit the Company's financial statements for the
fiscal year ended December 31, 2024. The appointment of Davidson
was recommended to the Company's Board by the Audit Committee of
the Board and subsequently approved by the Board.
Prior to engaging Davidson as the Company's independent auditor for
the fiscal year ended December 31, 2024, the Company had not
consulted Davidson regarding the application of accounting
principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered on
the Company's financial statements or a reportable event, nor did
the Company consult with Davidson regarding any matter that was
either (i) the subject of any disagreements (as that term is
described in Item 16F(a)(1)(iv) of Form 20-F and the related
instructions) with its prior auditor or (ii) a reportable event (as
that term is defined in Item 16F(a)(1)(v) of Form 20-F).
Management Commentary:
"In Q4 2024, we strategically positioned our company for
accelerated growth by strengthening our financial foundation,
advancing critical technology developments, and implementing a new
manufacturing strategy designed for rapid, profitable scaling,"
stated POET Chairman & CEO, Dr. Suresh Venkatesan. "The market is
experiencing unprecedented demand for photonic solutions,
particularly in AI data center applications, and we're still at the
early stages of what industry experts anticipate will be a
multi-year demand cycle. Despite challenging equity markets, we
successfully raised an additional US$25 million through a
registered direct offering, with robust investor support reflecting
the market opportunity and POET's positioning as a potential leader
in the space."
Dr. Venkatesan continued, "Every strategic move we have made over
the past several months is to ensure that POET is positioned to
scale and to optimize our supply chain as we approach a revenue
inflection point later this year. based on the trajectory of
existing customer relationships. Our acquisition of SPX gives us
full control of our technology while enabling us to shift
manufacturing toward Malaysia and away from China, reducing
geopolitical risk to growth, while building on our established
foundry relationship with Silterra Malaysia in a familiar and
friendly market. For 2025, we're focused on developing our
wafer-level manufacturing in Malaysia, expanding into telecom
systems and chip-to-chip data communications applications, and
leveraging the solid financial foundation we set in 2024 to
accelerate both our customer pipeline, deliveries and revenue
realization. POET continues to receive attention from notable
industry analysts, including Lightwave+BTR and we expect this
momentum, along with existing contracts and relationships with
industry leaders and partners like LuxshareTech, Foxconn and
Mitsubishi Electric, to lead to significant revenue acceleration in
the second half of 2025."
The Company intends to pursue its voluntary delisting from the TSX
Venture Exchange immediately following the closing of its planned
US$25M financing with L5 Capital, which is expected to close within
the next few weeks.
A full-text copy of the Company's Form 20-F is available at:
https://tinyurl.com/ync4huds
About POET Technologies Inc.
POET Technologies Inc. -- www.poet-technologies.com -- is a design
and development company offering high-speed optical modules,
optical engines, and light source products to the artificial
intelligence systems market and hyperscale data centers. POET's
photonic integration solutions are based on the POET Optical
Interposer, a novel, patented platform that allows the seamless
integration of electronic and photonic devices into a single chip
using advanced wafer-level semiconductor manufacturing techniques.
POET's Optical Interposer-based products are lower cost, consume
less power than comparable products, are smaller in size, and are
readily scalable to high production volumes. In addition to
providing high-speed (800G, 1.6T, and above) optical engines and
optical modules for AI clusters and hyperscale data centers, POET
has designed and produced novel light source products for
chip-to-chip data communication within and between AI servers, the
next frontier for solving bandwidth and latency problems in AI
systems. POET's Optical Interposer platform also solves device
integration challenges in 5G networks, machine-to-machine
communication, self-contained "Edge" computing applications, and
sensing applications, such as LIDAR systems for autonomous
vehicles. POET is headquartered in Toronto, Canada, with operations
in Allentown, PA, Shenzhen, China, and Singapore.
As of Dec. 31, 2024, the Company had $69,652,449 in total assets,
$48,963,562 in total liabilities, and a total stockholders' equity
of $20,688,887.
PREMIER TILLAGE: Taps Great Plains Capital Partners as Broker
-------------------------------------------------------------
Premier Tillage, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Kansas to employ Great Plains Capital Partners,
LLC as brokers.
The firm's services include:
(a) marketing Debtor's ongoing business for sale; and
(b) assisting Debtor in negotiations and execution of Letter
of Intent and subsequent sale.
These are the rates proposed:
a. $10,000 initial retainer
b. $10,000 contingency upon Debtor execution of Letter of
Intent applied against
success fee at close Success Fee:
-- 8 percent of first million of Gross Transaction Value;
plus
-- 6 percent of the second million; plus
-- 4 percent of the third million; plus
-- 2 percent of the remainder.
Rex Reinhardt, broker at Great Plains Capital Partners, LLC,
assured the court that his firm is a disinterested person as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Rex Reinhardt
Great Plains Capital Partners, LLC
435 Nichols Road, Suite 200
Kansas City, MO 64112
Email: rreinhardt@greatplainscp.com
About Premier Tillage Inc.
Premier Tillage, Inc. is a family-owned company based in Kansas,
specializing in products and services for both no-till and
conventional tillage farming. The Company's flagship product, the
Minimizer blade plow, enhances efficiency by reducing weeds and
boosting profits. In addition, the Company offers replacement parts
and other farming equipment, such as stubble treaders and sweep
plows.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 25-20314) on March 18,
2025. In the petition signed by Daniel W. Chupp, president, the
Debtor disclosed $5,285,139 in total assets and $9,284,642 in total
liabilities.
Neil Sader, Esq., at Sader Law Firm, LLC represents the Debtor as
bankruptcy counsel.
Nicholas J. Zluticky, Esq. at Stinson LLP represents the Debtor as
counsel.
PUBLISHERS CLEARING HOUSE: To Streamline Operations in Chapter 11
-----------------------------------------------------------------
Publishers Clearing House LLC, the company known for its prize
patrol sweepstakes, sought Chapter 11 protection hoping to find a
buyer or an investor for the business.
William H. Henrich, co-chairman of Getzler Henrich & Associates
LLC, who has been designated as co-CRO of the Debtor, said in court
filings that the Debtor's goals in the bankruptcy case are to
restructure and streamline its operations, by shedding burdensome
legacy debts and leasehold interests, increasing its online
presence and positioning itself to emerge as a more efficient and
modern business, all while continuing to deliver life-changing
prizes to its former and future contestants.
In tandem with these restructuring efforts, the Debtor intends to
seek to obtain a debtor-in-possession receivables purchase
financing facility in a maximum amount of up to $5,500,000, and to
consider opportunities to sell substantially all of its assets to
the highest bidder at auction, free and clear of its legacy
commerce business liabilities. The receivables purchase financing
facility is to be provided by Prestige Capital Finance LLC.
PCH was formed as a partnership in 1953 by Harold and LuEsther T.
Mertz and their daughter Joyce in the basement of their Long Island
home. PCH's business began when Harold who had worked in the
magazine business, created the opportunity for many magazine
publishers to solicit subscribers to their titles through a single
direct mail offer.
PCH has become known across America as the sweepstakes company
whose famous Prize Patrol surprises winners on their doorsteps,
presenting oversized checks ranging from $10,000 to multi-millions
while TV cameras are rolling. Today, PCH's sweepstakes continue to
attract millions of contestants, allowing PCH to generate revenue
primarily through sales of curated digital advertising throughout
its network of web and app-based entertainment platforms.
PCH currently has 105 employees with annual gross revenue of
approximately $38 million.
As of the bankruptcy filing, the Debtor had $490,000 in cash
against $40 million in liabilities, all of which are unsecured.
The Debtor does not have any prepetition secured indebtedness,
except under computer equipment leases secured solely by the
computer equipment financed, and under the lease agreement for its
premises in Jericho, New York, secured by certain personal property
maintained at the leased premises.
The company's transition to digital marketing while still burdened
by the debts associated with its legacy commerce business created a
challenging environment that led directly to the current
reorganization filing.
PCH said it was using the bankruptcy process to "finalize a shift
away" from its legacy business of direct-mail, retail merchandise
and magazine subscriptions. The company is hoping to instead
transition to a "pure digital advertising" model, where it will
continue to offer free-to-play entertainment and prizes.
About Publishers Clearing House
Publishers Clearing House LLC is a direct-to-consumer company
offering free-to-play digital entertainment. Through its PCH/Media
division, PCH helps brands and advertisers connect with qualified,
responsive audiences across its extensive chance-to-win gaming
platforms. PCH has evolved into a multi-channel media company,
combining digital entertainment, direct-to-consumer marketing, and
commerce to create compelling experiences for users and brands
alike.
Publishers Clearing House filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending
before the Honorable Martin Glenn.
Klestadt Winters Jureller Southard & Stevens, LLP is serving as
legal advisor, William H. Henrich and Laurence Sax from Getzler
Henrich & Associates LLC are serving as Co-Chief Restructuring
Officers, SSG Capital Advisors, LLC, is serving as investment
banker, and C Street Advisory Group is serving as strategic
communications advisor to the Company. Omni Agent Solutions is the
claims agent.
PURDUE PHARMA: Can Begin Early Chapter 11 Claims Processing
-----------------------------------------------------------
Vince Sullivan of Law360 reports that on Thursday, April 10, 2025,
a New York bankruptcy judge approved Purdue Pharma's request to
appoint claims administrators and start processing the extensive
claims against the company, citing that doing so ahead of plan
confirmation would speed up distributions to creditors.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19
23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.
REENVISION AESTHETICS: U.S. Trustee Appoints Tamar Terzian as PCO
-----------------------------------------------------------------
Peter Anderson, the U.S. Trustee for Region 16, appointed Tamar
Terzian as patient care ombudsman for ReEnvision Aesthetics and
MedSpa, PC.
Section 333 of the Bankruptcy Code provides that Tamar Terzian, as
the patient care ombudsman, shall:
* Monitor the quality of patient care provided to patients of
the company, to the extent necessary under the circumstances,
including, to the extent necessary, interviewing patients and
physicians and other appropriate interested parties.
* In the event that the PCO determines that the quality of
patient care provided to patients of the company is declining
significantly or is otherwise materially compromised, the PCO shall
file with the Court a motion or a written report, with notice to
the parties in interest immediately upon making such
determination.
* As required by Section 333(b)(2), not later than 60 days
after the date of the appointment, and thereafter in 60-day
intervals, report to the Court after notice to the parties in
interest, at a hearing or in writing, regarding the quality of
patient care provided to patients of ReEnvision.
* The PCO shall post conspicuously and serve notice of the
PCO's reports pursuant to Rule 2015.1 of the Federal Rules of
Bankruptcy Procedure, and in so doing may satisfy notice to all
patients by providing to the company a written notice of when and
how the next report will be made, identifying the identity and
location of the person from whom a copy of any written report all
admitted be obtained pursuant to Rule 2015.1(a), a copy of which
notice the company shall provide to all admitted patients upon
their admission to the company, unless at a future date the Court
waives such notice or determines that other means of noticing
patients is required.
* The PCO shall maintain any patient information, including
related to patient records, as confidential information. She shall
have access to patient records consistent with authority of such
ombudsman under the Older Americans Act of 1965 and under
non-federal law governing the State Long Term Care Ombudsman
program.
* The PCO may review confidential patient records as necessary
and appropriate to discharge her duties and responsibilities,
provided however, that the PCO protects the confidentiality of such
records as required under applicable non bankruptcy law and
regulations, including but not limited to the Health Insurance
Portability and Accountability Act of 1996 and the federal HIPAA
privacy regulations at 45 Code of Federal Regulations.
Ms. Terzian disclosed in a court filing that she is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
About ReEnvision Aesthetics and MedSpa
ReEnvision Aesthetics and Medspa, PC filed Chapter 11 bankruptcy
petition (Bankr. C.D. Calif. Case No. 25-10127) on February 1,
2025, listing up to $1 million in both assets and liabilities.
Judge Ronald A. Clifford, III oversees the case.
The Debtor is represented by The Fox Law Corporation, Inc.
REGIONS PROPERTY: Case Summary & 19 Unsecured Creditors
-------------------------------------------------------
Debtor: Regions Property Management & Construction, Inc.
d/b/a Mouldings Plus
1499 SW 30th Ave, Ste 6
Boynton Beach, FL 33426-9010
Business Description: Regions Property Management & Construction,
Inc., doing business as Mouldings Plus, is a
general contracting firm based in Boynton
Beach, Florida. Established in 1996, the
Company specializes in manufacturing and
installing moldings, staircases, doors, and
hardware for both residential and commercial
properties.
Chapter 11 Petition Date: April 12, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 25-14015
Debtor's Counsel: Brian K. McMahon, Esq.
BRIAN K. MCMAHON, PA
1401 Forum Way
Suite 730
West Palm Beach, FL 33401
Tel: 561-479-2500
Email briankmcmahon@gmail.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Robert B Going as president.
A full-text copy of the petition, which includes a list of the
Debtor's 19 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/TU6O3IY/Regions_Property_Management___flsbke-25-14015__0001.0.pdf?mcid=tGE4TAMA
RITEWAY INSURANCE: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------------
Riteway Insurance Repair Service, Inc. asked the U.S. Bankruptcy
Court for the Southern District of Florida, Miami-Dade Division,
for authority to use cash collateral in accordance with the budget,
with a 15%variance.
The Debtor needs to use cash collateral to cover the projected
operating expenses set forth in the budget.
The budget anticipates revenues in April in the amount of $70,000
and expenditures in the amount of $67,319, for a net positive cash
flow of $2,681.
As of the petition date, the Debtor has secured creditors with
claims filed under the Uniform Commercial Code. The U.S. Small
Business Administration filed a UCC lien on all assets of the
Debtor in June 2020.
In return for allowing the Debtor to use the cash collateral, the
Debtor proposed granting its secured creditors replacement liens on
all of its assets. The replacement liens would have the same
priority and level of protection as the liens held by the creditors
on the Debtor's property before the bankruptcy filing.
About Riteway Insurance Repair Service
Inc.
Riteway Insurance Repair Service, Inc. is a Miami-based company
specializing in insurance-related repair services.
Riteway sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Case No. 25-13401) on March 28, 2025. In its
petition, the Debtor reported estimated assets between $100,000 and
$500,000 and estimated liabilities between $500,000 and $1
million.
Judge Laurel M. Isicoff handles the case.
The Debtor is represented byBradley S. Shraiberg at Shraiberg Page
PA.
RIVAL COMMERCIAL: Case Summary & 18 Unsecured Creditors
-------------------------------------------------------
Debtor: Rival Commercial RE LLC
d/b/a Rival Construction LLC
7308 Ellis Street #3
Fort Smith, AR 72916
Business Description: Rival Commercial RE LLC, operating under the
trade name Rival Construction LLC, is a
commercial real estate development firm
based in Fort Smith, Arkansas. The Company
is notably recognized for its work on The
Barracks at Chaffee, a mixed-use retail and
residential development situated in the
Chaffee Crossing Entertainment District.
Chapter 11 Petition Date: April 11, 2025
Court: United States Bankruptcy Court
Western District of Arkansas
Case No.: 25-70623
Judge: Hon. Bianca M. Rucker
Debtor's Counsel: Stanley V. Bond, Esq.
BOND LAW OFFICE
525 S. School Ave.
Suite 100
Fayetteville, AR 72701
Tel: 479-444-0255
Fax: 479-235-2827
E-mail: attybond@me.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
Lloyd Sumpter, in his role as manager, signed the petition.
A full-text copy of the petition, which includes a list of the
Debtor's 18 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/FRMVFAQ/Rival_Commercial_RE_LLC__arwbke-25-70623__0001.0.pdf?mcid=tGE4TAMA
ROCKY MOUNTAIN: Seeks to Hire Tammy Broadlick as Bookkeeper
-----------------------------------------------------------
Rocky Mountain Imports, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Tammy Broadlick, a
bookkeeper practicing in Sacramento, Calif.
Ms. Broadlick will be paid $750 twice monthly as a reasonable fee.
Postpetition, the Debtor has paid to Ms. Broadlick $3,000 as of
March 31, 2025.
Ms. Broadlick disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Tammy Broadlick
Sacramento, CA
About Rocky Mountain Imports
Rocky Mountain Imports, LLC, doing business as Pikes Peak Rock
Shop, is a direct importer and wholesale distributor of minerals,
fossils and jewelry. Its customers include national parks, museums,
gift shops, multi-store chains, science and nature shops, rock &
gem shops, trading posts and local rock-hounds. The company
directly imports from Brazil, Peru, China, Morocco, and India, and
distributes its products to businesses across the U.S. and Canada.
Rocky Mountain Imports sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-10311) on January
21, 2025, with $96,089 in assets and $1,800,938 in liabilities.
Gary Greenwald, managing member, signed the petition.
Judge Michael E. Romero oversees the case.
The Debtor tapped the Law Offices of Kevin S. Neiman, PC as counsel
and Tammy Broadlick as bookkeeper.
ROYAL INTERCO: April 16 Deadline Set for Panel Questionnaires
-------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Royal Interco, LLC,
et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/9k7kjkc9 and return by email it to
Linda Casey, Esq. -- linda.casey@usdoj.gov -- at the Office of the
United States Trustee so that it is received no later than
Wednesday, April 16, 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 Royal Interco
Royal Interco, LLC is a manufacturer of high-quality paper products
-- including bath tissue, paper towels, facial tissue, and napkins
-- offering a broad range of products and packaging configurations
to serve both regional and national customers.
Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its
petition, the Debtor reported estimated assets of $100 million to
$500 million and estimated assets of $100 million to $500 million.
Michael Ragano, in his role as chief restructuring officer, signed
the petitions.
The Hon. Thomas M Horan presides over the cases.
The Debtors are represented by Morris, Nichols, Arsht & Tunnell LLP
as general counsel. The Debtors' investment banker is Livingstone
Partners LLC. The Debtors' provider of turnaround and business
transformation advisory services is Novo Advisors, LLC. Epiq
Corporate Restructuring LLC is the Debtors' claims and noticing
agent.
SAFE & GREEN: Posts $17M Loss in 2024, Going Concern Doubt Remains
------------------------------------------------------------------
Safe & Green Holdings Corp. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting net
losses of $16,979,682 and $26,282,533 during the fiscal years ended
December 31, 2024 and 2023, respectively.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated Mar. 31, 2025, citing that the Company has incurred net
losses since its inception, negative working capital, and negative
cash flows from operations, which raises substantial doubt about
its ability to continue as a going concern.
Safe & Green said, "As result of our continued losses, our cash
resources have not been sufficient to sustain our operations, and
we have continued to depend on financing transactions to generate
sufficient cash to stay in operation. With limited cash available
to fund our operating expenses, we have deferred or delayed
payments to vendors, suppliers and service providers, opting
instead to prioritize payments for personnel and essential
resources."
"Although we are attempting to curtail our expenses, there is no
guarantee that such curtailment will cure our liquidity problem.
Our cash used in operations for the year ended December 31, 2024
was $10,898,755 primarily due to our net loss. During the year
ended December 31, 2024, we financed our operations from proceeds
of short-term notes payables and warrants. Subsequent to the end of
the quarter we have continued to finance our operations form the
issuance of additional notes."
"Unless and until we are able to increase our revenues or raise
sufficient capital, our lack of cash will continue to constrain our
business and subject us to significant risks, including the
following:
(i) being unable to make the necessary investment in
personnel, raw materials or other resources to effectively pursue
our business plan,
(ii) our suppliers, vendors and service providers slowing down
or stopping to supply raw materials or services, and
(iii) being forced to reduce or suspend our operations. Any
delay in the receipt of raw materials due to payment issues could
result in our inability to fulfill purchase orders and negatively
impact our ability to generate revenue."
"We may also seek to obtain debt or additional equity financing to
meet any cash shortfalls both in the public company or our
subsidiaries. The type, timing and terms of any financing we may
select will depend on, among other things, our cash needs, the
availability of other financing sources and prevailing conditions
in the financial markets. However, there can be no assurance that
we will be able to secure additional funds if needed and that, if
such funds are available, the terms or conditions would be
acceptable to us, especially in light of the fact that our ability
to sell securities registered on our registration statement on Form
S-3 will be limited until such time the market value of our voting
securities held by non-affiliates is $75 million or more. If we are
unable to secure additional financing, a further reduction in
operating expenses might need to be substantial in order for us to
ensure enough liquidity to sustain our operations. Any equity
financing would be dilutive to our stockholders. If we incur debt,
we will likely be subject to restrictive covenants that
significantly limit our operating flexibility and require us to
encumber our assets. If we fail to raise sufficient funds and
continue to incur losses, our ability to fund our operations, take
advantage of strategic opportunities, or otherwise respond to
competitive pressures will be significantly limited. Any of the
above limitations could force us to significantly curtail or cease
our operations, and you could lose all of your investment in our
common stock."
The Company intends to meet its capital needs from revenue
generated from operations and by containing costs, entering into
strategic alliances, as well as exploring other options, including
the possibility of raising additional debt or equity capital as
necessary. There is, however, no assurance the Company will be
successful in meeting its capital requirements prior to becoming
cash flow positive. The Company does not have any additional
sources secured for future funding, and if it is unable to raise
the necessary capital at the times it requires such funding, it may
need to materially change its business plan, including delaying
implementation of aspects of such business plan or curtailing or
abandoning such business plan altogether.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/4fyvpykz
About Safe & Green
Safe & Green Holdings Corp. is a modular solutions company
headquartered in Miami, Florida. The company specializes in the
development, design, and fabrication of modular structures,
focusing on safe and green solutions across various industries.
As of Dec. 31, 2024, the Company had $6,071,524 in total assets,
$18,531,832 in total liabilities, and a total stockholders' deficit
of $12,460,308.
SIYATA MOBILE: Net Loss Widens to $25.3 Million in 2024
-------------------------------------------------------
Siyata Mobile Inc. filed its Audited Consolidated Financial
Statements with the U.S. Securities and Exchange Commission
disclosing comprehensive loss of $25,270,714 on $11,629,572 of
revenue for the year ended December 31, 2024, compared to
comprehensive loss of $12,931,794 on $8,233,301 of revenue for the
same period in 2023.
Jerusalem, Israel-based Barzily and Co., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 31, 2025, citing that the Company has suffered
recurring losses from operations, has accumulated significant
losses, has an outstanding loans to financial institutions, and has
an outstanding balance related to the sale of future receipts,
which raise substantial doubt about its ability to continue as a
going concern.
Full-text copies of the Company's reports filed on Form 6-K is
available at: https://tinyurl.com/munw22sa
About Siyata Mobile
British Columbia, Canada-based Siyata Mobile Inc. is a B2B global
developer and vendor of next-generation Push-To-Talk over Cellular
handsets and accessories. Its portfolio of rugged PTT handsets and
accessories enables first responders and enterprise workers to
instantly communicate over a nationwide cellular network of choice,
to increase situational awareness and save lives. Police, fire,
and ambulance organizations as well as schools, utilities, security
companies, hospitals, waste management companies, resorts and many
other organizations use Siyata PTT handsets and accessories.
As of Dec. 31, 2024, the Company had $14,889,205 in total assets,
$10,967,934 in total liabilities, and a total stockholders' equity
of $3,921,271.
SOLID FINANCIAL: Seeks Chapter 11 Bankruptcy in Delaware
--------------------------------------------------------
On April 7, 2025, Solid Financial Technologies Inc. filed Chapter
11 protection in the U.S. Bankruptcy Court for the District of
Delaware. According to court filing, the
Debtor reports $4,131,647 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Solid Financial Technologies Inc.
Solid Financial Technologies Inc. is a FinTech platform that
enables banks and companies to build, scale, and launch banking and
payment solutions with ease. By offering services like account
creation, payments processing, and card issuance, Solid integrates
with partner banks to deliver seamless financial experiences. The
platform prioritizes security and compliance, helping companies
navigate regulatory requirements while driving innovation in the
financial ecosystem.
Solid Financial Technologies Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10669)
on April 7, 2025. In its petition, the Debtor reports total assets
as of February 28, 2025 of $10,523,766 and total liabilities as of
February 28, 2025 of $4,131,647.
Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.
The Debtor is represented by Matthew P. Ward, Esq. at WOMBLE BOND
DICKINSON (US) LLP. ROCK CREEK ADVISORS, LLC is the Debtor's
financial advisor.
SONIC AUTOMOTIVE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Sonic Automotive, Inc.'s Long-Term
Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable.
Sonic's 'BB' rating reflects its leading position in the U.S. auto
dealership industry, with projected revenue of around $14 billion
and EBITDA of around $500 million in 2025. The rating is supported
by balanced gross profit mix across segments, which limits
sensitivity to the cyclical vehicle market, a good liquidity
position underpinned by expected positive FCF, and Fitch's
expectation that EBITDAR leverage will be around 4x, within Sonic's
rating sensitivities.
Key Rating Drivers
Performance Moderating from Peak Levels: In line with Fitch's
expectations, Sonic's margins are reversing from historic highs as
new vehicle supply increases. Fitch expects revenue and EBITDA to
stabilize around $14 billion and $500 million in 2025, with
low-to-mid-3% EBITDA margins. This assumes improved profitability
for EchoPark and that tariffs will raise vehicle prices and reduce
volumes. Used car supply is anticipated to remain tight through
2025. While moderating, these figures surpass 2019 levels due to
M&A and pricing improvements.
Sonic's operating results in 2020-2022 benefited from acquisitions,
strong vehicle pricing, used car volume growth, and increased parts
and service spending. EBITDA reached around $700 million in 2022,
up from around $300 million in 2019, showcasing resilience amid new
vehicle supply challenges in the cyclical auto retail industry.
EchoPark Longer-Term Opportunity: While growth opportunities remain
at its core business, Sonic identifies EchoPark as its primary
long-term growth channel, focusing on no-haggle sales of
competitively priced vehicles aged one to four years. EchoPark's
sales increased to $2.4 billion in 2023 from around $250 million in
2017, although EBITDA remained negligible prior to 2020 and fell to
a deficit of around $80 million in 2023 due to inventory sourcing
challenges and negative customer responses to rising used car
prices.
EchoPark aims to capitalize on the fragmented used auto market and
made near-term efforts to improve profitability, including store
closures, cost reductions and sourcing older vehicles to enhance
affordability, resulting in EBITDA of around $30 million in 2024.
Fitch expects EchoPark's EBITDA contribution to Sonic will remain
minimal until disciplined growth resumes as the used vehicle market
improves.
Tariffs Introduce Uncertainty: Fitch recognizes the nascent and
evolving nature of tariffs, but expects impacted OEMs to pass price
increases to customers, reducing demand. OEMs will likely adjust
supply as demand declines. Parts and service sales should benefit
from higher parts costs passed to consumers, contributing to gross
profit stability. Sonic has adequate rating headroom, considering
its base case tariff assumptions, to absorb short-term challenges
in vehicle sales due to profit gains in higher-margin segments like
parts and service and finance and insurance. However, continued
sales pressure and weaker-than-expected gross margins could limit
this rating headroom.
Leading Player in Fragmented Industry: Sonic leverages its scale as
one of the largest U.S. automotive dealership groups with good OEM
relationships. The company operates 108 franchises and 18 EchoPark
used car superstores, with most located in the southeastern U.S.
region, California, and Texas. Sonic has broad vehicle brand
exposure and healthy ancillary businesses, including parts and
services (42% of gross profit) and finance and insurance (32%).
Sonic's scale and cash flows allow it to navigate complex industry
dynamics and invest in its core businesses, M&A and newer
initiatives like EchoPark.
High Barriers to Entry: Industry incumbents, such as Sonic, benefit
from high barriers to entry due to protected franchise agreements
that are regulated at both the state and federal levels.
Additionally, dealerships require significant upfront capital
investments for initial construction and working capital. Success
in the industry is also predicated on good relationships with
financing partners, including automotive captive finance entities,
to achieve favorable floorplan financing terms.
Good Medium-Term FCF: Sonic's good cash flow generation provides
financial flexibility through cycles, supporting strategic
initiatives such as M&A. In 2024, FCF was at a deficit of around
$140 million, impacted by around $240 million in negative working
capital, largely driven by floorplan inventory changes. Including
around $260 million in non-trade floorplan payable borrowings from
financing activities, FCF was around $120 million. Fitch expects
FCF of around $80 million annually in 2025 and 2026, assuming
neutral working capital.
Reasonable Leverage: EBITDAR leverage, which trended in the low-3x
range during 2020-2022, increased to 3.7x in 2024 and is expected
to remain near 4x in 2025 and 2026. This assumes debt levels remain
flat around $1.6 billion. The company does not have a public
leverage target, and its 'BB' rating assumes it operates with
EBITDAR leverage below 4.25x.
Peer Analysis
Sonic's peers include AutoNation, Inc. (BBB-/Stable), Asbury
Automotive Group, Inc. (BB/Stable) and AutoZone Inc. (BBB/Stable).
AutoNation, Asbury, and Sonic are leading players in the U.S. auto
dealership industry for new and used vehicles, offering parts,
services, financing, and insurance. This diversification results in
a more balanced gross profit mix, limiting operational sensitivity
to the cyclical nature of the vehicle market.
Auto dealers have low margins, with Fitch expecting AutoNation and
Asbury to generate mid-single-digit EBITDA margins in 2024,
surpassing Sonic's low single digits. In terms of financial policy,
Fitch expects AutoNation to maintain lower EBITDAR leverage at or
below 3.25x, while Asbury and Sonic's EBITDAR leverage is expected
to range between 3.75x and 4.25x.
AutoZone, differing from the dealership groups, competes in the
retail auto parts and accessories aftermarket. Like Sonic, AutoZone
has a leading position in its industry. However, AutoZone has
relatively higher EBITDA margins in the low-20% range and maintains
lower EBITDAR leverage, which Fitch expects to trend in the high-2x
range.
AutoZone's operating trajectory is supported by generally benign
competition from direct peers and the industry's resilience to
discount and e-commerce competition due to inventory investment
requirements, a heavy service component, and purchase immediacy.
Key Assumptions
- Revenue in 2025 and 2026 is expected to decline in the low single
digits, mainly due to tariffs that begin in 2Q25. In 2025, Fitch
assumes new car prices will increase in the high single digits,
leading to mid-teen declines in volume as demand drops. In 2026,
price increases are expected to slow to the mid-single digits, but
high-single digit declines in volume will persist. Used car sales
are expected to remain flat in 2025 and 2026, with prices rising in
the mid-single digits as new car prices rise. However, volume is
likely to decline in the low-to-mid-single digits due to reduced
demand from higher prices, slightly offset by demand shifting from
new to used cars. These revenue declines in new and used cars are
partially mitigated by low-to-mid-single digit growth in the parts
and services and finance and insurance segments;
- Medium-term revenue growth is projected in the low single digits,
assuming normalized vehicle supply and a stable macro environment,
coupled with modest growth at Sonic's existing dealerships,
including EchoPark;
- Gross margins remain flat, with new car gross margins declining
to around 5.5% in 2025 and 5% in 2026. Fitch assumes OEMs will
slowly reduce supply in lockstep with lower consumer demand to help
support flattish margins. Used gross margins remain flat around 5%
in 2025 and 2026. Total gross margins remain relatively flat in
2025 and 2026, benefitting from a slightly higher gross profit mix
from higher-margin fixed operations and finance and insurance
segments;
- EBITDA is expected to remain near $500 million in 2025, and
EchoPark's EBITDA is expected to remain positive in 2025 but
negligible over the next two to three years. EBITDA margins should
remain in the mid-3% range in 2025 and 2026, slightly above
pre-pandemic levels;
- FCF around $80 million annually in 2025 and 2026, given Fitch's
EBITDA assumptions and assuming neutral working capital. Fitch
expects FCF to be used for strategic initiatives, including M&A and
share repurchases;
- EBITDAR leverage could trend near 4x in 2025 and 2026, given its
EBITDA projections and assuming debt remains flat at $1.6 billion;
- Sonic's credit facilities have a floating interest rate
structure, and Fitch assumes around 3.5% to 4.5% SOFR base rates
over the forecast horizon. Sonic's unsecured notes have a fixed
interest rate structure.
Recovery Analysis
Fitch does not employ a waterfall recovery analysis for issuers'
assigned ratings in the 'BB' category. The further up the
speculative-grade continuum a rating moves, the more compressed the
notching between the specific classes of issuances becomes. Fitch
rates Sonic's secured ABL facility at 'BBB-' with a Recovery Rating
of 'RR1', indicating outstanding recovery prospects. Sonic's
unsecured notes are rated 'BB' with a Recovery Rating of 'RR4',
indicating average recovery prospects.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Financial policy decisions, including debt-financed M&A or share
repurchases, that result in EBITDAR leverage sustained above
4.25x;
- Weaker operating results than expected due to market share loss
and/or execution missteps, evident from EBITDA sustained materially
below $500 million.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increased confidence in Sonic maintaining EBITDAR leverage below
3.75x, either through a publicly articulated or demonstrated
financial policy, alongside operating performance in line with
Fitch's current expectations.
Liquidity and Debt Structure
As of Dec. 31, 2024, Sonic's liquidity totaled $522 million,
including $44 million in cash and equivalents, $339 available (net
of LOCs) under its $350 million ABL revolver due 2029 and $139
million available under its mortgage and Sidecar facilities due
2027. Separately, Sonic has $340 million in floorplan deposit
balances. While additional liquidity is accessible through
floorplan facilities, Fitch excludes these from total liquidity
resources due to the exclusion of floorplan payables from debt
calculations.
Total debt was $1.6 billion, comprising $367 million in borrowings
under the mortgage facility, $1.15 billion in unsecured notes due
2029- 2031 and $96 million in mortgage notes.
Issuer Profile
Sonic Automotive, Inc. is a new and used automotive retailer that
also provides parts and repair services and finance and insurance
products.
Summary of Financial Adjustments
Financial statement adjustments that depart materially from those
contained in the published financial statements are disclosed
below:
- EBITDA is adjusted for stock-based compensation;
- Floorplan financing is excluded from total debt and the related
floorplan interest expense is treated as an operating cost within
cost of goods sold;
- Lease-related interest and D&A are reclassified as operating
costs in the income statement and as operating cash outflows in the
cash flow statement, in accordance with Fitch's "Corporate Rating
Criteria";
- Balance sheet lease liabilities are used as lease-equivalent debt
starting in fiscal 2023, in accordance with Fitch's "Corporate
Rating Criteria" dated Dec. 6, 2024. Prior years used an 8x
multiple applied to lease expense for lease-equivalent debt.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Sonic Automotive, Inc. LT IDR BB Affirmed BB
senior unsecured LT BB Affirmed RR4 BB
senior secured LT BBB- Affirmed RR1 BBB-
SPENCER & ASSOCIATES: Seeks to Hire Lane Law Firm PLLC as Counsel
-----------------------------------------------------------------
Spencer & Associates Therapeutic Alliance, PLLC seeks approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire The Lane Law Firm, PLLC as counsel.
The firm will render these services:
(a) assist, advise and represent the Debtor relative to the
administration of the Chapter 11 case;
(b) assist, advise and represent the Debtor in analyzing its
assets and liabilities, investigate the extent and validity of lien
and claims, and participate in and review any proposed asset sales
or dispositions;
(c) attend meetings and negotiate with the representatives of
the secured creditors;
(d) assist the Debtor in the preparation, analysis and
negotiation of any plan of reorganization and disclosure statement
accompanying any plan of reorganization;
(e) take all necessary action to protect and preserve the
interests of the Debtor;
(f) appear, as appropriate, before this court, the appellate
courts, and other courts in which matters may be heard and protect
the interests of Debtor before said courts and the United States
Trustee; and
(g) perform all other necessary legal services in this case.
The firm's counsel will be paid at these hourly rates:
Robert Lane, Partner $595
Associate Attorney $500
Paralegals $250
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received payments for its retainer from the Debtor in the
amount of $35,000 on multiple dates from Feb. 10, 2025 through
March 24, 2025.
Mr. Lane disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert C. Lane, Esq.
The Lane Law Firm, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Telephone: (713) 595-8200
Facsimile: (713) 595-8201
Email: notifications@lanelaw.com
About Spencer & Associates Therapeutic Alliance
Spencer & Associates Therapeutic Alliance, PLLC operates an
outpatient mental health clinic.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31668) on March 28,
2025. In the petition signed by Regina Spencer, owner, the Debtor
disclosed $500,000 in assets and $10 million in liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert C Lane, Esq., the Lane Law Firm, represents the Debtor as
bankruptcy counsel.
SPLASH BEVERAGE: Needs More Time to File 2024 Annual Report
-----------------------------------------------------------
Splash Beverage Group, Inc. filed a Notification of Late Filing on
Form 12b-25 with the U.S. Securities and Exchange Commission,
informing that it has determined that it is unable to file its
Annual Report on Form 10-K for the fiscal year ended December 31,
2024 by April 15, 2025, the original due date for such filing,
without unreasonable effort or expense because it requires
additional time to complete its financial statements.
The Company expects to file the Form 10-K no later than the fifth
calendar day following the prescribed filing date.
About Splash Beverage Group
Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a
portfolio company specializing in managing multiple brands across
various growth segments within the consumer beverage industry. The
Company focuses on incubating and acquiring brands with the aim of
accelerating them to higher volumes and increased sales revenue.
Rose, Snyder & Jacobs, based in Encino, California, and the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated March 29, 2024. The qualification
highlighted that the Company has experienced recurring losses from
operations, an accumulated deficit, and a working capital
deficiency, which raise substantial doubt about its ability to
continue as a going concern.
Splash Beverage Group incurred a net loss of $21 million for the
year ended December 31, 2023. As of June 30, 2024, Splash Beverage
Group had $8,057,812 in total assets, $18,411,650 in total
liabilities, and $10,353,838 in total stockholders' deficit.
STEWARD HEALTH: PCO Hires Kane Russell Coleman Logan as Counsel
---------------------------------------------------------------
Susan Goodman, the patient care ombudsman of Steward Health Care
System, LLC, seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Kane Russell Coleman Logan PC as
counsel.
The firm will provide these services:
a. advise the Ombudsman regarding the Ombudsman's powers and
duties under applicable law with respect to the Ombudsman's role in
these Bankruptcy Cases, including topics associated with patient
notice and records;
b. serve as counsel of record for the Ombudsman in all legal
aspects of these Bankruptcy Cases, including without limitation,
the prosecution of actions on behalf of the Ombudsman that are
necessary and appropriate to monitor the quality of patient care
and to represent the interests of Debtors' patients;
c. prepare pleadings in connection with the foregoing
Services; and
d. appear before this Court to represent the interests of the
Ombudsman in connection with the foregoing Services.
The firm will be paid at these rates:
Director $650
Senior Attorney $600
Associate $400
Paraprofessionals $250 to $325
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
J. Casey Roy, Esq., a partner at Kane Russell Coleman Logan PC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jason Binford, Esq.
J. Casey Roy, Esq.
Kane Russell Coleman Logan PC
401 Congress Ave. Suite 2100
Austin, TX 78701
Tel: (512) 487-6572
Email: croy@krcl.com
jbinford@krcl.com
About Steward Health Care
Steward Health Care System, LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed Chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge
Christopher M. Lopez oversees the proceeding.
The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; McDermott Will & Emery as special corporate and regulatory
counsel; AlixPartners, LLP as financial advisor and John Castellano
of AlixPartners as chief restructuring officer. Lazard Freres & Co.
LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc., provide investment banking services to the
Debtors. Kroll is the claims agent.
Susan N. Goodman has been appointed as patient care ombudsman in
the Debtors' Chapter 11 cases.
STICKY FINGERS: Seeks to Hire Cooper Law Firm as Legal Counsel
--------------------------------------------------------------
Sticky Fingers Restaurants, LLC seeks approval from the U.S.
Bankruptcy Court for the District of South Carolina to hire The
Cooper Law Firm as legal counsel.
The firm will render these services:
(a) provide the Debtor legal advice with respect to its powers
and duties in the continued management and control of its assets,
and responsibilities regarding its liabilities to its creditors;
(b) provide legal advice to the Debtor regarding its
responsibility to provide insurance and bank account information,
to file monthly operating reports with this court, to pay quarterly
fee to the U.S. Trustee's Office, to seek and receive through its
attorney consent of this court to incur debt or sell property, to
file a Plan of Reorganization and Disclosure Statement within 180
days of filing of the petition, and to file a Final Report,
Accounting and Request for Final Decree as soon after Confirmation
of the Plan as is feasible, but no later than 120 days after
confirmation of the plan; and
(c) prepare the petition, schedules, statement of financial
affair, plan of reorganization disclosure statement, final report,
final accounting, final decree, as well as any of the necessary
applications, answers, orders, reports, or legal documents relative
to the Chapter 11 case.
The firm will be paid at these hourly rates:
Robert Cooper, Attorney $395
Associate Lawyers $295
The firm received a retainer of $25,000 plus the $1,738 filing fee
from the Debtor.
Mr. Cooper disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert H. Cooper, Esq.
The Cooper Law Firm
1610 Gowdeysville Road
Gaffney, SC 29340
Telephone: (864) 271-9911
Email: rhcooper@thecooperlawfirm.com
About Sticky Fingers Restaurants LLC
Sticky Fingers Restaurants LLC offers a variety of hickory-smoked
meats and Southern barbecue specialties in a casual dining
setting.
Sticky Fingers Restaurants LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-00774) on
March 1, 2025. In its petition, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.
Robert H. Cooper, Esq. at THE COOPER LAW FIRM represents the Debtor
as counsel.
STONY BROOK: Seeks Chapter 11 Bankruptcy in New York
----------------------------------------------------
On April 7, 2025, Stony Brook Drywall Corporation filed Chapter
11 protection in the U.S. Bankruptcy Court for the Eastern
District of New York. According to court filing, the
Debtor reports $1,075,605 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Stony Brook Drywall Corporation
Stony Brook Drywall Corporation, located in Stony Brook, NY,
specializes in drywall, ceiling installation, and a variety of
finishing services, including acoustic treatments, plaster, and
tile work. Serving both residential and commercial clients, the
Company offers comprehensive solutions for building interiors.
Stony Brook Drywall Corporation sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71366)
on April 7, 2025. In its petition, the Debtor reports total assets
of $248,225 and total liabilities of $1,075,605.
Honorable Bankruptcy Judge Louis A. Scarcella handles the case.
The Debtor is represented by Gary C. Fischoff, Esq. at BERGER,
FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP.
SULLIVAN MECHANICAL: Seeks to Hire Cottonwood Commercial as Broker
------------------------------------------------------------------
Sullivan Mechanical Contractors, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Virginia to employ
Cottonwood Commercial as its real estate broker.
The Debtor needs a broker to assist in the sale of its real
properties.
The broker will receive a commission of 5 percent of the gross
purchase price.
Jeremy Litwiller, an associate broker at Cottonwood Commercial,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Jeremy A. Litwiller
Cottonwood Commercial
1958 Evelyn Byrd. Ave.
Harrisonburg, VA 22801
About Sullivan Mechanical Contractors
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 MECHANICAL: Seeks to Hire Tavenner & Beran as Counsel
--------------------------------------------------------------
Sullivan Mechanical Contractors, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Virginia to employ
Tavenner & Beran, PLC as its counsel.
The firm will render these services:
(a) prepare and file schedules of assets and liabilities,
statement of financial affairs, and other pleadings necessary for
the filing of a Chapter 11 petition;
(b) represent and advise the Debtor in seeking court approval
for use of cash and/or other financing alternatives;
(c) represent and advise the Debtor in opposing complaints
filed by creditors seeking relief from the automatic stay against
any act or proceeding to enforce a lien against estate property or
to continue any action against Sullivan;
(d) represent and advise the Debtor in connection with the
enforcement of any violation of the automatic stay by creditors in
possession of estate property;
(e) represent and advise the Debtor in all proceedings and
negotiations relating to the assumption, rejection, and assignment
of leases and other executory contracts;
(f) represent and advise the Debtor in proceedings and
negotiations relating to the sale and/or financing of assets;
(g) assist the Debtor in formulating, preparing, and filing
plan(s) of reorganization under Chapter 11 and in preparing related
documents and pleadings;
(h) represent and advise the Debtor in the prosecution and
recovery of any preferential payments and in other avoidance
actions; and
(i) represent and advise the Debtor in all matters not
specified above in connection with the Chapter 11 case and related
Chapter 11 proceedings.
The hourly rates of the firm's counsel are as follows:
Lynn L. Tavenner, Partner/Member $695
Paula S. Beran, Partner/Member $680
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $15,000
from the Debtor.
Ms. Beran disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Lynn L. Tavenner, Esq.
Paula S. Beran, Esq.
Tavenner & Beran, PLC
20 North 8th Street
Richmond, VA 23219
Telephone: (804) 783-8300
Facsimile: (804) 783-0178
Email: ltavenner@tb-lawfirm.com
pberan@tb-lawfirm.com
About Sullivan Mechanical Contractors
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.
TAKARA GROUP: Gets Interim OK to Use Cash Collateral
----------------------------------------------------
Takara Group, LLC received interim approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia, Richmond
Division, to use cash collateral.
The Debtor requires cash flow to fund its working capital needs,
including paying employees, or else its business will suffer
irreparable harm.
The Debtor is unable to pay employees for the payroll cycle ending
March 28 due to insufficient funds.
The Debtor's primary bank account, held at Wells Fargo, was
garnished by Retail Capital Holdings, LLC (Credibly) for $27,990
leaving the account with a zero balance.
Credibly is creditor of the Debtor that has an active UCC-1 lien on
the Debtor's assets.
A final hearing is scheduled for April 23.
About Takara Group LLC
Takara Group, LLC is a full-service restaurant specializing in
serving ramen noodle dishes.
The Debtor filed Chapter 11 petition (Bankr. E.D. Va. Case No.
25-31283) on April 1, 2025, listing up to $100,000 in assets and up
to $1 million in liabilities.
Christopher M. Winslow, Esq., at Winslow, McCurry & MacCormac ,
PLLC, represents the Debtor as legal counsel.
TALLULAH'S TAQUERIA: Seeks Subchapter V Bankruptcy in Rhode Island
------------------------------------------------------------------
On April 7, 2025, Tallulah's Taqueria LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of Rhode
Island. According to court filing, the Debtor reports between $1
million and $10 million in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About Tallulah's Taqueria LLC
Tallulah's Taqueria LLC, located in Providence, RI, offers a
selection of authentic Mexican dishes, including tacos, burritos,
and bowls, with a focus on fresh, high-quality ingredients. With a
commitment to community and hospitality, the taqueria operates in
multiple locations, including outdoor seating and a seasonal spot
in Jamestown.
Tallulah's Taqueria LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 25-10270)
on April 7, 2025. In its petition, the Debtor reports estimated
assets between $50,000 and $100,000 and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Diane Finkle handles the case.
The Debtor is represented by Thomas P. Quinn, Esq. at
McLAUGHLINQUINN LLC.
THERAPY BRANDS: Moody's Alters Outlook on 'Caa1' CFR to Negative
----------------------------------------------------------------
Moody's Ratings affirmed Therapy Brands Holdings LLC's (Therapy
Brands) Caa1 corporate family rating and Caa1-PD probability of
default rating. Concurrently, Moody's affirmed the company's senior
secured first lien bank credit facilities ratings, which consists
of a $40 million revolver due 2026, a $235 million term loan due
2028, and a $60 million delayed draw term loan due 2028 at B3, as
well as the senior secured second lien bank credit facilities
ratings, which consists of a $95 million second lien term loan due
2029 and a $40 million second lien delayed draw term loan due 2029
at Caa3. Moody's changed the outlook to negative from stable.
Therapy Brands' software supports integrated practice management,
revenue cycle management, electronic health records and payment
solutions for health practitioners providing mental health and
rehabilitation services.
The rating affirmations and revision of the outlook to negative
from stable reflects Moody's expectations for suppressed profit
margins and continued cash burn during 2025. Unless the undrawn
revolver is extended Moody's anticipates the company's liquidity
will not afford the company the time to complete its turn-around
efforts. The company has made progress, but is still undergoing a
comprehensive integration and improvement of its products and
software platforms, as well as addressing operational
inefficiencies and strategic pricing actions, which can generate
substantial long-term savings. However, these investments have also
increased near term costs and operational risks.
ESG considerations were key drivers of actions, especially with
respect to governance, driven by financial strategies including a
tolerance for very high financial leverage.
RATINGS RATIONALE
Therapy Brand's Caa1 CFR reflects the company's very high financial
leverage, small scale and negative cash flow generation. As of the
last twelve months ended September 30, 2024, the company's
debt/EBITDA was well over 10x (including Moody's adjustments).
All financial metrics cited reflect Moody's standard adjustments.
Since 2023, the company has increased investments in building a new
go to market and consolidation strategy, causing profit margins to
contract, debt/EBITDA to increase, and cash flow generation to
become negative. Moody's view the company's efforts to generate
better operating efficiencies and cross selling opportunities by
integrating its product set and migrating to one, consolidated
software platform as a strategic positive. However the ongoing
investments will keep debt/EBITDA leverage higher for longer, while
further pressuring liquidity with continued negative cash flow
generation in a high interest rate environment. Additionally, such
customer software platform and product migrations can present risks
of increased churn.
The rating reflects governance risks stemming from its concentrated
ownership structure and control by the private equity owner, which
has resulted in aggressive financial policies with a tolerance for
high debt/EBITDA leverage and a history of debt-funded
acquisitions.
The credit profile benefits from Therapy Brands' strong
profitability, with EBITDA margins typically over 25% and a stable
revenue base, supported by software-as-a-service (SaaS)
subscriptions.
Moody's considers Therapy Brands' liquidity as weak, supported by
the company's $28 million cash balance as of September 30, 2024
(although Moody's expects cash was lower at year end) and
fully-available, $40 million revolver, which Moody's views as
sizable given the company's small scale. However, given the
expected cash burn to continue during 2025 (although to a lesser
extent vs 2024), Moody's expects cash balances to diminish during
the year, with some risk of the company relying on their revolver
during the next 12 months. Since the revolver expires in May 2026,
becoming current next month, Moody's expects the company will take
steps to extend its maturity. However, with some extension risk due
to company performance and current market turbulence, Moody's do
not consider it a source of liquidity over the next 12 to 15
months. The revolver is subject to a springing first lien net
leverage covenant of less than 9.5x when the drawn amount exceeds
$16 million. Moody's do not expect the covenant to be tested during
2025.
The B3 senior secured first lien ratings, one notch above the Caa1
CFR, is driven by their priority lien position ahead of and the
loss absorption benefit provided by the junior ranking debt. The
Caa3 senior secured second lien ratings reflect their ranking
junior to and first loss position with respect to the company's
senior secured first lien obligations.
The negative outlook reflects Moody's concern that the company may
not be able to maintain adequate liquidity to complete its business
improvement initiatives. The negative outlook also reflects Moody's
expectations for very high debt leverage, suppressed profit margins
and continued cash burn during 2025. The outlook could be revised
to stable if revenues grow with expanding profit margins and the
liquidity profile becomes at least adequate through some
combination of lower cash burn and greater external liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the change in outlook to negative, an upgrade to the ratings
is unlikely in the near term. Over the longer term, the ratings
could be upgraded if revenue growth and EBITDA margins rebound with
expectations of growth and positive free cash flow, as well as a
decrease in debt/EBITDA towards 6.5x with an improvement in
liquidity.
The ratings could be downgraded if revenue and profitability
margins do not improve. The ratings can also be downgraded if
liquidity deteriorates, heightening the risk of a default event.
Therapy Brands, founded in 2013 and headquartered in Birmingham,
AL, is a provider of integrated software-as-a-service solutions
including, EHR (electronic health record), PMS (practice management
solutions) RCM (revenue cycle management) and payment solutions to
the mental health, behavioral health and rehabilitation markets.
The company is majority owned by affiliates of Kohlberg Kravis
Roberts & Co. Inc. (KKR), a New York based investment management
firm, with a significant minority ownership held by Providence
Strategic Growth. Revenue for the twelve months ended September 30,
2024 were $142 million.
The principal methodology used in these ratings was Software
published in June 2022.
THOMPSON ELECTRIC: Sec. 341(a) Meeting of Creditors on May 8
------------------------------------------------------------
On April 7, 2025, Thompson Electric Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Tennessee. According to court filing, the
Debtor reports $3,404,013 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Section 341(a) to be held on May 8,
2025 at 10:00 AM via Meeting held telephonically. Please call
877-934-2472 and enter code 8613356#.
About Thompson Electric Inc.
Thompson Electric Inc. is an electrical service provider based in
Lebanon, TN, specializing in residential and commercial electrical
installations, repairs, and large-scale projects.
Thompson Electric Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01471) on April 7,
2025. In its petition, the Debtor reports total assets of
$1,252,208 and total liabilities of $3,404,013.
Honorable Bankruptcy Judge Nancy B King handles the case.
The Debtor is represented by R. Alex Payne, Esq. at DUNHAM
HILDEBRAND PAYNE WALDRON, PLLC.
TRISTATE DEVELOPMENT: Seeks to Hire Steven H. Greenfeld as Counsel
------------------------------------------------------------------
Tristate Development, LLC and Piscataway Bay Holdings, LLC seek
approval from the U.S. Bankruptcy Court for the District of
Maryland to employ the Law Office of Steven H. Greenfeld, LLC as
counsel.
The firm will render these services:
(a) advise the Debtors with respect to their powers and duties
in the continued management of their business and property;
(b) prepare legal papers; and
(c) perform all other necessary legal services for the
Debtors.
The firm's normal hourly rate is $495.
Steven Greenfeld, Esq., disclosed in a court filing that his firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Steven H. Greenfeld, Esq.
Law Office of Steven H. Greenfeld, LLC
325 Ellington Boulevard, A#620
Gaithersburg, MD 20878
Telephone: (301) 881-8300
Email: Steveng@cohenbaldinger.com
About Tristate Development
Tristate Development LLC owns a 37.548-acre property located at
Lusby's Lane, Brandywine, MD 20613, with an estimated value of $1.6
million.
Tristate Development LLC and Piscataway Bay Holdings, LLC sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md.
Lead Case No. 25-12552) on March 3, 2025. In its petition, Tristate
Development disclosed up to $10 million in both assets and
liabilities.
Judge Lori S. Simpson oversees the case.
The Debtors are represented by Steven Greenfeld, Esq. at Law Office
of Steven H. Greenfeld.
TROPICANA BRANDS: Debt Deal Splits Creditors Into Winners, Losers
-----------------------------------------------------------------
Eliza Ronalds-Hannon and Reshmi Basu of Bloomberg News report that
Tropicana Brands Group has secured a $400 million cash infusion
from a select group of lenders, according to sources familiar with
the matter, after the company's earnings declined due to crop
blights and evolving consumer tastes.
In return, the lenders received elevated repayment priority over
other creditors, the sources said. They will also have the
opportunity to swap their existing debt for new obligations ranking
just below the $400 million in the repayment structure, the sources
added.
The Troubled Company Reporter, citing Steven Church of Bloomberg
News, previously reported that Tropicana Brands Group, facing
liquidity challenges amid weak juice sales, is
weighing competing cash infusion offers from new lenders and
existing debt holders, according to sources familiar with the
matter.
Among the proposals is a loan offer from TPG Angelo Gordon, the
sources said, asking not to be identified as the talks are
private.
About Tropicana Brands Group
Tropicana Brands Group produces fruit juices, smoothies and other
beverages based in Chicago, Illinois.
TRUE VALUE: Gets Post-Sale Chapter 11 Plan Court Approval
---------------------------------------------------------
Ben Zigterman of Law360 reports that a Delaware bankruptcy judge
said she would approve hardware store supplier True Value Co. 's
Chapter 11 plan, which will distribute the proceeds of its $153
million sale to stalking horse bidder Do It Best.
The Troubled Company Reporter previously reported that True Value
Company, LLC, and its affiliates submitted an Amended Disclosure
Statement for the Second Amended Joint Chapter 11 Plan dated
February 12, 2025.
The Plan provides for the distribution of the Distributable
Proceeds in accordance with the priorities and requirements of the
Bankruptcy Code. The Plan provides for, among other things, the
treatment of approximately $238.2 million of the Prepetition
Lenders' Claims and approximately $1.45 billion of General
Unsecured Claims, maximizing creditor recoveries.
The Plan provides for the appointment of a Plan Administrator to
be
the sole director, officer, and manager of the Debtors to
implement
the Plan and ultimately wind-down the Debtors' business affairs.
The Plan Administrator, who shall also serve as Litigation
Trustee,
shall be empowered to, among other things, administer and
liquidate
all Assets, object to and settle Claims, and prosecute Retained
Causes of Action in accordance with the Plan.
Class 3 consists of Prepetition Lender Claims. Holders of
Prepetition Lender Claims shall receive:
* Subject to the terms and conditions of the Cash Collateral
Order:
-- upon the conclusion of the Administrative Claims
Reconciliation Period (as defined in the Cash Collateral Order),
i.e., February 20, 2025, any Retained Funds that were not used, or
identified for use on account of incurred or accrued
Administrative
Claims that have been reconciled, by the Debtors' Estates to pay
Allowed Administrative Claims up to the full amount of the
Indebtedness (as defined in the Cash Collateral Order);
-- no later than 90 days following the closing of the Sale
(i.e., February 20, 2025), any excess funds in any of the 90 Day
Buckets that are not required to address or pay the Allowed
Administrative Claims or priority Claims for which such 90 Day
Buckets were established to address, or to cover shortfalls in
other 90 Day Buckets in accordance with the Fungibility Mechanisms
up to the full amount of the Indebtedness;
-- no later than the earlier of (1) the Effective Date and
(2)
90 days following the termination of the Transition Services
Agreement, any excess funds in any of the 90+ Day Buckets other
than the Wind Down Budget Reserve that are not required to address
or pay the Allowed Administrative Claims or priority Claims for
which such 90+ Day Buckets were established to address, or to
cover
shortfalls in other reserves in accordance with the Fungibility
Mechanisms up to the full amount of the Indebtedness; and
-- no later than 90 days following the termination of the
Transition Services Agreement, any excess funds in the Wind Down
Budget Reserve that are not required to address or pay the Allowed
Administrative Claims or priority Claims for which the Wind Down
Budget Reserve was established to address up to the full amount of
the Indebtedness.
* As and when received, in accordance with the Cash Collateral
Order, promptly upon receipt, any Cash the Debtors have on hand,
including, for the avoidance of doubt, such funds received by the
Debtors after the Closing other than funds received pursuant to
the
Transition Services Agreement.
* On the Effective Date, the Litigation Trust Prepetition
Lender
Interests.
All Cash necessary for the Debtors to fund distributions, make
payments or otherwise satisfy any obligations under the Plan shall
be funded in accordance with the Cash Collateral Order; provided
that, to the extent the Transition Services Agreement requires the
Debtors to make any payments or take any other actions associated
therewith, the amount of any such payments or distributions or the
cost of taking such actions shall be funded solely by the
Purchaser.
Except as set forth herein, any changes in intercompany account
balances resulting from such transfers may be accounted for and/or
settled in accordance with the Debtors' historical intercompany
account settlement practices and any such action will not violate
the terms of the Plan.
A full-text copy of the Second Amended Plan dated February 12,
2025
is available at https://urlcurt.com/u?l=fUqZZY from
PacerMonitor.com at no charge.
About True Value Company
True Value Company, headquartered in Chicago, is one of the world's
leading hardlines wholesalers with over 75 years of experience.
True Value Company has an international network of 4,500
independently owned and operated stores that are committed to
providing customers exceptional products and expert guidance for
their DIY and home maintenance projects.
True Value Company, L.L.C. and certain of its affiliates initiated
voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No.
24-12337) on October 14, 2024. True Value estimated total assets of
$100 million to $500 million and liabilities of $500 million to $1
billion as of the bankruptcy filing.
Skadden, Arps, Slate, Meagher & Flom LLP; Glenn Agre Bergman &
Fuentes LLP; and Young Conaway Stargatt & Taylor, LLP, are serving
as legal counsel, M3 Partners, LP, is serving as financial advisor;
and Houlihan Lokey is serving as investment banker to the Company.
Omni Agent Solutions is the claims agent.
TRULEUM INC: Delays 2024 10-K Filing to Complete Disclosures
------------------------------------------------------------
Truleum, Inc. filed a Notification of Late Filing on Form 12b-25
with the U.S. Securities and Exchange Commission, informing that it
was unable to file its Annual Report on Form 10-K for the year
ended December 31, 2024 by the prescribed date, without
unreasonable effort or expense, because the Company needs
additional time to complete certain disclosures and analyses to be
included in the Report.
In accordance with Rule 12b-25 promulgated under the Securities
Exchange Act of 1934, as amended, the Company intends to file the
Report on or prior to the 15th calendar day following the
prescribed due date.
About Truleum
Truleum, Inc. -- www.truleum.com -- is an energy company focused on
the exploration, development, and production of oil and natural gas
reserves. The company aims to leverage advanced technologies to
optimize extraction processes and maximize resource efficiency.
The Company has minimal cash or other current assets and does not
have an established ongoing source of revenues sufficient to cover
its operating costs and to allow it to continue as a going concern.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern. The ability of the Company
to continue as a going concern is dependent on the Company
obtaining adequate capital to fund operating losses until it
becomes profitable. If the Company is unable to obtain adequate
capital, it could be forced to cease operations, according to the
Company's Quarterly Report for the period ended March 31, 2024.
As of March 31, 2024, Truleum had $1,950,635 in total assets,
$4,974,422 in total liabilities, and $3,023,787 in total
stockholders' deficit.
TURNONGREEN INC: Delays 10-K Filing Due to Review Constraints
-------------------------------------------------------------
TurnOnGreen, Inc. filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission, informing
that the compilation, dissemination and review of the information
required to be presented in the Form 10-K for the year ended
December 31, 2024 has imposed requirements that have rendered
timely filing of the Form 10-K impracticable without undue hardship
and expense to the Company.
About TurnOnGreen Inc.
TurnOnGreen, Inc. (formerly known as Imperalis Holding Corp.), a
Nevada corporation, through its wholly owned subsidiaries Digital
Power Corporation and TOG Technologies Inc., is engaged in
thedesign, development, manufacture, and sale of highly engineered,
feature-rich, high-grade power conversion and power system
solutions for mission-critical applications and processes.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated April
11, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
TurnOnGreen had a net loss of $4.83 million for the year ended
December 31, 2023, compared to a net loss of $4.22 million in 2022.
As of June 30, 2024, TurnOnGreen had $3.94 million in total assets,
$10.91 million in total liabilities, $25 million in redeemable
convertible preferred stock, and $31.97 million in total
stockholders' deficit.
TZADIK HIDDEN: Case Summary & 15 Unsecured Creditors
----------------------------------------------------
Debtor: Tzadik Hidden Hills Apartments, LLC
2450 Hollywood Blvd Ste 503
Hollywood, FL 33020
Business Description: Tzadik Hidden Hills Apartments, LLC is a
property management company that owns and
operates residential apartment complex in
Sioux Falls, South Dakota, offering a range
of modern living amenities.
Chapter 11 Petition Date: April 10, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 25-13884
Judge: Hon. Scott M. Grossman
Debtor's Counsel: MorganB. Edelboim, Esq.
EDELBOIM LIEBERMAN PLLC
2875 NE 191st Street, Penthouse One
Suite 905
Miami, FL 33180
Tel: 305-768-9909
E-mail: morgan@elrolaw.com
Total Assets: $28,150,000
Total Liabilities: $16,245,570
The petition was signed by Adam Hendry as authorized agent.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/IOQL7BI/Tzadik_Hidden_Hills_Apartments__flsbke-25-13884__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 15 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Breit & Boomsma, P.C. Business $33,865
606 E. Tan Tara Circle Operations
Sioux Falls, SD 57108
2. Conservice LLC Trade Debt $7,101
P.O. Box 1500
Hemet, CA 92546
3. CT Corporation Trade Debt $685
PO Box 4349
Carol Stream, IL 60197
4. Midcontinent Communications Trade Debt $1,794
PO Box 5010
Sioux Falls, SD 57117
5. Norberg Paints Inc. Trade Debt $958
326 E 14th Street
Sioux Falls, SD 57104
6. Novak Sanitary Service - UM Trade Debt $4,418
Sioux Falls, SD 57107
7. Nybergs Ace Hardware, Inc. Trade Debt $731
330 W. 41st Street
Sioux Falls, SD 57105
8. Plunkett's Pest Control, Inc. Trade Debt $3,149
40 52nd Way Northeast
Minneapolis, MN 55421
9. Presto X Trade Debt $2,769
27113 Independence Avenue
Sioux Falls, SD 57108
10. Select Painting, LLC Trade Debt $29,669
27313 La Valley Place
Harrisburg, SD 57032
11. Shut the Door Inc. Trade Debt $2,657
dba Garage Door
3509 S. Phillips Avenue
Sioux Falls, SD 57105
12. Sioux Falls Utilities - UM Trade Debt $10,250
224 West 9th Street
Sioux Falls, SD 57117
13. TK Elevator Corporation Trade Debt $17,114
PO Box 3796
Carol Stream, IL 60132
14. Xcel Energy - UM Trade Debt $10,375
PO Box 9477
Minneapolis, MN 55484
15. Xtreme Cleaning Services Trade Debt $823
311 E North Ave
Salem, SD 57058
UNIVERSITY OF THE ARTS: Gets Chapter 7 Property Sale Court Approval
-------------------------------------------------------------------
Vince Sullivan of Law360 reports that on Tuesday, April 8, 2025,
the Delaware bankruptcy court approved Philadelphia's University of
the Arts' sale of a historic building, marking the seventh and
final real estate sale in the closed school's Chapter 7 case.
About The University of the Arts
Philadelphia's The University of the Arts is a not-for-profit
corporation. UArts was an institution accredited by the Middle
States Commission on Higher Education and offered degrees in visual
arts and performing arts fields.
U of Arts Finance, LLC, and The University of the Arts sought
Chapter 7 bankruptcy protection (Bankr. D. Del. Case Nos. 24-12139
and 24-12140) on Sept. 13, 2024.
The school listed $93.32 million in assets against $74.18 million
in liabilities in schedules attached to the petition. The school
said its properties in Philadelphia, which includes several
performing arts venues and residence halls, are worth $87.07
million. Secured debt totals $68.96 million, with UMB Bank N.A. (on
behalf of noteholders) and TD Bank listed as secured creditors.
Montgomery, McCracken, Walker & Rhoads LLP is serving as the
Debtors' counsel.
US LIGHTING: Delays 2024 10-K Filing Due to CFO Vacancy
-------------------------------------------------------
US Lighting Group, Inc. filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission, informing
that it was unable to timely file its Form 10-K for the year ended
December 31, 2024 because the Company has not yet identified a new
chief financial officer to replace Michael A. Coates, who stepped
down as the Company's CFO on September 27, 2024.
According the Company, its lack of a full-time CFO has unavoidably
delayed the completion of the 2024 Form 10-K. Although it intends
to file the 10-K as soon as possible, the Company does not expect
to make the filing within the fifteen-day extension period provided
by Rule 12b-25.
About US Lighting
Headquartered in Euclid, Ohio, US Lighting Group, Inc., is an
innovative composite manufacturer utilizing advanced fiberglass
technologies in growth sectors such as high-end recreational
vehicles (RVs), prefabricated off-grid houses, and high-performance
powerboats. The Company derives expertise and inspiration from the
marine industry, where the harshest conditions are expected and met
with superior engineering and the latest in composite technology.
The Company plans to expand its manufacturing footprint, enhance
production techniques, and develop more products in the RV, marine,
and composite housing sectors. Its current R&D efforts are focused
on future tow-behind camper models under the Cortes Campers brand,
as well as the prefabricated housing segment.
Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2024, citing that the Company has suffered recurring
losses from operations and has a significant accumulated deficit.
In addition, the Company continues to experience negative cash
flows from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
As of Sept. 30, 2024, US Lighting Group had $3.04 million in total
assets, $8.87 million in total liabilities, and a total
shareholders' deficit of $5.83 million.
VALHALLA LAND: Seeks to Hire Rafool & Bourne as Bankruptcy Counsel
------------------------------------------------------------------
Valhalla Land Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of Illinois to employ Rafool &
Bourne, PC as counsel.
The firm will render these services:
(a) provide the Debtor legal advice with respect to its
rights, powers and duties in connection with the administration of
its bankruptcy estate and the disposition of its property;
(b) take such action as may be necessary with respect to
claims that may be asserted against the Debtor and property of its
estate;
(c) prepare legal documents as may be necessary in connection
with the appropriate administration of this case;
(d) represent the Debtor with respect to inquiries and
negotiations concerning creditors of its estate and property;
(e) initiate, defend or otherwise participate on behalf of the
Debtor in all proceedings before this court or any other court of
competent jurisdiction; and
(f) perform any and all other legal services on behalf of the
Debtor which may be required to aid in the proper administration of
its bankruptcy estate.
Sumner Bourne, Esq., the primary attorney in this representation,
will be paid at his hourly rate of $300 plus expenses.
Prior to the petition date, the firm received a retainer of
$17,154.23 from the Debtor.
Mr. Bourne disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Sumner A. Bourne, Esq.
Rafool & Bourne, PC
401 Main Street, Suite 1130
Peoria, IL 61602
Telephone: (309) 673-5535
Email: notices@rafoolbourne.com
About Valhalla Land Holdings
Valhalla Land Holdings, LLC filed its voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr. C.D.
Ill. Case No. 25-80201).
Sumner A. Bourne, Esq., at Rafool & Bourne, PC serves as the
Debtor's counsel.
VERITAS FARMS: Delays Filing of 2024 Annual Report
--------------------------------------------------
Veritas Farms, Inc. filed a Notification of Late Filing on Form
12b-25 with the U.S. Securities and Exchange Commission, informing
that it has determined that it is unable to file its Annual Report
on Form 10-K for the year ended December 31, 2024 within the
prescribed time period for the reasons set forth below.
The Company is unable to file its 2024 Annual Report within the
prescribed time period without unreasonable effort or expense as
the Company needs additional time to provide information to its
independent registered public accounting firm necessary to complete
the review of the financial statements for the year ended December
31, 2024. Despite working diligently to timely file its 2024 Annual
Report, the Company will be unable to complete all work necessary
to timely file its 2024 Annual Report.
About Veritas
Fort Lauderdale, Florida-based Veritas Farms, Inc. --
https://www.TheVeritasFarms.com/ -- is a vertically-integrated
agribusiness focused on growing, producing, marketing, and
distributing whole plant, full spectrum hemp oils and extracts
containing naturally occurring phytocannabinoids. Veritas Farms
owns and operates a 140-acre farm in Pueblo, Colorado, capable of
producing over 200,000 proprietary full spectrum hemp plants which
can potentially yield a minimum annual harvest of 250,000 to
300,000 pounds of outdoor-grown industrial hemp.
Hackensack, NJ-based Prager Metis CPAs LLC, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 17, 2023, citing that the Company has sustained
substantial losses from operations since its inception. As of and
for the year ended Dec. 31, 2022, the Company had an accumulated
deficit of $39,474,622, and a net loss of $5,543,908. These
factors, among others, raise substantial doubt about the ability of
the Company to continue as a going concern within a year from the
date the financial statements are issued. Continuation as a going
concern is dependent on the ability to raise additional capital and
financing, though there is no assurance of success.
VETCORE TECHNOLOGY: Seeks Chapter 11 Bankruptcy in Texas
--------------------------------------------------------
On April 7, 2025, Vetcore Technology LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Texas. According to court filing, the Debtor reports between
$1 million and 10 million in debt owed to 50 and 99 creditors.
The petition states funds will be available to unsecured
creditors.
About Vetcore Technology LLC
Vetcore Technology LLC is a service-disabled veteran-owned small
business based in Cypress, Texas, specializing in electrical
contracting, telecommunications infrastructure, and IT project
management. Founded in 2017, the Company offers a wide range of
services, including structured data network cabling and security
system installations, serving clients across various industries,
from government agencies to large corporations.
Vetcore Technology LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31943) on April 7,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Jeffrey P. Norman handles the case.
The Debtor is represented by Broocks M. Wilson, Esq. at WILSON
FRIERY PLLC.
VICINITY MOTOR: Seeks to Sell Electric Vehicle Business at Auction
------------------------------------------------------------------
FTI Consulting Canada Inc., in its capacity as the receiver
appointed in the Canadian insolvency proceeding of Vicinity Motor
Corp., Vicinity Motor (Bus) Corp., Vicinity Motor (Bus) USA Corp.,
and Vicinity Motor Property, LLC, seeks permission from the U.S.
Bankruptcy Court for the Western District of Washington, Seattle,
to sell certain assets in Auction, free and clear of liens,
interests, and encumbrances.
Vicinity Motor Corp. is a public company listed on the TSX Venture
Exchange. Vicinity Parent’s direct and indirect subsidiaries
include Vicinity Motor (Bus) Corp., Vicinity Motor (Bus) USA Corp.,
and Vicinity Motor Property, LLC.
The Debtors collectively conduct business as a North American
supplier of electric commercial vehicles for both public and
commercial enterprise use, operating primarily in British Columbia,
Canada and in Washington State.
The Debtors' management and operations are directed from and
located in Canada, along with some of the Debtors’ assets;
however, the Debtors also own valuable assets located in the United
States, including real and personal property in Washington.
The Debtors' primary assets are interests in various electric buses
and trucks and other motor vehicles, and certain real property
located at 5453 and 5457, Pacific Fern Drive, Ferndale, Washington.
The Debtors employ auctioneer McDougall Auctioneers Ltd. to auction
the Property.
The Receiver is aware of two non-debtor entities that hold security
interests in the Assets: Royal Bank of Canada and Economic
Development Canada.
As a result of the Marketing Process, the Receiver received 10
offers, two of which were for en bloc transactions. Three of the
offers were from strategic buyers and seven were from auctioneers
or asset purchasers.
The key terms of the Auction Services Agreement include: the
Auctioneer will pay to the Receiver a Net Minimum Guarantee amount,
with 10% of the NMG Amount due to the Receiver within three
business days of the Auctioneer accepting the Auction Services
Agreement, and the balance due at least two business days prior to
the action; the Auctioneer will conduct a sale of the Assets on the
Receiver’s behalf and split the proceeds as follows: first, the
estate will keep all proceeds up to the NMG Amount, second, the
next proceeds will be retained by the Auctioneer up to a set
amount, and third, any proceeds above the total of the NMG Amount
and the Auctioneer Amount, excluding buyer's premiums retained by
the Auctioneer, will be split between the estate and the
Auctioneer; the Auctioneer will conduct an unreserved online timed
auction sale on May 15 and 16, 2025.
The Application is scheduled for hearing on April 22, 2025, such
that the Receiver anticipates the Canadian Court will enter the
Vesting Order in the Canadian Proceeding on or soon after April 22,
2025.
About Vicinity Motor Corp.
The Debtors collectively conduct business as a North American
supplier of electric commercial vehicles for both public and
commercial enterprise use, operating primarily in British Columbia,
Canada and in Washington State. The Debtors' management and
operations are directed from and located in Canada, along with some
of the Debtors' assets; however, the Debtors also own valuable
assets located in the United
States, including real and personal property States, including real
and personal property in Washington. The Debtors' primary assets
are interests in various electric buses and trucks and other motor
vehicles, and certain real property located at 5453 and 5457,
Pacific Fern Drive, Ferndale, Washington.
Vicinity Motor sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash.) on
October 24, 2024.
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Vicinity Motor Corp. (Lead Case) 24-12675
Vicinity Motor (Bus) Corp. 24-12677
Vicinity Motor (Bus) USA Corp. 24-12678
Vicinity Motor Property, LLC 24-12679
Judge Christopher M. Alston presides over the case.
James B. Zack, Esq., at Gregory R. Fox, Esq. serves as the Debtors'
foreign representative counsel.
James B. Zack, Esq., at LANE POWELL PC serves as the Debtors' legal
representative.
VILLAGE ROADSHOW: Hires Young Conaway Stargatt & Taylor as Counsel
------------------------------------------------------------------
Village Roadshow Entertainment Group USA Inc. and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Young Conaway Stargatt & Taylor, LLP as
counsel.
The firm's services include:
(a) providing legal advice and services with respect to the
Debtors' powers and duties as debtors in possession in the
continued operation of their business, management of their
property, the Local Rules, practices, and procedures, and providing
substantive and strategic advice on how to accomplish the Debtors'
goals in connection with the prosecution of these cases;
(b) pursuing the sale of the Debtors' assets and approval of
bid procedures related thereto;
(c) reviewing and preparing, on behalf of the Debtors,
necessary legal papers;
(d) appearing in court and protecting the interests of the
Debtors before the court;
(e) performing various services in connection with the
administration of the Chapter 11 cases;
(f) performing all other services assigned by the Debtors, in
consultation with Sheppard Mullin, to Young Conaway as co-counsel
to the Debtors.
The hourly rates of the firm's counsel and staff are as follows:
Joseph M. Mulvihill, Partner $860
Carol E. Thompson, Associate $580
Benjamin C. Carver, Associate $515
Brynna M. Gaffney, Associate $500
Brenda S. Walters, Paralegal $395
In addition, the firm will seek reimbursement for expenses
incurred.
On February 7, 2025, Young Conaway received an initial retainer of
$150,000. It also received an additional retainer payment of
$78,210 on March 14, 2025.
Mr. Mulvihill disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Joseph M. Mulvihill, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
Email: jmulvihill@ycst.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 and administrative advisor.
VILLAGE ROADSHOW: Morrison & Potter Revise Rule 2019 Statement
--------------------------------------------------------------
The law firms of Morrison & Foerster LLP ("MoFo") and Potter
Anderson & Corroon LLP filed an amended 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
160 Front Street West, Suite 3200
Toronto, Ontario M5J 0G4 Canada
* 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.
VILLAGE ROADSHOW: Seeks to Hire Kurtzman as Administrative Advisor
------------------------------------------------------------------
Village Roadshow Entertainment Group USA Inc. and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Kurtzman Carson Consultants, LLC dba Verita
Global as administrative advisor.
The firm's services include:
(a) assisting with, among other things, the preparation of the
Debtors' schedules of assets and liabilities, schedules of
executory contracts and unexpired leases, and statements of
financial affairs;
(b) generating, providing, and assisting with claims
objections, exhibits, claims reconciliation, and related matters;
(c) assisting with, among other things, solicitation,
balloting, tabulation, and calculation of votes, as well as
preparing any appropriate reports required in furtherance of
confirmation of any Chapter 11 plan;
(d) generating an official ballot certification and
testifying, if necessary, in support of the ballot tabulation
results for any Chapter 11 plan(s) in these Chapter 11 cases; and
(e) providing such other claims processing, noticing,
solicitation, balloting, and administrative services, but not
included in the Section 156(c) Application, as may be requested by
the Debtors from time to time.
The firm received a retainer in the amount of $45,000 from the
Debtors.
Kurtzman Carson Consultants will be paid at its standard hourly
rates and will be reimbursed for expenses incurred.
Evan Gershbein, an executive vice president of Kurtzman, disclosed
in a court filing that the firm is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Evan Gershbein
Kurtzman Carson Consultants LLC
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Telephone: (310) 823-9000
Email: egershbein@kccllc.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 and administrative advisor.
VILLAGE ROADSHOW: Seeks to Hire Ordinary Course Professionals
-------------------------------------------------------------
Village Roadshow Entertainment Group USA Inc. and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to retain non-bankruptcy professionals in the ordinary
course of business.
The Debtors need ordinary course professionals to perform services
for matters unrelated to this Chapter 11 case.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
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.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
VILLAGE ROADSHOW: Taps Accordion Partners as Restructuring Advisor
------------------------------------------------------------------
Village Roadshow Entertainment Group USA Inc. and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Accordion Partners, LLC as restructuring
advisor.
The firm's services include:
(a) assist the Debtors and collaborate with counsel and their
other professionals in preparing to file petitions for relief under
Chapter 11 of the Bankruptcy Code and all related papers;
(b) assist with the Debtors' implementation of court orders;
(c) assist with financing issues either prior to or during a
bankruptcy filing;
(d) participate in meetings and provide support to the Debtors
and their other professionals in responding to information
requests, communicating with and/or negotiating with lenders,
official and unofficial committees of creditors, vendors,
customers, the U.S. Trustee, other parties in interest, and
professionals hired by the same;
(e) Based on the Debtors' underlying records, as and when
produced, prepare such financial disclosures as may be required by
the court;
(f) assist the Debtors with de minimis asset sales and support
a section 363 sale process;
(g) advise the Debtors regarding their accounting and
operating procedures to segregate prepetition and post-petition
business transactions;
(h) identify the Debtors' executory contracts and unexpired
leases, as and when produced, and perform analyses of the financial
impact of the assumption or rejection of each, as necessary;
(i) participate in the Debtors' claims analysis and
reporting;
(j) assist in implementing the Debtors' Chapter 11 plan;
(k) prepare the Debtors' information and analysis necessary
for the confirmation of their plan of reorganization;
(l) advise the Debtors on the implementation of fresh-start
accounting and other technical accounting matters resulting from or
related to the bankruptcy and restructuring process;
(m) render testimony and expert witness reporting as
requested, about the matters regarding which Accordion and its
personnel are providing services; and
(n) provide such other restructuring or advisory services to
the Debtors as are consistent with the role of chief restructuring
officer and/or the above-described services, requested by the
Debtors and their counsel, not duplicative of services provided by
other professionals, and agreed to by Accordion.
The hourly rates of the firm's professionals are as follows:
Senior Managing Directors $995 - $1,250
Managing Directors $895 - $995
Senior Directors $775 - $875
Directors $650 - $775
Vice Presidents $550 - $650
Associates & Analysts $325 - $550
In addition, the firm will seek reimbursement for expenses
incurred.
In the 90 days prior to the petition date, Accordion received a
supplemental advanced payment retainer from the Debtors in the
amount of $150,000.
Keith Maib, the designated chief restructuring officer, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Keith Maib
Accordion Partners, LLC
1920 McKinney Ave, Suite 950
Dallas, TX, 75201
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 and administrative advisor.
VILLAGE ROADSHOW: Taps Sheppard Mullin Richter & Hampton as Counsel
-------------------------------------------------------------------
Village Roadshow Entertainment Group USA Inc. and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Sheppard, Mullin, Richter & Hampton LLP as
counsel.
The firm's services include:
(a) advising the Debtors with respect to their powers and
duties in the continued management and operation of their
businesses and properties;
(b) advising and consulting on the conduct of these Chapter 11
cases;
(c) attending meetings and negotiating with representatives of
creditors and other parties in interest;
(d) taking all necessary actions to protect and preserve the
Debtors' estates;
(e) preparing pleadings in connection with these Chapter 11
cases;
(f) representing the Debtors in connection with obtaining
authority to continue using cash collateral and postpetition
financing;
(g) advising the Debtors in connection with any potential sale
of assets;
(h) appearing before the court and any appellate courts to
represent the interests of the Debtors' estates except as set forth
herein;
(i) advising the Debtors regarding tax matters;
(j) taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related
thereto; and
(k) performing all other necessary legal services for the
Debtors in connection with the prosecution of these Chapter 11
cases.
The firm will be paid at these hourly rates:
Partners $1,095 - $2,350
Special Counsel $665 - $2,080
Associates $765 - $1,175
Paraprofessionals $195 - $1,185
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received an advance payment retainer in the amount of
$100,000 from the Debtors.
Justin Bernbrock, Esq., a partner at Sheppard, Mullin, Richter &
Hampton, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Justin R. Bernbrock, Esq.
Sheppard, Mullin, Richter & Hampton LLP
321 North Clark Street, 32nd Floor
Chicago, IL 60654
Telephone: (312) 499-6321
Facsimile: (312) 499-4741
Email: jbernbrock@sheppardmullin.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 and administrative advisor.
VILLAGE ROADSHOW: Warner Bros. Aims to Protect Ch. 11 Sale Rights
-----------------------------------------------------------------
Emily Lever of Law360 reports that Warner Bros. has raised
objections to Village Roadshow's proposed Chapter 11 bidding
procedures and debtor-in-possession financing, asking the court to
protect its rights to more than 90 jointly produced films and to
ensure it receives its share of the proceeds before other
creditors.
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.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
VIRGOLINO DE OLIVEIRA: Seeks Chapter 15 Bankruptcy in New York
--------------------------------------------------------------
Alex Wittenberg of Law360 reports that Virgolino de Oliveira SA, a
Brazilian sugar producer and distributor, has filed for Chapter 15
bankruptcy protection in New York, disclosing $735 million in
debt.
About Virgolino de Oliveira SA
Virgolino de Oliveira S/A - Acucar e Alcool provides agriculture
processing services. The Company transforms sugar cane juice into
different sized sucrose crystals and produces fuel, ethanol, and
renewable electrical power. Virgolino de Oliveira serves customers
in Brazil.
Virgolino de Oliveira SA sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10696) on April 9,
2025. In its petition, the Debtor reports $735 million in debt.
Honorable Bankruptcy Judge Martin Glenn handles the case.
The Debtor is represented by Howard P. Magaliff, Esq. of R3M Law
LLP.
VOSSEKUIL PROPERTIES: Gets Interim OK to Use Cash Collateral
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin
granted a motion by Vossekuil Properties, LLC to use cash
collateral and provide protection to WBL SPO I, LLC.
The order authorized the company to use cash collateral to pay
ordinary and necessary business expenses as set forth in its
budget.
As protection, WBL, a secured creditor, was granted replacement
security interests in, and liens on, all post-petition property of
the company that is similar to its pre-bankruptcy collateral.
In addition, WBL will receive a monthly payment of $10,000.
A hearing is scheduled for April 23.
About Vossekuil Properties LLC
Vossekuil Properties LLC is a limited liability company based in
Waupun, Wis.
Vossekuil Properties filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-20671) on
February 10, 2025, listing up to $50,000 in assets and between $1
million and $10 million in liabilities. Jerome Kerkman of Kerkman &
Dunn serves as Subchapter V trustee.
Judge Beth E. Hanan oversees the case.
Michelle A Angell, Esq., at Miller & Miller Law, LLC is the
Debtor's bankruptcy counsel.
WBL SPO I, LLC, as secured creditor, is represented by:
Sherry D. Coley, Esq.
Amundsen Davis, LLC
318 S. Washington St., Ste. 300
Green Bay, WI 54301
(920) 435-9378 (main)
(920) 431-2239 (direct)
scoley@amundsendavislaw.com
WELLPATH HOLDINGS: PCO Hires Kane Russell Coleman as Legal Counsel
------------------------------------------------------------------
Patient Care Ombudsman Susan N. Goodman of Wellpath Holdings, Inc.
and its affiliates seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Kane Russell Coleman
Logan PC as her counsel.
The firm will render these services:
a. advise the Ombudsman regarding the Ombudsman's powers and
duties under applicable law with respect to the Ombudsman's role in
these Bankruptcy Cases, including topics associated with patient
notice and records;
b. serve as counsel of record for the Ombudsman in all legal
aspects of these Bankruptcy Cases, including without limitation,
the prosecution of actions on behalf of the Ombudsman that are
necessary and appropriate to monitor the quality of patient care
and to represent the interests of Debtors' patients;
c. prepare pleadings in connection with the foregoing
Services; and
d. appear before this Court to represent the interests of the
Ombudsman in connection with the foregoing Services.
The firm will be paid at these rates:
Director $650
Senior Attorney $600
Associate $400
Paraprofessionals $250 to $325
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
J. Casey Roy, Esq., a partner at Kane Russell Coleman Logan PC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
J. Casey Roy, Esq.
Kane Russell Coleman Logan PC
401 Congress Ave. Suite 2100
Austin, TX 78701
Tel: (512) 487-6572
Email: croy@krcl.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.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Wellpath
Holdings, Inc. and its affiliates.
Proskauer Rose LLP represents the Committee as its co-counsel.
Huron Consulting Services LLC and Dundon Advisers LLC were selected
as the Committee's financial advisor.
WESTERN URANIUM: Delays 10-K Filing Due to Incomplete Information
-----------------------------------------------------------------
Western Uranium & Vanadium Corp filed a Notification of Late Filing
on Form 12b-25 with the U.S. Securities and Exchange Commission,
informing that it has experienced a delay in completing the
information necessary for inclusion in its Form 10-K for the fiscal
year ended December 31, 2024 as certain financial and other
information necessary for an accurate and full completion of the
Report could not be provided within the prescribed time period
without unreasonable effort or expense.
The Company expects to file its Form 10-K Annual Report within the
allotted extension period.
About Western Uranium
Western Uranium & Vanadium Corp is engaged in the business of
exploring, developing, mining and producing uranium and vanadium
resources. In addition to the flagship property located in the
prolific Uravan Mineral Belt, the production pipeline also includes
conventional projects in Colorado and Utah. The Maverick Minerals
Processing Plant and Pinon Ridge Corporation processing plants will
be licensed to include the kinetic separation process.
Mississauga, Canada-based MNP LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has incurred continuing
losses and negative cash flows from operations and is dependent
upon future sources of equity or debt financing in order to fund
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Western Uranium & Vanadium had
$32,909,351 in total assets, $4,157,086 in total liabilities, and
$28,752,265 in total shareholders' equity.
WIRECO WORLDGROUP: Moody's Cuts CFR to B2 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Ratings downgraded WireCo WorldGroup Inc.'s (WireCo)
corporate family rating to B2 from B1 and the probability of
default rating to B2-PD from B1-PD. Moody's also downgraded the
rating on the company's senior secured first lien term loan to B2
from B1. The outlook was changed to negative from stable.
The downgrade to B2 reflects WireCo's weak operating performance in
2024, muted growth expected in 2025 and limited prospects for a
material turnaround before 2026 due to demand conditions in the
company's industrial, energy and mining end markets. The downgrade
also reflects the company's weak credit metrics as a result of the
recent earnings erosion with high leverage of 7.8x debt/EBITDA as
of December 31, 2024, weak interest coverage of 0.7x and negative
free cash flow for the same period.
The negative outlook reflects the risk of an erosion in the
company's liquidity and continued weak leverage, interest coverage
and negative free cash flow if the company fails to improve its
operating performance in the next 12 months.
RATINGS RATIONALE
WireCo's B2 corporate family rating reflects Moody's expectations
for continued soft demand conditions in its industrial,
infrastructure and oil and gas end markets. Heightened
macroeconomic uncertainty will likely constrain business confidence
and could limit the growth in new industrial and infrastructure
projects that the company's steel rope business is exposed to. The
rating also reflects the company's niche markets and the high
cyclicality of some of its end markets, which increases earnings
volatility. The company is exposed to raw material costs,
particularly steel, and competition in the fragmented global steel
rope and wire markets.
The rating is supported by some end market diversity, its
geographic diversification across the United States, Europe, South
American, and Asia, and the critical nature of steel wire roping
used on cranes and other industrial applications and of synthetic
rope used in fishing, maritime, and offshore oil & gas and
renewable energy markets.
WireCo has adequate liquidity that covers its cash outflow for the
next 12 months as of December 2024. The company had $21 million of
cash on hand at the end of December and $36 million available under
its $115 million ABL facility expiring in 2029. However, the
company will need to contain its future cash burn in order to
prevent an erosion of its liquidity in the next 12 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if the business' operating
profile further improves such that it can better cope with inherent
end market cyclicality, along with better credit metrics.
Specifically, Moody's would upgrade the ratings if debt/EBITDA is
below 4.5x, free cash flow/debt is above 5% and the company
maintains good liquidity.
Moody's could downgrade the ratings if industry conditions turn
further downward and negatively affect WireCo's profit and cash
flow generation. Pressure on the ratings could also result if there
is implementation of aggressive financial policy actions including
large debt financed acquisitions or shareholder distributions.
Specifically, Moody's would downgrade the ratings if debt/EBITDA is
sustained above 6.0x, free cash flow remains negative, or liquidity
deteriorates.
Headquartered in Prairie Village, Kansas, WireCo WorldGroup Inc.,
is a global manufacturer and seller of wire ropes, high-tech
synthetic ropes, electromechanical cable, and other related
products. The company sells into diverse industries including
infrastructure, industrial, energy, mining, maritime and fishing.
The company generated $619 million in revenue for the twelve months
that ended December 31, 2024. WireCo is owned by affiliates of Onex
Corporation and Paine Schwartz Partners LLC.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
WOLYNIEC CONSTRUCTION: Gets Court OK to Use Cash Collateral
-----------------------------------------------------------
Wolyniec Construction, Inc. got the green light from the U.S.
Bankruptcy Court for the Middle District of Pennsylvania to use
cash collateral until May 1.
The order signed by Judge Mark Conway authorized the Debtor to use
cash collateral on an interim basis to pay its expenses and to
provide secured creditors with protection in the form of
replacement liens on post-petition cash collateral and on certain
assets of the Debtor.
The secured creditors include Citizens and Northern Bank, Great
Midwest Insurance Co. and the U.S. Small Business Administration.
Citizens and Northern Bank holds two credit facilities secured by
the Debtor's assets (accounts, inventory, equipment and cash). The
approximate debt is $1,048,893.
SBA holds a third-priority lien on the Debtor's assets, with an
approximate debt of $1.9 million while Great Midwest Insurance Co.
holds a subordinate lien due to bonds issued for the Debtor, with
an approximate debt of $226,106.
The court will hold a final hearing on May 1 if objections are
filed to the Debtor's request to use cash collateral. In the event
no objections are timely filed, the court's order shall become
final.
About Wolyniec Construction Inc.
Established in 1961, Wolyniec Construction, Inc. is a general
contracting firm based in Williamsport, Pa. It specializes in both
residential and commercial concrete construction, offering services
such as driveways, curbs, walkways, stairs, ponds, streetscaping,
parking lots, concrete repair, and resurfacing.
Wolyniec sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Pa. Case No. 25-00881) on March 31, 2025, listing
up to $10 million in both assets and liabilities. Steve Schenck,
president of Wolyniec, signed the petition.
Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky,
P.C., represents the Debtor as legal counsel.
WYNDHAM HOTELS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings affirmed the ratings of Wyndham Hotels & Resorts
(Wyndham) including its Ba1 corporate family rating, Ba1-PD
probability of default rating, Ba1 senior secured bank credit
facilities ratings and Ba2 senior unsecured notes rating. The
company's speculative grade liquidity rating of SGL-2 remains
unchanged. The outlook remains stable.
The ratings affirmations and stable outlook reflect Moody's views
that Wyndham will maintain debt/EBITDA between 3.5x and 4.0x and
EBITA/interest expense around 4.5x. Earnings improvement will be
driven by unit growth and an increase in revenue per available
room. Moody's projects that mid-single digit revenue growth in
2025 and 2026 will help drive free cash flow in excess of $100
million in each of the next two years. Moody's expects that the
company will make share repurchases a priority over absolute debt
reduction.
RATINGS RATIONALE
The Ba1 corporate family rating reflects Wyndham's scale as one of
the largest hotel companies in the world based on the number of
properties. Wyndham had about 9,300 affiliated hotels with
approximately 903,000 rooms in over 95 countries operating across
25 brands at the end of 2024. Wyndham has a strong pipeline of
rooms – about 28% of its current room count – which Moody's
views favorably as unit growth is an important part of future
earnings growth. Wyndham also benefits from its franchise based
business model which generates stable and recurring earnings
relative to companies that own a greater proportion of their
hotels. Moody's expects Wyndham's current debt/EBITDA of 3.9x will
modestly decline towards 3.5x through 2026.
Wyndham has good liquidity. Cash was $103 million and there was
$662 million of committed revolver availability at December 31,
2024. The company will generate sufficient cash over the next 12
months to cover its debt service and capital requirement needs. The
revolving credit facility expires in April 2027 and has a maximum
first lien net leverage ratio covenant of 5.0x. Moody's expects the
company will maintain adequate cushion under the leverage covenant.
Aside from the revolving credit facility, the earliest maturity for
the company is $500 million of senior unsecured notes that mature
in August 2028.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade would require the adoption of financial policies
and a capital structure indicative of an investment grade company.
Quantitatively, an upgrade would require debt/EBITDA sustained
below 3.0x and EBITA/interest expense sustained above 6.0x. Ratings
could be downgraded if debt/EBITDA was sustained above 4.0x or
EBITA/interest expense was sustained below 4.0x.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Wyndham Hotels & Resorts franchises approximately 9,300 hotels
representing 903,000 rooms in over 95 countries. The company
operates a portfolio of 25 brands which are primarily in the
economy and midscale segments of the industry. Net revenues were
$841 million in 2024.
XCELERATOR BOATWORKS: Court OKs to Sell Boat Business at Auction
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Statesville Division, has granted Xcelerator Boatworks
Inc. to sell personal property via public online auction, free and
clear of liens, claims, and encumbrances.
The Debtor is the owner of certain personal property located at 154
Commerce Boulevard, Statesville, North Carolina, including, but not
limited to, furniture, fixtures, equipment, tools, machinery,
supplies, and work in process, including at least three unfinished
boat builds.
The Court has authorized John W. Taylor, Chapter 7 Trustee of the
Debtor, to sell the Personal Property at the public online auction
sale as is, where is, and without warranty.
The Court ordered that the sale of the Personal Property is free
and clear of all liens, claims, encumbrances and other interests,
with such liens, claims, encumbrances and other interests,
including the interests of Christopher Savits and BCS Construction,
with such interests attaching to the net sale proceeds.
The Trustee is mandated to reimburse his Auctioneer its expenses
set forth above, to pay it a setup fee of $1,500.00, to pay it a
seller's commission of 15% of the final auction price of the
Personal Property, and that the Auctioneer is authorized to assess
a Buyer's Premium of 10% of the final auction sales price of the
Personal Property against the purchasers of the Personal Property.
The Trustee is authorized to execute any instrument or document
necessary or appropriate to consummate the transfer of the Personal
Property.
About Xcelerator Boatworks Inc.
Xcelerator Boatworks Inc., was incorporated in 2010 to build high
end, custom boats.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.C.
Case No. 24-50244) on July 2, 2024.
Judge Laura T. Beyer presides over the case.
The Debtor is represented by Cole Hayes as counsel.
YANKE CONSTRUCTION: Hires Schafer and Weiner as Bankruptcy Counsel
------------------------------------------------------------------
Yanke Construction Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to hire Schafer and
Weiner, PLLC to handle the Chapter 11 proceedings.
The firm will be paid at these rates:
Daniel J. Weiner $645 per hour
Howard Borin $490 per hour
Joseph K. Grekin $490 per hour
Leon Mayer $360 per hour
Kim Hillary $425 per hour
John J. Stockdale, Jr. $475 per hour
Jeff Sattler $390 per hour
Brandi M. Blasses $335 per hour
Legal Assistant $180 per hour
Law Clerk $180 per hour
Michael E. Baum (Of Counsel) $705 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John J. Stockdale, Jr., a partner at Schafer and Weiner, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
John J. Stockdale, Jr.
Schafer and Weiner, PLLC
40950 Woodward Avenue, Suite 100
Bloomfield Hills, MI 48304
Tel: (248) 540-3340
About Yanke Construction Inc.
Yanke Construction Inc. is a Michigan-based construction company
operating out of Walled Lake.
Yanke Construction Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43176) on March 28,
2025. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.
Honorable Bankruptcy Judge Mark A. Randon handles the case.
The Debtor is represented by John J. Stockdale, Jr., Esq. at
Schafer and Weiner, PLLC.
YELLOW CANOE: Seeks Approval to Hire Narron CPA as Accountant
-------------------------------------------------------------
Yellow Canoe, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to employ Narron CPA, PLLC
as accountant.
The Debtor needs an accountant to complete general accounting as
well as complete its 2024 tax return.
The accountant will charge a flat fee of $2,800 for its services.
Robin Narron, CPA, a member at Narron CPA, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robin Narron, CPA
Narron CPA, PLLC
901 N. Arendell Avenue
Zebulon, NC 27597
Telephone: (919) 269-8553
About Yellow Canoe
Yellow Canoe, LLC operates multiple fast-casual restaurant chain
franchises. It operates two Schlotzsky's franchise stores and one
Cinnabon franchise store. Yellow Canoe's restaurants are located in
Apex, N.C. and Fayetteville, N.C.
Yellow Canoe filed Chapter 11 petition (Bankr. E.D. N.C. Case No.
25-00618) on February 21, 2025, listing up to $100,000 in assets
and up to $10 million in liabilities. Paul Sabattus, managing
member of Yellow Canoe, signed the petition.
Judge David M. Warren oversees the case.
The Debtor tapped Lydia C. Stoney, Esq., at Hendren, Redwine &
Malone, PLLC as legal counsel and Robin Narron, CPA, at Narron CPA,
PLLC as accountant.
ZIPRECRUITER INC: Fitch Lowers LongTerm IDR to 'B', Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) for ZipRecruiter, Inc. (ZIP) to 'B' from 'B+'. The Rating
Outlook is Negative. Fitch has also downgraded the company's senior
unsecured notes to 'B' with a Recovery Rating of 'RR4' from
'BB-'/'RR3'.
The downgrade reflects Fitch's expectation that ZIP's revenue and
EBITDA will continue to be pressured due to weak hiring amid a more
competitive environment and deteriorating macroeconomic landscape,
resulting in high leverage. Sharp revenue and EBITDA declines in
2023 and 2024 highlight higher earnings volatility than initially
anticipated and suggest some market share erosion, which is also
reflected in the downgrade.
The Negative Outlook reflects uncertainty surrounding the timing
and pace of a demand recovery and the possibility that EBITDA
generation could remain pressured for an extended period.
Key Rating Drivers
Pressured Financial Performance: ZIP's growth profile has
historically been a credit positive but is now hampered by a steep
reduction in demand for recruiting services, which is likely to
continue given the pressured macro picture. Fitch expects revenue
to contract to around $400 million in 2025 from a peak of $900
million in 2022, with EBITDA declining close to 70% over that
timeframe. The sharp decline suggests higher earnings volatility
than various peers in the recruiting industry and the broader
staffing space.
Relative Underperformance: Fitch believes ZIP has underperformed
the industry and ceded some share in 2023-2024, with public peers
in the staffing and recruitment space experiencing revenue declines
of 3%-18% per year compared with ZIP's mid-20% declines. The
current environment underscores the negative impacts on revenue,
EBITDA, and potentially FCF during periods of weak demand. ZIP's
exposure to small- and medium-sized businesses increases
volatility, as their staffing needs vary widely with the economic
cycle.
High Leverage: Fitch forecasts EBITDA leverage to rise to the
mid-teens in 2025 and 2026 from 7.1x in 2024. Fitch expects the
(CFO-Capex)/debt ratio to remain neutral, compared to 6.6% at the
end of 2024. Fitch anticipates CFO less capex will be supported
mainly by interest income from ZIP's large cash balance, rather
than intrinsic FCF generation. Leverage metrics could improve if
hiring increases, bringing paid employers back to ZIP's platforms.
However, the timing and extent of recovery are uncertain, with 2025
and 2026 likely to be challenging due to a deteriorating
macroeconomic landscape and intense competition.
Solid Liquidity: Fitch expects ZIP to generate neutral FCF over the
next two years despite depressed hiring conditions, compared with
positive FCF generation historically. This should help to maintain
low net debt considering the company's cash and marketable
securities balance of $506 million as of YE 2024. ZIP reduced net
share buybacks to $35 million in 2024 from $137 million in 2023,
and Fitch would expect the company to protect its financial
position by maintaining low buyback activity in a scenario of
continued weak financial performance.
Competitive Landscape: The U.S. job recruitment marketplace is
highly competitive and fragmented. ZIP has established itself as a
familiar online job search resource, showcasing strong execution
capabilities but facing potential competitive threats. Other online
marketplace operators, like Monster Worldwide, Inc. and
CareerBuilder, faced execution challenges and lost share after
establishing a strong presence. ZIP also competes with alternative
solutions such as recruiters, vertical-focused job sites,
employers' own sites, LinkedIn, Indeed and others.
Peer Analysis
ZIP competes in a large and fragmented online job search industry.
Many of its primary peers including LinkedIn, Indeed, Monster,
CareerBuilder and others are private or divisions of larger
companies and are not rated by Fitch.
Fitch rates healthcare staffing provider AMN Healthcare, Inc. (AMN;
BB/Stable), which operates in recruiting but with a traditional
staffing business model as well as technology solutions provider
for hospitals and other healthcare facilities.
ZIP has higher EBITDA and FCF margins than AMN under normal hiring
conditions, reflecting greater operating leverage. Staffing
companies derive revenue upon a pass-through spread for employees
that are assigned to temporary roles, while ZIP derives its revenue
from online platform fees for subscription services and
performance-based job postings.
AMN has a much larger EBITDA scale, and ZIP's leverage profile is
severely more pressured. Although AMN has also been affected by
weak demand for recruiting services recently, Fitch expects AMN's
leverage to remain within the 2.5x to 3.5x range. ZIP's rating is
constrained to the 'B' category due to its early business stage in
a fragmented and competitive industry, its relatively small EBITDA
scale, and the recruiting industry's inherent cyclicality.
Key Assumptions
- Revenues are pressured in 2025 due to slower hiring trends and
macroeconomic headwinds (revenues down to around $400 million with
at least roughly 55,000 average paid employers); Fitch assumes only
a modest recovery in 2026 reflecting average paid employers of
around 60,000 and quarterly revenue per paid employer that does not
dip materially below the $1,788 generated during 2024. A more
pronounced revenue acceleration occurs in 2027;
- EBITDA margins decline in 2025 and 2026 to the high-single
digits, with projected expansion to close to the mid-teens or
higher in subsequent years;
- Neutral to low-single digits positive FCF to revenues in 2025 and
2026 due to limited working capital, cash taxes and capex
requirements. Margins expand to mid-single digits in 2027;
- Capital allocation priorities are likely weighted toward balance
sheet preservation in this scenario with moderate share buybacks.
Fitch has not forecasted M&A in its it base case.
Recovery Analysis
For entities rated 'B+' and below, where default is closer and
recovery prospects are more meaningful to investors, Fitch
undertakes a tailored, or bespoke, analysis of recovery upon
default for each issuance. The resulting debt instrument rating
includes a Recovery Rating or published 'RR' (from 'RR1' to 'RR6')
and is notched from the IDR accordingly. In this analysis, there
are three steps: (i) estimating the distressed enterprise value
(EV); (ii) estimating creditor claims; and (iii) distribution of
value.
Fitch assumed ZIP would emerge from a default scenario under the
going concern (GC) approach versus liquidation. Key assumptions
used in the recovery analysis are as follows:
- An $85 million GC EBITDA, which is a depressed, yet realistic
estimate driven by macro issues, mis-execution and/or share loss
followed by corrective action.
- Fitch assumes an EV/EBITDA multiple of 6.5x upon emergence from
bankruptcy. This multiple is validated based upon comparable public
company trading multiples (current & historical), industry M&A and
comparable reorganization multiples Fitch has witnessed in the
past.
- Fully drawn $290 million revolver.
- 10% administrative claim.
This results in a senior unsecured notes recovery of 'RR4' and a
'B' issue-level rating, in-line with ZIP's IDR.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Expectations of sustained weakness in revenue and EBITDA;
- Significant decrease in cash and/or liquidity position;
- Mid-cycle EBITDA leverage sustained above 5.5x;
- Expectations of sustained neutral or negative FCF.
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Mid-cycle EBITDA leverage sustained below 4.5x;
- Expectations of reduced earnings volatility due to increased
scale and/or strong brand recognition, leading to a more stable
revenue and leverage profile throughout economic cycles.
Liquidity and Debt Structure
ZIP has a solid liquidity position. It had $506 million of cash and
investments at YE 2024 and generates positive FCF ($36 million in
FY24) on aggregate through the cycle. Additionally, the company has
$287 million available to be drawn under a senior secured revolving
facility.
The company has a relatively simple debt capital structure, with
$550 million of senior unsecured notes outstanding that mature in
2030 and a $290 million senior secured revolving facility that
matures in April 2026 and is undrawn. The senior notes bear
interest of 5% per year. EBITDA leverage was 7.1x as of year-end
2024.
Issuer Profile
ZipRecruiter is a two-sided, online marketplace for work. The
company had more than 57,000 paid employers as of 4Q24. It
generates revenue from employers largely via flat-rate pricing but
also performance-based pricing terms (e.g., cost per click).
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
ZipRecruiter, Inc. LT IDR B Downgrade B+
senior unsecured LT B Downgrade RR4 BB-
[] Kissimmee Development Site Up for Auction on April 30
--------------------------------------------------------
A live auction event will take place on April 30, 2025, at 11:00
a.m. ET for the sale of a fully entitled/partially constructed
development site in Kissimmee, Florida. Further information
regarding the sale contact Francis D. Santos of Fisher Auction
Company at Tel: 754-220-4116.
*********
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