/raid1/www/Hosts/bankrupt/TCR_Public/250416.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, April 16, 2025, Vol. 29, No. 105
Headlines
1027 FANTASY: Seeks Chapter 11 Bankruptcy in Florida
255 NORTH FRONT: Can Proceed Under Subchapter V
316-318 GUILFORD AVE: Taps Gary S. Poretsky as Bankruptcy Counsel
501 LINCOLN AVE: Hires Norgaard O'Boyle & Hannon as Legal Counsel
70 CLERMONT AVE: Hires McKinley Onua & Associates as Legal Counsel
7Q59 AMHERST: James LaMontagne Named Subchapter V Trustee
8787 RICCHI: Gets Interim OK to Use Cash Collateral Until April 30
ABP AVENTURA: Tarek Kiem of Kiem Law Named Subchapter V Trustee
ADDISON STATION: Seeks Chapter 11 Bankruptcy in Maryland
ALAMO BEER: Seeks to Sell San Antonio Property at Auction
ALLECOM CORP: Seeks to Hire Wauson King as Bankruptcy Counsel
ALLIANCE ENERGY: Seeks Chapter 11 Bankruptcy in Texas
ALTRAIN MEDICAL: Files Emergency Bid to Use Cash Collateral
AMERICAN ELITE: Section 341(a) Meeting of Creditors on May 22
AMERICAN IMPACT: Seeks Interim Cash Collateral Access
AMERIGLASS CONTRACTOR: Gets Interim OK to Use Cash Collateral
AQUABOUNTY TECHNOLOGIES: Net Loss Widens to $149.2M for 2024
AUSTEX AGGREGATES: Seeks Chapter 11 Bankruptcy in Texas
AVISON YOUNG: S&P Assigns 'CCC+' Rating on Proposed Secured Debt
AVON PLACE: Hires FIA Capital Partners as Restructuring Advisor
AVON PLACE: Seeks to Use Cash Collateral
AVONDALE CAPITAL: Seeks to Hire Keith M. Knowlton as Legal Counsel
B&B OUTDOOR: Andrew Layden Named Subchapter V Trustee
BEAUTY GODS: Settlement Amount and Deposited Rent to Fund Plan
BENSON HILL: Seeks to Tap Piper Sandler & Co. as Investment Banker
BRAINATION INC: S&P Lowers 2020 Bond Rating to 'BB+', Outlook Neg.
BRIGHT GREEN: Claims to be Paid from Exit Facility
BROUDY GROUP: Plan Exclusivity Period Extended to May 19
CENTURY MINING: Seeks to Extend Plan Exclusivity to May 23
CHABAD OF GRAMERCY: Seeks to Extend Plan Exclusivity to November 4
COMPREHENSIVE INTERVENTIONAL: Hires IncMD as Valuation Company
COMPREHENSIVE INTERVENTIONAL: Taps OTM Accounting as Accountant
CONEMAUGH TOWNSHIP: S&P Affirms 'BB+' Water Revenue Debt Rating
CONSOLIDATED BURGER: BK Franchisee in Chapter 11, Looks for Buyer
CONSOLIDATED BURGER: Case Summary & 30 Top Unsecured Creditors
COWTOWN BUS: Court OKs Buss Business Sale to CanTex Real Estate
CROSSWIND RANCH: Seeks Cash Collateral Access
CRYPTO MARKET: Seeks to Hire Bruner Wright as Bankruptcy Counsel
CTN HOLDINGS: Secures Lead Bidder at Court-Supervised Sale Process
DAATS COMPANIES: Gets Final OK to Use Cash Collateral
DEBBIE OUTLAW: Seeks Cash Collateral Access
DESTINY USA: Defaults on $300MM Loan, Fails to Extend Debt Maturity
ECTUL HOLDINGS: Taps Keen-Summit and Wilshire as Agent & Broker
EDMONDS WELLNESS: Seeks Final OK to Use Cash Collateral
ENNIS I-45 11 ACRE: Files Emergency Bid to Use Cash Collateral
ESSENTIAL MINERALS: Hires SC&H Group as Restructuring Manager
EVANGELICAL RETIREMENT: Trustee Accuses Ex-Parent of Misconduct
F21 OPCO: Creditors Oppose Use of Cash Collateral in Chapter 11
FAITH ELECTRIC: Seeks to Tap Hammond Law Firm as Bankruptcy Counsel
FAMILY SOLUTIONS: Trustee Hires Country Boys Auction as Auctioneer
FLORIDA MONSTER: Claims to be Paid from Asset Sale Proceeds
FLY7 INSTALLATIONS: Gets Interim OK to Use Cash Collateral
FLYING STAR: Seeks to Hire Till Law Group as Bankruptcy Counsel
FORTRESS HOLDINGS: New Value & Continued Operation to Fund Plan
FOUNDATION BUILDING: S&P Alters Outlook to Neg., Affirms 'B' ICR
FREE SPEECH: Sandy Hook Attorney Gets Additional 7-Day Suspension
GIRARDI & KEESE: Ex-CFO Gets 10 Yrs Imprisonment Sentence for Fraud
GLOBAL CONCESSIONS: Gets Interim OK to Use Cash Collateral
GMB TRANSPORT: Gets Final Approval to Use Cash Collateral
GOL LINHAS: Seeks to Extend Plan Exclusivity to July 25
GUNNISON VALLEY: To Sell Government Campus Lot to Tomichi Landmark
HANOVER PROPERTIES: Walter Dahl Named Subchapter V Trustee
HENRY COUNTY HEALTH: S&P Affirms 'BB+' Bond Rating, Outlook Stable
HERTZ GLOBAL: Hertz Works w/ Advisers on Debt Load Amid Legal Fight
HILTS LOGGING: Paul Levine of Emery Named Subchapter V Trustee
HOSPITALITY AT YORK: Hires CGA Law Firm as Bankruptcy Counsel
HYPERTECH INC: Seeks Chapter 11 Bankruptcy in Tennessee
I-ON DIGITAL: Reports Wider Net Loss of $1.91 Million in 2024
INTEGRITY II: Seeks to Tap James E. Dickmeyer as Legal Counsel
INTEGRITY II: U.S. Trustee Unable to Appoint Committee
INTERFREIGHT SYSTEMS: Unsecureds Will Get 2% to 3% over 5 Years
IR4C INC: Unsecured Creditors to Split $50K over 120 Months
IRON WORKS: Seeks to Hire Seiller Waterman as Bankruptcy Counsel
IVESTER'S TREE: Voluntary Chapter 11 Case Summary
JJ BADA: Gets Extension to Access Cash Collateral
KNY 26671: Seeks Chapter 11 Bankruptcy in Delaware
KOGNITIV US: Hires Faegre Drinker Biddle & Reath as Legal Counsel
LIGADO NETWORKS: Asks Court Approval for Executive Bonuses
LOCAL EATERIES: Michael Abelow Named Subchapter V Trustee
MCR HEALTH: Court OKs Final Use of Cash Collateral
MEADOW CREEK: Gets Final OK to Use Cash Collateral
MPJIMBOS LLC: Seeks to Hire Morrison Tenenbaum as Legal Counsel
MY SIZE: Posts $4M Loss in 2024, Chaikin Raises Going Concern Doubt
NICK'S PIZZA: Hearing Today on Bid to Use Cash Collateral
NIKOLA CORP: Receives Approval for $30MM Sale of Arizona Factory
NLC PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
NUMALE CORP: Court Orders Chapter 11 Trustee Appointment
PLANET GREEN: Narrows 2024 Loss by 65% to $7.3M, Revenue Drops 62%
PLENTY UNLIMITED: U.S. Trustee Appoints Creditors' Committee
POLAR POWER: Cuts 2024 Loss to $4.68M, Warns of Going Concern Risks
PRECIPIO INC: 2024 Loss Narrows to $4.3M, Faces Going Concern Risk
PRO-FIT BASKETBALL: Seeks Cash Collateral Access
PROPERTY PROBLEM: Leon Jones Named Subchapter V Trustee
PROPERTY PROBLEM: Taps Rountree Leitman Klein & Geer as Counsel
REGIONS PROPERTY: Seeks Subchapter V Bankruptcy in Florida
RIVAL COMMERCIAL: Seeks Chapter 11 Bankruptcy in Arkansas
SALEM 46-48 MARKET: Seeks to Hire Robert C. Nisenson as Counsel
SASH GROUP: Gets Interim OK to Use Cash Collateral
SCENIC CITY: Gets Interim OK to Use Cash Collateral
SEMILEDS CORP: Reports $388K Q2 Profit After Years of Losses
SHIELDS NURSING: Seeks Cash Collateral Access
SILVER LINING: Jeanette McPherson Named Subchapter V Trustee
SMALL FORTUNE: Files Emergency Bid to Use Cash Collateral
SOLEPLY LLC: Taps Gellert Seitz Busenkell & Brown as Legal Counsel
SOLUNA HOLDINGS: Modifies $12.5 Million Note Purchase Agreement
SORENTO ON YESLER: Unsecureds Will Get 100% of Claims in Plan
SOUTH BRONX CHARTER SCHOOL: S&P Lowers Rev. Bonds Rating to 'B+'
SOUTHERN AUTO: Court Extends Cash Collateral Access to May 5
SOUTHERN LANDSCAPE: Unsecureds Will Get 28.9% over 48 Months
STARR RAIL: Seeks Subchapter V Bankruptcy in Texas
STEWARD HEALTH: Seeks to Hire Kobre & Kim as Litigation Counsel
STOOL AND DINETTE: Creditors to Get Proceeds From Liquidation
TARGET GROUP: Posts $161K Income in 2024, Faces Going Concern Risk
TECH RABBIT: Gina Klump Named Subchapter V Trustee
THERAPEUTICS MD: Narrows 2024 Net Loss to $2.2 Million
THOMAS ST. JOHN: Gregory Jones Named Subchapter V Trustee
TRANSMEDCARE LLC: Gets OK to Tap Latham Luna as Bankruptcy Counsel
TSFG LLC: Gets Interim OK to Use Cash Collateral
TZADIK HIDDEN: Seeks Chapter 11 Bankruptcy in Florida
VASTAV INC: Gets Interim OK to Use Cash Collateral
VETERANS HOLDINGS: Unsecureds Will Get 8.5% over 84 Months
VIRGINIA BEACH: Gets Interim OK to Use Cash Collateral
VMR CONTRACTORS: Court Extends Cash Collateral Access to May 16
VSA TRANSPORTATION: Mary Sieling Named Subchapter V Trustee
VYVVE LLC: Seeks to Hire Agentis PLLC as Bankruptcy Counsel
WATER ENERGY: Seeks Approval to Hire Hayward as Bankruptcy Counsel
WATER ENERGY: Seeks Approval to Hire Hilco Real Estate as Broker
WAV REALTY: Seeks to Hire Harold M. Somer as Bankruptcy Counsel
WAYPOINT ROOFING: Seeks to Use Cash Collateral
WILLIAMS SPEECH: Michael O'Connor Named Subchapter V Trustee
WOM SA: Seeks to Extend Plan Exclusivity to April 21
WORKSPORT LTD: Posts $16.2M Loss in 2024, Faces Going Concern Risk
WORLD BRANDS: U.S. Trustee Unable to Appoint Committee
XINYUAN REAL ESTATE: Involuntary Chapter 11 Case Summary
XTI AEROSPACE: CBIZ to Replace Marcum as Auditor After Acquisition
XTI AEROSPACE: Estimates $1M Q4 Revenue, $3.2M Full-Year Revenue
ZAHRCO ENTERPRISES: Gets Interim OK to Use Cash Collateral
ZUNIGA 23732: Updates Unsecured Claims Pay, Files Amended Plan
*********
1027 FANTASY: Seeks Chapter 11 Bankruptcy in Florida
----------------------------------------------------
On April 10, 2025, 1027 Fantasy LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Middle District of Florida.
According to court filing, the Debtor reports $7,338,256 in
debt owed to 50 and 99 creditors. The petition states funds will
be available to unsecured creditors.
About 1027 Fantasy LLC
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.
1027 Fantasy LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02242) on April 10,
2025. In its petition, the Debtor reports total assets of
$10,900,000 and total liabilities of $7,338,256.
The Debtor is represented by Erik J. Washington, Esq. at THE
WASHINGTON LAW FIRM, PA.
255 NORTH FRONT: Can Proceed Under Subchapter V
-----------------------------------------------
Judge David M. Warren of the United States Bankruptcy Court for the
Eastern District of North Carolina overruled the objection of the
United States Bankruptcy Administrator to 255 North Front Street
Condos, Inc.'s election to proceed under Subchapter V.
The Debtor is a unit owners' association organized pursuant to the
North Carolina Condominium Act, N.C. Gen. Stat. Sec. 47C-1-101 et
seq. On its schedules of assets filed with the petition, the Debtor
listed ownership of a business checking account and accounts
receivable in an unknown amount. In addition, the schedules of
assets included the common areas ("Property") of condominiums
located at 255 North Front Street in Wilmington, North Carolina.
Pursuant to the North Carolina Condominium Act, the Debtor is
responsible for causing the common elements to be maintained,
repaired, and replaced when necessary and to assess the unit owners
as necessary to recover the costs of such maintenance, repair, or
replacement.
The Debtor maintains the Property for the benefit of its two
members, who own a total of three condominium units, and bills the
members for the common expenses and services it provides.
The BA challenges the Debtor's designation as a small business
debtor and its related eligibility to proceed under Subchapter V,
applicable only to small business debtors. It argues that the
Debtor should instead be designated as a single asset real estate
entity.
The United States Bankruptcy Code excludes from the definition of
small business debtor a person whose primary activity is the
business of owning single asset real estate, and therefore, if the
Debtor qualifies as a SARE entity, then the Debtor is ineligible to
proceed as a small business debtor under Subchapter V.
The Court agrees with the Debtor that its income derives not from
the Property, but instead from the services it provides pursuant to
its statutory obligations as a unit owners' association.
According to the Court, although the Debtor's services are a result
of the condominium project and are arguably similar in nature to
common area maintenance services provided under a lease, its
revenues and expenses are not driven by the economic and financial
return of the lease or sale of the related real estate
condominiums. The Property does not generate the Debtor's gross
income, and it does not fit within the Code's definition of SARE,
the Court finds.
The Court holds the Debtor does not constitute a single asset real
estate entity; and should be permitted to proceed as a small
business debtor under Subchapter V of Chapter 11.
A copy of the Court's decision dated April 8, 2025, is available at
https://urlcurt.com/u?l=Zcf09h from PacerMonitor.com.
About 255 North Front Street Condos, Inc.
255 North Front Street Condos, Inc. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
24-03153) on September 12, 2024, listing up to $50,000 in assets
and $500,001 to $1 million in liabilities.
Richard Preston Cook, Esq. at Richard P. Cook, PLLC represents the
Debtor as counsel.
316-318 GUILFORD AVE: Taps Gary S. Poretsky as Bankruptcy Counsel
-----------------------------------------------------------------
316-318 Guilford Ave, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Maryland to employ The Law Offices of
Gary S. Poretsky LLC as bankruptcy counsel.
The firm will provide these services:
(a) advise the Debtor of its rights, powers and duties;
(b) advise the Debtor regarding matters of bankruptcy law;
(c) represent the Debtor in proceedings and hearings in this
court;
(d) review the nature and validity of liens asserted against
the property of the Debtor and advise it of enforceability of such
liens;
(e) prepare on behalf of Debtor all necessary and appropriate
applications, motions, pleadings, drafter orders, notices, and
other documents, and review all financial and other reports to be
filed in the its chapter 11 case;
(f) advise the Debtor concerning, and prepare responses to,
legal papers that may be filed and served in the Debtor's Chapter
11 case; and
(e) perform all other legal services for and on behalf of the
Debtor that may be necessary or appropriate in the administration
of the its Chapter 11 case.
The firm's attorneys will be billed at $475 per hour plus
expenses.
Gary Poretsky, Esq., an attorney 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:
Gary S. Poretsky, Esq.
The Law Offices of Gary S. Poretsky, LLC
6 Church Lane
Pikesville, MD 21208
Telephone: (443) 738-5432
Email: gary@plgmd.com
About 316-318 Guilford Ave
316-318 Guilford Ave LLC is a single-asset real estate company, as
defined under 11 U.S.C. Section 101(51B). The Debtor owns the
property located at 316 Guilford Ave, Baltimore, MD 21202-3609,
which is currently valued at $2.1 million.
316-318 Guilford Ave LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 25-12961) on April 7, 2025.
In its petition, the Debtor reports total assets: $2,100,000 and
total liabilities of $2,215,875.
Honorable Bankruptcy Judge David E. Rice handles the case.
The Debtor is represented by Gary S. Poretsky, Esq. at The Law
Offices of Gary S. Poretsky, LLC.
501 LINCOLN AVE: Hires Norgaard O'Boyle & Hannon as Legal Counsel
-----------------------------------------------------------------
501 Lincoln Ave, LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ Norgaard, O'Boyle & Hannon
as legal counsel.
The firm will render these services:
(a) prepare petition and schedules, ancillary reports,
documents and motion;
(b) assist in the development and proposal of a plan of
reorganization; and
(c) advise the Debtor in connection with its rights and
duties.
The firm's counsel will be paid at these hourly rates:
Partners $400 - $425
Senior Associates $325
Associates $250 - $300
Paralegals $150
John O'Boyle, Esq., an attorney at Norgaard, O'Boyle & Hannon,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
John O'Boyle, Esq.
Norgaard, O'Boyle & Hannon
184 Grand Avenue
Englewood, NJ 07631
Telephone: (201) 871-1333
Email: jobiyle@norgaardfirm.com
About 501 Lincoln Ave
501 Lincoln Ave, LLC filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Case
No. 25-13570), listing up to $1 million in both assets and
liabilities.
Judge John K. Sherwood oversees the case.
John O'Boyle, Esq., at Norgaard, O'Boyle & Hannon serves as the
Debtor's counsel.
70 CLERMONT AVE: Hires McKinley Onua & Associates as Legal Counsel
------------------------------------------------------------------
70 Clermont Ave Ltd. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ McKinley Onua &
Associates PLLC as legal counsel.
The firm will render these services:
(a) provide advice to the Debtor with respect to its powers
and duties in the continued operation of its business and the
management of its affairs and property;
(b) negotiate with creditors of the Debtor, prepare a plan of
reorganization, and take the necessary legal steps to consummate a
plan;
(c) appear before the various taxing authorities to work out a
plan to pay taxes owing in installments;
(d) prepare on the Debtor's behalf necessary legal documents;
(e) appear before this court to protect the interests of the
Debtor and its estates, and represent the Debtor in all matters
pending before this court and any other court or Judicial
Tribunal;
(f) perform all other legal services for the Debtor that may
be necessary herein; and
(g) assist the Debtor in connection with all aspects of its
Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Nnenna Onua, Esq. $500
Associates $450
Paralegals $150
The firm received $2000 for the filing fees from the Debtor's
principal.
Nnenna Onua, Esq., an attorney at McKinley Onua & 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:
Nnenna Onua, Esq.
McKinley Onua & Associates, PLLC
233 Broadway, Suite 2348
New York, NY 10279
Telephone: (718) 522-0236
Email: nonua@mckinleyonua.com
About 70 Clermont Ave
70 Clermont Ave Ltd. is a real estate debtor with a single asset,
as outlined in 11 U.S.C. Section 101(51B). The Company owns the
property at 70 Clermont Avenue, Brooklyn, NY 11205, which is valued
at approximately $1.60 million based on comparable sales.
70 Clermont Ave Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41043) on March 1,
2025. In its petition, the Debtor reports total assets of
$1,599,100 and total liabilities of $2,664,164.
Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.
Nnenna Onua, Esq., at McKinley Onua & Associates, PLLC represents
the Debtor as counsel.
7Q59 AMHERST: James LaMontagne Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan
Phinney Bass & Green as Subchapter V trustee for 7Q59 Amherst,
LLC.
Mr. LaMontagne will be paid an hourly fee of $475 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. LaMontagne declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
James S. LaMontagne, Esq.
Sheehan Phinney Bass & Green
75 Portsmouth Boulevard, Suite 110
Portsmouth, NH 03801
Phone: (603) 627-8102
Email: jlamontagne@sheehan.com
About 7Q59 Amherst
7Q59 Amherst, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-30150) on March 17,
2025, listing up to $10 million in both assets and liabilities.
Xian Dole, manager of 7Q59 Amherst, signed the petition.
Judge Elizabeth D. Katz oversees the case.
Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents
the Debtor as bankruptcy counsel.
8787 RICCHI: Gets Interim OK to Use Cash Collateral Until April 30
------------------------------------------------------------------
8787 Ricchi, LLC received interim approval from the U.S. Bankruptcy
Court for the Northern District of Texas, Dallas Division, to use
cash collateral from April 1 to 30.
The interim order authorized the Debtor to use cash collateral to
pay its operating expenses in accordance with its budget, which
projects total expenses of $46,400 for April.
As protection, 87STE Lending, LLC was granted a replacement lien on
property currently owned or acquired by the Debtor after the
petition date similar to the lender's pre-bankruptcy collateral.
The Debtor owns two office buildings, the Eldorado Towers, and has
incurred debt secured by a deed of trust that encumbers its rental
income and cash. The Debtor needs cash collateral to continue
operating and maintaining the property.
87STE Lending is the lender of the original loan to the Debtor for
the purchase of real property.
The Debtor owes $5.7 million from the loan secured by a deed of
trust recorded in 2019. This loan is for the acquisition of two
office buildings (Eldorado Towers) located at 8777 and 8787 N.
Stemmons Freeway in Dallas, Texas.
The U.S. Marshals Service currently controls the Note and Deed of
Trust, pursuant to a restraining order from a related court case in
Florida. ORE Financial Services, LLC has been designated to act on
behalf of the Lender as a contractor.
The U.S. government is indirectly involved in this case due to an
ex parte restraining order that controls the loan's promissory note
and deed of trust. ORE Financial Services, LLC has been contracted
to oversee the loan and its obligations on behalf of the U.S.
Marshals Service, which is enforcing the restraining order.
A final hearing is set for April 30.
About 8787 Ricchi LLC
8787 Ricchi, LLC is a commercial real estate company that owns and
manages properties in Dallas, Texas.
8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 25-31144) on March 31, 2025. In its
petition, the Debtor reported between $1 million and $10 million in
both assets and liabilities.
Judge Stacey G. Jernigan handles the case.
The Debtor is represented by Frank Jennings Wright, Esq. at Law
Offices of Frank J. Wright, PLLC.
ABP AVENTURA: Tarek Kiem of Kiem Law Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem
Law, PLLC as Subchapter V trustee for ABP Aventura, Inc.
Mr. Kiem will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Kiem declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tarek Kiem, Esq.
Kiem Law, PLLC
8461 Lake Worth Road, Suite 114
Lake Worth, FL 33467
Tel: (561) 600-0406
Email: tarek@kiemlaw.com
About ABP Aventura Inc.
ABP Aventura Inc., operating under the name Relax The Back,
specializes in ergonomic products aimed at alleviating neck and
back pain. It offers items like ergonomic office furniture,
Tempur-Pedic mattresses, fitness tools, and massage products. With
over 70 stores in North America and its website RelaxTheBack.com,
the company combines personalized service with a holistic wellness
approach.
ABP Aventura sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 25-12901) on March 18, 2025. In its
petition, the Debtor reported total assets of $3,358,190 and total
liabilities of $1,704,840.
Judge Laurel M. Isicoff oversees the case.
The Debtor is represented by David R. Softness, Esq., at David R.
Softness, PA.
ADDISON STATION: Seeks Chapter 11 Bankruptcy in Maryland
--------------------------------------------------------
On April 10, 2025, Addison Station LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Maryland. According to court filing, the Debtor reports between
$10 million and $50 million in debt owed to 100,000 and 500,000
creditors. The petition states funds will be available to unsecured
creditors.
About Addison Station LLC
Addison Station LLC is a limited liability company.
Addison Station LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 25-1312) on April 10,
2025. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $10 million
and $50 million.
The Debtor is represented by Steven L. Goldberg, Esq. at MCNAMEE
HOSEA, P.A.
ALAMO BEER: Seeks to Sell San Antonio Property at Auction
---------------------------------------------------------
Alamo Beer Company LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas, San Antonio Division, to
sell substantially all of its Assets, free and clear of all liens,
interests, and encumbrances.
The Debtor's primary assets are a tract of real property in San
Antonio, Texas and its business operating a craft brewery, beer
hall and beverage preparation, brewing, packaging and distribution
business at the Real Property.
The Debtor proposes to sell the Real Property and Business to
potential purchaser who only desires to purchase the Real Property
or the Business and not both as a package.
The Debtor retains JJ Real Co. Inc. to assist in marketing and
selling the Property.
The Debtor owed PlainsCapital approximately $3,861,000.00 and its
equipment lenders approximately $400.000.00.
The Debtor also requests approval of the Bid Procedures for the
sale of the Real Property and Business.
To complete a sale of the Real Property and Business, the Debtor
may select any of the following approaches: a negotiated sale with
a designated purchaser; the designation of a stalking horse bidder
and then holding an auction; or an auction with no stalking horse
bidder. Any Transaction entered into by the Debtor will be subject
to the final approval of the Court.
Any offer from a Potential Buyer submitted to the Debtor must
conform to the following requirements to be considered.
(i) shall not contain any contingencies for the Potential Buyer's
ability to obtain financing or conduct additional due diligence,
and shall be for all cash payable in full upon closing;
(ii) shall not contain any condition to closing on the receipt of
any third-party approval;
(iii) shall provide that the Qualified Offer or Stalking Horse Bid
is irrevocable through the earlier of the closing of any
transaction with a winning bidder or June 30th, 2025;
(iv) must acknowledge that the Potential Buyer has: (a) had the
opportunity to conduct its own due diligence and independent review
of the Real Property and Business and associated assets and
financial information; and (b) relied solely upon its own due
diligence, and not any oral or written statements of the Debtor,
its professionals, or any other third party;
If a Potential Buyer seeks to be a stalking horse bidder, it may do
so by submitting an earnest money contract to enter into a
Transaction which might require protections and break-up fees, such
a Stalking Horse Bid must be received by JJ and the Debtor's
counsel no later than May 14th, 2025. In the exercise of its
business judgment, the Debtor may accept a Stalking Horse Bid. The
Debtor shall file a Notice of
Stalking Horse Bid no later May 16th, 2025.
If the Debtor elects to conduct an auction, the Auction will be a
public outcry auction. Any party electing to participate in the
Auction shall to submit a Qualified Offer which does not require
Break-up Fees.
At the Auction Sale, bidding for the Real Property and Business
will be conducted in minimum incremental bids of $50,000.00.
The closing of the sale of the Real Property and Business shall
occur on or before June 30th, 2025. If the Successful Bidder
refuses or is unable to close, and a Back-up Bidder has been
selected then the Back-up Bidder shall close under the terms of the
Back-up Bid within 15 days after being notified of the failure of
the Successful Bidder to close.
About Alamo Beer Company
Alamo Beer Company, LLC is a beverage manufacturer in San Antonio,
Texas.
Alamo Beer Company filed Chapter 11 petition (Bankr. W.D. Texas
Case No. 25-50245) on February 3, 2025, listing between $1 million
and $10 million in both assets and liabilities.
Judge Craig A. Gargotta handles the case.
The Debtor is represented by William B. Kingman, Esq., at the Law
Offices of William B. Kingman.
PlainsCapital Bank, LLC, as lender, is represented by Michael P.
Menton, Esq. and Danika Lopez, Esq.
ALLECOM CORP: Seeks to Hire Wauson King as Bankruptcy Counsel
-------------------------------------------------------------
Allecom Corp. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Wauson King as bankruptcy
counsel.
The firm will provide these services:
(a) prepare and file the bankruptcy petition and other
required initial pleadings;
(b) render bankruptcy related legal advice to the Debtor
regarding its continued operation and management of income and
property;
(c) prepare and file any amendments needed;
(d) prepare for and represent the Debtor at the initial debtor
interview with the U.S. Trustee and at the Meeting of Creditors;
(e) prepare for and represent the Debtor in any and all
matters related to post petition administrative matters or matters
involving its assets and liabilities and financial affairs;
(f) represent the Debtor in any and all matters related to
application to employ professionals, and any related applications
and or motions;
(g) represent the Debtor with respect to negotiations for the
assumption or rejection of any executory contracts;
(h) represent the Debtor with respect to objections to proofs
of claim and allowance or disallowance of claims against the Debtor
and or its property;
(i) represent the Debtor with respect to preparing a
disclosure statement and plan of reorganization on behalf of the
Debtor and assist in obtaining confirmation of a plan of
reorganization;
(j) represent the Debtor with respect to consummation of the
plan of reorganization and other post-confirmation matters
necessary to the implementation of the plan of reorganization;
(k) represent the Debtor with respect to any adversary
proceeding related to any prepetition transfers of the Debtor,
recovery of any preferences, turnover actions, liens against
property of the estate, and/or property of the estate; and
(l) represent the Debtor in other core and related to
matters.
The firm will be paid at these hourly rates:
John Wesley Wauson, Attorney $450
Anabel King, Attorney $450
Sharon Dianiska, Paraprofessional $125
Lidia Bulnes, Paraprofessional $100
Jonathan Hernandez, Paraprofessional $50
The firm received a pre-petition retainer and filing fee of $16,738
from the Debtor's shareholder, Kha Pam. In addition, the firm also
received a retainer of $35,000 towards fees including future fees,
expenses, and costs.
Ms. 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:
Anabel King, Esq.
Wauson King
52 Sugar Creek Center Blvd., Suite 325
Sugar Land, TX 77478
Telephone: (281) 242-0303
Facsimile: (281) 242-0306
Email: aking@w-klaw.com
About Allecom Corp.
Allecom Corp. is a subcontractor for FedEx, providing specialized
services to support its operations.
Allecom sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Tex. Case No. 25-31569) on March 24, 2025. In its
petition, the Debtor reported total assets of $306,082 and total
debts of $3,310,215.
Judge Eduardo V. Rodriguez oversees the case.
Anabel King, Esq., at Wauson King serves as the Debtor's counsel.
ALLIANCE ENERGY: Seeks Chapter 11 Bankruptcy in Texas
-----------------------------------------------------
On April 7, 2025, Alliance Energy Partners LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Texas. According to court filing, the
Debtor reports $2,614,465 in debt owed to 50 and 99 creditors.
The petition states funds will be available to unsecured
creditors.
About Alliance Energy Partners LLC
Alliance Energy Partners LLC, located in Spring, TX, specializes in
providing directional drilling services, including well planning,
rotary steerable equipment, and geosteering. The Company focuses on
reducing downtime and enhancing efficiency in the drilling process
for oil and gas extraction operations.
Alliance Energy Partners LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.: 25-31937)
on April 7, 2025. In its petition, the Debtor reports total assets
of $1,000,000 and total liabilities of $2,614,465.
Honorable Bankruptcy Judge Jeffrey P. Norman handles the case.
The Debtor is represented by Timothy L. Wentworth, Esq. at OKIN
ADAMS BARTLETT CURRY LLP.
ALTRAIN MEDICAL: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------------
Altrain Medical and Dental Assisting Academy, LLC received interim
approval from the U.S. Bankruptcy Court for the District of Arizona
to use cash collateral.
The interim order authorized the Debtor to use cash collateral from
April 14 to the date of entry of the court's final order.
The final hearing is scheduled for May 13.
As protection, creditors that may claim an interest in the Debtor's
cash collateral will be granted a valid, perfected replacement
security interest in and lien on their pre-bankruptcy collateral.
The creditors include BizFunds, LLC, Cadence Bank, Financial Agent
Services, Corporation Service Company, and Advance Servicing.
Of the Purported Secured Creditors, the Debtor believes that
Cadence Bank has the first priority blanket lien on the Debtor's
assets.
The Debtor generates revenues from students who pay for education
services related to courses for medical and dental assistants and
paralegals. Currently, the Debtor has approximately $17,478 of
cash, which is held in Bank of America account(s).
About Altrain Medical and Dental Assisting Academy
Altrain Medical and Dental Assisting Academy LLC is, a training
school for medical and dental assistants based in Glendale,
Arizona.
Altrain Medical and Dental Assisting Academy LLC sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case
No. 25-02732) on March 28, 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 Eddward P Ballinger Jr handles the
case.
The Debtor is represented by Patrick F. Keery at Keery Mccue, PLLC.
AMERICAN ELITE: Section 341(a) Meeting of Creditors on May 22
-------------------------------------------------------------
On April 11, 2025, American Elite Collision Center Corp. filed
Chapter 11 protection in the U.S. Bankruptcy Court for the Western
District of Texas. According to court filing, the
Debtor reports $1,210,637 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 22,
2025 at 10:00 AM via Via Phone: (866)909-2905; Code: 5519921#.
About American Elite Collision Center Corp.
American Elite Collision Center Corp. is an auto repair shop
located in San Antonio, Texas. The Company provides collision
repair services, focusing on restoring vehicles to their
pre-accident condition.
American Elite Collision Center Corp. sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50784)
on April 11, 2025. In its petition, the Debtor reports total
assets of $383,371 and total debts of $1,210,637.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtor is represented by Robert C. Lane, Esq. at THE LANE LAW
FIRM.
AMERICAN IMPACT: Seeks Interim Cash Collateral Access
-----------------------------------------------------
American Impact Windows & Doors, LLC asked the U.S. Bankruptcy
Court for the Southern District of Florida, Miami Division, for
authority to use cash collateral, on an interim basis, in
accordance with the budget, with a 10% variance.
The Debtor manufactures, distributes, sells, and installs impact
windows and doors in South Florida. Its main assets are inventory,
accounts receivables, equipment, and machinery. The total balance
in its bank accounts at the time of filing was $18,864.
The parties that assert interests in the Debtor's cash collateral
are MNY Capital, Fox Funding Group, Joseph Rodino, Merk Funding,
and Parkside Funding. The Debtor owes a total of $1,107,228 to
these creditors.
The Debtor proposed to offer adequate protection to secured
creditors by granting replacement liens on all its assets, to
maintain the value of their security interests.
A copy of the motion is available at https://urlcurt.com/u?l=zcuBoM
from PacerMonitor.com.
About American Impact Windows & Doors LLC
American Impact Windows & Doors LLC installs and replaces
impact-resistant windows and doors for residential and commercial
clients. The Company's products are built to withstand severe
weather, including hurricanes, making them perfect for the region's
tough climate. The Company offers easy installations, a variety of
window and door options, and financing plans. It also provides
custom solutions like glass rails and storefront doors, along with
permit expediting services.
American Impact Windows & Doors LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. ) on March 19, 2025.
In its petition, the Debtor reports estimated asserts up to $50,000
and estimated liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Laurel M Isicoff handles the case.
The Debtor is represented by Carlos E. Sardi, Esq. at SARDI LAW,
PLLC.
AMERIGLASS CONTRACTOR: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------------
Ameriglass Contractor Corp. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida, Fort
Lauderdale Division, to use cash collateral.
The interim order authorized the company to use cash collateral to
pay rent and utilities. This authorization continues until the
earlier of a further court order or the occurrence of certain
termination events such as case dismissal or business shutdown.
As protection for the company's use of their cash collateral,
creditors that have filed a UCC-1 financing statement will be
granted a replacement lien on the company's property, with the same
validity and priority as their pre-bankruptcy liens.
The next hearing is scheduled for May 14.
About Ameriglass Contractor Corp
Ameriglass Contractor Corp. specializes in residential and
commercial glass repair and replacement services in the Fort
Lauderdale, Florida area. It offers a range of services, including
window and sliding door repairs, storefront glass repairs, and
high-impact window installations. The company operates 24/7,
providing emergency glass repair services.
Ameriglass Contractor Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12349) on March
4, 2025. In its petition, the Debtor reported total assets of
$423,551 and total liabilities of $1,389,948.
Judge Scott M. Grossman handles the case.
The Debtor is represented by Susan D. Lasky, Esq.
AQUABOUNTY TECHNOLOGIES: Net Loss Widens to $149.2M for 2024
------------------------------------------------------------
AquaBounty Technologies, Inc. filed with the U.S. Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss of $149.2 million for the year ended Dec. 31, 2024, compared
to a net loss of $27.6 million for the year ended Dec. 31, 2023.
Baltimore, Maryland-based Deloitte & Touche LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Mar. 27, 2025, citing that the Company has incurred
cumulative net losses that raise substantial doubt about its
ability to continue as a going concern. Since inception, the
Company has incurred cumulative net losses of $370 million and
expects that this will continue for the foreseeable future. As of
December 31, 2024, the Company had $230 thousand in cash and cash
equivalents on its consolidated balance sheet.
The Company's ability to continue as a going concern is dependent
upon its ability to raise additional capital, including its ability
to sell assets to generate liquidity to fund ongoing operations,
and there can be no assurance that such capital will be available
in sufficient amounts, on a timely basis, or on terms acceptable to
the Company, or at all.
Management Comments:
"AquaBounty entered 2024 with the goal of raising new funds to
allow for the recommencement of construction activities at our Ohio
Farm Site, but ultimately our efforts were unsuccessful," stated
David Frank, Chief Financial Officer and Interim Chief Executive
Officer. "We therefore had to pivot our focus to selling non-core
assets to generate liquidity. We completed the sale of our Indiana
Farm in July, and we sold various Ohio Equipment Assets throughout
the balance of the year. However, these efforts did not generate
enough cash to maintain our operating facilities, and thus we had
no alternative but to close down our remaining Canadian Farms
operations in December and reduce our staff.
"As stated in our previous announcement, we plan to continue to
work with our investment banker to assess strategic alternatives
for our Ohio Farm Project, and we will continue to market and sell
available Ohio Equipment Assets to generate cash. On February 11,
2025, we completed an auction of certain Ohio Equipment Assets that
had been purchased for our Ohio Farm Project for net proceeds of
$2.2 million, after deducting commissions and fees. On March 3,
2025, we completed the sale of our Canadian Farms, including the
Company's Corporate IP for AquAdvantage salmon and its trademarks
and patents, for net proceeds of $1.9 million, after deducting
commissions, fees and the assumption of $3.2 million in outstanding
loans. These transactions have provided us with the liquidity to
continue to pursue strategic alternatives for our Ohio Farm
Project.
"We will continue to keep all stakeholders apprised of our
progress," concluded Frank.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/3ddnxfbh
About AquaBounty
AquaBounty Technologies, Inc. -- www.aquabounty.com -- specializes
in land-based aquaculture, focusing on the farming of Atlantic
salmon using advanced breeding, genetics, and sustainable farming
practices. The company utilizes recirculating aquaculture systems
(RAS) to prevent disease, protect wild fish populations, and
minimize environmental impact. AquaBounty aims to address food
insecurity and climate change by producing antibiotic-free,
nutritious salmon close to key consumption markets.
As of Dec. 31, 2024, the Company had $34.1 million in total assets,
$18.2 million in total liabilities, and a total stockholders'
equity of $15.8 million.
AUSTEX AGGREGATES: Seeks Chapter 11 Bankruptcy in Texas
-------------------------------------------------------
On April 10, 2025, AusTex Aggregates LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District
of Texas. According to court filing, the
Debtor reports $2,903,960 in debt owed to 1 and 49 creditors.
The petition states funds will not be available to unsecured
creditors.
About AusTex Aggregates LLC
AusTex Aggregates LLC, 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.
AusTex Aggregates LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10502) on April 10,
2025. In its petition, the Debtor reports total assets of
$4,145,748 and total liabilities of $2,903,960.
Honorable Bankruptcy Judge Shad Robinson handles the case.
The Debtor is represented by Stephen W Sather, Esq. at BARRON &
NEWBURGER, P.C.
AVISON YOUNG: S&P Assigns 'CCC+' Rating on Proposed Secured Debt
----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue rating and '2'
recovery rating to Avison Young (Canada) Inc.'s proposed US$27
million senior secured facility due 2027. The '2' recovery rating
indicates its expectation of substantial recovery (70%-90%; rounded
estimate: 75%) in the event of a payment default.
S&P said, "At the same time, we lowered our issue-level rating on
the existing first-out secured term loan to 'CC' from 'CCC' and
revised the recovery rating to '6' from '4' to reflect the
subordination risk that would result from the issuance of an
additional secured facility.
"Our 'CCC' issuer credit rating on Avison Young is unchanged, and
the outlook remains negative."
The proposed senior facility would rank senior to all existing
senior secured debt in right of payment and lien priority.
S&P said, "In our assumed recovery waterfall for the company, the
collateral available to the first-out term loan lenders was reduced
to zero. The '6' recovery rating indicates our expectation of
negligible (0%-10%; rounded estimate: 0%) recovery of principal to
creditors in the event of a simulated default scenario.
"Our 'CC' issue-level ratings on the company's C$194.8 million
second-out secured term loan and C$87.9 million third-out secured
term loan due 2029 are also unchanged, with recovery expectations
of 0% and '6' recovery ratings."
Issue Ratings--Recovery Analysis
Key analytical factors
-- S&P's hypothetical default scenario assumes a substantial
erosion in the company's market position and a contraction in
commercial real estate activity, leading to a default in 2026.
-- S&P assumes Avison Young would reorganize in the event of a
default. It therefore has valued the company as a going concern,
using a 6.0x EBITDA multiple at emergence.
Simulated default assumptions
-- C$19.8 million EBITDA at emergence
-- A US$85 million revolver that is 70% drawn
-- An EBITDA multiple of 6.0x upon reorganization
Simplified waterfall
-- Net enterprise value after 5% administrative expenses: C$113.5
million
-- Priority claims on revolver: C$82.6 million
-- Collateral value available to new secured debt after priority
claims on revolver: C$30.9 million
-- Total new secured debt: C$39.9 million
-- Recovery expectation of new secured debt: substantial recovery,
75% ('2' recovery rating)
-- Collateral value available to first-out secured term loan after
priority claims on revolver and new secured debt: $0
-- Total first-out secured term loan: C$98 million
-- Recovery expectation of first-out secured term loan: negligible
recovery, 0% ('6' recovery rating)
-- Remaining collateral value available to second-out and
third-out secured term loans: $0
-- Recovery expectations of second-out and third-out secured term
loans: negligible recovery, 0% ('6' recovery ratings)
Note: All debt amounts include six months of prepetition interest.
AVON PLACE: Hires FIA Capital Partners as Restructuring Advisor
---------------------------------------------------------------
Avon Place, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to employ FIA Capital Partners LLC
as restructuring advisor.
The firm will provide David Goldwasser as chief restructuring
officer (CRO) and certain additional personnel to the Debtors.
The CRO and additional personnel will render these services:
(a) oversee the Debtor's operations;
(b) manage cash flow and ensure the payment of operating
expenses, property taxes, and insurance;
(c) evaluate and assist bankruptcy counsel to develop a plan
of reorganization to liquidate or dissolution of the Client and
discuss same with counsel, secured creditors, other creditors
and/or governmental authorities, including the Office of the U.S.
Trustee;
(d) develop and implement a strategy for the stabilization or
sale of the property;
(e) conduct analyses of property performance, debt
obligations, and restructuring alternatives, including loan
modifications or discounted payoff;
(f) perform a comprehensive due diligence review of the
Client, its liabilities and the Property;
(g) assist in the preparation of materials for filing the
petition and schedules, review books and records, analyze loan
documents, review accompanying litigation, and conduct creditors'
claims analysis;
(h) prepare and file Monthly Operating Reports required under
the Bankruptcy Code and guidelines for the Eastern District of New
York, ensuring compliance with OUST requirements;
(i) attend Court proceedings, initial debtor interview and
section 341(a) meetings, as well as additional meetings with
creditors and stakeholders, as may be required. Provide testimony
as reasonably required in connection with same;
(j) act as a liaison and coordinate information flow and
efforts between management of the Client and its advisors and
creditors and their advisors, as well as the OUST. Provide regular
updates;
(k) perform such other services as requested or directed by
the member(s) as are reasonably related to the above-described
services and agreed to by the CRO.
The firm's counsel and staff will be paid at these hourly rates:
David Goldwasser, CRO $750
CPA $450
Principal/Managing Director $400
Paralegal $280
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Goldwasser 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 Goldwasser
FIA Capital Partners, LLC
25 Front Street, 2nd Floor
Brooklyn, NY 11201
Email: dgoldwasser@fiacp.com
About Avon Place LLC
Avon Place LLC is a real estate company owning multiple properties
at 44, 46, 47, 48 Avonwood Road in Avon, Connecticut.
Avon Place LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41368) on March 21,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
The Debtor tapped Backenroth, Frankel & Krinsky, LLP as counsel and
FIA Capital Partners, LLC as restructuring advisor.
AVON PLACE: Seeks to Use Cash Collateral
----------------------------------------
Avon Place, LLC asked the U.S. Bankruptcy Court for the Eastern
District of New York for authority to use cash collateral.
The Debtor needs to use cash collateral to pay necessary operating
expenses as outlined in its budget.
The Debtor filed for Chapter 11 on March 21, 2025, to protect its
property (180 condominium units in Avon, CT valued at approximately
$38.6 million) from a foreclosure action initiated by 44 Avon Road
Credit LLC.
The Debtor disputes being in default on its $28 million loans,
originally with Bankwell Bank, and alleges the Mortgagee
manufactured a default.
As adequate protection, the mortgagee will be granted an adequate
protection lien on the Debtor's assets to the extent the cash
collateral diminishes, subordinate to certain professional and
administrative fees.
A hearing on the matter is set for April 30.
A copy of the motion is available at https://urlcurt.com/u?l=SVFySR
from PacerMonitor.com.
About Avon Place LLC
Avon Place LLC is a real estate company owning multiple properties
at 44, 46, 47, 48 Avonwood Road in Avon, Connecticut.
Avon Place LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41368) on March 21,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Judge Jil Mazer-Marino handles the case.
The Debtor is represented by Mark A. Frankel, Esq. at Backenroth
Frankel & Krinsky, LLP.
AVONDALE CAPITAL: Seeks to Hire Keith M. Knowlton as Legal Counsel
------------------------------------------------------------------
Avondale Capital, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to employ Keith M. Knowlton, LLC to
handle its Chapter 11 case.
The firm's attorney will be billed at an hourly rate of $320 plus
expenses.
The firm received a pre-petition retainer of $3,000 including the
filing fee.
Mr. Knowlton 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 M. Knowlton, Esq.
Keith M. Knowlton, LLC
950 N. Mallard St.
Chandler, AZ 85226
Telephone: (602) 692-6083
Email: keithknowlton@msn.com
About Avondale Capital
Avondale Capital, LLC filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. D. Ariz.
Case No. 25-01783), listing under $1 million in both assets and
liabilities.
Judge Daniel P. Collins oversees the case.
Keith M. Knowlton, Esq., at Keith M. Knowlton, LLC serves as the
Debtor's counsel.
B&B OUTDOOR: Andrew Layden Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for B&B Outdoor, LLC.
Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Andrew Layden
200 S. Orange Avenue, Suite 2300
Orlando, FL 32801
Telephone: 407-649-4000
Email: alayden@bakerlaw.com
About B&B Outdoor
B&B Outdoor, LLC is a site development and asset maintenance
company based in Pierson, Florida. With over 10 years of experience
in Central Florida, the company offers a range of services,
including site demolition, preparation, development, subgrade
stabilization, base rock installation, road grading, underground
utilities, concrete and curb work, stormwater drainage, road
maintenance, litter control, washout repairs, emergency storm
response, pond excavation, and the sale and distribution of dirt,
sand, and stone.
B&B Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 25-01414) on March 1, 2025. In its
petition, the Debtor reported total assets of $93,252 and total
liabilities of $1,527,035
Judge Lori V. Vaughan handles the case.
The Debtor is represented by:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
Email: jeff@bransonlaw.com
BEAUTY GODS: Settlement Amount and Deposited Rent to Fund Plan
--------------------------------------------------------------
Beauty Gods, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Chapter 11 Plan of Liquidation dated
March 17, 2025.
The Debtor did not commence business operations until 2023. Even
then, the Debtor entered a lease and undertook a build out of the
leased premises. The Debtor did not begin realizing revenues until
approximately April 2024.
On May 1, 2023, the Debtor entered a lease agreement (the "First
Lease") with Eden Sample, LLC (the "Original Landlord") pertaining
to the Debtor's lease of property located at 9600 West Sample Road,
Suite 505-506, Coral Springs, Florida 33065 (the "Leased
Premises"). The First Lease provided for (a) a "Commencement Date"
of September 1, 2023 (the "Original Commencement Date"), which the
Debtor and the Original Landlord agreed would be the date on which
the Debtor would commence paying rent, and (b) rent in year 1 would
be in the amount of $6,250.00 per month (the "Original Lease Year 1
Rent").
At the time the First Lease was entered, the Debtor and the
Original Landlord agreed that the Leased Premises would be modified
to accommodate a "salon suites" concept ("Salon Suites"). The
Debtor's owner, Kareemah McDowell, planned to use one of the salon
suites to provide braiding and hair extension services to her
clients, while the Debtor would sublease the remaining suites to
third parties to be operated for hair and nail services.
The Original Landlord was fully aware of the Debtor's intended use
of the Leased Premises. In fact, the Original Landlord undertook
responsibility for the build out ("Build Out") of the Leased
Premises to accommodate the Salon Suites. The Original Landlord
hired third parties to perform the Build Out and would then charge
the Debtor for services rendered, materials, and other costs. In
total, the Debtor spent more than $125,000.00 in connection with
the Build Out and also acquired equipment at a cost of
approximately $50,000.00.
On or about November 15, 2023, the Original Landlord and North
Broward Hospital District d/b/a Broward Health entered a
"Commercial Contract" (the "Purchase Agreement") pursuant to which
North Broward agreed to acquire the property located at 9600 W.
Sample Road, Coral Springs, FL (the "Property"), which included the
Leased Premises. Upon information and belief, North Broward and the
Original Landlord closed the sale of Property in March 2024 (the
"Closing"). In accordance with Section 6 of the Purchase Agreement,
North Broward's intended use of the Property was "medical office
space."
On March 11, 2025, the Debtor and North Broward filed the Joint
Notice of Settlement and Request for Status Conference, in which
the Debtor and North Broward provided notice of the settlement (the
"Settlement").
The Settlement Agreement provides, in part, as follows: (a) the
Debtor will surrender the Leased Premises; (b) the Debtor will be
entitled to remove any and all property from the Leased Premises,
including equipment, no later than the surrender date; (c) North
Broward shall pay $172,500.00 to the Debtor (the "Settlement
Amount"); (d) North Broward waives any and all outstanding rent,
regardless of whether the rent was accrued pre- or post-Petition
Date; (e) North Broward waives any and all claims against rent held
in trust by Debtor's counsel, which shall be released to the Debtor
(the "Deposited Rent"); (f) the pending state court litigation
shall be dismissed with prejudice; and (g) the Debtor, Kareemah
McDowell and North Broward shall exchange mutual general releases.
Subject to approval of the Settlement Agreement, the Debtor has
determined to liquidate, as provided in this Plan. The Settlement
Amount and Deposited Rent shall be used to pay Allowed Claims in
accordance with the Plan.
Class 3 consists of Allowed Unsecured Claims. On the Effective Date
of the Plan, or as soon thereafter as is reasonably practicable,
each holder of an Allowed Class 3 Claim shall receive such holders'
Pro Rata share of Cash following satisfaction in full of Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed Other
Priority Claims and Allowed Class 2 Claims. The Class 3 Claims are
Impaired.
Class 4 consists of Allowed Equity Interests. The holders of
Allowed Class 4 Equity Interests shall not receive any
Distributions under the Plan. However, Kareemah McDowell shall be
entitled to retain any removable property from the Leased Premises
in full release of any claims she may have to either the Settlement
Amount or against the Debtor.
Upon confirmation of the Plan, and in accordance with the
Confirmation Order, the Proponent will be authorized to take all
necessary steps, and perform all necessary acts, to consummate the
terms and conditions of the Plan. In addition to the provisions set
forth elsewhere in the Plan, the following shall constitute the
means for implementation of the Plan.
Distributions under the Plan shall be made from Settlement Amount
and Deposited Rent available for Distributions in accordance with
the Plan.
A full-text copy of the Liquidating Plan dated March 17, 2025 is
available at https://urlcurt.com/u?l=XTsGzM from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Michael D. Seese, Esq.
Seese, PA
101 N.E. 3rd Avenue, Suite 1500
Ft. Lauderdale, FL 33301
Telephone: (954) 745-5897
Email: mseese@seeselaw.com
About Beauty Gods
Beauty Gods, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23215) on Dec. 18,
2024, with as much as $50,000 in assets.
Judge Peter D. Russin presides over the case.
Michael D. Seese, Esq., at Seese PA, serves the Debtor as counsel.
BENSON HILL: Seeks to Tap Piper Sandler & Co. as Investment Banker
------------------------------------------------------------------
Benson Hill, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Piper
Sandler & Co. as investment banker.
The firm will render these services:
(a) review and analyze the Debtors' assets and liabilities and
the operating and financial strategies;
(b) review and analyze the business plans and financial
projections prepared by the Debtors;
(c) evaluate the Debtors' debt capacity in light of their
projected cash flows and assist in the determination of an
appropriate capital structure;
(d) evaluate the Debtors' liquidity, including financing
alternatives;
(e) determine a range of values for the Debtors and any
securities that they offer or propose to offer in connection with a
Restructuring;
(f) assist the Debtors in raising debt or equity financing;
(g) assist the Debtors in merger & acquisition (M&A)
transaction related activities;
(h) assist the Debtors in planning for dialogue and
negotiations with creditors for a potential Restructuring;
(i) assist the Debtors and their other professionals in
reviewing the terms of any proposed Restructuring and/or New
Capital Raise, in responding thereto and, if directed, in
evaluating alternative proposals for a Restructuring and/or New
Capital Raise, as applicable;
(j) assist or participate in negotiations with the parties in
interest;
(k) advise the Debtors with respect to, and attend, meetings
of their Board of Directors, creditor groups and other interested
parties, as reasonably requested;
(l) in the event the Debtors become subject to a Bankruptcy
Proceeding commenced under any Applicable Statute, and if requested
by them, participate in hearings before the court in which such
Bankruptcy Proceeding is commenced and provide relevant testimony
with respect to the matters described herein and issues arising in
connection with any proposed plan; and
(m) render such other financial advisory and investment
banking services as may be agreed upon by Piper Sandler and the
Debtors.
The firm will be paid at these fees:
(a) Monthly Fee of $100,000;
(b) Completion Fee of $2,500,000;
(c) New Capital Fee equal to (i) two percent of the face
amount of any senior secured Financing raised; (ii) four percent of
the face amount of any junior secured or senior or subordinated
unsecured Financing raised; and (iii) six percent in the case of
any other Financing.
In addition, the firm will seek reimbursement for expenses
incurred.
In the 90 days prior to the Petition Date, the Debtors paid Piper
Sandler $209,677 for professional services performed and reimbursed
for expenses incurred in the aggregate amount of $2,908.
Joel Karotkin, a managing director at Piper Sandler & Co.,
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:
Joel S. Karotkin
Piper Sandler & Co.
800 Nicollet Mall, Suite 900
Minneapolis, MN 55402
About Benson Hill
Benson Hill, Inc. is an ag-tech company focused on innovating soy
protein through advanced genetics. Using its CropOS technology
platform, Benson Hill creates food and feed that are more
nutritious, functional, and produced efficiently, offering
sustainability benefits to the food and feed sectors.
Benson Hill and its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Lead Del. Case No. 25-10539) on
March 20, 2025. The petitions were signed by Daniel Cosgrove as
interim chief executive officer. In their petitions, the Debtors
reported total assets of $137,542,000 and total debts of
$110,701,000.
Judge Thomas M. Horan handles the cases.
The Debtors tapped Faegre Drinker Biddle & Reath, LLP as bankruptcy
counsel; Piper Sandler as investment banker; Meru, LLC as financial
advisor; and Stretto, Inc. as claims and noticing agent.
BRAINATION INC: S&P Lowers 2020 Bond Rating to 'BB+', Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its underlying rating on Pottsboro
Higher Education Finance Corp., Texas' series 2020 educational
revenue bonds, issued for Braination Inc., to 'BB+' from 'BBB-`.
The outlook is negative.
The downgrade reflects Braination's material increase in total
long-term debt in fiscal 2024 leading to very elevated debt
metrics.
The negative outlook reflects the recent pattern of deficit
operating margins and weak lease-adjusted maximum annual debt
service (MADS) coverage in fiscal years 2023 and 2024, and expected
for fiscal 2025.
S&P said, "We analyzed Braination's environmental, social, and
governance factors and consider them neutral in our analysis.
"The negative outlook reflects our view that there is at least a
one-in-three chance we could lower the rating during the outlook
period if management does not meet enrollment projections for fall
2025 or if financial operations do not improve such that
lease-adjusted MADS coverage is insufficient, in our view, in
fiscal 2026. We understand management plans to open a new charter
school campus in fall 2025, which should support material
improvement in operations; however, if enrollment targets are
missed and operations remain pressured, we could lower the rating
over the outlook period.
"We could consider a negative rating action if the organization
cannot execute its expansion plans and management is unable to meet
enrolment expectations at the SIA campus, if financial deficits
persist, or if liquidity weakens to levels no longer in line with
rating-level peers. We would also consider a negative rating action
if there was a material decline in enrollment and demand at the
AFIA campuses.
"We could revise the outlook to stable if Braination executes its
expansion plans at SIA and meets enrollment targets, while
improving operating margins and strengthening lease-adjusted MADS
coverage and maintaining its liquidity position."
BRIGHT GREEN: Claims to be Paid from Exit Facility
--------------------------------------------------
Bright Green Corporation filed with the U.S. Bankruptcy Court for
the District of New Mexico a Disclosure Statement describing
Chapter 11 Plan dated March 18, 2025.
BGC was among the first entrants in the U.S. federally authorized
cannabis space for research and medical development.
Specifically, it was one of a few companies who have received from
the U.S. Drug Enforcement Administration (the "DEA"), a federal
controlled substances registration for the bulk manufacturing of
cannabis. BGC's DEA Registration number is RB0649383. This allowed
the Company to produce and export federally legal cannabis,
cannabis extracts, and tetrahydrocannabinol in the U.S.
Surmounting startup costs required more capital than BGC raised
from the sale of stock alone. On or around June 5, 2022 Ms.
Stockwell entered into a loan agreement (the "Original Loan") with
BGC in which she loaned $3,000,000 to BGC. Under yet a further
agreement between Ms. Stockwell and BGC, Ms. Stockwell agreed to
accept 4,000,000 shares of common stock in BGC in exchange for her
agreement to reduce the principal balance on BGC's loan to her by
$4,000,000.
Meanwhile, BGC and Ms. Stockwell agreed to a form of restructuring
support agreement in December of 2024. This was subsequently
amended and restated on February 2, 2025, and again on February 24,
2025, this time with the title "Amended and Restated Restructuring
Support Agreement" ("Restructuring Support Agreement" or simply
"RSA"). While the RSA is a postpetition agreement and subject to
Bankruptcy Court approval, the primary elements of the RSA were in
place in the pre-petition versions, and this Chapter 11 bankruptcy
proceeding was initiated for the purpose of carrying out the terms
of the RSA.
The RSA provides that an acceptable plan of reorganization must
include certain elements. The Plan contains most of these elements,
but in some cases the Debtor needed to deviate from the strict
terms of the RSA to address bankruptcy practicalities. These
deviations are referred to as" “Limitations" in the Plan. Some
Limitations are properly viewed in pairs that demonstrate that the
Plan provides at least as well for interested parties as the
treatment specified in the RSA.
For example, the RSA provides that the money used for cash
distributions to holders of allowed general unsecured claims will
not count toward the total lending commitment of Ms. Stockwell
under the Exit Facility Loan Agreement. The Plan, in contrast,
provides that these funds will be rolled into the Exit Facility. At
the same time, the Plan provides that the maximum lending
commitment under the RSA is $9,000,000, not the $6,500,000 called
for in the RSA, which will more than compensate for the additional
need to use funds under the Exit Facility Loan Agreement.
The RSA provides that general unsecured creditors will receive
distributions in value equal to 100% of their claims against the
Debtor. The Plan appropriates fixed portions of the Debtor's
available credit, denominated "Funds," to the Debtor's three
classes of general unsecured creditors. The Funds are sufficient to
enable a 100% distribution in value to the Debtor's general
unsecured creditors in the amount of their scheduled claims. If the
total allowed claims in a given class of unsecured creditors
exceeds the class Fund, then the allowed claim holders of that
class will receive a pro rata distribution on their claim, rather
than a 100% distribution.
Class 2 consists of Allowed Non-Insider General Unsecured Claims
(no dispute as to non-insider status). Holders of Allowed
Non-Insider General Unsecured Claims against the Debtor shall
receive pro rata distributions of $4,901,891.14 (the "Class 2
Primary Fund"), up to the total amount of their individual claims,
within ten days (a) of the Effective Date of the Plan or (b)
whenever the General Unsecured Claim becomes allowed, whichever is
later.
* Twenty percent of the distributions from the Class 2 Primary
Fund shall be in the form of cash; eighty percent of the value of
distributions from the Class 2 Primary Fund shall be in the form of
equity interests in Drugs Made In America Acquisition Corp I
("DMAA"). Both the cash distributions funded by Ms. Stockwell and
the value of DMAA stock transferred by Ms. Stockwell shall be added
to the outstanding balance of the Exit Facility Note. DMAA stock
will be transferred to the Class 2 claimants via a Share Transfer
Agreement in a form sufficient to transfer ownership of DMAA shares
of stock to the recipient.
* Residual Fund funding contingency: If the Class 2 Claims are
allowed in an amount less than the Class 2 Primary Fund, the
difference between the Class 2 Primary Fund and the total allowed
Class 2 claims shall be deemed to form all or part of a reservoir
for additional payments under the Exit Facility, hereinafter
referred to as the "Residual Fund." Although termed a "fund" for
simplicity, the Residual Fund is not a corpus of value owned by the
Debtor. Rather, it is an unused portion of the Exit Facility Loan
Agreement that the Debtor is committing to use in specified ways in
this Plan.
* Residual Fund payment contingency: If the Class 2 Claims are
allowed in an amount greater than the Class 2 Primary Fund, then
the Residual Fund shall first be used to pay unpaid Allowed Class 2
Claims pro rata, up to the unpaid portion of such claims. Like
distributions from the Class 2 Primary Fund, distributions from the
Residual Fund shall consist of 20% cash and 80% DMAA stock.
Residual Fund payments to Class 2, if any, shall be made within ten
days of (a) the Effective Date, or (b) final determination of the
total value available for distribution under the Residual Fund,
whichever is later
Class 3 consists of Allowed Insider General Unsecured Claims (no
dispute as to insider status). Holders of Allowed Insider General
Unsecured Claims against the Debtor shall receive pro rata
distributions of $899,909 (the "Class 3 Primary Fund"), up to the
total amount of their individual claims, within ten days of (a) the
Effective Date of the Plan or (b) whenever the General Unsecured
Claim becomes allowed, whichever is later.
* Twenty percent of the distributions from the Class 3 Primary
Fund shall be in the form of cash; eighty percent of the value of
distributions from the Class 3 Primary Fund shall be in the form of
equity interests in DMAA. Both the cash distributions funded by Ms.
Stockwell and the value of DMAA stock transferred by Ms. Stockwell
shall be added to the outstanding balance of the Exit Facility
Note. DMAA stock will be transferred to the Class 3 claimants via a
Share Transfer Agreement in a form sufficient to transfer ownership
of DMAA shares of stock to the recipient.
* Residual Fund funding contingency: If the Class 3 Claims are
allowed in an amount less than the Class 3 Primary Fund, the
difference between the Class 3 Primary Fund and the total allowed
Class 3 claims shall be deemed to form all or part of the Residual
Fund.
* Residual Fund payment contingency: If the Class 3 Claims are
allowed in an amount greater than the Class 3 Primary Fund, and if
allowed Class 2 claims have been in full, then the Residual Fund
shall be used to pay unpaid Allowed Class 3 Claims pro rata, up to
the unpaid portion of such claims. Like distributions from the
Class 3 Primary Fund, distributions from the Residual Fund shall
consist of 20% cash and 80% DMAA stock. Residual Fund payments to
Class 3, if any, shall be made within ten days of (a) the Effective
Date, or (b) final determination of the total value available for
distribution under the Residual Fund, whichever is later.
Class 5 consists of Equity Security Holders of the Debtor. The
Debtor's Common Equity Interests shall be cancelled and Holders of
Common Equity Interests shall receive the same proportional share
of New Common Equity Interests as such Holders held prior to the
Chapter 11 Case. The Reorganized Debtor shall be authorized to
effect a 50-to-1 reverse split on its newly issued stock at the
time of issuance.
Payments and distributions under the Plan will be funded by Lynn
Stockwell under the Exit Facility.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=X0MAl4 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Nephi D. Hardman, Esq.
NEPHI D. HARDMAN ATTORNEY AT LAW, LLC
9400 Holly Ave NE, Bldg 4
Albuquerque, NM 87122
Tel: (505) 944-2494
Fax: (505) 392-5177
E-mail: nephi@turnaroundbk.com
About Bright Green Corporation
Bright Green Corporation, was among the first entrants in the U.S.
federally authorized cannabis space for research and medical
development.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.M.
Case No. 25-10195-11) on Feb. 22, 2025. The Debtor hires NEPHI D.
HARDMAN ATTORNEY AT LAW, LLC as counsel.
BROUDY GROUP: Plan Exclusivity Period Extended to May 19
--------------------------------------------------------
Judge Brenda R. Rhoades of the U.S. Bankruptcy Court for the
Eastern District of Texas extended Broudy Group, Inc.'s exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to May 19 and July 18, 2025, respectively.
As shared by Troubled Company Reporter, the Debtor submits that
cause exists because it has efficiently and successfully managed
its estate toward a sale of its assets to a strategic purchaser.
The Debtor has filed its schedules of assets and liabilities and
statements of financial affairs, kept its lease obligations
current; and obtained the Court's approval for use of cash
collateral. Having made substantial progress to date, additional,
significant work is required before the Debtor can prepare a
meaningful disclosure statement, propose a chapter 11 plan of
reorganization and emerge from chapter 11.
The Debtor explains that because the nature of its plan and the
magnitude of distributions both depend heavily on the outcome of a
marketing sale process, the Debtor requests that the Court extend
the exclusive period for (i) filing a plan of reorganization for
approximately 90 days, until May 19, 2025; and (ii) soliciting
acceptances until sixty days after that time, i.e. until July 18,
2025.
Broudy Group Inc. is represented by:
Howard Marc Spector, Esq.
Spector & Cox, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (214) 365-5377
Facsimile: (214) 237-3380
Email: hspector@spectorcox.com
About Broudy Group
Broudy Group Inc. is an automobile dealer in Celina, Texas.
Broudy Group sought relief under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Tex. Case No. 24-42463) on Oct. 18, 2024, with $1
million to $10 million in both assets and liabilities. Carey E.
Broudy, president and director, signed the petition.
Judge Brenda T. Rhoades oversees the case.
The Debtor is represented by Howard Marc Spector, Esq., at Specter
& Cox, PLLC.
CENTURY MINING: Seeks to Extend Plan Exclusivity to May 23
----------------------------------------------------------
Century Mining LLC d/b/a Allegheny Metallurgical asked the U.S.
Bankruptcy Court for the Northern District of West Virginia to
extend its exclusivity periods to file a plan of reorganization and
obtain acceptance thereof to May 23 and July 22, 2025,
respectively.
The Debtor explains that an extension of the Exclusivity Periods is
appropriate. As evidenced by the record of this Chapter 11 Case,
the Debtor's case is a large and fairly complex case. Nevertheless,
the Debtor has been actively working expeditiously toward Plan
confirmation.
The Debtor claims that it filed an original Plan and Disclosure
Statement approximately 30 days after the Petition Date. The Debtor
then filed its current version of the Plan and distributed it in
accordance with the Plan Solicitation Order. The hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is scheduled for March 24, 2025.
As such, there can be no question there exists a good faith
progress toward reorganization. Lastly, the Debtor is not aware of
any prejudice to creditors that would result from an extension of
the Exclusivity Periods. As such, in order to ensure the
Exclusivity Periods do not expire in the event the vote of NCR is
designated, the Debtor requests an extension of the Exclusivity
Periods.
The Debtor requests this Court enter a Bridge Order temporarily
extending the Exclusivity Periods pending disposition of this
Motion to ensure the Exclusivity Periods do not inadvertently
expire prior to resolution of this Motion.
Counsel to the Debtor:
Campbell & Levine, LLC
Paul J. Cordaro, Esq.
Kathryn L. Harrison, Esq.
310 Grant St., Suite 1700
Pittsburgh, PA 15219
Tel: (412) 261-0310
Fax: (412) 261-5066
Email: pcordaro@camlev.com
kharrison@camlev.com
Local Counsel to the Debtor:
Joe M. Supple, Esq.
Supple Law Office, PLLC
801 Viand Street
Point Pleasant, WV 25550
Telephone: (304) 675-6249
Facsimile: (304) 675-4372
About Century Mining LLC
Century Mining LLC, doing as Allegheny Metallurgical, produces
metallurgical coal that is used by steel manufacturers around the
globe.
Century Mining LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. W. Va. Case No. 24-00598) on Nov. 22,
2024. In the petition filed by Keith Hainer, president, the Debtor
disclosed between $50 million and $100 million in both assets and
liabilities.
Judge David L. Bissett oversees the case.
The Debtor tapped Campbell & Levine, LLC as bankruptcy counsel;
Supple Law Office, PLLC as local counsel; and MorrisAnderson &
Associates, Ltd. as restructuring advisor.
CHABAD OF GRAMERCY: Seeks to Extend Plan Exclusivity to November 4
------------------------------------------------------------------
Chabad of Gramercy Park asked the U.S. Bankruptcy Court for the
Eastern District of New York to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to
November 4, 2025 and January 5, 2026, respectively.
This is the Debtor's first request for an extension of the
exclusivity periods. It is self-evident that the Debtor is not
seeing these extensions to artificially delay the conclusion of
this chapter 11 case or to hold creditors hostage to an
unsatisfactory plan proposal.
The Debtor believes that sufficient cause exists to support the
requested extension of the Exclusive Periods. This case is
relatively complex. The liabilities of the Debtor are in excess of
millions of dollars and in order to move forward with a confirmable
plan of reorganization, certain complex issues and some filed
claims should first be resolved and/or settled.
Therefore, an extension of the Exclusive Periods will give Debtor a
reasonable opportunity to negotiate and obtain confirmation of a
consensual plan with its creditors. Further, the Debtor needs the
requested extended period in order for all parties to file their
respective claims within the deadlines to be established by the
Court and for Debtor to review said claims once filed.
The Debtor asserts that the requested extensions of the exclusivity
period to file a plan and disclosure statement will not harm any
economic stakeholder. Rather, the time will be used to negotiate a
resolution of claims filed in this case, in order to propose
feasible plan and disclosure statement, meeting the requirements of
Section 1125 of the Bankruptcy Code.
Chabad of Gramercy Park is represented :
Alla Kachan, Esq.
Law Offices of Alla Kachan, PC
2799 Coey Island Avenue, Suite 202
Brooklyn, NY 11235
Telephone: (718) 513-3145
About Chabad of Gramercy Park
Chabad of Gramercy Park owns a portfolio of five properties
situated across various locations in New York, with a combined
estimated value of $13.77 million.
Chabad of Gramercy Park sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40105) on Jan. 8,
2025. In its petition, the Debtor reports total assets of
$13,770,000 and total liabilities of 24,715,943.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., is the
Debtor's counsel.
COMPREHENSIVE INTERVENTIONAL: Hires IncMD as Valuation Company
--------------------------------------------------------------
Comprehensive Interventional Care Centers, PLLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Arizona to employ IncMD, Inc. as valuation company.
The firm will provide these services:
(a) support the formulation of a feasible plan of
reorganization that accurately reflects the Debtors' assets;
(b) assist in determining the value of secured creditor’s
collateral;
(c) aid in the negotiation of any implicated lease
assumptions or rejections; and
(d) evaluate whether any equipment or assets should be
liquidated or retained as part of the reorganization strategy.
The firm will be paid at these amount for each facility appraisal
based on the number of line items:
(a) over 350 line items: $5,000;
(b) between 251-350 line items: $4,000;
(c) between 151-250 line items: $3,000;
(d) between 51-150 line items: $2,000;
(e) between 0 and 50 line items:
(i) $45 per item for equipment less than $7,500;
(ii) $75 per item for equipment greater than $7,500.
In addition, the firm will seek reimbursement for expenses
incurred.
Vincent Berry, owner of IncMD, 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:
Vincent Berry
IncMD, Inc.
7140 E. Kierland Blvd., #506
Scottsdale, AZ 85254
About Comprehensive Interventional
Care Centers
Comprehensive Interventional Care Centers PLLC is a multispecialty
medical practice with a team of experts in interventional
radiology, vein care, podiatry, cardiology, and vascular surgery,
offering cutting-edge treatments with minimal risk and recovery
time. They focus on treating a wide range of conditions, including
neuropathy, vascular diseases, vein issues, ulcers, and heart
disease.
Comprehensive Interventional Care Centers PLLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case
No.25-01225) on February 13, 2025. In its petition, the Debtor
reports estimated assets and liabilities between $10 million and
$50 million each.
The Debtor is represented by Wesley D. Ray, Esq. at Sacks Tierney
PA.
COMPREHENSIVE INTERVENTIONAL: Taps OTM Accounting as Accountant
---------------------------------------------------------------
Comprehensive Interventional Care Centers, PLLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Arizona to employ OTM Accounting Inc., doing business as On the
Money, as accountant in the ordinary course of business.
The firm will perform the Debtors' ordinary and necessary
accounting services, including monthly bookkeeping services,
managing accounts payable and receivable, preparing tax returns,
and providing general financial and accounting advise.
The firm will be paid at these hourly rates:
(a) monthly bookkeeping - $105;
(b) account payable management - $60;
(c) special project - $115;
(d) tax services - $165; and
(e) chief financial officer (CFO) services - $165.
David Liston, corporate officer at OTM Accounting, 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 Liston
OTM Accounting Inc.
8825 N. 23rd Ave., Suite 100
Phoenix, AZ 85021
About Comprehensive Interventional
Care Centers
Comprehensive Interventional Care Centers PLLC is a multispecialty
medical practice with a team of experts in interventional
radiology, vein care, podiatry, cardiology, and vascular surgery,
offering cutting-edge treatments with minimal risk and recovery
time. They focus on treating a wide range of conditions, including
neuropathy, vascular diseases, vein issues, ulcers, and heart
disease.
Comprehensive Interventional Care Centers PLLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case
No.25-01225) on February 13, 2025. In its petition, the Debtor
reports estimated assets and liabilities between $10 million and
$50 million each.
The Debtor is represented by Wesley D. Ray, Esq. at Sacks Tierney
PA.
CONEMAUGH TOWNSHIP: S&P Affirms 'BB+' Water Revenue Debt Rating
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' underlying rating (SPUR) on
Conemaugh Township Municipal Authority (CTMA), Pa.'s water revenue
debt outstanding.
The outlook is stable.
S&P said, "We believe the authority's affordability risk factors
are in line with those of other rated water and wastewater
utilities, although we note continued rate increases may dampen
rate affordability. A significant physical risk is water loss,
which has been most recently evaluated at about 45%, significantly
high for the sector. The existence of multiple water sources,
including wholesale providers like Highland Sewer and Water
Authority, Somerset, and Greater Johnstown, mitigates environmental
risks somewhat due to the redundancy they provide. We also consider
governance risk currently elevated because the current
capital-intensive period requires engagement with state and other
government officials to help secure grants or low-interest
financing. We also believe that management will need to remain
sensitive to balancing rate increases against affordability
concerns, and financial planning will be critical to achieve
capital needs while maintaining a good financial position.
"The stable outlook reflects that the sizable rate increase in 2024
and future rate increases will continue to stabilize financial
metrics to sufficient levels as the system continues to address
significant capital and regulatory issues. We believe, in light of
its already weak financial position, the authority will continue to
be challenged in balancing future rate increases and improving cash
flows while supporting its capital program."
If the authority's rate increases do not continue to stabilize its
finances, the rating could be further pressured. Significant
capital projects are needed to address regulatory issues, and rates
may need to increase further to cover the additional costs of
improving high water loss levels.
Conversely, if the authority maintains improved coverage and
liquidity metrics that are sustainable while progressing through
its capital program, S&P could raise the rating.
CONSOLIDATED BURGER: BK Franchisee in Chapter 11, Looks for Buyer
-----------------------------------------------------------------
Consolidated Burger Holdings, LLC, a Burger King franchisee, and
its affiliates have sought Chapter 11 protection to gain more time
for a buyer for the business.
Consolidated Burger operates Burger King restaurants out of 57
locations in markets located in Florida and Southern Georgia. The
Debtors had sales of $76.6 million and suffered a net operating
loss of $6.3 million for the fiscal year ending 2023. For the
fiscal year ending 2024, the Debtors had sales of $67.0 million and
suffered a net operating loss of $12.5 million.
As of the Petition Date, the Debtors have 773 employees.
As of Dec. 31, 2024, the Debtors' balance sheets reflect assets of
$77.9 million and liabilities of $77.9 million. As of the Petition
Date, the Debtors were liable for $28.84 million in aggregate
funded debt obligations, including $14.04 million owed to Auxilior
Capital Partners, Inc.
Joseph J. Luzinski, a senior managing director with Development
Specialists, Inc., has been designated as CRO of the Debtors. Mr.
Luzinski explains that the Debtors have faced significant hurdles
resulting from industry headwinds which, combined with the Debtors'
highly leveraged balance sheet, have significantly challenged the
Debtors' business and depleted their liquidity. The carrying costs
of the Debtors' funded debt is significant and, when taken together
with the declining margins and increased expenses resulting from
market changes, such debt load has become unsustainable, and the
Company's liquidity has deteriorated.
In January 2024, the Burger King Company, as franchisor, filed a
complaint against the Debtors and other parties in the United
States District Court for the Southern District of Florida, styled,
Burger King Company, LLC v. Consolidated Burger Holdings, LLC,
Consolidated Burger A, LLC, Consolidated Burger B, LLC, Parent
Consolidated Burger, LLC and Lee Baugher (Case No. 24-20178). The
parties entered into a confidential settlement in September 2024.
On Feb. 20, 2025, BKCo declared alleged defaults under all of the
franchise agreements. Pursuant to subsequent communications
between BKCo and the Debtors, BKCo agreed to forebear multiple
times through April 14, 2025.
$1.6MM of DIP Financing
As of the Petition Date, the Debtors had $179,000 in unrestricted
cash and cash equivalents which, without postpetition funding, will
not be sufficient to meet the Debtors' obligations to fund their
fixed costs.
The Debtors require access to $1.6 million in the form of
debtor-in-possession financing, in addition to the use of cash
collateral, to operate the Debtors during a sale process in the
Chapter 11 cases. Auxilior is prepared to fund Chapter 11 cases to
enable the Debtors to undertake a postpetition sale process with
the goal of consummating a sale of substantially all of the
Debtors' assets to one or more buyers.
Marketing Process
The Debtors marketed their assets for more than seven months prior
to the Petition Date. The Debtors retained Peak Franchise Capital
LLC in July 2024, to, among other things, market the assets of the
Company and certain non-debtor entities for sale. But no
transaction was achieved during the marketing process.
According to the Debtors, the principal objective of the Chapter 11
cases is to engage in a postpetition sale and marketing process for
substantially all of the Debtors' assets and to secure approval of
and consummate a going concern sale of such assets, which will
ensure continuity of business operations, while not foreclosing an
alternative transaction that might maximize the value of the
Debtors' estates, including a reorganization through a
recapitalization. The Debtors also seek to continue to provide
employment to their employees and to provide an enterprise which
will be a trading partner to many of their contract counter-parties
and vendors, and of course to maximize the value of their
enterprise for their creditors.
As reflected in the Debtors' cash flow forecast, the Debtors'
business can remain operational as a going concern as long as the
Debtors have access to the debtor-in-possession financing. Absent
Auxilior's agreement to provide debtor-in-possession financing in
conjunction with the Auxilior's consent to use cash collateral to
fund the Chapter 11 cases and provide working capital needs pending
a sale, the Debtors would have been forced to cease all operations,
lay off their employees, and terminate all of their operations.
About Consolidated Burger
Consolidated Burger Holdings, LLC, and its subsidiaries operate 57
Burger King restaurants across prime markets in Florida and
Southern Georgia.
On April 14, 2025, Consolidated Burger Holdings and two
subsidiaries sought Chapter 11 protection (Bankr. N.D. Fla. Lead
Case No. 25-40162).
As of Dec. 31, 2024, the Debtors' balance sheets reflect assets of
$77.9 million and liabilities of $77.9 million.
The Hon. Karen K. Specie is the case judge.
The Debtors tapped BERGER SINGERMAN LLP as general bankruptcy
counsel, DEVELOPMENT SPECIALISTS, INC., as restructuring advisor,
and PEAK FRANCHISE CAPITAL LLC as investment banker. OMNI AGENT
SOLUTIONS, INC., is the claims agent.
CONSOLIDATED BURGER: Case Summary & 30 Top Unsecured Creditors
--------------------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Consolidated Burger Holdings, LLC 25-40162
2729 Fort Knox Boulevard, Ste. 1300
Tallahassee, FL 32308
Consolidated Burger A, LLC 25-40160
Consolidated Burger B, LLC 25-40161
Business Description: The Debtors are among the largest
franchisees of Burger King, the world's
second-largest fast food hamburger chain.
As of the Petition Date, they operated 57
Burger King restaurants across prime markets
in Florida and Southern Georgia. These
restaurants are informally grouped into
three geographic clusters: (i) Tallahassee
and Southern Georgia, comprising 18
locations; (ii) South Florida, with 19
locations; and (iii) the Florida Panhandle,
with 20 locations. Debtor Consolidated
Holdings is the sole member and 100% equity
owner of both Consolidated A and
Consolidated B.
Chapter 11 Petition Date: April 14, 2025
Court: United States Bankruptcy Court
Northern District of Florida
Judge: Hon. Karen K. Specie
Debtors'
General
Bankruptcy
Counsel: Paul Steven Singerman, Esq.
Jordi Guso, Esq.
Christopher Andrew Jarvinen, Esq.
BERGER SINGERMAN LLP
1450 Brickell Avenue
Suite 1900
Miami, FL 33131
Tel: 305-755-9500
Fax: 305-714-4340
Email: singerman@bergersingerman.com
jguso@bergersingerman.com
cjarvinen@bergersingerman.com
- and -
Brian G. Rich, Esq.
BERGER SINGERMAN LLP
313 N. Monroe Street, Ste. 301
Tallahassee, FL 32301
Tel: (850) 561-3010
Fax: (850) 561-3013
Email: brich@bergersingerman.com
Debtors'
Restructuring
Advisor: DEVELOPMENT SPECIALISTS, INC.
Debtors'
Investment
Banker: PEAK FRANCHISE CAPITAL LLC
Debtors'
Notice &
Claims
Agent: OMNI AGENT SOLUTIONS, INC.
Lead Debtor's
Estimated Assets: $50 million to $100 million
Lead Debtor's
Estimated Liabilities: $50 million to $100 million
The petitions were signed by Joseph J. Luzinski as chief
restructuring officer.
A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:
https://www.pacermonitor.com/view/UQJKYRI/Consolidated_Burger_Holdings_LLC__flnbke-25-40162__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Burger King Corp Franchise Fees $2,358,192
5505 Blue Lagoon Dr, 8th Fl
Miami, FL 33126-0000
2. MBM Corp Trade Debt $125,480
2085 Midway Rd
Carrollton, TX 75006
3. Applefield Five Family Limited Part Rent $105,000
13 106 Adris Pl
Dothan, AL 36303-0000
4. Xenial, Inc Trade Debt $50,168
P.O. Box 930157
Atlanta, GA 31193-0157
5. BK Georgia LLC Rent $31,864
920 E Woodoak Ln, Ste 200
Salt Lake City, UT 84117-0000
6. Mclane Foodservice, Inc Trade Debt $31,613
2085 Midway Rd
Carrollton, TX 75006
7. 8712 LLC Rent $31,515
2 Clinton Ave
Rye, NY 10580
8. Sunshine Realty Management LLC Rent $30,462
Attn: Paul Marino
257 Crabapple Rd
Manhasset, NY 11030-0000
9. Beautiful Burgers LLC Trade Debt $26,902
4500 140Th Ave N, Ste 109
Clearwater, FL 33762-0000
10. Flowers Baking Co Trade Debt $24,900
P.O. Box 101741
Atlanta, GA 30392
11. TFP Partners LLP Rent $23,864
813 Rustic Ln
Spicewood, TX 78669
12. City of Tallahassee - Utilities Utilities $23,316
435 N Macomb St. Relay Box
Tallahassee, FL 32301-0000
13. Kwang Youn Woo Rent $22,052
917 S New Hampshire Ave. Unit 401
Los Angeles, CA 90006-1685
14. Capl Retail LLC Rent $18,673
645 Hamilton St. Ste 400
Allentown, PA 18101
15. Continental Business Dev Inc. Rent $18,335
4500 140th Ave N
Clearwater, FL 33762-0000
16. Florida Public Utilities Utilities $17,266
P.O. Box 2137
Salisbury, MD 21802-2137
17. Old Seville Expense Reduction Trade Debt $15,642
1388 Country Club Rd
Gulf Breeze, FL 3263-0000
18. FPL Northwest FL Utilities $15,220
P.O. Box 29090
Miami, FL 33102-9090
19. Florida Power Light Co. Utilities $14,792
P.O. Box 025576
Miami, FL 33102-0000
20. Magnolia Park Associates LP Rent $14,404
1018 Thomasville Rd, Ste 200A
Tallahassee, FL 32303-0000
21. Comcast Utilities $14,320
P.O. Box 71211
Charlotte, NC 28272-1211
22. Commercial Equipment Repair Trade Debt $13,760
1040 Cypress St
Valdosta, GA 31601
23. CPJ Rent $13,256
2501 N Federal Hwy
Pompano Beach, FL 33064-0000
24. Nuco2 LLC Trade Debt $12,785
P.O. Box 417902
Boston, MA 02241-7902
25. 11879-Vereit Operating Rent $11,706
Partnership
1195 El Camino Real
San Diego, CA 92130
26. Stevens & Lee Trade Debt $11,282
Attn: Accounts Receivable
P.O. Box 679
Reading, PA 19603-0679
27. Robert Scott Wildt Trade Debt $10,973
1918 Windmill Ln
Santa Barbara, CA 93463
28. Rayda Properties Rent $10,854
8499 S Tamiami Trl, Ste 227
Sarasota, FL 34238-0000
29. 29273-Vereit Operating Partnership Rent $10,278
1195 El Camino Real
San Diego, CA 92130
30. 6621 - Vereit Rent $10,137
Operating Partnership
1195 El Camino Real
San Diego, CA 92130
COWTOWN BUS: Court OKs Buss Business Sale to CanTex Real Estate
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division has granted Cowtown Bus Charters Inc. and its
affiliate, Cowtown Transportation Company LLC, to sell Property,
free and clear of liens, interests, and encumbrances.
The Debtor maintains corporate headquarters in Fort Worth, Texas
and employs approximately 29 employees. To provide prompt,
efficient service to its customers, the Debtor maintains its own
fleet complete with the repair shop and mechanics.
The Court has authorized the Debtor to sell 5504 and 5508 Forest
Hill Drive, Fort Worth, Texas 76119 also described as property in
Tarrant County, Texas as Duncan, AE Subdivision Lots 11, 12, 13,
14, 15, & 16 by Cowtown Transportation Company, LLC to CanTex RE
Holdings, LLC for $1,800,000.00.
The Court determined that the Debtor has demonstrated grounds for
the sale of Assets free and clear of all liens, claims, interests,
and encumbrances.
The Court also held that the Debtor has demonstrated both good,
sufficient, and sound business purposes and justifications.
The Court also ordered and required the Debtor to pay First Savings
Bank the amount of its claim together with contractual interest and
contractual reasonable expenses, including any attorney’s fees
not disputed by Cowtown Transportation Company, LLC. At or
immediately after the time of closing, the Debtor is authorized and
required to pay $1,000,000.00 to the Small Business Administration
to be applied towards its secured claim. Such payment is to be made
payable to the Department of Justice and delivered to the United
States Attorney's Office at 1100 Commerce Street, Suite 300,
Dallas, Texas 75242 to the attention Dawn Theiss.
About Cowtown Bus Charters Inc.
Cowtown Bus Charters, Inc. is a full service bus charter company
providing local to national transportation.
Cowtown Bus Charters, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-10161) on Sept. 6, 2024. In the petition signed by Brenda Cross,
president and director, the Debtor disclosed $1,237,132 in assets
and $4,370,485 in liabilities as of Aug. 22, 2024.
Judge Mark X. Mullin presides over the case.
The Debtor tapped Mark J. Petrocchi, Esq., at Griffith, Jay &
Michel, LLP as counsel.
CROSSWIND RANCH: Seeks Cash Collateral Access
---------------------------------------------
Crosswind Ranch Enterprises, L.L.C. asked the U.S. Bankruptcy Court
for the Eastern District of Texas, Sherman Division, for authority
to use cash collateral.
The Debtor needs to use cash collateral to maintain its business,
pay operational expenses, and avoid foreclosure or liquidation of
assets.
Meged Funding Group Corp., LG Funding LLC, and Parkview Advance LLC
assert interests in the cash collateral.
The Debtor owes approximately $15,000 to Meged. Meged has a
first-priority lien on all of the Debtor's assets, including real
estate, accounts receivable, inventory, and cash. This lien was
perfected with a UCC-1 financing statement filed on June 28, 2022.
Similarly, the Debtor owes about $15,000 to LG Funding. LG Funding
also holds a first-priority lien on all the Debtor’s assets,
including cash, with a UCC-1 financing statement recorded on August
2, 2022.
The Debtor owes approximately $15,000 to Parkview, which also has a
first-priority lien on all of the Debtor's assets, including cash,
with a UCC-1 financing statement filed on October 17, 2022.
To provide adequate protection for the secured lenders, the Debtor
proposed granting them replacement liens on assets and
superpriority administrative claims in the event of any decrease in
collateral value. The Debtor also sought a carve-out for
professional fees and Subchapter V Trustee fees.
A copy of the motion is available at https://urlcurt.com/u?l=XRUz6g
from PacerMonitor.com.
About Crosswind Ranch Enterprises L.L.C.
Crosswind Ranch Enterprises, L.L.C. harvests and sells timber in
Fannin County. The Debtor is also the owner of 44.147 acres of land
in Fannin County.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40946) on April 1,
2025. In the petition signed by Bryan A. Sklar, member, the Debtor
disclosed up to $1 million in both assets and liabilities.
Brandon Tittle, Esq., at Tittle Law Group, PLLC, represents the
Debtor as legal counsel.
CRYPTO MARKET: Seeks to Hire Bruner Wright as Bankruptcy Counsel
----------------------------------------------------------------
Crypto Market Real Investment Group, Inc. seeks approval from the
U.S. Bankruptcy Court for the Northern District of Florida to
employ Bruner Wright, PA to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Robert Bruner, Attorney $450
Byron Wright III, Attorney $400
Samantha Kelley, Attorney $375
Paralegal $175
The firm received a retainer of $12,000 from the Debtor.
Mr. Wright disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Byron Wright III, Esq.
Bruner Wright, PA
2868 Reminton Green Circle, Suite B
Tallahassee, FL 32308
Telephone: (850) 385-0342
Facsimile: (850) 270-2441
About Crypto Market Real Investment Group
Crypto Market Real Investment Group Inc. is a company likely
involved in cryptocurrency investments based in Navarre, Florida.
Crypto Market Real Investment Group Inc. sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No.
25-30252) on March 25, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case.
The Debtor is represented by Byron W. Wright III, Esq., at Bruner
Wright, PA.
CTN HOLDINGS: Secures Lead Bidder at Court-Supervised Sale Process
------------------------------------------------------------------
Steven Church of Bloomberg News reports that Aspiration Partners
Inc., a climate-focused startup that filed for bankruptcy after its
co-founder was charged with fraud, has identified a lead bidder for
its court-supervised sale process.
Now known as CTN Holdings, the company has reached an agreement
with its lenders to convert $20 million in debt into ownership. The
business helps companies acquire carbon credits to offset their
greenhouse gas emissions, according to Bloomberg News.
About CTN Holdings
CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a
climate finance company specializing in providing high-quality
carbon solutions to businesses worldwide. They connect companies
with effective decarbonization strategies and a wide range of
carbon removal projects, selling carbon credits
sourced from a diverse network of project developers. The company
is famous for providing carbon creditors of Microsoft Corp., Meta
Platforms Inc., and other big companies.
CTN Holdings Inc. and six of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
25-10613) on March 30, 2025. In the petition, the Debtors reported
estimated assets of $50 million to $100 million and up to $50,000
and estimated liabilities of $100 million to $500 million. The
petitions were signed by Miles Staglik as chief restructuring
officer.
The Debtors are represented by Whiteford, Taylor & Preston LLC. The
Debtors' claims and noticing agent is Kurtzman Carson Consultants,
LLC dba Verita Global.
DAATS COMPANIES: Gets Final OK to Use Cash Collateral
-----------------------------------------------------
DAATS Companies, Inc. received final approval from the U.S.
Bankruptcy Court for the Northern District of Texas to use cash
collateral and obtain post-petition financing.
The final order authorized the company to use the cash collateral
of Apex Capital Corporation in accordance with the budget, which
projects total weekly operational expenses of $734,871.61.
As protection for the use of its cash collateral, Apex was granted
replacement liens on the company's tangible and intangible
property, including accounts, inventory, equipment, and general
intangibles.
In case of any diminution in the value of its collateral, Apex was
granted a superpriority administrative claim.
As additional protection, Apex will receive a monthly payment in an
amount equal to the variable monthly interest owed on the
"overadvance."
Meanwhile, DAATS Companies was ordered to make monthly payments of
$10,000 to BMO Bank N.A. until confirmation of its Chapter 11 plan.
The final order also authorized DAATS Companies to enter into and
sell accounts to Apex and obtain further credit from Apex under the
Accounts Receivable Purchasing Agreement, under which the company
factors its accounts receivable to Apex. This provides the company
with the necessary cash flow and working capital to run its
business.
The factoring agreement involves DAATS Companies selling its
receivables to Apex in exchange for cash, and Apex taking a
security interest in the company's cash collateral.
About DAATS Companies Inc.
DAATS Companies Inc. is a comprehensive trucking firm located in
Dallas, Texas, providing nationwide transport services, including
dry-van and refrigerated product shipments. The Company focuses on
urgent, same-day, and scheduled deliveries, prioritizing safety and
punctuality across the continental United States.
DAATS Companies sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40894) on March 14,
2025. In its petition, the Debtor reported between $1 million and
$10 million in both assets and liabilities.
Judge Edward L. Morris handles the case.
The Debtor is represented by:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
Tel: 972-503-4033
Email: joyce@joycelindauer.com
DEBBIE OUTLAW: Seeks Cash Collateral Access
-------------------------------------------
Debbie Outlaw Properties, LLC asked the U.S. Bankruptcy Court for
the Western District of Texas, Austin Division, for authority to
use cash collateral.
A+ Federal Credit Union is the first priority lienholder on several
of the Debtor's properties, including two triplexes located at 607
and 609 Elmwood and a vacant lot at 2609 San Pedro Street.
The Debtor owes A+ three loans, which are secured by:
1. Two loans are secured by deeds of trust and assignments of
leases and rents on the Elmwood properties (607 and 609 Elmwood).
2. A third interest-only loan is secured by a deed of trust and
assignment of leases and rents on the vacant lot at 2609 San
Pedro.
As of the filing, A+ is owed a total of $4.9 million, secured by
the Elmwood properties (607/609 Elmwood and 2609 San Pedro).
The cash collateral consists of the rents collected from the
Elmwood properties, which are the primary source of income for the
Debtor. The rental income from these properties
will be used to make payments on the loans secured by these
properties.
The Debtor intends to use the rents to bring the past-due amounts
on A+'s three loans current. These loans were due in February and
March 2025, and the Debtor intends to pay these overdue amounts,
along with continuing monthly payments for the loans during the
bankruptcy process.
After covering the adequate protection payments to A+, any
remaining rental income will be used to fund the Debtor's ongoing
business operations and cover costs associated with the Chapter 11
case, including payments for maintenance, property taxes,
insurance, utilities, and professional fees.
In exchange for the use of cash collateral, the Debtor and A+ agree
that A+ will receive "adequate protection" for its interests in the
properties. This includes replacement liens. If the value of the
properties diminishes during the bankruptcy process, A+ will
receive replacement liens on the Elmwood and San Pedro properties
to maintain its secured position.
A copy of the motion is available at https://urlcurt.com/u?l=FTZiqx
from PacerMonitor.com.
About Debbie Outlaw Properties LLC
Debbie Outlaw Properties LLC operates in the real estate sector.
Debbie Outlaw Properties LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10167) on
February 5, 2025. In its petition, the Debtor reported between $10
million and $50 million in both assets and liabilities.
Judge Shad Robinson handles the case.
The Debtor is represented by Frank B Lyon, Esq.
DESTINY USA: Defaults on $300MM Loan, Fails to Extend Debt Maturity
-------------------------------------------------------------------
FingerLakes.com reports that Destiny USA, New York's largest
shopping mall, has defaulted on a $300 million mortgage after
failing to secure an extension on the loan's maturity, according to
recent financial disclosures. The mall's owner, Pyramid Cos., now
faces potential foreclosure, with the entire debt balance
immediately payable.
Originally tied to a 2014 expansion, the loan has grown to $325.2
million due to deferred interest. While Pyramid is negotiating a
possible extension through December 2025, no agreement has been
finalized. Auditors have raised "substantial doubt" about the
company's ability to continue operating, according to
FingerLakes.com.
The default adds to a series of financial setbacks across Pyramid's
mall portfolio, driven by reduced foot traffic and the continued
growth of e-commerce, the report states.
About Destiny USA
Destiny USA is the biggest shopping mall in New York state.
ECTUL HOLDINGS: Taps Keen-Summit and Wilshire as Agent & Broker
---------------------------------------------------------------
ECTUL Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Keen-Summit Capital
Partners LLC and Wilshire Advisory Group as joint marketing agent
and broker.
The firm will render these services:
(a) on request, review pertinent documents and will consult
with the Debtor's counsel, as appropriate;
(b) coordinate with the Debtor with respect to the development
of due diligence materials;
(c) develop, subject to the Debtor's review and approval, a
marketing plan and then implement it;
(d) communicate regularly with prospects and maintain a record
of communications;
(e) solicit offers for a transaction;
(f) assist the Debtor in evaluating, structuring, negotiating
and implementing the terms and conditions of a proposed
transaction;
(g) develop and implement, if required, subject to the
Debtor's and Fuse's review and approval, an auction plan;
(h) communicate regularly with the Debtor and its professional
advisors in connection with the status of its efforts; and
(i) work with the Debtor's attorneys responsible for the
implementation of the proposed transactions, reviewing documents,
negotiating and assisting in resolving problems which may arise.
The firm will be paid at these fees:
(a) Transaction Fee of 5 percent of Gross Proceeds. If the
buyer is properly represented by a broker, the fee shall be
increased by 1 percent for a total fee of 6 percent; and
(b) Minimum Fee - flat fee of 75,000 plus documented and
reasonable out-of-pocket expenses. If a party in interest exercises
and closes on its right to credit bid on the Property, the
Transaction Fee shall be reduced to a flat fee of $45,000.
Harold Bordwin, a principal at Keen-Summit, and Gonzalo Rioja,
regional vice president at Wilshire Advisory, disclosed in court
filings that their firms are "disinterested persons" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firms can be reached through:
Harold Bordwin
Keen-Summit Capital Partners LLC
15th Floor, 3 Columbus Circle
New York, NY 10019
Telephone: (914) 980-8555
Email: hbordwin@Keen-Summit.com
- and -
Gonzalo Rioja
Wilshire Advisory Group
5201 Waterford District Drive, Suite 530
Miami, FL 33126
Telephone: (305) 262-0246
Email: grioja@whilshireag.com
About Ectul Holdings
Ectul Holdings LLC owns three retail spaces at 1300 Brickell Bay
Drive, Miami, FL 33131, including Unit CU-8 (Folio
01-4139-125-3820), Unit CU-9 (Folio 01-4139-125-3830), and Unit
CU-11 (Folio 01-4139-125-3850), with a total value of $14 million.
Additionally, the Debtor owns a separate property at 1331 Brickell
Bay Drive, #4607, Miami, FL 33131, valued at $5 million based on
comparable sales.
Ectul Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12521) on March 8,
2025. In its petition, the Debtor reports total assets of
$19,000,000 and total liabilities of $13,302,315.
Mendez Law Offices, PLLC represents the Debtor as legal counsel.
EDMONDS WELLNESS: Seeks Final OK to Use Cash Collateral
-------------------------------------------------------
Edmonds Wellness Clinic, Inc. asked the U.S. Bankruptcy Court for
the Western District of Washington for final approval to use cash
collateral.
The Debtor needs to use cash collateral to cover operational
expenses for April and May as outlined in the budget, with a 15%
variance.
The Debtor estimates the total value of its assets (including cash
and receivables) at $23,362. This includes a combined balance of
$6,232 in deposit accounts and $1,060 in accounts receivable.
Bankers Healthcare Group, assigned to Today's Bank, holds the
primary secured interest in the Debtor's cash collateral, accounts
receivable, and business equipment.
The total amount that Bankers Healthcare Group claims against the
Debtor is $46,470.
In return for the use of cash collateral, the Debtor proposed
granting the secured creditor a replacement lien on post-petition
assets to ensure the creditor is adequately protected.
A copy of the motion is available at https://urlcurt.com/u?l=ePOKTG
from PacerMonitor.com.
About Edmonds Wellness Clinic Inc.
Edmonds Wellness Clinic Inc. is a comprehensive naturopathic and
alternative medicine center located in Edmonds, Washington.
Edmonds Wellness Clinic sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-10741) on March 20,
2025. In its petition, the Debtor reported up to $50,000 in assets
and between $500,000 and $1 million in liabilities.
Judge Christopher M. Alston handles the case.
The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman
Law Group.
ENNIS I-45 11 ACRE: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------------
Ennis I-45 11 ACRE, LLC asked the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, for authority to use
cash collateral.
The Debtor requires the use of cash collateral to continue
operating its luxury RV park and avoid immediate harm, ensuring
smooth operations through the bankruptcy process.
The Debtor requested to use $8,349 of cash collateral for
operational expenses. Additionally, the Debtor needs an additional
$17,965 to meet its 30-day budget needs. The total cash collateral
available is $26,313.
Interbank, the first lienholder already consented to the use of
cash collateral.
InterBank holds secured loans of approximately $7 million. Bay
Point Capital Partners II, LP holds a second lien with a $4 million
secured claim.
The Debtor proposed providing adequate protection to creditors,
including replacement liens and super-priority administrative
expense claims, to protect their interests in the collateral.
Interbank is represented by:
Marc W. Taubenfeld, Esq.
Munsch Hardt Kopf & Harr, P.C.
500 N. Akard Street, Suite 4000
Dallas, TX 75201
Telephone: (214) 855-7500
Facsimile: (214) 855-7584
mtaubenfeld@munsch.com
About Ennis I-45
Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort)
is an upscale RV park located just outside of Dallas, Texas, in
Ennis.
Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its
petition, the Debtor reported estimated assets of $1 million to $10
million and estimated liabilities of $10 million to $50 million.
The petition was signed by John McGaugh as manager.
The Debtor is represented by Shannon & Lee, LLP as legal counsel.
ESSENTIAL MINERALS: Hires SC&H Group as Restructuring Manager
-------------------------------------------------------------
Essential Minerals, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ SC&H Group, Inc. as
restructuring manager.
The firm will provide these services:
(a) oversee and have full authority over the Chapter 11
process directly reporting to the Interim CEO, Dave Snyder;
(b) advise the Debtor on developing, evaluating, structuring
and negotiating the terms and conditions of restructuring, plan of
reorganization, Debtor-in-Possession loans, or sale transaction;
(c) communicate with the Debtor's stakeholders;
(d) fulfill any reporting requirements of the bankruptcy court
for the Chapter 11 process or assistance as requested by the Debtor
or its counsel; and
(e) any other services as requested by the Debtor or its
counsel and agreed to by SC&H.
The firm will be paid at these hourly rates:
Restructuring Manager $550
Director/Principal $525 - $625
Senior Manager $450
Manager $375
Staff/Senior $300 - $325
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000 from the Debtor.
The firm also received an additional post-petition retainer of
$20,000.
Stanley Mastil, a managing director at SC&H 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:
Stanley W. Mastil
SC&H Group, Inc.
910 Ridgebrook Rd.
Sparks, MD 21152
Telephone: (410) 403-1500
About Essential Minerals
Established in 2017, Essential Minerals, LLC specializes in the
production of naturally pure calcium products for the food and
pharmaceutical industries. It is based in New Castle, Del.
Essential Minerals filed Chapter 11 petition (Bankr. D. Del. Case
No. 25-10430) on March 10, 2025, listing total assets of $5,983,878
and total liabilities of $11,962,729.
Judge Thomas M. Horan handles the case.
Gellert Seitz Busenkell & Brown, LLC serves as the Debtor's
counsel.
EVANGELICAL RETIREMENT: Trustee Accuses Ex-Parent of Misconduct
---------------------------------------------------------------
James Nani of Bloomberg Law reports that a bankruptcy trustee has
filed a lawsuit against the former parent company and key
executives of Evangelical Retirement Homes of Greater Chicago Inc.,
accusing them of misconduct and misappropriation of funds. The
complaint, submitted on April 11, 2025 names Friendship Senior
Options, along with its former CEO, former controller, and several
board members, seeking to recover at least $16 million. The CEO and
controller also held those same roles at Evangelical Retirement.
According to the trustee, Friendship Senior Options retained up to
$7.7 million in employee retention tax credits that were owed to
the retirement community, the report states.
About Evangelical Retirement Homes
of Greater Chicago
Evangelical Retirement Homes of Greater Chicago, Incorporated,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ill. Case No. 23-07541) on June 9, 2023. In the
petition signed by its chief executive officer, Michael Flynn, the
Debtor disclosed $10 million to $50 million in assets and $100
million to $500 million in liabilities.
Judge Timothy A. Barnes oversees the case.
The Debtor tapped Bruce C. Dopke, Esq., at Dopkelaw, LLC and
Polsinelli, PC as legal counsels, and WYSE Advisors, LLC as
financial advisor.
The U.S. Trustee for Region 11 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Crane, Simon, Clar & Goodman.
F21 OPCO: Creditors Oppose Use of Cash Collateral in Chapter 11
---------------------------------------------------------------
Yun Park of Law360 reports that the unsecured creditors committee
in Forever 21's Chapter 11 case has objected to the company's
request to use cash collateral, arguing in Delaware bankruptcy
court that the proposed financing plan would unfairly disadvantage
the group and result in inadequate recoveries for creditors.
About F21 OpCo
F21 OpCo, LLC is the operator of Forever 21 stores and licensee of
the Forever 21 brand in the United States.
F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its
petition, the Debtor reports estimated assets between $100 million
and $500 million and estimated liabilities between $1 billion and
$10 billion.
The Company's proposed advisors include Paul, Weiss, Rifkind,
Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as
legal counsel, BRG as financial advisor, RCS Real Estate Advisors
as real estate advisor, SSG Capital Advisors, LLC as investment
banker, and Reevemark as communications advisor.
About Forever 21 Inc.
Founded in 1984 by South Korean husband and wife team Do Won Chang
and Jin Sook Chang and headquartered in Los Angeles, Calif.,
Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion
retailer of women's, men's and kids clothing and accessories and is
known for offering the hottest, most current fashion trends at a
great value to consumers. Forever 21 delivers a curated assortment
of new merchandise brought in daily.
Forever 21, Inc. and seven of its U.S. subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept.
29, 2019. According to the petition, Forever 21 has estimated
liabilities on a consolidated basis of between $1 billion and $10
billion against assets of the same range.
As of the bankruptcy filing, the Debtors operated 534 stores under
the Forever 21 brand in the U.S. and 15 stores under beauty and
wellness brand, Riley Rose.
The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez &
Marsal as restructuring advisor; and Lazard as investment banker;
and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel.
Prime Clerk is the claims agent.
Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Oct. 11, 2019. The committee is
represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing
Arnstein & Lehr LLP.
Counsel to the administrative agent under the Debtors' prepetition
revolving credit facility and the Debtors' DIP ABL financing
facility are Morgan, Lewis & Bockius LLP and Richards, Layton &
Finger, PA.
Counsel to the administrative agent under the Debtors' DIP term
loan facility is Schulte Roth & Zabel LLP.
* * *
In February 2020, the company was purchased by a consortium that
includes Authentic Brands Group, Simon Property Group and
Brookfield Property Partners for $81.1 million. As part of the
deal, ABG and Simon will each own 37.5% of the fast-fashion
retailer, while Brookfield controls the remaining 25% of Forever
21's operating and intellectual property businesses.
FAITH ELECTRIC: Seeks to Tap Hammond Law Firm as Bankruptcy Counsel
-------------------------------------------------------------------
Faith Electric, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Oklahoma to employ Hammond Law Firm to
handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Attorneys $500
Legal Assistants/Law Clerks $80
In addition, the firm will seek reimbursement for expenses
incurred.
Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gary D. Hammond, Esq.
Hammond Law Firm
512 NW 12th Street
Oklahoma City, OK 73103
Telephone: (405) 232-6358
Facsimile: (405) 232-6358
Email: gary@okatty.com
About Faith Electric
Faith Electric, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-10921) on March 31,
2025. In the petition signed by Austin Partida, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Gary D. Hammond, Esq., at Hammond Law Firm represents the Debtor as
bankruptcy counsel.
FAMILY SOLUTIONS: Trustee Hires Country Boys Auction as Auctioneer
------------------------------------------------------------------
George Sanderson, III, the trustee appointed in the Chapter 11 case
of Family Solutions of Ohio, Inc., seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Country Boys Auction & Realty, Inc. as auctioneer.
The firm will provide these services:
(a) prepare and conduct an inventory of the property to be
sold and report the results to the trustee;
(b) advise the trustee of the security of the location of the
assets and of any need for special handling;
(c) assist the trustee in establishing a location for the sale
and any presale storage;
(d) assemble assets to be sold and group and set up of assets
to be sold;
(e) provide and post signs;
(f) create and distribute sale brochures;
(g) provide all advertising text;
(h) provide a registrar/cashier at sale;
(i) register bidders by name, address, and bidder number;
(j) conduct sale and collect auction proceeds, and provide for
security and site restoration;
(k) provide the trustee with a sale report; and
(l) any other liquidation services for the trustee as may be
necessary for an orderly and complete liquidation.
The firm will be compensated at a rate not greater than 10 percent
of first 25,000 and 6 percent of balance.
Mike Gurkins, an auctioneer at Country Boys Auction & 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:
Mike Gurkins
Country Boys Auction & Realty, Inc.
1211 W. 5th Street
Washington, NC 27889
About Family Solutions of Ohio
Family Solutions of Ohio, Inc. in Wake Forest, NC, filed its
voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case
No. 24-03043) on Sept. 5, 2024, listing as much as $1 million to
$10 million in both assets and liabilities. John Hopkins, Jr., vice
president, signed the petition.
Judge Pamela W. McAfee oversees the case.
Hendren, Redwine & Malone, PLLC serves as the Debtor's counsel.
George Sanderson III was appointed as trustee appointed in this
Chapter 11 case. The trustee tapped The Sanderson Law Firm, PLLC
and Hendren, Redwine & Malone, PLLC as bankruptcy counsel and
Calfee, Halter & Griswold LLP as special purpose counsel.
FLORIDA MONSTER: Claims to be Paid from Asset Sale Proceeds
-----------------------------------------------------------
Florida Monster Chef LLC filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Subchapter V Plan of Liquidation
dated March 17, 2025.
The Debtor owns and operates a fine dining restaurant located on
Orlando's famous "Restaurant Row". The Debtor operates with the
name "Vines Gille & Wine Bar" from 7533 Sand Lake Road, Orlando,
Florida 32819 (the "Restaurant").
The Debtor leases the premises for the Restaurant from Core
Fountains, LLC and MDC Fountains, LLC (the "Landlord") under a long
term lease. The Debtor has been in operation since 2017. The Debtor
is owned and managed by Mr. Jayson Lopez and Mr. Shaun Carrero.
Class 3 consists of all Allowed General Unsecured Claims against
the Debtor. In full satisfaction of the Allowed Class 3 General
Unsecured Claims, Holders of Class 3 Claims shall receive a pro
rata share the sale of all of the Debtor's assets after payment of
all Allowed Administrative Claims, Allowed Priority Tax Claims, the
Class 1 Claim and the Class 2 Claim. Class 3 is Impaired.
Class 4 consists of all equity interests in the Debtor. On the
Effective Date, after closing on the sale of the business, equity
in the Debtor shall be extinguished. Class 4 is Impaired.
The Debtor leases the premises for the Restaurant from Core
Fountains, LLC and MDC Fountains, LLC (the "Landlord") under a long
term lease (the "Lease"). Debtor has filed a Motion to Sell
Substantially all Assets Free and Clear of Liens and Approving the
Assumption and Assignment of Executory Contracts and Unexpired
Leases (the "Motion to Sell Free and Clear of Liens and Assume").
The Buyer shall assume the lease for the Restaurant located at 7533
Sand Lake Road (the "Lease") ensuring continued operation of the
business at the current location. Upon the assumption of the Lease,
the Buyer shall pay the cure costs over 6 consecutive months (total
cure as specified in Claim No. 9 is $43,765.82) and all obligations
and claims arising under the Lease to the Lessor, Core Fountains,
LLC (the "Lessor") whether arising pre-petition or post-petition.
The Plan contemplates the Debtor will continue to operate until
there is a sale of the Debtor's business. The Debtor plans on
closing on the sale, receiving and making distributions to
creditors and otherwise liquidating.
A full-text copy of the Liquidating Plan dated March 17, 2025 is
available at https://urlcurt.com/u?l=aYQfbi from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Justin M. Luna, Esq.
L. William Porter III, Esq.
LATHAM, LUNA, EDEN & BEAUDINE, LLP
201 S. Orange Ave., Suite 1400
Orlando, Florida 32801
Tel: 407-481-5800
Fax: 407-481-5801
About Florida Monster Chef
Florida Monster Chef LLC owns and operates Vines Grille & Wine Bar
restaurant in Florida.
Florida Monster Chef filed a Chapter 11 petition (Bankr. M.D. Fla.
Case No. 24-06830) on Dec. 17, 2024, listing between $500,000 and
$1 million in both assets and liabilities.
Judge Tiffany P. Geyer presides over the case.
The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna,
Eden & Beaudine, LLP.
FLY7 INSTALLATIONS: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
Fly7 Installations, LLC got the green light from the U.S.
Bankruptcy Court for the Eastern District of Virginia, Norfolk
Division, to use cash collateral.
The interim order authorized the company to use the cash collateral
of its secured lenders to pay the expenses set forth in its budget,
with a 125% variance allowed.
The secured lenders are Northeast Bank, On Deck, LG Funding LLC,
Blade Funding, LiteFund Solutions, and Finvest LLC. These lenders
were granted a replacement lien on assets of the company that are
similar to their pre-bankruptcy collateral.
As additional protection, Northeast Bank will receive a monthly
payment of $2,038.05.
A final hearing is scheduled for May 20.
About Fly7 Installations
Fly7 Installations, LLC filed Chapter 11 petition (Bankr. E.D. Va.
Case No. 25-70482) on March 8, 2025, listing up to $500,000 in
assets and up to $1 million in liabilities. Jada Rose Hamlett,
company owner, signed the petition.
Judge Frank J. Santoro oversees the case.
Carolyn Bedi, Esq., at Bedi Legal, P.C., represents the Debtor as
legal counsel.
FLYING STAR: Seeks to Hire Till Law Group as Bankruptcy Counsel
---------------------------------------------------------------
Flying Star, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Till Law Group as general bankruptcy counsel.
The firm will provide these services:
(a) assist the Debtor in protecting and preserving the
interests of secured and unsecured creditors, maximizing the value
of estate property, and administering that property throughout the
Chapter 11 Case;
(b) advise the Debtor of its rights, powers and duties in the
continued operation and management of its business and affairs
under Chapter 11 of the Bankruptcy Code;
(c) advise the Debtor generally as general bankruptcy
counsel;
(d) develop through discussion with parties in interest, legal
positions and strategies with respect to all facets of this case;
(e) prepare on behalf of the Debtor, all necessary and
appropriate legal papers;
(f) advise the Debtor in connection with the formulation,
negotiation, participating in the resolution of issues related to a
plan of reorganization and the development, approval and
implementation of such plan; and
(g) render such other necessary and appropriate legal advice
and services that the Debtor may require in connection with this
Chapter 11 case.
The firm will be paid at these hourly rates:
James Till, Partner $825
Mike Neue, Senior Counsel $825
John Schafer, Senior Counsel $795
Shelly Teleoglou, Of Counsel $600
Myrtle John, Paralegal $390
Martha Araki, Paralegal $375
Matthew Kiper, Clerk $200
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $107,348 from the Debtor.
Mr. Till 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:
James E. Till, Esq.
Till Law Group
120 Newport Center Drive
Newport Beach, CA 92660
Telephone: (949) 524-4999
Email: james.till@till-lawgroup.com
About Flying Star LLC
Flying Star LLC and affiliates are businesses primarily focused on
the design, production, and sale of clothing items, particularly
oversized hooded sweatshirts and wearable blankets.
Flying Star LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11380) on February
24, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Julia W. Brand handles the case.
James E. Till, Esq., at Till Law Group represents the Debtor as
counsel.
FORTRESS HOLDINGS: New Value & Continued Operation to Fund Plan
---------------------------------------------------------------
Fortress Holdings, LLC, filed with the U.S. Bankruptcy Court for
the District of New Jersey a Disclosure Statement describing
Chapter 11 Plan dated March 18, 2025.
Fortress owns the real property located at: (i) 555 Preakness
Avenue, Totowa, New Jersey (Lot 2, Block 6) ("555 Preakness"); (ii)
561 Preakness Avenue, Totowa, New Jersey (Lot 4, Block 6) ("561
Preakness"); and (iii) 322 - 324 Berkshire Avenue, Paterson, New
Jersey (the "Berkshire"), which make up the restaurant and catering
facility (the "Project").
The Project, which started as a single property with a 20,000
square foot office building has been substantially improved by the
Debtor and now consists of a catering and restaurant facility,
which is fully constructed and nearly ready for operations. The
Project consists of approximately 80,000 square feet over seven
floors with spectacular views of New York City. The project has a
full Kosher kitchen and roof top restaurant. The Project is named
The Chariot.
When opened, the Debtor will be the premiere catering restaurant
and catering facility. The Project will handle weddings and other
galas in excess of 600 people with parking for 200 vehicles. All
final land use approvals were obtained in 2020 after years of
development.
The Debtor is fully committed to bringing the Project to fruition
and is confident that it can and will be open by the third quarter
of 2025.
Class 7 consists of General Unsecured Claims. Allowed Class 7
Claims shall be paid the lesser of: (1) the amount of unsecured
claims or (2) $500,000 paid pari passu. This amount shall be paid
over 5 years on a quarterly basis (20 quarters) with no interest.
Total amount of claims = (this amount is still being determined in
light of the fact that certain claims are subject to objection and
reclassification, but are anticipated at approximately $300,000).
This Class is impaired.
All equity interests in the Debtor will be extinguished on the
Effective Date and equity interests in the Reorganized Debtor shall
be issued on the Effective Date to Paul Qassis and Majid Krikor (or
a company owned or controlled by them) upon payment of $250,000 in
new value ("New Value Contribution").
The Plan will be funded, in part, by the New Value Contribution.
These funds shall be held in escrow by Trenk Isabel Siddiqi &
Shahdanian P.C. and disbursed in accordance with this Plan. The
remainder of the Plan shall be funded by the Debtor's continuing
operating receipts, as set forth in the Debtor's projections.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=eDQgKs from
PacerMonitor.com at no charge.
Counsel to the Debtor:
TRENK ISABEL SIDDIQI & SHAHDANIAN P.C.
Richard D. Trenk, Esq.
Robert S. Roglieri, Esq.
290 W. Mt. Pleasant Ave., Suite 2370
Livingston, NJ 07039
Telephone: (973) 533-1000
Email: rtrenk@trenkisabel.law
Email: rroglieri@trenkisabel.law
About Fortress Holdings
Fortress Holdings, LLC, a company in Totowa, N.J., filed Chapter 11
petition (Bankr. D.N.J. Case No. 25-10977) on January 30, 2025,
listing up to $50 million in both assets and liabilities. Paul
Qassis, managing member, signed the petition.
Judge Vincent F. Papalia oversees the case.
Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C.,
is the Debtor's legal counsel.
FOUNDATION BUILDING: S&P Alters Outlook to Neg., Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based building
products distributor Foundation Building Materials Inc. (FBM) to
negative from stable. At the same time, S&P affirmed its 'B' issuer
credit rating on the company and the ratings on all existing
issue-level debt. S&P also assigned its 'B' issue-level rating to
the company's proposed $350 million term loan B-3 maturing in
2032.
S&P said, "The negative outlook reflects our view that FBM’s
higher debt levels and weaker earnings have eroded its cushion so
that we now expect adjusted debt to EBITDA to remain elevated above
7x and EBITDA interest coverage below 2x in 2025 before improving
in 2026.
"We forecast that weakened business conditions and higher debt
levels in 2025 will pressure FBM’s adjusted leverage to remain
above 7x before improving in 2026. Our view is based on our belief
that FBM’s operating environment will be challenging over the
next 12 months due to macroeconomic uncertainty and sales and
volume softness in many of its product categories such as
wallboards, metal framing, doors, frames, and hardware and from
complementary and other products, partially offset by expected
sales strength in the company’s suspended ceiling systems product
category. We expect the overall sales and volume softness to
adversely affect the company’s EBITDA generation over the next
few quarters, coupled with the incremental debt resulting from the
REW acquisition exerting downward pressure on the company’s
adjusted leverage, which was 7.4x on a rolling 12 months (RTM)
basis as of Dec. 31, 2024. Our view also considers REW’s
potential accretive contributions in the wallboard product category
beginning in the second half of 2025 and a full-year contribution
from the Unified commercial door distributor business that FBM
acquired in the second half of 2024. We expect the accretive
benefits of the aforementioned acquisitions; positive, single-digit
percent FBM base business growth; and limited greenfield expansion
to improve credit metrics beginning in the second half of 2025 and
into 2026.
"We expect FBM to generate positive free cash flows over the next
12 months. Despite expected weaker revenue and earnings generation
and projected higher capital expenditures (capex), we expect FBM to
generate free operating cash flows in the $10 million-$30 million
range in 2025. The projected higher-than-normal capex (in dollars)
is due to some carryover from previous periods. With consideration
given to the higher expected capex investment in 2025, the total
expected amount represents 1%-2% of FBM’s expected sales, in line
with the company’s guidance.
"The negative outlook reflects our view that weakened business
conditions will pressure FBM’s adjusted debt to EBITDA to remain
above 7x and EBITDA interest coverage below 2x in 2025 before
improving in 2026."
S&P could lower its ratings on FBM over the next 12 months if:
-- Earnings performed below S&P's expectations, resulting in S&P
Global Ratings-adjusted leverage remaining above 7x and its EBITDA
interest coverage remaining below 2x on a sustained basis. This
could occur if a severe downturn led to a decline in end-market
demand or higher-than-expected cost inflation that the company
could not pass through price increases, compressing its margin; or
-- The company maintained an aggressive financial policy, such as
pursuing additional debt-funded acquisitions or shareholder
dividends, causing S&P Global Ratings-adjusted leverage to remain
above 7x on a sustained basis.
S&P said, "We could revise the outlook to stable if FBM’s debt to
EBITDA improved comfortably below 7x and EBITDA interest coverage
rose above 2x, and we believed these levels would be sustainable
through most market conditions and anticipated management would
commit to this leverage profile."
FREE SPEECH: Sandy Hook Attorney Gets Additional 7-Day Suspension
-----------------------------------------------------------------
Brian Steele of Law360 reports that a Connecticut judge has ruled
that Norm Pattis, the former lead attorney for Alex Jones, will
serve only one more week of suspension, after factoring in a
previous suspension he completed in 2023.
The judge acknowledged that she had initially failed to consider
that Pattis had already been sidelined while appealing disciplinary
action for improperly sharing confidential records of Sandy Hook
families with another lawyer representing Jones, the report
states.
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.
GIRARDI & KEESE: Ex-CFO Gets 10 Yrs Imprisonment Sentence for Fraud
-------------------------------------------------------------------
Rachel Scharf of Law360 reports that on Friday, April 11, 2025, a
California federal judge sentenced the former CFO of Girardi Keese
to more than 10 years in prison for his role in a $15 million
client theft scheme led by Tom Girardi, as well as for personally
embezzling $6 million. The judge described the interconnected
schemes as having "devastating and far-reaching effects."
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI & KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys is Andrew Goodman, at Goodman Law
Offices, Apc.
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE.
GLOBAL CONCESSIONS: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
Global Concessions, Inc. received interim approval from the U.S.
Bankruptcy Court for the Northern District of Georgia, Atlanta
Division, to use cash collateral from April 10 to May 12.
The Debtor needs to use funds generated from its operations to
cover ongoing operational expenses.
The Debtor owes significant sums to lenders, including First
Horizon Bank, the U.S. Small Business Administration, Performance
Food Group, and Hanover Insurance Group.
It has outstanding loans with First Horizon Bank totaling
approximately $8.6 million, along with other financing arrangements
with the SBA, Performance Food Group, and Hanover Insurance Group,
all of which may claim a security interest in the cash collateral.
As protection, the lenders will be granted valid and properly
perfected liens on all property acquired by the Debtor after the
petition date that is similar to their pre-bankruptcy collateral.
The final hearing is set for May 12.
First Horizon Bank is represented by:
Kevin A. Stine, Esq.
Baker Donelson
1500 Monarch Plaza
3414 Peachtree Road, N.E.
Atlanta, GA 30326
Tel: (404) 577-6000
kstine@bakerdonelson.com
Hanover Insurance Group is represented by:
M. Steele Cantey, Esq.
Melissa J. Lee, Esq.
Christina Gabriella Buru, Esq.
Manier & Herod, P.C.
1201 Demonbreun St., Ste. 900
Nashville, TN 37203
Tel: (615) 244-0030
Fax: (629) 500-1137
scantey@manierherod.com
mlee@manierherod.com
cburu@manierherod.com
About Global Concessions Inc.
Global Concessions Inc. established in 1990 and headquartered in
Atlanta, Georgia, specializes in operating food and beverage
concessions, primarily within major transportation hubs across the
United States. The Company has expanded its portfolio to include a
diverse range of dining experiences, from quick-service
partnerships with renowned brands like IHOP Express, Ben & Jerry's,
and Nathan's Famous, to unique, stand-alone restaurants such as
Sweet Georgia's Juke Joint and One Flew South.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2,
2025. In the petition signed by Terrance D. Harps, president and
chairman, the Debtor disclosed up to $50 million in both assets and
liabilities.
Benjamin Keck, Esq., at Keck Legal, LLC, represents the Debtor as
legal counsel.
GMB TRANSPORT: Gets Final Approval to Use Cash Collateral
---------------------------------------------------------
GMB Transport, LLC received final approval from the U.S. Bankruptcy
Court for the Northern District of New York to use the cash
collateral of its pre-bankruptcy secured creditors.
The final order authorized the company to use cash collateral to
pay its operating and administrative expenses in accordance with a
budget, with a permitted variance of up to 15% per line item or 10%
of the total budget.
Secured creditors will be granted replacement liens on all property
acquired or to be acquired by the company after its Chapter 11
filing in case of any diminution in the value of their collateral.
GMB's authority to use cash collateral automatically terminates
upon occurrence of events of default including material breach of
the terms of the final order; appointment of a Chapter 11 operating
trustee; and dismissal or conversion of the Debtor's Chapter 11
case to one under Chapter 7.
A copy of the final order and the budget is available at
https://shorturl.at/ziesf from PacerMonitor.com.
About GMB Transport LLC
GMB Transport, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. N.Y. Case No. 24-60857) on October 27,
2024, listing up to $500,000 in assets and up to $1 million in
liabilities. Scott J. Bornt, chief executive officer of GMB
Transport, signed the petition.
Judge Patrick G. Radel oversees the case.
The Debtor is represented by:
Michael Leo Boyle, Esq.
Boyle Legal, LLC
Tel: 518-407-3121
Email: mike@boylebankruptcy.com
GOL LINHAS: Seeks to Extend Plan Exclusivity to July 25
-------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., and its affiliates asked the
U.S. Bankruptcy Court for the Southern District of New York to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to July 25 and September 25, 2025,
respectively.
Since entry of the order granting the Second Exclusivity Motion,
the Debtors have made substantial progress in advancing these
Chapter 11 Cases to a successful resolution. Although the Debtors
have made substantial progress towards achieving the objectives of
chapter 11, they believe that they require the requested extensions
of the Exclusive Periods to gain further consensus for their
restructuring, finalize the debt and equity exit financing
contemplated by the Plan, and seek confirmation of the Plan without
the disruption of potential competing plans.
The Debtors explain that the international nature of these Chapter
11 Cases in particular has necessitated resolution of complex
questions of finance, securities, tax, and regulatory laws of
various U.S. and non-U.S. jurisdictions, which the Debtors and
their advisors continue to analyze in connection with the proposed
implementation of the Plan. Given the size and complexity of these
Chapter 11 Cases, the Debtors need additional time to ensure that
they can obtain confirmation of the Plan and implement the Plan in
accordance with its terms.
The Debtors believe that the vast majority of the Debtors'
creditors already support or will support the Debtors' Plan and
continue to engage with all parties in interest to reach full
consensus. The requested extensions of the Exclusive Periods will
benefit all parties in interest by allowing the Debtors to build on
the momentum they have achieved thus far and work toward reaching
resolution with those creditors that do not already support the
Plan. Thus, this factor weighs in favor of granting the requested
extension of the Exclusive Periods.
The Debtors assert that they have been timely paying their
undisputed postpetition obligations in the ordinary course
throughout the course of these Chapter 11 Cases. The Debtors will
continue to do so, as they have more than enough cash on hand due
to the substantial liquidity provided by the DIP financing and the
Court-approved factoring arrangements. As such, this factor also
weighs in favor of granting the requested extension of the
Exclusive Periods.
The Debtors further assert that they continue to progress toward
confirmation and emergence from chapter 11, any ambiguity regarding
the ability of third parties to propose competing plans may lead to
value-destructive chaos, especially as the Debtors may need to make
modifications to the Plan as circumstances may require. The Debtors
believe that maintaining their exclusive rights to pursue
confirmation of the Plan is critical to their ability to achieve
their restructuring goals.
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
Email: 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
Email: 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
Email: 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.
GUNNISON VALLEY: To Sell Government Campus Lot to Tomichi Landmark
------------------------------------------------------------------
Gunnison Valley Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Colorado, to sell Lot 5 and 6,
Government Campus, free and clear of all liens, claims, and
encumbrances.
The Debtor enters into a contract with Tomichi Landmark No. 2 LLC
to sell Lot 5 and Lot 6 in the Government Campus, comprising
approximately 5.3 acres in the aggregate, for $1.5 million.
The Debtor proposes to pay certain closing costs estimated at
$11,000 and 4.0% real estate broker commissions to Blue Bird Real
Estate estimated at $60,000, from closing.
Debtor proposes to sell Lot 5 and Lot 6 free and clear of liens,
claims, and encumbrances, with such liens attaching to the proceeds
with the same validity, extent, and priority as they existed
against Lot 5 and Lot 6.
The Debtor owns Gunnison Rising, an approximately 600-acre,
fully-entitled, multiphase, mixed-use development approved for
1,700 residential units, and 920,000SF of commercial development,
to include more than 350,000 sf of retail, 350,000 sf of industrial
space, plus acreage for commercial space and an RV park, all
adjacent to Western Colorado University in Gunnison, Colorado.
The Debtor has received the necessary entitlements for the Project,
including annexation by the City that includes approved zoning. As
a multi-phase development, the Project is intended to be completed
in discrete portions over time.
The Contract provides for closing on or before May 15, 2025.
The Debtor's payment of broker's commission estimated at $60,000
and customary closing costs estimated at approximately $11,000,
with the remaining proceeds to be held in a segregated account
pending further order of the Court.
The Debtor employs Bluebird Real Estate and its broker, Brian
Cooper for the exclusive right to market and sell the Project.
About Gunnison Valley Properties
Gunnison Valley Properties LLC in Louisville, Colo., sought relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
24-15052) on Aug. 28, 2024, listing $50 million to $100 million in
assets and $10 million to $50 million in liabilities. Byron
Chrisman, manager, signed the petition.
Judge Joseph G. Rosania Jr. oversees the case.
Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's
legal counsel.
HANOVER PROPERTIES: Walter Dahl Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a
partner at Dahl Law, as Subchapter V trustee for Hanover Properties
LLC.
Mr. Dahl will be compensated at $485 per hour for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
In court filings, Mr. Dahl declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Walter R. Dahl
Dahl Law
2304 "N" Street
Sacramento, CA 95816-5716
Telephone: (916) 446-8800
Telecopier: (916) 741-3346
Email: wdahl@dahllaw.net
About Hanover Properties
Hanover Properties, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-21142) on
March 14, 2025, listing between $500,001 and $1 million in both
assets and liabilities.
Judge Ronald H. Sargis presides over the case.
Stacie L. Power, Esq. represents the Debtor as legal counsel.
HENRY COUNTY HEALTH: S&P Affirms 'BB+' Bond Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'BB+' rating on the Henry County Health Care Authority
(HCHA), Ala.'s bonds outstanding.
"The outlook revision reflects the authority's trend of improved
cash flow, contributing to sound maximum annual debt service
coverage and balance-sheet metrics, as well as expectations for at
least breakeven results in the near term," said S&P Global Ratings
credit analyst David Mares.
The bonds are limited obligations of the authority payable from
proceeds of a special county ad valorem hospital tax levied at a
rate not to exceed 5.5 mills on each dollar of taxable property in
the county; of which up to 75% of the annual proceeds from the tax
can cover debt service, as well as other authority revenue. The
county levies and collects the taxes, which are then disbursed to
the authority. The county does not make, nor is it liable to make,
debt service payments on the authority's behalf.
S&P said, "The rating reflects our view of HCHA's essentiality to
the service area as the only skilled nursing facility provider in
the county, although this is somewhat offset by the service area's
small population. The facility has a large portion of governmental
payers, and this concentration creates some risk, in our view. In
the past few years, management has reduced capacity to create
efficiencies. The facility's waitlist increased to 25 from 16 in
fiscal 2024, reflecting a healthy demand for services. Audited
results the past two years have demonstrated positive cash flow,
which has resulted in stable maximum annual debt service (MADS)
coverage. Approximately 11.4% and 10.6% of the authority's
financial support in fiscal years 2023 and 2024, respectively, came
from property taxes, which is projected to exceed $1.45 million in
fiscal 2025 due to assessed value growth.
"The stable outlook reflects our expectation that optimized
services levels, favorable tax revenue support, and efficient
revenue-cycle management will contribute to stable financial
performance and MADS coverage, as well as continued stability in
the balance sheet."
HERTZ GLOBAL: Hertz Works w/ Advisers on Debt Load Amid Legal Fight
-------------------------------------------------------------------
Jill R. Shah and Reshmi Basu of Bloomberg News report thatHertz
Global Holdings Inc. is consulting with advisers to evaluate its
capital structure amid a legal dispute with certain bondholders,
according to individuals familiar with the situation.
Sources say the rental car company has retained boutique investment
firm Ducera Partners and the law firm Davis Polk & Wardwell to
provide guidance. They requested anonymity due to the private
nature of the matter.
Spokespeople for Hertz and Ducera declined to comment, while Davis
Polk did not respond to inquiries.
About Hertz Corp.
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. They also operate a
vehicle leasing and fleet management solutions business.
On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).
Judge Mary F. Walrath oversees the cases.
The Debtors have tapped White & Case LLP as their bankruptcy
counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis
& Co. as investment banker, and FTI Consulting as financial
advisor. The Debtors also retained the services of Boston
Consulting Group to assist the Debtors in the development of their
business plan. Prime Clerk LLC is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases. The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Ernst & Young
LLP provides audit and tax services to the Committee.
* * *
Hertz Global and its subsidiaries emerged from Chapter 11
bankruptcy at the end of June 2021. Hertz won approval of a Plan of
Reorganization that unimpaired all classes of creditors (who are
legally deemed to have accepted it) and was approved by more than
97% of voting shareholders. The Plan provided for the existing
shareholders to receive more than $1 billion of value.
Recovery by shareholders of close to $8 a share was made possible
after a fierce competition among bidders for control in the
company. Initial offers from potential bidders for Hertz in its
bankruptcy offered nothing for equity. Hertz in May 2021 selected
investment firms Knighthead Capital Management LLC and Certares
Management LLC, joined by other investors including Apollo Global
Management Inc. and a group of existing shareholders, as the
winning bidders for control of the bankrupt company. A rival group
that included Centerbridge Partners LP, Warburg Pincus LLC and
Dundon Capital Partners LLC was outbid at auction.
Hertz's Plan eliminated over $5 billion of debt, including all of
Hertz Europe's corporate debt, and will provide more than $2.2
billion of global liquidity to the reorganized Company. Hertz also
emerged with (i) a new $2.8 billion exit credit facility consisting
of at least $1.3 billion of term loans and a revolving loan
facility, and (ii) an $7 billion of asset-backed vehicle financing
facility, each on favorable terms.
HILTS LOGGING: Paul Levine of Emery Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Emery
Greisler, LLC as Subchapter V trustee for Hilts Logging &
Excavating, LLC.
Mr. Levine will be paid an hourly fee of $470 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Levine declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Paul A. Levine, Esq.
Emery Greisler, LLC
677 Broadway, 8th Floor
Albany, New York 12207
Tel: (518) 433-8800 x313 |
Email: plevine@lemerygreisler.com
About Hilts Logging & Excavating
Hilts Logging & Excavating, LLC specializes in logging services,
including timber harvesting and land clearing, utilizing a range of
heavy machinery for forestry operations.
Hilts Logging & Excavating sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60199) on March
16, 2025. In its petition, the Debtor reported total assets of
$612,385 and total liabilities of $1,404,316.
Judge Patrick G. Radel handles the case.
The Debtor is represented by:
Peter A. Orville, Esq.
Orville & McDonald Law, P.C.
30 Riverside Drive
Binghamton, NY 13905
Tel: 607-770-1007
Fax: 607-770-1110
HOSPITALITY AT YORK: Hires CGA Law Firm as Bankruptcy Counsel
-------------------------------------------------------------
Hospitality at York, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to employ CGA Law
Firm to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Lawrence Young, Attorney $500
E. Haley Rohrbaugh, Attorney $295
Brent Diefenderfer, Attorney $435
Craig Sharnetzka, Attorney $450
Staff $125 - $215
The firm received a retainer of $10,000 from the Debtor.
Mr. Young 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:
Lawrence V. Young, Esq.
CGA Law Firm
135 North George Street
York, PA 17401
Telephone: (717) 848-4900
About Hospitality at York
Hospitality at York LLC, operating as Holiday Inn Express, is a
hotel located at 18 Cinema Drive, York, PA 17402. The hotel offers
amenities such as an indoor swimming pool, fitness center, free
Wi-Fi, and complimentary breakfast.
Hospitality at York LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00938) on April 7,
2025. In its petition, the Debtor reports total assets of
$7,569,000 and total liabilities of $6,744,840.
Honorable Bankruptcy Judge Henry W. Van Eck handles the case.
The Debtor is represented by Lawrence V. Young, Esq. at CGA Law
Firm.
HYPERTECH INC: Seeks Chapter 11 Bankruptcy in Tennessee
-------------------------------------------------------
On April 11, 2025, Hypertech Inc. filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Middle District of Tennessee.
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 Hypertech Inc.
Hypertech Inc. 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.
Hypertech, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. M.D. Tenn. Case No. 25-01562)
on April 11, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Charles M. Walker handles the case.
The Debtor is represented by Robert J. Gonzales, Esq. at EMERGELAW,
PLC.
I-ON DIGITAL: Reports Wider Net Loss of $1.91 Million in 2024
-------------------------------------------------------------
I-ON Digital Corp. reported a net loss of $1.91 million on
related-party net sales of $32,625 for the year ended Dec. 31,
2024, widening from a net loss of $805,138 on related-party net
sales of $97,875 in the previous year, as disclosed in its Form
10-K filed with the Securities and Exchange Commission.
As of Dec. 31, 2024, the Company reported total assets of $18.42
million, total liabilities of $2.64 million, and total
stockholders' equity of $15.78 million. At the end of the year,
the Company held $270,095 in cash.
Cash used during the year ended Dec. 31, 2024, totaled $1,055,135,
up from $498,834 in cash used in operating activities for the year
ended Dec. 31, 2023 -- a change of $556,301. This increase was
primarily driven by a higher net loss, largely attributable to
increased expenses for computer and internet services, payroll, and
professional fees in 2024 compared to the prior year.
Cash provided by investing activities for the year ended Dec. 31,
2024, amounted to $120,425, compared to cash used in investing
activities of $578,842 for the year ended Dec. 31, 2023 -- a change
of $699,267. This shift in cash flow was primarily due to the sale
of intangible assets in 2024.
Cash provided by financing activities for the year ended Dec. 31,
2024 was $1,168,730, compared to cash provided in financing
activities of $1,113,751 for the year ended Dec. 31, 2023. The
increase was primarily due to the proceeds from advances from the
related party.
In its report dated April 10, 2025, the Company's auditor, Mac
Accounting Group & CPAs, LLP, issued a "going concern"
qualification citing that the Company has limited revenues and has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.
"Our ability to succeed depends on the success of our continued
development and expansion of our product and service offerings.
There are various risks related to these efforts, including the
risk that these efforts may not provide the expected benefits in
our anticipated time frame, if at all, and may prove costlier than
expected; and the risk of adverse effects to our business, results
of operations and liquidity if past and future undertakings, and
the associated changes to our business, do not prove to be cost
effective or do not result in benefits at the levels that we
anticipate," the Company stated.
The Company makes no assurance that the digital asset ecosystem
will develop as anticipated, or on a mass scale, nor that its
business model will achieve the expected results. It has
acknowledged that, to succeed in the long term, it may need to
modify its business model, although such efforts may not be
successful.
The complete text of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1580490/000164117225003678/form10-k.htm
About I-On Digital Corp.
Headquartered in Chicago, IL, I-ON develops and provides advanced
asset-digitization and securitization solutions designed to deliver
a secure, fast, and transparent digital asset ecosystem. The
Company converts documentary evidence of ownership into secure,
asset-backed digital certificates, enhancing liquidity and value
across a range of asset classes. Its hybrid blockchain
architecture integrates smart contracts and workflow automation,
augmented by artificial intelligence technologies. This system
enables the digitization of ownership records for recoverable gold,
precious metals, and mineral reserves, supporting value transfer
through innovative financial instruments.
INTEGRITY II: Seeks to Tap James E. Dickmeyer as Legal Counsel
--------------------------------------------------------------
Integrity II, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ James E. Dickmeyer, PC
as legal counsel.
The firm will provide these services:
(a) prosecute actions on behalf of the estate as may be
appropriate;
(b) advise the Debtor concerning the administration of the
estate; and
(c) assist in the formulation of a reorganization plan and
otherwise represent the Debtor in the performance of all duties and
obligations.
James Dickmeyer, Esq., the primary attorney in this representation,
will be billed at his hourly rate of $400.
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Dickmeyer 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:
James E. Dickmeyer, Esq.
James E. Dickmeyer, PC
520 Kirkland Way, Suite 400
P.O. Box 2623
Kirkland, WA 98083
Telephone: (425) 889-2324
About Integrity II
Integrity II, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-10663) on March 13,
2025, listing under $1 million in both assets and liabilities.
James E. Dickmeyer, PC serves as the Debtor's counsel.
INTEGRITY II: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 18 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Integrity II, LLC.
About Integrity II
Integrity II, LLC filed Chapter 11 petition (Bankr. W.D. Wash. Case
No. 25-10663) on March 13, 2025, listing $100,001 and $500,000 in
both assets and liabilities.
Judge Christopher M. Alston oversees the case.
The Debtor is represented by:
James E. Dickmeyer, Esq.
Law Office of James E Dickmeyer, PC
520 Kirkland Way, Suite 400
P.O. Box 2623
Kirkland, WA 98083-2623
Phone: (425) 889-2324
jim@jdlaw.net
INTERFREIGHT SYSTEMS: Unsecureds Will Get 2% to 3% over 5 Years
---------------------------------------------------------------
Interfreight Systems, Inc., filed with the U.S. Bankruptcy Court
for the Northern District of Illinois a Plan of Reorganization
under Subchapter V dated March 17, 2025.
Interfreight Systems, Inc was organized in 2009 as transportation
company. It operated one truck and one trailer until 2012 when the
owner of the company, Victor Kotsev, decided to develop this
company into an asset holding company.
Interfreight Systems began to acquire trucks and trailers and lease
out the units to other operating companies. In 2020, Mr. Kotsev
decided to team up with his father, Georgi, and lease out its
entire fleet to Georgi's company, Parasource, Inc. At the same
time, Interfreight tripled its fleet by financing multiple trucks
and trailers. While slowed down by COVID-19, both Parasource and
Interfreight recovered and continued to operate at a comfortable
profit margin in 2021 and 2022.
Unfortunately, in 2023, due to a number of factors, trucking
industry began experiencing a deep decline which continued into
2024. As Parasource began operating at a loss, it could not longer
pay full payments to Interfreight. At the same time, the supply of
trucking equipment vastly exceeded demand, and Interfreight was
unable to find other lessees for its equipment. By the end of 2024,
Interfreight had to seek bankruptcy protection in order to
reorganize payments for its equipment.
The Plan provides that all administrative creditors will be paid in
full on the Effective Date of the Plan (which is 30 days after the
Order confirming the Plan is a final Order) unless otherwise
agreed. Priority tax claims will receive 100% of their allowed
claims over the period of the Plan term (5 years). Secured
Creditors will be paid 100% of their secured claims under Class 1
of the Plan to the extent of their allowed secured claims.
Allowed Class 2 general unsecured creditors will receive a pro rata
share of the Unsecured Creditor Payment over a period of 5 years,
which shall equal approximately 2-3% distribution on their claims.
Class 3 Claims of Equity Holders will not receive a distribution
unless all other classes of creditors receive payment in full.
Class 2 consists of Allowed Unsecured Claims Holders of allowed
unsecured claims shall receive a pro rata share of the Unsecured
Creditor Payments on an annual basis for a period of 5 years
beginning on the 1st anniversary of the Effective Date of the Plan,
and continuing yearly for another 4 years. The Unsecured Creditor
Payments shall equal $25,000 in the aggregate and each yearly
payment shall be $5,000 for five payments.
Based upon the unsecured claims (which includes deficiency claims
of secured creditors), the estimated distribution to unsecured
creditors is 2-3%. No distribution will be made for unsecured
claims which were (i) scheduled as disputed; and (ii) no timely
proof of claim was filed.
Class 3 consists of Equity Security Holders. Equity security
holders shall retain their interests in the Debtor. In addition,
the principal of the Debtor will be entitled to a salary for his
work on behalf of the Debtor.
The Plan will be funded from income of the Debtor. The Debtor will
be the disbursing agent and will be responsible for making all of
the payments under the Plan. The principal of the Debtor, Viktor
Kotsev, will continue to serve as President of the Debtor, and will
be responsible for effectuating all the Plan payments and
provisions on behalf of the Debtor.
A full-text copy of the Subchapter V Plan dated March 17, 2025 is
available at https://urlcurt.com/u?l=sTCaSN from PacerMonitor.com
at no charge.
Counsel to the Debtor:
David Freydin, Esq.
Law Offices of David Freydin, PC
8707 Skokie Blvd., Ste. 305
Skokie, IL 60077
Telephone: (847) 972-6157
Facsimile: (866) 897-7577
Email: david.freydin@freydinlaw.com
Miriam Stein Granek, Esq.
Gutnicki LLP
4711 Golf Road, Suite 200
Skokie, IL 60076
Tel: (847) 745-6592
Email: mgranek@gutnicki.com
About Interfreight Systems
Interfreight Systems Inc. provides comprehensive logistics and
transportation services that connect businesses to markets
worldwide.
Interfreight Systems sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18891) on
Dec. 18, 2024, with total assets of $828,100 and total liabilities
of $1,549,076. Viktor Kotsev, president of Interfreight Systems,
signed the petition.
The Law Offices of David Freydin, PC, serves as the Debtor's
counsel.
IR4C INC: Unsecured Creditors to Split $50K over 120 Months
-----------------------------------------------------------
IR4C, Inc., d/b/a Yes.Fit, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Disclosure Statement describing
Chapter 11 Plan dated March 18, 2025.
The Debtor is an owner and operator of a fitness mobile application
that provides fitness training through a unique augmented reality
program. The program is available through a mobile application that
is downloaded. Scott Parker is the COO and Kevin Transue is the
CEO.
The Debtor has been a viable business for many years. However, in
2023 the Debtor experienced a sudden revenue decrease due to
weather conditions, hurricanes, and problems with its email
marketing system, which caused it to fall behind on its financial
obligations. The Debtor attempted a variety of forbearance and
modification solutions prior to filing this bankruptcy.
Class 4 consists of General Unsecured Claims. The Debtor will pay
$50,000 to a Plan Pool. Creditors in this class will receive a pro
rata distribution in 120 monthly payments of $416.66 commencing on
the first month following Confirmation of the Plan. This Class is
impaired.
Class 5 consists of Equity Security Holders of the Debtor. The
Debtor will retain its equity in the property of the bankruptcy
estate postconfirmation.
Payments and distributions under the Plan will be funded by the
income received through the continued business operations of the
Debtor or Reorganized Debtor. The Debtor intends to retain its
current management and will continue to implement changes in its
business model for more cost-effective operations, in addition to
pursuing new sales development lines, increasing subcontractor
opportunities, and other new customer opportunities.
The Post-Confirmation Managers of the Debtor, and their
compensation, shall be as follows: Scott Parker is CEO and his
annual salary is $120,000 and Kevin Transue is COO and his annual
salary is $108,000.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=YlNxsC from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Samantha L. Dammer, Esq.
Bleakley Bavol Denman & Grace
15316 N. Florida Avenue
Tampa, FL 33613
Tel: (813) 221-3759
Fax: (813) 221-3198
Email: sdammer@bbdglaw.com
About IR4C Inc.
IR4C, Inc., a company in Lakeland, Fla., is the owner and operator
of a mobile application fitness program using augmented reality to
create virtual "races." It conducts business under the name Yes.Fit
and Make Yes Happen.
IR4C filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case
No. 24-05458) on Sept. 13, 2024. In its petition, IR4C listed
total assets of $4,280,839 and total liabilities of $7,922,422.
IR4C President Kevin D. Transue signed the petition.
Judge Roberta A. Colton oversees the case.
The Debtor is represented by Samantha L. Dammer, Esq., at Bleakley
Bavol Denman & Grace.
IRON WORKS: Seeks to Hire Seiller Waterman as Bankruptcy Counsel
----------------------------------------------------------------
Iron Works Enterprises Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Kentucky to employ Seiller
Waterman LLC as bankruptcy counsel.
The firm will provide these services:
(a) advise the Debtor of its rights, powers and duties;
(b) perform all legal services for and on behalf of the Debtor
that may be necessary or appropriate in the administration of this
bankruptcy case and its business;
(c) advise the Debtor concerning, and assist in, the
negotiation and documentation of financing agreements and debt
restructurings;
(d) counsel the Debtor in connection with the formulation,
negotiation, and consummation of its possible sale or its assets;
(e) review the nature and validity of agreements relating to
the Debtor's interests in real and personal property and advise of
its corresponding rights and obligations;
(f) advise the Debtor concerning preference, avoidance,
recovery, or other actions that it may take to collect and to
recover property for the benefit of the estate and its creditors,
whether or not arising under Chapter 5 of the Bankruptcy Code;
(g) prepare on behalf of the Debtor all necessary and
appropriate legal documents and review all financial and other
reports to be filed in this bankruptcy case;
(h) advise the Debtor concerning, and prepare responses to,
legal papers that may be filed and served in this bankruptcy case;
(i) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related documents or other liquidation of the estate;
(j) work with and coordinate efforts among other professionals
to attempt to preclude any duplication of effort among those
professionals and to guide their efforts in the overall framework
of its reorganization or liquidation; and
(k) work with professionals retained by other parties in
interest in this bankruptcy case to attempt to structure a
consensual plan of reorganization, liquidation, or other resolution
for the Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Neil Bordy, Member $425
William Harbison, Member $375
Joseph Haddad, Attorney $350
Pauline Benich, Paralegal $225
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also requested an retainer of $20,000 from the Debtor.
Mr. Haddad 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 H. Haddad, Esq.
Seiller Waterman LLC
Meidinger Tower, 22nd Floor
462 S. Fourth Street
Louisville, KY 40202
Telephone: (502) 584-7400
Facsimile: (502) 583-2100
Email: haddad@derbycitylaw.com
About Iron Works Enterprises
Iron Works Enterprises Incorporated, also known as Iron Works Inc.,
is a manufacturing company located in Bardstown, Ky., specializing
in transforming raw materials into industrial metal components and
structures, offering tailored solutions to meet the unique needs of
various industries and projects.
Iron Works Enterprises sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. KY Case No. 25-30563) on March
12, 2025, listing between $500,001 and $1 million in assets and
between $1 million and $10 million in liabilities. Charles Todd
Durbin, president of Iron Works Enterprises, signed the petition.
Judge Charles R. Merrill oversees the case.
Joseph H. Haddad, Esq., at Seiller Waterman, LLC represents the
Debtor as legal counsel.
IVESTER'S TREE: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Ivester's Tree & Lawn, LLC
d/b/a Firewood Solutions
d/b/a Ivester Tree, LLC
5161 South Highway 87
Duchesne, UT 84021
Business Description: Ivester Tree, LLC is a comprehensive tree
and wood service company based in Tooele,
Utah. The Company specializes in various
services including tree trimming, removal,
pruning, stump grinding, and firewood
supply.
Chapter 11 Petition Date: April 11, 2025
Court: United States Bankruptcy Court
District of Utah
Case No.: 25-21998
Judge: Hon. Peggy Hunt
Debtor's Counsel: Andres Diaz, Esq.
DIAZ & LARSEN
757 East South Temple, Suite 201
Salt Lake City, UT 84102
Tel: (801) 596-1661
Fax: (801) 359-6803
Email: courtmail@adexpresslaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
Christopher Ivester signed the petition as managing member.
A list of the Debtor's 20 largest unsecured creditors was not
provided alongside the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/33O7DLY/Ivesters_Tree__Lawn_LLC__utbke-25-21998__0001.0.pdf?mcid=tGE4TAMA
JJ BADA: Gets Extension to Access Cash Collateral
-------------------------------------------------
JJ Bada 464 Operating Corp. received third interim approval from
the U.S. Bankruptcy Court for the District of New Jersey to use
cash collateral.
The third interim order signed by Judge Stacey Meisel authorized
the company to use cash collateral to pay the expenses set forth in
its budget, with a 10% variance allowed.
The budget shows total operating expenses of $173,183.38 for April
and $91,804.34 for May 1 to 13.
Il Yeon Kwon and the U.S. Small Business Administration assert an
interest in the cash collateral, including cash and cash
equivalents. These secured creditors will be granted a replacement
lien on the cash collateral as protection for any diminution in
value of their interest in the collateral.
As additional protection, JJ was ordered to make a monthly payment
of $189 to SBA and $5,157.31 to the other secured creditor.
A final hearing is scheduled for May 13.
Il Yeon Kwon is represented by:
Bong June Kim, Esq.
Kim & Bae, P.C.
2160 North Central Road
Third Floor
Fort Lee, NJ 07024
(201) 585-2288 (Tel)
(201) 585-2246 (Fax)
bjkim@kimbae.com
About JJ Bada 464 Operating Corp.
JJ Bada 464 Operating Corp. owns and operates Bada Story
Restaurant, a Korean and Japanese Sushi Restaurant located at 464
Sylvan Avenue, Englewood Cliffs, N.J.
JJ Bada 464 Operating sought protection under Chapter 11 of the
U.S. Bankruptcy Court (Bankr. D. N.J. Case No. 25-11078) on
February 1, 2025, listing between $500,001 and $1 million in both
assets and liabilities. Brandon Park, president of JJ Bada 464
Operating, signed the petition.
Judge Stacey L. Meisel oversees the case.
The Debtor is represented by:
Rosemarie E. Matera, Esq.
Kirby Aisner & Curley LLP
Tel: 914-401-9500
Email: law@kmpclaw.com
KNY 26671: Seeks Chapter 11 Bankruptcy in Delaware
--------------------------------------------------
On April 10, 2025, KNY 26671 LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the District of Delaware. According
to court filing, the Debtor reports $10 million and $50
million in debt owed to 50 and 99 creditors. The petition states
funds will be available to unsecured creditors.
About KNY 26671 LLC
KNY 26671 LLC, dba Cooperative Laundry, is a 0p0rovider 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.
KNY 26671 LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 25-10688) on April 10, 2025. In its
petition, the Debtor reports estimated assets between $10 million
and $50 million and estimated liabilities between $10 million and
$50 million.
The Debtor is represented by Ronald S. Gellert, Esq. at GELLERT
SEITZ BUSENKELL & BROWN, LLC.
KOGNITIV US: Hires Faegre Drinker Biddle & Reath as Legal Counsel
-----------------------------------------------------------------
Kognitiv US, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Faegre Drinker Biddle & Reath
LLP as legal counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its businesses and
properties;
(b) advise and consult on the conduct of the Chapter 11 case;
(c) attend meetings and negotiate with representatives of
creditors and other parties-in-interest;
(d) take all necessary actions to protect and preserve the
Debtor's estate;
(e) prepare pleadings in connection with the Chapter 11 case;
(f) represent the Debtor in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
(g) appear before the court and any appellate courts to
represent the interests of the Debtor's estate;
(h) seek approval of the sale and take the necessary actions
on behalf of the Debtor to negotiate, prepare, and obtain approval
of all documents related thereto; and
(i) perform all other necessary legal services for the Debtor
in connection with the prosecution of the Chapter 11 case.
The firm will be paid at these services:
Partners $1,345 - $1,565
Associates and Counsel $665 - $990
Paraprofessionals $530
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $250,000 from the Debtor.
Patrick Jackson, a partner at Faegre Drinker Biddle & Reath,
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:
Patrick A. Jackson, Esq.
Faegre Drinker Biddle & Reath LLP
222 Delaware Aveue, Suite 1410
Wilmington, DE 19801
Telephone: (302) 467-4200
Email: patrick.jackson@faegredrinker.com
About Kognitiv US
Kognitiv specializes in AI-powered loyalty and marketing
technology, offering solutions for customer engagement, lifecycle
optimization, and ad activation. Founded in 2008, its platform
drives personalization at scale, improving ROI with real-time data
insights.
Kognitiv US sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 25-10648) on April 2, 2025. In its
petition, the Debtor reported $10 million to $50 million in assets
and liabilities. Tim Sullivan, as authorized signatory, affixed his
signature to the petition.
The Hon. Brendan Linehan Shannon presides over the case.
The Debtor is represented by Faegre Drinker Biddle & Reath LLP.
LIGADO NETWORKS: Asks Court Approval for Executive Bonuses
----------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Ligado Networks LLC is
seeking bankruptcy court approval for a bonus plan that could grant
millions to six senior executives for securing satellite insurance
recoveries and reducing cash expenditures.
The plan would reward executives with up to $3.2 million this year
if they keep operating costs below $70.7 million, along with 5% of
any proceeds recovered from insurers said to owe the company more
than $150 million, Bloomberg Law reports.
About Ligado Networks
Ligado Networks, formerly LightSquared, provides mobile satellite
services. The Debtor's satellite and terrestrial solutions,
combined with powerful, lower mid-band spectrum, serve to
supplement and broaden mobile coverage across the United States and
Canada. On the Web: http://www.ligado.com/
On January 5, 2025, Ligado Networks LLC and certain of its
affiliates each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-10006).
Perella Weinberg Partners LP is serving as investment banker to
Ligado, FTI Consulting, Inc. is serving as financial advisor,
Milbank LLP is serving as legal counsel, and Richards, Layton &
Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is
the claims agent.
An ad hoc group of first lien creditors is being advised by
Guggenheim Securities, LLC as financial advisor, and by Sidley
Austin LLP as counsel. An ad hoc group of crossholding creditors is
being advised by Kirkland & Ellis LLP.
LOCAL EATERIES: Michael Abelow Named Subchapter V Trustee
---------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Michael Abelow,
Esq., at Sherrard Roe Voigt & Harbison, PLC, as Subchapter V
trustee for Local Eateries, Inc. and affiliates.
Mr. Abelow will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Abelow declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael G. Abelow, Esq.
Sherrard Roe Voigt & Harbison, PLC
150 3rd Ave. South, Suite 1100
Nashville TN 37201
Phone: (615) 742-4532
Email: mabelow@srvhlaw.com
About Local Eateries Inc.
Local Eateries, Inc., operating as Porter Road, is a
Nashville-based butcher shop, specializing in U.S. pasture-raised
meats free from hormones and antibiotics. The company operates a
retail shop and provides nationwide delivery via its online
platform, offering premium, dry-aged meats to customers across the
country.
Local Eateries filed Chapter 11 petition (Bankr. M.D. Tenn. Lead
Case No. 25-01131) on March 17, 2025, listing up to $10 million in
assets and up to $50 million in liabilities. Chris Carter,
co-founder, signed the petition.
Judge Charles M Walker oversees the case.
R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC,
represents the Debtor as legal counsel.
MCR HEALTH: Court OKs Final Use of Cash Collateral
--------------------------------------------------
MCR Health, Inc. and AllCare Options, LLC received final approval
from the U.S. Bankruptcy Court for the Middle District of Florida,
Tampa Division, to use the cash collateral of ServisFirst Bank.
The final order authorized MCR Health and AllCare Options to use
cash collateral to pay ordinary and necessary business expenses as
set forth in their budget, with a 10% variance allowed.
As protection, ServisFirst Bank was granted a replacement lien on
post-petition cash collateral to the same extent and with the same
validity and priority as its pre-bankruptcy lien.
In addition, MCR Health and AllCare Options were ordered to keep
the secured creditor's collateral insured.
A copy of the court's order and MCR Health's budget is available at
https://shorturl.at/Enqe7 from PacerMonitor.com.
About MCR Health Inc.
MCR Health, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case
No. 24-06604) on November 8, 2024, listing between $10 million and
$50 million in both assets and liabilities. Mary Ruiz, board chair,
signed the petition.
Judge Roberta A. Colton oversees the case.
The Debtor is represented by Steven M. Berman, Esq., at Shumaker,
Loop & Kendrick, LLP.
ServisFirst Bank, as secured creditor, is represented by:
Lara Roeske Fernandez, Esq.
Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A.
101 East Kennedy Boulevard, Suite 2700
Tampa, FL 33602
Tel: (813) 223-7474
Fax: (813) 229-6553
lfernandez@trenam.com
MEADOW CREEK: Gets Final OK to Use Cash Collateral
--------------------------------------------------
Meadow Creek Farm of NY Realty, LLC received final approval from
the U.S. Bankruptcy Court for the Southern District of New York,
Poughkeepsie Division to use cash collateral.
The final order authorized the company to use cash collateral to
pay its expenses and granted Wells Fargo Bank, N.A., a secured
creditor, with protection in the form of a monthly payment of
$2,135 and a replacement lien on the company's property.
The replacement lien granted shall not attach to the proceeds of
any recoveries of estate causes of action under Sections 542
through 553 of the Bankruptcy Code, according to the final order
penned by Judge Kyu Young Paek.
Wells Fargo Bank is represented by:
Joseph J. Cherico, Esq.
McCarter & English, LLP
One Canterbury Green
201 Broad St.
Stamford, CT 06901
Tel: (203) 399-5900
Fax: (203) 399-5800
jcherico@mccarter.com
About Meadow Creek Farm of NY Realty
Meadow Creek Farm of NY Realty, LLC filed Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 25-35241) on March 7, 2025, listing
between $500,001and $1 million in both assets and liabilities.
Judge Kyu Young Paek presides over the case.
The Debtor is represented by:
Michelle L. Trier, Esq.
Genova, Malin & Trier, LLP
Tel: 845-298-1600
Email: michelle@gmtllp.com
MPJIMBOS LLC: Seeks to Hire Morrison Tenenbaum as Legal Counsel
---------------------------------------------------------------
MPJIMBOS, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to employ Morrison Tenenbaum PLLC as
bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) assist in any amendments of schedules and other financial
disclosures and in the preparation/review/amendment of a disclosure
statement and plan of reorganization;
(c) negotiate with the Debtor's creditors and take the
necessary legal steps to confirm and consummate a plan of
reorganization;
(d) prepare on behalf of the Debtor all necessary legal papers
to be filed in this case;
(e) appear before the bankruptcy court to represent and
protect the interests of the Debtor and its estate; and
(f) perform all other legal services for the Debtor that may
be necessary and proper for an effective reorganization.
The firm will be paid at these hourly rates:
Lawrence Morrison, Attorney $660
Brian Hufnagel, Attorney $565
Associates $400
Paraprofessionals $200
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $15,000 on or about January 15,
2025, inclusive of filing fee, from the Debtor.
Mr. Morrison 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:
Lawrence F. Morrison, Esq.
Morrison Tenenbaum PLLC
87 Walker Street, Floor 2
New York, NY 10013
Telephone: (212) 620-0938
About MPJIMBOS LLC
MPJIMBOS, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40198) on January
14, 2025, with as much as $50,000 in both assets and liabilities.
Judge Nancy Hershey Lord presides over the case.
Lawrence Morrison, Esq., represents the Debtor as legal counsel.
MY SIZE: Posts $4M Loss in 2024, Chaikin Raises Going Concern Doubt
-------------------------------------------------------------------
My Size, Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$4 million on $8.3 million of revenue for the year ended Dec. 31,
2024, compared to a net loss of $6.4 million on $7 million of
revenue for the year ended Dec. 31, 2023.
Tel Aviv, Israel-based Somekh Chaikin, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Mar. 27, 2025, citing that the Company has incurred significant
losses and negative cash flows from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
Since inception, the Company has incurred significant losses and
negative cash flows from operations and has an accumulated deficit
of $63.9 million. The Company has financed its operations mainly
through fundraising from various investors.
The Company's management expects that the Company will continue to
generate losses and negative cash flows from operations for the
foreseeable future. Based on the projected cash flows and cash
balances as of the date of these financial statements, management
is of the opinion that there is an uncertainty that its existing
cash will be sufficient to fund operations for a period of more
than 12 months.
Management's plans include the continued commercialization of the
Company's products and acquisition of technology, intellectual
property or businesses and securing sufficient financing through
the sale of additional equity securities, debt or capital inflows
from strategic partnerships. Additional funds may not be available
when the Company needs them, on terms that are acceptable to it, or
at all. If the Company is unsuccessful in commercializing its
products and securing sufficient financing, it may need to cease
operations.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/mrz5me6k
About MySize, Inc.
Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) --
http://www.mysizeid.com/-- is an omnichannel e-commerce platform
and provider of AI-driven measurement solutions that drive revenue
growth and reduce costs for online retailers while generating big
data and machine learning analytics.
As of Dec. 31, 2024, the Company had $10.1 million in total assets,
$3.2 million in total liabilities, and a total stockholders' equity
of $6.9 million.
NICK'S PIZZA: Hearing Today on Bid to Use Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division is set to hold a hearing today to consider another
extension of Nick's Pizza & Pub, Ltd.'s authority to use cash
collateral.
The company's authority to use cash collateral pursuant to the
court's April 7 order expires today.
The April 7 order authorized the company to use its lenders' cash
collateral from April 7 to 16.
About Nick's Pizza & Pub, Ltd.
Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in
Crystal Lake and Elgin, serving thin-crust Chicago pizza.
Nick's Pizza & Pub filed Chapter 11 petition (Bankr. N.D. Texas
Case No. 24-18037) on December 2, 2024, with assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million assets between $100,000 and $500,000 and
liabilities between $1 million and $10 million. Nicholas Sarillo,
president of Nick's, signed the petition.
Judge Janet S. Baer handles the case.
The Debtor is represented by:
Matthew T. Gensburg, Esq.
Gensburg Calandriello & Kanter, P.C.
200 W. Adams St., Ste. 2425
Chicago, IL 60606
Tel: (312) 263-2200
Fax: (312) 263-2242
Email: mgensburg@gcklegal.com
NIKOLA CORP: Receives Approval for $30MM Sale of Arizona Factory
----------------------------------------------------------------
Rick Archer of Law360 reports that on April 11, 2025, a Delaware
bankruptcy judge approved Nikola Corp.'s $30 million sale of its
Arizona factory and headquarters to electric vehicle maker Lucid
Motors.
The deal is part of Nikola's efforts to restructure amid
bankruptcy, as the company shifts away from its electric and
hydrogen fueling operations, Law360 reports.
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.
NLC PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: NLC Products Inc.
320 Executive Court Suite 301
Little Rock, AR 72205
Business Description: NLC Products Inc. is a privately held
company specializing in niche catalog and
e-commerce retail. Based in Arkansas, it
operates a range of brands across various
lifestyle segments, including gifts,
apparel, and specialty merchandise. One of
its notable subsidiaries is SGT GRIT, a
brand dedicated to United States Marine
Corps-themed apparel and accessories, which
NLC acquired to expand its patriotic and
military-focused offerings.
Chapter 11 Petition Date: April 14, 2025
Court: United States Bankruptcy Court
Eastern District of Arkansas
Case No.: 25-11264
Judge: Hon. Phyllis M Jones
Debtor's Counsel: Kevin P. Keech, Esq.
KEECH LAW FIRM, PA
POB 194
Amity, AR 71921
Tel: 501-221-3200
Fax: 501 221 3201
Email: kkeech@keechlawfirm.com
Total Assets: $4,144,606
Total Liabilities: $3,997,628
The petition was signed by Timothy Mariani as president/CEO.
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/7SP675I/NLC_Products_Inc__arebke-25-11264__0001.0.pdf?mcid=tGE4TAMA
NUMALE CORP: Court Orders Chapter 11 Trustee Appointment
--------------------------------------------------------
A U.S. bankruptcy judge ordered the appointment of a Chapter 11
trustee in the bankruptcy cases of NuMale Corporation and its
affiliates.
Judge Natalie Cox of the U.S. Bankruptcy Court for the District of
Nevada issued an order granting the motion by Tracy Hope Davis, the
U.S. Trustee for Region 17, to appoint a trustee to take over the
companies' Chapter 11 cases.
In the same order, the bankruptcy judge denied, without prejudice,
the U.S. trustee's alternative request to dismiss or convert the
cases to Chapter 7 proceedings.
The U.S. trustee in March requested the appointment of a trustee to
take over the cases, citing "gross mismanagement" of the bankruptcy
estate.
Ms. Davis accused the companies of not complying with their duties
as "debtors in possession," saying they did not provide her office
with necessary financial information and file accurate schedules of
assets and liabilities.
"The stale information and the [companies'] delays in correcting
the filings precludes the court, the U.S. trustee and creditors
from properly evaluating the [companies'] financial condition," the
U.S. trustee said in her motion.
Ms. Davis also cited the companies' failure to file a copy of the
board of directors authorizing the Chapter 11 filing, which raised
concerns about the legitimacy of the bankruptcy petition.
About Numale Corporation
Numale Corporation and six affiliates filed Chapter 11 petitions
(Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the
time of the filing, Numale reported up to $50,000 in both assets
and liabilities.
Judge Natalie M. Cox oversees the cases.
The Debtors are represented by David A. Riggi, Esq., at Riggi Law
Firm.
PLANET GREEN: Narrows 2024 Loss by 65% to $7.3M, Revenue Drops 62%
------------------------------------------------------------------
Planet Green Holdings Corp. reduced its annual net loss by 65% to
$7.33 million for the year ended Dec. 31, 2024, compared with
$20.84 million a year earlier, according to its latest 10-K filing
with the U.S. Securities and Exchange Commission. The Company's
overall net loss shrank mainly due to the decrease in loss on the
disposal of certain subsidiaries.
The Company's net revenue plunged 62% to $6.73 million from $17.66
million in 2023, driven by a steep decline in food product sales to
restaurants, as the Company continued to feel the adverse effects
of COVID-19 on the restaurant industry, which had previously
contributed half of its total revenue.
As of Dec. 31, 2024, Planet Green reported total assets of $25.42
million, total liabilities of $13.72 million, and shareholders'
equity of $11.69 million. As of Dec. 31, 2024, cash and restricted
cash stood at $195,153, down from $237,214 as of Dec. 31, 2023.
The Company's debt-to-assets ratio remained relatively steady at
54.0%, compared to 54.4% at the end of 2023.
Net cash provided by operating activities totaled $0.93 million in
2024, compared to $5.28 million used in operating activities during
the year ended Dec. 31, 2023. The swing was largely due to a
smaller net loss excluding non-cash expenses, gains and losses of
$1.41 million, changes in net operating assets and liabilities of
$5.23 million, and partially offset by a decrease in net cash
provided by operating activities from discontinued operations of
$0.43 million. Net cash used in investing activities was $5,421,
a sharp decline from $2.47 million provided by investing activities
in 2023, primarily due to lower proceeds from the disposal of
equity method investments. In 2024, financing activities used
$0.97 million in cash, compared to $2.89 million net cash provided
by financing activities in 2023, mainly due to increased loans to
related parties, partially offset by a rise in bank loans.
Planet Green plans to finance its operations and working capital
needs in 2024 through internally generated cash and, if needed,
private financing. If liquidity becomes insufficient to meet
obligations, the Company may pursue alternative financing or cut
expenditures. However, there is no assurance that it can raise
additional capital or reduce spending effectively.
In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going
concern" qualification, citing Planet Green's accumulated deficit,
working capital deficit, continued net losses, and negative
operating cash flows. These conditions raise substantial doubt
about the company's ability to continue as a going concern.
The complete text of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1117057/000121390025031064/ea0234755-10k_planet.htm
About Planet Green
Planet Green Holdings Corp., headquartered in Flushing, NY,
functions as a Nevada-incorporated holding company rather than an
operating entity in mainland China. Its business operations are
conducted through subsidiaries based in the PRC, Hong Kong, and
Canada. The Company engages in diverse sectors, including consumer
goods, chemical products, and online advertising.
PLENTY UNLIMITED: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Plenty
Unlimited Texas, LLC.
The committee members are:
1. Westcore Alpha Alameda, LLC
4350 La Jolla Village Drive, Suite 900
San Diego, CA 92122
Romy Loseke
(858) 367-7174
rloseke@westcore.net
2. Direct Pack, Inc.
1025 W. 8th Street
Azusa, CA 91702
(818) 896-1101 ext. 279
Pamela Prieto
pamelaprieto@pmcglobalinc.com
3. Empirical Packaging Solutions
1689 Crown Ave., Suite 5
Lancaster, PA 17601
Anthony Hodson
(804) 938-1834
TonyHodson@PackEmpirical.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Plenty Unlimited Texas
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 and its affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Texas Lead Case No. 25-90105) on March 23, 2025. At
the time of the filing, the Debtors 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 cases.
Duston K. McFaul, Esq. at Sidley Austin, LLP represents the Debtors
as legal counsel. The Debtors tapped Jefferies, LLC as investment
banker; Uzzi & Lall as financial and restructuring advisor; and
Stretto, Inc. as claims agent.
POLAR POWER: Cuts 2024 Loss to $4.68M, Warns of Going Concern Risks
-------------------------------------------------------------------
Polar Power, Inc. reported a reduced net loss of $4.68 million on
net sales of $13.97 million for the year ended Dec. 31, 2024,
compared to a net loss of $6.55 million on $15.29 million in sales
a year earlier, according to its Form 10-K filing with the
Securities and Exchange Commission.
During the year ended Dec. 31, 2024, the Company funded its
operations primarily from cash on hand. Working capital declined
to $7.04 million as of Dec. 31, 2024, from $11.78 million a year
earlier, reflecting a $4.74 million decrease. The drop was mainly
due to a $51,000 reduction in cash and cash equivalents, driven by
$536,000 in net cash used for operations, $19,000 for new
equipment, and $504,000 in net financing cash inflow, which
included $559,000 from a credit facility.
As of Dec. 31, 2024, Polar Power held $17.55 million in total
assets, $9.03 million in liabilities, and $8.51 million in
stockholders' equity.
In its report dated March 31, 2025, the Company's auditor Weinberg
& Company, P.A., issued a "going concern" qualification citing that
during the year ended Dec. 31, 2024, the Company incurred a net
loss and incurred negative operating cash flows. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
"Our ability to continue as a going concern is dependent upon our
ability to obtain additional financing, grow sales, drive further
operating efficiencies, reduce expenditures, and ultimately, create
profitable operations. Our ability to obtain additional financing
in the debt and equity capital markets is subject to several
factors, including market and economic conditions, our performance
and investor sentiment with respect to us and our industry," the
Company said.
The Company highlighted it has implemented measures to diversify
its sales channels and reduce inventory levels in order to support
ongoing operations, but warned that failure to raise capital or
generate sufficient cash flow could impact its liquidity and
business continuity.
The full text of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1622345/000164117225001504/form10-k.htm
About Polar Power, Inc.
Headquartered in Gardena, California, Polar Power, Inc. --
http://www.polarpower.com-- designs, manufactures, and sells DC
power generators, renewable energy and cooling systems for
applications primarily in the telecommunications market and, to a
lesser extent, in other markets, including military, electric
vehicle charging, marine and industrial. The Company is
continuously diversifying its customer base and are selling its
products into non-telecommunication markets and applications at an
increasing rate.
PRECIPIO INC: 2024 Loss Narrows to $4.3M, Faces Going Concern Risk
------------------------------------------------------------------
Precipio, Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K for the fiscal year ended
December 31, 2024.
New Haven, Conn.-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
Mar. 27, 2024, attached to the Form 10-K, 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.
The Company has incurred substantial operating losses and has used
cash in its operating activities for the past several years. For
the year ended December 31, 2024, the Company had a net loss of
$4.3 million, compared to $5.9 million in 2023, and net cash
provided by operating activities of $0.4 million. As of December
31, 2024, the Company had an accumulated deficit of $102.4 million
and a working capital deficit of $0.8 million. The Company's
ability to continue as a going concern, over the next 12 months
from the date of issuance its consolidated financial statements in
this Annual Report on Form 10-K, is dependent upon a combination of
achieving its business plan, including generating additional
revenue and avoiding potential business disruption due to the
macroeconomic environment and geopolitical instability, and raising
additional financing, if needed, to meet its debt obligations and
paying liabilities arising from normal business operations when
they come due.
To meet its current and future obligations the Company has taken
the following steps to capitalize the business and successfully
achieve its business plan:
* On April 14, 2023, the Company entered into a sales
agreement with AGP, pursuant to which the Company may offer and
sell its common stock having aggregate sales proceeds of up to $5.8
million, to or through AGP, as sales agent. "The sale of our
shares of common stock to or through AGP, pursuant to the AGP 2023
Sales Agreement, will be made pursuant to the registration
statement on Form S-3 (File No. 333-271277), filed by the Company
with the SEC on April 14, 2023, as amended by Amendment No. 1 filed
by the Company with the SEC on April 25, 2023, and declared
effective on April 27, 2023. On April 8, 2024, we filed a
prospectus supplement to our prospectus dated April 25, 2023
registering the offer and sale of up to $1,061,478 of shares of our
common stock. As of the date the consolidated financial statements
were issued, the Company has approximately $3.7 million available
for future sales pursuant to the 2023 Registration Statement, which
includes approximately $1 million of remaining availability
pursuant to the April 2024 Prospectus Supplement."
Notwithstanding the aforementioned circumstances, there remains
substantial doubt about the Company's ability to continue as a
going concern for the next twelve months from the date these
consolidated financial statements were issued. There can be no
assurance that the Company will be able to successfully achieve its
initiatives in order to continue as a going concern over the next
12 months from the date of issuance of this Annual Report Form
10-K.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/yc269cs5
About Precipio
Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com/-- is a healthcare solutions
company focused on cancer diagnostics. Its business mission is to
address the pervasive problem of cancer misdiagnoses by developing
solutions to mitigate the root causes of this problem in the form
of diagnostic products, reagents, and services.
As of Dec. 31, 2024, the Company had $17 million in total assets,
$4.9 million in total liabilities, and a total stockholders' equity
of $12.1 million.
PRO-FIT BASKETBALL: Seeks Cash Collateral Access
------------------------------------------------
Pro-Fit Basketball Training, LLC asked the U.S. Bankruptcy Court
for the District of Maryland for authority to use cash collateral.
The Debtor argued that using cash collateral is necessary to fund
ongoing operations, including paying 1099 employees (due around
April 25, 2025), meeting obligations, and preserving the business
as a going concern. They believe continued operation and a plan of
reorganization offer the best chance for creditor recovery.
The Debtor lists 13 secured creditors with varying lien positions
on their cash and cash equivalents, evidenced by UCC-1 Financing
Statements filed in Maryland. These include the U.S. Small Business
Administration (first position) and numerous other lenders. The
Debtor reserves the right to challenge the validity or priority of
these liens.
The Debtor proposed that continued operation at a break-even level
or with profit generation, along with granting the secured
creditors a replacement lien with the same priority as their
pre-petition liens, constitutes adequate protection.
A copy of the motion is available at https://urlcurt.com/u?l=BPm4AY
from PacerMonitor.com.
About Pro-Fit Basketball Training LLC
Pro-Fit Basketball Training LLC offers high-level basketball
training programs for athletes of all skill levels. The Company
provides private, small group, and specialized training, focusing
on skills development, footwork, and basketball IQ. Programs are
designed for everyone, from beginners to professional players,
including camps, private lessons, and group training like their
"Rising Stars" and "Next Level" classes. Trainers at Pro-Fit are
former professional and NCAA D1 players with experience at the NBA
and international levels, offering tailored programs that aim to
maximize athletic performance. Additionally, the Company has a
state-of-the-art weight room to develop strength and agility.
Pro-Fit Basketball Training sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-12912) on April 2,
2025. In its petition, the Debtor reported up to $50,000 in assets
and between $1 million and $10 million in liabilities.
The Debtor is represented by David Cahn, Esq., at the Law Office of
David Cahn, LLC.
PROPERTY PROBLEM: Leon Jones Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones
& Walden, LLC, as Subchapter V trustee for Property Problem
Solvers, LLC.
Mr. Jones will be paid an hourly fee of $500 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Leon S. Jones, Esq.
Jones & Walden, LLC
699 Piedmont Ave. NE
Atlanta, GA 30308
Phone: (404) 564-9300
Email: ljones@joneswalden.com
About Property Problem Solvers
Property Problem Solvers, LLC filed Chapter 11 petition (Bankr.
N.D. Ga. Case No. 25-10390) on March 18, 2025, listing up to $1
million in both assets and liabilities. Jason Statham, authorized
representative, signed the petition.
Judge Paul Baisier oversees the case.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.
PROPERTY PROBLEM: Taps Rountree Leitman Klein & Geer as Counsel
---------------------------------------------------------------
Property Problem Solvers, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Rountree, Leitman, Klein & Geer, LLC as counsel.
The firm will provide these services:
(a) give the Debtor legal advice with respect to its power and
duties;
(b) prepare on behalf of the Debtor any necessary legal
papers;
(c) assist in examination of the claims of creditors;
(d) assist with formulation and preparation of the disclosure
statement and plan of reorganization and with the confirmation and
consummation thereof; and
(e) perform all other legal services for the Debtor as that
may be necessary herein.
The firm's counsel and staff will be paid at these hourly rates:
William Rountree, Attorney $595
Will Geer, Attorney $595
Michael Bargar, Attorney $535
David Klein, Attorney $495
Hal Leitman, Attorney $425
William Matthews, Attorney $425
Ceci Christy, Attorney $425
Elizabeth Childers, Attorney $395
Caitlyn Powers, Attorney $375
Shawn Eisenberg, Attorney $300
Elizabeth Miller, Paralegal $290
Megan Winokur, Paralegal $175
Catherine Smith, Paralegal $150
Law Clerk $175
The firm received a pre-petition retainer of $30,000 from the
Debtor.
Mr. Rountree disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
William A. Rountree, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, Georgia 30329
Telephone: (404) 584-1238
Email: wrountree@rlkglaw.com
About Property Problem Solvers
Property Problem Solvers, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10390) on
March 18, 2025. In the petition signed by Jason Statham, authorized
representative, the Debtor disclosed up to $1 million in both
assets and liabilities.
Judge Paul Baisier oversees the case.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as counsel.
REGIONS PROPERTY: Seeks Subchapter V Bankruptcy in Florida
----------------------------------------------------------
On April 12, 2025, Regions Property Management & Construction
Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for
the Southern District of Florida. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.
About Regions Property Management & Construction
Inc.
Regions Property Management & Construction Inc.
Regions Property Management & Construction Inc. sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Fla. Case No. 25-14015) on April 12, 2025. In its petition, the
Debtor reports estimated assets between $100,000 and $500,000 and
estimated liabilities between $1 million and $10 million.
The Debtor is represented by Brian K. McMahon, Esq. at BRIAN K.
MCMAHON, PA.
RIVAL COMMERCIAL: Seeks Chapter 11 Bankruptcy in Arkansas
---------------------------------------------------------
On April 11, 2025, Rival Commercial RE LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District
of Arkansas. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states funds will not be
available to unsecured creditors.
About Rival Commercial RE LLC
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.
Rival Commercial RE LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70623) on April 11,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Bianca M. Rucker handles the case.
The Debtor is represented by Stanley V. Bond, Esq. at BOND LAW
OFFICE.
SALEM 46-48 MARKET: Seeks to Hire Robert C. Nisenson as Counsel
---------------------------------------------------------------
Salem 46-48 Market, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Robert C. Nisenson,
LLC to handle its Chapter 11 case.
Robert Nisenson, Esq., the primary attorney in this representation,
will be billed at his hourly rate of $400.
The firm will be paid a retainer of $2,262 and $1,738 for filling
fee.
Mr. Nisenson 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. Nisenson, Esq.
Robert C. Nisenson LLC
10 Auer Court
East Brunswick, NJ 08816
Telephone: (732) 238-8777
About Salem 46-48 Market
Salem 46-48 Market, LLC filed its voluntary Chapter 11 petition
(Bankr. D.N.J. Case No. 25-13445) on April 1, 2025, listing under
$1 million in both assets and liabilities.
Judge Mark Edward Hall presides over the case.
The Debtor tapped Robert C. Nisenson LLC as counsel.
SASH GROUP: Gets Interim OK to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California,
San Diego granted Sash Group, Inc. authorization to use cash
collateral on an interim basis.
The interim order signed by Judge Christopher Latham authorized the
company to use cash collateral to pay employee payroll and related
taxes only in accordance with its budget.
The court determines that secured creditors are adequately
protected by the continued operation of the company's business.
The next hearing is scheduled for April 17.
About Sash Group Inc.
Sash Group Inc. is the San Diego-based company behind 'The Sash
Bag' brand of crossbody handbags and accessories.
Sash Group sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Cal. Case No. 25-01150) on March 25, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $1 milliion and $10 million each.
The Debtor is represented by:
Matthew D. Resnik
Rhm Law LLP
Tel: 818-285-0100
Email: matt@rhmfirm.com
SCENIC CITY: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
Scenic City Boot Camp, LLC, and Kevin and Kristen Harvey received
interim approval from the U.S. Bankruptcy Court for the Eastern
District of Tennessee, Southern Division, to use cash collateral.
The Debtors need immediate access to cash collateral to maintain
essential operating expenses, prevent business disruption, preserve
going concern value, and allow for a successful reorganization or
sale.
The Debtors believe the U.S. Small Business Administration may have
a lien on their cash collateral based on a UCC Financing Statement
recorded in 2020.
The Debtors argue that the SBA is adequately protected due to the
significant equity cushion in their property. They also anticipate
positive cash flow will further protect the SBA's interests.
A final hearing is scheduled for May 22.
About Scenic City Boot Camp LLC
Scenic City Boot Camp, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No.
1:25-bk-10863-NWW) on April 4, 2025. In the petition signed by
Kevin Harvey, president, the Debtor disclosed up to $500,000 in
assets and up to $1 million in liabilities.
Judge Nicholas W. Whittenburg oversees the case.
W. Thomas Bible, Jr., Esq., at Tom Bible Law, represents the Debtor
as legal counsel.
SEMILEDS CORP: Reports $388K Q2 Profit After Years of Losses
------------------------------------------------------------
SemiLEDs Corporation filed its Quarterly Report on Form 10-Q with
the Securities and Exchange Commission, revealing a net income of
$388,000 on net revenues of $10.87 million for the three months
ending Feb. 28, 2025. This compares to a net loss of $557,000 on
net revenues of $886,000 for the same period in the previous year,
ending Feb. 29, 2024.
For the six months ending Feb. 28, 2025, the Company reported a net
loss of $159,000 on net revenues of $12.13 million, a significant
improvement from the net loss of $1.15 million on revenues of $2.54
million for the six months ending Feb. 29, 2024.
SemiLEDs has reported significant losses since its inception but
has taken decisive steps to reduce these losses. The Company has
implemented cost reduction programs as part of its strategy to
transform into a profitable operation.
As of Feb. 28, 2025, the Company's total assets amounted to $23.19
million, with total liabilities of $19.59 million and total equity
of $3.60 million. Net cash provided by operating activities for
the six months ended Feb. 28, 2025, was $1.2 million. The
Company's cash and cash equivalents as of Feb. 28, 2025, stood at
$2.4 million.
The Company has estimated its cash requirements to service debt and
contractual obligations in fiscal 2025 to be approximately $1.9
million. It plans to meet these needs through the issuance of
additional equity to repay principal and accrued interest, as well
as through loan extensions. The Company believes that, based on
its current financial projections and the successful execution of
its liquidity plans, it will have sufficient liquidity to fund its
operations and capital expenditure plans for the next 12 months and
beyond.
The Company anticipates that the remaining loans with its Chairman,
Chief Executive Officer, and largest shareholder will either be
extended upon maturity or repaid with equity. However, the Company
makes no guarantees regarding the success of its efforts to raise
additional capital, reduce losses, or preserve cash.
"If we are not able to generate positive cash flows from
operations, we may need to consider alternative financing sources
and seek additional funds through public or private equity
financings or from other sources, or refinance our indebtedness, to
support our working capital requirements or for other purposes.
There can be no assurance that additional debt or equity financing
will be available to us or that, if available, such financing will
be available on terms favorable to us," the Company noted in the
report.
While management believes the liquidity plan outlined above will be
sufficient to meet the Company's requirements over the next 12
months, it acknowledged that there is no assurance of successful
implementation. Failure to effectively execute the liquidity plan
could have a material adverse effect on the Company's business,
operations, and financial position, and may jeopardize its ability
to continue as a going concern.
The complete text of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/1333822/000095017025053013/leds-20250228.htm
About SemiLEDs Corporation
Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops,
manufactures, and sells light-emitting diode (LED) chips, LED
components, LED modules, and systems. The Company's products serve
a range of specialty industrial applications, including ultraviolet
(UV) curing of polymers, LED light therapy for medical and cosmetic
purposes, counterfeit detection, horticultural lighting,
architectural lighting, and entertainment lighting. SemiLEDs
packages its LED chips into LED components, which are sold to
distributors and a customer base primarily concentrated in key
markets, such as the Netherlands, Taiwan, the United States, and
Japan. The Company also offers its "Enhanced Vertical" (EV) LED
product series in blue, white, green, and UV variations in select
markets. The Company's lighting products are primarily sold to
original design manufacturers (ODMs) of lighting products, as well
as to the end users of lighting devices.
In its report dated Nov. 26, 2024, the Company's auditor, KCCW
Accountancy Corp., issued a "going concern" qualification citing
that the Company incurred recurring losses from operations and has
an accumulated deficit, which raises substantial doubt about its
ability to continue as a going concern.
SHIELDS NURSING: Seeks Cash Collateral Access
---------------------------------------------
Shields Nursing Centers, Inc. asked the U.S. Bankruptcy Court for
the Northern District of California, Oakland Division, for
authority to use cash collateral.
The Debtor operates two skilled nursing facilities in Richmond and
El Cerrito, California, with a combined capacity of 125 beds, most
of which are occupied. The facilities provide services to patients
with acute diagnoses, including extensive rehabilitation, dementia
care, and wound healing. Around 90% of the Debtor's revenue comes
from federal and state contracts (Medicare and Medi-Cal).
The creditors that assert interests in the case collateral are the
Employee Development Department, U.S. Internal Revenue Service,
U.S. Small Business Administration, CIT Bank (a division of First
Citizen's Bank), UFS West LLC (also known as Unique Funding
Solutions, LLC), Bizfund LLC, Webfunder LLC, First Insurance
Funding, and Hanson Bridgett LLC.
Since the bankruptcy filing, the Debtor has filed several motions
to continue using cash collateral to cover necessary operating
expenses. The Court has granted these motions, with the most recent
approval allowing the Debtor to use cash collateral until May 1,
2025. The Debtor requests continued use of cash collateral until
its reorganization plan is confirmed.
Without this continued use of cash collateral, the Debtor would be
unable to operate, potentially losing patients, employees, and
assets, which would harm both the estate and its creditors. The
Debtor proposed to continue making monthly adequate protection
payments to the Internal Revenue Service and grant replacement
liens to secured creditors for any diminution in value of their
collateral during the bankruptcy.
A hearing on the matter is set for April 25.
CIT Bank is represented by:
Garry A. Masterson, Esq.
Weltman, Weinberg & Reis Co., LPA
965 Keynote Circle
Brooklyn Heights, OH 44131
Phone: 877-338-9484
bronationalecf@weltman.com
mailgmasterson@Weltman.com
About Shields Nursing Centers
Shields Nursing Centers, Inc. owns and operates a skilled nursing
facility in Hercules, Calif., which offers rehabilitation programs
including physical, occupational and speech therapy.
Shields Nursing Centers filed its voluntary Chapter 11 petition
(Bankr. N.D. Calif. Case No. 23-41201) on Sept. 20, 2023, with
$1,726,970 in assets and $13,504,710 in liabilities. Judge Charles
Novack oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's
bankruptcy counsel.
Blanca E. Castro has been appointed as patient care ombudsman in
the Debtor's Chapter 11 case.
SILVER LINING: Jeanette McPherson Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Jeanette McPherson, Esq.,
at Fox Rothschild, LLP, as Subchapter V trustee for Silver Lining
Advertising, LLC.
Ms. McPherson will be paid an hourly fee of $625 for her services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. McPherson declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jeanette McPherson, Esq.
Fox Rothschild, LLP
1980 Festival Plaza Drive, Suite 700
Las Vegas, NV 89135
Phone: (702) 699-5923
Email: TrusteeJMcPherson@FoxRothschild.com
About Silver Lining Advertising
Silver Lining Advertising, LLC is an advertising agency in Las
Vegas, specializing in innovative mobile and digital marketing
strategies. The company provides services such as mobile billboards
(both static and digital), street teams, walking billboards, and
the Vegas Vibe magazine, a local publication used for promotional
purposes. Additionally, Silver Lining runs a Concierge Program and
collaborates with notable clients like AREA15, Blue Man Group, and
Imagine Exhibitions.
Silver Lining Advertising sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-11398) on March
14, 2025. In its petition, the Debtor reported between $1 million
and $10 million in both assets and liabilities.
The Debtor is represented by:
Matthew C. Zirzow, Esq.
Larson & Zirzow, LLC
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: 702-382-1170
mzirzow@lzlawnv.com
SMALL FORTUNE: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
Small Fortune Hunter, LLC asked the U.S. Bankruptcy Court for the
Eastern District of North Carolina, Raleigh Division, for authority
to use cash collateral.
The Debtor needs to use cash collateral from April 1 to 30 to pay
ordinary operating expenses in accordance with its budget, with a
10% variance.
The possible lienholders of the Debtor's cash collateral are
BayFirst NB, BriteCap, WebBank, and the LCF Group.
The Debtor proposed adequate protection to the secured creditors in
the form of replacement liens on after-acquired revenue to the same
extent as they had prior to their bankruptcy.
About Small Fortune Hunter LLC
Small Fortune Hunter, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01203) on April
1, 2025, listing up to $50,000 in assets and up to $500,000 in
liabilities. Michael Seighman, member-manager of Small Fortune
Hunter, signed the petition.
Judge David M. Warren oversees the case.
Philip M. Sasser, Esq., at Sasser Law Firm, represents the Debtor
as bankruptcy counsel.
SOLEPLY LLC: Taps Gellert Seitz Busenkell & Brown as Legal Counsel
------------------------------------------------------------------
Soleply, LLC seeks approval from the U.S. Bankruptcy Court for the
District of New Jersey to employ Gellert Seitz Busenkell & Brown,
LLC as counsel.
The firm's services include:
(a) providing the Debtor with advice and preparing all
necessary documents regarding debt restructuring, bankruptcy, and
asset dispositions;
(b) taking all necessary actions to protect and preserve the
Debtor's estate during the pendency of the Chapter 11 case;
(c) preparing on behalf of the Debtor all necessary legal
papers in connection with the administration of the Chapter 11
case;
(d) counseling the Debtor with regard to its rights and
obligations;
(e) appearing in court and protecting the interests of the
Debtor before the Court; and
(f) performing all other legal services for the Debtor which
may be necessary and proper in this proceeding.
The firm will be paid at these hourly rates:
Ronald S. Gellert $525
Associates $375
Paraprofessionals $105 - $225
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $25,000 from the Debtor.
Ronald Gellert, Esq., a member at Gellert Seitz Busenkell & Brown,
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:
Ronald S. Gellert, Esq.
Gellert Seitz Busenkell & Brown, LLC
1201 N. Orange St., Ste. 300
Wilmington, DE 19801
Telephone: (302) 425-5800
Facsimile: (302) 425-5814
Email: rgellert@gsbblaw.com
About Soleply LLC
Soleply, LLC is a retailer specializing in premium sneakers and
streetwear, operates both online (soleply.com) and physical stores
including its main location in Cherry Hill, N.J. The company sells
a variety of branded footwear including Nike Dunks, Air Jordans,
ASICS Gel-Kayano models, and adidas Yeezy products, along with
high-end streetwear from brands like Fear of God Essentials, Denim
Tears, and Bravest Studios.
Soleply sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.N.J. Case No. 25-12919) on March 21, 2025, listing
between $1 million and $10 million in both assets and liabilities.
Judge Andrew B. Altenburg, Jr. oversees the case.
The Debtor is represented by Ronald S. Gellert, Esq., at Gellert
Seitz Busenkell & Brown, LLC.
SOLUNA HOLDINGS: Modifies $12.5 Million Note Purchase Agreement
---------------------------------------------------------------
As previously disclosed, on June 20, 2024, pursuant to the terms
and conditions of a Note Purchase Agreement, by and among (i)
Soluna AL CloudCo, LLC, a Delaware limited liability company and a
subsidiary of Soluna Cloud, Inc., a Nevada corporation and a
subsidiary of Soluna Holdings, Inc., (ii) Soluna Cloud, (iii) the
Company, and (iv) the accredited investor named therein, CloudCo
issued to the Investor a secured promissory note in a principal
amount equal to $12,500,000.
The Note accrues interest at a rate of 9.0% per annum, subject to
adjustment upon an event of default. The Note matures on June 20,
2027. CloudCo's obligations under the Note are secured by all or
substantially all of CloudCo's assets, pursuant to a security
agreement in favor of the Investor. As further credit support for
CloudCo's obligations under the Note, Soluna Cloud agreed to
execute and deliver a guaranty in favor of the administrative agent
named within the SPA. Soluna Cloud's obligations under the Soluna
Cloud Guaranty are secured by all or substantially all of Soluna
Cloud's assets pursuant to a security agreement in favor of the
Agent. Additionally, as further credit support for CloudCo's
obligations under the Note, the Company, as the sole stockholder of
Soluna Cloud and the indirect parent of CloudCo, agreed to execute
and deliver a guaranty in favor of the Agent. The Company's
obligations under the Holdings Guaranty are secured by all or
substantially all of the Company's assets pursuant to a security
agreement in favor of the Agent.
On March 23, 2025, the Note Parties entered into a Modification
Agreement to, among other things:
(i) provide for the deposit of 1,000,000 shares of the
Company's common stock, par value $0.001 per share, into an escrow
account maintained by Northland Securities, Inc., pursuant to an
escrow agreement,
(ii) provide for the issuance to the Investor of a warrant to
purchase shares of Common Stock upon the release by the Investor of
its lien on the property of the Company,
(iii) amend the payment schedule of the Note to provide:
(a) for each of the six scheduled payments occurring
after the earlier of the effectiveness of a registration statement
for the resale of the Registrable Securities or the date that the
Registrable Securities may be sold pursuant to Rule 144 under the
Securities Act of 1933, as amended, without any information
requirements, the amount of principal and interest payable on such
date shall be reduced by 50% (the aggregate amount of the six
months of such reductions, the "Specified Amount") and
(b) if the aggregate amount of payments on the Amended
Note applied from the proceeds of the sale of the Escrow Shares on
or prior to the last six scheduled payments is less than the
Specified Amount (such difference, the "Make Whole Amount"), than
the amount of each of the remaining scheduled payments shall be
increased by an amount equal to the Make Whole Amount divided by
the number of remaining scheduled payments,
(iv) modify the Note such that the Note is now convertible into
up to 2,500,000 shares of Common Stock based on a conversion price
of $5.00,
(v) amend the Note to provide that the Company will be a
direct co-obligor with CloudCo under the Note, and
(vi) amend the SPA to allow the Company to organize or
incorporate any subsidiary, over which the Company shall have
voting or beneficial control, which is being formed with the intent
to engage in a business or line of business substantially similar
to that of Soluna Cloud or the Company, without first paying all of
the principal and interest due under the Note and without first
obtaining Investor's prior written consent.
The net proceeds from dispositions of the Escrow Shares:
(i) at a price of up to $4.00 per share shall be applied to
reduce the outstanding principal balance of the Note and
(ii) at a price greater than $4.00 per share shall be applied
first to reduce the outstanding principal balance of the Note in an
amount equal to $4.00 per share of Common Stock and then to the
Investor.
Also under the Modification Agreement, the Company agreed to
register for resale the Escrow Shares and Conversion Shares as
promptly as commercially practicable, as determined by the Company,
following the registration for resale of certain other securities.
The Company also agreed to register for resale the shares of Common
Stock issuable upon exercise of the Warrant as promptly as
commercially practicable, as determined by the Company, after the
issuance of the Warrant.
About Soluna Holdings
Headquartered in Albany, N.Y., Soluna Holdings designs, develops,
and operates digital infrastructure that transforms surplus
renewable energy into global computing resources. The Company's
modular data centers can be co-located with wind, solar, or
hydroelectric power plants and support compute-intensive
applications, including Bitcoin mining, generative AI, and
scientific computing. This approach aids in energizing a greener
grid while providing cost-effective and sustainable computing
solutions.
Albany, N.Y.-based UHY LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Mar. 31,
2025, attached in the Company's Annual Report on Form 10-K for the
year ended Dec. 31, 2024, citing that the Company was in a net
loss, has negative working capital, and has significant outstanding
debt that raise substantial doubt about its ability to continue as
a going concern.
SORENTO ON YESLER: Unsecureds Will Get 100% of Claims in Plan
-------------------------------------------------------------
Sorento on Yesler Owner LLC filed with the U.S. Bankruptcy Court
for the Western District of Washington a Disclosure Statement
describing Plan of Reorganization dated March 18, 2025.
The Debtor is a limited liability company formed under the laws of
Delaware authorized to do business in the state of Washington.
Sorento on Yesler, LLC, a Washington limited liability company,
owns all equity interests in the Debtor.
The Debtor's primary asset is the 154-unit apartment complex
located at 1414 E Yesler Way, Seattle, Washington ("Sorento Flats"
or "Real Property"). Sorento Flats was built in 2017. The rents
generated by the Real Property comprise Debtor’s income.
The Debtor commenced this case by filing a voluntary chapter 11
petition on December 18, 2024 ("Petition Date"). This case is
defined by the Code as a Single Asset Real Estate case as Debtor's
primary asset is Sorento Flats. Debtor continues to operate its
business as a debtor-in-possession. Here, rental proceeds of
Sorento Flats constitute cash collateral and are used to service
the indebtedness secured by the Real Property and pay post petition
operating expenses.
The Plan provides for one class of a secured claim, one class of
non-priority unsecured claims, and one class of equity interests.
Non-priority unsecured creditors holding allowed claims could
receive distributions Debtor values at approximately 100 cents on
the dollar. This Plan also provides for payment of administrative
claims.
Class 2 consists of the non-priority unsecured claims. Following
the sale of the Real Property, if there are sufficient funds
following payment in full of the Class 1 claim, then Class 2
claimants shall receive their pro rata share of a balloon payment
of up to $158,120.55 (or, that amount equal to the future value of
the amount due on the Class 2 claims using an 8.5% discount rate as
measured from the Effective Date), depending on the net proceeds of
sale.
The allowed unsecured claims total $158,120.55. This Class will
receive a distribution of 100% of their allowed claims. This class
is impaired and may vote on the Plan.
Class 3 consists of the equity interests in Debtor. Equity interest
holders may not vote on the Plan. Equity interests shall receive
all remaining funds, if any, after payment in full under the Plan
to Classes 1 and 2.
Plan payments will be funded by cash on hand, income generated by
the Real Property, and the proceeds of a sale of the Real Property.
The sale is expressly contemplated to occur on or before the 270th
day following the Effective Date. Upon closing, all payments but
for Disputed Amounts due under this Plan shall be completed. Debtor
projects there may be sufficient funds from those sources to pay in
full each class of claims.
The Debtor intends to hire CBRE, or a similar firm, to market and
sell the Real Property. A CBRE-prepared prospectus regarding the
Real Property is appended.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=tc34pe from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Christopher L. Young, Esq.
Law Offices of Christopher L. Young, PLLC
92 Lenora St., No. 146
Seattle, WA 98121
Telephone: (206) 407-5829
Email: chris@christopherlyoung.com
About Sorento on Yesler Owner
Sorento on Yesler Owner, LLC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
Sorento sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Wash. Case No. 24-13217) on Dec. 17, 2024, with $10
million to $50 million in both assets and liabilities.
Judge Christopher M. Alston handles the case.
The Law Offices of Christopher L. Young, PLLC, is the Debtor's
counsel.
SOUTH BRONX CHARTER SCHOOL: S&P Lowers Rev. Bonds Rating to 'B+'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on South Bronx
Charter School for International Cultures & the Arts (SBCSICA)'s
series 2023 tax-exempt revenue bonds two notches to 'B+' from
'BB'.
The outlook is negative.
The downgrade reflects S&P's view of SBCSICA's weakened demand
profile and ongoing enrollment and operating challenges while the
school is implementing its high school expansion plan, causing
weakened financial operations and a trend of pro forma
lease-adjusted maximum annual debt service (MADS) coverage well
below 1x.
S&P said, "We view SBCSICA's social capital risk as elevated in our
credit analysis due to the school's student enrollment and
retention challenges in recent years that we believe are
significantly affected by weakening demographic trends in the local
area school-age population, which has led to heightened competition
for students. We also analyzed the school's environmental and
governance factors and view them as neutral in our credit rating
analysis.
"The negative outlook reflects our view that there is at least a
one-in-three chance we could lower the rating within the outlook
period if enrollment declines persist and pressure the demand
profile, if financial operations remain weak and continue to
generate MADS coverage of less than 1x, or if liquidity materially
weakens.
"We could lower the rating if enrollment does not at least
stabilize, or if financial operations do not materially improve
such that they can provide sufficient pro forma MADS coverage on
reaching the desired K-12 grade configuration. Although not
expected at present, we could also lower the rating if SBCSICA
issues additional debt to construct the proposed high school, which
would result in further weakening of already less than 1x pro forma
MADS coverage as well as extremely high leverage and debt metrics
for the rating. We could also lower the rating if there are any
notable risks to the charter standing as the school approaches its
next charter renewal in 2027.
"We could take a positive rating action should SBCSICA stabilize or
increase its enrollment, supporting a strengthened market position,
and if financial operations improve such that they support a trend
of improved operating margins and sufficient lease-adjusted MADS
coverage, while maintaining or growing liquidity."
SOUTHERN AUTO: Court Extends Cash Collateral Access to May 5
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, New Bern Division, authorized Southern Auto Parts, Inc.
to use cash collateral for the period from April 3 to May 5.
The fourth interim order signed by Judge David Warren authorized
the company to use cash collateral to pay the operating expenses
set forth in its budget, with a 10% variance allowed.
The budget projects total operational expenses of $212,312.47 for
the interim period.
The creditors that assert an interest in the company's cash
collateral are General Parts Distribution, LLC, Carolina Small
Business Development Fund, House-Hasson Hardware Company,
First-Citizens Bank & Trust Company, and the U.S. Small Business
Administration.
As protection, the creditors were granted post-petition lien and
security interest in all property of Southern Auto Parts with the
same priority as their pre-bankruptcy lien and security interest.
As additional protection, First-Citizens, the current holder of
several loans, will be granted a superpriority administrative
expense claim to the extent the use, sale, or lease of its
collateral results in a decrease in its interest therein.
The next hearing is set for May 1.
General Parts Distribution is represented by:
Kelly C. Hanley, Esq.
P.O. Box 1000
Raleigh, NC 27602
Telephone: (919) 981-4000
Facsimile: (919) 981-4300
khanley@williamsmullen.com
Carolina Small Business Development Fund is represented by:
James R. Vann, Esq.
Vann Attorneys, PLLC
3110 Edwards Mill Rd., Ste. 210
Raleigh, NC 27612
Telephone: (919) 510-8585
Facsimile: (919) 510-8570
jrvann@vannattorneys.com
House-Hasson Hardware Company is represented by:
Jason L. Rogers, Esq.
Hodges, Doughty & Carson, PLLC
P.O. Box 869
Knoxville, TN 37901-0869
Telephone: (865) 292-2307
jrogers@hdclaw.com
First-Citizens Bank & Trust Company is represented by:
Paul A. Fanning, Esq.
Ward and Smith, P.A.
P.O. Box 8088
Greenville, NC 27835-8088
Telephone: 252.215.4000
Facsimile: 252.215.4077
paf@wardandsmith.com
About Southern Auto Parts
Southern Auto Parts, Inc., formerly known as Trenton Auto Parts,
Inc., owns and operates an auto parts store in Trenton, N.C.
Southern Auto Parts filed Chapter 11 petition (Bankr. E.D.N.C. Case
No. 25-00294) on January 27, 2025, with $1 million to $10 million
in both assets and liabilities. Jared L. Beverage, president of
Southern Auto Parts, signed the petition.
Judge David M. Warren presides over the case.
The Debtor is represented by:
Joseph Zachary Frost, Esq.
Buckmiller & Frost, PLLC
Tel: 919-296-5040
Email: jfrost@bbflawfirm.com
SOUTHERN LANDSCAPE: Unsecureds Will Get 28.9% over 48 Months
------------------------------------------------------------
Southern Landscape Solutions of Tampa Bay, Inc., filed with the
U.S. Bankruptcy Court for the Middle District of Florida a
Disclosure Statement describing Plan of Reorganization for Small
Business dated March 18, 2025.
The Debtor is a landscape design, installation and drainage
services company. The Debtor’s current place of business is 4339
Wood Trail Blvd. New Port Richey, Florida 34653.
The Debtor, a Florida corporation, was founded in March 2014. Paul
H. Narron, President, owns 75% of the shares of the Debtor, Mikel
D. Mailhot, Vice President, owns 24% of the shares of the Debtor
and Lisa Narron, Executive Secretary, owns 1% of the shares of the
Debtor.
Because of a decline in business revenue during the COVID-19
pandemic. Debtor took out a loan with the U.S. Small Business
Administration in order to stay afloat. Debtor was unable to keep
up with payments.
This five-year plan consists of treatment of three classes of
creditors: two secured classes and one unsecured class. There are
also two priority tax claims. The total amount to be paid under the
plan, including attorney fees is $230,034.71. The plan pays nine
allowed unsecured creditors, 28.9% of their claims over forty-eight
months in 16 quarterly payments of $8,254.23 each.
Class 3 consists of General Unsecured Claims. The amount of Class 3
Allowed Unsecured Claims totals up to $457,393.25 and is comprised
of nine claims. The unsecured class will receive a total
distribution of 28.9% of its allowed claims, totaling $132,067.70.
The Debtor will pay Class 3 the sum of $132,067.70 of their claims
in 16 quarterly payments totaling $8,254.23 each starting in the
13th month of the plan. This class is impaired.
The final size of this Class 3 will depend on the amount of the
final Deere claim. The stated size of the class at $457,393.25
includes the Deere claim at full value ($26,026.72) In any event,
Debtor proposes that the distribution percentage remain at 28.9%
for the members of Class 3 regardless of the amount of the final
Deere claim for its liquidated collateral, with the actual total
dollar distribution (base of $132,067.70) being adjusted
accordingly without a percentage adjustment to the unsecured pool
total.
The total distribution to Class 3 is 28.9%. This distribution is
higher than the amounts that holders of the General Unsecured
Claims would receive in a hypothetical liquidation of the Debtor in
and under Chapter 7 of the Bankruptcy Code, which the Debtor
estimates would be $0.00.
Payments and distributions under the Plan will be funded by income
generated from the revenues received from the operation of Debtor's
operations.
The post-confirmation management of the Debtor will be the same as
during the administration of the estate: Mr. Narron, Mrs. Narron
and Mr. Mailhot will co-manage the re-organized Debtor.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=FaiUCk from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
500 N.E. 4th Street, Suite 200
Fort Lauderdale, FL 33301
Telephone: (954) 765-3166
Facsimile: (954) 756-7103
Email: Chad@cvhlawgroup.com
About Southern Landscape Solutions
Southern Landscape Solutions of Tampa Bay, Inc., is a landscape
design, installation and drainage services company.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04125) on July
9, 2024, listing $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Catherine Peek Mcewen presides over the case.
Chad T. Van Horn, at Van Horn Law Group PA, is the Debtor's
counsel.
STARR RAIL: Seeks Subchapter V Bankruptcy in Texas
--------------------------------------------------
On April 11, 2025, Starr Rail LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Northern District of Texas.
According to court filing, the Debtor reports $2,476,623 in
debt owed to 1 and 49 creditors. The petition states funds will
not be available to unsecured creditors.
About Starr Rail LLC
Starr Rail LLC operates as a rail logistics and transloading
provider. Founded in 2018, the Company focuses on first- and
last-mile rail solutions, offering services such as transloading,
storage, and bulk material packaging. Its operations accommodate a
range of freight, including lumber, steel, aluminum, aggregates,
plastic pellets, diesel, and propane.
Starr Rail LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41307) on April 11,
2025. In its petition, the Debtor reports total assets of
$2,763,979 and total liabilities of $2,476,623.
Honorable Bankruptcy Judge Mark X. Mullin handles the case.
The Debtor is represented by Robert T DeMarco, Esq. at DEMARCO
MITCHELL, PLLC.
STEWARD HEALTH: Seeks to Hire Kobre & Kim as Litigation Counsel
---------------------------------------------------------------
Steward Health Care System LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Kobre & Kim LLP as special litigation counsel.
Kobre & Kim will represent the Debtors as counsel in connection
with special litigation matters, which include investigating
potential estate causes of action arising from certain prepetition
acts, conduct, and transactions, including through the pursuit of
discovery under Bankruptcy Rule 2004.
The hourly rates of the firm's counsel and staff are as follows:
Senior Partner $2,250
Partner/Senior Counsel $1,975
Special Counsel $1,500
Counsel/Principal $1,450
Associate/Attorney $1,200
Specialist $875
Analyst $585
Litigation Assistant $450
In addition, the firm will seek reimbursement for expenses
incurred.
Adam Lavine, Esq., a partner at Kobre & Kim, also provided the
following in response to the request for additional information set
forth in Paragraph D.1 of the U.S. Trustee Guidelines.
Question: Did Kobre & Kim agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this engagement?
Response: No.
Question: Do any of Kobre & Kim's professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If Kobre & Kim represented the Debtors in the 12 months
prepetition, disclose Kobre & Kim's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kobre & Kim's
billing rates and material financial terms have changed
post-petition, explain the difference and the reasons for the
difference.
Response: Kobre & Kim did not represent any of the Debtors during
the 12-month period prior to the Petition Date.
Question: Have the Debtors approved Kobre & Kim's prospective
budget and staffing plan, and, if so, for what budget period?
Response: The Debtors have approved Kobre & Kim's prospective
budget plan covering a three-month period commencing on February
18, 2025. Kobre & Kim expects to develop further prospective
budgets and a staffing plan for the projects it anticipates
undertaking in the Chapter 11 cases and plans to share its
prospective budgets and staffing plan, tailored to the specific
projects outlined in the budgets, as and when those services are
needed.
Mr. Lavine disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Adam Lavine, Esq.
Kobre & Kim LLP
800 Third Avenue
New York, NY 10022
Telephone: (212) 488-1200
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. Tex. Lead Case No. 24-90213) on May 6, 2024. Judge
Christopher M. Lopez oversees the cases.
The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; McDermott Will & Emery as special corporate and regulatory
counsel; Kobre & Kim LLP as special litigation 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 is the patient care ombudsman appointed in the
Debtors' cases.
STOOL AND DINETTE: Creditors to Get Proceeds From Liquidation
-------------------------------------------------------------
Stool And Dinette Factory, Inc. filed with the U.S. Bankruptcy
Court for the District of Arizona a Disclosure Statement describing
Chapter 11 Plan of Liquidation dated March 18, 2025.
At the time of filing, Debtor had been operating its furniture
store, with a focus on sales of stools and dinette sets. Retail
sales in the post-pandemic period have been slow and less
predictable than in the past.
The Debtor fell behind on rent at its facility next to Paradise
Valley Mall. The landlord locked the Company out of its premises,
which forced the Debtor to file its bankruptcy proceeding. Debtor
was able to regain access to the premises for the purpose of
liquidating all remaining inventory.
With permission of the Bankruptcy Court and after notice to
creditors, Debtor retained an auctioneer to sell all of the store
assets, which has now been completed. Debtor also rejected the
lease of its leased delivery truck and sold its other delivery
truck. All business operations have ceased and are not expected to
resume at any time in the future.
The Debtor employed Cunningham & Associates and AuctionAZ.com, LLC
to auction the inventory and office equipment belonging to the
Debtor-in-Possession. Sadly, the auction sale only grossed
$31,600.00, and netted $20,540.00 after deducting the auctioneer's
commission.
At this time, the only asset of known value is cash in the amount
of $20,540.00 representing the Debtor's share of net proceeds from
sale of the inventory and office furnishings, plus the proceeds
receivable from the sale of the Debtor's 2008 Chevrolet Van in the
amount of $2,000.00.
The Plan is a Liquidating Plan. Debtor has already liquidated its
major assets (furniture inventory and a 17-year-old delivery van).
To the extent Debtor determines it has claims against any third
parties, those claims will be pursued to the best of its ability,
for the benefit of creditors of this Estate. There are presently no
known claims. The Effective Date is as defined in the Plan.
Class 4 consists of General Unsecured Claims. General Unsecured
Claims are not entitled to priority under Section 507(a) of the
Bankruptcy Code. Allowed Claims in this Class shall be paid pro
rata from funds available for distribution after payment of higher
priority claims, and after resolution of Debtor's Objections to
Proofs of Claim, if any. These Claims are Impaired and entitled to
vote.
Class 5 consists of Membership Interest. Debtor's President and
sole shareholder, Kenneth L. Felder shall retain his 100% ownership
interest in the Debtor. All business operations have ceased and are
not expected to resume at any time in the future.
The Plan will be funded by distribution of the Debtor's cash on
hand in the approximate amount of $22,000.00 Distribution will be
in the sequence of priorities defined in the Plan of
Reorganization.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=za4nFc from
PacerMonitor.com at no charge.
Counsel to the Debtor:
James F. Kahn, Esq.
Krystal M. Ahart, Esq.
KAHN & AHART, PLLC
BANKRUPTCY LEGAL CENTER
301 E. Bethany Home Rd., Suite C-195
Phoenix, AZ 85012-1266
Phone: 602-266-1717
Fax: 602-266-2484
E-mail: James.Kahn@azbk.biz
E-mail: Krystal.Ahart@azbk.biz
About Stool and Dinette Factory
Stool and Dinette Factory, Inc., a company in Scottsdale, Ariz.,
filed its voluntary petition for Chapter 11 protection (Bankr. D.
Ariz. Case No. 24-06900) on August 21, 2024, with $100,001 to
$500,000 in assets and $500,001 to $1 million in liabilities.
Kenneth L. Felder, president, signed the petition.
Judge Paul Sala oversees the case.
James F. Kahn, Esq., at Kahn & Ahart, PLLC, serves as the Debtor's
legal counsel.
TARGET GROUP: Posts $161K Income in 2024, Faces Going Concern Risk
------------------------------------------------------------------
Target Group Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net income of
$160,504 on $6,591,625 of total revenues for the year ended Dec.
31, 2024, compared to a net loss of $323,670 on $3,720,169 of total
revenues for the year ended Dec. 31, 2023.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated Mar. 27, 2025, citing that the
Company has an accumulated deficit and a working capital deficit.
These factors, among others, raise substantial doubt about the
Company's ability to continue as a going concern. As of Dec. 31,
2024, the Company had a working capital deficit of $9,994,548 and
an accumulated deficit of $30,946,844.
In order to maintain its current level of operations, the Company
will require additional working capital from either cash flow from
operations, sale of its equity or issuance of debt. However, the
Company currently has no commitments from any third parties for the
purchase of its equity. If the Company is unable to acquire
additional working capital, it will be required to significantly
reduce its current level of operations.
At present, the Company is running its operations at its Simcoe
Facility cultivating Premium Cannabis and started generating
revenue (though its investment in JVCo) within the Canadian
wholesale cannabis market. However, the continuation of the Company
as a going concern is dependent upon these operations successfully
generating cashflow for the Company, financial support from its
stockholders, its ability to obtain necessary equity financing to
continue operations and/or to successfully locate and negotiate
with a business entity for the combination of the target company
with the Company.
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/y9smbuky
About Target Group
Headquartered in Ontario, Canada, Target Group Inc. is engaged in
the cultivation, processing, and distribution of curated cannabis
products for the medical and adult-use recreational cannabis market
in Canada and, where legalized by state legislation, in the United
States. The Company is positioning itself with a core emphasis on
wholesale and co-packaging services to accommodate all
consumer-packaged goods intended for the sophisticated cannabis
market and consumer in Canada and internationally. This strategy
integrates cannabinoid research, analytical testing, product
development, and manufacturing.
As of Dec. 31, 2024, the Company had $7,573,533 in total assets,
$14,081,162 in total liabilities, and a total stockholders' deficit
of $6,507,629.
TECH RABBIT: Gina Klump Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the
Law Office of Gina R. Klump, as Subchapter V trustee for Tech
Rabbit, Inc.
Ms. Klump will be paid an hourly fee of $525 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Klump declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
11 5th Street, Suite 102
Petaluma, CA 94952
Phone: (707) 778-0111
Email: gklump@klumplaw.net
About Tech Rabbit Inc.
Tech Rabbit Inc., formerly doing business as Tech Firefly, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Calif. Case No. 25-50353) on March 14, 2025. At the time of
the filing, the Debtor reported between $100,001 and $500,000 in
assets and between $500,001 and $1 million in liabilities.
Judge Stephen L. Johnson oversees the case.
David C. Johnston, Esq., at the Law Offices of David C. Johnston
represents the Debtor as bankruptcy counsel.
THERAPEUTICS MD: Narrows 2024 Net Loss to $2.2 Million
------------------------------------------------------
TherapeuticsMD Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$2.2 million on $1.8 million of revenues for the year ended Dec.
31, 2024, compared to a net loss of $10.3 million on $1.3 million
of revenues for the year ended Dec. 31, 2023.
West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors +
CPAs, the Company's auditor since 2023, issued a "going concern"
qualification in its report dated Mar. 27, 2025, citing that the
Company's recent change in operations and negative cash flow
position along with other conditions, raise substantial doubt about
the Company's ability to continue as a going concern.
According to TherapeuticsMD, "Following the transaction with Mayne
Pharma, our primary source of revenue is from royalties on products
licensed to pharmaceutical organizations that possess commercial
capabilities in the relevant territories. We may need to raise
additional capital to provide additional liquidity to fund our
operations until we become cash flow positive. To address our
capital needs, we may pursue various equity and debt financing and
other alternatives. The equity financing alternatives may include
the private placement of equity, equity-linked, or other similar
instruments or obligations with one or more investors, lenders, or
other institutional counterparties or an underwritten public equity
or equity-linked securities offering. Our ability to sell equity
securities may be limited by market conditions, including the
market price of our common stock, and our available authorized
shares."
"To the extent that we raise additional capital through the sale of
such securities, the ownership interests of our existing
stockholders will be diluted, and the terms of these new securities
may include liquidation or other preferences that adversely affect
the rights of our existing stockholders. If we are not successful
in obtaining additional financing, we could be forced to
discontinue or curtail our business operations, sell assets at
unfavorable prices, or merge, consolidate, or combine with a
company with greater financial resources in a transaction that
might be unfavorable to us."
"On May 1, 2023, we entered into a Subscription Agreement with
Rubric Capital Management LP, pursuant to which we agreed to sell
to Rubric, or one or more of its affiliates, up to an aggregate of
5,000,000 shares of our common stock, par value $0.001 per share,
from time to time during the term of the Subscription Agreement in
separate draw-downs at our election. On June 29, 2023, we issued
and sold 312,525 shares of Common Stock at a price per share equal
to $3.6797 pursuant to the Subscription Agreement. We received
gross proceeds of $1.15 million from the draw down, before
expenses. On November 15, 2023, Rubric drew down an additional
877,192 shares of Common Stock at a price per share equal to
$2.2761. We received gross proceeds of $2 million from the
drawdown, before expenses. There were no draw downs in 2024."
"In February 2024, the Company received Mayne Pharma's calculation
of the net working capital allowances for payer rebates and
wholesale distributor fees pursuant to the Transaction Agreement,
which differed significantly from the Company's estimate of the
allowances. The Company continues to believe its estimated
allowances for payer rebates and wholesale distributor fees are
reasonable and intends to resolve this matter through the processes
permitted in the Transaction Agreement. The outcome of this matter
is uncertain at this point. As a result, the Company cannot
reasonably estimate a range of loss, and accordingly, the Company
has not accrued any additional liability associated with Mayne
Pharma's allowance calculation for payer rebates and wholesale
distributor fees, particularly as the Company believes the outcome
of this matter to be intertwined with the resolution of the net
working capital allowance for returns."
"In August 2024, the Company received information from Mayne Pharma
pertaining to the net working capital allowance for returns that
differs significantly from the Company's estimate of the allowance.
As of December 31, 2024, the Company believed no additional accrual
was required for amounts that may be owed for the allowance for
returns under the Transaction Agreement. The Company has not
recorded any contingent gains or receivables for any such
allowances. Management continues to monitor the unresolved and
pending net working capital items as changes to estimated amounts
owed or amounts due from Mayne Pharma may be material."
"If Mayne Pharma's sales of Licensed Products grow more slowly than
expected or decline, including as a result of Mayne Pharma Group's
pending sale to Cosette Pharmaceuticals, Inc., if the net working
capital settlement with Mayne Pharma under the Transaction
Agreement is greater than our current estimates, if we are
unsuccessful with future financings or the supply chains related to
the third-party contract manufacturers are worse than we
anticipate, our existing cash reserves may be insufficient to
satisfy our liquidity requirements. The potential impact of these
factors in conjunction with the uncertainty of the capital markets
raises substantial doubt about our ability to continue as a going
concern for the next 12 months from the issuance of these financial
statements."
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/m8sz6ca9
About TherapeuticsMD Inc.
TherapeuticsMD Inc. was previously a women's healthcare company
with a mission of creating and commercializing innovative products
to support the lifespan of women from pregnancy prevention through
menopause. In December 2022, the Company changed its business to
become a pharmaceutical royalty company, primarily collecting
royalties from its licensees. The Company is no longer engaging in
research and development or commercial operations.
As of Dec. 31, 2024, the Company had $38.8 million in total assets,
$11.5 million in total liabilities, and a total stockholders'
equity of $27.4 million.
THOMAS ST. JOHN: Gregory Jones Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at
Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for
Thomas St. John, Inc.
Mr. Jones will be paid an hourly fee of $600 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gregory K. Jones, Esq.
Stradling Yocca Carlson & Rauth, PC
10100 N. Santa Monica Boulevard, Suite 1400
Los Angeles, CA 90067
Telephone: (424) 214-7000
Facsimile: (424) 214-7010
Email: gjones@stradlinglaw.com
About Thomas St. John
Thomas St. John, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11641) on
February 28, 2025, listing up to $50,000 in assets and between
$500,001 and $1 million in liabilities.
Judge Barry Russell presides over the case.
Michael Jay Berger, Esq. represents the Debtor as legal counsel.
TRANSMEDCARE LLC: Gets OK to Tap Latham Luna as Bankruptcy Counsel
------------------------------------------------------------------
TransMedCare, LLC received approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ the law firm of
Latham, Luna, Eden & Beaudine, LLP as 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 $550
Junior Paraprofessionals $105
Justin Luna $275 - $550
Prior to the commencement of this case, the firm received a
retainer of $9,490.
Mr. Luna 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:
Justin M. Luna, Esq.
Latham, Luna, Eden & Beaudine LLP
201 S. Orange Ave., Suite 1400
Orlando, FL 32801
Telephone: (407) 481-5800
Facsimile: (407) 481-5801
Email: jluna@lathamluna.com
About TransMedCare LLC
TransMedCare LLC specializes in long-distance non-emergency medical
transportation services. The Company offers state-to-state and
coast-to-coast transport, primarily for distances over 300 miles.
Their services cater to individuals with medical needs, including
the elderly, disabled, and post-surgical patients, ensuring safe
and comfortable transfers between hospitals, nursing homes,
assisted living facilities, hospice care facilities, or home to be
with family.
TransMedCare LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01162) on February
28, 2025. In its petition, the Debtor reported between $500,000 and
$1 million in assets and between $1 million and $10 million in
liabilities.
Judge Tiffany P. Geyer handles the case.
Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine LLP serves
as the Debtor's counsel.
TSFG LLC: Gets Interim OK to Use Cash Collateral
------------------------------------------------
TSFG, LLC received interim approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to use cash collateral.
The interim order authorized the company to use cash collateral
from April 4 to 24 in accordance with its budget, which projects
total operational expenses of $266,582.
As protection for the company's use of its cash collateral, lenders
that hold a valid lien, security interest or right of setoff were
granted a replacement lien on all property acquired by the company
after the petition date that is similar to their pre-bankruptcy
collateral.
A final hearing is scheduled for April 24.
About TSFG LLC
TSFG, LLC, also known as The Skyfall Group, is a family-owned
company specializing in exterior home repairs and storm restoration
services for both residential and commercial properties. It offers
a comprehensive range of services, including roof repair and
replacement, gutter installation, siding, and painting. Operating
primarily in Georgia, Tennessee, and Kentucky, Skyfall Group prides
itself on its expertise in insurance restoration, providing free
inspections and offering a five-year labor warranty on roof
replacements.
TSFG filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-53596)
on April 1, 2025, listing between $100,001 and $500,000 in assets
and between $1 million and $10 million in liabilities. Scott Osmon,
a member of TSFG, signed the petition.
Judge Jeffery W. Cavender oversees the case.
The Debtor is represented by:
William A. Rountree, Esq.
Rountree Leitman Klein & Geer, LLC
Tel: 404-584-1238
Email: wrountree@rlkglaw.com
TZADIK HIDDEN: Seeks Chapter 11 Bankruptcy in Florida
-----------------------------------------------------
On April 10, 2025, Tzadik Hidden Hills Apartments LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for the Southern
District of Florida . According to court filing, the
Debtor reports $16,245,570 in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Tzadik Hidden Hills Apartments LLC
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.
Tzadik Hidden Hills Apartments LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13884)
on April 10, 2025. In its petition, the Debtor reports total
assets of $28,150,000 and total liabilities of $16,245,570.
Honorable Bankruptcy Judge Scott M. Grossman handles the case.
The Debtor is represented by MorganB. Edelboim, Esq. at EDELBOIM
LIEBERMAN PLLC.
VASTAV INC: Gets Interim OK to Use Cash Collateral
--------------------------------------------------
Vastav Inc. received interim approval from the U.S. Bankruptcy
Court for the Northern District of Texas, Fort Worth Division, to
use cash collateral.
The Debtor needs to use cash collateral to maintain business
operations, including payroll, paying suppliers, and other
necessary expenses.
TransPeCOS Banks, SSB asserts a lien on the Debtor's assets, with a
balance of $1.2 million.
In exchange for the use of cash collateral, the secured lender was
granted replacement liens on the Debtor's property including
equipment, inventory and accounts whether such property was
acquired before or after the petition date.
The Debtor's right to use cash collateral under the interim order
commenced on April 11 and will expire on the earlier of the entry
of a subsequent interim order or the entry of a final order.
The final hearing is scheduled for April 24.
About Vastav Inc.
Vastav Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41211) on April 2,
2025, listing up to $500,000 in assets and up to $10 million in
liabilities. Pratul Kumar, president of Vastav, signed the
petition.
Judge Martin X. Mullin oversees the case.
Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the
Debtor as legal counsel.
VETERANS HOLDINGS: Unsecureds Will Get 8.5% over 84 Months
----------------------------------------------------------
Veterans Holdings, LLC, filed with the U.S. Bankruptcy Court for
the Eastern District of Louisiana a Disclosure Statement for Plan
of Reorganization dated March 18, 2025.
The Debtor was founded in 2008. Its primary asset is a two-story
retail center and related improvements located with municipal
addresses of 4445 Veterans Blvd., Metairie, Louisiana (hereinafter,
referred to as the "Property").
The Property was purchased from an owner/occupant in April 2008 for
approximately $1,200,000.00. When acquired, the existing floor plan
failed to maximize the rentable space of the Property. Since
purchasing, the Debtor has completely redesigned the structural
load of the building by adding in steel beams and columns for open
floor plans, divisible retail glass and entry doors on the first
floor, allowing flexible space for multiple bays to be combined or
separated for various tenants, replaced electrical and plumbing
systems, and renegotiated right of way lease with Jefferson Parish
for landscape, parking lot, and green space improvements.
The Property is 15,095 rentable square feet and can accommodate 2
20 separate units. At this time, four units are occupied by three
tenants, with two executed letters of intent with pending lease
language being negotiated. The current tenants occupy approximately
24% of the Property's rentable space. The tenant leasing two units,
which has a lease expiring in 2025, is currently negotiating a
5-year renewal with a five-year option and rental increases. The
current tenants occupy approximately 24% of the Property's rentable
space.
The Debtor's cashflow is derived from the collection of rents of
the units on the Property, building and designing units, management
fees, leasing fees, and property maintenance.
The primary purpose of the Plan is to reorganize the debt of the
Debtor and make distributions to holders of Allowed Claims.
Class 4 consists of General Unsecured Claims. Each holder of an
Allowed General Unsecured Claim shall receive quarterly cash
payments equal to its pro rata share of $180,000.00, to be paid
over a period of eighty-four months. Payments shall commence on the
first day of the fifteenth month after the Distribution Date. Class
4 will also receive fifty percent of the Litigation Funds. Any
distributions of Litigation Funds will not be applied towards the
quarterly payment amounts.
The total estimate of the Class 4 Claims is $2,124,640.00. This
Class will receive a distribution of 8.5% of their allowed claims.
This Class is impaired.
Class 5 consists of Equity Interest Holders. Although the Holders
of Equity Interests shall retain those interests after
confirmation, no distributions may be made to the Holders of such
Equity Interests by virtue of same unless the following conditions
have been met: (a) all Unclassified Claims except for Priority
Claims have been paid in full; and, (b) the Debtor is current on
all payments to the holders of Priority Claims and the Class 2, 3,
and 4 Claims as required by this Plan. Payments by Holders of
Existing Equity Interests for administrative expenses will be
deemed new value contributions by Equity.
The Plan contemplates payments to all holders of Allowed Claims
against the Debtor based upon the cash flow created through the
business operations of the Debtor or, alternatively, liquidation of
the Debtor's assets.
The Property is 15,095 rentable square feet and can accommodate 2
to 20 separate units. At this time, approximately 3,425 square feet
are occupied by three tenants, with another approximately 3000 SF
being occupied within 45 days after leases executed. The funds
required under the Plan will be generated through rental revenue.
The Debtor's financial projections are based on rentals increasing
over the last six months of 2025 to a 100% occupancy rate, along
with two-unit tenant being renewed with a lease term of five years
and a five-year option with increases in base rent.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=X2n0nV from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Patrick S. Garrity, Esq.
Albert J. Derbes, Esq.
Derbes Law Firm, L.L.C.
3027 Ridgelake Drive
Metairie, LA 70002
Telephone: (504) 207-0913
Facsimile: (504) 832-0327
Email: pgarrity@derbeslaw.com
About Veterans Holdings LLC
Veterans Holdings, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12453) on
December 17, 2024, with $1 million to $10 million in both assets
and liabilities. Cullan Maumus, manager of Veterans Holdings,
signed the petition.
Judge Meredith S. Grabill represents the Debtor as legal counsel.
Patrick Garrity, Esq., at the Derbes Law Firm, LLC, is the Debtor's
bankruptcy counsel.
VIRGINIA BEACH: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
Virginia Beach Patios, Inc. received interim approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia, Norfolk
Division, to use cash collateral.
The interim order authorized the company to use its secured
lenders' cash collateral to pay its expenses in accordance with its
budget.
The secured lenders are Fora Financial, Vox Funding, Alternative
Funding Group, Stripe/Celtic Bank and the U.S. Small Business
Administration. These lenders will be granted replacement liens on
the company's assets similar to their pre-bankruptcy collateral.
As additional protection, Fora Financial and SBA will receive
monthly payments of $500 and $600, respectively.
A final hearing is scheduled for May 20.
About Virginia Beach Patios Inc.
Virginia Beach Patios, Inc. is a family-owned contractor
specializing in designing and building custom outdoor living
spaces, including custom pools, outdoor kitchens, fire features, or
artistic structures. It is committed to delivering high-quality
craftsmanship and creating functional, beautiful environments that
enhance the homeowner's outdoor experience. With personalized
service and innovative designs, the Company transforms ordinary
yards into extraordinary outdoor retreats.
Virginia Beach Patios filed Chapter 11 petition (Bankr. E.D. Va.
Case No. 25-70478) on March 7, 2025, listing $186,926 in assets and
$1,233,715 in liabilities. Angela Marie Rose, president of Virginia
Beach Patios, signed the petition.
Judge Frank J. Santoro oversees the case.
The Debtor is represented by:
Carolyn Anne Bedi, Esq.
Bedi Legal, P.C.
Tel: 757-222-5842
Email: carolyn@bedilegal.com
VMR CONTRACTORS: Court Extends Cash Collateral Access to May 16
---------------------------------------------------------------
VMR Contractors Inc. received another extension from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division to use cash collateral.
The order authorized the company to use cash collateral through May
16 in accordance with its budget and the terms of the order entered
on March 1, 2023.
The budget shows total expenses of $505,000 for the period ending
May 2. These expenses include payroll, payroll taxes, steel
purchases, office supplies, union benefits, and other expenses.
The next hearing is scheduled for May 12.
About VMR Contractors
VMR Contractors, Inc. is in the business of supplying and
installing rebar for road construction projects.
VMR Contractors sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-14211) on Dec. 8,
2022, with $500,001 to $1 million in assets and $1 million to $10
million in liabilities. Vincent Roberson, president of VMR
Contractors, signed the petition.
Judge Benjamin Goldgar oversees the case.
The Debtor is represented by William J. Factor, Esq., at The Law
Office of William J. Factor, Ltd.
VSA TRANSPORTATION: Mary Sieling Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 12 appointed Mary Sieling as
Subchapter V trustee for VSA Transportation, LLC.
Ms. Sieling will be paid an hourly fee of $330 for her services as
Subchapter V trustee and an hourly fee of $200 for paralegal time.
In addition, the Subchapter V trustee will receive reimbursement
for work-related expenses incurred.
Ms. Sieling declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mary F. Sieling
150 South Fifth Street, Suite 3125
Minneapolis, MN 55402
Email: mary@mantylaw.com
About VSA Transportation
VSA Transportation, LLC filed Chapter 11 bankruptcy petition
(Bankr. D. Minn. Case No. 25-30770) on March 19, 2025, listing
between $100,001 and $500,000 in assets and between $500,001 and $1
million in liabilities.
Judge William J. Fisher oversees the case.
The Debtor is represented by:
Joseph Dicker, Esq.
Joseph W Dicker, PA
1406 West Lake Street, Suite 209
Minneapolis, MN 55408
Phone: (612) 827-5941
joe@joedickerlaw.com
VYVVE LLC: Seeks to Hire Agentis PLLC as Bankruptcy Counsel
-----------------------------------------------------------
Vyvve, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to employ the law firm of Agentis PLLC
as bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management of its affairs;
(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 and the estate in all
matters pending before the court; and
(e) represent the Debtor in negotiations with creditors in the
preparation of a plan.
The hourly rates of the firm's counsel and staff are as follows:
Attorneys $315 - $710
Paralegals $130 - $255
Robert Charbonneau, a shareholder at Agentis, 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 P. Charbonneau, Esq.
Agentis PLLC
45 Almeria Avenue
Coral Gables, FL 33134
Telephone: (305) 722-2002
Email: rpc@agentislaw.com
About Vyvve LLC
Vyvve, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
25-13760) on April 7, 2025, listing under $1 million in both assets
and liabilities.
Judge Erik P. Kimball oversees the case.
Robert P. Charbonneau, Esq., at Agentis PLLC is the Debtor's legal
counsel.
WATER ENERGY: Seeks Approval to Hire Hayward as Bankruptcy Counsel
------------------------------------------------------------------
Water Energy Services, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Hayward PLLC as
general bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
property;
(b) advise the Debtor of its responsibilities under the
Bankruptcy Code and assist with such;
(c) prepare and file the voluntary petition and other
paperwork necessary to commence this proceeding;
(d) assist the Debtor in preparing and filing the required
Schedules, Statement of Affairs, Monthly Financial Reports, and any
amendments thereto;
(e) assist the Debtor in preparing the Initial Debtors Report
and other documents required by the Bankruptcy Code, the Federal
Rules of Bankruptcy Procedure, the Local Rules of this Court and
the administrative procedures of the Office of the United States
Trustee;
(f) represent the Debtor in connection with adversary
proceedings and other contested and uncontested matters, both in
this court and in other courts of competent jurisdiction,
concerning any and all matters related to these bankruptcy
proceedings and the financial affairs of the Debtor;
(g) represent the Debtor in the negotiation and documentation
of any sales or refinancing of property of the estate, and in
obtaining the necessary approvals of such sales or refinancing by
this court; and
(h) assist the Debtor in the formulation of a plan of
reorganization and disclosure statement, and in taking the
necessary steps in this court to obtain approval of such disclosure
statement and confirmation of such plan of reorganization.
The hourly rates of the firm's counsel and staff are as follows:
Charlie Shelton $450
Other Attorneys $300 - $550
Paralegals $150 - $195
Legal Assistants $95
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $25,000 from the Debtor.
Charlie Shelton, Esq., an attorney at Hayward, 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:
Charlie Shelton, Esq.
Hayward PLLC
7600 Burnet Road, Suite 530
Austin, TX 78757
Telephone: (737) 881-7100
Email: cshelton@haywardfirm.com
About Water Energy Services
Water Energy Services LLC is a San Antonio-based company operating
in the oil and gas extraction industry.
Water Energy Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March
21, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtor is represented by Herbert C Shelton, II, Esq., at
Hayward PLLC.
WATER ENERGY: Seeks Approval to Hire Hilco Real Estate as Broker
----------------------------------------------------------------
Water Energy Services, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Hilco Real
Estate, LLC as real estate broker.
Hilco will provide these consulting and real estate services:
(a) development of a sales strategy with the Debtor;
(b) solicitation of interested parties for the sale of the
property and its marketing through a managed qualifying bid
process; and
(c) conducting negotiations, at the Debtor's direction for the
sale of the property.
Hilco will be compensated at these rates:
(a) a fee equal to eight percent of the gross sale proceeds;
and
(b) reimbursement for expenses and costs incurred.
Eric Kaup, executive vice president at Hilco, 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:
Eric Kaup
Hilco Real Estate, LLC
5 Revere Dr., Suite 206
Northbrook, IL 60062
About Water Energy Services
Water Energy Services LLC is a San Antonio-based company operating
in the oil and gas extraction industry.
Water Energy Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March
21, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtor is represented by Herbert C Shelton, II, Esq., at
Hayward PLLC.
WAV REALTY: Seeks to Hire Harold M. Somer as Bankruptcy Counsel
---------------------------------------------------------------
WAV Realty Holdings, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Harold M.
Somer, PC as counsel.
The firm will render these services:
(a) advise the Debtor with respect to its duties and
obligations;
(b) advise and prepare a cash collateral application and
negotiate the terms of an order where necessary;
(c) advise and assist in negotiating a plan of reorganization
as well as other applicaitions of the Debtor and/or creditors;
(d) attend status conferences, disclosure and confirmation
hearings and other hearings and proceedings that may affect the
Debtor and the estate;
(e) represent the Debtor before the Bankruptcy Court to
protect its interests at all hearings on matters pertaining to its
affairs; and
(f) perform all other legal services which may be required
during this proceeding as set forth in the retainer agreement.
The firm will be paid at its hourly rate of $425 plus expenses.
The firm received a retainer of $5,000 and filing fee of $1,738
from the Debtor.
Mr. Somer 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:
Harold M. Somer, Esq.
Harold M. Somer, PC
1025 Old Country Road, Ste. 404
Westbury, NY 11590
Telephone: (516) 248-8962
Facsimile: (516) 333-0654
Email: haroldsomer@hsomerlaw.com
About WAV Realty Holdings
WAV Realty Holdings Inc. is a debtor with one real estate asset, as
defined under 11 U.S.C. Section 101(51B). The Debtor owns the
property at 5720 Old Sunrise Highway, Massapequa, NY, which is
valued at approximately $1.07 million.
WAV Realty Holdings Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-70728) on February 18,
2025. In its petition, the Debtor reports total assets of
$1,074,960 and total liabilities of $1,232,557.
Honorable Bankruptcy Judge Robert E. Grossman handles the case.
Harold M. Somer, PC serves as the Debtor's counsel.
WAYPOINT ROOFING: Seeks to Use Cash Collateral
----------------------------------------------
Waypoint Roofing & Construction Inc. asked the U.S. Bankruptcy
Court for the Middle District of Florida, Orlando Division, for
authority to use cash collateral retroactive to the petition date.
On the petition date, the Debtor had $19,000 in cash and $1,929.57
in a checking account.
The creditors with possible security interest in the cash
collateral are Samson MCA LLC, Fox Funding Group, LLC, and QFS
Capital, LLC.
As adequate protection, the Debtor proposed granting replacement
liens in any cash or cash equivalents obtained after the petition
date. The Debtor also plans to maintain adequate insurance coverage
during the bankruptcy process.
If the Debtor defaults, the court may terminate the authority to
use cash collateral, appoint a trustee, or dismiss or convert the
case to Chapter 7 liquidation.
A hearing on the matter is set for April 23.
A copy of the motion is available at https://urlcurt.com/u?l=Gux3TD
from PacerMonitor.com.
About Waypoint Roofing & Construction
Waypoint Roofing & Construction Inc. filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-00874) on February 14, 2025.
Judge Tiffany P. Geyer presides over the case.
Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as
legal counsel.
WILLIAMS SPEECH: Michael O'Connor Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 7 appointed Michael O'Connor as
Subchapter V trustee for Williams Speech Therapy Services, Inc.
Mr. O'Connor will charge an hourly fee of $375 for his services as
Subchapter V trustee, and $125 for support staff working under his
direct supervision. In addition, the Subchapter V trustee will be
reimbursed for work-related expenses incurred.
Mr. O'Connor declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael J. O'Connor
The Spectrum Building
613 Northwest Loop 410, Ste. 840
San Antonio, TX 78216
E-mail: subvtrusteesat@gmail.com
Telephone: (210) 729-6009
About Williams Speech Therapy Service
Williams Speech Therapy Services, Inc. operates
multi-disciplinary, multi-specialty outpatient therapy clinics.
Williams Speech Therapy Services sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50504) on
March 18, 2025, listing up to $50,000 in assets and up to $500,000
in liabilities. Micheal Williams, president of Williams Speech
Therapy Services, signed the petition.
Judge Craig A. Gargotta oversees the case.
Natalie F. Wilson, Esq., at Langley & Banack, Inc., represents the
Debtor as legal counsel.
WOM SA: Seeks to Extend Plan Exclusivity to April 21
----------------------------------------------------
WOM SA and its affiliates asked the U.S. Bankruptcy Court for the
District of Delaware to extend their exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to April 21
and June 20, 2025, respectively.
The Debtors explain that the Company's business involves a variety
of stakeholders including suppliers, customers, financial
creditors, and governmental regulators. The Debtors operate or
franchise over 200 stores throughout Chile and employ approximately
7,000 employees and independent contractors. These facts
demonstrate the complexity and size of these Chapter 11 Cases, and
the Debtors must work through the myriad issues that a business of
this scale faces when rebuilding its operations through the chapter
11 process.
The Debtors claim that they have used their previous extension of
the Exclusivity Periods constructively by engaging in substantive
negotiations with key stakeholders and their advisors and
successfully having the Plan confirmed. Furthermore, the Debtors
have spent considerable time working collaboratively with the AHG,
Committee, and other creditors to address various issues in these
Chapter 11 Cases prior to the Confirmation Hearing. These
successful developments demonstrate the Debtors' good faith in
progressing the Chapter 11 Cases, including by confirmation of the
Plan, and support the need to extend the Exclusive Periods.
The Debtors believe that, in light of the progress made in these
Chapter 11 Cases, it is reasonable to request an additional brief
extension of the Exclusive Periods to allow the Debtors to emerge
from chapter 11. Granting the requested extension will facilitate
the Debtors' efforts by providing the Debtors with a full and fair
opportunity to consummate the Reorganization Transactions without
unnecessary distractions. Accordingly, this factor supports the
relief requested.
The Debtors assert that the extension is not sought for the purpose
of pressuring creditors. Rather, the Debtors will use any extension
granted by this Court to consummate the Reorganization Transactions
contemplated in the confirmed Plan. Further, the Debtors consulted
with and provided certain key constituents, including the AHG and
the Committee, with an opportunity to review and comment on the
Debtors' third request for an extension of the Exclusivity Periods
prior to filing this Motion.
The Debtors further assert that termination of the Exclusive
Periods would not materially move the case forward as the Plan has
already been confirmed and would instead increase uncertainty just
as the Debtors are seeking to exit these Chapter 11 Cases. The
requested extension of the Exclusive Periods will provide the
Debtors with adequate time to consummate the Reorganization
Transactions and seek an efficient exit from chapter 11 for the
benefit of the Debtors' key stakeholders and other
parties-in-interest.
Co-Counsel to the Debtors:
John K. Cunningham, Esq.
Richard S. Kebrdle, Esq.
WHITE & CASE LLP
Southeast Financial Center
200 South Biscayne Boulevard,
Suite 4900
Miami, Florida 33131
Tel: (305) 371-2700
Email: jcunningham@whitecase.com
rkebrdle@whitecase.com
- and -
Philip M. Abelson, Esq.
Andrew Zatz, Esq.
Samuel P. Hershey, Esq.
Andrea Amulic, Esq.
Lilian Marques, Esq.
Claire Tuffey, Esq.
1221 Avenue of the Americas
New York, NY 10020
Phone: (212) 819-8200
Email: philip.abelson@whitecase.com
azatz@whitecase.com
sam.hershey@whitecase.com
andrea.amulic@whitecase.com
lilian.marques@whitecase.com
claire.tuffey@whitecase.com
Co-Counsel to the Debtors:
John H. Knight, Esq.
Amanda R. Steele, Esq.
Brendan J. Schlauch, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, Delaware 19801
Tel: (302) 651-7700
Email: knight@rlf.com
steele@rlf.com
schlauch@rlf.com
About WOM SA
WOM is a Chilean telecommunications provider, focused on offering
mobile voice, data, and broadband services, along with a rapidly
expanding "Fiber to the Home" broadband offering, to consumers and
businesses in Chile. Since the acquisition of Nextel Chile in 2015
through Novator Partners LLP's investment vehicle NC Telecom AS,
WOM has expanded from having virtually no market share to
establishing itself as the second-largest mobile network operator
in Chile.
WOM sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 24-10628) on April 1, 2024. In the
petition filed by Timothy O'Connoer, as independent director, the
Debtor reports estimated assets and liabilities between $1 billion
and $10 billion each.
The Honorable Bankruptcy Judge Karen B. Owens oversees the case.
The Debtors tapped White & Case, LLP as general bankruptcy counsel;
Richards, Layton & Finger, P.A., as local bankruptcy counsel;
Riveron Consulting, LLC, as financial advisor; and Rothschild & Co
US Inc. as investment banker. Kroll Restructuring Administration,
LLC is the claims agent.
WORKSPORT LTD: Posts $16.2M Loss in 2024, Faces Going Concern Risk
------------------------------------------------------------------
Worksport Ltd. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$16,163,789 for the year ended Dec. 31, 2024, compared to a net
loss of $14,928,958 for the year ended Dec. 31, 2023.
Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor
since 2022, 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. 31, 2024, citing that the Company
has suffered recurring losses from operations and has an
accumulated deficit, that raise substantial doubt about its ability
to continue as a going concern. The Company recorded a net loss of
$16,163,789 for the year ended December 31, 2024, and has an
accumulated deficit of $64,476,966 as of December 31, 2024.
The Company's continuation as a going concern is dependent upon its
ability to generate positive cash flows from operations and to
secure additional sources of equity and/or debt financing. Despite
the Company's intent to fund operations through equity and debt
financing arrangements, there is no assurance that such financing
will be available on terms acceptable to the Company, if at all.
The Company is actively pursuing strategies to mitigate these
risks, focusing on transitioning towards revenue generation from
its existing product offerings and expanding its customer base.
However, there can be no assurance that these efforts will prove
successful or that the Company will achieve its intended financial
stability. The failure to successfully address these going concern
risks may materially and adversely affect the Company's business,
financial condition, and results of operations. Investors should
consider the substantial risks and uncertainties inherent in the
Company's business before investing in the Company's securities.
Steven Rossi, Founder & CEO of Worksport, stated: "Our 2024 results
show a remarkable transformation. We expanded U.S. manufacturing,
accelerated top-line growth, and repositioned our product lineup
for higher margins. As we enter 2025, we have multiple
catalysts--from advanced tonneau covers like the AL4 and HD3 to our
highly anticipated SOLIS and COR energy solutions. Our focus is to
scale production efficiently, drive robust revenue expansion, and
chart a clear path to profitability for the benefit of our
shareholders."
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/4zrh8624
About Worksport Ltd.
West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries,
designs, develops, manufactures, and owns intellectual property on
a portfolio of tonneau cover, solar integration, portable power
station, and NP (Non-Parasitic), Hydrogen-based green energy
products and solutions for the automotive aftermarket accessories,
power storage, residential heating, and electric vehicle-charging
industries.
As of Dec. 31, 2024, the Company had $25,736,660 in total assets,
$8,323,029 in total liabilities, and a total stockholders' equity
of $17,413,631.
WORLD BRANDS: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of World Brands, Inc., according to court dockets.
About World Brands
World Brands, Inc. focuses on custom printed paper packaging.
Additionally, the company offers private label products, tailored
packaging solutions, and book printing services.
World Brands sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No.: 25-12653) on March 12, 2025. In
its petition, the Debtor reported total assets of $2,357,099 and
total Liabilities of $3,692,774.
Judge Corali Lopez-Castro handles the case.
The Debtor is represented by Daniel R. Fogarty, Esq., at Stichter,
Riedel, Blain, & Postler P.A.
XINYUAN REAL ESTATE: Involuntary Chapter 11 Case Summary
--------------------------------------------------------
Alleged Debtor: Xinyuan Real Estate Co., Ltd.
27/F, China Central Place, Tower II
79 Jianguo Road, Chaoyang District
Beijing 100025
People's Republic of China
Business Description: Xinyuan Real Estate Co., Ltd.,
headquartered in Beijing, is a
residential real estate developer
primarily focused on China's tier-one
and tier-two cities. Founded in 1997,
the Company targets middle-income
homebuyers with large-scale, high-
quality housing projects and has
extended its operations to the U.S.,
U.K., and Malaysia. Xinyuan also
offers property management and
ancillary services, and its shares
trade on the New York Stock Exchange
under the ticker symbol XIN.
Involuntary Chapter
11 Petition Date: April 14, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-10745
Petitioners' Counsel: Paul R. DeFilippo, Esq.
WOLLMUTH MAHER & DEUTSCH LLP
500 Fifth Avenue
New York, NY 10110
Tel: 212-382-3300
Email: pdefilippo@wmd-law.com
A full-text copy of the Involuntary Petition is available for free
on PacerMonitor at:
https://www.pacermonitor.com/view/ZZ4V3HA/Xinyuan_Real_Estate_Co_Ltd__nysbke-25-10745__0001.0.pdf?mcid=tGE4TAMA
Alleged creditors who signed the petition:
Petitioner Nature of Claim Claim Amount
Cithara Global Multi-Strategy 14.0% Senior $58,500,000
SPC-Bosideng Industry Investment Notes Due 2024
Fund SP
Room 3607-3608, 36/F
ICBC Tower, 3 Garden Road, Central
Hong Kong, Hong Kong
Star Freight & Trading Co., Limited 14.0% Senior $300,000
Flat 1109, 11/F, 118 Connaught Road Notes Due 2024
West
Hong Kong, Hong Kong
Mars Partner Limited 14.0% Senior $7,000,000
Vistra Corporate Services Centre Notes Due 2024
Wickhams Cay II, Road Town
Tortora, British Virgin Islands
XTI AEROSPACE: CBIZ to Replace Marcum as Auditor After Acquisition
------------------------------------------------------------------
XTI Aerospace, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on November 1, 2024,
CBIZ CPAs P.C. acquired the attest business of Marcum LLP. As a
result of the acquisition of the Marcum attestation business, on
March 24, 2025, the Company was notified by Marcum that it will
resign effective immediately upon the filing of the Company's Form
10-K for the fiscal year ended December 31, 2024.
On March 24, 2025, the Audit Committee of the Company's Board of
Directors approved the engagement of CBIZ as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2025, subject to the execution of an engagement
letter by the Company and CBIZ.
The report of Marcum regarding the Company's consolidated financial
statements for the fiscal year ended December 31, 2023 did not
contain any adverse opinion or disclaimer of opinion and was not
qualified or modified as to uncertainty, audit scope, or accounting
principles, except for the inclusion of an explanatory paragraph
regarding the substantial doubt about the Company's ability to
continue as a going concern.
During the years ended December 31, 2024 and 2023, and through
March 24, 2025, the date Marcum informed the Company of their
resignation, there were:
(a) no disagreements (as defined in Item 304(a)(1)(iv) of
Regulation S-K and the related instructions) with Marcum on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedures, which disagreements,
if not resolved to the satisfaction of Marcum, would have caused
Marcum to make reference to such disagreement in its report and
(b) no "reportable events" (as defined in Item 304(a)(1)(v) of
Regulation S-K and the related instructions), except for the
identified material weaknesses in the Company's internal control
over financial reporting as disclosed in the Company's Quarterly
Reports on Form 10-Q for the quarterly periods ended March 31,
2024, June 30, 2024 and September 30, 2024.
During the fiscal years ended December 31, 2024 and 2023 and
through March 24, 2025, the date Marcum informed the Company of
their resignation, neither the Company nor anyone on the Company's
behalf consulted with CBIZ regarding:
(i) the application of accounting principles to a specific
completed or contemplated transaction or regarding the type of
audit opinions that might be rendered by CBIZ on the Company's
consolidated financial statements, and CBIZ did not provide any
written or oral advice that was an important factor considered by
the Company in reaching a decision as to any such accounting,
auditing, or financial reporting issue or
(ii) any matter that was either the subject of a disagreement
(as defined in Item 304(a)(1)(iv) of Regulation S-K and the related
instructions), or a reportable event (as defined in Item
304(a)(1)(v) of Regulation S-K).
About XTI Aerospace
XTI Aerospace, Inc. -- https://xtiaerospace.com -- is the parent
company of XTI Aircraft Company headquartered near Denver,
Colorado. XTI Aerospace is developing the TriFan 600, a vertical
lift crossover airplane (VLCA) that combines the vertical takeoff
and landing (VTOL) capabilities of a helicopter with the speed and
range of a fixed-wing business aircraft. The TriFan 600 is designed
to reach speeds of 345 mph and a range of 700 miles. Additionally,
the Inpixon (inpixon.com) business unit of XTI Aerospace is a
provider of real-time location systems (RTLS) technology with
customers around the world who use the Company's location
intelligence solutions in factories and other industrial facilities
to help optimize operations, increase productivity, and enhance
safety.
New York-based Marcum LLP, the Company's auditor since 2012, issued
a "going concern" qualification in its report dated April 16, 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.
As of Sept. 30, 2024, XTI Aerospace had $29.28 million in total
assets, $22.42 million in total liabilities, and $6.86 million in
total stockholders' equity.
XTI AEROSPACE: Estimates $1M Q4 Revenue, $3.2M Full-Year Revenue
----------------------------------------------------------------
XTI Aerospace, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company estimates
its total revenue for the three months and year ended December 31,
2024, to be approximately $1.0 million and $3.2 million,
respectively. The Company estimates its operating expenses for the
three months and year ended December 31, 2024, to be approximately
$10.6 million and to $38.9 million, respectively. The Company
estimates its cash and cash equivalents and outstanding debt
balance as of December 31, 2024, to be approximately $4.1 million
and $2.7 million, respectively.
The Company is currently in the process of finalizing its financial
results for the quarter and year ended December 31, 2024 and,
therefore, its actual results for these periods are not yet
available and have not been audited. The Company's actual results
may differ materially from the estimated preliminary results set
forth above and will not be finalized until after the Company
completes its financial closing procedures. The Company's
preliminary results set forth above reflect management's best
estimate of the impact of events during the year and are based on
the information currently available to the Company as of the date
of this Current Report on Form 8-K. Accordingly, undue reliance
should not be placed on these preliminary estimates. The Company's
independent registered public accounting firm has not conducted an
audit or review of, and does not express an opinion or any other
form of assurance with respect to, the estimated preliminary
results set forth above.
Additionally, the Company estimates its cash and cash equivalents
and outstanding debt balance as of the Mar, 27, 2025, to be
approximately $10.5 million and $2.1 million, respectively.
About XTI Aerospace
XTI Aerospace, Inc. -- https://xtiaerospace.com -- is the parent
company of XTI Aircraft Company headquartered near Denver,
Colorado. XTI Aerospace is developing the TriFan 600, a vertical
lift crossover airplane (VLCA) that combines the vertical takeoff
and landing (VTOL) capabilities of a helicopter with the speed and
range of a fixed-wing business aircraft. The TriFan 600 is designed
to reach speeds of 345 mph and a range of 700 miles. Additionally,
the Inpixon (inpixon.com) business unit of XTI Aerospace is a
provider of real-time location systems (RTLS) technology with
customers around the world who use the Company's location
intelligence solutions in factories and other industrial facilities
to help optimize operations, increase productivity, and enhance
safety.
New York-based Marcum LLP, the Company's auditor since 2012, issued
a "going concern" qualification in its report dated April 16, 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.
As of Sept. 30, 2024, XTI Aerospace had $29.28 million in total
assets, $22.42 million in total liabilities, and $6.86 million in
total stockholders' equity.
ZAHRCO ENTERPRISES: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
Zahrco Enterprises, Inc. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida, Miami
Division, to use cash collateral.
The Debtor needs cash collateral to pay operational expenses such
as payroll, inventory, and supplies.
The interim order granted secured creditors replacement liens on
all property, which the Debtor acquired or generated after its
bankruptcy filing to the same extent and with the same priority as
their pre-bankruptcy liens.
The Debtor has outlined a budget for the use of cash collateral,
with allowances for deviations up to 10% per line item. The term of
the budget has been extended through the date of the final hearing.
The final hearing is set for June 4.
A copy of the motion is available at https://urlcurt.com/u?l=8EPd3A
from PacerMonitor.com.
About Zahrco Enterprises Inc.
Zahrco Enterprises Inc. operates two restaurants located in Coral
Gables, Fla., on leased properties.
Zahrco Enterprises Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla.Case No. 25-13628) on April 2,
2025. In its petition, the Debtor reported total assets of $72,679
and total liabilities of $2,591,821.
Judge Corali Lopez-Castro handles the case.
The Debtor is represented by Kris Aungst, Esq., at Paragon Law,
LLC.
ZUNIGA 23732: Updates Unsecured Claims Pay, Files Amended Plan
--------------------------------------------------------------
Zuniga 23732, LLC submitted a Disclosure Statement describing
Second Amended Plan of Reorganization dated March 18, 2025.
This is a plan which provides for Debtor to reorganize through
obtaining a refinance of its residential loan to partially pay the
secured debt on the residence and to pay the remaining balances of
the loans over a reasonable period of time with a reasonable rate
of interest.
The case filing was due to the 1st TD pending foreclosure. Debtor
hopes to complete the refinancing with the consent of the two
secured creditors by either resolving the disputed charges or by
having agreements with the current secured lenders to subordinate a
portion of their claims to the new lender as the maximum loan
approval is for $4,000,000.00.
Since the filing of the case, Debtor has been able to obtain
various tenants, including Debtor's managing member, to provide
rental income necessary to maintain the property, pay the required
utilities and provide funding necessary for the Plan.
Class 3 consists of General Unsecured Claims. In the present case,
the Franchise Tax Board filed a claim asserting an unsecured claim
of $1,707.41. A claim was also filed by Zurich American Insurance
Company for $1.00. This claim presumably was filed in the event
that Debtor did not continue to make its insurance premium payments
for the real property insurance. This Class is impaired.
Franchise Tax Board's unsecured claim shall be paid in monthly
installments and paid in full within 60 months of plan
confirmation. Zurich's claim will not be paid unless there is a
default in the monthly contractual payments for insurance. If an
event occurs which creates an unsecured claim for Zurich, Debtor
will pay the claim in full within 60 months of plan confirmation.
No distribution will be made to any Class 3 creditor until after
priority claims have been paid in full.
Upon confirmation of this Plan, the existing equity interest
holders of Debtor shall retain their equity interest in the
reorganized Debtor with the same ownership percentage as held on
the petition date, subject to the terms and conditions of this
Plan.
The Plan will be funded primarily through the refinance of the
Property. Once the majority of claims are paid through the
refinance, the plan will be funded with Debtor's rental income as
well as continued capital contributions from Debtor's managing
member as needed.
A full-text copy of the Disclosure Statement dated March 18, 2025
is available at https://urlcurt.com/u?l=ffiIhk from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Thomas B. Ure, Esq.
Ure Law Firm
8280 Florence Avenue, Suite 200
Downey, CA 90240
Telephone: (213) 202-6070
Facsimile: (213) 202-6075
Email: tom@urelawfirm.com
About Zuniga 23732
Zuniga 23732, LLC in Calabasas, CA, filed its voluntary petition
for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-10704) on
April 29, 2024, listing as much as $1 million to $10 million in
both assets and liabilities. Roberta Koehl as managing member,
signed the petition.
URE LAW FIRM serve as the Debtor's legal counsel.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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Don't be fooled. Assets, for example, reported at historical cost
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than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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