/raid1/www/Hosts/bankrupt/TCR_Public/250429.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, April 29, 2025, Vol. 29, No. 118
Headlines
ACCELERATE DIAGNOSTICS: Grants CEO Phillips $200K Retention Bonus
ACME ASPHALT: Seeks to Hire Shimanek Law as Bankruptcy Counsel
ADVANCED INTEGRATION: Moody's Ups CFR & Sr. Secured Debt to Caa1
ALBERT WHITMAN: Seeks Subchapter V Bankruptcy in Illinois
ALC ENGINEERED: Gets Extension to Access Cash Collateral
ALTRAIN MEDICAL: Gets Interim OK to Use Cash Collateral
AMSTERDAM HOUSE: $82M Sale to Focus to Fund Plan Payments
ANGELA'S BRIDALS: Seeks to Hire Northway Tax LLC as Accountant
APPLIED DNA: Regains Nasdaq Bid Price Compliance
ARCIS GOLF: Moody's Rates New Incremental 1st Lien Term Loan 'B2'
ARCON CONSTRUCTION: Unsecureds Will Get 15% over 60 Months
ARDENT HEALTH: S&P Upgrades LT ICR to 'B+', Outlook Stable
ASCEND PERFORMANCE: S&P Withdraws 'D' Issuer Credit Rating
ASPIRA WOMEN'S: Appoints Three New Directors to Board
ASPIRA WOMEN'S: Signs $2M Equity Purchase Deal With Triton Funds
ATXLUB LLC: Case Summary & 20 Largest Unsecured Creditors
AZUCAR RESTAURANTS: Seeks to Hire David C. Johnston as Attorney
B.L.H.G. GROUP: Gets Final OK to Use Cash Collateral Until June 30
BAMBI HEALTH: Unsecured Creditors Will Get 64% of Claims in Plan
BAMBY EXPRESS: Court Allows $14,282.17 in Attorney Fees
BAUSCH HEALTH: Completes $4.4B 10% Secured Notes Offering Due 2032
BEELINE HOLDINGS: 2024 Revenue Up 33.5%, Outpaces Industry by 29%
BENSON HILL: US Trustee Denies Motion to Seal Exec. Bonus Details
BERTUCCI'S RESTAURANTS: Case Summary & 20 Top Unsecured Creditors
BLH TOPCO: Bar Louie Gets $2.5MM DIP Final Approval in Chapter 11
BONITA SOL: Unsecureds to Split $50K via Quarterly Payments
BURGESS BUNGALOW: Trustee Taps Michael Deeba as Financial Advisor
BURKE MOUNTAIN: Receiver Seeks $11.5MM Sale Approval to Local Group
BWB CONTROL: BWB Holdings Unsecured Claims Will Get 1.9%
CAMBER ENERGY: Restructures $1.2M Viking Debt via Convertible Note
CAPSTONE GREEN: Registers 3M Shares for Equity Incentive Plan
CAROLINA SLEEP: Wins Bid to Close Subchapter V Bankruptcy Case
CHARLES MONEY: Seeks Chapter 11 Bankruptcy in Alabama
COMMERCIAL METALS: Fitch Rates $150MM Private Activity Bonds BB+
COMMERCIAL METALS: S&P Rates Proposed Private Activity Bonds 'BB+'
CONCRETE TRUTH: Hires Krigel Nugent + Moore P.C. as Attorney
CORSA COAL: Strikes Cleanup Deal with Regulators in Chapter 11
CRANE ROOM: Seeks to Hire Cooney Law Offices as Bankruptcy Counsel
DAVID KIMMEL: Seeks to Hire Tittle Law Group as Legal Counsel
DIOCESE OF NORWICH: Court Approves Amended Disclosure Statement
DIOCESE OF NORWICH: May 21, 2025 Hearing on Chapter 11 Plan
DOGS ARE PEOPLE: Court Extends Cash Collateral Access to May 31
DOGWOOD THERAPEUTICS: Says It Has Regained Compliance with Nasdaq
DOMTAR CORP: S&P Downgrades ICR to 'B' on Increased Financial Risk
EMERGENCY HOSPITAL: Taps JEG to Provide Revenue Collection Services
ENGLOBAL CORP: Gets Court Clearance to Sell Itself in Chapter 11
ERBO PROPERTIES: Amends Unsecured Claims Pay Details
ESSAR STEEL: Mediation Not Appropriate in Cleveland-Cliffs Suit
FLEET RENTS: Seeks Subchapter V Bankruptcy in Pennsylvania
FULL CIRCLE: Unsecureds Will Get 4% of Claims over 5 Years
GARRARD COUNTY DISTILLING: Enters Emergency Receivership
GIL AND RIVERA: Case Summary & Eight Unsecured Creditors
GOLDEN ENTERTAINMENT: Moody's Affirms 'Ba3' CFR, Outlook Stable
GOLDNER CAPITAL: Creditors to Get Proceeds From Liquidation
GOTSTUFF INC: Gets Final OK to Use Cash Collateral
GOURMET PLUS: Unsecured Creditors Will Get 3% of Claims in Plan
GREEN TERRACE: Seeks Chapter 11 Bankruptcy in Florida
HANDLOS FAMILY FARMS: Voluntary Chapter 11 Case Summary
HANDLOS FARROWING: Seeks Chapter 11 Bankruptcy in Iowa
HAVOC BREWING: Seeks Subchapter V Bankruptcy in North Carolina
HEART ESTATES: Seeks to Hire Paul Reece Marr P.C. as Counsel
HERMS LUMBER: Gets Final OK to Use Cash Collateral
HOUSE SPIRITS: Seeks to Hire Epiq as Claims and Noticing Agent
HYPERSCALE DATA: Issues $110K Convertible Note to Jorico LLC
ICEF PUBLIC SCHOOLS: S&P Affirms 'BB' Rating on Revenue Bonds
IRWIN NATURALS: FitLife Wins Bid to Terminate Plan Exclusivity
IYA FOODS: Court Extends Cash Collateral Access to May 7
J.E.H. PROPERTIES: Claims to be Paid From Property Sale Proceeds
JAMES MARITIME: Changes Name to Sentinel Holdings Ltd.
KARBONX CORP: Morsevo Trading Holds 8.5% Equity Stake
KIM R. ELLINGTON: Court Awards Final Judgment in Helena Lawsuit
KINGSBOROUGH ATLAS: Seeks to Hire Fred Klemenok CPA as Accountant
LEADPOINT INC: Hires Prospera Law as Special Corporate Counsel
LEE FRANCHISE: Court Extends Cash Collateral Access to May 21
LIGADO NETWORKS: Pres. Trump Faces Pressure to Reverse FCC Order
LIKELIHOOD LLC: Court Extends Cash Collateral Access to May 12
LINX OF LAKE: Gets Interim OK to Use Cash Collateral Thru June 11
LML LOGISTICS: Seeks Subchapter V Bankruptcy in Florida
MAWSON INFRASTRUCTURE: M. Hughes Resigns, Steven Soles Joins Board
MAXTIN INC: Hearing Today on Bid to Use Cash Collateral
MAYFAIR-HABITAT: Case Summary & Two Unsecured Creditors
MDW SHOREVIEW LLC: Section 341(a) Meeting of Creditors on May 11
MDW SHOREVIEW: Voluntary Chapter 11 Case Summary
MMA LAW FIRM: Court Extends Cash Collateral Access to July 3
MOBIQUITY TECHNOLOGIES: Assurance Dimensions Resigns as Auditor
MODEL TOBACCO: Court Extends Cash Collateral Access to July 31
MOM CA: Court Extends Cash Collateral Access to May 14
MONTFER PROPERTY: Hires David C. Johnston as Legal Counsel
MULTIBAND FIELD: Taps Munsch Hardt Kopf & Harr as General Counsel
NEW LONDON: Gets Extension to Access Cash Collateral
NUNO MANSION: Taps Maureen J. Shanahan as Insolvency Counsel
O'RYAN OREGON: Seeks Chapter 11 Bankruptcy in Texas
ODYSSEY MARINE: Regains Compliance With Nasdaq Listing Rule
ORIGINCLEAR INC: Issues 14.1B Shares for Note Conversions
OSTEEN'S LOAD: Court Extends Cash Collateral Access to May 8
OTB HOLDING: Taps Hilco Real Estate as Consultants and Advisor
PACER PRINT: Court Extends Cash Collateral Access to June 6
PACKABLE HOLDINGS: Creditors Say Deal Earmarks $17MM for Recovery
PARADISE SCHOOLS: S&P Rates 2025 Education Revenue Bonds 'BB+'
PARAGON INDUSTRIES: Objects to Appointment of Receiver
PAVMED INC: Registers 3.33M Shares for Possible Resale
PEACHY ATHLETIC: Court Extends Cash Collateral Access to May 22
PLF SHOREVIEW: Seeks Chapter 11 Bankruptcy in Texas
PR DIAMOND: Seeks Chapter 11 Bankruptcy in Nevada
PRIMEONE INSURANCE: A.M. Best Cuts FS Rating to B-(Fair)
PROFESSIONAL DIVERSITY: Aurous Vertex Holds 16.8% Equity Stake
PROTEC RE HOLDING: Taps Showcase of Homes as Real Estate Broker
QVC GROUP: Aidan O'Meara Holds 2.21M RSUs, 266.6K Shares
QVC GROUP: CFO Bill Wafford Reports 4.56M RSUs, 5.2K Shares
QVC GROUP: Mike Fitzharris Reports 3.87M RSUs, 324K Options
QVC GROUP: Stacy Bowe Holds 3.71M in RSUs, 67.7K Shares
QXC COMMUNICATIONS: Gets Extension to Access Cash Collateral
RIDER UNIVERSITY: S&P Lowers GO Bond Rating to 'BB-'
RITE AID: Bank Lenders At Risk of Losses As It Weighs 2nd Ch. 11
ROYALE ENERGY: Reports $2.16 Million Net Loss in 2024
SAFE & GREEN: Enters $1-Mil. Deal to Acquire County Line Assets
SANUWAVE HEALTH: Sees Q1 Revenue of Up to $9.3 Million
SHAHINAZ SOLIMAN: Seeks to Hire Michael Jay Berger as Counsel
SHILOH HOMECARE: Court OKs Deal to Use Cash Collateral Until May 31
SHOREVIEW APARTMENTS: Seeks Chapter 11 Bankruptcy in Texas
SHOREVIEW HOLDING: Seeks Chapter 11 Bankruptcy in Texas
SKILLZ INC: Receives NYSE Notice Over Late 10-K Filing
SKYX PLATFORMS: Raises $975K From Series A-1 Preferred Stock Sale
SNOW JOE: Yuan Mei Seeks Appointment of Receiver
SOLEPLY LLC: Gets 45-Day Extension to Access Cash Collateral
SOLUNA HOLDINGS: Signs Term Sheet for Wind-Powered Data Center
SONDER COUNSELING: Court Extends Cash Collateral Access to May 9
ST. CHRISTOPHER'S: Gets Court Okay for $9MM Sale of Property
STEWARD HEALTH: Cited in $55 MM Florida Hospital Fund Dispute
SUBURBAN PROPANE: Moody's Affirms 'Ba3' CFR, Outlook Stable
TERI G. GALARDI: Kosachuk's Motion to Withdraw Reference Denied
THERAPEUTICS MD: Sues Mayne Pharma for Breach of Contract
THERATECHNOLOGIES INC: Posts $117K Net Profit in Q1 2025
TITAN ENVIRONMENTAL: Appoints Two More Directors
TREVENA INC: Securities Delisted From Nasdaq Effective April 21
TRS HOLDINGS: Seeks Subchapter V Bankruptcy in Florida
TRUSTED HEATING: Unsecureds to Split $150K via Quarterly Payments
URBAN ONE: Dismisses Ernst & Young, Appoints PwC as New Auditor
US ECO PRODUCTS: Gets Final OK to Use Cash Collateral Until July 24
VAN SCOIT: Seeks to Hire Demarco Mitchell PLLC as Counsel
VENUS CONCEPT: Secures $2M Eighth Delayed Drawdown From Lenders
WANDERLY LLC: Claims to be Paid From Continued Operations
WATERIQ TECHNOLOGIES: Seek Chapter 11 Bankruptcy in Wyoming
WAVE ASIAN: Gets Extension to Access Cash Collateral
WEST PROPERTIES: Seeks Subchapter V Bankruptcy in Mississippi
WHITE FOREST: Deadline to File Claims Set for May 16
WW INTERNATIONAL: Galloway Capital Reports Increased Stake in Co.
YELLOW CORP: Int'l Brotherhood Suit Should Not Proceed to Mediation
ZAHRCO ENTERPRISES: Gets Interim OK to Use Cash Collateral
*********
ACCELERATE DIAGNOSTICS: Grants CEO Phillips $200K Retention Bonus
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Accelerate Diagnostics, Inc., entered into a retention bonus
agreement with President and CEO Jack Phillips on April 22, 2025,
as disclosed in a Form 8-K filing with the Securities and Exchange
Commission. Under the agreement, Phillips is entitled to a
$200,000 retention bonus, payable as soon as practicable. If his
employment ends for any reason other than termination without
"Cause" within 180 days of the agreement's execution, Phillips must
repay the net after-tax amount of the bonus to the company.
About Accelerate
Headquartered in Tucson, AZ, Accelerate Diagnostics, Inc. --
axdx.com -- is an in-vitro diagnostics company dedicated to
providing solutions for the global challenges of antibiotic
resistance and sepsis. Accelerate Diagnostics' current portfolio
of FDA-cleared platforms include the Accelerate Pheno system and
Accelerate PhenoTest BC kit as well as the Accelerate Arc system
and BC kit. The Accelerate Pheno system and Accelerate PhenoTest BC
kit combine several technologies aimed at reducing the time
clinicians must wait to determine the most optimal antibiotic
therapy for deadly infections. This system fully automates sample
preparation, identification and phenotypic antibiotic
susceptibility testing in approximately seven hours directly from
positive blood cultures. Recent external studies indicate this
solution offers results 1-2 days faster than existing methods,
enabling clinicians the ability to optimize antibiotic selection
and dosage specific to the individual patient days earlier.
Further, the Accelerate Arc system and BC kit provide a novel,
automated positive blood culture sample preparation platform for
use with Bruker's MALDI Biotyper CA System (MBT-CA System) and
MBT-CA Sepsityper software extension. Designed for clinical
laboratories, the Accelerate Arc system has a simple workflow that
automates positive blood culture sample preparation for direct
downstream microbial identification using Bruker's MBT-CA System.
This innovation eliminates the need for overnight culture methods,
reducing the wait time for microbial identification results, which
is critical in the fight against sepsis.
In its reported dated March 20, 2025, WithumSmith+Brown, PC, the
Company's auditor since 2024, issued a "going concern"
qualification, citing that the Company has suffered recurring
losses and negative cash flows from operations that raise
substantial doubt about the Company's ability to continue as a
going concern.
Bankruptcy Warning
The Company warned in its Annual Report filed with the SEC that it
may seek bankruptcy protection, a move that could disrupt
operations, hurt efforts to retain key personnel, and lead to
significant stockholder losses.
"We have engaged financial and legal advisors to assist us in
analyzing various strategic alternatives to address our liquidity
and capital structure," the Company said. "However, there can be
no assurance that the strategic review will be successful, and a
Chapter 11 filing may be unavoidable."
ACME ASPHALT: Seeks to Hire Shimanek Law as Bankruptcy Counsel
--------------------------------------------------------------
Acme Asphalt Industries Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Montana to hire Shimanek Law
P.L.L.C. as counsel.
The firm's services include general counseling and local
representation before the Bankruptcy Court in connection with the
bankruptcy case.
The services rendered by attorney Matt Shimanek will be compensated
at the rate of $300 per hour. Other services rendered by Shimanek
Law deemed administrative in nature will be compensated at the rate
of $100 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matt Shimanek, Esq., a partner at Shimanek Law PLLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Matt Shimanek, Esq.
Shimanek Law PLLC
317 East Spruce St.
Missoula, MT 59802
Tel: (406) 544-8049
Email: matt@shimaneklaw.com
About Acme Asphalt Industries Inc.
Acme Asphalt Industries Inc. is a small business based in Southwest
Montana, established in 1997, specializing in all phases of site
work, including excavation, grading, utilities, and asphalt
construction and maintenance. The Company's services cater to
residential, commercial, and municipal projects. ACME Asphalt
operates in Montana, Idaho, Oregon, Washington, and Wyoming,
focusing on delivering projects with high-quality standards, on
time, and within budget.
Acme Asphalt Industries Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-20045) on March
10, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by Matt Shimanek, Esq. at SHIMANEK LAW
PLLC.
ADVANCED INTEGRATION: Moody's Ups CFR & Sr. Secured Debt to Caa1
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Moody's Ratings upgraded its ratings for Advanced Integration
Technology LP ("AIT"), including the corporate family rating to
Caa1 from Caa2 and probability of default rating to Caa1-PD from
Caa2-PD. Moody's also upgraded AIT's senior secured bank credit
facilities ratings to Caa1 from Caa2 and changed the ratings
outlook to positive from stable.
The upgrades reflect AIT's improving credit metrics due to strong
financial performance during the fiscal year ended December 31,
2024. EBITDA tripled compared to 2023, taking debt-to-EBITDA to a
more manageable 5.6x in 2024, down from more than 10x in 2023. In
addition, free cash flow improved substantially during 2024,
bolstering the company's liquidity.
Although recent performance has been strong, AIT's highly
concentrated customer base can lead to volatility in performance
which weighs on its credit profile. The company remains prone to
significant earnings volatility and is vulnerable to potential
delays by one or more customers.
The positive outlook reflects Moody's expectations that AIT will
sustain its recent momentum and good execution of its substantial
backlog, which will sustain credit metrics near current levels.
RATINGS RATIONALE
The Caa1 corporate family rating reflects AIT's modest size,
concentrated customer and platform base, and exposure to cyclical
end markets. The rating also incorporates AIT's reliance on large
customer contracts that are vulnerable to cost revisions and
delays. AIT had a stronger year in 2024 versus recent prior years
as contract and project work was largely in line with management's
expectations. Revenues rose 52% as the company's substantial
backlog was converted into top-line gains. Past problems, such as
customer delays and supplier execution issues seemed to abate. This
enabled AIT to reduce its leverage to a multi-year low of 5.6x from
an increase in earnings and keeping its debt balance unchanged
compared to the end of 2023. Cash on hand increased by more than
300 percent. Moody's expects credit metrics at the end of 2025 to
be similar to 2024's levels as long as the company sustains the
execution of its operations, including converting the current
backlog to revenues and earnings.
The project nature of AIT's business combined with high customer
concentration presents risk that demand can materially fluctuate
from period to period and not ratably with changes in backlog.
Unanticipated customer delays, which can be deeply disruptive to
AIT's operational and financial performance and hamper the
company's ability to manage headcount, capacity, and working
capital will remain a key risk. AIT's use of percentage of
completion accounting which leads to ongoing and sometimes
meaningful revisions to recognized contract costs and profitability
will sustain earnings volatility.
Moody's expects AIT to have adequate liquidity over the next 12
months. AIT's December 31, 2024 cash balance was $44 million. The
company has no near-term principal obligations and modest annual
amortization on its term loan B of around $2.8 million. Moody's
anticipates modest free cash generation during 2025 with
FCF-to-debt likely in the low single-digits. External liquidity is
provided by an undrawn $45 million revolving credit facility.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if revenue and earnings remain near their
respective 2024 levels, free cash flow is consistently positive and
adjusted debt-to-EBITDA is maintained below 6.0x. The ratings could
be downgraded if earnings weaken or if free cash flow turns
negative.
The principal methodology used in these ratings was Aerospace and
Defense published in December 2024.
Advanced Integration Technology LP ("AIT"), headquartered in Plano,
Texas, is a provider of turnkey factory automation and complex
automated and non-automated tooling to the commercial aerospace and
defense industries. AIT's primary business is to design, engineer,
manufacture, and install machines and systems which enable the
automated assembly of aerospace structures and other industrial
equipment. The company is owned by management, funds affiliated
with Onex Corporation and by Qatar Investment Authority.
ALBERT WHITMAN: Seeks Subchapter V Bankruptcy in Illinois
---------------------------------------------------------
Claire Kirch of Publishers Weekly reports that on April 22, 2025,
Albert Whitman & Company -- a 106-year-old children's book
publisher—filed for Chapter 11/Subchapter V relief in the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division.
The petition, signed by President John Quattrocchi, places the
company's assets and liabilities each between $1 million and $10
million. Its 20 largest unsecured creditors are owed a total of
$1.65 million, with individual claims ranging from $20,000 to
$255,883. The top three creditors are Lakeside Book Company
($255,883), Outlook Marketing Services ($200,000), and Hung Hing
Offset Printing ($162,714).
Publisher Tom MacDonald, in a letter posted online, referred back
to a December 2024 update that blamed rising book bans and slipping
sales for the company's financial distress. Despite aggressive cost
cuts, a trimmed publishing slate, staff restructurings, and a pause
on new acquisitions, he wrote that "the most responsible way to
protect the future of Albert Whitman & Company is to file for
reorganization under Chapter 11." He stressed that "this is about
rebuilding, not closing down," and pledged regular updates on
payment schedules and upcoming royalties. A meeting of creditors is
set for May 29, 2025 at 1:30 p.m. CT in Chicago's Everett M.
Dirksen U.S. Courthouse.
The Authors Guild -- having negotiated with Albert Whitman since
late 2024 over overdue royalties and rights reversions -- expressed
dismay that the publisher proceeded with bankruptcy after assuring
them in December that this step was off the table. Guild CEO Mary
Rasenberger said the organization is now exploring legal avenues to
protect authors' rights and recover unpaid fees.
This filing caps a five-year period of declining performance marked
by missed royalty payments and poor communication. A 2021
multimedia venture failed to gain traction, and the 2023 sale of
the Boxcar Children series to Penguin Random House yielded only a
temporary cash infusion. By early 2024, agencies were again
demanding tens of thousands in back royalties—a situation one
anonymous agent summed up by saying, "I don't want to have a hand
in bringing Whitman down; I just want my clients to be paid."
About Albert Whitman & Company
Albert Whitman & Company is a 106-year-old children's book
publisher.
Albert Whitman & Company sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.
25-06161) on April 22, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
Honorable Bankruptcy Judge Jacqueline P. Cox handles the case.
The Debtor is represented by William J. Factor, Esq.
ALC ENGINEERED: Gets Extension to Access Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Missouri
issued a third interim order allowing ALC Engineered Solutions, LLC
to continue using cash collateral.
The third interim order required the company to provide protection
to its secured creditor, Always.Bank, a Division of 22nd State
Bank, in the form of a monthly payment of $5,000.
The monthly payment will start in May and will continue until ALC
files and obtains confirmation of a Subchapter V Chapter 11 plan or
if the company and Always.Bank mutually agree to a modification on
the amount of the payment.
As additional protection, Always.Bank will receive a replacement
lien on any equipment, inventory or raw materials acquired by ALC
after its Chapter 11 filing and any proceeds from the sales of
those assets.
A final hearing is scheduled for May 13.
About ALC Engineered Solutions
Founded in 1983, ALC Engineered Solutions, LLC (doing business as
Kluhsman Machine) is a custom machining company based in Lockwood,
Mo., specializing in precise manufacturing across a variety of
sectors.
ALC filed Chapter 11 petition (Bankr. W.D. Mo. Case No. 25-60147)
on March 14, 2025, listing up to $50,000 in assets and up to $10
million in liabilities. Ryan Wheeler, co-owner and chief executive
officer of ALC, signed the petition.
Judge Brian T. Fenimore oversees the case.
Ryan A. Blay, Esq., at WM Law, PC, represents the Debtor as
bankruptcy counsel.
ALTRAIN MEDICAL: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
Altrain Medical and Dental Assisting Academy, LLC received a
one-month extension from the U.S. Bankruptcy Court for the District
of Arizona to use cash collateral.
The order penned by Judge Eddward Ballinger, Jr. authorized the
company's interim use of cash collateral from April 14 to May 13 to
pay its expenses.
Some of the company's pre-bankruptcy secured creditors assert an
interest in the cash collateral. As protection, these secured
creditors were granted replacement security interest in and lien on
their pre-bankruptcy collateral.
A final hearing is scheduled for May 13.
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, Ariz.
Altrain 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 reported up to $50,000 in assets and between
$1 million and $10 million in liabilities.
Judge Eddward P Ballinger Jr handles the case.
The Debtor is represented by:
Patrick F. Keery, Esq.
Keery Mccue, PLLC
Tel: 480-478-0709
Email: pfk@keerymccue.com
AMSTERDAM HOUSE: $82M Sale to Focus to Fund Plan Payments
---------------------------------------------------------
Amsterdam House Continuing Care Retirement Community, Inc.,
submitted a Disclosure Statement for the Amended Plan of
Liquidation dated March 27, 2025.
During the pendency of the Chapter 11 Case, the Debtor conducted a
robust post-petition marketing and bidding process that culminated
in a competitive auction process and the selection of Life Care
Services Communities LLC d/b/a LCS Real Estate or its assignee
("LCS") as the successful bidder.
Following a thirty-day due diligence period, the Debtor and Focus
entered into that certain Asset Purchase Agreement, dated as of
January 22, 2025 (as amended and together with all exhibits,
appendices, and supplements thereto, the "Focus APA"), pursuant to
which the Debtor agreed to sell, and Focus agreed to purchase,
substantially all of the Debtor's Assets for a purchase price of
$80.0 million, subject to certain adjustments (the "Focus Sale").
The Focus Sale contemplates the conversion of The Harborside into a
multiple-resident dwelling specifically designed for use and
occupancy by senior citizens. The Focus Sale is not subject to
regulatory approvals but is conditioned on closure of the Health
Center. Although the Focus Sale is conditioned on the closure of
the Health Center, Residents of The Harborside's independent living
units will be provided the opportunity to remain in their homes. In
particular, the Focus APA provides that, prior to closing, Focus
shall offer to enter into a rental agreement (the "Rental
Agreement") with each resident occupying an independent living unit
at The Harborisde.
On March 3, 2025, the Bankruptcy Court entered the Order (I)
Approving the Asset Purchase Agreement Between the Debtor and Sr
Hsg Acquisitions, LLC; (II) Authorizing the Sale of Substantially
all of the Debtor's Assets Free and Clear of Liens, Claims,
Interests and Encumbrances, Except for Certain Permitted Liens and
Assumed Liabilities; (III) Authorizing the Assumption and
Assignment of Certain Executory Contracts and Unexpired Leases in
Connection Therewith; and (IV) Granting Related Relief (the "Focus
Sale Order").
In connection with the Focus Sale, the Debtor, the Committee, the
ad hoc group of Residents (the "Ad Hoc Group"), ACCHS, ANH, the
Bond Trustee, and Focus (collectively the "Focus Sale Settlement
Parties") engaged in arm’s length and good faith negotiations
with respect to a new global settlement agreement related to the
Focus Sale.
On March 3, 2025, the Debtor and the Committee filed the Joint
Motion of the Debtor and the Official Committee of Unsecured
Creditors for Entry of an Order Approving Settlement and Compromise
Pursuant to Federal Rule of Bankruptcy Procedure 9019 (the "Focus
Sale Global Settlement Motion") seeking approval of a new global
settlement agreement pursuant to the term sheet to the Focus Sale
Global Settlement Motion (the "Focus Sale Global Settlement Term
Sheet"). As discussed in additional detail herein, the Focus Sale
Global Settlement Term Sheet provides for the following:
* The sale of substantially all of the Debtor's Assets to
Focus under the Focus APA for a purchase price of $82 million;
* $73 million payment to the Bond Trustee from the proceeds of
the Focus Sale;
* An initial distribution from proceeds of the Focus Sale to
Holders of Allowed Pre-Termination Resident Claims and Post
Termination Resident Claims in accordance with the Plan; and
* The contribution by ANH and ACCHS of up to $46 million from
the proceeds of an Acceptable Nursing Home Sale, which shall be
applied towards payment of (i) the Bondholder Reimbursement Claim
and (ii) a subsequent distribution to Holders of Allowed Pre
Termination Resident Claims and Post-Termination Resident Claims in
accordance with the Plan.
The funding and distributions contemplated under the Focus Sale
Global Settlement Term Sheet and the Plan are subject to the
satisfaction of certain conditions, including, but not limited to,
the closing of the Focus Sale and the closing of an Acceptable
Nursing Home Sale. Nevertheless, the Focus Sale Settlement Parties
believe that the Plan and transactions contemplated thereby provide
Holders of Claims with the greatest available recovery.
Accordingly, the Debtor strongly recommends that Holders of Claims
entitled to vote to accept or reject the Plan timely submit Ballots
voting to accept the Plan.
Class 7 consists of General Unsecured Claims. This Class consists
of all Allowed General Unsecured Claims against the Debtor not
included within the other specifically defined Classes hereunder.
Upon the terms and subject to the conditions set forth in the Plan
and the Focus Sale Global Settlement Term Sheet, in full and final
satisfaction, settlement, release, and discharge of the Allowed
General Unsecured Claims, each Holder of an Allowed General
Unsecured Claim shall receive Cash in an amount equal to its Pro
Rata share of the proceeds of Remnant Assets distributable to
Holders of Allowed Bondholder Deficiency Claims and Allowed General
Unsecured Claims, if any.
The estimated recovery for General Unsecured Claims is "unknown at
this time", according to the Disclosure Statement.
On the Effective Date, the Liquidating Trustee shall execute the
Liquidating Trust Agreement and, in his or her capacity as
Liquidating Trustee, accept all Liquidating Trust Assets on behalf
of the Beneficiaries thereof, and be authorized to obtain, seek the
turnover, liquidate, and collect all of the Liquidating Trust
Assets not in his or her possession. The Liquidating Trust will
then be deemed created and effective without any further action by
the Bankruptcy Court or any Person as of the Effective Date.
A full-text copy of the Disclosure Statement dated March 27, 2025
is available at https://urlcurt.com/u?l=a6onwI from Epiq Corporate
Restructuring, LLC, claims agent.
Counsel to the Debtor:
Gregory M. Juell, Esq.
DLA PIPER LLP (US)
1251 Avenue of the Americas
New York, NY 10020
Tel: (212) 335-4500
E-mail: gregory.juell@us.dlapiper.com
- and -
James P. Muenker, Esq.
DLA PIPER LLP (US)
1900 North Pearl Street, Suite 2200
Dallas, TX 75201
Tel: (214) 743-4500
E-mail: james.muenker@us.dlapiper.com
- and -
Rachel Nanes, Esq.
DLA PIPER LLP (US)
200 South Biscayne Boulevard, Suite 2500
Miami, FL 33131
Tel: (305) 423-8500
E-mail: rachel.nanes@us.dlapiper.com
About Amsterdam House Continuing Care
Amsterdam House Continuing Care Retirement Community, Inc., doing
business as The Amsterdam at Harborside, operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.
Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the
petition signed by Brooke Navarre, president and chief executive
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
Judge Alan S. Trust oversees the cases.
The Debtor tapped Gregory M. Juell, Esq., at DLA Piper LLP (US) as
bankruptcy counsel; and Ankura Consulting Group, LLC as
restructuring advisor. Michael W. Morton of Ankura Consulting Group
is the Debtor's chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Cooley LLP and GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, serve as the committee's
legal counsel and financial advisor, respectively.
ANGELA'S BRIDALS: Seeks to Hire Northway Tax LLC as Accountant
--------------------------------------------------------------
Angela's Bridals, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of New York to hire Northway Tax,
LLC as accountant and bookkeeper.
The firm will render these services:
a. prepare all necessary state and federal tax documents and
filings;
b. advise the Debtor on tax related strategies, regulations,
and requirements; and
c. provide ongoing bookkeeping services, as well as assist in
the preparation of the Debtor's Monthly Operating Reports.
The accountant's rates are:
Flat Rate Services:
a. Bookkeeping $350/month
b. Tax Advisory $100/month
c. Sales Tax Return Preparation $225 per return
d. 1120-S and CT-3-S Return Preparation $1,600 on both
returns
Hourly Rate Services:
a. Bankruptcy Tax Strategy &
Debt Restructuring Advisory $200/hour
b. Forensic Accounting $225/hour
c. In Person Meetings $225/hour
d. Litigation Support $225/hour
The firm received a retainer in the amount of $2,000.
Matthias Doolittle, EA, Managing Member of Northway Tax, assured
the court that his firm does not hold nor represent any interest
adverse to the Debtor or its estate.
The firm can be reached through:
Matthias Doolittle, EA
Northway Tax, LLC
12 Kara Lane,
Clifton Park, NY 12065
About Angela's Bridals Inc.
Angela's Bridals, Inc. operates a brick-and-mortar bridal shop that
sells dresses and other accessories.
Angela's Bridals filed Chapter 11 petition (Bankr. N.D. N.Y. Case
No. 25-10119) on February 4, 2025, listing between $100,001 and
$500,000 in assets and between $500,001 and $1 million in
liabilities. Janet M. Cooper, president of Angela's Bridals, signed
the petition.
Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as
legal counsel.
APPLIED DNA: Regains Nasdaq Bid Price Compliance
------------------------------------------------
Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
received written notice from The Nasdaq Stock Market LLC informing
the Company that it has regained compliance with Nasdaq Listing
Rule 5550(a)(2), which requires that companies listed on The Nasdaq
Capital Market maintain a minimum bid price of $1.00 per share.
Nasdaq notified the Company in the Compliance Notice that, from
March 14 to April 4, 2025, the closing bid price of the Company's
common stock had been at $1.00 per share or greater and,
accordingly, the Company had regained compliance with Nasdaq
Listing Rule 5550(a)(2) and that the matter was now closed.
About Applied DNA Sciences
Applied DNA Sciences — adnas.com — is a biotechnology company
developing technologies to produce and detect deoxyribonucleic acid
("DNA"). Using the polymerase chain reaction ("PCR") to enable both
the production and detection of DNA, the Company currently operates
in three primary business markets: (i) the enzymatic manufacture of
synthetic DNA for use in the production of nucleic acid-based
therapeutics and the development and sale of a proprietary RNA
polymerase ("RNAP") for use in the production of mRNA therapeutics;
(ii) the detection of DNA and RNA in molecular diagnostics and
genetic testing services; and (iii) the manufacture and detection
of DNA for industrial supply chain security services.
Melville, NY-based Marcum LLP, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated Dec. 17,
2024, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of December 31, 2024, Applied DNA Sciences had $16 million in
total assets, $3.4 million in total liabilities, and $12.5 in total
equity.
ARCIS GOLF: Moody's Rates New Incremental 1st Lien Term Loan 'B2'
-----------------------------------------------------------------
Moody's Ratings assigned B2 ratings to Arcis Golf LLC's ("Arcis")
new $45 million incremental senior secured first lien delayed draw
term loan and $75 million senior secured first lien revolving
credit facility with a maturity that was recently extended to 2028.
All other ratings for the company remain unchanged including the B2
Corporate Family Rating, B2-PD Probability of Default Rating, and
the B2 rating on the company's existing senior secured first lien
term loan that is being upsized by $155 million. The company
expects the incremental senior secured first lien term loan
borrowings and the incremental senior secured first lien delayed
draw term loan borrowings to be fungible with the existing senior
secured first lien term loan due 2028, upsizing the existing senior
secured first lien term loan due 2028 upon closing to $645 million
and bringing the total senior secured first lien term loan to $690
million. The B2 rating on the existing $75 million senior secured
first lien revolving credit facility due November 2026 has been
withdrawn. The outlook is unchanged at stable.
Arcis will utilize the proceeds from the incremental term loan,
together with about $130 million of the sponsor's equity
contribution, to fund the acquisition of four private golf clubs in
a transaction totaling approximately $350 million. One golf club
will be based in Houston, TX and three in Atlanta, GA.
The proposed acquisition is credit positive as it will enhance
Arcis' geographic diversification, reducing exposure to its current
top markets of Phoenix, Dallas and Austin/San Antonio while
leveraging corporate resources in the regions. The acquisition of
the private clubs will increase membership revenue to near 40%.
Private clubs, with their dues-based membership, have a track
record of lower attrition rates, higher initiation fees and higher
average dues. Additionally the sponsor's contribution limits the
leverage impact from the incremental debt. Pro forma for the
acquisitions, Moody's expects Moody's-adjusted debt-to-EBITDA
leverage to remain in a high 4x level and stay in that range
through the end of 2025 though there is potential upward pressure
on leverage if discretionary consumer spending weakens. Management
estimates the acquisitions will contribute around $35 million of
EBITDA (excluding expected synergies) with a healthy EBITDA margin
in the mid-30's. Moody's projects free cash flow in a $50 million
range in 2025.
RATINGS RATIONALE
Arcis' B2 CFR reflects the company's narrow business focus as a
golf club owner and operator, exposure to cyclical consumer
discretionary spending, recurring reinvestment needs and elevated
debt-to-EBITDA leverage in a high 4x range. Arcis has geographic
concentration in Texas and Arizona, where competition is high, and
is susceptible to regional economic and weather conditions. Golf
and country clubs require high capital spending for ongoing
maintenance and upgrades of facilities and amenities to maintain
service offerings and premium pricing. The company's growth by
debt-financed tuck-in acquisitions strategy increases financial
leverage but also expands the revenue scale and geographic
locations.
The credit profile also reflects its position as the second largest
golf club owner and operator in the US with both high end private
clubs and more accessible public courses that offer daily fee
access. About 40% of the company's revenue is recurring in nature,
underpinned by a dues-based membership business and an affluent
clientele. Arcis' significant real estate value provides good
collateral support with the company owning the real estate
associated with the majority of its clubs. All fee-owned real
estate located in Arizona and Texas is pledged to the credit
facility, which real estate is associated with clubs that the
company estimates represent about half of its total annual revenue.
Arcis' good liquidity is supported by relatively good free cash
flow generation, good revolver availability and several
unencumbered properties. The company also has flexibility to adjust
growth capital spending depending on operating performance to
preserve cash if necessary. The level of golf activity continues to
remain steady and in line with the increase in rounds played
reached during the pandemic, with good demand for golf
memberships.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectations that
debt-to-EBITDA leverage will remain in a high 4x range over the
next 12 to 18 months with steady membership growth. The stable
outlook also reflects Moody's expectations that the company's good
liquidity and positive free cash flow in a $50 million range
provides the company flexibility to reinvest and execute the growth
strategy including potential acquisitions and navigate potential
softness in discretionary consumer spending.
Ratings could be upgraded if Arcis demonstrates a consistent track
record of organic revenue and earnings growth, debt-to-EBITDA is
sustained below 4.0x, and free cash flow to debt is sustained in a
high single digit percentage range. Good liquidity with ample
revolver availability and financial policies that support credit
metrics at the above levels are also necessary for an upgrade.
Ratings could be downgraded if Arcis' operating performance
deteriorates due to factors such as a decline in membership,
pricing power, or golf rounds, or an increase in operating costs.
Debt-to-EBITDA sustained above 5.0x, debt-funded acquisitions or
shareholder distributions or a deterioration in liquidity could
also lead to a downgrade.
Headquartered in Dallas, Texas, Arcis Golf LLC is an owner and
operator of golf clubs. The company operates 32 private clubs and
34 daily fee clubs in 14 states. Arcis Golf LLC is owned by Atairos
and Fortress Investment Group. Revenue for the last 12 months (LTM)
period ending December 31, 2024 was about $508 million.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
ARCON CONSTRUCTION: Unsecureds Will Get 15% over 60 Months
----------------------------------------------------------
Arcon Construction Corporation filed with the U.S. Bankruptcy Court
for the Northern District of California a Plan of Reorganization
under Subchapter V dated March 25, 2025.
The Debtor is a closely held corporation started in 1999 by
Vladimir Libov. Since 1999 the Debtor, a single shareholder
corporation, has been in the business of General Construction
specializing in the construction of multi-family buildings and
high-end single-family homes throughout the San Francisco Bay
Area.
The Debtor's financial projections show that the Debtor will have
projected disposable income of $1,052,459.00. The final Plan
payment, inclusive of the payments to priority claims, is expected
to be paid on or before April 30, 2030 or sooner within not more
than an allowed 60 months after the effective date.
This Plan of Reorganization proposes to pay creditors of the Debtor
from its ongoing revenues generated through cash flow from current
and prospective new contracts.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 15 cents on the dollar for distribution to those
creditors, greater than the liquidation analysis and projected
disposable income. This Plan also provides for the payment of
administrative and priority claims.
Class 3 consists of General Unsecured Claims. Class 3 shall receive
an estimated 15% payout. General Unsecured allowed claims shall be
paid a total amount calculated as $296,841.21 paid over a period of
time not to exceed 60 months. The allowed unsecured claims total
$1,978,941.39. This Class is impaired.
Class 4 consists of equity security holders of the Debtor. Equity
security holders will receive no payments through the plan of
reorganization.
The Plan will be funded on a quarterly basis from net income, after
all business expenses for the reorganized corporation identified in
Section 6.01 and the payments to the Small Business Administration
of $1,000.00 per month and to the Internal Revenue Service in the
amount of $6,000.00 per month by agreement have been made.
The Debtor projects that the Plan will distribute the equivalent of
$4,947.35 per month to general unsecured allowed claims.
Distribution on a quarterly basis would be $19,789.40 per calendar
year quarter through to April 30, 2030 for a total distribution of
allowed general unsecured claims of $296,841.21 which exceeds the
projected distribution in a liquidation analysis.
A full-text copy of the Plan of Reorganization dated March 25, 2025
is available at https://urlcurt.com/u?l=EQJb0F from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Sheila Gropper Nelson, Esq.
Resolution Law Firm P.C.
50 Osgood Place, 5th Fl.
San Francisco, CA 94133
Tel: (415) 362-2221
Email: Shedoesbklaw@aol.com
About Arcon Construction Corporation
Arcon Construction Corp. operates a general construction and
development business in Daly City, Calif., which includes planning,
design, general contracting, and construction management.
Arcon filed Chapter 11 petition (Bankr. N.D. Cal. Case No.
24-30679) on Sept. 13, 2024, with up to $500,000 in assets and up
to $10 million in liabilities. Andrey Libov, chief operating
officer, signed the petition.
Judge Dennis Montali oversees the case.
The Law Offices of Eric J. Gravel is the Debtor's bankruptcy
counsel.
ARDENT HEALTH: S&P Upgrades LT ICR to 'B+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Ardent Health Partners Inc. to 'B+' from 'B'.
S&P said, "At the same time, we raised our issue-level rating on
company's senior secured debt two notches to 'BB-' and recovery
rating to '2' (rounded estimate: 70%). One notch is due to the
issuer credit rating upgrade and the other is due to improved
recovery prospects for this debt. We also raised our issue-level
rating on the senior unsecured notes to 'B-'. The '6' recovery
rating (rounded estimate: 5%) remains unchanged.
"The stable outlook reflects our expectation that Ardent's S&P
Global Ratings-adjusted debt leverage will remain 3.4x-4.0x, with
the potential for a temporary increase for attractive merger and
acquisition (M&A) opportunities and continued strong financial
performance with margins of about 10%-11%.
"Since going public in July 2024, Ardent significantly lowered its
debt leverage more than we expected and met our base-case
expectations for solid operating performance.
"We expect Ardent's S&P Global Ratings-adjusted debt to EBITDA will
remain 3.4x-4.0x with discretionary cash flow (DCF) to debt of
4%-6% over the next two years.
"Ardent's 2024 leverage and cash flow measures hit our ratings
upgrade triggers and we believe these results are largely
sustainable, inclusive of reasonable risks regarding health care
policies. Its S&P Global Ratings-adjusted leverage in 2024 declined
to 3.5x from 4.9x in 2023, outperforming our prior expectation of
4x. Revenue grew 10.3%, driven by a 4.8% increase in adjusted
admissions and a 5.1% increase in net patient service revenue per
adjusted admission. Ardent also recognized a net benefit to pretax
income of $98 million under both the Oklahoma Directed Payment
Program (OK DPP) and the New Mexico DPP (NM DPP), following the
retroactive approval for the NM DPP program in November 2024. Its
S&P Global Ratings-adjusted EBITDA margin in 2024 increased to 11%
from 9% following lower usage and price of contract labor as well
as expanded capacity for higher acuity procedures. The company
finished the year with S&P Global Ratings-adjusted DCF to debt of
4.4%, up from 2.8% in 2023.
"We expect Ardent's continued strong performance will keep its S&P
Global Ratings-adjusted leverage at 3.4x-4.0x and drive DCF to debt
of 4%-6%. Our base case for 2025 includes 4% revenue growth,
supported by 2%-3% adjusted admission growth and some rate
increases. We believe organic growth will be supported by further
growth in outpatient capacity in existing markets, including urgent
care centers, freestanding emergency departments, and possibly
ambulatory surgery centers. Acquisitions of acute care facilities
in adjacent markets are possible, but not likely to be
transformational. We also conservatively assume Ardent generates
about $150 million in annual EBITDA from NM DPPs and OK DPPs in
2025 and 2026."
There is uncertainty around how proposed Medicaid policy changes
could affect Ardent. Republicans in Congress are aiming to use
reconciliation to extend expiring tax cuts and modify federal
spending on programs like Medicaid, with a recent budget resolution
on April 10, 2025, establishing different deficit increase tracks
for the House and Senate. The House seeks $2.3 trillion in deficits
with significant Medicaid cuts, while the Senate targets $5.8
trillion without clear implications for Medicaid. Uncertainty
remains regarding the specifics of the Senate committee's package
and how to offset the costs of the proposed tax cuts.
S&P said, "We recognize there is significant uncertainty around how
Medicaid would ultimately be cut, or if cuts even materialize. We
focused on where we think Ardent might be most vulnerable,
including the provider tax programs. In 2024, it received 10% of
its total revenue from Medicaid. We expect Ardent to receive an
aggregate net benefit of about $150 million from the New Mexico and
Oklahoma provider tax programs. Our stress test assumed the
complete elimination of this program. We estimate leverage would
rise to about 4.3x in 2025 and 2026 from our forecast of 3.4x.
"However, we believe if federal funding for provider tax programs
is cut, it's more likely the program will be reduced and not
totally eliminated. Additionally, there are other policy risks such
as lowering the matching rate for Medicaid expansion states (40% of
Ardent's revenue is derived from nonexpansion states) or not
renewing the Affordable Care Act's premium subsidies. We believe
Ardent will take mitigating steps that would include service cuts
should payment reductions materialize, and the company will have
some cushion in its financial profile at this rating.
"We expect Ardent's financial policy will support its S&P Global
Ratings-adjusted leverage profile of 3.4x-4.0x. We also expect the
company's leverage could temporarily rise up to 4.5x for attractive
M&A opportunities. However, we expect it to decline to 4x or below
in the subsequent one to two years given the company's solid cash
flow generation, in line with its track record of successful
integration of acquired companies and its commitment to
deleveraging after significant acquisitions. Our current ratings
incorporate some cushion, projecting about $200 million in M&A
spend in 2025 and 2026. Though a public company, Ardent is still
controlled by private-equity firm Equity Group Investments (EGI),
which owns 54% of the company. Over the longer term, we expect
EGI's ownership will decline through secondary offerings but expect
it will maintain control of Ardent's decision-making.
"The stable outlook reflects our expectation that Ardent's S&P
Global Ratings-adjusted debt leverage will remain below 5x,
specifically 3.4x-4.0x, with the potential for a temporary increase
for attractive M&A opportunities. This also reflects the company's
strong financial performance, solid patient admission trends,
chronic reimbursement risk, and effective cost management
strategies, which results in our expectation for S&P Global
Ratings-adjusted EBITDA margin of about 10%-11%.
"We could lower the rating on Ardent if we expect its S&P Global
Ratings-adjusted debt to EBITDA to trend above 5x or DCF to debt
below 5%. This could occur due to reimbursement cuts or
increasingly aggressive acquisition and financial policies.
Additionally, this may stem from the implementation of current
health policy proposals that exceed our reasonable expectations.
"We could raise our rating on Ardent if the company demonstrates
its commitment to keeping its S&P Global Ratings-adjusted debt to
EBITDA below 3x. In this scenario, we would expect its publicly
stated comments on leverage and capital allocation to support
sustained lower leverage. We could also raise our rating if the
company materially increases its scale, improves geographic
concentration, and diversifies into different business segments."
ASCEND PERFORMANCE: S&P Withdraws 'D' Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings withdrew all ratings on Ascend Performance
Materials Operations LLC, including the 'D' issuer credit rating at
the issuer's request following the company's filing of chapter 11
bankruptcy protection on April 21, 2025.
ASPIRA WOMEN'S: Appoints Three New Directors to Board
-----------------------------------------------------
Aspira Women's Health Inc. announced the appointment of three new
Directors to its Board of Directors. These appointments were part
of a planned Board change, aligned with the upcoming annual
shareholders meeting. Each of the three new appointees brings
extensive resumes, with the first two Directors, Dr. Jeffrey Cohen
and Cindy Hundorfean, bringing decades of experience in executive
roles within the health care and medical industries. Jack Fraser
brings decades of financial and operational expertise to the
Company's Board of Directors.
"We are pleased to welcome Dr. Cohen, Ms. Hundorfean, and Mr.
Fraser to the Board of Directors," said Michael Buhle, Chief
Executive Officer of Aspira Women's Health. "Each new director
brings a diverse and critical expertise to the Board. This added
knowledge and resources will be invaluable to the Company as we
look to accelerate the pace of growth in our business and pursue
our mission to bring much-needed changes to women's healthcare."
"The Board and the executive team would also like to extend our
deepest gratitude to Dr. Celeste Fralick for her invaluable
contributions as a member of our Board of Directors since February
of 2022," stated Jannie Herchuk, Chair of the Board of Aspira
Women's Health. "Her leadership, insight, and unwavering commitment
have played a vital role in guiding the company through important
milestones and shaping our strategic direction. Dr. Fralick's
unique data analytics perspective and dedication have been
instrumental in helping us navigate both opportunities and
challenges, and we are truly grateful for the time, energy, and
expertise you have generously shared."
With more than forty years as a practicing urologist, Dr. Cohen is
an expert in robot-assisted surgery. Dr. Cohen has worked with the
Allegheny Health Network since 1985, most recently as its Chief
Physician Executive, Community Health and Innovation. He graduated
in 1976 from Syracuse University with a Bachelor of Science in
Biology and received his medical degree from SUNY – Upstate
Medical Center in 1979. Dr. Cohen completed a residency in urology
at Case Western Reserve University in 1984 and a fellowship in
urology at The M.D. Anderson Cancer Center.
Ms. Hundorfean is a senior partner of The CEO Advisory Network and
serves on the board of directors for several companies, including
Avant-gard Health, Leadline, Inc. and Heuro Health. She has
previously worked as Chief Living Health Development Officer for
Highmark Health and as president and Chief Executive Officer for
Allegheny Health Network. Ms. Hundorfean earned her Executive
Master of Business Administration in Healthcare Administration from
Case Western Reserve University.
Mr. Fraser has been a managing partner at the asset-management firm
Seamark Capital for nearly 25 years. Mr. Fraser earned his Bachelor
of Science in Business Administration from Bowling Green State
University and his Masters in Business Administration in Economics
from Ohio State University.
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. —
http://www.aspirawh.com— is dedicated to the discovery,
development, and commercialization of noninvasive, AI-powered tests
to aid in the diagnosis of gynecologic diseases. OvaWatch and
Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they
provide a comprehensive portfolio of blood tests to aid in the
detection of ovarian cancer for the 1.2+ million American women
diagnosed with an adnexal mass each year. OvaWatch provides a
negative predictive value of 99% and is used to assess ovarian
cancer risk for women where initial clinical assessment indicates
the mass is indeterminate or benign, and thus surgery may be
premature or unnecessary. Ova1Plus is a reflex process of two
FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian
malignancy in women planned for surgery.
Boston, Massachusetts-based BDO USA, P.C., the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 27, 2025, attached to the Company's Form 10-K Report
for the year ended December 31, 2024, citing that the Company has
suffered recurring losses from operations and expects to continue
to incur substantial losses in the future, which raise substantial
doubt about its ability to continue as a going concern.
As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in
total assets, $8.05 million in total liabilities, and a total
stockholders' deficit of $2.56 million. The Company's working
capital deficit was $1,285,000 at Dec. 31, 2024.
ASPIRA WOMEN'S: Signs $2M Equity Purchase Deal With Triton Funds
----------------------------------------------------------------
Aspira Women's Health, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that it entered
into an equity purchase agreement with Triton Funds L.P. for the
purchase of up to $2 million of the Company's shares of Common
Stock.
Pursuant to the Purchase Agreement, Triton will purchase 354,988
shares of restricted common stock for $25,000 and upon
effectiveness of a registration statement registering the shares of
Common Stock, the Company will be able to close on the sale of up
to $2 million of Common Stock, subject to the Nasdaq 19.99%
limitation. The purchase price of the Common Stock will be 75% of
the lowest traded price of the Common Stock five business days
prior to a closing. The Company intends to use the net proceeds
received from the Purchase Agreement for ongoing commercial
activities as well as general corporate purposes and working
capital.
"We are pleased to execute this key capital markets transaction.
This financing transaction should play a critical role in
supplementing our working capital for the foreseeable future as we
execute our strategic growth initiatives. Our top operational
priority is driving our sales growth, quickly followed by the
completion of our current endometriosis clinical study, which is
intended to validate our ENDOInform non-invasive blood test for the
early detection endometriosis," said Michael Buhle, Chief Executive
Officer of Aspira Women's Health.
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. —
http://www.aspirawh.com— is dedicated to the discovery,
development, and commercialization of noninvasive, AI-powered tests
to aid in the diagnosis of gynecologic diseases. OvaWatch and
Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they
provide a comprehensive portfolio of blood tests to aid in the
detection of ovarian cancer for the 1.2+ million American women
diagnosed with an adnexal mass each year. OvaWatch provides a
negative predictive value of 99% and is used to assess ovarian
cancer risk for women where initial clinical assessment indicates
the mass is indeterminate or benign, and thus surgery may be
premature or unnecessary. Ova1Plus is a reflex process of two
FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian
malignancy in women planned for surgery.
Boston, Massachusetts-based BDO USA, P.C., the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 27, 2025, attached to the Company's Form 10-K Report
for the year ended December 31, 2024, citing that the Company has
suffered recurring losses from operations and expects to continue
to incur substantial losses in the future, which raise substantial
doubt about its ability to continue as a going concern.
As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in
total assets, $8.05 million in total liabilities, and a total
stockholders' deficit of $2.56 million. The Company's working
capital deficit was $1,285,000 at Dec. 31, 2024.
ATXLUB LLC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: ATXLUB, LLC
d/b/a West Texas Auctions
d/b/a Metroplex Auctions
3416 Ave A
Lubbock, TX 79404
Business Description: ATXLUB, LLC operates as an online auction
service under the name West Texas Auctions,
based in Lubbock, Texas. The Company
facilitates public online auctions offering
a variety of consumer goods.
Chapter 11 Petition Date: April 24, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-50105
Debtor's Counsel: Max R. Tarbox, Esq.
TARBOX LAW, P.C.
2301 Broadway
Lubbock, TX 79401
Tel: (806) 686-4448
Fax: (806) 368-9785
Email: tami@tarboxlaw.com
Total Assets: $1,306,529
Total Liabilities: $2,622,256
The petition was signed by David Hodges as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/D5M6KXI/ATXLUB_LLC__txnbke-25-50105__0001.0.pdf?mcid=tGE4TAMA
AZUCAR RESTAURANTS: Seeks to Hire David C. Johnston as Attorney
---------------------------------------------------------------
Azucar Restaurants LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to hire David C.
Johnston, a professional practicing law in California, as its
attorney.
Mr. Johnston's services include:
a. giving the Debtor legal advice about various bankruptcy
options, including relief under Chapters 7 and 11, and legal advice
about non-bankruptcy alternatives for dealing with the claims
against it;
b. giving the Debtor in Possession legal advice about its
rights, powers, and obligations in the Chapter 11 case and in the
management of the estate;
c. taking necessary action to enforce the automatic stay and
to oppose motions for relief from the automatic stay;
d. taking necessary action to recover and avoid any
preferential or fraudulent transfers and to exercise the Debtor in
Possession's strong-arm powers;
e. appearing with the Debtor's designated representative,
Navjot Singh, at the meeting of creditors, initial interview with
the U.S. Trustee, status conference, and other hearings held before
the Court;
f. reviewing and if necessary, objecting to proofs of claim;
and
g. preparing a plan of reorganization and a disclosure
statement (if required) and taking all steps necessary to bring the
plan to confirmation, if possible.
He will be paid at $400 per hour.
Mr. Johnston received a retainer in the amount of $5,000.
Mr. Johnston will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David C. Johnston, Esq., disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
He can be reached at:
David C. Johnston, Esq.
1600 G Street, Suite 102
Modesto, CA 95354
Tel: (209) 579-1150
Fax: (209) 900-9199
About Azucar Restaurants LLC
Azucar Restaurants LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-20969) on
March 3, 2025, with $100,001 to $500,000 in assets and
liabilities.
Judge Ronald H. Sargis presides over the case.
David C. Johnston, Esq. represents the Debtor as legal counsel.
B.L.H.G. GROUP: Gets Final OK to Use Cash Collateral Until June 30
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The B.L.H.G. Group, LLC received final approval from the U.S.
Bankruptcy Court for the District of Arizona to use cash
collateral.
The final order penned by Judge Scott Gan authorized the company's
use of cash collateral for the period from the petition date to
June 30 in accordance with its budget.
About The B.L.H.G. Group
The B.L.H.G. Group, LLC, doing business as Smile Now Dental
Implant, is a dental practice based in Phoenix, Ariz., specializing
in dental implants. The center offers a variety of implant
services, including full-mouth dental implants, single implants,
zygomatic implants, and bone grafting. The company emphasizes
convenience by providing comprehensive treatment in a single
location, utilizing advanced technology such as CBCT imaging and
digital smile design software. The practice also offers financing
options, flexible scheduling, and same-day solutions for implants.
B.L.H.G. filed Chapter 11 petition (Bankr. D. Ariz. Case No.
25-02029) on March 11, 2025, listing $180,813 in assets and
$2,155,970in liabilities. Blake Austin, manager and member, signed
the petition.
Judge Scott H. Gan oversees the case.
Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., represents
the Debtor as legal counsel.
BAMBI HEALTH: Unsecured Creditors Will Get 64% of Claims in Plan
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Bambi Health, Inc., filed with the U.S. Bankruptcy Court for the
District of Delaware a Disclosure Statement describing Plan of
Reorganization dated March 27, 2025.
The Debtor's main area of business is the development, utilization,
and sale of AI optimized software for non-emergency medical
transportation ("NEMT") providers.
The Debtor's software assists NEMT providers with running their
daily operations, including dispatch, scheduling, compliance, trip
ingestion, billing, and more. Like many startups, the Debtor relied
upon equity investments to get its business up and running. The
Debtor has not yet reached positive cashflow and its reserves are
dwindling.
As the Debtor's preferred equity holders refused to invest further
and refused to allow the Debtor to take on additional debt, the
bankruptcy filing was necessary to preserve the going concern value
of the Debtor and its operations.
Under the Plan, all existing Equity Interests will be cancelled,
and the Debtor will issue new Equity to its lenders in exchange for
a release of the debt held by those lenders. The Debtor will also
devote a significant amount of its held assets toward the payment
of Creditors. The Plan will be funded with the funds that are not
for the payment of expenditures necessary for the continuation,
preservation, or operation of the business of the Debtor. The Plan
provides for payment of Administrative Expenses and Priority Tax
Claims in accordance with the Bankruptcy Code, and projects payment
to Allowed General Unsecured Claims.
The proposed distributions and classifications under the Plan are
based upon a number of factors, including the Debtor's liquidation
analysis. In developing the Plan, the Debtor gave due consideration
to various alternatives, concluding that the Debtor's business has
significant value that would not be realized in a liquidation,
either in whole or substantial part. Importantly, all valuation
risk will be borne by the Prepetition Secured Lenders and the
existing equity holders. Consistent with the liquidation and other
analyses prepared by the Debtor, the value of the Debtor is
substantially greater as a going concern than in a liquidation.
Class 2 consists of General Unsecured Claims. The Debtor estimates
that General Unsecured Claims total approximately $77,585.55.
Except to the extent that a Holder of an Allowed General Unsecured
Claim agrees to a different treatment, the Debtor proposes to pay
$50,000.00 to the holders of Allowed General Unsecured Claims, in
cash, on a pro rata basis on the Effective Date or as soon as
practicable thereafter. The treatment and consideration to be
received by holders of Class 2 Allowed Claims shall be in full
settlement, satisfaction, release and discharge of their respective
Claims and Liens. The General Unsecured Claims are impaired. This
Class will receive a distribution of 64% of their allowed claims.
Class 3 consists of Holders of Equity Interests. Existing Equity
Interests shall be discharged, cancelled, released and
extinguished, and holders thereof shall not receive or retain any
distribution under the Plan on account of such Existing Interests.
Unless otherwise set forth in the Plan, pursuant to section 1123 of
the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration
for the classification, distributions, releases, and other benefits
provided under the Plan, upon the Effective Date, the provisions of
the Plan shall constitute a good-faith compromise and settlement of
all Claims and Interests and controversies resolved pursuant to the
Plan.
Except as otherwise provided in the Plan, the Debtor shall continue
to exist after the Effective Date as the Reorganized Debtor in
accordance with the laws of the State of Delaware and pursuant to
the Debtor's internal governance documents, as may be amended, for
the purposes of satisfying its obligations under the Plan and the
continuation of its business. On or after the Effective Date, the
Reorganized Debtor, in its discretion, may take such action as
permitted by applicable law and its internal governance documents,
as may be amended, as the Reorganized Debtor may determine is
reasonable and appropriate.
A full-text copy of the Disclosure Statement dated March 27, 2025
is available at https://urlcurt.com/u?l=BjnB3s from
PacerMonitor.com at no charge.
The firm can be reached at:
Kevin S. Mann, Esq.
Cross & Simon, LLC
1105 North Market Street, Suite 901
Wilmington, DE 19801
Tel: (302) 777-4200
Fax: (302) 777-4224
About Bambi Health
Bambi Health, Inc., is a Delaware corporation having been
incorporated on April 14, 2022.
Bambi Health filed a Chapter 11 bankruptcy petition (Bankr. D. Del.
Case No. 25-10384) on March 4, 2025. At the time of filing, the
Debtor estimated $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Laurie Selber Silverstein presides over the case.
The Debtor is represented by Kevin S. Mann, Esq., of Cross & Simon,
LLC.
BAMBY EXPRESS: Court Allows $14,282.17 in Attorney Fees
-------------------------------------------------------
Judge Timothy A. Barnes of the United States Bankruptcy Court for
the Northern District of Illinois issues his findings of fact and
conclusions of law in support of order awarding to Springer Larsen,
LLC, attorneys for Bamby Express, Inc., for allowance and payment
of final compensation and reimbursement of expenses.
TOTAL FEES REQUESTED: $14,089.50
TOTAL COSTS REQUESTED: $1,787.62
TOTAL FEES REDUCED: $1,594.95
TOTAL COSTS REDUCED: $0.00
TOTAL FEES ALLOWED: $12,494.55
TOTAL COSTS ALLOWED: $1,787.62
TOTAL FEES AND COSTS ALLOWED: $14,282.17
The total of disallowed amounts for unauthorized work is $1,395.00.
The Court denies the allowance of compensation for work done prior
to the authorization of retention.
The total of disallowed amounts for lumping is $199.95(10% of
affected entries). The Court may impose a ten percent penalty on
entries that appear to be "lumping." The Court will reduce each
entry marked as such per the penalty.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=kS2Wt0 from PacerMonitor.com.
About Bamby Express
Bamby Express, Inc. is a small transportation company that operates
a single semi-truck and trailer. It primarily offers freight and
logistics services.
Bamby Express sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-13689) on
September 17, 2024, with up to $50,000 in assets and up to $500,000
in liabilities. Dusan Cirkovic, president of Bamby Express, signed
the petition.
Judge Timothy A. Barnes oversees the case.
The Debtor is represented by Richard G. Larsen, Esq., at Springer
Larsen, LLC.
BAUSCH HEALTH: Completes $4.4B 10% Secured Notes Offering Due 2032
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Bausch Health Companies Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
completed its previously announced private offering of $4.4 billion
aggregate principal amount of 10.000% senior secured notes due 2032
through its indirect wholly-owned subsidiary, 1261229 B.C. Ltd.
(the "Issuer"), a company incorporated under the laws of British
Columbia, Canada.
The Notes were offered in the United States and sold only to:
(i) persons reasonably believed to be qualified institutional
buyers pursuant to Rule 144A under the Securities Act that are also
qualified purchasers within the meaning of Section 2(a)(51) of the
Investment Company Act of 1940, as amended, and
(ii) non-U.S. persons outside of the United States pursuant to
Regulation S under the Securities Act.
The Issuer intends to loan the net proceeds from the offering of
the Notes, together with funds borrowed under the Term Loan
Facility, to the Company pursuant to an intercompany loan. The
Company intends to use the proceeds of the Offering, together with
proceeds of the Term Loan Facility:
(i) to repay in full and terminate the Company's existing
credit agreement,
(ii) to redeem all of its 5.500% Senior Secured Notes due 2025,
9.000% Senior Notes due 2025, 6.125% Senior Secured Notes due 2027,
5.750% Senior Secured Notes due 2027 and its indirect subsidiary's
9.000% Senior Secured Notes due 2028,
(iii) to pay related fees, premiums and expenses and (iv) for
general corporate purposes.
The Notes Indenture
The Notes were issued pursuant to an indenture, dated as of April
8, 2025, among the Issuer, the Company, the other guarantors named
therein, The Bank of New York Mellon, as trustee and the notes
collateral agents party thereto.
Interest and Maturity
Pursuant to the Indenture, the Notes will mature on April 15, 2032.
Interest on the Notes is payable semi-annually in arrears on each
April 15 and October 15, commencing on October 15, 2025.
Guarantees
The Notes are:
(i) secured, subject to customary limitations, by a first
priority lien on substantially all assets of the Issuer and the
NumberCo Note Guarantors, including a pledge of the Issuer's 52.5%
equity interest in Bausch + Lomb Corporation and
(ii) jointly and severally guaranteed by (x) the Company and
subsidiaries of the Company that guarantee the Company's existing
senior notes, with such guarantees secured by the assets of such
guarantors, subject to customary limitations, by a first-priority
lien that ranks pari passu with the liens securing the Company's
existing first-lien senior secured notes and the new senior secured
credit facilities and (y) certain subsidiaries of the Company that
do not guarantee the Company's existing senior notes, with such
guarantees secured by the assets of such guarantors, subject to
customary limitations, by a first-priority lien that ranks pari
passu with the liens securing the Credit Agreement.
Optional Redemption
The Notes are redeemable at the option of the Issuer, in whole or
in part, at any time on or after April 15, 2028, at the redemption
prices set forth in the Indenture. Prior to April 15, 2028, the
Issuer may redeem all or a portion of the Notes at a price equal to
100% of the principal amount thereof, plus accrued and unpaid
interest to, but not including, the date of redemption, plus a
"make-whole" premium.
Mandatory Redemption
The Notes are subject to mandatory redemption upon:
(i) the receipt of net cash proceeds from the sale of shares
of Bausch + Lomb that constitute NumberCo Collateral,
(ii) the receipt of any dividends, distributions or other
amounts on account of such Bausch + Lomb shares that constitute
NumberCo Collateral in excess of $50 million or
(iii) the receipt of funds from any repayment of principal on
certain intercompany obligations.
The Issuer will be required to redeem, on a pro rata basis with
obligations under the Credit Agreement, the maximum principal
amount of Notes that may be redeemed (or mandatorily prepaid under
the Credit Agreement) out of such proceeds or amounts. The
redemption price for the Notes to be redeemed pursuant to such a
mandatory redemption is the lower of:
(i) 105.000% of the principal amount thereof and
(ii) the redemption price that would be applicable had the
Issuer elected to optionally redeem the Notes, plus accrued and
unpaid interest, if any, to, but not including, the applicable
redemption date.
Offers to Purchase
Upon the occurrence of a change of control, holders of Notes may
require the Issuer to repurchase such holder's Notes, in whole or
in part, at a purchase price equal to 101% of the principal amount
of such Notes plus accrued and unpaid interest to, but not
including, the purchase date applicable to the Notes.
After the payment in full of all indebtedness under the Credit
Agreement (other than revolving credit indebtedness), within 10
business days of the date on which the aggregate amount of interest
paid by the Company on the Intercompany Loan, net of tax, that has
not been applied by the Issuer to repay principal or pay interest
expense of the Issuer under the Credit Agreement (other than
revolving credit indebtedness) or in respect of the Notes or
certain incremental debt or permitted refinancing debt that is
secured on a pari passu basis with the Notes and that is not
reasonably projected by the Issuer to be applied to pay interest
expense of the Issuer or the Note Guarantors in respect of
indebtedness under the Notes or certain incremental debt or
permitted refinancing debt that is secured on a pari passu basis
with the Notes within the next six months of such date exceeds $50
million, the Issuer will make an offer to all holders of Notes and
to all holders of certain incremental debt and permitted
refinancing debt that is secured on a pari passu basis with the
Notes containing similar offers to pay, repurchase or redeem
Intercompany Loan Excess Cash, to purchase the maximum principal
amount of Notes, such incremental debt and such permitted
refinancing debt that may be purchased out of the Intercompany Loan
Excess Cash. The offer price in any such offer will be equal to
100% of the principal amount of the Notes, plus accrued and unpaid
interest to, but not including, the date of purchase, and will be
payable in cash.
Certain Covenants
The Indenture contains covenants, subject to a number of important
limitations and exceptions, that limit the ability of the Company
and any of its restricted subsidiaries, to, among other things:
* incur or guarantee additional indebtedness;
* pay dividends or distributions on, or redeem or repurchase,
equity interests and make other restricted payments;
* make certain investments and other restricted payments;
* create liens;
* enter into transactions with affiliates;
* engage in mergers, consolidations or amalgamations; and
* transfer and sell assets.
The Indenture contains additional covenants, subject to a number of
important limitations and exceptions, specific to the Issuer and
the NumberCo Note Guarantors, including a covenant that will
prohibit the Company and its restricted subsidiaries from taking
any action that would result in the Issuer or any NumberCo Note
Guarantors no longer constituting non-guarantor restricted
subsidiaries with respect to the indentures governing the Company's
existing notes. In addition, the Indenture contains certain
limitations on the ability of the Issuer to take certain actions
with respect to:
(i) common shares of Bausch + Lomb that constitute NumberCo
Collateral and
(ii) its rights and obligations under certain intercompany
obligations.
Events of Default
The Indenture also provides for customary events of default.
Senior Secured Credit Facilities
Concurrently with the closing of the Offering, the Issuer entered
into a new senior secured credit agreement with JPMorgan Chase
Bank, N.A., as administrative agent, and other certain financial
institutions, as agents and/or lenders, which will include:
(i) a $3,000 million 5.5-year senior secured term loan and
(ii) a 5-year senior secured revolving credit facility that
will provide for borrowings in an initial commitment amount of $500
million, including a sublimit for the issuance of standby and
commercial letters of credit and a sublimit for swingline loans.
The Issuer is the borrower under each of the Term Loan Facility and
the Revolving Credit Facility, and each facility is guaranteed by
each of the Note Guarantors. In addition, each of the Term Loan
Facility and the Revolving Credit Facility is secured by a first
priority lien on the same collateral that secures the Notes and
related guarantees under the Indenture.
Term Loan Facility
Maturity, Amortization and Prepayments
The Term Loan Facility has an initial five-and-one-half year
maturity. Borrowings under the Term Loan Facility amortize in equal
quarterly installments in an aggregate annual amount equal to 1% of
the initial principal amount of the Term Loan Facility, commencing
September 30, 2025, with the balance payable on the maturity date.
The Issuer is permitted to voluntarily prepay outstanding loans
under the Term Loan Facility, in whole or in part, without premium
or penalty, subject to customary "breakage" costs. The Term Loan
Facility includes a 100% net cash proceeds sweep, on a pro rata
basis with obligations under the Notes, in connection with:
(i) the receipt of net cash proceeds from the sale of shares
of Bausch + Lomb that constitute NumberCo Collateral,
(ii) the receipt of any dividends, distributions or other
amounts on account of such BLCO Share Collateral in excess of $50
million,
(iii) prepayment of certain intercompany obligations,
(iv) asset sales or other dispositions of any property of the
Company or its Restricted Subsidiaries or any casualty or
condemnation event (subject to reinvestment rights and with any
prepayments to be shared ratably with the BHC Existing First Lien
Notes due 2028 and the Notes) and
(v) cash of the borrower from payments under certain
intercompany obligations after funding principal and interest
payments (including for the next six months) under the Credit
Agreement and the Notes.
In the case of any of the following prior to the 12-month
anniversary of the Closing Date:
(i) any voluntary prepayment of the Term Loan Facility with
the proceeds of any new or replacement broadly syndicated pari
passu secured U.S. dollar denominated floating rate term "b" loan
facilities that have a lower effective yield than the Term Loan
Facility or
(ii) any repricing amendment of the Term Loan Facility reducing
the all-in yield of the Term Loan Facility, the Issuer expects to
pay a 1% prepayment fee with respect to the principal amount of the
Term Loan Facility so prepaid or amended.
Interest Rate
Borrowings under the Term Loan Facility bear interest, with respect
to U.S. Dollar borrowings, based on our election of either:
(1) an alternate base rate equal to the highest of:
(i) the prime rate then in effect,
(ii) the greater of the federal funds effective rate and
the overnight bank funding rate (each subject to a 0.00% floor),
plus 0.500% and
(iii) the Term SOFR Rate (as defined in the Credit
Agreement) for a one-month interest period, plus 1.000%, subject to
a 1.000% floor, plus the Applicable Margin (as defined in the
Credit Agreement) or
(2) the Term SOFR Rate for the applicable interest period,
subject to a 0% floor, plus the Applicable Margin.
The Applicable Margin in connection with a borrowing under the Term
Loan Facility is 5.25% for alternate base rate borrowings and 6.25%
for Term SOFR Rate borrowings.
Revolving Credit Facility
Maturity and Prepayments
The Revolving Credit Facility has an initial maturity of the
earlier of:
(i) five years after the Closing Date and
(ii) the date that is 91 calendar days prior to the scheduled
maturity date of any indebtedness for borrowed money of the Company
or the Issuer in an aggregate principal amount exceeding $1,000
million.
The Issuer is permitted to voluntarily repay outstanding loans and
reduce commitments under the Revolving Credit Facility, in whole or
in part, without premium or penalty, but subject to customary
"breakage" costs.
Interest Rate and Fees
Borrowings under the Revolving Credit Facility bear interest, with
respect to U.S. Dollar borrowings, based on our election of
either:
(1) an alternate base rate equal to the highest of:
(i) the prime rate then in effect,
(ii) the greater of the federal funds effective rate and
the overnight bank funding rate (each subject to a 0.00% floor),
plus 0.500% and
(iii) the Term SOFR Rate for a one-month interest period,
plus 1.000%, subject to a 1.000% floor, plus the Applicable Margin
or
(2) the Term SOFR Rate for the applicable interest period plus
a credit spread adjustment of 0.100%, subject to a 0% floor, plus
the Applicable Margin. All swingline loans are priced as alternate
base rate loans.
Borrowings under the Revolving Credit Facility bear interest, with
respect to Canadian Dollar borrowings, based on our election of
either:
(1) Term CORRA (as defined in the Credit Agreement) plus
0.29547% for a one month interest period or 0.32138% for a
three-month interest period, subject to a 0% floor, plus the
Applicable Margin or
(2) a rate equal to the highest of:
(i) the Canadian prime rate then in effect and
(ii) the annual rate of interest equal to the sum of the
(x) Term CORRA rate plus 0.29547% for a one month interest period
and (y) 1.00%, subject to a 0% floor, plus the Applicable Margin.
Borrowings under the Revolving Credit Facility bear interest, with
respect to Euro borrowings, based on the adjusted EURIBOR Screen
Rate, subject to a 0% floor, for any applicable interest period
plus the Applicable Margin.
The Applicable Margin in connection with alternate base rate
borrowings, Canadian prime rate loans and swingline loans is 3.25%
and in connection with adjusted Term SOFR Rate loans, adjusted
EURIBOR rate loans and adjusted Term CORRA rate loans is 4.25%;
provided that, in each case, the Applicable Margin is subject to
two 0.250% step-downs subject to compliance with a Blended First
Lien Net Leverage Ratio (as defined in the Credit Agreement) of
2.6:1.00 and 2.1:1.00, respectively. In addition, we are required
to pay commitment fees of 0.50% per annum in respect of the
commitments (whether utilized or unutilized) under the Revolving
Credit Facility, payable quarterly in arrears, subject to two
0.125% step-downs subject to compliance with a Blended First Lien
Net Leverage Ratio of 2.6:1.00 and 2.1:1.00, respectively. We are
also required to pay letter of credit fees on the maximum amount
available to be drawn under all outstanding letters of credit in an
amount equal to the Applicable Margin in connection with adjusted
Term SOFR Rate loans, adjusted EURIBOR rate loans and adjusted Term
CORRA rate loans under the Revolving Credit Facility on a per annum
basis, payable quarterly in arrears, as well as customary fronting
fees for the issuance of letters of credit and agency fees.
Additional Terms
Incremental Term Loan Facilities
The Credit Agreement provides for an accordion feature that allows
the Issuer, on one or more occasions prior to December 31, 2025, to
increase the size of the Term Loan Facility, add one or more
incremental term loan facilities or incur incremental equivalent
debt in the form of broadly syndicated U.S. dollar denominated
floating rate term "b" loan facilities, in an aggregate amount not
to exceed $1,600 million less the amount of any Drop Down Debt
originally incurred (whether or not such Drop Down Debt remains
outstanding at the time of such incurrence of incremental term loan
facilities or incremental equivalent debt), secured by the
Collateral on a pari passu basis with the Term Loan Facility and
the Revolving Credit Facility. The incurrence of such incremental
term loan facilities or incremental equivalent debt is subject to
customary conditions, including that a specified amount of BLCO
Share Collateral is added to the Collateral based on the amount of
such incremental term loan facilities or incremental equivalent
debt incurred.
Guarantees and Security
The obligations of the Issuer under the Credit Agreement are
guaranteed by the Note Guarantors, subject to certain customary
exceptions. Such obligations and the related guarantees are secured
by a perfected first priority security interest in substantially
all tangible and intangible assets owned by us or by any guarantor,
in each case subject to permitted liens (including that the liens
on the Collateral securing such obligations will be pari passu with
the liens on the Collateral securing the Notes) and certain
customary exceptions.
Covenants and Events of Default
The Credit Agreement includes covenants limiting, with certain
exceptions:
(1) incurrence of indebtedness,
(2) liens,
(3) negative pledges,
(4) dividends or other distributions on account of capital
stock,
(5) prepayments of junior indebtedness,
(6) investments and acquisitions,
(7) fundamental changes and dispositions of assets,
(8) sale and leaseback transactions,
(9) establishment of a defined benefit plan,
(10) transactions with affiliates,
(11) amendments or waivers of junior indebtedness,
(12) activities of the borrower and
(13) modifications of certain intercompany obligations;
provided that the foregoing covenants allow up to an aggregate
principal amount of up to $1,600 million of indebtedness, which
amount is subject to reduction on a dollar-for-dollar basis in the
event that the Issuer exercises its option to incur indebtedness
under certain other provisions of the Credit Agreement, of the
Issuer and the Notes Guarantors secured by an equal and ratable
lien on the Collateral, other than the BLCO Share Collateral, such
that after giving effect to such incurrence, on a pro forma basis,
the Blended First Lien Net Leverage Ratio (as defined in the Credit
Agreement) does not exceed 4.25:1.00.
The Credit Agreement requires in respect of the Revolving Credit
Facility that:
(i) we maintain a Blended First Lien Leverage Ratio (as
defined in the Credit Agreement) not to exceed 4.25:1.00 (or on and
after the last day of the first full fiscal quarter in which the
Company no longer has meaningful exclusivity protection via patents
or no longer has regulatory exclusivity rights for Xifaxan,
5.75:1.00) as of the last day of each fiscal quarter commencing
with the fiscal quarter ending June 30, 2025 and
(ii) on and after the Covenant Step-Up Date, we maintain
minimum Liquidity (the sum of unrestricted cash and cash
equivalents and available commitments under the Revolving Credit
Facility) on the last day of each fiscal quarter of $400 million.
The Credit Agreement contains certain customary affirmative
covenants and events of default. If an event of default, as
specified in the Credit Agreement, shall occur and be continuing,
the Issuer may be required to repay all amounts outstanding under
the Term Loan Facility and the Revolving Credit Facility
About Bausch Health Companies Inc.
Bausch Health Companies Inc. develops drugs for unmet medical needs
in central nervous system disorders, eye health, and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
As of March 31, 2024, the Company had $26.91 billion in total
assets, $27.09 billion in total liabilities, and $174 million in
total deficit.
* * *
In April 2025, Fitch Ratings has upgraded Bausch Health Companies
Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA)
(collectively, BHC) Issuer Default Ratings (IDRs) to 'CCC+' from
'CCC' following the refinancing which addressed upcoming
maturities. The ratings remain in the 'CCC' category to reflect
long-term refinancing risk, non-zero risk of a distressed debt
exchange for later maturities, and a weakening balance sheet when
XIFAXAN revenues decline and if BHC separates Bausch + Lomb
Corporation.
Fitch assigned a rating of 'B' with a Recovery Rating of 'RR2' to
the first lien debt issued by 1261229 B.C. Ltd, affirmed BHC's
existing first lien notes at 'B' and revised the Recovery Rating to
'RR2' from 'RR1', and upgraded the second lien (issued by BHC) and
unsecured notes (issued by BHC and BHA) to 'CCC-'/'RR6' and
'CC'/'RR6', respectively.
BEELINE HOLDINGS: 2024 Revenue Up 33.5%, Outpaces Industry by 29%
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Beeline Holdings, Inc. announced that its 2024 growth in
origination volume outpaced the broader industry by 29%.
According to the Mortgage Bankers Association (MBA), total U.S.
mortgage originations reached $1.79 trillion in 2024, signaling a
market recovery after a steep decline in 2022. Since the market
bottomed out in Q4 2022, Beeline has delivered strong momentum,
averaging nearly 20% revenue growth per quarter through Q4 2024.
Beeline launched in the second half of 2020 and ended its first
full year of operations in 2021 with $7.8 million in revenue.
Shortly after, interest rates began rising in October 2021,
triggering the current mortgage downturn and driving industry
revenues to 30-year lows (excluding the 2008 crisis). Despite macro
headwinds, Beeline's revenue grew 33.5% in 2024 compared to 2023.
"Our timing wasn't ideal, but we've built the company to withstand
volatility," said Nick Liuzza, Co-founder and CEO of Beeline. "We
caught a favorable market to close out 2021, but like the rest of
the industry, we were hit by rising rates and a shortage of
single-family homes. The difference is—we didn't slow down. We
kept building software, expanded our product suite, and diversified
our lending capabilities. Now we're positioned to move quickly.
With rates coming down last week, our timing as a public company
seems excellent."
With 30-year mortgage rates expected to end 2025 at around 5.9%,
according to the MBA's baseline forecast, Beeline anticipates
strong market conditions over the next several years and believes
it is poised for accelerated growth through 2027.
About Beeline Holdings
Beeline Holdings f/k/a Eastside Distilling, Inc. is a
forward-thinking mortgage lender leveraging cutting-edge technology
to simplify and streamline the home financing process. The company
is committed to providing a seamless, customer-centric experience
while expanding its presence in the mortgage industry.
The Woodlands, Texas-based M&K CPAS, PLLC, Beeline's former
auditor, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company suffered a net loss from
operations and used cash in operations, which raises substantial
doubt about its ability to continue as a going concern. Beeline
incurred a net loss of $7.5 million during the year ended December
31, 2023.
The Company has yet to file its Annual Report on Form 10-K for the
year ended December 31, 2024.
BENSON HILL: US Trustee Denies Motion to Seal Exec. Bonus Details
-----------------------------------------------------------------
Rick Archer of Law360 reports that on Friday, April 25, 2025, the
U.S. Trustee's Office urged a Delaware bankruptcy judge to deny
Benson Hill's request to keep both the identities of bonus-eligible
executives and their proposed bonus amounts under seal.
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.
BERTUCCI'S RESTAURANTS: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Bertucci's Restaurants, LLC
d/b/a Bertucci's Brick Oven Pizza & Pasta
4700 Millenia Blvd., Ste. 400
Orlando, FL 32839
Business Description: Bertucci's operates a chain of Italian-
inspired restaurants primarily across the
U.S. East Coast, including New England and
Virginia. Founded in 1981 in Somerville,
Massachusetts, the Company is known for its
wood-fired brick oven dishes. It recently
launched Bertucci's Pronto, a fast-casual
spinoff concept aimed at catering to
evolving consumer dining preferences.
Chapter 11 Petition Date: April 24, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-02401
Judge: Hon. Grace E Robson
Debtor's Counsel: R.Scott Shuker, Esq.
SHUKER & DORRIS, P.A.
121 S. Orange Avenue, Suite 1120
Orlando, FL 32801
Tel: (407) 337-2060
E-mail: rshuker@shukerdorris.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
Thomas Avallone signed the petition in his capacity as manager.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/DTC76RQ/Bertuccis_Restaurants_LLC__flmbke-25-02401__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. AFA Protective Systems Inc. Trade Debt $78,201
Po Box 21030
New York, NY
10087-1030
Lynne O'Sullivan
Email: lferrone@afap.com
Phone: 516-496-2322
2. Cost Control Associates Trade Debt $630,196
796 Meeting Street
Charleston, SC 29403
Amber George
Email: amber.george@aboutsib.com
Phone: 843-536-1283
3. Costa Fruit And Produce Trade Debt $140,094
18 Bunker Hill Ind. Park
Charlestown, MA 02129
Jim Schofield
Email: schofield@freshideas.com
Phone: 617-912-8006
4. Country Manor Trade Debt $73,527
Norwood Trust
40 Grove St, Unit 430
Wellesley, MA 02482
Paul Ferrari
Email: pferrari@bestpetroleum.com
Phone: 781-593-6853
5. Elge Plumbing & Heating Services/ $103,892
P.O. Box 1070 Repairs
Burlington, MA 01803
Ann Shuley
Email: ashuley@elgeplumbing.com
Phone: 617-782-4300
6. Frontier Drive Metro Center Litigation $110,499
P.O. Box 103428
Pasadena, CA
91189-3428
Pam Grimm
Email: pgrimm@lpc.com
Phone: 703-519-8333
7. Griswold Mall Associates Trade Debt $60,224
1000 Huntington Turnpike
Bridgeport, CT 06610
8. National Grid Electric Utility $71,503
P.O. Box 371396
Pittsburgh, PA
15250-7396
Email: nationalgrid@emails.nationalgridus.com
Phone: 800-322-3223
9. National Grid Gas Utility $104,262
P.O. Box 371338
Pittsburgh, PA
15250-7338
Email: nationalgrid@emails.nationalgridus.com
Phone: 800-233-5325
10. NC Read Beam LLC Trade Debt $121,291
North Colony Asset Mgt
625 Mt. Auburn Street
Cambridge, MA 02138
Chip Palumbo
Email: cpalumbo@ncolony.com
Phone: 781-572-9378
11. NCR Local-Southeast Trade Debt $100,000
Region
P.O. Box 198755
Atlanta, GA
30384-8755
Email: customer.care@ncrvoyix.com
Phone: 800-225-5688
12. NCR Local-Southeast Trade Debt $95,000
Region
P.O. Box 198755
Atlanta, GA
30384-8755
Email: customer.care@ncrvoyix.com
Phone: 800-225-5688
13. Olo, Inc Trade Debt $130,000
285 Fulton Street, Fl 82
New York, NY 10007
Email: collectionssupport@olo.com
Phone: 844-656-2414
14. Republic Services Trade Dbet $75,963
P.O. Box 99917
Chicago, IL
60696-7717
Duncan Rice
Email: drice@republicservices.com
Phone: 480-627-2350
15. Route 140 School Street LLC Trade Debt $70,227
P.O. Box 847425
Boston, MA
02284-7425
Erin Smith
Email: erin.smith@wsdevelopment.com
Phone: 617-981-4845
16. Somerset Waltham LLC Trade Debt $73,388
465 Waverley Oaks Road
Waltham, MA 02452
Guy Sergi
Email: gsergi@duffyproperties.com
Phone: 781-786-6013
17. Springfield Trade Debt $100,146
Square Central
1001 Baltimore Pike
Springfield, PA 19064
Lori Braccili
Email: lori@ncrdelco.com
Phone: 610-328-1700 Ext 122
18. Thompson's Restaurant Inc. Trade Debt $80,571
P.O. Box 155
North Andover, MA
01845-0155
Stuart Thompson
Email: sthompson@eastc.com
Phone: 978-535-5833
19. Westbrook Village Realty Tr Trade Debt $108,413
P.O. Box 67396
Chestnut Hill, MA 02467
Brad Goldstein
Email: bgoldstein@chestnuthillrealty.com
Phone: 617-469-1492
20. Wildwood Est. Trade Debt $104,013
Of Braintree
P O Box 859059
Braintree, MA 02185
Debora Hall
Email: dhall@fxmessina.com
Phone: 781-848-5000 Ext 147
BLH TOPCO: Bar Louie Gets $2.5MM DIP Final Approval in Chapter 11
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Emily Lever of Law360 Bankruptcy Authority reports that on
Thursday, April 24, 2025, a Delaware bankruptcy judge granted final
approval for Texas-based gastropub chain Bar Louie to draw $2.48
million from its prepetition lender under a debtor-in-possession
financing facility.
About BLH TopCo
BLH TopCo, LLC is the operator and franchisor of locally themed,
social gastrobars under the "Bar Louie" brand. Bar Louie is an
upscale neighborhood bar and eatery. Established in 1991 in
Chicago, Ill., BLH TopCo and its affiliates currently operate 31
locations, franchise an additional 17, and employ roughly 1,400
individuals across 19 states. Bar Louie restaurants are situated
in
various settings, such as lifestyle centers, conventional shopping
malls, event venues, central business districts, and other unique
standalone locations.
BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 25-10576) on March 26, 2025. In its petition,
BLH TopCo reported between $1 million and $10 million in assets and
between $50 million and $100 million in liabilities.
Judge Craig T. Goldblatt handles the cases.
The Debtors are represented by Thomas J. Francella, Jr., Esq., and
Mark W. Eckard, Esq., attorneys at Raines Feldman Littrelll, LLP.
Bankruptcy Management Solutions, Inc., doing business as Stretto,
serves as the Debtors' claims and noticing agent.
BONITA SOL: Unsecureds to Split $50K via Quarterly Payments
-----------------------------------------------------------
Bonita Sol, LLC, filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Disclosure Statement describing Plan
of Reorganization dated March 25, 2025.
The Debtor is a Florida limited liability company founded on August
3, 2016.
The Debtor is a holding company which owns Dental Crown In An Hour
– Bonita Springs, P.A., Imperial Dental Lab, LLC, E-Discount
Dental Plans, LLC, and certain real property and improvements
thereon located at 11380 Bonita Beach Rd Southeast, Suite 101,
Bonita Springs, FL 34135 (the "Office"). The Debtor rents parts of
the Office to Dental Crown Bonita and Imperial.
Facing the prospects of foreclosure arising from its inability to
timely pay debts as they came due, the Debtor commenced this Case
by filing a voluntary petition for reorganizational relief under
Chapter 11 of the Bankruptcy Code on October 18, 2024.
Class 4 consists of all allowed general unsecured claims against
the Debtor, including the Live Oak Unsecured Claim Amount. Class 4
shall receive a distribution of approximately $50,000.00 in the
aggregate via 20 equal quarterly payments, part of which will be
funded by the Debtor and part of which will be funded by the Equity
Contribution. The Debtor shall pay quarterly payments to Class 4
claimants, pari passu and on a pro rata basis, for five years. The
first payment to Class 4 claimants shall become due 60 days after
the effective date.
However, the Cash Flow Budget omits two general unsecured claims:
(i) an allowed claim by LEAF Capital Funding, LLC, totaling
$6,284.40; and (ii) a disputed claim by Newco Capital Group LLC
d/b/a Paladin Funding Group, totaling $72,135.96 (the "Disputed
Claim"). Class 4 claimants will receive payments totaling 1.692% of
their Class 4 claims if the Disputed Claim is allowed in its
entirety, or payments totaling 1.734% of their Class 4 claims if
the Disputed Claim is disallowed in its entirety. Class 4 is deemed
impaired.
Class 5 consists of the Debtor's Equity Security Holder, Dr.
Marcelo W. Mattschei. On the effective date, the pre-petition
equity shall be reinstated in the name of Dr. Mattschei. In
exchange for the reinstatement of equity, Dr. Mattschei will
contribute $10,000.00 per year over the life of the Plan (for a
total payment of $50,000.00) which will be distributed to holders
of allowed Class 4 creditors on a pro rata basis ("Equity
Contribution").
Other than the ordinary course wages that get paid to Dr.
Mattschei, no distributions or dividends shall be made by the
Debtor to Dr. Mattschei until the later of: (i) the end of the life
of the Plan; or (ii) such time as all allowed Class 4 claims are
paid in full. Class 5 is unimpaired.
Payments and distributions under the Plan will be funded by the Net
Income from the Debtor's business operations and from the Equity
Contribution.
A full-text copy of the Disclosure Statement dated March 25, 2025
is available at https://urlcurt.com/u?l=1eXv68 from
PacerMonitor.com at no charge.
Bonita Sol, LLC is represented by:
Michael R. Dal Lago, Esq.
Christian Garrett Haman, Esq.
Jennifer M. Duffy, Esq.
DAL LAGO LAW
999 Vanderbilt Beach Road
Suite 200
Naples, FL 34108
Telephone: (239) 571-6877
Email: mike@dallagolaw.com
Email: chaman@dallagolaw.com
Email: jduffy@dallagolaw.com
About Bonita Sol
Bonita Sol, LLC, is primarily engaged in renting and leasing real
estate properties.
Bonita Sol sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01582) on Oct.
18, 2024, with total assets of $2,850,000 and total liabilities of
$4,483,248. Amy Denton Mayer of Stichter Riedel Blain & Postler,
P.A. serves as Subchapter V trustee.
Judge Caryl E. Delano handles the case.
The Debtor is represented by Mike Dal Lago, Esq., at Dal Lago Law.
BURGESS BUNGALOW: Trustee Taps Michael Deeba as Financial Advisor
-----------------------------------------------------------------
Jim Parrack, the trustee appointed in the Chapter 11 case of
Burgess Bungalow, LLC, seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to employ Michael E.
Deeba, PLLC as his financial advisor.
The firm will render these services:
a) assist in tax related matters of the Estate, including
possible compliance issues, and assist the Trustee in the
administration of the Estate as needed;
b) specifically, assess tax filing requirements and assist in
gathering information and necessary documents needed for filing or
addressing tax requirements;
c) interface and work with Debtor CPA and tax preparer on
related tax matters and gather necessary prior tax information from
Debtor CPA;
d) provide expert testimony, if requested; and
e) perform such other services as may be requested by Trustee.
The firm will be paid at these hourly rates:
Technical Directors, Principals,
and Partners $535 to $1,050
Senior Managers and Directors $375 to $500
Manager $300 to $425
Senior Consultants $225 to $450
Staff Consultants $175 to $295
Paraprofessionals $135 to $195
Michael Deeba, CPA, a member at Michael E. Deeba, disclosed in a
court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael E. Deeba, CPA
Michael E. Deeba PLLC
P.O. Box 2895
Oklahoma City, OK 73101
About Burgess Bungalow
Burgess Bungalow, LLC, a company in Guthrie, Okla., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Okla. Case No. 24-10840) on April 1, 2024, with up to $50,000
in assets and up to $10 million in liabilities. Calvin Burgess,
managing member, signed the petition.
Judge Sarah A. Hall oversees the case.
Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey
& Tippens, PC serves as the Debtor's legal counsel.
On June 10, 2024, Jim L. Parrack was appointed as trustee in this
Chapter 11 case. The trustee tapped McAfee & Taft A Professional
Corporation as his counsel.
BURKE MOUNTAIN: Receiver Seeks $11.5MM Sale Approval to Local Group
-------------------------------------------------------------------
Habib Sabet of vtdigger reports that Michael Goldberg, the
court-appointed receiver overseeing Burke Mountain Resort, has
petitioned a federal judge to approve the $11.5 million sale of the
Northeast Kingdom ski resort to a local group. In a court filing
dated Friday, April 18, 2025, Goldberg requested that Judge Darrin
P. Gayles, who has overseen the resort's receivership in Miami
federal court for nearly a decade, grant final approval for the
transaction with Bear Den Partners, LLC.
The group is a consortium of entities with deep ties to the ski
area, including Burke Mountain Academy, an elite ski school in the
region, and Ken Graham, whose family previously owned the resort in
the early 2000s, according to vtdigger.
Bear Den Partners also includes the Schaefer family, who own
Berkshire East in Massachusetts and Catamount Mountain Resort in
New York. According to preliminary development plans shared with
VTDigger, the family would oversee operations at the resort, the
report states.
Goldberg stated in the filing that Bear Den Partners is the best
possible purchaser for the resort and emphasized that the sale is
in the best interests of investors, employees, and the Burke ski
community.
Should the sale be approved, it would bring an end to Goldberg's
nearly ten-year receivership of the resort. Judge Gayles first
appointed Goldberg as receiver for both Burke and Jay Peak, another
ski area in the Northeast Kingdom, in 2016 after federal regulators
filed a civil enforcement suit against the resorts' former owner,
Ariel Quiros, and Jay Peak CEO Bill Stenger, according to report.
At that time, Quiros and Stenger had been using funds from the EB-5
visa program, which connects foreign investors with rural
development projects in exchange for U.S. residency, to fund
improvements at both ski resorts. Regulators accused them of
misappropriating $200 million of the funds, leading to the largest
investor fraud case in Vermont's history, vtdigger reports.
About Burke Mountain Ski Resort
Burke Mountain Ski Resort is a medium-size ski resort in northeast
Vermont that is open to snowboarding and skiing.
BWB CONTROL: BWB Holdings Unsecured Claims Will Get 1.9%
--------------------------------------------------------
BWB Controls, Inc., and BWB Houma Holdings, LLC filed with the U.S.
Bankruptcy Court for the Eastern District of Louisiana a Joint Plan
of Reorganization for Small Business dated March 27, 2025.
Established in 1971, BWB Controls, Inc. is a privately owned and
operated manufacturing facility, servicing the oil and gas
industry. BWB Controls specializes in the design and manufacturing
of high quality, pneumatically, hydraulically, and electrically
operated surface safety components.
BWB Houma Holdings, LLC owns the property located at 2193 Denley
Road, Houma, Louisiana 70363, which is the operating location of
BWB Controls. At the Petition Date, BWB Controls' agreement is such
that BWB Controls pays the secured indebtedness of MMB Investments
IV, LLC against the operating location.
BWB Holdings is the owner of BWB Controls; and BWB Holdings'
members include Seenu Kasturi (51%), Frederick D. Alexander (16%),
and Courew Holding LLC (33%).
This Plan is proposed incorporating the terms of the attached plan
sponsor agreement to be executed upon plan confirmation. The Plan
Sponsor shall provide an affirmative equity funding commitment for
a 100% for the purchase of the equity of the BWB Controls in an
amount of $500,000.00 (the "Plan Funding Amount") with $250,000.00
payable on the Effective Date and $250,000.00 payable on the first
anniversary of the Effective Date. The ownership will change
completely, that is current equity/ownership will be replaced.
BWB Controls and Evergreen reached an agreement, with court
approval, whereby Evergreen provides BWB Controls financing for
working capital by factoring receivables. BWB Controls and
Evergreen do not have a pre-petition contract for the factoring of
receivables. No other party or person has a security interest in
BWB Control's postpetition receivables.
The financial projections show that BWB Controls will have
projected disposable income for the period of three years. The
financial projections indicate that BWB Controls, after payments
for expenditures necessary for the continuation, preservation and
operations, unclassified claims and secured claims, will have
projected disposable income for three years in the total amount of
$384,189.91 in the amounts indicated therein.
The financial projections show that BWB Holdings will have
projected disposable income for the period described in of three
years. The financial projections indicate that BWB Holdings, after
payments for expenditures necessary for the continuation,
preservation and operations, unclassified claims and secured
claims, will have projected disposable income for three years in
the total amount of $25,002.00 for the payment term as indicated in
Section 1191(c)(2) of the Bankruptcy Code in the amounts indicated
therein.
The Plan proposes that BWB Controls and BWB Holdings will pay
holders of Allowed Claims their Projected Disposable Income which
includes sums from future services, future contracts, and factoring
its receivables.
Class 3 consists of Allowed General Unsecured Claims against BWB
Holdings. Estimated Amount is $1,309,300.10 for holders of allowed
claims. Twelve Quarterly payments commencing at the end of the
first full quarter, that is three full months following the
Effective Date for a total of three years of payments. Estimate
distribution is 1.9% for Class 3. This Class is impaired.
Class 4 consists of Allowed General Unsecured Claims allowed under
Section 502 of the Bankruptcy Code in an amount equal to or less
than $2,500.00 or those holders of Allowed General Unsecured Claims
that agreed to reduce their claim amount to $2,500.00. Pro rata
payments out of a fund of $15,000.00 to be paid in six equal
payments commencing on the first full quarter following the
Effective Date.
Estimated pro rata distribution is 56% for Class 4 exclusive of
claim holders that elect treatment under Class 4. The rate of
distribution may be altered based on the holders of allowed claims
that elect Class 4 treatment. Estimated amount is $26,820.15
exclusive of creditors who elect Class 5 treatment. This Class is
impaired.
Class 5 consists of Allowed General Unsecured Claims against BWB
Holdings. Twelve Quarterly payments commencing at the end of the
first full quarter that is three full months following the
Effective Date for a total of three years of payments. Estimate
distribution 16% for Class 5. The holders of Class 5 Allowed
General Unsecured Claims are Impaired. Estimated Amount is
$2,133,822.47 for holders of allowed claims plus the deficiency
claims of UCB and MMG, and amounts owed to Mr. LaBorde.
The continued management of BWB Holdings and BWB Controls includes
a board of directors with members from the Plan Sponsor and only
Mr. Edward LaBorde from the pre-petition board. Mr. LaBorde will
continue as the Manager of BWB Holdings and the President and a
Director of BWB Controls subject to an employment agreement to be
negotiated with the Plan Sponsor, for an annual salary of
$150,000.00 from BWB Controls, with such amount already taken into
consideration in BWB Controls' Plan projections. For the term of
the Plan, the Plan Sponsor will provide the funds to compensate the
Board of Directors and the President.
It is anticipated that BWB Holdings will fund its plan payments
from disposable income earned from the rental of its real property
to BWB Controls. The payments include sums for property taxes, any
insurance necessary for BWB Holdings to acquire, accounting fees,
and for any maintenance or capital improvements satisfied by BWB
Controls and is taken into consideration in BWB Controls' Plan
projections.
It is anticipated that BWB Controls will fund its plan payments
from disposable income earned from its operations. It is
anticipated that the funds received from the Plan Sponsor will be
used to provide management, liquidity and support.
A full-text copy of the Joint Plan dated March 27, 2025 is
available at https://urlcurt.com/u?l=rmloQT from PacerMonitor.com
at no charge.
About BWB Controls
BWB Controls Inc. specializes in the design and manufacturing of
pneumatically, hydraulically, and electrically operated surface
safety components. BWB Controls offers machining, milling, assembly
and testing services to the upstream, midstream and downstream oil
and gas industries.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 24-10029) on Jan. 9,
2024, with $1 million to $10 million in assets and liabilities.
Edward A. LaBorde, president/CEO, signed the petition.
Judge Meredith S. Grabill presides over the case.
Douglas S. Draper, Esq., at HELLER, DRAPER & HORN, LLC, is the
Debtor's legal counsel.
CAMBER ENERGY: Restructures $1.2M Viking Debt via Convertible Note
------------------------------------------------------------------
Camber Energy, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company and its
wholly-owned subsidiary, Viking Energy Group, Inc., entered into an
agreement with FK Venture LLC to restructure an existing obligation
of Viking to the Investor in the amount of $1,200,000.
Pursuant to the Agreement, the Company issued to the Investor an
unsecured convertible promissory note in the principal amount of
$1,200,000, thereby assuming and refinancing the Debt under new
terms.
The Note bears interest at a rate of 10% per annum and matures on
September 30, 2026. Subject to the terms of the Note, the Company
may prepay the Note in whole or in part, provided that if
prepayment occurs within 12 months of issuance, the Company must
pay a minimum of twelve months' interest.
At any time prior to the Maturity Date, the Investor may elect to
convert the outstanding principal and any accrued but unpaid
interest into shares of the Company's common stock at a fixed
conversion price of $0.15 per share, subject to customary
anti-dilution adjustments. Based on the current terms, the Note is
convertible into up to 8,000,000 shares of common stock (excluding
any shares of common stock that might be issued on the conversion
of any interest component), which represents approximately 3.0% of
the Company's currently issued and outstanding shares and would
represent approximately 2.9% on a post-conversion basis.
The Note contains customary events of default, including failure to
pay principal or interest when due, failure to issue shares upon
conversion, and bankruptcy-related events. Upon an event of
default, the Note may become immediately due and payable, and
interest may accrue at a default rate of 18% per annum.
About Camber Energy
Based in Houston, Texas, Camber Energy, Inc. —
http://www.camber.energy— is a growth-oriented diversified
energy company. Through its majority-owned subsidiaries, the
Company provides custom energy and power solutions to commercial
and industrial clients in North America and has a majority interest
in: (i) an entity with intellectual property rights to a fully
developed, patented, proprietary Medical and Bio-Hazard Waste
Treatment system using Ozone Technology; and (ii) entities with the
intellectual property rights to fully developed, patented, and
patent-pending proprietary Electric Transmission and Distribution
Open Conductor Detection Systems. Additionally, the Company holds a
license to a patented clean energy and carbon-capture system with
exclusivity in Canada and for multiple locations in the United
States. Various of the Company's other subsidiaries own interests
in oil properties in the United States. The Company is also
exploring other renewable energy-related opportunities and/or
technologies, which are currently generating revenue or have a
reasonable prospect of generating revenue within a reasonable
period of time.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated March 25, 2024, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.
The Company has yet to file its Annual Report on Form 10-K for the
fiscal year ended December 31, 2024.
CAPSTONE GREEN: Registers 3M Shares for Equity Incentive Plan
-------------------------------------------------------------
Capstone Green Energy Holdings, Inc. filed a Registration Statement
on Form S-8 with the U.S. Securities and Exchange Commission for
the purpose of registering 3,000,000 shares of the Company's common
stock, par value $0.001 per share, issuable under the Capstone
Green Energy Holdings, Inc. 2023 Equity Incentive Plan.
A full-text copy of the Registration Statement is available at:
https://tinyurl.com/yeym27pv
About Capstone Green Energy
Capstone Green Energy builds microturbine energy systems and
battery storage systems that allow customers to produce power
on-site in parallel with the electric grid or stand-alone when no
utility grid is available. Capstone Green offers microturbines
designed for commercial, oil and gas, and other industrial
applications.
Los Angeles, Calif.-based Marcum LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
September 26, 2024, citing that the Company has a significant
working capital deficiency, has incurred significant operating
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 December 31, 2024, the Company had $78.4 million in total
assets, $86 million in total liabilities, $13.9 million in
redeemable noncontrolling interests and $21.5 million in total
stockholders' deficiency.
CAROLINA SLEEP: Wins Bid to Close Subchapter V Bankruptcy Case
--------------------------------------------------------------
Judge Ashley Austin Edwards of the United States Bankruptcy Court
for the Western District of North Carolina granted Carolina Sleep
Shoppe, LLC's motion to close its bankruptcy case pursuant to 11
U.S.C. Sec. 350 and Rule 3022 of the Federal Rules of Bankruptcy
Procedure. The Bankruptcy Administrator's objections to the motion
are overruled.
The Motion asks the Court to close a case initiated under
Subchapter V of Chapter 11 of the Bankruptcy Code with a
non-consensually confirmed plan under 11 U.S.C. Sec. 1191(b) prior
to entry of discharge.
The Plan proposed that:
(a) there would be five classes of creditors;
(b) the Plan would be funded from revenues generated during the
Debtor's post-petition operations, the Debtor's post-confirmation
proposed disposable income, and from an Enabling Loan;
(c) the Debtor or its agent would make distributions under the
Plan; and,
(d) on the Confirmation Date, all assets of the Debtor and
Debtor in Possession shall vest in the Reorganized Debtor free and
clear of any and all Claims, liens, Interests, and other interests,
charges and encumbrances except as otherwise expressly provided in
this Plan or in the Confirmation Order, but shall remain property
of the Estate until closure of the Chapter 11 Case.
The Court confirmed the plan under section 1191(b) as
non-consensual because, consistent with the statutory requirements,
no creditor voted to accept the Plan. Still, the cramdown or
non-consensual confirmation of this Plan pursuant to section
1191(b) was due to creditor apathy, not any affirmative rejection
of the Plan.
The Debtor argued that the Motion should be granted because:
(1) the requirements set forth under the Bankruptcy Code and
Federal Rules of Bankruptcy Procedure were satisfied,
(2) the Debtor's plan is straightforward,
(3) further bureaucratic administration of the Debtor's affairs
in this Court is unnecessary and will serve only to unnecessarily
increase the Debtor's professional fee costs, and
(4) the Reorganized Debtor can simply move to reopen the case as
necessary in order to seek entry of its discharge at the completion
of the Plan period in five years.
The Bankruptcy Administrator urged the Court to deny the Motion or,
alternatively, to clarify certain details not addressed in the
Motion.
The Bankruptcy Administrator argued that:
(1) she was unaware of costly administrative burdens imposed on
subchapter V debtors in this district during the postconfirmation
period, particularly given the inactive docket in this case
post-Confirmation Hearing and the fact that quarterly fees are not
assessed in Subchapter V cases;
(2) no Subchapter V cases in this jurisdiction with plans
non-consensually confirmed under section 1191(b) of the Bankruptcy
Code have been closed prior to discharge (granted, the Bankrutpcy
Administrator conceded that no Subchapter V debtor has ever
requested entry of a discharge in this jurisdiction);
(3) it was unclear whether the Subchapter V Trustee had been
discharged yet;
(4) closing the case early effectively limits the scope of
estate assets to the detriment of creditors;
(5) the automatic stay will cease to exist and will cease to
protect estate property upon closure of the case;
(6) keeping the case open will allow the Bankruptcy
Administrator to monitor whether the Debtor has maintained
sufficient insurance on property of the estate;
(7) closing the case will require creditors to pay a hefty fee
(currently $1,167.00) to reopen the chapter 11 case to request
relief from the Court if the Debtor defaults under the Plan and
will also require the Debtor to pay the same fee upon reopening to
obtain the discharge; and
(8) the drafters of subchapter V envisioned more oversight for
cases confirmed under section 1191(b), which is impossible when a
case is closed.
The Court holds that a case initiated under Subchapter V of Chapter
11 of the Bankruptcy Code may be closed prior to entry of discharge
where the Debtor's plan was non-consensually confirmed under 11
U.S.C. Sec. 1191(b) if the Court finds the requirements of section
350 of the Bankruptcy Code and Rule 3022 of the Federal Rules of
Bankruptcy Procedure have been satisfied.
The Court finds that the Subchapter V Trustee's duties have been
terminated pursuant to the Confirmation Order. This includes any
duty to file a final report. Therefore, the Subchapter V Trustee in
this case has been discharged pursuant to section 350 of the
Bankruptcy Code and Rule 3022 of the Federal Rules of Bankruptcy
Procedure.
The Debtor has completely and legally disposed of all the assets of
the estate. Therefore, in this case specifically, the estate has
been fully administered pursuant to section 350 of the Bankruptcy
Code and Rule 3022 of the Federal Rules of Bankruptcy Procedure.
Having now found in this case that the estate has been fully
administered and that the Subchapter V Trustee has been discharged,
this case will be closed and a final decree entered.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=QFx6pk from PacerMonitor.com.
About Carolina Sleep Shoppe
Carolina Sleep Shoppe is an online seller of mattresses, adjustable
beds, bed frames, pillows, sheets and protectors.
Carolina Sleep Shoppe, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankrutpcy Code (Bankr. W.D.N.C. Case No.
24-40057) on April 8, 2024, listing $560,006 in assets and
$1,538,661 in liabilities. The petition was signed by Jeffrey
Trivette as member-manager.
Judge J. Craig Whitley presides over the case.
Richard S. Wright, Esq. at MOON WRIGHT & HOUSTON, PLLC represents
the Debtor as counsel.
CHARLES MONEY: Seeks Chapter 11 Bankruptcy in Alabama
-----------------------------------------------------
On April 25, 2025, Charles Money Logging Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Alabama. 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 Charles Money Logging Inc.
Charles Money Logging Inc. offers logging services, including
timber cutting, log harvesting, and wood chipping.
Charles Money Logging Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-10442)
on April 25, 2025. In its petition, the Debtor reports estimated
assets between $500,000 and $1 million and estimated liabilities
between $1 million and $10 million.
The Debtor is represented by J. Kaz Espy, Esq. at THE ESPY FIRM.
COMMERCIAL METALS: Fitch Rates $150MM Private Activity Bonds BB+
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Commercial Metals
Company's (CMC) $150 million of multimodal private activity bonds
proposed to be issued through the West Virginia Economic
Development Authority on behalf of CMC. The financing has been
assigned a Recovery Rating of 'RR4'. Proceeds will be used to fund
a portion of CMC's steel micro mill under construction in Berkeley
County, WV.
The rating reflects Fitch's expectation that CMC's (BB+/Positive)
EBITDA leverage will be sustained below 2.5x and that EBITDA
margins will be sustained above 8% on average through fiscal 2028.
Key Rating Drivers
Conservative Leverage Profile: Despite expectations for a slightly
weaker rebar price environment in 2025, Fitch expects CMC's EBITDA
leverage, which was 1.3x for LTM ended Feb. 28, 2025, to remain
below 2.5x over the rating horizon barring any material leveraging
acquisitions. CMC has a long track record of conservative leverage
and has maintained EBITDA leverage below 2.0x in the last five
years, even during the pandemic-induced downturn in 2020.
Management targets 2.0x net leverage through the cycle. This
supports Fitch's view that the company will continue to maintain
low financial leverage.
New Mills Improve Operational Profile: CMC constructed a new
500,000-ton micro mill in Arizona for roughly $300 million. The
mill began rebar production in 4Q23 and started producing merchant
bar in 2Q24. This is the first micro mill globally that can produce
merchant bar quality products through a continuous production
process. The mill produces a wide variety of shapes and sizes of
long steel and was designed with the latest technology in electric
arc furnace (EAF) power supply systems.
In December 2022, CMC announced plans to construct a 500,000-ton
micro mill in West Virginia, which is expected to cost between $550
and $600 million, net of $75 million of government assistance and
begin operations in late 2025. The construction of the facility
also qualifies for a net tax credit under the Inflation Reduction
Act of approximately $80 million. Fitch views the new mills
positively, as they are low-cost facilities that provide margin
support and increase CMC's size and scale. Fitch expects the West
Virginia mill to be funded primarily with a combination of cash on
hand, the proposed notes and future cash flow generation.
Emerging Businesses Segment Supports Margins: In fiscal 2022, CMC
acquired Tensar, a global provider of engineered solutions for
subgrade reinforcement and soil stabilization used in road,
infrastructure and commercial construction projects, for
approximately $550 million. In fiscal 2023, CMC also acquired BOSTD
America, LLC, a geogrid manufacturing facility and EDSCO Fasteners,
LLC, a leading provider of anchoring solutions for the electrical
transmission market. These businesses are reported within CMC's
Emerging Businesses Segment and tend to have higher margins than
CMC's core steel business margins.
Europe Segment Near-Term Weakness: CMC's Europe EBITDA generation
declined significantly in fiscal 2023-2024, driven by challenging
European market conditions, including an about 21% decline in
average selling prices over the period from fiscal 2022 levels,
inflation, and rising interest rates. This negatively affected
consumer sentiment and industrial production, delayed European
construction starts, and led to negative EBITDA margins over the
last three quarters of fiscal 2024. EBITDA margins have since
improved to about 6.5% YTD Feb. 28, 2025.
Europe Segment Expectations: Fitch expects continued economic
weakness in Europe during CMC's fiscal 2025 but expects EBITDA
margins to gradually improve over the next few years. CMC primarily
operates in regions with strong nonresidential construction demand
regions within the U.S., and secondarily in Central Europe, despite
near-term economic challenges. CMC's operations in Poland account
for approximately 20% of total mill capacity, have historically
been profitable with healthy margins, and provide diversification
from U.S. construction exposure.
Peer Analysis
CMC is smaller in terms of annual shipments than EAF steel
producers Nucor Corporation (A-/Stable) and Steel Dynamics, Inc.
(BBB+/Stable), and majority blast furnace producers United States
Steel Corporation (BB/Stable) and Cleveland-Cliffs Inc.
(BB-/Stable). However, the flexible operating structure of its EAF
production and CMC's low-cost position results in much less profit
volatility and more consistent leverage metrics compared with
majority blast furnace producers.
CMC has less product and end-market diversification than Nucor,
Steel Dynamics, U. S. Steel, and Cleveland-Cliffs given its
concentration in rebar and construction. However, CMC has
geographic diversification through its European operations. CMC
generally has more stable, through-the-cycle margins and favorable
leverage metrics than U. S. Steel and Cleveland-Cliffs, and
less-favorable margins than Nucor and Steel Dynamics, given CMC's
concentration in rebar, a commoditized product.
Key Assumptions
- Declining rebar prices in fiscal 2025, which are expected to
remain relatively flat on average thereafter;
- Annual North American external shipments at around 3.0 million
tons in fiscal 2025 increasing thereafter as the new West Virginia
mill begins operations in 2026;
- Europe segment earnings remain challenged in fiscal 2025 and
recovers slightly over the forecast period;
- EBITDA margins decline in fiscal 2025, then trend to around
11%-12% thereafter;
- Elevated capex of $650 million-$660 million in fiscal 2025
associated with the construction of the new West Virginia mill,
trending toward around $300 million annually thereafter;
- Steady dividends and no additional acquisitions;
- Excess cash allocated to share repurchases.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA leverage sustained above 3.5x;
- Prolonged negative FCF, driven by a material reduction in steel
demand or an influx of rebar imports, causing rebar prices to be
depressed for a significant period;
- Depressed metal margins, leading to overall EBITDA margins being
sustained below 6%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Commitment to maintaining a conservative financial policy and
investment-grade credit profile;
- EBITDA leverage sustained below 2.5x;
- EBITDA margins sustained above 8%, representing a sustainably
higher pricing environment for rebar, further cost reduction, or an
expansion of its product portfolio into higher value-add mix.
Liquidity and Debt Structure
As of Feb. 28, 2025, CMC had cash and cash equivalents of $758
million, and $599 million available under its $600 million secured
RCF due 2029. The company had around $71.3 million under its PLN288
million ($71.3 million as of Feb. 28, 2025) Poland accounts
receivable facility. CMC had $146.5 million of availability under
its PLN600 million ($148.5 million) Poland credit facilities. CMC
has no material maturities until its $300 million 4.125% senior
unsecured notes mature in 2030.
Issuer Profile
CMC manufactures, recycles, and markets steel and metal products,
related materials and services through a network of facilities in
the U.S. and Poland. The company manufactures long steel products,
primarily rebar, which is particularly tied to construction
demand.
Date of Relevant Committee
26-Nov-2024
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
Commercial Metals
Company
senior unsecured LT BB+ New Rating RR4
COMMERCIAL METALS: S&P Rates Proposed Private Activity Bonds 'BB+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to Texas-based steel and metal products
manufacturer Commercial Metals Co.'s (CMC) $150 million multi-modal
private activity bonds. The '3' recovery rating indicates its
expectation of meaningful (50%-70%; rounded estimate: 55%) recovery
in the event of a default. The bonds, issued by the West Virginia
Economic Development Authority (WVEDA), will have a 30-year tenor
and constitute senior unsecured obligations of CMC.
The proceeds of the bonds will finance a portion of CMC's steel
micro mill currently under construction in West Virginia. The
company is due to receive up to $75 million of disbursements from
WVEDA in the form of a forgivable loan for eligible costs incurred
from June 21, 2023 through June 20, 2027, upon reaching investment
and employment milestones. The micro mill will give CMC a larger
footprint serving the Northeast, Mid-Atlantic, and Mid-Western U.S.
market, a region that is a net importer of rebar steel, densely
populated and steel intensive. S&P expects the mill to be completed
and start commissioning in late calendar 2025.
CMC's end markets are facing significant uncertainty from a
changing trade policy environment, weakening economic sentiment,
and evolving interest outlook amid higher inflation expectations.
The construction markets face headwinds as tariffs imposed could
increase construction materials prices, potentially leading to cost
overruns or project delays. That said, backlogs of future
construction projects continue to build up even as uncertainties
persist. S&P Global Ratings expects mid- to high-single digit
percent revenue growth among U.S. engineering and construction
issuers this year, outpacing other regions, supported by record
backlogs and energy transition momentum relative to other regions.
Simultaneously, steel prices have increased in recent weeks in
response to steel tariffs. CMC should see the benefit from higher
prices for projects in its downstream business. While uncertainty
remains, there are projects that continue to progress. CMC reported
the second highest volume of new project awards since late fiscal
2022, leading to a healthy sequential increase in downstream
backlog for the first half of fiscal 2025.
CMC, Nucor Corp., and others are bringing new rebar capacity to
market over the next 12 to 18 months. In addition to West Virginia,
CMC is ramping up a newly built micro mill that will produce
350,000 tons of rebar and 150,000 tons of merchant bar in Arizona
(which will replace capacity from the closure of a California mill
in 2019). Demand from highway, infrastructure, data center, and
liquified natural gas (LNG) capacity are all resilient and growing,
which coupled with any improvement in market conditions to relieve
pent up demand, could absorb the additional rebar tons coming to
market from several projects in 2026.
S&P said, "Our EBITDA forecast remains largely unchanged with
expectations of $750 million of EBITDA in 2025. We expect weaker
free operating cash flow (FOCF) of neutral to $50 million this year
because we expect neutral working capital investment and $660
million of capital expenditures (capex) for growth projects,
including West Virginia. We expect debt to EBITDA of about 1.2x in
2025 including the issuance of the $150 million private activity
bonds."
ISSUE RATINGS -- RECOVERY ANALYSIS
Key analytical factors:
-- S&P's '3' recovery rating on CMC's senior unsecured notes
indicates our expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery.
-- S&P assigned its '3' recovery rating to the company's proposed
$150 million multi-modal private activity bonds due 2055. The
senior unsecured debt also includes $300 million of 4.125% notes
due in 2030, $300 million of 3.875% notes due in 2031, $300 million
of 4.375% notes due in 2032 and outstanding $145 million of Series
2022 bonds due 2047.
-- S&P assesses recovery prospects for CMC's noteholders on the
basis of a reorganization value of approximately $1.5 billion,
which reflects $270 million of emergence EBITDA and a 5.5x
multiple.
-- S&P said, "The $270 million of emergence EBITDA incorporates
our adjusted assumption for minimum capital spending of 3% and our
standard 15% cyclicality adjustment for issuers in the metals and
mining downstream sector. We also adjust it so the EBITDA
degradation in our hypothetical default scenario is in line with
that for similarly rated peers. The 5.5x multiple is in line with
those we use for other companies in the metals and mining
downstream sector."
-- S&P maintains the obligor/nonobligor split of 70%/30% to
reflect the split between the EBITDA it generates in the U.S. and
internationally.
-- S&P's recovery analysis assumes that in a hypothetical
bankruptcy scenario CMC's revolving credit facility (not rated)
would be fully covered. Although the revolving credit facility's
commitment is $600 million, it assumes outstanding borrowings of
about $510 million (85% drawn) at default.
Simulated default assumptions:
-- Simulated year of default: 2030
-- EBITDA at emergence: $270 million
-- Implied enterprise value multiple: 5.5x
-- Gross enterprise value: $1.5 billion
Simplified waterfall:
-- Net enterprise value (after 5% administrative costs): $1,416
million
-- Obligor/nonobligor valuation split: 70%/30%
-- Collateral value available to secured creditors (includes 65%
equity pledge of collateral less claims from nonobligor group):
$1,157 million
-- Senior secured claims: $529 million
-- Total unpledged enterprise value available to unsecured claims
(includes unpledged value from nonobligor group): $720 million
-- Senior unsecured debt claims: $1,220 million
--Recovery expectations: 50%-70% (rounded estimate: 55%)
All amounts include six months of accrued prepetition interest.
CONCRETE TRUTH: Hires Krigel Nugent + Moore P.C. as Attorney
------------------------------------------------------------
Concrete Truth Title, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Missouri to hire Krigel Nugent +
Moore, P.C. to serve as attorneys.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(c) take all necessary action to protect and preserve the
estate;
(d) prepare on behalf of Debtor all legal papers necessary to
the administration of the estate;
(e) negotiate and prosecute on the Debtor's behalf all
contracts for the sale of assets, plan of reorganization, and all
related agreements and/or documents, and take any action that is
necessary for it to obtain confirmation of its Plan of
Reorganization;
(f) appear before this court and the United States Trustee,
and protect the interests of the Debtor's estate before the court
and the U.S. Trustee; and
(g) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 proceeding.
The firm's counsel and staff will be paid at these hourly rates:
Sanford Krigel, Attorney $400
SJ Moore, Attorney $400
Ivan Nugent, Attorney $400
Erlene Krigel, Paralegal $300
Karen Rosenberg, Paralegal $300
Dana Wilders, Paralegal $300
Lara Pabst, Paralegal $300
Sean Cooper, Paralegal $300
Legal Assistants $100
Ms. Krigel 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:
Erlene Krigel, Esq.
Krigel Nugent + Moore, PC
4520 Main St., Ste. 700
Kansas City, MO 64111
Telephone: (816) 756-5800
About Concrete Truth Title, LLC
Concrete Truth Title, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
25-40479) on April 3, 2025, listing $100,001 to $500,000 in both
assets and liabilities.
Judge Cynthia A Norton presides over the case.
Erlene W. Krigel, Esq. at Krigel Nugent Moore, P.C. represents the
Debtor as counsel.
CORSA COAL: Strikes Cleanup Deal with Regulators in Chapter 11
--------------------------------------------------------------
Vince Sullivan of Law360 reports that Corsa Coal Corp. told a
Pennsylvania bankruptcy court that it has struck an agreement with
state regulators to settle its water‐source remediation
obligations, pledging $800,000 for distribution to affected water
users.
About Corsa Coal
Corsa Coal is a coal mining company focused on the production and
sales of metallurgical coal, an essential ingredient in the
production of steel. Its core business is producing and selling
metallurgical coal to domestic and international steel and coke
producers in the Atlantic and Pacific basin markets.
Corsa Coal sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Pa. Case No. 25-70003) on January 6, 2025. In its
petition, the Debtor reports estimated assets between $50,000 and
$100,000 and estimated liabilities between $100,000 and $500,000.
Honorable Bankruptcy Judge Jeffery A. Deller handles the case.
Michael J. Roeschenthaler of Raines Feldman Littrell LLP represents
the Debtor as counsel.
CRANE ROOM: Seeks to Hire Cooney Law Offices as Bankruptcy Counsel
------------------------------------------------------------------
Crane Room Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to hire
Cooney Law Offices LLC as counsel.
The firm will represent the Debtor on matters involving legal
issues that are present or are likely to arise in the case, to
prepare any legal documentation on behalf of the Debtor, to review
reports for legal sufficiency, to furnish information regarding
legal actions and their resulting consequences, and for all
necessary legal services connected with Chapter 11 proceedings,
including the prosecution and/or defense of any adversary
proceedings.
The firm will be paid at these rates:
Ryan J. Cooney $375 per hour
James R. Cooney $425 per hour
Paul R. Toigo $325 per hour
Paralegal $150 per hour
Ryan Cooney, Esq., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reach through:
Ryan J. Cooney, Esq.
Cooney Law Offices LLC
223 Fourth Avenue, 4th Fl.
Pittsburgh, PA 15222
Phone: (412) 546-1234
Fax: (412) 546-1235
Email: rcooney@cooneylawyers.com
About Crane Room Limited Partnership
Crane Room Limited Partnership sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
25-20816) on April 2, 2025, listing $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.
Ryan J Cooney, Esq. at Cooney Law Offices LLC represents the Debtor
as counsel.
DAVID KIMMEL: Seeks to Hire Tittle Law Group as Legal Counsel
-------------------------------------------------------------
David Kimmel Design, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Tittle Law Group
as counsel.
The firm will provide these services:
(a) provide legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and the
management of its property;
(b) take all necessary action to protect and preserve the
Debtor's estate;
(c) prepare on behalf of the Debtor necessary legal papers in
connection with the administration of its estate;
(d) assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;
(e) perform any and all other legal services for the Debtor in
connection with its Chapter 11 case; and
(f) perform such legal services as the Debtor may request with
respect to any matter.
The firm will charge for time at its normal billing rates for
attorneys and legal assistants and will request reimbursement for
its out-of-pocket expenses.
The firm received a retainer of $20,000 from the Debtor.
Brandon Tittle, Esq., an attorney of 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:
Brandon J. Tittle, Esq.
Tittle Law Group
1125 Legacy Dr., Ste. 230
Frisco, TX 75034
Telephone: (972) 213-2316
Email: btittle@tittlelawgroup.com
About David Kimmel Design
Established in December 2012, David Kimmel Design LLC is a luxury
floral design company specializing in creating custom, high-end
floral arrangements for exclusive events, known for its elegance
and innovation. With a global reach, David Kimmel Design has
completed significant projects in countries like France, Italy,
Germany, and Belgium. It excels in delivering personalized,
breathtaking floral designs that reflect the unique visions of its
clients.
David Kimmel Design sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30979)
on March 21, 2025. In its petition, the Debtor reported assts
between $50,000 and $100,000 and liabilities between $1 million and
$10 million.
The Debtor is represented by Brandon Tittle, Esq., at Tittle Law
Group, PLLC.
DIOCESE OF NORWICH: Court Approves Amended Disclosure Statement
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut approved
the adequacy of the seventh amended joint disclosure statement for
the Chapter 11 plan of reorganization proposed by Norwich Roman
Catholic Diocesan Corporation, the Official Committee of Unsecured
Creditors, the Catholic Mutual Relief Society of America and the
Association of Parishes of the Roman Catholic Diocese of Norwich,
Connecticut.
The deadline to vote to accept or reject the Chapter 11 plan is May
21, 2025, at 10:00 a.m. (prevailing Eastern Time). To be counted
as a vote to accept or reject the Plan, all Ballots must be
properly completed, signed, dated and returned by only one of the
following return methods:
If by U.S. Postal Service First Class mail:
Norwich Roman Catholic Diocesan
Corporation Ballot Processing
c/o Omni Agent Solutions, Inc
5955 De Soto Ave, Suite 100
Woodland Hills, CA 91367
If by overnight courier or hand delivery:
Norwich Roman Catholic Diocesan
Corporation Ballot Processing
c/o Omni Agent Solutions, Inc.
5955 De Soto Ave, Suite 100
Woodland Hills, CA 91367
By electronic, online submission:
https://omniagentsolutions.com/Norwich-Ballots
If you choose to submit your Ballot via Omni's Voting Upload
Portal, you should not also return a hard copy of your Ballot.
The Plan Proponents seek to establish a platform for the Debtor to
reorganize and continue its Catholic mission and support its
ministries, and to contribute a fair and equitable amount of its
assets to fund Distributions to Abuse Claimants through the Trust
and the Unknown Abuse Claims Trust. The rights of the Holders of
secured Claims and general unsecured Claims against the Diocese are
treated under the Plan in a manner authorized by and consistent
with the Bankruptcy Code. The reorganization of the Diocese would
also significantly reduce the further diminishment of the Diocese's
resources to pay for fees and expenses incurred by Professionals
employed in this case, and other bankruptcy related costs. The
Plan is also funded by Catholic Mutual and the Participating
Parties who in exchange shall receive the benefit of the Abuse
Claim Releases provided by the Opt-In Abuse Claimants, the
Supplemental Catholic Mutual Injunction, and the Channeling
Injunction provided for in the Plan precluding Opt-In Abuse
Claimants from proceeding with litigation against them.
The Non-Settling Insurers and other potentially responsible Persons
also have the ability through the Plan to resolve with the Trustee
Abuse Claims and Insurance Claims. The Abuse Claimant's ability to
pursue the Non-Settling Insurers and other Co-Defendants would be
preserved by the Plan but such NonSettling Insurers and other
Co-Defendants would still, even after the Effective Date, have the
ability to reach a Settlement Agreement with the Trustee, among
others.
The funds and assets received by the Trust and the Unknown Abuse
Claims Trust will be used for Distributions to Abuse Claimants, and
will also be used for payment of expenses of each respective trust,
under the terms of the Trust Documents and Unknown Abuse Claims
Trust Documents. Notwithstanding the uncertainty concerning the
precise total amount available to the Trust and the allocation to
be determined by the Abuse Claims Reviewer, among other
considerations, the Plan Proponents believe that recoveries under
the Plan will be significantly greater than amounts to be
distributed to Abuse Claimants if the Diocese or the Committee had
proceeded unilaterally to attempt to confirm their own plan of
reorganization or that would be distributed to Abuse Claimants in a
hypothetical case under Chapter 7 of the Bankruptcy Code.
Treatment of Claims and Interests
Class Claim Impairment Recovery
----- ----- ----------- --------
1 Other Unimpaired 100%
Priority
2 Secured Impaired 100%
Claim of
Citizens
of Bank
NA
3 Secured Unimpaired 100%
Revolving
Loan &
Secured
Guaranty
Claims of
M&T
4 Abuse Impaired TBD
Claim
Other
Than
Unknown
Abuse
5 Unknown Impaired TBD
Abuse
6 General Impaired 100%
Unsecured
7 Abuse Impaired 100%
Related
Contribution
8 Claims Impaired No Recovery
Held by the Other Than
Catholic Non-Monetary
Entities, Settlement
Xavier & Terms
Oceania
A full-text copy of the Amended Disclosure Statement is available
for free at https://tinyurl.com/yc2vtzjt
A full-text copy of the Chapter 11 Plan is available for free at
https://tinyurl.com/358uc9m2
About The Norwich Roman Catholic
Diocesan Corporation
The Norwich Roman Catholic Diocesan Corporation is a nonprofit
corporation that gives endowments to parishes, schools, and other
organizations in the Diocese of Norwich, a Latin Church
ecclesiastical territory or diocese of the Catholic Church in
Connecticut and a small part of New York.
The Norwich Roman Catholic Diocesan Corporation sought Chapter 11
protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021.
The Debtor estimated $10 million to $50 million in assets against
liabilities of more than $50 million. Judge James J. Tancredi
oversees the case.
The Debtor tapped Ice Miller, LLP, Robinson & Cole, LLP and Gellert
Scali Busenkell & Brown, LLC as bankruptcy counsel, Connecticut
counsel and special counsel, respectively. Epiq Corporate
Restructuring, LLC is the claims and noticing agent.
On July 29, 2021, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Chapter 11 case.
The committee tapped Zeisler & Zeisler, PC as its legal counsel.
DIOCESE OF NORWICH: May 21, 2025 Hearing on Chapter 11 Plan
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut will hold
a hearing on May 21, 2025, at 10:00 a.m. (prevailing Eastern Time)
to consider confirmation of the Chapter 11 plan of reorganization
proposed by Norwich Roman Catholic Diocesan Corporation, the
Official Committee of Unsecured Creditors, the Catholic Mutual
Relief Society of America and the Association of Parishes of the
Roman Catholic Diocese of Norwich, Connecticut.
Objections to the confirmation of the Chapter 11 plan must be filed
with the Court no later than 5:00 p.m. (prevailing Eastern Time) on
May 12, 2025.
About The Norwich Roman Catholic
Diocesan Corporation
The Norwich Roman Catholic Diocesan Corporation is a nonprofit
corporation that gives endowments to parishes, schools, and other
organizations in the Diocese of Norwich, a Latin Church
ecclesiastical territory or diocese of the Catholic Church in
Connecticut and a small part of New York.
The Norwich Roman Catholic Diocesan Corporation sought Chapter 11
protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021.
The Debtor estimated $10 million to $50 million in assets against
liabilities of more than $50 million. Judge James J. Tancredi
oversees the case.
The Debtor tapped Ice Miller, LLP, Robinson & Cole, LLP and Gellert
Scali Busenkell & Brown, LLC as bankruptcy counsel, Connecticut
counsel and special counsel, respectively. Epiq Corporate
Restructuring, LLC is the claims and noticing agent.
On July 29, 2021, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Chapter 11 case.
The committee tapped Zeisler & Zeisler, PC as its legal counsel.
DOGS ARE PEOPLE: Court Extends Cash Collateral Access to May 31
---------------------------------------------------------------
Dogs Are People Too, LLC and Copeford Holdings, LLC received
another extension from the U.S. Bankruptcy Court for the Northern
District of Texas, Dallas Division, to use cash collateral.
The fifth order authorized the companies' interim use of cash
collateral until May 31 to pay their expenses.
As protection, lenders including Sunflower Bank and the U.S. Small
Business Administration were granted replacement liens on assets,
including cash collateral, similar to their pre-bankruptcy
collateral.
In addition, the lenders will be granted a superpriority
administrative claim and will receive payments as further
protection.
A final hearing is scheduled for May 21.
About Dogs Are People Too
Dogs Are People Too, LLC is a company that specializes in products
or services related to pets, particularly dogs.
Dogs Are People Too and its affiliate, Copeford Holdings, LLC,
filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No.
24-33079) on September 30, 2024. At the time of the filing, Dogs
Are People Too reported up to $50,000 in assets and between
$100,001 and $500,000 in liabilities while Copeford reported up to
$50,000 in assets and between $100,001 and $500,000 in
liabilities.
Judge Scott W. Everett oversees the cases.
The Debtors are represented by:
Trey Andrew Monsour, Esq.
Fox Rothschild, LLP
2501 N. Harwood Street, Suite 1800
Dallas, TX 75201-1613
Telephone: (214) 231-5796
tmonsour@foxrothschild.com
DOGWOOD THERAPEUTICS: Says It Has Regained Compliance with Nasdaq
-----------------------------------------------------------------
Dogwood Therapeutics, Inc. announced it believes it has regained
compliance with Nasdaq Listing Rule 5550(b)(1) for the minimum
stockholders' equity requirement.
DWTX Chairman and CEO Greg Duncan stated, "We appreciate the
consideration Nasdaq has shown Dogwood Therapeutics, Inc." He
continued, "The Company has a strong cash position of $17.5 million
as of the end of Q1, with no debt, better positioning the Company
to advance its continued mission to build shareholder value."
As previously disclosed, the Company received a letter on Nov. 15,
2024, notifying it that its stockholders' equity had fallen below
the $2.5 million minimum requirement. On Dec. 27, 2024, the
Company submitted to Nasdaq a plan of compliance to achieve and
sustain compliance with the Rule. On Feb. 2, 2025, the Company
received a letter from Nasdaq granting an extension until May 14,
2025, to regain compliance with Nasdaq Listing Rule 5550(b)(1).
The Company said it has completed several transactions, resulting
in stockholders' equity exceeding the $2.5 million Minimum Equity
Requirement.
As disclosed in the Company's Current Report on Form 8-K filed with
the Securities and Exchange Commission, on March 12, 2025, the
Company entered into a Debt Exchange and Cancellation Agreement
with Conjoint, Inc., issuing Series A-1 Non-Voting Convertible
Preferred Stock to Conjoint in exchange for the cancellation of
approximately $19.9 million in debt owed by the Company.
Additionally, as disclosed in a subsequent Current Report on Form
8-K filed on March 14, 2025, the Company entered into a stock
purchase agreement on March 12, 2025, with institutional investors,
raising approximately $4.8 million in gross proceeds through the
sale of common stock.
As of March 31, 2025, there were 1,911,128 shares of the Company's
common stock, par value $0.0001, issued and outstanding.
About Dogwood Therapeutics
Dogwood Therapeutics (Nasdaq: DWTX), based in Alpharetta, GA, is a
biopharmaceutical company in the development stage, focused on
advancing treatments for pain and fatigue-related disorders. Its
research pipeline includes two platforms: a non-opioid analgesic
program and an antiviral program. The lead candidate, Halneuron,
is a highly specific NaV 1.7 voltage-gated sodium channel modulator
aimed at reducing pain transmission. In clinical studies,
Halneuron has shown pain reduction in both general cancer pain and
chemotherapy-induced neuropathic pain (CINP). Interim data from
the ongoing Phase 2 CINP trial are expected in Q4 2025.
In an audit report dated March 31, 2025, Forvis Mazars LLP issued a
"going concern" qualification citing that the Company has incurred
an accumulated deficit since inception, has not generated revenue
from operations and does not expect to experience positive cash
flows from operating activities in the near term. These
conditions, along with other matters, raise substantial doubt about
the Company's ability to continue as a going concern.
Dogwood reported a net loss of $12.35 million for the year ended
Dec. 31, 2024, widening from a net loss of $5.30 million a year
earlier. As of Dec. 31, 2024, the Company had $94.31 million in
total assets, $30.03 million in total liabilities, $74.41 million
in series A non-voting convertible preferred stock, and a total
stockholders' deficit of $10.12 million.
DOMTAR CORP: S&P Downgrades ICR to 'B' on Increased Financial Risk
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Domtar Corp.
to 'B' from 'B+'. The outlook is stable.
S&P said, "We also lowered our issue-level rating on the company's
senior secured term loans and notes to 'B' from 'B+' and lowered
the senior unsecured notes to 'B-' from 'B', following our
downgrade on Domtar.
"The stable outlook reflects our expectation for meaningful
earnings and cash flow growth over the next couple of years driven
in large part by higher lumber prices. Under our base case
scenario, we expect adjusted debt-to-EBITDA to gradually decline to
the low-4x area and adjusted FOCF-to-debt to approach 5% by 2026.
"The downgrade on Domtar reflects weaker credit metrics than we had
previously anticipated and more downside risk to forecast earnings
compared to last year. Domtar's credit metrics are trending weaker
than we had previously anticipated. We now expect the company's
adjusted debt to EBITDA leverage will persist above 5x in 2025
(just over half a turn higher than our previous forecast) before
declining to the low-4x area in 2026. This resulted in part from
lower-than-anticipated commodity prices and modestly higher debt
levels. We recognize that 2024 credit measures were considerably
stronger than in 2023 and assume further recovery over the next
couple of years with adjusted EBITDA approaching $700 million and
annual adjusted FOCF above $120 million by 2026. However, we see
more downside risk to our forecast than was the case this time last
year owing to weaker potential macroeconomic conditions along with
U.S. trade policy uncertainty and the impact it may have on
Domtar's competitiveness in its key export market, particularly
with respect to softwood lumber. Furthermore, we assume the company
to generate FOCF that is near breakeven this year and only modestly
more than its scheduled annual debt amortization, which contributes
to higher potential volatility in credit measures and financial
risk in our view.
"Domtar has significant debt maturities in 2028 that increase
credit risk in our view. As of Dec. 31, 2024, Domtar had about $1.6
billion of its debt maturing in 2028, which included $480 million
drawn under its ABL revolving credit facility due March 1, 2028,
$642 million of senior secured notes maturing Oct. 1, 2028, and
$515 million of terms maturing Nov. 30, 2028. As a result,
refinancing risk has become an increasing rating consideration,
particularly given the potential macroeconomic headwinds from U.S.
trade policies. In our view, the company now depends more on
generating improved financial results to support its ability to
refinance this debt well ahead of maturity and at terms that
support its credit profile. Otherwise, the company could have less
time to manage potential business or financial market-related
setbacks before its looming debt maturities. We also note that a
significant portion of the company's debt (about 60%) incurs
interest based on a variable rate, making its cash flow generation
more sensitive to changes in short term interest rates. While we
assume these rates will gradually decline over the next couple of
years and contribute to lower cash interest payments and improved
FOCF generation for Domtar, we also recognize that
higher-than-anticipated interest rates could meaningfully weaken
Domtar's cash flow prospects if not offset by significantly higher
earnings.
"Potential trade conflict between the U.S. and Canada could further
pressure earning and cash flow prospects. We continue to expect the
company's paper segment to generate the vast majority of the
company adjusted EBITDA (75%-90%). However, our base-case adjusted
EBITDA of about $700 million in 2026 stems primarily from growth in
its lumber and pulp segments as realized prices improve, offsetting
the gradual decline in paper earnings due to the secular decline in
demand. Slower growth could pressure demand for the company's
products, leading to lower-than-anticipated earnings. In
particular, the company's lumber segment is exposed to potential
trade escalations between the U.S. and Canada given that majority
of the company's lumber shipments are to the U.S. and the company
has close to 90% of it sawmill capacity located in Canada. While
the 25% tariff on U.S. imports from Canada was scaled back by
President Trump and excludes softwood lumber, the company's lumber
exports to the U.S. are likely to face a meaningful increase in
anti-dumping and countervailing duties (AD/CVD). The current rate
is about 14.5%, but earlier this year the U.S. Department of
Commerce announced preliminary AD/CVD under its sixth
administrative review of Canadian softwood lumber duties totaling
34.45% for companies not individually reviewed. While these are
only preliminary rates, it signals a significant increase and could
weaken Domtar's competitiveness in the U.S. market."
S&P Global Ratings believes there is a high degree of
unpredictability around policy implementation by the U.S.
administration and possible responses--specifically with regard to
tariffs--and the potential effect on economies, supply chains, and
credit conditions around the world. S&P said, "As a result, our
baseline forecasts carry a significant amount of uncertainty. As
situations evolve, we will gauge the macro and credit materiality
of potential and actual policy shifts and reassess our guidance
accordingly."
S&P said, "The stable outlook reflects our expectation for
meaningful earnings and cash flow growth over the next couple of
years driven in large part by higher lumber prices. Under our
base-case scenario, we expect adjusted debt-to-EBITDA to gradually
decline to the low-4x area and adjusted FOCF to debt to approach 5%
by 2026.
"We could lower our rating on Domtar within the next 12 months if
we expect the company to sustain adjusted debt-to-EBITDA above 5x
or FOCF generation that we assume could be insufficient to cover
its schedule debt amortization. We could also downgrade the company
if weaker earnings or cash flow prospects increase refinancing
risks pertaining to the company's 2028 debt maturities. This could
occur from lower-than-anticipated realized commodity prices or
shipments, potentially caused by deteriorating macroeconomic
conditions, or higher than anticipated interest rates.
"We could upgrade Domtar within the next 12 months if we expect the
company to sustain adjusted debt-to-EBITDA below 4x and adjusted
FOCF-to-debt well above 5%. In this scenario, the company would
also likely have addressed a significant portion of its 2028 debt
maturities supported by higher earnings and cash flow generation
than we currently anticipate."
EMERGENCY HOSPITAL: Taps JEG to Provide Revenue Collection Services
-------------------------------------------------------------------
Emergency Hospital Systems, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire JEG &
Associates as a professional to provide with revenue cycle recovery
services.
The firm will render these services:
a. follow up on all unpaid third-party claims for insurance
reimbursements that are 60 days and older;
b. correct unpaid claims and resubmit claims for payment for
insurance reimbursements;
c. follow up on all corrected claims for insurance
reimbursements weekly until the claims have been adjudicated;
d. follow-up on all denials of claims posted in MHS & eClaims
systems;
e. appeal denied claims with required claims corrections and
submit appeals for reconsideration;
f. follow-up on appealed claims weekly until claim is
adjudicated; and
g. negotiate independent dispute resolution on denied out of
network claims which have been denied with 30 days for the
adjudication date.
JEG will be compensated through fees that will be calculated at 5
percent of the collections of EHS that are the monthly collections
between up to $2,000,000 through $3,499,999.99.
JEG is a "disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Janet E Gillespie
JEG & Associates
5037 Rasmussen Way
Fairfield, CA
Phone: (415) 696-1254
Email: janet@jegassociates.com
About Emergency Hospital Systems
Emergency Hospital Systems LLC, doing business as Cleveland
Emergency Hospital, is a system of regional hospitals serving the
communities of The Woodlands, Porter, and Deerbrook, Cleveland.
These facilities support each other with respect to the services
they provide and are united under a common objective to provide
quality healthcare professionally and compassionately.
Emergency Hospital Systems sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on
October 3, 2024, with $10 million to $50 million in both assets and
liabilities. Rafael Delaflor, operating officer, signed the
petition.
Judge Eduardo V. Rodriguez oversees the case.
The Debtor is represented by:
Kenna M Seiler, Esq.
Attorney At Law
Tel: (281) 419-7770
Email: kseiler@srg-law.com
- and -
Megan Bibb Rapp, Esq.
Kean Miller LLP
Tel: (832) 494-1711
Email: megan.rapp@keanmiller.com
ENGLOBAL CORP: Gets Court Clearance to Sell Itself in Chapter 11
----------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that on
Friday, April 25, 2025, a Texas bankruptcy judge said he will
approve the sale of construction and engineering firm ENGlobal
Corp. to its debtor-in-possession lender, provided a revised order
addressing the federal government’s objection is filed.
About ENGlobal Corporation
ENGlobal Corporation and its debtor affiliates filed their
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Texas Lead Case No. 25-90083) on March 5, 2025.
At the time of the filing, ENGlobal listed between $10 million and
$50 million in both assets and liabilities.
Judge Alfredo R Perez handles the case.
Ryan Anthony O'Connor, Esq., at Okin Adams, LLP represents the
Debtor as counsel.
ERBO PROPERTIES: Amends Unsecured Claims Pay Details
----------------------------------------------------
ERBO Properties, LLC and Kova 521, LLC submitted an Amended
Disclosure Statement describing Amended Chapter 11 Plan of
Reorganization dated March 25, 2025.
The Plan is premised upon the completion of construction of the
Property (including obtaining the TCO), the lease-up of the
completed space, stabilization of operations and the ultimate sale
(or other transaction yielding the monetization of the equity in
the Property).
Preliminarily, the Plan will be funded with the contribution by 541
W 21 SME LLC ("SME") in the approximate amount of $4.5 million.
These funds will be used, in part, to pay all amounts due in
connection with Confirmation and the occurrence of the Effective
Date.
The balance of these funds, together with an Exit Loan issued by
SME, will be used to fund the construction, continued debt service
and carrying costs, until such time as the Property can be
stabilized and ultimately sold. The Debtor anticipates the value of
the Property upon stabilization to be sufficient to satisfy the
Lender and the Exit Loan, with a return to Class 3 and potentially
Class 4 Creditors.
Class 4 shall consist of Allowed Unsecured Claims of the Debtor.
Class 4 shall include, but not be limited to, holders of Allowed
Undersecured Claims, other than that of the Lender, as well as
Allowed Unsecured Claims. Any liens upon the Property which have
been filed with respect to the Undersecured Claim Holders shall be
deemed extinguished upon the Effective Date.
On or before ten Business Days following the closing of a Liquidity
Event, provided that the Net Proceeds are sufficient to satisfy any
remaining Allowed Class 2 Claim and the Allowed Class 3 Claim in
full, the holders of the Allowed Class 4 Claims shall receive 20%
of their respective Allowed Class 2 Claim. In the event that the
remaining Net Proceeds are insufficient to pay the Class 4
distribution in full, holders of Allowed Class 4 Claims shall
receive such funds pro rata. Allowed Class 4 Claims are Impaired
under this Plan.
Class 5 consists of the Debtor's sole Interest which is held by
Kova. Kova shall receive no distribution under the Plan on account
of its Interest in the Debtor. Instead, such Interest shall be
cancelled on the Effect Date and reissued to SME in exchange for
its contribution of approximately $3.7 million dollars which shall
be used to fund the Plan, including but not limited to
distributions to be made on the Effect Date.
The Cash required under the Plan on Confirmation shall be funded by
SME from its contribution which shall also serve as the
consideration for the reissuance to SME of the Interest in the
Debtor. The additional funds required to complete construction,
carry the Property during construction and lease-up phases and debt
service throughout shall come from the Exit Loan.
The Exit Loan shall be issued in the form of a credit line with
availability of up to $37.6 million and will be secured with a
mortgage on the Property subordinate to that of the Lender in
connection with its Class 2 Claim. The Exit Loan shall bear
interest at 1-Month Term SOFR plus 8% and the initial draw shall
provide for the establishment of an interest reserve.
The Exit Loan will afford the Debtor the time and the resources to
complete the project and realize the highest value for the
Property. Once such value is achieved, the Debtor will be able to
monetize the value for the benefit of the Creditors and the estate
through a sale which will fund the distributions contemplated under
the Plan.
A full-text copy of the Amended Disclosure Statement dated March
25, 2025 is available at https://urlcurt.com/u?l=XgxgFO from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
Erica R. Aisner, Esq.
Kirby Aisner & Curley LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Telephone: (914) 401-9500
Email: eaisner@kacllp.com
About ERBO Properties
ERBO Properties, LLC is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)). It is the owner of a property located at
541 West 21st St., New York, valued at $80 million.
ERBO Properties and affiliates, Gold Mezz, LLC and Kova 521, LLC,
sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case
No. 23-10210) on Feb. 13, 2023. In the petition filed by Erno
Bodek, manager, ERBO reported $50 million to $100 million in both
assets and liabilities.
Judge Lisa G. Beckerman oversees the cases.
The Debtors tapped Kirby Aisner & Curley, LLP as bankruptcy counsel
and the Law Office of Avinoam Y. Rosenfeld as special counsel.
ESSAR STEEL: Mediation Not Appropriate in Cleveland-Cliffs Suit
---------------------------------------------------------------
Magistrate Judge Christopher J. Burke of the United States District
Court for the District of Delaware determined that mediation is not
appropriate in the appealed case captioned as CLEVELAND-CLIFFS
MINNESOTA LAND DEVELOPMENT LLC, Appellant, v. MIRANDA MINERAL
RESOURCES, LLC and MESABI METALLICS COMPANY LLC, Appellees, Case
No. 25-cv-00306-GBW (D. Del.) pursuant to Section 1 of the
Procedures to Govern Mediation of Appeals from the United States
Bankruptcy Court for the District of Delaware, dated July 19,
2023.
The Court held a teleconference on April 14, 2025, to further
confer with counsel for both sides.
Based upon the arguments presented by counsel, the Court finds it
unlikely that mediation will resolve the pending claims on appeal.
The Court recommends that the assigned District Judge issue an
order withdrawing the matter from mediation.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=ccFQPt from PacerMonitor.com.
About Essar Steel Minnesota
Essar Steel Minnesota LLC, now known as Mesabi Metallics Company
LLC, and ESML Holdings Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case Nos. 16-11627 and 16-11626) on July
8, 2016. Madhu Vuppuluri, president and CEO, signed the
petitions.
ESML Holdings Inc. estimated assets at $1 billion to $10 billion
and debt at $500 million to $1 billion. Essar Steel Minnesota LLC
estimated assets and debt at $1 billion to $10 billion.
Judge Brendan Linehan Shannon presided over the bankruptcy cases.
Lawyers at White & Case LLP and Fox Rothschild LLP served as
counsel to the Debtors. Epic Bankruptcy Solutions, LLC, served as
claims and noticing agent.
Andrew Vara, acting U.S. trustee for Region 3, on July 20, 2016,
appointed the official committee of unsecured creditors of ESML
Holdings, Inc., and its affiliates. The Committee retained
Kasowitz Benson Torres & Friedman LLP, to act as counsel. Hogan
McDaniel served as Delaware counsel and Zolfo Cooper, LLC, served
as the Committee's financial advisor.
* * *
In June 2017, the Bankruptcy Court approved the Chapter 11 exit
plan that, according to the Duluth News Tribune, would allow the
stalled Essar Steel Minnesota taconite mine and pellet plant to
proceed to completion. Duluth News Tribune said the plan allows
Chippewa Capital Partners to take control of the project, partially
payback more than $1 billion in claims and resume construction,
with an eye to beginning production by early 2020.
FLEET RENTS: Seeks Subchapter V Bankruptcy in Pennsylvania
----------------------------------------------------------
On April 25, 2025, Fleet Rents LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania. 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 Fleet Rents LLC
Fleet Rents LLC provides full-service maintenance and repair for
commercial vehicles and equipment. The Company offers a range of
services including project ramp-ups, preventative maintenance, DOT
annual inspections, nationwide campaigns, mechanical repairs, and
fabrication and welding.
Fleet Rents LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11605)
on April 25, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Patricia M. Mayer handles the case.
The Debtor is represented by Ronald S. Gellert, Esq. at GELLERT
SEITZ BUSENKELL & BROWN LLC.
FULL CIRCLE: Unsecureds Will Get 4% of Claims over 5 Years
----------------------------------------------------------
Full Circle Lawn Care LLC submitted a Modified Plan of
Reorganization for Small Business dated March 26, 2025.
The Debtor will fund the plan from continued profitable operations
of the business. Payment of administrative claim of Deere Credit
Inc of $1,828.43 will be paid upon the effective date of the Plan.
The Subchapter V Trustee, Nicole Nigrelli received a $5,000.00
retainer. Her firm's fees will be fixed by Court Order and paid
once awarded by the Court. Administrative claims of Gorski &
Knowlton, attorney for Debtor, and Chris Whelan, accountant for
Debtor will be paid Court awarded fees as per agreement of the
parties. The State of New Jersey, Division of Taxation filed
amended administrative claim #23 in the amount of $35,597.19 for
third quarter 2024 sales and use tax and $51,161.30 is due for the
4th quarter (no claim filed) plus interest and penalties. These
administrative claims will be paid over 5 years through of the
Plan.
The U.S. SBA secured claim #5 is continued to be paid $6,039/month
pursuant to cash collateral order and the loan documents. Secured
creditor John Deere is to be paid $1,200/month for the skid steer
and bucket pursuant to the October 8, 2024 Consent Order. The Lease
for the business premises at 504 Locust, shall be assumed and rent
payments of $14,000/month shall continue. The month-to-month Lease
for 108 Summit Avenue, Belford is $2,200/month. AmeriCredit/GM
Financial (claim #1) shall continue to receive regular monthly
payments of $1,324.11 on the 2022 GMC Yukon that ends in November
of 2029.
The pre-petition arrears of $1,314.11 will be paid in a lump sum
upon effective date of confirmation. Bank Financial (claim #11)
shall continue to receive regular monthly payments on the 2015 Ford
F-350 Dump Truck of $971.58 through January 2026. The pre petition
arrears of $1,068.74 will be paid in a lump sum upon effective date
of confirmation.
Claim #7 QFS, Claim #12 Retail Capital (Credibly) and Claim #19 EBF
Holdings (Everest) allege secured status. The Debtor successfully
contested the secured status of these claims to reclassify as
wholly unsecured per Orders dated December 5, 2024. Claim #20
Cashable was filed late. Cashable alleged secured status but an
order was entered December 12, 2024 reclassifying the claim as
unsecured. The NJ Tax pre-petition claim of $100,156.40 plus 10.75%
interest will be contested and then paid over 5 years in equal
quarterly installments of $1,669.00.
Unsecured creditors will receive a total of $60,000.00 payable in
quarterly installments of $3,000.00 over 5 years. This will yield
an approximate 4% to unsecured creditors depending on the unsecured
claims of John Deere #13 #16 after liquidation of collateral.
Class 6 consists of General Unsecured Claims. General Unsecured
Class Includes QFS claim #7, Credibly claim #12, Everest claim #19,
Cashable claim #20 filed unsecured claim $542,862.42. John Deere
and Deere and Company deficiency claims after collateral
liquidation claims #13-#16. Also includes uncontested claims listed
on petition but no claim filed $159,078.55. Total claims
approximately $701,940.99. John Deere deficiency $100,000.00 or
less plus TD Bank deficiency $795,935.34. The allowed unsecured
claims total $1.5 million.
Class 6 shall be paid $3,000 per quarter for 5 years. This Class
will receive a distribution of 4% of their allowed claims. This
Class is impaired.
The Plan will be funded from continued profitable operations of the
Debtor. The August and September monthly reports demonstrate
feasibility of the Plan.
A full-text copy of the Modified Plan dated March 26, 2025 is
available at https://urlcurt.com/u?l=4dPJ0q from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Allen I. Gorski, Esq.
GORSKI & KNOWLTON PC
311 Whitehorse Ave, Suite A
Hamilton, NJ 08610
Tel: (609) 964-4000
Fax: (609) 528-0721
E-mail: agorski@gorskiknowlton.com
About Full Circle Lawn Care
Full Circle Lawn Care LLC, doing business as Guaranteed Plants and
Florist, specializes in the creative design, professional
installation and maintenance of landscape plantings, walkways,
patios, retaining walls.
Full Circle Lawn Care filed a Chapter 11 petition (Bankr. D.N.J.
Case No. 24-17892) on August 8, 2024, with total assets of $257,100
and total liabilities of $2,365,186. Nicole Nigrelli, Esq., at
Ciardi, Ciardi & Astin serves as Subchapter V trustee.
Judge Michael B. Kaplan oversees the case.
The Debtor is represented by Allen I. Gorski, Esq., at Gorski &
Knowlton, PC.
GARRARD COUNTY DISTILLING: Enters Emergency Receivership
--------------------------------------------------------
Janet Patton of Lexington Herald Leader reports that Garrard County
Distilling Co., which launched in January 2024 and closed just 14
months later, now confronts over $28 million in claims -- most
notably from Truist Bank. In an April 11 lawsuit, Truist alleges
the distillery fell over five months behind on its loan payments.
On Truist's motion, the Garrard County Circuit Court last week
placed the company into emergency receivership after the bank
sought more than $26 million on various obligations -- including an
October 2022 mortgage under the GBRE/All Nations entities. As of
April 3, 2025, Truist reports the total -- principal, interest,
late fees, and charges -- at $26,159,069.16.
Meanwhile, contractors Doss & Horky have lodged a $2.2 million lien
for unpaid construction invoices, and the distillery owes in excess
of $250,000 in delinquent property taxes due this April 2025.
Arguing that the business's assets are dwindling below its debt
burden, Truist requested a receiver to safeguard its collateral,
according to Lexington Herald Leader.
With the owners' consent, Judge Hunter Daugherty appointed Aurora
Management Partners Inc. to manage, liquidate, or even file for
bankruptcy on behalf of the business. The agreed order was signed
by Shashi Reddy -- chairman of All Nations Investors, Staghorn, and
GBRE -- while founder Ray Franklin, who spearheaded the $250
million distillery build-out before departing last year, was
unavailable for comment, the report states.
About Garrard County Distilling Co.
Garrard County Distilling Co. is the largest independent distillery
in Kentucky.
GIL AND RIVERA: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------
Debtor: Gil and Rivera, LLC
586 English Road
Suite 33
Rocky Mount, NC 27804
Business Description: Gil and Rivera, LLC dba Big Jerry's Fencing
specializes in residential and commercial
fence installation services across the
United States. The Company offers a variety
of fencing materials including wood, vinyl,
aluminum, chain link, and composite, and
also installs automatic gates.
Headquartered in North Carolina, Big Jerry's
operates in over 20 locations nationwide and
has expanded through a franchise model aimed
at broadening its footprint across multiple
states.
Chapter 11 Petition Date: April 24, 2025
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 25-01470
Judge: Hon. Joseph N Callaway
Debtor's Counsel: Danny Bradford, Esq.
PAUL D. BRADFORD, PLLC
455 Swiftside Drive
Suite 106
Cary, NC 27518-7198
Tel: (919) 758-8879
Fax: (919) 803-0683
Email: dbradford@bradford-law.com
Total Assets: $252,350
Total Liabilities: $1,798,775
The petition was signed by Maria Gil as member.
A full-text copy of the petition, which includes a list of the
Debtor's eight unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/IZM6NEQ/Gil_and_Rivera_LLC__ncebke-25-01470__0001.0.pdf?mcid=tGE4TAMA
GOLDEN ENTERTAINMENT: Moody's Affirms 'Ba3' CFR, Outlook Stable
---------------------------------------------------------------
Moody's Ratings affirmed the ratings of Golden Entertainment, Inc.
("Golden"), including the company's Ba3 Corporate Family Rating and
Ba3-PD Probability of Default Rating. Moody's also affirmed the Ba3
ratings on the company's senior secured 1st lien revolving credit
facility and senior secured 1st lien term loan B. The company's
Speculative Grade Liquidity (SGL) rating remains at SGL-1 and the
outlook remains stable.
RATINGS RATIONALE
Golden's Ba3 CFR reflects the company's low leverage and market
presence in various casino properties in Nevada and its Nevada
Taverns business. The company has reduced leverage, utilizing
proceeds from the sale of its Rocky Gap casino and the sale of its
Distributed Gaming business to pay down debt. Moody's expects
leverage to remain near 3x. The company's very good liquidity also
supports the rating. Similar to other US gaming companies, Golden
is subject to long-term challenges impacting regional gaming
entities due to shifts in consumer entertainment preferences that
may not favor traditional casino-style gaming. The company depends
on cyclical consumer spending and must reinvest in facilities and
marketing to maintain its market position.
The stable outlook reflects the company's consistent performance
and reduced debt levels. The outlook also incorporates the
company's very good liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if the company generates consistent and
comfortably positive free cash flow, debt-to-EBITDA is sustained
below 2.5x, and the company adheres to financial policies that
maintain low leverage. An increase in size and scale would also be
needed to support a ratings upgrade.
Ratings may be downgraded if EBITDA declines due to factors such as
volume pressures or increased operating costs, if liquidity
deteriorates, or if the company fails to maintain a debt-to-EBITDA
ratio below 3.5x on a last twelve months (LTM) basis.
Golden Entertainment, Inc. owns and operates a portfolio of 8
casino gaming assets and 72 taverns in Nevada. The company conducts
its business through three reportable operating segments: Nevada
Casino Resorts, Nevada Locals Casinos, and Nevada Taverns. The
company is publicly traded with the Chairman and CEO Blake Sartini
holding a roughly 25% stake. Net revenue for the last twelve month
period ended December 31, 2024 was approximately $667 million.
The principal methodology used in these ratings was Gaming
published in June 2021.
GOLDNER CAPITAL: Creditors to Get Proceeds From Liquidation
-----------------------------------------------------------
Goldner Capital Management LLC filed with the U.S. Bankruptcy Court
for the Eastern District of New York a Chapter 11 Plan of
Liquidation dated March 27, 2025.
Class 2 consists of the Allowed General Unsecured Claims. The
approximate amount of the claims in this class is $100.6 million.
Class 2 Claims are impaired, and therefore holders of Class 2
Claims are entitled to vote to accept or reject the Plan.
After the Effective Date, upon receipt of funds from the
Affirmative Claims, the receipt of any surplus funds obtained from
the sale of real properties of certain subsidiaries' and upstreamed
to this Debtor, and after the date upon which all objections to
Class 2 General Unsecured Claims have been resolved or adjudicated
by the Bankruptcy Court, each holder of an Allowed Class 2 Claim
shall receive payment on account of its Allowed General Unsecured
Claim in the amount of its pro rata share of available funds, after
payment in full of the secured Allowed Class 1 Claim, Allowed
Administrative Expense Claims, and Allowed Priority Tax Claims, and
subject to any reasonable reserves for post-confirmation
professional fees, except as otherwise agreed with the holder of
such Claims.
The Class 3 Interest consist of the membership interest of the
Debtor. On the Effective Date, the member shall retain its Class 3
Interest under the Plan. The Class 3 Interest will receive
Distributions under the Plan based upon available funds, and only
in the event that all senior classes of Allowed Claims have been
paid in full. The Class 3 Interest is unimpaired.
The Debtor's goal is to effectuate an orderly liquidation of the
Debtor's estate in order to maximize value for the Debtor's estate
and creditors. This liquidating Plan contemplates such an orderly
liquidation from the recoveries in connection with the litigation
of the Affirmative Claims, and any surplus funds from the sale of
real estate of certain subsidiaries, to pay to the maximum extent
the creditors of the Debtor's estate in accordance with the
requirements and priorities under the Bankruptcy Code.
On the Effective Date, the terms of this Plan bind all holders of
all Claims against the Debtor, whether or not such holders accept
this Plan.
A full-text copy of the Liquidating Plan dated March 27, 2025 is
available at https://urlcurt.com/u?l=SlxOpi from PacerMonitor.com
at no charge.
The Debtor's Counsel:
Joseph S. Maniscalco, Esq.
Adam P. Wofse, Esq.
LAMONICA HERBST & MANISCALCO, LLP
3305 Jerusalem Avenue, Suite 201
Wantagh, NY 11793
Tel: 516-826-6500
About Goldner Capital Management
Goldner Capital Management LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73789) on
October 2, 2024. In the petition filed by Samuel Goldner, as
manager, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $10 million and $50 million.
Bankruptcy Judge Alan S. Trust handles the case.
The Debtor is represented by Gary F. Herbst, Esq. at LAMONICA
HERBST & MANISCALCO, LLP.
GOTSTUFF INC: Gets Final OK to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas issued
a final order authorizing Gotstuff, Inc. to use cash collateral.
The final order authorized Gotstuff to use cash collateral to pay
the expenses set forth in its monthly budget, plus 15% per line
item and 15% overall.
The company projects total monthly operational expenses of
$45,954.77.
Secured lenders including the U.S. Small Business Administration,
Mound City Bank, Oakwood Bank, and Rapid Finance were granted
valid, binding, enforceable, and perfected liens co-extensive with
their pre-bankruptcy liens on the company's assets.
As additional protection, Gotstuff was ordered to keep its secured
lenders' collateral secured.
About Gotstuff Inc.
Gotstuff, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30448) on February
4, 2025, listing between $100,001 and $500,000 in both assets and
liabilities.
Judge Scott W. Everett presides over the case.
The Debtor is represented by:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
Tel: 972-503-4033
Email: joyce@joycelindauer.com
GOURMET PLUS: Unsecured Creditors Will Get 3% of Claims in Plan
---------------------------------------------------------------
Gourmet Plus, Inc. filed with the U.S. Bankruptcy Court for the
Northern District of California a Plan of Reorganization for Small
Business dated March 25, 2025.
The Debtor operates a processing and distribution facility for
caramel and savory popcorn, pretzels and nuts. It ships nationwide
and also has a few global customers. It ships under the DBA
Thatcher's Gourmet Popcorn.
Operations were good until the onset of Covid. With the onset of
Covid major customers such as Disney, Ross and Burlington cancelled
all orders not already shipped leaving debtor with unsold inventory
that was liquidated at discount or donated. As Covid eased,
customers returned but instead of Net 30 terms, demanded Net 90
terms. This created cashflow problems. Bank of San Francisco denied
Debtor the right to factor receivables. To meet payroll, Debtor
took out merchant cash advances (MCAs). This triggered a further
downward cash flow spiral.
Post-petition, Debtor filed a motion to value the liens of the
merchant cash advance "lenders" ("MCA" hereinafter) asserting that
the MCA's liens and a junior SBA lien were unsupported by any
collateral and should be valued at zero. Debtor further filed an
adversary proceeding against High Octane Funding and Ocean Funding.
As to High Octane Funding and Ocean Funding, the matter proceeded
to judicial mediation before the Honorable Elaine Hammond who
mediated a confidential settlement. An order valuing the other
MCA's liens and junior SBA lien at zero was entered on Feb. 25,
2025.
The proposed plan makes total distributions of $48,743 to general
unsecured creditors distributed pro-rata to their allowed claims
(or an approximate dividend of 3%).
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $1,401,196. Promotion
feasibility is that Debtor's principal has agreed to make salary
concessions, that business has stabilized and future growth, though
modest is projected. The final payment is projected to be on or
about May 2030.
This Plan of Reorganization proposes to pay creditors solely from
the revenue generated by the business.
Non-priority unsecured creditors holding allowed claims will
receive a pro-rata distribution of $48,688 which the proponent of
this Plan has valued at approximately 3.0 cents on the dollar. This
Plan also provides for the payment of administrative and priority
claims.
Class 12 consists of General Unsecured Creditors. The allowed claim
of general unsecured creditors (including under-secured creditors)
shall be paid a fund totaling $48,743 payable as a pro rata
distribution of $1,015.48/mo. on the 1st day of the month of
commencing in the 13th month after the Effective Date and
continuing for 48 months.
Pro-rata means the entire amount of the claim divided by the entire
amount owed to creditors with allowed claims in this class. For any
general unsecured claimant whose distribution is less than $50.00,
Debtor may accrue the distribution and disburse once the accrual
reaches $50.00 or prepay the entire distribution at any time.
Abrahim Aboukhalil shall retain his equity interest in the Debtor.
The Debtor will continue operations. The plan use figures for year
2024 adjusted for concessions in salary and a credit for APO
payments to Bank of San Francisco (which are replaced by the
contractual plan payments).
The Debtor contends that the Plan has Effective Date feasibility.
Debtor typically only retains about $20,000 in cash. However,
Debtor only requires $818.38 for priority FTB tax claims.
A full-text copy of the Plan of Reorganization dated March 25, 2025
is available at https://urlcurt.com/u?l=mUHWqO from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Lars T. Fuller, Esq.
The Fuller Law Firm, PC
60 No. Keeble Ave.
San Jose, CA 95126
Telephone: (408) 295-5595
Facsimile: (408) 295-9852
Email: admin@fullerlawfirm.net
About Gourmet Plus
Gourmet Plus, Inc., d/b/a Thatcher's Gourmet Popcorn, is a family
owned local popcorn business that started in 1983 as a small retail
store in San Francisco. As of today, the Company's 22000 square
feet warehouse continue to supply major US stores and specialty
gourmet stores. Its popcorn is sold internationally as well such as
Canada, Japan, United Kingdom, Germany, Poland and Hong Kong.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-41559) on November
28, 2023. In the petition signed by Abrahim Aboukhalil, president,
the Debtor disclosed $1,132,128 in assets and $4,156,286 in
liabilities.
Judge William J. Lafferty oversees the case.
Lars Fuller, Esq., at the Fuller Law Firm PC, represents the Debtor
as legal counsel.
GREEN TERRACE: Seeks Chapter 11 Bankruptcy in Florida
-----------------------------------------------------
On April 25, 2025, Green Terrace Condominium Association Inc.
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 Green Terrace Condominium Association Inc.
Green Terrace Condominium Association Inc. is a not-for-profit
corporation established in 1973 that manages Green Terrace
Condominiums, a two-story residential complex in West Palm Beach,
Florida. The association oversees amenities including a community
pool, clubhouse, and parking, and permits rentals under specific
restrictions.
Green Terrace Condominium Association Inc. sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.
25-14568) on April 25, 2025. In its petition, the Debtor reports
estimated assets between $500,000 and $1 million and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Mindy A. Mora handles the case.
The Debtor is represented by Michael J. Niles, Esq. at BERGER
SINGERMAN LLP.
HANDLOS FAMILY FARMS: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Handlos Family Farms, LLC
1636 190th Street
Audubon, IA 50025
Business Description: Handlos Family Farms LLC operates
row-crop
acreage and a 3,500-head swine facility in
Audubon, Iowa, supporting the Handlos
group's vertically integrated pork business.
The Company supplies feed grains and housing
for hogs that move through affiliated
farrowing, finishing and manure-handling
units.
Chapter 11 Petition Date: April 23, 2025
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 25-00671
Debtor's Counsel: Jeffrey D. Goetz, Esq.
DICKINSON, BRADSHAW, FOWLER & HAGEN, PC
801 Grand Avenue, Suite 3700
Des Moines, IA 50309-8004
Tel: 515-246-5817
Fax: 515-246-5808
E-mail: jgoetz@dickinsonbradshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Jacob Best as authorized representative
of the Debtor.
The Debtor stated in the petition that there are no creditors with
unsecured claims.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/N3G3DAI/Handlos_Family_Farms_LLC__iasbke-25-00671__0001.0.pdf?mcid=tGE4TAMA
HANDLOS FARROWING: Seeks Chapter 11 Bankruptcy in Iowa
------------------------------------------------------
On April 22, 2025, Handlos Farrowing - Jacksonville LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for
the Southern District of Iowa. According to court filing, the
Debtor reports between $50 million and $100 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.
About Handlos Farrowing - Jacksonville LLC
Handlos Farrowing - Jacksonville LLC runs sow barns near Audubon,
Iowa, producing piglets for the Handlos group's pork-production
chain. The subsidiary supplies weaned pigs to affiliated finishing
sites and relies on the group's feed-crop and manure-handling
units.
Handlos Farrowing - Jacksonville LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00672)
on April 22, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $50 million and $100 million.
The Debtor is represented by Jeffrey D. Goetz, Esq. at DICKINSON,
BRADSHAW, FOWLER & HAGEN, PC.
HAVOC BREWING: Seeks Subchapter V Bankruptcy in North Carolina
--------------------------------------------------------------
On April 25, 2025, Havoc Brewing Company LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of North Carolina. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.
About Havoc Brewing Company LLC
Havoc Brewing Company LLC is a veteran-owned craft brewery based in
Pittsboro, North Carolina. Founded in 2023, the Company operates a
6,500-square-foot taproom that features award-winning beers, a
coffee bar, and regular community events such as trivia nights,
live music, and food trucks.
Havoc Brewing Company LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No.
25-01498) on April 25, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
Honorable Bankruptcy Judge Pamela W. McAfee handles the case.
The Debtor is represented by Joseph Z. Frost, Esq. at BUCKMILLER &
FROST, PLLC.
HEART ESTATES: Seeks to Hire Paul Reece Marr P.C. as Counsel
------------------------------------------------------------
Heart Estates, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire Paul Reece Marr, P.C.
as bankruptcy attorneys.
The firm's services include:
(a) providing the Debtor with legal advice regarding its
powers and duties as a debtor in possession in the continued
operation and management of its affairs;
(b) preparing on behalf of the Debtor the necessary
applications, statements, schedules, lists, answers, orders and
other legal papers pursuant to the Bankruptcy Code; and
(c) performing all other legal services in the Chapter 11
bankruptcy proceeding for the Debtor which may be reasonably
necessary.
The firm will be paid at these rates:
Paul Reece Marr, Attorney $475 per hour
Paralegal $250 per hour
In addition, the firm will seek reimbursement to expenses
incurred.
Mr. Marr disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
6075 Barfield Road, Suite 213
Sandy Springs, GA 30328
Tel: (770) 984-2255
Email: paul.marr@marrlegal.com
About Heart Estates
Heart Estates, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-51291) on February 6,
2025.
HERMS LUMBER: Gets Final OK to Use Cash Collateral
--------------------------------------------------
Herms Lumber Sales, Inc. received final approval from the U.S.
Bankruptcy Court for the Central District of California, Santa Ana
Division, to use cash collateral.
The final order authorized the company to use the cash collateral
of its secured creditors to cover expenses such as payroll, rent
and utilities.
The secured creditors are RDM Capital Funding, LLC and the U.S.
Small Business Association. Both creditors will be granted
replacement liens on assets of the company to the same extent and
with the same validity and priority as their pre-bankruptcy liens.
In addition, SBA will receive cash payments in accordance with the
company's updated budget.
Mulligan Funding, LLC, Finwise Bank, Kalamata Capital Group, Black
Olive Capital, LiteFund Solutions, LLC, QFS Capital, LLC, and Cali
Flower Capital, Inc. are not entitled to adequate protection
because their claims are entirely unsecured.
About Herms Lumber Sales Inc.
Herms Lumber Sales, Inc. specializes in the wholesale distribution
of lumber and related construction materials. The Company offers a
variety of products, including dense mixed hardwoods, softwoods,
and plywood/OSB, catering to industries such as pallet
manufacturing and construction.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on February
19, 2025. In the petition signed by Mark C. Herms, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Theodor Albert oversees the case.
Aaron E. de Leest, Esq., at Marshack Hays Wood, LLP, represents the
Debtor as legal counsel.
HOUSE SPIRITS: Seeks to Hire Epiq as Claims and Noticing Agent
--------------------------------------------------------------
House Spirits Distillery, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC as claims and noticing agent.
Epiq will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
The firm will be paid at these hourly rates:
Executive Vice President, Solicitation $185
Solicitation Consultant $185
Project Managers/Consultants/Directors $60 - $180
Case Managers $50 - $165
IT/Programming $30 - $80
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, Epiq received a retainer of $25,000
from the Debtors.
Kathryn Tran, a consulting director at Epiq Corporate
Restructuring, disclosed in a court filing that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Kathryn Tran
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Tel: (714) 394-6998
Email: ktran@epiqglobal.com
About House Spirits Distillery
House Spirits Distillery LLC, operating under the name Westward
Whiskey, is a Portland, Oregon-based distillery that produces,
markets, sells, and distributes high-quality American single malt
whiskeys. Westward has become one of the most well-known and
respected craft distilleries in the U.S., leading the way in the
emerging Premium American Whiskey category. Unlike traditional
single malts made only from malted barley, Westward employs a
distinctive process that blends elements from American craft ale,
Scottish single malt, and bourbon traditions. The distillery
benefits from the unique climate of the Pacific Northwest, where
hot, dry summers and cool, wet winters contribute to the
development of exceptional, world-class whiskeys.
House Spirits Distillery LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10660) on April 6,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Karen B. Owens handles the case.
The Debtor is represented by Joseph C. Barsalona II, Esq. at
Pashman Stein Walder Hayden, PC. The Debtor's claims agent is Epiq
Corporate Restructuring, LLC.
HYPERSCALE DATA: Issues $110K Convertible Note to Jorico LLC
------------------------------------------------------------
Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company issued to
Jorico, a California limited liability company, a convertible
promissory note in the principal face amount of $110,000 in
consideration for $100,000 paid by the Investor to the Company.
The Note has a principal face amount of $110,000 and was issued
with an original issue discount of 10%. The Note accrues interest
at the rate of 15% per annum, unless an event of default occurs, at
which time the Note would accrue interest at 18% per annum. The
Note will mature on September 30, 2025. The Note is convertible
into shares of the Company's class A common stock, par value $0.001
per share at any time after NYSE American approval of the
Supplemental Listing Application at a conversion price equal to the
greater of:
(i) $0.45 per share, which Floor Price shall not be adjusted
for stock dividends, stock splits, stock combinations and other
similar transactions and
(ii) the lesser of:
(A) 75% of the VWAP (as defined in the Note) of the
Common Stock during the five trading days immediately prior to the
Closing Date or
(B) 75% of the lowest daily VWAP of the Common Stock
during the five trading days immediately prior to the date of
conversion into shares of Common Stock. The Conversion Price is
only subject to adjustment in the event that the Company does a
stock split or similar transaction of the Common Stock.
The Note contains standard and customary events of default
including, but not limited to, failure to pay amounts due under the
Note when required, failure to deliver Conversion Shares when
required, default in covenants and bankruptcy events.
About Hyperscale Data
Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly
known as Ault Alliance, Inc., is transitioning from a diversified
holding company pursuing growth by acquiring undervalued businesses
and disruptive technologies with a global impact to becoming solely
an owner and operator of data centers to support high performance
computing services. Through its wholly and majority-owned
subsidiaries and strategic investments, Hyperscale Data owns and
operates a data center at which it mines digital assets and offers
colocation and hosting services for the emerging artificial
intelligence ecosystems and other industries. It also provides,
through its wholly owned subsidiary, Ault Capital Group, Inc.,
mission-critical products that support a diverse range of
industries, including an artificial intelligence software platform,
social gaming platform, equipment rental services,
defense/aerospace, industrial, automotive, medical/biopharma and
hotel operations. In addition, Hyperscale Data is actively engaged
in private credit and structured finance through a licensed lending
subsidiary.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended Dec. 31, 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.
ICEF PUBLIC SCHOOLS: S&P Affirms 'BB' Rating on Revenue Bonds
-------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative on
the California School Finance Authority's series 2013 school
facility revenue bonds, issued for Inner City Education Foundation
(ICEF) Public Schools-View Park High School, and series 2014 school
facility revenue bonds, issued for ICEF Public Schools-View Park
Elementary and Middle Schools.
At the same time, S&P affirmed its 'BB' rating on the school debt.
The revised outlook reflects a successful charter renewal for View
Park Middle School, despite some tension and concerns with
potential nonrenewal due to its academic performance. S&P said,
"Additionally, we note that the academic performance for the
schools has generally improved due to ICEF's effort in investing in
tutoring and educational programs. Based on this progress, we
anticipate a successful renewal for View Park High School, which
will go through the renewal process over the next year.
We consider the physical risk factors for schools in California
elevated, given the state's exposure to seismic risk and extreme
weather conditions like drought, floods, and wildfires. However,
because the network operates in an urban location, with strict
building codes, we believe that these physical risks are somewhat
mitigated. We analyzed the school's social and governance factors
and consider them neutral in our credit rating analysis."
The stable outlook reflects S&P's expectation that ICEF will obtain
successful charter renewals on four schools that are up for renewal
in 2026, one of which is obligated on the rated debt. Additionally,
the outlook reflects that the new management team will amend its
budget as necessary to adjust to its declining enrollment trends
and sustain at least break-even operating margins and maintain its
liquidity position.
Any immediate pressure related to the upcoming charter renewals,
including the obligated View Park High School's charter renewal
(series 2013), including the organization's ability to meet its
debt service for series 2013 bonds, could trigger a negative rating
action. Additionally, should the persistent enrollment decline
weaken the school's ability to sustain its operating margin, MADS
coverage, or liquidity, S&P could also lower the rating.
S&P could raise the rating if the management team is able to
stabilize its enrollment and execute on its key strategic
initiatives while sustaining positive operating margin supporting
its MADs coverage and liquidity at levels comparable to those of
higher rated peers; all while meeting academic and financial
requirements from its authorizers to obtain successful charter
renewals.
IRWIN NATURALS: FitLife Wins Bid to Terminate Plan Exclusivity
--------------------------------------------------------------
Judge Victoria S. Kaufman of the United States Bankruptcy Court for
the Central District of California granted then motion filed by
FitLife Brands, Inc. to terminate Irwin Naturals and affiliates'
exclusive period to file a chapter 11 plan.
Klee Irwin is the founder and CEO of Debtors. Mr. Irwin
individually and through a trust owns approximately 97.5% of the
equity in Debtors.
On Dec. 17, 2024, Mark Judkins Consulting Company filed proof of
claim no. 39-1. The Consulting Claim asserts a nonpriority
unsecured claim in the amount of $7,498 arising out of "Recruiting
services: placement of Quality Control Technician." On Jan. 22,
2025, FitLife filed a Transfer of Claim Other Than for Security,
in which FitLife requested to be substituted as the original
claimant of the Consulting Claim.
On Dec. 23, 2024, Debtors filed Debtors' First Amended Chapter 11
Plan of Reorganization and a related disclosure statement
describing the Amended Plan. Like the Plan, the Amended Plan
provides for Debtors' principals and their affiliates to retain
their equity in the reorganized Debtors without any contribution of
new value. The Amended Plan similarly increases Mr. Irwin's salary,
post-confirmation, from $240,000 a year to $790,000 a year.
On Feb. 19, 2025, FitLife filed a Motion for Order (I) Terminating
the Exclusive Periods in Which Only the Debtors May File a Plan and
Solicit Acceptances and (II) Permitting FitLife Brands, Inc. to
File an Alternative Plan and Disclosure Statement.
On March 5, 2025, Debtors filed a motion to extend Debtors'
exclusive period to file a chapter 11 plan from March 5, 2025, to
April 5, 2025.
On March 21, 2025, the Court held a six-hour-long evidentiary
hearing on the Motion to Terminate Exclusivity. On March 19, 2025,
FitLife filed an opposition to the March 2025 Motion to Extend
Exclusivity.
On March 31, 2025, the Court entered an order granting the Motion
to Terminate Exclusivity.
In issuing its oral ruling, the Court considered three issues:
(1) whether Debtors' exclusive period to file a chapter 11 plan
expired after March 5, 2025;
(2) whether cause existed to terminate Debtors' exclusive period
to file a chapter 11 plan; and
(3) whether the latest intended chapter 11 plan, as discussed by
Debtors' counsel at the hearing, would not relate back to the
Amended Plan or the Anticipated Second Amended Plan, as described
in the Redlined Amended Disclosure Statement (which chapter 11 plan
Debtors had not yet, and have never, filed).
If cause existed to terminate Debtors' exclusive period to file a
chapter 11 plan, the Court need not consider the first and third
issues because finding "cause" is, by itself, a sufficient basis to
terminate exclusivity.
In determining whether "cause" exists to terminate a chapter 11
debtor's exclusive period to file a plan, Court applied the
following Dow Corning factors:
1. the size and complexity of the case;
2. the necessity of sufficient time to permit the debtor to
negotiate a plan of reorganization and prepare adequate
information;
3. the existence of good faith progress toward reorganization;
4. the fact that the debtor is paying its bills as they become
due;
5. whether the debtor has demonstrated reasonable prospects for
filing a viable plan;
6. whether the debtor has made progress in negotiations with its
creditors;
7. the amount of time which has elapsed in the case;
8. whether the debtor is seeking an extension of exclusivity in
order to pressure creditors to submit to the debtor's
reorganization demands; and
9. whether an unresolved contingency exists.
Because none of the Dow Corning factors weighed against terminating
exclusivity when applied to Debtors' circumstances, cause exists to
terminate Debtors' exclusive period to file a chapter 11 plan, the
Court concluded. Debtors' exclusive period to file a chapter 11
plan expired after March 5, 2025.
According to the Court, Debtors had not made good faith progress
towards reorganization and in negotiations with their creditors.
The Court found that the latest intended chapter 11 plan, as
discussed by Debtors' counsel at the hearing, was not substantially
the same as the Amended Plan or the Anticipated Second Amended
Plan. It found that Mr. Irwin's testimony that a competing plan
would cause adverse consequences with Debtors' vendors and
customers was not credible. It also determined that Debtors were
using exclusivity to pressure creditors to submit to Debtors'
chapter 11 plan.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=7DX5e6
About Irwin Naturals
Irwin Naturals is a provider of business support services.
Irwin Naturals and affiliates, 5310 Holdings, LLC, DAI US HoldCo,
Inc. and Irwin Naturals, Inc., filed Chapter 11 petitions (Bankr.
C.D. Calif. Lead Case No. 24-11323) on Aug. 9, 2024. At the time
of the filing, Irwin Naturals reported $10 million to $50 million
in both assets and liabilities.
Judge Victoria S. Kaufman oversees the cases.
The Debtors tapped BG Law, LLP as bankruptcy counsel; Beach,
Freeman, Lim & Clelland, LLP as accountant; Province, LLC as
financial advisor; and Marula Capital Group, LLC as valuation
consultant. Omni Agent Solutions, Inc., is the Debtors'
administrative agent.
The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Golden Goodrich, LLP.
IYA FOODS: Court Extends Cash Collateral Access to May 7
--------------------------------------------------------
Iya Foods Inc. received another extension from the U.S. Bankruptcy
Court for the Northern District of Illinois to use cash collateral
in which Village Bank and Trust and the Small Business
Administration may claim an interest.
The fifth interim order extended the company's authority to use
cash collateral from April 11 to May 7.
Iya Foods must use cash collateral in accordance with its budget.
The next hearing is scheduled for May 14.
About Iya Foods Inc.
Iya Foods Inc. is a company that specializes in producing and
offering African superfoods. Its products are plant-based,
gluten-free, non-GMO, kosher, and free from preservatives,
additives, or artificial ingredients. The company focuses on
creating nutritious and delicious ingredients that can be used in
a variety of recipes, making them accessible to people with dietary
preferences or restrictions, such as those following vegan or
gluten-free diets.
Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No.
25-00341) on January 10, 2025, listing between $100,000 and
$500,000 in assets and between $1 million and $10 million in
liabilities.
Judge Deborah L. Thorne handles the case.
The Debtor is represented by Justin R. Storer, Esq., at the Law
Office of William J. Factor.
Village Bank and Trust, N.A., a secured creditor, is represented
by:
Andrew H. Eres, Esq.
Dickinson Wright PLLC
55 W. Monroe, Suite 1200
Chicago, IL 60603
Phone; 312-377-7891
Email: aeres@dickinson-wright.com
J.E.H. PROPERTIES: Claims to be Paid From Property Sale Proceeds
----------------------------------------------------------------
J.E.H. Properties I, LLC and J.E.H. Properties II, LLC submitted a
Third Amended Disclosure Statement in connection with their Third
Amended Chapter 11 Plan of Liquidation dated March 26, 2025.
In March 2018, JEH I purchased from David P. and Gertrude Merchant
(the "Merchants") the real property located at 4 County Route 26,
Climax, New York 12042 (SBL: 55.00-3-9) (the "Property I").
Concurrently, JEH II purchased the adjacent real property located
at SBLs: 55.00-3-7, 55.00-3-8, and 55.00-4-24) (the "Property II",
together with Property I, the "Properties"). Property II is a
vacant lot. JEH I leased the Restaurant Premises to its affiliate,
Emilies Pastaria LLC ("Emilies"). Emilies intended to refurbish and
reopen the Restaurant Premises.
Shortly after the Petition Date, the Debtors filed an application
to retain Kirby Aisner & Curley, LLP ("KAC") as their bankruptcy
counsel. On October 18, 2022, an Order was entered authorizing the
retention of the KAC Firm as attorneys for the Debtors, effective
as of the Petition Date.
In addition to the hiring of counsel, on January 6, 2025, the
Debtors filed an application seeking to retain Oxbridge
International Company as their real estate broker in connection
with the sale of their Property. Oxbridge has extensive experience
selling properties similar to the Debtors'. As such, the Debtors
believe that they are uniquely suited to serve as its broker. By
order of the Bankruptcy Court dated February 4, 2025, the
Bankruptcy Court approved the retention of the Oxbridge as of
November 15, 2024.
Class 1 consists of the Allowed Secured Claims of Greene County
against the Properties. Holders of the Allowed Secured Tax Claims
shall be paid in full, in Cash, with statutory interest upon the
sale of the Properties. Until such time that the Allowed Class 1
Claims are paid in full, the lien which secures the Class 1 Claims
shall remain in full force and effect. The Debtors estimate Class 1
Claims to total approximately $71,500.
Class 2 consists of the Allowed Non-Tax Priority Claims. Holders of
Allowed Non-Tax Priority Claims, shall be paid in full, in Cash,
with statutory interest on the Effective Date. Class 3 is not
Impaired pursuant to Section 1124 of the Bankruptcy Code and are
deemed to accept the Plan. The Debtors do not believe any such
claims exist.
Class 4 consists of the Allowed Interests in the Debtors. Holders
of the Allowed Interests shall retain their Interest in the
Reorganized Debtor, strictly subject to acceptance of the Plan by
the Class 1 Secured Claims. The holder of the Class 4 Interests are
not impaired under this Plan and are deemed to have accepted this
Plan.
The Plan shall be funded with the net proceeds from the Sale of the
Property. The Debtors will continue to market the Property for sale
with the Broker. The Debtors anticipate acquiring a buyer for the
Property for a sale price sufficient to fund its Plan in full, with
a significant distribution to Interest holders. Although it is
impossible to know for certain exactly when all distributions under
the Plan will be made, the Debtor projects payment to all creditors
within ten months of the Effective Date.
A full-text copy of the Third Amended Disclosure Statement dated
March 26, 2025 is available at https://urlcurt.com/u?l=1EUtnZ from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
Dawn Kirby, Esq.
Jessica M. Hill, Esq.
KIRBY AISNER & CURLEY, LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
E-mail: dkirby@kacllp.com
jhill@kacllp.com
About J.E.H. Properties
J.E.H. Properties I, LLC, and J.E.H. Properties II, LLC, filed
their voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 22-35449 and 22-35450)
on July 20, 2022. At the time of the filing, the Debtors listed as
much as $1 million in both assets and liabilities.
Judge Cecelia G. Morris oversees the case.
Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP, is serving as the
Debtors' counsel.
JAMES MARITIME: Changes Name to Sentinel Holdings Ltd.
------------------------------------------------------
James Maritime Holdings, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on September
11, 2024, it filed with the Secretary of State of the State of
Nevada a Certificate of Amendment to its Amended and Restated
Articles of Incorporation to change its corporate name from James
Maritime Holdings Inc. to Sentinel Holdings Ltd., effective April
4, 2025.
In connection with the Company's name change, the board of
directors amended its by-laws to reflect the corporate name
Sentinel Holdings Ltd., also effective on April 4, 2025. No other
changes were made to the Company's by-laws.
The Company's common stock will continue to trade on the OTC Market
under a new ticker symbol, "SNTL".
Outstanding stock certificates for shares of the Company are not
affected by the name change; there is no change to the Company's
CUSIP Number, and its Common Stock continues to be valid and need
not be exchanged.
About James Maritime Holdings
Sandy, Utah-based James Maritime Holdings, Inc. operates mainly
through its subsidiaries, Gladiator and USS. Gladiator specializes
in the distribution of personal protective products, largely
through mail-in orders and e-commerce channels. On the other hand,
USS offers a combination of professional security personnel
services, enhanced by smartphone-based security applications,
providing a unique blend of traditional and modern security
solutions.
The Company has historically incurred significant losses since
inception and has not demonstrated an ability to generate
sufficient revenues from the sales of its products and services to
achieve profitable operations. These factors create substantial
doubt about the Company's ability to continue as a going concern
within the next 12 months.
The Company has yet to file its Annual Report on Form 10-K for the
fiscal year ended December 31, 2024.
KARBONX CORP: Morsevo Trading Holds 8.5% Equity Stake
-----------------------------------------------------
Morsevo Trading, Inc., disclosed in a Schedule 13D (Amendment No.
1) filed with the U.S. Securities and Exchange Commission that as
of April 4, 2025, it beneficially owns 6,921,550 shares of Karbon-X
Corp's Common Stock, representing 8.5% of the issued and
outstanding shares.
Morsevo Trading, Inc. may be reached through:
M. Richard Cutler, Cutler Law
6575 West Loop South, Suite 500
Bellaire, TX 77401
Tel: 713-888-0040
A full-text copy of Morsevo Trading's SEC report is available at:
https://tinyurl.com/htu444ux
About Karbon-X
Calgary, Canada-based Karbon-X Corp. provides customized
transactional options, tailored insights, and scalable access to
the Verified Emissions Reduction markets.
Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated September 13, 2024, citing that the Company has
generated minimal revenues from its business operations and has
incurred operating losses since inception. These factors, among
others, raise substantial doubt about the Company's ability to
continue as a going concern.
As of November 30, 2024, Karbon-X had $6,340,514 in total assets,
$4,049,304 in total liabilities, and $2,291,210 in total
stockholders' equity.
KIM R. ELLINGTON: Court Awards Final Judgment in Helena Lawsuit
---------------------------------------------------------------
In the case captioned as HELENA AGRI-ENTERPRISES, LLC f/k/a HELENA
CHEMICAL COMPANY, PLAINTIFF vs. ELLINGTON ENTERPRISES, INC.; JEROME
FARMS PARTNERSHIP; KIM R. ELLINGTON; and SHARON ELLINGTON,
DEFENDANTS, CASE NO. 6:24-cv-06018-SOH (W.D. Ark.), the Honorable
Susan O. Hickey of the United States District Court for the Western
District of Arkansas finds and orders as follows:
(a) that plaintiff Helena Agri-Enterprises, LLC, formerly known
as Helena Chemical Company, is awarded final judgment on Count I of
its Complaint against the separate defendant Ellington Enterprises,
Inc., in the total amount of $761,082.50, together with
post-judgment interest thereon accruing from and after the date of
entry of this Consent Judgment at the applicable statutory rate;
(b) that Helena's remaining claim in Count II of its Complaint
against Jerome Farms Partnership, Kim R. Ellington, and Sharon
Ellington is stayed pending resolution or lifting of the automatic
stay in the bankruptcy proceeding of Kim R. Ellington and Sharon
Ellington; and
(c) that all writs and processes authorized by law for the
collection of judgments shall issue hereon, without further
application to this Court.
Before the Court is the Complaint filed by plaintiff Helena
Agri-Enterprises, LLC f/k/a Helena Chemical Company against the
separate defendants Ellington Enterprises, Inc., Jerome Farms
Partnership, Kim R. Ellington, and Sharon Ellington.
Helena filed its Complaint initiating this action on Feb. 22, 2024.
In Count I of the Complaint, Helena alleges, among other things,
that Ellington Enterprises is indebted to it for the balance owed
on an open credit account in the name of Ellington Enterprises. In
Count II of the Complaint, Helena alleges that Jerome Farms
Partnership, Kim R. Ellington, and Sharon Ellington are indebted to
it for the balance owed on a separate open credit account in the
name of Jerome Farms Partnership.
On April 11 , 2025, separate defendants Kim R. Ellington and Sharon
Ellington filed a Chapter 11 bankruptcy petition on April 10, 2025,
which bankruptcy is currently pending before the United States
Bankruptcy Court for the Eastern District of Arkansas. Therefore,
Helena's claim in Count II of its Complaint against Kim R.
Ellington, Sharon Ellington, and Jerome Farms Partnership is stayed
pursuant to 11 U.S.C. Sec. 362(a). However, Ellington Enterprises
has not filed bankruptcy, and Helena's remaining claim, Count I of
its Complaint against Ellington Enterprises, is not stayed.
The total amount owed to Helena by Ellington Enterprises through
March 31, 2025 on the open credit account of Ellington Enterprises
is $761,082.50.
Ellington Enterprises is presently in default under the terms of
its open credit account with Helena.
Ellington Enterprises consents to the award by the Court to
plaintiff Helena of judgment against Ellington Enterprises in the
total amount of $761,082.50, together with post-judgment interest
thereon at the applicable statutory post-judgment interest rate
until paid. Such amount is expressly inclusive of, and not in
addition to, the undisputed amount previously found to be owed by
Ellington Enterprises to Helena in the Court's Memorandum Opinion
entered on April 9, 2025.
In accordance with Fed. R. Civ. P. 54(b), the Court expressly finds
and determines that there is no just reason for delay in the entry
of final judgment with respect to the judgment awarded on Helena's
claim against Ellington Enterprises in Count I of its Complaint.
According to the Court, such claim is distinctly separate from
Helena's remaining claim in Count II of its Complaint, which seeks
judgment against separate parties on a wholly separate credit
account, involves separate facts and evidence, and which has been
stayed indefinitely by the bankruptcy filing of Kim R. Ellington
and Sharon Ellington.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=PFoqtW from PacerMonitor.com.
Attorneys for Helena Agri-Enterprises, LLC:
Roger D. Rowe, Esq.
Ralph D. Scott III, Esq.
LAX, VAUGHAN FORTSON, ROWE & THREET, P.A.
Cantrell West Building
11300 Cantrell Road, Suite 201
Little Rock, AR 72212
Phone: (501) 376-6565
Fax: (501) 376-6666
E-mail: rrowe@laxvaughan.com
tscott@laxvaughan.com
Attorneys for Defendants:
Vanessa Cash Adams, Esq.
Zachary T. Sellers, Esq.
AR LAW PARTNERS PLLC
415 N. McKinley Street, Suite 830
Little Rock AR 72205
Phone: (501) 710-6500
Fax: (501) 710-6336
E-mail: vanessa@arlawpartners.com
zachary@arlawpartners.com
Kim R. Ellington, and Sharon Ellington sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No.
25-11232) on April 10, 2025.
Judge Richard D. Taylor oversees the case.
The Debtor Anh-Thu Cecille Doan, Esq., at AR Law Partners, PLLC.
KINGSBOROUGH ATLAS: Seeks to Hire Fred Klemenok CPA as Accountant
-----------------------------------------------------------------
Kingsborough Atlas Tree Surgery, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Klemenok, Fred P CPA as accountant.
The firm will prepare and file tax returns, prepare financial
projections to support the plan Debtor intends to propose, and any
other matters that may require the assistance of an accounting
firm.
The firm will be paid at these rates:
Fred Klemenok, CPA $350/hour
Alexandra Sagaria, Staff $150/hour
Fred Klemenok, CPA, assured the court that he does not hold an
interest adverse to the estate, and is a disinterested person as
required by 11 USC Section 327(a).
The firm can be reached through:
Fred Klemenok, CPA
Klemenok, Fred P CPA
5510 Volkerts Road
Sebastopol, CA 95472
Phone: (707) 824-4460
About Kingsborough Atlas Tree Surgery
Kingsborough Atlas Tree Surgery Inc. is a Santa Rosa,
California-based tree surgery company.
Kingsborough Atlas Tree Surgery Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10088) on
February 20, 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 William J. Lafferty handles the case.
The Debtor tapped the Law Offices of Michael C. Fallon as
bankruptcy counsel and Carle Mackie Power Ross LLP as special
counsel.
LEADPOINT INC: Hires Prospera Law as Special Corporate Counsel
--------------------------------------------------------------
LeadPoint Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire Prospera Law, LLP as
special corporate counsel.
The firm's services include:
a. advising the Debtor with regard to general corporate
matters;
b. advising the Debtor with regard to corporate governance
matters;
c. advising the Debtor with regard to corporate compliance
matters;
d. advising the Debtor with regard to any corporate law issues
that may arise from any bankruptcy plan proposed by the Debtor,
including, but not limited to, in regard to the impact of any
bankruptcy plan on outstanding equity interests;
e. assisting the Debtor's general bankruptcy counsel, Levene,
Neale, Bender, Yoo & Golubchik L.L.P., on an as needed basis, to
address corporate issues that may arise as the Debtor proceeds in
its bankruptcy case and efforts to propose and confirm a bankruptcy
plan and fully administer its bankruptcy estate; and
f. performing any other services which may be appropriate in
Prospera's representation of the Debtor as its special corporate
counsel during its bankruptcy case.
The firm will be paid at these hourly rates:
Senior Partner $625 to $925
Partner $495 to $825
Senior Associate $595 to $725
Junior Associate $495 to $595
Paralegal $225 to $275
Prospera is a "disinterested person" as that term is defined in
Section 101(14), according to court filings.
The firm can be reached through:
Donald S. Lee, Esq.
Rahul P. Dange, Esq.
Prospera Law, LLP
1901 Avenue of the Stars, Suite 480
Los Angeles, CA 90067
Phone: (424) 239-1890
Fax: (424) 239-1882
About LeadPoint Inc.
LeadPoint Inc., d/b/a SecureRights, is a technology-driven platform
that revolutionized the online lead generation industry by creating
the first web-based lead exchange in 2004. It uses proprietary
algorithms, machine learning, and feedback loops to validate and
score leads, enabling smarter matching and pricing. The platform
connects buyers and sellers of leads, providing a transparent and
secure environment for real-time data and consumer-initiated voice
leads across multiple verticals. With over 2,000 buyers and
hundreds of thousands of leads purchased each month, LeadPoint
offers significant value, control, and revenue for sellers in the
lead marketplace.
LeadPoint Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10179) on January 31,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Martin R. Barash handles the case.
The Debtor is represented by Ron Bender, Esq. at LEVENE, NEALE,
BENDER, YOO & GOLUBCHIK L.L.P.
LEE FRANCHISE: Court Extends Cash Collateral Access to May 21
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina issued a third interim order authorizing Lee Franchise
Holdings, Inc. to use cash collateral until May 21.
The third interim order authorized the company to use cash
collateral to pay the expenses set forth in its budget, with a 10%
variance allowed.
Lee Franchise projects total operational expenses of $60,391.35
from April 21 to May 21.
Secured creditors including Dogwood State Bank, Cashable, LLC,
Millstone Funding, Inc., Alpine Advance 5, LLC, and Pipe Advance,
LLC were granted post-petition liens and security interests in
their collateral, with the same priority as their respective
pre-bankruptcy liens and security interests.
Lee Franchise was ordered to pay $2,500 to Dogwood as partial
protection for using the cash collateral.
The company's authority to use cash collateral terminates upon the
occurrence of so-called events of default, including failure to
comply with the terms of the order; use of cash collateral other
than as agreed; dismissal or conversion of its Chapter 11 case to a
proceeding under Chapter 7; and failure to pay post-petition tax
liabilities.
The next hearing is scheduled for May 14.
About Lee Franchise Holdings
Lee Franchise Holdings, Inc. operates a commercial window cleaning
and pressure washing company in Craven County, N.C., with its
principal office at 257 Belltown Road, Havelock, N.C.
Lee Franchise Holdings filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No.
25-00617) on February 21, 2025, listing up to $500,000 in assets
and up to $1 million in liabilities. Bradley M. Lee, president of
Lee Franchise Holdings, signed the petition.
Judge Pamela W. McAfee oversees the case.
David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal
counsel.
Secured creditor Dogwood State Bank is represented by:
William Walt Pettit
6230 Fairview Rd, Suite 315
Charlotte, NC 28210
(704) 362-9255
walt.pettit@hutchenslawfirm.com
LIGADO NETWORKS: Pres. Trump Faces Pressure to Reverse FCC Order
----------------------------------------------------------------
Jared Foretek of Law360 reports that navigation, transportation,
meteorological, and agricultural stakeholders have united in urging
President Trump and Congress to rescind the FCC's disputed Ligado
ruling, arguing that the company's proposed terrestrial mobile
service would significantly interfere with GPS, satellite
communications, and weather prediction.
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.
LIKELIHOOD LLC: Court Extends Cash Collateral Access to May 12
--------------------------------------------------------------
Likelihood, LLC received another extension from the U.S. Bankruptcy
Court for the Eastern District of Washington to use cash
collateral
The court issued its third interim order extending the company's
authority to utilize cash collateral from April 11 to May 12.
Secured lenders, including KeyBank, National Association and CFT
Clear Finance Technology Corp. were granted replacement liens on
all post-petition collateral and proceeds thereof, with the same
priority as their pre-bankruptcy liens.
As additional protection, Likelihood was ordered to pay $1,280 per
week to KeyBank and $250 per week to CFT.
A further hearing is scheduled for May 6.
About Likelihood LLC
Likelihood, LLC is a retail company in Seattle, Wash., specializing
in footwear, apparel, accessories, and home goods. Some of its
products include Maison Mihara Yasuhiro, Black Comme des Garcons,
Converse, Martine Rose, Crystal Haze, Reebok, and Teddy Vonranson.
Likelihood filed Chapter 11 petition (Bankr. E.D. Wash. Case No.
25-00202) on January 31, 2025, listing total assets of $382,721 and
total liabilities of $5,058,663.
Jason Wax, Esq., at Bush Kornfeld, LLP is the Debtor's legal
counsel.
KeyBank, National Association, as secured lender, is represented
by:
Michael M. Sperry, Esq.
575 S. Michigan Street
Seattle, WA 98108
Phone: 206-381-0133
michaels@shweetlaw.com
LINX OF LAKE: Gets Interim OK to Use Cash Collateral Thru June 11
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida issued
a third interim order extending Linx of Lake Mary, LLC's authority
to use cash collateral until June 11.
The company was authorized to use cash collateral to meet payroll,
trustee fees and other necessary expenses set forth in its budget,
plus an amount not to exceed 10% for each line item.
The budget shows total projected expenses of $594,934.58 from March
to June.
HLI Investments and Funding-Fund 2, LLC, a secured creditor, was
granted a perfected post-petition lien on cash collateral to the
same extent and with the same validity and priority as its
pre-bankruptcy lien.
As additional protection, Linx of Lake Mary will maintain insurance
coverage for its property.
The next hearing will be conducted on June 11.
HLI can be reached through:
HLI Investments and Funding-Fund 2, LLC
1000 Legion Place, Suite 1200
Orlando, FL 32801
About Linx of Lake Mary
Linx of Lake Mary, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06781) on
December 13, 2024, listing up to $10 million in both assets and
liabilities. Patrick Schneider, manager of Linx of Lake Mary,
signed the petition.
Judge Grace E. Robson oversees the case.
The Debtor is represented by:
Justin M. Luna, Esq.
Latham, Luna, Eden & Beaudine, LLP
Tel: 407-481-5800
Email: jluna@lathamluna.com
LML LOGISTICS: Seeks Subchapter V Bankruptcy in Florida
-------------------------------------------------------
On April 25, 2025, LML logistics LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Middle District of Florida.
According to court filing, the Debtor reports $1,104,342 in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About LML logistics LLC
LML logistics LLC, also known as Littlefield Family Trucking, is a
transportation and logistics company based in Ocala, Florida,
specializing in freight management, offering warehousing,
distribution, and freight forwarding services.
LML logistics LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01314)
on April 25, 2025. In its petition, the Debtor reports total
assets of $477,655 and total liabilities of $1,104,342.
Honorable Bankruptcy Judge Jacob A. Brown handles the case.
The Debtor is represented by Jeffrey S. Ainsworth, Esq. at
BRANSONLAW, PLLC.
MAWSON INFRASTRUCTURE: M. Hughes Resigns, Steven Soles Joins Board
------------------------------------------------------------------
Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that Michael
Hughes resigned as a member of the Board of Directors, effective as
of April 3, 2025. Mr. Hughes's resignation is not the result of any
dispute or disagreement with the Board, the Company or management
on any matter relating to the Company's operations, policies or
practices, or any other matter.
The Board appointed Mr. Steven Soles to serve as a member of the
Board, effective as of April 4, 2025, to fill the vacancy on the
Board resulting from the resignation of Mr. Hughes.
Mr. Soles will serve on the Board until the Company's 2025 annual
meeting of stockholders at which time he will stand for election
alongside the Company's current directors. The Board has also
appointed Mr. Soles to serve as a member of the Nominating and
Corporate Governance Committee, Compensation Committee and Audit
Committee. The Board has determined that Mr. Soles qualifies as
"independent" in accordance with the published listing requirements
of NASDAQ.
Mr. Soles, age 51, brings experience in the legal, energy and
financial services industries, and in compliance and transactional
matters to the Board. Starting in November 2014, Mr. Soles has
served as Chief Operating Officer and General Counsel to Elmagin
Capital LLC, a quantitative investment firm, which specializes in
the U.S. wholesale electricity markets. In this role, he oversees
operational, legal, and regulatory functions, leveraging his
experience in the legal, energy, and financial industries. Mr.
Soles earned a bachelor's degree from West Chester University and a
Juris Doctor degree from Villanova University.
There is no arrangement or understanding with any person pursuant
to which Mr. Soles was appointed as a member of the Board. There
are no transactions or relationships between the Company and Mr.
Soles that are reportable under Item 404(a) of Regulation S-K. In
connection with Mr. Soles's appointment to the Board, Mr. Soles
entered into a Director Appointment Letter, dated April 3, 2025,
with the Company. Pursuant to the Director Appointment Letter, Mr.
Soles will receive annual compensation in the amount of $225,000
for his service as a member of the Board and his committee roles.
Half of his compensation will be issued to him as restricted stock
units under the Company's 2024 Omnibus Equity Incentive Plan.
About Mawson Infrastructure Group
Mawson Infrastructure Group specializes in data centers for Bitcoin
miners and AI firms.
Mawson Infrastructure Group's creditors filed a Chapter 11
involuntary petition against the company (Bankr. D. Del. Case No.
24-12726) on December 4, 2024. The petitioning creditors include W
Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and
Rayra Pty Ltd.
The petitioners' counsel is Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell.
Judge Mary F. Walrath handles the case.
MAXTIN INC: Hearing Today on Bid to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, is set to hold a hearing today to consider
another extension of Maxtin, Inc.'s authority to use cash
collateral.
The company's authority to use cash collateral pursuant to the
court's April 17 order expires on April 30.
The April 17 order granted Comerica Bank a replacement lien on the
company's assets (excluding Chapter 5 claims) and proceeds thereof.
These liens are co-extensive with the lender's pre-bankruptcy
liens.
As additional protection, Maxtin was ordered to keep the lender's
collateral insured.
About Maxtin Inc.
Maxtin Inc., doing business as Morrison Architectural Sign Company,
is a manufacturer of architectural signage based in Dallas, Texas.
The company specializes in producing custom signs using various
fabrication methods including digital printing, laser cutting, and
CNC machining, as evidenced by its financed equipment including
Mutoh XpertJet printers, HP Latex printers, and Boss Laser systems.
The company works with various materials including plastics and
other fabrication supplies from vendors like E&T Plastics and
Gyford Productions.
Maxtin Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40871) on March
28, 2025. In its petition, the Debtor reported up to $50,000 in
assets and between $1 million and $10 million in liabilities.
Howard Marc Spector, Esq., at Spector & Cox, PLLC is the Debtor's
legal counsel.
Comerica Bank, as lender, is represented by:
Michael P. Menton, Esq.
Danika Lopez, Esq.
SettlePou
3333 Lee Parkway, Eighth Floor
Dallas, Texas 75219
Phone: (214) 520-3300
Fax: (214) 526-4145
mmenton@settlepou.com
dlopez@settlepou.com
MAYFAIR-HABITAT: Case Summary & Two Unsecured Creditors
-------------------------------------------------------
Debtor: The Mayfair-Habitat Group Incorporated
26431 Silverleaf Drive
Plainfield, IL 60585
Business Description: The Mayfair-Habitat Group Incorporated is a
property management and real estate
investment company based in Plainfield,
Illinois. The Debtor's principal assets are
located at 7337 S. South Shore Drive,
Chicago, IL 60649, and consist of 31 parcels
of land.
Chapter 11 Petition Date: April 24, 2025
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 25-06308
Judge: Hon. Jacqueline P Cox
Debtor's Counsel: Paul M. Bach, Esq.
BACH LAW OFFICES
P.O. Box 1285
Northbrook, IL 60065
E-mail: paul@bachoffices.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Adeniyi A. Egowon as president and CEO.
A full-text copy of the petition, which includes a list of the
Debtor's two unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/PUMXQEQ/The_Mayfair-Habitat_Group_Incorporated__ilnbke-25-06308__0001.0.pdf?mcid=tGE4TAMA
MDW SHOREVIEW LLC: Section 341(a) Meeting of Creditors on May 11
----------------------------------------------------------------
On April 24, 2025, MDW Shoreview LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Northern District of Texas.
According to court filing, the Debtor reports between $50 million
and $100 million in debt owed to 50 and 99 creditors. The petition
states funds will be available to unsecured creditors.
A meeting of creditors under Section 341(a) to be held on May 11,
2025 at 03:30 PM by TELEPHONE.
About O'Ryan Ranches LLC
MDW Shoreview LLC is a limited liability company.
MDW Shoreview LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. N.D. Tex. Case No. 25-10570)
on April 24, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $50 million and $100 million each.
Honorable Bankruptcy Judge Shad Robinson handles the case.
The Debtor is represented by Stephen J. Humeniuk, Esq. at TROUTMAN
PEPPER LOCKE LLP.
MDW SHOREVIEW: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: MDW Shoreview Mezz LLC
9050 N. Capital of Texas Hwy.
Bldg. 3 Suite 320
Austin TX 78759
Chapter 11 Petition Date: April 24, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-10569
Judge: Hon. Shad Robinson
Debtor's
General
Bankruptcy
Counsel: Stephen J. Humeniuk, Esq.
TROUTMAN PEPPER LOCKE LLP
300 Colorado Street, Suite 2100
Austin, TX 78701
Tel: 512-305-4838
E-mail: stephen.humeniuk@troutman.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Monte Lee-Wen as manager.
The Debtor provided a list of its 20 largest unsecured creditors,
but the list was left blank with a note indicating "N/A".
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/6WUI7II/MDW_Shoreview_Mezz_LLC__txwbke-25-10569__0001.0.pdf?mcid=tGE4TAMA
MMA LAW FIRM: Court Extends Cash Collateral Access to July 3
------------------------------------------------------------
MMA Law Firm, PLLC received another extension from the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division to use the cash collateral of its secured creditors.
The seventh interim order authorized the law firm to use cash
collateral until July 3 to pay its expenses, provided it does not
exceed the budgeted amounts by more than 10%.
The budget shows total projected expenses of $165,895.31 for the
interim period.
MMA Law Firm was ordered to provide its secured creditors, Equal
Access Justice Fund, LP and EAJF ESQ Fund, LP, with replacement
liens on its post-petition assets, with the same priority as their
pre-bankruptcy liens.
As additional protection, the law firm was ordered to obtain and
maintain a general liability insurance with respect to its personal
property.
The next hearing is scheduled for June 23.
About MMA Law Firm
MMA Law Firm, PLLC is a Houston-based law firm specializing in
insurance claim management, negotiation and litigation.
MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Texas Case No.
24-31596) on April 9, 2024, with $100 million to $500 million in
assets and $10 million to $50 million in liabilities. Zach Moseley,
managing member, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
The Debtor is represented by Johnie Patterson, Esq., at Walker &
Patterson, P.C.
MOBIQUITY TECHNOLOGIES: Assurance Dimensions Resigns as Auditor
---------------------------------------------------------------
Assurance Dimensions, LLC resigned as Mobiquity Technologies,
Inc.'s independent registered public accounting firm on April 25,
2025, according to a Form 8-K filing with the Securities and
Exchange Commission. The resignation aligns with Assurance
Dimensions' decision to exit audit services for publicly traded
companies.
Assurance's reports on the Company's consolidated financial
statements as of and for the fiscal years ended Dec. 31, 2024 and
Dec. 31, 2023 did not contain an adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty, audit
scope or accounting principles.
For the fiscal years ended Dec. 31, 2024, and Dec. 31, 2023, as
well as the interim period through April 25, 2025, there were no
disagreements between Mobiquity Technologies and Assurance
Dimensions regarding accounting principles, financial statement
disclosures, or auditing procedures. Additionally, there were no
reportable events as defined under Regulation S-K.
Newly Engaged Independent Registered Public Accounting Firm
On April 25, 2025, the Company engaged Stephano Slack LLC as its
new independent registered public accounting firm for the fiscal
year ending Dec. 31, 2025.
During the Company's fiscal years ended Dec. 31, 2024 and Dec. 31,
2023 and the subsequent interim period through April 25, 2025,
neither the Company nor anyone on its behalf has consulted with
Stephano Slack regarding: (i) the application of accounting
principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered on
the Company's financial statements, and neither a written report
nor oral advice was provided to the Company that Stephano Slack
concluded was an important factor considered by the Company in
reaching a decision as to any accounting, auditing, or financial
reporting issue, (ii) any matter that was the subject of a
disagreement within the meaning of Item 304(a)(1)(iv) of Regulation
S-K, or (iii) any reportable event within the meaning of Item
304(a)(1)(v) of Regulation S-K.
About Mobiquity Technologies
Mobiquity Technologies, Inc., headquartered in Shoreham, NY, is an
advertising technology, data compliance, and intelligence company
that operates through several proprietary software platforms. Its
product solutions include the Advertising Technology Operating
System (ATOS Platform), Data Intelligence Platform, and Publisher
Platform for Monetization and Compliance.
In an audit report dated April 7, 2025, the Company's auditor,
Assurance Dimensions, issued a "going concern" qualification citing
that the Company had a working capital deficit of $1,257,393, an
accumulated deficit of $225,633,521 and a net loss of $8,593,182
for the year then ended. These and other factors raise substantial
doubt about the Company's ability to continue as a going concern.
MODEL TOBACCO: Court Extends Cash Collateral Access to July 31
--------------------------------------------------------------
Lynn Tavenner, the Chapter 11 trustee for Model Tobacco Development
Group, LLC, received another extension from the U.S. Bankruptcy
Court for the Eastern District of Virginia, Richmond Division, to
use cash collateral.
The fourth interim order authorized the trustee to use cash
collateral for the period from May 1 to July 31 in accordance with
its budget.
Model Tobacco Development Group was ordered to make a monthly
payment of $150,000 to the Virginia Housing Development Authority
starting next month to protect the lender's interest in its
collateral.
As additional protection, the lender was granted a replacement lien
on all post-petition assets of the company and their proceeds, to
the same extent and with the same priority as its pre-bankruptcy
lien.
The order provides for a carve-out from the replacement liens for
certain fees and expenses, including fees required to be paid to
the Clerk of the Bankruptcy Court and to the Office of the United
States Trustee.
A further hearing is scheduled for July 23.
About Model Tobacco Development Group
Model Tobacco Development Group, LLC is engaged in activities
related to real estate.
Model Tobacco Development Group filed Chapter 11 petition (Bankr.
E.D. Va. Case No. 24-34863) on December 31, 2024, with assets
between $50 million and $100 million and liabilities between $10
million and $50 million.
The Debtor is represented by:
Justin P. Fasano, Esq.
Mcnamee Hosea, P.A.
6404 Ivy Lane, Suite 820
Greenbelt, MD 20770
Tel: 301-441-2420
Fax: 301-982-9450
Email: jfasano@mhlawyers.com
MOM CA: Court Extends Cash Collateral Access to May 14
------------------------------------------------------
MOM CA Investco, LLC and affiliates received third interim approval
from the U.S. Bankruptcy Court for the District of Delaware to use
cash collateral through May 14 to pay their expenses.
The companies were authorized to use cash collateral to pay
ordinary and necessary business expenses as set forth in the
budget, with a 25% variance limit per week.
As protection for the use of their cash collateral, lenders were
granted replacement liens on assets of the companies to the same
extent and with the same validity, priority and enforceability as
their pre-bankruptcy liens.
The companies' right to use cash collateral terminates on May 14,
unless extended by court order or lender agreement.
A final hearing is scheduled for May 14.
About MOM CA Investco LLC
MOM CA Investco LLC and affiliates constitute a real estate joint
venture comprised of a portfolio of commercial properties owned by
the Debtors. The properties that make up the portfolio include
hotels, an apartment complex, office buildings, other commercial
real estate, and individual homes used as luxury vacation rentals.
The Debtors have requested joint administration of their Chapter 11
cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA
Investco LLC).
In the petition signed by Mark Shinderman, chief restructuring
officer, the Debor disclosed up to $500 million in both assets and
liabilities.
Judge Brendan Linehan Shannon oversees the case.
The Debtors tapped Buchalter, A Professional Corporation as lead
bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy
co-counsel; and FTI Consulting, Inc. as restructuring advisor.
MONTFER PROPERTY: Hires David C. Johnston as Legal Counsel
----------------------------------------------------------
Montfer Property Investments, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to hire
David C. Johnston, an attorney practicing in California, as its
legal counsel.
Mr. Johnston's services include:
a. giving the Debtor legal advice about various bankruptcy
options, including relief under Chapters 7 and 11, and legal advice
about non-bankruptcy alternatives for dealing with the claims
against it;
b. giving the Debtor in Possession legal advice about its
rights, powers, and obligations in the Chapter 11 case and in the
management of the estate;
c. taking necessary action to enforce the automatic stay and
to oppose motions for relief from the automatic stay;
d. taking necessary action to recover and avoid any
preferential or fraudulent transfers and to exercise the Debtor in
Possession's strong-arm powers;
e. appearing with the Debtor's designated representative,
Navjot Singh, at the meeting of creditors, initial interview with
the U.S. Trustee, status conference, and other hearings held before
the Court;
f. reviewing and if necessary, objecting to proofs of claim;
and
g. preparing a plan of reorganization and a disclosure
statement (if required) and taking all steps necessary to bring the
plan to confirmation, if possible.
He will be paid at $400 per hour.
Mr. Johnston will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Johnston received a retainer of $1,262 to cover pre-petition
fees. The Debtor also paid the Court’s filing fee of $1,738.
David C. Johnston, Esq., disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
He can be reached at:
David C. Johnston, Esq.
1600 G Street, Suite 102
Modesto, CA 95354
Tel: (209) 579-1150
Fax: (209) 900-9199
About Montfer Property Investments
Established in 2018, Montfer Property Investments, LLC is a real
estate investment company specializing in creating mutually
beneficial solutions for homeowners and investors.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-90173) on March 10,
2025, with $1 million to $10 million in assets and liabilities.
Jose Montejano, managing member, signed the petition.
Judge Ronald H. Sargis presides over the case.
David C. Johnston, Esq., represents the Debtor as legal counsel.
MULTIBAND FIELD: Taps Munsch Hardt Kopf & Harr as General Counsel
-----------------------------------------------------------------
Multiband Field Services Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Munsch
Hardt Kopf & Harr, P.C. as general counsel.
The firm will render these services:
a. serve as attorneys of record for the Debtor and to provide
representation and legal advice with respect to the Debtor's powers
and duties as debtor in possession in the continued operation of
the Debtor's business;
b. assist the Debtor in carrying out its duties under the
Bankruptcy Code, including advising the Debtor of such duties, its
obligations, and its legal rights;
c. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objection, as necessary, to relief
sough and claims filed against the Debtor's estate;
d. consult with the United States Trustee, any statutory
committee that may be formed, and all other creditors and parties
in interest concerning administration of this Chapter 11 Case;
e. assist in monetizing the Estate's assets, including by
litigating all issues related to the Deposits;
f. prepare on behalf of the Debtor all motions, applications,
answers, orders, reports, and other legal papers and documents to
further the Debtor's estate's interests and objections, and to
assist the Debtor in preparation of schedules, statements, and
reports, and to represent the Debtor and its estate at all related
hearings and at all related meetings of creditors, United States
Trustee interviews, and the like;
g. assist the Debtor in connection with preparing and refining
its chapter 11 plan and disclosure statement, and/or all related
agreements and documents necessary to facilitate an exit from this
Chapter 11 Case, take appropriate action on behalf of the Debtor to
obtain confirmation of such plan, and take such further actions as
may be required in connection with the implementation of such
plan;
h. assist the Debtor in analyzing and appropriately treating
the claims of creditors, including objecting to claims and trying
claim objections;
i. appear before this Court and any appellate courts or other
courts having jurisdiction over any matter associated with this
Chapter 11 Case; and
j. perform all other legal services and provide all other
legal advice to the Debtor as may be required or deemed to be in
the interest of its estate in accordance with the Debtor's rights
and duties as set forth in the Bankruptcy Code.
Munsch Hardt will be paid as follows:
Davor Rukavina, Shareholder $900 per hour
Thomas Berghman, Shareholder $700 per hour
Kyle Jaksa, Associate $450 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a total retainer of $95,000 from the Debtors.
Mr. Berghman 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:
Davor Rukavina, Esq.
Thomas D. Berghman, Esq.
J. Kyle Jaksa, Esq.
500 N. Akard St., Ste. 4000
Dallas, TX 75201
Telephone: (214) 855-7500
E-mail: drukavina@munsch.com
tberghman@munsch.com
kjaksa@munsch.com
About Multiband Field Services Inc.
Multiband Field Services Inc. specializes in providing a wide range
of field services to various industries. Their offerings are
tailored to meet the specific needs of each client, ensuring timely
and reliable service.
Multiband Field Services Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-30515) on
February 11, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Davor Rukavina, Esq. at MUNSCH HARDT KOPF & HARR, P.C. represents
the Debtor as counsel.
NEW LONDON: Gets Extension to Access Cash Collateral
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
issued its second interim order authorizing New London Pharmacy,
Inc. and Eleni International, Inc. to use cash collateral.
The second interim order authorized the companies to use cash
collateral to pay ordinary and necessary costs and expenses set
forth in their budget.
Cardinal Health and the U.S. Small Business Administration were
granted replacement liens on all post-petition property of the
companies, subject to a carve-out of certain amounts, including
fees payable to the Clerk of the Court and court-approved
administrative expense claims of estate professionals.
As additional protection, Cardinal Health and SBA will continue to
receive monthly payments of $50,175.30 and $731.00, respectively.
The right of the companies to use the cash collateral terminates
immediately upon the occurrence of certain events, including the
entry of an order converting or dismissing their Chapter 11 cases,
or the failure of the companies to perform their obligations under
the interim order.
A final hearing is set for May 1.
Cardinal Health is represented by:
Scott A. Zuber, Esq.
Chiesa Shahinian & Giantomasi, PC
105 Eisenhower Parkway
Roseland, NJ 07068
Tel: (973) 530-2046
Fax: (973) 530-2246
szuber@csglaw.com
About New London Pharmacy
New London Pharmacy, Inc. owns and operates a health care business
in New York. Its affiliate, Eleni International Inc., is a New
York-based healthcare company specializing in retail pharmacy.
New London Pharmacy and Eleni International filed Chapter 11
petitions (Bankr. S.D. N.Y. Lead Case No. 25-10107) on February 23,
2025. At the time of the filing, both Debtors reported between $1
million and $10 million in assets and liabilities.
Judge John O. Mastando, III oversees the cases.
Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the
Debtors as legal counsel.
Cardinal Health 110, LLC, as lender, is represented by:
Scott A. Zuber, Esq.
Chiesa Shahinian & Giantomasi, PC
105 Eisenhower Parkway
Roseland, NJ 07068
Tel: (973) 530-2046
Fax:(973) 530-2246
Email: szuberfa-icselaw.com
NUNO MANSION: Taps Maureen J. Shanahan as Insolvency Counsel
------------------------------------------------------------
The Nuno Mansion LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Maureen J. Shanahan
as general insolvency counsel.
The firm's services include:
a. counseling of Debtor through meetings and phone calls,
discussions concerning the requirements of the Bankruptcy Code, the
Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules,
and the United States Trustee Guidelines;
b. preparing documents or amendments concerning the petition
and schedules, status reports, review and consultation concerning
Monthly Operating Reports, and personal attendance at all hearings,
included but not limited to the Status Conference, Initial Debtor
Interview ("IDI"), the meeting of creditors pursuant to Bankruptcy
Code section 341(a) or any continuance thereof, all status
conferences; preparation of any first 10 day motions and employment
applications and all hearings on motions, the disclosure statement
and plan;
c. consulting with Debtor's representative concerning
documents needed and reports to be prepared and consultation with
real estate counsel re title and other issues;
d. assisting Debtor in preparation of documents for compliance
with the requirements of the Office of the United States Trustee
("OUST");
e. negotiating with secured and unsecured creditors regarding
the amount and payment of their claims;
f. discussing with Debtor's representative concerning the
Disclosure Statement and plan of reorganization;
g. preparing the Disclosure Statement and Chapter 11 Plan of
Reorganization and any amendments/changes to the same unless filed
as a Sub-V case which does not require a disclosure statement;
h. Submission of ballots to creditors, tally of ballots and
submission to the Court;
i. responding to any objections to disclosure statement and/or
plan;
j. negotiating with creditors as to values, etc and the plan
of reorganization; and
k. responding to any motions for relief from stay, motions to
dismiss or any other motions or contested matters.
In cases where no litigation counsel is employed, the counsel will
undertake the following matters:
a. prepare, submit and prosecute any adversary proceedings
that may be necessary to the case including but not limited to
determining the value of real property as collateral and
extinguishing unsecured liens on real property;
b. review of proofs of claims and if necessary, preparation
of formal objections with respect to claims asserted;
c. oppose any motion sought by trustee, court and/or
creditors; and
d. any other adversary matter that arises during the
administration of this Chapter 11 case.
The firm will be paid at these rates:
Attorneys $550 per hour
Paralegal $150 per hour
The firm was paid a retainer in the amount of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Maureen J. Shanahan, Esq., disclosed in a court filing that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Maureen J. Shanahan, Esq.
TOTARO & SHANAHAN, LLP
P.O. Box 789
Pacific Palisades, CA 90272
Tel: (310) 804-2107
Fax: (310) 496-1260
Email: Mstotaro@Aol.com
About The Nuno Mansion LLC
The Nuno Mansion LLC owns a single-family home located at 2200 S.
Harvard Blvd., Los Angeles, CA 90018, which has an appraised value
of $4.6 million.
The Nuno Mansion LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11354) on February
22, 2025. In its petition, the Debtor reports total assets of
$4,600,000 and total liabilities of $1,669,407.
Honorable Bankruptcy Judge Sheri Bluebond handles the case.
The Debtor is represented by Maureen J. Shanahan, Esq. at TOTARO &
SHANAHAN, LLP.
O'RYAN OREGON: Seeks Chapter 11 Bankruptcy in Texas
---------------------------------------------------
On April 25, 2025, O'Ryan Oregon Ranches LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Texas. According to court filing, the Debtor reports between
$50 million and $100 million in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About O'Ryan Oregon Ranches LLC
O'Ryan Oregon Ranches LLC is a limited liability company.
O'Ryan Oregon Ranches LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90008)
on April 25, 2025. In its petition, the Debtor reports estimated
assets between $10 million and $50 million and estimated
liabilities between $50 million and $100 million.
Honorable Bankruptcy Judge Mark X. Mullin handles the case.
The Debtor is represented by Thomas D. Berghman, Esq. at MUNSCH
HARDT KOPF @ HARR, P.C.
ODYSSEY MARINE: Regains Compliance With Nasdaq Listing Rule
-----------------------------------------------------------
Odyssey Marine Exploration, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
Company was notified by the listing qualifications staff of the
Nasdaq Capital Market that the Company complies with Nasdaq Listing
Rule 5550(b)(3).
The listing qualifications staff had notified the Company on
October 30, 2024, that it did not comply with the minimum $2.5
million stockholders' equity, $35 million market value of listed
securities, or $500,000 of net income from continuing operations
requirements for Nasdaq set forth in Nasdaq Listing Rules
5550(b)(1), 5550(b)(2) and 5550(b)(3). Based on the Company's Form
10-K for the year ended December 31, 2024, evidencing net income
from operations of $6,247,129, the staff has determined that the
Company complies with the Rules and this matter is now closed.
The notification does not close the matter in the listing
qualification staff's November 4, 2024, notification by the Nasdaq
listing qualifications staff that the Company did not satisfy the
$1.00 minimum bid price requirement for 30 consecutive business
days, as required under Nasdaq Listing Rule 5550(a)(2) for the
Nasdaq Capital Market, for which the Company's 180-calendar day
period to regain compliance ends May 5, 2025.
About Odyssey Marine
Odyssey Marine Exploration, Inc. and its subsidiaries are engaged
in deep-ocean exploration. Their innovative techniques are
currently applied to mineral exploration and other marine survey
and contracted services. The corporate headquarters are in Tampa,
Florida.
Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
May 17, 2024, citing that the Company incurred net operating losses
during the year ended 2023, and as of December 31, 2023, the
Company's current liabilities exceeded its current assets by $26.6
million, and its total liabilities exceeded its total assets by
$85.9 million. These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.
As of September 30, 2024, Odyssey Marine had $21,758,228 in total
assets, $98,480,151 in total liabilities, and $76,721,923 in total
stockholders' deficit.
ORIGINCLEAR INC: Issues 14.1B Shares for Note Conversions
---------------------------------------------------------
OriginClear, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that Water on Demand, Inc.,
an indirect subsidiary of the Company, issued an aggregate of
8,511,343 shares of common stock of WODI to investors pursuant to
Convertible Promissory Note Conversion Agreements.
In connection, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities
Act for transactions not involving a public offering.
Issuance of Common Stock of the Company:
On April 1, 2025, the Company issued an aggregate of 14,130,851,121
shares of common stock of the Company to investors pursuant to
Convertible Promissory Note Conversion Agreements.
In connection, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities
Act for transactions not involving a public offering.
Issuance of Common Stock:
On March 31, 2025, the Company issued 17,291,904 shares of the
Company's common stock to a former executive as a management
buy-out payment and another 1,714,286 shares of common stock to
another individual as compensation for services.
In connection, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities
Act for transactions not involving a public offering.
Dividends in Shares of Common Stock:
On March 31, 2025, the Company issued an aggregate of 840,912
shares of the Company's common stock as dividends to certain
holders of Series O preferred stock.
In connection, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities
Act for transactions not involving a public offering.
About OriginClear
Headquartered in Clearwater, Fla., OriginClear was founded as
OriginOil in 2007 and began trading on the OTC in 2008. In 2015, it
was renamed as OriginClear to reflect its new mission to develop
breakthrough businesses in the industrial water sector. Today,
OriginClear structures itself as the Clean Water Innovation Hub and
intends to use its well-developed retail investor development
capabilities to help bring potentially disruptive companies to
market. For the foreseeable future, however, OriginClear intends to
devote its entire capabilities to the success of its subsidiary,
Water On Demand, Inc.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Apr. 18, 2024, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2025, citing that the Company
suffered a net loss from operations and used cash in operations,
which raises substantial doubt about its ability to continue as a
going concern.
As of Dec. 31, 2024, OriginClear had $4,990,539 in total assets,
$52,290,405 in total liabilities, $7,557,722 in commitments and
contingencies and a total stockholders' deficit of $54,857,588.
OSTEEN'S LOAD: Court Extends Cash Collateral Access to May 8
------------------------------------------------------------
Osteen's Load and Go, LLC received another extension from the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division to use cash collateral.
The court issued its fourth interim order authorizing the company
to use cash collateral until May 8 to pay the expenses set forth in
its budget, with a 10% variance allowed.
The company's budget projects total operating expenses of
$276,354.12 from April to June.
As protection for the company's use of its cash collateral, the
U.S. Small Business Administration was granted a post-petition lien
on cash collateral to the same extent and with the same validity
and priority as its pre-bankruptcy lien.
The next hearing will be held on May 8.
About Osteen's Load and Go
Osteen's Load and Go, LLC is a dumpster rental service provider
serving residential and commercial customers.
Osteen's sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 24-06079) on November 7, 2024, with
$100,001 to $500,000 in assets and $1 million to $10 million in
liabilities. Larry Osteen, manager, signed the petition.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by:
Jeffrey Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-498-6834
Email: jeff@bransonlaw.com
OTB HOLDING: Taps Hilco Real Estate as Consultants and Advisor
--------------------------------------------------------------
OTB Holding LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Hilco Real Estate, LLC as real estate consultants and advisors.
Hilco will render these services:
a. meet with the Debtors to ascertain the Debtors' goals,
objectives, and financial parameters;
b. mutually agree with the Debtors with respect to a strategic
plan for restructuring, shortening the term of, or terminating the
leases;
c. on the Debtors' behalf, negotiate the terms of
restructuring, term shortening, or termination agreements with the
landlords under the Leases, as applicable, in accordance with the
Strategy;
d. provide written reports periodically to the Debtors
regarding the status of such negotiations; and
e. assist the Debtors in closing the pertinent Lease
restructuring, term shortening, and termination agreements.
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 Drive, Suite 206
Northbrook, IL 60062
Email: ekaup@hilcoglobal.com
About OTB Holding LLC
OTB Holding LLC The Debtors are the operators of the well-known
restaurant brand "On The Border Mexican Grill & Cantina," which
focuses on the development, operation, and franchising of casual
dining establishments in the U.S. and South Korea. Founded in 1982
mesquite-grilled fajitas, award-winning margaritas, house-made
salsa, and endless chips and salsa. Over the past 40 years, the
brand has expanded from a single cantina into one of the most
popular Tex-Mex chains in the country, offering a wide range of
flavorful dishes inspired by Texas and Mexico. With more than 80
locations in the U.S. and internationally, it has become a go-to
spot for fresh Tex-Mex food and lively dining experiences. On The
Border stands out in the casual dining industry by leveraging its
unique and authentic brand. As of the Petition Date, the Debtors
continue to operate 60 restaurant locations across 18 states, all
of which are leased. In addition, the Company has franchise
agreements with third parties who run 20 additional locations in
the U.S. and South Korea.
The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ge. Case No. 25-52415 (SMS) on March 4, 2025. In
the petitions signed by Jonathan Tibus as chief restructuring
officer, the Debtor reports an estimated assets of $10 million to
$50 million and liabilities of $10 million to $50 million.
Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
OTB Holding LLC (Lead Case) 25-52415
OTB Acquisition LLC 25-52416
OTB Acquisition of New Jersey LLC 25-52417
OTB Acquisition of Howard County LLC 25-52418
Mt. Laurel Restaurant Operations LLC 25-52419
OTB Acquisition of Kansas LLC 25-52420
OTB Acquisition of Baltimore County, LLC 25-52421
Judge Sage M. Sigler presides over the case.
Jeffrey R. Dutson, Esq., Brooke L. Bean, Esq., and Kyung Won Song,
Esq., at KING & SPALDING LLP, represent the Debtors as legal
counsel.
ALVAREZ & MARSAL NORTH AMERICA, LLC serves as the Debtors' Chief
Restructuring Officer Provider.
KURTZMAN CARSON CONSULTANTS, LLC serves as the Debtors' Claims &
Noticing Agent.
HILCO CORPORATE FINANCE, LLC represents the Debtors as Lead
Investment Banker.
PACER PRINT: Court Extends Cash Collateral Access to June 6
-----------------------------------------------------------
Pacer Print received another extension from the U.S. Bankruptcy
Court for the Central District of California, Northern Division, to
use cash collateral.
The interim order authorized the company to use cash collateral for
the period from Feb. 17 to June 6 for operational expenses set
forth in its budget, with variances of 15% for expenses over $2,000
and 20% for expenses under $2,000.
The company requires the use of cash collateral to order products,
deliver orders and pay employees, rent and other expenses.
The U.S. Small Business Administration and other secured creditors
were granted replacement liens on post-petition property of the
estate to the same extent and with the same validity and priority
as their pre-bankruptcy liens.
The next hearing is set for May 21.
About Pacer Print
Pacer Print, a company in Simi Valley, Calif., provides custom
packaging and commercial printing services.
Pacer Print filed Chapter 11 petition (Bankr. C.D. Calif. Case No.
25-10187) on February 18, 2025, with up to $10 million in both
assets and liabilities. Peter Varady, managing agent, signed the
petition.
Judge Ronald A. Clifford III oversees the case.
Steven R. Fox, Esq., at the Fox Law Corporation, Inc., represents
the Debtor as bankruptcy counsel.
PACKABLE HOLDINGS: Creditors Say Deal Earmarks $17MM for Recovery
-----------------------------------------------------------------
Yun Park of Law360 Bankruptcy Authority reports that in Packable
Holdings' Chapter 11 case, the unsecured creditors' committee has
petitioned the Delaware bankruptcy court to approve its settlement
with the company's founders and insurers over fiduciary‐duty
breach claims, unlocking more than $17 million in cash recovery for
creditors.
About Packable Holdings
Packable Holdings, LLC, now known as Pack Liquidating, LLC, is a
multi-marketplace e-commerce enablement platform.
Packable Holdings and five affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
22-10797) on Aug. 29, 2022. In the petition filed by its chief
legal officer, Maria Harris, Packable Holdings reported between
$100 million and $500 million in both assets and liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Cooley LLP and Potter Anderson & Corroon, LLP as
legal counsels; Alvarez and Marsal North America, LLC as financial
advisor; and Hilco Merchant Resources, LLC as liquidation agent.
Epiq Corporate Restructuring, LLC is the claims agent.
On Sept. 13, 2022, the U.S. Trustee for Region 3 appointed the
official committee of unsecured creditors in the Debtors' cases.
The committee selected Kelley Drye & Warren, LLP and A.M. Saccullo
Legal, LLC as bankruptcy counsel; ASK, LLP as special litigation
counsel; and Dundon Advisers, LLC as financial advisor.
JPMorgan Chase Bank, N.A., as administrative agent, is represented
by Richards, Layton & Finger, P.A. and Morgan, Lewis & Bockius LLP.
PARADISE SCHOOLS: S&P Rates 2025 Education Revenue Bonds 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to Maricopa
County Industrial Development Authority (IDA), Ariz.'s $8.1 million
series 2025 education revenue bonds, issued for Paradise Schools,
Ariz. (Paradise, formerly known as Paradise Education Center).
At the same time, S&P Global Ratings affirmed its 'BB+' rating on
the school's previously issued debt.
The outlook is stable.
S&P analyzed the school's environmental, social, and governance
factors and consider them neutral in its credit rating analysis.
S&P said, "The stable outlook reflects our expectation that the
school's enterprise profile will remain stable, with continued good
academic outcomes and steady-to-rising enrollment. The outlook also
indicates our view that management will prudently manage
expenditures, sustain positive operating performance, and keep
sufficient MADS coverage for the rating, despite a moderately
elevated debt burden. The outlook further reflects our
understanding that Paradise has no plans to materially draw on
liquidity or issue debt over the outlook period.
"We could consider a negative rating action if management is unable
to sustain positive operating performance and MADS coverage
consistent with the rating, or if the school's liquidity position
weakens. We would also view negatively weakening of the school's
demand profile leading to consistent enrollment pressure.
"We could consider a positive rating action if Paradise's cash and
liquidity profile increases and is sustained at a level
commensurate with a higher rating, while the school sustains steady
demand, positive operations, and sufficient MADS coverage."
PARAGON INDUSTRIES: Objects to Appointment of Receiver
------------------------------------------------------
In the case styled BYLINE BANK, Plaintiff v. PARAGON INDUSTRIES,
INC.; PARAGON HOLDCO, INC.; PARAGON INTERMEDIATE HOLDINGS, INC.;
DEREK E. WACHOB, in his capacity as Trustee of the Wachob
Irrevocable Trust dated July 21, 2011; AMARILLO NATIONAL BANK;
INTERSTATE ELECTRICAL CORPORATION; BROKEN ARROW ELECTRIC SUPPLY
INC; SMITHEY ENVIRONMENTAL SERVICES, LLC; ASCENT SOLUTIONS, LLC;
and KEYSTONE CONTROLS, the Defendants object to Plaintiff's
verified motion to appoint receiver.
On March 13, 2025, the Court considered Plaintiff's motion for
appointment of receiver after finding good cause.
C. David Rhoades, of Tulsa, Oklahoma, was appointed as receiver of
Paragon Industries Inc., and any interest in the mortgaged property
of Paragon Industries. The appointment will become effective upon
the filing by the Receiver of an undertaking in the sum of
$500,000, conditioned as provided by law and the filing of his Oath
as Receiver as provided by law.
In their objection, the Defendants contend the Plaintiff seeks the
appointment of a receiver, even absent the showing of irreparable
harm or imminent threat of such. The Plaintiff also has failed to
actually show that the threat of irreparable loss exist or is of
high likelihood. The implementation of a receiver requires that
there be more than mere insolvency under Oklahoma law, the
Defendants point out. The Plaintiff has also failed to demonstrate
that a receiver needs to be appointed to manage the Paragon assets.
The receiver bond also is woefully inadequate, they claim.
Paragon Industries, Inc. is a manufacturer of oil country tubular
goods, line products and similar products, with its principal place
of business located in Sapulpa, Oklahoma.
The Defendants are represented by:
J. Clay Christensen, Esq.
Jonathan M. Miles, Esq.
Brock Z. Pittman, Esq.
Spencer K. Strickland, Esq.
CHRISTENSEN LAW GROUP, P.L.L.C.
The Parkway Building
3401 N.W. 63rd Street, Suite 600
Oklahoma City, OK 73116
Telephone: (405) 232-2020
Facsimile: (405) 228-1115
E-mail: clay@christensenlawgroup.com
jon@christensenlawgroup.com
brock@christensenlawgroup.com
spencer@christensenlawgroup.com
PAVMED INC: Registers 3.33M Shares for Possible Resale
------------------------------------------------------
PAVmed Inc. filed a prospectus on Form S-3 with the U.S. Securities
and Exchange Commission relating to the potential offer and sale
from time to time of 3,331,084 shares of its common stock, par
value $0.001 per share, by the selling stockholders, Tasso
Partners, LLC and David S. Nagelberg 2003 Revocable Trust.
In February 2025, PAVmed sold 2,574,350 shares of its common stock
and pre-funded warrants to purchase 756,734 shares of common stock,
at a purchase price of $0.7115 per share or warrant share (as
applicable), in private placement solely to accredited investors.
In addition, its majority-owned subsidiary, Veris Health Inc.
issued to each investor approximately 0.2033 shares of Veris'
common stock for each share or warrant share (as applicable)
purchased by the investors, for an aggregate of 677,143 shares of
Veris' common stock. The shares of common stock offered by this
prospectus consist of the 2,574,350 shares of the Company's common
stock sold in the private placement and the 756,734 shares of our
common stock issuable upon exercise of the Pre-Funded Warrants sold
in the private placement.
PAVmed said, "We are not selling any securities under this
prospectus and will not receive any of the proceeds from the sale
of shares of our common stock by the selling stockholders.
"The selling stockholders may, from time to time, sell, transfer or
otherwise dispose of any or all of the shares of our common stock
offered by this prospectus. Such sales may be made on one or more
exchanges or in the over-the-counter market or otherwise, at prices
and under terms then prevailing or at prices related to the then
current market price or in negotiated transactions. The timing and
amount of any sales are within the sole discretion of the selling
stockholders. We will bear all costs, expenses and fees in
connection with the registration of the shares. The selling
stockholders will bear all commissions and discounts, if any,
attributable to its sale of shares."
"Our common stock is listed on the Capital Market of The Nasdaq
Stock Market LLC under the symbol "PAVM." On April 7, 2025, the
last reported sale price of our common stock was $0.60 per share."
A full-text copy of the Report is available at
https://tinyurl.com/k9smf8pp
About PAVMed
Headquartered in New York, NY, PAVmed Inc. is structured to be a
multi-product life sciences company organized to advance a pipeline
of innovative healthcare technologies. Led by a team of highly
skilled personnel with a track record of bringing innovative
products to market, PAVmed is focused on innovating, developing,
acquiring, and commercializing novel products that target unmet
needs with large addressable market opportunities. Leveraging its
corporate structure — a parent company that will establish
distinct subsidiaries for each financed asset — the Company has
the flexibility to raise capital at the PAVmed level to fund
product development, or to structure financing directly into each
subsidiary in a manner tailored to the applicable product, the
latter of which is its current strategy given prevailing market
conditions.
Headquartered in New York, NY, Marcum LLP, the Company's auditor
since 2019, issued a "going concen" qualification in its report
dated March 24, 2025. The report cites that the Company has a
significant working capital deficiency, has incurred significant
operating 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 Dec. 31, 2024, PavMed had $30.66 million in total assets,
$37.69 million in total liabilities, and $7.03 million in total
stockholders' deficit.
PEACHY ATHLETIC: Court Extends Cash Collateral Access to May 22
---------------------------------------------------------------
Peachy Athletic, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to use cash collateral on
an interim basis pending a further hearing set for May 22.
The fifth interim order signed by Judge Roberta Colton approved the
use of cash collateral to pay the operating expenses set forth in
the company's budget, plus an amount not to exceed 10% for each
line item.
The four-week budget shows total projected expenses of $25,976.
The U.S. Small Business Administration and other creditors with a
security interest in cash collateral were granted a post-petition
lien on the collateral to the same extent and with the same
validity and priority as their pre-bankruptcy liens.
As additional protection, Peachy Athletic was ordered to keep its
property insured in accordance with the obligations under
applicable loan and security documents with SBA.
About Peachy Athletic
Peachy Athletic, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06501) on November 1,
2024, with $100,001 to $500,000 in assets and $100,001 to $500,000
in liabilities.
Judge Roberta A. Colton oversees the case.
The Debtor is represented by:
Scott A. Stichter, Esq.
Stichter, Riedel, Blain & Postler, P.A.
110 E. Madison St., Suite 200
Tampa, FL 33602
Phone: (813) 229-0144
Email: sstichter.ecf@srbp.com
PLF SHOREVIEW: Seeks Chapter 11 Bankruptcy in Texas
---------------------------------------------------
On April 24, 2025, PLF Shoreview LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of Texas.
According to court filing, the Debtor reports between $50 million
and $100 million in debt owed to 50 and 99 creditors. The petition
states funds will be available to unsecured creditors.
About PLF Shoreview LLC
PLF Shoreview LLC is a limited liability company.
PLF Shoreview LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10571) on April 24,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $50 million and $100 million each.
The Debtor is represented by Stephen J. Humeniuk, Esq. at TROUTMAN
PEPPER LOCKE LLP.
PR DIAMOND: Seeks Chapter 11 Bankruptcy in Nevada
-------------------------------------------------
On April 25, 2025, PR Diamond Products Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Nevada. According to court filing, the Debtor reports between $1
million and $10 million in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About PR Diamond Products Inc.
PR Diamond Products Inc., d/b/a Brand X Blades, manufactures and
supplies diamond blades, core bits, and cutting equipment for
contractors and industrial users across the United States. Based in
Las Vegas, Nevada, the Company offers tools for cutting concrete,
asphalt, masonry, granite, stone, tile, and metals.
PR Diamond Products Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 25-12370) on April 25,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON &
ZIRZOW, LLC.
PRIMEONE INSURANCE: A.M. Best Cuts FS Rating to B-(Fair)
--------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to B- (Fair)
from B+ (Good) and the Long-Term Issuer Credit Rating to "bb-"
(Fair) from "bbb-" (Good) of PrimeOne Insurance Company (Dallas,
TX) (PrimeOne), a wholly own subsidiary of PrimeOne Insurance
Group. The outlook of these Credit Ratings (ratings) has been
revised to negative from stable.
The ratings reflect PrimeOne's balance sheet strength, which AM
Best assesses as adequate, as well as its marginal operating
performance, limited business profile and marginal enterprise risk
management (ERM).
The rating downgrades and revised outlooks to negative reflect
weakening in PrimeOne's balance sheet strength metrics during the
fourth quarter of 2024, primarily in the form of surplus erosion,
declining risk-adjusted capitalization levels and increasing
leverage measures. An increase in incurred but not reported (IBNR)
reserves as a result of differing opinions among the company's
actuaries was the main driver of surplus deterioration, which
declined by 28.7% in the fourth quarter alone. This caused the
company to miss its projections for year-end 2024 by a significant
margin, and when coupled with a growing premium base, was the
reason for the significant decline in risk-adjusted capitalization,
as measured by Best's Capital Adequacy Ratio (BCAR). The difference
in actuarial opinions and heightened IBNR reserves are not expected
to continue going forward. However, the company's current level of
capital and significant deviation in actual results versus
projected results better align the group's overall balance sheet
strength with an assessment level of adequate.
PrimeOne's operating performance is assessed as marginal largely
due to volatile underwriting results in recent years which have
been partially offset by growing investment income. The group's
five-year average return-on-revenue and return-on-equity ratios lag
its peer composite averages; however, these rebounded in 2024 and
are expected to improve going forward due to profitability
initiatives. The group has taken steps to slow premium growth, such
as reducing its participation on some key programs, as management
is aware of maintaining a conservative surplus to premium ratio.
PrimeOne's business profile is considered to be limited given its
role as a small commercial underwriter in predominantly three
states offering commercial property, general liability, and liquor
liability with an emphasis on the hospitality business. Although
the group is an admitted insurer in several states, almost all of
its business is produced in Utah, Michigan and Nevada.
The group's ERM is assessed as marginal relative to its risk
profile; however, notable advancements in its ERM framework and
capabilities have been made recently but have not had a measurable
impact on results.
PROFESSIONAL DIVERSITY: Aurous Vertex Holds 16.8% Equity Stake
--------------------------------------------------------------
Aurous Vertex Ltd and Yip Siu Man disclosed in a Schedule 13D
(Amendment No. 1) filed with the U.S. Securities and Exchange
Commission that as of March 24, 2025, they beneficially owned
350,000 shares of Professional Diversity Network, Inc.'s Common
Stock, par value $0.01 per share, representing 16.8% of the
2,083,327 shares of common stock outstanding as of March 31, 2025.
The shares are held with shared voting and dispositive power
between the reporting persons.
Aurous Vertex Ltd may be reached through:
Yip Siu Man, CEO
Flat 18 Peninsula Heights, 93 Albert Embankment
London, SE1 7TY, United Kingdom
447830969900
A full-text copy of Aurous Vertex's SEC report is available at:
https://tinyurl.com/s9n2ew3s
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. — https://www.prodivnet.com/ — is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational, and employment opportunities for
diverse professionals. The Company operates subsidiaries in the
United States, including National Association of Professional Women
(NAPW) and its brand, International Association of Women (IAW),
which is one of the largest, most recognized networking
organizations of professional women in the country, spanning more
than 200 industries and professions. Through an online platform and
its relationship recruitment affinity groups, the Company provides
its employer clients a means to identify and acquire diverse talent
and assist them with their efforts to comply with the Equal
Employment Opportunity Office of Federal Contract Compliance
Program. The Company's mission is to utilize the collective
strength of its affiliate companies, members, partners, and unique
proprietary platform to be the standard in business diversity
recruiting, networking, and professional development for women,
minorities, veterans, LGBTQ+, and disabled persons globally.
Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended Dec. 31, 2024, citing that the Company has
incurred recurring operating losses, has a significant accumulated
deficit, and will need to raise additional funds to meet its
obligations and the costs of its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
As of Dec. 31, 2024, Professional Diversity Network had $7,981,801
in total assets, $3,140,897 in total liabilities, and a total
stockholders' equity of $4,840,904.
PROTEC RE HOLDING: Taps Showcase of Homes as Real Estate Broker
---------------------------------------------------------------
Protec RE Holding, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to hire Lina Verderese of
Showcase of Homes as real estate broker.
The broker will market and sell the Debtor's residential real
estate property located at 38-40 Edgehill Rd. Waltham, MA.
The broker will receive a commission equal to 3 percent of the
gross sale price.
Showcase of Homes is a "disinterested person" within the meaning of
11 U.S.C. 101(14), according to court filings.
The broker can be reached through:
Lina Verderese
Showcase of Homes
279 Cambridge Street
Burlington, MA, 01803
Phone: (617) 833-7998
About Protec RE Holding, Inc.
Protec RE Holding is a single-asset real estate company.
Protec RE Holding, Inc. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-10323) on
February 20, 2025, listing up to $50,000 in assets and $1 million
to $10 million in liabilities. The petition was signed by Verena
Streber as president.
Peter M. Daigle, Esq. at DAIGLE LAW OFFICE represents the Debtor as
counsel.
QVC GROUP: Aidan O'Meara Holds 2.21M RSUs, 266.6K Shares
--------------------------------------------------------
Aidan O'Meara, president, QVCG International, disclosed in a Form 3
filed with the U.S. Securities and Exchange Commission that as of
April 8, 2025, he beneficially owned 3,363 shares of 8% Series A
Cumulative Redeemable Preferred Stock and 266,624 shares of Series
A Common Stock held directly.
Mr. O'Meara also holds derivative securities representing
contingent rights to acquire a total of 2,209,142 shares of Series
A Common Stock, including 1,538,121 restricted stock units
exercisable on December 8, 2025, and fully vested stock options to
purchase an aggregate of 671,021 shares at exercise prices ranging
from $2.17 to $11.03.
A full-text copy of Ms. O'Meara's SEC Report is available at
https://tinyurl.com/yswbchrx
About QVC Group
QVC Group, Inc., formerly known as Qurate Retail, Inc. —
https://www.qvcgrp.com/ — owns interests in subsidiaries and
other companies which are primarily engaged in the video and online
commerce industries. Through our subsidiaries and affiliates, we
operate in North America, Europe and Asia. Its principal businesses
and assets include our consolidated subsidiaries QVC, Inc.,
Cornerstone Brands, Inc., and other cost method investments.
As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets,
$10.13 billion in total liabilities, and $885 million in total
stockholders' equity.
* * *
As reported by TCR on April 22, 2024, S&P Global Ratings revised
its outlook to stable from negative and affirmed all its ratings on
U.S.-based video commerce and online retailer Qurate Retail Inc.,
including its 'CCC+' Company credit rating. The stable outlook
reflects S&P's expectation that Qurate will maintain sufficient
liquidity over the next 12 months despite its view that its capital
structure remains unsustainable, as further cost reductions offset
sales weakness and support profit recovery.
QVC GROUP: CFO Bill Wafford Reports 4.56M RSUs, 5.2K Shares
-----------------------------------------------------------
Bill Wafford, CFO and CAO at QVC Group, Inc., disclosed in a Form 3
filed with the U.S. Securities and Exchange Commission that as of
April 8, 2025, he beneficially owned 5,231 shares of Series A
Common Stock held directly, along with derivative securities
representing contingent rights to receive a total of 4,564,071
shares of Series A Common Stock. This includes 660,066 restricted
stock units that will settle in stock upon vesting on March 20,
2026, and 3,904,005 cash-settled restricted stock units vesting in
installments between 2026 and 2028, each economically equivalent to
one share of QVCGA common stock.
A full-text copy of Ms. Wafford's SEC Report is available at
https://tinyurl.com/mwj7fk78
About QVC Group
QVC Group, Inc., formerly known as Qurate Retail, Inc. —
https://www.qvcgrp.com/ — owns interests in subsidiaries and
other companies which are primarily engaged in the video and online
commerce industries. Through our subsidiaries and affiliates, we
operate in North America, Europe and Asia. Its principal businesses
and assets include our consolidated subsidiaries QVC, Inc.,
Cornerstone Brands, Inc., and other cost method investments.
As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets,
$10.13 billion in total liabilities, and $885 million in total
stockholders' equity.
* * *
As reported by TCR on April 22, 2024, S&P Global Ratings revised
its outlook to stable from negative and affirmed all its ratings on
U.S.-based video commerce and online retailer Qurate Retail Inc.,
including its 'CCC+' Company credit rating. The stable outlook
reflects S&P's expectation that Qurate will maintain sufficient
liquidity over the next 12 months despite its view that its capital
structure remains unsustainable, as further cost reductions offset
sales weakness and support profit recovery.
QVC GROUP: Mike Fitzharris Reports 3.87M RSUs, 324K Options
-----------------------------------------------------------
Mike Fitzharris, president of QVC US & COO, disclosed in a Form 3
filed with the U.S. Securities and Exchange Commission that as of
April 8, 2025, he beneficially owned derivative securities
representing contingent rights to receive a total of 3,868,023
shares of Series A Common Stock.
This includes 3,868,023 restricted stock units, some of which are
cash-settled and vest in installments between 2026 and 2028, as
well as fully vested stock options to purchase an additional
323,812 shares of Series A Common Stock at exercise prices ranging
from $2.17 to $11.03 per share.
A full-text copy of Mr. Fitzharris's SEC Report is available at
https://tinyurl.com/5cpauu73
About QVC Group
QVC Group, Inc., formerly known as Qurate Retail, Inc. —
https://www.qvcgrp.com/ — owns interests in subsidiaries and
other companies which are primarily engaged in the video and online
commerce industries. Through our subsidiaries and affiliates, we
operate in North America, Europe and Asia. Its principal businesses
and assets include our consolidated subsidiaries QVC, Inc.,
Cornerstone Brands, Inc., and other cost method investments.
As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets,
$10.13 billion in total liabilities, and $885 million in total
stockholders' equity.
* * *
As reported by TCR on April 22, 2024, S&P Global Ratings revised
its outlook to stable from negative and affirmed all its ratings on
U.S.-based video commerce and online retailer Qurate Retail Inc.,
including its 'CCC+' Company credit rating. The stable outlook
reflects S&P's expectation that Qurate will maintain sufficient
liquidity over the next 12 months despite its view that its capital
structure remains unsustainable, as further cost reductions offset
sales weakness and support profit recovery.
QVC GROUP: Stacy Bowe Holds 3.71M in RSUs, 67.7K Shares
-------------------------------------------------------
Stacy Bowe, president of HSN Brand & US Merch, disclosed in a Form
3 filed with the U.S. Securities and Exchange Commission that as of
April 8, 2025, she beneficially owned 67,726 shares of Series A
Common Stock directly, as well as derivative securities
representing contingent rights to receive a total of 3,710,444
shares of Series A Common Stock through a combination of restricted
stock units, some of which are cash-settled and vest in
installments between 2025 and 2028.
A full-text copy of Ms. Bowe's SEC Report is available at
https://tinyurl.com/ymkam425
About QVC Group
QVC Group, Inc., formerly known as Qurate Retail, Inc. —
https://www.qvcgrp.com/ — owns interests in subsidiaries and
other companies which are primarily engaged in the video and online
commerce industries. Through our subsidiaries and affiliates, we
operate in North America, Europe and Asia. Its principal businesses
and assets include our consolidated subsidiaries QVC, Inc.,
Cornerstone Brands, Inc., and other cost method investments.
As of Dec. 31, 2024, QVC Group had $9.24 billion in total assets,
$10.13 billion in total liabilities, and $885 million in total
stockholders' equity.
* * *
As reported by TCR on April 22, 2024, S&P Global Ratings revised
its outlook to stable from negative and affirmed all its ratings on
U.S.-based video commerce and online retailer Qurate Retail Inc.,
including its 'CCC+' Company credit rating. The stable outlook
reflects S&P's expectation that Qurate will maintain sufficient
liquidity over the next 12 months despite its view that its capital
structure remains unsustainable, as further cost reductions offset
sales weakness and support profit recovery.
QXC COMMUNICATIONS: Gets Extension to Access Cash Collateral
------------------------------------------------------------
QXC Communications, Inc. received another extension from the U.S.
Bankruptcy Court for the Southern District of Florida, West Palm
Beach Division, to use cash collateral.
The second interim order authorized QXC to use cash collateral
until May 2 to pay the expenses set forth in its budget, with a 10%
variance allowed.
As protection, the lenders will be granted post-petition liens on
the cash collateral and all other post-petition assets (excluding
avoidance actions and unencumbered pre-petition assets) to the same
extent and with the same validity and priority as their
pre-bankruptcy liens.
The next hearing is scheduled for May 2.
About QXC Communications Inc.
QXC Communications, Inc. specializes in designing and deploying
fiber-optic networks that offer high-speed internet, WiFi, HD TV,
and VoIP voice services. It caters to a range of clients,
residential communities, military bases, businesses, and outdoor
venues. The company uses AON (Active Optical Network) technology to
ensure the highest quality connectivity with minimal
interruptions.
QXC Communications sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February
28, 2025, listing $11,677,760 in assets and $13,912,001 in
liabilities. John Von Stein, chief executive officer, signed the
petition.
Judge Mindy A. Mora oversees the case.
John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as
legal counsel.
RIDER UNIVERSITY: S&P Lowers GO Bond Rating to 'BB-'
----------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB'
on debt issued for Rider University, N.J. (Rider).
The outlook is stable.
S&P said, "We analyzed the college's environmental, social, and
governance (ESG) credit factors pertaining to its market position,
management and governance, and financial performance. We view
Rider's ESG factors as neutral in our credit rating analysis.
"The stable outlook reflects our view that the university will
increase or stabilize enrollment while improving operations,
although they will remain negative on a full-accrual basis; and
financial resource ratios will remain in-line with fiscal 2024
levels. We expect the university will receive proceeds from the
sale of the Westminster Choir College that it will use to pay off
the $10.3 million bridge loan and at least some of the LOC
outstanding. We do not anticipate the university will issue any
additional debt.
"We would consider a negative rating action if Rider continues to
report cash deficits or if the university is not able to pay back
its short-term debt. In addition, we could consider a negative
rating action if the university's already weak financial resources
and liquidity deteriorate further, or it experiences significant
enrollment declines that impair its ability to improve operations.
"We could consider a positive rating action if enrollment
stabilizes; the university is able to consistently generate solid
cash surpluses, without the use of significant endowment draws; and
financial resources ratios and liquidity improve, limiting the risk
of not making debt service payments, including the bullet payment
in 2031."
RITE AID: Bank Lenders At Risk of Losses As It Weighs 2nd Ch. 11
----------------------------------------------------------------
Soma Biswas of The Wall Street Journal reports that the bank
lenders of Rite Aid Corp. could suffer losses as the company
explores a potential bankruptcy filing, according to loan pricing
and people familiar with the matter -- a rare development for
senior loans secured by hard assets.
Two weeks ago, an unidentified loan holder offered a portion of
Rite Aid’s more than $2.5 billion in asset-backed loans for sale,
with Barclays quoting them at 66 cents on the dollar.
About Rite Aid Corp.
Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy
that improves health outcomes. Rite Aid is defining the modern
pharmacy by meeting customer needs with a wide range of vehicles
that offer convenience, including retail and delivery pharmacy, as
well as services offered through our wholly owned subsidiaries,
Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's
pharmacy benefits and services company, consists of accredited mail
and specialty pharmacies, prescription discount programs and an
industry leading adjudication platform to offer superior member
experience and cost savings. Health Dialog provides healthcare
coaching and disease management services via live online and phone
health services. Regional chain Bartell Drugs has supported the
health and wellness needs in the Seattle area for more than 130
years. Rite Aid employs more than 6,100 pharmacists and operates
more than 2,100 retail pharmacy locations across 17 states.
The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In
the petition signed by Jeffrey S. Stein, chief executive officer
and chief restructuring officer, Rite Aid disclosed $7,650,418,000
in total assets and $8,597,866,000 in total liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Cole Schotz, P.C.,
as local bankruptcy counsel, Guggenheim Partners as investment
banker, Alvarez & Marsal North America, LLC as financial, tax and
restructuring advisor, and Kroll Restructuring Administration as
claims and noticing agent.
ROYALE ENERGY: Reports $2.16 Million Net Loss in 2024
-----------------------------------------------------
Royale Energy, Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2024.
For the year ended December 31, 2024, the Company had a net loss of
$2,159,016 compared to the net loss of $1,832,187 during the year
in 2023. Total revenues from operations in 2024 were $2,227,035, an
increase of $66,441 or 3.1%, from the total revenues of $2,160,594
in 2023, due to higher oil production volumes due to drilling
activity during 2024. Total expenses for operations in 2024 were
$5,706,355, a decrease of $504,684 or 8.1%, from total expenses of
$6,211,039 in 2023, mainly due to lower lease impairments during
2024.
At December 31, 2024, the Company has an accumulated deficit of
$93,504,469, a working capital deficiency of $10,010,933 and a
stockholders' deficit of $12,329,315.
Ridgeland, Mississippi-based Horne LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
Apr. 8, 2025, attached to 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 its total liabilities
exceed its total assets. This raises substantial doubt about the
Company's ability to continue as a going concern.
Management's plans to alleviate the going concern by implementing
cost control measures that include the reduction of overhead costs
and through the sale of non-strategic assets, and to seek
additional debt and/or equity financing. There is no assurance that
additional financing will be available when needed or that
management will be able to obtain financing on terms acceptable to
us and whether the Company will generate positive operating cash
flow or become profitable.
"If we are unable to raise sufficient additional funds, we will
have to develop and implement a plan to further extend payables and
reduce overhead until sufficient additional capital is raised to
support further operations. There can be no assurance that such a
plan will be successful."
A full-text copy of the Company's Form 10-K is available at:
https://tinyurl.com/9mydyjn4
About Royale
El Cajon, Calif.-based Royale Energy, Inc. -- http://www.royl.com
-- is an independent oil and natural gas producer. Royale's
principal lines of business are the production and sale of oil and
natural gas, acquisition of oil and gas lease interests and proved
reserves, drilling of both exploratory and development wells, and
sales of fractional working interests in wells to be drilled by
Royale.
As of Dec. 31, 2024, the Company had $15,640,191 in total assets,
$27,969,506 in total liabilities, and a total stockholders' deficit
of $12,329,315.
SAFE & GREEN: Enters $1-Mil. Deal to Acquire County Line Assets
---------------------------------------------------------------
Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that it entered
into an asset purchase agreement with County Line Industrial LLC to
acquire all of the assets and operating business of County Line for
a purchase price of $1,000,000. The acquisition of County Line's
business includes the acquisition of all of County Line's existing
customers and business pipeline, and the hiring of County Line's
existing employees, and the hiring of County Line's sole member,
Carter Fields.
Pursuant to the Asset Purchase Agreement, the Company will pay the
Purchase Price as follows:
* a cash payment in the amount of $125,000 due on or before
April 15, 2025,
* a cash payment in the amount of $100,000 due on or before
May 15, 2025;
* a cash payment in the amount of $250,000 due on or before
July 15, 2025; and
* a cash payment in the amount of $525,000 due on or before
January 31, 2026.
The payments will bear no interest. In addition to the Purchase
Price, the Company shall pay its current payable due to County
Line, in the amount of $76,000, on or before May 1, 2025. County
Line shall pay all obligations of its three vehicles for an
approximate total amount of $92,000.
The Asset Purchase Agreement contains customary representations and
warranties for this type of transaction, including but not limited
to, County Line shall deliver all of the Assets free and clear of
all liabilities, liens, loans, and encumbrances, and shall ensure
that the Assets are in good working condition, subject to normal
wear and tear. The Company shall not assume or be responsible for
any of County Line's liabilities, debts, obligations, whether
presently existing or arising thereafter. County Line and its sole
member have agreed to customary restrictive covenants including
non-competition, non-circumvention, and non-solicitation for a
period of two years.
About Safe & Green
Safe & Green Holdings Corp. is a modular solutions company
headquartered in Miami, Florida. The company specializes in the
development, design, and fabrication of modular structures,
focusing on safe and green solutions across various industries.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated Mar. 31, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended Dec. 31, 2024, citing that the Company
has incurred net losses since its inception, negative working
capital, and negative cash flows from operations, which raises
substantial doubt about its ability to continue as a going
concern.
As of Dec. 31, 2024, the Company had $6,071,524 in total assets,
$18,531,832 in total liabilities, and a total stockholders' deficit
of $12,460,308.
SANUWAVE HEALTH: Sees Q1 Revenue of Up to $9.3 Million
------------------------------------------------------
SANUWAVE Health, Inc. announced that revenues for the first quarter
of 2025 are expected to be in the range of $9.1 to $9.3 million, an
increase of 57% to 61% over Q1 2024 and slightly above the upper
end of the range of guidance given in the Company's Q4 2024
earnings release issued on March 21, 2025.
"Sanuwave is pleased to announce a strong start to 2025, putting up
our best Q1 in Company history," said CEO Morgan Frank. "Q1 was a
transition quarter as we moved to a new head of sales and
restructured the sales force. I'm very proud of the team managing
this without missing a beat. Our pipeline remains robust and
consistent with 2025 being a breakout year for Sanuwave. The
Company plans to release its full Q1 results on or around May 9,
2025 and we look forward to speaking with you then to give you a
more complete update on our quarterly performance and our future
plans and guidance."
"Given the current trade climate and as we have received a number
of questions from investors, I'd also like to take this opportunity
to clarify that all manufacturing for the UltraMIST system and its
applicators is performed domestically. Sanuwave does not anticipate
any significant effects on production from the current tariff
situation."
The preliminary revenue results are based on management's initial
analysis of the first quarter ended March 31, 2025, and may be
subject to adjustments based on the Company's completion of its
quarter-end financial close process.
About SANUWAVE
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) — http://www.SANUWAVE.com— is an ultrasound and
shock wave technology company using patented systems of
noninvasive, high-energy, acoustic shock waves or low intensity and
non-contact ultrasound for regenerative medicine and other
applications. The Company's focus is regenerative medicine
utilizing noninvasive, acoustic shock waves or ultrasound to
produce a biological response resulting in the body healing itself
through the repair and regeneration of tissue, musculoskeletal, and
vascular structures. The Company's two primary systems are
UltraMIST and PACE. UltraMIST and PACE are the only two Food and
Drug Administration (FDA) approved directed energy systems for
wound healing.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
20, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has
incurred recurring losses, has negative working capital, and needs
to refinance its debt to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SHAHINAZ SOLIMAN: Seeks to Hire Michael Jay Berger as Counsel
-------------------------------------------------------------
Shahinaz Soliman Clinic Corp. seeks to hire the U.S. Bankruptcy
Court for the Central District of California to hire the Law
Offices of Michael Jay Berger as counsel.
The firm will render these services:
(a) communicate with creditors of the Debtor;
(b) review the Debtor's Chapter 11 bankruptcy petition and all
supporting schedules;
(c) advise the Debtor of its legal rights and obligations in a
bankruptcy petition;
(d) work to bring the Debtor into full compliance with
reporting requirements of the Office of the United states Trustee;
(e) prepare status reports as required by the court; and
(f) respond to any motions filed in the Debtor's bankruptcy
proceeding.
(g) respond to creditor inquiries;
(h) review proofs of claim filed in the Debtor's bankruptcy;
(i) object to inappropriate claims;
(j) prepare Notices of Automatic Stay in all state court
proceedings in which the Debtor is sued during the pendency of its
bankruptcy proceedings; and
(k) if appropriate, prepare a Chapter 11 Plan of
Reorganization for the Debtor.
The firm will be paid at these hourly rates:
Michael Berger, Partner $695
Sofya Davtyan, Partner $645
Angela Gill, Sr. Associate Attorney $595
Robert Poteete, Associate Attorney $475
Senior Paralegals/Law Clerks $275
Paralegals $200
Law Offices of Michael Jay Berger received a retainer of $25,000
Mr. Berger disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd, 6th Floor
Beverly Hills, CA 90212
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: Michael.Berger@bankruptcypower.com
About Shahinaz Soliman Clinic Corp.
Shahinaz Soliman Clinic Corp., dba Soliman Care Family Practice
Center Inc., is a family practice health center that offers
comprehensive healthcare services for individuals of all ages, from
pediatrics to geriatrics. The clinic specializes in both acute and
chronic care, focusing on prevention, diagnosis, and holistic
treatment. Led by Dr. Shahinaz Soliman, the center is committed to
providing compassionate, culturally competent, and patient-centered
care to the community.
Shahinaz Soliman Clinic Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.: 25-12747) on April
2, 2025. In its petition, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Barry Russell handles the case.
The Debtor is represented by Michael Jay Berger, Esq. at LAW
OFFICES OF MICHAEL JAY BERGER.
SHILOH HOMECARE: Court OKs Deal to Use Cash Collateral Until May 31
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Pennsylvania
approved a stipulation allowing Shiloh Homecare Corporation to use
the cash collateral of its lenders.
The stipulation authorizes Shiloh Homecare to use the cash
collateral of CIBC Bank USA and Sean and Jennifer Foley until May
31 to pay its expenses.
The lenders' cash collateral includes accounts receivable, cash on
hand and proceeds from the operation of Shiloh Homecare's business.
As of April 16, Shiloh Homecare's cash on hand consists partly of
proceeds of an employee retention tax credit and operating
revenues.
CIBC and The Foleys assert interest in the cash collateral based on
the loans they provided to Shiloh Homecare. As of Jan. 17, Shiloh
Homecare owed $1,023,206.51 and $283,674 to CIBC and The Foleys,
respectively.
Shiloh Homecare and CIBC may extend the stipulation by filing a
stipulated order with the court on or before May 31.
The next hearing is scheduled for May 20.
About Shiloh Homecare Corporation
Shiloh Homecare Corporation operates as ComForCare Home Care in
York, Pa., and provides in-home healthcare services including
personal care, dementia care, and private duty nursing. It serves
multiple communities throughout the region.
Shiloh Homecare Corporation sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00122) on January
17, 2025, listing between $1 million and $10 million in both assets
and liabilities.
Judge Henry W. Van Eck handles the case.
The Debtor is represented by Lawrence V. Young, Esq. at CGA Law
Firm.
CIBC Bank USA, as lender, is represented by:
Justin L. McCall, Esq.
McGrath McCall, P.C.
Four Gateway Center, Suite 1340
444 Liberty Avenue
Pittsburgh, PA 15222
Telephone: 412-281-4333
Facsimile: 412-281-2141
jmccall@lenderlaw.com
Sean and Jennifer Foley, as lenders, are represented by:
Robert W. Pontz, Esq.
Saxton & Stump, LLC
280 Granite Run Drive, Suite 300
Lancaster, PA 17601
Telephone: (717) 556-1016
Facsimile: (717) 441-3810
bpontz@saxtonstump.com
SHOREVIEW APARTMENTS: Seeks Chapter 11 Bankruptcy in Texas
----------------------------------------------------------
On April 24, 2025, Shoreview Apartments LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District
of Texas. According to court filing, the Debtor reports between
$10 million and $50 million in debt owed to 1 and 49 creditors.
The petition states funds will be available to unsecured
creditors.
About Shoreview Apartments LLC
Shoreview Apartments LLC is a limited liability company.
Shoreview Apartments LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10567) on April 24,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
The Debtor is represented by Stephen J. Humeniuk, Esq. at TROUTMAN
PEPPER LOCKE LLP.
SHOREVIEW HOLDING: Seeks Chapter 11 Bankruptcy in Texas
-------------------------------------------------------
On April 24, 2025, Shoreview Holding LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District
of Texas. According to court filing, the Debtor reports between
$50 million and $100 million in debt owed to 50 and 99 creditors.
The petition states funds will be available to unsecured
creditors.
About Shoreview Holding LLC
Shoreview Holding LLC is a limited liability company.
Shoreview Holding LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10566) on April 24,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $50 million and $100 million each.
Honorable Bankruptcy Judge Shad Robinson handles the case.
The Debtor is represented by Stephen J. Humeniuk, Esq. at TROUTMAN
PEPPER LOCKE LLP.
SKILLZ INC: Receives NYSE Notice Over Late 10-K Filing
------------------------------------------------------
Skillz Inc., the leading games platform bringing fair competition
to players worldwide, announced that it received a notice from the
New York Stock Exchange that the Company is not in compliance with
the NYSE's continued listing requirements under the timely filing
criteria established in Section 802.01 E of the NYSE Listed Company
Manual, because the Company has not timely filed its Annual Report
on Form 10-K for the fiscal year ended December 31, 2024 with the
Securities and Exchange Commission.
The NYSE Notice has no immediate effect on the listing of the
Company's common stock on the NYSE. The NYSE Notice informed the
Company that, under NYSE rules, the Company has six months from
March 17, 2025 to regain compliance with the NYSE listing standards
by filing the Form 10-K with the SEC. The NYSE further noted that,
if the Company fails to file the Form 10- K within the six-month
period, the NYSE may grant, at its sole discretion, an extension of
up to six additional months for the Company to regain compliance,
depending on the specific circumstances. The NYSE Notice also notes
that the NYSE may nevertheless commence delisting proceedings at
any time if it deems that the circumstances warrant.
As previously reported in the Company's Notification of Late Filing
on Form 12b-25 filed with the SEC on March 17, 2025, the Company
was unable to file the Form 10-K within the prescribed period
because the Company requires more time to complete the procedures
relating to its year-end reporting process. Subsequent to filing
the Form 12b-25, the Company continued to dedicate significant
resources to the completion of such procedures but was unable to
file the Form 10-K by April 1, 2025, the end of the extension
period provided by the Form 12b- 25. The Company requires
additional time to complete such procedures.
The Company is working diligently to complete the necessary work to
file the Form 10-K as soon as practicable and currently expects to
file the Form 10-K within the six-month period granted by the NYSE
Notice; however, there can be no assurance that the Form 10-K will
be filed within such period.
About Skillz Inc.
Las Vegas-based Skillz Inc. — https://www.skillz.com — is a
mobile games platform dedicated to fostering competition and
excellence through its technology. The Skillz platform enables
developers to create multi-million dollar franchises by
incorporating social competition into their games. Leveraging its
patented technology, Skillz hosts billions of casual eSports
tournaments for millions of mobile players worldwide, with the goal
of becoming the home of competition for all.
Skillz reported a net loss of $101.36 million in 2023, a net loss
of $438.87 million in 2022, a net loss of $187.92 million in 2021,
and a net loss of $149.08 million in 2020. As of September 30,
2024, Skillz had $390.2 million in total assets, $190.7 million in
total liabilities, and $199.5 million in total stockholders'
equity.
* * *
As reported by the TCR in January 2024, S&P Global Ratings retained
its ratings on Skillz Inc., including its 'CCC+' issuer credit
rating, following the assignment of the new management and
governance (M&G) assessment. S&P said, "S&P Global Ratings assigned
a new M&G modifier assessment of negative to Skillz following the
revision to our criteria for evaluating the credit risks. The terms
management and governance encompass the broad range of oversight
and direction conducted by an entity's owners, board
representatives, and executive managers. These activities and
practices can impact an entity's creditworthiness and, as such, the
M&G modifier is an important component of our analysis."
SKYX PLATFORMS: Raises $975K From Series A-1 Preferred Stock Sale
-----------------------------------------------------------------
SKYX Platforms Corp. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company and
investors entered into a Securities Purchase Agreement resulting in
gross proceeds before deducting transaction expenses to the Company
of $975,000, pursuant to which the investors purchased 39,000
shares of the Company's Series A-1 Preferred Stock, no par value
per share, at a purchase price of $25.00 per share.
The Securities Purchase Agreement contains customary
representations, warranties, agreements and indemnification rights
and obligations of the parties and provides the purchaser with
certain registration rights. The Company intends to use the
proceeds for working capital and other general corporate purposes.
Full text copies of the Securities Purchase Agreement and
Certificate of Designation of Rights, Preferences and Privileges of
Series A-1 Preferred Stock are attached to the Company's Form 8-K
report, available at https://tinyurl.com/mvja4vdc
About SKYX Platforms Corp.
Headquartered in Pompano Beach, Florida, SKYX Platforms Corp.
develops advanced platform technologies focused on enhancing
safety, quality, and ease of use in homes and buildings. With
nearly 100 patents and pending applications, the Company's products
are designed to improve safety and lifestyle in residential and
commercial spaces. In 2023, Sky expanded by acquiring an online
retailer specializing in home lighting, ceiling fans, and
furnishings. The Company's technologies enable quick and safe
installation of light fixtures and ceiling fans without the need to
handle hazardous wires.
In its report dated March 24, 2025, the Company's auditor, M&K
CPAS, PLLC, issued a "going concern" qualification attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, citing the Company's accumulated deficit, negative cash flows
from operations, and recurring net losses, which raise substantial
doubt about its ability to continue as a going concern.
SKYX reported a net loss of $35.77 million for the year ending Dec.
31, 2024, compared to a net loss of $39.73 million in 2023. As of
Dec. 31, 2024, SKYX reported total assets of $65.89 million, total
liabilities of $56.83 million, temporary equity of $5 million, and
total equity of $4.05 million. Additionally, as of Dec. 31, 2024,
SKYX had an accumulated deficit of $181.8 million.
SNOW JOE: Yuan Mei Seeks Appointment of Receiver
------------------------------------------------
The Plaintiff in the case styled YUAN MEI CORPORATION v. SNOW JOE,
LLC; ALL SEASON POWER, LLC; JOSEPH COHEN; OPE MARKETPLACE, LLC; ABC
CORP. 1-10; and WEATHER BRANDS LLC, Case No. 2:24-cv-07906, asks
the United States District Court for the District of New Jersey to
issue a writ of attachment and/or appoint a receiver.
Plaintiff Yuan Mei seeks a writ of attachment or receivership
regarding the tangible and intangible property of Defendants
including: (i) All of Defendants' trademarks that includes Aqua
Joe, Snow Joe, and the Snow Joe logo; (ii) the Defendants' accounts
receivable from Amazon.com; and (iii) the Defendants' bank
accounts.
Yuan Mei recounts that Snow Joe since 2022 has repeatedly avoided
paying the $8 million for products Yuan Mei manufactured. These
products continue to be sold on online marketplaces such as Amazon
under Snow Joe's name. A previous Snow Joe employee testified under
oath that Snow Joe engaged in a scheme to obtain as much product as
possible while hiding its financial troubles. Documents show Snow
Joe defaulted on financial reporting obligations to keep this
hidden until late 2022. After defaulting on payment and facing this
suit, Snow Joe conducted an Article 9 sale, continuing its business
under the new name All Season Power, LLC.
Yuan Mei says All Season Power, LLC, OPE Marketplace, LLC, and
Weather Brands LLC ("New Cos.") are mere continuations of Snow Joe.
Discovery, to date, has confirmed all necessary factors to
establish successor liability. Therefore, the New Cos. owe Yuan Mei
over $8 million, the same debt owed by Snow Joe.
Yuan Mei notes an Article 9 sale did not change successor
liability, despite redistributing Snow Joe's business to the New
Cos. The New Cos., like Snow Joe, claim they cannot pay the debt,
even though their business operates on a scale of hundreds of
millions of dollars.
Yuan Mei says it now seeks to protect the Defendants' assets from
being further alienated or encumbered before a judgment is issued.
Based on Snow Joe's conduct over the past two years, Plaintiff
believes the Defendants will have maneuvered their assets beyond
reach even if it wins the lawsuit.
The Plaintiff is represented by:
Joseph M. DeFazio, Esq.
TROUTMAN PEPPER LOCKE LLP
875 Third Avenue
New York, NY 10022
Telephone: (212) 704-6341
E-mail: joseph.defazio@troutman.com
Snow Joe is an online retailer that sells products in marketplaces
such as Amazon.
SOLEPLY LLC: Gets 45-Day Extension to Access Cash Collateral
------------------------------------------------------------
Soleply, LLC received a 45-day extension from the U.S. Bankruptcy
Court for the District of New Jersey to use cash collateral.
The court issued its second interim order allowing the company to
use cash collateral to fund its business expenses for up to 45 days
from April 17.
In exchange for the 45-day extension, Fundomate will receive
payments of $2,500 per week from the company.
As additional protection, the secured creditor will be granted a
replacement lien on the company's post-petition collateral and
proceeds thereof, to the same extent and with the same validity and
priority as its pre-bankruptcy lien.
A final hearing is scheduled for June 2. Objections are due by May
23.
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: Signs Term Sheet for Wind-Powered Data Center
--------------------------------------------------------------
Soluna Holdings, Inc. announced that it has signed a term sheet for
power for Project Hedy, a new 120 MW data center co-located with a
200 MW wind farm in South Texas.
The wind farm is owned by a new power partner–a multinational
conglomerate that focuses on developing and managing sustainable
infrastructure solutions, with a strong emphasis on renewable
energy, water management, and services, aiming to contribute to a
low-carbon economy and a better planet.
This agreement marks a significant milestone in Soluna's mission to
integrate computing with renewable energy. Project Hedy will be
developed in two 60 MW phases, strategically leveraging excess wind
energy to power Bitcoin mining, AI, and machine learning workloads
while supporting grid stability in the Electric Reliability Council
of Texas, Inc. (ERCOT).
With Project Hedy, Soluna is expected to have over 598 MW of data
center capacity in operation, construction, or development.
"This is another step forward in proving that flexible, large-scale
computing can help renewable energy assets reach their full
potential," said John Belizaire, CEO of Soluna Holdings, Inc.
"We're excited to partner with and leverage the exceptional wind
resources of Cameron County to power sustainable AI and Bitcoin
mining at scale."
"In an environment where there is an ever-growing need for
sustainable energy to power AI, we are one of the few companies
using an innovative approach to unlock this precious resource,"
continued Belizaire.
With Project Hedy, Soluna continues its tradition of naming
projects after women who have made significant contributions to
science and technology. The project is named after Hedy Lamarr, the
Austrian-American inventor and actress whose pioneering work in
frequency-hopping technology laid the foundation for modern
wireless communication.
As Soluna progresses with Project Hedy, the company will focus on
finalizing definitive power purchase agreements, land agreements,
and the ERCOT planning process.
For more information, visit www.solunacomputing.com
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 March
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.
SONDER COUNSELING: Court Extends Cash Collateral Access to May 9
----------------------------------------------------------------
Sonder Counseling, LLC received interim approval from the U.S.
Bankruptcy Court for the Eastern District of Missouri to use cash
collateral until May 9, marking the second extension since the
company's Chapter 11 filing.
The court's previous interim order allowed the company to access
cash collateral until April 15 only.
Pre-bankruptcy creditors including Black Rok, Fundamental Capital,
LLC and ODK Capital, LLC assert interest in the cash collateral.
Sonder allegedly owes $6,150 to Black Rok, $160,489 to Fundamental
Capital and $262,664 to ODK Capital. As protection, these creditors
were granted first-priority replacement liens on any pre-bankruptcy
assets of the company's estate that are subject to their respective
liens.
A final hearing is set for May 6. Objections are due by May 2.
Fundamental Capital is represented by:
Alan C. Hochheiser, Esq.
Maurice Wutscher, LLP
23611 Chagrin Blvd. Suite 207
Beachwood, OH 44122
Telephone: (216) 220-1129
Facsimile: (216) 472-8510
ahochheiser@mauricewutscher.com
About Sonder Counseling LLC
Sonder Counseling, LLC filed Chapter 11 petition (Bankr. E.D. Mo.
Case No. 25-40726) on March 7, 2025, listing up to $50,000 in
assets and up to $1 million in liabilities. James Ahearn, clinical
director and owner, signed the petition.
Judge Bonnie L. Clair oversees the case.
The Debtor is represented by:
Robert E. Eggmann, III, Esq.
Carmody Macdonald P.C.
Tel: 314-854-8600
Email: ree@carmodymacdonald.com
ST. CHRISTOPHER'S: Gets Court Okay for $9MM Sale of Property
------------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that on
Thursday, April 24, 2025, a bankruptcy judge authorized St.
Christopher's -- a New York–based youth mental health care
provider -- to finalize the $9 million sale of its approximately
22-acre property in Orange County, New York.
About St. Christopher's, Inc.
St. Christopher's, Inc. is a residential treatment center providing
services to children with special needs. It empowers children and
youth with special needs with the social emotional coping skills
and strengths they need -- and the healthcare, mental health and
social support services they require -- to enter adulthood
confident and equipped to meet life's challenges and
opportunities.
St. Christopher's and The McQuade Foundation filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 24-22373) on April 29, 2024. Heidi Sorvino, Esq., at
White and Williams, LLP serves as Subchapter V trustee.
At the time of the filing, St. Christopher's reported $10 million
to $50 million in assets and $1 million to $10 million in
liabilities while McQuade reported $1 million to $10 million in
both assets and liabilities.
Judge Sean H. Lane presides over the cases.
Janice B. Grubin, Esq., at Barclay Damon, LLP represents the
Debtors as legal counsel.
STEWARD HEALTH: Cited in $55 MM Florida Hospital Fund Dispute
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Healthcare Systems of
America (HSA) asserts that Steward Health Care System LLC is
wrongfully seeking to claim $55 million in Florida agency funds
that belong to hospitals it formerly owned.
HSA, which purchased eight hospitals from Steward’s bankrupt
estate last 2024, has urged the US Bankruptcy Court for the
Southern District of Texas to intervene and prevent Steward from
laying claim to the funds being allocated by the Florida Agency for
Healthcare Administration to hospitals that provide Medicaid
services.
About Steward Health Care
Steward Health Care System, LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed Chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge
Christopher M. Lopez oversees the cases.
The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; McDermott Will & Emery as special corporate and regulatory
counsel; AlixPartners, LLP as financial advisor and John Castellano
of AlixPartners as chief restructuring officer. Lazard Freres & Co.
LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc., provide investment banking services to the
Debtors. Kroll is the claims agent.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' cases.
SUBURBAN PROPANE: Moody's Affirms 'Ba3' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Ratings affirmed Suburban Propane Partners, L.P.'s
(Suburban) Ba3 Corporate Family Rating, Ba3-PD Probability of
Default Rating, and B1 senior unsecured notes rating. The SGL-3
Speculative Grade Liquidity (SGL) rating was unchanged. The ratings
outlook remains stable.
"Moody's expects Suburban to reduce financial leverage to
historical levels, and continue to ensure strong distribution
coverage that support its ratings." commented Jake Leiby, Moody's
Ratings Senior Analyst. "The company relies on M&A for growth due
to the limited organic growth opportunities in the propane
distribution business and Moody's expects it to continue to
exercise a disciplined approach towards future acquisitions."
RATINGS RATIONALE
Suburban's Ba3 CFR is supported by its significant scale and market
position in the highly fragmented US propane distribution industry.
The rating also reflects Suburban's successful track record of
implementing operational efficiencies. As the third largest retail
distributor of propane in the US, Suburban has a market presence in
42 states. While the most of Suburban's revenue is derived from
propane distribution operations, the company also has some
diversification owing to its exposure to fuel oil and refined fuels
distribution, natural gas and electricity marketing in deregulated
markets, RNG distribution, and low-carbon fuel alternative
production. Suburban has started a renewable energy platform to
leverage its competency in energy distribution but these
investments are still in their early stages and will continue to
require meaningful capital investments to grow. It will take time
for the renewable energy initiatives to become more meaningful
relative to the core propane business.
Suburban's key credit risks are reflected in its exposure to the
challenges of the propane distribution sector. These challenges
include a high degree of sensitivity to unpredictable external
factors such as weather, a trend of secularly declining volumes,
and the highly competitive and fragmented nature of the sector.
Growth opportunities for Suburban are mostly limited to
acquisitions as opposed to organic growth. Depending on the timing
and funding mix of acquisitions, the company's financial leverage
might temporarily increase. However, Moody's believes that Suburban
will continue to exercise a disciplined approach towards future
acquisitions and prioritize restoring financial flexibility post
transaction.
Suburban's senior unsecured notes are rated B1, one notch below the
Ba3 CFR, reflecting their effective subordination to the secured
$500 million revolving credit facility due 2029 (unrated).
Suburban should maintain adequate liquidity through mid-2026, as
reflected by the SGL-3 rating. As of December 28, 2024, the company
had $4 million of unrestricted cash on hand and $243 million
outstanding under its $500 million secured revolver. The revolver
will mature at the earlier of March 15, 2029 or November 30, 2026
to the extent that the 2027 senior notes remain outstanding at that
time. Additionally, there were $26 million in letters of credit
outstanding under the revolver. The revolver's financial covenants
include a 5.75x maximum consolidated leverage ratio, a 2.5x minimum
interest coverage covenant, and a 3.25x maximum senior secured
consolidated leverage ratio. Moody's expects Suburban to maintain
modest headroom for future compliance with these financial
covenants. The company's next debt maturity is in 2027, when its
$350 million senior notes become due.
The stable outlook reflects Moody's expectations that leverage and
distribution coverage will remain supportive of the ratings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Suburban's ratings could be upgraded if the company increases its
scale and demonstrates a lower reliance on weather-dependent
volumes, debt/EBITDA sustainably falls below 4x, and distribution
coverage remains strong. The ratings could be downgraded if
debt/EBITDA is sustained above 5x (normalized for seasonal working
capital related borrowings), distribution coverage falls towards
1x, and/or if the company makes large debt funded acquisitions or
distributions.
Suburban Propane Partners, L.P. (Suburban), based in Whippany, NJ,
is a master limited partnership (MLP), which conducts operations
through four primary business segments: Propane (87% of revenues),
Fuel Oil and Refined Fuels (6%), and Natural Gas and Electricity
(2%), and Service (5%).
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
TERI G. GALARDI: Kosachuk's Motion to Withdraw Reference Denied
---------------------------------------------------------------
In the case captioned as CHRISTOPHER KOSACHUK, Plaintiff, v. ASTRID
E. GABBE, ESQ., et al., Defendants, Case No. 25-cv-00090-CAR (M.D.
Ga.), Senior Judge C. Ashley Royal of the United States District
Court for the Middle District of Georgia denied the plaintiff's
motion to withdraw the reference for an adversary proceeding he
brought that is currently pending in the United States Bankruptcy
Court for the Middle District of Georgia in the bankruptcy case of
Teri G. Galardi. The plaintiff's motion to strike the non‐party
defendants' response in opposition to his motion to withdraw
reference is also denied.
On April 14, 2023, the Bankruptcy Court confirmed the Debtor's
Plan, which called for the conveyance of funds into a liquidating
trust for the benefit of unsecured creditors holding claims under
Class 8 of the Plan. It appointed Thomas McClendon, the
Liquidating Trustee, to manage the Galardi Creditors Trust, the
Class 8 creditors, and their claims. On Dec. 19, 2023, it approved
a settlement agreement between the Liquidating Trustee, Kosachuk,
and a number of other parties, some of whom are named as parties in
Plaintiff's adversary proceeding.
Kosachuk was the plaintiff in an earlier adversary proceeding, Case
No. 23‐5024, brought in the same Bankruptcy Court and involving
many of the same parties as the current adversary proceeding and
the lead bankruptcy case. On Dec. 21, 2023, the Bankruptcy Court
approved a joint stipulation dismissing that case with prejudice.
Kosachuk filed the present adversary case on July 22, 2024, in the
Bankruptcy Court. In his Adversary Complaint, Plaintiff seeks
distributions from the November 22, 2023 Settlement Agreement
approved by the Bankruptcy Court in the lead bankruptcy case on
Dec. 19, 2023. On March 6, 2025, Plaintiff filed his Motion to
Withdraw Reference.
If the reference were withdrawn pursuant to 28 U.S.C. Sec. 157(d),
as Plaintiff requests, then his adversary proceeding would be
carried out in the District Court. Non‐Party Defendants Thomas T.
McClendon, as Liquidating Trustee of the Galardi Creditors Trust,
and the Galardi Creditors Trust, both oppose withdrawing the
reference.
Motion to Strike
Plaintiff moves to strike the Non‐Party Defendants' Response in
Opposition to his Motion to Withdraw Reference, arguing they lack
standing to oppose Plaintiff's Motion because they are
non‐parties. Plaintiff cites no law supporting his position.
Assuming Plaintiff relies on Federal Rule of Civil Procedure 12(f),
this argument fails because Rule 12(f) allows the District Court
only to strike pleadings. A response to a motion is not a pleading.
Thus, Plaintiff's Motion to Strike is denied.
Motion to Withdraw Reference
Pursuant to 28 U.S.C. Sec. 157(d), a district court has authority
to withdraw the reference to a bankruptcy court.
Plaintiff's main argument for withdrawing the reference to the
Bankruptcy Court is that he has requested a jury trial, and he does
not consent to the Bankruptcy Court conducting the jury trial under
11 U.S.C. Sec. 157(e). According to the District Court, plaintiff's
jury demand is insufficient at this time to warrant withdrawing the
reference.
Judge Royal holds, "Here, withdrawing the reference is not
warranted. Allowing this matter to proceed in the Bankruptcy Court
would promote uniformity and efficiency in the administration of
bankruptcy law, conserve the parties' resources, facilitate the
bankruptcy process, efficiently utilize judicial resources, prevent
delay, and prevent forum shopping. Thus, this action will remain in
the Bankruptcy Court until the case is ready to go to trial."
A copy of the Court's decision is available at
https://urlcurt.com/u?l=k4mqzx from PacerMonitor.com.
About Teri Galardi
Teri G. Galardi sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ga. Case No. 22-50035) on
Jan. 12, 2022. Louis G. McBryan, Esq., at McBryan, LLC is the
Debtor's legal counsel.
THERAPEUTICS MD: Sues Mayne Pharma for Breach of Contract
---------------------------------------------------------
TherapeuticsMD, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company filed a
lawsuit against Mayne Pharma LLC in the United States District
Court for the District of Delaware seeking damages for breach of
contract, breach of the implied covenant of good faith and fair
dealing, fraudulent inducement, and unjust enrichment related to
Mayne Pharma's actions in relation to the License Agreement, dated
December 4, 2022, as amended, between the Company and Mayne Pharma
and the Transaction Agreement, dated December 4, 2022, as amended,
between the Company and Mayne Pharma.
The Mayne Lawsuit primarily pertains to the previously disclosed
disputes between the Company and Mayne Pharma relating to certain
net working capital allowances and certain actions or inactions by
Mayne Pharma relating thereto. The Mayne Lawsuit is TherapeuticsMD,
Inc. v. Mayne Pharma LLC, Case No. not assigned (D. Del.).
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.
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, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024, 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.
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.
THERATECHNOLOGIES INC: Posts $117K Net Profit in Q1 2025
--------------------------------------------------------
Theratechnologies Inc. reported business highlights and financial
results for the first quarter 2025, ended February 28, 2025.
"We are extremely pleased to have ended our fiscal first quarter in
a strong position with total revenue of $19 million, representing
17% growth year-over-year, a net profit of $117,000, and positive
adjusted EBITDA1 of $2.3 million. While this number is mainly
related to reloading the pipeline following an end to the temporary
supply disruption, the fundamentals of the business and
specifically demand for EGRIFTA SV remains very strong," said Paul
Lévesque, President and Chief Executive Officer. "Our HIV
portfolio led by the EGRIFTA franchise will continue to remain our
engine of growth for years with the recent approval of EGRIFTA WR
which will drive further adoption and adherence."
First Quarter 2025 Financial Results
Revenue:
Consolidated revenue for the three months ended February 28, 2025,
amounted to $19,047,000 compared to $16,247,000 for the same period
last year, representing an increase of 17.2%.
For the first quarter of Fiscal 2025, sales of EGRIFTA SV reached
$13,880,000 compared to $9,586,000 in the first quarter of the
prior year, representing an increase of 44.8%. Higher sales of
EGRIFTA SV were mostly the result of higher unit sales (+24.0%), a
higher selling price (+6.7%) and the remainder of the difference is
explained by lower government chargebacks, rebates and others. The
increase in unit sales of EGRIFTA SV in 2025 were mostly due to the
rebuilding of distributor and pharmacy inventories following the
supply disruption of EGRIFTA SV in the first quarter of 2025. On
February 13, 2025, the FDA authorized the release of two batches of
EGRIFTA SV and the Company recorded sales of EGRIFTA SV during the
last two weeks of February 2025. In the first quarter of 2024 sales
of EGRIFTA SV were negatively affected by inventory drawdowns at
the specialty pharmacy level.
In the first quarter of Fiscal 2025, Trogarzo sales amounted to
$5,167,000 compared to $6,661,000 for the same quarter of 2024,
representing a decrease of 22.4%. Lower sales of Trogarzo were
mostly due to lower unit sales (-17.5%), which were offset by a
higher selling price (+2.9%). The remainder of the decrease is
explained by higher government rebates, chargebacks and others.
Trogarzo unit sales in the first quarter of 2025 were down mostly
as a result of the entry of new competitors in the market in the
past few years.
Cost of Goods Sold:
In the first quarter of Fiscal 2025, cost of goods sold was
$3,483,000 compared to $5,284,000 for the same period in Fiscal
2024.
For the three-month period ended February 28, 2025, EGRIFTA SV cost
of goods sold was reduced by the reversal of an inventory provision
($713,000) related to the manufacturing of batches of F8
Formulation recorded prior to approval of the F8 Formulation by the
FDA. In the first quarter of 2024, cost of goods sold was increased
by this inventory provision ($837,000). The percentage of revenue
for EGRIFTA SV excluding these provision changes is comparable for
the first quarter of 2025 and 2024. Trogarzo cost of goods sold is
contractually established at 52% of net sales, subject to periodic
adjustment for returns or other factors.
R&D Expenses:
R&D expenses in the three-month period ended February 28, 2025
amounted to $2,969,000 compared to $3,752,000 in the comparable
period of Fiscal 2024, a decrease of 21.2%. The decrease during the
first quarter of Fiscal 2025 was largely due to lower spending on
life-cycle management projects as well as lower activity in our
oncology program, as well as the recognition of non-refundable
federal tax credits.
Selling Expenses:
Selling expenses in the three-month period ended February 28, 2025,
amounted to $6,470,000 compared to $5,701,000 in the comparable
period of Fiscal 2024 or an increase of 13.5%. Higher selling
expenses are mostly due to higher compensation expense versus last
year, due to lower vacancies and hiring related to market
preparation for the Ionis in-licensed products.
General and Administrative Expenses:
General and administrative expenses in the first quarter of Fiscal
2025 amounted to $4,230,000, compared to $3,756,000 reported in the
same period of Fiscal 2024, representing an increase of 12.6%. The
increase is a result of higher compensation expenses and
professional fees.
Net Finance Costs:
Net finance costs for the three-month period ended February 28,
2025, were $1,471,000 compared to $2,125,000 in the same period
last year. The decrease in net finance cost is mostly due to lower
interest expense on long-term debt ($1,268,000) and lower accretion
expense, write-off and amortization of deferred financing costs
($255,000). These declines in finance costs were offset by a loss
on financial instruments carried at fair value ($450,000) and by
lower interest income ($563,000). Interest on long-term debt was
$1,006,000 in the first quarter of 2025, compared to $2,274,000 in
2024, reflecting the lower interest rates and lower long-term debt
outstanding on the Company's new credit facilities.
Adjusted EBITDA:
Adjusted EBITDA was $2,321,000 for the first quarter of fiscal 2025
compared to $(247,000) for the same period of 2024. The improvement
is mainly due to the higher revenue in the first quarter of 2025.
See "Non-IFRS and Non-US-GAAP Measure" above and see
"Reconciliation of Adjusted EBITDA" below for a reconciliation to
Net Profit (loss) for the relevant periods.
Income Tax Expense:
Income tax expense amounted to $307,000, versus $110,000 in the
same period last year. The increase in the first quarter of 2025
over the same period of 2024 is attributable to the higher net
fiscal income generated by our operations. The Company recorded
Canadian federal non-refundable tax credits in the three-month
period ended February 28, 2025 ($194,000) against research and
development expenses, which largely offsets the Canadian federal
income tax payable.
Net Profit:
Taking into account the revenue and expense variations described
above, we recorded a net profit of $117,000, or $0.00 per share, in
the first quarter of Fiscal 2025, as compared to a loss of
$4,481,000, or a loss of $0.10 per share, recorded in the first
quarter of Fiscal 2024.
Financial Position, Liquidity and Capital Resources
Liquidity and future operations:
As part of the preparation of the Interim Financial Statements,
management is responsible for identifying any event or situation
that may cast doubt on the Company's ability to continue as a going
concern.
As of the issuance date of these interim financial statements, the
Company expects that its existing cash and cash equivalents as of
February 28, 2025, together with cash generated from its existing
operations will be sufficient to fund its operating expenses and
debt obligations requirements for at least the next 12 months from
the issuance date of these interim financial statements.
Considering the recent actions of the Company, material uncertainty
that raised substantial doubt about the Company's ability to
continue as a going concern was alleviated effective from these
first quarter interim financial statements.
For the three-month period ended February 28, 2025, the Company
generated a net profit of $117,000 (2024- net loss of $4,481,000)
and had negative cash flows from operating activities of $9,744,000
(2024- $1,708,000). As at February 28, 2025, cash amounted to
$3,905,000, working capital (current assets less current
liabilities) amounted to $2,668,000 and the accumulated deficit was
$416,770,000. The Company's ability to continue as a going concern
requires the Company to continue to achieve positive cash flows
through revenues generation and managing expenses and meet the
covenants of the TD Credit Agreement and the IQ Credit Agreement at
all times, which require testing on a quarterly basis.
On January 9, 2025, the Company announced a temporary supply
disruption for EGRIFTA SV caused by an unexpected voluntary
shutdown of the Company's contract manufacturer's facility in the
third quarter of 2024 following an inspection by the US Food and
Drug Administration. The manufacturer has resumed manufacturing of
EGRIFTA SV, in November 2024. In order to resume distribution of
EGRIFTA SV, the Company was required to file a PAS with the FDA
describing the changes made by its manufacturer. The Company filed
the PAS on December 18, 2024.
On February 13, 2025, the FDA, via its Drug Shortage Staff (DSS),
indicated that it would allow the Company to sell and distribute
newly manufactured batches of EGRIFTA SV while the review of the
PAS is ongoing, thereby allowing the Company to sell two
manufactured batches of EGRIFTA SV, representing up to six months
of patient supply. Distribution of the product has resumed on
February 14, 2025. The Company has already manufactured two
additional batches, and a new batch is currently scheduled for
production in July 2025.
On March 25, 2025, the FDA has approved the Company's supplemental
Biologics License Application (sBLA) for the F8 formulation of
tesamorelin for injection. The Company will commercialize the new
formulation under the tradename EGRIFTA WR™. The Company plans to
launch EGRIFTA WR in the third quarter of 2025.
On April 7, 2025, the FDA approved the PAS, allowing the Company to
continue releasing EGRIFTA SV to the market without further
authorization from the FDA.
The Company's ability to continue as a going concern for a period
of at least, but not limited to, 12 months from February 28, 2025
involves significant judgement and is dependent on continued
generation of revenues including a timely transition from EGRIFTA
SV to EGRIFTA WR in order to be able to meet the Adjusted EBITDA
covenants
The Interim Financial Statements have been prepared assuming the
Company will continue as a going concern, which assumes the Company
will continue its operations in the foreseeable future and will be
able to realize its assets and discharge its liabilities and
commitments in the normal course of business.
Analysis of cash flows:
We ended the first quarter of fiscal 2025 with $4,548,000 in cash,
bonds and money market funds. Available cash is invested in highly
liquid fixed income instruments including governmental and
municipal bonds, and money market funds.
For the three-month period ended February 28, 2025, cash generated
by operating activities before changes in operating assets and
liabilities improved to $2,457,000, compared to a use of $3,129,000
in the comparable period of Fiscal 2024.
In the first quarter of fiscal 2025, changes in operating assets
and liabilities had a negative impact on cash flow of $12,201,000
(2024-positive impact of $1,421,000). These changes included a
negative impact from higher accounts receivable ($6,773,000),
mostly due to the concentration of EGRIFTA SV sales in the last two
weeks of the quarter. Also having a negative impact were lower
accounts payable ($3,948,000), higher prepaid expenses and deposits
($804,000) and higher inventories ($1,580,000). These changes were
offset by positive impacts from higher provisions ($870,000).
During the first quarter of 2025, cash used by operating activities
amounted to $9,744,000, compared to cash provided by operating of
$1,708,000 in the first quarter of 2024.
During the first quarter of 2025, cash provided by financing
activities was $4,665,000, which included proceeds from the
issuance of long-term debt of $5,000,000 from the Revolver, while
investing activities used $6,902,000, and included a $10,000,000
upfront payment to Ionis, while the sale of bonds and money market
funds generated proceeds of $3,202,000.
A full-text copy of the Company's report filed on Form 6-K with the
Securities and Exchange Commission is available at
https://tinyurl.com/596d54mt
About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) --
http://www.theratech.com/-- is a specialty biopharmaceutical
company focused on the commercialization of innovative therapies
that have the potential to redefine standards of care. The Company
currently commercializes two approved products for people living
with HIV, namely: EGRIFTA SV and Trogarzo in the United States.
* * *
This concludes the Troubled Company Reporter's coverage of
Theratechnologies Inc. until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.
TITAN ENVIRONMENTAL: Appoints Two More Directors
------------------------------------------------
Titan Environmental Solutions Inc. announced the appointment of
Edward J. Borkowski and Edward F. Feighan to its board of
directors, effective immediately.
Edward J. Borkowski, age 65, is a healthcare executive who
currently serves as an independent consultant. From April 2023 to
July 2024, Mr. Borkowski was Executive Vice President and Chief
Financial Officer of Purdue Pharma LP, a privately-held
pharmaceutical company that is currently in bankruptcy. He was also
Executive Vice President for Therapeutics MD, Inc., a
pharmaceutical company focused on family planning and women's
health issues, a position he has held from January 2020 to October
2022. Mr. Borkowski also serves on the board of directors of Entero
Therapeutics Inc, a clinical stage biopharmaceutical company, a
position he has held since May 2015. He started his career with
Arthur Andersen & Co. after receiving his MBA from Rutgers
University subsequent to having earned his degree in Economics and
Political Science from Allegheny College. Mr. Borkowski is
currently a Trustee and a member of the Executive Committee of
Allegheny College.
Edward F. Feighan, age 77, is currently, and has been since 2016,
the Chairman and Chief Executive Officer of Covius LLC, a
privately-held firm providing a range of services to the mortgage
securitization industry. Mr. Feighan has been an owner and director
of Continental Heritage Insurance Company, an early leader in the
cannabis insurance market which provides surety bonds and other
insurance solutions to the emerging cannabis markets, for more than
20 years. Previously, Mr. Feighan served as Chairman and Chief
Executive Officer of ProCentury Insurance Corporation from its
initial public offering in 2004 until the sale of the company to
another public insurance group in 2008. Mr. Feighan is also
Chairman of the Board of Range Impact Inc., a public impact
investing company. Mr. Feighan served five terms as a Member of the
United States House of Representatives from 1983 to 1993. During
those ten years, Mr. Feighan served on the U.S. House Judiciary
Committee and Foreign Affairs Committee. Mr. Feighan earned his law
degree from Cleveland State University.
"We are pleased to welcome Ed Borkowski and Ed Feighan to our Board
of Directors," said Glen Miller, Chairman and Chief Executive
Officer of Titan. "Their extensive experience in financial controls
coupled with their significant public company board experience will
be instrumental in guiding our continued growth and focus on
operational excellence. In addition, their knowledge, experience
and institutional relationships will enable us to expand Titan's
market presence both organically and acquisitively as we move
toward a listing on a national securities exchange and execution of
our business plan."
About Titan Environmental
Bloomfield Hills, Mich.-based Titan Environmental Solutions, Inc.
is a professional service firm that provides consultation on
regulatory compliance to departments at corporations, public
agencies, and residential communities to ensure that its clients
are aware of and take steps to comply with relevant laws and
regulations. The firm also offers solutions to remove the risk
caused by harmful environmental hazards.
Buffalo, New York-based Freed Maxick P.C. (f/k/a Freed Maxick CPAs,
P.C.), the Company's auditor since 2023, issued a "going concern"
qualification in its report dated March 31, 2025, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
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. This raises substantial doubt about the Company's
ability to continue as a going concern.
TREVENA INC: Securities Delisted From Nasdaq Effective April 21
---------------------------------------------------------------
The Nasdaq Stock Market LLC (the Exchange) disclosed in a 25-NSE of
its decision to remove from listing the security of Trevena, Inc.
effective at the opening of the trading session on April 21, 2025.
Based on review of information provided by the Company, Nasdaq
Staff determined that the Company no longer qualified for listing
on the Exchange pursuant to Listing Rule 5550(b)(1) and
5550(a)(2).
The Company was notified of the Staff determination on March 1,
2024. On March 5, 2024, the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Listing Rule 5815.
On May 2, 2024, the hearing was held. On May 13, 2024, the Panel
reached a decision and a Decision letter was issued the same day.
On June 11, 2024, the Panel modified their decision. The Company
requested an extension so that it could meet the Panel's milestones
on August 23, 2024. The Panel again modified their decision
allowing the Company more time to be in compliance with the Listing
Rules and the milestones set forth in the decision. The Company had
until October 2, 2024 to meet the milestones and to regain
compliance. On October 4, 2024, the Panel reached a decision and
decided to suspend the Company from the Exchange. The Company
security was suspended on October 8, 2024. The Staff determination
to delist the Company securities became final on November 18,
2024.
About Trevena
Headquartered in Chesterbrook, Pa., Trevena, Inc. is a
biopharmaceutical company focused on developing and commercializing
novel medicines for patients affected by central nervous system, or
CNS, disorders. The Company's product, OLINVYK (oliceridine)
injection, was approved by the United States Food and Drug
Administration in August 2020. The Company initiated commercial
launch of OLINVYK in the first quarter of 2021.
Philadelphia, Pa.-based Ernst & Young LLP, the Company's auditor
since 2007, issued a "going concern" qualification in its report
dated April 1, 2024, citing that the Company has suffered recurring
losses from operations and has stated that substantial doubt exists
about the Company's ability to continue as a going concern.
The Company has yet to file its Annual Report on Form 10-K for the
year ended December 31, 2024.
TRS HOLDINGS: Seeks Subchapter V Bankruptcy in Florida
------------------------------------------------------
On April 25, 2025, TRS Holdings LLC Chapter 11 protection in the
U.S. Bankruptcy Court for the Northern 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 TRS Holdings LLC
TRS Holdings LLC and affiliates operate recreational and
hospitality services based in Branford, Florida. TRS Holdings
manages Ellie Ray's RV Resort, while TRS Restaurant Holdings
oversees the resort's bar and restaurant operations under the name
Sturges at Ellie Ray's. Santa Fe Marina LLC provides boat storage
and docking facilities on the Santa Fe River.
TRS Holdings LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-10096)
on April 25, 2025. In its petition, the Debtor reports .
The Debtor is represented byBradley R. Markey, Esq. at THAMES |
MARKEY.
TRUSTED HEATING: Unsecureds to Split $150K via Quarterly Payments
-----------------------------------------------------------------
Trusted Heating & Cooling Solutions, Inc., filed with the U.S.
Bankruptcy Court for the Eastern District of Michigan a Plan of
Reorganization dated March 24, 2025.
The Debtor operates a heating, cooling and electrical contracting
business in pickney, Michigan. The Debtor is owned by sole
shareholder Jennifer Schulte.
Jennifer Schulte and her former husband, Alex Schulte, formed the
Debtor in 2018. Unfortunately, marital issues between the parties
occurred and became acrimonious. This acrimony had a significant
impact on the Debtor as the business lost many of its commercial
customers and the stress of the divorce action made it difficult
for Ms. Schulte to concentrate full time on its business. With the
creditors clamoring for payment and suppliers threatening to cut
the Debtor off, the instant case was filed.
Post petition, the Debtor has taken steps to improve its bottom
line including both cost cutting and marketing measures. These
changes support the financial projections prepared by the Debtor.
These changes have also resulted in profitability for the Debtor
post petition as are reflected in the monthly operating reports
filed with the Court.
The Debtor's financial projections show that the Debtor will have
projected disposable income in an amount sufficient to meet the
requirements of this Plan.
Class 6 consists of Allowed Unsecured Creditors. The total amount
of unsecured debt totals $753,143. Unsecured creditors shall share
in sum total of $150,000 ovger the life of the plan. These funds
shall be paid in the first of 16 quarterly payments of $9,375 due
12 months from confirmation with each creditor paid on a prorate
basis. This Class is impaired.
A full-text copy of the Plan of Reorganization dated March 24, 2025
is available at https://urlcurt.com/u?l=cCiA1W from
PacerMonitor.com at no charge.
About Trusted Heating & Cooling
Trusted Heating & Cooling Solutions, Inc. operates a heating,
cooling and electrical contracting business in pickney, Michigan.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32422) on December
23, 2024, with $100,001 to $500,000 in assets and liabilities.
Judge Joel D. Applebaum presides over the case.
The Debtor is represented by:
George E. Jacobs, Esq.
Bankruptcy Law Offices
Tel: 810-720-4333
Email: george@bklawoffice.com
URBAN ONE: Dismisses Ernst & Young, Appoints PwC as New Auditor
---------------------------------------------------------------
Urban One, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Company notified Ernst
& Young LLP that it would be dismissed as the Company's independent
registered public accounting firm.
The Audit Committee of the Company's Board of Directors approved
the dismissal of EY on April 7, 2025 and EY's dismissal as the
Company's independent registered public accounting firm became
effective on April 7, 2025. The Audit Committee has appointed
PricewaterhouseCoopers LLC to serve as the Company's independent
registered public accounting firm for the fiscal year ending
December 31, 2025 effective as of April 7, 2025.
The audit reports of EY on the Company's consolidated financial
statements as of and for the years ended December 31, 2024 and
December 31, 2023 contained no adverse opinion or a disclaimer of
opinion and were not qualified or modified as to uncertainty, audit
scope or accounting principles.
During the Company's fiscal years ended December 31, 2024 and
December 31, 2023 and through April 7, 2025, the Company had no
disagreements with EY on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction
of EY, would have caused EY to make reference to the subject matter
of the disagreement in connection with its reports on the financial
statements of the Company for such years.
During the Company's fiscal years ended December 31, 2024 and
December 31, 2023 and through April 7, 2025, no "reportable event"
as defined in Item 304(a)(1)(v) of Regulation S-K occurred, other
than the material weaknesses in internal control over financial
reporting disclosed in the Company's Annual Reports on Form 10-K
for the years ended December 31, 2024 and December 31, 2023, some
of which has been remediated as reflected in the Company's Annual
Report on Form 10-K for the year ended December 31, 2024. The
material weaknesses related to:
* Control Environment, Risk Assessment, Information and
Communication, and Monitoring – We did not have appropriately
designed entity-level controls impacting the (1) control
environment, (2) risk assessment procedures, (3) identification of
control activities and (4) monitoring activities to prevent or
detect material misstatements to the financial statements and
assess whether the components of internal control were present and
functioning. We did not adequately communicate the relevant
information, including objectives and responsibilities, necessary
to support the functioning of internal controls over financial
reporting. We did not develop and perform sufficient ongoing
evaluations to ascertain whether the components of internal control
were present and functioning. These deficiencies were attributed to
an insufficient number of qualified resources with the requisite
knowledge to effectively perform control design and execution
activities and oversee internal control over financial reporting,
and with an appropriate level of GAAP knowledge and experience that
is commensurate with the Company's financial reporting
requirements.
* IT General Control Activities – The Company has not
sufficiently designed and maintained information technology general
controls in the areas of user access, program change management and
IT Operations for certain information technology systems that
support the Company's financial reporting and other processes.
Specifically, the Company did not maintain (1) user access controls
that adequately restrict privileged and end-user access to certain
financial applications, system infrastructure, programs, and data
to appropriate company personnel, including consideration of
segregation of incompatible duties; (2) change management controls
for certain financial applications and related system
infrastructure to provide reasonable assurance that IT program and
data changes are authorized, sufficiently tested, approved, and
implemented appropriately; and (3) IT operations controls for
certain financial applications to monitor that scheduled financial
programs have run and were completed without errors.
* Control Activities and Information and Communication -
Management has determined that the Company did not have adequate
selection and development of effective control activities resulting
in the following material weaknesses:
* Management did not have properly designed internal
controls over its financial statement close process. This includes
an inadequate level of precision in management's review during the
financial statement close process, an inadequate evaluation and
review of the accounting for significant and non-recurring
transactions, ineffective design and operating effectiveness of
controls to support proper segregation of duties related to the
review of manual journal entries and an inadequate review as part
of its reporting and disclosure process.
* Management did not have properly designed management
review controls over matters that require significant judgment.
Specifically, controls are not designed to sufficiently evaluate
the completeness and accuracy of data used in account analyses
related to judgmental areas. Additionally, the Company's management
review controls are not operating effectively, as sufficient
evidence was not maintained to demonstrate that reviews occurred
with a sufficient level of precision to detect a material
misstatement.
* Management did not have appropriately designed internal
controls related to the approval of IT equipment purchases and the
related recognition of this equipment as a fixed asset.
Specifically, the Company did not have effective internal controls
in place to ensure IT equipment was being purchased for a valid
business purpose. Additionally, the Company did not have properly
designed internal controls to support the existence of its IT
assets.
The Audit Committee discussed this matter with EY, and the Company
has authorized EY to respond fully to any inquiries of PwC with
respect to this matter.
The Company provided EY with a copy of the disclosures it is making
in this Current Report on Form 8-K and requested a letter from EY
to the United States Securities and Exchange Commission indicating
whether it agrees with these disclosures. A copy of EY's letter,
dated April 9, 2025, is filed as Exhibit 16.1 hereto.
During the fiscal years ended December 31, 2024 and 2023 and the
subsequent interim period through April 7, 2025, the Company has
not consulted with PwC regarding either (i) the application of
accounting principles to a specified transaction, either completed
or proposed; or the type of audit opinion that might be rendered on
the Company's financial statements, and neither a written report
was provided to the Company nor was oral advice provided that PwC
concluded was an important factor considered by the Company in
reaching a decision as to the accounting, auditing or financial
reporting issue; or (ii) any matter that was either the subject of
a disagreement, as that term is defined in S-K 304(a)(1)(iv) and
the related instructions to S-K 304, or a reportable event, as that
term is defined in S-K 304(a)(1)(v).
About Urban One
Urban One, Inc., formerly known as Radio One, Inc., headquartered
in Silver Spring, Md., is an urban-oriented multimedia company that
operates or owns interests in radio broadcasting stations (32% of
revenue as of LTM Q4 2022) generated by 66 stations in 13 markets,
cable television networks (43% of revenue), an 80% ownership in
Reach Media (9% of revenue), and ownership of Interactive One, its
digital platform, as well as other internet-based properties (16%
of revenue), largely targeting an African-American and urban
audience. The Chairperson, Catherine L. Hughes, and President,
Alfred C. Liggins III (Chairperson's son), maintain voting control
and hold a significant ownership position. The Company reported
consolidated revenue of $485 million as of LTM Q4 2022.
* * *
In April 2025, Moody's Ratings downgraded Urban One, Inc.'s
Corporate Family Rating to Caa2 from B3, Probability of Default
Rating to Caa2-PD from B3-PD and senior secured notes rating to
Caa2 from B3. The Speculative Grade Liquidity Rating (SGL) remains
unchanged at SGL-2. The outlook remains negative.
The downgrade of the CFR reflects Urban One's operating
performance, which fell short of Moody's expectations due to
sustained challenges in the broadcast radio and cable TV segments,
such as subscriber attrition and lower audience engagement. These
risks raise the possibility of distressed debt exchanges,
especially given elevated leverage, Urban One's weak equity
valuation (market capitalization of $36 million) and low debt
trading levels. There is limited visibility into the pace of future
subscriber losses and whether radio advertising demand will
stabilize.
"Although Moody's expects Urban One to maintain good liquidity, the
company's cable TV segment faces significant pressures due to
consistent declines in cable subscribers, leading to reduced
affiliate revenues. As a result, Moody's expects adjusted debt to
EBITDA to increase to the mid to high 6x range over the next 12
months" said Alison Chisuhl Jung, a Moody's Ratings VP-Senior
Analyst.
US ECO PRODUCTS: Gets Final OK to Use Cash Collateral Until July 24
-------------------------------------------------------------------
US Eco Products Corporation received approval from the U.S.
Bankruptcy Court for the District of Massachusetts to use cash
collateral on a final basis.
The proceeding memorandum and order extended the company's
authority to use cash collateral from April 24 to July 24 under the
same terms and conditions.
A hearing on further use of cash collateral is scheduled for July
24.
About US Eco Products Corporation
US Eco Products Corporation filed Chapter 11 petition (Bank. D.
Mass. Case No. 24-41263) on December 9, 2024, listing $320,830 in
assets and $1,249,695 in liabilities. Doreen Blades, president of
US Eco Products, signed the petition.
Judge Elizabeth D. Katz oversees the case.
The Debtor is represented by Michael B. Feinman, Esq., at Feinman
Law Offices.
Eastern Bank, as lender, is represented by:
Joseph M. DiOrio, Esq.
Pannone Lopes Devereaux & O'Gara LLC
Northwoods Office Park
1301 Atwood Avenue, Suite 215N
Johnston, RI 02919
(401) 824-5180
(401) 824-5123 fax
jdiorio@pldolaw.com
VAN SCOIT: Seeks to Hire Demarco Mitchell PLLC as Counsel
---------------------------------------------------------
Van Scoit Group LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire Demarco Mitchell, PLLC
as legal counsel.
The firm will provide these services:
a. take all necessary action to protect and preserve the
Estate, including the prosecution of actions on its behalf, the
defense of any actions commenced against it, negotiations
concerning all litigation in which it is involved, and objecting to
claims;
b. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration of the estate;
c. formulate, negotiate, and propose a plan of reorganization;
and
d. perform all other necessary legal services in connection
with these proceedings.
The firm will be paid at these rates:
Robert T. DeMarco $400 per hour
Michael S. Mitchell $300 per hour
Barbara Drake, Paralegal $125 per hour
The firm was paid a retainer in the amount of $12,000.
,
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert T. DeMarco, Esq., a partner at Demarco Mitchell, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Robert T. DeMarco, Esq.
Demarco Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 991-5591
Email: robert@demarcomitchell.com
About Van Scoit Group LLC
Van Scoit Group LLC is a Texas-based business primarily involved in
the restaurant industry, operating Schlotzsky's Deli locations.
Schlotzsky's Deli offers a variety of menu items, including their
signature sandwiches, salads, soups, flatbreads, and pizzas, as
well as sides like chips and cookies.
Van Scoit Group LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40641) on
February 25, 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 Mark X Mullin handles the case.
The Debtor is represented by Robert T. DeMarco, Esq. at DEMARCO
MITCHELL, PLLC.
VENUS CONCEPT: Secures $2M Eighth Delayed Drawdown From Lenders
---------------------------------------------------------------
Venus Concept Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Lenders agreed to
provide the Borrower with a subsequent drawdown under the Loan and
Security Agreement in the principal amount of $2,000,000. The
Eighth Delayed Drawdown was funded on April 4, 2025. The Company
expects to use the proceeds of the Eighth Delayed Drawdown, after
payment of transaction expenses, for general working capital
purposes.
As previously disclosed, on April 23, 2024, the Company, Venus
Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus
Concept Canada Corp., a wholly-owned Canadian subsidiary of the
Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary
of the Company, entered into a Loan and Security Agreement, with
Madryn Health Partners, LP and Madryn Health Partners (Cayman
Master), LP and Madryn, as administrative agent. Pursuant to the
Loan and Security Agreement (as amended), the Lenders have agreed
to provide the Borrower with bridge financing in the form of a term
loan in one or more draws in an aggregate principal amount of up to
$5,000,000 which amount was subsequently increased to
$23,237,906.85. Borrowings under the Bridge Financing will bear
interest at a rate per annum equal to 12%.
On the maturity date of the Bridge Financing, the Loan Parties are
obligated to make a payment equal to all unpaid principal and
accrued interest. The Loan and Security Agreement also provides
that all present and future indebtedness and the obligations of the
Borrower to Madryn shall be secured by a priority security interest
in all real and personal property collateral of the Loan Parties.
The initial drawdown under the Loan and Security Agreement occurred
on April 23, 2024, when the Lenders agreed to provide the Borrower
with bridge financing in the form of a term loan in the principal
amount of $2,237,906.85.
The second drawdown under the Loan and Security Agreement occurred
on July 26, 2024, when the Lenders agreed to provide the Borrower
with a subsequent drawdown under the Loan and Security Agreement in
the principal amount of $1,000,000.
The third drawdown under the Loan and Security Agreement occurred
on September 11, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,000,000.
The fourth drawdown under the Loan and Security Agreement occurred
on November 1, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,000,000.
The fifth drawdown under the Loan and Security Agreement occurred
on November 26, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,200,000.
The sixth drawdown under the Loan and Security Agreement occurred
on December 9, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,500,000.
The seventh drawdown under the Loan and Security Agreement occurred
on January 27, 2025, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $3,000,000.
The eighth drawdown under the Loan and Security Agreement occurred
on February 21, 2025, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $2,300,000.
For additional information regarding the Bridge Financing, please
see the Current Report on Form 8-K, including the exhibits thereto,
filed by the Company with the Securities and Exchange Commission on
April 24, 2024.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Mississauga, Canada-based MNP LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 31, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has reported recurring net losses and negative cash flows from
operations, which raises substantial doubt about its ability to
continue as a going concern.
WANDERLY LLC: Claims to be Paid From Continued Operations
---------------------------------------------------------
Wanderly, LLC filed with the U.S. Bankruptcy Court for the Southern
District of Florida a Plan of Reorganization under Subchapter V
dated March 26, 2025.
The Debtor operates an online marketplace platform that assists
travel nurses in locating, applying for, and being hired to fill
nursing positions throughout the United States (the "Wanderly
Platform").
On December 2, 2022, Debtor and My Base Pay ("MBP") entered into
the Master Services Agreement ("MSA"), pursuant to which Debtor
retained MBP to perform Employer of Record services for the travel
nurses. In November 2022, prior to the Debtor and MBP formalizing
their relationship through the MSA, Debtor and MBP agreed to
utilize a third party managed services provider, Healthcare
Workforce Logistics ("HWL") as an intermediary to facilitate
payment processing between Debtor, MBP, and the Approved Customers
(hospitals).
On September 20, 2024, MyBasePay USA LLC ("MBP") filed an action in
Miami-Dade Circuit Court (Case No. 2024-0180985-CA-44) (the "State
Court Action") against Healthcare Workforce Logistics, LLC; Jackson
Healthcare, LLC; and Jonathan Ward (collectively, the "HWL
Defendants"), the Debtor, and the Debtor's CEO, Ziaur Rahman (the
"State Court Defendants"). The claims made by MBP in the State
Court Action involve claims by MBP that Debtor owes funds to MBP
under the agreement between them. Conversely, Debtor has filed a
separate action against MBP only asserting that MBP owes Debtor
funds under their agreement.
On December 26, 2024 ("Petition Date"), Debtor filed a voluntary
petition under Chapter 11 Sub Chapter V of the United States
Bankruptcy Code. As of the filing of this Plan, there are numerous
pending matters including, but not limited to an Objection to the
Subchapter V Election filed by MBP, a Motion to Dismiss or for Stay
Relief, also filed by MBP, a Notice of Removal of the State Court
Action to Bankruptcy Court filed by HWL and an Objection thereto
filed by, MBP, an Objection to the Claim of MBP filed by the Debtor
and an Objection to the Claim of HWL and Jackson Healthcare, HWL's
parent company, filed by the Debtor and an adversary case filed by
the Debtor against HWL for turnover of the funds it is holding
pursuant to the TRO.
The Debtor intends to implement the Plan by generating sufficient
income from the Debtor's operations to fund the required payments
to creditors as more fully set forth in the Projections. In the
event the Debtor does not have sufficient funds to meet the
payments, the Debtor shall utilize funds on hand to make the
payments.
The Debtor will commit disposable income to fund the Plan. Upon
conclusion of the continued Judicial Settlement Conference or
claims objection hearing, the Debtor can propose a payment to these
creditors once the payment to the Secured Creditor is determined.
Class Three consists of General Unsecured Creditors. The General
Unsecured claims include all other allowed claims of Unsecured
Creditors of the Debtor, subject to any Objections that are filed
and sustained by the Court. The general unsecured claims prior to
the filing of any objections total the amount of $8,260,012.90. The
Debtor believes that the accurate amount of claims is
$1,499,702.74. Since treatment of the MyBasePay claim significantly
affects the Debtor's disposable income and therefore payment to the
unsecured class, upon conclusion of the continued Judicial
Settlement Conference or claims objection hearings, the Debtor can
then propose a payment to the unsecured creditors. These claims are
impaired.
Class Five consists of Equity Claims. There shall be no
distribution to this class of creditors.
This Plan proposes to pay creditors of the Debtor from cash flow
from operation of the Debtor’s business and current cash on
hand.
Once either the Judicial Settlement Conference concludes or the
hearings on the claim objections of MyBasePay, HWL and Jackson
Health occur, the Debtor will be able to determine its disposable
income to fund the Plan and Projections will be filed. In the event
the Debtor's disposable income is insufficient to meet the plan
payments, the Debtor shall fund the plan through its non exempt or
exempt assets.
After the Effective Date, the Reorganized Debtor shall operate the
business and may use, acquire, and dispose of his property, free of
any restrictions of the Code and Rules, except as may be limited by
the Settlement Agreement.
A full-text copy of the Plan of Reorganization dated March 26, 2025
is available at https://urlcurt.com/u?l=x7GQ39 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Craig I. Kelley, Esq.
Kelley Kaplan & Eller, PLLC
1665 Palm Beach Lakes Blvd., Suite 1000
West Palm Beach, FL 33401
Telephone: (561) 491-1200
Facsimile: (561) 684-3773
Email: bankruptcy@kelleylawoffice.com
About Wanderly LLC
Wanderly, LLC is a technology marketplace platform created for
traveling healthcare professionals and healthcare staffing
companies.
Wanderly filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
24-23477) on Dec. 26, 2024, listing between $100,000 and $500,000
in assets and between $1 million and $10 million in liabilities.
Linda Leali, Esq., serves as Subchapter V trustee.
Judge Erik P. Kimball handles the case.
The Debtor is represented by Craig I. Kelley, Esq., at Kelley
Kaplan & Eller, PLLC.
WATERIQ TECHNOLOGIES: Seek Chapter 11 Bankruptcy in Wyoming
-----------------------------------------------------------
On April 24, 2025, WaterIQ Technologies LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Wyoming. 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 WaterIQ Technologies LLC
WaterIQ Technologies LLC specializes in innovative, sustainable
water treatment solutions, focusing on utilizing advanced
ultrasonic technology to control algae and biofilm growth across
various applications, such as drinking water, wastewater treatment,
agriculture, lakes and ponds, golf courses, and wineries. Founded
with a commitment to chemical-free solutions, the Company offers
products designed to reduce maintenance and operational costs,
while improving water quality through eco-friendly methods.
WaterIQ Technologies LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20159) on April 24,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Cathleen D. Parker handles the case.
The Debtor is represented by Brian M. Rothschild, Esq. at PARSONS
BEHLE & LATIMER.
WAVE ASIAN: Gets Extension to Access Cash Collateral
----------------------------------------------------
Wave Asian Bistro, LLC received another extension from the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division to use cash collateral.
At the hearing held on April 23, the court allowed the company to
use cash collateral on an interim basis until June 18 to pay its
expenses.
Wave Asian Bistro projects total operational expenses of $329,304
from April to June.
The bankruptcy court's previous interim order authorized the
company to access cash collateral until April 23 only. The interim
order issued on April 17 granted ODK Capital and other secured
creditors a replacement lien on post-petition cash collateral.
The next hearing is set for June 18.
About Wave Asian Bistro
Wave Asian Bistro, LLC filed Chapter 11 petition (Bankr. M.D. Fla.
Case No. 25-02112) on April 11, 2025, listing up to $50,000 in
assets and between $500,001 and $1 million in liabilities.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by:
Jeffrey Ainsworth, Esq.
Bransonlaw, PLLC
Tel: 407-894-6834
Email: jeff@bransonlaw.com
WEST PROPERTIES: Seeks Subchapter V Bankruptcy in Mississippi
-------------------------------------------------------------
On April 24, 2025, West Properties LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Mississippi. 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 West Properties LLC
West Properties LLC is a real estate company based in Holly
Springs, Mississippi.
West Properties LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11305)
on April 24, 2025. In its petition, the Debtor reports estimated
assets between $500,000 and $1 million and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Jason D. Woodard handles the case.
The Debtor is represented by J. Walter Newman, IV, Esq. at NEWMAN &
NEWMAN.
WHITE FOREST: Deadline to File Claims Set for May 16
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set May 16,
2025, at 5:00 p.m. (prevailing Eastern Time) as the last date and
time for persons or entities to file proofs of claim against White
Forest Resources Inc. and its debtor-affiliates.
The Court also set Aug. 6, 2025, at 5:00 p.m. (prevailing Eastern
Time) as deadline for all governmental units to file their claims
against the Debtors.
All Claimants must submit (by overnight mail, courier service, hand
delivery, regular mail, in person or electronically through the
online Proof of Claim Form available at
https://cases.stretto.com/WhiteForestResources an original, written
proof of claim that substantially conforms to the Proof of Claim
Form so as to be actually received by Stretto, the Debtors' claims
and noticing agent, by no later than 5:00 p.m. (prevailing Eastern
Time) on or before the applicable Bar Date at the following
address:
White Forest Resources, Inc., et al.
Claims Processing
c/o Stretto
410 Exchange, Suite 100
Irvine, California 92602
Proofs of Claim sent to Stretto by facsimile, telecopy, or
electronic mail will notbe accepted and will not be considered
properly or timely filed for any purpose in these Chapter 11
Cases.
About White Forest Resources
White Forest Resources Inc. and affiliates are privately-held
producers of premium metallurgical and thermal coal in the Central
Appalachian coal basin. The Debtors operate two mining operations
in West Virginia. The main buyers of the Debtors' premium
metallurgical coal, which is used in a process to produce coke for
steel manufacturing, include steel manufacturers, commodity
brokers, and industrial clients. Electric utilities and industrial
companies are the principal customers for the Debtors'
thermalcoal.
White Forest Resources Inc. and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-10195) on February 7, 2025. In its petition, the Debtor
reports estimated assets up to $50,000 and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Thomas M. Horan handles the case.
The Debtor is represented by Alan M. Root, Esq., William E.
Chipman, Jr., Esq., and Alison R. Maser, Esq., at Chipman Brown
Cicero & Cole LLP in Wilmington, Delaware. The Debtors' CRO
Provider is RK Consultants LLC. The Debtors' special counsel is
Jones & Associates. The Debtors' noticing and claims agent is
Stretto.
WW INTERNATIONAL: Galloway Capital Reports Increased Stake in Co.
-----------------------------------------------------------------
Guillermo Molero of Bloomberg Law reports that Galloway Capital
revealed a 2.87% stake in WW International, emphasizing that the
company is financially stable and should not consider filing for
Chapter 11 to alleviate its debt.
Bruce Galloway, Chief Investment Officer at Galloway, argued in a
letter to WW that such a move would be illogical, given that the
company's debt isn't due for repayment until 2028 and 2029. He also
warned that filing for bankruptcy would negatively impact
stakeholders and represent a serious violation of the board's
fiduciary responsibility.
About WW International
Headquartered in New York, WW International Inc. is a technology
company at the forefront of weight health, grounded in nutritional
and behavior change science. The Company is powered by its weight
loss and weight management programs, its award-winning app and its
commitment to tailoring solutions for its members to improve their
weight health, including providing medical weight management
treatment via access to clinician-prescribed weight management
medications and related support through the WeightWatchers Clinic
affiliated practices.
WW International reported a net loss of $112.25 million in 2023
following a net loss of $256.87 million in 2022. As of March 30,
2024, WW International had $654.25 million in total assets, $1.76
billion in total liabilities, and a total deficit of $1.11
million.
* * *
As reported by the TCR on Nov. 20, 2024, S&P Global Ratings lowered
the issuer credit rating on WW International Inc. to 'CCC' from
'CCC+'. The outlook is negative.
At the same time, S&P lowered the ratings on the company's senior
secured debt to 'CCC' from 'B-'. S&P also revised downward its
recovery rating on the debt to '4' from '2', indicating its
expectation for average recovery (30%-50%; rounded estimate 30%) in
the event of a payment default. This reflects the secular decline
in the traditional weight loss category as evidenced by continued
subscriber losses due to increased competition, as well as an
aging
demographic with weaker demand from younger consumers and an
overall weaker brand name.
The negative outlook reflects the potential for a debt
restructuring, including potentially a bankruptcy filing, over the
subsequent 12 months.
YELLOW CORP: Int'l Brotherhood Suit Should Not Proceed to Mediation
-------------------------------------------------------------------
Magistrate Judge Christopher J. Burke of the United States District
Court for the District of Delaware determined that mediation is not
appropriate in the appealed case captioned as INTERNATIONAL
BROTHERHOOD OF TEAMSTERS, et al., Appellants, v. YELLOW
CORPORATION, Appellee, Case No. 25-cv-00307-JLH (D. Del.) pursuant
to Section 1 of the Procedures to Govern Mediation of Appeals from
the United States Bankruptcy Court for the District of Delaware,
dated July 19, 2023.
The parties jointly agree that their disputes here cannot be
resolved through mediation and the Court agrees.
The Court recommends that the assigned District Judge issue an
order withdrawing the matter from mediation.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=uPH7Qs
In a separate order, Magistrate Judge Burke determined that
mediation is not appropriate in the appealed case captioned as
YELLOW CORPORATION, Appellant, v. INTERNATIONAL BROTHERHOOD OF
TEAMSTER, et al., Appellees, Case No. 25-cv-00377-JLH (D. Del.)
pursuant to Section 1 of the Procedures to Govern Mediation of
Appeals from the United States Bankruptcy Court for the District of
Delaware, dated July 19, 2023.
The parties jointly agree that their disputes here cannot be
resolved through mediation and the Court agrees.
The Court recommends that the assigned District Judge issue an
order withdrawing the matter from mediation.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=P4S8ym from PacerMonitor.com.
About Yellow Corporation
Yellow Corporation -- www.myyellow.com -- operates logistics and
less-than-truckload (LTL) networks in North America, providing
customers with regional, national, and international shipping
services throughout. Yellow's principal office is in Nashville,
Tenn., and is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp. had
$2,152,200,000 in total assets against $2,588,800,000 in total
liabilities. The petitions were signed by Matthew A. Doheny as
chief restructuring officer.
The Debtors tapped Kirkland & Ellis LLP as restructuring counsel;
Pachulski Stang Ziehl & Jones LLP as Delaware local counsel;
Kasowitz, Benson and Torres LLP as special litigation counsel;
Goodmans LLP as special Canadian counsel; Ducera Partners LLC as
investment banker; and Alvarez and Marsal as financial advisor.
Epiq Bankruptcy Solutions serves as claims and noticing agent.
Milbank LLP serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
White & Case LLP serves as counsel to Beal Bank USA.
Arnold & Porter Kaye Scholer LLP serves as counsel to the United
States Department of the Treasury.
On August 16, 2023, the United States Trustee for Region 3
appointed an official committee of unsecured creditors in these
Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer &
Feld LLP and Benesch, Friedlander, Coplan & Aronoff LLP as counsel;
Miller Buckfire as investment banker; and Huron Consulting Services
LLC as financial advisor.
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 interim order authorized the company to use cash collateral to
pay the expenses set forth in its budget, which has been extended
through the date of the final hearing.
The final hearing is set for June 4.
As protection, secured creditors were granted replacement liens on
all property, which the company acquired or generated after its
bankruptcy filing to the same extent and with the same priority as
their pre-bankruptcy liens.
Zahrco was ordered to escrow $1,200 per month for the subchapter V
trustee's fees.
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.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
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