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T R O U B L E D C O M P A N Y R E P O R T E R
Monday, May 12, 2025, Vol. 29, No. 131
Headlines
10186 OLIVIA: Seeks to Hire Yoon O. Ham as Bankruptcy Counsel
120 SOUTH MAIN: Voluntary Chapter 11 Case Summary
120-MP VICTORIA: Seeks Chapter 11 Bankruptcy in Texas
13007 YUKON: Claims Will be Paid from Property Sale/Refinance
2022 W 36TH: Voluntary Chapter 11 Case Summary
215 PAPER MILL: Seeks Chapter 11 Bankruptcy in Georgia
22ND CENTURY: Settles Derivative Cases Over Stock Promotion Claims
301 W NORTH: Hires Property Valuation Advisors as Appraiser
372 PARKSIDE: Hires Narissa A. Joseph as Bankruptcy Counsel
568 REALTY: Hires Bronson Law Offices P.C. as Bankruptcy Counsel
8787 RICCHI: Hires Frank J. Wright PLLC as Bankruptcy Counsel
9300 WILSHIRE: Hires Spencer Fane LLP as Special Counsel
ACCELERATE DIAGNOSTICS: Case Summary & 30 Top Unsecured Creditors
ACCRX INC: Gets Interim OK to Use Cash Collateral
ACTIVE WORLD: Case Summary & Five Unsecured Creditors
ADAMS HOMES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
ADELAIDA CELLARS: Seeks to Extend Plan Exclusivity to July 14
ADVANCED CARE: Unsecureds Will Get 10% of Claims over 60 Months
ADVANET AIR: Case Summary & 20 Largest Unsecured Creditors
ADVENT TECHNOLOGIES: Receives Nasdaq Notice for Late 10-K Filing
AEROBIOTIX LLC: Horizon Technology Marks $2.5MM Loan at 27% Off
AFTERSHOCK COMICS: Updates Restructuring Plan Disclosures
AMATA LLC: Court Extends Cash Collateral Access to June 30
AMERICAN COMPONENTS: Voluntary Chapter 11 Case Summary
AMERICAN FORKLIFT: Case Summary & Two Unsecured Creditors
AMERICAN TRADERS: Seeks to Hire Richard Jare as Attorney
ANNALEE DOLLS: Gets Interim OK to Use Cash Collateral Until May 31
ARTISAN FOODIE: Gets Interim OK to Use Cash Collateral Until June 5
ARTISTIC HOLIDAY: Court Extends Cash Collateral Access to July 16
ASBESTOS CORP: Seeks Credit Protection Under CCAA for Restructuring
BEARSVILLE LLC: Seeks Chapter 11 Bankruptcy in New Hampshire
BESTWALL LLC: 4th Circuit Says Chapter 11 Case Could Reshape US Law
BETTER CHOICE: Signs Addendum to SRx Acquisition Agreement
BETTER PLACE: Horizon Technology Marks $2MM Loan at 91% Off
BETTER PLACE: Horizon Technology Marks $4.1MM Loan at 91% Off
BETTER PLACE: Horizon Technology Marks $520,000 Loan at 91% Off
BETTER PLACE: Horizon Technology Marks $528,000 Loan at 91% Off
BETTER PLACE: Horizon Technology Marks $537,000 Loan at 91% Off
BETTER PLACE: Horizon Technology Marks $548,000 Loan at 91% Off
BETTER PLACE: Horizon Technology Marks $554,000 Loan at 91% Off
BETTER PLACE: Horizon Technology Marks $848,000 Loan at 91% Off
BEXIN REALTY: Seeks to Hire Bexin Realty as Real Estate Advisor
BRIGHTLINE TRAINS: Fitch Lowers Rating on $2BB Secured Bonds to BB+
BROOKDALE SENIOR: BlackRock Holds 7.3% Equity Stake
BROWN GENERAL: To Sell Equipment via Online Auction
BYJU'S ALPHA: Mediation Not Appropriate in Camshaft Capital Suit
CAMBREX CORP: S&P Withdraws 'B-' ICR Following Debt Repayment
CARGO LIFTS: Gets Final OK to Use Cash Collateral
CAROLINA'S CONTRACTING: Gets Interim OK to Use Cash Collateral
CAROLINA'S CONTRACTING: Taps Ivey McClellan as Bankruptcy Counsel
CG JERSEY: Seeks to Tap Delaney Restaurant Realty as Realtor
CHAMPION WELDING: Unsecureds Will Get 10.7% of Claims over 5 Years
CHARLIE'S HOLDINGS: Sells PACHA Assets to RJ Reynolds for $5-Mil.
CHLOE'S NYC: Section 341(a) Meeting of Creditors on June 9
CLAROS MORTGAGE: BlackRock Holds 5.9% Equity Stake
CLJ HOME: Seeks Subchapter V Bankruptcy in Texas
CLOUTER CREEK: Unsecured Creditors to be Paid in Full in Plan
COAL NEW HAVEN: Taps Ephraim Diamond of Arbel Capital as CRO
COEUR MINING: S&P Upgrades ICR to 'B+' on Strong Credit Metrics
COKING COAL: Seeks to Extend Plan Exclusivity to June 16
CONDADO ROYAL: Reaches Agreement with Ashford; Files Amended Plan
COOPER-STANDARD: BlackRock Holds 7% Equity Stake
COVE CASTLES: Hires 7th Heaven Properties as Real Estate Broker
COVERED BRIDGE: Court Extends Cash Collateral Access to May 16
CYPRESSWOOD SPRING: Gets Interim OK to Use Cash Collateral
CYTOSORBENTS CORP: Names Melanie Grossman VP, Corporate Controller
CYTOSORBENTS CORP: Skylands Capital Holds 4.8% Equity Stake
D AND B PHARMACY: Case Summary & 20 Largest Unsecured Creditors
DANNIKLOR ENTERPRISES: Case Summary & Six Unsecured Creditors
DAVE & BUSTER'S: Moody's Cuts CFR to 'B2' & Alters Outlook to Neg.
DEDICATION & EVERLASTING: Case Summary & Six Unsecured Creditors
DELSHAH 60: Case Summary & Nine Unsecured Creditors
DELSHAH 60: To Sell New York Apartment to Ninthview LP
DELSHAH 60: To Sell NY Building to Record Store Life for $9.2MM
EDUCATIONAL DEVT: Extends BOKF Credit Deal Maturity to July 11
EL DORADO SENIOR: Quality of Care Maintained, 5th PCO Report Says
EXTON OPERATING: Court Extends Cash Collateral Access to June 1
FAIR ISAAC: S&P Rates New Senior Unsecured Notes 'BB+'
FAITH ELECTRIC: Gets Final OK to Use Cash Collateral
FASHIONABLE INC: Court Extends Cash Collateral Access to June 27
FINS UP: Voluntary Chapter 11 Case Summary
FLEET RENTS: Hires Gellert Seitz Busenkell & Brown as Counsel
FOREST MEADOWS: Section 341(a) Meeting of Creditors on June 5
FRANCISCAN FRIARS: Seeks to Extend Plan Exclusivity to June 30
FU BANG GROUP: Case Summary & 18 Unsecured Creditors
G-FORCE POWERSPORTS: Unsecureds to Get 20 Cents on Dollar in Plan
GLOBAL CLEAN: Hires Hilco Valuation Services as Appraiser
GLOBAL CLEAN: Hires Kirkland & Ellis International as Attorney
GLOBAL CLEAN: Seeks to Hire Ordinary Course Professionals
GLOBAL CLEAN: Seeks to Tap Alvarez & Marsal as Financial Advisor
GLOBAL CLEAN: Seeks to Tap Lazard Freres as Investment Banker
GLOBAL CLEAN: Taps Norton Rose Fulbright US LLP as Co-Counsel
GLOSSLAB LLC: Hires Weinberg Zareh Malkin Price as Counsel
GLOSSLAB LLC: Taps Vernon Consulting Inc as Financial Advisor
GOAK PROPERTIES: Seeks Chapter 11 Bankruptcy in Georgia
GOT KIDZ?: Case Summary & Three Unsecured Creditors
GRAPHIC PACKAGING: Moody's Rates New $100MM Revenue Bonds 'Ba2'
HALO ESTATES: Unsecured Creditors to Split $15K over 60 Months
HARLING INC: Seeks to Hire Joel A. Schechter as Bankruptcy Counsel
HAVENLY INC: Horizon Technology Marks $1.7MM Loan at 19% Off
HAVENLY INC: Horizon Technology Marks $2.6MM Loan at 15% Off
HAVOC BREWING: Gets Interim OK to Use Cash Collateral
HEALTHY SPOT: Plan Exclusivity Period Extended to August 7
HIAWATHA MANOR: Case Summary & 14 Unsecured Creditors
HOSPITAL FOR SPECIAL: No Patient Care Concern, 2nd PCO Report Says
HOUND LABS: Horizon Technology Marks $1.6MM Loan at 39% Off
HOUND LABS: Horizon Technology Marks $1.9MM Loan at 90% Off
HOUND LABS: Horizon Technology Marks $250,000 Loan at 38% Off
HOUND LABS: Horizon Technology Marks $3.2MM Loan at 39% Off
HOUND LABS: Horizon Technology Marks $300,000 Loan at 38% Off
HOUND LABS: Horizon Technology Marks $964,000 Loan at 90% Off
HUBBARD RADIO: Allspring Marks $467,000 Loan at 68% Off
HYPERSCALE DATA: Declares Dividends for Series D and E, Pays May 12
INTRUM AB: Plan Exclusivity Period Extended to June 15
ION PLATFORM: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
J.D. SAC CONSULTING: Taps Rountree Leitman Klein as Attorney
KENSINGTON VILLAGE: Hires Apartment Realty Advisors as Broker
KPOWER GLOBAL: Voluntary Chapter 11 Case Summary
KTRV LLC: Seeks to Hire Stretto Inc. as Administrative Advisor
LAKESHORE TERRACE: Case Summary & 20 Largest Unsecured Creditors
LAKESHORE TERRACE: Seeks Chapter 11 Bankruptcy in Nevada
LPB MHC: Court Extends Cash Collateral Access to May 20
MAJAB DEVELOPMENT: Case Summary & Six Unsecured Creditors
MANE SOURCE: Gets Extension to Access Cash Collateral
MARTINES PALMEIRO: Taps Taft Stettinius as Special Counsel
MID-KANSAS REAL: Seeks to Hire LPT Realty as Real Estate Broker
MILLERKNOLL INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR
MJM LANDSCAPE: Court Extends Cash Collateral Access to July 31
MODIVCARE INC: Allspring Marks $1.7 Million Loan at 20% Off
MONEYGRAM INT'L: Fitch Alters Outlook on 'B' IDR to Negative
MOORE HOLDINGS: Claims to be Paid From Property Sale Proceeds
MP OCTOPUS: Plan Filing Deadline Extended to May 13
MRSC CO: To Sell Loveland Property to 2212 East 11th for $5.1MM
MWP PROPERTY: Hires Robert C. Nisenson as Bankruptcy Counsel
NAPLES ALF: Affiliate to Sell Hillsborough Property to NRP
NATIONAL DEVELOPMENT: Taps Margulies Faith as Bankruptcy Counsel
NAYA STONE: Seeks to Hire Genova Burns as Substitute Counsel
NAYA STONE: Unsecureds to Get $180K per Year for 5 Years
NEDDY LLC: Court Extends Cash Collateral Access to July 30
NEVADA COPPER: Completes Bankruptcy Process
NEW AGE: Plan Exclusivity Period Extended to June 16
NEW DIRECTION: Hearing Today on Bid to Use Cash Collateral
NEWELL BRANDS: S&P Rates New $1BB Senior Unsecured Notes 'B+'
NEXTCAR HOLDING: Horizon Technology Marks $2.4MM Loan at 75% Off
NEXTCAR HOLDING: Horizon Technology Marks $3.1MM Loan at 76% Off
NEXTCAR HOLDING: Horizon Technology Marks $3.1MM Loan at 80% Off
NEXTCAR HOLDING: Horizon Technology Marks $3.1MM Loan at 84% Off
NEXTCAR HOLDING: Horizon Technology Marks $3.7MM Loan at 83% Off
NEXTCAR HOLDING: Horizon Technology Marks $6.2MM Loan at 80% Off
NLC PRODUCTS: Gets Interim OK to Use Cash Collateral
NORTH GEORGIA: To Sell Flowery Branch Property to Hunt Ventures
NORTHLAND MANAGEMENT: Seeks 60-Day Extension of Plan Filing
OAKLAND VILLAGE: Case Summary & Six Unsecured Creditors
OMIMEX PETROLEUM: Seeks 60-Day Extension of Plan Filing Deadline
OSTERIA DEL TEATRO: Amends Administrative Claims Pay Details
OUTFRONT MEDIA: Director Joseph Wender to Retire at 2025 Meeting
P3 HEALTH: Completes 1-for-50 Reverse Stock Split
PARKLAND CORP: Sunoco Deal No Impact on Moody's 'Ba2' Rating
PATRIOT TRANSPORT: Unsecureds to Split $160K over 5 Years
PECF USS INTERMEDIATE: S&P Lowers ICR to 'CCC', Outlook Negative
PRIME ELECTRICAL: Unsecured Creditors to Split $10K in Plan
PROPERTY PROBLEM: Gets Final OK to Use Cash Collateral
PROVIDENTIAL LENDING: Seeks Chapter 11 Bankruptcy in Arizona
PROVIVI INC: Horizon Technology Marks $1.7MM Loan at 15% Off
PROVIVI INC: Horizon Technology Marks $3.4MM Loan at 15% Off
PUBLISHERS CLEARING: Taps SSG Advisors LLC as Investment Banker
REMEMBER ME: Court Extends Cash Collateral Access to May 22
RITE AID: Gets Court Clearance for Quick Chapter 11 Sale Plans
RIVER SPRINGS: S&P Affirms 'BB+' LT ICR, Off CreditWatch Negative
RMKD LIQUORS: Case Summary & 20 Largest Unsecured Creditors
RVFW E LLC: Seeks to Hire Blackwell LLP as Bankruptcy Attorney
SAFE & GREEN: Completes $8M Private Placement With Investors
SC HEALTHCARE: No Resident Care Concern, 6th PCO Report Says
SKY GARDENS: Taps Hilco Real Estate as Advisor and Consultant
SPECIALTY CARTRIDGE: Case Summary & 20 Top Unsecured Creditors
SSS MILWAUKEE: Gets Extension to Access Cash Collateral
STAR WELLINGTON: Final Cash Collateral Hearing Set for May 15
STEPHENS GARAGE: Seeks to Extend Plan Exclusivity to June 16
SUNATION ENERGY: Danske Bank A/S Holds 5.9% Equity Stake
SUNATION ENERGY: Fails to Meet Minimum Bid Price Requirement
SUNATION ENERGY: Implements 1-for-200 Reverse Stock Split
SUNATION ENERGY: Secures $1M Revolving Credit Line With MBB Energy
SUNNOVA ENERGY: Fitch Lowers IDR to 'RD' on Missed Interest Payment
SURVWEST LLC: Court OKs Interim Use of Cash Collateral
TD&H INC: Court Denies Bid to Use Cash Collateral
TEZCAT LLC: Gets Extension to Access Cash Collateral
TONA DEVELOPMENT: May 14 Deadline for Panel Questionnaires
TRS HOLDINGS: Seeks to Hire Thames | Markey as Bankruptcy Counsel
VELOCITY ESPORTS: Case Summary & 13 Unsecured Creditors
VELUXE LLC: Gets Interim OK to Use Cash Collateral
VETERANS HOLDINGS: Court Extends Cash Collateral Access to June 18
VILLAGE OAKS SENIOR: No Resident Complaints, 5th PCO Report Says
VILLAGE ROADSHOW: Taps SOLIC Capital as Investment Banker in Ch.11
VISION CARE: Unsecureds to Split $61K in Trustee's Plan
WATER ENERGY: Key Texas Oilfield Sites Offered in Bankruptcy Sale
WATERHOUSE CONSTRUCTION: Unsecureds to Split $4,929 in Plan
WAVE SUSHI: Court Extends Cash Collateral Access to June 18
WHITEWATER MATTERHORN: Fitch Assigns 'BB' IDR, Outlook Stable
WW INTERNATIONAL: Case Summary & 30 Largest Unsecured Creditors
WW INTERNATIONAL: Seeks Court Okay for Ch. 11 Equity Swap in June
[] Jones Walker Adds Construction, Bankruptcy Counsel in Miami, FL
*********
10186 OLIVIA: Seeks to Hire Yoon O. Ham as Bankruptcy Counsel
-------------------------------------------------------------
10186 Olivia Terrace LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire the Law Office
of Yoon O. Ham as bankruptcy counsel.
The firm will render these services:
a. provide legal advice with respect to the powers, rights,
and duties of the Debtor in the continued management and operation
of its business;
b. provide legal advice and consultation related to the legal
and administrative requirements of operating this Chapter 11
bankruptcy case;
c. take all necessary action to protect and preserve the
Debtor's estate;
d. prepare necessary legal papers;
e. represent the Debtor's interests at the Meeting of
Meeting;
f. assist and advise the Debtor in the formulation,
negotiation, and implementation of a Chapter 11 plan and all
documents.
g. assist and advise the Debtor with respect to negotiation,
documentation, implementation, consummation, and closing of
corporate transactions, including sales of assets, in this Chapter
11 case;
h. assist and advise the Debtor with respect to the use of
cash collateral and obtaining exit financing and negotiation,
drafting, and seeking approval of any documents related thereto;
i. review and analyze all claims against the estate and
represent the Debtor in connection with the possible prosecution of
objections to claims;
j. assist and advise the Debtor concerning any executory
contract and unexpired leases, including assumptions, assignments,
rejections, and renegotiations;
k. coordinate with other professionals employed in the case to
rehabilitate the Debtor's affairs; and
l. perform all other legal services.
Yoon O. Ham will be paid at these hourly rates:
Attorneys $500
Paralegals $200
Prior to the petition date, Yoon O. Ham received payment from the
Debtor of $1,738 as filing fee.
Yoon O. Ham will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Yoon O. Ham, partner of the Law Office of Yoon O. Ham, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Yoon O. Ham can be reached at:
Yoon O. Ham, Esq.
LAW OFFICE OF YOON O. HAM
1425 W Foothill Blvd., Ste 235
Upland, CA 91786
Tel: (909) 256-2920
E-mail: hamyesq@gmail.com
About 10186 Olivia Terrace LLC
10186 Olivia Terrace LLC is a single asset real estate debtor, as
defined in 11 U.S.C. Section 101(51B).
10186 Olivia Terrace LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11972) on March 1,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Neil W. Bason handles the case.
The Debtor is represented by Yoon O. Ham, Esq. at LAW OFFICE OF
YOON O. HAM.
120 SOUTH MAIN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: 120 South Main Parking, LLC
c/o William Wendlandt
1908 N Laurent St Ste 285
Victoria, TX 77901-5461
Business Description: 120 South Main Parking is a single-asset
real estate debtor, as defined in 11 U.S.C.
Section 101(51B).
Chapter 11 Petition Date: May 6, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-10671
Judge: Hon. Shad Robinson
Debtor's Counsel: Ronald Smeberg, Esq.
THE SMEBERG LAW FIRM
4 Imperial Oaks
San Antonio TX 78248-1609
Tel: (210) 695-6684
E-mail: ron@smeberg.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by William Wendlandt as manager.
The Debtor submitted a list of its 20 largest unsecured creditors,
but no names were included in the filing.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/U3YL3LA/120_South_Main_Parking_LLC__txwbke-25-10671__0001.0.pdf?mcid=tGE4TAMA
120-MP VICTORIA: Seeks Chapter 11 Bankruptcy in Texas
-----------------------------------------------------
On May 5, 2025, 120-MP VICTORIA Ltd. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Western District of Texas.
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 120-MP VICTORIA Ltd.
120-MP VICTORIA Ltd. is a single asset real estate partnership that
owns and manages commercial property at 120 S. Main St. in
Victoria, Texas.
120-MP VICTORIA Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10658) on May 5,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Shad Robinson handles the case.
The Debtor is represented by Ronald J. Smeberg, Esq. at Smeberg Law
Firm, PLLC.
13007 YUKON: Claims Will be Paid from Property Sale/Refinance
-------------------------------------------------------------
13007 Yukon Avenue, Hawthorne LLC and affiliates filed with the
U.S. Bankruptcy Court for the Central District of California a
Disclosure Statement describing Plan of Reorganization dated April
7, 2025.
The Debtors are single-purpose Delaware limited liability
companies. Each Debtor is a single-asset real estate company that
owns a single piece of real property (the "Properties").
One property is a piece of undeveloped land. Two properties are
improved and leased to tenants who are currently paying rent. The
fourth property has a building and improvements that is not
currently occupied; however, the Debtor has entered into a lease
with Tesla that will provide rental income beginning in or about
June 2025.
The Debtors are affiliates and have identical, common ownership.
Zachary A. Vella owns 100% of the equity interests of each of the
Debtors. Mr. Vella is also the sole manager of each of the Debtors.
Mr. Vella is the founder of Vella Group, LLC, a privately held real
estate property developer and investor based in Los Angeles and New
York City.
The Debtors' only revenue is monthly rent from their tenants.
Prepetition, the rental payments (including CAM amounts to cover
the Debtors' utility bills) were paid into a lockbox account
controlled by Greyhawk. Prior to the bankruptcy filing, Greyhawk
swept all rental income, including CAM charges that were intended
to pay the utility bills and property taxes, and applied it to the
outstanding loan balance, base interest, and default interest.
As a result, the Debtors often did not have funds available to pay
utility bills, which resulted in a prepetition balance owed to
certain utility companies. The intend to seek authority to use cash
collateral to pay the utility bills, property taxes, insurance and
certain other expenses needed to maintain the Properties and
tenants and generate rental income.
The Debtors have initiated the Greyhawk Litigation, alleging that
Greyhawk's secured claim is overstated because its loan to the
Debtors is usurious. The Debtors have entered into the lease with
Tesla, which will generate significant additional monthly revenue
beginning in or about June 2025.
The Debtors anticipate emerging from bankruptcy by either
refinancing their existing secured debt, which would allow them to
resume operations and continue their business activities, or by
selling one or more of the Properties.
Class 5A consists of all allowed general unsecured claims against
13007 Yukon. Each holder of an allowed Class 5A claim shall be paid
its pro rata share of any funds remaining from the sale of the
13007 Yukon property after payment of any unpaid: costs of sale;
allowed secured claims; allowed priority unsecured claims; and
allowed chapter 11 administrative expenses ("Remaining Proceeds")
within 10 business days of the Closing Date, up to the full amount
of such claim plus interest at the federal post judgment interest
rate in effect on the Closing Date.
Class 5B consists of all allowed general unsecured claims against
13100 Yukon. Each holder of an allowed Class 5B claim shall be paid
its pro rata share of the Remaining Proceeds from the sale of the
13100 Yukon property within 10 business days of the Closing Date,
up to the full amount of such claim plus interest at the federal
post-judgment interest rate in effect on the Closing Date.
Class 5C consists of all allowed general unsecured claims against
Chadron. Each holder of an allowed Class 5C claim shall be paid its
pro rata share of the Remaining Proceeds from the sale of the
Chadron property within 10 business days of the Closing Date, up to
the full amount of such claim plus interest at the federal
post-judgment interest rate in effect on the Closing Date.
Class 5D consists of all allowed general unsecured claims against
Cerise. Each holder of an allowed Class 5D claim shall be paid its
pro rata share of the Remaining Proceeds from the sale of the
Cerise property within 10 business days of the Closing Date, up to
the full amount of such claim plus interest at the federal post
judgment interest rate in effect on the Closing Date.
Class 6 interest holders will retain their rights and interests
without impairment. Members of Class 6 are not entitled to receive
any cash payments on account of their equity interests under the
Plan.
The Debtors have initiated an adversary proceeding against
Greyhawk, Adversary Case No. 2:25-ap-01066 (the "Greyhawk
Litigation"), alleging that Greyhawk's secured claim is overstated
because its loan to the Debtors is usurious. The means of
effectuating the Plan may depend on whether the Debtors prevail in
the Greyhawk Litigation. The Debtors will either sell or refinance
each of the Properties to fund the Plan.
The Debtors currently have a commitment from Avatar Financial Group
for a loan in excess of $40 million. If the Debtors prevail in the
Greyhawk Litigation, then the Debtors may use the proceeds of the
Avatar loan (or any other loan) to pay the secured property tax
claims of LACTC and pay the allowed amount of the Greyhawk secured
claim, in full. In the event of such a refinancing transaction, the
Debtors shall use the new loan proceeds to pay all allowed claims
within 14 days of receipt of the proceeds.
A full-text copy of the Disclosure Statement dated April 7, 2025 is
available at https://urlcurt.com/u?l=qxTSMC from PacerMonitor.com
at no charge.
Counsel to the Debtors:
Matthew Lesnick, Esq.
Lisa R. Patel, Esq.
Lesnick Prince & Pappas LLP
315 W. Ninth Street, Suite 705
Los Angeles, CA 90015
Telephone: (213) 493-6496
Facsimile: (213) 493-6596
Email: matt@lesnickprince.com
About 13007 Yukon Avenue, Hawthorne
13007 Yukon Avenue, Hawthorne LLC is a single asset real estate
debtor, as defined in 11 U.S.C. Section 101(51B)).
13007 Yukon Avenue, Hawthorne sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10880) on Feb.
3, 2025. In its petition, the Debtor estimated assets and
liabilities between $10 million and $50 million each.
Bankruptcy Judge Barry Russell handles the case.
Matthew Lesnick, Esq., at Lesnick Prince & Pappas LLP, serves as
the Debtor's counsel.
2022 W 36TH: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 2022 W 36th Ave, LLC
2022 W 36th Ave.
Denver, CO 80211
Business Description: 2022 W 36th is a single-asset real estate
debtor that owns and operates a single real
property asset, as defined under U.S.
bankruptcy law.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
District of Colorado
Case No.: 25-12773
Judge: Hon. Michael E Romero
Debtor's Counsel: Keri L. Riley, Esq.
KUTNER BRINEN DICKEY RILEY
1660 Lincoln St.
Denver, CO 80264
Tel: (303) 832-2400
E-mail: klr@kutnerlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Adam Koski as manager, P&K Properties,
LLC.
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/MFLBPRI/2022_West_36th_Avenue__cobke-25-12773__0001.0.pdf?mcid=tGE4TAMA
215 PAPER MILL: Seeks Chapter 11 Bankruptcy in Georgia
------------------------------------------------------
On May 5, 2025, 215 Paper Mill Rd PCPRE LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. 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 215 Paper Mill Rd PCPRE LLC
215 Paper Mill Rd PCPRE LLC d/b/a The Carolina, which operates an
apartment complex in Lawrenceville, Georgia.
215 Paper Mill Rd PCPRE LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54943) on
May 5, 2025. In its petition, the Debtor reports estimated assets
between $10 million and $50 million and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case.
The Debtor is represented by Ashley Reynolds Ray, Esq. at
Scroggins, Williamson & Ray, P.C.
22ND CENTURY: Settles Derivative Cases Over Stock Promotion Claims
------------------------------------------------------------------
22nd Century Group, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company,
announced a settlement agreement, subject to court approval, that
would resolve certain shareholder derivative actions and release
other potential derivative claims.
As the Company has previously disclosed, a shareholder of the
Company filed a derivative action in the United States District
Court for the Western District of New York alleging that the
individual defendants breached their fiduciary or other duties by:
(1) causing the Company to engage in a paid stock promotion
scheme; and
(2) issuing and/or causing the Company to issue false and
misleading statements and omissions to the public that failed to
disclose that:
(a) the Company engaged in the Stock Promotion Scheme,
(b) the Company's misconduct would subject it to heightened
regulatory scrutiny, and
(c) the Company failed to maintain internal controls
resulting in an alleged investigation by the United States
Securities and Exchange Commission.
This action is In re 22nd Century Group, Inc. Derivative
Litigation, Lead Case No. 1:19-cv-00479-JLS.
Also as previously disclosed, numerous other shareholder derivative
cases were subsequently filed and consolidated into the Lead Action
or into In re 22nd Century Group, Inc. Derivative Litigation, Lead
Case No. A-20-808599-B pending in the Eighth Judicial District
Court for the State of Nevada (collectively, together with the Lead
Action, the "Derivative Actions"). These actions are Mathew v.
Sicignano, et al., Supreme Court of the State of New York, County
of Erie, Case No. 801786/2019, Rowley v. Sicignano, et al., Supreme
Court of the State of New York, County of Erie, Case No.
807214/2019, Broccuto v. Cornell, et al., District Court of the
State of Nevada, County of Clark, Case No. A-20-808599, Wayne v.
Cornell, et al., District Court of the State of Nevada, County of
Clark, Case No. A-20-808599 and Troup v. Sullivan, et al., United
States District Court for the Western District of New York, Case
No. 1:23-cv-00916.
The parties to the Derivative Actions have reached an agreement
that would resolve the Derivative Actions and release other
potential derivative claims. If the United States District Court
for the Western District of New York approves the proposed
settlement:
(i) insurance carriers for the Company would pay the attorneys
for Plaintiffs $768,333; and
(ii) the Company would maintain certain corporate governance
practices for a period of at least five years.
The settlement does not include any admission of liability, and the
defendants expressly deny any wrongdoing. The terms and conditions
of the proposed settlement are contained in the Stipulation and
Agreement of Settlement.
On April 7, 2025, the Court entered an Order in the Lead Action
directing the Company to issue this Form 8-K to provide
shareholders with the Notice of Pendency and Proposed Settlement of
Stockholder Derivative Actions and the Settlement Agreement. The
Notice and Settlement Agreement are available for review on the
Investor Relations section of the Company's website at
https://ir.xxiicentury.com/.
About 22nd Century Group
Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco
products company specializing in the sales and distribution of its
proprietary reduced nicotine tobacco products, which have been
authorized as Modified Risk Tobacco Products by the FDA. The
company also provides contract manufacturing services for
conventional combustible tobacco products for third-party brands.
Buffalo, New York-based Freed Maxick P.C. (F/K/A Freed Maxick CPAs,
P.C.), the Company's auditor since 2011, issued a "going concern"
qualification in its report dated Mar. 20, 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 significant losses and
negative cash flows from operations since inception and expects to
incur additional losses until such time that it can generate
significant revenue and profit in its tobacco business. This raises
substantial doubt about the Company's ability to continue as a
going concern.
As of December 31, 2024, the Company had $21.7 million in total
assets, $17.7 million in total liabilities, and $4 million in total
stockholders' equity.
301 W NORTH: Hires Property Valuation Advisors as Appraiser
-----------------------------------------------------------
301 W North Avenue, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Property
Valuation Advisors, Inc. as appraiser.
The appraiser will provide an independent valuation of the Debtor's
property, a mixed-use apartment building containing 69 residential
apartments, 33 parking spaces and approximately 4,300 square feet
of commercial retail space on the ground level.
The appraiser's proposed fee of $3,000 for an appraisal of the
property and up to 10 hours of deposition preparation and
testimony, and proposed hourly rate of $450 for the time in excess
of such 10 hours.
Brian D. Flanagan of Property Valuation Advisors assured the court
that his firm is a "disinterested person" as the term is defined in
11 U.S.C. 101(14).
The appraiser can be reached through:
Brian D. Flanagan
Property Valuation Advisors, Inc.
Street 850 W JACKSON BOULEVARD, SUITE 340.
CHICAGO, IL 60607
Tel: (312) 455-1220
About 301 W North Avenue LLC
301 W North Avenue LLC is a real estate debtor with a single asset,
as outlined in 11 U.S.C. Section 101(51B), and its main property is
situated at 1552 N. North Park Avenue, Chicago, IL 60610.
301 W North Avenue LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05275) on April 5,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million to $50 million each.
Honorable Bankruptcy Judge Timothy A. Barnes handles the case.
The Debtor is represented by Robert Glantz, Esq., at Much Shelist,
PC.
372 PARKSIDE: Hires Narissa A. Joseph as Bankruptcy Counsel
-----------------------------------------------------------
372 Parkside Ave Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to hire Law Office of Narissa
A. Joseph as counsel.
The firm's services include:
a. consulting with the Debtor concerning the administration of
its Chapter 11 case;
b. investigating the Debtor's past transactions, commencing
actions with respect to its avoiding powers under the Bankruptcy
Code, and advising the Debtor with respect to transactions entered
into during the pendency of the case;
c. assisting the Debtor in the formulation of a Chapter 11
plan; and
d. providing other legal services as may be required by the
Debtor in the interest of the estate.
The firm will be paid at these rates:
Partner $350 to 400 per hour
Associate $275 to $300 per hour
Paralegal $75 to 100 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Narissa A. Joseph, a partner at Law Office of Narissa A. Joseph,
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:
Narissa A. Joseph, Esq.
Law Office of Narissa A. Joseph
305 Broadway Street Suite 1001
New York, NY 10007
Tel: (212) 233-3060
Email: njosephlaw@aol.com
About 372 Parkside Ave
372 Parkside Ave Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40942) on
February 26, 2025, with $1,000,001 to $10 million in assets and
liabilities.
Judge Nancy Hershey Lord presides over the case.
Narissa A. Joseph, Esq. at Law Office of Narissa A. Joseph
represents the Debtor as counsel.
568 REALTY: Hires Bronson Law Offices P.C. as Bankruptcy Counsel
----------------------------------------------------------------
568 Realty LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire Bronson Law Offices PC as
bankruptcy counsel.
The firm will provide these services:
a. assist in the administration of this Chapter 11
proceeding;
b. prepare or review operating reports;
c. set a bar date;
d. file a motion for financing;
e. review claims and resolve claims which should be
disallowed;
f. defend lift stay motions;
g. assist in drafting a plan of reorganization including all
exhibits and schedules thereto, and confirming a Chapter 11 plan;
and
h. all other services necessary to confirm a plan in
bankruptcy or defend the bankruptcy.
The firm will be paid at these rates:
H. Bruce Bronson $550 per hour
Of Counsel Attorneys $375 to $550 per hour
Paralegal or legal assistant $150 to $250 per hour
The firm received from the Debtor a retainer of $5,000 prior to the
petition date.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
H. Bruce Bronson, Esq., a partner at Bronson Law Offices P.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
H. Bruce Bronson, Esq.
Bronson Law Offices P.C.
94 Hudson Park Road
New Rochelle, NY 10801
Tel: (914) 269-2530
Fax: (888) 908-6906
Email: hbbronson@bronsonlaw.net
About 568 Realty LLC
568 Realty LLC is primarily engaged in renting and leasing real
estate properties.
568 Realty LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11890) on October 31,
2024. In the petition filed by Joel Fishman, as managing member,
the Debtor reports estimated assets between $1 million and $10
million and estimated liabilities between $100,000 and $500,000.
Bankruptcy Judge John P. Mastando III handles the case.
The Debtor is represented by Carlos J. Cuevas, Esq.
8787 RICCHI: Hires Frank J. Wright PLLC as Bankruptcy Counsel
-------------------------------------------------------------
8787 Ricchi, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire the Law Offices of Frank J.
Wright, PLLC as counsel.
The firm will provide these services:
a. advise the Debtors of their rights, obligations, and powers
in these Bankruptcy Cases;
b. attend meetings and negotiate with representatives of
creditors and other parties in interest;
c. assist the Debtors in the preparation of all administrative
documents required to be filed or prepared herein, and to prepare,
on behalf of the Debtors, all necessary applications, motions,
answers, responses, orders, reports and other legal documents
required;
d. assist the Debtors in obtaining Court approval for use of
debtor-in-possession financing and other negotiations with secured
creditors;
e. take such action as is necessary to preserve and protect
the Debtors' assets and interests therein, including pursuing and
prosecution actions on the Debtors' behalf and defending any action
brought against the Debtors, and representing the Debtors' interest
in negotiations concerning all litigation in which the Debtors are
involved, including objections to claims filed against their
Estates;
f. advise the Debtors in connection with any potential sale of
assets or other disposition of their Estates' assets;
g. assist the Debtors in the formulation of a disclosure
statement and in the formulation, confirmation, and consummation of
a plan of reorganization; and
h. perform any and all other legal services that may be
necessary to protect the rights and interests of the Debtors and
their Estates in the Bankruptcy Cases and any actions hereafter
commenced in the Bankruptcy Cases.
The firm will be paid at these rates:
Frank J. Wright $1,000 per hour
Jeffery M. Veteto $650 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Frank J. Wright, Esq., a partner at Law Offices Of Frank J. Wright
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:
Frank J. Wright, Esq.
Law Offices of Frank J. Wright PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: (214) 238-4153
Email: frank@fjwright.law
About 8787 Ricchi LLC
8787 Ricchi, LLC is a commercial real estate company that owns and
manages properties in Dallas, Texas.
8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 25-31144) on March 31, 2025. In its
petition, the Debtor reported between $1 million and $10 million in
both assets and liabilities.
Judge Stacey G. Jernigan handles the case.
The Debtor is represented by Frank Jennings Wright, Esq. at Law
Offices of Frank J. Wright, PLLC.
9300 WILSHIRE: Hires Spencer Fane LLP as Special Counsel
--------------------------------------------------------
9300 Wilshire LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Spencer Fane LLP as
special litigation counsel.
The Debtor needs the firm's legal assistance in connection with a
case captioned as 9300 Wilshire LLC, et al. v. A.E.S Redondo Beach,
LLC, adversary no. 2:23-ap-01163-VZ.
The firm will be paid at these rates:
Alan D. Schinder, Partner $595 per hour
Jose Castro, Senior Associate $575 per hour
Xian Wang, Associate $425 per hour
Mykaela Shluter, Associate $400 per hour
Morgan Bir, Paralegal $325 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alan D. Schindler, Esq., a partner at Spencer Fane LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Alan D. Schindler, Esq.
Spencer Fane LLP
201 Santa Monica Boulevard, Suite 550
Santa Monica, CA 90401
Tel: (424) 217-1830
Fax: (424) 217-1854
About 9300 Wilshire LLC
9300 Wilshire, LLC, is a Beverly Hills-based company engaged in
activities related to real estate.
9300 Wilshire filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10918) on
Feb. 21, 2023, with $100 million to $500 million in assets and $50
million to $100 million in liabilities. Leonid Pustilnikov, 9300
Wilshire's manager, signed the petition.
Judge Ernest M. Robles presides over the case.
The Debtor tapped Victor A. Sahn, Esq., at Greenspoon Marder, LLP
as bankruptcy counsel and Rutan & Tucker, LLP as special counsel.
ACCELERATE DIAGNOSTICS: Case Summary & 30 Top Unsecured Creditors
-----------------------------------------------------------------
Lead Debtor: Accelerate Diagnostics, Inc.
3950 S. Country Club Rd, Suite 470
Tucson AZ 85714
Business Description: Accelerate Diagnostics, Inc. is an in vitro
diagnostics company that develops systems
for the rapid identification of pathogens
and antibiotic susceptibility, with a focus
on serious infections such as sepsis. Its
products, including the Accelerate Pheno and
Arc systems, are used in hospitals and
clinical laboratories to improve treatment
precision and reduce healthcare costs. The
Company has submitted its WAVE system for
FDA clearance, with a commercial launch
expected in early 2026.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
District of Delaware
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Accelerate Diagnostics, Inc. (Lead Case) 25-10837
Accelerate Diagnostics Texas, LLC 25-10838
Judge: Hon. Karen B Owens
Debtors'
Bankruptcy
Co-Counsel: Andrew R. Remming, Esq.
Tamara K. Mann, Esq.
Casey B. Sawyer, Esq.
MORRIS, NICHOLS, ARSHT &
TUNNELL LLP
1201 N Market Street, 16th Floor
Wilmington, DE 19801
Tel: (302)-658-9200
Fax: (302)-658-3989
Email: aremming@morrisnichols.com
tmann@morrisnichols.com
csawyer@morrisnichols.com
- and -
Rachel C. Strickland, Esq.
Andrew S. Mordkoff, Esq.
Erin C. Ryan, Esq.
Cameron J. Cavalier, Esq.
FRIED, FRANK, HARRIS, SHRIVER &
JACOBSON LLP
One New York Plaza
New York, New York 10004
Tel: (212) 859-8000
Fax: (212) 859-4000
Email: rachel.strickland@friedfrank.com
andrew.mordkoff@friedfrank.com
erin.ryan@friedfrank.com
cameron.cavalier@friedfrank.com
Debtors'
Restructuring
Advisor: SOLIC CAPITAL ADVISORS, LLC
25 West New England Avenue
Suite 300
Winter Park, FL 32789
Debtors'
Investment
Banker: PERELLA WEINBERG PARTNERS LP
767 Fifth Avenue
New York, NY 10153
Debtors'
Notice,
Claims,
Solicitation &
Balloting
Agent: STRETTO, INC.
410 Exchange, Suite 100
Irvine, CA 9260
Total Assets as of Dec. 31, 2024: $28,556,000
Total Debts as of Dec. 31, 2024: $84,596,000
The petitions were signed by Jack Phillips as president and chief
executive officer.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/OMOOSGY/Accelerate_Diagnostics_Inc__debke-25-10837__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OVTS3MY/Accelerate_Diagnostics_Texas_LLC__debke-25-10838__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Sidley Austin LLP Professional $523,888
One South Dearborn St. Services
Chicago, IL 60603
Attn: Michael S. Mork
Phone: 312-456-5870
Email: mmork@sidley.com
2. Becton Dickinson & Co. Professional $403,173
One Becton Drive Services
Franklin Lakes, NJ 07417-1880
Attn: Bryan Smith
Phone: 800-638-8663
Email: bryan.smith2@bd.com
3. Innovative Certified Technical Trade Debt $313,905
Plating DBA INCERTEC
500 73rd Ave Suite 123
Fridley, MN 55432
Attn: Ryan Miller
Phone: 763-347-2444
Email: ryan.miller@incertec.com
4. Bruker Scientific, LLC Trade Debt $254,930
40 Manning Road
Billerica, MA 01821
Attn: Officer/Director or
Legal Dept.
Phone: +1 978-663-3660
5. State University of Iowa Professional $227,761
105 Jessup Hall Services
Iowa City, IA 52242
Attn: Bradley Ford
Phone: 319-356-2990
Email: bradley-ford-1@uiowa.edu
6. iXsystems, Inc. Trade Debt $159,000
541 Division Street
Campbell, CA 95008
Attn: David Valencia
Phone: 408-943-4100
Email: david@ixsystems.com
7. Eurofins Genomics LLC Trade Debt $110,814
12621 Plantside Drive
Louisville, KY 40299
Attn: Vikram Kannappan
Phone: 800-688-2248
Email: vikramkannappan@eurofinsus.com
8. Argonaut Manufacturing Services Trade Debt $85,578
2841 Loker Ave. E
Carlsbad, CA 92010
Attn: Billy Burris
Phone: 858-442-1347
Email: gjaharis@argonautms.com
9. Auer Precision Trade Debt $80,534
1050 W. Birchwood Ave
Mesa, AZ 85210
Attn: Sharon Higgins
Phone: 480-834-4637
Email: sharon.higgins@auerprecision.com
10. KBF CPAs LLP Professional $79,667
5285 Meadows Rd Suite 420 Services
Lake Oswego, OR 97035
Attn: Alex Nelson
Phone: 949-529-3900
Email: anelson@kbfcpa.com
11. MCRA, LLC Professional $69,167
505 Park Ave Services
14th Floor
New York, NY 10022
Attn: David Lown
Phone: 202-318-3486
Email: dlown@mcra.com
12. Everworks Ltd Professional $64,855
T/A Qualio Services
13-18 City Quay
Dublin, D02 ED70
Ireland
Attn: Officer/Director or
Legal Dept
Phone: 855-203-2010
Email: contact@qualio.com
13. American Type Culture Trade Debt $56,895
Collection
10801 University Boulevard
Manassas, VA 20110
Attn: John Sweeny
Phone: 703-365-2700
14. Precision for Medicine, Inc. Professional $42,925
8425 Precision Way Suite M Services
Frederick, MD 21701
Attn: Officer/Director or
Legal Dept.
Phone: 804-402-0592
15. LasX Industries Inc. Trade Debt $32,880
4444 Centerville Rd
Suite 170
St Paul, MN 55127
Attn: Officer/Director or
Legal Dept.
Phone: 651-407-0011
Email: service@lasx.com
16. Slidematic Industries Trade Debt $29,462
1303 Samuelson Rd
Rockford, IL 61109
Attn: Officer/Director or
Legal Dept.
Phone: 815-986-0500
Fax: 815-986-0499
17. Broadridge Financial Professional $27,453
Solutions, Inc. Services
PO Box 417106
Boston, MA 02241
Attn: Stephanie Manzanares
Phone: 213-660-9548
Email: Stephanie.Manzanares@broadridge.com
18. CBIZ Payroll Professional $25,000
2797 Frontage Road Suite 200 Services
Roanoake, VA 24017
Attn: Officer/ Director or
Legal Dept.
Phone: 540-815-6244
Email: claims@cbiz.com
19. Wood, Herron & Evans, LLP Professional $22,377
600 Vine St. Suite 2800 Services
Cincinnati, OH 45202
Attn: Officer/ Director or
Legal Dept.
Phone: 513-241-2324
Fax: 513-241-6234
20. Master Spring & Trade Debt $21,500
Wire Form Co.
78 Congress Circle West
Roselle, IL 60172
Attn: Officer/Director or
Legal Dept.
Phone: 708-879-8361
Email: info@masterspring.com
21. MLX Electronics Holding Trade Debt $20,200
DBA Molex LLC
2222 Wellington Court
Lisle, IL 60532
Attn: Officer/Director or
Legal Dept.
Phone: 708-879-8361
22. FedEx Freight Trade Debt $18,635
2200 Forward Drive
Harrison, AR 72801
Attn: Officer/Director or
Legal Dept
Phone: 866-393-4585
23. Sigma-Aldrich, Inc. Trade Debt $17,980
3050 Spruce Street
St. Louis, MO 63103
Attn: Officer/Director or
Legal Dept.
Phone: 800-359-0685
Fax: 314-771-5757
24. ZYCI LLC Trade Debt $16,490
3286 Catalina Drive
Chamblee, GA 30341
Attn: Officer/Director or
Legal Dept.
Phone: 404-314-7064
Email: quotes@zyci.com
25. EMD Millipore Corporation Trade Debt $15,730
400 Summit Drive
Burlington, MA 01803
Attn: Officer/Director or
Legal Dept.
Phone: 800-645-5476
Fax: 800-645-5439
26. Ernst & Young U.S. LLP Professional $15,000
200 Plaza Drive Services
Secaucus, NJ 07094
Attn: Officer/Director or
Legal Dept.
Phone: 202-227-2179
27. Diligent Corporation Trade Debt $13,978
1111 19th St NW
Washington, DC 20036
Attn: Officer/Director or
Legal Dept.
Phone: 973-556-6300
Email: support@diligent.com
28. Equity Methods, LLC Professional $12,396
8801 E. Raintree Drive Suite 100 Services
Scottsdale, AZ 85260
Attn: Nathan O'Connor
Phone: 480-428-1200
Fax: 480-767-1374
Email: nathan.oconnor@equitymethods.com
29. Progress Software Corporation Trade Debt $11,046
15 Wayside Road Suite 400
Burlington, MA 01803
Attn: David M. Partyka
Phone: 1-781-850-7970
30. ZOHO Corporation Trade Debt $7,267
4141 Hacienda Dr.
Pleasanton, CA 94588
Attn: Officer/Director or
Legal Dept.
Phone: 925-924-9500
Email: sales@zohocorp.com
ACCRX INC: Gets Interim OK to Use Cash Collateral
-------------------------------------------------
ACCRX, Inc. got the green light from the U.S. Bankruptcy Court for
the District of Massachusetts to use cash collateral.
The order penned by Judge Christopher Panos authorized the
company's interim use of cash collateral for operational needs
pending the final hearing.
The cash collateral includes cash and receivables in which secured
creditors hold valid liens.
As protection for the company's use of their cash collateral,
secured creditors were granted post-petition replacement liens,
with the same priority and validity as their pre-bankruptcy liens.
The next hearing is scheduled for May 15.
About ACCRX Inc.
ACCRX, Inc. operates ACC Apothecary, a compounding pharmacy based
in Newton, Mass., which specializes in customized medications for
patients and providers, including treatments in pain management,
hormone therapy, sports medicine, pediatrics, and veterinary care.
ACCRX sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-10851) on April 28,
2025. In its petition, the Debtor reported assets between $100,000
and $500,000 and liabilities between $1 million and $10 million.
Judge Christopher J. Panos handles the case.
The Debtor is represented by Marques Lipton, Esq., at Lipton Law
Group, LLC.
ACTIVE WORLD: Case Summary & Five Unsecured Creditors
-----------------------------------------------------
Debtor: Active World Holdings Inc.
Active World Club
124 Huntzinger Road
Wernersville, PA 19565
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 25-11826
Judge: Hon. Patricia M Mayer
Debtor's Counsel: Kevin Kercher, Esq.
LAW OFFICE OF KEVIN K. KERCHER ESQUIRE
881 3rd Ste. C-2
Whitehall PA 18052-5900
E-mail: kevin@kercherlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Alfonso Knoll as authorized
representative of the Debtor.
A copy of the Debtor's list of five unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/KHIWD4A/Active_World_Holdings_Inc__paebke-25-11826__0007.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/FPZQCFQ/Active_World_Holdings_Inc__paebke-25-11826__0001.0.pdf?mcid=tGE4TAMA
ADAMS HOMES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Adams Homes, Inc.'s ratings, including
its Long-Term Issuer Default Rating (IDR) at 'B+', its unsecured
revolver at 'BB+' with a Recovery Rating of 'RR1' and its unsecured
notes at 'BB-'/'RR3'. The Rating Outlook is Stable.
Adams' 'B+' IDR reflects its high leverage, limited geographic and
product diversity, sufficient financial flexibility and
concentrated ownership structure. The company's leading positions
in its local markets, balanced land strategy and cash flow profile
also are factored into the rating. The Stable Outlook reflects
Fitch's expectation for a relatively stable demand environment in
Adams' markets throughout 2025 and 2026.
Key Rating Drivers
Limited Geographic Diversification: Adams is meaningfully less
geographically diversified than most U.S. homebuilders in Fitch's
coverage. The company's concentration in the southeastern U.S.
leaves it exposed to an outsized impact during cyclical downturns,
or a meaningful pullback in housing demand in the region. As of
Dec. 31, 2024, Adams had 138 active communities across seven
states.
Elevated Leverage: Adams has limited rating headroom relative to
the net debt to capitalization negative rating sensitivity for the
'B+' IDR. Fitch-calculated net debt to capitalization, which
includes $200 million of shareholder loan and excludes $50 million
of cash classified by Fitch as not readily available for working
capital, was 59.1% at Dec. 31, 2024, greater than Fitch's negative
sensitivity of above 55% for the 'B+' IDR. Fitch expects this ratio
will be below 55% at the end of 2025. EBITDA leverage was 3.6x
during 2024 and Fitch projects this ratio will be between 3.0x and
3.5x in 2025 and 2026.
Management has a leverage target of total debt to capitalization
below 45% to which it has managed in recent years, but the company
excludes the shareholder loan from its calculation. Fitch expects
Adams will use balance sheet cash and revolver borrowings to
replenish inventory and continue to grow its footprint, which
should keep Fitch-calculated net debt to capitalization steady
around 50%-55% through YE 2026.
Lower Margins: Fitch expects EBITDA margins will fall 100-125 bps
to 13.8%-14.3% in 2025 and an additional 25 bps to 75 bps in 2026
to 13.3%-13.8% in 2026. Elevated incentives and price adjustments
and higher land and labor costs will more than offset operating
leverage from double-digit growth in home deliveries. By
comparison, EBITDA margins were 15.1% in 2024, 16.9% in 2023 and
18.4% in 2022.
Financial Flexibility: Adams has sufficient liquidity in cash,
revolver availability and FFO generation to replenish its existing
land portfolio and support modest growth. Fitch's rating case
forecast does not incorporate sizable shareholder distributions in
the intermediate term but assumes modest reduction of its
shareholder loan.
Entry-Level Focus: Adams sells homes targeting entry-level
segments. This strategy has resulted in strong operating
performance and order growth in recent years as home affordability
constraints have led to higher demand for affordable product
offerings. Fitch expects demographic trends to continue to support
long-term demand for entry-level homes. However, demand at lower
price points can be more cyclical and volatile, as first-time
buyers are more sensitive to higher mortgage rates and home prices
and deteriorating economic conditions.
Land Strategy: Adams has one of the shorter owned-land positions
among the builders in Fitch's coverage. This strategy reduces the
risk of downside volatility and impairment charges in a contracting
housing market, due in part to the company's strategy of only
purchasing developed lots which mitigates risk. As of Dec. 31,
2024, Adams controlled 11,460 lots, including homes in backlog,
representing a 6% yoy decrease in total lots controlled. About 66%
of lots under control were owned, and the remainder were controlled
through options. Based on LTM closings, Adams controlled 3.7 years
of land and owned 2.5 years.
Ownership Structure: Adams is privately held, with concentrated
ownership and weak governance controls relative to larger, public
homebuilders under Fitch's coverage. Capital allocation decisions
are made by one individual, which poses significant key-person
risk. The company's credit agreement and bond indentures contain
restrictive covenants that protect debtholders, but sizable cash
distributions could weaken the balance sheet and pressure the
ratings.
Cash Flow: Fitch expects Adams to generate neutral cash flow from
operations (CFO) in 2025 following negative CFO of $39 million in
2024 as the company ramped up land and development spending as well
as higher spec activity. Fitch expects Adams will generate flat to
slightly negative CFO in 2026 as the company continues to grow its
business. Adams' IDR reflects Fitch's expectation that management
will reduce inventory spending if market conditions deteriorate and
will monetize its housing inventory. This should allow the company
to generate strong cash flow, which can then be used to pay down
debt or build cash during housing downturns.
Housing Market Remains Challenged: Fitch expects the housing market
to remain flat in 2025, as low housing affordability and a weak
economic backdrop will keep housing demand constrained. Mortgage
rates staying higher for longer, combined with elevated home
prices, will keep affordability challenging. However, homebuilders'
ability to adjust product offerings and offer mortgage rate
buydowns will make new homes an attractive alternative for
potential homebuyers. Fitch expects Adams' revenues will grow
9.5%-10.5% in 2025, driven by higher community count.
Peer Analysis
Adams Homes is larger than Landsea Homes (B/Stable) in terms of
deliveries, but smaller than STL Holding Company, LLC (d/b/a DSLD
Homes; B+/Stable) and Dream Finders Homes (BB-/Positive) and
generates lower revenues than Landsea. Adams is more geographically
diversified than Landsea and DSLD Homes.
Adams has a similar EBITDA margin profile as Dream Finders but has
higher EBITDA leverage and net debt to capitalization than Dream
Finders and DSLD Homes. Adams' EBITDA leverage is lower than
Landsea but its net debt to capitalization is higher than Landsea.
All four issuers do a moderate amount of speculative building and
have meaningful exposure to entry-level homes, but both DSLD and
Dream Finders has greater exposure to other price points and buyer
segments.
Key Assumptions
- Revenue is projected to grow 9.5%-10.5 in 2025 and 5.5%-6.5% in
2026, supported by higher community count;
- EBITDA margin of 13.8%-14.3% in 2025 and 13.3%-13.8% in 2026;
- CFO neutral in 2025 and flat to slightly lower in 2026;
- Net debt to capitalization around 53% at the end of 2025 and at
or below 50% in 2026;
- EBITDA leverage of 3.0x-3.5x in 2025 and 2026;
- Average SOFR of 4.3% in 2025 and 3.4% in 2026.
Recovery Analysis
Key Recovery Rating Assumptions
- The recovery analysis assumes that Adams would be reorganized as
a going concern (GC) rather than liquidated in a recovery
scenario;
- Fitch has assumed a 10% administrative claim;
- Fitch has assumed an enterprise value (EV) multiple of 5.5x.
GC Approach
The GC EBITDA estimate of $100 million reflects Fitch's view of a
post-restructuring sustainable level of EBITDA on which the agency
bases the EV. The GC EBITDA is based on Fitch's assumption that
distress could result from weakening in the housing market combined
with loss of market share in key markets.
Fitch estimates annual revenues of $875 million (22% lower than
2024 revenues) and EBITDA margin of 11.5% (about 360 bps below
2024) would capture the lower revenue base of the company after a
housing downturn, plus a sustainable margin profile post
restructuring. The GC EBITDA is 41% lower than FY2024 EBITDA.
Fitch applies a 5.5x GC EBITDA multiple to calculate the
post-reorganization EV. The choice of the multiple considers the
following factors:
- Fitch used a 5.5x multiple to calculate the EV of DSLD Homes and
Landsea Homes. DSLD Homes is the 24th largest homebuilder by
deliveries with operations in Louisiana, northwest Florida,
Alabama, Mississippi and east Texas. Landsea is the 33rd largest
homebuilder by deliveries with operations in Arizona, California,
Florida, Colorado and Texas. Fitch used a 6.0x multiple to
calculate the EV for Empire Communities Corp. (B-/Stable). Empire
is one of the largest low-rise builders in the Greater Golden
Horseshoe and Greater Toronto areas and has a growing presence in
the U.S.;
- Trading multiples (EV/EBITDA) for public homebuilders have ranged
between 5.5x and 8.5x over the past 24 months;
- Fitch assumes the revolving credit facility will be 70% drawn at
the time of recovery, which accounts for potential shrinkage in the
available borrowing base during a period of weaker demand and
contracting inventory levels that causes a default;
- The allocation of the value in the liability waterfall results in
a recovery corresponding to an 'RR1' for the unsecured revolving
credit facility and an 'RR3' for the senior unsecured notes. A
material increase in the amount of revolver commitment and/or
capacity or a larger amount of unsecured notes balance, without a
corresponding increase in Fitch's enterprise value assumptions in a
recovery scenario, could lead to a lower expected recovery for the
unsecured notes.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Net debt to capitalization sustained above 55%;
- EBITDA interest coverage falls below 2.0x;
- EBITDA leverage sustained above 4.5x;
- Inventory to debt consistently below 1.2x;
- Deterioration in the company's liquidity profile, including
consistently negative CFO and limited availability under its
revolving credit facility.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The company increases its size, further enhances its geographic
diversification and market leadership positions, and/or broadens
its product offering beyond the entry-level segment;
- Net debt to capitalization is consistently below 45% and the
company maintains a healthy liquidity position;
- Fitch's expectation that EBITDA leverage will sustain below
4.0x.
Liquidity and Debt Structure
As of Dec. 31, 2024, Adams had ample liquidity with $146 million of
cash on the balance sheet and no borrowings outstanding under its
$325 million revolving credit facility, which matures in July 2026.
Fitch expects this level of liquidity to provide Adams with enough
liquidity to continue to grow its lot position and enhance its
footprint.
The company has a well-laddered debt maturity schedule. Adams
closest maturity is July 2026, when its $325 million senior
unsecured revolver comes due. The company's $400 million 9.25%
senior notes mature in October 2028. As of Dec. 31, 2024, Adams
also had industrial revenue bonds of $4.9 million and $3.5 million
due November 2028 and May 2032, respectively.
Issuer Profile
Adams Homes designs, markets, constructs and sells single-family
homes and attached townhomes to entry-level buyers. Adams is one of
the largest private homebuilders in the U.S., with operations
concentrated in the Southeast.
Criteria Variation
Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria
calls for capping unsecured debt instruments for issuers rated 'B+'
at 'BB-'/'RR3'. A variation from Fitch's "Corporates Recovery
Ratings and Instrument Ratings Criteria" was made as Adam's senior
unsecured revolving credit facility is rated 'RR1', which is above
the 'RR3' cap applicable for unsecured debt instruments where the
IDR is 'B+'.
A variation was made in rating Adams' senior unsecured revolver
'BB+'/'RR1' as the instrument's credit agreement contains a
springing lien provision, which Fitch expects would be triggered
well ahead of a distress scenario, resulting in the unsecured
revolver becoming a secured facility. The company's unsecured bond
indenture allows for the revolver to be secured without ratably
securing the unsecured bonds.
Summary of Financial Adjustments
Historical and projected EBITDA is adjusted to add back interest
expense included in cost of sales and excludes impairment charges,
land option abandonment costs, and a portion of the annual
shareholder distribution which was reported in SG&A expenses.
Fitch classifies the $200 million shareholder loan as debt.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
Adams Homes, Inc. has an ESG Relevance Score of '4' for Governance
Structure due to its weak governance controls, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Adams Homes, Inc. LT IDR B+ Affirmed B+
senior unsecured LT BB- Affirmed RR3 BB-
senior unsecured LT BB+ Affirmed RR1 BB+
ADELAIDA CELLARS: Seeks to Extend Plan Exclusivity to July 14
-------------------------------------------------------------
Adelaida Cellars, Inc., asked the U.S. Bankruptcy Court for the
Central District of California to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to July
14 and September 9, 2025, respectively.
The Debtor explains that its primary assets of value consist of (a)
cash, (b) accounts receivable, and (c) raw materials and winery
equipment. The Debtor's primary liabilities consist of the
following: (a) the current outstanding balance of the loans issued
by Kedrin E. Van Steenwyk in the approximate amount of $1.0
million, (b) the Judgment, and (c) debt owed to vendors, suppliers,
service providers, and personnel.
The Debtor claims that the CRO is evaluating the Debtor's
postpetition performance and projections to determine if creditors
will be better off through a reorganization or a sale of the
winery. To complete this analysis, the Debtor needs the advice of
an investment banker with experience in the wine industry. Although
the Debtor has started interviewing investment bankers, the process
has been delayed because the Debtor's CRO has had to attend to some
health issues during the past month.
In addition, the Debtor was forced to file this case on an
emergency basis because of the attempt to levy on its account and
the CRO was retained shortly before. Under these circumstances, the
Debtor believes that cause exists to extend the exclusivity periods
by 90 days. Instead of being prejudiced, the Debtor's creditors
will benefit from the extension because it will give the Debtor
additional time to make a full evaluation of the Debtor's business
and path forward.
Adelaida Cellars, Inc. is represented by:
Hamid R. Rafatjoo, Esq.
RAINES FELDMAN LITTRELL LLP
1900 Avenue of the Stars, 19th Floor
Los Angeles, CA 90067
Telephone: (310) 440-4100
Facsimile: (310) 691-1367
About Adelaida Cellars
Adelaida Cellars, Inc. is a family-owned and operated winery in
Paso Robles, Calif.
Adelaida Cellars sought Chapter 11 petition (Bankr. C.D. Calif.
Case No. 24-11409) on December 13, 2024, with $10 million to $50
million in both assets and liabilities. Nicholas D. Rubin, chief
restructuring officer of Adelaida Cellars, signed the petition.
Judge Ronald A Clifford, III oversees the case.
The Debtor is represented by Hamid R. Rafatjoo, Esq., at Raines
Feldman Littrell, LLP.
ADVANCED CARE: Unsecureds Will Get 10% of Claims over 60 Months
---------------------------------------------------------------
Advanced Care Hospitalists, PL, filed with the U.S. Bankruptcy
Court for the Middle District of Florida a Disclosure Statement in
connection with Chapter 11 Plan of Reorganization dated April 7,
2025.
The Debtor is a Florida limited liability company that provides
hospitalist or in-patient services to several bay area hospitals
and nursing homes. The Debtor employs doctors and nurse
practitioners that travel to contract hospitals and provide in
patient medical services to patients in hospitals and nursing
homes.
The Debtor leases its place of business located at 4315 Highland
Park Boulevard, Suite A, Lakeland, Florida. The Debtor is a Florida
professional limited liability company owned and managed by Gulab
Sher, Vipul Shah, Rabia Shaikh, Philip Rengit, and Ibrahim
Mohammad.
The Debtor has been in continuous operation since its establishment
on January 7, 2005, providing medical services to the community
with a commitment to patient care. However, on November 13, 2017,
the Debtor became entangled in complex litigation when it was named
as a co-defendant in a professional medical malpractice lawsuit.
The lawsuit, filed in the Circuit Court of Hillsborough County
under case number 17-CA-010281, was initiated by Lesley Waite and
Andrew Waite, who acted as co personal representatives of the
estate of Hannah L. Waite, deceased.
The immediate and severe financial impact of the accounts freeze
left the Debtor unable to meet its payroll obligations, causing
significant distress among its employees. The uncertainty
surrounding the payroll led to growing concern and unrest within
the organization, raising fears of workforce instability. The
Debtor, recognizing the pressing need to continue providing patient
care while also meeting its obligations to its employees and other
creditors, had no viable alternative but to seek the protection of
Chapter 11 bankruptcy. By filing for Chapter 11 relief, the Debtor
aimed to benefit from the automatic stay, thereby preventing
further collection actions and enabling it to stabilize its
operations.
The ongoing litigation and financial strain threaten the retention
of its most valuable assets, its physicians and practitioners,
whose departure would significantly impact the Debtor's ability to
provide continued medical services. The uncertainty surrounding the
Appeal, the financial constraints imposed by the Judgment, and the
potential loss of key medical personnel have placed the Debtor in a
dire situation, necessitating immediate and strategic restructuring
efforts to ensure its survival and continued ability to serve its
patients.
Class 7 Holder(s) consist of Allowed Unsecured Claims excluding
Class 4 and Class 5 Claims. Holders shall receive a total of 10% of
the Allowed Amount of the Unsecured Claim paid in sixty equal
monthly installment payments commencing thirty days from the
Effective Date. Class 7 is entitled to vote.
Class 8 consists of all preferred and common interests in the
Debtor. On the Effective Date, all Allowed Equity Interests in the
Debtor shall be cancelled. Class 8 is Impaired under the Plan and
the Holder of a Class 8 Claim is entitled to vote to accept or
reject the Plan.
The Debtor will fund payments to be made under the Plan through the
following: (A) Cash on hand on the Effective Date, (B) Cash
generated in the ordinary course of business on and after the
Effective Date, and (C) Proceeds from the Bad Faith Claim and
Professional Malpractice Claim through the Litigation Trust.
The Reorganized Debtor's operations will be funded by Cash
generated from operations.
The Plan provides that the Debtor will remain in existence
following the Confirmation Date. However, the Litigation Trust will
be established for among other reasons the purpose of effectuating
transactions contemplated by the Plan for Class 5 creditor; and,
pursuing any Causes of Action or Disputed Claims as identified
herein.
A full-text copy of the Disclosure Statement dated April 7, 2025 is
available at https://urlcurt.com/u?l=FcRkDK from PacerMonitor.com
at no charge.
Advanced Care Hospitalists, PL is represented by:
David S. Jennis, Esq.
Katelyn M. Vinson, Esq.
DAVID JENNIS, PA
D/B/A JENNIS MORSE
606 East Madison Street
Tampa, FL 33602
Tel: (813) 229-2800
E-mail: ecf@JennisLaw.com
About Advanced Care Hospitalists
Advanced Care Hospitalists, PL, is a medical group practice in
Lakeland, Fla.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02899) on May 21,
2024, with up to $50,000 in assets and up to $50 million in
liabilities. Gulab Sher, M.D., president and managing member,
signed the petition.
Judge Catherine Peek McEwen oversees the case.
David S. Jennis, Esq., at David Jennis, P.A., doing business as
Jennis Morse, is the Debtor's legal counsel.
ADVANET AIR: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Advent Air Conditioning, Inc.
1560 E. Southlake Blvd.
Southlake, TX 76092
Business Description: Advent Air Conditioning Inc. is a family-
owned HVAC services company based in
Lewisville, Texas, serving the greater
Dallas–Fort Worth area. Established in
1981, the Company specializes in AC repair,
heating repair, and HVAC system
replacements, offering energy-efficient and
indoor air quality solutions.
Chapter 11 Petition Date: May 9, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 25-41696
Judge: Hon. Mark X Mullin
Debtor's Counsel: Clayton L. Everett, Esq.
NORRED LAW, PLLC
515 E. Border
Arlington TX 76010
Tel: (817) 704-3984
E-mail: clayton@norredlaw.com
Total Assets: $142,986
Total Liabilities: $1,333,818
Jared Douglas, in his capacity as owner/CEO, affixed his signature
to the petition.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/6QJGZDI/Advent_Air_Conditioning_Inc__txnbke-25-41696__0001.0.pdf?mcid=tGE4TAMA
ADVENT TECHNOLOGIES: Receives Nasdaq Notice for Late 10-K Filing
----------------------------------------------------------------
Advent Technologies Holdings, Inc. announced that, as expected, it
received a notice from Nasdaq, notifying the Company that it is not
in compliance with the periodic filing requirements for continued
listing set forth in Nasdaq Listing Rule 5250(c)(1) because the
Company's Annual Report on Form 10-K for the year ended December
31, 2024 was not filed with the Securities and Exchange Commission
by the required due date of March 31, 2025.
This Notice received from Nasdaq has no immediate effect on the
listing or trading of the Company's shares. Nasdaq has provided the
Company with 60 calendar days, until June 16, 2025, to submit a
plan to regain compliance. If Nasdaq accepts the Company's plan,
then Nasdaq may grant the Company an exception until October 13,
2025, as instructed by the Letter, to regain compliance with the
Nasdaq Listing Rules.
The Company intends to submit to Nasdaq the compliance plan. The
Company continues to work diligently to complete its Fiscal Year
2024 10-K and continues to target filing its Fiscal Year 2024 10-K
with the SEC by April 30, 2025, with subsequent periodic filings
made on-time, after which the Company anticipates maintaining
compliance with its SEC reporting obligations.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About Advent Technologies
Headquartered in Livermore, Calif., Advent Technologies Holdings,
Inc. is an advanced materials and technology development company
operating in the fuel cell and hydrogen technology space. Advent
develops, manufactures and assembles the critical components that
determine the performance of hydrogen fuel cells and other energy
systems. To date, Advent's principal operations have been to
develop and manufacture Membrane Electrode Assembly (MEA), and fuel
cell stacks and complete fuel cell systems for a range of customers
in the stationary power, portable power, automotive, aviation,
energy storage and sensor markets.
Athens, Greece-based Ernst & Young (Hellas) Certified Auditors
Accountants S.A., the Company's auditor since 2020, issued a "going
concern" qualification in its report dated Aug. 13, 2024, citing
that the Company has suffered recurring operating losses, has a
negative working capital position and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
As of March 31, 2024, Advent Technologies Holdings had $32.15
million in total assets, $26.07 million in total liabilities, and
$6.08 million in total stockholders' equity.
AEROBIOTIX LLC: Horizon Technology Marks $2.5MM Loan at 27% Off
---------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $2,500,000
loan extended to Aerobiotix LLC to market at $1,816,000 or 73% of
the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Aerobiotix LLC. The loan accrues
interest at a rate of 9% per annum. The loan matures on April 1,
2028.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Aerobiotix LLC
Aerobiotix is a pioneer in air quality management solutions for
healthcare. Its medical-grade products use ultraviolet light, HEPA
or ULPA filters, and Intravioleta core technology to remove 99.9%
of bacteria, viruses and spores.
AFTERSHOCK COMICS: Updates Restructuring Plan Disclosures
---------------------------------------------------------
AfterShock Comics, LLC, and Rive Gauche Television, the Official
Committees of Unsecured Creditors, and prepetition secured lender
Access Road Capital submitted an Amended Joint Combined Disclosure
Statement and Chapter 11 Plan dated April 7, 2025.
The Plan contemplates that all allowed claims of creditors against
the Debtors shall be paid in full from the ongoing operations of
the Debtors.
The only way for creditors to be paid at all, much less in full, is
to pay allowed claims from the cash flow generated by the continued
operation of the Debtors' businesses over time as provided for
herein. The Plan Proponents have spent months negotiating the terms
and conditions of the Plan, and believe that confirmation of the
Plan presents the highest, indeed, the only, likelihood of a full
recovery by the Debtors' creditors.
In simple terms, the Plan, if confirmed, would allow for the
following recoveries by creditors:
* The Debtors' secured lender would be paid in full from the
payments of Available Cash, within approximately 30 months
following the Effective Date of the Plan;
* Unpaid wage claimants with administrative claims would be
paid 40% of their claims on the Effective Date of the Plan from the
Effective Date Shared Admin Claims Payments, with the remainder
paid in full from the payment of Available Cash, within
approximately 9 months thereafter;
* The allowed priority claims of professionals and others
entitled to such treatment would be paid approximately 7.1% on the
Effective Date of the Plan from the Effective Date Shared Admin
Claims Payments, with the remainder paid in full from the payments
of Available Cash, within approximately 39 months thereafter;
* General Unsecured Claims against the Debtors will be paid in
full, with interest, within approximately 42 months following the
Effective Date; and
* Insiders are not paid in full by the end of the Plan's cash
flow projections, and the projected payoff will occur after all
other creditors are paid in full.
The goal of the Plan is to reorganize the Debtors into a business
that is stable, healthy, and able to satisfy its obligations under
the Plan as well as ongoing obligations that become due in the
ordinary course of business after the Plan becomes effective. The
Debtors will continue to operate their businesses after the
Effective Date of the Plan, and will continue to pursue refinancing
or equity transactions, which may allow all creditors to get paid
on account of their claims sooner.
Class 4 consists of Allowed General Unsecured Claims against both
Debtors. Holders of Allowed General Unsecured Claims shall receive
their pro rata share of the funds available to pay such Allowed
General Unsecured Claims in the amounts and in the manner set forth
in Sections 3.1 and/or Section 3.2 herein and the Cash Flow
Projections. Payments pursuant to the Plan shall continue as shown
in the Cash Flow Projections until such time as all Allowed General
Unsecured Claims have been paid in full.
The Debtors estimate that such full payment shall occur by not
later than the fourth anniversary of the Effective Date. General
Unsecured Claims shall receive interest on account of the unpaid
portion of their respective claims at the rate of 5% per annum to
be paid as set forth on the Cash Flow Projections. In addition to
the payments, holders of Allowed General Unsecured Claims will also
receive their pro rata share of any Avoidance Action Proceeds (net
of any applicable legal fees and expenses).
In no event shall holders of Allowed General Unsecured Claims be
entitled to distributions which, in the aggregate, exceed the
Allowed amounts of their respective Claims plus 5% interest. In
addition, holders of Class 4 Claims shall continue to receive the
treatment set forth herein (payable solely by the Reorganized
Debtors and any successor thereof, and not by ARC or the ARC
Affiliate) should there be a default under the Plan and ARC
exercises its remedies. The allowed unsecured claims total
$9,979,000.
The Plan will be funded by the Debtors' Cash on hand as of the
Effective Date, and from the Available Cash resulting from the
business operations of the Reorganized Debtors. The Cash Flow
Projections set forth the projected amount and timing of payments
to be made by the Reorganized Debtors under the Plan.
On or before the Effective Date, Newco shall be created to hold all
of the New Debtors Interests. On the Effective Date, 100% of the
New Debtors Interests shall be deemed issued to Newco and Newco
will become the 100% parent of each of the Reorganized Debtors. On
the Effective Date, Newco shall be deemed to have issued 75% of the
total Newco Units to the ARC Affiliate and 25% of the total Newco
Units to be held by Newco as treasury Newco Units. As such, on the
Effective Date, the only holder of outstanding Newco Units shall be
ARC Affiliate.
A full-text copy of the Amended Joint Combined Disclosure Statement
and Plan dated April 7, 2025 is available at
https://urlcurt.com/u?l=JnPJbS from PacerMonitor.com at no charge.
Attorneys for the Debtors:
David L. Neale, Esq.
Jeffrey S. Kwong, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Avenue, Los Angeles, California 90034
Telephone: (310) 229-1234
Email: dln@lnbyg.com; jsk@lnbyg.com
Attorneys for the Official Committees of Unsecured Creditors:
Robbin L. Itkin, Esq.
SKLAR KIRSH, LLP
1880 Century Park East, Suite 300, Los Angeles, California
90067
Telephone: (310) 845-6416
Email: ritkin@sklarkirsh.com
Attorneys for Access Road Capital, LLC:
Andrew Behlmann, Esq.
LOWENSTEIN SANDLER LLP
One Lowenstein Drive
Roseland, New Jersey 07068
Telephone: (973) 597-2332
Email: abehlmann@lowenstein.com
About AfterShock Comics
AfterShock Comics, LLC -- https://Aftershockcomics.com -- is an
American comic book publisher launched in 2015. The company is
based in Sherman Oaks, Calif. AfterShock Comics and affiliate Rive
Gauche Television filed petitions for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 22-11456) on
Dec. 19, 2022.
Judge Martin R. Barash oversees the cases.
At the time of filing, AfterShock Comics reported $10 million to
$50 million in both assets and liabilities while Rive Gauche
reported $50 million to $100 million in assets and $10 million to
$50 million in liabilities.
The Debtors are represented by David L. Neale, Esq., at Levene,
Neale, Bender, Yoo & Golubchik L.L.P.
The U.S. Trustee for Region 16 appointed two separate committees to
represent unsecured creditors in the Chapter 11 cases of AfterShock
Comics, LLC and Rive Gauche Television.
AMATA LLC: Court Extends Cash Collateral Access to June 30
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ilinois,
Eastern Division, issued a fifth interim order permitting Amata,
LLC to use cash collateral until June 30.
The company was authorized to use cash collateral to pay expenses
in accordance with its projected budget, with a 15% variance.
Non-conforming uses require creditor consent.
American Commercial Bank and Trust, a secured creditor, will be
provided with protection for the company's use of cash collateral
in the form of a replacement lien and payments pursuant to the
budget.
A final hearing is scheduled for June 25, with objections due by
June 20.
About Amata LLC
Amata, LLC is primarily engaged in renting and leasing real estate
properties.
Amata filed Chapter 11 petition (Bankr. N.D. Ill. Case No.
24-17012) on November 12, 2024, listing up to $50,000 in assets and
up to $10 million in liabilities.
Judge David D. Cleary oversees the case.
The Debtor is represented by Jeffrey C. Dan, Esq., at Goldstein &
Mcclintock, LLLP.
American Commercial Bank and Trust, as secured creditor, is
represented by:
John Adam Powers, Esq.
Brotschul Potts, LLC
1 Tower Lane, Suite 2060
Oakbrook Terrace, IL 60181
Tel: 312-551-9003
apowers@brotschulpotts.com
AMERICAN COMPONENTS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: American Components Manufacturing and Engineering, Inc.
9126 Industrial Blvd.
Covington GA 30014
Business Description: American Components Manufacturing and
Engineering, Inc. is a company based in
Covington, Georgia, that is involved in the
production of ammunition components.
Chapter 11 Petition Date: May 7, 2025
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 25-55194
Debtor's Counsel: G. Frank Nason, IV, Esq.
LAMBERTH, CIFELLI, ELLIS & NASON, P.A.
6000 Lake Forrest Drive, NW Ste3 290
Atlanta, GA 30328
Tel: 404-262-7373
E-mail: fnason@lcenlaw.com
Total Assets: $1,850,000
Total Liabilities: $1,282,157
The petition was signed by Jason Koon as president.
The Debtor provided a list of its 20 largest unsecured creditors,
but left it blank.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/GKDNPHQ/American_Compenents_Manufacturing__ganbke-25-55194__0001.0.pdf?mcid=tGE4TAMA
AMERICAN FORKLIFT: Case Summary & Two Unsecured Creditors
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Debtor: American Forklift Rental & Supply, LLC
5387 LB McLeod
Orlando FL 32811
Business Description: American Forklift Rental & Supply provides
forklift rentals, sales, parts, service, and
safety training across Central Florida,
including Orlando, Tampa, and surrounding
counties. The Company offers new and used
forklifts in various fuel types and sizes,
with flexible rental terms and included
maintenance. Headquartered in Orlando, it
has served the region for over 25 years and
remains owner-operated to ensure
personalized customer support.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-02765
Judge: Hon. Lori V Vaughan
Debtor's Counsel: Melissa Youngman, Esq.
WINTER PARK ESTATE PLANS & REORGS
PO Box 303
Winter Park FL 32790
Tel: 407-374-1372
E-mail: my@melissayoungman.com
Total Assets: $1,280,342
Total Liabilities: $890,937
The petition was signed by Joseph Garcia, Jr., as CEO/managing
member.
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/PVLIL2Q/American_Forklift_Rental__Supply__flmbke-25-02765__0001.0.pdf?mcid=tGE4TAMA
AMERICAN TRADERS: Seeks to Hire Richard Jare as Attorney
--------------------------------------------------------
American Traders, Inc. d/b/a Modesto Hotel/La Casa Modesto seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
California to hire Richard Jare, Esq., as attorney.
The firm will render these services:
a. review of the file, counsel debtor at the Initial Debtor
Interview and further work to develop Initial Debtor Interview
forms, further development and further work to complete the
disclosure statement and review claims filed in the case. Actions
to further refine plan strategy and confirm a plan;
b. advise and represent the Debtor in Possession within the
present Chapter 11 case;
c. obtain employment of professionals as necessary for the
proper administration of the estate and case;
d. communicate with and negotiate as necessary with the
creditors and other parties in interest in the case;
e. obtain Court authority for assumption of a lease and other
actions necessary to the administration of the estate;
f. obtain confirmation of a Plan of Reorganization; and
g. provide all other actions necessary for the proper
administration of the present case.
Richard Jare will be paid at the hourly rate of $350.
Richard Jare will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Richard Jare, Esq., assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.
Richard Jare can be reached at:
Richard Jare, Esq.
6440 Carolinda Drive
Granite Bay, CA 95746
Tel: (916) 409-6600
Fax: (916) 676-0511
About American Traders, Inc.
American Traders, Inc. operates the Modesto Hotel, also known as La
Casa Modesto, offering comfortable accommodations with 1amenities
like free Wi-Fi, parking, an outdoor pool, and a complementary
breakfast in Modesto, CA.
American Traders, Inc. d/b/a Modesto Hotel / La Casa Modesto filed
its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-90262) on April 3,
2025, listing up to $50,000 in assets and $1 million to $10 million
in liabilities. Daljeet Mann, in his role as chief financial
officer, signed the petition.
Judge Ronald H Sargis presides over the case.
Richard Jare, Esq. at RICHARD JARE represents the Debtor as
counsel.
ANNALEE DOLLS: Gets Interim OK to Use Cash Collateral Until May 31
------------------------------------------------------------------
Annalee Dolls, LLC got the green light from the U.S. Bankruptcy
Court for the District of New Hampshire to use cash collateral from
April 23 to May 31.
The interim order penned by Judge Kimberly Bacher authorized the
company to use up to $201,497.99 in cash collateral for the period
from May 1 to 31, plus unspent funds during the period from April
10 to 30.
The court previously approved the company's interim use of up to
$121,309.86 in cash collateral for the period from April 10 to 30.
As protection for lienholders, Annalee Dolls was ordered to
maintain insurance policies, naming lienholders as mortgagees or
loss payees. The company was also ordered to grant the lienholders
replacement liens, with the same priority as their pre-bankruptcy
liens.
The next hearing is scheduled for May 28.
About Annalee Dolls LLC
Annalee Dolls, LLC is an American company known for its handcrafted
felt dolls that embody holiday themes and whimsical charm. Founded
in 1934, the business has become a staple of collectible Americana,
with its headquarters and flagship store located in Meredith, New
Hampshire. The company continues to attract visitors and collectors
with its nostalgic products and scenic gift shop near Lake
Winnipesaukee.
Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its
petition, the Debtor reported between $1 million and $10 million in
both assets and liabilities.
Judge Kimberly Bacher handles the case.
The Debtor is represented by:
William S. Gannon, Esq.
William S. Gannon PLLC
Tel: 603-621-0833
bgannon@gannonlawfirm.com
ARTISAN FOODIE: Gets Interim OK to Use Cash Collateral Until June 5
-------------------------------------------------------------------
Artisan Foodie Group, LLC received interim approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa
Division, to use cash collateral until June 5, marking the fifth
extension since the company's Chapter 11 filing.
The fifth interim order signed by Judge Roberta Colton authorized
the company to use cash collateral to cover the expenses set forth
in its budget, with a 10% variance per line item.
As protection for the use of its cash collateral, DFCU Financial,
the secured creditor, 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 is scheduled for June 5.
A copy of the court's order and the budget is available at
https://shorturl.at/uBMXR from PacerMonitor.com.
About Artisan Foodie Group
Artisan Foodie Group, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-00506) on January 27, 2025, listing up to $1 million in assets
and up to $10 million in liabilities. Ruediger Mueller of TCMI,
Inc. serves as Subchapter V trustee.
Judge Roberta Colton oversees the case.
The Debtor is represented by:
Katelyn M. Vinson, Esq.
Jennis Morse
Tel: 813-229-2800
Email: kvinson@jennislaw.com
ARTISTIC HOLIDAY: Court Extends Cash Collateral Access to July 16
-----------------------------------------------------------------
Artistic Holiday Designs, LLC and Holiday Creations Pro, Inc.
received another extension from the U.S. Bankruptcy Court for the
Middle District of Florida, Fort Myers Division, to use cash
collateral to pay their expenses.
The court's order extended the companies' authority to use the cash
collateral of MEP Capital Holdings III, L.P. from May 7 to July 16.
MEP asserts interest in the cash collateral, which consists of cash
and cash equivalents generated by Artistic's operations or from the
disposition of MEP's pre-bankruptcy collateral.
As protection, MEP and other lien claimants including B Squared
Inc., Melissa and Doug LLC, and the U.S. Small Business
Administration were granted a replacement lien on Artistic's
post-petition assets, with the same validity and priority as their
pre-bankruptcy liens.
As additional protection to MEP, the bankruptcy court will grant
MEP a superpriority administrative expense claim in case of any
diminution in the value of its collateral.
The next hearing is set for July 16.
About Artistic Holiday Designs
Artistic Holiday Designs, LLC filed Chapter 11 petition (Bankr.
M.D. Fla. Case No. 25-00153) on January 29, 2025. listing up to $10
million in assets and up to $50 million in liabilities. Derek
Norwood, managing member, signed the petition.
Judge Caryl E. Delano oversees the case.
Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as
legal counsel.
MEP Capital Holdings III, L.P., as secured creditor, is represented
by:
Luis E. Rivera II, Esq.
GrayRobinson, P.A.
1404 Dean Street, Suite 300
Fort Myers, Florida 33901
Phone: 239.254.8460
luis.rivera@gray-robinson.com
ASBESTOS CORP: Seeks Credit Protection Under CCAA for Restructuring
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Asbestos Corporation Limited and its parent company, Mazarin Inc.
announced on May 6, 2025, that an order from the Superior Court of
Quebec (Commercial Division) has been sought by a third party to
grant ACL protection under the Companies' Creditors Arrangement
Act. The Company intends to support the application. It is expected
that Raymond Chabot Inc. would be appointed pursuant to the Initial
Order as monitor of ACL in order to assist the Company with its
restructuring efforts and to report to the Court.
The Initial Order would provide for, among other things, a stay of
proceedings in favour of ACL, including a stay of creditor claims,
litigation pending against the Company, and of the exercise of
contractual rights against the Company, as well as the
authorization of Raymond Chabot Inc. to act as foreign
representative in recognition proceedings in the United States
under the relevant provisions of the United States' applicable
laws.
The Company will make an announcement once the Court has made a
determination in respect of the application for the Initial Order.
A copy of the Initial Order, if granted by the Court, will be
available, along with additional information in respect of the CCAA
proceedings, on the Monitor's website. Readers are urged to consult
the full text of all of these documents for further, more detailed,
information. Further news releases will be provided for during the
CCAA proceedings as required by law and applicable securities
regulations, or as otherwise may be determined necessary by the
Company or the Court. Documents relating to the restructuring
process, such as the Initial Order, the Monitor's reports to the
Court, as well as other Court orders and documents shall also be
published and made available on the Monitor's website at
https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/.
The Company will notify the TSX Venture Exchange of the foregoing
and expects that, if the Initial Order is granted, its common
shares and securities will cease trading on the TSXV upon such date
that the TSXV determines. The Company expects to cease reporting as
a public reporting issuer. The granting of the Initial Order will
not affect Mazarin Inc.`s status a listed company or reporting
public issuer.
About Asbestos Corp
Mazarin Inc. and Asbestos Corporation Limited are two natural
resource companies whose focus is on the development of industrial
minerals in order to provide value-added products that meet the
criteria of customers worldwide with regard to performance and
economic and ecological concerns. Mazarin's shares trade on the NEX
Board of TSX Venture Exchange under the stock symbol MAZ.H.
Asbestos Corporation Limited's shares trade on the NEX Board of TSX
Venture Exchange under the stock symbol AB.H.
BEARSVILLE LLC: Seeks Chapter 11 Bankruptcy in New Hampshire
------------------------------------------------------------
On May 5, 2025, Bearsville LLC filed Chapter 11 protection in the
U.S. Bankruptcy Court for the District of New Hampshire. 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 Bearsville LLC
Bearsville LLC is a limited liability company.
Bearsville LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.H. Case No. 25-10294) on May 5, 2025.
In its petition, the Debtor reports estimated assets up to $50,000
and estimated liabilities between $1 million and $10 million.
The Debtor is represented byPeter N. Tamposi, Esq. at THE TAMPOSI
LAW GROUP, P.C.
BESTWALL LLC: 4th Circuit Says Chapter 11 Case Could Reshape US Law
-------------------------------------------------------------------
Rick Archer of Law360 reports that on Thursday, May 8, 2025,
Georgia-Pacific's asbestos unit, Bestwall, and a group of injury
claimants accused each other of attempting to radically alter U.S.
law during arguments before the Fourth Circuit. The dispute centers
on the claimants' push to dismiss Bestwall's Chapter 11 bankruptcy
case.
About Bestwall LLC
Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities. Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965. The former Bestwall
Gypsum entity manufactured joint compounds containing small
amounts
of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.
Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC
("PlasterCo"), develops, manufactures, sells and distributes gypsum
plaster products, including gypsum floor underlayment, industrial
plaster, metal casting plaster, industrial tooling plaster, dental
plaster, medical plaster, arts and crafts plaster, pottery plaster
and general purpose plaster.
On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims. The
Debtor estimated assets and debt of $500 million to $1 billion. It
has no funded indebtedness.
The Hon. Laura T. Beyer is the case judge.
The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.
On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case. The
committee retained Montgomery McCracken Walker & Rhoads, LLP as
legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel.
On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in the Debtor's
case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as
legal counsel; Hull & Chandler, P.A., as local counsel; Ankura
Consulting Group, LLC, as claims evaluation consultant; and FTI
Consulting, Inc., as financial advisor.
BETTER CHOICE: Signs Addendum to SRx Acquisition Agreement
----------------------------------------------------------
Better Choice Company Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company,
entered into an Addendum to its previously announced Arrangement
Agreement with SRx Health Solutions Inc., a corporation organized
under the laws of the Province of Ontario, 1000994476 Ontario Inc.,
an indirect wholly-owned subsidiary of the Company and a
corporation existing under the laws of the Province of Ontario, and
1000994085 Ontario Inc., a direct wholly-owned subsidiary of the
Company and corporation existing under the laws of the Province of
Ontario and Amendment to the Plan of Arrangement attached as a
schedule to the Arrangement Agreement.
The parties had previously amended the Arrangement Agreement on
December 6, 2024, January 24, 2025 and February 25, 2025 and had
previously amended the Plan on January 24, 2025 and February 25,
2025. Pursuant to the Arrangement Agreement and the Plan, the
Company will acquire SRx in an all-stock transaction pursuant to a
statutory arrangement under Canadian law.
As a result of the Arrangement, all of the property, rights,
interests and obligations of SRx shall become the property, rights,
interests and obligations of the entity formed by the amalgamation
of SRx and AcquireCo, and Amalco will be an indirect wholly-owned
subsidiary of the Company. Pursuant to the Addendum, the
consideration to be received by the shareholders of SRx in the
Arrangement shall be an aggregate of 30,000,000 shares of the
Company's common stock (including shares of the capital stock of
Acquireco exchangeable for shares of the Company's common stock).
The transaction has been unanimously approved by the boards of
directors of the Company and SRx and has been approved by the
requisite stockholders of both the Company and SRx, and the Ontario
Superior Court of Justice (Commercial List).
About Better Choice Company Inc.
Better Choice Company Inc. is headquartered in Tampa, Florida, and
focuses on pet health and wellness. The company is known for its
premium pet products under the Halo brand, including Halo Holistic,
Halo Elevate, and the rebranded TruDog products.
Tampa, Fla.-based Marcum LLP, 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
significant losses and has an accumulated deficit and may need 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, the Company had $15.8 million in total assets,
$7.2 million in total liabilities, and a total stockholders' equity
of $8.6 million.
BETTER PLACE: Horizon Technology Marks $2MM Loan at 91% Off
-----------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $2,067,000
loan extended to Better Place Forests Co. to market at $182,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2029.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Technology Marks $4.1MM Loan at 91% Off
-------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $4,133,000
loan extended to Better Place Forests Co. to market at $381,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2029.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Technology Marks $520,000 Loan at 91% Off
---------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $520,000
loan extended to Better Place Forests Co. to market at $46,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2025.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Technology Marks $528,000 Loan at 91% Off
---------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $528,000
loan extended to Better Place Forests Co. to market at $47,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2025.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Technology Marks $537,000 Loan at 91% Off
---------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $537,000
loan extended to Better Place Forests Co. to market at $48,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2025.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Technology Marks $548,000 Loan at 91% Off
---------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $548,000
loan extended to Better Place Forests Co. to market at $49,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2025.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Technology Marks $554,000 Loan at 91% Off
---------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $554,000
loan extended to Better Place Forests Co. to market at $49,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2025.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Technology Marks $848,000 Loan at 91% Off
---------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $848,000
loan extended to Better Place Forests Co. to market at $77,000 or
9% of the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Better Place Forests Co. The
loan accrues interest at a rate of 12% per annum. The loan matures
on August 1, 2025.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Better Place Forests Co.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BEXIN REALTY: Seeks to Hire Bexin Realty as Real Estate Advisor
---------------------------------------------------------------
Bexin Realty Corporation seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Better Brokers
LLC as real estate advisor.
Better Brokers will market and sell the Debtor's property located
at 24-26 and 28-30 West 125th Street, New York, New York 10027.
Better Brokers will be entitled to a commission equal to 3.25
percent of gross sale proceeds.
As disclosed in court filings, Better Brokers does not have a
material interest adverse to the Debtor regarding the specific
matters for which it is to be retained.
The firm can be reached through:
Nick Petkoff
Better Brokers, LLC
15 W 72 Street, 17M
New York, NY 10023
Phone: (212) 769-9220
Email: nick@anginvestmentpartners.com
About Bexin Realty Corporation
Bexin Realty Corporation is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No.
24-12080) on November 27, 2024, listing between $10 million and $50
million in both assets and liabilities. Bahram Benaresh, president
of Bexin Realty, signed the petition.
Judge Martin Glenn handles the case.
The Debtor is represented by Jonathan S. Pasternak, Esq., at
Davidoff Hutcher & Citron, LLP.
Cathay Bank, as lender, is represented by Pryor Cashman LLP.
BRIGHTLINE TRAINS: Fitch Lowers Rating on $2BB Secured Bonds to BB+
-------------------------------------------------------------------
Fitch Ratings has downgraded Brightline Trains Florida LLC's $2.219
billion senior secured private activity bonds (PABs) to 'BB+' from
'BBB-'. Fitch has also downgraded the rating on Brightline East
LLC's $1.119 billion senior secured taxable notes to 'CCC+' from
'B'. Both securities have been placed on Rating Watch Negative.
RATING RATIONALE
The downgrades to OpCo and BLE debt reflect the weaker than
expected ridership ramp up, lower fares, elevated operating costs,
and significant spend down of the project's liquidity accounts. The
rating further reflects a number of unanticipated expenses that
were not previously reported to Fitch that resulted in material
draws on cash balances.
Total OpCo liquidity has decreased from $559 million at closing in
May 2024 to approximately $310 million as of 1Q25, including
depletion of the unrestricted cash reserves and significant draw
down of the ramp-up reserve account. Fitch's rating case shows
additional draws on the ramp up reserve account over the next two
years, which could shorten the project's runway to reach stabilized
ridership levels.
The downgrade of the BLE debt reflects the increased likelihood of
cash being trapped at the OpCo level due to weaker than anticipated
revenues and higher operating expenses. While BLE debt service is
covered by pre-funded interest and ramp up reserve accounts at the
BLE level through 2026, distributions from OpCo sufficient to cover
debt service are unlikely until ramp up is achieved and costs
stabilize. Fitch's rating case shows a distribution lock-up at OpCo
resulting in a BLE default in 2027, following the pre-funded
interest period.
OpCo's 'BB+' rating reflects the weakened financial profile
following slower ridership and revenue ramp up and elevated
operating and non-operating costs. The rating incorporates the
support provided by the 30-year fixed-price O&M contract for
rolling stock and debt terms and structural protections, including
cash ramp up reserves, 10-year interest only period, and adequate
financial metrics. The distinction in the debt ratings stems from
the debt terms and structural protection, with BLE holding
subordinated cash flow rights, a narrower coverage margin and
higher refinance risk.
Fitch's rating case includes substantial haircuts to the sponsor's
projections, including on ridership, pricing and ancillary services
haircuts, coupled with elevated costs. The resulting financial
metrics for OpCo's bonds support a 'BB+' rating, with an average
debt service coverage ratio (DSCR) of 1.8x from 2026 to 2035, with
a minimum of 1.1x in 2026 when the remaining funds in the ramp up
reserve account are released to meet debt service. Under this case,
there is insufficient distributions to BLE to meet its debt service
requirements starting in 2027.
KEY RATING DRIVERS
Revenue Risk - Volume - Weaker
Favorable Market, Limited History: Brightline rail service offers
an alternative inter-city transportation mode in the increasingly
congested but economically diverse and expanding south/central
Florida markets. While Brightline compares favorably in terms of
travel speed, comfort, and reliability, competition from driving
and existing low-cost rail alternatives will likely limit its
market capture. As a result, ramp-up is expected to be
comparatively longer for Brightline than for other new
transportation development projects.
Ridership data to Orlando is limited, complicating the validation
of consultants' long-term forecasts, and initial fares are high
relative to competing alternatives particularly to Orlando.
Positively, Brightline benefits from some market diversity, drawing
from southern and mid-Florida markets and targeting a mix of
business and leisure travelers. Ancillary services such as parking,
concessions, and corporate sponsorships provide diversification of
revenue sources.
Revenue Risk - Price - Stronger
Independent Pricing Control: Brightline has unencumbered ability to
set and adjust rates, independent of legislative or political
interference. Current rail fares are dynamic with the goal of
achieving high ridership levels, varying depending on travel date,
time, distance and utilization. Fitch notes that Brightline's
proposed fares are high compared with other transportation modes,
including the publicly funded Tri-Rail service.
Independent Pricing Control:Brightline has unencumbered ability to
set and adjust rates, independent of legislative or political
interference. Current rail fares are dynamic with the goal of
achieving high ridership levels, varying depending on travel date,
time, distance and utilization. Fitch notes that Brightline's
proposed fares are high compared with other transportation modes,
including the publicly-funded
Infrastructure Dev. & Renewal - Midrange
New Facilities, Expansion Likely: Infrastructure renewal risk is
low for facilities currently in service, reflecting Brightline's
recent completion. Long-term maintenance agreements with Florida
East Coast Rail (FECR) for rail infrastructure as well as a 30-year
fixed price agreement for rolling stock with Siemens Mobility
support upkeep and reinvestment. Brightline plans to budget
annually from cashflow to cover added rolling stock and other capex
requirements.
Brightline is currently evaluating expansion of service in the
Orlando and Tampa regions. While such a project will require
additional capital to fund construction and operational costs, this
future project will be fully separate from a security and pledge
standpoint under a separate affiliate of parent company Brightline
Florida Holdings LLC.
Debt Structure - 1 - Stronger; Debt Structure - 2 - Weaker
Conservative Structural Terms; Amortizing Debt: The OpCo revenue
bonds are secured by a senior lien standing on Brightline's net
revenues with the debt to be fixed-rate and fully amortizing
through the 2053 final maturity. Following a flat, interest-only
payment period through 2032, annual debt service has an escalating
payment profile for the remaining tenor, requiring revenue growth
over the long term.
An equity distribution test of 1.30x DSCR (12-month trailing and
projected basis) coupled with a 12-month debt service reserve fund
and a set of ramp-up and operation reserves (sized at $175 million
and $100 million, respectively) provide additional protections.
Additional debt is subject to a rating affirmation by the agencies
rating the original transaction, providing some bondholder
protection in the event the project undertakes regearing for
potential expansion in the future.
Structurally Subordinate; Refinance Risk: The BLE debt is
interest-only with a bullet maturity in 2030, exposing the debt to
refinance risk. The debt is structurally subordinate to Brightline,
since repayment of the Parent debt is dependent on ongoing cash
flow distributions from Brightline to BLE subject to a 1.3x senior
and 1.1x total debt service coverage ratio (DSCR) distribution test
at Brightline. Brightline retains the ability to issue future OpCo
debt obligations, which can further subordinate BLE's position for
funds to service its debt.
A dedicated BLE level debt service reserve equal to three-months of
interest will be funded at closing, along with a ramp-up reserve
account equal to over two years of interest. Additional Brightline
debt is subject to a rating affirmation by the agencies rating the
original transaction at the BLE level as long as BLE debt is
outstanding. OpCo does not guarantee BLE's debt, and a BLE default
does not cross default OpCo.
Financial Profile
Fiscal 2024 financial performance was well below Fitch's rating
case expectations of an operating loss of approximately $3 million.
Due to slower ridership ramp up, lower fares, and higher opex,
Brightline ended the year with an operating loss of $63 million.
This resulted in more significant than anticipated draws on the
ramp up reserve account (RURA) to cover monthly cash outflows not
reported in the project's operating loss. Additionally, the $75
million cash reserve was depleted and used for final settlement of
costs related to project construction.
Financial metrics for the senior OpCo debt remains adequate under
Fitch's updated rating case and is reinforced by the remaining
liquidity that is viewed as material to support the current rating
level given its ability to create financial cushion in the event of
continued volume underperformance and cashflow stresses during
ramp-up.
Under Fitch's rating case, OpCo's RURA is fully drawn down by the
end of 2026 and OpCo does not meet its restricted payment test,
resulting in insufficient distributions to BLE. Following the
release of the pre-funded BLE reserves by the end of 2026, BLE is
unable to meet its debt service requirements.
PEER GROUP
Fitch does not publicly rate any rail services project peers
relevant to Brightline. Other rated rail service within Fitch's
global portfolio have been operational for a number of years with
tested demand and stable ridership, which removes the inherent risk
seen in Brightline's service and accounts for the higher ratings.
Publicly rated European rail lines include the High-Speed Rail
Finance (1) PLC (HS1; A-/Stable) and Channel Link Enterprise
Finance plc (CLEF; BBB/Stable). Both HS1 and CLEF share exposure to
Eurostar and have been operational for nearly three decades with
stabilized passenger levels and clearer volume and market share
certainty leading to investment grade ratings.
CLEF is directly exposed to Eurostar passenger volumes with volume
risk assessment as 'High-Midrange' due to proven resilience through
economic cycles. HS1 is exposed to the number of train paths, which
are inherently less volatile and benefits also from having 60% of
its revenues supported by the UK government via underpinned
availability payments leading to Fitch's assessment of volume risk
as 'Stronger'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Continued draws on project reserve account to cover non-operating
project costs resulting in continuing declining cash balances;
- Delayed long-distance ramp-up and/or higher than expected
operating cost and lower revenues and/or continued draws on project
reserves;
- Regearing and/or additional system debt leading to financial
metrics weaker than Fitch's rating case for a sustained period of
time.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Over the next six months, the Watch could be removed for OpCo
with additional details and clarity around historical and projected
draw down of project reserve accounts;
- Sustained ridership and revenue performance and/or additional
financial support which translates to credit metrics in line with
Fitch's base case expectations;
- For the BLE debt, improved ramp up at the OpCo level resulting in
sufficient distributions to cover BLE debt service requirements.
SECURITY
Senior Debt: Security for the PABs will consist of all funds
deposited from time to time in Project accounts and a first lien on
all "collateral", which will include substantially all assets of
the Borrower including (a) the Borrower's mortgaged real property
interests, (b) substantially all personal property of the Borrower,
including rolling stock, Project revenues and Project accounts and
(c) a pledge of the membership interests in the Borrower by its
direct parent.
BLE Debt: Security for the notes will consist of a pledge of the
membership interests in BLTF Holdings LLC, the direct owner of the
Project Owner and all other assets of BLE including substantially
all personal property of BLE and reserve accounts once funded from
distributions received from the Project Owner.
ESG Considerations
Fitch has revised the ESG relevance score to '4' from '3' for
'Financial Transparency' for Brightline due to the limited
information that has been provided on the use of funds in the
project reserve accounts. This, in conjunction with other factors,
has a negative impact on Brightline's credit profile and is
relevant to the ratings.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Brightline Trains
Florida LLC
Brightline Trains
Florida LLC/Senior
Secured Notes/1 LT LT BB+ Downgrade BBB-
Brightline East LLC
Brightline East
LLC/Senior Secured
Notes/1 LT LT CCC+ Downgrade B
BROOKDALE SENIOR: BlackRock Holds 7.3% Equity Stake
---------------------------------------------------
BlackRock, Inc. disclosed in a Schedule 13G (Amendment No. 6) filed
with the U.S. Securities and Exchange Commission that as of March
31, 2025, it beneficially owned 14,518,120 shares of common stock
of Brookdale Senior Living Inc.'s common stock, representing 7.3%
of the outstanding common stock of the Company.
BlackRock, Inc. may be reached through:
Spencer Fleming, Managing Director
50 Hudson Yards, New York, NY 10001
Tel: (212) 810-5800
A full-text copy of BlackRock's SEC report is available at:
https://tinyurl.com/36xw8zdv
About Brookdale Senior Living
Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc.
operates senior living facilities in the United States.
* * *
Egan-Jones Ratings Company on January 14, 2025, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Brookdale Senior Living Inc.
BROWN GENERAL: To Sell Equipment via Online Auction
---------------------------------------------------
Brown General Contractors LLC seeks approval from the U.S.
Bankruptcy to sell Equipment in online auction, free and clear of
liens, claims, interests, and encumbrances.
The Debtor's Equipment include:
Mac Walking Floor
Dunrught Roll Off
2006 Chevrolet 4500
Ditch Witch
The Debtor employs Ford Brothers Inc. as auctioneers of the
Equipment.
The bidding will start on June 12, 2025, and conclude on June 23,
2025.
Ford Brothers will have auction preview days, where potential
bidders can review the equipment for sale in person, said dates are
advertised on the website referenced above.
The items for auction will have no reserve. The winning bidder
shall pay a buyer[s premium equal to 10% of its winning bid.
Within 10 days of the auction, the Debtor will file a Report of
Sale in the record specifying the
equipment sold, the winning bid, the name of the successful bidder,
and an accounting of the auction proceeds.
The United States Small Business Administration possesses a blanket
lien on all assets and equipment of the Debtor.
Ryan Brown, in his personal capacity, may include equipment owned
by him in the same auction, however, the proceeds of those items
are not part of the Debtor's Confirmed Plan.
About Brown General Contractors LLC
Brown General Contractors LLC is the owner of real property located
at 255 Coleman Ln, Georgetown Ky valued at $959,000.
Brown General Contractors LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No.
24-51313) on October 15, 2024. In the petition filed by Ryan
Brown,
as member, the Debtor reports total assets of $1,879,668 and total
liabilities of $2,628,660.
The Debtor is represented by Michael B. Baker, Esq. at THE BAKER
FIRM, PLLC.
BYJU'S ALPHA: Mediation Not Appropriate in Camshaft Capital 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 CAMSHAFT CAPITAL
FUND, L.P., CAMSHAFT CAPITAL ADVISORS, LLC, CAMSHAFT CAPITAL
MANAGEMENT, LLC and RIJU RAVINDRAN, Appellants, v. BJYU'S ALPHA,
INC., Appellee, Case No. 25-cv-00322-MN (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 28, 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 dated April 28, 2025, is available
at https://urlcurt.com/u?l=s5mU1E from PacerMonitor.com.
Camshaft Capital Fund, LP, Camshaft Capital Advisors, LLC, Camshaft
Capital Management, LLC, and Riju Ravindran have taken an appeal to
the United States District Court for the District of Delaware from
(i) the Memorandum Opinion and Order [Adv. D.I. 382], and (ii) the
Memorandum Opinion [Adv. D.I. 383], both entered on February 27,
2025, in the case, BYJU’S ALPHA, INC., v. CAMSHAFT CAPITAL FUND,
LP, et al., Adv. Proc. No. 24-50013 (BLS)(Bankr. D. Del.).
Camshaft et al.'s issues on appeal are:
1. Did the Bankruptcy Court err in rejecting Ravindran's
request to stay consideration of the motion for partial summary
judgment given the pendency of related actions concerning issues
raised in the PSJ Motion?
2. Did the Bankruptcy Court err in rejecting the Appellants'
challenges to the PSJ Motion as premature, pursuant to Federal Rule
of Civil Procedure 56(d), on the grounds that they did not have the
opportunity to complete discovery?
3. Did the Bankruptcy Court err in holding that Camshaft was
an initial transferee of the First Transfer under 11 U.S.C. 550(a),
even though (a) Camshaft Fund was a "mere conduit" of the
transferred funds; (b) Camshaft Fund took the First Transfer in
good faith and for value; and (c) at a minimum, there were genuine
issues of fact regarding the "mere conduit" and good faith
defenses?
4. Did the Bankruptcy Court err in holding that Plaintiffs had
established the Camshaft Fund's actual intent to hinder, delay, or
defraud the Debtor's creditors where there was an absence of
evidence supporting the alleged "badges of fraud" or, at a minimum,
genuine issues of fact exist regarding the alleged badges?
5. Did the Bankruptcy Court err in also finding Camshaft
Advisors and Camshaft Management liable for actual fraudulent
transfer under Count I when there was no evidence that the subject
funds in the First Transfer were ever transferred to either
entity?
6. Did the Bankruptcy Court err in holding that Ravindran
breached his fiduciary duty to the Debtor where (a) there was no
showing of the Debtor's insolvency that would impose a fiduciary
duty on Ravindran (or, at a minimum, there are genuine issues of
fact regarding insolvency); and (b) Ravindran's alleged conduct was
covered by an exculpation provision in the Debtor's certificate of
incorporation?
7. Did the Bankruptcy Court err in granting declaratory
judgment with respect to the Second Transfer (as referenced in
Count VIII of the Second Amended Complaint) where (1) Ravindran had
the authority to effect the Second Transfer or, at a minimum, the
scope of his authority is the subject of other related proceedings;
and (2) Camshaft had no interest in the property that was the
subject of the Second Transfer?
8. Did the Bankruptcy Court err in finding Ravindran liable
for conversion in connection with the Second Transfer (as
referenced in Count X of the Second Amended Complaint) where
Ravindran had the authority to effect the Second Transfer or, at a
minimum, the scope of his authority is the subject of other related
proceedings?
Counsel for Appellants:
Julia B. Klein, Esq.
KLEIN LLC
225 West 14th Street, Suite 100
Wilmington, DE 19801
Tel: (302) 438-0456
E-mail: klein@kleinllc.com
- and -
Pieter Van Tol, Esq.
VAN TOL LAW PLLC
199 8th Avenue, B3
Brooklyn, NY 11215
www.vantol-law.com
About BYJU's Alpha
BYJU's Alpha, Inc., designs and develops education software
solutions.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the
petition signed by Timothy R. Pohl, chief executive officer, the
Debtor disclosed up to $1 billion in assets and up to $10 billion
in liabilities.
Judge John T. Dorsey oversees the case.
Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart &
Sullivan, LLP serve as the Debtor's legal counsel.
GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is
represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski
Stang Ziehl & Jones, and Reed Smith.
CAMBREX CORP: S&P Withdraws 'B-' ICR Following Debt Repayment
-------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' issuer credit rating on
contract manufacturing organization Cambrex Corp. at the issuer's
request. At the time of the withdrawal, our outlook on the company
was stable.
At the same time, S&P discontinued its 'B-' issue-level rating and
'3' recovery rating on Cambrex's first-lien credit facility
following the full repayment of its outstanding rated debt.
CARGO LIFTS: Gets Final OK to Use Cash Collateral
-------------------------------------------------
Cargo Lifts of North Florida, LLC received final approval from the
U.S. Bankruptcy Court for the Northern District of Florida,
Gainesville Division to use cash collateral.
The final order authorized the company to use cash, deposit
accounts, accounts receivable, and business proceeds in accordance
with its budget, with a 10% variance.
The budget projects total operational expenses of $181,756.76 for
April and May.
As protection, MCA funders were granted replacement liens on assets
similar to their pre-bankruptcy collateral.
The MCA funders include CHTD Company, Family Funding Group, LLC,
Canfield Capital, LLC, Capytal.com, EBF Holdings, LLC, Forward
Financing, LLC, Fox Funding Group, LLC and WebBank.
About Cargo Lifts of North Florida
Cargo Lifts of North Florida, LLC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
25-10036) on February 10, 2025, listing between $100,001 and
$500,000 in assets and between $500,001 and $1 million in
liabilities.
Judge Karen K. Specie oversees the case.
The Debtor is represented by:
Elena Paras Ketchum, Esq.
Stichter, Riedel, Blain & Postler, P.A.
Tel: 813-229-0144
Email: eketchum.ecf@srbp.com
CAROLINA'S CONTRACTING: Gets Interim OK to Use Cash Collateral
--------------------------------------------------------------
Carolina's Contracting, LLC got the green light from the U.S.
Bankruptcy Court for the Middle District of North Carolina to use
the cash collateral of Kalamata Capital Group and Libertas Funding,
LLC.
The order penned by Judge Lena James authorized the company's
interim use of cash collateral pursuant to its budget until May 22
or until the occurrence of a so-called termination event, whichever
comes first.
The budget shows total operational expenses of $301,981.37 for the
period from May 1 to 21.
As protection for the use of their cash collateral, Kalamata and
Libertas were granted post-petition replacement liens on
Carolina's' post-petition property. In addition, the secured
creditors will receive payments of $4,700 and $17,400,
respectively.
Carolina's owes $42,909 and $161,000 to Kalamata and Libertas,
respectively. Both creditors assert interest in assets of the
company including, but are not limited to, bank accounts and
accounts receivable valued at $9.77 million. These assets may
constitute the secured creditors' cash collateral.
A further hearing is scheduled for May 21.
About Carolina's Contracting
Carolina's Contracting LLC is a licensed general contractor based
in Davidson, North Carolina, specializing in land development and
grading services. Established in 2013, Company offers a range of
services including grading, storm drainage, sanitary sewer,
waterline installation, culverts, and stone base work.
Carolina's Contracting sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28,
2025. In its petition, the Debtor reported total assets of
$31,405,291 and total liabilities of $25,942,522.
Judge Lena M. James oversees the case.
The Debtor is represented by:
Dirk W. Siegmund, Esq.
Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP
Tel: 336-274-4658
dws@iveymcclellan.com
CAROLINA'S CONTRACTING: Taps Ivey McClellan as Bankruptcy Counsel
-----------------------------------------------------------------
Carolina's Contracting LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of North Carolina to hire Ivey,
McClellan, Siegmund, Brumbaugh & McDonough, LLP as bankruptcy
counsel.
The firm's services include:
a. representing the Debtor in a Chapter 11 bankruptcy to
include assisting in investigating and examining contracts, leases,
financing statements and other related documents to determine the
validity of such, to determine the rights and priorities of
lienholders, if any; and
b. providing advice in preserving the Debtor's properties and
assets, and generally assisting the Debtor in administering the
estate.
The firm will be paid at these rates:
Samantha K. Brumbaugh $450 per hour
Dirk W. Siegmund $450 per hour
Charles M. Ivey, III $500 per hour
Darren McDonough $450 per hour
Melissa Murrell $125 per hour
Tabitha Coltrane $125 per hour
Janice Childers $100 per hour
The firm received a retainer in the amount of $15,913.50.
Dirk Siegmund, Esq., a partner at Ivey, McClellan, Gatton &
Siegmund, LLP, disclosed in court filings that her firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Dirk W. Siegmund, Esq.
Ivey, McClellan, Gatton & Siegmund, LLP
100 South Elm Street, Suite 500
Greensboro, NC 27401
Telephone: (336) 274-4658
Facsimile: (336) 274-4540
Email: mmm@iveymcclellan.com
About Carolina's Contracting LLC
Carolina's Contracting LLC is a licensed general contractor based
in Davidson, North Carolina, specializing in land development and
grading services. Established in 2013, Company offers a range of
services including grading, storm drainage, sanitary sewer,
waterline installation, culverts, and stone base work.
Carolina's Contracting LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April
28, 2025. In its petition, the Debtor reports total assets of
$31,405,291 and total liabilities of $25,942,522.
The Debtor is represented by Dirk W. Siegmund, Esq. at IVEY,
MCCLELLAN, SIEGMUND, BRUMBAUGH & McDONOUGH, LLP.
CG JERSEY: Seeks to Tap Delaney Restaurant Realty as Realtor
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CG Jersey, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of New Jersey to hire Delaney Restaurant Realty, LLC
as realtor.
The firm will market the Debtor's business including advertising,
creating and distributing brochures, preparing prospectus mailings
news releases and internet postings.
The firm is entitled to a commission equal to 6 percent of the
listed sales price.
As disclosed in the court filing, Delaney Restaurant Realty is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Maureen Carlin
Delaney Restaurant Realty, LLC
1391 Sussex Turnpike
Randolph, NJ 07869
Phone: (973) 895-1300
About CG Jersey, Inc.
Fratello's is an Italian restaurant serving seafood, steaks and
Italian dishes in Sea Girt, Manasquan, Wall, Spring Lake, Brielle,
and the surrounding areas of the Jersey Shore.
CG Jersey, Inc. d/b/a Fratello's Italian Rest filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.J. Case No. 24-21373) on November 15, 2024, listing up to
$50,000 in assets and $1 million to $10 million in liabilities. The
petition was signed by Christopher G. De Cresce as president.
Melinda D. Middlebrooks, Esq. at MIDDLEBROOKS SHAPIRO, P.C.
represents the Debtor as counsel.
CHAMPION WELDING: Unsecureds Will Get 10.7% of Claims over 5 Years
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Champion Welding Services LLC filed with the U.S. Bankruptcy Court
for the Southern District of Florida a Plan of Reorganization dated
April 7, 2025.
The Debtor is a welding and woodworking business. The Debtor was
incorporated in 2008 and its sole owner is Victor Tuckler, who is
also the manager of the Debtor.
The Debtor was unable to meet its financial obligations, including
obligations owing to its landlord, which resulted in the
commencement of an eviction action with respect to the Debtor's
leased non-residential real property. The Debtor filed this
proceeding in order to meet these obligations pursuant to the
Bankruptcy Code and to provide creditors with a distribution
greater than what such creditors would receive in a liquidation.
The Debtor's financial projections show that the Debtor will have
projected disposable income of $117,858.00. The financial
projections now include the full 60-month period through May 2030.
The final Plan payment is expected to be paid no later than May 31,
2030.
This Plan provides for 3 class of priority claims, 2 classes of
secured claims, 1 class of general unsecured claims and 1 class of
equity security holders. General unsecured creditors holding
allowed claims will receive distributions, which the Debtor has
valued at approximately 10.7296 cents on the dollar. This Plan also
provides for the payment of administrative and priority claims.
Class 6 consists of all allowed general unsecured claims, including
any undersecured claims. The Class 6 Creditors shall share pro rata
in a total distribution in the amount of $50,000.00, representing
approximately 10.7296% of their allowed claims. Any allowed general
unsecured claimant scheduled to receive a total distribution of
$500.00 or less shall be paid in a lump sum on the First Payment
Date. The Debtor estimates that the lump sum payment(s) will total
$722.73.
Any allowed general unsecured claimants scheduled to receive a
total distribution of more than $500.00 shall receive payment over
5 years (60 months), in 20 quarterly payments, with the first
payment due on January 1, 2026, and continuing on the first day of
every quarter thereafter through April 1, 2030. The total amount
distributed to these creditors each quarter will be $2,463.86,
allocated pro rata among eligible creditors. The Debtor notes that
the financial projections show quarterly payments of approximately
$2,463.75 for 2026-2029, with a slightly higher payment of
$3,526.00 per quarter in 2030, which will ensure the full
$50,000.00 commitment to unsecured creditors is satisfied within
the Plan period.
Unsecured creditors will be receiving a distribution of
approximately 10.7296% of their allowed claim(s), which is an
amount in excess of what claimants would receive in a hypothetical
Chapter 7 proceeding, in which case such claimants would receive
0.00%. The allowed unsecured claims total $466,002.59.
Class 7 consists of all allowed equity interests in the Debtor,
which includes interest in any share of stock or membership
interest(s), common stock or other instruments evidencing an
ownership interest in the Debtor. All Equity Security Holders of
the Debtor will retain their interest(s) in the Debtor as such
interest(s) existed prior to the Petition Date, with Victor Tuckler
retaining a 100% membership interest.
The means necessary for the implementation of this Plan include the
Debtor's cash flow from operations for a period of 5 years. The
Debtor's financial projections show that the Debtor will have
sufficient cash over the life of the Plan to make the required Plan
payments and operate its business. The estimated cash on hand
necessary as of the First Payment Date of this Plan is $13,444.00,
which is consistent with the negative cash flow projected for June
2025 in the financial projections.
The Debtor's financial projections show that the Debtor will have
projected disposable income for a period of 5 years of $117,858.00.
This projected disposable income is primarily allocated to making
the required Plan payments to creditors. The modest remaining cash
reserves at the end of the Plan period are necessary to maintain
stable business operations and address potential market
fluctuations. To ensure plan payments are made even if the Debtor
underperforms financially, Victor Tuckler has agreed to contribute
additional capital or defer/waive salary as needed.
A full-text copy of the Plan of Reorganization dated April 7, 2025
is available at https://urlcurt.com/u?l=rBrg76 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Ido J. Alexander
AlignX Law
12555 Orange Dr Ste 4159
Davie, FL 33330
Telephone: (954) 686-7399
Email: ija@alignxlaw.com
- and -
Zach B. Shelomith
Christian Somodevilla
LSS LAW
2699 Stirling Road, Suite C401
Ft. Lauderdale, Florida 33312
Telephone: (954) 920-5355
Facsimile: (954) 920-5371
Email: zbs@lss.law
Email: cs@lss.law
About Champion Welding Services
Champion Welding Services LLC based in Miami Lakes, Florida,
operates as a structural steel and miscellaneous metals
fabricator.
Champion Welding Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10133) on
January 7, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100,000 and $500,000.
Honorable Bankruptcy Judge Corali Lopez-Castro handles the case.
The Debtor tapped Ido J. Alexander, Esq., at Alignx Law as counsel
and Newport Advisors Corporation as accountant.
CHARLIE'S HOLDINGS: Sells PACHA Assets to RJ Reynolds for $5-Mil.
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Charlie's Holdings, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
entered into and closed an Asset Purchase Agreement with R. J.
Reynolds Vapor Company pursuant to which R. J. Reynolds purchased
12 of the Company's PACHA synthetic products and related assets
that are covered by a premarket tobacco application first submitted
by the Company in 2022.
The purchase price for the Assets was $5 million paid at closing,
plus a contingent one-time payment of up to $4.2 million based on
product sold by R. J. Reynolds during the one-year following the
first day of commercialization of the Assets. The Agreement
contains customary representations, warranties, and indemnities by
each of the parties.
A full-text copy of the Form of Asset Purchase Agreement is
available at https://tinyurl.com/23nw46e9
About Charlie's Holdings Inc.
Charlie's Holdings, Inc. (OTCQB: CHUC) is an industry leader in the
premium, nicotine-based vapor products space. The Company's
products are sold around the world to select distributors,
specialty retailers, and third-party online resellers through
subsidiary companies Charlie's Chalk Dust, LLC and Don Polly, LLC.
Charlie's Chalk Dust, LLC has developed an extensive portfolio of
brand styles, flavor profiles, and innovative product formats. Don
Polly, LLC creates innovative hemp-derived products and brands.
Fort Washington, Pa.-based Mazars USA LLP, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 15, 2024, citing that the Company has incurred
significant operating losses, has negative cash flows from
operations, and has an accumulated deficit. The Company is
dependent on its ability to increase revenues and obtain financing
to execute its development plans and continue operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
The Company have yet to file its Annual Report on Form 10-K for the
year ended December 31, 2024 because the Company requires
additional time to complete and finalize the audit of its financial
statements required to be included in the Form 10-K.
CHLOE'S NYC: Section 341(a) Meeting of Creditors on June 9
----------------------------------------------------------
On May 5, 2025, Chloe's NYC LLC filed Chapter 11 protection in
the U.S. Bankruptcy Court for the Eastern District of New York.
According to court filing, the Debtor reports between $500,000 and
$1 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
A meeting of creditors under Section 341(a) to be held on June 9,
2025 at 02:00 PM at Telephonic Meeting: Phone 1 (877) 953-2748,
Participant Code 3415538#.
About Chloe's NYC LLC
Chloe's NYC LLC is Brooklyn-based limited liability company.
Chloe's NYC LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-4217) on May 5,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $500,000 and$1 million.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
The Debtor is represented by Ronald D. Weiss, Esq.
CLAROS MORTGAGE: BlackRock Holds 5.9% Equity Stake
--------------------------------------------------
BlackRock, Inc., disclosed in a Schedule 13G (Amendment No. 2)
filed with the U.S. Securities and Exchange Commission that as of
March 31, 2025, it beneficially owned 8,175,532 shares of common
stock of Claros Mortgage Trust Inc.'s common stock, representing
5.9% of the outstanding common stock of the Company.
BlackRock, Inc. may be reached through:
Spencer Fleming, Managing Director
50 Hudson Yards, New York, NY 10001
Tel: (212) 810-5800
A full-text copy of BlackRock's SEC report is available at:
https://tinyurl.com/yep6d3zn
About Claros Mortgage Trust Inc.
CMTG -- https://www.clarosmortgage.com/ -- is a real estate
investment trust that is focused primarily on originating senior
and subordinate loans on transitional commercial real estate assets
located in major markets across the U.S. CMTG is externally managed
and advised by Claros REIT Management LP, an affiliate of Mack Real
Estate Credit Strategies, L.P.
* * *
In Feb. 2025, S&P Global Ratings lowered its issuer credit rating
on Claros Mortgage Trust Inc. (CMTG) to 'CCC+' from 'B-'. The
outlook is negative. S&P also lowered its issuer credit rating on
CMTG's senior secured debt to 'CCC+' from 'B-'.
The downgrade follows the company's increased liquidity pressures
and its ongoing asset sales to raise liquidity. CMTG's total
available liquidity further declined to $98 million as of Feb. 17,
2024, from $102 million at year-end 2024 and $238 million as of
year-end 2023. Additionally, the company modified its minimum cash
liquidity covenant related to its secured funding to 3% of total
recourse indebtedness (from 5% of total recourse indebtedness) for
the first two quarters of 2025.
CLJ HOME: Seeks Subchapter V Bankruptcy in Texas
------------------------------------------------
On May 5, 2025, CLJ Home Healthcare 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
$500,000 and $1 million in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About CLJ Home Healthcare LLC
CLJ Home Healthcare LLC, also operating as Affinity Pediatric Home
Healthcare, is a San Antonio-based provider of home health nursing
services specializing in pediatric care.
CLJ Home Healthcare LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50983) on May 5,
2025. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $500,000
and $1 million.
Honorable Bankruptcy Judge Michael M. Parker handles the case.
The Debtor is represented by Robert Chamless Lane, Esq. at The Lane
Law Firm PLLC.
CLOUTER CREEK: Unsecured Creditors to be Paid in Full in Plan
-------------------------------------------------------------
Clouter Creek Reserve, LLC, filed with the U.S. Bankruptcy Court
for the District of South Carolina a Disclosure Statement
describing Plan of Reorganization dated April 7, 2025.
The Debtor is a member managed South Carolina limited liability
company formed in 2009 under the name Ivo Sands, LLC. At the time
of its formation, the Debtor's membership interests were 50%
Michael F. Colucci and 50% Shane G. Sandusky.
The Debtor was formed to purchase real property and obtain the
necessary approvals and entitlements as a horizontal property
developer in order to sell the property for vertical development.
As of January 6, 2025 (the "Petition Date") the Debtor owns the
real property located at 100 Sands Drive, Charleston, South
Carolina that is identified by Tax Map System ("TMS") Numbers
275-00-00-005 and 275-00-00- 323 (the "Property") which consist of
approximately 16.4 acres of real property.
The Property was initially taken via eminent domain from several
property heirs by the South Carolina Ports Authority ("SPA") for
the redevelopment of the Charleston Port. The Debtor's acquisition
of the property and initial development work was funded through a
loan from 1734 Strategic Group, LLC secured by a first mortgage in
the principal sum of $443,000 (the "1734 Mortgage") and a loan from
Scoff II, LLC secured by a second mortgage in the principal sum of
$385,000 (the "Scoff” Mortgage").
As of the Petition Date, the Debtor's assets consist of the
Property and permits and entitlements. The Debtor's Property is
located within a portion of Berkeley County that has been annexed
by the City of Charleston. The Property has a current value of
approximately $15,400,000 "As Is" and $17,500,000 "As Entitled" as
shown in the February 10, 2025 Appraisal Report (the "2025
Appraisal") issued by the Estate's Appraiser.
The Debtor has continued to fund its progress towards full
entitlement through equity infusions from its member, Shane
Sandusky. Since on or about July 11, 2023, the Debtor has been
working with Driftwood South, LLC and its broker in charge Adam
Chapman to consult on opportunities for the sale of the Property.
Since this time all offers have been contingent upon full
entitlement of the property.
Class 9. General Unsecured Trade Vendors ("Trade Creditors"). This
Class is a convenience-type of class that includes the Debtor's
Trade Creditors with whom it does business as a part of its normal
operations. The members of Class 9 are as follows:
1. Adam Chapman in the amount of $130,000;
2. Applied Technology Management ("ATM") in the amount of $1,118;
3. Charleston Water System in the amount of $3,898.06;
4. JP Morgan Chase based on POC 3 in the amount of $910;
5. Season Whiteside in the amount of $1,808; and
6. Season Whiteside in the amount of $581.
Any pre-petition Allowed Claims of general unsecured Trade
Creditors in this Class will be paid in full, without interest,
within ninety days after the Effective Date of the Plan, or upon
successful sale of the fully entitled Property or refinancing,
whichever occurs sooner.
The post-petition amounts due to general Trade Creditors are not
included in this Class. Post-petition amounts due to trade
creditors will be paid in full as administrative priority claims in
the ordinary course of the Debtor's business dealings with its
trade creditors from funds made available through the DIP Loan.
Class 10 consists of the Equity Interests in the Debtor. Shane G.
Sandusky is the only member of the Debtor. Mr. Sandusky will
continue in the management of the Debtor pursuant to the terms of
this Plan. The Equity Interests in the Debtor will remain in place
to the extent that all classes are paid in full or such classes
consent to alternative treatment.
The Debtor believes and asserts that it has the ability to repay
all creditors in full. The Debtor has prepared and attached to this
Disclosure Statement a feasibility budget (the "Feasibility
Budget") which demonstrates the Debtor's expected uses for the
proceeds of its DIP Finance Loan over the term of the Debtor's
Plan. The Feasibility Budget demonstrates the Debtor's ability to
make the payments called for in Classes 1 to 11 of the Plan.
The Debtor's Plan calls for full entitlement and sale of the
Property or the orderly liquidation of the Debtor's assets over the
course of the Plan term. Based on the Feasibility Budget, the
Debtor believes that it can demonstrate the ability to pay the
debts called for in Classes 1 to 11 of the Plan, therefore the
Debtor asserts that the Plan is not likely to be followed by a
liquidation or the need for further reorganization of the Debtor.
A full-text copy of the Disclosure Statement dated April 7, 2025 is
available at https://urlcurt.com/u?l=YaG1vW from PacerMonitor.com
at no charge.
Counsel to the Debtor:
W. Harrison Penn, Esq.
PENN LAW FIRM, LLC
1517 Laurel Street
Columbia, SC 29201
Tel: (803) 771-8836
Email: hpenn@pennlawsc.com
About Clouter Creek Reserve
Clouter Creek Reserve LLC formerly known as IVO SANDS, LLC, is a
single asset real estate entity based in Charleston, South
Carolina.
Clouter Creek Reserve LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-00034) on Jan. 6,
2025. In its petition, the Debtor estimated assets between $10
million and $50 million and liabilities between $1 million and $10
million.
Penn Law Firm LLC is the Debtor's counsel.
COAL NEW HAVEN: Taps Ephraim Diamond of Arbel Capital as CRO
------------------------------------------------------------
Coal New Haven, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Ephraim Diamond, a
partner at Arbel Capital Advisors, LLC, as its chief restructuring
officer.
The Debtor requires a CRO to:
(a) open and close bank accounts;
(b) evaluate liquidity options including restructuring,
refinancing, reorganizing, or a sale of the Debtor's' assets;
(c) attend hearings and provide information and analyses for
inclusion in court filings and testimony related thereto;
(d) provide in-court testimony and approving and authorizing
the filing of pleadings and other papers in the Chapter 11 Cases,
as may be required;
(e) support negotiations with the creditors and other
constituents in the Chapter 11 Cases;
(f) negotiate the terms of debtor in possession financing or
cash collateral order, if any;
(g) required of a debtor in possession, and other financial
reporting as may be required or requested by the Office of the
United States Trustee;
(h) assist the Debtor with the preparation of any schedules,
statements, debtor in possession financing budgets and other
documents as may be required or prudent in the Chapter 11 Cases;
(i) assess the viability of and, if deemed prudent, assist the
Debtor's pursuit of a sale or other transaction through the Chapter
11 Cases;
(j) pursue litigation and claims the Debtor may have against
other parties or insurance of the Debtor;
(k) negotiate, propose and execute a plan of reorganization or
liquidation, as is appropriate in the Chapter 11 Cases, subject to
approval by the Bankruptcy Court;
(l) approve and execute any pleading or other papers and
documents appropriate in the Chapter 11 Cases to be filed with the
Bankruptcy Court or otherwise; and
(m) perform any other services or assume any other corporate
authority or obligation(s) as may be deemed prudent, subject to the
agreement of the VP to perform such services and assume such
corporate authority or obligation(s).
The firm will receive compensation as follows:
a. A one-time nonrefundable cash fee of $10,000.
b. A monthly nonrefundable cash fee of $10,000.
The firm received a retainer in the amount of $50,000.
Mr. Diamond disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
Mr. Diamond can be reached at:
Ephraim Diamond
Arbel Capital Partners, LLC
4 Waverly Place
Lawrence, NY 11559
Tel: (516) 939-8901
Email: ephraim@arbelcapital.com
About Coal New Haven
Coal New Haven LLC is a limited liability company.
Coal New Haven LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-45425) on December 31,
2024. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
Kevin J. Nash, Esq. of Goldberg Weprin Finkel Goldstein LLP
represents the Debtor as counsel.
COEUR MINING: S&P Upgrades ICR to 'B+' on Strong Credit Metrics
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Coeur Mining
Inc. (Coeur) to 'B+' from 'B-'.
S&P said, "At the same time, we raised our issue-level rating on
the senior secured debt to 'BB' from 'B+'; the associated '1'
recovery rating remains unchanged. We also raised our issue-level
rating on the unsecured notes to 'BB-' from 'B'; the associated
recovery rating remains capped at '2'.
"The stable outlook reflects our expectation for an increased
credit cushion from robust profits and cash flow over the next 12
months."
Coeur has consolidated its business with the expansion of
operations at Rochester and the acquisition of SilverCrest. In
2024, Coeur reaped the benefits of improved silver and gold
production at Rochester, following the completion of ramp-up
activities in mid-2024, which also coincided with higher realized
prices for silver and gold. Rochester accounted for about 11% of
gold production and 38% of silver production in 2024 and is on
track to almost double its production year over year in 2025, as it
will be the first full year of operation following completion of
the expansion project.
Coeur also added the high-grade, low-cost Las Chispas mine to its
portfolio of assets after it closed the acquisition of SilverCrest
in February 2025. The transaction increased its portfolio of active
mines to five and positions the company as a leading U.S. silver
producer based on its 2025 guidance. Coeur projects year-over-year
increases of 20% and 62% in gold and silver production,
respectively, which reflects the inclusion of Las Chispas (which
will account for about 12% and 26% of consolidated gold and silver
volumes, respectively) and increasing production from Rochester
(which will account for about 16% and about 41% of consolidated
gold and silver volumes, respectively). S&P said, "While the
acquisition offers significant upside to production and
profitability, we do not expect the realization of significant
synergies as with all major mining combinations, given the
different locations of the assets. We also anticipate minimal
integration challenges given the company's experience in operating
assets in Mexico."
Record profits should spur stronger leverage metrics over the next
24 months. Coeur's leverage strengthened to 2.5x in 2024, which
compares favorably with 7.2x in 2023, driven by S&P Global
Ratings-adjusted EBITDA of $330 million, more than three times that
of 2023. S&P said, "All other things equal, we expect another year
of record profits, with S&P Global Ratings-adjusted EBITDA of $600
million-$700 million in 2025 as the company integrates Las Chipas
and as Rochester is on track to almost double its production. Coeur
will also benefit from record gold prices, which continue to trade
above $3,000/ounce since mid-March 2025, as well as favorable
silver prices. Given that the company financed the acquisition with
equity, we assume stable S&P Global Ratings-adjusted debt levels
over our forecast period. We expect leverage will strengthen below
1.5x over the next 24 months. Coeur's free operating cash flows
will turn significantly positive to $150 million-$200 million in
fiscal 2025, which would position the company favorably for debt
repayment, based on its public comments. For example, the company
repaid about $85 million of revolver drawings in the first quarter
of 2025, reducing the outstanding revolver debt to $110 million as
of March 31, 2025."
Coeur's financial policy is a key rating consideration. Over the
past three years, Coeur dedicated most of its financial resources
toward the completion of the Rochester mine expansion. Following
completion of the project, Coeur's management has declared its
intention to prioritize debt repayment with free cash flows. S&P
said, "The company has not made any distributions to shareholders
over the past six years, and we expect that to continue over the
next 24 months. The company's current capital allocation also
favors continuous investment in various brownfield projects and
exploration activities to sustain operations and extend mine lives
at all locations. For example, through such projects, the company
has extended Kensington's mine life to five years from two years.
We believe the continuation of such polices will further
consolidate Coeur's competitive advantage, create a credit cushion,
strengthen its balance sheet, and improve its financial
flexibility."
S&P said, "The stable outlook reflects our expectation for record
profits over the next 12 months, a reflection of an improved
production profile at Rochester and inclusion of the Las Chispas
mine. We expect free cash flow will turn significantly positive,
providing the company with debt reduction opportunities. We expect
S&P Global Ratings-adjusted debt to EBITDA at the lower end of the
1x-2x range.
"We could lower our rating on Coeur over the next 12 months if it
runs into challenges operating the Las Chispas mine or prolonged
operational disruptions at any of its mines leads to
lower-than-expected volumes. In such a scenario, we would expect
leverage to approach 4x.
"We could raise our rating on Coeur within the next 12 months if it
sustains its production profile at all mines, bolsters its business
through increasing life of its mines, and increases its financial
flexibility through debt reduction. In such a scenario, we would
expect it to sustain leverage below 2x, supported by our commodity
price assumptions."
COKING COAL: Seeks to Extend Plan Exclusivity to June 16
--------------------------------------------------------
Coking Coal, LLC, asked the U.S. Bankruptcy Court for the Eastern
District of Kentucky to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to June 16 and
August 15, 2025, respectively.
The Debtor explains that it seeks these extensions to allow time
for the Debtor, its estate and its creditors to pursue an orderly
sale and plan process. The requested extensions are reasonable
given the Debtor's progress to date and the current posture of this
case.
The Debtor claims that it is not seeking this extension to delay
the process for some speculative event or to pressure creditors to
accede to a plan that is unsatisfactory to them. Indeed, the Debtor
is currently pursuing an orderly sale process to maximize the
recovery to its creditors.
The Debtor states that the auction for the sale of substantially
all of Debtor's assets has not concluded. The Debtor needs to await
the results of the Auction before it can put forward a plan or
otherwise determine how to wind down the case. The Debtor therefore
seeks a short extension of the Exclusivity Periods to allow it the
time in which to make those decisions and implement same.
In addition, the Debtor is paying its debts as they come due, as
disclosed in the Debtor's Monthly Operating Reports. The Debtor
also believes it has reasonable prospects for filing a confirmable
plan, should it choose to do so once it closes on the sale of its
assets. Further, the Debtor submits that its creditors are aware
that a sale and winding down of the estate is in their best
interests.
Finally, this case has only been pending since December 2024. The
Debtor is hoping to conclude the case as quickly as possible, but
submits that a brief extension of time is justified under the
circumstances.
Coking Coal, LLC is represented by:
Ellen Arvin Kennedy, Esq.
Brandon E. Lira, Esq.
Dinsmore & Shohl LLP
100 West Main Street, Suite 900
Lexington, KY 40504
Tel.: (859) 425-1000
Fax: (859) 425-1099
E-mail: ellen.kennedy@dinsmore.com
brandon.lira@dinsmore.com
-and-
Matthew J. Stockl, Esq.
Dinsmore & Shohl LLP
550 S. Hope Street, Suite 1765
Los Angeles, CA 90071
Tel.: (213) 335-7737
Fax: (213) 335-7740
E-mail: matthew.stockl@dinsmore.com
About Coking Coal
Coking Coal, LLC, is a company in Appalachia, Va., which operates
in the coal mining industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ky. Case No. 24-70529) on December 16,
2024. In the petition signed by Lloyd Hill, president and chief
executive officer, the Debtor disclosed up to $100 million in
assets and up to $500 million in liabilities.
Judge Gregory R. Schaaf oversees the case.
Ellen Arvin Kennedy, Esq., at Dinsmore & Shohl, LLP, is the
Debtor's legal counsel.
CONDADO ROYAL: Reaches Agreement with Ashford; Files Amended Plan
-----------------------------------------------------------------
Condado Royal Palm, Inc., submitted a Second Amended Disclosure
Statement describing Second Amended Plan of Reorganization dated
April 3, 2025.
On May 18, 2022, debtor filed Motion for Approval of a Purchase and
Sale Agreement Pursuant to Section 363 of the Bankruptcy Code, Free
and Clear of all Liens, Claims, Interests and Encumbrances.
Through the efforts of the real estate broker, the Debtor has been
able to procure a private sale over the appraisal amount for
$8,300,000.00. On June 24, 2022, this Honorable Court entered an
Order approving the Sale. After all selling expenses, notarial
expenses were paid or authorized reserves made, the Debtor moved
the Court for the consignment of Net Proceeds in the amount of
$1,737,943.29.
Accordingly, the amount of $1,737,943.29 remained consigned with
the Bankruptcy Court. Therefore, the consigned funds were intended
to provide the funding for Debtor's Second Amended Plan. The Order
approving the sale at docket no. 66 provided the custody,
assurances and adequate protection afforded to debtor and the
contested creditor Ashford R.J.F. Inc., while the pending
controversies between these parties were resolved.
After extensive negotiations, on January 28, 2025, the parties
filed a Joint Settlement and Compromise whereby the Debtor and
Ashford R.J.F. Inc. reached an agreement for the resolution of the
adversary proceeding 22-000041 with prejudice, including all
allegations, pleadings, and appeals rights within the Ashford
R.J.F. Inc State Court case, between Ashford R.J.F. Inc. and
Debtor's stockholders.
Per the settlement, a check in the amount of $850,000.00 was issued
by the Clerk of Court to Ashford RJF, Inc. in full settlement of
its claim. The remaining Consigned Funds of $948,264.32 were
disbursed to the Debtor for it to deposit in debtor in possession
bank account. On February 27, 2025, the Court approved the
settlement.
Class 2 is comprised by ASFHORD R.J.F. INC. This creditor filed
Proof of Claim Number 3, with the secured amount of $4,007,814.50.
The creditor relies on a junior mortgage note payable to bearer
with a scheduled face amount of $3,200,000.00. The allowance of the
claim and the validity of the lien were disputed on Adversary
Proceeding No. 22-00041. However, this creditor has retained its
lien on funds consigned with the Court in the amount of $1,734,943
subject to the pending dispute of allowance of its lien and/or
claim.
Distributions to this Class were made pursuant to the settlement
reached in the Adversary Proceeding No. 22-00041. As ordered by the
Court, payment of $850,000.00 was issued by the Clerk of Court to
Ashford RJF, Inc. in full settlement of claims for this class.
Class 3 consists of General Unsecured Creditors. General unsecured
creditors considering those listed by the Debtor, those who filed a
proof of claim and those secured creditors, who after Debtor's
efforts have agreed to be considered part of their claim as
unsecured, are included in this class. The debt under this class
has been estimated by Debtor in the amount of $5,320,700.00. Within
this class there is one insider of the debtor deemed allowed to
wit, Interamerican Gold, Inc.
Upon receiving all of the consigned funds from Bankruptcy Court,
Class 3 claimants shall receive from the Debtor the totality of the
net funds available to the Debtor, less any necessary fees or
expenses, less any estimated administrative expenses and priority,
to be paid pro-rata to all allowed claimants under this class,
which shall be payable in a lump sum no later than the Effective
Date. To this date, the distribution to this Class has been
estimated in amount of $1,054,432.00. This class is impaired.
Class 4 consists of Equity Security Interest Holders. Creditors
under this class will not receive any cash payment. The equity
security holders will retain and receive as distribution their
interest on the reorganized entity but only with the purpose of (1)
filing a formal dissolution of the corporation with the Puerto Rico
Department of State after the Plan confirmed by the Court is fully
consummated and; (2) when determined by the remaining designated
officers and stockholders in charge with the liquidation process of
the corporation as required by Puerto Rico Corporate Law.
The Debtor shall have sufficient funds to make all payments due
under this Second Amended Plan. On June 28, 2022, this Honorable
Court entered Writ for Sale of Property Free and Clear of Liens.
After all selling expenses, notarial expenses were paid or
authorized reserves made, the Debtor moved the Court for the
consignment of Net Proceeds in the amount of $1,737,943.29.
Per the settlement reached by the parties on Adversary Proceeding
No. 22-00041, payment of $850,000.00 will be disbursed to Class 2
creditor, Ashford RJF, Inc. The remaining Consigned Funds of
$948,264.32 were disbursed to the Debtor for it to deposit in
debtor in possession bank account. On February 27, 2025, the Court
approved the settlement.
A full-text copy of the Second Amended Disclosure Statement dated
April 3, 2025 is available at https://urlcurt.com/u?l=SfwxBM from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Wigberto Lugo-Mender, Esq.
Alexis A. Betancourt Vincenty, Esq.
LUGO MENDER GROUP, LLC
100 Road 165 Suite 501
Guaynabo, PR 00968-8052
Tel: (787)-707-0404
Fax: (787)-708-0412
E-mail: wlugo@lugomender.com
a_betancourt@lugomender.com
About Condado Royal Palm
Condado Royal Palm, Inc., is a company in San Juan, P.R., engaged
in renting and leasing real estate properties. Condado is a single
asset real estate that was the owner of a real property:
* A- Land Parking lot with units #10, 11, 12 & 13 located at
Condado, San Juan, P.R. Land #572; Folio 214; Tomo 13 Property
Register Section San Juan I. Cadaster #040-039- 012-06 802.
* B- Land Parking lot with units #14, 15, 16 & 17 located at
Condado, San Juan, PR, Land #10,584; Folio 159; Tomo 281 " Property
Register Section San Juan I. Cadaster #040- 039-012-19 001.
Condado Royal Palm filed a petition for Chapter 11 protection
(Bankr. D.P.R. Case No. 22-01282) on May 4, 2022, listing
$8,300,995 in total assets and $15,493,286 in total liabilities.
Jose A. Ramirez de Arellano, president, signed the petition.
Judge Mildred Caban Flores oversees the case.
The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as legal counsel and MAM Group, LLC, as real estate consultant.
COOPER-STANDARD: BlackRock Holds 7% Equity Stake
------------------------------------------------
BlackRock, Inc., disclosed in a Schedule 13G (Amendment No. 1)
filed with the U.S. Securities and Exchange Commission that as of
March 31, 2025, it beneficially owned 1,208,159 shares of common
stock of Cooper-Standard Holdings Inc.'s common stock, representing
7% of the outstanding common stock of the Company.
BlackRock, Inc. may be reached through:
Spencer Fleming, Managing Director
50 Hudson Yards, New York, NY 10001
Tel: (212) 810-5800
A full-text copy of BlackRock's SEC report is available at:
https://tinyurl.com/57d5tdp4
About Cooper-Standard
Cooper-Standard Holdings Inc. (www.cooperstandard.com),
headquartered in Northville, Mich., with locations in 21 countries,
is a global supplier of sealing and fluid handling systems and
components. Utilizing the Company's materials science and
manufacturing expertise, the Company creates innovative and
sustainable engineered solutions for diverse transportation and
industrial markets.
* * *
S&P Global Ratings revised its outlook on U.S.-based
Cooper-Standard Holdings Inc. to positive from negative and
affirmed our 'CCC+' Company credit rating.
S&P said, "At the same time we affirmed our 'CCC+' issue-level on
the senior secured first-lien notes due in 2027; the recovery
ratings are unchanged at '4' (30%-50%; rounded estimate: 45%). We
affirmed our 'CCC-' issue-level rating on the senior secured
third-lien notes due in 2027; the recovery ratings are unchanged at
'6' (0%-10%; rounded estimate: 0%). We also affirmed our 'CCC-'
issue-level rating on the company's senior unsecured notes; the
recovery ratings are unchanged at '6' (0%-10%; rounded estimate:
0%).
"The positive outlook reflects the potential that we could raise
our ratings within the next 12 months if we anticipate the company
to further improve its earnings and free cash flow generation even
as we expect capex to increase in the longer term."
COVE CASTLES: Hires 7th Heaven Properties as Real Estate Broker
---------------------------------------------------------------
Cove Castles Development Corporation seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ 7th Heaven
Properties Ltd. as real estate broker.
The broker will sell the resort property located on approximately
10 acres of land at the West End Section of Shoal Bay on the
Caribbean island of Anguilla, called "Cove Castles Resort".
The broker will receive a commission equal to 3 percent of the
contract price. The broker will also receive a marketing fee equal
to $10,000.
The firm can be reached through:
Walter Zephirin
7th Heaven Properties Ltd.
Level 1, Devonshire House,
One Mayfair Place
London, W1J 8AJ
Tel.: UK +44 (0)800 208-1057
Tel.: US/Canada (Toll Free) (855) 364-8776
E-Mail: walter@7thheavenproperties.com
About Cove Castles Development Corporation
Cove Castles Development Corporation is primarily engaged in
renting and leasing real estate properties.
Cove Castles Development Corporation sought relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case
No. 24-11667) on August 6, 2024. In the petition signed by Michael
H. Steinhardt, as Board Member, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between $10
million and $50 million.
The Honorable Bankruptcy Judge Thomas M. Horan oversees the case.
The Debtor is represented by Garvan F. McDaniel, Esq. of HOGAN
MCDANIEL.
COVERED BRIDGE: Court Extends Cash Collateral Access to May 16
--------------------------------------------------------------
Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC
received another extension from the U.S. Bankruptcy Court for the
District of Connecticut to use cash collateral.
The order signed by Judge Julie Manning approved the use of cash
collateral to pay operating expenses from May 3 to May 16, in
accordance with the companies' projected budget, with a 10%
variance allowed.
Secured creditors, including UC Covered Bridge MF Holder, LLC and
the U.S. Small Business Administration were granted a replacement
lien on the companies' assets, including real estate and personal
property, to the same extent, validity and priority as their
pre-bankruptcy liens.
As additional protection, UC Covered Bridge MF Holder will receive
payment of $100,000 and will be granted a superpriority claims
senior to all other administrative expense claims.
A final hearing is scheduled for May 14.
A copy of the court order and the budget is available at
https://shorturl.at/DKuMw from PacerMonitor.com.
About Covered Bridge Newtown
Covered Bridge Newtown, LLC is the entity responsible for
construction of the buildings at a rental complex operated by
Covered Bridge Newtown I, LLC. This property is a Class A luxury
rental complex located at 9 Covered Bridge Road, Unit 1 and Unit 3,
Newtown, Conn., with over 150 rented units. It has a 24-hour
fitness center, heated swimming pool, sun deck, and clubhouse.
The first buildings were completed in 2018. After construction on a
parcel is completed, Covered Bridge Newtown deeds the buildings to
Covered Bridge Newtown I by way of quit claim deed, after which the
latter is the landlord to its tenants. Covered Bridge Newtown I has
a full-time, on-site property manager attending to the needs of
tenants and managing the Rental Complex.
Covered Bridge Newtown and Covered Bridge Newtown I filed Chapter
11 petitions (Bankr. D. Conn. Lead Case No. 24-50833) on December
8, 2024. Each Debtor reported between $50 million and $100 million
in assets and liabilities at the time of the filing.
Judge Julie A. Manning handles the cases.
The Debtors are represented by Joanna M. Kornafel, Esq., and
Jeffrey M. Sklar, Esq., at Green & Sklarz, LLC.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
UC Covered Bridge MF Holder, LLC, as secured creditor, is
represented by:
Jeffrey A. Miller, Esq.
Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
1201 RXR Plaza
Uniondale, NY 11556
Telephone No. (516) 622-9200
Facsimile No. (516) 622-9212
Email: jmiller@westermanllp.com
CYPRESSWOOD SPRING: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
Cypresswood Spring Memory Care, LLC got the green light from the
U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, to use cash collateral to pay its operating
expenses.
The order penned by Judge Mark Mullin authorized the company's
interim use of cash collateral through May 29 in accordance with
its monthly budget.
The budget projects total operational expenses of $160,890.45 for
May.
PSF I Cypresswood, LLC, a secured lender, asserts pre-bankruptcy
liens on substantially all of the company's assets, including cash
and accounts.
As protection, the lender was granted post-petition liens on the
company's assets, excluding Chapter 5 claims.
The company's authority to use cash collateral terminates upon
occurrence of certain events including conversion of its Chapter 11
case, appointment of a trustee or default, subject to seven-day
cure rights.
Meanwhile, Cypresswood was authorized to borrow up to $50,000 from
its manager, J&M Family Management, LLC.
A final hearing is scheduled for May 29.
About Cypresswood Spring Memory Care
Cypresswood Spring Memory Care, LLC, doing business as Autumn
Leaves of Cypresswood, operates a 54-bed, purpose-built community
in Spring, Texas that provides specialized residential care for
people with Alzheimer's disease and other dementias. The facility
is part of family-owned Autumn Leaves Memory Care, which runs
similar communities in Texas and Illinois.
Cypresswood sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 25-41420) on April 23, 2025. In its
petition, the Debtor reported between $1 million and $10 million in
assets and between $10 million and $50 million in liabilities.
Judge Edward L. Morris handles the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the
Debtor's legal counsel.
Cypresswood Spring Memory Care, LLC, as secured lender, is
represented by:
Kevin M. Lippman, Esq.
Munsch Hardt Kopf & Harr, P.C.
500 N. Akard Street, Suite 4000
Dallas, TX 75201-6659
Telephone: (214) 855-7565
Facsimile: (214) 978-5335
klippman@munsch.com
CYTOSORBENTS CORP: Names Melanie Grossman VP, Corporate Controller
------------------------------------------------------------------
CytoSorbents Corporation announced the appointment of Melanie
Grossman, CPA as Vice President and Corporate Controller. Ms.
Grossman joins CytoSorbents with over 25 years of accomplished
finance and accounting experience in global, publicly-traded
companies.
"We are pleased to announce the appointment of Melanie to this
important role," stated Peter J. Mariani, Chief Financial Officer
of CytoSorbents. "Melanie brings extensive expertise in financial
operations, planning and analysis, as well as the establishment of
robust financial reporting systems, processes, internal controls,
and regulatory compliance in publicly-traded companies. Her
experience and leadership will be a real benefit to CytoSorbents as
we continue to drive growth and efficiencies in our core business
and prepare for the potential launch of DrugSorb™-ATR in the U.S.
and Canada."
Melanie is an accomplished leader and joins CytoSorbents from
Staffing 360 where she served as the Senior Vice President and
Group Controller. Her previous experience includes Director of
Finance and Accounting for Vaxxinity, Controller for Byram
Healthcare, and eight years with Stryker Orthopedic. She began her
career in public accounting as an auditor with Ernst & Young
serving a breadth of clients and industries.
Reporting Inducement Grants Under NASDAQ Listing Rule
5635(c)(4):
Upon Ms. Grossman's appointment, the Compensation committee of the
Board of Directors approved the following inducement awards
pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing
Rules:
* Non-Qualified Stock Options to purchase a total of 25,000
shares of common stock. The stock options have a 10-year term and
an exercise price per share of $0.99, the fair market value of the
Company's common stock on April 14, 2025, the date of grant. The
stock options vest 50% on the first-year anniversary of the date of
grant and 25% of the award on each of the second year and third
anniversaries of the date of grant;
* Signing Restricted Stock Units of 35,000 units which will
vest upon the earlier of i) a change-in-control of the Company, or
ii) cliff vest in four years; and
* Change-of-Control Restricted Stock Units of 35,000 units
that will vest only in the event of a change-of-control of the
Company.
The terms of each award are subject to the applicable award
agreement and vesting is subject to continued service as of the
applicable vesting date.
About CytoSorbents
Based in Monmouth Junction, N.J., CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification. Its flagship product, CytoSorb, is approved in the
European Union with distribution in more than 75 countries around
the world as an extracorporeal cytokine adsorber designed to reduce
the "cytokine storm" or "cytokine release syndrome" seen in common
critical illnesses that may result in massive inflammation, organ
failure, and patient death.
East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2004, 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 suffered recurring losses from
operations, has experienced cash used in operations, and has an
accumulated deficit, which raise substantial doubt about its
ability to continue as a going concern.
CYTOSORBENTS CORP: Skylands Capital Holds 4.8% Equity Stake
-----------------------------------------------------------
Skylands Capital, LLC, disclosed in a Schedule 13G filed with the
U.S. Securities and Exchange Commission that as of March 31, 2025,
it beneficially owned 3,002,702 shares of common stock of
CytoSorbents Corporation's common stock, representing 4.8% of the
outstanding common stock of the Company.
Skylands Capital, LLC may be reached through:
Virginia E. Shaffar, Vice President & Treasurer
1200 N Mayfair Rd, Suite 250
Milwaukee, WI 53226
Tel: 414-256-3380
A full-text copy of Skylands Capital's SEC report is available at:
https://tinyurl.com/4yvrbdpt
About CytoSorbents
Based in Monmouth Junction, N.J., CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification. Its flagship product, CytoSorb, is approved in the
European Union with distribution in more than 75 countries around
the world as an extracorporeal cytokine adsorber designed to reduce
the "cytokine storm" or "cytokine release syndrome" seen in common
critical illnesses that may result in massive inflammation, organ
failure, and patient death.
East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2004, 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 suffered recurring losses from
operations, has experienced cash used in operations, and has an
accumulated deficit, which raise substantial doubt about its
ability to continue as a going concern.
D AND B PHARMACY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: D and B Pharmacy Corporation
d/b/a Paul's Pharmacy
222 Oak Ridge Commons
South Salem, NY 10590
Business Description: D and B Pharmacy Corporation, operating as
Paul's Pharmacy, provides prescription
services, over-the-counter medications, and
medical equipment at its location in South
Salem, New York. The pharmacy serves the
Vista, Lewisboro, and surrounding
communities, offering additional services
such as FedEx Drop, NYC Lotto, lab testing,
and UPS shipping. It also carries gifts and
home goods, emphasizing personalized
customer care and accepting most major
insurance plans.
Chapter 11 Petition Date: May 9, 2025
Court: United States Bankruptcy Court
Southern District of California
Case No.: 25-22402
Judge: Hon. Kyu Young Paek
Debtor's Counsel: Anne Penachio, Esq.
PENACHIO MALARA LLP
245 Main Street, Suite 450
White Plains, NY 10601
Tel: (914) 946-2889
E-mail: anne@pmlawllp.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paul Roldan as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/TTVI5NI/D_and_B_Pharmacy_Corporation__nysbke-25-22402__0001.0.pdf?mcid=tGE4TAMA
DANNIKLOR ENTERPRISES: Case Summary & Six Unsecured Creditors
-------------------------------------------------------------
Debtor: Danniklor Enterprises LLC
d/b/a Bikes Palm Beach
1456 Cades Bay Avenue #5026
Jupiter, FL 33458
Business Description: Danniklor Enterprises LLC, operating as
Bikes Palm Beach, sells a wide range of
bicycles and accessories, including kids'
bikes, hybrid and electric bikes, triathlon
bikes, and high-end road bikes. The Company
also offers cycling gear such as helmets,
lights, sunglasses, and athletic footwear.
In addition to retail sales, it provides
bicycle maintenance services with a 24-hour
turnaround commitment at its location in
Jupiter, Florida.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 25-15192
Judge: Hon. Mindy A Mora
Debtor's Counsel: Robert C. Furr, Esq.
FURR & COHEN
2255 Glades Road, Suite 419A
Boca Raton, FL 33431
E-mail: rfurr@furrcohen.com
Total Assets: $119,176
Total Liabilities: $1,984,410
The petition was signed by Brian LaGrua as manager.
A full-text copy of the petition, which includes a list of the
Debtor's six unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/QBXJQTY/Danniklor_Enterprises_LLC__flsbke-25-15192__0001.0.pdf?mcid=tGE4TAMA
DAVE & BUSTER'S: Moody's Cuts CFR to 'B2' & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Ratings downgraded Dave & Buster's, Inc.'s ("Dave &
Buster's") corporate family rating to B2 from B1, probability of
default rating to B2-PD from B1-PD and the backed senior secured
first lien bank credit facilities ratings to B2 from B1. The
outlook is changed to negative from stable. The speculative grade
liquidity rating ("SGL") is downgraded to SGL-3 from SGL-2.
The downgrades and negative outlook reflect Moody's expectations
that weak traffic will continue as waning consumer confidence will
weigh on discretionary spend and pressure credit metrics. Moody's
projects EBIT/Interest expense to remain around 1.3x and
debt/EBITDA at 5.0x over the next 12 months. The downgrade to SGL-3
from SGL-2 reflects the expectation that liquidity will be adequate
even though the company's free cash flow will remain negative after
scaling back its capital spend as it remains reliant on external
funding. The company's $650 million revolving credit facility due
2029 had $135 million outstanding and $503 million available, net
of letters of credit, as of February 4, 2025.
RATINGS RATIONALE
Dave & Buster's B2 CFR reflects its weak interest coverage and high
capital spend resulting in negative free cash flow owing to its
capital intensive business model, which has focused on store
remodels and new units. The company has also pursued an aggressive
financial policy with over $470 million of share repurchases over
the past 24 months despite its high capital investments amidst
declining revenue and profitability. The company's scale remains
low relative to other rated restaurants in terms of systemwide
units and revenue. Other challenges include labor cost inflation
and pricing pressure on discretionary spend of value oriented
consumers. However, Dave & Buster's holds a leading position in the
niche food & entertainment industry, enjoys strong brand
recognition among customers, good geographic diversity, healthy
EBITDA margin and cash flow generation. Liquidity is adequate,
primarily supported by substantial availability on its revolving
credit facility and no near-term debt maturities.
The negative outlook reflects Moody's expectations that improving
credit metrics and returning to positive free cash flow will be
difficult in the challenging consumer environment. The company also
faces additional risk as it works to improve its operational
execution and streamline its capital plan. Any share repurchases
would also be viewed negatively.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if leverage was sustained below 4.5x with
EBIT/interest coverage of above 2.0x. An upgrade would also require
a balanced financial policy and the maintenance of at least good
liquidity, including positive free cash flow.
Ratings could be downgraded if revenue and earnings deteriorate
resulting in debt/EBITDA sustained near 6.0x or EBIT/interest
coverage is maintained below 1.5x. Ratings could also be downgraded
if liquidity weakens or if financial policies become more
aggressive.
Headquartered in Dallas, Texas, Dave & Buster's, Inc. is a leading
owner and operator of large format, high volume specialty
restaurant entertainment complexes. As of February 04, 2025, the
company owned and operated 232 locations in the US and Canada.
Revenue for the twelve-month period ended February 04, 2025 was
$2.1 billion. Dave & Buster's is listed on the NASDAQ exchange
under "PLAY".
The principal methodology used in these ratings was Restaurants
published in August 2021.
DEDICATION & EVERLASTING: Case Summary & Six Unsecured Creditors
----------------------------------------------------------------
Debtor: Dedication & Everlasting Love To Animals
D.E.L.T.A. Rescue
6021 Shannon Valley Rd
Acton CA 93510
Business Description: Dedication & Everlasting Love to Animals
(D.E.L.T.A. Rescue) operates a no-kill, care-
for-life animal sanctuary in Acton,
California. Founded in 1979, the
organization rescues abandoned dogs and
cats, providing lifelong shelter and medical
care across a 115-acre facility. It is
privately funded and not open to the public.
Chapter 11 Petition Date: May 9, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-13881
Judge: Hon. Neil W. Bason
Debtor's Counsel: William R. Hess, Esq.
LAW OFFICES OF WILLIAM R HESS
1778 S Shenandoah St.
Los Angeles, CA 90035
Tel: 323-360-7951
E-mail: Williams@aol.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Erica Grillo as secretary.
A full-text copy of the petition, which includes a list of the
Debtor's six unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/X5URC6Q/Dedication__Everlasting_Love__cacbke-25-13881__0001.0.pdf?mcid=tGE4TAMA
DELSHAH 60: Case Summary & Nine Unsecured Creditors
---------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Delshah 60 Ninth LLC (Lead Case) 25-10950
114 E 13th Street
Front 1
New York NY 10003
Delshah Gansevoort 69, LLC 25-10953
114 East 13th Street
Front 1
New York NY 10003
Business Description: Delshah Gansevoort 69, LLC owns a single-
story commercial building located at 69
Gansevoort Street in New York, New York.
The property encompasses 3,007 square feet.
Delshah 60 Ninth owns a two-story mixed-use
building at 58-60 Ninth Avenue in New York
City that includes both commercial and
residential space.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. Philip Bentley
Debtors'
Bankruptcy
Counsel: Mark Frankel, Esq.
BACKENROTH FRANKEL & KRINSKY, LLP
488 Madison Avenue FL 23
New York NY 10022-7658
Tel: 212-593-1100
Email: mfrankel@bfklaw.com
Delshah 60 Ninth's
Total Assets: $27,708,058
Delshah 60 Ninth's
Total Liabilities: $28,631,567
Delshah Gansevoort's
Total Assets: $9,000,444
Delshah Gansevoort's
Total Liabilities: $28,001,133
The petitions were signed by Patrick McCann as vice president.
Full-text copies of the petition are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/IFZAPMA/Delshah_60_Ninth_LLC__nysbke-25-10950__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/VYV222I/Delshah_Gansevoort_69_LLC__nysbke-25-10953__0001.0.pdf?mcid=tGE4TAMA
List of Delshah 60 Ninth's Nine Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Board of Managers - Porter House $325,000
Condominiums
66 Ninth Avenue
New York, NY, 10011
2. DGA Security System Inc. Suppliers or Vendors $3,920
PO Box 1920
New York, NY, 10101
3. TGS Reporting Inc. Services $3,513
747 Third Avenue
New York, NY, 10017
4. VDA Elevator & Escalator Suppliers or Vendors $1,041
Consulting
120 Eagle Rock Avenue 310
East Hanover, NJ, 07936
5. Marquis Plumbing & Suppliers or Vendors $895
Heating Co, Inc.
243-47 Merrick Blvd
Rosedale, NY, 11422
6. Con Edison Utility Services $590
JAF Station PO Box 1702
New York, NY, 10116-1702
7. MMPC Suppliers or Vendors $555
3927 29th Street
Long Island City, NY, 11101
8. All About Glass & Windows Suppliers or Vendors $321
36-21 10th Street
Long Island City, NY, 11106
9. Triple A Plaza Suppliers or Vendors $167
PO Box 487
Yonkers, NY, 10704
DELSHAH 60: To Sell New York Apartment to Ninthview LP
------------------------------------------------------
Delshah 60 Ninth LLC and its affiliate, Delshah Gansevoort 69, LLC,
seek permission from the U.S. Bankruptcy Court for the Southern
District of New York, to sell Property, free and clear of liens,
interests, and encumbrances.
The Debtor operates as a real estate development company that
specializes in commercial and residential properties.
The Debtor's Property is a two story condominium unit with ground
floor commercial space and two apartments located at 58-60 Ninth
Avenue, New York, NY.
Based on a pending contract of sale with Ninthview L.P., the Debtor
estimates that the Property value is $21,000,000. In addition, the
Debtor is entitled to a judgment against its former commercial
tenant Free People of PA LLC, (a member of the URBN family of
brands including Urban Outfitters and Anthropologie), in the amount
of $6,707,916 arising from a Federal District Court action for
breach of lease.
The Property is encumbered by a first mortgage lien held by Wells
Fargo Bank National Association, as Trustee for the benefit of the
registered holders of UBS Commercial Mortgage Trust 2017-C5,
Commercial Mortgage Pass-Through Certificates, Series
2017-C5.
The Debtor is a co-borrower with Delshah Gansevoort 69 LLC, the
other jointly administered Debtor herein, which is filing its own
application to sell its real estate under bidding and auction
procedures.
Other lien claims against the Debtor include New York City real
estate tax and other lien claims of about $142,895, a $335,939
judgment lien held by the Board of Managers of the Porter House
Condominium and a lease broker mechanic’s lien asserted by Avison
Young, New York LLC in the amount of $146,666.
The Debtors intends to preserve and protect their Properties by
operating in the ordinary course of business including payment of
day-to-day operating expenses, insurance and taxes.
The Debtor is moving to sell the Property with the bankruptcy
filing, to fund its filed plan of reorganization that pays all
creditors in full, thus satisfying the relevant factors.
About Delshah 60 Ninth LLC
Delshah 60 Ninth LLC is a real estate development company that
specializes in commercial and residential properties.
Delshah 60 Ninth sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. N.Y Case no. 25-10950 (PB)) on
May 8, 2025.
Judge Philip Bentley presides over the case.
Mark A. Frankel of Backenroth Frankel & Krinsky, LLP represents as
the legal counsel of the Debtor.
DELSHAH 60: To Sell NY Building to Record Store Life for $9.2MM
---------------------------------------------------------------
Delshah 60 Ninth LLC and its affiliate, Delshah Gansevoort 69, LLC,
seek permission from the U.S. Bankruptcy Court for the Southern
District of New York, to sell Property, free and clear of liens,
interests, and encumbrances.
The Debtor operates as a real estate development company that
specializes in commercial and residential properties.
The Debtor's Property is a single story 3007 square foot building
located at 69 Gansevoort Street, New York, NY.
The Gansevoort Debtor, as seller, has entered into an agreement of
purchase and sale with Record Store Life Management LLC (
Gansevoort Purchaser), pursuant to which the Ganesvoort Debtor has
agreed to sell the Gansevoort Property to the Gansevoort Purchaser
in exchange for a purchase price of $9,250,000.00.
The Gansevoort Purchaser has delivered a deposit in the amount of
$925,000.00 to Core Title Services, LLC. The Gansevoort Debtor
believes that the Gansevoort Purchase Price represents the fair
market value of
the Gansevoort Property.
In addition to the Gansevoort Property, the Gansevoort Debtor's
assets include limited Cash on hand and personal property used in
operations of the Property.
The Property is encumbered by a first mortgage lien held by Wells
Fargo Bank National Association, as Trustee for the benefit of the
registered holders of UBS Commercial Mortgage Trust 2017-C5,
Commercial Mortgage Pass-Through Certificates, Series 2017-C5.
Other lien claims against the Debtor include New York City real
estate tax and other lien claims of about $85,315, and general
unsecured claims of about $1,133.
In the meantime, the Debtors intend to preserve and protect their
properties by operating in the ordinary course of business
including payment of day-to-day operating expenses, insurance and
taxes.
The Debtor is moving to sell the Property with the bankruptcy
filing, to fund its filed plan of reorganization that pays all
creditors in full, thus satisfying the relevant factors.
About Delshah 60 Ninth LLC
Delshah 60 Ninth LLC is a real estate development company that
specializes in commercial and residential properties.
Delshah 60 Ninth sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. N.Y Case no. 25-10950 (PB)) on
May 8, 2025.
Judge Philip Bentley presides over the case.
Mark A. Frankel of Backenroth Frankel & Krinsky, LLP represents as
the legal counsel of the Debtor.
EDUCATIONAL DEVT: Extends BOKF Credit Deal Maturity to July 11
--------------------------------------------------------------
Educational Development Corporation announced that it has executed
the Eighth Amendment to the Existing Credit Agreement with BOKF,
NA. The Amendment, effective April 4, 2025, extends the maturity
date on the Revolving Loan to July 11, 2025 and includes required
step downs on the Revolving Loan to $4.5 million by May 31, 2025.
The Amendment also extends the maturity dates of the two term loans
to September 19, 2025.
"We are grateful for our banks' dedication to working with us, and
the patience they have demonstrated, as our interests remain
directly aligned. Throughout the process of marketing the Hilti
Complex for sale we have continued to pay down our bank debt by
over $3.0 million and reduced our payables by $2.0 million, further
strengthening our balance sheet. We recently announced the
engagement of Keen-Summit as our new real estate broker to market
the Hilti Complex. Keen-Summit has completed their marketing
materials and recently re-listed the property for sale. This
amendment with our bank extends our revolving line of credit and
term loan maturities which will allow the additional time needed
for Keen-Summit to effectively complete the sale of the Hilti
Complex."
Mr. White continued, "The funds received from the sale of the Hilti
Complex are expected to completely pay off the borrowings under the
Revolver and Term Loans outstanding with our Lender and we expect
to operate with limited borrowings following the sale of the
complex. Selling the Hilti Complex and eliminating our debt and
interest payments are expected to have a favorable impact on our
profitability and cashflow."
About Educational Development Corp
Tulsa, Okla.-based Educational Development Corp is the owner and
exclusive publisher of Kane Miller children's books; Learning
Wrap-Ups, maker of educational manipulatives; and SmartLab Toys,
maker of STEAM-based toys and games. It is also the exclusive
United States Multi-Level Marketing distributor of Usborne
Publishing Limited children's books. Significant portions of our
existing inventory volumes are concentrated with Usborne.
Educational Development Corp sells its products through two
separate divisions, PaperPie and Publishing.
According to the Company's Quarterly Report on Form 10-Q Report for
the quarterly period ended November 30, 2024, the short-term
duration of the Revolving Loan and uncertainty of the bank's
ongoing support beyond April 4, 2025, along with recurring
operating losses and other items, raise substantial doubt over the
Company's ability to continue as a going concern. To address these
concerns, the Company has taken steps in its plans to reduce debt
by selling owned real estate. On September 19, 2024, the Company
executed a letter of intent to sell the Hilti Complex for
$38,250,000, the closing of which remains subject to the
satisfaction of various closing conditions. On October 28, 2024,
the Company executed the Asset Purchase Sale Agreement with the
buyer that started the due diligence period. Upon closing, the
proceeds from the sale are expected to pay off the Term Loans and
Revolving Loan. Following the loan payoff, management plans to fund
ongoing operations with limited borrowings through local banks or
other financing sources. In addition, management's plans include
reducing inventory which will generate free cashflows and building
the number of active PaperPie Brand Partners to pre-pandemic
levels. Although there is no guarantee these plans will be
successful, management believes these plans, if achieved, will
alleviate the substantial doubt about continuing as a going concern
and generate sufficient liquidity to meet its obligations as they
become due over the next 12 months.
EL DORADO SENIOR: Quality of Care Maintained, 5th PCO Report Says
-----------------------------------------------------------------
Blanca Castro, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Eastern District of California her fifth
report regarding the quality of patient care provided at El Dorado
Senior Care, LLC's assisted care living facility.
The Local Long-Term Care Ombudsman Program (LTCOP) Ombudsman
conducted comprehensive site visits to all facilities. During these
visits, the Ombudsman conducted interviews with all residents and
staff present. The purpose of the interviews was to aid the court
and other interested parties in understanding the implications of
El Dorado Senior Care's bankruptcy petition on the residents within
this community.
During the comprehensive site visits, one concern was brought to
the attention of the LTC Ombudsman. A resident expressed concern
about a new resident's behavior and adherence to house rules. The
Administrator promptly responded to the complainant's concerns, met
with both residents involved, and successfully resolved the issue
to the satisfaction of the complainant.
During site visits, adequate staff were present to manage
resident-related tasks. The administrator, Jennifer Hinch,
confirmed that the needs of the residents are being met through
sufficient staffing. The core staff at the facilities have remained
employed, ensuring consistent assignments and continuity of care.
This stability positively influences resident satisfaction, with
the quality of care remaining comparable to the standard prior to
the bankruptcy filing.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=IcJjwM from PacerMonitor.com.
The ombudsman may be reached at:
Blanca E. Castro
State Long-Term Care Ombudsman
Office of the State Long-Term Care Ombudsman
California Department of Aging
2880 Gateway Oaks Drive, Suite 200
Sacramento, CA 95833
Telephone: (916) 928-2500
Email: blanca.castro@aging.ca.gov
About El Dorado Senior Care
El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif.,
owns and operates community care facilities for the elderly.
El Dorado filed voluntary petition for Chapter 11 protection
(Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with
$3,420,371 in assets and $3,127,562 in liabilities. Benjamin L.
Foulk, owner and manager, signed the petition.
Judge Fredrick E. Clement oversees the case.
D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the
Debtor's legal counsel.
Blanca Castro has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.
EXTON OPERATING: Court Extends Cash Collateral Access to June 1
---------------------------------------------------------------
Exton Operating Group, Inc. received second interim approval from
the U.S. Bankruptcy Court for the Eastern District of Pennsylvania
to use cash collateral of the U.S. Small Business Administration
and Performance Food Group, Inc.
The second interim order authorized the company to use the secured
creditors' cash collateral through June 1 to pay the expenses set
forth in its budget.
The budget shows total operational expenses of $14,016.67 for the
week ending May 4; $3,000 for the week ending May 11; $13,105.73
for the week ending May 18; $3,000 for the week ending May 25; and
$14,016.67 for the week ending June 1.
As protection for the company's use of their cash collateral, both
secured creditors were granted a replacement lien on the company's
post-petition collateral to the same extent and with the same
validity and priority as their pre-bankruptcy lien.
In addition, SBA will receive $800 in payments during the interim
period as further protection.
In case these protections are insufficient, the creditors will have
superpriority claims under Section 507(b) of the Bankruptcy Code.
The next hearing is scheduled for May 21.
About Exton Operating Group Inc.
Exton Operating Group, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11126) on
March 24, 2025, listing up to $500,000 in both assets and
liabilities. Emad Elgeddawy, president of Exton Operating Group,
signed the petition.
Judge Ashely M. Chan oversees the case.
Albert A. Ciardi, III Esq., at Ciardi Ciardi and, represents the
Debtor as legal counsel.
FAIR ISAAC: S&P Rates New Senior Unsecured Notes 'BB+'
------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
Bozeman, Mont.-based analytics company Fair Isaac Corp.'s (FICO)
proposed senior unsecured notes due in 2033, which will rank
equally in right of payment with the company's other outstanding
unsecured debt. The company expects to use the expected $1.5
billion of proceeds to refinance its $705 million existing term
loan A due 2026, term out its existing revolver balance of $480
million, and add $315 million of cash to the balance sheet. The
company will also replace its existing $600 million revolver due
2026 with a new $1 billion revolver due 2030 (unrated).
S&P said, "All our other ratings on FICO, including our 'BB+'
issuer credit rating and stable outlook, are unchanged. We expect
S&P Global Ratings-adjusted debt to EBITDA to remain at 2.4x. We
note that the pro forma cash balance (an amount we net from debt)
is elevated at $545 million--the company has historically operated
cash in the $150 million to $200 million range. We expect the cash
balance to moderate, and for revolver usage to rise over the next
year (we model the company paying off its $400 million of notes due
May 2026 at maturity using revolver draw). Nonetheless, we expect
S&P Global Ratings-adjusted leverage to remain below the 3x
downside trigger we maintain at the current rating."
Issue Ratings--Recovery Analysis
Key analytical factors
-- FICO's unsecured capital structure comprises $900 million of
notes due in June 2028, $400 million of notes due in May 2026, an
expected new $1 billion revolver due in 2030, and expected $1.5
billion of notes due in 2033.
-- S&P has assigned a '3' recovery rating (50%-70%; rounded
estimate: 65%) to FICO's new unsecured notes.
-- S&P's simulated default scenario considers a default in 2030
due to poor execution on its growth and product initiatives and a
sustained economic downturn, which impair margins, cash flow, and
business prospects to the extent that FICO cannot service all of
its debt obligations.
Simulated default assumptions
-- Simulated year of default: 2030
-- EBITDA at emergence: $369.7 million
-- EBITDA multiple: 7x
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): About
$2.46 billion
-- Valuation split (obligors/nonobligors): 70%/30%
-- Senior unsecured debt*: About $3.774 billion
--Recovery expectations: 50%-70% (rounded estimate: 65%)
*S&P assumes the revolving credit facility is 85% drawn at default
and outstanding debt at default includes six months of prepetition
interest.
FAITH ELECTRIC: Gets Final OK to Use Cash Collateral
----------------------------------------------------
Faith Electric, Inc. received final approval from the U.S.
Bankruptcy Court for the Western District of Oklahoma to use cash
collateral.
The final order penned by Judge Sarah Hall authorized the use of
cash collateral to pay the expenses set forth in the company's
13-week budget, which projects total operating expenses of
$654,247. This authorization will continue until further order of
the court.
As protection, Wells Fargo Commercial Distribution Finance was
granted a first priority lien on and security interests in all
assets of the company, subject to existing superior liens on the
assets held by other creditors.
In case of any diminution in the value of its collateral, Wells
Fargo will be granted a superpriority claim.
About Faith Electric Inc.
Faith Electric, Inc. is an Oklahoma City-based company, which
specializes in electrical contracting services. It offers design,
installation, and repair for residential, commercial, and
industrial clients. In 2019, the company rebranded as Generator
Supercenter of Oklahoma, focusing primarily on Generac generator
sales, installation, and maintenance.
Faith Electric filed Chapter 11 petition (Bankr. W.D. Okla. Case
No. 25-10921) on March 31, 2025, listing up to $10 million in both
assets and liabilities. Austin Partida, chief executive officer of
Faith Electric, signed the petition.
Judge Sarah A. Hall oversees the case.
Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, is the
Debtor's bankruptcy counsel.
Wells Fargo Commercial Distribution Finance, as secured creditor,
is represented by:
Ross A. Plourde, Esq.
McAfee & Taft, A Professional Corporation
8th Floor, Two Leadership Square
211 North Robinson
Oklahoma City, OK 73102-7103
Telephone: (405) 235-9621
Facsimile: (405) 235-0439
ross.plourde@mcafeetaft.com
FASHIONABLE INC: Court Extends Cash Collateral Access to June 27
----------------------------------------------------------------
FashionABLE, Inc. received another extension from the U.S.
Bankruptcy Court for the Middle District of Tennessee, Nashville
Division, to use cash collateral.
The order authorized the company's interim use of cash collateral
to pay its operating expenses from April 30 to June 27.
CFT Clear Finance Technology Corp. and other lienholders will be
granted replacement liens on all property acquired by fashionABLE
after the petition date, with the same priority as their
pre-bankruptcy liens.
As additional protection, CFT will receive biweekly payments of
$10,000, subject to disgorgement pursuant to further order of the
court.
The deadline for filing objections to the biweekly payments is on
May 14. If objections are filed, a hearing will be held on June 3.
The bankruptcy court will hold a hearing on June 24 to consider
granting fashionABLE another extension to use cash collateral.
About Fashionable Inc.
Fashionable, Inc., doing business as ABLE, is a Nashville-based
women's clothing and accessories brand offering a thoughtfully
curated range of apparel, leather goods, jewelry, and footwear.
Fashionable sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01501) on April 8,
2025, listing between $1 million and $10 million in both assets and
liabilities. Misti Blasko, chief executive officer of fashionable,
signed the petition.
Judge Randal S. Mashburn oversees the case.
The Debtor is represented by:
R. Alex Payne, Esq.
Dunham Hildebrand Payne Waldron, PLLC
Tel: 629-777-6529
alex@dhnashville.com
FINS UP: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: Fins Up, P.C.
d/b/a Desert Vista Medical Associates
7534 E. 2nd Street, Suite 101
Scottsdale, AZ 85251
Business Description: Fins Up, P.C., doing business as Desert
Vista Medical Associates is a multi-
specialty medical practice based in
Scottsdale, Arizona. The clinic offers
outpatient services across various
specialties including internal medicine,
family medicine, emergency medicine, and
diagnostic radiology.
Chapter 11 Petition Date: May 9, 2025
Court: United States Bankruptcy Court
District of Arizona
Case No.: 25-04235
Debtor's Counsel: Grant L. Cartwright, Esq.
MAY POTENZA BARAN & GILLESPIE PC
1850 N. Central Avenue, Ste 1600
Phoenix, AZ 85004
Tel: 602-252-1900
E-mail: gcartwright@maypotenza.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael E. Stevens as president.
The Debtor did not submit the required list of its 20 largest
unsecured creditors when filing the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/YJEQ2HY/Fins_Up_PC__azbke-25-04235__0001.0.pdf?mcid=tGE4TAMA
FLEET RENTS: Hires Gellert Seitz Busenkell & Brown as Counsel
-------------------------------------------------------------
Fleet Rents LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Pennsylvania to hire Gellert Seitz
Busenkell & Brown, LLC as counsel.
The firm's services include:
(a) providing the Debtor with advice and preparing all
necessary documents regarding debt restructuring, bankruptcy, and
asset dispositions;
(b) taking all necessary actions to protect and preserve the
Debtor's estate during the pendency of the Chapter 11 case;
(c) preparing on behalf of the Debtor all necessary legal
papers in connection with the administration of the Chapter 11
case;
(d) counseling the Debtor with regard to its rights and
obligations;
(e) appearing in court and protecting the interests of the
Debtor before the Court; and
(f) performing all other legal services for the Debtor which
may be necessary and proper in this proceeding.
The firm will be paid at these hourly rates:
Ronald S. Gellert $525
Holly S. Miller $450
Associates $375
Paraprofessionals $105 - $225
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $25,000 from the Debtor.
Ronald Gellert, Esq., a member at Gellert Seitz Busenkell & Brown,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Ronald S. Gellert, Esq.
Gellert Seitz Busenkell & Brown, LLC
1201 N. Orange St., Ste. 300
Wilmington, DE 19801
Telephone: (302) 425-5800
Facsimile: (302) 425-5814
Email: rgellert@gsbblaw.com
About 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.
FOREST MEADOWS: Section 341(a) Meeting of Creditors on June 5
-------------------------------------------------------------
On May 5, 2025, Forest Meadows Holdings LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. 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.
A meeting of creditors under Section 341(a) to be held on June 5,
2025 at 12:00 PM via Telephone conference. To attend, Dial
888-902-9750 and enter participation code 9635734.
About Forest Meadows Holdings LLC
Forest Meadows Holdings LLC is a residential real estate company
operating in the Atlanta, Georgia area.
Forest Meadows Holdings LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on
May 5, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case.
The Debtor is represented by William A. Rountree, Esq. at Rountree
Leitman Klein & Geer, LLC.
FRANCISCAN FRIARS: Seeks to Extend Plan Exclusivity to June 30
--------------------------------------------------------------
Franciscan Friars of California, Inc. ("FFCI") asked the U.S.
Bankruptcy Court for the Northern District of California to extend
its exclusivity periods to file a plan of reorganization and
disclosure statement, and obtain acceptance thereof to June 30 and
August 31, 2025, respectively.
The Debtor explains that the Motion filed March 26 requests entry
of an order extending the exclusivity periods for filing a plan and
disclosure statement and for obtaining acceptances of the plan by
120 days to August 22 and October 22, 2025, respectively.
However, Bankruptcy Code Section 1121(d)(2) provides that the
exclusivity for filing a plan and disclosure statement may not be
extended beyond a date that is eighteen months after the date of
the order for relief and that the period for obtaining acceptances
may not be extended beyond a date that is twenty months after the
date of the order for relief.
The Debtor claims that the Motion is amended such that it seeks
only to extend the exclusivity periods for filing a plan and
disclosure statement and for obtaining acceptances of the plan to
June 30 and August 31, 2025, respectively.
Franciscan Friars of California, Inc. is represented by:
Robert G. Harris, Esq.
Julie H. Rome-Banks, Esq.
Wendy W. Smith, Esq.
Reno Fernandez, Esq.
BINDER MALTER HARRIS & ROME-BANKS LLP
2775 Park Avenue
Santa Clara, CA 95050
Tel: (408) 295-1700
Fax: (408) 295-1531
Email: rob@bindermalter.com
julie@bindermalter.com
wendy@bindermalter.com
reno@bindermalter.com
About Franciscan Friars of California
Franciscan Friars of California, Inc. is a tax-exempt religious
organization in Oakland, Calif. The Debtor was formed to provide
religious, charitable, and educational acts, ministry, and service
to the poor.
Franciscan Friars of California, Inc., filed its voluntary petition
for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on
Dec. 31, 2023, listing $1 million to $10 million in assets and $10
million to $50 million in liabilities. David Gaa, OFM, president
of the Debtor, signed the petition.
Judge William J. Lafferty oversees the case.
The Debtor tapped Binder Malter Harris & Rome-Banks LLP as
bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak
Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa &
Crane LLP as special counsel; and GlassRatner Advisory & Capital
Group LLC, doing business as B. Riley Advisory Services, as
financial advisor. Donlin, Recano & Company, Inc. is the Debtor's
administrative advisor.
The U.S. Trustee appointed an official committee of unsecured
creditors. The committee selected Lowenstein Sandler LLP and
Keller Benvenutti Kim LLP as counsel and Berkeley Research Group,
LLC as its financial advisor.
FU BANG GROUP: Case Summary & 18 Unsecured Creditors
----------------------------------------------------
Debtor: Fu Bang Group Corp, USA
4261 Odyssey Dr Unit 117
Corona, CA 92883
Business Description: Fu Bang Group Corp, USA is a real estate
company that owns and manages a single
property.
Chapter 11 Petition Date: May 7, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-13004
Judge: Hon. Scott H Yun
Debtor's Counsel: Derrick Talerico, Esq.
WEINTRAUB, ZOLKIN TALERICO & SELTH LLP
11766 Wilshire Blvd Suite 730
Los Angeles CA 90025
Tel: (424) 500-8552
E-mail: dtalerico@wztslaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
In his position as chief executive officer, Bo Don signed the
petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/BRWYCBI/Fu_Bang_Group_Corp_USA__cacbke-25-13004__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 18 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Dos Lagos Center 4 LP Loan $12,038,111
Attn Bo Don
4261 Odyssey Dr Unit 116
Corona, CA 92883
Tel: 827-8788
2. Dos Lagos Center 2 LP Loan $11,990,000
Attn Bo Don
4261 Odyssey Dr Unit 116
Corona, CA 92883
Tel: (510) 827-8788
3. Dos Lagos Center 3 LP Loan $5,541,416
Attn Bo Don
4261 Odyssey Dr Unit 116
Corona, CA 92883
Tel: (510) 827-8788
4. Dos Lagos Center 1 LP Loan $5,511,250
Attn Bo Don
4261 Odyssey Dr Unit 116
Corona, CA 92883
Tel: (510) 827-8788
5. Dos Lagos Center 5 LP Loan $2,142,500
Attn Bo Don
4261 Odyssey Dr Unit 116
Corona, CA 92883
Tel: (510) 827-8788
6. Micah Property LLC Loan $2,000,000
Attn Lucy Seh
136 N Grand Ave Unit 235
West Covina, CA 91791
Tel: (626) 484-1177
7. Sierra Home Material Trade Inc Loan $1,140,570
Attn Anthony Zhang
125 Vineland Ave
La Puente, CA 91746
Tel: (310) 245-9980
8. Hua YiXu / Ge Shixuan Loan $520,093
4260 Odyssey Dr Unit 116
Corona, CA 92883
9. Chen Yu Loan $500,000
2786 Evan Ln Unit 101
Corona, CA 92883
Tel: (626) 321-8092
10. First Federal Development & Co Consulting $411,132
Attn WeiCai Li Services
4280 Odyssey Dr Unit 103
Corona, CA 92883
Tel: (626) 321-5503
11. Zhang Lang Loan $394,693
125 Vineland Ave
La Puente, CA 91746
Tel: (310) 245-9980
12. RDD Freight International (LA) Inc Loan $363,184
Attn Zhang Lang
125 Vineland Ave
La Puente, CA 91746
Tel: (310) 245-9980
13. Central Trading Loan $215,000
Attn Zhang Lang
125 Vineland Ave
La Puente, CA 91746
Tel: (310) 245-9980
14. Dos Lagos Realty & Co (WFCMD) Management $82,846
Attn Yu Chen Services
2786 Evan Ln Unit 101
Corona, CA 92883
Tel: (626) 321-8092
15. Grand United Builder Inc Loan $45,000
Attn Danny Liwu He CEO
132 E Las Tunas Dr
San Gabriel, CA 91776
Tel: (213) 595-3333
16. Twen Ma Architects Services $12,800
17200 Red Hill Ave
Irvine, CA 92614
Tel: (626) 203-8125
17. Bank of America Credit Card $5,471
PO Box 672050
Dallas, TX 75267
Tel: (866) 266-0212
18. Richard H Huang Loan $5,000
102 Summitridge Dr
Diamond Bar, CA 91765
Tel: (626) 641-6668
G-FORCE POWERSPORTS: Unsecureds to Get 20 Cents on Dollar in Plan
-----------------------------------------------------------------
G-Force Powersports, Inc., filed with the U.S. Bankruptcy Court for
the District of South Carolina a Plan of Reorganization for Small
Business.
The Debtor was originally established as a Florida corporation on
January 4, 2007. Since January 4, 2007, the Debtor has been in the
business of operating a retail business marketing, selling, and
servicing motorcycles, boats, snowmobiles, all terrain vehicles,
riding gear, and parts and products related thereto.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $144,829.43. The final
Plan payment is expected to be paid on May 1, 2030.
This Plan of Reorganization proposes to pay creditors of the Debtor
from sale of assets, cash flow from operations, and future income.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 20 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 3 consists of Non-priority unsecured creditors. Class 3 is
impaired by this Plan and will be paid 20% of the amount of their
allowed claims without interest. Each creditor will receive a
monthly payment in the amount as set forth in Plan Payments
beginning on the effective date of this Plan, and each monthly
payment thereafter will be due on the first day of the following
month for 60 months.
Class 4 consists of Equity security holders of the Debtor. Class 4
is impaired by this Plan in that the security holders of the Debtor
will not receive any distributions in the Plan.
The Plan will be implemented by the sole shareholder, officer, and
director, Gary Fallon. Beginning on the Effective Date of the Plan,
the Debtor will begin making monthly payments as set forth in Plan
Payments using cash on hand, funds from operation, and financing,
if available.
A full-text copy of the Plan of Reorganization dated April 7, 2025
is available at https://urlcurt.com/u?l=xhrviK from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert A. Pohl, Esq.
POHL, PA
P.O. Box 27290
Greenville, SC 29616
Tel: (864) 233-6294
Fax: (864) 558-5291
Email: Robert@POHLPA.com
About G-Force Powersports
G-Force Powersports Inc. is a merchant wholesaler of motor vehicle
and motor vehicle parts and supplies.
G-Force Powersports Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No.
24-03718) on Oct. 14, 2024. In the petition filed by Gary Fallon,
as president, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $1 million and $10 million.
The Debtor is represented by Robert Pohl, Esq. at Pohl Bankruptcy,
LLC.
GLOBAL CLEAN: Hires Hilco Valuation Services as Appraiser
---------------------------------------------------------
Global Clean Energy Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Hilco
Valuation Services, LLC to perform valuation services.
The Appraisal Services include:
a. an opinion of the orderly liquidation value and net orderly
liquidation value of Global Clean Energy Holdings, Inc., machinery,
and equipment;
b. an opinion of the orderly liquidation value in place and
net orderly liquidation value in place of Global Clean Energy
Holdings, Inc.'s machinery and equipment;
c. an opinion of the market value and liquidation value of
Global Clean Energy Holdings, Inc.'s real estate; and
d. an opinion of the net orderly liquidation value of Global
Clean Energy Holding Inc.'s intellectual property;
Hilco will receive a flat fee totaling $190,000 for the completion
of the appraisals.
As disclosed in court filings, Hilco Real Estate does not have a
material interest adverse to the Debtor regarding the specific
matters for which it is to be retained.
The firm can be reached through:
Eric W. Kaup
Hilco Real Estate, LLC
5 Revere Drive, Suite 206
Northbrook, IL 60062
Tel: (847) 504-2463
Email: ekaup@hilcoglobal.com
About Global Clean Energy Holdings Inc.
Global Clean Energy Holdings Inc. is a renewable energy company
that produces ultra-low carbon fuels from proprietary strains of
Camelina sativa, a nonfood crop. The Company manages the full value
chain -- from cultivation to fuel production -- at facilities
including its plant in Bakersfield, California. It operates
internationally and collaborates with growers to support
large-scale Camelina cultivation.
Global Clean Energy Holdings Inc. and affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case 25-90113) on April 16, 2025. In its petition, the Debtor
reports total assets as of Sept. 30, 2024 amounting to
$1,598,001,000 and total debts as of Sept. 30, 2024 totalling
$1,584,749,000.
Honorable Bankruptcy Judge Alfredo R. Perez handles the case.
The Debtors tapped Joshua A. Sussberg, P.C., Brian Schartz, P.C.,
Ross J. Fiedler, Esq., and Peter A. Candel, Esq. at KIRKLAND &
ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP. The Debtors
tapped Jason L. Boland, Esq., Robert B. Bruner, Esq., Julie
Harrison, Esq., and Maria Mokrzycka, Esq. at NORTON ROSE FULBRIGHT
US LLP. LAZARD FRERES & CO. LLC is the Debtors' Investment Banker.
ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial
Advisor. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Noticing
& Claims Agent. HILCO VALUATION SERVICES, LLC is the Debtors'
Appraisal Advisor.
GLOBAL CLEAN: Hires Kirkland & Ellis International as Attorney
--------------------------------------------------------------
Global Clean Energy Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as
attorneys.
The firm's services include:
a. advising the Debtors with respect to their powers and
duties as debtors in possession in the continued management and
operation of their businesses and properties;
b. advising and consulting on the conduct of these chapter 11
cases, including all of the legal and administrative requirements
of operating in chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties in interest;
d. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;
e. preparing pleadings in connection with these chapter 11
cases, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtors' estates;
f. representing the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
g. advising the Debtors in connection with any potential sale
of assets;
h. appearing before the Court and any appellate courts to
represent the interests of the Debtors' estates;
i. advising the Debtors regarding tax matters;
j. taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documents related
thereto; and
k. performing all other necessary legal services for the
Debtors in connection with the prosecution of these chapter 11
cases, including: (i) analyzing the Debtors' leases and contracts
and the assumption and assignment or rejection thereof; (ii)
analyzing the validity of liens against the Debtors' assets; and
(iii) advising the Debtors on corporate and litigation matters.
Kirkland's current hourly rates are:
Partners $1,295 to $2,675
Of Counsel $875 to $2,245
Associates $785 to $1,625
Paraprofessionals $355 to $705
On Dec. 18, 2024, the Debtors paid $100,000 to Kirkland, which
constituted a "special purpose retainer". The Debtors also paid to
Kirkland additional special purpose retainer totaling $10,450,000
in the aggregate.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the Revised UST
Guidelines:
a. Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?
Answer: No. Kirkland and the Debtors have not agreed to any
variations from, or alternatives to, Kirkland's standard billing
arrangements for this engagement. The rate structure provided by
Kirkland is appropriate and is not significantly different from (a)
the rates that Kirkland charges for other non-bankruptcy
representations or (b) the rates of other comparably skilled
professionals.
b. Question: Do any of the Kirkland professionals in this
engagement vary their rate based on the geographic location of the
Debtors' chapter 11 cases?
Answer: No. The hourly rates used by Kirkland in representing
the Debtors are consistent with the rates that Kirkland charges
other comparable chapter 11 clients, regardless of the location of
the chapter 11 case.
c. Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: Kirkland's current hourly rates for services rendered
on behalf of the Debtors range as follows:
Partners $1,295 to $2,675
Of Counsel $875 to $2,245
Associates $785 to $1,625
Paraprofessionals $355 to $705
Kirkland represented the Debtors from Oct. 25, 2024 to Dec. 31,
2024, using the hourly rates listed below:
Partners $1,195 to $2,465
Of Counsel $820 to $2,245
Associates $745 to $1,495
Paraprofessionals $325 to $625
d. Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget period?
Answer: Yes. More specifically, pursuant to the Interim DIP
Order, professionals proposed to be retained by the Debtors are
required to provide weekly estimates of fees and expenses incurred
in these chapter 11 cases.
Brian Schartz, a partner at Kirkland & Ellis LLP and Kirkland &
Ellis International, LLP, disclosed in a court filing that the
firms are "disinterested persons" within the meaning of Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Brian Schartz, Esq.
Brian Schartz, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
Email: brian.schartz@kirkland.com
About Global Clean Energy Holdings
Global Clean Energy Holdings Inc. is a renewable energy company
that produces ultra-low carbon fuels from proprietary strains of
Camelina sativa, a nonfood crop. It manages the full value chain --
from cultivation to fuel production -- at facilities including its
plant in Bakersfield, Calif. It operates internationally and
collaborates with growers to support large-scale Camelina
cultivation.
Global Clean Energy Holdings and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
25-90113) on April 16, 2025. In its petition, Global Clean Energy
Holdings reported total assets of $1,598,001,000 and total debts of
$1,584,749,000 as of Sept. 30, 2024.
Judge Alfredo R. Perez handles the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as general bankruptcy counsel; Norton Rose
Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor; and Hilco Valuation Services, LLC as appraisal
advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing
and claims agent.
GLOBAL CLEAN: Seeks to Hire Ordinary Course Professionals
---------------------------------------------------------
Global Clean Energy Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to retain
non-bankruptcy professionals in the ordinary course of business.
The Debtors need ordinary course professionals to perform services
for matters unrelated to this Chapter 11 case.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
The OCPs include:
Tier 1
Grant Thornton
--Tax / Accounting
Ernst & Young U.S. LLP
--Tax / Accounting
Tier 2
SVA Consulting
--Tax / Accounting
Invariant
--Government Affairs
Seyfarth Shaw LLP
--Legal
Manatt, Phelps & Phillips, LLP
--Legal
California Strategies & Advocacy LLC
--Government Affairs
Morgan, Lewis & Bockius LLP
--Legal
Grant Thornton Advisors LLC
--Tax / Accounting
Allende & Brea
--Legal
H Advisors Abernathy
--Legal
Weaver and Tidwell LLP
--Legal
Claremont Tax Associates Inc
--Tax / Accounting
TroyGould
--Legal
Belden Blaine Raytis, LLP
--Legal
Tier 3
Karmen Consulting, LLC
--Government Affairs
GAILLE PLLC
--Legal
Yankee Communications, Inc
--Government Affairs
Potter Anderson & Corroon LLP
--Legal
Osler, Hoskin, & Harcourt LLP
--Legal
McGrath North
--Legal
Izabelle B. Reyes, Esq.
--Legal
Saliwanchik, Lloyd, and Eisenschenk
--Legal
JDC Consulting Inc. HR
--Support
Saxe Doernberger & Vita, P.C
--Legal
Quinn Emanuel Urquhart & Sullivan, LLP
--Legal
Thompson Hine LLP
--Legal
Demarest
--Legal
Van Ness Feldman LLP
--Legal
EMS Advisory Services, LLC
--Tax / Accounting
BeldenBlaine Employer Legal Solutions
--Legal
Paracorp Solutions
--Legal
Ward & Berry PLLC
--Legal
Clifton Larson Allen (CLA) LLP
--Compliance Support
About Global Clean Energy Holdings
Global Clean Energy Holdings Inc. is a renewable energy company
that produces ultra-low carbon fuels from proprietary strains of
Camelina sativa, a nonfood crop. It manages the full value chain --
from cultivation to fuel production -- at facilities including its
plant in Bakersfield, Calif. It operates internationally and
collaborates with growers to support large-scale Camelina
cultivation.
Global Clean Energy Holdings and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
25-90113) on April 16, 2025. In its petition, Global Clean Energy
Holdings reported total assets of $1,598,001,000 and total debts of
$1,584,749,000 as of Sept. 30, 2024.
Judge Alfredo R. Perez handles the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as general bankruptcy counsel; Norton Rose
Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor; and Hilco Valuation Services, LLC as appraisal
advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing
and claims agent.
GLOBAL CLEAN: Seeks to Tap Alvarez & Marsal as Financial Advisor
----------------------------------------------------------------
Global Clean Energy Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Alvarez
& Marsal North America, LLC as financial advisors.
The firm's services include:
-- assisting the Debtors' finance personnel and financial
advisors in a financial review of the Debtors' businesses,
including but not limited to a review and assessment of financial
information that has been, and will be, provided by the Debtors to
their creditors, including without limitation the Debtors' short
and long-term projected cash flows and operating performance;
-- assisting in the management and analysis required for the
Debtors' debtor-in-possession financing facilities;
-- assisting in the identification and implementation of cost
reduction and operational improvement opportunities;
-- assisting in discussions with and providing information to
potential investors, secured lenders, official committees, and the
Office of the United States Trustee for the Southern District of
Texas (the "U.S. Trustee") as deemed necessary and appropriate by
the Debtors;
-- assisting the overall financial reporting division in managing
the administrative requirements of the Bankruptcy Code, including
post-petition reporting requirements and claim reconciliation
efforts;
-- assisting the Debtors and their other advisors in developing
restructuring plans or strategic alternatives for maximizing the
enterprise value of their various business lines;
-- serving as the principal contact with the Debtors' key
constituents/creditors with respect to financial and operational
matters; and
-- performing such other services in connection with the
restructuring process as reasonably requested or directed by the
Board and other authorized personnel of the Debtors, consistent
with the role played by A&M in this matter and not duplicative of
services being performed by other professionals in these
proceedings.
The firm will be paid at these rates:
Managing Director $1,100 to 1,575 per hour
Director $850 to 1,100 per hour
Associates $625 to 825 per hour
Analysts $450 to 600 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received retainers in the total amount of $2,625,000 from
the Debtors.
John Walsh, a senior managing director at Alvarez & Marsal North
America, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
John Walsh
Alvarez & Marsal North America, LLC
700 Louisiana Street, Suite 3300
Houston, TX 77002
Tel: (713) 571-2400
Fax: (713) 547-3697
About Global Clean Energy Holdings
Global Clean Energy Holdings Inc. is a renewable energy company
that produces ultra-low carbon fuels from proprietary strains of
Camelina sativa, a nonfood crop. It manages the full value chain --
from cultivation to fuel production -- at facilities including its
plant in Bakersfield, Calif. It operates internationally and
collaborates with growers to support large-scale Camelina
cultivation.
Global Clean Energy Holdings and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
25-90113) on April 16, 2025. In its petition, Global Clean Energy
Holdings reported total assets of $1,598,001,000 and total debts of
$1,584,749,000 as of Sept. 30, 2024.
Judge Alfredo R. Perez handles the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as general bankruptcy counsel; Norton Rose
Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor; and Hilco Valuation Services, LLC as appraisal
advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing
and claims agent.
GLOBAL CLEAN: Seeks to Tap Lazard Freres as Investment Banker
-------------------------------------------------------------
Global Clean Energy Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Lazard
Freres & Co. LLC as investment banker.
The firm's services include:
i. reviewing and analyzing the Debtors' business (including
the upstream assets), operations and financial projections;
ii. evaluating the Debtors' potential debt capacity in light of
its projected cash flows;
iii. assisting in the determination of a capital structure for
the Debtors;
iv. evaluating potential structures and transaction
alternatives to raise capital and address liabilities;
v. assisting in the formulation of proposal alternatives for
existing Stakeholders;
vi. assisting in the determination of a range of values for the
Debtors on a going concern basis;
vii. advising the Debtors on tactics and strategies for
negotiating with the Stakeholders;
viii. rendering financial advice to the Debtors and participating
in meetings or negotiations with the Stakeholders and/or rating
agencies or other appropriate parties in connection with any
Transaction;
ix. advising the Debtors on the timing, nature, and terms of
new securities, other consideration or other inducements to be
offered pursuant to any Transaction;
x. advising and assisting the Debtors in evaluating any
potential Financing by the Debtors, and, subject to Lazard's
agreement so to act and, if requested by Lazard, to execution of
appropriate agreements, on behalf of the Debtors, contacting
potential sources of capital as the Debtors may designate and
assisting the Debtors in implementing such Financing;
xi. assisting the Debtors in preparing documentation within
Lazard's area of expertise that is required in connection with any
Transaction;
xii. providing testimony, as necessary, with respect to matters
on which Lazard has been engaged to advise under the Engagement
Letter in any proceeding before the Bankruptcy Court;
xiii. assisting the Debtors in identifying and evaluating
candidates for any potential Sale Transaction, advising the Debtors
in connection with negotiations and aiding in the consummation of
any Sale Transaction;
xiv. attending meetings of the Board of Directors of GCEH with
respect to matters on which Lazard has been engaged;
xv. assisting in the development of presentations to the Board
of Directors of GCEH with respect to matters on which Lazard has
been engaged; and
xvi. providing the Debtors with other financial advice relevant
to the foregoing.
The firm will receive compensation as follows:
a. A monthly fee of $175,000 (the "Monthly Fee"), commencing
on the earlier of Feb. 1, 2025, or the commencement of proceedings
pursuant to Chapter 11 of the United States Bankruptcy Code,
payable on the first day of each month thereafter until the earlier
of the completion of the Restructuring or the termination of
Lazard's engagement pursuant to Section 10. Fifty percent (50%) of
all Monthly Fees paid (including 50% of all Monthly Fees paid
pursuant to the January 2024 Engagement Letter following the sixth
Monthly Fee) shall be credited (without duplication) against any
Restructuring Fee, Liability Management Transaction Fee, or Sale
Transaction Fee; provided, that, in no event shall such credit
exceed $750,000 in the aggregate; and provided, further, that in
the event of a Chapter 11 filing, such credit shall only apply to
the extent that such fees are approved in entirety by the
Bankruptcy Court, if applicable.
b. A fee equal to $6,000,000 payable upon consummation of a
Restructuring (the "Restructuring Fee").
c. If, whether in connection with the consummation of a
Restructuring or Liability Management Transaction or otherwise, the
Company consummates a Sale Transaction involving all or a majority
of the Company or its assets or equity securities (a "Majority
Sale"), Lazard shall be paid a fee (the "Sale Transaction Fee")
equal to the greater of (A) the fee calculated based on the
Aggregate Consideration as set forth in Schedule II hereto, or (B)
the Restructuring Fee or Liability Management Fee. Notwithstanding
the preceding sentence, the Sale Transaction Fee shall not be
payable with respect to any Majority Sale for which negotiations
commence following consummation of a Restructuring or Liability
Management Transaction; provided, however, that the Company agrees
to consider in good faith retaining Lazard with respect to any
Majority Sale for which negotiations commence following
consummation of a Restructuring or Liability Management
Transaction, with fees based on comparable investment banker fees
for similar transactions, to be mutually agreed.
If, whether in connection with the consummation of a Restructuring
or Liability Management Transaction or otherwise, the Company
consummates any Sale Transaction that is not a Majority Sale, the
Company shall pay a fee (the "Minority Sale Transaction Fee") based
on comparable investment banker fees for similar transactions, to
be mutually agreed; provided, however, that if such transaction is
the sale of the Company's upstream business to a confidential
counterparty, the fee payable with respect thereto shall be equal
to 1% of the Aggregate Consideration in such transaction (the
"Additional Sale Transaction Fee"). Any Sale Transaction Fee,
Minority Sale Transaction Fee or Additional Sale Transaction Fee
shall be payable upon consummation of the applicable Sale
Transaction.
d. A fee, payable upon consummation of a Financing (the
"Financing Fee"), equal to the applicable percentages of gross
proceeds as follows based on the type of Financing: (i) 1.75% of
any senior secured debt financing, plus (ii) 2.5% of any junior
secured, last-out, unsecured, or subordinated debt financing, plus
(iii) 4.0% of any equity, equity-linked or equity-stapled or
similarly bundled equity financing (including, but not limited to,
preferred or common equity, convertible debt, debt bundled or
stapled with equity or equity-linked financing, options, warrants,
or other rights to acquire interests); provided, however, that no
Financing Fee shall be payable for any (A) Financing provided by
the existing lenders as of the date hereof under the senior secured
credit facility unless such Financing is provided in connection
with any proceedings pursuant to Chapter 11 of the United States
Bankruptcy Code or (B) any other transaction described in Part B of
Schedule I. To the extent that the type of Financing issued
(including any "stapled" or similarly bundled securities) would
qualify as more than one of the types of Financings listed above,
the highest applicable fee percentage shall apply; provided,
however, that for any proposed "debtor-in-possession" Financing,
the Financing Fee shall be earned and shall be payable upon the
consummation of the Financing.
e. For the avoidance of any doubt, (i) more than one fee may
be payable pursuant to each of clauses (a), (d)(ii) and (e) of
section 2 of the Engagement Letter, (ii) if a single transaction is
consummated that qualifies both as a Restructuring and a Sale
Transaction, only the greater of the Restructuring Fee and the Sale
Transaction Fee shall be payable, (iii) if a transaction is
consummated that qualifies both as a Liability Management
Transaction and a Sale Transaction, only the greater of the
Liability Management Fee and the Sale Transaction Fee shall be
payable, and (iv) if a Restructuring occurs within six months
following the consummation of a Liability Management Transaction,
75% of the prior Liability Management Transaction Fee paid shall be
credited (without duplication) against any Restructuring Fee to the
extent such fee becomes payable hereunder.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Christian Tempke, a Managing Director in the Restructuring &
Liability Management Group at Lazard Freres & Co. LLC, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Christian Tempke
Lazard Freres & Co. LLC
30 Rockefeller Plaza
New York, NY 10012
Tel: (212) 632-6000
About Global Clean Energy Holdings
Global Clean Energy Holdings Inc. is a renewable energy company
that produces ultra-low carbon fuels from proprietary strains of
Camelina sativa, a nonfood crop. It manages the full value chain --
from cultivation to fuel production -- at facilities including its
plant in Bakersfield, Calif. It operates internationally and
collaborates with growers to support large-scale Camelina
cultivation.
Global Clean Energy Holdings and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
25-90113) on April 16, 2025. In its petition, Global Clean Energy
Holdings reported total assets of $1,598,001,000 and total debts of
$1,584,749,000 as of Sept. 30, 2024.
Judge Alfredo R. Perez handles the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as general bankruptcy counsel; Norton Rose
Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor; and Hilco Valuation Services, LLC as appraisal
advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing
and claims agent.
GLOBAL CLEAN: Taps Norton Rose Fulbright US LLP as Co-Counsel
-------------------------------------------------------------
Global Clean Energy Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Norton
Rose Fulbright US LLP as co-counsel.
The firm's services include:
-- performing legal services for and on behalf of the Debtors
that may be necessary or appropriate in the administration of these
cases and the Debtors' business, including, without limitation,
preparing agendas, hearing notices, witness and exhibit lists, and
hearing binders of documents and pleadings;
-- advising and consulting the Debtors on the legal and
administrative requirements of operating in chapter 11 and in the
Southern District of Texas;
-- reviewing and commenting on behalf of the Debtors on all
necessary and appropriate applications, motions, pleadings, draft
orders, notices, and other documents and reviewing all financial
and other reports to be filed in these cases;
-- reviewing and commenting on responses to applications,
motions, complaints, pleadings, notices, and other papers that may
be filed and served in these cases;
-- reviewing and commenting on any chapter 11 plan, disclosure
statement, and related documents to the extent requested;
-- working with and coordinating efforts among other
professionals to attempt to preclude any duplication of effort
among those professionals and to guide their efforts in the overall
framework of Debtors' reorganization;
-- at the Debtors' request, appearing in Court and at any
meetings with the U.S. Trustee and at any meeting of creditors at
any given time on behalf of the Debtors as their local and
bankruptcy co-counsel;
-- providing legal advice and services regarding local rules,
practices, and procedures, including Fifth Circuit case law; and
-- performing such additional legal services as may be requested
by the Debtors.
The firm's currently hourly rates are:
Partners $820 to $2,310
Senior Associates $715 to $1,160
Senior Counsel $660 to $1,610
Counsel $345 to $1,225
Associates $570 to $1,140
Of Counsel $595 to $1,650
Paralegals $185 to $615
Practice Support $90 to $475
In addition, the firm will receive reimbursement for its
out-of-pocket expenses.
The following is provided in response to the request for additional
information set forth in Section D.1 of the UST Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: NRF has not agreed to any variations from, or
alternatives to, NRF's standard and customary billing arrangements.
NRF's rate structure is appropriate and is not significantly
different from (a) the rates that NRF charges for other
non-bankruptcy representations or (b) the rates of other comparably
skilled professionals.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No. The hourly rates used by NRF in representing the
Debtors are consistent with the rates that NRF charges other
comparable chapter 11 clients, regardless of the location of the
chapter 11 case.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: NRF was retained by the Debtors in the two weeks prior
to the Petition Date, and NRF's billing rates have not changed
post-petition.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Answer: NRF's expected fees and expenses are included in the
Debtors' Budget.
Jason Boland, Esq., co-head of restructuring at Norton, disclosed
in a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric Daucher, Esq.
Norton Rose Fulbright US, LLP
1550 Lamar Street, Suite 2000
Houston, TX 77010
Tel: (713) 651-3769
Email: jason.boland@nortonrosefulbright.com
About Global Clean Energy Holdings
Global Clean Energy Holdings Inc. is a renewable energy company
that produces ultra-low carbon fuels from proprietary strains of
Camelina sativa, a nonfood crop. It manages the full value chain --
from cultivation to fuel production -- at facilities including its
plant in Bakersfield, Calif. It operates internationally and
collaborates with growers to support large-scale Camelina
cultivation.
Global Clean Energy Holdings and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
25-90113) on April 16, 2025. In its petition, Global Clean Energy
Holdings reported total assets of $1,598,001,000 and total debts of
$1,584,749,000 as of Sept. 30, 2024.
Judge Alfredo R. Perez handles the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as general bankruptcy counsel; Norton Rose
Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor; and Hilco Valuation Services, LLC as appraisal
advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing
and claims agent.
GLOSSLAB LLC: Hires Weinberg Zareh Malkin Price as Counsel
----------------------------------------------------------
Glosslab LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Weinberg Zareh Malkin Price LLP as counsel.
The firm's services include:
(a) providing Debtor with advice and preparing all necessary
documents regarding debt restructuring, bankruptcy and asset
disposition;
(b) taking all necessary actions to protect and preserve
Debtor's estate during the pendency of the Chapter 11 case;
(c) preparing on behalf of Debtor, as Debtor in possession,
all necessary motions, applications, answers, orders, reports and
papers in connection with the administration of the Chapter 11
Case;
(d) counseling Debtor with regard to its rights and
obligations as a debtor in possession;
(e) appearing in Court to protect the interests of Debtor
before the Court; and
(f) performing all other legal services for Debtor which may
be necessary and proper in this proceeding.
The firm will be paid at these rates:
Partners/Of Counsel $600-725
Paralegals $175-200
The firm received a retainer in the amount of $121,000.
In a court filing, Weinberg disclosed that it is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Adrienne Woods, Esq.
Todd Duffy, Esq.
WEINBERG ZAREH MALKIN PRICE LLP
45 Rockefeller Plaza, 20th Floor
New York, NY 10111
Phone: (212) 899-5470
Email: awoods@wzmplaw.com
Email: tduffy@wzmplaw.com
About Glosslab LLC
Glosslab, LLC and affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 24-12399)
on December 23, 2024, with up to $50,000 in assets and up to $10
million in liabilities. Rachel Apfel Glass, chief executive
officer, signed the petition.
Judge Michael E. Wiles oversees the case.
Adrienne Woods, Esq., at Weinberg Zareh Malkin Price, LLP,
represents the Debtor as legal counsel.
GLOSSLAB LLC: Taps Vernon Consulting Inc as Financial Advisor
-------------------------------------------------------------
Glosslab LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire Vernon Consulting Inc. as
financial advisor.
The firm will provide these services:
a. rendering accounting services required to accurately
prepare the schedules and reports required by the Chapter 11
process;
b. assisting with the preparation of monthly operating
statements;
c. preparing forecasts, projections, and cash flow reports
requested by lenders, creditors, prospective investors or in
conjunction with a proposed plan of reorganization;
d. assisting with developing support for and the preparation
of motions;
e. assisting in arranging Debtor in Possession financing, and
presenting cash flows to potential lenders, as requested;
f. assisting in the identification of executory contracts and
unexpired leases, and performing cost/benefit evaluations with
respect to the assumption or rejection of each, as needed;
g. assisting with the development of strategies for
negotiating with vendors and creditors, including Federal, State,
and Local Tax Authorities;
h. providing financial advisory services in connection with
any contemplated sale of assets, reorganization, or liquidation
under the Bankruptcy Code; and
i. providing other such necessary and proper services
customarily provided in connection with these proceedings requested
by the Debtor and agreed to by Vernon during the pendency of these
Chapter 11 cases.
The firm will be paid at these rates:
Financial Advisor - Managing Director $450 per hour
Financial Advisor - Director $400 per hour
Financial Advisor - Senior Managing Consultant $350 per hour
Financial Advisor - Analyst $200 per hour
Vernon obtained a pre-petition retainer of $50,000 from VD Brand
Holdings, Inc.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Laura W. Patt, a president and founder at Vernon Consulting, Inc.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Laura W. Patt
Vernon Consulting Inc.
344 East 65th Street
New York, NY 10065
Tel: (917) 822-7578
About Glosslab LLC
Glosslab, LLC and affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 24-12399)
on December 23, 2024, with up to $50,000 in assets and up to $10
million in liabilities. Rachel Apfel Glass, chief executive
officer, signed the petition.
Judge Michael E. Wiles oversees the case.
Adrienne Woods, Esq., at Weinberg Zareh Malkin Price, LLP,
represents the Debtor as legal counsel.
GOAK PROPERTIES: Seeks Chapter 11 Bankruptcy in Georgia
-------------------------------------------------------
On May 5, 2025, Goak Properties LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Northern District of Georgia.
According to court filing, the Debtor reports between $500,000 and
$1 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About Goak Properties LLC
Goak Properties LLC is a real estate company based in Sandy
Springs, Georgia.
Goak Properties LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54948) on May 5,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $500,000 and $1 million.
Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case.
The Debtor is represented by Cameron M. McCord, Esq. at Jones &
Walden, LLC
GOT KIDZ?: Case Summary & Three Unsecured Creditors
---------------------------------------------------
Debtor: Got Kidz?, Inc.
4914 Briarleigh Chase SW
Mableton GA 30126
Business Description: Got Kidz?, Inc. owns two commercial
properties totaling roughly 17,000 square
feet on a 5.5-acre site at 1581 Fairburn
Road in Atlanta, Georgia.
Chapter 11 Petition Date: May 6, 2025
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 25-55074
Debtor's Counsel: Sims W Gordon Jr., Esq.
THE GORDON LAW FIRM, PC
400 Galleria Parkway SE Suite 1500
Atlanta GA 30339
Tel: 770-955-5000
E-mail: law@gordonlawpc.com
Total Assets: $1,500,000
Total Liabilities: $700,000
The petition was signed by Marlene Rush Pinckney as CEO.
A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/4UAS2AA/Got_Kidz_Inc__ganbke-25-55074__0001.0.pdf?mcid=tGE4TAMA
GRAPHIC PACKAGING: Moody's Rates New $100MM Revenue Bonds 'Ba2'
---------------------------------------------------------------
Moody's Ratings assigned a Ba2 senior unsecured rating to Graphic
Packaging International, LLC's ("Graphic Packaging") $100 million
Solid Waste Disposal Revenue Bonds, Series 2025 issued by Mission
Economic Development Corp., TX and said the contemplated
transaction does not materially impact the company's credit
profile. As a result, Graphic Packaging's Ba1 Corporate Family
Rating, Ba1-PD Probability of Default Rating and other ratings
remain unchanged. The company's stable outlook also remains
unchanged.
RATINGS RATIONALE
Graphic Packaging's credit profile is supported by the company's
scale, geographic diversification, its leading market position as
an integrated paperboard producer in a consolidated industry. The
company primarily serves the stable Food and Beverage end market,
which accounts for approximately 63% of sales, with additional
exposure in Foodservice (21%), Household (12%), and Health & Beauty
(4%). Graphic Packaging is the largest North American producer of
coated unbleached kraft (CUK) paperboard and coated recycled
paperboard (CRB); the company is also a producer of solid bleached
sulfate (SBS) paperboard. Given its scale, the company benefits
from the ability to move products between different substrates and
to actively manage supply to match demand and support pricing.
Additionally, the construction of a new $1 billion CRB mill in
Waco, TX will add additional capacity and allow Graphic Packaging
to streamline its CRB production, lower cost, and better align
production capacity with demand.
Graphic Packaging's credit profile is constrained by the mature and
relatively low-growth packaging end market and limited free cash
flow generation during its peak capex cycle period. Sizable
debt-funded acquisitions, which the company has done in the past,
may temporarily increase leverage. Additionally, volatility in
fiber, chemical, and transportation costs could negatively impact
margins.
The stable ratings outlook reflects expectations that Graphic
Packaging will resume growth modestly following the 2024
divestiture of its SBS mill in Augusta, GA and continue to generate
solid credit metrics despite an uncertain economic environment in
2025.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
For the ratings to be upgraded to the investment grade level, the
company's management would need to publicly commit to maintaining
investment-grade financial policies and achieve an unsecured
capital structure. The company would also need to maintain
debt/EBITDA below 3.0x, maintain EBITDA margin above 16% and
retained cash flow to debt (RCF/Debt) above 20%
The ratings could be downgraded if operating performance and credit
metrics deteriorate such that debt/EBITDA rises above 4.0x and
retained cash flow to debt falls below 15% on sustained basis. The
ratings could also be downgraded if the company undertakes
additional debt-financed acquisitions or shareholder-friendly
actions that stress its credit metrics or cash flow generation.
Headquartered in Atlanta, GA, Graphic Packaging is one of North
America's leading manufacturers of paper-based consumer packaging
(including CUK, CRB, and SBS) for food, food service, beverage, and
consumer goods. Graphic Packaging operates 6 paperboard mills and
over 100 converting plants across North America, Brazil, Europe,
Australia, New Zealand and Africa. Graphic Packaging generated
sales of approximately $8.8 billion for the twelve months ended
December 31, 2024.
The principal methodology used in this rating was Paper and Forest
Products published in August 2024.
HALO ESTATES: Unsecured Creditors to Split $15K over 60 Months
--------------------------------------------------------------
Halo Estates, LLC filed with the U.S. Bankruptcy Court for the
Central District of California a Disclosure Statement describing
Plan of Reorganization.
The Debtor is a California limited liability company. The Debtor
has been in business since April 5, 2018. It is treated as a
"Passthrough" entity under the Internal Revenue Code.
The Debtor's principal place of business is at 13030 Erwin St., Van
Nuys, CA 91401. The Debtor's main function is owning and operating
a multi-family residential real property located at 521 Breed
Street, Los Angeles, CA 90033 ("Property"). The Debtor is the
lessor under seven residential leases to seven residential units on
the Property.
As of the Petition Date, the Property was valued at $1,300,000.00
(or $1,196,000.00 net liquidation value after the cost of sale at
8%), per BPO. The Property is encumbered by a single Deed of Trust
for the benefit of Wilmington Trust, National Association, as
Trustee for the registered holders of J.P. Morgan Chase Commercial
Mortgage Securities Corp., Multifamily Mortgage Pass-Through
Certificates, Series 2020-SB7 ("Wilmington Trust"), Class 2A, in
the claimed amount of $1,213,250.31 ("POC"-2). The original
maturity date on the Note is April 1, 2040. The Debtor disputes
this claim as excessive and will file an objection to that effect.
Class 4A consists of General Unsecured Claims. The Plan proposes to
repay $14,512.38, with 2.5% interest, in 60 monthly payments of
$257.56 each, for the total estimated payout of up to $15,453.39;
estimated to pay 100.00 % on all ALLOWED claims in this class, but
not more than 100% of all claims in this class. Subject to dollar
for-dollar reduction on disputed/contingent/ unliquidated claim
reduced by the final Court orders on claim objections. Each ALLOWED
claim will be paid on pro-rata basis: the amount of monthly payment
multiplied by amount of allowed claim and divided by total amount
of all allowed claims of $14,512.38 before the determination on
which claims are disallowed.
Except that any payment(s) on the account of the
disputed/contingent/ unliquidated claims, subject to claims'
objections, shall be deposited in an interest-bearing escrow bank
account until a Final nonappealable Order on Claim Objection(s)
is/are entered. When Final Orders are entered disallowing or
allowing and liquidating all Class 4A Claims, any disallowed funds
in the bank account shall be returned to Debtor and distributed to
the holders of all allowed Class 4A Claims Pro Rata. Actual amount
may vary depending on the amount of claims creditors may file and
adjudication of disputed, contingent and unliquidated claims. Any
failure to pay the stated percentage because of a larger than
expected amount of Unsecured Claims shall not constitute a default
under Plan.
Class 5A Interest holders are the parties who hold an ownership
interest (i.e., equity interest) in the Debtor. Those are two
managers/members of the Debtor: Rosie Patterson who owns 40%
membership interest and Brasie Thomas who owns 60%. These
individuals will retain an interest in the property of the estate,
subject to the terms of the confirmed Plan.
Under the Code, the Debtor should be able to retain such
interest(s) if the Plan provides each holder of unsecured claim an
amount/value equal to the allowed amount of such claim. The Plan
provides for 100% payment(s) on any and all allowed unsecured
claims in Class 4A. Hence, the Debtor should be entitled to retain
the property. These individuals will not receive Plan
distributions.
Funds will come from the Debtor’s DIP accounts as of the
Effective Date; operations (rental income from seven (7) apartments
on the Property). If necessary, the equity holders will contribute
to the Plan. In case any of the listed payment methods will not be
sufficient to maintain payments under the Plan, the
managers/members will either refinance or sell the Property whereby
the proceeds of refinance or sale will be distributed in accordance
with the priorities under the Bankruptcy Code. At all times, the
Debtor will timely pay property taxes, maintain appropriate
insurance and generally maintain and preserve property pending plan
payments.
Rosie Patterson, who owns 40% membership interest, and Brasie
Thomas, who owns 60%, and each one of them, will continue serving
as managing representatives until the Plan has been confirmed and
fully performed. They will not receive any compensation for
managing the affairs of the estate and the reorganized Debtor once
the Plan is confirmed.
A full-text copy of the Disclosure Statement dated April 7, 2025 is
available at https://urlcurt.com/u?l=t3Qjd7 from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Alla Tenina, Esq.
TENINA LAW INC.
15250 Ventura Bvld, Suite 601
Sherman Oaks, CA 91403
Phone: (213) 596-0265
Email: alla@teninalaw.com
About Halo Estates LLC
Halo Estates LLC is a Los Angeles-based real estate company.
Halo Estates sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 25-10025) on Jan. 7, 2025, listing
up to $50,000 in both assets and liabilities.
Judge Martin R. Barash handles the case.
The Debtor is represented by Alla Tenina. Esq.
HARLING INC: Seeks to Hire Joel A. Schechter as Bankruptcy Counsel
------------------------------------------------------------------
Harling, Inc. seeks approval from the U.S. Bankruptcy Court for the
Northern District of Illinois to hire the Law Offices of Joel A.
Schechter to handle its Chapter 11 case.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and financial affairs;
(b) prepare legal papers; and
(c) perform all other legal services for the Debtor.
The firm will charge at its hourly rate of $500 plus expenses.
The firm shall receive an advance payment retainer in the amount of
$20,00 and filing fee of $1,738 from the Debtor.
Mr. Schechter disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Joel A. Schechter, Esq.
Law Offices of Joel A. Schechter
53 W. Jackson Blvd., Suite 1522
Chicago, IL 60604
Telephone: (312) 332-0267
Email: joel@jasbklaw.com
About Harling Inc.
Harling Inc., located in Broadview, Illinois, specializes in
masonry facade repair, restoration, and building waterproofing
services for commercial, industrial, and institutional buildings.
The Company offers services such as tuckpointing, concrete
restoration, brick replacement, lintel repair, and parapet repair.
With a focus on high-quality craftsmanship and customer
satisfaction, Harling Inc. successfully completes more than 90
projects each year, prioritizing safety and excellence in all their
work.
Harling Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March
1, 2025. In its petition, the Debtor reported between $100,000 and
$500,000 in assets and between $1 million and $10 million in
liabilities.
Judge Jacqueline P. Cox handles the case.
The Debtor is represented by Joel Schechter, Esq., at the Law
Offices of Joel A. Schechter.
HAVENLY INC: Horizon Technology Marks $1.7MM Loan at 19% Off
------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $1,778,000
loan extended to Havenly Inc. to market at $1,437,000 or 81% of the
outstanding amount, according to HRZN's Form 10-Q for the fiscal
year ended March 31, 2025, filed with the U.S. Securities and
Exchange Commission.
HRZN is a participant in a Loan to Havenly Inc. The loan accrues
interest at a rate of 12.5% per annum. The loan matures on March 1,
2027.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
Havenly is an interior designer company.
HAVENLY INC: Horizon Technology Marks $2.6MM Loan at 15% Off
------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $2,667,000
loan extended to Havenly Inc. to market at $2,277,000 or 85% of the
outstanding amount, according to HRZN's Form 10-Q for the fiscal
year ended March 31, 2025, filed with the U.S. Securities and
Exchange Commission.
HRZN is a participant in a Loan to Havenly Inc. The loan accrues
interest at a rate of 12.5% per annum. The loan matures on March 1,
2027.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
Havenly is an interior designer company.
HAVOC BREWING: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
Havoc Brewing Company, LLC got the green light from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to use
cash collateral.
The order penned by Judge Pamela McAfee authorized the company's
interim use of cash collateral to pay the expenses set forth in its
budget, with a 10% variance.
The budget shows total operational expenses of $122,377.66 for the
period from April 25 to May 25.
Celtic Bank and Catfish Haggen, LLC are the secured creditors that
have interests in the company's assets.
The secured creditors were granted a replacement lien on the
company's post-petition property to the same extent and with the
same validity and priority as their pre-bankruptcy liens. These
secured creditors may seek administrative expense claims under
Section 507(b) if their interests are not adequately protected.
The next hearing is scheduled for May 20.
About Havoc Brewing Company LLC
Havoc Brewing Company, LLC is a veteran-owned craft brewery based
in Pittsboro, N.C. 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 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 reported between $1
million and $10 million in both assets and liabilities.
Judge Pamela W. McAfee handles the case.
The Debtor is represented by Joseph Z. Frost, Esq., at Buckmiller &
Frost, PLLC.
HEALTHY SPOT: Plan Exclusivity Period Extended to August 7
----------------------------------------------------------
Judge Deborah J. Saltzman of the U.S. Bankruptcy Court for the
Central District of California extended Healthy Spot Operating,
LLC's exclusive periods to file a plan of reorganization and obtain
acceptance thereof to August 7 and October 6, 2025, respectively.
As shared by Troubled Company Reporter, the Debtor explains that
its management has a heavy workload due to the significant number
of retail lease locations, ongoing operations, as well as the
administrative burdens of this chapter 11 case. In addition, Debtor
is in the midst of analyzing potential options for a sale of
assets, as well as its strategies for business operations and
reorganization options if no sale occurs with satisfactory terms
and/or on a timely basis. The Debtor requires an extension of the
Current Exclusivity Periods to fairly address these numerous
issues.
The Debtor claims that it has properly administered its Chapter 11
case in that the Debtor has complied with all of the material
requirements of the Bankruptcy Code, the Federal Rules of
Bankruptcy Procedure, and the UST. Under these circumstances, an
extension of the exclusivity periods for filing and obtaining
confirmation of a plan of reorganization can be granted with the
confidence that the Debtor is in full compliance with the
requirements that are a condition to the Debtor maintaining its
exclusive right to file a plan of reorganization and gain
acceptance thereof.
About Healthy Spot Operating
Healthy Spot Operating, LLC is a pet care retail company in
Torrance, Calif., which offers dog grooming, dog daycare and
community experiences.
Healthy Spot Operating filed Chapter 11 petition (Bankr. C.D. Cal.
Case No. 24-20065) on December 10, 2024, with assets between $10
million and $50 million and liabilities between $1 million and $10
million. Mark Boonnark, chief executive officer of Healthy Spot
Operating, signed the petition.
Judge Deborah J. Saltzman oversees the case.
The Debtor is represented by:
David L. Neale, Esq.
Levene, Neale, Bender, Yoo & Golubchik L.L.P.
2818 La Cienega Ave.
Los Angeles, CA 90034
Tel: (310) 229-1234
Email: dln@lnbyg.com
HIAWATHA MANOR: Case Summary & 14 Unsecured Creditors
-----------------------------------------------------
Debtor: Hiawatha Manor Association, Inc.
Hiawatha Manor
Hiawatha Manor 1
8007 Cherokee Trl
Crossville, TN 38572
Business Description: Hiawatha Manor Association, Inc. oversees
the management of the timeshare condominiums
known as Hiawatha Manor and Hiawatha Manor
I.
Chapter 11 Petition Date: May 6, 2025
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 25-01916
Judge: Hon. Randal S. Mashburn
Debtor's Counsel: Blake D. Roth, Esq.
HOLLAND & KNIGHT LLP
511 Union St., Suite 2700
Nashville, TX 37219
Tel: 615-850-8749
E-mail: blake.roth@hklaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Archie Doby as association president.
A copy of the Debtor's list of 14 Unsecured Creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/HYKOEHQ/Hiawatha_Manor_Association_Inc__tnmbke-25-01916__0004.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HVEWGGA/Hiawatha_Manor_Association_Inc__tnmbke-25-01916__0001.0.pdf?mcid=tGE4TAMA
HOSPITAL FOR SPECIAL: No Patient Care Concern, 2nd PCO Report Says
------------------------------------------------------------------
Deborah Burian, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the District of Oklahoma her second report
regarding the quality of patient care provided by Hospital for
Specialty Surgery, LLC.
In the report which covers the period from Jan. 5 to March 6, the
PCO reviewed documents, conferred with leadership, and conducted
site visits with both the Hospital for Specialty Surgery and
Comprehensive Diagnostic Imaging (CDI).
During the site visit, the PCO interviewed staff, conducted rounds
and received quality assurance and compliance documents. She
observed hospital operations and discussed observations with
hospital management. A PCO notice was provided and was posted
within the facility. No issues or concerns were noted.
The PCO cited that dietary supplies were noted to be more than
adequate. It was reported that the facility will not be repairing
the existing dish machine and will continue to provide services
using disposable items. Food and water temperatures were tested and
met guidelines.
The PCO noted that the facility was observed to be taking active
steps to minimize the impact of the healthcare provider's
bankruptcy filing on the diagnostic center. Vendor relationships
are in place to ensure that goods and services are available as
needed. Staff report and direct observation indicate no shortages
of supplies.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=LdHuqK from PacerMonitor.com.
About Hospital for Special Surgery
Hospital for Special Surgery, LLC is a Medicare-certified surgical
specialty hospital in Oklahoma City that specializes in diagnostic,
surgical and rehabilitative services. It conducts business under
the name Onecore Health.
Hospital for Special Surgery sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-12862) on
October 7, 2024, with total assets of $8,285,647 and total
liabilities of $21,797,844. Steve Hockert, chief executive officer,
signed the petition.
Judge Janice D. Loyd oversees the case.
The Debtor is represented by Mark A. Craige, Esq., at Crowe &
Dunlevy.
Deborah Burian is the patient care ombudsman appointed in the
Debtor's case.
HOUND LABS: Horizon Technology Marks $1.6MM Loan at 39% Off
-----------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $1,607,000
loan extended to Hound Labs Inc. to market at $982,000 or 61% of
the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Hound Labs Inc. The loan accrues
interest at a rate of 13.5% per annum. The loan matures on June 1,
2026.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Hound Labs Inc.
Hound Labs, Inc. develops advanced breath testing technologies to
address leading public health and safety issues.
HOUND LABS: Horizon Technology Marks $1.9MM Loan at 90% Off
-----------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $1,929,000
loan extended to Hound Labs Inc. to market at $187,000 or 10% of
the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Hound Labs Inc. The loan accrues
interest at a rate of 13.5% per annum. The loan matures on June 1,
2026.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Hound Labs Inc.
Hound Labs, Inc. develops advanced breath testing technologies to
address leading public health and safety issues.
HOUND LABS: Horizon Technology Marks $250,000 Loan at 38% Off
-------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $250,000
loan extended to Hound Labs Inc. to market at $156,000 or 62% of
the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Hound Labs Inc. The loan accrues
interest at a rate of 14% per annum. The loan matures on March 1,
2025.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Hound Labs Inc.
Hound Labs, Inc. develops advanced breath testing technologies to
address leading public health and safety issues.
HOUND LABS: Horizon Technology Marks $3.2MM Loan at 39% Off
-----------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $3,214,000
loan extended to Hound Labs Inc. to market at $1,964,000 or 61% of
the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Hound Labs Inc. The loan accrues
interest at a rate of 13.5% per annum. The loan matures on June 1,
2026.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Hound Labs Inc.
Hound Labs, Inc. develops advanced breath testing technologies to
address leading public health and safety issues.
HOUND LABS: Horizon Technology Marks $300,000 Loan at 38% Off
-------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $300,000
loan extended to Hound Labs Inc. to market at $187,000 or 62% of
the outstanding amount, according to HRZN's Form 10-Q for the
fiscal year ended March 31, 2025, filed with the U.S. Securities
and Exchange Commission.
HRZN is a participant in a Loan to Hound Labs Inc. The loan accrues
interest at a rate of 14% per annum. The loan matures on March 1,
2025.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Hound Labs Inc.
Hound Labs, Inc. develops advanced breath testing technologies to
address leading public health and safety issues.
HOUND LABS: Horizon Technology Marks $964,000 Loan at 90% Off
-------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $964,000
loan extended to Hound Labs Inc. to market at $93,000 or 10% of the
outstanding amount, according to HRZN's Form 10-Q for the fiscal
year ended March 31, 2025, filed with the U.S. Securities and
Exchange Commission.
HRZN is a participant in a Loan to Hound Labs Inc. The loan accrues
interest at a rate of 13.5% per annum. The loan matures on June 1,
2026.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Hound Labs Inc.
Hound Labs, Inc. develops advanced breath testing technologies to
address leading public health and safety issues.
HUBBARD RADIO: Allspring Marks $467,000 Loan at 68% Off
-------------------------------------------------------
Allspring Funds Trust has marked its $467,230 loan extended to
Hubbard Radio LLC to market at $319,763 or 32% of the outstanding
amount, according to Allspring's Form N-CSRS for the fiscal year
ended August 31, 2024, filed with the U.S. Securities and Exchange
Commission.
Allspring is a participant in a Loan to Hubbard Radio LLC. The loan
accrues interest at a rate of U.S. SOFR 1 Month+4.50% per annum.
The loan matures on September 30, 2027.
Allspring, a Delaware statutory trust organized on March 10, 1999,
is an open-end management investment company registered under the
Investment Company Act of 1940, as amended.
As the valuation designee, Allspring Funds Management is
responsible for day-to-day valuation activities for the Allspring
Funds. In connection with these responsibilities, Allspring Funds
Management has established a Valuation Committee and has delegated
to it the authority to take any actions regarding the valuation of
portfolio securities that the Valuation Committee deems necessary
or appropriate, including determining the fair value of portfolio
securities.
Allspring intends to continue to qualify as a regulated investment
company by distributing substantially all of its investment company
taxable income and any net realized capital gains sufficient to
relieve it from all, or substantially all, federal income taxes.
Accordingly, no provision for federal income taxes was required.
Allspring is led by John Kenney as president and Jeremy DePalma as
treasurer.
The Fund can be reached through:
John Kenney
Allspring Global Investments
P.O. Box 1450
Milwaukee, WI 53201
Telephone: (888) 877-9275
Website: allspringglobal.com
About Hubbard Radio LLC
Hubbard Radio, LLC, formed in 2011, is a family controlled and
privately held media company that owns and operates radio stations
in 8 of the top 50 markets, including Chicago, Washington, D.C.,
Minneapolis-St. Paul, St. Louis, Cincinnati, Seattle, Phoenix, and
West Palm Beach. Hubbard also operates 2060 Digital, LLC, a
national digital marketing agency based in Cincinnati, Ohio.
Hubbard is a wholly owned subsidiary of Hubbard Broadcasting, Inc.
(HBI), a television and radio broadcasting company that was started
in 1923. Headquartered in St. Paul, Minnesota, Hubbard generated
revenue on a standalone basis of $194 million as of LTM Q3 2024.
HYPERSCALE DATA: Declares Dividends for Series D and E, Pays May 12
-------------------------------------------------------------------
Hyperscale Data, Inc. announced that its Board of Directors has
declared a monthly cash dividend of $0.2708333 per share of the
Company's outstanding 13.00% Series D Cumulative Redeemable
Perpetual Preferred Stock. The record date for this dividend is
April 30, 2025, and the payment date is Monday, May 12, 2025.
Link to NYSE quote for the Company's 13.00% Series D Cumulative
Redeemable Perpetual Preferred Stock:
https://www.nyse.com/quote/XASE:GPUSpD
The Company further announced that the Board has declared a monthly
cash dividend of $0.20833 per share of the Company's outstanding
10.00% Series E Cumulative Redeemable Perpetual Preferred Stock.
The declared dividend is for the previously deferred dividend for
the month ended March 31, 2025. The record date for this dividend
is April 30, 2025, and the payment date is Monday, May 12, 2025.
In addition, the Board has elected not to declare a monthly cash
dividend on the Series E Preferred Stock for the month ending April
30, 2025. The certificate of designations for the Series E
Preferred Stock permits the Company to defer up to 12 consecutive
monthly dividend payments on the Series E Preferred Stock without
such deferrals being considered missed. The Company notes that the
dividend is a cumulative dividend that accrues for payment in the
future.
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.
INTRUM AB: Plan Exclusivity Period Extended to June 15
------------------------------------------------------
Judge Christopher Lopez of the U.S. Bankruptcy Court for the
Southern District of Texas extended Intrum AB and Intrum AB of
Texas LLC's exclusive periods to file a plan of reorganization and
obtain acceptance thereof to June 15 and August 15, 2025,
respectively.
As shared by Troubled Company Reporter, the Debtors explain that
these chapter 11 cases are extremely complex, and the size of their
capital structure means the Debtors must navigate a number of
complex issues to implement the Plan. There is no question that the
Debtors' capital structure, which as of the Petition Date consisted
of approximately $4.85 billion of funded debt, is large and
complex, and the Debtors have obligations to a tremendous number of
stakeholders across the globe. Thus, the size and complexity of
these chapter 11 cases alone provides sufficient cause for the
Court to extend the Exclusivity Periods.
The Debtors claim that they seek to maintain exclusivity so parties
with competing interests do not impede the Debtors' pursuit of
emergence from these chapter 11 cases. Extending the Exclusivity
Periods benefits all parties in interest by preventing the drain on
time and resources that inevitably occurs when multiple parties
with potentially diverging interests vie for the consideration of
their own respective plans. All stakeholders benefit from continued
stability and predictability that a central process provides, which
can only occur while the Debtors remain the sole plan proponents.
Moreover, even if the Court approves an extension of the
Exclusivity Periods, nothing prevents parties in interest from
later arguing to the Court that cause supports termination of the
Debtors' exclusivity should cause arise. Accordingly, an extension
of the Exclusivity Periods is in the best interest of the Debtors'
estates, their creditors, and all other parties in interest.
Counsel to the Debtors:
Jaimie Fedell, Esq.
Dennis F. Dunne, Esq.
MILBANK LLP
55 Hudson Yards
New York, NY 10001
Tel: (212) 530-5000
Fax: (212) 530-5219
Email: ddunne@milbank.com
jfedell@milbank.com
-and-
Andrew M. Leblanc, Esq.
Melanie Westover Yanez, Esq.
MILBANK LLP
1850 K Street, NW, Suite 1100
Washington, DC 20006
Tel: (202) 835-7500
Fax: (202) 263-7586
Email: aleblanc@milbank.com
mwyanez@milbank.com
-and-
John F. Higgins, Esq.
M. Shane Johnson, Esq.
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston TX 77002
Tel: (713) 226-6000
Fax: (713) 226-6248
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
About Intrum AB
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plas a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76 percent of the total commitments under the
RCF (the "RCF Steerco Group").
ION PLATFORM: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' issuer credit
rating to ION Platform Investment Group Ltd. ION Group expects to
close the transaction in June 2025. At that time, S&P expects to
assign a final rating to the company.
The stable outlook reflects ION Platform's high recurring revenue
base and strong profitability, which will support steady earnings
and free operating cash flow (FOCF) generation over the next 1-2
years while it works to combine the existing ION businesses. S&P
expects the company will expand its S&P Global Ratings-adjusted
EBITDA margin to about 53% in 2025 as it realizes cost savings such
that its debt to EBITDA improves toward 7.0x.
The preliminary rating reflects ION Platform's enhanced business
and earnings scale. ION Group will consolidate ION Analytics, ION
Corporate, and ION Markets to form ION Platform. S&P said, "We
expect the consolidated entity will benefit from material operating
scale to serve its more than 8,000 clients and extend its suite of
purpose-built products into areas like treasury management, trading
operations, and financial markets workflow platforms across its
install base. While ION Platform will face competition in these
focus markets from larger and more-diverse financial technology and
data intelligence providers, like Bloomberg, Broadridge, FIS, and
Oracle, among others, we believe it has good market positions
across its multiple brands. The company's client base has distinct
business and service needs; however, we believe its financial
services domain expertise, proprietary data intelligence, and the
mission-critical nature of its offerings provide it with
sustainable advantages despite the strong competitive landscape."
S&P said, "We view ION Platform's enhanced business scale, with
more than $1.3 billion of S&P Global Ratings-adjusted EBITDA and a
strong margin of more than 50%, favorably relative to its similarly
rated software peers. The company is targeting cost efficiencies of
more than $200 million that we expect it will realize over the next
1-2 years. We expect this will support an EBITDA margin of about
53% in 2025, which up from ION Platform's pro forma consolidated
margin of about 48% in 2024. Historically, the stand-alone entities
incurred material restructuring expenses to gain operating
efficiencies and improve their product offerings; however, we
expect the company will moderate such activity and anticipate the
consolidation will allow for lower-risk duplicative cost reductions
across the organization. While merging and operating a larger
entity may increase the complexity of management's oversight, we
expect ION Group's long-standing common control and ownership will
likely reduce its business integration risks. The company is not
currently pursuing a refinancing of the three stand-alone capital
structures, and we expect maintaining the status quo will not
prevent it from realizing the intended benefits from the
consolidation."
ION Analytics, ION Corporates, and ION Markets have historically
benefited from good business visibility. Given their material
recurring revenue bases (exceeding 80%) and high client retention
rates (above 90%), the stand-alone companies have exhibited
consistent operating performance. The companies have also developed
a track record of steadily increasing their annual contract value
by the mid-single digit percent area over the past few years, which
we expect will continue. While the company relies on some
event-driven business in its capital markets and transactional
trading solutions, S&P expects the consistent revenue from its
contracted software and services business will likely continue to
support stable profitability and good FOCF generation despite the
uncertain macroeconomic backdrop.
S&P said, "We believe management's financial policy decisions will
determine the pace of ION Platform's credit profile improvements
and debt reduction over the next 1-2 years. We expect the company's
pro forma debt to EBITDA will be about 7.8x in 2025 before
improving to about 7.0x in 2026. ION Platform's strong margin
profile and modest capital expenditure (capex) needs will support
good FOCF generation exceeding $500 million annually. We do not net
the company's cash against its debt under our adjusted credit
measures because we assume it will use substantially all of its
excess cash flow to fund group distributions, which is consistent
with its past financing policies. That said, ION Group has
maintained more-aggressive financial policies historically, as
evidenced by the elevated leverage at its operating subsidiaries.
"We assess ION Platform's management and governance as having a
somewhat negative effect on its credit quality. Given its private
ownership structure, we have historically had limited visibility
into the ultimate parent entity's, ION Investment Corp. Sarl (IIC),
consolidated financial position and reporting outside the borrower
groups. However, we view ION Platform and ION Group's credit
profiles as linked, given the new entity's scale relative to the
other rated entities in the group and our access to sufficient
information to maintain ratings on the rated borrowers.
Additionally, our assessment incorporates management's commitment
to maintaining financial reporting and information transparency as
ION Platform establishes an operating history. As such, enhanced
insight to ION Group's financing and growth investment strategies
will be integral to our ongoing credit rating surveillance.
"The stable outlook reflects ION Platform's high recurring revenue
base and strong profitability, which will support steady earnings
and FOCF generation over the next 1-2 years while it works to
combine the existing ION businesses. We expect the company will
expand its S&P Global Ratings-adjusted EBITDA margin to about 53%
in 2025 as it realizes cost savings such that its debt to EBITDA
improves toward 7.0x."
S&P could lower its rating on ION Platform if:
-- If its realization of synergies is slower than expected synergy
realization or it faces integration challenges, including
higher-than-expected transaction costs, such that its leverage
remains above 7x or its FOCF to debt remains below 5%; or
-- S&P believes the overall group's credit profile has weakened
because of a business underperformance or more-aggressive financial
policies, including materially weaker overall credit metrics.
An upgrade is unlikely given S&P's view of the group's overall
credit profile. However, it could raise its rating on ION Platform
if:
-- It adopts a conservative financial policy such that S&P
believes it will maintain leverage of below 5x and FOCF to debt of
above 5%; and
-- S&P believes the group has strengthened its overall profile and
its credit metrics are not materially worse than its expectations
for ION Platform.
J.D. SAC CONSULTING: Taps Rountree Leitman Klein as Attorney
------------------------------------------------------------
J.D. SAC Consulting LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Rountree,
Leitman, Klein & Geer, LLC as its attorneys.
The firm's services include:
a. giving the Debtor legal advice with respect to its powers
and duties as Debtor-in-Possession in the management of its
property;
b. preparing on behalf of the Debtor as Debtor-in-Possession
necessary schedules, applications, motions, answers, orders,
reports and other legal matters;
c. assisting in examination of the claims of creditors;
d. assisting with formulation and preparation of the
disclosure statement and plan of reorganization and with the
confirmation and consummation thereof; and
e. performing all other legal services for the Debtor as
Debtor-in-Possession that may be necessary.
The firm's counsel and staff will be paid at these hourly rates:
William Rountree, Attorney $595
Will Geer, Attorney $595
Michael Bargar, Attorney $535
David Klein, Attorney $495
Hal Leitman, Attorney $425
William Matthews, Attorney $425
Ceci Christy, Attorney $425
Elizabeth Childers, Attorney $395
Caitlyn Powers, Attorney $375
Shawn Eisenberg, Attorney $300
Elizabeth Miller, Paralegal $290
Megan Winokur, Paralegal $175
Catherine Smith, Paralegal $150
Law Clerk $175
The firm received a pre-petition retainer of $35,000 from the
Debtor.
Mr. Rountree disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
William A. Rountree, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, Georgia 30329
Telephone: (404) 584-1238
Email: wrountree@rlkglaw.com
About J.D. SAC Consulting LLC
J.D. SAC Consulting LLC, doing business as Rocket Electric. is an
electrical and lighting contractor based in Kennesaw, Georgia. The
Company provides commercial electrical services, lighting upgrades,
and EV charger installations across 13 U.S. states. Its clients
include major retailers such as Walmart and Hertz.
J.D. SAC Consulting LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54195)
on April 17, 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 Jeffery W. Cavender handles the case.
The Debtor is represented by William Rountree, Esq. at ROUNTREE,
LEITMAN, KLEIN & GEER, LLC.
KENSINGTON VILLAGE: Hires Apartment Realty Advisors as Broker
-------------------------------------------------------------
Kensington Village Apts, LLC and affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Georgia to hire
Apartment Realty Advisors of Georgia, Inc. dba Newmark as real
estate broker.
The firm will market and sell the Debtor's property located at 3465
Kensington Road, Decatur, Georgia 30032.
The firm shall receive a commission equal to 0.6 percent of the
gross sales price of the property.
Newmark is a "disinterested person" within the meaning of Sec.
101(14) of the Bankruptcy Code as required by Sec. 327(a) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Christopher Lyon
Apartment Realty Advisors of Georgia, Inc.
dba Newmark
125 Park Avenue
New York, NY 10017
Tel: (212) 372-2000
About Kensington Village Apts
Kensington Village Apts, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53099-lrc) on
March 21, 2025. In the petition signed by Samuel Pollak, managing
member, the Debtor disclosed up to $50,000 in assets and up to $100
million in liabilities.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.
KPOWER GLOBAL: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: KPower Global Logistics, LLC
4105 South Mendenhall Road
Memphis, TN 38115
Business Description: KPower Global Logistics LLC provides third-
party logistics services specializing in
customized supply chain solutions across the
United States. The Company offers staffing,
warehousing, bulk storage, consulting,
packaging, and special project services for
distribution centers and manufacturing
operations.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
Western District of Tennessee
Case No.: 25-22294
Judge: Hon. M Ruthie Hagan
Debtor's Counsel: Craig M. Geno, Esq.
LAW OFFICES OF CRAIG M. GENO, PLLC
601 Renaissance Way
Suite A
Ridgeland, MS 39157
Tel: 601-427-0048
- and -
Jerome C. Payne, Esq.
PAYNE LAW FIRM
3525 Ridge Meadow Parkway
Suite 100
Memphis TN 38115
Tel: 901-794-0884
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mike Kattawar as chief executive
officer.
The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2CKA4YQ/KPower_Global_Logistics_LLC__tnwbke-25-22294__0001.0.pdf?mcid=tGE4TAMA
KTRV LLC: Seeks to Hire Stretto Inc. as Administrative Advisor
--------------------------------------------------------------
KTRV LLC and its affiliates seek approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Stretto, Inc. as
administrative advisor.
The firm will provide these services:
a. assist with, among other things, solicitation, balloting,
and tabulation of votes; prepare any related reports, as required
in support of confirmation of a chapter 11 plan;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d. assist with the preparation of the Debtors' monthly
operating reports and gather data in conjunction therewith;
e. provide a confidential data room;
f. manage and coordinate any distributions pursuant to a
chapter 11 plan if designated as distribution agent under such
plan; and
g. provide claims analysis and reconciliation, case research,
depository management, treasury services, confidential online
workspaces or data rooms, and any related services otherwise
required by applicable law, governmental regulations, or court
rules or orders in connection with these Chapter 11 Cases.
Prior to the Petition Date, the Debtors paid Stretto with an
advance retainer in the amount of $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Sheryl Betance, a partner at Stretto, Inc., disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About KTRV LLC
KTRV is a Delaware holding company whose sole asset is its
membership interest in HCNR, a Pennsylvania limited liability
company. HCNR owns and operates five coal mines and related
operations in Pennsylvania and Maryland.
KTRV LLC and Heritage Coal & Natural Resources, LLC sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case
No. 25-10601) on March 30, 2025. The petitions were signed by Brian
Ryniker as chief restructuring officer. In the petitions, KTRV LLC
reported estimated assets of $50 million to $100 million and
estimated liabilities of $50 million to $100 million, and Heritage
Coal reported estimated assets of $100 million to $500 million and
estimated liabilities of $100 million to $500 million.
The Debtors are represented by Morris James LLP. The Debtors'
restructuring advisor is RKC, LLC d/b/a RK Consultants LLC, and
their claims and noticing agent is Stretto Inc.
LAKESHORE TERRACE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Lakeshore Terrace Association
501 Lakeshore Blvd
Incline Village, NV 89451
Business Description: Lakeshore Terrace Association is a
homeowners' association for a
condominium community located at 501
Lakeshore Boulevard in Incline Village,
Nevada. Established in 1970, the
association oversees property management and
community affairs near Lake Tahoe.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
District of Nevada
Case No.: 25-50422
Judge: Hon. Hilary L Barnes
Debtor's Counsel: Kevin A. Darby, Esq.
DARBY LAW PRACTICE
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Tel: 775-322-1237
Fax: 775-996-7290
E-mail: kevin@darbylawpractice.com
Total Assets: $1,072,688
Total Liabilities: $2,710,568
Mark Page signed the petition as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/OWT7Q2I/LAKESHORE_TERRACE_ASSOCIATION__nvbke-25-50422__0001.0.pdf?mcid=tGE4TAMA
LAKESHORE TERRACE: Seeks Chapter 11 Bankruptcy in Nevada
--------------------------------------------------------
On May 8, 2025, Lakeshore Terrace Association 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 50 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About Lakeshore Terrace Association
Lakeshore Terrace Association is a property owners association
located on Lake Tahoe's Lakeshore Boulevard in Incline Village,
Nevada.
Lakeshore Terrace Association sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50422-hlb) on
May 8, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $1 million and $10 million each.
The Debtor's bankruptcy counsel is DARBY LAW PRACTICE. INCLINE
PROPERTY MANAGEMENT is its property manager.
LPB MHC: Court Extends Cash Collateral Access to May 20
-------------------------------------------------------
LPB MHC, LLC received interim approval from the U.S. Bankruptcy
Court for the Southern District of Illinois to use cash collateral
until May 20, marking the fourth extension since the company's
Chapter 11 filing.
The fourth interim order authorized the company to continue to use
cash collateral under the same terms as the prior order.
A final hearing is scheduled for May 20.
About LPB MHC
LPB MHC, LLC, doing business as Sam C. Mitchell and Associates,
filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 24-40450) on
November 5, 2024, with up to $10 million in both assets and
liabilities. Lance P. Brown, managing member, signed the petition.
Judge Mary E. Lopinot oversees the case.
Robert Eggmann, Esq., represents the Debtor as legal counsel.
MAJAB DEVELOPMENT: Case Summary & Six Unsecured Creditors
---------------------------------------------------------
Debtor: Majab Development, LLC
3606 Enterprise Avenue
Suite 325
Naples, FL 34104
Business Description: Majab Development, LLC is a Florida-based
construction and real estate development
company, primarily focusing on land
subdivision and heavy civil engineering
projects. Founded in 2015, the Company
operates in the Naples, FL area and has been
involved in various residential
developments.
Chapter 11 Petition Date: May 8, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-00835
Judge: Hon. Caryl E Delano
Debtor's Counsel: Kathleen L. DiSanto, Esq.
BUSH ROSS, P.A.
PO Box 3913
Tampa, FL 33601-3913
Tel: 813-224-9255
Email: kdisanto@bushross.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Edward Brinkmann as manager.
A copy of the Debtor's list of six unsecured creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/7RU6CDA/Majab_Development_LLC__flmbke-25-00835__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2U4DBWI/Majab_Development_LLC__flmbke-25-00835__0001.0.pdf?mcid=tGE4TAMA
MANE SOURCE: Gets Extension to Access Cash Collateral
-----------------------------------------------------
Mane Source Counseling, PLLC received another extension from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Greenville Division to use cash collateral.
The third interim order signed by Judge David Warren authorized
Mane Source Counseling to use cash collateral to pay the expenses
set forth in its 30-day budget and may spend as much as 10% more if
needed.
The budget projects total operational expenses of $8,618.63 for
May.
As protection, post-petition liens on Mane Source Counseling's cash
and inventory will be granted to potential secured creditors,
limited to the extent of actual use and validity of pre-bankruptcy
liens.
The next hearing is scheduled for May 28.
About Mane Source Counseling PLLC
Mane Source Counseling, PLLC provides counseling and wellness
services with the help of five horses used in therapy sessions.
Mane Source Counseling sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-00833) on March
7, 2025, listing up to $500,000 in assets and up to $1 million in
liabilities. Cheryl Meola, company owner, signed the petition.
Judge David M. Warren oversees the case.
The Debtor is represented by:
Kathleen O'Malley, Esq.
Stevens Martin Vaughn & Tadych, PLLC
2225 W. Millbrook Road
Raleigh, NC 27612
Phone: 919-582-2300
Fax: (866) 593-7695
Email: komalley@smvt.com
MARTINES PALMEIRO: Taps Taft Stettinius as Special Counsel
----------------------------------------------------------
Martines Palmeiro Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Taft
Stettinius & Hollister LLP as special counsel.
The firm will continue to represent the Debtor in these cases:
a. Martines Palmeiro Construction, LLC and DIRC Homes, LLC v.
Chris Bridgeford, et al, Case No. 2024CV30640, Douglas County,
Colorado (the "Bridgeford Litigation"). In the Bridgeford
Litigation, Taft also represents DIRC Homes, LLC, an entity
affiliated with the Debtor. Taft has asserted an attorney's lien in
this case pursuant to C.R.S. Sec. 13-93-114.
b. Martines Palmeiro Construction, LLC and DIRC Homes, LLC v.
L.M. Armstrong/Bridgeford Construction, LLC, et al, Case No.
2021CV030879, City and County of Denver, Colorado (the "LMA
Litigation"). In the LMA Litigation, Taft also represents DIRC
Homes, LLC, an entity affiliated with the Debtor. Taft has asserted
an attorney's lien in this case pursuant to C.R.S. Sec. 13-93-114.
The firm will charge these hourly rates:
Peter A. Cal $725
John Gray $370
Tamir Goldstein $725
Paralegals and law clerks $200 to $370
Taft was paid a $50,000 retainer by Tony Lajimodiere with respect
to the Prepetition Litigations. Taft received another a retainer
from principals of the Debtor as $160,000 on Sep. 23, 2024.
Taft Stettinius & Hollister LLP is a "disinterested person" within
the meaning of 11 U.S.C. 101(14), according to court filings.
The firm can be reached through:
Peter A. Cal, Esq.
Taft Stettinius & Hollister LLP
425 Walnut Street, Suite 1800
Cincinnati, OH 45202-3957
Tel: (513) 381-2838
Fax: (513) 381-0205
About Martines Palmeiro Construction
Martines Palmeiro Construction LLC is a Denver-based general
contractor specializing in high-density residential, senior living,
and retail commercial projects across Colorado and Texas. Founded
in 2011, the firm offers services including general contracting,
construction management, and design-build solutions.
Martines Palmeiro Construction LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-12313) on
April 21, 2025. In its petition, the Debtor reports estimated
assets up to $50,000 and estimated liabilities between $10 million
and $50 million.
The Debtor is represented by Jeffrey A. Weinman, Esq. at Allen
Vellone Wolf Helfrich & Factor, PC.
MID-KANSAS REAL: Seeks to Hire LPT Realty as Real Estate Broker
---------------------------------------------------------------
Mid-Kansas Real Estate Holdings, L.C. seeks approval from the U.S.
Bankruptcy Court for the District of Kansas to employ LPT Realty,
LLC as realtors to market and sell the property located at 1944 N.
Tallyrand St., Wichita, Kansas 67206.
LPT Realty, LLC shall receive a commission of 6 percent of the sale
of any real property.
LPT Realty, LLC is a "disinterested person" within the meaning of
11 U.S.C. Sec. 101(14), according to court filings.
The broker can be reached through:
Brandon J. Hathaway
Steven R. Myers
LPT Realty, LLC
3234 E. Douglas Ave
Wichita, KS 67208
About Mid-Kansas Real Estate Holdings
Mid-Kansas Real Estate Holdings, LC is a lessor of real estate in
Wichita, Kansas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 23-10709) on July 19,
2023, with $1 million to $10 million in both assets and
liabilities. Rickey E. Hodge Jr., manager, signed the petition.
Judge Mitchell L. Herren oversees the case.
Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the
Debtor as bankruptcy counsel.
MILLERKNOLL INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB' issuer credit rating and 'BB+' issue-level
ratings on the senior secured debt on U.S.-based office and
residential furniture manufacturer MillerKnoll Inc. The recovery
rating remains '2', indicating its expectation of substantial
(70%-90%: rounded estimate 75%) recovery in the event of a payment
default.
The negative outlook reflects the potential for a lower rating
within the next 12 months if S&P believes the company's operating
performance will deteriorate, resulting in adjusted debt to EBITDA
sustained above 4x.
S&P said, "The rating affirmation reflects our baseline expectation
that operating conditions will not deteriorate to recessionary
levels and that MillerKnoll will be able to mitigate near-term
economic volatility and increased tariff-related costs through
pricing actions and expense reduction measures. MillerKnoll's
reported revenue and S&P Global Ratings-adjusted EBITDA (excluding
one-time integration charges) for the nine months ended March 1,
2025, were largely flat compared to the same period in 2024 at
about $2.7 billion and $350 million, respectively. The company's
total backlog stood at $686 million as of March 1, 2025, up 7%
compared to March 1, 2024, but down 3% from the previous quarter.
The higher year-over-year backlog is partly driven by clients
requesting longer-than-usual delivery times. Meanwhile, the
sequential decline in backlog is primarily due to softness in the
North American contract business, which is being constrained by
growing macroeconomic uncertainty. Furthermore, MillerKnoll
reported a 1.5% decline in organic orders in the North American
contract segment in the third quarter of fiscal 2025 (following
three consecutive quarters of growth) and tempered its outlook for
the fourth quarter, citing increasing uncertainty and sluggish
demand. We also note that forward indicators such as corporate
profitability, capital spending, CEO confidence surveys, and hiring
indicators have recently been trending down. Therefore, we revised
our base-case forecast downward for fiscals 2025 and 2026 to
reflect the ongoing uncertainty and the toll it will have on
MillerKnoll's contract furniture segment."
MillerKnoll's retail business potentially provides some offset to
its contract furniture segment exposure. Its retail business
reported solid order growth in the third quarter (up 4% excluding
seasonal pull-forwards) and an improvement in margins driven by
increased leverage on higher sales. The company intends to expand
its retail footprint, opening about 10 to 15 new stores in fiscal
2026, with additional stores slated to open in 2027 and 2028. S&P
believes the company's retail presence is still nascent, and new
stores in attractive locations will build its profile and capture
market share. That said, its retail business remains vulnerable to
high mortgage rates and weaker discretionary consumer spending.
S&P said, "We expect MillerKnoll will be able to pass through most
of its tariff-related costs through pricing actions and one-time
cost surcharges, although this comes with a lag. Its primary tariff
exposure includes tariffs on steel and aluminum, as well as
components and finished products imported from Europe and Canada.
Additionally, the company uses lumber from Canada, which is
currently exempt from tariffs, but any new tariffs following the
90-day pause or if the duty hikes proposed by the Department of
Commerce are implemented in August 2025, we could expect further
margin pressure.
"We now forecast MillerKnoll's credit metrics will remain elevated
for its rating level, at about 3.9x at end of fiscal 2025 and
fiscal 2026, compared to our previous expectation of 3.5 and 3.4x,
respectively. Our adjusted debt measure also includes higher lease
obligations reflecting new planned retail stores--we estimate about
$50 million to $60 million of lease additions in fiscal 2026.
"Although not our base case, MillerKnoll remains highly vulnerable
in an economic downturn. S&P Global economists revised downward our
baseline forecast for the U.S. economy last week, and now expect it
will expand 1.5% and 1.7% in 2025 and 2026, respectively, (down
from 1.9% in our March forecast), with domestic demand (GDP
excluding net exports) growing at a less than 1% annualized pace
for the rest of this year. We anticipate a material slowdown in
growth, but do not foresee a U.S. recession at this juncture;
however, we estimate the probability of a recession in the U.S. at
35%. Furthermore, we also expect the uncertain shift in U.S. trade
policy will slow growth in other parts of the world, and therefore
lowered our GDP growth forecasts for most countries. The company
operates in a highly cyclical industry where S&P Global
Ratings-adjusted EBITDA can decline significantly in deep
recessionary conditions." Spending on new office construction and
large remodeling projects typically declines during a recession.
The primary macroeconomic drivers for MillerKnoll are GDP,
white-collar employment rates, corporate profitability, capital
spending, CEO confidence survey, government spending, and
residential and nonresidential investment. A risk to our base-case
forecast includes significant corporate office space
downsizing--perhaps coinciding with lease expirations--to
right-size footprints to match lower employee occupancy levels and
save money in the event of a deep recession.
Moreover, the percentage of employees working in the office (versus
home) in the 10 largest U.S. metropolitan areas remains anchored at
about half of pre-pandemic levels, although average occupancy of
Class A+ buildings is higher at above 70% as per Kastle Systems'
Weekly Occupancy Barometer. There could be additional permanent
reductions in corporate office space following pandemic-induced
work-from-home trends, though this risk appears to have declined
somewhat and therefore is not our base case. Nevertheless, risk in
the commercial real estate sector remains elevated, and could
translate into reduced office square footage leased by companies,
potentially straining office furniture manufacturers' corporate
business.
MillerKnoll has an adequate liquidity profile to withstand
potential weak operating conditions in the short to medium term.
The company refinanced its bank credit facilities, consisting of a
$725 million revolver and a $400 million term loan A facility, in
April 2025. The maturities were pushed out to April 2030.
MillerKnoll's $625 million term loan B facility remains outstanding
and matures in July 2028. Pro forma for the bank debt refinancing,
the company has about $221 million of cash and about $327 million
of availability on the revolver (but restricted to about $270
million due to limited headroom under the net leverage covenant),
which along with projected positive free operating cash flow (FOCF)
under our base case, will be sufficient to fund a temporary
downturn scenario.
The negative outlook reflects the potential for a lower rating
within the next 12 months if S&P believes the company's operating
performance will weaken, resulting in adjusted debt to EBITDA
sustained above 4x.
S&P could lower the rating if it projects that leverage will
increase to and be sustained at or above 4x, or if cash flow is
weaker than expected. This could happen if demand deteriorates, and
profits are weaker than projected because:
-- Commercial occupancy trends worsen or demand for retail
products does not materialize as expected;
-- The company cannot pass along price increases on a timely basis
or mitigate input cost increases, tariff-related headwinds, or
supply chain disruptions; and
-- There is escalating competition from rivals that reduces its
pricing and gross margin.
S&P could also lower the rating if the company adopts more
aggressive financial policies by executing large share repurchases
or acquisitions.
S&P could revise the outlook to stable if it believes MillerKnoll
will sustain leverage comfortably below 4x, generate positive FOCF,
and stabilize volumes. This could occur if the company:
-- Restores volume growth with improved office occupancy rates and
a rebound in the housing market; and
-- Demonstrates a conservative financial policy and adequate
liquidity to withstand economic downturns.
MJM LANDSCAPE: Court Extends Cash Collateral Access to July 31
--------------------------------------------------------------
MJM Landscape Associates, Inc. received another extension from the
U.S. Bankruptcy Court for the District of Arizona to use cash
collateral.
The order authorized the company to use cash collateral from May 1
to July 31 in accordance with its budget, which projects total
operational expenses of $427,632.05 for May; $384,657.05 for June;
and $384,657.05 for July.
Each creditor with a security interest in cash collateral will have
a perfected post-petition lien on the cash collateral to the same
extent and with the same validity and priority as its
pre-bankruptcy lien.
The order is without prejudice to future challenges to the use of
cash collateral or the validity of creditor claims.
About MJM Landscape Associates
MJM Landscape Associates, Inc. filed Chapter 11 petition (Bankr. D.
Ariz. Case No. 25-00663) on January 27, 2025, listing between
$500,001 and $1 million in assets and between $1 million and $10
million in liabilities.
Judge Brenda Moody Whinery oversees the case.
The Debtor is represented by Charles R. Hyde, Esq. at Law Offices
of C.R. Hyde, PLC.
MODIVCARE INC: Allspring Marks $1.7 Million Loan at 20% Off
-----------------------------------------------------------
Allspring Funds Trust has marked its $1,709,957 loan extended to
Modivcare, Inc. to market at $1,360,836 or 80% of the outstanding
amount, according to Allspring's Form N-CSRS for the fiscal year
ended August 31, 2024, filed with the U.S. Securities and Exchange
Commission.
Allspring is a participant in a Loan to Modivcare, Inc. The loan
accrues interest at a rate of U.S. SOFR 3 Month+4.75% per annum.
The loan matures on July 1, 2031.
Allspring, a Delaware statutory trust organized on March 10, 1999,
is an open-end management investment company registered under the
Investment Company Act of 1940, as amended.
As the valuation designee, Allspring Funds Management is
responsible for day-to-day valuation activities for the Allspring
Funds. In connection with these responsibilities, Allspring Funds
Management has established a Valuation Committee and has delegated
to it the authority to take any actions regarding the valuation of
portfolio securities that the Valuation Committee deems necessary
or appropriate, including determining the fair value of portfolio
securities.
Allspring intends to continue to qualify as a regulated investment
company by distributing substantially all of its investment company
taxable income and any net realized capital gains sufficient to
relieve it from all, or substantially all, federal income taxes.
Accordingly, no provision for federal income taxes was required.
Allspring is led by John Kenney as president and Jeremy DePalma as
treasurer.
The Fund can be reached through:
John Kenney
Allspring Global Investments
P.O. Box 1450
Milwaukee, WI 53201
Telephone: (888) 877-9275
Website: allspringglobal.com
About Modivcare, Inc.
ModivCare Inc. is a technology-enabled healthcare services company
that provides a suite of integrated supportive care solutions for
public and private payors and their members.
At December 31, 2024, ModivCare had 1,654,332,000 in total assets,
1,692,806,000 in total liabilities, and 38,474,000 in total
stockholders' deficit.
MONEYGRAM INT'L: Fitch Alters Outlook on 'B' IDR to Negative
------------------------------------------------------------
Fitch Ratings has affirmed MoneyGram International, Inc.'s
Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook
has been revised to Negative from Stable. Fitch has also affirmed
the 'B+' rating with a Recovery Rating of 'RR3' on the company's
revolver, term loan and 1L secured bonds.
The Negative Outlook reflects the company's sluggish growth and the
risk that its cost and revenue initiatives may continue to struggle
in reactivating growth and profitability, while reducing leverage.
Fitch expects MoneyGram to operate outside the EBITDA leverage
negative sensitivity for at least a year.
MoneyGram International, Inc.'s ratings reflect the company's
established position in retail cross-border money transfers and its
expanding digital business. The rating also reflects its greater
reliance on money transfer services relative to more diversified
and higher-rated fintech peers, and its smaller scale, higher
leverage and lower cash flow profitability.
Key Rating Drivers
Financial Underperformance: Revenue and EBITDA trends may remain
sluggish if MoneyGram's initiatives fail to stimulate growth. Fitch
expects money transfer restrictions in one of MoneyGram's markets
in the Middle East along with lower interest income to lead to a
mid-single digit revenue decline in 2025 and a similar decline in
EBITDA. MoneyGram's total revenue for 2024 was down 2% from the
previous year largely due to a cyberattack-related outage.
High Leverage: Fitch expects EBITDA leverage to rise to 5.7x in
2025, up from 5.4x in 2024. Material deleveraging and breaking
stagnant revenue and EBITDA trends largely depend on the success of
the company's cost initiatives and traction expanding digital
services revenue under its omnichannel strategy. Continued
pressures on operating performance, including negative FCF or
persistently high EBITDA leverage, could lead to a rating
downgrade.
Competitive Industry: The money transfer industry is highly
competitive, with tech-focused platforms like Venmo, Xoom, Remitly
and Wise, challenging MoneyGram across various global corridors.
Fitch believes that an adoption lag in certain international
markets highlights the advantage of a large agent network capable
of sending and receiving in-cash transactions. MoneyGram was slow
to adapt to digital transfers, allowing new entrants to capture
market share quickly. The company is now channeling resources to
expand its digital presence, including through mobile wallets and
online and mobile deposits.
Digital Drives the Future: Consumers are adopting digital money
transfer services in the fintech sector. Fitch expects MoneyGram's
digital business segment to grow in the coming years, potentially
offsetting the flat to declining retail cash transfer business,
leading to margin expansion in 2026 and 2027. Fitch believes the
company's digital expansion and integration of its retail network
are crucial to its omnichannel strategy. The effectiveness of
current and developing strategic initiatives should begin to show
measurable results over the next-12-18 months, which will likely
dictate how Fitch resolves the Negative Outlook.
Regulatory Risk: MoneyGram must adhere to various laws and
regulations, including anti-money laundering, consumer privacy, and
data security laws. The company was bound by a deferred prosecution
agreement with the DOJ from 2012, which raised its compliance costs
and required large settlements to compensate victims of consumer
fraud and concluded in 2023. The investigation's closure does not
fully eliminate fraud and litigation risk, but Fitch believes
MoneyGram is in a better position to manage these risks.
Peer Analysis
MoneyGram is smaller than the investment-grade issuers in this
sector, such as PayPal Holdings, Inc. (A-/Stable), Euronet
Worldwide, Inc. (BBB/Stable) and Wise, Plc (BBB/Stable). It is also
less diversified, with more than 90% of its revenue coming from
money transfer services, and its key metrics of scale, EBITDA
margin and leverage position the company below its investment-grade
peers.
Low-cost cross-border digital payments company Wise Plc
(BBB/Stable) has grown faster than MoneyGram and is several times
larger. Fitch expects Wise will maintain strong financial
flexibility with pre-dividend FCF in the mid-teens and a
conservative balance sheet.
Boost Newco Borrower, LLC (dba Worldpay, BB/Positive Watch) has a
similar leverage profile to MoneyGram, but a much larger scale, a
potentially stronger growth profile over time and lower compliance
risk versus the remittance industry.
Key Assumptions
- Modest revenue declines of around 5% in 2025, reflecting money
transfer restrictions in Iraq and lower interest income. Further
interest rate declines and soft economic conditions lead to
flat-to-low single-digit growth in 2026.
- EBITDA contracts similarly to revenue in 2025 and increases in
2026 due to cost savings and rising digital revenue.
- Benchmark interest rates are around 4.0% in 2025, 3.5% in 2026.
- Capex is in the 3%-4% range of revenue.
Recovery Analysis
- The recovery analysis assumes that MoneyGram would be reorganized
as a going-concern in bankruptcy rather than liquidated.
- Fitch assumes a 10% administrative claim and that the revolver is
drawn in full.
Going-concern Approach
- A bankruptcy scenario could occur if MoneyGram faced intense
competitive pressure across its money transfer businesses that
reduced revenue and margins to a point where it becomes difficult
to service its obligations and execute its business plan. In such
scenario, Fitch assumes MoneyGram's going concern EBITDA would fall
to around USD125 million.
- The going concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which the agency
bases its enterprise valuation.
- A multiple of 5.5x EBITDA is applied to the going concern EBITDA
to calculate a post-reorganization enterprise value. The choice of
this multiple is based on the historical bankruptcy case-study exit
multiples for technology, media and telecom companies, which range
from 4.0x-7.0x, with a median of 5.9x, and a median of 5.1x in a
small sample of technology sector bankruptcies.
RATING SENSITIVITIES
- Demonstrated material diversification by achieving scale in one
or more adjacent financial products and continued strong growth
from the company's online offerings.
- EBITDA leverage sustained below 4.0x.
- Any revenue contraction or erosion of operating performance,
leading to margin contraction or negative FCF.
- EBITDA leverage above 5.0x for a sustained period.
- Any material fraud or related litigation and regulatory actions.
Liquidity and Debt Structure
MoneyGram's liquidity is supported by a $185 million cash balance
and an undrawn $150 million revolving credit facility as of Dec.
31, 2024. Fitch expects modestly positive FCF over the coming
years, alleviating the company's moderate FCF volatility. The
company does not have significant debt maturities over the next
several years. Fitch forecasts EBITDA interest coverage at around
2.5x
MoneyGram's capital structure includes senior secured debt,
comprising $395 million in term loans and $500 million in notes,
both set to mature in 2030. Additionally, there is a $150 million
senior secured revolving credit facility due in 2028, which is
undrawn. Fitch includes $102 million of secured debt at a holding
company that is outside of the restricted group of MoneyGram's
secured debt. The holding company debt is serviced by MoneyGram's
operational cash flow and is due in 2028, before the rated debt. It
is partially paid in cash and has a pay-in-kind feature.
Issuer Profile
MoneyGram International Inc. is a global leader in cross-border
peer to peer payments and money transfers. Its transactions can be
sent or received through any one of its more than 470,000 agent
locations around the globe or through digital means.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
MoneyGram
International, Inc. LT IDR B Affirmed B
senior secured LT B+ Affirmed RR3 B+
MOORE HOLDINGS: Claims to be Paid From Property Sale Proceeds
-------------------------------------------------------------
Moore Holdings, LLC filed with the U.S. Bankruptcy Court for the
Eastern District of California a Disclosure Statement describing
Plan of Liquidation dated April 7, 2025.
The Debtor is a limited liability company.
The Debtor is the co-owner of commercial real estate located at
2151 Professional Drive, Roseville, CA (the "Real Property") and is
engaged in renting commercial units in the Real Property to
generate income. The latest appraisal values the Real Property at
$3,500,000.00, while secured claims against it total approximately
$2,026,622.45.
Historically, the Debtor has had sufficient rental income from its
tenants to cover ongoing expenses, however, a drastic rise in
Debtor's mortgage interest rate, SBA 7(a) mortgage interest rate,
increased from 3% to 10.5% in 2024, significantly raising monthly
loan obligations from $12,000 to $20,000.
When the loan payment was $12,000 a month with 50% of the building
leased Debtor were able to make the monthly loan payments.
Additionally, Tenant occupancy declined in 2024 due to economic
downturns, reducing cash flow and impairing Debtor's ability to pay
the mortgage.
Classes of General Unsecured Claims
Class 3 General Unsecured Creditor Gunster, Cooper-Marquez &
Freitas (Allowed). No claim has been filed. This class is
unimpaired due to the claim being a security deposit. Debtor
anticipates selling the real property commonly known as 2151
Professional Drive, Roseville, CA. Each holder of a Class 3 claim
will be paid in full within 30 days of the estate receiving the
proceeds from the Court-approved sale. Allowed Class 3 claim totals
$2,057.00.
Class 3 General Unsecured Creditor Sehatu, Inc. (Allowed). No claim
has been filed. This class is unimpaired due to the claim being a
security deposit. Debtor anticipates selling the real property
commonly known as 2151 Professional Drive, Roseville, CA. Each
holder of a Class 3 claim will be paid in full within 30 days of
the estate receiving the proceeds from the Court-approved sale.
Allowed Class 3 claim totals $5,383.00.
Class 3 General Unsecured Creditor The Logan Group (Allowed). No
claim has been filed. This class is unimpaired due to the claim
being a security deposit. Debtor anticipates selling the real
property commonly known as 2151 Professional Drive, Roseville, CA.
Each holder of a Class 3 claim will be paid in full within 30 days
of the estate receiving the proceeds from the Court-approved sale.
Allowed Class 3 claim totals $2,635.00.
Class 5 consists of interests of the Debtors members in property of
the estate. To be distributed upon successful completion of the
Plan.
Payments under the Plan will be funded by the sale of real property
commonly known as 2151 Professional Drive, Roseville, CA, 95661.
The Plan Proponent will have no plan payments due until the sale of
the real property commonly known as 2151 Professional Drive,
Roseville, CA, is approved by the Court and escrow closed.
The Plan Proponent estimates proceeds of $3,500,000.00 from the
sale of the real property commonly known as 2151 Professional
Drive, Roseville, CA, 95661. The final Plan payment is expected to
be paid within 180 days of confirmation of the Plan. These
projections are based on the assumption that the building owned by
the Debtor will be timely sold.
A full-text copy of the Disclosure Statement dated April 7, 2025 is
available at https://urlcurt.com/u?l=kFBnk4 from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Stephan M. Brown, Esq.
Muhammed Yakup Altun, Esq.
The Bankruptcy Group, P.C.
2408 Professional Drive
Roseville, CA 95661
Tel: (800) 920-5351
Fax: (916) 242-8588
Email: ECF@thebklawoffice.com
About Moore Holdings LLC
Moore Holdings, LLC, is a single asset real estate company
headquartered in Roseville, California.
Moore Holdings sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-20053) on Jan. 8,
2025. In its petition, the Debtor reported between $1 million and
$10 million in both assets and liabilities.
Judge Ronald H. Sargis handles the case.
Stephan M. Brown, Esq., at The Bankruptcy Group, P.C., is the
Debtor's legal counsel.
MP OCTOPUS: Plan Filing Deadline Extended to May 13
---------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida extended MP Octopus Pizza, LLC and its
affiliates' (the "Applicable Debtors") period to file a chapter 11
plan and disclosure statement to May 13 and the exclusivity period
to July 14, 2025.
As shared by Troubled Company Reporter, the Applicable Debtors
explain that they are not presently prepared to file their plan(s)
of reorganization and disclosure statement(s) for the following
reasons:
* The Applicable Debtors are currently in negotiations to sell
anywhere from two to five underperforming stores. Upon conclusion
of the sales, the Applicable Debtors will be able to allocate the
funds currently being utilized to support these stores towards
ensuring feasible, successful repayment plan.
* The Applicable Debtors are currently negotiating proposed
treatment with the various secured creditors in their respective
cases.
* The Applicable Debtors are not presently in a position to
determine whether to file a single consolidated plan of
reorganization, nineteen individual plans of reorganization, or
some combination of consolidated and individual plans.
Counsel to the Debtors:
FORD & SEMACH, P.A.,
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
9301 West Hillsborough Avenue
Tampa, Florida 33615-3008
Telephone #: (813) 877-4669
Facsimile #: (813) 877-5543
Email: Buddy@tampaesq.com
Email: Jonathan@tampaesq.com
About MP Octopus Pizza LLC
MP Octopus Pizza LLC, doing business as Marco's Pizza, filed a
Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-06739) on Nov.
15, 2024, with $50,001 to $100,000 in assets and $500,001 to $1
million in liabilities. Terry Burkholder, manager of MP Octopus
Pizza, signed the petition.
Judge Catherine Peek McEwen oversees the case.
The Debtor is represented by Buddy D. Ford, Esq., at BUDDY D. FORD,
P.A.
MRSC CO: To Sell Loveland Property to 2212 East 11th for $5.1MM
---------------------------------------------------------------
MRSC CO Aspen House, LLC seeks permission from the U.S. Bankruptcy
Court for the District of Colorado, to sell real property, free and
clear of liens, interests, and encumbrances.
The Debtor previously derived income in the form of rent and other
distributions from a tenant, Aspen House Equity, LLC (Tenant), who
operated a senior memory care and living facility located in
Loveland, Colorado.
The Debtor was formed as Delaware Statutory Trust. Pursuant to its
Amended and Restated Trust Agreement, dated January 3, 2018, Debtor
was to acquire "certain real property and associated assets known
as Aspen House, a memory care facility generally located at 2212
and 2214 East 11th Street, Loveland, Colorado, 80537" (Property).
Debtor and the purchase of the Property were to be funded by
various Investors and borrowed funds from lenders. On January 19,
2018, Debtor closed on the purchase of the Property, utilizing
$5,367,472.09 of Investor funds for purchase of the same.
The former manager of the Debtor and related entities, Gary
Langendoen converted the remainder of Investor funds as part of an
improper loan to another entity. Additionally, Langendoen
frequently transferred Debtor’s funds to various other
Langendoen-managed assisted living facilities, including ones in
Arizona, without notifying the Investors.
In light of Langendoen's misdeeds and complete mismanagement of the
Property, the Investors were not able to make required mortgage
payments to 2212 Loveland Investment, LLC (Lender), Debtor's lender
on the Property. As such, Lender initiated foreclosure proceedings
against the Property, which, in part, forced
Debtor to seek bankruptcy relief to save its business and the
operation of its nursing home.
As a result, the Debtor has decided that the only feasible option
to repay creditors, including Lender, is through sale of the
Property and corresponding assets.
The Debtor obtained an appraisal as to the Property done by Martin
S. Kane, a Commercial Appraiser with East West Economics, dated
March 2, 2025.
The Appraisal reflects a value of the Property as "Vacant Fee
Simple," with no ongoing operations and residents, of
$3,650,000.00.
However, on March 19, 2025, Debtor, after soliciting offers for the
Property, received a Letter of Intent to purchase the Property for
$5,100,000.00.
The Debtor enters into a Real Estate Purchase Agreement with the
with 2212 East 11th Street, LLC in the purchase price of
$5,100,000.00.
The closing of the sale transaction shall occur at such time agreed
between the Debtor and Buyer, no later than outsde closing date of
July 12, 2025.
The Debtor will deliver the Property and corresponding assets to
the Buyer free and clear of all debris and in its current
condition, ordinary wear and tear excepted and shall deliver
possession to the Property to the Buyer, free and clear of all
rights and claims of tenants, occupants, guests and any other
persons or entities.
On or before the Closing Date, the Agreement requires that Debtor
will have rejected any and all executory contracts or unexpired
leases with respect to the Property.
About MRSC CO Aspen House, LLC
MRSC CO Aspen House offers assisted living and memory care
services.
MRSC CO Aspen House, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
24-15323) on September 10, 2024, listing $10 million to $50 million
in assets and $1 million to $10 million in liabilities. The
petition was signed by Kenneth Mannina, Athan Antonopoulos, and
Richard E. Scott a co-managers.
Judge Joseph G. Rosania Jr. presides over the case.
Jeffrey A. Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor
P.C. represents the Debtor as counsel.
MWP PROPERTY: Hires Robert C. Nisenson as Bankruptcy Counsel
------------------------------------------------------------
MWP Property 954-958 LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Robert C. Nisenson,
LLC to handle its Chapter 11 case.
Robert Nisenson, Esq., the primary attorney in this representation,
will be billed at his hourly rate of $400.
The firm will be paid a retainer of $2,500 and $1,738 for filling
fee.
Mr. Nisenson disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert C. Nisenson, Esq.
Robert C. Nisenson LLC
10 Auer Court
East Brunswick, NJ 08816
Telephone: (732) 238-8777
About MWP Property 954-958 LLC
MWP Property 954-958 LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 25-14179) on
April 23, 2025, listing $500,001 to $1 million in assets and
$100,001 to $500,000 in liabilities.
Judge Vincent F Papalia presides over the case.
Robert C. Nisenson, Esq. at Robert C. Nisenson, LLC represents the
Debtor as counsel.
NAPLES ALF: Affiliate to Sell Hillsborough Property to NRP
----------------------------------------------------------
Naples Alf Inc. and its affiliate, Juniper Alf Inc., seek
permission from the U.S. Bankruptcy Court for the Middle District
of Florida, Fort Myers Division, to sell Real Property in a private
sale, free and clear of liens, claims, interests, and encumbrances.
The Debtor's Property is located at Upper Creek and Cortaro Drive,
Hillsborough County, Florida, an unimproved and vacant and is
approximately 4.38 acres in size.
The Debtor wants to sell the Property to The NRP Properties, LLC1
or its assignee/designee for $3.1 million.
The Debtor believes that the Purchaser's offer to purchase the
Property is the highest and best offer the Debtor is likely to
receive for the Property. The Debtor also believes that the Private
Sale to Purchaser represents a sound exercise of the Debtor's
business judgment, is in the best interests of the estate,
and should be approved.
The Property is encumbered by a first mortgage in favor of Artemis
of Naples, LLC and a second mortgage in favor of Corbin
Acquisitions, LLC. The mortgage liens are also secured by the
property of an affiliate, Naples ALF, Inc., which is a debtor in a
companion bankruptcy case.
The Debtor proposes that the mortgages will either have their liens
satisfied at closing of the sale of the Property or the liens will
transfer to the proceeds of the sale in the same priority as
existed against the Property.
To induce the Purchaser to make an improved purchase offer, and
advance the sale process, the Purchaser required, and the Debtor
agreed, to seek approval of the Contract as a Private Sale and to
extend a break-up fee and expense reimbursement totaling $150,000
to the Purchaser if the Debtor fails to perform under the Contract,
including if the Debtor proceeds to sale with another Purchaser.
The Property, and the Naples ALF Property, are encumbered by the
secured claims of Artemis and Corbin estimated in the aggregate to
total $3 million.
Artemis, as successor to Wildwood 3 Investors, LLC, secured agreed
judgments of foreclosure against each of the Debtor and Naples ALF
Corbin also secured a final judgment of foreclosure jointly against
the Debtor and Naples ALF.
A break-up fee is designed in part to compensate for the risk of
losing to out to a higher bidder after a purchaser has otherwise
signed a binding contract for purchase.
About Naples Alf Inc.
Naples ALF, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case
No. 25-00413) on February 19, 2025, listing between $1 million and
$10 million in both assets and liabilities.
Judge Caryl E. Delano oversees the case.
Lisa M. Castellano, Esq., at Venable, LLP is the Debtor's legal
counsel.
NATIONAL DEVELOPMENT: Taps Margulies Faith as Bankruptcy Counsel
----------------------------------------------------------------
National Development Fund, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Margulies Faith, LLP as its general bankruptcy counsel.
The firm's services include:
-- negotiating with some or all of the Debtor's secured and
unsecured creditors and other parties in interest;
-- advising the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee;
-- advising the Debtor with regard to certain rights and remedies
of the Debtor's Chapter 11 estate and the rights, claims and
interests of the Debtor's creditors;
-- representing the Debtor in proceedings and/or hearings in the
Bankruptcy Court involving Debtor unless the Debtor is represented
in such proceeding or hearing by special counsel;
-- preparing or assisting the Debtor in the preparation of
reports, applications, pleadings and orders for filing with the
Bankruptcy Court;
-- assisting the Debtor in the negotiation, formulation,
preparation and confirmation of a plan of reorganization (or
liquidation, as applicable) and the preparation and approval of a
disclosure statement; and
-- performing any other services which may, in MF's judgment, be
appropriate in MF's representation of the Debtor during the Case,
however, adversary proceedings, if any, shall be evaluated for
acceptance by MF in MF's discretion on a case by case basis and may
be subject to supplemental retention arrangements and Court
approval of retainer terms.
The firm's current customary hourly rates are:
Partners $565 to $725
Associates $460 to $475
Paralegals $245 to $275
The firm received $26,738 from the Debtor as an advance retainer.
Jeremy Faith, Esq., an attorney at Margulies Faith, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeremy W. Faith, Esq.
Margulies Faith, LLP
16030 Ventura Blvd., Suite 470
Encino, CA 91436
Telephone: (818) 705-2777
Facsimile: (818) 705-3777
Email: Jeremy@MarguliesFaithLaw.com
About National Development Fund, LLC
National Development Fund, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 25-12672) on March 31, 2025. At the time of filing, the
Debtor estimated $1,000,001 to $10 million in assets and $500,001
to $1 million in liabilities.
Judge Neil W Bason presides over the case.
Jeremy Faith, Esq. at Margulies Faith LLP represents the Debtor as
counsel.
NAYA STONE: Seeks to Hire Genova Burns as Substitute Counsel
------------------------------------------------------------
Naya Stone LLC seeks approval from the U.S. Bankruptcy Court for
the District of New Jersey to hire Genova Burns, LLC as substitute
counsel to handle the Chapter 11 proceedings.
The firm's hourly rates are:
Partners $500 to $950
Counsel $450 to $650
Of Counsel $500 to $700
Associates $325 to $425
Paralegals $275
The firm will be paid a retainer in the amount of $25,000 and
reimbursed for out-of-pocket expenses incurred.
Daniel Stolz, Esq., a partner at Genova Burns, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Daniel M. Stolz, Esq.
Donald W. Clarke, Esq.
Genova Burns LLC
110 Allen Road, Suite 304
Basking Ridge, NJ 07920
Email: (973) 467-2700
About Naya Stone LLC
Naya Stone LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-20223) on October 15,
2024. In the Avraham Dahan, as President of Dayton Services Corp.,
Majority Member, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by Anthony Sodono, III, Esq. at
McMANIMON, SCOTLAND & BAUMANN, LLC.
NAYA STONE: Unsecureds to Get $180K per Year for 5 Years
--------------------------------------------------------
Naya Stone, LLC, filed with the U.S. Bankruptcy Court for the
District of New Jersey a Combined Plan of Reorganization and
Disclosure Statement dated April 4, 2025.
The Debtor is a wholesaler and retailer of marble, tile, stone, and
slab. Avraham Dahan is the one hundred percent member of Dayton
Services Corp. Naya is an entity wholly owned by Dayton.
Arena is the only creditor claiming a secured claim on the Debtor's
estate. Arena filed claim 4 in the total amount of $1,006,469.95.
Arena claims $501,260.00 of the total claim is secured pursuant to
funds posted in Arena's attorney's trust account. Arena was paid
this amount as the last payment due on the Asset Purchase Agreement
to effectuate the purchase of the Property. Due to the dispute in
the landlord and tenant court Judge Rosa ordered those funds be
held in escrow. The other amount that C&C claims of approximately
$500,000.00, which totals approximately $1,000,000.00, is for legal
fees, which the Debtor disputes is owed.
The Debtor intends to reorganize through restructuring its debt to
creditors in this Plan and seeking an equity infusion from Mr.
Dahan for working capital. The goal is to pay creditors in
accordance with the Plan and maintain the Debtor's assets and
business. The Debtor is well-positioned to regain its financial
stability and continue towards a profitable growth path, leveraging
its strengths to service its customers effectively, and build a
sustainable future.
Class 2 consists of General Unsecured Claims. The Debtor proposes
to pay Class 2 Creditors (General Unsecured Creditors) quarterly
dividends over sixty months. The Debtor will allocate $180,000.00
per year ($45,000.00 per quarter) for five years to General
Unsecured Creditors holding Allowed Unsecured Claims. The Debtor
reserves its rights to expunge and/or reduce claims. Class 2
payments shall commence with the quarter starting on the first day
of the month which is thirty days after an order confirming the
plan becomes final and nonappealable.
The Debtor's total nonpriority unsecured debt is $3,092,492.42. The
total nonpriority debt minus the listed invoices totals
2,545,556.10.
Since the Debtor is a corporation, entities holding preferred or
common stock are Equity Interest holders. The Debtor's membership
interests are, (1) Mr. Dahan owns one hundred percent of the Debtor
through Dayton. All the equity holders shall retain their Equity
Interest. The Plan provides for all the Debtor's assets to revest
in the Debtor.
The Plan will be funded by the Debtor's continued monthly income
from operations. The Debtor also sought an unsecured loan of
$100,000.00 from Mr. Dahan. There shall be no prepayment penalty
for any priority, administrative or Class of claims, if
applicable.
On Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures, and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date.
A full-text copy of the Combined Plan and Disclosure Statement
dated April 4, 2025 is available at https://urlcurt.com/u?l=aBWmqY
from PacerMonitor.com at no charge.
The Debtor's Counsel:
Anthony Sodono, III, Esq.
Sari B. Placona, Esq.
MCMANIMON, SCOTLAND & BAUMANN, LLC
75 Livingston Avenue
Second Floor
Roseland, NJ 07068
Tel: 973-622-1800
E-mail: asodono@msbnj.com
About Naya Stone
Naya Stone, LLC, is a wholesaler and retailer of marble, tile,
stone, and slab.
The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.N.J. Case No. 24-20223) on October 15, 2024, with $1
million to $10 million in both assets and liabilities. The petition
was signed by Avraham Dahan, president of Dayton Services Corp., a
majority member.
The Debtor is represented by Anthony Sodono, III, Esq., at
McManimon, Scotland & Baumann, LLC.
NEDDY LLC: Court Extends Cash Collateral Access to July 30
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona extended
Neddy, LLC's authority to use cash collateral from April 30 to July
30.
The order signed by Judge Brenda Martin authorized the company's
interim use of cash collateral to pay the expenses set forth in its
budget.
Neddy projects total operational expenses of $73,858 for May;
$85,708 for June; and $88,881 for July.
As protection, The Huntington Bank will continue to receive monthly
payments of $7,500, plus $400 in line-of-credit interest. In
addition, the bank was granted replacement liens on its
pre-bankruptcy collateral, with the same priority and extent as its
pre-bankruptcy liens.
About Neddy LLC
Neddy LLC, operating as Fortress Asphalt, is a construction company
based in Peoria, Ariz.
Neddy filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01459) on February 22,
2025, listing between $500,000 and $1 million in assets and between
$1 million and $10 million in liabilities.
Judge Brenda K. Martin handles the case.
The Debtor is represented by Alan A. Meda, Esq., at Burch &
Cracchiolo, PA.
The Huntington Bank, as secured creditor, is represented by:
Nicholas S. Bauman, Esq.
Womble Bond Dickinson (US) LLP
Tel: +1 602.262.5746
Nick.Bauman@wbd-us.com
NEVADA COPPER: Completes Bankruptcy Process
-------------------------------------------
Nevada Copper Corp. and its subsidiaries announced on May 5, 2025,
that the Company has completed its joint plan of liquidation
confirmed by the Bankruptcy Court of the District of Nevada on
April 17, 2025, in the Company's Chapter 11 proceedings. The U.S.
Bankruptcy Court's Plan confirmation order was recognized in Canada
on April 28, 2025, pursuant to an order made by the Superior Court
of Justice (Commercial List) of Ontario under the Companies'
Creditors Arrangement Act (Canada).
Pursuant to the Plan, a Plan Administrator has been appointed with
authority over remaining estate matters.
In view of the appointment of the Plan Administrator, it is not
anticipated that the Company will undertake further material
activities and it is expected that steps will be taken to dissolve
Nevada Copper Corp. at the appropriate time. As required under the
Plan, members of the board of directors of the Company have each
resigned.
As previously announced, the Company's common shares and warrants
were delisted from the Toronto Stock Exchange, and the Company
intends to take the necessary steps to revoke the previously
announced cease trade order issued by the British Columbia
Securities Commission and to cease to be a reporting issuer in
Canada.
About Nevada Copper
Nevada Copper, Inc., and affiliates have been in the business of
mining copper and other minerals and operating a processing plant
that refines copper ore into copper concentrate, with the bulk of
their operations focused on their Pumpkin Hollow project, which is
located outside of Yerington, Nevada. The project, which contains
substantial mineral reserves and resources, including copper, gold,
silver, and iron magnetite, consists of an underground mine and
processing facility, together with an open pit project that is in
the pre-feasibility stage of development.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Lead Case No. 24-50566) on June 10, 2024.
In the petition signed by Gregory J. Martin, executive vice
president and chief financial officer, Nevada Copper disclosed
$500,000,001 to $1 billion in assets and $100 million to $500
million in liabilities. Judge Hilary L. Barnes oversees the cases.
The Debtors tapped Allen Overy Shearman Sterling US, LLP, as
general bankruptcy counsel; McDonald Carano, LLP, as Nevada
bankruptcy counsel; AlixPartners, LLP, as financial and
restructuring advisor; Torys, LLP, as special Canadian and
corporate counsel; Moelis & Company, LLC, as financial advisor and
investment banker; and Epiq Corporate Restructuring, LLC, as notice
and claims agent and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Nevada
Copper, Inc. and Nevada Copper Corp.
NEW AGE: Plan Exclusivity Period Extended to June 16
----------------------------------------------------
Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the
Northern District of Illinois extended New Age Leasing LLC's
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to June 16 and August 16, 2025, respectively.
As shared by Troubled Company Reporter, the Debtor is in the
trucking business. The Debtor owns a fleet of approximately 311
trucks which were purchased with loans from 16 various secured
parties.
The Debtor explains that it has worked diligently with the secured
parties with respect to adequate protection payments. Several of
the secured parties have filed claims in this case.
However, there is currently no bar date set in this case. The
Debtor is requesting by separate motion that a bar date be set for
June 4, 2025.
The Debtor asserts that it is preparing its Plan and Disclosure
Statement. However, it would be helpful to finalize negotiations
with the secured parties and have the bar date be set prior to
finalizing the Plan and Disclosure Statement.
New Age Leasing, LLC is represented by:
Miriam Stein Granek
Gutnicki LLP
4711 Golf Road, Suite 200
Skokie, IL 60076
Tel: (847) 745-6592
Email: mgranek@gutnicki.com
About New Age Leasing
New Age Leasing, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on December
16, 2024, listing under $1 million in both assets and liabilities.
Honorable Bankruptcy Judge Deborah L. Thorne handles the case.
The Law Offices of David Freydin PC serves as the Debtor's counsel.
NEW DIRECTION: Hearing Today on Bid to Use Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas is set
to hold a hearing today to consider another extension of New
Direction Home Health Care of DFW, Inc.'s authority to use cash
collateral.
The court previously allowed the company to access its secured
lenders' cash collateral from March 28 to May 12 to pay its
expenses.
The court's most recent interim order issued on May 1 provided the
lenders with protection in the form of post-petition liens, a
priority claim in the company's Chapter 11 bankruptcy case, and
cash flow payments.
The lenders claiming liens on New Direction's personal property
include Timberland Bank, U.S. Foods Inc., CFG Merchant Solutions
LLC and the Internal Revenue Service.
About New Direction Home Health Care of DFW
New Direction Home Health Care of DFW, Inc. provides personalized
and compassionate home health care services.
New Direction sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-44654) on December
17, 2024, listing between $50,001 and $100,000 in assets and
between $500,001 and $1 million in liabilities. Chiketa Kelly
Williams, administrator, signed the petition.
Judge Mark X. Mullin oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as bankruptcy counsel.
NEWELL BRANDS: S&P Rates New $1BB Senior Unsecured Notes 'B+'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to U.S.-based Newell Brands Inc.'s proposed $1
billion senior unsecured notes due 2028. The '3' recovery rating
indicates our expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default. The
company will use the proceeds from the issuance to redeem a portion
of its 2026 debt maturities (about $1.23 billion outstanding as of
March 31, 2025) and pay related fees.
While the proposed debt issuance will partly alleviate the
refinancing risk, the company will still have to address the
remaining portion of the 2026 maturity that is current. S&P
believes the issuance will be completed at a higher coupon rate,
which will add incremental interest expense and reduce future cash
flow generation.
S&P said, "Our 'B+' issuer credit rating and stable outlook on
Newell are unchanged. We believe demand for the company's
discretionary product portfolio will remain weak from declining
consumer sentiment, and incremental costs from announced tariffs
will pressure profit margins and result in S&P Global
Ratings-adjusted leverage remaining above 5x through 2025. "
ISSUE RATINGS - RECOVERY ANALYSIS
Key analytical factors:
-- The capital structure includes a $1 billion secured revolving
credit facility due in 2027 and various tranches of senior
unsecured notes with maturities throughout 2025-2046. In the case
of insolvency, S&P anticipates Newell would file for bankruptcy
protection under the U.S. federal bankruptcy court and would not
involve foreign jurisdictions.
-- S&P believes creditors will receive maximum recovery in a
payment default if the company reorganizes instead of liquidates.
-- Therefore, S&P evaluates the company as a going concern and
arrive at its emergence enterprise value by applying a multiple to
our assumed emergence EBITDA.
Simulated default assumptions:
-- S&P's simulated default assumes a payment default in 2029 as
the company's business deteriorates because of increasing
competition in the industry, prolonged economic weakness that hurts
consumer spending, and higher-than-expected commodity pressures
that it cannot offset with price increases or productivity
improvements. These factors result in the loss of market share,
which lowers its revenue and cash flow. As a result, the company
funds cash flow shortfalls with available cash and revolver
borrowings.
-- Debt service assumption: $351 million (assumed default year
interest and amortization)
-- Minimum capex assumption: $168 million
-- Cyclicality adjustment: $25 million (5%)
-- Operational adjustment: $82 million (15%)
-- Emergence EBITDA: $626 million
S&P said, "We estimate the company's gross emergence enterprise
value by applying a 6x multiple to our estimate of its emergence
EBITDA. This multiple reflects company's scale and portfolio of
well-recognized brands."
Simplified waterfall:
-- Emergence EBITDA: $626 million
-- EBITDA multiple: 6x
-- Gross recovery value: $3.7 billion
-- Net recovery value (after 5% administrative costs): $3.6
billion
-- Valuation split (obligor/non-obligor): 72%/28%
-- First-lien secured claims: $846 million
-- Value available for unsecured debt claims: $2.7 billion
-- Estimated unsecured debt claims: $4.7 billion
--Recovery expectations: 50%-70% (rounded estimate: 55%)
Note: All debt amounts include six months of prepetition interest.
NEXTCAR HOLDING: Horizon Technology Marks $2.4MM Loan at 75% Off
----------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $2,482,000
loan extended to NextCar Holding Company, Inc. to market at
$630,000 or 25% of the outstanding amount, according to HRZN's Form
10-Q for the fiscal year ended March 31, 2025, filed with the U.S.
Securities and Exchange Commission.
HRZN is a participant in a Loan to NextCar Holding Company, Inc.
The loan accrues interest at a rate of 13.25% per annum. The loan
matures on October 31, 2023.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About NextCar Holding Company, Inc.
NextCar Holding Company, Inc is a Santa Monica-based company that
specializes in offering short-term vehicle subscriptions. It
acquired the Autonomy.com domain name and related intellectual
property from Micro Focus International in England on undisclosed
terms.
NEXTCAR HOLDING: Horizon Technology Marks $3.1MM Loan at 76% Off
----------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $3,102,000
loan extended to NextCar Holding Company, Inc. to market at
$756,000 or 24% of the outstanding amount, according to HRZN's Form
10-Q for the fiscal year ended March 31, 2025, filed with the U.S.
Securities and Exchange Commission.
HRZN is a participant in a Loan to NextCar Holding Company, Inc.
The loan accrues interest at a rate of 13.25% per annum. The loan
matures on October 31, 2023.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About NextCar Holding Company, Inc.
NextCar Holding Company, Inc is a Santa Monica-based company that
specializes in offering short-term vehicle subscriptions. It
acquired the Autonomy.com domain name and related intellectual
property from Micro Focus International in England on undisclosed
terms.
NEXTCAR HOLDING: Horizon Technology Marks $3.1MM Loan at 80% Off
----------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $3,102,000
loan extended to NextCar Holding Company, Inc. to market at
$630,000 or 20% of the outstanding amount, according to HRZN's Form
10-Q for the fiscal year ended March 31, 2025, filed with the U.S.
Securities and Exchange Commission.
HRZN is a participant in a Loan to NextCar Holding Company, Inc.
The loan accrues interest at a rate of 13.25% per annum. The loan
matures on October 31, 2023.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About NextCar Holding Company, Inc.
NextCar Holding Company, Inc is a Santa Monica-based company that
specializes in offering short-term vehicle subscriptions. It
acquired the Autonomy.com domain name and related intellectual
property from Micro Focus International in England on undisclosed
terms.
NEXTCAR HOLDING: Horizon Technology Marks $3.1MM Loan at 84% Off
----------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $3,102,000
loan extended to NextCar Holding Company, Inc. to market at
$504,000 or 16% of the outstanding amount, according to HRZN's Form
10-Q for the fiscal year ended March 31, 2025, filed with the U.S.
Securities and Exchange Commission.
HRZN is a participant in a Loan to NextCar Holding Company, Inc.
The loan accrues interest at a rate of 13.25% per annum. The loan
matures on October 31, 2023.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About NextCar Holding Company, Inc.
NextCar Holding Company, Inc is a Santa Monica-based company that
specializes in offering short-term vehicle subscriptions. It
acquired the Autonomy.com domain name and related intellectual
property from Micro Focus International in England on undisclosed
terms.
NEXTCAR HOLDING: Horizon Technology Marks $3.7MM Loan at 83% Off
----------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $3,722,000
loan extended to NextCar Holding Company, Inc. to market at
$630,000 or 17% of the outstanding amount, according to HRZN's Form
10-Q for the fiscal year ended March 31, 2025, filed with the U.S.
Securities and Exchange Commission.
HRZN is a participant in a Loan to NextCar Holding Company, Inc.
The loan accrues interest at a rate of 13.25% per annum. The loan
matures on October 31, 2023.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About NextCar Holding Company, Inc.
NextCar Holding Company, Inc is a Santa Monica-based company that
specializes in offering short-term vehicle subscriptions. It
acquired the Autonomy.com domain name and related intellectual
property from Micro Focus International in England on undisclosed
terms.
NEXTCAR HOLDING: Horizon Technology Marks $6.2MM Loan at 80% Off
----------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $6,204,000
loan extended to NextCar Holding Company, Inc. to market at
$1,258,000 or 20% of the outstanding amount, according to HRZN's
Form 10-Q for the fiscal year ended March 31, 2025, filed with the
U.S. Securities and Exchange Commission.
HRZN is a participant in a Loan to NextCar Holding Company, Inc.
The loan accrues interest at a rate of 13.25% per annum. The loan
matures on October 31, 2023.
"Debt investment is on non-accrual status as of March 31, 2025."
HRZN said.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About NextCar Holding Company, Inc.
NextCar Holding Company, Inc is a Santa Monica-based company that
specializes in offering short-term vehicle subscriptions. It
acquired the Autonomy.com domain name and related intellectual
property from Micro Focus International in England on undisclosed
terms.
NLC PRODUCTS: Gets Interim OK to Use Cash Collateral
----------------------------------------------------
NLC Products, Inc. got the green light from the U.S. Bankruptcy
Court for the Eastern District of Arkansas, Central Division to use
cash collateral.
The order penned by Judge Phyllis Jones authorized the company's
interim use of ash collateral to pay the expenses set forth in its
budget, with a 10% variance allowed.
Arvest Bank, a secured lender, asserts interest in the cash
collateral.
As protection, the secured lender was granted post-petition liens
on all of the company's assets (excluding Chapter 5 causes of
action and taxing authority liens), co-extensive with its
pre-bankruptcy liens.
The court modified the so-called automatic stay to allow Arvest
Bank to collect payments and apply proceeds per the order.
A final hearing is scheduled for May 19.
About NLC Products Inc.
NLC Products Inc. is a privately held company specializing in niche
catalog and e-commerce retail. Based in Arkansas, it operates a
range of brands across various lifestyle segments, including gifts,
apparel, and specialty merchandise. One of its notable subsidiaries
is SGT GRIT, a brand dedicated to United States Marine Corps-themed
apparel and accessories, which NLC acquired to expand its patriotic
and military-focused offerings.
NLC Products Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11264) on April 14,
2025. In its petition, the Debtor reported total assets of
$4,144,606 and total liabilities of $3,997,628.
Judge Phyllis M. Jones handles the case.
The Debtor is represented by Kevin P. Keech, Esq., at Keech Law
Firm, PA.
NORTH GEORGIA: To Sell Flowery Branch Property to Hunt Ventures
---------------------------------------------------------------
North Georgia Nursing Academy, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia, Gainesville
Division, to sell Property, free and clear of liens, claims and
encumbrances.
Tamara Ogier was appointed as the Subchapter V Trustee of the
case.
The Debtor's Property are lots are known as 3616 and 3632 Southland
Drive, Flowery Branch, Georgia, 30542, Hall County. Upon
information and belief, the Property is titled solely in the
Debtor’s name and is encumbered by various liens and claims based
on filings in the real property records. The largest claims are
those of Susquehanna Capital Management, LLC (SCM).
SCM's security interest in all assets is based on various security
agreements by and between Debtor and Truist Bank, formerly known as
Branch Banking and Trust Company, as successor by merger with
SunTrust Bank.
The various claims of lien on the subject property are as follows:
a. Note 1 - $1,027,732.66 in favor of SCM;
b. Note 2 - $860,913.22 in favor of SCM;
c. Note 3 - $2,743.78 in favor of SCM; and
d. Property tax lien in favor of Hall County Tax Commissioner in
the amount of $35,201.71.
The Debtor employs Candler Real Estate Group, LLC and its broker
Brian Hughs as real estate broker.
The Property was actively marketed by Candler, and the Debtor
received and accepted an offer on May 1, 2025 from Hunt Ventures,
LLC as purchaser.
The Purchaser proposes to purchase the Estate's interest in the
Property for the total sum of $2,300,000.00 and will pay cash at
closing and has delivered earnest money in the amount of $50,000.00
to Candler's escrow account.
The closing is anticipated to take place within 15 days of the
completion of the inspection period.
The Debtor seeks authority to pay at closing from the proceeds of
Sale the usual and customary costs normally paid by the seller in
the State of Georgia including, but not limited to, the following:
all outstanding ad valorem real estate taxes and the pro-rated
share of the current year ad
valorem real estate taxes, all routine closing costs, all costs
necessary to close a sale of the Property.
The Debtor also seeks authority to pay at closing from the proceeds
of sale other costs of sale, including the Broker's commission of 4
percent of the purchase price, or $92,000.00, to Candler.
The Debtor will be able to continue its business operations, as
Purchaser has agreed to lease back one of the buildings to Debtor
for a term of five years, with a lease payment of approximately
$12,250.00 per month.
In order to continue its operations and reorganize successfully,
Debtor requires a surety bond in the amount of $175,000.00 in order
to secure continued accreditation from the Georgia Nonpublic
Postsecondary Bond Commission. That amount would be refundable
after one year, but it would be returned to the bond company for a
second and final year of compliance. After the second year, the
balance would be refundable to Debtor. Debtor must also pay a
non-refundable fee of $27,000.00 to the bonding company for the
bond.
Debtor requests that it be authorized to retain net proceeds in the
amount of $402,000.00 at closing to meet these two obligations.
There is no other method by which Debtor could acquire these funds.
The Debtor anticipates the following payments to be made at
closing:
Sale price $2,300,000.00 less
Broker's commission (4%) $92,000.00 = $2,208,000.00
Less: Debtor's retention of funds necessary to maintain business
operations $402,000.00 = $1,806,000.00
Less: Hall County Tax Lien (Claim No. 1) $35,201.71 = Balance to
SCM (Claim Nos. 7-9) $1,770,798.29
The Debtor requests to sell the Property to the Purchaser free and
clear of liens, claims, interests, and encumbrances; the retention
of $402,000.00 by Debtor to be used for a surety bond; and a real
estate commission in the amount of $92,000.00 for Candler.
About North Georgia Nursing Academy, LLC
North Georgia Nursing Academy, LLC is a nursing school that
provides students with the knowledge and technical training
required for a career in the medical field.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-20527) on May 6, 2024.
In the petition signed by April Kidd, director and sole member, the
Debtor disclosed $4,853,000 in assets and $2,646,720 in
liabilities.
Judge James R. Sacca oversees the case.
Douglas Jacobson, Esq., at Law Offices of Douglas Jacobson, LLC,
represents the Debtor as legal counsel.
NORTHLAND MANAGEMENT: Seeks 60-Day Extension of Plan Filing
-----------------------------------------------------------
Northland Management Corp. asked the U.S. Bankruptcy Court for the
Southern District of Texas to extend its exclusivity period to file
disclosure statement and plan for additional sixty days.
Northland Management Corp. is a Texas corporation with its
principal place of business at 1773 Westborough Drive, Katy, Texas
77449.
The cause of the bankruptcy filing was the attempts of UME to
acquire possession the Debtor's property in Marinette County,
Wisconsin by way of a Sheriff's Sale. Debtor sought relief under
Chapter 11 to prevent the Sheriff's sale from occurring.
The Debtor explains that the formation of the plan does not wholly
depend on the refinancing of Debtor's obligations, if any to UME,
but the determination of UME's 362 motion will provide direction
for Debtor to propose a feasible plan and address all creditor
claims.
The Debtor requests this Court grant the Debtor in Possession an
additional period of exclusivity of 60 days in which to file its
Plan and for such further relief to which it may be justly
entitled.
Northland Management Corp. is represented by:
Larry A. Vick
13501 Katy Freeway, Suite 3474
Houston, TX 77079
Tel: (832) 413-3331
Fax: (832) 202-2821
Email: lv@larryvick.com
About Northland Management Corp.
Northland Management Corp. is a single-asset real estate management
company headquartered in Kary, Texas.
Northland Management Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30226) on
January 11, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case.
Larry A. Vick, Esq., at Law Office Of Larry Vick represents the
Debtor as counsel.
OAKLAND VILLAGE: Case Summary & Six Unsecured Creditors
-------------------------------------------------------
Debtor: Oakland Village Associates FL, LLC
219 Pasadena Pl.
Orlando, FL 32803
Business Description: Oakland Village Associates FL, LLC is a real
estate company based in Orlando, Florida.
Chapter 11 Petition Date: May 9, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-02805
Judge: Hon. Lori V Vaughan
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (401) 481-5800
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Barry Watson as manager.
A full-text copy of the petition, which includes a list of the
Debtor's six unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/7Y3BNXY/Oakland_Village_Associates_FL__flmbke-25-02805__0001.0.pdf?mcid=tGE4TAMA
OMIMEX PETROLEUM: Seeks 60-Day Extension of Plan Filing Deadline
----------------------------------------------------------------
Omimex Petroleum, Inc., asked the U.S. Bankruptcy Court for the
Northern District of Texas to extend its exclusivity period to file
Chapter 11 plan and solicit acceptances thereof for additional
sixty days.
The Debtor explains that the case is complex in terms of addressing
and planning for which of the 339 wells shall continue production
under a plan and which wells shall be plugged and/or abandoned.
The Debtor claims that it has identified and has been developing a
solution that would resolve some and perhaps all of the P&A work
and liabilities without expense to the State of Colorado, with
respect to the P&A wells. Working thorough this scenario on the P&A
piece of the puzzle has required additional time for the Debtor.
The Debtor anticipates filing a plan well before the end of the
proposed 60-day extension. Omimex has a plan substantially prepared
that may require additional time, in terms of a matter of a few
days, beyond April 9, 2025 to refine and complete.
Furthermore, the proposed 60-day extension will account for
potentially scheduling a confirmation hearing beyond the 180-day
window of Section 1121(c)(3) of the Bankruptcy Code, and provide
flexibility to accommodate summertime scheduling issues.
The Debtor asserts that it has engaged in good faith discussions
with the State of Colorado, and will continue such negotiations in
the days and week ahead. Additional time will facilitate working
with the State of Colorado to associate and implement the P&A
program that will be proposed in the Plan.
The Debtor further asserts that it is not seeking this extension to
pressure creditors. Instead, an extension will facilitate further
meaningful discussions with creditors and/or the implementation of
the anticipated exit from Chapter 11.
Omimex Petroleum Inc. is represented by:
Jeff Carruth, Esq.
Weycer, Kaplan, Pulaski & Zuber, P.C.
24 Greenway Plaza, Suite 2050
Houston, TX 77046
Tel: (713) 341-1158
Fax: (713) 961-5341
E-mail: jcarruth@wkpz.com
About Omimex Petroleum
Omimex Petroleum Inc. provides energy and fertilizer services. It
focuses on the exploration, development, acquisition and operation
of oil and gas properties, and production of various fertilizers.
Omimex Petroleum serves oil and gas industry internationally.
Omimex sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-34018) on Dec. 10,
2024, with $1 million to $10 million in both assets and
liabilities. Christopher Chambers, sole director of Omimex, signed
the petition.
The Debtor is represented by Jeff Caruth, Esq., at Weycer, Kaplan,
Pulaski & Zuber, P.C.
OSTERIA DEL TEATRO: Amends Administrative Claims Pay Details
------------------------------------------------------------
Osteria Del Teatro, LLC, submitted an Amended Chapter 11 Plan of
Reorganization dated April 4, 2025.
Pursuant to section 1194 of the Bankruptcy Code, and regardless of
whether the Plan is confirmed consensually under section 1191(a) of
the Bankruptcy Code or non-consensually under section 1191(b) of
the Code, the Reorganized Debtor, and not the Subchapter V Trustee,
shall make all Distributions under the Plan.
Allowed Administrative Claims
Allowed Administrative Claims, except the Administrative Sales Tax
Claim, shall be paid upon the date on which such Claims become due
in the ordinary course, in accordance with the terms and conditions
of any agreement relating thereto or upon such other dates and
terms as may be agreed upon by the Debtor and the holder of such
Allowed Administrative Claim.
All other holders of Allowed Administrative Claims (with the
exception of the Debtor's Professionals, the Subchapter V Trustee,
and those Administrative Claims otherwise specifically classified
and treated in the Plan) shall be paid 100% of their respective
Allowed Administrative Claims in Cash, unless otherwise ordered by
the Bankruptcy Court, upon the latter of (i) the Effective Date, or
(ii) the date on which an order approving payment of such
Administrative Claim becomes a Final Order.
The Debtor owes the Florida Department of Revenue $28,469.18 in
post-petition sales taxes (the "Administrative Sales Tax Claim").
Pursuant to section 1191(e) of the Code, the Debtor shall pay to
the holder of the Administrative Sales Tax Claim $28,469.18, plus
12% interest pursuant to section 511 of the Code, in thirty-six
equal monthly payments of $945.58 beginning on the Effective Date.
SP, any other Professional retained by the Debtor in the Case, and
the Subchapter V Trustee shall file a final Fee Request with the
Court for an award of compensation of fees and reimbursement of
expenses pursuant to sections 330 and 503 of the Bankruptcy Code by
the deadline to be established by the Court. Such final Fee
Requests will be considered by the Court at the Confirmation
Hearing. The Allowed Amounts of the Administrative Claims awarded
to SP, the Subchapter V Trustee, and any other Professional shall
be payable by the Effective Date of the Plan. Nothing herein shall
preclude any Professional from filing an interim Fee Request in the
Case pursuant to section 331 of the Bankruptcy Code or additional
fee requests following the Effective Date.
The Plan of Reorganization does not alter the proposed treatment
for unsecured creditors and the equity holder:
* Class 3 consists of the Allowed General Unsecured Claims.
Without prejudice, the Debtor estimates that Class 3 may consist of
Allowed General Unsecured Claims in the approximate amount of
$448,741.80. Class 3 includes the $85,057.98 general unsecured
portion of POC. 4-1 filed by the U.S. Small Business
Administration. Class 3 includes the $500 non-priority portion of
POC 3-1 filed by the IRS. Class 3 also includes Allowed Rejection
Claims pursuant to Section 8.03 of this Plan.
Allowed Class 3 General Unsecured Claims shall not receive a
distribution. On the Effective Date, Allowed Class 3 General
Unsecured Claims shall be discharged.
* Class 4 consists of the Allowed Equity Interests in the
Debtor owned 100% by Gilberto Gonzalez. Upon the Effective Date,
the Allowed Equity Interests in the Debtor shall be cancelled or
deemed cancelled, and new equity shall be issued in the Reorganized
Debtor as follows: 100% to Gilberto Gonzalez.
Upon confirmation of the Plan, and in accordance with the
Confirmation Order, the Debtor or Reorganized Debtor will be
authorized to take all necessary steps, and perform all necessary
acts, to consummate the terms and conditions of the Plan. In
addition to the provisions set forth elsewhere in the Plan, the
following shall constitute the means for implementation of the
Plan.
On the Effective Date, the president and owner of the Debtor,
Gilberto Gonzalez, will continue to manage (and own) the
Reorganized Debtor. Specifically, Gilberto Gonzalez shall continue
to serve as the Reorganized Debtor's president at an annual salary
$85,800. Such salary, terms, and compensation shall be subject to
adjudgment in accordance with the Reorganized Debtor's governing
documents.
The sources of consideration for Distributions under the Plan
include the Debtor's cash on hand as of the Effective Date as well
the future profits of the Reorganized Debtor.
A full-text copy of the Amended Plan dated April 4, 2025 is
available at https://urlcurt.com/u?l=wXrn32 from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Bradley S. Shraiberg, Esq.
Samuel W. Hess, Esq.
Eric Pendergraft, Esq.
Shraiberg Page P.A.
2385 N.W. Executive Center Drive, Suite 300
Boca Raton, FL 33431
Tel: (561) 443-0800
Fax: (561) 998-0047
Email: bss@slp.law
shess@slp.law
About Osteria Del Teatro
Osteria Del Teatro, LLC operates the Italian restaurant Osteria Del
Teatro in North Bay Village, Fla.
Osteria Del Teatro sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20959) on October 22,
2024, with up to $50,000 in assets and up to $1 million in
liabilities. Gilberto Gonzalez, president of Osteria Del Teatro,
signed the petition.
Judge Robert A. Mark oversees the case.
Bradley S. Shraiberg, at Shraiberg Page PA, is the Debtor's legal
counsel.
OUTFRONT MEDIA: Director Joseph Wender to Retire at 2025 Meeting
----------------------------------------------------------------
OUTFRONT Media Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that Joseph H. Wender, a
member of the board of directors informed the Company that he will
retire and not stand for reelection at the Company's 2025 Annual
Meeting of Stockholders.
Accordingly, Mr. Wender will retire as a director at the expiration
of his term, effective as of the date of the Annual Meeting. Mr.
Wender's decision was not a result of any disagreement with the
Company, known to an executive officer of the Company, on any
matter relating to the Company's operations, policies or
practices.
About OUTFRONT Media Inc.
Headquartered in New York, OUTFRONT Media Inc. leases advertising
space on out-of-home advertising structures and sites.
* * *
Egan-Jones Ratings Company, on September 10, 2024, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by OUTFRONT Media Inc.
P3 HEALTH: Completes 1-for-50 Reverse Stock Split
-------------------------------------------------
P3 Health Partners Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company filed
a Certificate of Amendment to its Amended and Restated Certificate
of Incorporation with the Secretary of State of Delaware to effect
a 1-for-50 reverse stock split of the Company's outstanding Class A
common stock, $0.0001 par value per share, and Class V common
stock, $0.0001 par value per share. The Reverse Stock Split became
effective at 5:00 p.m. Eastern Time on April 11, 2025.
As previously reported, at a special meeting of stockholders held
on March 31, 2025, and upon the recommendation of the Company's
Board of Directors, the Company's stockholders approved amendments
to the Amended and Restated Certificate of Incorporation to effect
a reverse stock split of the Common Stock at a ratio ranging from
any whole number between 1-for-10 and 1-for-60, as determined by
the Board in its discretion. On April 1, 2025, the Board approved a
final Reverse Stock Split ratio of 1-for-50 and abandoned all other
amendments.
As a result of the Reverse Stock Split, at the Effective Time,
every 50 shares of the Company's outstanding Class A common stock
were automatically converted into one validly issued, fully-paid
and non-assessable share of Class A common stock, and every 50
shares of the Company's outstanding Class V common stock were
automatically converted into one validly issued, fully-paid and
non-assessable share of Class V common stock, subject to the
treatment of fractional shares as described below. The Charter
Amendment did not affect the number of authorized shares of common
stock or the par value of each share of common stock. No fractional
shares will be issued as a result of the Reverse Stock Split. Each
stockholder is entitled to receive a cash payment equal to the
fraction of a share to which such stockholder would otherwise be
entitled multiplied by the closing price per share of the Class A
common stock as reported by The Nasdaq Capital Market (as adjusted
to give effect to the Reverse Stock Split) on the Effective Date.
Proportional adjustments will be made to the number of shares of
Class A common stock underlying the Company's outstanding equity
awards and warrants, as well as the exercise or conversion price,
as applicable, and to the number of shares issuable under the
Company's equity incentive plans and other existing agreements.
The Company's Class A common stock began trading on a
split-adjusted basis on The Nasdaq Capital Market at the
commencement of trading on April 14, 2025 under the Company's
existing trading symbol "PIII". The new CUSIP number for the Class
A common stock following the Reverse Stock Split is 744413 204. The
Company's public warrants continue to trade on Nasdaq under the
ticker symbol "PIIIW" with the existing CUSIP number.
A full text of the Charter Amendment is available at
https://tinyurl.com/bd489tuz
About P3 Health Partners
Henderson, Nev.-based P3 Health Partners Inc is a patient-centered
and physician-led population health management company and, for
accounting purposes, the successor to P3 Health Group Holdings, LLC
and its subsidiaries after the consummation of a series of business
combinations in December 2021 with Foresight Acquisition Corp. As
the sole manager of P3 LLC, P3 operates and controls all of the
business and affairs of P3 LLC and P3's only assets are equity
interests in P3 LLC.
Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
Mar. 27, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended Dec. 25, 2024, citing that the Company has
suffered recurring losses from operations and has working capital
deficiencies that raise substantial doubt about its ability to
continue as a going concern.
As of Dec. 31, 2024, the Company had $783.4 million in total
assets, $633.9 million in total liabilities, and a total
stockholders' equity of $75.9 million.
PARKLAND CORP: Sunoco Deal No Impact on Moody's 'Ba2' Rating
------------------------------------------------------------
Moody's Ratings said that Parkland Corporation's (Parkland, Ba2
stable) ratings are not immediately affected by Sunoco LP's
(Sunoco, Ba1 RUR-down) announcement on May 5 to acquire Parkland
for $9.1 billion, including assumed debt totaling C$5.3 billion
($3.75 billion). The transaction will be funded with a combination
of debt and equity, and will be leveraging for Sunoco.
Subsequently, Sunoco's Ba1 ratings were placed on review for
downgrade in a separate rating action, reflecting the leveraging
nature of the transaction and comes in the midst of a proxy battle
between Parkland and its largest shareholder, Simpson Oil Limited
(19.8% equity stake).
Moody's are uncertain what will happen to Parkland's senior
unsecured debt (rated Ba3), if Parkland gets shareholder approval
and to Sunoco's ratings that are under review for downgrade. The
debt could be assumed, guaranteed, repaid or remain under Parkland
and monitored if Parkland financials are provided. If Parkland's
senior unsecured debt was assumed or guaranteed by Sunoco then they
will rank pari passu to Sunoco's senior unsecured debt (Ba1
RUR-down).
The transaction is subject to shareholder approval (requiring two
thirds majority), as well as court and regulatory approval. The
shareholder vote on the proposed acquisition is scheduled to take
place at Parkland's annual general meeting on June 24, 2025, and if
approved is expected to close in the second half of 2025.
Parkland, headquartered in Calgary, Alberta, is a large retailer,
marketer and distributor of fuel and petroleum products servicing
both retail and commercial customers across Canada, USA and the
Caribbean regions. Parkland's retail and commercial network
includes close to 3,500 retail service stations, 315 M&M Food
Market locations and 210 commercial cardlock sites. Furthermore,
the company owns and operates the Burnaby refinery (55,000 barrels
per day capacity) in the Greater Vancouver Area, and manages
strategic distribution and storage infrastructure across North
America.
Sunoco is a diversified midstream master limited partnership with a
large motor fuel distribution network and crude oil, refined
products, renewable fuels, and ammonia pipeline, storage and
terminalling operations. Sunoco's general partner is owned by
Energy Transfer LP (ET). ET also owns 21% of SUN's common units.
Sunoco is headquartered in Dallas, Texas.
PATRIOT TRANSPORT: Unsecureds to Split $160K over 5 Years
---------------------------------------------------------
Patriot Transport, Inc., submitted a Disclosure Statement
describing Second Amended Plan of Reorganization dated April 7,
2025.
The Debtor's Amended Plan of Reorganization provides for
distribution to the holders of allowed claims and interests from
cash, cash equivalents and other funds and income derived the
continued operations of the Debtor.
The primary objective of the Plan is to settle compromise or
otherwise dispose of certain claims and interests on terms that the
Debtor believes to be fair and responsible and in the best
interests of its estate and creditors.
The Debtor believes that the Plan it has proposed provides the best
and most prompt possible recovery to the Debtor's claim holders.
Under the Plan, claims against and interests in the Debtor are
divided into different classes. The Plan contemplates the
reorganization of the Debtor business operations, the restructuring
of its debts and the distribution of payments to holders of the
various Allowed Claims.
The principal of the Debtor, Mr. Igor Terletsky, is effectively
retaining his equity interests in the Debtor. He is providing new
value in order to do so in the form of (1) he has waived payment on
his substantial unsecured claim in the amount of $959,745; (2) he
is contributing the sum of $10,000 toward payment of general
unsecured claims under the Plan over a period of 5 years (at $2,000
per year); and (3) he is maintaining and not increasing his low
salary of $156,000 per year for the next two years. In light of
these new value contributions by Mr. Terletsky, the Debtor
maintains that the new value of the shares in the Reorganized
Debtor are sufficient and equivalent to the value of those shares.
Class 2 consists of General NonPriority Unsecured Claims. Class 2
Claims including unsecured claims asserted by the Taxing
Authorities shall be paid pro rata distributions of deferred cash
payments aggregating $160,000 from the General Unsecured Creditor
Fund payable in five equal payments of $32,000 with the first
installment due 6 months following the Effective Date (or June 30,
2025 whichever sooner) and $30,000 payable annually on June 30,
2026, 2027, 2028 and 2029.
Class 2 Claims are impaired under the Plan. The allowed unsecured
claims total $8.6 Million.
Class 5 consists of Equity Interests of Igor Terletsky. All equity
interests shall be deemed to be terminated and canceled upon the
Effective Date. Newly issued equity security interests of the
Reorganized Debtor consisting of 1,000 shares of the newly issued
common stock shall be transferred to Igor Terletsky upon the
Effective Date. Mr. Terletsky shall contribute new value for the
equity interests in the Reorganized Debtor in the amount of
$10,000, payable over 5 years at $2,000 per year, which shall be
paid into the General Unsecured Creditor Fund to be used for
payment of Class 2 general unsecured claims. Class 5 Claims and
Equity interests are impaired under the Plan.
Except as otherwise provided in the Plan or the Confirmation Order,
all cash necessary for the Debtor to make payments pursuant to the
Plan to Allowed Administrative Claims, Priority Claims, Priority
Tax Claims, Secured Claims and General Unsecured Non- Priority
Claims will be from the continued operations of the Debtor in
addition to the new equity contribution by Mr. Terletsky.
A full-text copy of the Second Amended Plan dated April 7, 2025 is
available at https://urlcurt.com/u?l=sIEyrA from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Miriam Stein Granek
Gutnicki LLP
4711 Golf Road, Suite 200
Skokie, IL 60076
Tel: (847) 745-6592
Email: mgranek@gutnicki.com
About Patriot Transport
Patriot Transport, Inc., a trucking company in Carol Stream, Ill.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ill. Case No. 24-07407) on May 17, 2024, with up to
$10 million in assets and up to $50 million in liabilities. Igor
Terletsky, president, signed the petition.
Judge Timothy A. Barnes presides over the case.
John F. Hiltz, Esq., at Leibowitz, Hiltz & Zanzig, LLC, is the
Debtor's counsel.
PECF USS INTERMEDIATE: S&P Lowers ICR to 'CCC', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered all its ratings on PECF USS Intermediate
Holding III Corp., including the issuer credit rating, by one notch
to 'CCC' from 'CCC+'.
The negative outlook reflects the company's challenging
macroeconomic backdrop, high interest expense, unsustainable debt
leverage, and weak liquidity.
The company's EBITDA and EBITDA margins have declined precipitously
over the last several years, which--combined with its largely
floating-rate capital structure--has weakened its liquidity and
credit metrics to unsustainable levels. PECF's S&P Global
Ratings-adjusted EBITDA in 2024 was flattish relative to its
depressed 2023 levels and down nearly 50% from its peak 2021
levels. Additionally, over 80% of the company's debt was floating
rate as of December 2024, and it does not have any interest-rate
hedges in place. This meant that higher interest rate nearly
tripled its interest expense in 2024 relative to 2021. Therefore,
PECF's S&P Global Ratings-adjusted EBITDA interest coverage was
below 1x as of year-end 2024, while its debt to EBITDA spiked to
about 18x. Operationally, the company has had to contend with
inflationary cost pressures, a reduction in its service frequency
from peak levels, some top-line weakness due to its exposure to
commercial and residential construction, and certain costs that S&P
does not add back in its EBITDA calculation, leading to
weaker-than-expected EBITDA and EBITDA margins.
S&P said, "We expect PECF will continue to generate FOCF deficits,
leading to weak liquidity. The company's weaker EBITDA and elevated
interest costs have led it to generate continued negative FOCF,
which we expect will continue in 2025. Based on PECF's current
liquidity on hand as of year-end 2024, we believe it will remain in
compliance with its covenants for at least for the next few
quarters, given its ample cushion under the cash flow revolver's
leverage covenant. We also believe the company will maintain enough
availability under the asset-based lending (ABL) facility such that
will not trigger the covenant. However, if PECF triggers the
covenant, we believe it would be challenging for it to remain in
compliance. Given our base-case assumption for continued cash burn
in 2025, we believe the company's ability to remain in compliance
with its covenants could be challenged by the end of the year.
Still, we believe PECF's sufficient liquidity on hand, support from
its sponsors (as evidenced by a $50 million support letter in
February 2025), and willingness to remain current on its
obligations for the next few quarters somewhat offset these risks.
We have also not factored in any additional debt restructuring
transactions such as the ones it undertook in 2024, which we viewed
as a distressed exchange."
The company has some ongoing transformation initiatives, which--if
executed successfully--could improve its EBITDA relative to its
depressed levels in 2023-2024. These initiatives will likely help
PECF improve its customer retention, bolster its market share, and
strengthen its cash conversion, leading to a sustained improvement
in its cost structure. Additionally, lower mortgage rates will
likely lead to improved housing market conditions, which will
likely benefit the company given that roughly 45% of its revenue is
tied to the construction industry (roughly half residential and
half non-residential). Still, given PECF's high debt balances and
interest costs, including weighted-average S&P Global
Ratings-adjusted debt to EBITDA of above 10x, we believe its
capital structure is unsustainable.
The negative outlook reflects that the more-challenging
macroeconomic backdrop, high interest rates, and significant cost
inflation weakened PECF's credit measures in 2023-2024. S&P said,
"Specifically, the company's S&P Global Ratings-adjusted debt to
EBITDA increased to about 18x as of year-end 2024, and we believe
its weighted-average debt leverage will remain well above 10x. We
note that PECF's 2024 debt repurchase and refinancing transactions
have modestly lowered its total debt, enhanced its liquidity
position, and extended its debt maturities. Still, we believe the
company's weighted-average debt leverage metrics will remain at
unsustainable levels while its elevated interest expense leads to
continued cash burn and a weak EBITDA interest coverage ratio of
below 1x."
S&P could lower its ratings on PECF in the next few quarters if:
-- Its earnings do not improve materially in 2025 as we forecast
due to weak end-market demand in its core residential and
nonresidential construction end markets, it materially
underachieves on its cost reduction and operating improvement
initiatives, or it is unable to increase prices to offset its
higher costs;
-- The company undertakes additional transactions that we view as
a distressed exchange;
-- It skips an interest payment;
-- Its liquidity weakens due to persistent negative FOCF
generation, challenging its covenant compliance; or
-- It completes a larger-than-expected debt-funded acquisition or
a large dividend recapitalization.
S&P could take a positive rating action on PECF in the next year
if:
-- Its volumes and pricing are stronger than S&P projects such
that its revenue increases by more than 10% and its EBITDA margins
rise by over 500 basis points relative to its base-case assumption.
Under such a scenario, S&P believes its weighted-average debt to
EBITDA would approach 10x and its EBITDA interest coverage would
approach 1x;
-- The company improves its FOCF toward break-even levels or
receives an equity infusion that improve its liquidity position;
and
-- S&P believes the company's financial policies support
maintaining these improved leverage levels even after incorporating
potential acquisitions and shareholder rewards.
PRIME ELECTRICAL: Unsecured Creditors to Split $10K in Plan
-----------------------------------------------------------
Prime Electrical Services, LLC, filed with the U.S. Bankruptcy
Court for the Middle District of Florida a Disclosure Statement
describing Plan of Reorganization dated April 7, 2025.
The Debtor is a Florida limited liability company created by
Articles of Organization filed with the Florida Secretary of State
on or around January 16, 2009, with a conversion date from Prime
Electric Services, Inc. to Prime Electric Services, LLC of February
22, 2023.
The Debtor is a full service electrical company specializing in the
disciplines of commercial and residential electrical installation,
industrial electrical processes, voice/data and fire alarm systems.
The Debtor's principal place of business is located at 550 Holts
Lake Court, Ste 102, Apopka, Florida, 32703 ("Premises"), which the
Debtor leases from C.D. Williams Group, Inc.
The Debtor's business has been adversely affected by fluctuations
and increases in the costs of construction stemming from supply
chain and other issues that have unexpectedly increased costs for
the Debtor, resulting in significant decreases in profitability and
even losses for the Debtor on jobs with locked-in pricing. In
addition, Debtor's cash flow has been adversely impacted by
nonpaying clients, as the Debtor's accounts receivable exceed
$300,000.00 (more than 90 days old).
The Debtor desires to use the relief provided by Chapter 11 to
restructure and downsize its business, so that it is better able to
satisfy its ongoing obligations and be profitable going forward.
The Debtor commenced this Chapter 11 Case in order to implement a
comprehensive restructuring, stabilize its operations for the
benefit of its customers, secured creditors, landlords, and other
unsecured creditors; and to propose a mechanism to efficiently
address and resolve all claims.
In summary, the Plan contemplates the emergence of a Reorganized
Debtor through the continued operation of the business. All Claims
against the Reorganized Debtor shall be classified and treated
pursuant to the terms of the Plan. The Plan Provides for five
separate classes of secured claims, one class of general unsecured
claims, and one class of interests. This Plan also provides for the
payment of administrative and priority claims. Overall, the Plan
provides that holders of Allowed Administrative Claims will be paid
in full on the Effective Date.
Class 7 consists of any and all membership interests and warrants
currently issued or authorized in the Debtor. This Class is
Impaired. Class 7 shall receive no distribution on account of its
equity interests. All currently issue and outstanding Equity
Interests in the Debtor shall be extinguished on the Effective Date
and new Equity Interests in the Reorganized Debtor shall be
re-vested in Camell D. Williams in the same percentages that
existed pre-petition.
The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business. The Reorganized Debtor believes the
cash flow generated from the continued operation of the Debtor's
business will be sufficient to meet the operating needs and Plan
Payments.
Except as explicitly set forth in this Plan, all cash in excess of
operating expenses generated from operation until the Effective
Date will be used for Plan Payments or Plan implementation;
however, subject to the projections attached to the Disclosure
Statement, cash on hand as of Confirmation shall be available for
Administrative Expenses.
A full-text copy of the Disclosure Statement dated April 7, 2025 is
available at https://urlcurt.com/u?l=qKvzjU from PacerMonitor.com
at no charge.
About Prime Electrical Services
Prime Electrical Services, LLC manufactures relays and industrial
controls. It offers engineering, procurement, fabrication, and
field construction services for the drilling, industrial, heat
trace, production, and petrochemical industries. The company serves
customers in the United States.
Prime Electrical Services sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06663) on Dec.
8, 2024, with total assets of $256,996 and total liabilities of
$5,419,312. Camell D. Williams, manager of Prime Electrical
Services, signed the petition.
Judge Tiffany P. Geyer handles the case.
The Debtor is represented by:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
Email: jeff@bransonlaw.com
PROPERTY PROBLEM: Gets Final OK to Use Cash Collateral
------------------------------------------------------
Property Problem Solvers, LLC received final approval from the U.S.
Bankruptcy Court for the Northern District of Georgia, Newnan
Division, to use cash collateral.
The final order authorized the company to use cash collateral in
accordance with its budget, which projects total operational
expenses of $97,774 for the period from April to June.
The U.S. Small Business Administration may assert a lien on the
company's cash collateral.
As protection for the use of its cash collateral, SBA was granted a
replacement lien on all property acquired by the company after the
petition date that is similar to its pre-bankruptcy collateral.
In addition, SBA will receive a monthly payment of $2,574 as
further protection.
Events of default include case dismissal or conversion, appointment
of a trustee and failure to comply with the final order. SBA may
file a declaration of default, which could halt the company's use
of cash collateral within 10 days unless cured or disputed.
About Property Problem Solvers
Property Problem Solvers, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10390) on
March 18, 2025. In the petition signed by Jason Statham, authorized
representative, the Debtor disclosed up to $1 million in both
assets and liabilities.
Judge Paul Baisier oversees the case.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.
PROVIDENTIAL LENDING: Seeks Chapter 11 Bankruptcy in Arizona
------------------------------------------------------------
On May 5, 2025, Providential Lending Services LLC filed Chapter
11 protection in the U.S. Bankruptcy Court for the District of
Arizona. According to court filing, the Debtor reports between
$100,000 and $500,000 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About Providential Lending Services LLC
Providential Lending Services LLC operates as a lessor of real
estate, primarily engaged in renting and leasing properties to
residential or commercial tenants.
Providential Lending Services LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04020) on
May 5, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $100,000 and $500,000.
Honorable Bankruptcy Judge Brenda K. Martin handles the case.
The Debtor is represented by Joseph G. Urtuzuastegui III, Esq. at
THE REAL ESTATE INVESTOR LAW FIRM, LLC.
PROVIVI INC: Horizon Technology Marks $1.7MM Loan at 15% Off
------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $1,741,000
loan extended to Provivi Inc. to market at $1,480,000 or 85% of the
outstanding amount, according to HRZN's Form 10-Q for the fiscal
year ended March 31, 2025, filed with the U.S. Securities and
Exchange Commission.
HRZN is a participant in a Loan to Provivi Inc. The loan accrues
interest at a rate of 12.86% per annum. The loan matures on January
1, 2027.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Provivi, Inc.
Provivi, founded in 2013, is a principles-based company with a
mission to apply state of the art technologies to improve life and
aspirations of farmers across the globe. Its focus is to create a
new foundation for safer, affordable, and sustainable crop
protection.
PROVIVI INC: Horizon Technology Marks $3.4MM Loan at 15% Off
------------------------------------------------------------
Horizon Technology Finance Corp. (HRZN) has marked its $3,482,000
loan extended to Provivi Inc. to market at $2,965,000 or 85% of the
outstanding amount, according to HRZN's Form 10-Q for the fiscal
year ended March 31, 2025, filed with the U.S. Securities and
Exchange Commission.
HRZN is a participant in a Loan to Provivi Inc. The loan accrues
interest at a rate of 12.86% per annum. The loan matures on January
1, 2027.
HRZN was organized as a Delaware corporation on March 16, 2010 and
is an externally managed, non-diversified, closed-end investment
company.
HRZN primarily makes secured debt investments to development-stage
companies in the technology, life science, healthcare information
and services and sustainability industries. All of the Company's
debt investments consist of loans secured by all of, or a portion
of, the applicable debtor company’s tangible and intangible
assets.
HRZN has established wholly owned subsidiaries, which are
structured as Delaware limited liability companies, either to hold
assets of portfolio companies acquired in connection with a
foreclosure or bankruptcy or to hold equity in portfolio companies
which the Company may control.
HRZN is led by Robert D. Pomeroy Jr. as chief executive officer and
chairman of the board; and Daniel R. Trolio as chief financial
officer.
The Fund can be reached through:
Robert D. Pomeroy Jr.
Horizon Technology Finance Corp.
312 Farmington Avenue
Farmington, CT 06032
Telephone: (860) 676-8654
About Provivi, Inc.
Provivi, founded in 2013, is a principles-based company with a
mission to apply state of the art technologies to improve life and
aspirations of farmers across the globe. Its focus is to create a
new foundation for safer, affordable, and sustainable crop
protection.
PUBLISHERS CLEARING: Taps SSG Advisors LLC as Investment Banker
---------------------------------------------------------------
Publishers Clearing House LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire SSG
Advisors, LLC as investment banker.
The firm will render these services:
(a) advise the Debtor on, and assist the Debtor in the
preparation of, an information memorandum describing the Debtor and
its management and financial status for use in discussions with
prospective purchasers and assist in the due diligence process for
a potential Sale Transaction;
(b) assist the Debtor in developing a list of suitable
potential buyers who will be contacted on a discreet and
confidential basis after approval by the Debtor;
(c) coordinate the execution of confidentiality agreements for
potential buyers wishing to review the information memorandum;
(d) assist the Debtor in coordinating management calls and
(where appropriate) site visits for interested buyers and work with
the management team to develop appropriate presentations for such
calls and visits;
(e) solicit competitive offers from potential buyers;
(f) advise and assist the Debtor in structuring the Sale
Transaction, negotiating the Sale Transaction agreements with
potential buyers and evaluating the proposals from potential
buyers, including, without limitation, advising and negotiating
with respect to Sale Transaction structures;
(g) provide testimony in support of the Sale Transaction, as
necessary;
(h) otherwise assist the Debtor, its attorneys and advisors,
as necessary, through closing on a best efforts basis;
(i) prepare a financing memorandum describing the Debtor, its
historical performance and prospects, including existing contracts,
marketing and sales, labor force, management, and financial
projections;
(j) assist the Debtor in compiling a data room of any
necessary and appropriate documents related to a Financing
Transaction;
(k) assist the Debtor in developing a list of suitable
potential lenders and investors who will be contacted on a discreet
and confidential basis after approval by the Debtor;
(l) coordinate the execution of confidentiality agreements for
potential lenders and investors wishing to review the financing
memorandum;
(m) assist the Debtor (where appropriate) in coordinating site
visits for interested lenders and investors and work with the
management team to develop appropriate presentations for such
visits;
(n) solicit competitive offers from potential lenders and
investors;
(o) advise and assist the Debtor in structuring the Financing
Transaction and negotiating the Financing Transaction agreements;
(p) otherwise assist the Debtor and its other professionals,
as necessary, through closing a Financing Transaction on a best
efforts basis; and
(q) SSG shall assist the Debtor in the negotiation with
various stakeholders in the Debtor (the "Existing Stakeholders"),
including, but not limited to any of the Debtor's shareholders,
lenders, landlords, and general unsecured creditors in regard to a
possible Restructuring Transaction of existing claims and equity as
well as corporate governance.
The firm will be compensated as follows:
(a) Initial Fee. An initial fee (the "Initial Fee") equal to
$50,000 due upon signing the SSG Engagement Agreement; (b) Monthly
Fees. Monthly fees (the "Monthly Fees") of $50,000 per month
payable beginning March 9, 2025, and on the ninth (9th) day of each
month thereafter throughout the Engagement Term.
(c) Transaction Fee. Upon the consummation of a Sale
Transaction, Financing Transaction, and/or a Restructuring
Transaction to or with any party, SSG shall be entitled to a fee
(the "Transaction Fee"), payable in cash, equal to the greater of
(a) $500,000; or (b) 3 percent of Total Consideration, Committed
Financing, and/or Reorganization Value. SSG shall only be paid one
Transaction Fee, whichever is greater.
(d) Out of Pocket Expenses. In addition to the foregoing
Initial Fee, Monthly Fee and Transaction Fee noted above, whether
or not a Sale Transaction or Financing Transaction is consummated,
SSG will be entitled to reimbursement for all of SSG's reasonable
and documented out-of-pocket expenses incurred in connection with
the subject matter of the SSG Engagement Agreement.
In addition, the firm will seek reimbursement for expenses
incurred.
J. Scott Victor, a managing director at SSG Advisors, 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:
J. Scott Victor
SSG Advisors LLC
300 Barr Harbor Drive, Suite 420
West Conshohocken, PA 19428
Telephone: (610) 940-5802
Email: jsvictor@ssgca.com
About Publishers Clearing House
Publishers Clearing House LLC is a direct-to-consumer company
offering free-to-play digital entertainment. Through its PCH/Media
division, PCH helps brands and advertisers connect with qualified,
responsive audiences across its extensive chance-to-win gaming
platforms. PCH has evolved into a multi-channel media company,
combining digital entertainment, direct-to-consumer marketing, and
commerce to create compelling experiences for users and brands
alike.
Publishers Clearing House filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending
before the Honorable Martin Glenn.
Klestadt Winters Jureller Southard & Stevens, LLP is serving as
legal advisor, William H. Henrich and Laurence Sax from Getzler
Henrich & Associates LLC are serving as Co-Chief Restructuring
Officers, SSG Capital Advisors, LLC, is serving as investment
banker, and C Street Advisory Group is serving as strategic
communications advisor to the Company. Omni Agent Solutions is the
claims agent.
REMEMBER ME: Court Extends Cash Collateral Access to May 22
-----------------------------------------------------------
Remember Me Senior Care, LLC received interim approval from the
U.S. Bankruptcy Court for the Eastern District of Tennessee at
Chattanooga to use cash collateral until May 22, marking the third
extension since the company's Chapter 11 filing.
The court's previous interim order issued on April 17 allowed the
company to access cash collateral until April 24.
The third interim order authorized the company to use cash
collateral to pay ordinary and necessary business expenses as set
forth in its budget, with a 15% variance allowed.
As protection for the use of their cash collateral, secured
creditors were granted replacement liens on the company's
post-petition assets.
In addition, Remember Me Senior Care was ordered to make payment of
$88,000 to secured creditors on the due date set forth in their
loan agreements and to keep the company's assets secured.
A final hearing is scheduled for May 22.
About Remember Me Senior Care
Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers
personalized assisted living and memory care services in a homelike
environment. The facility provides a range of services, including
help with daily activities, medication management, and specialized
care for those with Alzheimer's or other dementias.
Remember Me Senior Care sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February
18, 2025. In its petition, the Debtor reported up to $50,000 in
assets and between $10 million and $50 million in liabilities.
Judge Nicholas W. Whittenburg oversees the case.
The Debtor is represented by:
Jeffrey W. Maddux, Esq.
Chambliss, Bahner & Stophel P.C.
Liberty Tower
605 Chestnut Street, Ste. 1700
Chattanooga, TN 37450
Tel: 423-757-0296
Fax: 423-508-1296
Email: jmaddux@chamblisslaw.com
RITE AID: Gets Court Clearance for Quick Chapter 11 Sale Plans
--------------------------------------------------------------
Clara Geoghegan of Law360 reports that a New Jersey bankruptcy
judge on Wednesday, approved retail pharmacy chain Rite Aid's
plans to host a Chapter 11 auction next week for prescription
files, drug inventory and other pharmacy assets during its second
bankruptcy.
About Rite Aid
Rite Aid is a full-service pharmacy committed to improving health
outcomes. Rite Aid is defining the modern pharmacy by meeting
customer needs with a wide range of solutions that offer
convenience, including retail and delivery pharmacy, as well as
services offered through the Company's wholly owned subsidiary
Bartell Drugs. On the Web: http://www.riteaid.com/
Rite Aid and certain of its subsidiaries previously filed for
chapter 11 bankruptcy in October 2023 and emerged from bankruptcy
in August 2024.
On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including
Rite Aid Corporation, commenced voluntary Chapter 11 proceedings
(Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy
filing date, Rite Aid operates 1,277 stores and 3 distribution
centers in 15 states and employs approximately 24,500 people. Rite
Aid is using the Chapter 11 process to pursue a sale of its
prescriptions, pharmacy and front-end inventory, and other assets.
The cases are being administered by the Honorable Michael B.
Kaplan.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal
advisor, Guggenheim Securities, LLC is serving as investment
banker, and Alvarez & Marsal is serving as financial advisor to the
Company. Joele Frank, Wilkinson Brimmer Katcher is serving as
strategic communications advisor to the Company.
Kroll is the claims agent and maintains the page
https://restructuring.ra.kroll.com/RiteAid2025
Bank of America, N.A., as DIP Agent, is represented by lawyers at
Greenberg Traurig, LLP; and Choate Hall & Stewart LLP.
RIVER SPRINGS: S&P Affirms 'BB+' LT ICR, Off CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term rating on the
California School Finance Authority's debt outstanding issued for
River Springs Charter School and removed the rating from
CreditWatch, where it had been placed with negative implications on
Feb. 7, 2025. The outlook is stable.
The removal of the rating from CreditWatch follows our receipt of
timely demand and financial information.
RMKD LIQUORS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: RMKD Liquors, Inc.
RMKD Liquors Inc. d/b/a Columbia Wine Co.
4038 Broadway
New York NY 10032
Business Description: The Debtor operates a retail liquor store in
New York, offering a variety of alcoholic
beverages including wine, vodka, whiskey,
rum, tequila, and liqueurs. It also sells
alcohol-related accessories such as bottle
openers, wine bags, and wine keys, and
occasionally stocks specialty items like
cocktail mixers containing alcohol.
Chapter 11 Petition Date: May 7, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-10940
Judge: Hon. David S Jones
Debtor's Counsel: Jeb Singer, Esq.
J. SINGER LAW GROUP, PLLC
1 Liberty Plaza 23rd Floor
New York NY 10006
Tel: 917-806-5832
Email: jsinger@jsingerlawgroup.com
Total Assets: $127,400
Total Liabilities: $1,440,174
Rohan Duggal signed the petition as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/77YHKZA/RMKD_Liquors_Inc__nysbke-25-10940__0001.0.pdf?mcid=tGE4TAMA
RVFW E LLC: Seeks to Hire Blackwell LLP as Bankruptcy Attorney
--------------------------------------------------------------
RVFW E LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Texas to employ Husch Blackwell LLP as
bankruptcy attorneys.
The firm's services include:
(a) provide legal advice with respect to the Debtor's powers
and duties as debtor-in-possession;
(b) take all necessary action to protect and preserve the
Debtor's estate;
(c) prepare on behalf of the Debtor all necessary motions,
answers, orders, objections, and other legal papers in connection
with the administration of its estate;
(d) assist the Debtor in preparing for and filing a plan;
(e) represent the Debtor in connection with the administration
of the Debtor's estate;
(f) perform any and all other legal services for the Debtor in
connection with the Chapter 11 case;
(g) appear before this Court, any appellate courts and the
United States Trustee and protect the interests of the Debtor's
estate before those Courts and the United States Trustee; and
(h) perform such legal services as the Debtor may request with
respect to any matter.
The firm will be paid at these hourly rates:
Partners $375 to $1,250
Paraprofessionals $225 to $500
Other Professionals $250 to $710
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Buffey Klein, Esq., a partner at Husch Blackwell LLP, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Buffey E. Klein, Esq.
HUSCH BLACKWELL LLP
1900 N. Pearl Street, Suite 1800
Dallas, TX 75201
Tel: (214) 999-6152
E-mail: buffey.klein@huschblackwell.com
About RVFW E LLC
RVFW E LLC is the developer behind Eden Ranch, a sustainable,
master-planned community in Flower Mound, Texas, blending luxury
living with eco-friendly practices.
RVFW E LLC filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40933) on
March 31, 2025, listing $50 million to $100 million in assets and
$10 million to $50 million in liabilities. In his position as
manager, Tyler Radbourne signed the petition.
Judge Brenda T Rhoades presides over the case.
Buffey E. Klein, Esq. at HUSCH BLACKWELL LLP represents the Debtor
as counsel.
SAFE & GREEN: Completes $8M Private Placement With Investors
------------------------------------------------------------
Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
consummated the previously announced private placement pursuant to
a securities purchase agreement with institutional investors for
the purchase and sale of approximately $8 million of shares of the
Company's common stock and investor warrants at a price of $0.392
per Common Unit. The entire transaction was priced at the market
under Nasdaq rules. The offering consisted of the sale of Common
Units (or Pre-Funded Units), each consisting of
(i) one share of Common Stock or one Pre-Funded Warrant,
(ii) one Series A PIPE Common Warrant to purchase one share of
Common Stock per warrant at an exercise price of $0.784 and
(iii) one Series B PIPE Common Warrant to purchase one share of
Common Stock per warrant at an exercise price of $0.98.
The initial exercise price of each Series A Warrant is $0.784 per
share of Common Stock. The Series A Warrants are exercisable
following stockholder approval and expire five years thereafter.
The number of securities issuable under the Series A Warrant is
subject to adjustment as described in more detail in the Series A
Warrant. The initial exercise price of each Series B Warrant is
$0.98 per share of Common Stock or pursuant to an alternative
cashless exercise option. The Series B Warrants are exercisable
following stockholder approval and expire 2.5 years thereafter. The
number of securities issuable under the Series B Warrant is subject
to adjustment as described in the Series B Warrant.
Each Pre-Funded Warrant is exercisable for one share of Common
Stock for $0.0001 immediately upon issuance until all of the
Pre-Funded Warrants are exercised in full. The number of Pre-Funded
Warrant Shares are subject to adjustments for stock splits,
recapitalizations, and reorganizations. The shares of Common Stock,
shares underlying the Series A Warrants and shares underlying the
Series B Warrants are collectively referred to as the
"Securities".
In connection with the Private Placement, the Company entered into
a registration rights agreement with the Purchasers on April 14,
2025.
Pursuant to the terms of the letter of engagement with D. Boral
Capital LLC, the Company paid the Placement Agent a placement agent
commission equal to 6.0% of the aggregate gross proceeds from the
offering, and an additional 1.0% for non-accountable expenses. In
addition, the Company agreed to reimburse the placement agent for
certain of out-of-pocket expenses, including for reasonable legal
fees and disbursements for its counsel. Additionally, pursuant to
the Company's letter of engagement with Aegis Capital Corp., the
Company has agreed to pay Aegis a commission equal to 5.0% of the
aggregate gross proceeds from the offering.
The Purchase Agreement contains customary representations and
warranties, indemnification rights, agreements and obligations,
conditions to closing and termination provisions. The offering
closed on April 14, 2025. The net proceeds to the Company from the
Offering were approximately $6.6 million, after deducting placement
agent fees and the payment of other offering expenses associated
with the offering that were payable by the Company.
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.
SC HEALTHCARE: No Resident Care Concern, 6th PCO Report Says
------------------------------------------------------------
Suzanne Koenig, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the District of Delaware her sixth report
regarding the quality of patient care provided by SC Healthcare
Holding, LLC and its affiliates. This report covers the period Feb.
11 to April 11.
This Sixth Report covers the final time period during which the
Ombudsman was monitoring the health care facilities utilizing
licenses held by the Debtors, given that the Ombudsman has recently
been able to confirm that all of the Debtors' facilities' Change of
Ownership applications ("CHOWs") have now been effectuated and that
each of the former facilities of the Debtors that are still
operational are operating under their respective new operators'
license(s).
The Ombudsman notes that she and her representatives continued
their communications with the Debtors' representatives as well as
directly with the States of Illinois, Missouri and Iowa during this
Report Period to diligently monitor progress toward cessation of
the use of the Debtors' licenses and monitor any patient care
issues requiring attention until discontinued use of the Debtors'
licenses could be confirmed at all Facilities.
In addition, due to the Ombudsman's rotating visitation of the
Debtors' Facilities throughout these cases, additional in-person
visits to Facilities utilizing the companies' licenses during this
Reporting Period were not required, and the Ombudsman remained in
contact with the Debtors and the States to assure continuous
monitoring of patient issues while simultaneously pursuing
confirmation of the CHOWs being effectuated for the New Operators.
The Ombudsman asserts that she and her representatives did not
observe or become aware of issues of concern that would cause harm
to residents at the Facilities as use of the last remaining Debtor
licenses came to a close. Now that the Ombudsmen has confirmed that
the CHOWS's have been effectuated for the New Operators for all the
operational Facilities, the Ombudsmen has ceased her oversight and
monitoring responsibilities of the Facilities.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=BlHKcA from PacerMonitor.com.
About SC Healthcare Holding
SC Healthcare Holding, LLC and its affiliates comprise one of the
largest nursing home operators in the United States and work in
partnership with physicians, skilled nurses, and other health care
providers in order to provide various healthcare and rehabilitation
services for elderly citizens in Illinois, Missouri, and Iowa.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10443) on March
20, 2024. In the petition signed by David R. Campbell as authorized
signatory, SC Healthcare disclosed up to $100 million to $500
million in assets and $100 million to $500 million in liabilities.
Judge Hon. Thomas M. Horan oversees the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Winston
& Strawn LLP as legal counsel and RubinBrown, LLP as accounting
services provider.
Suzanne Koenig has been appointed as patient care ombudsman in the
Debtors' Chapter 11 cases.
SKY GARDENS: Taps Hilco Real Estate as Advisor and Consultant
-------------------------------------------------------------
Sky Gardens Residence, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Hilco Real
Estate, LLC, as real estate advisor and consultant.
The firm will market and sell the Debtor's property, a land
comprising 37,281 square feet, or .86 acres, located at 16300 NE
19th Avenue, North Miami Beach, Florida 33162.
Hilco will be entitled to a commission equal to 3 percent of gross
sale proceeds.
As disclosed in court filings, Hilco Real Estate does not have a
material interest adverse to the Debtor regarding the specific
matters for which it is to be retained.
The firm can be reached through:
Eric W. Kaup
Hilco Real Estate, LLC
5 Revere Drive, Suite 206
Northbrook, IL 60062
Tel: (847) 504-2463
Email: ekaup@hilcoglobal.com
About Sky Gardens Residences LLC
Sky Gardens Residences LLC is a single asset real estate debtor, as
defined in 11 U.S.C. Section 101(51B).
Sky Gardens Residences LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-11136) on
January 31, 2025. In its petition, the Debtor reports estimated
assets between $10 million and $50 million and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Laurel M. Isicoff handles the case.
Michael D. Seese, Esq., at Seese, PA represents the Debtor as
counsel.
SPECIALTY CARTRIDGE: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Specialty Cartridge, Inc.
Atlanta Arms & Ammo
9126 Industrial Blvd.
Covington GA 30014
Business Description: Specialty Cartridge, Inc., doing business as
Atlanta Arms, manufactures precision
ammunition for handguns and rifles. Based
in Covington, Georgia, the Company supplies
law enforcement agencies, military clients,
and shooting sports professionals. It
operates out of a 20,000-square-foot
climate-controlled facility.
Chapter 11 Petition Date: May 7, 2025
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 25-55193
Debtor's Counsel: G. Frank Nason, IV, Esq.
LAMBERTH, CIFELLI, ELLIS & NASON, P.A.
6000 Lake Forrest Drive, NW Ste. 290
Atlanta GA 30328
Tel: 404-262-7373
Email: fnason@lcenlaw.com
Total Assets: $15,065,301
Total Liabilities: $8,137,719
The petition was signed by Jason Koon as president.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/GFJTVNA/Specialty_Cartridge_Inc__ganbke-25-55193__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Fiocchi of America, Inc. Suppliers or Vendors $421,644
6930 N. Freemont Road
Ozark, MO, 65721
Terri Scherff
Phone: (417) 449-1044
Email: terri@fiocchiusa.com
2. Grandeur Fasteners, Inc. Suppliers or Vendors $421,277
18796 E State Highway 10
Danville, AR, 72833
JJ Munn
Phone: (479) 489-4532
Email: jjmunn@grandeurfasterners.com
3. Amerway, Inc. Suppliers or Vendors $331,666
3701 Beale Ave.
Altoona, PA, 16601
Tricia Seymore
Phone: (814) 944-1688
Email: tricia@amerway.com
4. Wieland Metal Services Suppliers or Vendors $306,145
457 Warwick Industrial Drive
Warwick, RI, 02886
Jayne LaForge
Phone: (401) 739-0800
Email: Jayne.LaForge@wieland.com
5. Ammo, Inc. Suppliers or Vendors $76,800
7681 E. Gray Road.
Scottsdale, AZ, 85260
Cheryl McPhillips
Phone: (480) 530-2827
Email: cmcphillips@ammoninc.com
6. Starline Brass Suppliers or Vendors $75,563
1300 W. Henry Street
Sedalia, MO, 65301
Rhiannon Singleton
Phone: (912) 827-6640
Email: shiannon@starlinebrass.com
7. United States Brass & Copper Suppliers or Vendors $70,342
1401 Brook Drive
Downers Grove, IL, 60515
Lisa Korosic
Phone: (630) 629-9340
Email: lisa@usbrassandcopper.com
8. Koenig Shooting Sports Suppliers or Vendors $48,248
1735 Taylor Woods Road
Deland, FL, 32724
Michelle Koenig
9. Thyssenkrupp Materials Suppliers or Vendors $31,049
P.O. Box 7427
Philadelphia, PA, 19170
Ginger Merante
Phone: (203) 303-8104
Email: virginia.merante@thyssenkrupp-materials.com
10. Wilson Tool International Suppliers or Vendors $25,385
P.O. Box 735292
Chicago, IL, 60673
Phone: (651) 286-6125
11. Georgia Arms Suppliers or Vendors $24,923
P.O. Box 238
Villa Rica, GA, 30180
Heather Shipley
Phone: (77) 459-5117
Email: heather@georgia-arms.com
12. Dame Law, P.C. Services $14,605
2982 Mount Vernon Road
Atlanta, GA, 30338
13. Precision Corr Suppliers or Vendors $14,339
1875 Rockdale Industrial Blvd.
Conyers, GA, 30012
Ashley Cantero
Phone: (770) 225-4159
Email: acantero@precisioncorr.com
14. Header Die & Tool, Inc. Suppliers or Vendors $14,082
3022 Eastrock Court
Rockford, IL, 61109
Cheryl Elliott
Phone: (815) 397-0123
Email: cheryle@header.com
15. Oracle NetSuite Utility Services $11,165
15612 Collections Center Drive
Chicago, IL, 60693
16. Anco Tool Suppliers or Vendors $10,415
1094 Echo Lake Road
Watertown, CT, 06795
Email: ancotcgl@optonline.com
17. Ballistic Agency, Suppliers or Vendors $8,500
2613 Weston Street
Auburn, AL, 36832
Jason Young
Phone: (888) 256-0692
Email: jyoung@ballisticagency.com
18. McMaster-Carr Suppliers or Vendors $6,074
P.O. Box 7690
Chicago, IL, 60680
19. American Express Credit Card Debt $5,620
P.O. Box 1270
Newark, NJ, 07101
20. IPS Packaging & Automation Services $5,449
P.O. Box 63477
Charlotte, NC, 28273
Tammy McLaughlin
Phone: (864) 861-1500
Email: TMcLaughlin@ipack.com
SSS MILWAUKEE: Gets Extension to Access Cash Collateral
-------------------------------------------------------
SSS Milwaukee Hospitality, LLC received fourth interim approval
from the U.S. Bankruptcy Court for the Northern District of
Illinois to use cash collateral.
The fourth interim order signed by Judge David Cleary authorized
SSS to use the cash collateral of its secured creditor, Old
National Bank, to make payroll in accordance with its budget.
As protection, Old National Bank was granted replacement liens on
all existing and future assets of the company, with the same
extent, priority and validity as its pre-bankruptcy liens.
In addition, the bank will continue to receive monthly payments of
$20,000 as further protection. The monthly payments started in
April.
The next hearing is scheduled for May 14.
About SSS Milwaukee Hospitality
SSS Milwaukee Hospitality, LLC is a hospitality company that owns a
hotel located at 5311 South Howell Avenue in Milwaukee, Wis.
SSS Milwaukee Hospitality filed Chapter 11 petition (Bankr. N.D.
Ill. Case No. 25-03642) on March 10, 2025. In its petition, the
Debtor reported between $1 million and $10 million in assets and
between $10 million and $50 million in liabilities.
Judge Donald R. Cassling handles the case.
Penelope Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy
counsel.
Old National Bank, as secured creditor, is represented by:
Rachael Blackburn, Esq.
Aronberg Goldgehn Davis & Garmisa
225 W. Washington Street, Suite 2800
Chicago, IL 60606
Phone: 312-755-3165
rblackburn@agdglaw.com
STAR WELLINGTON: Final Cash Collateral Hearing Set for May 15
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida is
set to hold a hearing on May 15 to consider final approval of Star
Wellington, LLC's motion to use cash collateral.
The company's authority to use cash collateral pursuant to the
court's May 1 order expires on May 15.
The May 1 order permitted Star Wellington to use cash collateral to
pay the expenses set forth in its court-approved budget, plus an
amount not to exceed 10% for each line item.
The budget projects monthly operational expenses of $100,594.03 for
May.
Limatola Villa, LLC, Pinnacle Bank and WebBank, doing business as
Toast Capital, may have a lien on the cash collateral of the
company by virtue of various loan agreements. These creditors will
have a replacement lien on cash collateral to the same extent as
their pre-bankruptcy lien.
In addition, Star Wellington was ordered to keep the creditors'
collateral insured.
About Star Wellington
Star Wellington, LLC operates a restaurant that offers a fusion of
Italian flavors and Franco flair. It is based in Wellington, Fla.
Star Wellington filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D. Fla. Case. No. 24-18574) on August
23, 2024, listing $314,093 in assets and $2,443,171 in liabilities.
Soneet Kapila of Kapila Mukamal serves as Subchapter V trustee.
Judge Mindy A. Mora oversees the case.
The Debtor is represented by Dana L. Kaplan, Esq., at Kelley Kaplan
& Eller, PLLC.
Limatola Villa, LLC, as secured creditor, is represented by:
Michael A. Kaufman, Esq.
1615 Forum Place, Suite 200
West Palm Beach, FL 33401
Phone: 561-478-2878
Fax: 561-584-5555
michael@mkaufmanpa.com
Pinnacle Bank, as secured creditor, is represented by:
Howard S. Toland, Esq.
Mitrani, Rynor, Adamsky & Toland, P.A.
301 Arthur Godfrey Rd, PH
Miami Beach, FL 33140
Office: (305) 358-0050
Cell: (954) 850-0302
Fax: (305) 358-0550
Htoland@Mitrani.com
Cayala@mitrani.com
STEPHENS GARAGE: Seeks to Extend Plan Exclusivity to June 16
------------------------------------------------------------
Stephens Garage Building, LLC asked the U.S. Bankruptcy Court for
the Eastern District of Louisiana to extend its exclusivity periods
to file a plan of reorganization and obtain acceptance thereof to
June 16 and August 15, 2025, respectively.
The Debtor explains that with the consent of parties in interest,
including the Debtor's pre-petition secured lender, BDS III LA THE
GARAGE LLC ("Lender"), the Court has entered an interim cash
collateral order ("ICCO"), amended on March 25, 2025 setting forth
reorganization milestones in this case, as agreed between Debtor
and Lender.
Among other things, the ICCO provides that there shall have been
entry of an order approving a sale transaction or refinancing in a
form and substance acceptable to the Lender as of May 14, 2025, and
a consummation of the sale transaction or refinancing as of June 7,
2025.
The Debtor seeks these extensions to allow the Debtor time to
complete an orderly exit process to maximize the estate for the
benefit of parties in interest and all creditors. With the help of
its investment banker and financial advisor, Chaffe & Associates,
Inc., the Debtor is currently conducting a competitive process for
a sale and/or refinancing transaction to facilitate the Debtor's
exit from this chapter 11 case.
The Debtor claims that the consummation of a transaction formulated
through Debtor's process may ultimately be best realized
principally through a chapter 11 plan of reorganization, a sale
pursuant to Section 363 of the Bankruptcy Code, or other means
appropriate under the Bankruptcy Code. The Debtor seeks a modest
extension of the Exclusivity Periods so that Chaffe and the Debtor
can complete the exit process, which will inform the Debtor in
formulating and drafting a reorganization plan.
The Debtor asserts that an extension of the Exclusivity Periods of
60 days will allow the Debtor to concentrate on obtaining and
evaluating bids instead of redirecting focus to drafting and filing
a reorganization plan that will inevitably need to be modified
depending on the results of the Debtor's process. The modest
extension requested will prejudice no parties in interest and will
conserve estate resources.
About Stephens Garage Building
Stephens Garage Building, LLC filed Chapter 11 petition (Bankr.
E.D. La. Case No. 24-12467) on December 18, 2024, listing between
$10 million and $50 million in both assets and liabilities. Marcel
Wisznia, manager and managing member, signed the petition.
Judge Meredith S. Grabill handles the case.
The Debtor is represented by:
Stewart Peck, Esq.
Lugenbuhl Wheaton Peck Rankin & Hubbard
Tel: 504-568-1990
Email: speck@lawla.com
SUNATION ENERGY: Danske Bank A/S Holds 5.9% Equity Stake
--------------------------------------------------------
Danske Bank A/S disclosed in a Schedule 13D filed with the U.S.
Securities and Exchange Commission that as of April 9, 2025, it
beneficially owned 1,216,269 Common Shares of Sunation Energy Inc
(US)'s Common Equity, representing 5.9% of the 20,625,893 shares
outstanding.
Danske Bank A/S may be reached through:
Kotryna Cinciuke, Senior Service Delivery Specialist
Bernstorffsgade 40, 1577 Kobenhavn V, Denmark
Phone: 37060405825
A full-text copy of Danske Bank's SEC report is available at:
https://tinyurl.com/wy7k7k68
About SUNation Energy
SUNation Energy Inc., formerly known as Pineapple Energy Inc., is
focused on growing leading local and regional solar, storage, and
energy services companies nationwide.
Melville, N.Y.-based UHY LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company's current
financial position and forecasted future cash flows for 12 months
beyond the date of issuance of the financial statements indicate
substantial doubt around the Company's ability to continue as a
going concern.
As of Dec. 31, 2024, the Company had $45.7 million in total assets,
$37.2 million in total liabilities, and a total stockholders'
equity of $8.5 million.
SUNATION ENERGY: Fails to Meet Minimum Bid Price Requirement
------------------------------------------------------------
SUNation Energy Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company received a
letter from the Listing Qualifications Department of The Nasdaq
Stock Market notifying the Company that, for the 30 consecutive
business day period immediately preceding deficiency letter dated
April 11, 2025, the Company's common stock had not maintained a
minimum closing bid price of $1.00 per share and, as a result, does
not comply with Listing Rule 5550(a)(2). Normally, a company would
be afforded a 180-calendar day period to demonstrate compliance
with the Rule; however, pursuant to Listing Rule 5810(c)(3)(A)(iv),
the Company is not eligible for a customary Cure Period specified
in Rule 5810(c)(3)(A) due to the fact that the Company has effected
a reverse stock split over the prior one-year period or has
effected one or more reverse stock splits over the prior two-year
period with a cumulative ratio of 250 shares or more to one.
Instead, the Company is offered an opportunity to appeal any
deficiency related to a delisting determination to Nasdaq.
Accordingly, unless the Company timely requests a hearing before a
Hearings Panel, the Company's securities would be subject to
suspension/delisting.
The Company intends to timely request a hearing before the Hearing
Panel. The hearing request will automatically stay any suspension
or delisting action pending the hearing and the expiration of any
additional extension period if granted by the Panel following the
hearing. There can be no assurance that the Panel will grant the
Company an additional extension period or that the Company will
ultimately regain compliance with all applicable requirements for
continued listing on The Nasdaq Capital Market.
In the event that the Company regains compliance with the Minimum
Bid Price Requirement prior to any scheduled hearing date, then a
hearing may not be necessary, as the Company may be mooted out of
the hearings process. Additionally, to this end, the stockholders
of the Company had approved a share consolidation on April 3, 2025,
that can be utilized within the discretion of the board of
directors of the Company and, if and when effectuated, such action
may resolve the Nasdaq listing compliance deficiency prior to such
hearing date.
About SUNation Energy
SUNation Energy Inc., formerly known as Pineapple Energy Inc., is
focused on growing leading local and regional solar, storage, and
energy services companies nationwide.
Melville, N.Y.-based UHY LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company's current
financial position and forecasted future cash flows for 12 months
beyond the date of issuance of the financial statements indicate
substantial doubt around the Company's ability to continue as a
going concern.
As of Dec. 31, 2024, the Company had $45.7 million in total assets,
$37.2 million in total liabilities, and a total stockholders'
equity of $8.5 million.
SUNATION ENERGY: Implements 1-for-200 Reverse Stock Split
---------------------------------------------------------
SUNation Energy Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that effective April 16,
2025, the Company amended its Certificate of Incorporation to
implement a 1-for-200 reverse stock split. The Company's common
stock began trading on a split-adjusted basis when the market
opened on April 21, 2025. The Board of Directors of the Company
approved the amendment to the Company's Certificate of
Incorporation, primarily to meet the share bid price requirements
of the NASDAQ Capital Market. The Company's stockholders approved
the Certificate of Amendment at a special meeting of its
stockholders held on April 3, 2025.
As a result of the reverse stock split, at 12:01 a.m. Central Time
on the Effective Date, every 200 shares of common stock then issued
and outstanding automatically will be combined into one share of
common stock, with no change in par value per share. No fractional
shares will be outstanding following the reverse stock split, and
any fractional shares that would have resulted from the reverse
stock split will be rounded up to the nearest whole share. The text
of the Certificate of Amendment of the Certificate of Incorporation
of the Company that effected the foregoing actions is attached
hereto as Exhibit 3.1 and incorporated herein by reference.
The trading symbol for the Company's common stock will remain
"SUNE." The Company was assigned a new CUSIP number (72303P503) in
connection with the reverse split. All options, warrants and other
convertible securities of the Company outstanding immediately prior
to the effectiveness of the Certificate of Amendment will be
adjusted in accordance with the terms of the plans, agreements or
arrangements governing such options, warrants and other convertible
securities and subject to rounding to the nearest whole share.
About SUNation Energy
SUNation Energy Inc., formerly known as Pineapple Energy Inc., is
focused on growing leading local and regional solar, storage, and
energy services companies nationwide.
Melville, N.Y.-based UHY LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company's current
financial position and forecasted future cash flows for 12 months
beyond the date of issuance of the financial statements indicate
substantial doubt around the Company's ability to continue as a
going concern.
As of Dec. 31, 2024, the Company had $45.7 million in total assets,
$37.2 million in total liabilities, and a total stockholders'
equity of $8.5 million.
SUNATION ENERGY: Secures $1M Revolving Credit Line With MBB Energy
------------------------------------------------------------------
SUNation Energy Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company entered
into a Secured Revolving Line of Credit Agreement between the
Company and MBB Energy, LLC, a New York limited liability company,
pursuant to which the Company may request one or more loans of up
to an aggregate principal amount $1,000,000 under this line of
credit for a period of one year from the date or entry.
Any loans drawn by the Company under this line of credit facility
will carry interest on an annualized basis of 8%, payable monthly
on the first day of each month thereafter.
MBB Energy, LLC is an affiliate and related party of the Company by
virtue of MBB Energy, LLC being an entity controlled by Scott
Maskin.
During the Term, the Company may from time to time borrow, repay
and reborrow all or part of the outstanding balance of the loans
drawn thereunder on or after April 14, 2025, and prior to the
Maturity Date (or April 15, 2026), subject to the terms, provisions
and limitations set forth in the Agreement.
About SUNation Energy
SUNation Energy Inc., formerly known as Pineapple Energy Inc., is
focused on growing leading local and regional solar, storage, and
energy services companies nationwide.
Melville, N.Y.-based UHY LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company's current
financial position and forecasted future cash flows for 12 months
beyond the date of issuance of the financial statements indicate
substantial doubt around the Company's ability to continue as a
going concern.
As of Dec. 31, 2024, the Company had $45.7 million in total assets,
$37.2 million in total liabilities, and a total stockholders'
equity of $8.5 million.
SUNNOVA ENERGY: Fitch Lowers IDR to 'RD' on Missed Interest Payment
-------------------------------------------------------------------
Fitch Ratings has downgraded Sunnova Energy International Inc.'s
(Sunnova) and Sunnova Energy Corporation's (SEC) Long-Term Issuer
Default Ratings (IDRs) to 'RD' from 'C'. Fitch has affirmed SEC's
senior unsecured debt rating at 'C' with a Recovery Rating of
RR4'.
The downgrade reflects the uncured missed interest payment on
Sunnova's $400 million senior notes maturing in 2028, which was due
on April 1, 2025, and the expiration of the 30-day grace period.
Sunnova has entered into a forbearance agreement that extends from
May 2, 2025, to May 8, 2025, or until any other defined termination
event occurs.
Sunnova's ratings also reflect the structural subordination of
corporate debt to nonrecourse securitization debt, a primary
funding source for the company.
Key Rating Drivers
Uncured Missed Interest Payment: Sunnova has not paid the interest
payment scheduled for April 01, 2025, on its 11.575%, $400 million
senior notes due 2028. The payment default remains uncured on the
expiration of the original 30-day period. An uncured payment
default on a bond, loan or other material financial obligation,
without entry into bankruptcy filings or cessation of operations,
is commensurate with an 'RD' IDR, per Fitch's rating definitions.
Failure to pay interest by the end of the grace period constitutes
an Event of Default under the notes indenture, allowing the trustee
or holders of at least 30% of the aggregate principal amount of the
outstanding notes to accelerate the maturity. An Event of Default
under the 11.575% notes also causes a cross-default under the
indenture governing Sunnova's $400 million 5.875% senior notes
maturing 2026, which contains a similar acceleration provision.
Sunnova has entered into a forbearance agreement with certain
noteholders that expires on May 8, 2025, or until any other event
of termination occurs, including a bankruptcy or similar filing.
Untenable Capital Structure: Fitch believes there is a high
likelihood that Sunnova will be unable to refinance its $400
million senior unsecured bonds and $575 million convertible bonds,
maturing in September and December 2026, respectively, at
reasonable terms, or generate enough cash to repay bonds at
maturity. Liquidity remains weak and limited, with cash in hand of
$34.7 million as of Dec. 31, 2024, available for corporate use,
while cash flows are expected to remain under pressure.
In March, Sunnova issued a $185 million term loan with a 15%
interest rate, secured by residual equity interests in all
Sunnova's securitizations, excluding those of the Hestia and RAYS
programs. The company intends to use the proceeds to manage its
working capital. The term loan weakens Sunnova's already high
consolidated leverage, constrains any future capital market access,
and subordinates the existing corporate debt.
Structural Subordination of Corporate Debt: Sunnova's senior
unsecured debt, issued by SEC, is subordinated to nonrecourse
securitization debt. Most of Sunnova's revenue services
securitizations and tax equity obligations, with the remainder
available for debt service and operating expenses. A smaller
portion is unencumbered by securitization and flows directly to
Sunnova, including revenue from sale of the renewable energy
credits, loan and inventory sales, and residual revenue from
securitizations. Sunnova also receives management and service fees,
which are paid before any tax equity and securitization payments.
Securitization Refinancing Risk: The main concern at the holding
company level is the securitization refinancing risk at the
anticipated repayment date (ARD), typically five to 10 years after
issuance. If not refinanced by then, cash flow from residuals
ceases. While a performance trigger breach could similarly disrupt
cash flow, this is less likely given the diversified customer base,
which would require a systemic market disruption. The next ARD is
in 2027, providing some runway. However, the main risk would be
Sunnova can secure capital market access, especially in the current
high-interest-rate environment.
Parent Subsidiary Linkage: There is parent-subsidiary linkage
between Sunnova and SEC. Fitch determines Sunnova's standalone
profile based on consolidated metrics. SEC has a stronger
standalone profile than its parent Sunnova due to additional debt
at the Sunnova level. Legal ring-fencing, access and control are
open. As a result, Fitch consolidates the IDRs of Sunnova and SEC.
Peer Analysis
Sunnova's 'RD' Long-Term IDR reflects the uncured expiry of a
30-day grace period on the coupon due on April 01, 2025, for its
$400 million notes due 2028.
Sunnova's closest peers among Fitch-rated renewable energy
providers are TerraFormPower Operating, LLC (TerraForm; BB-/Stable)
and Leeward Renewable Energy Operations, LLC (Leeward; BB-/Stable).
Both companies own and operate portfolios of nonrecourse,
predominantly renewable projects.
Sunnova's ongoing credit profile is characterized by metrics that
are materially weaker than those of its peers, with historically
negative CFO. Additionally, it has a materially weaker liquidity
position and high refinancing risk. Fitch views Sunnova's portfolio
of assets as different from its peers, as it consists of more than
441,000 residential solar projects across U.S. states and
territories. In contrast, its peers focus on a few large
utility-scale wind or solar projects.
Sunnova does not have parent support like its peers. Leeward
benefits from having OMERS Administration Corporation (AAA/Stable)
as a sponsor, while TerraForm is fully owned by Brookfield
Renewable Partners L.P. (BBB+/Stable). Sunnova depends on public
market access to facilitate growth.
Key Assumptions
- Growth capex to be financed with a combination of tax equity and
non-recourse securitized debt;
- No dividends over the forecast period;
- Revenue, EBITDA, FFO and CFO are adjusted to include principal
payments (net of those already in revenue) from those customers who
have loan contracts with Sunnova. Revenue and EBITDA also include
interest income from loan customers;
Recovery Analysis
The 'C'/'RR4' rating, where 'RR4' denotes a 31%-50% recovery for
Sunnova's senior unsecured notes in a bankruptcy case, is based on
a scenario in which Sunnova is not able to tenably restructure its
debt. Fitch assumes the deconsolidated going-concern (GC) EBITDA at
Sunnova is approximately $120 million.
The deconsolidated GC EBITDA reflects the steady-state, no-growth
residual cash flow after securitizations and tax equity payments,
and other unencumbered revenue available to service corporate debt,
assuming there is no additional growth beyond 2024.
GC EBITDA reflects the absence of growth expenditure and a full
year of operations from the assets put in place as of YE 2025.
Fitch used a multiple of 4.0x to calculate a post-reorganization
valuation. The multiple applied in the Sunnova recovery scenario
reflects the company's operating profile as an entity with a
predominately subordinated cash flow stream.
Using this GC EBITDA and a 10% administrative claim in the recovery
calculation as specified in Fitch's Corporates Notching and
Recovery Ratings Criteria, Fitch determines the senior unsecured
notes' Recovery Rating to be 'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The IDR would be downgraded to 'D' upon initiation of any formal
bankruptcy procedure.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fitch will reassess the company's credit profile if there is a
successful resolution to the current restricted default.
Liquidity and Debt Structure
Sunnova had a total of $211 million in unrestricted cash and cash
equivalents as of Dec. 31, 2024, of which only $34.7 million was
held outside of secured collection accounts. Sunnova had available
borrowing capacity under various non-recourse financing
arrangements, consisting of $383.4 million under the EZOP RCF,
$194.1 million under the TEPH facility, $42.6 million under the IS
facility and $3.8 million under the BMB facility. However, these
are typically not available for corporate use and, as such, the
liquidity position remains stressed.
In January 2025, the EZOP agreement required Sunnova to repay by
March 31, 2025 if 95% of eligible solar loans weren't completed in
60 days. On March 20, 2025, the deadline was extended to April 21,
2025. The agreement was further amended to allow EZOP a one-day
deadline extension to pay amounts due to approved channel partners.
This extension could be renewed daily, at the discretion of the
Administrative Agent, for up to five business days. The lenders and
the administrative agent agree not to pursue any legal or
contractual remedies concerning an Event of Default specifically
related to a Dealer Payment Related Borrowing Base Deficiency as of
April 14, 2025. This agreement to forbear will be extended
automatically with each granted deadline extension.
On March 2, 2025, Sunnova issued a $185 million secured term loan
with a 15% interest rate to manage its working capital. Sunnova has
significant upcoming maturities, with $400 million in senior
unsecured bonds and $575 million in convertible bonds, due in
September and December 2026, respectively. Another $400 million in
senior unsecured bonds and $600 million in convertible bonds mature
in 2028. Poor recent capital market performance restricts funding
access. Sunnova was compliant with its debt covenants as of Dec.
31, 2024.
Issuer Profile
Sunnova Energy International Inc. is a leading residential energy
service provider, serving nearly 441,000 customers across the 50
U.S. states and territories. Sunnova builds, owns, operates and
finances residential solar and battery storage assets.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Sunnova Energy
International Inc. LT IDR RD Downgrade C
Sunnova Energy
Corporation LT IDR RD Downgrade C
senior unsecured LT C Affirmed RR4 C
SURVWEST LLC: Court OKs Interim Use of Cash Collateral
------------------------------------------------------
Ken Yager, the Chapter 11 trustee for SurvWest LLC, received
another extension from the U.S. Bankruptcy Court for the District
of Colorado to use cash collateral.
The order authorized the trustee's interim use of cash collateral
through May 15 in accordance with his agreement with TBK Bank and
the U.S. Small Business Administration.
To protect the lenders' interests, SurvWest was ordered to make
monthly payments to the lenders in accordance with its budget.
The lenders were also granted security interests in SurvWest's
deposit accounts in the same order of priority as the lenders'
security interests as of the petition date, and in all property
which the company or its estate had as of, or may acquire after,
the petition date.
To the extent this protection is insufficient to compensate for any
diminution in the value of their interests in the cash collateral,
the lenders will be entitled to superpriority administrative
expense claims.
A final hearing is set for May 29.
About SurvWest LLC
SurvWest LLC, formerly known as SurvTech Solutions LLC, is a
diversified engineering firm specializing in surveying and mapping;
subsurface utility engineering (SUE); and utility coordination for
clients across the United States.
SurvWest filed Chapter 11 petition (Bankr. D. Colo. Case No.
24-15214) on September 6, 2024, with total assets of $7,301,456 and
total liabilities of $9,447,402. Mathew Barr, president, signed the
petition.
Judge Thomas B. Mcnamara handles the case.
The Debtor is represented by:
David Wadsworth, Esq.
Wadsworth Garber Warner Conrardy, P.C.
Tel: 303-296-1999
Email: dwadsworth@wgwc-law.com
TD&H INC: Court Denies Bid to Use Cash Collateral
-------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Greensboro Division issued an order denying TD&H, Inc.'s
motion to use cash collateral.
The court denied the motion following confirmation of the company's
Chapter 11 plan of reorganization on May 1, which rendered the
motion moot.
About TD&H Inc.
TD&H, Inc. filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-10392) on June
25, 2024, listing $652,317 in assets and $2,207,775 in liabilities.
The petition was signed by Huntly Nero, president of TD&H.
Judge Benjamin A. Kahn presides over the case.
Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund,
Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel.
TEZCAT LLC: Gets Extension to Access Cash Collateral
----------------------------------------------------
Tezcat, LLC received second interim approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Jacksonville
Division to use the cash collateral of its secured creditors.
The second interim order signed by Judge Jason Burgess authorized
the company to use the cash collateral of IncredibleBank, Honeycomb
Collateral and Webbank to pay its operating expenses per a budget,
plus 10% variance and administrative costs effective March 17. This
authorization will continue until further order of the court.
As protection for the company's use of their cash collateral,
secured creditors were granted replacement liens on post-petition
cash collateral, with the same priority and validity as their
pre-bankruptcy liens. In addition, Tezcat has to make monthly
$12,000 payments to IncredibleBank starting May 15, 2025.
The next hearing is set for June 17.
About Tezcat LLC
Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned
brewery and restaurant in Jacksonville, Fla., offering fresh
Mexican cuisine paired with craft lagers brewed on-site. In
addition to its dine-in and takeout options, the business provides
catering services for events like birthdays, weddings, and
corporate functions. It also offers online ordering and party
booking services.
Tezcat filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
25-00803) on March 17, 2025, listing total assets of $22,708 and
total liabilities of $1,001,540.
Judge Jason A. Burgess handles the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal
counsel.
IncredibleBank, as secured creditor, is represented by:
Daniel A. Miller, Esq.
Daniel A. Miller, P.A.
11987 Southern Blvd., No. 1
Royal Palm Beach, FL 33411
Telephone: (561) 463-5929
daniel@damillerlaw.com
service@damillerlaw.com
TONA DEVELOPMENT: May 14 Deadline for Panel Questionnaires
----------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Tona Development
Group, LLC.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/hbyjk7hs and return by email it to
Tina L. Oppelt, Esq. -- Tina.L.Oppelt@usdoj.gov -- at the Office of
the United States Trustee so that it is received no later than
May 14, 2025 at 1:00 p.m..
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Tona Development Group LLC
Tona Development Group LLC is a family-owned small business based
in Freehold, New Jersey, specializing in construction management
services primarily in New Jersey and New York.
Tona Development Group LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-14662) on May 2,
2025. In its petition, the Debtor reported estimated assets and
liabilities of $1 million to $10 million each.
The Honorable Bankruptcy Judge Mark Edward Hall handles the case.
The Debtor is represented by Albert A. Ciardi, III, Esq. at Ciardi
Ciardi & Astin.
TRS HOLDINGS: Seeks to Hire Thames | Markey as Bankruptcy Counsel
-----------------------------------------------------------------
TRS Holdings LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Florida to hire
Thames | Markey as their bankruptcy counsel.
The professional services to be rendered by TIM are principally
bankruptcy related, but may also include general corporate,
litigation, real estate and other legal services.
The firm received a retainer in the amount of $35,000.
Bradley R. Markey, Esq., a partner of Thames | Markey, assured the
court that his firm is a "disinterested person" within the meaning
in 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Bradley R. Markey, Esq.
Katheryn E. Hancock, Esq.
Thames | Markey
50 N Laura St #1600
Jacksonville, FL 32202
Phone: (904) 358-4000
Email: bnn@thamesmarkev.law
Email: keh@thamesmarkey.law
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 by Bradley R. Markey, Esq. at THAMES |
MARKEY.
VELOCITY ESPORTS: Case Summary & 13 Unsecured Creditors
-------------------------------------------------------
Five affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Velocity Esports, Inc. 25-12627
6587 Las Vegas Blvd S Unit 171
Las Vegas, NV 89119-3234
Velocity Esports Las Vegas Town Square, LLC 25-12628
6587 Las Vegas Blvd S Unit 171
Las Vegas, NV 89119-3234
Velocity Esports Chicago Schaumburg, LLC 25-12629
6587 Las Vegas Blvd S Unit 171
Las Vegas, NV 89119-3234
Velocity Esports Newport Kentucky, LLC 25-12630
Attn: Riverwalk Level Inside the Gallery
1 Levee Way
Newport, KY 41071-1658
Velocity Esports Orlando Downtown, LLC 25-12631
6587 Las Vegas Blvd S Unit 171
Las Vegas, NV 89119-3234
Business Description: Velocity Esports, Inc. operates gaming and
entertainment venues across select U.S.
locations, offering a mix of arcade games,
esports lounges, bowling, and casual dining.
The Company caters to both casual and
competitive gamers, as well as event hosting
for social and corporate gatherings. Its
venues are equipped with modern gaming
technology and also feature food and
beverage options with a focus on American
and Mexican fare.
Chapter 11 Petition Date: May 7, 2025
Court: United States Bankruptcy Court
District of Nevada
Judge: Hon. Mike K Nakagawa (25-12627)
Hon. Natalie M Cox (25-12628 and 25-12630)
Hon. August B Landis (25-12629 and 25-12631)
Debtors'
Bankruptcy
Counsel: Matthew Knepper, Esq.
NEVADA BANKRUPTCY ATTORNEYS, LLC
5502 S Fort Apache Rd Ste 200
Las Vegas NV 89148-7683
Tel: (702) 805-1659
Email: mknepper@nvbankruptcyattorneys.com
- and -
Brenden Gougeon, Esq.
NEVADA BANKRUPTCY ATTORNEYS, LLC
5502 S Fort Apache Rd Ste 200
Las Vegas NV 89148-7683
Email: bgougeon@nvbankruptcyattorneys.com
Velocity Esports, Inc.'s
Total Assets: $1,294,858
Velocity Esports, Inc.'s
Total Liabilities: $9,931,782
Velocity Esports Las Vegas Town Square's
Total Assets: $164,526
Velocity Esports Las Vegas Town Square's
Total Liabilities: $2,932,226
Velocity Esports Chicago Schaumberg, LLC's
Total Assets: $1,382,157
Velocity Esports Chicago Schaumberg, LLC's
Total Liabilities: $3,132,942
Velocity Esports Newport Kentucky's
Total Assets: $343,120
Velocity Esports Newport Kentucky's
Total Liabilities: $3,212,669
Velocity Esports Orlando Downtown's
Total Assets: $0
Velocity Esports Orlando Downtown's
Total Liabilities: $2,647,281
Philip Kaplan signed the petitions as director of Velocity Esports,
Inc.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/L3H343Q/VELOCITY_ESPORTS_INC__nvbke-25-12627__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/7KC3GPA/VELOCITY_ESPORTS_LAS_VEGAS_TOWN__nvbke-25-12628__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/7Q774JQ/VELOCITY_ESPORTS_CHICAGO_SCHAUMBURG__nvbke-25-12629__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/7ZOT6CA/VELOCITY_ESPORTS_NEWPORT_KENTUCKY__nvbke-25-12630__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/PGY44II/VELOCITY_ESPORTS_ORLANDO_DOWNTOWN__nvbke-25-12631__0001.0.pdf?mcid=tGE4TAMA
List of Velocity Esports, Inc.'s 13 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. NewtekOne SBA Loan $2,476,815
4800 T Rex Ave
Boca Raton, FL 33431-4479
2. Schroeder Architects Architectural $90,963
211 Perimeter Center Pkwy NE Services
Ste 350
Atlanta, GA 30346-1315
3. Chase Bank Credit Card $35,315
Attn: Bankruptcy Dept.
Po Box 15299
Wilmington, DE 19850-5299
4. Advantage Leasing Corporation Equipment $23,891
13400 Bishops LN Ste 280 Leasing
Brookfield, WI 53005-6237
5. UKG Inc. Services $13,737
Attn Legal Department
900 Chelmsford St
Lowell, MA 01851-8100
6. North Star Leasing Equipment $7,512
Po Box 4505 Leasing
Burlington, VT 05406-4505
7. Chase Bank Credit Card $7,090
Attn: Bankruptcy Dept.
Po Box 15299
Wilmington, DE 19850-5299
8. Chase Bank Credit Card $7,083
Attn: Bankruptcy Dept.
Po Box 15299
Wilmington, DE 19850-5299
9. Cottle & Cottle, Ltd. Tax $7,000
1160 S Michigan Ave Apt 3002 Preparation
Chicago, IL 60605-3047
10. Restaurant Technologies Inc Kitchen Cooking $6,625
2250 Pilot Knob Rd Oil Management
Saint Paul, MN 55120-1127
11. Bevilacqua PLLC Legal Services $1,208
1050 Connecticut Ave NW Ste 500
Washington, DC 20036-5304
12. Thompson Coburn, LLP Legal Services $884
55 E Monroe St Fl 37
Chicago, IL 60603-6029
13. Averus USA, Inc. Fire Extinguisher $874
3851 Clearview Ct Servicing
Gurnee, IL 60031-1247
VELUXE LLC: Gets Interim OK to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division granted Veluxe, LLC interim authority to use
cash collateral.
The order authorized the company's interim use of cash collateral
to pay the amounts expressly authorized by the court, including
payments to the U.S. Trustee for quarterly fees; the expenses set
forth in its budget, plus an amount not to exceed 10% for each line
item; and additional amounts approved by Huntington National Bank.
This authorization will continue until further order of the court.
As protection, Huntington and other secured creditors will be
granted a post-petition lien on the cash collateral to the same
extent and with the same validity and priority as their
pre-bankruptcy lien.
As further protection to Huntington, Veluxe was ordered to make
monthly payments of $3,000 to the bank, starting May 15. The
company was also ordered to keep its property insured in accordance
with its loan agreement with the bank.
A final hearing is scheduled for June 4.
About Veluxe LLC
Veluxe, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01212) on April 17,
2025, listing up to $50,000 in assets and between $500,001 and $1
million in liabilities.
Judge Jason A. Burgess oversees the case.
The Debtor is represented by:
Byron Wright, III, Esq.
Bruner Wright, P.A.
Tel: 850-385-0342
twright@brunerwright.com
VETERANS HOLDINGS: Court Extends Cash Collateral Access to June 18
------------------------------------------------------------------
Veterans Holdings, LLC received interim approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to use cash
collateral until June 18, marking the fourth extension since the
company's Chapter 11 filing.
The fourth interim order authorized Veterans Holdings to use the
cash collateral of Richards Clearview City Center, LLC and the U.S.
Small Business Administration in accordance with its budget, with a
10% variance allowed.
Veterans Holdings projects total disbursements of $28,853 for the
period from April 29 to June 18.
The company is not allowed to make any payments or distributions
other than the itemized projected disbursements set forth in the
budget without prior written consent of the pre-bankruptcy
lienholders.
The pre-bankruptcy lienholders were granted replacement security
interests in and liens on all post-petition personal property of
the company and all proceeds of that personal property as
protection for the use of their cash collateral.
A final hearing is set for June 18.
About Veterans Holdings LLC
Veterans Holdings, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12453) on
December 17, 2024, with $1 million to $10 million in both assets
and liabilities. Cullan Maumus, manager of Veterans Holdings,
signed the petition.
Judge Meredith S. Grabill represents the Debtor as legal counsel.
Patrick Garrity, Esq., at the Derbes Law Firm, LLC, represents the
Debtor as bankruptcy counsel.
VILLAGE OAKS SENIOR: No Resident Complaints, 5th PCO Report Says
----------------------------------------------------------------
Blanca Castro, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Eastern District of California her fifth
report regarding the quality of patient care provided at Village
Oaks Senior Care, LLC's assisted care living facility.
The Local Long-Term Care Ombudsman Program (LTCOP) ombudsman
visited the facility on February 26 and March 25, with a total
census of 11 residents.
The Ombudsman noted that residents did not report any complaints
and staffing levels are currently stable.
The Ombudsman observed that the Administrator, Jennifer Hinch, and
Facility Director, Laurie Treadway, have been responsive and
engaged in discussions about resident care, visitation and
communication with residents and their families. To date, the
bankruptcy petition has had no noticeable impact on the residents
within the community. There are no current concerns regarding the
staff's ability to provide adequate services to both current and
prospective residents.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=HBovkS from PacerMonitor.com.
The ombudsman may be reached at:
Blanca E. Castro
State Long-Term Care Ombudsman
Office of the State Long-Term Care Ombudsman
California Department of Aging
2880 Gateway Oaks Drive, Suite 200
Sacramento, CA 95833
Telephone: (916) 928-2500
Email: blanca.castro@aging.ca.gov
About Village Oaks Senior Care
Village Oaks Senior Care, LLC, a company in El Dorado Hills,
Calif., owns and operates community care facilities for the
elderly.
Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D.
Calif. Case No. 24-22206) on May 21, 2024, with total assets of
$1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023.
Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif.,
serves as Subchapter V trustee.
Judge Christopher D. Jaime oversees the case.
D. Edward Hays, Esq., at Marshack Hays Wood, LLP, is the Debtor's
legal counsel.
Blanca Castro has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.
VILLAGE ROADSHOW: Taps SOLIC Capital as Investment Banker in Ch.11
------------------------------------------------------------------
SOLIC Capital Advisors, a leading financial advisory firm providing
investment banking, restructuring and distressed asset support
services, is serving as investment banker to Village Roadshow
Entertainment Group USA Inc., a prominent film company, in
connection with its Chapter 11 proceedings in the United States
Bankruptcy Court for the District of Delaware.
The Company is currently pursuing a sale of its film library,
studio assets, and related intellectual property and has entered
into a Stalking Horse Purchase Agreement with Alcon Media Group
that contemplates the sale of its film library for a purchase price
of $417.5 million.
The SOLIC team is led by Reid Snellenbarger, George Koutsonicolis,
and Alex Rowe.
About SOLIC
SOLIC Capital Advisors is a specialty investment bank with
extensive experience advising on complex transactions. SOLIC offers
a full continuum of capital solution services including merger and
acquisitions, capital placement, liability management,
restructuring, and valuation.
About Village Roadshow
Village Roadshow is a film production company.
Village Roadshow sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10475) on March 17,
2025. In its petition, the Debtor reports estimated assets between
$100 million and $500 million and estimated liabilities between $1
billion and $10 billion.
The Debtor is represented by Benjamin C. Carver, Esq., Joseph M.
Mulvihill, Esq., and Carol E. Thompson, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.
VISION CARE: Unsecureds to Split $61K in Trustee's Plan
-------------------------------------------------------
The Chapter 11 Trustee Tanya Sambatakos filed with the U.S.
Bankruptcy Court for the District of Maine a Disclosure Statement
with respect to Chapter 11 Plan for Vision Care of Maine Limited
Liability Company dated April 7, 2025.
The Debtor is a Maine limited liability company with its principal
place of business in Bangor, Maine. It provides comprehensive
medical, surgical and optometry eye care services.
Prior to the filing of the Case, the Debtor was experiencing
financial distress, including litigation with a supplier regarding
unpaid invoices. The Debtor's income was also interrupted due to a
change in its electronic medical records system and frequent
changes in management.
As of the Petition Date, the Debtors listed $3,506,298.84 in
priority and general unsecured debt. It listed secured debt
totaling $9,570.289.39, although it did not have sufficient assets
to support the secured status for all the secured debt. As a result
of perfecting its security interest prior to any other purportedly
secured creditor, Besse has a first priority lien in all the
Debtor's Assets. Besse filed a claim for $4,963,202.63.
Class Five shall consist of Allowed general unsecured Claims. The
Holders of the Claims in Class Five are impaired and entitled to
vote. In full and final satisfaction of the Claims in Class Five,
the Debtor shall make two annual distributions totaling $61,000.00
on a Pro-Rata basis on or before 24 months and 36 months after the
Initial Distribution as further set forth in the Plan. The Trustee
submits that the Holders of Class Five Claims would not receive any
funds from the Debtor if a Plan is not Confirmed.
Class Six shall consist of all equity interests of the Debtor,
which interests are held by Dr. Young. The Holder of the Class Six
Claim is impaired and not entitled to vote. The Holder is the
equity owner of the Debtor and will not receive any distribution
under the Plan on account of his equity in the Debtor until all
obligations under the Plan have been satisfied.
BCM Advisory Group has completed an extensive review of the
Debtor's financial history and current financial records. Together
with the Trustee, they have also implemented new systems to ensure
proper financial reporting is in place going forward.
Based on the projections prepared and included in the Plan, Debtor
will generate sufficient income going forward to address its
current obligations and pay the necessary debts included in the
Case.
The Plan also appoints a Plan Officer, the Trustee, to continue
financial oversight of the business operations, in an effort to
ensure payments as required under the Plan are timely made.
A full-text copy of the Disclosure Statement dated April 7, 2025 is
available at https://urlcurt.com/u?l=hODi1S from PacerMonitor.com
at no charge.
About Vision Care of Maine
Vision Care of Maine Limited Liability Company is a medical group
practice located in Bangor, ME that specializes in Ophthalmology
and Optometry offering vision care services including glasses,
contacts, surgeries for cataracts, retina disease and cornea
disease and glaucoma.
Vision Care of Maine sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5,
2024. In the petition signed by Curt Young, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Peter G. Cary oversees the case.
The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals &
Rosenthal, PA as counsel and Opus Consulting Partners, LLC as
financial consultant.
WATER ENERGY: Key Texas Oilfield Sites Offered in Bankruptcy Sale
-----------------------------------------------------------------
Hilco Real Estate Sales announces June 12, 2025, as the qualified
bid deadline for 21 strategically located oilfield service
properties across Texas, with one located in New Mexico. The
properties are being sold individually or in any combination as
part of the Chapter 11 bankruptcy of Water Energy Services, LLC, a
water and wastewater management company currently optimizing their
portfolio.
The offering consists of land parcels, saltwater disposal sites and
industrial buildings, many of which include designated office
space. Property sizes range from 1.24+/- to 70.36+/- acres, with
building footprints between 1,485+/- and 18,000+/- square feet.
Most assets are strategically located within key oil-producing
regions including the Permian Basin, Eagle Ford Shale and Barnett
Shale.
"This is a fantastic opportunity for buyers to acquire strategic
assets in high-demand markets that support the backbone of U.S.
energy production," said Jamie Cote, vice president at Hilco Real
Estate. "Whether you're an operator looking to expand or an
investor seeking long-term potential, these sites offer a strong
foothold in the oilfield service space."
The Texas oilfield service industry is critical to the state's
energy economy, providing support for drilling, well completion,
water treatment, logistics and equipment manufacturing. With
billions in annual revenue and thousands of jobs tied to the
sector, these sites represent significant value for those looking
to capitalize on continued growth in the region.
"Given the diversity of assets and their locations, this sale
offers flexibility and scale," said Jonathan Cuticelli, vice
president at Hilco Real Estate. "We expect strong interest from
both regional operators and national buyers with strategic visions
for growth."
The sale of is being conducted by Order of the U.S. Bankruptcy
Court Western District of Texas (San Antonio), Petition No.
25-50539-MMP, In re: Water Energy Services, LLC. Bids must be
received on or before the deadline of June 12 at 5 p.m. (CT) and
must be submitted on the Purchase and Sale Agreement available for
review and download from Hilco Real Estate Sales' website.
Interested buyers should review the requirements in order to
participate in the bankruptcy sale process available on Hilco Real
Estate Sales' website. For further information, please contact
Jonathan Cuticelli at 203.561.8737 | jcuticelli@hilcoglobal.com or
Jamie Coté at 847.418.2187 | jcote@hilcoglobal.com.
For further information on the property, sale process and terms or
to obtain access to due diligence documents, please visit
HilcoRealEstateSales.com or call (855) 755-2300.
About Hilco Real Estate Sales
Successfully positioning the real estate holdings within a
company's portfolio is a material component of establishing and
maintaining a strong financial foundation for long-term success. At
Hilco Real Estate Sales (HRE), a Hilco Global company
(HilcoGlobal.com), we advise and execute strategies to assist
clients seeking to optimize their real estate assets, improve cash
flow, maximize asset value and minimize liabilities and portfolio
risk. We help clients traverse complex transactions and
transitions, coordinating with internal and external networks and
constituents to navigate ever-challenging market environments.
The trusted, full-service HRE team has secured billions in value
for hundreds of clients over 20+ years. We are deeply experienced
in complex transactions including artful lease renegotiation,
multi-faceted sales structures, strategic asset management and
capital optimization. We understand the legal, financial and real
estate components of the process, all of which are vital to a
successful outcome. HRE can help identify the most viable options
and direction for a company and its real estate portfolio,
delivering impressive results in every situation.
About Water Energy Services
Water Energy Services, LLC is a San Antonio-based company operating
in the oil and gas extraction industry.
Water Energy Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March
21, 2025. In its petition, the Debtor reported between $1 million
and $10 million in assets and between $10 million and $50 million
in liabilities.
Judge Michael M. Parker handles the case.
The Debtor is represented by Herbert C Shelton, II, Esq., at
Hayward, PLLC.
WATERHOUSE CONSTRUCTION: Unsecureds to Split $4,929 in Plan
-----------------------------------------------------------
Waterhouse Construction, LLC, submitted a First Amended Plan of
Reorganization dated April 7, 2025.
The Debtor is a related company to a manufacturer of custom kitchen
cabinets, vanities and closets and the holder of the leasehold
interest of the business premises.
The Projections show that the Debtor will have sufficient projected
disposable income to make all payments under the Plan. The final
Plan payment is expected to be paid on or before the expiration of
24 months from the Effective Date and will be funded primarily from
pass through rent payments from the Debtor's affiliate which
occupies the premises and loans or capital from the Debtor's
principal, Carlos de Leon.
This Plan proposes to pay Allowed Claims no less than the value of
Waterhouse's projected Net Disposable Income for a period of 24
months. The Plan provides for 4 Classes of creditor claims
(including priority, secured, and unsecured) and one Class of
Equity interests.
Class 1 consists of Allowed Priority Claims. Allowed Priority
Claims shall receive monthly installment payments. Upon information
and belief, the Debtor's only Priority Claim is the Florida
Department of Revenue's claim in the amount of $183.20 and the
Internal Revenue Service's claim in the amount of $3,346.23, which
sum will be paid in accordance with the schedule set forth in the
Projections.
Class 3 consists of Allowed General Unsecured Claims. The
Reorganized Debtor will make a pro rata distribution in amount of
$1,232.55 quarterly in Year 2026 for a total payment to Class 3 in
the amount of $4,929.02, which sum results in 100% distribution to
Class 3. Class 3 is Unimpaired and not entitled to vote.
Class 4 consists of Equity Interests in the Debtor. Class 4
consists of Equity Interests of Carlos de Leon in Waterhouse. On
the Effective Date, the Equity Interests will be retained in the
same amounts and character as they were held prior to the Petition.
Class 4 is deemed to accept and not entitled to vote.
The Plan proposes to pay Allowed Claims to be paid under the Plan
from pass through rent paid by the Debtor's affiliate which
occupies the premises and contributions from Mr. De Leon.
The Reorganized Debtor will have no revenue to fund the Plan,
except for the pass through rent from its affiliate. As such, Mr.
De Leon has committed to contributing such sums required to fund
cash shortfalls. The net proceeds of said financing (after
allocation of costs and taxes) will be used to make a distribution
to Allowed Claimholders equal to the balance due to Class 3 as
shown in the Projections.
A full-text copy of the First Amended Plan dated April 7, 2025 is
available at https://urlcurt.com/u?l=k5oKGg from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Jacqueline Calderin, Esq.
Agentis PLLC
45 Almeria Avenue
Coral Gables, FL 33134
T. 305.722.2002
About Waterhouse Construction
Waterhouse Construction, LLC is a related company to a manufacturer
of custom kitchen cabinets, vanities and closets and the holder of
the leasehold interest of the business premises.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23275) on December
19, 2024, with $0 to $50,000 in assets and liabilities.
Judge Robert A. Mark presides over the case.
Jacqueline Calderin, at Agentis PLLC, is the Debtor's legal
counsel.
WAVE SUSHI: Court Extends Cash Collateral Access to June 18
-----------------------------------------------------------
Wave Sushi Maitland, LLC received interim approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division to use cash collateral until June 18, marking the second
extension since the company's Chapter 11 filing.
The court's initial order issued on April 17 allowed the company to
access cash collateral until April 23 only.
The second interim order penned by Judge Tiffany Geyer authorized
the company to pay its expenses from the cash collateral in
accordance with its budget; grant its secured creditors a
replacement lien on the company's post-petition property; and keep
its property insured as protection.
The budget projects total operational expenses of $166,120 from
April to June.
The next hearing is scheduled for June 18.
About Wave Sushi Maitland
Wave Sushi Maitland, LLC filed Chapter 11 petition (Bankr. M.D.
Fla. Case No. 25-02113) 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
WHITEWATER MATTERHORN: Fitch Assigns 'BB' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned WhiteWater Matterhorn Holdings, LLC
(WhiteWater or Holdco) a first-time Issuer Default Rating (IDR) of
'BB' and a 'BB+' rating to WhiteWater's proposed new senior secured
term loan B issuance with a Recovery Rating of 'RR3'. The Rating
Outlook is Stable.
The ratings and Outlook reflect the stable cash flows at Matterhorn
Express Pipeline, LLC (Matterhorn or Opco), generated by a
high-quality portfolio of customers and long-term revenue assurance
contracts for 100% of expanded capacity of the pipeline. The
ratings also reflect Matterhorn's strategic location and Fitch's
anticipation of declining Matterhorn leverage in the forecast
years. These strengths are balanced by WhiteWater's small size and
scale, and the structural subordination as a holding company.
Key Rating Drivers
Holdco Cash Flow Profile: WhiteWater's cash flow profile is
inherently more variable than Matterhorn's due to its reliance on
distributions from a single asset. While Matterhorn's cash flows
are relatively predictable and stable, they are prioritized for its
expenses and debt obligations before being distributed to Holdco.
Without other physical assets or independent cash flow sources,
WhiteWater is exposed to potential cash flow disruptions if
Matterhorn funds growth projects with free cash flows or encounters
any financial issues.
This risk is partially mitigated by WhiteWater's majority ownership
in Matterhorn. Matterhorn's distributions are currently limited by
a debt service coverage ratio test of 1.20x which Fitch expects to
be met over the forecast period.
Financial Metrics: The initial Holdco leverage and proportionately
consolidated leverage (exclusive of a 35% non-controlling interest
in Matterhorn EBITDA and debt) are very high, but Fitch expects
them to decline to about 4.9x and 5.5x, respectively, by 2027 when
revenue assurance contracts fully ramp up. Fitch considers the
financial metrics, including proportionately consolidated leverage
and Holdco debt service coverage ratio, comparable to other 'BB'
rated peers with similar business risk.
Further reduction in proportionately consolidated leverage could be
driven by substantial Opco debt amortization and Holdco cash flow
sweep. Nonetheless, Holdco leverage could remain elevated in
certain years due to lower distributions from Matterhorn.
Opco Cash Flow Stability: Matterhorn, operating as a 100% fee-based
and highly contracted pipeline, benefits from cash flow stability
driven by its strong customer and contract profile in the near and
medium term. All its EBITDA is supported by long-term revenue
assurance contracts with investment-grade customers. The weighted
average credit rating of the customers is at the cusp of 'A-' and
'A', and the contracts have an average remaining life of
approximately 11 years, which supports the ratings. The largest
shipper contributes about 35% of total revenues and is considered
by third parties to have a 'AA-'/'AA' credit rating.
Re-Contracting Risk: Re-contracting risk is not imminent for
Matterhorn, but common for highly contracted pipelines, especially
in strategic locations that attract significant investment and
intense competition. Fitch views Matterhorn's shippers primarily as
supply-push customers which have more flexibility to switch
providers, or direct volumes to different end markets, when
contracts expire. Fitch anticipates that Matterhorn will likely
remain an attractive option for shippers due to the pipeline's
optionality, cost advantage to newer pipelines and lower emissions.
Fitch expects management to proactively address this risk as
contract expiration approaches.
Governance Rights: WhiteWater benefits from majority ownership and
founding member approval rights, giving it significant voting power
over key governance matters in the joint venture (JV) (i.e.,
Matterhorn). It does not have unilateral control over the JV's
financial policy, such as distributions and additional debt
occurrence exceeding certain leverage. Fitch expects strategic
alignment among all partners in their financial management of the
JV, particularly as the other strategic partners are also customers
of the JV. The co-ownership structure supports the credit profile
of both the JV and WhiteWater, which relies solely on the JV as its
asset.
Peer Analysis
Tallgrass Energy Partners, L.P. (Tallgrass; BB-/Negative), a close
peer of WhiteWater, owns and operates various midstream assets,
primarily long-distance interstate pipelines in the U.S., and has a
majority stake in several joint ventures.
Tallgrass is significantly larger and has a diverse asset base,
which reduces cash flow concentration risk. Its major assets,
highly contracted and well-utilized FERC-regulated pipelines,
include Rockies Express Pipeline, LLC (Rockies; BB/Negative) which
successfully re-contracted capacities in the cliff year of 2024.
However, Tallgrass' assets have lower cash flow stability due to
weaker counterparty and contract profiles, and the volatility of
gathering and processing businesses.
Although Tallgrass benefits from reduced business risk mainly due
to its size and diversification, its financial risk is much higher.
Tallgrass' proportionately consolidated leverage has increased due
to capital spending, reaching levels about 3.0x higher than Fitch's
expectations of proportionately consolidated leverage of about 5.5x
by 2027 for WhiteWater.
WhiteWater is rated one-notch higher than Tallgrass mainly due to
its lower financial risk.
Key Assumptions
- The Fitch price deck for oil and natural gas informs the
commodity price assumptions;
- Base interest expense reflects Fitch's "Global Economic Outlook"
and is assumed to be 4.25% in 2025 and 3.50% in 2026;
- Timely completion of expansion projects which will increase
mainline capacity to 2.47 Bcf/d;
- No acquisitions or additional growth projects beyond current
expansion;
- Cash flow after excess cash flow sweep are paid out as
distributions to Holdco sponsor(s).
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Significant deterioration of Matterhorn's credit profile, or an
expected decline in cash flow up to WhiteWater on a sustained
basis;
- Proportionately consolidated leverage is expected to sustain
above 6.0x;
- Holdco leverage is expected to sustain above 6.0x;
- Significant credit event or credit profile deterioration of any
major contracted shipper that significantly impairs cash flow;
- A significant change in Fitch's expectations on re-contracting
well in advance of any material contract expiration.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Material increase in size and scale, including diversification of
asset portfolio;
- Significant improvement in Matterhorn's credit profile;
- Proportionately consolidated leverage expected to sustain below
5.0x without material change in asset(s) credit profile;
- Holdco leverage is expected to sustain below 4.5x.
Liquidity and Debt Structure
Holdco has limited liquidity needs and lacks any cash reserve
account or revolving credit facility. Fitch expects distributions
from Opco to adequately cover interest payments and mandatory 1%
amortization, ensuring the 1.10x debt service coverage ratio (DSCR)
is maintained over the forecast period. The cash sweep, based on
proportionately consolidated net leverage, is anticipated to
accelerate the repayment of Holdco term loan B in the initial
years. However, higher Opco debt service could reduce dividends to
Holdco in certain years. Fitch anticipates an equity injection in
the event of any temporary disruptions of the dividends received
from Opco.
Opco does not have a revolving credit facility due to its highly
stable cash flow profile, which is common among many pipeline
companies. Prior to making distributions, Opco must set aside up to
three months of operational costs, debt services, growth spending,
and other financial obligations in the reasonable discretion of the
operator. In addition, there is a letter of credit sufficient to
cover six months of Opco debt services. Opco is restricted from
making any distributions if either current or projected next
12-month DSCR is lower than 1.20x. Fitch expects the 1.20 DSCR test
to be satisfied in the forecast years.
Issuer Profile
Pro forma, WhiteWater will hold 65% controlling equity stake of
Matterhorn, an intrastate natural gas pipeline connecting the
Permian Basin to the Katy area near Houston, TX. A
WhiteWater-affiliated entity operates Matterhorn and all other
WhiteWater natural gas pipelines.
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
----------- ------ --------
WhiteWater Matterhorn
Holdings, LLC LT IDR BB New Rating
senior secured LT BB+ New Rating RR3
WW INTERNATIONAL: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: WW International, Inc.
Weight Watchers International, Inc.
675 Avenue of the Americas, 6th Floor
New York, NY 10010
Business Description: WW International Inc. is a global provider
of science-based weight management programs,
offering behavior change solutions, clinical
support services, and business-to-business
initiatives. Headquartered in New York
City, the Company operates in 11 countries
and supports 3.4 million subscribers,
delivering over 20,000 coach-led workshops
monthly. Founded in 1963, WW has evolved
its offerings to include digital tools,
clinical care, and a proprietary Points
Program, making it one of the most
recognized and studied brands in commercial
weight loss.
Chapter 11 Petition Date: May 6, 2025
Court: United States Bankruptcy Court
District of Delaware
Eight affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
WW International, Inc. (Lead Case) 25-10829
WW North America Holdings, LLC 25-10828
W Holdco, Inc. 25-10830
Weekend Health, Inc. 25-10831
WW Canada Holdco, Inc. 25-10832
WW Health Solutions, Inc. 25-10833
WW.com, LLC 25-10834
WW NewCo, Inc. 25-10835
Judge: Hon. Craig T Goldblatt
Debtors'
Bankruptcy
Counsel: Edmon L. Morton, Esq.
Sean M. Beach, Esq.
Shella Borovinskaya, Esq.
Carol E. Thompson, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: emorton@ycst.com
sbeach@ycst.com
sborovinskaya@ycst.com
cthompson@ycst
- and -
Elisha D. Graff, Esq.
Moshe A. Fink, Esq.
Rachael L. Foust, Esq.
Zachary J. Weiner, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, New York 10017
Tel: (212) 455-2000
Fax: (212) 455-2502
Email: egraff@stblaw.com
moshe.fink@stblaw.com
rachael.foust@stblaw.com
zachary.weiner@stblaw.com
Debtors'
Financial &
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
600 Madison Avenue
New York, NY 10022
Debtors'
Claims,
Noticing &
Solicitation
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
1 World Trade Center, 31st Floor
New York, NY 10007
Debtors'
Investment
Banker: PJT PARTNERS LP
280 Park Avenue
New York, NY 10017
Debtors'
Financial
Advisor: MATTHEWS SOUTH, LLC
1700 South El Camino Real, Suite 345
San Mateo, CA 94402
Total Assets as of Dec. 28, 2024: $550,276,000
Total Debts as of Dec. 28, 2024: $1,664,648,000
Felicia DellaFortuna signed the petitions as chief financial
officer.
A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:
https://www.pacermonitor.com/view/TNKY3JY/WW_International_Inc__debke-25-10829__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Groupm Worldwide, LLC Trade Payable $2,892,541
dba Mindshare USA LLC
3 World Trade Center
175 Greenwich St
New York, NY 10007
United States
Lesser, Brian Chief Executive Officer
Email: brian.lesser@groupm.com
Phone: 212-297-8181
2. Reddit, Inc. Trade Payable $2,168,631
548 Market St
San Francisco, CA 94104
United States
Huffman, Steven
Chief Executive Officer
Email: steveh@reddit.com
Phone: 415-666-2330
3. The Trade Desk, Inc. Trade Payable $2,029,618
42 North Chestnut Street
Ventura, CA 93001
United States
Green, Jeffrey
Chief Executive Officer
Email: jeff.green@thetradedesk.com
Phone: 805-585-3434
4. Olympia Pharmaceuticals Trade Payable $1,965,200
6700 Conroy Road
Suite 155
Orlando, FL 32835
United States
Mikhael, Mark
Chief Executive Officer
Email: mark@olympiapharmacy.com
Phone: 407-673-2222
5. Impact Tech, Inc. Trade Payable $895,336
136 Madison Ave
Fl 10
New York, NY 10016
United States
Yovanno, David A
Chief Executive Officer
Email: david.yovanno@impact.com
Phone: 917-720-2883
6. Cindy Newman Et Al Litigation $630,000
611 Wilshire Boulevard
Suite 315
Los Angeles, CA 90017
United States
Todd, Kyle
c/o Kyle Todd, P.C.
Email: kyle@kyletodd.com
Phone: 323-208-9171
7. Braze, Inc. Trade Payable $593,561
63 Madison Building
28 E. 28th St
Floor 12 Mailroom
New York, NY 10016
United States
Magnuson, William
Co-Founder And Chief Executive Officer
Email: williamceo@braze.com
Phone: 609-964-0585
8. Movable, Inc. Trade Payable $566,419
5 Bryant Park 6th Floor
New York, NY 10018
United States
Sharma, Vivek
Co-Founder And Chief Executive Officer
Email: vsharma@movableink.Com
Phone: 203-359-8500
9. Amazon Web Services, Inc. Trade Payable $534,215
2127 7th Ave.
Seattle, WA 98109
United States
Jassy, Andy
President And Chief Executive Officer
Email: jassya@amazon.com
Phone: 206-266-1000
Fax: 206-266-1821
10. Pebblepost, Inc Trade Payable $445,463
119 W 24th St
Floor 5
New York, NY 10011
United States
Ross, Jacob
Chief Executive Officer
Email: jacob@pebblepost.com
Phone: 855-737-0730
11. Ogilvy Group, LLC Trade Payable $387,800
175 Greenwich Street
New York, NY 10007
United States
Bulchandani, Devika
Chief Executive Officer
Email: devika.bulchandani@ogilvy.com
Phone: 212-237-4000
12. Illumin Holdings Inc. Trade Payable $386,270
70 University Ave
Suite 1200
Toronto, On M5J 2M4
Canada
Hayek, Tal
Co-Founder And Chief Executive Officeer
Email: tal.hayek@illumin.com
Phone: 1-416-218-9888
13. Amplitude, Inc Trade Payable $325,903
201 3rd Street
Suite 200
San Francisco, CA 94103
United States
Skates, Spenser
Chief Executive Officer And Co-Founder
Email: spenser@amplitude.com
Phone: 212-252-2198
14. Linkedin Corporation Trade Payable $311,727
1000 W Maude Ave
Sunnyvale, CA 94085
United States
Roslansky, Ryan
Chief Executive Officer
Email: rroslansky@linkedin.com
Phone: 650-687-3600
Fax: 650-687-0505
15. The Burson Group LLC Trade Payable $295,000
3 World Trade Center
175 Greenwich
New York, NY 10007
United States
Dubrowa, Corey
Chief Executive Officer
Email: corey.dubrowa@bursonglobal.com
Phone: 206-318-7444
16. Spotify USA, Inc Trade Payable $281,666
150 Greenwich St
New York, NY 10007
United States
Ek, Daniel
Chairman And Chief Executive Officer
Email: daniel@spotify.com
Phone: 203-318-9700
17. Hightouch Trade Payable $278,830
2211 Mission St
Unit B
San Francisco, CA 94110
United States
Gupta, Kashish
Co-Founder And Co-Chief Executive Officer
Email: kashihgupta@hightouch.io
Phone: 678-896-2554
18. Taboola.Com Ltd Trade Payable $227,361
16 Madison Sq W
7th & 8th Floor
New York, NY 10010
United States
Singolda, Adam
Founder And Chief Executive Officer
Email: adam@taboola.com
Phone: 212-206-7663
19. Fundamentalco LLC Trade Payable $166,667
234 Clinton St
Brooklyn, NY 11201
United States
D'Estrada, Michael
Chief Financial Officer
Email: mdestrada@fundamental.co
Phone: 917-237-8888
20. Apple Inc. Trade Payable $136,406
1 Apple Park Way
Cupertino, CA 95014
United States
Cook, Timothy
Chief Executive Officer
Email: tcook@apple.com
Phone: 408-996-1010
Fax: 408-974-2113
21. Greenhouse Software, Inc. Trade Payable $117,201
228 Park Ave
S PMB 14744
New York, NY 10003-1502
United States
Chait, Daniel
Chief Executive Officer
Email: d.chait@greenhouse.io
Phone: 516-623-8283
22. CVS Caremark Trade Payable $100,836
1 CVS Dr
Woonsocket, RI 02895
United States
Joyner, David
President And Chief Executive Officer
Email: david.joyner@cvshealth.com
Phone: 469-524-7201
23. Medix Staffing Solutions, LLC Trade Payable $100,336
1301 West 22nd Street
Suite 1000
Oak Brook, IL 60523
United States
Limouris, Andrew
Founder, President And Chief Executive Officer
Email: purposefulceo@medixteam.com
Phone: 630-725-9041
24. Adswerve, Inc. Trade Payable $29,132
999 18th Street
Suite 2301N
Denver, CO 80202
United States
Berdusco, Roger
Chief Executive Officer
Email: roger.berdusco@adswerve.com
Phone: 720.242.9837
25. Google LLC Trade Payable Undetermined
1600 Amphitheatre Parkway
Mountain View, CA 94043
United States
Pichai, Sundar
Chief Executive Officer
Email: sundar@google.com
Phone: 650-253-0000
26. Meta Platforms, Inc. Trade Payable Undetermined
1 Hacker Way
Menlo Park, CA 94025
United States
Ukerberg, Mark
Chief Executive Officer
Email: markzukerberg@Fb.com
Phone: 650-543-4800
Fax: 650-543-4801
27. Hulu, LLC Trade Payable Undetermined
2500 Broadway
Santa Monica, CA 90404
United States
Earley, Joe,
President
Email: joe.earley@hulu.com
Phone: 310-571-4700
28. Aspire Trade Payable Undetermined
Khalil Sweiss Complex
Queen Rania St 120
Amman, Jn 11181
Jordan
Shah, Kaushal
Founder And Managing Director
Email: kshah@aspire.jo
Phone: 962-6-516-3046
29. Microsoft Corporation Trade Payable Undetermined
1 Microsoft Way
Redmond, WA 98052
United States
Nadella, Satya
Chief Executive Officer
Email: satya.nadella@microsoft.com
Phone: 425-882-8080
Fax: 425-936-7329
30. The Bindery LLC Trade Payable Undetermined
227 West 29th Street
5th Floor
New York, NY 10001
United States
Beauchamp, Greg
Founder And Chief Executive Officer
Email: greg@binderynyc.com
Phone: 607-589-4735
WW INTERNATIONAL: Seeks Court Okay for Ch. 11 Equity Swap in June
-----------------------------------------------------------------
Clara Geoghegan of Law360 reports that On Thursday, May 8, 2025,
WeightWatchers informed a Delaware bankruptcy judge that it plans
to preserve a portion of equity for current shareholders while
reducing $1.15 billion in debt under a Chapter 11 reorganization
plan, which is scheduled for a confirmation hearing in June 2025.
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.
[] Jones Walker Adds Construction, Bankruptcy Counsel in Miami, FL
------------------------------------------------------------------
Jones Walker LLP announced on May 6, 2025, that two new attorneys,
partner Matt Maranges and special counsel Nicole Grimal
Helmstetter, have joined the Litigation Practice Group in the
firm's growing Miami office. Matt joins as a member of the firm's
Construction Team and Nicole joins as a member of the bankruptcy
and restructuring team, solidifying both teams in the region.
"We are thrilled to welcome Matt and Nicole to Jones Walker and
expand the firm's presence in Miami," said Bill Hines, the firm's
managing partner. "Matt brings a wealth of industry knowledge and
experience to our already nationally recognized Construction Team,
and Nicole's unique understanding of the regional business
landscape in South Florida will be invaluable to our bankruptcy
team and clients."
"We are elated to add Matt and Nicole to the team. Matt's intimate
knowledge of construction law and South Florida's construction
industry will be an invaluable resource to our real estate and
development clients. Nicole's depth of experience in the world of
insolvency enhances an already stellar roster of litigators in the
Miami office," added partner and head of the firm's Miami office
Luis Llamas. "Personally, I have had the honor of knowing both
individuals for decades and to be able to now count them as
colleagues is wonderful."
Matt is an experienced, entrepreneurial attorney focused on helping
clients identify and manage construction-related risks, with an
emphasis on dispute avoidance and litigation. After several years
in private practice, he co-founded his own law firm, where he
developed and quickly expanded his broad-based construction, real
estate, and corporate practice. Matt's litigation practice
encompasses sophisticated construction disputes, construction
transactions, and related commercial matters.
"I'm excited to join Jones Walker's highly respected and nationally
ranked construction team," Matt said. "The firm's strong platform
will help me better serve my existing clients while expanding my
practice to reach new construction clients throughout the South
Florida region and beyond. I look forward to working alongside such
talented colleagues and contributing to our strategic growth in the
Miami market."
Nicole is a business bankruptcy attorney with extensive experience
representing parties on all sides of insolvency matters involving
distressed businesses, assets, and portfolios. Although centered in
Florida, her practice is national in scope. She routinely
represents midsize and regional businesses, lenders, and creditors
in Chapter 7, 11, and 13 proceedings. Her background also includes
representing fiduciaries in insolvency proceedings and assisting
purchasers of distressed assets, as well as helping traditional
lenders and investment funds in enforcing their rights against
collateral and executing on judgments or other collection efforts.
"Joining Jones Walker presents an opportunity for me to elevate my
practice to a national level while continuing to expand my local
presence in South Florida," Nicole said. "I am looking forward to
working with the firm's talented bankruptcy team on complex
insolvency matters across the country."
About Jones Walker
Jones Walker LLP (joneswalker.com) is among the largest 145 law
firms in the United States. With offices in Alabama, Arizona, the
District of Columbia, Florida, Georgia, Kentucky, Louisiana,
Mississippi, New York, and Texas, we serve local, regional,
national, and international business interests. The firm is
committed to providing a comprehensive range of legal services to
major multinational public and private corporations, Fortune(R) 500
companies, money center banks, worldwide insurers, and emerging
companies doing business in the United States and abroad.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
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are not intended to reflect actual trades. Prices for actual
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Nothing in the TCR constitutes an offer or solicitation to buy or
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Each Tuesday edition of the TCR contains a list of companies with
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than a balance sheet solvency test.
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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
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Each Friday's edition of the TCR includes a review about a book of
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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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