Lead Photo: Kid’s World Preschool built by Vantage Construction Services
HERTZ RECEIVES REVISED REORGANIZATION PROPOSAL FOR CHAPTER 11 EXIT
Estero-based Hertz Global Holdings Inc. confirmed Tuesday that it has received a revised proposal from affiliates of Knighthead Capital Management LLC, Certares Opportunities LLC, and Apollo Capital Management LP to provide equity capital required to fund Hertz’s exit from Chapter 11. The revised proposal contemplates funding Hertz’s plan of reorganization through direct common stock investments aggregating $2.9 billion, direct preferred stock investments aggregating $1.5 billion and a rights offering to raise $1.36 billion. The revised proposal includes an amended plan of reorganization that contemplates payment in full of all secured and unsecured funded debt and provides holders of common stock with 50 cents per share in cash and either 10-year warrants for an aggregate of 10% of the reorganized company or, for eligible stockholders, the possibility of subscribing for shares of common stock in the rights offering. The revised proposal is subject to a number of conditions including approval by the bankruptcy court. Hertz’s board of directors has not yet made any determination regarding the revised proposal, the company reports.
BEASLEY BROADCAST GROUP FIRST-QUARTER NET REVENUE DECLINES 16.5%
Naples-based Beasley Broadcast Group Inc. had a $10.6 million loss on net revenue of $48.2 million for the three-month period ended March 31, compared to $57.7 million in net revenue and an $8.8 million loss in the same period of 2020. Beasley’s quarterly conference call on Tuesday reported that quarterly year-over-year losses were the result of a decrease in advertising revenue and event revenue, related to the impact of the COVID-19 pandemic. Commenting on the financial results, CEO Caroline Beasley said, “In addition to our expense reduction and revenue diversification initiatives, Beasley also remained committed to enhancing financial flexibility through capital structure improvements. In the first quarter, we completed our offering of $300 million in aggregate principal amount of 8.625% senior secured notes due 2026. The net proceeds of the offering were used to repay in full existing indebtedness under the company’s senior secured credit facilities and other debt, with the remaining proceeds added to our balance sheet for general corporate purposes. In addition, and due to future economic uncertainty, in early February we applied for and were subsequently approved for a $10 million Paycheck Protection Program loan. Together, these transactions improve our liquidity profile, while providing growth capital to support the continued investment in our business.” Wall Street responded to the financial reports Tuesday, sending the stock down 15.25%.
LEE COMMISSIONERS AUTHORIZE FAMILY TRANSITION COLLABORATIVE TO HELP HOMELESS FAMILIES
Lee County commissioners voted Tuesday to authorize the Family Transition Collaborative program to provide temporary hotel stays and connection to permanent housing for families who are experiencing homelessness. Families, already identified, will be assigned a case manager who will work with them to identify permanent housing. After placement in permanent housing, case management will continue for up to 12 months to ensure families are connected to the resources necessary to ensure long-term housing stability. On March 2, the board directed staff to present options for temporary shelter for those experiencing homelessness and waiting for placement in permanent housing, resulting in Tuesday’s vote. About 96 families are expected to receive shelter and connection to permanent housing through this program, which has a budget of up to $1.9 million. Anyone experiencing homelessness with housing needs should call the Coordinated Entry phone line at 239-533-7996, available 24/7.
Video courtesy of WINK News
CONSTRUCTION PROJECTS PAUSED AS MATERIAL COSTS INCREASE
Construction workers and companies are facing challenges during the pandemic trying to finish their projects. Back-ordered items have workers waiting months to finish their projects. In some cases, prices skyrocketed 400% during that waiting period. Construction projects are up locally and nationwide, so the demand for materials is up as well. That means costs have risen, too, and have more than tripled in some cases. Higher prices are affecting builders and buyers and also leading to a spike in thefts. The Charlotte County Sheriff’s Office has responded to an increase of equipment, materials and even water softeners being stolen from construction sites, WINK News reports.
HOPE HEALTHCARE INTRODUCES HOPE FIRST
Hope Healthcare has announced Hope First, a program created to provide comprehensive care to better serve Medicare beneficiaries with complex and chronic illness through a new care model from the Center for Medicare and Medicaid Innovation (CMMI). To participate in CCMI’s new model of care, Hope joined with six nonprofit advanced illness providers to form Advanced Illness Partners (AIP). AIP is among 51 entities nationwide designated to participate in the new CMMI program. Hope was selected to participate in AIP based on its success with its Program for All-Inclusive Care for the Elderly (PACE) and its Hope Choices Medicare Care Choices Model (MCCM). AIP is comprised of seven organizations that have a combined nearly 250 years of experience in caring for those with advanced chronic illness through largely home-based, community-oriented care in Arizona, Florida, Washington D.C., Virginia, Ohio, Nevada and Oregon. The seven partner organizations currently serve more than 60,000 Medicare beneficiaries annually.
COMMERCIAL OUTPARCELS AT HOPE PRESERVE SELL FOR NEARLY $7 MILLION
LSI Companies Inc. brokered two commercial outparcels totaling approximately 10.77 acres in the Hope Preserve development in south Fort Myers for a combined nearly $7 million. The 3.7-acre and 7.06-acre parcels were sold for more than $2.1 million and $4.8 million, respectively. Both parcels were purchased from Hope Hospice and Community Services Inc. The Hope Preserve property is on the northeast corner of Metro Parkway and Ben C Pratt/Six Mile Cypress Parkway. Both deals were brokered by Justin Thibaut and Christi Pritchett of LSI. Other projects planned for Hope Preserve include a new Hope Hospice location and a 124-key hotel with additional parcels available for retail, office or commercial use.
VANTAGE CONSTRUCTION COMPLETES PRESCHOOL IN CAPE CORAL
Vantage Construction Services LLC has completed work on the new Kid’s World Preschool at 1942 Skyline Blvd. in Cape Coral. The newly constructed 10,000-square-foot building will accommodate 200 children and has a lobby, nine fully outfitted classrooms, a breakroom and storage area, and a fenced, outdoor playground. The preschool opened to children at the end of April. Owned by Evelyn Monteagudo, this is the second Kid’s World Preschool in Cape Coral, with the first in operation at 1126 NE 16th Terrace, Cape Coral.
GMA ARCHITECTS & PLANNERS DESIGNS WATERFRONT RESIDENTIAL BUILDING IN CAPE CORAL
GMA Architects & Planners has completed its designs for a nautical-themed, multi-family residential building that will offer waterfront living in southern Cape Coral. Located along Coronado Parkway, the building’s two-story design reflects a Bahamas-inspired architectural style and tropical, waterfront setting. Residents will have waterfront views across the 80-foot-wide Atlantic Canal, which provides direct access to the Caloosahatchee River. Residents will also have access to private boat slips and a custom-built boat dock, as well as a common pool deck and gathering space that overlooks the boat basin. The building offers ground-level parking below two levels of residential living space. Once completed, the multi-family building will offer 12 two-bedroom and four three-bedroom units. Project partners broke ground in early April and anticipate completion in February 2022. The general contractor is Owen-Ames-Kimball Co.
CHAMBER NAMES SANIBEL CAPTIVA COMMUNITY BANK BUSINESS OF THE YEAR
Sanibel Captiva Community Bank is the Sanibel & Captiva Islands Chamber of Commerce 2021 Business of the Year. Presented in April at the chamber’s annual meeting, the award recognizes the bank for supporting island businesses through the Small Business Administration’s Paycheck Protection Program during the pandemic. The bank has processed more than 1,100 loans totaling just over $109 million to help local small businesses, nonprofit organizations and independent contractors support payroll and related costs. In the first round of the program, the bank processed 766 loans for nearly $70 million. In the current round, almost 350 additional loans have been secured for $37 million.
OUR MOTHER’S HOME HIRES EXECUTIVE DIRECTOR
Our Mother’s Home (OMH), an organization that helps transition teen mothers and their children from foster care to stable, productive lives, has hired Viodelka Moreira as executive director. Moreira has an extensive background in education administration, teaching, and psychology. A New York native, Moreira worked several years as a legal secretary before earning her bachelor’s degree in psychology and a master’s degree in early childhood education. Moreira has four primary areas of focus for Our Mother’s Home. Her vision is to bring more education to the program, provide for the development of the whole child, help girls transition to independence, and expand Our Mother’s Home. Moreira has been a foster mom for a year, caring for a 7-year-old and 10-year-old, and has 12 godchildren.
SEAGATE DEVELOPMENT GROUP HIRES VP OF DEVELOPMENT
Seagate Development Group has hired Kevin Brown as vice president of development. A 15-year veteran of the residential construction, development and sales industry, Brown will seek, manage and oversee preexisting projects and new land acquisitions, particularly for luxury residential communities. He launched his career with Toll Brothers in 2005, first as a project manager and then as vice president and senior vice president of the national builder’s Southwest Florida residential division. A North Fort Myers native, Brown graduated from the University of Miami with a degree in business administration that focused on finance. He played baseball for the university’s NCAA national championship teams and was drafted to the Atlanta Braves organization before retiring from minor league baseball in 2004.
PUSHING THE ENVELOPE INC. ADDS COMMUNICATION COORDINATOR
Pushing the Envelope Inc., a strategic marketing communication firm based in Fort Myers, welcomes Alexandra Argueta as communication coordinator. In her role, Argueta is responsible for assisting with marketing and public relations strategy planning and will provide public relations services for the company’s clientele, including publicity and media relations, online reputation management, and copywriting, as well as supporting other marketing services. Argueta holds a Bachelor of Arts degree in communications from Florida Gulf Coast University and is an active member of the Southwest Florida Chapter of the Florida Public Relations Association.
DEANGELIS DIAMOND PROMOTES DURAN
DeAngelis Diamond, headquartered in Naples, has promoted Kris Duran from senior project manager to executive project manager. In her new role, Duran will become the operations lead for all project management in the Nashville office. She will be responsible for owner/client business relations, lead and train other project managers, and act as the liaison between the owner, client, architect and DeAngelis Diamond. Duran has completed more than $900 million in construction projects during her 20-year construction career. She is currently overseeing several DeAngelis Diamond projects.
Matching gift challenge is a million-dollar success for The Immokalee Foundation
A $500,000 matching gift challenge by Naples philanthropists Don Fites and his wife, Joyce Hagen, to support The Immokalee Foundation, has been met. The $1 million raised commemorates the 10th anniversary of the Heavy Equipment Service Technician (HEST) program at Immokalee Technical College (iTECH), which helps to ensure another decade of success for The Immokalee Foundation’s students who enroll in the specialized program. Fites, a North Naples resident, was the chairman and CEO of Caterpillar Inc. for nearly a decade. Launched in January, the $500,000 matching gift challenge reached its goal in three months. HEST graduates learn how to service heavy-duty, high-performance vehicles specially designed for executing earthwork operations and other large construction tasks that are essential in Southwest Florida. Since the HEST program’s inception, more than 100 of its graduates have been hired by more than two dozen companies. Through Fites’ leadership, a public-private sector collaboration raised money to create the HEST program. That partnership included The Caterpillar Foundation, Fites Family Charitable Trust, Kelly Foundation Inc., Kelly Tractor and the Collier County Public Schools.
Inaugural event raises $214,000 for LARC’s Lori Carroll-Collins Scholarship Fund
LARC’s (Lee Association of Remarkable Citizens) inaugural fundraiser benefiting The Lori Carroll-Collins Scholarship Fund raised $214,000. The event was held at Misty Morning Barn at Clutch Farms and featured hors d’oeuvres and live entertainment on the lawn that culminated with a butterfly release honoring Lori Carroll-Collins, a Fort Myers resident for 35 years. Mike and Karen Gavala of G3 Catering and Gloria Jordan of La Trattoria Cafe Napoli created a five-course dinner. Clay Mauritson, founder and owner of Mauritson Wines in California, paired his family-crafted wines with each course. Norman Love of Norman Love Confections provided handcrafted desserts. Scott Robertson of Scott Robertson Auctioneers was the auctioneer. The fund will help bridge financial gaps and allow individuals with intellectual and developmental disabilities to access services offered by LARC.
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