/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/181016.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, October 16, 2018, Vol. 22, No. 288 Headlines 1 GLOBAL: Committee Taps Conway MacKenzie as Financial Advisor 1 GLOBAL: Committee Taps Dundon Advisers as Co-Financial Advisor 18 AUDUBON PLACE: Seeks Authorization to Use Cash Collateral 8800 LLC: Allowed to Use Cash Collateral Through Jan. 21 ADVANTAGE SALES: Bank Debt Trades at 15% Off AMYNTA AGENCY: Moody's Affirms B3 CFR, Outlook Stable ARBORSCAPE INC: Seeks Access to Cash Collateral Until Dec. 31 ATD CORP: October 18 Meeting Set to Form Creditors' Panel AVON PRODUCTS: Fitch Affirms B+ LT IDR & Alters Outlook to Stable BC COMIX & GAMES: Motion to Use Cash Collateral Filed CARDEL CLOCKTOWER: Case Summary & 3 Unsecured Creditors CARWASHER INC: Taps Bellamak Realty as Real Estate Broker CENGAGE: Bank Debt Trades at 6% Off CENTINELA VALLEY: Taps Mark S. Gutentag, CPA, as Accountant CENTINELA VALLEY: Taps Weintraub & Selth as Bankruptcy Counsel CHOBANI GLOBAL: Moody's Affirms B3 CFR & Alters Outlook to Stable CLAIRE'S STORES: Emerges From Chapter 11 Restructuring COVIA HOLDINGS: Bank Debt Trades at 7% Off CROWN SUBSEA: Moody's Assigns B1 Corp Family Rating, Outlook Stable CURAE HEALTH: Ombudsman Taps Greenberg Traurig as Counsel CURAE HEALTH: Ombudsman Taps SAK Management Services as Advisor DAYMARK SOLUTIONS: Taps Dorglen & Taylor as Business Consultant DIAMOND OFFSHORE: S&P Assigns B+ Rating on Unsec. Credit Facility EAST JEFFERSON HOSPITAL: Moody's Cuts Revenue Bond Rating to Caa1 ED MAP: Seeks Authorization to Use Key Bank Cash Collateral ELKHORN JONES: Taps McCrimmon, Ltd. as Accountant ENTRANS INT'L: Moody's Gives B2 Corp. Family Rating, Outlook Stable ENTRANS INTERNATIONAL: S&P Assigns 'B' ICR, Outlook Stable FORTERRA INC: Bank Debt Trades at 3% Off FRANCIS' DRILLING: Taps CR3 Partners, Appoint Greg Baracato as CRO FRANCIS' DRILLING: Taps Norton Rose Fulbright US as Counsel FRANCIS' DRILLING: Taps SSG Advisors as Investment Banker FRANK THEATRES: FEG Wants to Prohibit Use of Stolen Cash GI REVELATION: Moody's Affirms B3 CFR, Outlook Stable GLOBAL PAYMENTS: Moody's Rates New $500MM Term Loan 'Ba2' GMB LIGHTING: Seeks Expedited Use of Cash Collateral GREEN COUNTRY: Hires D.R. Payne & Associates as Financial Advisor GULF FINANCE: Bank Debt Trades at 16% Off HEALOGICS: Bank Debt Trades at 5% Off HEALTH DIAGNOSTIC: Golias, et al., Bid to Junk Trustee Claims Nixed HENDERSON MECHANICAL: May Use IRS’ Cash Collateral IDC CLAMBAKES: Court Grants Trust's Bid for Summary Judgment ILLINI KIDS: Want to Continue Use Cash for November until January INPRINT MANAGEMENT: Interim Use of Cash Collateral Allowed INVESTQUEST PARTNERS: Taps Richard R. Robles, PA as Attorney IQOR US: Bank Debt Trades at 7% Off J CREW: Bank Debt Trades at 9% Off JDS HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors K.E. MARTIN: Seeks Use of Revenue from Subcontracts KOMODO CLOUD: Gets Interim OK to Use Cash Collateral LA CASA DE PEDRO: Can Use Cash Collateral Until Nov. 5 LAKE BRANCH: Hires Buddy D. Ford, P.A., as Attorney LE-MAR HOLDINGS: Tenth Interim Cash Collateral Order Entered LNB-002-2013 LLC: U.S. Trustee Unable to Appoint Committee LUCID ENERGY: Bank Debt Trades at 3% Off LUKE'S LOCKER: Revises Treatment of Tex. Comptroller's Claim MATTRESS FIRM: Taps Epiq Corporate as Claims & Noticing Agent MEDEX PATIENT: Second Interim Order Entered MEGHA LLC: Hires OneBane Law Firm as Co-Counsel MGTF RADIO: May Continue Using Cash Collateral Until Oct. 19 MISSION COAL: Case Summary & 50 Largest Unsecured Creditors MOAB INC: Hires Bond Law Office as Attorney MR. STEVEN: Hires Adams and Reese as Counsel MULE CAMP: Hires Kelley & Clements as Attorney NATIONAL STORES: Commences Closing Sales at 184 Remaining Stores OAKLAWN HOSPITAL: Moody's Affirms Ba1 on $63MM Revenue Bonds OXBRIDGE COINS: Hires Mitchell R. Hadler as Bankruptcy Counsel PEDRO’S OF MADISON: Seeks Authority to Use Collateral PERIWINKLE PARTNERS: Seeks to Use Regions' Cash Collateral PETROLEUM KINGS: UMEC Entitled to Prepetition Prejudgment Interest PILGRIM'S PRIDE: S&P Raises ICR to 'BB-', Outlook Positive PJLRES7920 LLC: Superior Lending Objects to Cash Collateral Use PRESSURE CONTROL: Granted Interim Use of Cash Collateral PRO TANK PRODUCTS: Seeks Authorization to Use Insurance Proceeds ROGER & MERLE: Hires Buddy D. Ford, P.A., as Attorney ROSEGARDEN HEALTH: Trustee May Use Cash to Collateral Increase Bond RUBY'S FRANCHISE: Taps Theodora Oringher as Bankruptcy Counsel S&K MACHINEWORKS: Hires Cunningham Bounds as Special Counsel SACRED TABLE: Taps Central Coast Bankruptcy as Insolvency Counsel SANDY CREEK: Bank Debt Trades at 11% Off SARAH ZONE: Permitted to Borrow Money Up To $350,000 SEADRILL LIMITED: Bank Debt Trades at 5% Off SEARS HOLDINGS: Case Summary & 20 Largest Unsecured Creditors SEARS HOLDINGS: Collapses into Chapter 11 Bankruptcy SEARS HOLDINGS: Edward Lampert Steps Down as CEO SEARS HOLDINGS: Has Dec. 15 Deadline for Going-Concern Bids SEARS HOLDINGS: Rejecting Leases for 217 Dark Store Locations SECOND PHOENIX: Trustee Taps Tarter Krinsky & Drogin as Counsel SERTA SIMMONS: Bank Debt Trades at 9% Off SKILLSOFT CORP: $18MM Bank Debt Trades at 16% Off SKILLSOFT CORP: $46MM Bank Debt Trades at 6% Off STAR WEST: Moody's Affirms B2 Rating on $550MM Secured Loans SUCCESSFUL ASSET: Hires McManimon, Scotland & Baumann as Attorney SURVITEC GROUP: Bank Debt Trades at 4% Off T.C.'S GRILL: Authorized to Continue Using Cash Collateral T.I. CONSTRUCTION: Authorized to Use Cash Collateral Through Nov. 2 TELESIS CENTER: S&P Cuts Rating on 2013 Educational Bonds to CCC- TRIMARK USA: $25MM Bank Debt Trades at 3% Off TRIMARK USA: $56MM Bank Debt Trades at 3% Off TROP, INC: Seeks Approval to Use Cash Collateral UNIVISION COMMUNICATIONS: Bank Debt Trades at 2% Off UVLRX THERAPEUTICS: Asks for Approval to Use Cash Collateral VEHICLE ALIGNMENT: Use of Cash Collateral Extended to Oct. 27 VERITY HEALTH: Hires Pachulski Stang Ziehl & Jones as Co-Counsel VERITY HEALTH: PCO Hires Levene Neale as Bankruptcy Counsel VERITY HEALTH: PCO Hires Timothy J. Stacy as Consultant VERITY HEALTH: Taps Berkeley Research Group as Financial Advisor VERITY HEALTH: Taps Nelson Hardiman as Special Regulatory Counsel WESTMORELAND COAL: Sierra Club Responds to Chapter 11 Filing WINTHROP REALTY: To Make Distribution of $0.40 Per Beneficial Unit WORLD MARKETING: Crane Bid to Toss Trustee Malpractice Suit Junked [*] DiBlasi Named to American Bankruptcy Institutes 40 Under 40 [*] JND Legal Administration Named #1 Claims Administrator [^] Large Companies with Insolvent Balance Sheet ********* 1 GLOBAL: Committee Taps Conway MacKenzie as Financial Advisor -------------------------------------------------------------- The Official Committee of Unsecured Creditors of 1 Global Capital, LLC and 1 West Capital, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to retain Conway MacKenzie, Inc. as co-financial advisor to the Committee along with Dundon Advisers, LLC, nunc pro tunc to Sept. 19, 2018. Services Conway MacKenzie is expected to render are: a. assist in the analysis, review and monitoring of the restructuring process, including, but not limited to an assessment of potential recoveries for general unsecured creditors; b. assist in the review of financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; c. assist with the review of the Debtors’ analysis of core and non-core business assets, the potential disposition or liquidation of the same, and assistance regarding the review and assessment of any sales process relating to same; d. assist with review of any tax issues associated with, but not limited to, preservation of net operating losses, refunds due to the Debtors, plans of reorganization, and asset sales; e. assist in the review and/or preparation of information and analysis necessary for the preparation, proposal and confirmation of a plan and related disclosure statement in these chapter 11 proceedings; f. assist in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; g. assist in the evaluation, analysis and forensic investigation of avoidance actions, including fraudulent conveyances and preferential transfers and certain transactions between the Debtors and affiliated entities; h. assist in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; i. render other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding; and j. assist and support in the evaluation of restructuring and liquidation alternatives. Conway MacKenzie's hourly rates are: Senior Managing Directors $825 to $1,010 Managing Directors $630 to $805 Directors $550 to $630 Senior Associates $420 to $445 Associates $180 to $200 John T. Young, Jr., senior managing director at Conway MacKenzie, attests 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: John T. Young, Jr. Conway MacKenzie, Inc. 77 West Wacker Drive, Suite 4000 Chicago, IL 60601 Phone: 312-220-0100 Fax: 312-220-0101 About 1 Global Capital 1 Global Capital, LLC -- https://1stglobalcapital.com/ -- is a direct small business funder offering an array of flexible funding solutions, specializing in unsecured business funding and merchant cash advances. 1 Global Capital LLC, based in Hallandale Beach, FL, and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 18-19121) on July 27, 2018. In the petition signed by Steven A. Schwartz and Darice Lang, authorized signatories, 1st Global Capital estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Raymond B. Ray presides over the cases. Greenberg Traurig LLP, led by Paul J. Keenan Jr., Esq., serves as bankruptcy counsel; and Epiq Corporate Restructuring, LLC, as claims and noticing agent. 1 GLOBAL: Committee Taps Dundon Advisers as Co-Financial Advisor ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of 1 Global Capital, LLC and 1 West Capital, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to retain Dundon Advisers, LLC, as co-financial advisor to the Committee along with Conway MacKenzie, Inc., nunc pro tunc to Sept. 19, 2018. Services Dundon Advisers is expected to render are: a. act on fraud and other cause of action assets of the estates against non-debtors (excluding conventional preference actions), including economic analysis, valuation, Plan treatment, settlement assessments (if prior to the effective date of the Debtors' Plans) and design and execution of the post-effective date structure for the prosecution of causes of action or other monetization; b. facilitate valuation for potential sale, and the process whereby sold, of key Debtor assets which are potentially saleable, including performing and nonperforming advances and customer lists and customer performance data; c. assess the costs and benefits of any proposed outsourcing of collection of advances receivable; d. facilitate valuation and potential resolution by sale or settlement of the Collins and Momentum non-conventional advances and/or loans receivable; e. advise and design potential claims liquidity solutions for unsecured creditors, including measures to foster reasonable claims trading activities, and the tradability or financability of any reorganized equity, liquidation trust interests, or other non-cash distributions; f. attend meetings and assisting in discussions with the Committee, the Debtors, potential investors, the U.S. Trustee, and other parties in interest and professionals; g. present at meetings of the Committee, as well as meetings with other key stakeholders and parties; and h. perform other advisory services for the Committee as may be necessary or proper in these proceedings. Dundon Advisers' standard hourly rates are: Matt Dundon $630 Peter Hurwitz $600 Jonathan Feldman $550 Demetri Xistris $500 Phillip Preis $500 Harry Tucker $450 William Ha $450 Matthew Dundon, principal of Dundon Advisers, attests that Dundon Advisers is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The advisor can be reached through: Matthew Dundon Dundon Advisers LLC PO Box 259H Scarsdale NY 10583 Phone: 1-917-838-1930 Fax: 1-212-202-4437 E-mail: md@dundon.com About 1 Global Capital 1 Global Capital, LLC -- https://1stglobalcapital.com/ -- is a direct small business funder offering an array of flexible funding solutions, specializing in unsecured business funding and merchant cash advances. 1 Global Capital LLC, based in Hallandale Beach, FL, and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 18-19121) on July 27, 2018. In the petition signed by Steven A. Schwartz and Darice Lang, authorized signatories, 1st Global Capital estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Raymond B. Ray presides over the cases. Greenberg Traurig LLP, led by Paul J. Keenan Jr., Esq., serves as bankruptcy counsel; and Epiq Corporate Restructuring, LLC, as claims and noticing agent. 18 AUDUBON PLACE: Seeks Authorization to Use Cash Collateral ------------------------------------------------------------ 18 Audubon Place, LLC, seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral in order to continue its ordinary course business operations and to maintain the value of its bankruptcy estate. The Debtor intends to use the cash proceeds being deposited into the Debtor-in-Possession Account monthly and the outstanding accounts receivable to fund the ongoing expenses associated with the Chapter 11 filing in order to continue to pay the necessary payments that arise in the administration of its Chapter 11 case, including the rent in accordance with the lease to SBN, First NBC and the Office of the U.S. Trustee Fees. As adequate protection to SBN-FNBC for the outstanding amount due in connection with loans to the Debtor, for the Debtor's use of cash collateral and the risk of any diminution of such cash collateral as of the Petition Date, the following is proposed: (A) The granting of replacement liens and security interests in the same rank, privilege and amount, in and to all property of the Debtor's estate of the kind presently encumbered by the indebtedness owed to SBN-FNBC once a full and complete accounting has been received from SBN-FNBC as of the inception of the Loans to Debtor; (B) The granting of administrative priority pursuant to 11 U.S.C. Sections 361(3), 503(b) and 507(a)(1); (C) The providing of financial and operational reports through its Monthly Operating Reports to SBN-FNBC; (D) The maintenance of insurance on any Collateral, as required if necessary; and (E) The Debtor will continue to conduct its business operations pursuant to projected budgets which will be provided to the Office of the U.S. Trustee requested at the Initial Debtor Interview on September 20, 2018. A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/laeb18-12232-17.pdf About 18 Audubon Place 18 Audubon Place, LLC, owns a real property located at 18 Audubon Place New Orleans, LA 70118 valued by the company at $5.2 million. The Debtor sought Chapter 11 protection (Bankr. W.D. La. Case No. 18-50960) on Aug. 1, 2018. The case is assigned to Judge Robert Summerhays. In the petition signed by Richard Goldenberg, member and manager, the Debtor disclosed total assets of $5.80 million and total liabilities of $7.23 million. 8800 LLC: Allowed to Use Cash Collateral Through Jan. 21 -------------------------------------------------------- The Hon. Robert of the U.S. Bankruptcy Court for the Central District of California authorized 8800 LLC to use cash collateral in accordance with its operating budget for the 17-week period from Sept. 25, 2018, through and including Jan. 21, 2019. The Debtor may use cash collateral to (i) pay all of the expenses set forth in the Budget, with authority to deviate from the line items contained in the Budget by up to 10% by line item and 10% in the aggregate without the need for any further Court order; and (ii) pay all quarterly fees owing to the Office of the United States Trustee and all expenses owing to the Clerk of the Bankruptcy Court. The Secured Creditors are granted replacement liens against the Debtor's post-petition assets, with such replacement liens to have the same validity, priority, and extent as the prepetition liens held by the Secured Creditors against the Debtor's cash. In addition, the Debtor will make daily payments to Arcarius of $250 for five days per week (i.e., aggregate payments of $1,250 per week) during the cash collateral period. A copy of the Order is available at http://bankrupt.com/misc/cacb18-17263-72.pdf About 8800 LLC 8800 LLC is a privately-held company whose principal assets are located at 8800 Sunset Blvd. West Hollywood, CA 90069. 8800 LLC filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-17263) on June 22, 2018. In the petition signed by Alan Nathan, managing member, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge Robert N. Kwan. The Debtor is represented by lawyers at Levene, Neale, Bender, Yoo & Brill L.L.P. ADVANTAGE SALES: Bank Debt Trades at 15% Off -------------------------------------------- Participations in a syndicated loan under which Advantage Sales & Marketing is a borrower traded in the secondary market at 85.06 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 2.28 percentage points from the previous week. Advantage Sales pays 650 basis points above LIBOR to borrow under the $76 million facility. The bank loan matures on July 25, 2022. Moody's rates the loan 'Caa1' and Standard & Poor's gave a 'CCC+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. AMYNTA AGENCY: Moody's Affirms B3 CFR, Outlook Stable ----------------------------------------------------- Moody's Investors Service has affirmed the B3 corporate family rating and B3-PD probability of default rating of Amynta Agency Borrower, Inc. following the company's announcement that it is repricing its first-lien term loan and increasing it by $50 million. Moody's has also affirmed the B2 ratings on Amynta's first-lien credit facilities and the Caa2 rating on its second-lien term loan. The company will use proceeds from the incremental borrowing to help fund acquisitions and pay related fees and expenses. The rating outlook for Amynta is stable. RATINGS RATIONALE Moody's said Amynta's ratings reflect its growing market presence in US warranty products, particularly vehicle service contracts, which it sells through multiple distribution channels. Amynta also owns managing general agency operations that target small businesses and distribute a wide array of property and casualty products through regional insurance agents and service providers. The company also offers third-party administrative services to self-insured nonprofit organizations and government entities. Amynta has generated good EBITDA margins historically. Although the company designs its coverage and service contracts and provides claims administration, it does not bear underwriting risk. These strengths are offset by the substantial debt burden Amynta assumed when it was carved out from AmTrust Financial Services, Inc. earlier this year, and by the cash requirements of the related reorganization plan. Other credit challenges include the company's limited size and the high concentration of its insurance placements with AmTrust, which retains a minority ownership stake in Amynta. Amynta faces inherent execution risk as the management team moves to centralize key functions of about a dozen units that historically operated fairly autonomously as part of AmTrust. The reorganization efforts could cause disruptions in revenue growth and/or operating performance of various business units. Amynta increased its revenue slightly in the first half of 2018 through higher commission income and renewal rates in its managing general agency and specialty segments, which offset the loss of a couple large accounts in its warranty business. The company has a pro forma debt-to-EBITDA of 7.0x-7.5x, (EBITDA - capex) interest coverage of 1.5x-2.0x and a free-cash-flow-to-debt ratio in the low-to-mid-single digits, per Moody's estimates. These pro forma metrics include Moody's adjustments for operating leases, contingent earnout obligations, run-rate EBITDA from completed acquisitions, and certain non-recurring costs and other items. The following factors could lead to an upgrade of Amynta's ratings: (1) debt-to-EBITDA ratio declining below 5.5x, (2) (EBITDA - capex) coverage of interest exceeding 2x, (3) free-cash-flow-to-debt ratio exceeding 5%, (4) successful reorganization with demonstrated cost savings and synergies, (5) demonstrated ability to grow revenue and expand margins, (6) ability to place business with a range of carriers and reduce reliance on AmTrust. The following factors could lead to a downgrade of Amynta's ratings: (1) debt-to-EBITDA ratio above 7.5x, (2) (EBITDA-capex) coverage of interest below 1.2x, (3) free-cash-flow-to-debt ratio below 2%, (4) material deviation from company's reorganization and growth plan, (5) inability to place business with a range of carriers. Moody's has affirmed the following ratings (and loss given default (LGD) assessments): Amynta Agency Borrower, Inc. Corporate family rating at B3; Probability of default rating at B3-PD; $110.0 million senior secured first-lien revolving credit facility maturing in February 2023 at B2 (LGD3), $602.5 million (including $50 million increase) senior secured first-lien term loan maturing in February 2025 at B2 (LGD3), $175.0 million senior secured second-lien term loan maturing in February 2026 at Caa2 (LGD6 from LGD5). The rating outlook for Amynta is stable. Amynta WarrantyCo Borrower Inc. is a co-borrower under the credit facilities. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in June 2018. Based in New York City, Amynta is a third-party administrator and managing general agent doing business with large manufacturers and retailers, small and mid-sized companies, and non-profit and government entities throughout the US. The company generated net revenue of $395 million for the first half of 2018. Private equity sponsor Madison Dearborn Partners owns a 51% equity interest in Amynta while AmTrust retains a 49% equity interest. ARBORSCAPE INC: Seeks Access to Cash Collateral Until Dec. 31 ------------------------------------------------------------- Arborscape, Inc., seeks continued authority to use cash collateral until December 31, 2018. It intends to continue its business operation while bankruptcy case is pending and plans to reorganize so that it can continue with its business. With this, it needs to pay for necessary operating expenses, as set forth in the budget, using cash collateral secured for its creditors, J.P. Morgan Chase Bank, the Internal Revenue Service (IRS), and the Colorado Department of Revenue (CDR). To adequately protect the interests of its secured creditors, Arborscape shall (1) grant replacement liens, (2) pay IRS ($2,564.81) and CDR ($345.60) as monthly adequate protection payments, (3) keep collateral insured, (4) render complete monthly accounting of revenue, expenditures and collections and (5) maintain good repair of all of the collateral. Should Arborscape default in any of the these, the approved use of cash collateral will cease and the creditors can file the necessary cases for relief against the company. A full-text copy of the Motion is available at: http://bankrupt.com/misc/cob18-12660_Arborscape_Cash_M.pdf The proposed cash collateral budget for the months of September to December is available at: http://bankrupt.com/misc/cob18-12660_Arborscape_Budget.pdf About Arborscape, Inc. ArborScape, Inc., is a Colorado-based company dedicated to providing sustainable landscapes for its clients by promoting the art and science of horticulture using environmentally friendly products and services. It offers tree trimming and removal services, tree spraying, lawn and tree care services. The company was founded in 1995. ArborScape sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 18-12660) on April 3, 2018. In the petition signed by David Merriman, president, the Debtor disclosed $1.63 million in assets and $1.54 million in liabilities. Judge Joseph G. Rosania Jr. presides over the case. KUTNER BRINEN, P.C., is the Debtor's counsel. ATD CORP: October 18 Meeting Set to Form Creditors' Panel --------------------------------------------------------- Tracy Hope Davis, United States Trustee for Region 18, will hold an organizational meeting on October 18, 2018, at 10:00 a.m. in the bankruptcy case of ATD Corporation. The meeting will be held at: Office of the US Trustee 844 King Street, Room 3209 Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About ATD Corp/American Tire Headquartered in Huntersville, North Carolina, ATD Corporation and its subsidiaries -- https://www.atd-us.com -- are distributors of replacement tires with more than 140 distribution centers and 1,400 delivery vehicles servicing a geographic region covering more than 90 percent of the replacement tire market for passenger vehicles and light trucks in the United States. ATD offers the broadest variety of products and value-added services that range from premium-quality tires and popular custom wheels to business support services and online platforms that cater to tire retailers and their potential customers. ATD has its own proprietary private-label and exclusive tire brands, such as Hercules and Ironman, to supplement its supply of industry-leading brand-name tires, including Continental, Michelin, Pirelli, Cooper, Nexen, Toyo-Nitto, Hankook, Kumho, and Falken among others. The Debtors and their non-Debtor subsidiaries currently employ approximately 5,500 people in the United States and Canada. ATD Corporation and eight of its affiliates filed for bankruptcy on Oct. 4, 2018 (Bankr. D. Del. Lead Case No. 18-12221. The petition was signed by William Williams, chief financial officer. The Hon. Kevin J. Carey presides over the cases. The Debtors estimated assets of $1 billion to $10 billion and liabilities of $1 billion to $10 billion. Kirkland & Ellis LLP serves as general bankruptcy counsel to the Debtors and Pachulski Stang Ziehl & Jones LLP serves as local bankruptcy counsel. The Debtors tapped Moelis & Company as financial advisor; AlixPartners LLP as restructuring advisor; and Kurtzman Carson Consultants, LLC as notice and claims agent. AVON PRODUCTS: Fitch Affirms B+ LT IDR & Alters Outlook to Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Avon Products, Inc.'s Long-Term Issuer Default Rating at 'B+'. The Rating Outlook has been revised to Stable from Negative. The Outlook revision to Stable reflects Avon's concerted efforts to improve its credit profile through debt reduction following the company's early redemption in June 2018 of $238 million of 6.5% senior notes due 2019, which reduced leverage to 3.8x as of June 30, 2018 from 4.4x in 2017. The 'B+' rating reflects Fitch's concern that despite early signs of improvement in certain key markets, which should support annual EBITDA of approximately $0.5 billion, Avon faces continued challenges in Brazil, its largest market representing 22% of total revenue, and lack of improvement in the company's key performance indicators, particularly continued declines in active representatives (reps) and orders. KEY RATING DRIVERS Improved Credit Profile: Fitch believes Avon's credit profile has improved following several years of sharply deteriorating financial results. Avon's improved credit profile reflects the company's early redemption in June 2018 of $238 million of 6.5% senior notes due 2019, which reduced total debt to $1.9 billion, which includes 50% equity credit for the preferred stock, compared with approximately $2.1 billion at year-end 2017. Furthermore, Avon's operating EBITDA rebounded to nearly $492 million (8.8% margin) in the latest 12 months (LTM) ended June 30, 2018 compared with $460 million (8.1% margin) in the corresponding year-ago period. The improvement in EBITDA reflects the benefits of restructuring initiatives and improving revenue trends on a constant currency basis in certain key markets, particularly in the second quarter of 2018, led by Mexico (+0.1% on a like-for-like basis), Russia (-0.5%) and the Philippines (+0.4%), and continued inflationary pricing in Argentina. As a result of the aforementioned factors, Fitch projects Avon's leverage will decline to 3.8x in 2018 compared with 4.4x and 4.2x in 2017 and 2016, respectively. Fitch forecasts EBITDA will be relatively flat at approximately $500 million and total outstanding debt will remain relatively unchanged through 2021. Risks to Fitch's forecast include continued challenges in Brazil, significant currency fluctuations, and lack of improvement in the company's key performance indicators, particularly continued declines in active representatives (reps) and orders. Brazil Underperforms Key Markets: Brazil is Avon's largest (22% of revenue) and worst performing market relative to Avon's top five markets, reflecting the scale and depth of the challenges in Brazil. Quarterly revenue from Brazil has declined at a mid- single to low double-digit rate at constant currency since the second quarter of 2017. Avon appointed a new general manager in Brazil to lead the company's efforts to improve service quality and training for reps. Weak Key Performance Indicators: Avon's key performance indicators remain weak, particularly active reps and volume, despite the turnaround efforts made to date, indicating the pace of the turnaround will likely be gradual, partly due to the depth and very early stages of improvement in Avon's largest market, Brazil. Total active reps declined 4% in the first half of 2018 led by South Latin America (-4%), excluding the effect of the truckers strike in Brazil, and North Latin America (-5%). The quarterly number of units sold has consistently declined at a low- to mid-single digit rate year-over-year since 2016. A lack of improvement or accelerating declines in these metrics would likely jeopardize Fitch's expectations for gradual improvement in revenue growth trends on a constant currency basis through 2021 and potentially result in negative rating actions. Growing Addressable Markets: The total addressable market for Avon's products is growing, lending credence to Fitch's growing belief that the company's performance can continue to improve if the strategy detailed by new CEO, Jan Zijderveld, is properly executed. Avon's markets for total beauty, direct selling and emerging market grew 5%, 4%, and 7%, respectively, from 2014 - 2017 on a CAGR basis. In the first half of 2018, Avon's strategy primarily focused on identifying the company's core issues through greater communication with reps in its largest markets, hiring several new country general managers that account for 50% of total revenue, creating a new global sales organization to develop repeatable models and tool sets and implementing processes to reduce the company's time to market, which is critical to introducing on-trend products. Strategies to be implemented in the second half of 2018 include training of reps, introducing and fostering reps' adoption of Avon's e-brochure and personalized on-line store, tightening revenue management and relaunching the Avon brand. Increased Investments to Support Strategy: Avon's strategy to strengthen the company's competitive position and modernize the core business requires $300 million of incremental investments, including $230 million of capital expenditures, from 2019 - 2021. The investments will be in two areas: commercial spend and digital and IT infrastructure. Commercial spend consists of tools and training for reps, advertising to modernize the Avon brand, processes to accelerate the pace of product innovation, new expansion into markets, such as China and India, and channel investments, primarily e-commerce. Digital and IT infrastructure spend targets data center modernization and digital tools, including individual, personalized on-line store pages for reps, new mobile tools to assist with the rep's sale process, analytics and digital marketing. Fitch expects the costs of these investments will at least be cash flow neutral in aggregate through 2021 due to $400 million of targeted costs savings across manufacturing, distribution, procurement, back office, as well as lower taxes and interest expense due to Avon's early debt tender offer in June 2018. FX, Emerging Markets Exposure: Avon is one of the most geographically diverse companies, selling or distributing in 56 countries and territories. Avon's top 10 markets, mostly Emerging Markets, account for 70% of revenue. Latin America represents 52% of revenue, with Brazil, the single largest market, contributing 22% of total revenue in 2017. Negative FX translation has an outsized impact on Avon's financials as most of its cash flows and profits are generated outside the U.S. Economic and political volatility also can have a significant impact. Strong Competition: The beauty industry is structurally attractive and tends to be a resilient category throughout economic cycles, but it's a highly competitive market. Avon, the world's leading direct selling beauty company, is facing intensified competition from multi-national beauty giants who are implementing omni-channel strategies, and smaller, nimbler, fast-growing companies. DERIVATION SUMMARY The Outlook revision to Stable reflects Avon's concerted efforts to improve its credit profile through debt reduction following the company's early redemption in June 2018 of $238 million of 6.5% senior notes due 2019, which reduced leverage to 3.8x as of June 30, 2018 from 4.4x in 2017, The 'B+' rating reflects Fitch concern that despite early signs of improvement in certain key markets, which should support annual EBITDA of approximately $0.5 billion, Avon faces continued challenges in Brazil, its largest market representing 22% of total revenue, and lack of improvement in the company's key performance indicators, particularly continued declines in active representatives (reps) and orders. Avon's revenue will continue to exhibit greater volatility due to the company's focus on emerging markets, foreign currency fluctuations and continued declines in active reps and orders, all of which contributed to a 4.5% revenue decline in the first half of 2018. In terms of comparable companies, Fitch rates Anastasia Intermediate Holdings, LLC's (ABH), a prestige cosmetics brand primarily focused in the U.S., 'BB-'/Stable Outlook. The ratings reflect the company's strong track record of growth and customer connections, good financial profile including above-average EBITDA margin, positive FCF and leverage of mid-3x following a debt-financed dividend. Fitch projects will trend towards the high 2x over the next two to three years. The rating also considers the company's narrow product and brand profile, recent explosive growth that could reverse course, and risk that continued beauty industry market share shifts could weaken ABH's projected growth through the risk of new entrants or existing players regaining share. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case For The Issuer Include: --Revenue is forecasted to decline 2% to $5.1 billion in 2019, stabilize in 2020 and achieve below market growth of 2% in 2021, barring further currency movements. --Operating EBITDA is forecasted to be approximately $500 million annually through 2021. --Fitch expects the incremental investment plan, which also includes $230 million of capital expenditures and $130 million for cash restructuring, will be cash flow neutral through 2021 due to expense reductions, working capital improvements from inventory, tax planning and lower interest expense. --Free cash flow (FCF) is expected to be at least $200 million through 2021. Fitch expects free cash flow to decline year-over-year in 2019, primarily due to timing differences between the incremental investments and offsetting savings. Fitch assumes the company's dividend remains suspended throughout the forecast period and cash interest on the cumulative preferred stock continues to be deferred. -- Fitch expects leverage to remain in a relatively tight range between 3.7x to 3.9x thereafter through 2021. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Flat-to-modestly positive reps and volume growth as well as low-single digit organic growth; -- Sustainable free cash flow in excess of $275 million; -- Maintains current leverage profile with total debt to operating EBITDA at approximately 3.8x. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Accelerating declines in key performance indicators in 2019, particularly active reps and orders, which would indicate a greater probability of extended declines in revenue going forward; -- Significant currency challenges in key markets, such as Brazil or Russia, which affect Avon's ability to service its dollar denominated debt; -- Sustained increases in leverage over 5x. LIQUIDITY Adequate Liquidity: As of June 30, 2018, Avon had cash of $444 million, and $367 million in revolver availability, net of $33 million in outstanding letters of credit. The senior secured revolving credit facility has total capacity of $400 million and expires in June 2020, provided that it shall terminate on the 91st day prior to the maturity of the 4.60% Notes due 2020, if on such 91st day, the applicable notes are not redeemed, repaid, discharged or otherwise refinanced in full. This facility is secured on a first priority lien basis by substantially all of the assets of Avon International Operations ("AIO," a wholly-owned domestic subsidiary) and the subsidiary guarantors. Capital Structure: As of June 30, 2018, Avon had total balance sheet debt of $1.9 billion, including an undrawn $400 million revolving credit facility expiring in 2020, $500 million of senior secured bonds due 2022, $1.25 billion of senior unsecured bonds, and $480 million of preferred stock (includes accrued dividends), which Fitch assigned 50% equity credit. AIO is the borrower for the revolving credit facility as well as the senior secured notes, whereas the senior unsecured notes are obligations of the parent, Avon Products Inc. The revolving credit facility contains a minimum interest coverage ratio and a maximum total leverage ratio. Avon was in compliance with all covenants as of June 30, 2018. Recovery Analysis: Fitch's recovery analysis assumes nearly $370 million of operating EBITDA on a going concern basis, which reflects continued declines in Avon's key markets, deteriorating margin due to competitive pressure and business model weakness. The going concern EBITDA represents a 25% discount to EBITDA of $490 million in 2017 and assumes a recovery multiple of 4x, resulting in an estimated enterprise value (EV) of nearly $1.5 billion. The recovery multiple of 4x EV/EBITDA multiple is at the low end of recent consumer products transactions, but considers Avon's operating challenges, particularly top-line growth, and greater relative risk profile due to its emerging market focus. Avon International's senior secured revolver and senior secured notes are expected to have outstanding recovery prospects (91% - 100%) and as such are rated 'BB+/RR1' with 100% recovery prospect. The revolver and senior secured notes are secured by Avon International Operations, Inc., a wholly owned subsidiary of Avon, and are guaranteed by Avon. Avon's senior unsecured notes are expected to have average recovery prospects (31% - 50%) and are rated 'B+/RR4' with 36% recovery prospect. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Avon Products, Inc. -- Long-Term IDR at 'B+'; -- Senior unsecured notes at 'B+/RR4'. Avon International Operations, Inc. -- Long-Term IDR at 'B+'; -- Senior secured revolver at 'BB+'/'RR1'; -- Senior secured notes at 'BB+'/'RR1'. The Rating Outlook has been revised to Stable from Negative. BC COMIX & GAMES: Motion to Use Cash Collateral Filed ----------------------------------------------------- To maintain its payroll and pay rent, utilities, other ordinary and necessary operating expenses and U.S. Trustee fees, BC Comix & Games, LLC, a debtor-in-possession in bankruptcy case, filed a motion for interim authorization to use cash collateral. The case is currently pending in the U.S. Bankruptcy Court of the Eastern District of Michigan (Southern Division), under Judge Daniel Opperman. The company believes that it will suffer irreparable harm if it is not able to use cash collateral. It is willing to provide the State of Michigan and Corporation Service Company (who may be acting on behalf of BFS Capital) and other secured parties with replacement liens and adequate protection payments of $1,000.00 per month. A full-text copy of the Motion is available at: http://bankrupt.com/misc/18-32192_BC_Comix_Cash_M.pdf About BC Comix & Games BC Comix & Games, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 18-32192) on Sept. 18, 2018. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Daniel S. Oppermanflint presides over the case. CARDEL CLOCKTOWER: Case Summary & 3 Unsecured Creditors ------------------------------------------------------- Debtor: Cardel Clocktower Limited Partnership 9110 E Nichols Ave, Suite 120 Centennial, CO 80112 Business Description: Cardel Clocktower Limited Partnership is a privately held company in Centennial, Colorado. It is an affiliate of Cardel Master Builder, Inc., a building contractor. Chapter 11 Petition Date: October 12, 2018 Court: United States Bankruptcy Court District of Colorado (Denver) Case No.: 18-18947 Judge: Hon. Thomas B. McNamara Debtor's Counsel: Brian J. Fletcher, Esq. ONSAGER | FLETCHER | JOHNSON LLC 1801 Broadway, Ste. 900 Denver, CO 80202 Tel: 303-512-1123 Fax: 303-512-1129 Email: jbfletcher@OFJlaw.com - and - Christian C. Onsager, Esq. ONSAGER | FLETCHER | JOHNSON LLC 1801 Broadway, Ste. 900 Denver, CO 80202 Tel: 303-512-1123 Email: consager@OFJlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Roderick Mickelberry, regional president, Cardel Master Builder, Inc., G.P. of Cardel Clocktower, L.P. A copy of the Debtor's list of three unsecured creditors is available for free at: http://bankrupt.com/misc/cob18-18947_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cob18-18947.pdf CARWASHER INC: Taps Bellamak Realty as Real Estate Broker --------------------------------------------------------- Raymond Coy Lindblom and Kathleen Lindblom, debtors-in-possession, seek approval from the U.S. Bankruptcy Court for the District of Arizona to hire Shawn Bellamak and Bellamak Realty, LLC, as brokers for the Debtors. Bellamak Realty is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, and neither broker nor anyone associated with Broker holds any interest materially adverse to the estate, as disclosed in the Court filing. The Debtor has agreed to compensate Broker in an amount equal to 6% of the sale price of the property. The broker can be reached through: Shawn Bellamak Bellamak Realty 5830 N. 42nd Street Phoenix, AZ 85018 Phone: 602-723-0400 About The Carwasher Inc. The Carwasher, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 13-13417) on Aug. 5, 2013. In the petition signed by Coy Lindblom, secretary, the Debtor estimated assets of less than $500,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Eddward P. Ballinger Jr. The Debtor is represented by Kelly G. Black, Esq. at Kelly G. Black, PLC. CENGAGE: Bank Debt Trades at 6% Off ----------------------------------- Participations in a syndicated loan under which Cengage (fka Thomson Learning) is a borrower traded in the secondary market at 93.66 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.14 percentage points from the previous week. Cengage pays 425 basis points above LIBOR to borrow under the $171 million facility. The bank loan matures on June 7, 2023. Moody's rates the loan 'B2' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. CENTINELA VALLEY: Taps Mark S. Gutentag, CPA, as Accountant ----------------------------------------------------------- Centinela Valley Endoscopy Center, Inc., seeks authority from the U.S. Bankruptcy Court for the Central District of California (Los Angeles) to employ Mark S. Gutentag, CPA, as its accountant. Services that Gutentag will be required to render are: a. prepare the Debtor's federal and state income tax returns; b. prepare financial projections and analysis for purposes of cash collateral usage and the development of a Chapter 11 plan of reorganization and disclosure statement; c. prepare financial documents related to a liquidation analysis and other financial information in connection with Debtor’s reorganization efforts; d. if necessary, assist with the analysis of the tax implications of various plan or administrative alternatives; e. if necessary, provide expert witness testimony on behalf of the Debtor regarding any of the services listed above; f. provide any and all other accounting, tax and business advice and services incident and necessary as the Debtor may require of Gutentag in connection with this Bankruptcy Case and as necessary to preserve assets for the benefit of the Estate and its creditors. Mark S. Gutentag's current hourly billing rate is $240. Mark S. Gutentag, attests that he is a disinterested as that term is defined in Section 101(14) of the Bankruptcy Code and represents no interest adverse to the Debtor or its Estate. The accountant can be reached through: Mark S. Gutentag,CPA 9250 Reseda Blvd #664 Northridge, CA, 91324 Phone: 818-993-9561 E-mail: mark@gutentagcpa.com About Centinela Valley Centinela Valley Endoscopy Center, Inc., is a California corporation operating a free-standing ambulatory endoscopy center for procedures not requiring hospital admission, formed on Sept. 18, 2003 by doctors Stephen A.C. Parnell, Donald R. Henderson, Steven A. Lerner, and Mark Lott in response to the need for cost-effective diagnostic services in the medically underserved community of Inglewood, California. Centinela Valley Endoscopy Center filed a Chapter 11 petition (Banrk. C.D. Cal. Case No. 18-21391) on Sept. 28, 2018, estimating $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. The Debtor is represented by Nina Z Javan at Weintraub & Selth, APC. CENTINELA VALLEY: Taps Weintraub & Selth as Bankruptcy Counsel -------------------------------------------------------------- Centinela Valley Endoscopy Center, Inc., seeks authority from the U.S. Bankruptcy Court for the Central District of California (Los Angeles) to employ Weintraub & Selth, APC as its general bankruptcy counsel as of September 28, 2018. Services to be rendered by the counsel are: 1. advice concerning the Debtor's rights, powers, and duties under Section 1103 of the Bankruptcy Code; 2. advice concerning all general administrative matters in the Bankruptcy Case and dealings with the Office of the United States Trustee; 3. representation of the Debtor at all hearings before the United States Bankruptcy Court involving the Debtor in its capacity as debtor-in-possession and as reorganized debtor, as applicable, unless the Debtor is represented in that proceeding or hearing by other/special counsel; 4. prepare on the Debtor's behalf, as debtor in possession, all necessary schedules and amendments thereto, applications, motions, orders and other legal papers; 5. advice to the Debtor regarding matters of bankruptcy law, including the Debtor's rights and remedies with respect to assets of the Debtor's bankruptcy estate and creditor claims; 6. represent the Debtor with regard to all contested matters; 7. represent the Debtor in any litigation commenced by, or against, the Debtor, provided that such litigation is within the Debtor's expertise and subject to a further engagement agreement with the Debtor on terms acceptable to the Debtor and the Firm; 8. represent the Debtor with regard to the preparation of a disclosure statement and the negotiation, preparation and implementation of a plan of reorganization; 9. analyse any secured, priority or general unsecured claims that have been filed in this Bankruptcy Case; 10. negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of claims; 11. object to claims as may be appropriate; and 12. perform of all other legal services for the Debtor, in its capacity as debtor in possession, as may be necessary. Weintraub & Selth's hourly rates are: Daniel J. Weintraub $550 James R. Selth $495 Nina Z. Javan $395 Paraprofessionals $250 Legal Assistants $150 to $175 Daniel J. Weintraub, president of Weintraub & Selth, APC, attests that his firm does not hold or represent any interest adverse to the Debtor or the Estate, and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The counsel can be reached through: Daniel J. Weintraub, Esq. James R. Selth, Esq. Nina Z. Javan, Esq. WEINTRAUB & SELTH, APC 11766 Wilshire Boulevard, Suite 1170 Los Angeles, CA 90025 Tel: (310) 207-1494 Fax: (310) 442-0660 Email: nina@wsrlaw.net About Centinela Valley Endoscopy Centinela Valley Endoscopy Center, Inc., is a California corporation operating a free-standing ambulatory endoscopy center for procedures not requiring hospital admission, formed on Sept. 18, 2003, by doctors Stephen A.C. Parnell, Donald R. Henderson, Steven A. Lerner, and Mark Lott in response to the need for cost-effective diagnostic services in the medically under-served community of Inglewood, California. Centinela Valley Endoscopy filed a Chapter 11 petition (Banrk. C.D. Cal. Case no. 18-21391) on Sept. 28, 2018, estimating $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Weintraub & Selth, APC, led by Nina Z. Javan, serves as counsel to the Debtor. CHOBANI GLOBAL: Moody's Affirms B3 CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Investors Service, Inc. affirmed the ratings of Chobani Global Holdings, LLC and subsidiaries and revised the ratings outlook to stable from positive. Ratings affirmed include the B3 Corporate Family Rating, B3-PD Probably of Default Rating, B1 senior secured first-lien debt rating and Caa2 senior unsecured debt rating. The outlook revision to stable from positive reflects Chobani's soft operating performance that has fallen below Moody's expectations. The performance weakness reflects contracting US yogurt category volume that is leading to declining sales and more intense competition in the sector. The stable outlook assumes that Chobani will maintain stable market shares, stabilize earnings over the next six-to-twelve months through new product rollouts and improved cost management, and generate consistently positive free cash flow. "We had previously assumed that Chobani would sustain relatively stable earnings this year, which would have allowed the company to reduce leverage below 7.0x, possibly leading to an upgrade," commented Brian Weddington, a Moody's Senior Credit Officer. "However, deteriorating trends in the category have weighed on the company's sales and earnings. As a result, financial leverage will not improve materially over the next year," added Weddington. Including Moody's adjustments, Chobani's debt/EBITDA is approximately 7.8x as of June 30, 2018, about the same as a year ago. RATINGS RATIONALE The B3 Corporate Family Rating reflects Chobani's high financial leverage, significant exposure to milk input price volatility, and high concentration in the U.S. Greek yogurt category, which is currently experiencing sales declines and increasing competitive activity. The ratings also reflect high execution risk in Chobani's rapid product development strategy, which is a key component of its plan for earnings growth, margin expansion and financial deleveraging. Corporate governance remains a key credit negative, reflecting the concentrated control of the board of directors and key senior executive roles held by the founder and CEO. Chobani's credit profile is supported by good profit margins and the strong equity value of the Chobani brand that holds a leading position in the $4.5 billion U.S. Greek yogurt category. Ratings affirmed: Chobani Global Holdings, LLC: Corporate Family Rating at B3; Probably of Default Rating at B3-PD. Chobani, LLC: Senior secured debt at B1 (LGD2 from LGD3); Senior unsecured debt at Caa2 (LGD5). The outlook on all ratings is revised to stable from positive. Moody's plans to move the CFR and PDR to Chobani, LLC, which is the primary debt issuer. Ratings could be downgraded if debt/EBITDA is sustained above 8.0x or if the company is unable to generate positive free cash flow. Ratings could be upgraded if Chobani successfully grows earnings, improves its liquidity profile, sustains debt/EBITDA below 7.0x and is likely to generate sustained positive free cash flow. Chobani Global Holdings, LLC, based in Norwich, New York, is a leading manufacturer of Greek and traditional yogurt sold under the "Chobani" master brand. Domestic sales approximate $1.4 billion. The company is majority owned by its CEO and founder Hamdi Ulukaya. The principal methodology used in these ratings was Global Packaged Goods published in January 2017. CLAIRE'S STORES: Emerges From Chapter 11 Restructuring ------------------------------------------------------ Claire's Stores, Inc., disclosed that it successfully completed its financial restructuring and emerged from Chapter 11 as the Company's court-confirmed Third Amended Plan of Reorganization went into effect Friday, Oct. 12, 2018. With support from its creditors and stakeholders, including an Ad Hoc Group of First Lien Creditors led by Elliott Management Corporation and Monarch Alternative Capital LP, who sponsored the Third Amended Plan, the Company has eliminated approximately $1.9 billion of debt from its balance sheet and gained access to $575 million in new capital. "We committed at the beginning of this process that we would emerge as a healthier, more profitable Company -- and that is exactly what we have done," said Chief Executive Officer Ron Marshall. "Our renewed financial strength cements Claire's position as one of the world's leading specialty retailers of fashionable jewelry, accessories and beauty products for young women, teens, tweens and girls, and with our key growth initiatives already delivering value, we are well-positioned for long-term growth and success. We look forward to being a stronger partner and employer thanks to the support of all the customers, employees, partners, landlords, and lenders who worked with us during this process." Claire's commenced its Chapter 11 process on March 19, 2018, to undertake a balance sheet restructuring and eliminate a substantial portion of debt from its balance sheet to position its Claire's(R) and Icing(R) stores for long-term success. All businesses continued to operate as usual throughout the restructuring. Lazard Freres & Co. LLC is serving as investment banker to Claire's; FTI Consulting, Inc. is serving as restructuring advisor to Claire's; Hilco Real Estate, LLC is serving as real estate advisor to Claire's; and Weil, Gotshal & Manges LLP is serving as legal counsel to Claire's. The Ad Hoc First Lien Group is represented by Willkie Farr & Gallagher LLP and Guggenheim Securities LLC. Court documents and additional information are available on the website administered by the Company's claims and noticing agent, Prime Clerk LLC, at https://cases.primeclerk.com/claires or may be obtained by calling the Claire's Restructuring Hotline, toll-free in the U.S., at (844) 276-3027. For calls originating outside of the U.S., please dial (917) 962-8890. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. COVIA HOLDINGS: Bank Debt Trades at 7% Off ------------------------------------------ Participations in a syndicated loan under which Covia Holdings Corporation is a borrower traded in the secondary market at 93.33 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.96 percentage points from the previous week. Covia Holdings pays 375 basis points above LIBOR to borrow under the $165 million facility. The bank loan matures on June 1, 2025. Moody's rates the loan 'Ba3' and Standard & Poor's gave a 'BB' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. CROWN SUBSEA: Moody's Assigns B1 Corp Family Rating, Outlook Stable ------------------------------------------------------------------- Moody's Investors Service assigned a first-time B1 Corporate Family Rating and B1-PD Probability of Default Rating to Crown Subsea Communications Holding, Inc., a provider of installation and maintenance services for the construction of undersea fiber optic cable systems. Concurrently, Moody's also assigned a B1 rating to Subcom's proposed $450 million senior secured first lien term loan and $100 million senior secured revolving credit facility. Proceeds from the new issuance will be used to fund balance sheet cash as well as $400 million of restricted cash which will backstop a $400 million Letter of Credit facility. Equity capital provided by funds affiliated with Cerberus Capital will be used to fund about $32 million of associated fees and expenses in addition to the cash purchase price of Subcom. The ratings outlook is stable. Assignments: Issuer: Crown Subsea Communications Holding, Inc. Probability of Default Rating, Assigned B1-PD Corporate Family Rating, Assigned B1 Gtd Senior Secured Bank Credit Facility, Assigned B1 (LGD3) Outlook Actions: Issuer: Crown Subsea Communications Holding, Inc. Outlook, Assigned Stable RATINGS RATIONALE The B1 corporate family rating reflects risks associated with the company's moderate financial leverage, with adjusted gross debt / EBITDA of about 3.5x based on June 30, 2018 LTM results, pro forma for the transaction and excluding certain one-time expenses. Leverage however, could be viewed as modest when netting the restricted cash balance of $400 million which will be used to cash collateralize the $400 million Letter of Credit Facility, at about 1x. The rating is also constrained by the historically cyclical nature of the long haul subsea fiber optic cable construction industry which can result in highly volatile EBITDA and cash flow generation from year to year as well as risks associated with setting up the business as a standalone entity. Subcom, which generated revenue of about $732 million in the LTM period ended June 30, 2018, is a leading player in the long haul fiber optic cable systems construction market. The company is estimated to have about 40% of the long haul fiber optic cable construction market share with the bulk of the remainder of the market roughly split between competitors NEC and Nokia's ASN (Alcatel) unit. Over the next 12-18 months, Moody's expects revenue to grow in the 15-20% range, supported by substantial, high quality revenue backlog based on project wins from 2017 and 2018. Over time Moody's expects that increasing demand for bandwidth, driven by the ever growing use and generation of data across continents, will result in long term market growth in the high single- to low double-digit percent range. Subcom's participation in major long haul fiber optic cable system construction projects over this period should drive gross adjusted leverage to below 4x in the next 12-18 months but Moody's expects that gross leverage will likely remain in a range between 2x and 5x over the long term. Cash flow generation is expected to be similarly volatile with funds from operations to debt fluctuating between 5% and 20% over time. Upon the close of the transaction, Subcom will receive a negotiated 3 year, $300 million guarantee facility from its former parent in order to provide performance and warrantee guarantees to customers. Following the expiration of this guarantee facility it is likely that the company could further increase debt in order to cash collateralize additional Letter of Credit facilities. The stable ratings outlook reflects its expectations that consistent, growing, demand for intercontinental network bandwidth will necessitate the construction of additional transoceanic subsea fiber optic cable systems. Based on Subcom's market presence and capabilities, Moody's believes that the company will by necessity take part in a substantial portion of future cable construction activity, resulting in persistent, albeit somewhat volatile, EBITDA and cash flow generation over time. Though unlikely over the near term due to the company's private equity ownership and expectations for relatively aggressive financial policies, ratings could be upgraded if the company were to demonstrate consistent positive free cash flow and sustain gross leverage below 3x on a long term basis. The ratings could be downgraded if the company were to materially lose market share such that revenue backlog and EBITDA generation were to experience sustained declines over time. Ratings could also face downward pressure if the company were to pursue acquisition or dividend activity funded with additional debt. Liquidity is considered adequate based on the company's expected $46 million of unrestricted balance sheet cash at the close of the transaction, and a $100 million revolving credit facility which is expected to be undrawn at close. The company is forecasted to spend approximately $25 million and $4.5 million annually for capital expenditures and term loan amortization, respectively. Moody's notes that over the next 12 months, free cash flow generation could swing negative but expect that cash receipts from projects in progress will drive substantial cash generation over a 24 month period. The principal methodology used in these ratings was Construction Industry published in March 2017. Subcom, which is being spun-out by current owner Tyco Electronics Group S.A., is one of three leading global subsea fiber optic cable installers. The company provides planning, engineering, manufacturing, installation and maintenance services for the construction of subsea fiber optic cable systems worldwide. The company's customers include telecom providers, operators, internet content providers, network consortiums and government entities. Subcom, which is owned by funds affiliated with Cerberus Capital, is headquartered in Eatontown, NJ and generated revenue of $732 million in the LTM period ended June 30, 2018. CURAE HEALTH: Ombudsman Taps Greenberg Traurig as Counsel --------------------------------------------------------- Suzanne Koenig, the patient care ombudsman of Curae Health Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to retain Greenberg Traurig, LLP, as counsel for the Ombudsman, nunc pro tunc as of Sept. 18, 2018. The professional services that the Ombudsman expects Greenberg Traurig to render are: (a) represent the Ombudsman in any proceeding or hearing in the Bankruptcy Court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of these Cases; (b) advise the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules and the requirements of the Office of the United States Trustee relating to the discharge of her duties under section 333 of the Bankruptcy Code; (c) advise and represent the Ombudsman in evaluating any patient or healthcare related issues, including, in connection with any sale, reorganization or liquidation; and (d) perform such other legal services as may be required under the circumstances of these Cases in accordance with the Ombudsman's powers and duties as set forth in the Bankruptcy Code, including assisting the Ombudsman with reports to the Court, fee applications or other matters. John D. Elrod, shareholder at the law firm of Greenberg Traurig, attests that his firm does not hold or represent any interest adverse to the Debtors or its chapter 11 estates, its creditors or any other party in interest, and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Greenberg Traurig's hourly rates are: Shareholders $420 to $950 Of Counsel $330 to $950 Associates $250 to $775 Legal Assistants/Paralegals $140 to $430 Nancy Peterman (Shareholder) $650 John Elrod $650 Emily Weaver $395 Carla Greenberg (Paralegal) $150 The counsel can be reached through: John D. Elrod, Esq. Greenberg Traurig, LLP 3333 Piedmont Road NE, Suite 2500 Atlanta, GA 30305 Tel: (678) 553-2100 Fax: (678) 553-2212 Email: elrodj@gtlaw.com -- and -- Nancy A. Peterman Greenberg Traurig, LLP 77 West Wacker Drive, Suite 3100 Chicago, IL 60601 Tel: (312) 456-8400 Fax: (312) 456-8435 Email: petermann@gtlaw.com About Curae Health Curae Health is a 501(c)(3) not-for-profit health system formed to address the needs of rural healthcare. Focusing on rural community hospitals in the Southeastern US, Curae collaborates with medical staff and communities to add new services and upgrade the facilities, alleviating the need for patients to travel long distances for their healthcare needs. On Aug. 24, 2018, Curae Health, Inc., and its affiliates sought Chapter 11 protection (Bankr. M.D. Tenn. Lead Case No. 18-05665). Curae Health estimated $10 million to $50 million in total assets and $50 million to $100 million in total liabilities. The cases are assigned to Judge Charles M. Walker. The Debtors tapped Polsinelli PC as counsel; Glassratner Advisory & Capital Group LLC, as financial advisors; Egerton McAfee Armistead & Davis, P.C., as special counsel; Morgan Stanley as investment banker; and BMC Group, Inc., as claims and noticing agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 6, 2018. CURAE HEALTH: Ombudsman Taps SAK Management Services as Advisor --------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman of Curae Health Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to retain SAK Management Services, LLC, as medical operations advisor for the Ombudsman, nunc pro tunc as of Sept. 18, 2018. The professional services that the Ombudsman expects SAK to render are: (a) conduct interviews of patients and facility staff as required; (b) review licenses and governmental permits; (c) review adequacy of staffing, supplies and equipment; (d) review safety standards; (e) review facility maintenance issues or reports; (f) review patient, family, staff or employee complaints; (g) review risk management reports; (h) review litigation relating to the Debtors; (i) review patient records; (j) review any possible sale or restructuring of the Debtors and how it impacts patients; (k) review other information, as applicable to the Debtors and these Cases, including, without limitation, patient satisfaction survey results, regulatory reports, utilization review reports, discharged and transferred patient reports, staff recruitment plans and nurse/patient/acuity staffing plans; (l) review various financial information, including, without limitation, current financial statements, cash projections, accounts receivable reports and accounts payable reports to the extent such information may impact patient care; and (m) assist the Ombudsman with such other services as may be required under the circumstances of these Cases, including any diligence or investigation required for the reports to be submitted by the Ombudsman. SAK's current hourly rates are: Suzanne Koenig $400 Joyce Ciyou $375 Flora Reznik $375 Helen Colon $100 Suzanne Koenig, president of SAK Management Services, LLC, attests that SAK does not hold or represent any interest adverse to the Debtors or their respective chapter 11 estates, creditors or any other party-in-interest and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The advisor can be reached through: Suzanne Koenig SAK Management Services, LLC 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Fax: 847-446-8432 E-mail: skoenig@sakmgmt.com About Curae Health Curae Health is a 501(c)(3) not-for-profit health system formed to address the needs of rural healthcare. Focusing on rural community hospitals in the Southeastern US, Curae collaborates with medical staff and communities to add new services and upgrade the facilities, alleviating the need for patients to travel long distances for their healthcare needs. On Aug. 24, 2018, Curae Health, Inc., and its affiliates sought Chapter 11 protection (Bankr. M.D. Tenn. Lead Case No. 18-05665). Curae Health estimated $10 million to $50 million in total assets and $50 million to $100 million in total liabilities. The cases are assigned to Judge Charles M. Walker. The Debtors tapped Polsinelli PC as counsel; Glassratner Advisory & Capital Group LLC, as financial advisors; Egerton McAfee Armistead & Davis, P.C., as special counsel; Morgan Stanley as investment banker; and BMC Group, Inc., as claims and noticing agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 6, 2018. DAYMARK SOLUTIONS: Taps Dorglen & Taylor as Business Consultant --------------------------------------------------------------- Daymark Solutions Inc. seeks authority from the U.S. Bankruptcy Court for the District of Kansas (Kansas City) to employ Rodger R. Stelter, Dorglen and Taylor LLC, as business consultant. The Debtor-in-possession requires the services of a business consultant to assist in the investigation of Debtor's operations, the Debtor' ability to continue its business operations and propose a viable plan of reorganization, and preparation of the 2017 tax returns. The Debtor also requires that the business consultant prepare the appropriate monthly financial reports, proforma and cash flow projections requested by the United States Trustee and necessary for the presentation of a Disclosure Statement and Plan. Mr. Stelter has agreed to act as financial consultant for the Debtor at the hourly rate of $100. 00. Mr. Stelter will also require reimbursement for his out-of-pocket expenses. In view of the concentrated time involved, Mr. Stelter requests approval of the following fee arrangement: a. The Debtor shall, from the assets of the bankruptcy estate, pay each month to Mr. Stelter 100% of the fees incurred and 100% of the expenses advanced on behalf of the Debtor. b. Mr. Stelter shall hold in a trust account 10% of the sums received as payment for fees incurred, pending further application to this Court for approval of his fees. c. Mr. Stelter will provide a copy of his monthly billing statements to the United States Trustee and the to the unsecured creditors’ committee, should one be formed. Mr. Stelter received a $3,000.00 retainer from the Debtor, of which $2,400.00 has been applied for professional services already provided in the week leading up to the Petition Date, leaving a retainer balance of $600.00 for application to payment of services to be provided in this Chapter 11 proceeding. Rodger R. Stelter attests that he does not hold or represent any interest adverse to that of the Debtor and that he is a disinterested person within the meaning of 11 U.S.C. Section 101(14). The consultant can be reached through: Rodger R. Stelter DORGLEN & TAYLOR, LLC 11184 Antioch, Suite 512 Overland Park, KS 66210-2420 About Daymark Solutions Daymark Solutions Inc. operates a sales and service company that creates photo identification systems. Based in Overland Park, Kansas, Daymark Solutions Inc. filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (Bankr D. Kan. Case No. 18-22116) on Oct. 12, 2018, estimating under $1 million in both assets and liabilities. Joanne B. Stutz, Esq., at Evans & Mullinix PA, serves as counsel to the Debtor. DIAMOND OFFSHORE: S&P Assigns B+ Rating on Unsec. Credit Facility ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to Houston–based Diamond Offshore Drilling Inc.'s new unsecured credit facility maturing in 2023. The '2 'recovery rating indicates S&P's expectation of substantial (70%-90%, rounded estimate: 85%) recovery to creditors in the event of a payment default. The facility is guaranteed by certain rig-owning subsidiaries of Diamond Offshore Drilling. S&P said, "At the same time, we affirmed our 'B' issue-level ratings on the company's existing unsecured notes (without subsidiary guarantees), although we have lowered our recovery expectations to 35% from 40%. The recovery rating on these notes is '4', indicating our expectation of average (30%-50%, rounded estimate: 35%) recovery to creditors in the event of a payment default. "Our 'B' issuer credit rating and negative outlook on Diamond Offshore Drilling remain unchanged." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors S&P said, "Our hypothetical default scenario contemplates a substantial and sustained deterioration of Diamond's operating performance, stemming primarily from a significant decline in the installed base of the company's drilling rigs. As revenues fall and Diamond's operating margins compress under these conditions, the company would fund operating losses and debt service with available cash and, if available, borrowings under its revolving credit facility. Eventually, liquidity and capital resources would diminish, and the company could not operate without a bankruptcy filing or out-of-court debt restructuring. "We base our recovery analysis valuation on an emergence value for Diamond of about $1.86 billion. In our view, Diamond's creditors would realize greater value through reorganization rather than through liquidation of its assets. Our reorganization value assumption reflects a going-concern discrete asset valuation of $1.86 billion. We assume 15% shrinkage in fixed assets as we move toward default and apply a 40%-50% realization rate to existing equipment. We value the company's receivables at 90% (after 40% shrinkage) and assume 100% shrinkage to cash. We adjusted our gross valuation to account for restructuring administrative costs (estimated at about 5% of the gross value). After this adjustment, about $1.77 billion of value would remain available for distribution to Diamond's various creditors." Simulated default assumptions -- Simulated year of default: 2021 Diamond's $950 million revolving credit facility capacity will be 85% utilized, with total outstanding borrowings at the time of S&P's hypothetical default of about $830 million. S&P's 85% assumption is in accordance with its general guidelines for cash flow revolving credit facilities. Simplified waterfall -- Net estimated valuation (after 5% administrative costs): $1.77 billion -- Priority claims (operating leases): $215 million Total value available to unsecured claims: $1.55 billion -- Senior unsecured debt claims (with subsidiary guarantees): $830 million --Recovery expectations: 70%-90% (rounded estimate: 85%) -- Senior unsecured debt claims: $2.05 billion --Recovery expectations: 30%-50% (rounded estimate: 35%) Note: Numerically, S&P's recovery expectations on the unsecured debt with subsidiary guarantees for Diamond exceed 90%. However, it caps the recovery ratings on unsecured debt for companies rated in the 'B' category at '2', indicating the potential for substantial (70%-90%; rounded estimate: 85%) recovery, to reflect the heightened risk of additional priority or pari passu debt being added along the path to a default. All debt amounts include six months of prepetition interest. RATINGS LIST Diamond Offshore Drilling Inc. Issuer credit rating B/Negative New Rating Diamond Offshore Drilling Inc. Unsecured credit facility due 2023 B+ Recovery rating 2(85%) Ratings Affirmed; Recovery Expectations Revised To From Diamond Offshore Drilling Inc. Unsecured notes B B Recovery rating 4(35%) 4(40%) EAST JEFFERSON HOSPITAL: Moody's Cuts Revenue Bond Rating to Caa1 ----------------------------------------------------------------- Moody's Investors Service has downgraded the revenue bond rating of East Jefferson General Hospital, LA (EJGH) to Caa1 from B3. This action affects approximately $142 million of rated debt issued by the Jefferson Parish Hospital Service District No. 2, LA. The rating outlook remains negative. RATINGS RATIONALE The Caa1 reflects its expectation that EJGH will violate the debt service coverage covenant of 1.0 times for a second consecutive year in fiscal 2018 given the continuation of significant operating losses. Inpatient volumes will continue to decline primarily due to an increasingly consolidated and competitive market in metro New Orleans and EJGH's operational challenges. Unrestricted absolute and relative cash position will decline rapidly if operating losses continue, unless asset sales or some other injection of liquidity occurs. In addition, protracted negotiations to affiliate with a larger system were recently terminated, causing EJGH to identify other prospective partners and begin the due diligence process again. A lower rating is precluded at this time as EJGH maintains an all fixed rate debt structure, very conservative investment allocation and a fully funded debt service reserve fund. RATING OUTLOOK The negative outlook reflects Moody's expectation that material operating losses and volume declines will continue. In addition, bondholders may accelerate debt repayment at any time due to the covenant violation. A filing for bankruptcy or other similar restructuring, or a payment default would result in a downgrade. FACTORS THAT COULD LEAD TO AN UPGRADE - Material and durable improvement in operating performance - Material growth in liquidity - Stabilization of volumes FACTORS THAT COULD LEAD TO A DOWNGRADE - Continued cash burn - Bankruptcy filing or other similar restructuring LEGAL SECURITY Bonds are secured by a revenue pledge of the restricted group. In the event of a covenant violation, if twenty five percent of bondholders agree, repayment of the outstanding bonds may be accelerated. PROFILE EJGH is a 420-bed acute care hospital located in Metairie in Jefferson Parish, LA on the east bank in metro New Orleans. The hospital is a component unit of the Parrish and is reported in the financials of the Parish. Affiliates of the hospital include: EJ Physician group, EJ Surgical Center, Associated hospital services, EJ Radiation Oncology, Gulf South Quality Network, EJ Medical Alliance, EJGH physician orthopedic and general surgery co-management companies and a PET scan facility. METHODOLOGY The principal methodology used in this rating was Not-For-Profit Healthcare published in November 2017. ED MAP: Seeks Authorization to Use Key Bank Cash Collateral ----------------------------------------------------------- Ed Map, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Ohio to the use of cash collateral of Key Bank. The Debtor intends to use the income generated from its operations which is subject to the security interest of Key Bank. The Debtor seeks to use cash collateral to make adequate protection payments to the Key Bank, to pay the obligations owed to Key Bank and to pay its ordinary-course post-petition operating expenses. Prior to the Petition Date, the Debtor entered into a line of credit with Key Bank. As of the Petition Date, the Debtor owes approximately $3.9 million to Key Bank, exclusive of fees and other charges. As a result of the prepetition loan with Key Bank, all cash in the Debtor's possession or in which the Debtor has an interest on and after the Petition Date constitutes cash collateral in which Key Bank asserts an interest. The Debtor intends to provide adequate protection to Key Bank for the use of the cash collateral by offering to maintain the going concern value of the collateral by using the cash collateral to continue to operate the business and by providing post-petition replacement liens in accounts receivable. The priority of any such post-petition replacement liens will be the same as existed as of the Petition Date. The Debtor claims that the value of its inventory and accounts receivable far exceeds the balance due to Key Bank. Therefore, Key Bank is adequately protected by the equity cushion in its collateral. In addition, the Debtor believes that the continuation of its business operations likely presents the best opportunity for Key Bank and other creditors to receive the greatest recovery on account of their claims. A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/ohsb18-55889-18.pdf About Ed Map Inc. Ed Map, Inc. -- https://www.edmap.com/ -- is a content strategy and logistics company. It was established in 2001 with the vision of serving higher education through service and technology. Ed Map sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 18-55889) on Sept. 17, 2018. In the petition signed by Michael Mark, chief executive officer, the Debtor estimated assets of $10 million to $50 million and liabilities of $10 million to $50 million. Judge John E. Hoffman, Jr. presides over the case. Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA, serves as Debtor's counsel. ELKHORN JONES: Taps McCrimmon, Ltd. as Accountant ------------------------------------------------- Elkhorn Jones Memory Care, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire McCrimmon, Ltd. as Debtor's accountant nunc pro tunc to September 21, 2018. Accounting services McCrimmon will provide are: a. provide accounting, bookkeeping, and record keeping services; b. maintain current bank records and bank reconciliations in respect of Debtor's activities; c. prepare 1099s; d. prepare reports, including monthly operating reports, as necessary and any other duties reasonably requested. McCrimmon is a "disinterested person" pursuant to sections 327(a) and 101(14)of the Bankruptcy Code, as disclosed in the court filing. McCrimmon will bill at an hourly rate of $200.00 per hour, senior staff rate of $150.00 per hour, enrolled agent rate of $100.00 per hour and bookkeeping rate of $75.00 per hour. The accountant can be reached through: Barbara McCrimmon, CPA McCrimmon, Ltd 7391 W Charleston Blvd, Ste 110 Las Vegas, Nevada 89117 Phone: +1 702-877-9077 About Elkhorn Jones Memory Care Elkhorn Jones Memory Care, LLC -- http://www.elkhornmemory.com/-- operates an assisted living facility for seniors with dementia and alzheimer's disease. It is located at 6017 Elkhorn Road, Las Vegas, Nevada. Elkhorn Jones Memory Care sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 18-15081) on Aug. 24, 2018. In the petition signed by Victor Hecker, manager, the Debtor estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. Judge Laurel E. Babero presides over the case. ENTRANS INT'L: Moody's Gives B2 Corp. Family Rating, Outlook Stable ------------------------------------------------------------------- Moody's Investors Service assigned a B2 Corporate Family Rating and B2-PD Probability of Default Rating to EnTrans International, LLC. Concurrently, Moody's assigned a B3 rating to the company's proposed $255 million senior secured first-lien term loan. Proceeds from the term loan will be used to refinance existing debt, repay third-party preferred stock, and cover associated fees and expenses. The rating outlook is stable. "EnTrans' exposure to the highly cyclical North American oil and gas upstream and energy transportation industry is the principle credit driver of the rating," said Moody's lead analyst Andrew MacDonald. "Nonetheless, we expect the company to benefit from near-term positive macroeconomic drivers that will drive growth and reduce leverage in relatively short order. Long term, we expect that recent cost structure improvements combined with a conservatively managed balance sheet provide protection during eventual periods of diminished demand." The following ratings have been assigned to EnTrans International, LLC (subject to final documentation): Corporate Family Rating, at B2 Probability of Default Rating, at B2-PD $255 million Senior Secured First Lien Term loan due 2025, at B3 (LGD4) Outlook, Stable RATINGS RATIONALE EnTrans B2 CFR reflects the company's exposure to cyclical end markets in the oil and gas industry (35% of revenue) that are tied to the North American upstream industry. Given this, volatility in earnings are anticipated long term, similar to what occurred in 2016 when revenue declined nearly 40%. The rating also considers the company's modest size at $584 million, narrow operating scope, geographic concentration in North America (88% of revenue), and exposure to raw material costs, mainly aluminum and stainless steel. Supporting the rating is Moody's expectation that current positive end market fundamentals evidenced by a growing backlog will drive demand through at least 2019. Pro forma for the transaction, leverage for the twelve months ended June 30, 2018 was approximately 5.5 times (Moody's adjusted debt-to-EBITDA), and is expected to improve to below 5.0 times by early 2019. Interest coverage, as measured by EBITA-to-interest (Moody's adjusted), is expected to be 1.7 times at close before improving to the mid-2.0 times range by end of 2019. The rating also benefits from the company's good liquidity profile, including full availability on its new $75 million asset-based-lending facility due 2023 and anticipated free cash flow-to-debt in the high single digits, a leading market presence with good brand recognition, and Moody's expectation that the company will maintain a conservative balance sheet despite private equity ownership. The stable outlook reflects Moody's expectation that the recovery in EnTrans' end markets will be sustained through 2019 and will support good revenue growth at stable margins such that the company will generate sustained positive free cash flow that will be used for debt repayment. Ratings could be downgraded if weakening end market demand is expected or revenue and earnings growth stalls such that leverage is sustained above 5.0 times or interest coverage falls below 1.75 times. Deteriorating liquidity, including any erosion in free cash flow generation and/or reliance on the ABL facility could also lead to downward rating pressure. For a rating upgrade, Moody's would need to see material revenue growth, improved diversification of end markets or evidence of an ability to withstand cyclical downturns, and debt-to-EBITDA sustained below 3.5 times while maintaining a good liquidity profile. The principal methodology used in these ratings was Global Manufacturing Companies published in June 2017. EnTrans International, LLC is a North American based manufacturer of energy and transportation equipment as well as a provider of aftermarket tank trailer services and parts. Products include aluminum and stainless steel tank trailers, specialty trailers, and a diverse range of oil and gas equipment. The company operates under brands names including Heil Trailer, Polar, Kalyn Sibert, Jarco and Serva and is considered to be a leading supplier of tank trailers in North America within the petroleum, dry bulk, stainless steel and aluminum categories. The company was formed from the combination of Polar, Heil Trailer, and SERVA, with nearly 90% of sales in the US. The company also owns 35% of SJS, a venture with Chinese state owned Sinopec Limited, which manufactures frack equipment sold in China and exported to North America. The company is owned by private equity firm American Industrial Partners. Pro forma sales for the twelve months ended June 30, 2018 were $584 million. ENTRANS INTERNATIONAL: S&P Assigns 'B' ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Athens, Tenn.-based EnTrans International LLC. The outlook is stable. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed $255 million first-lien term loan due 2025. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default." The company will also have a $75 million asset-based lending (ABL) revolving credit facility due 2023 (unrated). S&P said, "Our 'B' issuer credit rating reflects EnTrans' relatively narrow scope, small scale, and participation in the highly cyclical tank trailer and oil and gas markets. The company's leading market position in its tank trailer business (with an estimated 45% market share) and relatively more stable tank trailer aftermarket parts and service business partially offsets these weaknesses. "The stable outlook on EnTrans reflects our expectation that relatively strong end-market conditions will enable the company to moderately grow its revenue, expand its EBITDA margins, and generate positive free cash flow over the next 12 months such that it will maintain debt leverage of about 5x or lower. "We could lower our ratings on EnTrans if its debt leverage rises above 6.5x. This could occur if, for instance, the company's performance deteriorates due to a cyclical downturn or operating challenges, or if the sponsor pursues debt-financed shareholder returns. We could also lower the rating if operational issues caused the company's FOCF-to-debt ratio to approach 0% on a sustained basis. "Although unlikely over the next 12 months, we could raise our ratings on EnTrans if the company improves and sustains debt to EBITDA below 4x, which would allow for some credit measure deterioration through a downturn, and if we believe that the company and its financial sponsor are committed to maintaining financial policies that will support this level of leverage." FORTERRA INC: Bank Debt Trades at 3% Off ---------------------------------------- Participations in a syndicated loan under which Forterra Incorporated is a borrower traded in the secondary market at 96.78 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.47 percentage points from the previous week. Forterra Incorporated pays 300 basis points above LIBOR to borrow under the $104 million facility. The bank loan matures on October 25, 2023. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. FRANCIS' DRILLING: Taps CR3 Partners, Appoint Greg Baracato as CRO ------------------------------------------------------------------ Francis' Drilling Fluids, Ltd., and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Greg Baracato and his firm CR3 Partners, LLC, to provide restructuring and management services. Greg Baracato, a partner at CR3, will serve as chief restructuring officer of Francis' Drilling Fluids, Ltd. and its affiliates in connection with their Chapter 11 cases. The services to be provided by the CRO and his firm are: a. make Greg Baracato available to serve as the Debtors' CRO, reporting directly to the Board of Directors with such responsibility and authority as is commensurate with said position; b. to the extent needed and agreed upon by the Board of Directors, staff other appropriate personnel to assist the CRO and the restructuring efforts; c. assist in the review of reports or filings are required by the Bankruptcy Court of the Office of the United States Trustee, including, without limitation, first day motions, schedules of assets and liabilities, statements of financial affairs, a plan of reorganization, and monthly operating reports; d. identify liquidity needs and review and analyze the reporting regarding cash collateral and other potential financing arrangements and budgets; e. establish a communication protocol with Stakeholders; f. evaluate executory agreements, leases, and contracts, and terminating as necessary; g. assist with the negotiations of any sale of assets and of any refinancing; and h. perform other tasks mutually agreed to by the Company and CR3. The hourly rates for Mr. Baracato and the additional personnel are: Greg Baracato Chief Restructuring Officer $600 William Snyder Partner $690 Layne Deutscher Associate $300 Mr. Baracato disclosed in a court filing that his firm does not have any interest adverse to the interests of the Debtors' estates, creditors and equity security holders. R3 can be reached through: Greg Baracato CR3 Partners, LLC 13355 Noel Road, Suite 310 Dallas, TX 75240 Phone: 847-778-3965 E-mail: greg.baracato@cr3partners.com About Francis' Drilling Fluids Ltd. Francis' Drilling Fluids, Ltd. -- http://www.fdfenergy.com/-- provides transportation, transloading, drilling fluid, cleaning, equipment rental and technical services to the oil and gas industry. Headquartered in Lafayette, Louisiana, the company conducts its business under the name FDF Energy Services and employs nearly 500 workers. Francis' Drilling Fluids and its affiliates, FDF Resources Holdings LLC and Francis Logistics LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-35441) on Sept. 29, 2018. In the petitions signed by Barry Charpentier, president, the Debtors estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. Judge Marvin Isgur presides over the cases. The Debtors tapped Norton Rose Fulbright US LLP as their legal counsel; CR3 Partners LLC as restructuring advisor; SSG Capital Advisors, LLC, as investment banker; and JND Corporate Restructuring as claims and noticing agent. FRANCIS' DRILLING: Taps Norton Rose Fulbright US as Counsel ----------------------------------------------------------- Francis' Drilling Fluids, Ltd., and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Norton Rose Fulbright US LLP as counsel to the Debtors. Professional services NFRUS will render are: (a) provide advice to the Debtors with respect to their powers and duties as debtors in possession in the continued operation of their businesses and the management of their properties; (b) prepare, on behalf of the Debtors, applications, motions, answers, orders, reports, memoranda of law, and other papers in connection with the chapter 11 cases; (c) represent the Debtors in negotiations with creditors, equity holders, joint venture partners, and parties in interest, including governmental agencies and authorities; and (d) perform other necessary or appropriate legal services in connection with the chapter 11 cases. NRFUS will be paid at these hourly rates: Partners $450 to $1,170 Senior Associates $385 to $840 Senior Counsel $425 to $985 Counsel $205 to $875 Associates $230 to $670 Paralegals $100 to $490 Senior Paralegals $200 to $395 Jason L. Boland, Esq. $742 William R. Greendyke, Esq. $985 Robert B. Bruner, Esq. $648 Julie Goodrich Harrison, Esq. $373 NRF has provided the Debtors with a 10% discount against standard rates and will continue to do in the chapter 11 cases. Jason L. Boland, Esq., a partner at the law firm of Norton Rose Fulbright US, attests that NRFUS is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. The Firm can be reached through: Jason L. Boland, Esq. William R. Greendyke, Esq. Robert B. Bruner, Esq. Julie Goodrich Harrison, Esq. NORTON ROSE FULBRIGHT US LLP 1301 McKinney Street, Suite 5100 Houston, TX 77010-3095 Tel: (713) 651-5151 Fax: (713) 651-5246 E-mail: william.greendyke@nortonrosefulbright.com jason.boland@nortonrosefulbright.com bob.bruner@nortonrosefulbright.com julie.harrison@nortonrosefulbright.com About Francis' Drilling Fluids Ltd. Francis' Drilling Fluids, Ltd. -- http://www.fdfenergy.com/-- provides transportation, transloading, drilling fluid, cleaning, equipment rental and technical services to the oil and gas industry. Headquartered in Lafayette, Louisiana, the company conducts its business under the name FDF Energy Services and employs nearly 500 workers. Francis' Drilling Fluids and its affiliates, FDF Resources Holdings LLC and Francis Logistics LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-35441) on Sept. 29, 2018. In the petitions signed by Barry Charpentier, president, the Debtors estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. Judge Marvin Isgur presides over the cases. The Debtors tapped Norton Rose Fulbright US LLP as their legal counsel; CR3 Partners LLC as restructuring advisor; SSG Capital Advisors, LLC as investment banker; and JND Corporate Restructuring as claims and noticing agent. FRANCIS' DRILLING: Taps SSG Advisors as Investment Banker --------------------------------------------------------- Francis' Drilling Fluids, Ltd., and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire SSG Advisors, LLC, as investment banker. Services SSG will provide are: a. prepare an information memorandum describing FDF and its historical performance, including existing operations, facilities, contracts, customers, management and projected financial results and operations; b. assist FDF in compiling a data room of any necessary and appropriate documents related to the Transaction; c. assist FDF in developing a list of suitable potential buyers who will be contacted on a discrete and confidential basis after approval by FDF; d. coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; e. assist FDF in coordinating management calls and site visits for interested buyers and work with the management team to develop appropriate presentations for such visits; f. solicit competitive offers from potential buyers; g. advise and assist FDF in structuring the Transaction and negotiating the Transaction agreements; h. provide testimony in support of the Transaction; i. otherwise assist FDF and its counsel as necessary through closing of a Transaction on a best efforts basis; and j. assist FDF in negotiating with existing stakeholders in regard to a potential restructuring Transaction and provide services required to effectuate any such restructuring Transaction. SSG Advisors will be paid as follows: -- Initial Fee. An initial fee equal to $25,000 due upon execution of the Agreement. -- Monthly Fees. A monthly fee (the Monthly Fees) of $25,000 per month beginning October 20, 2018 and continuing each month thereafter during the Engagement Term. The first six (6) monthly fees received will be credited back one hundred percent (100%) against a Transaction Fee. -- Sale Fee. Upon the consummation of a Sale Transaction, SSG shall be entitled to a fee (the Sale Fee), payable in cash, in federal funds via wire transfer or certified check, at and as a condition of closing of such Sale, equal to $500,000, plus five percent (5%) of Total Consideration (i.e., the purchase price paid for the equity, assets or secured debt, or any portion of either, plus the assumption or payoff of indebtedness and/or payables as well as the value of any asset left behind) in excess of a stalking horse bid by one of FDF's existing stakeholders. -- Restructuring Fee. Upon the consummation of a Restructuring Transaction (i.e., any restructuring of FDF's balance sheet with existing stakeholders completed through a confirmed plan of reorganization or out of court reorganization, whether proposed by FDF or any third party, whereby existing equity maintains control of FDF), SSG shall be entitled to a fee (Restructuring Fee) equal to $500,000 payable in cash, in federal funds via wire transfer or certified check, at and as a condition of closing such Restructuring. Mark E. Chesen, managing director of SSG Capital Advisors, 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. SSG Advisors can be reached at: Mark E. Chesen SSG ADVISORS, LLC 300 Barr Harbor Drive, Suite 420 West Conshohocken, PA 19428 Phone: (610) 940-5801 Fax: (610) 940-3875 Email: mchesen@ssgca.com About Francis' Drilling Fluids Francis' Drilling Fluids, Ltd. -- http://www.fdfenergy.com/-- provides transportation, transloading, drilling fluid, cleaning, equipment rental and technical services to the oil and gas industry. Headquartered in Lafayette, Louisiana, the company conducts its business under the name FDF Energy Services and employs nearly 500 workers. Francis' Drilling Fluids and its affiliates, FDF Resources Holdings LLC and Francis Logistics LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 18-35441) on Sept. 29, 2018. In the petitions signed by Barry Charpentier, president, the Debtors estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. Judge Marvin Isgur presides over the cases. The Debtors tapped Norton Rose Fulbright US LLP as their legal counsel; CR3 Partners LLC as restructuring advisor; SSG Capital Advisors, LLC, as investment banker; and JND Corporate Restructuring as claims and noticing agent. FRANK THEATRES: FEG Wants to Prohibit Use of Stolen Cash -------------------------------------------------------- Frank Entertainment Group, LLC, asks the U.S. Bankruptcy Court for the Southern District of Florida to prohibit Frank Theatres Management (FTM) from using FEG's cash collateral that Debtor took from FEG pre-petition. FEG alleges that Debtor opened FEG's mail, took a $45,000 check that was made payable to the order to FEG, deposited the check into Debtor's bank account, and has refused to turn the money over to FEG despite pre-petition demand. FEG asserts that without immediate judicial intervention by the Court, FEG fears that it will be irreparably harmed as its cash is dissipated by Debtor and subsequently rendered unrecoverable. Bruce Frank, through various entities including Frank Entertainment Companies, LLC ("FEC"); Frank Investments, Inc. and their respective subsidiaries and affiliates, owned and operated movie theaters, bowling alleys, arcades, restaurants and entertainment complexes in Florida, Georgia, South Carolina, North Carolina, Tennessee, West Virginia, Pennsylvania, and New Jersey. For the most part, each location was operated under a different entity, and Frank Theatres Management served as a conduit to pay the operating expenses of those various different entities. Effective June 20, 2014, Mr. Frank caused Frank Entertainment Companies to contribute its membership interest in a number of those operating entities to FEG as part of a growth recapitalization of Mr. Frank's business. However, Mr. Frank -- through Frank Entertainment Companies and various subsidiaries -- continued to own and operate other locations that were not contributed to FEG. Mr. Frank and Frank Entertainment Companies continue to operate the entities that Mr. Frank retained under Frank Entertainment Companies and continue to use Debtor as the conduit to pay the operating expenses of those various different entities. FEG relates that in mid to late 2017, the relationship between Mr. Frank and the other members and managers of FEG began to sour. Ultimately, the Board of Managers of FEG removed all of the officers of FEG and all of the managers and officers of each of FEG's subsidiaries, including Mr. Frank, relieving them of all responsibility and authority to act on behalf of those entities. Mr. Frank was divested of his role as CEO of FEG and relegated to the role of a Special Advisor, reporting to FEG's Board of Managers as directed. He then began retaliating against FEG in a number of different respects. FEG contends that in May 2018, NBCUniversal Media LLC mailed a $45,000 check to FEG. However, FEG never received the check. When FEG called NBCUniversal to inquire about the check, NBCUniversal indicated that it mistakenly mailed the check to FEG's old office, which is the office that is still being used by Mr. Frank and his other entities, including the Debtor. And making matters worse, NBCUniversal indicated that the check had already been cashed. Consequently, FEG sent a letter demanding the Debtor to turn over FEG's money. But to date, the Debtor has not responded to the letter, much less turned over FEG's money. As is evidenced by this bankruptcy filing, FEG submits that Debtor and its affiliated business entities are insolvent and are likely using funds taken from FEG to pay operating expenses and otherwise support their business. Therefore, FEG fears that without immediate action, the insolvent estate will almost assuredly deplete the funds that the Debtor took from it -- property that is solely FEG's and not property of the estate. FEG did not agree to be an involuntary lender to Debtor. Thus, FEG asserts that the Court should require Debtor to segregate and account for FEG's cash and impose a constructive trust over such funds for the benefit of FEG in order to prevent Debtor from using the money it improperly took from FEG. Inasmuch as Debtor does not generate any revenue on its own and given the fungible nature of cash, FEG contends that there is a substantial risk that FEG will be unable to recover its property from the insolvent estate, unless the Debtor is prohibited from using FEG's cash. Absent assistance from the Court, FEG's cash -- which is not property of the estate -- will likely disappear and be rendered unrecoverable by virtue of Debtor's ongoing and unauthorized use of the stolen funds to pay operating expenses of Frank Entertainment Companies' businesses. Accordingly, FEG submits that the Court should enter an order prohibiting any use by Debtor of the cash that it took from FEG prepetition. Attorneys for Frank Entertainment Group: James A. Timko, Esq. Shutts & Bowen LLP 300 South Orange Ave., Suite 1600 Orlando, FL 32801 Phone: (407) 835-6808 Facsimile: (407) 849-7212 E-mail: jtimko@shutts.com About Frank Investments Each of Frank Investments, Frank Theatres and Frank Entertainment is an affiliate of Rio Mall, LLC, which sought bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17840) on June 28, 2018. Rio Mall, LLC owns and operates commercial real property that comprises the shopping center known as Rio Mall located at 3801 Route 9 South, Rio Grande, New Jersey. Frank Entertainment Companies, LLC, owns, operates, develops and manages entertainment venues including nickelodeons, motion picture theatres, arcades, restaurants, nightclubs, water parks, bowling centers, game centers, skate parks, and other real estate properties. Frank Investments, based in Jupiter, FL, and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 18-20019) on Aug. 17, 2018. The Hon. Erik P. Kimball (18-20019), and Hon. Mindy A. Mora (18-20022 and 18-20023), preside over the cases. In the petitions signed by Bruce Frank, president, Frank Investments and Frank Entertainment estimated $10 million to $50 million in assets and liabilities; Frank Theaters, $10 million to $50 million in assets and $50 million to 100 million in liabilities. Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., serves as bankruptcy counsel. GI REVELATION: Moody's Affirms B3 CFR, Outlook Stable ----------------------------------------------------- Moody's Investors Service affirmed GI Revelation Acquisition LLC's B3 Corporate Family Rating and B3-PD Probability of Default Rating in connection with the company's announcement to acquire a U.S.-based eDiscovery services provider. The company plans to use proceeds from an incremental $150 million first lien term loan, along with modest balance sheet cash and new sponsor equity to finance the acquisition and pay associated transaction expenses. Concurrently, Moody's affirmed the B2 ratings on the company's first lien credit facility, consisting of a $50 million revolving credit facility and $575 million first lien term loan (including the proposed $150 million incremental facility), and the Caa2 rating on its $140 million second lien term loan. The ratings outlook remains stable. The proposed transaction is credit negative and very aggressive as it substantially increases Consilio's funded debt and elevates execution risk because the company is undertaking another large debt-funded transaction in a relatively short period that will require significant cash outlays to achieve cost savings. On a pro forma basis for the 2018 acquisitions (including target EBITDA but excluding costs savings initiatives and integration expenses), Consilio's debt-to-EBITDA (Moody's adjusted) is estimated at around mid-7.0 times for the twelve months ended June 30, 2018. Moody's is nevertheless affirming the B3 CFR and maintaining the stable ratings outlook because debt-to-EBITDA leverage is projected to trend towards 6.0 times by year-end 2019 as a result of synergy realization, decline in integration expenses and modest organic growth. Moody's also projects Consilio will generate comfortably positive free cash flow in 2019 and believes the sponsor contribution demonstrates support for the business. The company expects to realize all cost savings from the 2018 acquisitions over the next 12-18 months from closing. Moody's took the following rating actions on GI Revelation Acquisition LLC: --- Corporate Family Rating, affirmed at B3 --- Probability of Default Rating, affirmed at B3-PD --- $50 million Gtd senior secured first lien revolving credit facility due 2023, affirmed at B2 (LGD3) --- $575 million Gtd senior secured first lien term loan due 2025, affirmed at B2 (LGD3) --- $140 million Gtd senior secured second lien term loan due 2026, affirmed at Caa2 (LGD5) --- Ratings Outlook, at Stable All ratings are subject to the execution of the transaction as currently proposed and Moody's review of final documentation. The ratings are subject to change if the proposed capital structure is modified. RATINGS RATIONALE Consilio's B3 CFR reflects the company's high pro forma debt-to-EBITDA leverage, estimated at mid-7.0 times (Moody's adjusted) at June 30, 2018, operating challenges in meaningfully growing topline as well as execution risks involved in integrating two large acquisitions in a relatively short period, which will require significant cash outlays to achieve cost savings. The anticipated increase in cash interest expense also pressures cash flow and liquidity until synergies are realized and integration costs subside. These factors weakly position the company within the B3 rating category. Moody's projects debt-to-EBITDA leverage will trend towards 6.0 times over the next 12-18 months as cost synergy benefits begin to run-rate in late 2018 and one-time costs diminish, and expects the company will generate positive free cash flow in 2019. Aggressive financial policies featuring debt financed acquisitions are likely over the next two years that may slow the pace of deleveraging. The company's eDiscovery market is intensely competitive and labor-intensive, marked by consolidation, pricing pressure and data compression by customers that creates a headwind for processing volumes. The event driven nature of Consilio's business segments create short term earnings and working capital volatility that limits visibility. Despite its modest scale (revenues for the combined company will be around $500 million), Consilio will be the industry's number-two global player behind DTI Holdco, Inc.. The ratings are supported by the combined company's improved competitive position, increased breadth of service offerings and revenue diversity across various verticals, minimal customer overlap as well as the potential for synergies. Consilio's long-term relationships with blue-chip corporate and law firm clients, augmented by a track record of high revenue retention, and new logo wins further provide support for the rating. The stable rating outlook reflects Moody's view that the company's aggressive debt-funded acquisition strategy is somewhat mitigated by the sponsor's equity contribution in support of the business. The stable ratings outlook also reflects Moody's view that Consilio will successfully complete the integration of recent acquisitions, realize cost synergies and maintain adequate liquidity. Moody's expects Consilio will generate low-single digit revenue growth and margin improvement as both acquisitions are integrated, resulting in debt-to-EBITDA (Moody's adjusted) trending towards 6.0 times by 2019. Moody's expects Consilio's liquidity to be adequate over the next 12-15 months. Sources of liquidity consists of a cash balance of around $13 million at close of the transaction, expectation for $30-35 million of free cash flow in 2019 and funds available under $50 million revolving credit facility ($10 million drawn) expiring in 2023 that will provide adequate coverage of annual mandatory term loan amortization of approximately $5.8 million, paid quarterly. The revolver is expected to have a springing net first lien leverage covenant of 6.0x if more than 35% if the revolver is drawn. The company is not expected to utilize the revolver, other than the initial $10 million drawn, during the next 12-15 months and is expected to remain well in compliance with the springing covenant. The term loans have no financial maintenance covenants. Moody's could downgrade Consilio's ratings if the company does not continue to generate revenue and earnings growth, there are difficulties integrating the two companies or translating planned synergy benefits into higher EBITDA and margins in a timely fashion, or if Consilio fails to generate comfortably positive free cash flow. A distribution to equity holders prior to achieving these items and materially reducing leverage would likely lead to a downgrade. The ratings could also be downgraded if liquidity deteriorates or if operating challenges or an aggressive financial policy leads to debt-to-EBITDA (Moody's adjusted) remaining above 7.0 times. Moody's could upgrade Consilio's ratings if the company successfully integrates the two companies while generating revenue growth and margin improvement such that debt-to-EBITDA is sustained below 6.0 times, free cash flow-to-debt is sustained above 5% and liquidity is good. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Consilio provides electronic discovery, document review and consulting services to corporations and law firms globally. Moody's expects pro forma revenue of about $500 million in 2018. GI Partners acquired a majority of the combined Consilio and Advanced Discovery in April 2018, with remaining shares held by management. GLOBAL PAYMENTS: Moody's Rates New $500MM Term Loan 'Ba2' --------------------------------------------------------- Moody's Investors Service assigned a Ba2 rating to Global Payments Inc.'s new $500 million term loan. Global Payments' Ba2 Corporate Family Rating, the Ba2 rating for its existing senior secured credit facilities and its positive ratings outlook are unaffected. Global Payments will use the proceeds to refinance a portion of the outstanding revolving loans. The company completed the acquisition of AdvancedMD on September 4, 2018 using approximately $700 million of revolver borrowings, and expects to close the pending acquisition SICOM Holdings, Inc. (SICOM) for approximately $415 million in cash during the fourth quarter of 2018. RATINGS RATIONALE The Ba2 CFR reflects Global Payments' solid revenue and earnings growth driven by its technology-enabled payment services and strong distribution capabilities. Global Payments' credit profile is supported by its recurring, transaction-based revenues, good operating scale and global footprint. The rating is constrained by Global Payments' high leverage of about 4.7x (Moody's adjusted), pro forma for the acquisitions of AdvancedMD and SICOM, but Moody's expects leverage to decline to about to about 4x (Moody's adjusted) during the second half of 2019 from a combination of strong adjusted EBITDA growth and reduction of debt, and Global Payments' free cash flow to approach $900 million in 2019. Global Payments faces intense competition but its strong distribution capabilities from a large direct sales force and partner network, coupled with the integration of a large share of its payments services with software applications, provide a competitive advantage. The positive ratings outlook reflects Moody's expectation for Global Payments' strong revenue growth and growing free cash flow. Assignments: Issuer: Global Payments Inc. Senior Secured Term Loan B, Assigned Ba2 (LGD3) The principal methodology used in this rating was Business and Consumer Service Industry published in October 2016. GMB LIGHTING: Seeks Expedited Use of Cash Collateral ---------------------------------------------------- In the U.S. Bankruptcy Court for the Southern District of Florida GMB Lighting & Trading, LLC filed an expedited motion to Use cash collateral through Feb. 28, 2019, with a proposed budget. In the said motion, the Debtor sought authority to use the cash collateral of American Express Bank, FSB, High Speed Capital LLC and Colonial Funding Network, Inc. The company proposes to continue to pay adequate protection to American Express Bank, FSB, in the amount of $301.38. There are no other provisions for adequate protection for other creditors, as the company claims they are adequately protected by force, under the Bankruptcy Code, and reserved in the court's final order. The company maintains that it is crucial that it be allowed to maintain access to the cash collateral to continue its business which bankruptcy case is pending. A full-text copy of the Motion is available at: http://bankrupt.com/misc/gmb18-13294_55_GMB_Cash_M.pdf About GMB Lighting and Trading GMB Lighting and Trading LLC -- https://www.gmblightingled.com/ -- is a lighting company specializing in custom fixtures for hospitality, commercial & residential applications. GMB Lighting offers the latest lighting technology such as LEED certified and CCT (color changing temperature). The Company is headquartered in Pompano Beach, Florida. GMB Lighting and Trading filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 18-13294) on March 22, 2018. In the petition signed by Michael Boiteau, manager, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The Hon. John K Olson presides over the case. Chad T. Van Horn, Esq., at Van Horn Law Group, Inc., serves as bankruptcy counsel to the Debtor. No official committee of unsecured creditors has been appointed in the Chapter 11 case. GREEN COUNTRY: Hires D.R. Payne & Associates as Financial Advisor ----------------------------------------------------------------- Green Country Filter Manufacturing, LLC, seeks approval from the the U.S. Bankruptcy Court for the Northern District of Oklahoma to hire D.R. Payne & Associates, Inc. as financial advisors and financial accountants for Debtor. The professional services DRPA will provide to the Debtor are: a. assist in preparation of schedules, statement of financial affairs, initial report, and monthly operating reports; b. analyze the financial projections and assumptions utilized in chapter 11 plan and disclosure statements filed in this case; c. prepare a feasibility analysis of any proposed chapter 11 plan; d. assist with evaluation of the business and financial aspects included in the Debtor's first day motions; e. assist the Debtor with any asset sale procedures on a going concern and closed store/liquidation basis; and f. assist the Debtor with financial projections, debtor-in-possession loan budgets, overall case budgets, and analysis and discharge of Debtor's obligations as debtor-in-possession. DRPA's hourly rates are: Partner/Director $305 to $415 Manager $215 to $295 Consultant $150 to $210 Staff $110 to $145 David R. Payne, of D.R. Payne & Associates, Inc., attests that DRPA does not hold or represent any interest adverse to Debtor or its estate, and that DRPA is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14). The advisor can be reached through: David R. Payne D.R. Payne & Associates, Inc. 119 North Robinson Avenue, Suite 400 Oklahoma City, OK 73102 Phone: (405) 272-0511 About Green Country Filter Manufacturing Green Country Filter Manufacturing, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Okla. Case No. 18-11918) on Sept. 24, 2018. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Dana L. Rasure presides over the case. GULF FINANCE: Bank Debt Trades at 16% Off ----------------------------------------- Participations in a syndicated loan under which Gulf Finance LLC is a borrower traded in the secondary market at 84.33 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.12 percentage points from the previous week. Gulf Finance pays 525 basis points above LIBOR to borrow under the $115 million facility. The bank loan matures on August 25, 2023. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. HEALOGICS: Bank Debt Trades at 5% Off ------------------------------------- Participations in a syndicated loan under which Healogics [ex- National Healing Corp] is a borrower traded in the secondary market at 94.58 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.98 percentage points from the previous week. Healogics pays 425 basis points above LIBOR to borrow under the $42 million facility. The bank loan matures on July 1, 2021. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. HEALTH DIAGNOSTIC: Golias, et al., Bid to Junk Trustee Claims Nixed ------------------------------------------------------------------- In the adversary proceeding captioned RICHARD ARROWSMITH, as Liquidating Trustee of the HDL Liquidating Trust, Plaintiff, v. G. RUSSELL WARNICK, LATONYA S. MALLORY, ROBERT BRADFORD JOHNSON, FLOYD CALHOUN DENT, III et al. Defendants, AP No. 17-04300 (Bankr. E.D. Va.), the Golias Defendants filed a motion to dismiss in response to the Amended Adversary Complaint of Richard Arrowsmith in his capacity as Liquidating Trustee of the Health Diagnostic Laboratory, Inc. Liquidating Trust. Upon review, Bankruptcy Judge Kevin R. Huennekens denied the motion to dismiss with respect to all six counts of the Amended Tax Complaint. The issue presented by the motion to dismiss is whether the Amended Tax Complaint offers sufficient facts to present plausible claims upon which relief can be granted. In Count 1 of the Amended Tax Complaint, the Liquidating Trustee asserts a cause of action against the Director Defendants for breach of fiduciary duty under Virginia Code section 13.1-690. The Liquidating Trustee also asserts in Count 2 of the Amended Tax Complaint a cause of action for breach of the common law fiduciary duties of due care and loyalty against the Director Defendants. The Liquidating Trustee alleges that the Director Defendants breached the statutory and common law fiduciary duties of loyalty and care they owed to both HDL's shareholders and HDL's Assigning Creditors29 by engaging in self-dealing and wrongful acts. The Court finds that the allegations in the Amended Tax Complaint do establish a viable cause of action against the Director Defendants for failing to reasonably supervise HDL's activities related to the preparation of financial statements and filing of tax returns. Despite the Golias Defendants' contention that the Liquidating Trustee did not explicitly cite to Caremark in the Amended Tax Complaint, the Liquidating Trustee raised the possibility of a Caremark claim at oral argument and has adequately pleaded facts which, taken in the light most favorable to him, would satisfy the pleading requirements under the Bankruptcy Rules. The motion to dismiss with respect to Counts 1 and 2 is denied. In Count 3, the Liquidating Trustee asserts a breach of contract action against the Golias Defendants, alleging a violation of the covenant of good faith and fair dealing implied in the Shareholders' Agreement. The Court finds that the Golias Defendants' decision to revoke HDL's S Corporation Status was discretionary. The Shareholders' Agreement was a valid and binding agreement between the Golias Defendants and HDL. Knowing that the Golias Defendants had discretion in their performance under the Shareholders' Agreement, the Liquidating Trustee has pleaded a plausible claim for a violation of the implied covenant of good faith and fair dealing. Thus, the motion to dismiss as to Count 3 is denied. The Liquidating Trustee asserts a cause of action for aiding and abetting a breach of fiduciary duty against the Golias Defendants in Count 4. In Counts 1 and 2, the Liquidating Trustee pleaded with sufficient particularity the underlying breach of both the statutory and common law fiduciary duties of care and loyalty that were owed by the Director Defendants. The Liquidating Trustee alleges in Count 4 that the Golias Defendants offered the Director Defendants substantial assistance in connection with those breaches of fiduciary duty. The Court finds the Golias Defendants' argument that the Director Defendants did not breach the fiduciary duties as alleged in Counts 1 and 2 unpersuasive at the motion to dismiss stage. Accordingly, Count 4 satisfies the Bankruptcy Rules' pleading standard, and the motion to dismiss is denied with respect to this cause of action. The Liquidating Trustee asserts two conspiracy claims against the Golias Defendants in the Amended Tax Complaint. In Count 5, the Liquidating Trustee alleges a cause of action for common law conspiracy against the Golias Defendants. The Liquidating Trustee brings a statutory business conspiracy claim under Virginia Code sections 182-499 against the Golias Defendants in Count 6. The Court holds that if the Golias Defendants were acting with the intent to damage the Debtors and the Assigning Creditors, they were acting "intentionally, purposefully, and without lawful justification" to injure another in her business. Even if this was not the primary motivation for their action, the Liquidating Trustee's statutory business conspiracy claim has been pleaded with sufficient particularity. The motion to dismiss as to Counts 5 and 6 is denied. A copy of the Court's Memorandum Opinion is available for free at https://bit.ly/2pMVoAK from Leagle.com. Richard Arrowsmith, Liquidating Trustee, Plaintiff, represented by Cullen Drescher Speckhart -- cspeckhart@wolriv.com -- Wolcott Rivers Gates. Latonya S. Mallory, Defendant, pro se. Scott Mallory, Defendant, pro se. Tipton Golias, Joseph Golias, Donald Golias, Tipton Golias, in his capacity as Trustee of The Wyndell L. Golias Voting Trust, Karla Falgout, Robert S. Galen, Noel D. Bartlett, Jr., Eric Petersen, David Mayes, John Tessler & Pamela Oates, Defendants, represented by Kevin J. Funk -- kfunk@dagglaw.com -- Durrette, Arkema, Gerson & Gill PC,Robert S. Hertzberg , Pepper Hamilton LLP & Deborah Kovsky-Apap , Pepper Hamilton LLP. Floyd Calhoun Dent, III & Robert Bradford Johnson, Defendants, represented by Jesse N. Silverman -- jsilverman@dilworthlaw.com -- Dilworth Paxson LLP. About Health Diagnostic Health Diagnostic Laboratory, Inc., Central Medical Laboratory, LLC, and Integrated Health Leaders, LLC, are health care businesses based in Richmond, Virginia. HDL is a blood testing company. Health Diagnostic Laboratory, Inc. (Bankr. E.D. Va. Case No. 15-32919) and affiliates Central Medical Laboratory, LLC (Bankr. E.D. Va. Case No. 15-32920) and Integrated Health Leaders, LLC (Bankr. E.D. Va. Case No. 15-32921) filed separate Chapter 11 bankruptcy petitions on June 7, 2015. The petitions were signed by Martin McGahan, chief restructuring officer. HDL disclosed $96,130,468 in assets and $108,328,110 in liabilities as of the Chapter 11 filing. Justin F. Paget, Esq., Tyler P. Brown, Esq., Jason W. Harbour, Esq., and Henry P. (Toby) Long, III, Esq., at Hunton & Williams LLP serve as the Debtors' bankruptcy counsel. Alvarez & Marsal is the Debtors' financial advisor. Robert S. Westermann, Esq., at Hirshler Fleisher, P.C., serve as the Debtors' conflicts counsel. American Legal Claims Services, LLC, is the Debtors' claims, noticing and balloting agent. Ettin Group, LLC, will market and sell the miscellaneous equipment and other assets. MTS Health Partners, L.P., serves as investment banker. To assist them with their restructuring efforts and to help maximize the value of their estates, the Debtors filed with the Court an application seeking entry of an order authorizing the Debtors to retain Alvarez & Marsal Healthcare Industry Group, LLC ("A&M") to provide the Debtors with a Chief Restructuring Officer and certain additional personnel. Richard Arrowsmith was named the CRO. On June 16, 2015, the Office of the United States Trustee for the Eastern District of Virginia appointed the Committee, consisting of the following seven members: (i) Oncimmune (USA) LLC; (ii) Aetna, Inc.; (iii) Pietragallo Gordon Alfano Bosick & Raspanti, LLP; (iv) Mercodia, Inc.; (v) Numares GROUP Corporation; (vi) Kansas Bioscience Authority; and (vii) Diadexus, Inc. On Sept. 23, 2015, Oncimmune (USA) LLC resigned from the Committee and, on Nov. 3, 2015, the U.S. Trustee appointed Cleveland Heart Lab, Inc. to the Committee. The Creditors Committee retained Cooley LLP as its counsel and Protiviti Inc. as its financial advisor. The Debtors have sold substantially all of their operating assets pursuant to two separate sales approved by the Court. On Jan. 4, 2016, the Debtors filed a proposed Plan of Liquidation and Disclosure Statement. In May 2016, Judge Kevin R. Huennekens approved HDL's Modified Second Amended Plan of Liquidation. Richard Arrowsmith has been named as the permanent Liquidating Trustee of the Liquidating Trust. HENDERSON MECHANICAL: May Use IRS’ Cash Collateral ---------------------------------------------------- In an order issued by the U.S. Bankruptcy Court Central District of California, Los Angeles Division, Henderson Mechanical Systems, Inc., was granted authority to use cash collateral of the Internal Revenue Service until Oct. 31, 2018. In return, Henderson is also ordered to make monthly adequate protection payments of $1,000 to the IRS. A further hearing will be held on Oct. 31, 2018 at 10:00 a.m. The IRS has until October 17, 2018 to file its opposition; and Henderson has until Oct. 24, 2018 to give reply to any opposition. A full-text copy of the Order is available at: http://bankrupt.com/misc/cacb18-13960_Henderson_70_Cash_O.pdf About Henderson Mechanical Systems Henderson Mechanical Systems, Inc., doing business as Henderson Mechanical Services, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-13960) on April 9, 2018. In the petition signed by James Lee, president, the Debtor estimated at least $50,000 in assets and $500,001 to $1 million in liabilities. Kevin Tang, Esq., at Tang & Associates, serves as counsel to the Debtor. IDC CLAMBAKES: Court Grants Trust's Bid for Summary Judgment ------------------------------------------------------------ The Superior Court of Rhode Island granted the Defendants' motion for summary judgment as to Counts VIII (unjust enrichment) and IX (quasi-contract) of Plaintiff's second amended complaint in the case captioned IDC CLAMBAKES, INC., Plaintiff, v. DENNIS J. CARNEY, IN HIS CAPACITY AS TRUSTEE OF THE GOAT ISLAND REALTY TRUST, ET AL., Defendants, C.A. No. NC-2005-0177 (R.I. Super.). In support of their motion for summary judgment, Defendants make three arguments. First, Defendants argue that IDC Clambakes cannot establish the elements necessary to prevail on its quasi-contract claims, including unjust enrichment and quantum meruit, because there was no conferral of a benefit upon Defendants. Defendants next contend that IDC Clambakes' claims are barred by the doctrine of res judicata because (1) the Bankruptcy Court Consent Order determined that IDC Clambakes, Inc. had to relinquish possession of the Reserved Area and the Regatta Club to the Defendants, (2) the Rhode Island Supreme Court already determined that IDC Properties, Inc. was not entitled to equitable relief and therefore, the same applies to IDC Clambakes, Inc., and (3) the United States Court of Appeals for the First Circuit already rejected the theory behind IDC Clambakes' quasi-contract claims. Finally, Defendants maintain that IDC Clambakes' claims against Goat Island South Condominium Association (GISCA) are barred by the statute of limitations because they do not comply with Superior Court Rules of Civil Procedure 15(c) and thus do not relate back to the time of the filing of the original complaint, which was filed solely against the Unit Owners. In opposition, IDC Clambakes, Inc. first claims that summary judgment is not appropriate because there is a factual dispute as to whether there was a conferral of a benefit to the Defendants. IDC Clambakes next argues that Defendants' contention that res judicata applies is baseless because (1) the Consent Order entered in the Bankruptcy Court expressly dismissed IDC Clambakes' quasi-contract claims without prejudice, (2) IDC Clambakes was not a party to the litigation in the Supreme Court decision, and (3) the First Circuit dismissed GISCA's claim for unjust enrichment, not IDC Clambakes'. Finally, IDC Clambakes argues that the amendment to add GISCA as a party relates back to the original filing of the complaint pursuant to the standard laid out in Rule 15(c). Upon analysis, the Court finds that IDC Clambakes has failed to establish a genuine issue of material fact on two essential elements. Specifically, IDC Clambakes has failed to demonstrate that it would be unjust for the Defendants to receive any benefit or that it conferred a benefit upon the Defendants. In addition, IDC Clambakes' quasi-contract claims are barred by the doctrine of res judicata because (1) there is an identity of parties as the parties to the instant action are in privity with the plaintiffs and defendant in the America cases, (2) there is an identity of issues because under the transactional rule, the quasi-contract claims could and should have been brought forward and litigated in the America cases, and (3) there is a finality of judgment as the Rhode Island Supreme Court affirmed the decision of the lower court granting summary judgment in favor of the Condominium Associations, twice. Finally, IDC Clambakes' second amended complaint adding GISCA as a party defendant relates back to the filing of the original complaint and thus, is not time barred. A copy of the Court's Decision dated Sept. 26, 2018 is available at https://bit.ly/2yu1NEP from Leagle.com. William P. Devereaux, Esq. -- wdevereaux@pldolaw.com; William E. O'Gara, Esq. -- wogara@pldolaw.com; Matthew C. Reeber, Esq , For Plaintiff. William R. Grimm, Esq. -- wgrimm@hinckleyallen.com; Charles D. Blackman, Esq. , For Defendant. Based in Newport, Rhode Island, IDC Clambakes, Inc. dba The Newport Regatta Club, owns a property designed for wedding receptions and special celebrations. The property is set on six acres of oceanfront lawn in the center of Newport Harbor. IDC filed for chapter 11 bankruptcy protection (Bankr. D.R.I. Case No. 05-12267) on June 16, 2005, listing its total assets at $3,190,000 and total liabilities at $565,000. ILLINI KIDS: Want to Continue Use Cash for November until January ----------------------------------------------------------------- Illini Kids Development Company LLC was previously granted by the bankruptcy court authority to use its cash collateral in its orders dated June 17 and Aug. 21, 2018, for periods covering April 4 through Oct. 31, 2018. The company alleged that it is important that it be allowed to continue to use the cash collateral for a new period until Jan. 31, 2018. Hence, this new motion. This is so that it can pay for critical utility, maintenance and similar expenses on its property, as set forth in its submitted budget. The Debtor says it will not use cash collateral to pay for any other expenses without the consent of its secured creditor and authority of the court. Any cash unused will remain in its DIP account. With these restrictions and adequate protection payments, the company believes that the interests of the secured creditors are adequately protected. A full-text copy of the Motion is available at: http://bankrupt.com/misc/caeb18-22027_Illini_Cash_M.pdf About Illini Kids Illini Kids Development Company, LLC, a single asset real estate as defined in 11 U.S.C. Section 101(51B), is the in the business of owning and operating a commercial property in Fair Oaks, California. Illini Kids sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-22027) on April 4, 2018. In the petition signed by Kenneth Cruz, managing member, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Christopher D. Jaime presides over the case. MEEGAN, HANSCHU & KASSENBROCK is the Debtor's counsel. INPRINT MANAGEMENT: Interim Use of Cash Collateral Allowed ---------------------------------------------------------- InPrint Management, Inc., debtor in a bankruptcy case pending in the U.S. Bankruptcy Court for the District of Massachusetts (Eastern Division), filed a motion for authority to use cash collateral. In an interim order entered on Sept. 19, 2018, Judge Joan N. Feeney granted said motion, subject to the following conditions: (1) adequate protection or replacement liens shall be granted to the secured creditors, PFG Venture, LP and Federated Law Group; (2) use of cash collateral shall be in accordance with the submitted 20-week budget; (3) all cash collateral shall be deposited in accordance with Franchise Agreement between InPrint and PFG; and (3) its customers must pay directly to PFG for any products and services sold under its franchised business. Should InPrint fail to comply with the conditions set forth and fails to cure any violation, the use of cash collateral may be termination, upon due notice. A continued hearing is scheduled on Dec. 6, 2018 at 10:30 a.m. A full-text copy of the Order is available at: http://bankrupt.com/misc/mab18-11931_100_Inprint_Cash_O.pdf About Inprint Management, Inc. d/b/a Proforma InMotion InPrint Management, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 18-11931) on May 24, 2018. In the petition signed by its president, Kevin Montecalvo, the Debtor estimated assets of less than $50,000 and debt ranging $500,000 to $1 million. George J. Nader, Esq., at Riley & Dever, P.C., serves as the Debtor's counsel. INVESTQUEST PARTNERS: Taps Richard R. Robles, PA as Attorney ------------------------------------------------------------ Investquest Partners Holdings, Inc., seeks authority from the United States Bankruptcy Court for the Southern District of Florida (Miami) to hire the Law Offices of Richard R. Robles, P.A., as attorney. Professional services the counsel will render are: a. give advice to the Debtor with respect to its powers and duties as s debtor in possession; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the Court; and e. represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm received an initial retainer of $10,000 plus filing fee of $1,717 from the Debtor. Nicholas G. Rossoletti, Esq., member of the Law Offices of Richard R. Robles, attests that neither he nor the firm represent any interest adverse to the Debtor and they are disinterested persons as required by 11 U.S.C. Sec. 327(a). The firm can be reached through: Richard R. Robles, Esq. Nicholas G. Rossoletti, Esq. Law Offices of Richard R. Robles, P.A. 905 Brickell Bay Drive, Suite 228 Miami, FL 33131 Tel: (305) 755-9200 Fax: (305) 755-9270 E-mail: rrobles@roblespa.com nrossoletti@roblespa.com About Investquest Partners Investquest Partners Holdings, Inc., is a privately held investment firm. Investquest Partners filed as a Domestic for Profit Corporation in the State of Florida on March 11, 2016. Investquest Partners filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-21890) on Sept. 27, 2018. In the petition signed by Jose E. Parrilla, president, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Judge Jay A. Cristol presides over the case. Richard R. Robles, Esq., at the Law Offices of Richard R. Robles, P.A., serves as counsel to the Debtor. IQOR US: Bank Debt Trades at 7% Off ----------------------------------- Participations in a syndicated loan under which iQor US Incorporated is a borrower traded in the secondary market at 93.25 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.67 percentage points from the previous week. iQor US pays 500 basis points above LIBOR to borrow under the $63 million facility. The bank loan matures on February 20, 2021. Moody's rates the loan 'Caa1' and Standard & Poor's gave a 'CCC' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. J CREW: Bank Debt Trades at 9% Off ---------------------------------- Participations in a syndicated loan under which J Crew Group Inc. is a borrower traded in the secondary market at 90.98 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.77 percentage points from the previous week. J Crew pays 322 basis points above LIBOR to borrow under the $118 million facility. The bank loan matures on February 28, 2021. Moody's rates the loan 'Caa2' and Standard & Poor's gave a 'CCC' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. JDS HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: JDS Hospitality Group LLC 12123 Killian Street El Monte, CA 91732 Business Description: JDS Hospitality Group LLC is a privately held company in El Monte, California, in the hotel or motel management business. Chapter 11 Petition Date: October 14, 2018 Court: United States Bankruptcy Court Central District of California (Los Angeles) Case No.: 18-22059 Judge: Hon. Neil W. Bason Debtor's Counsel: Christopher J. Langley, Esq. LAW OFFICES OF LANGLEY & CHANG 4158 14th St. Riverside, CA 92501 Tel: 951-383-3388 Fax: 877-483-4434 Email: chris@langleylegal.com Total Assets: $4,641,552 Total Liabilities: $4,840,684 The petition was signed by Rhonda Chung, president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/cacb18-22059.pdf K.E. MARTIN: Seeks Use of Revenue from Subcontracts --------------------------------------------------- K.E. Martin Development of Pasco, Inc., seeks approval to use cash collateral. The Company generates revenue from subcontracts on projects. This revenue stream is the cash collateral that the following creditors have an interest on: (1) SunTrust Bank, (2) Corporation Service Company (presumably for Core Business Finance, Inc.), (3) CT Corporation System (presumably for Pearl Capital) and (4) Kings Cash Group. However, the company disputes the claims and liens of Core Business, Pearl Capital and Kings Cash. The company needs to use its revenue from subcontracts to operate its business and pay normal operating expenses like payroll and taxes. I t believes that the creditors are adequately protected by a standard form of cash collateral with no need for monthly adequate payments. A full-text copy of the Motion is available at: http://bankrupt.com/misc/flmb18-06979_KE_Martin_Cash_M.pdf About K.E. Martin Development K.E. Martin Development of Pasco, Inc., is a company providing construction site clearing services. K.E. Martin Development sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-06979) on Aug. 20, 2018. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $50,000. KOMODO CLOUD: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Bankruptcy Judge Jacqueline Cox allowed the use of cash collateral on an interim basis. She believes that this is in the best interest of the debtor, Komodo Cloud, Inc., its creditors and other parties in interest, namely, Arrow. Komodo is authorized to close its Wells Fargo account and transfer the funds into its Debtor in Possession (DIP) Account. The use of fund in the Wells Fargo account must be authorized by the court, as it is cash collateral secured for creditor, Arrow. The Court in granting on an interim basis the use of such funds, also authorized Komodo to grant Arrow post-petition security and replacement liens. Should such adequate protection fail to protect Arrow against diminution of its interest, Arrow shall be entitled to administrative expense claim. A final hearing on the motion is scheduled Oct. 18, 2018, at 9:30 p.m., at the U.S. Bankruptcy Court of the Northern District of Illinois. A full-text copy of the Order is available at: http://bankrupt.com/misc/ilnb18_17889_20_Komodo_Cash_O.pdf About Komodo Cloud Komodo Cloud, Inc. -- http://www.komodocloud.com/-- is a provider of computer systems design and related services. The company offers subscription, professional and managed services and IT consulting for their clients. It connects Cloud Platform companies like NaviSite, Amazon Web Services, Microsoft Azure, CenturyLink, Rackspace and Faction to its clients for on-site, co-located or hybrid computer environments. Komodo Cloud's head office is located in Schaumburg, Illinois. Komodo Cloud sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-17889) on June 24, 2018. In the petition signed by Nigel Lambert, president, the Debtor disclosed $259,803 in assets and $1.99 million in liabilities as of June 21, 2018. Judge Jacqueline P. Cox presides over the case. LA CASA DE PEDRO: Can Use Cash Collateral Until Nov. 5 ------------------------------------------------------ La Casa de Pedro, Inc., won court approval to further use cash collateral until Nov. 5, 2018. On said date at 9:30 a.m., the Court has scheduled a continued hearing. The interim order granting the use of cash collateral is subject to the following conditions: (1) La Casa must provide documentation requested by Leader Bank and U.S. Trustee by Sept. 28, 2018, (2) the company must file its amended Statement of Financial Affairs, and (3) it must also file a report of actual income and expenses compared to submitted budget, on or before Nov. 2, 2018, at 4:30 p.m. A full-text copy of the Order is available at: http://bankrupt.com/misc/mab18-11916_108_La_Casa_Cash_O.pdf About La Casa de Pedro La Casa de Pedro, Inc. -- http://lacasadepedro.com/-- is a restaurant that offers Venezuelan & Spanish cuisine. Owner and Executive Chef Pedro Alarcon serves dishes that highlight the traditions of his native Venezuela and broader Latin American heritage. La Casa de Pedro, Inc., based in Watertown, MA, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 18-11916) on May 23, 2018. In the petition signed by Pedro Alarcon, president, treasurer, secretary and sole director, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Joan N. Feeney presides over the case. Nina M. Parker, Esq., at Parker & Associates, serves as bankruptcy counsel. LAKE BRANCH: Hires Buddy D. Ford, P.A., as Attorney --------------------------------------------------- Lake Branch II and Roger & Merle seek authority from the United States Bankruptcy Court for the Middle District of Florida (Tampa) to hire Buddy D. Ford, P.A. as attorney. Professional services the attorney will render are: a. provide analysis of the financial situation and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the Debtor in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Sec. 341 Creditor's meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor in Possession in the continued operation of its business and management of its property; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Guidelines and Reporting Requirements and with the rules of the Court; g. prepare, on behalf of the Debtor, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary. The firm's standard hourly rates are: Buddy D. Ford, Esq. $425 Sr. Associate Attorneys $375 Jr. Associate Attorneys $300 Paralegals $150 Jr. Paralegals $100 Buddy D. Ford, Esq. attests that his firm represents no interest adverse to Debtor or the estate in matters upon which it is to be engaged. The firm can be reached through: Buddy D. Ford, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: Buddy@TampaEsq.com About Lake Branch II and Roger & Merle Lake Branch II and Roger & Merle are privately held real estate lessors based in Wauchula, Florida. Lake Branch is the fee simple owner of a property located at 7160 E. County Line Rd., Bowling Green, Florida, valued by the company at $2.80 million. Roger & Merle owns in fee simple a property located at 3176 Platt Road, Wauchula, Florida valued by the company at $360,000. Lake Branch II and Roger & Merle filed voluntary petition under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-08539 and Case No. 18-08540, respectively) on Oct. 5, 2018. In the petitions signed by Kelly L. Nickerson, general partner, Lake Branch II disclosed $2,800,887 in assets and $2,785,877 in liabilities; and Roger & Merle Nickerson Farms disclosed $360,112 in assets and $2,780,877 in liabilities. Buddy D. Ford, P.A., led by founding partner Buddy D. Ford, serves as counsel to the Debtor. LE-MAR HOLDINGS: Tenth Interim Cash Collateral Order Entered ------------------------------------------------------------ The Hon. Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas has entered a tenth order authorizing Le-Mar Holdings, Inc., and its affiliated debtors to use all collections received from the USPS up to and including Oct. 18, 2018 in accordance with the Interim Budget. As adequate protection for any diminution in the value of Mobilization's interest in such cash collateral caused by the use of such cash collateral, Mobilization is granted with a valid, perfected, and enforceable replacement first priority security interest in the postpetition accounts receivable due to the Debtors from the USPS but only to the extent Mobilization has a valid, perfected first position security interest, in the Debtors' accounts receivable from the USPS. To the extent the City has a valid, perfected second priority security interest in the Debtors' accounts receivable from the USPS, City is granted with a valid, perfected, and enforceable replacement second priority security interest in the post-petition accounts receivable due to the Debtors from the USPS. The Debtors will provide to counsel for Mobilization, City, Ryder, and the Official Committee of Unsecured Creditors an operating report (comparing the Debtors' budgeted expenses with its actual paid expenses up to the day before the operating report is due to Mobilization, City, Ryder, and the Committee) on or before Oct. 15, 2018. In addition, the Debtors will file and serve a proposed Eleventh Interim Budget on or before Oct. 12, 2018 at 5:00 p.m. The Eleventh Interim Hearing on the Cash Collateral Motion is set on Oct. 18, 2018 at 10:00 a.m. Objections to the Debtors' further use of cash collateral are due no later Oct. 15 at 5:00 p.m. A full-text copy of the 10th Cash Collateral Order is available at: http://bankrupt.com/misc/txnb17-50234-717.pdf About Le-Mar Holdings Le-Mar Holdings, Inc., is a mid-sized company in the general freight trucking business with operations in Grand Prairie, Amarillo, Midland, Abilene, San Angelo, Austin, San Antonio, Lufkin and Lubbock. Chuck and Tracey Edwards own approximately 63.9% of the equity interests in Le-Mar while the Lawrence and Margie Edwards' Grand-Children's Trust owns approximately 36.1% of the equity interests. Le-Mar Holdings owns 100% of the equity interests of Edwards Mail Service, Inc., and 50% of the membership interests of Taurean East, LLC. Chuck and Tracey Edwards own 50% of the membership interests of Taurean East. Le-Mar Holdings, Edwards Mail and Taurean East sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case Nos. 17-50234 to 17-50236) on Sept. 17, 2017. In the petitions signed by Chuck Edwards, its president, Le-Mar Holdings estimated assets and liabilities of $1 million to $10 million. Le-Mar Holdings engaged Moses & Singer LLP as legal counsel, and Underwood Perkins, P.C., as local counsel. Ogletree Deakins Nash Smoak & Steward, P.C., is special counsel. The Official Committee of Unsecured Creditors formed in the case retained Tarbox Law P.C., and Kelley Drye & Warren LLP as counsel. Colliers International North Texas, LLC, was appointed by the Court as a real estate broker on Jan. 10, 2018. LNB-002-2013 LLC: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of LNB-002-2013, LLC as of Oct. 10, according to a court docket. LNB-002-2013 LLC LNB-002-2013, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-20502) on August 28, 2018. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $500,000. The Debtor tapped Joel M. Aresty, P.A. as its legal counsel. LUCID ENERGY: Bank Debt Trades at 3% Off ---------------------------------------- Participations in a syndicated loan under which Lucid Energy Group II is a borrower traded in the secondary market at 96.75 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.68 percentage points from the previous week. Lucid Energy pays 300 basis points above LIBOR to borrow under the $95 million facility. The bank loan matures on February 16, 2025. Moody's rates the loan 'B2' and Standard & Poor's gave a 'BB-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. LUKE'S LOCKER: Revises Treatment of Tex. Comptroller's Claim ------------------------------------------------------------ Luke's Locker Incorporated on Oct. 4 filed its latest Chapter 11 plan, which contains revisions to the provision governing the treatment of The State Comptroller of Texas' priority claim. Under the latest plan, The State Comptroller of Texas, which holds a Class 3 priority claim, will receive payment in the sum of $100,000 from Locker Holdings LLC, the buyer of Luke's Locker's assets, within 10 days of the effective date of the plan. Thereafter, Locker Holdings will pay an additional $325,000 with simple interest at a rate of 5.5% per annum over five years through equal monthly installment payments. A failure by Locker Holdings to make a plan payment to the comptroller will be an event of default. If the purchaser fails to cure an event of default to the comptroller within 10 days after service of a written notice of default, then the comptroller may enforce the entire amount of its allowed priority claim; exercise all rights and remedies available under applicable non-bankruptcy law; and seek such relief in the bankruptcy court. Locker Holdings can receive up to three notices of default, however, the third default cannot be cured. A copy of the amended Chapter 11 plan is available for free at: http://bankrupt.com/misc/txeb17-40126-367.pdf About Luke's Locker Inc. Luke's Locker Incorporated, owner of Luke's Locker fitness and running stores in Texas, and its affiliates sought Chapter 11 protection (Bankr. E.D. Tex. Lead Case No. 17-40126) on Jan. 24, 2017. In the petitions signed by Matthew Lucas, president and CEO, Luke's Locker estimated $1 million to $10 million in assets and liabilities. The cases are assigned to Judge Brenda T. Rhoades. Melissa S. Hayward, Esq., at Franklin Hayward LLP, in Dallas, serves as the Debtors' counsel. Joseph Sullivan serves as chief restructuring officer. The Debtors tapped Rosen Systems, Inc., to sell surplus assets by auction. No trustee or examiner has been appointed in the Debtors' cases. MATTRESS FIRM: Taps Epiq Corporate as Claims & Noticing Agent ------------------------------------------------------------- Mattress Firm, Inc., and its debtors-affiliate seek approval from the United States Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC, as the claims and noticing agent. Mattress Firm requires Epiq Corporate to: a. prepare and serve required notices and documents in the cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors or the Court, including (i) notice of the commencement of the cases and the initial meeting of creditors under Bankruptcy Code Sec. 341(a), (ii) notice of any claims bar date, (iii) notices of transfers of claims and objections to claims, (iv) notices of objections to claims and objections to transfers of claims, (v) notices of any hearings on a disclosure statement and confirmation of the Debtors' plan or plans of reorganization, including under Bankruptcy Rule 3017(d), (vi) notice of the effective date of any plan, (vii) any motion to convert, dismiss, appoint a trustee, or appoint and examiner filed by the U.S. Trustee's Office, and (viii) all other notices, orders, pleadings, publications and other documents as the Debtors or Court may deem necessary or appropriate for an orderly administration of the cases; b. maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs, listing the Debtors' known creditors and the amounts owed; c. maintain (i) a list of all potential creditors, equity holders and other parties-in-interest; and (ii) a "Master Service List" in accordance with Local Rule 2002-1(H); update said lists and make said lists available upon request by a party-in-interest or the Clerk; d. furnish a notice to all potential creditors of the last date for the filing of proofs of claim and a form for the filing of a proof of claim, after such notice and form are approved by this Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; e. maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; f. for all notices, motions, orders or other pleadings or documents served, prepare and file or caused to be filed with the Clerk an affidavit or certificate of service within 7 business days of service which includes (i) either a copy of the notice served or the docket numbers and titles of the pleadings served, (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses, (iii) the manner of service, and (iv) the date served; g. process all proofs of claim or proofs of interest received, including those received by the Clerk's Office, and check said processing for accuracy, and maintain the original proofs of claim or proofs of interest in a secure area; h. maintain the official claims register for each Debtor on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Registers; and specify in the Claims Registers the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), (vi) the applicable Debtor, and (vii) any disposition of the claim; i. file an updated claims register with the Court, in alphabetical or numerical order, upon request and direction of the Clerk of the Court; j. allow public access to claims and the claims register at no charge; k. maintain an electronic platform for purposes of filing proofs of claim; l. implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; m. record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); provided, however, that if any evidence of transfer of claims is filed with the Court pursuant to Bankruptcy Rule 3001(e), and if the evidence of transfer or notice thereof executed by the parties purports to waive the 21-day notice and objection period required under Bankruptcy Rule 3001(e), then Epiq may process the transfer of claims to change the name and address of the claimant of such claim to reflect the transfer, and the effective date of such transfer will be the date the evidence of such transfer was docketed in the case; n. relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of the Claims and Noticing Agent, not less than weekly; o. upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the claims register for the Clerk's review, upon the Clerk's request; p. monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on or changes to the claims register; q. assist in the dissemination of information to the public and respond to requests for administrative information regarding the case as directed by the Debtors or the Court, including through the use of a case website or call center; r. provide such other related claims and noticing services as the Debtors may require in connection with these Chapter 11 Cases; s. if a case is converted to chapter 7, contact the Clerk's Office within 3 days of the notice to Claims and Noticing Agent of entry of the order converting the case; t. thirty (30) days prior to the close of these Chapter 11 Cases, to the extent practicable, request that the Debtors submit to the Court a proposed Order dismissing the Claims and Noticing Agent and terminating the services of such agent upon completion of its duties and responsibilities and upon the closing of these cases; u. within fourteen (14) days of entry of an Order dismissing a case or within thirty (30) days of entry of a Final Decree, (a) forward to the Clerk an electronic version of all imaged claims; (b) upload the creditor mailing list into CM/ECF and (c) docket a Final Claims Register. If a case has jointly-administered entities, one combined registershall be docketed in the lead case containing claims of all cases. The Claims and Noticing Agent shall further box and transport all original claims to the Atlanta Federal Records Center, 4712 Southpark Blvd, Ellenwood, GA 30294 and docket a completed SF-135 Form indicating the accession and location numbers of the archived claims; and v. within fourteen (14) days of entry of an Order converting a case, (a) forward to the Clerk an electronic version of all imaged claims; (b) upload the creditor mailing list into CM/ECF and (c) docket a Final Claims Register. If a case has jointly-administered entities, one combined register shall be docketed in the lead case containing claims of all cases. A Final Claims Register shall also be docketed in each jointly-administered case containing the claims of only that specific case. The Claims and Noticing Agent shall further box and transport all original claims to the Atlanta Federal Records Center, 4712 Southpark Blvd, Ellenwood, GA 30294 and docket a completed SF-135 Form indicating the accession and location numbers of the archived claims. Epiq Corporate will be paid at these hourly rates: Executives No Charge Executive Vice President, Solicitation $215 Solicitation Consultant $190 Consultants/ Directors/Vice Presidents $160 to $190 Case Managers $70 to $165 IT / Programming $65 to $85 Clerical/Administrative Support $25 to $45 Epiq Corporate will also be reimbursed for reasonable out-of-pocket expenses incurred. Kathryn Tran, director with Epiq Corporate Restructuring, LLC, attests that Epiq is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The agent can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 3rd Ave., 12th Floor New York, NY 10017 Tel: (212) 225-9200 About Mattress Firm Founded in 1986, Mattress Firm -- https://www.mattressfirm.com/ -- is a specialty mattress retailer headquartered in Houston, Texas, operating more than 3,230 stores across 49 states (including franchise locations). Mattress Firm offers a broad selection of mattress products and bedding accessories from leading manufacturers and brand names, including Serta, Simmons, tulo, Sleepy's, Chattam & Wells and Purple. Mattress Firm and its affiliate-debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead Case No. 18-12241) on Oct. 5, 2018. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. Sidley Austin LLP, led by Bojan Guzina, Matthew E. Linder, and Blair M. Warner, serves as the Debtors' attorneys. Young Conaway Stargatt & Taylor, LLP, led by Robert S. Brady, Edmon L. Morton, and Ashley E. Jacobs, serves as the Debtors' Delaware counsel. AlixPartners, LLP, is the Debtors' financial advisor; Guggenheim Securities, LLC is the Debtors' investment banker; and Epiq Bankruptcy Solutions is the Debtors' claims & noticing agent. MEDEX PATIENT: Second Interim Order Entered ------------------------------------------- In a second interim order, the U.S. Bankruptcy Court of the Middle District of Tennessee allowed Medex Patient Transport, LLC, to use cash collateral to pay its (1) customary operating expenses for the period of May 10, 2018 to Dec. 31, 2018; and (2) fees payable to the Clerk of Court and the U.S. Trustee. In exchange for the use of cash collateral, secured creditor Platinum Rapid Funding Group, Inc., will be granted adequate protection in the form of (1) weekly postpetition payments of $500; (2) monthly reports on actual results as compared to budget results; (3) super priority claims, upon motion by Platinum and proof of evidence of diminution of value of interest arising from the use of said collateral; and (4) permit to visit business premises for inspection. Should Medex default in its obligations under the interim order, the use of the collateral shall be terminated. A hearing is scheduled on Oct. 16, 2018 at 9:00 a.m. Should the parties agree to the use of the cash collateral beyond the interim period, the parties must file the necessary motion and notice with the court for hearing. A full-text copy of the Order is available at: http://bankrupt.com/misc/tnmb18-03189_Medex_Cash_O.pdf About Medex Patient Transport Medex Patient Transport, LLC, d/b/a Caliber Care + Transport -- https://www.caliberpatientcare.com/ -- is a non-emergency medical transport company that provides services including ambulatory, wheelchair, and stretcher transport. Caliber is based in Music City USA, Nashville, with 30 locations throughout Atlanta, GA; Bentonville, AR; Birmingham, AL; Cleveland, OH; Columbus, OH; Dallas, TX; Ft Myers, FL; Houston, TX; Knoxville, TN; LaFayette, GA; Memphis, TN; Montgomery, AL; Nashville, TN; Pinellas County, FL; St. Louis, MO; San Jose, CA; and Winston-Salem, NC. Medex Patient Transport filed a Chapter 11 petition (Bankr. M.D. Tenn. Case No. 18-03189) on May 10, 2018. In the petition signed by Klein Calvert, chief manager, the Debtor disclosed $515,901 in total assets and $2.33 million in total liabilities. The case is assigned to Judge Charles M. Walker. Joseph P. Rusnak, Esq., at Tune, Entrekin & White, P.C., is the Debtor's bankruptcy counsel; and Brad Shipe, Esq. and Shipe Dosik Law LLC as special franchisee counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. MEGHA LLC: Hires OneBane Law Firm as Co-Counsel ----------------------------------------------- Megha, LLC seeks authorization from the U.S. Bankruptcy Court for the Western District of Louisiana to hire OneBane Law Firm as co-counsel. The Debtor, as debtor-in-possession, previously employed Bradley L. Drell and the law firm of Gold, Weems, Bruser, Sues & Rundell, APLC, as its attorneys. This Court issued an interim order granting Debtor's Application to Employ Gold [Doc. 25], setting final hearing on the Application for October 23, 2018. Certain members of the Debtor, namely N.V. Patel and Arun Karsan, wish for attorney Craig A. Ryan to represent their interests as co-counsel for the Debtor in this proceeding. The retention of Craig A. Ryan as co-counsel will facilitate discussion among and between the Debtor's members, which is necessary to the efficient, successful conduct and closure of this proceeding. Craig A. Ryan, an attorney in OneBane Law Firm, attests that no attorney of the firm holds or represents an interest adverse to the Debtor and all attorneys are "disinterested" persons under the Bankruptcy Code. The Firm can be reached at: Craig A. Ryan, Esq. Onebane Law Firm 1200 Camellia Boulevard, Suite 300 Lafayette, LA 70508 P.O. Box 3507 Lafayette, LA 70502-3507 Tel: (337) 237-2660 E-mail: ryanc@onebane.com About Megha, LLC Megha, LLC, filed as a single asset real estate as defined in 11 U.S.C. Section 101(51B). The company has full ownership of lots 4 and 5 of Spanish Town Center known as the Hampton Inn and Suites New Iberia with an appraisal value of $6.6 million. Megha, LLC, filed a Chapter 11 petition (Bankr. W.D. La. Case No. 18-51147) on Sept. 11, 2018. In the petition signed by Jay Sachania, manager, the Debtor disclosed $8,137,429 in assets and $6,529,035 in liabilities. The case is assigned to Judge John W. Kolwe. Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell, serves as counsel to the Debtor. MGTF RADIO: May Continue Using Cash Collateral Until Oct. 19 ------------------------------------------------------------ The Hon. Charles E. Rendlen, III, of the U.S. Bankruptcy Court for the Eastern District of Missouri, upon consideration of the Third Consent Motion, has entered an order authorizing MGTF Radio Company, LLC and WPNT Inc. to continue to use cash collateral through and including Oct. 19, 2018 upon the terms and conditions set forth in the Court's Final Order. The Debtors are also authorized to continue to honor their Adequate Protection Obligations to Agent and Lenders. A copy of the Order is available at http://bankrupt.com/misc/moeb18-41671-107.pdf About MGTF Radio Company MGTF Radio Company, LLC, which conducts business under the name Steel City Media, is a multimedia company offering print, radio, and digital advertising solutions. Its stations include Country KBEQ (Q104), Country KFKF, Top 40 KMXV (MIX 93.3), and AC KCKC (KC 102.1). The company was founded in 1984 and is based in Pittsburgh, Pennsylvania, with a location in Kansas City, Missouri. MGTF Radio Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case Nos. 18-41671 and 18-41672) on March 20, 2018. In the petitions signed by Michael J. Frischling, vice-president, MGTF Radio and WPNT estimated assets and liabilities of $50 million to $100 million. The Debtors hire Carmody MacDonald P.C. as their legal counsel; and Smithwick & Belendiuk, P.C., as special counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 cases. MISSION COAL: Case Summary & 50 Largest Unsecured Creditors ----------------------------------------------------------- Eleven affiliated companies that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Mission Coal Company, LLC (Lead Debtor) 18-04177 7 Sheridan Square, Suite 300 Kingsport, TN 37660 Oak Grove Resources, LLC 18-04176 Beard Pinnacle, LLC 18-04178 Oak Grove Land Company, LLC 18-04179 Pinnacle Land Company, LLC 18-04180 Pinnacle Mining Company, LLC 18-04181 Seminole Alabama Mining Complex, LLC 18-04182 Seminole Coal Resources, LLC 18-04183 Seminole West Virginia Mining Complex, LLC 18-04184 Seneca Coal Resources, LLC 18-04185 Seneca North American Coal, LLC 18-04186 Business Description: Mission Coal Company and its subsidiaries are engaged in the mining and production of metallurgical coal, also known as "met" coal, which is a critical component of the steelmaking process. Established through a series of acquisitions, the Debtors are among the leading producers of met coal in the United States. The Debtors are headquartered in Kingsport, Tennessee and operate subterranean, surface, and longwall mining complexes in West Virginia and Alabama. The Debtors employ 1,075 individuals on a full- or part-time basis. Chapter 11 Petition Date: October 14, 2018 Court: United States Bankruptcy Court Northern District of Alabama (Birmingham) Judge: Hon. Tamara O Mitchell Debtors' Counsel: Daniel D. Sparks, Esq. Bill D. Bensinger, Esq. CHRISTIAN & SMALL LLP 505 North 20th Street, Suite 1800 Birmingham, Alabama 35203 Tel: (205) 795-6588 Fax: (205) 328-7234 Email: ddsparks@csattorneys.com bdbensinger@csattorneys.com - and - James H.M. Sprayregen, P.C. Brad Weiland, Esq. Melissa N. Koss, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: james.sprayregen@kirkland.com brad.weiland@kirkland.com melissa.koss@kirkland.com - and - Stephen E. Hessler, P.C. Ciara Foster, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: stephen.hessler@kirkland.com ciara.foster@kirkland.com Debtors' Investment Banker: JEFFERIES LLC Debtors' Financial Advisor: ZOLFO COOPER LLC Debtors' Notice, Claims & Balloting Agent and Administrative Advisor: OMNI MANAGEMENT GROUP https://is.gd/3j98No Mission Coal's Estimated Assets: $100 million to $500 million Mission Coal's Estimated Liabilities: $100 million to $500 million The petition was signed by Kevin Nystrom, chief restructuring officer. A full-text copy of Mining Coal's petition is available at: http://bankrupt.com/misc/alnb18-04177.pdf List of Debtors' 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Trustees of the UMWA Union $9,730,167 Pension & Benefit P.O. Box 19175A Newark, NJ 07195 Michael H. Hollard et al. Litigation $4,900,000 c/o Ogletree Deakins Attn: John Woodrum 1909 K St. NW Washington, DC 20006 Bluestone Coal Corporation, and Litigation $4,000,000 Double-Bonus Mining Company c/o Hendrickson & Long, Pllc P.O. Box 11070 Charleston, WV 25339 Natural Resource Partners Trade $3,198,387 654 Main St Rockwood, PA 15557 Carter Machinery Co Inc Trade $2,122,561 Attn: Henry Looney P.O. Box 743849 Atlanta, GA 30374-3849 Tel: 304-683-5932 Alabama Power Company Trade $1,953,726 Remittance Processing Center P.O. Box 242 Birmingham, AL 35292 Tel: 205-257-1000 United Central Industrial Supply Trade $1,868,867 Us Dept of Labor Msha P.O. Box 790390 St Louis, MO 63179 Tel: 202-693-9400 Rockwood Casualty Insurance Trade $1,652,263 Company Rt 10 North P.O. Box 819 Pineville, WV 24874 Tel: 304-732-8646 Sheriff of Wyoming County Government $1,469,807 P.O. Box 529 Pineville, WV 24874 Joann Waid et al. Litigation $1,200,000 Attn: Astrika Adams ERP Compliant Fuels LLC P.O. Box 305 Madison, WV 25130 Astrika Adams Email: Astrika.Adams@Clarkeinvestments.Com Us Dept of Treasury Government $1,187,777 P.O. Box 24415 Canton, OH 44701-4415 Tel: 888-710-4237 White & Case LLP Professional $1,010,736 1221 Ave of the Americas Services New York, NY 10020 Jimmy Baker V. Oak Grove Litigation $1,000,000 Resources Matter c/o Richard L. Wyatt, Attorney 2010 Lancaster Rd Birmingham, AL 35209 Webster, et al. Litigation $1,000,000 c/o Heninger, Garrison, Davis, LLC Attn: Jeff Leonard 2224 1St Ave N. Birmingham, AL 35203 Anthem Blue Cross and Blue Shield Trade $838,027 1717 Arch St, Suite 4010 Philadelphia, PA 19103 Appalachian Power Trade $737,357 367 George St Beckley, WV 25801 Tel: 304-255-0537 Surratt, et al. Litigation $585,000 c/o the Masters Law Firm Attn: Roger Decanio 181 Summers St Charleston, WV 25301 Phillips Machine Service Trade $565,630 400 White Oaks Blvd Bridgeport, WV 26330 Tel: 304-933-8000 Steptoe & Johnson Pllc Professional $562,915 100 Main & River Sts Services P.O. Box 308 Kenova, WV 25507 Birmingham Terminal Railway LLC Trade $549,431 Attn: Jay Benedict P.O. Box 790343 St Louis, MO 63179-0343 Tel: Tel: 620-231-2230 Grover Dunn Assistant Tax Collector Trade $512,794 P.O. Box 1190 Bessemer, AL 35021-1190 Jennchem LLC Trade $462,462 Attn: Kenny Church P.O. Box 1840 Pineville, WV 24874 Kenny Church Tel: 304-294-8153 Smith Manus Trade $442,533 P.O. Box 2446 Mt Lake Park, MD 21550 Rickie Johnson Matter Litigation $425,000 c/o Hamilton, Burgess, Young & Pollard Pllc Attn: Kevin Burgess P.O. Box 959 Fayetteville, WV 25840 White Armature Works Inc Trade $413,450 7258 Cool Springs Blvd, Suite 600 Franklin, TN 37067 Custom Engineering Inc. Trade $361,630 5260 Irwin Rd Huntington, WV 25705 Tel: 304-522-5757 GMS Mine Repair & Maintenance Trade $359,966 656 Hall St P.O. Box 320 Clay, KY 42404 Tel: 270-664-6207 GATX Rail Trade $356,638 Attn: Jay Leadingham 222 West Adams St Chicago, IL 60606 Tel: 312-621-6470 Quality Magnetite LLC Trade $321,786 Attn: Anthony Hruska P.O. Box 603800 Charlotte, NC 28260-3800 Tel: 412-963-9071 Cowin Equipment Company Inc. Trade $315,771 Attn: Scott Dyer P.O. Box 671413 Dallas, TX 75267-1413 Tel: 304-453-2222 Ken & Coy Rock Inc Trade $295,904 Attn: Chris Walls State Route 10 Mallory, WV 25634 Tel: 304-583-9681 Metlife Trade $289,709 P.O. Box 603800 Charlotte, NC 28260-3800 Power Technologies Trade $289,126 P.O. Box 809021 Chicago, IL 60680 Tel: 770-321-2500 Bradley Arant Boult Cummings LLP Trade $261,207 P.O. Box 241 Petersburg, IN 47567 Tel: 812-354-8156 Coal Specialty Funding, LLC Trade $258,864 Dept Ch 10579 Palatine, IL 60055-0579 CRA International Inc DBA Charles Trade $254,624 River 2094 B F Buchanan Hwy Tazewell, VA 24651 Cowin & Company Inc Trade $249,383 Tazewell Mining Supply & Equipment Inc Trade $234,237 Berwind Land Company Trade $229,173 Advantage Technology LLC Trade $213,321 Blizzard Industrial Supply Co Trade $208,313 Mining Engineering & Contr Joy Global Underground Mining LLC Trade $197,809 AAA Mine Service Underground Inc Trade $197,089 Joy Global Conveyors Inc Trade $184,265 Pense Bros Drilling Trade $179,180 Martin And Associates Trade $178,564 Thompson Tractor & Equip Co Trade $172,225 Cliffs Natural Resources Inc. Litigation Unliquidated Linda Weekly, et al. Litigation Unliquidated Email: Astrika.Adams@Clarkeinvestments.Com Alison Shepherd As Surviving Spouse, Litigation Unliquidated Mother, Next Friend To Minor Children MOAB INC: Hires Bond Law Office as Attorney ------------------------------------------- MOAB, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of Arkansas (Fayetteville) to hire Bond Law Office as attorneys. The hourly charged by the Bond Law Office is $300 for all work performed by lead attorney Stanley Bond, and $250 for all work performed by associate counsel Emily Henson. Paraprofessional time is charged at $100 per hour. The Bond Law Office received from the Debtor a filing fee of $1,717, and attorney retainer fee of $3283. Stanley V Bond disclosed in the court filing that the Bond Law Office and its attorneys are each a "disinterested person" within the definition contained in 11 U.S.C. Sec. 101(14). The counsel can be reached through: Stanley V Bond Bond Law Office P.O. Box 1893 Fayetteville, AR 72701-1893 Tel: (479) 444-0255 Fax: (479) 235-2827 E-mail: attybond@me.com About MOAB, Inc. Based in Springdale, Arkansas, MOAB, Inc., d/b/a Mountain Air Organic Beds, d/b/a Mountain Air National Beds, filed its voluntary Chapter 11 petition (Bankr. W.D. Ark. Case No. 18-72751) on Oct. 11, 2018, estimating under $1 million in assets and liabilities. Stanley V. Bond, Esq., at Bond Law Office, represents the Debtor. MR. STEVEN: Hires Adams and Reese as Counsel -------------------------------------------- Mr. Steven, L.L.C., seeks authority from the United States Bankruptcy Court for the Western District of Louisiana (Lafayette) to hire Adams and Reese LLP as its counsel. The professional services to be rendered by Adams and Reese LLP are: (a) advise the Debtor with respect to its powers and duties as debtor-in-possession in the continued operation of its business and management of its property and affairs; (b) represent the Debtor on all legal matters which require the advice, counsel and assistance of an attorney at law in connection with the Debtor’s bankruptcy proceedings; (c) assist and prepare on behalf of the Debtors necessary applications, motions, answers, orders, reports, notices, pleadings and other legal documents, and reviewing all financial and other reports to be filed; (d) advise the Debtor regarding and preparing any necessary responses to applications, motions, notices, orders, and other legal documents, which may be filed by other parties; (e) assist the Debtor in the preparation, filing and approval of a Disclosure Statement and preparation, filing and confirmation of a Plan of Reorganization and/or Liquidation; (f) appear in Court to protect the interests of the Debtor; (g) represent and advise the Debtor in connection with the use of cash collateral and/or obtaining debtor-in-possession financing; (h) advise the Debtor concerning and assisting with the negotiation and documentation of debtor-in-possession financing agreements, cash collateral orders, and any related transactions or documents; (i) investigate the nature and validity of liens asserted against the Debtor's properties, and advising the Debtor regarding the enforceability of said liens; (j) investigate and advise the Debtor regarding, and taking such actions as may be necessary to collect the Debtor's income and assets in accordance with applicable law and to recover property for the benefit of the estates; (k) assist the Debtor in the disposition of its assets, through this proceeding, which they no longer need in the operation of its business, if any; (l) advise and assist the Debtor regarding executory contract and unexpired lease assumptions, assignments and/or rejections, restructuring and/or recharacterizations; (m) assist the Debtor in reviewing, estimating and resolving claims asserted against the estates; (n) represent, advise, counsel and assist the Debtor in all litigation, whether brought by the Debtor or against the Debtor; (o) perform all legal services for the Debtor which may be necessary and appropriate in this cases. The firm's hourly rates are: Robin B. Cheatham $550 Lisa M. Hedrick $485 Scott R. Cheatham $450 Robert Parrott $315 Angela Grewal $305 Paralegals and Law Clerks $110 to $210 Scott R. Cheatham, Esq., a partner at the law firm Adams and Reese, attests that his firm is a disinterested person as defined in Section 101(14) of the Bankruptcy Code. The counsel can be reached through: Robin B. Cheatham, Esq. ADAMS AND REESE LLP 701 Poydras Street, Suite 4500 New Orleans, LA 70139 Tel: (504) 581-3234 Fax: (504) 566-0210 E-mail: cheathamrb@arlaw.com robin.cheatham@arlaw.com About Mr. Steven Mr. Steven, L.L.C., is a privately held company in New Iberia, Louisiana engaged in the business of offshore marine vessel leasing. Mr. Steven filed a voluntary petition for relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 18-51277) on Oct. 3, 2018. In the petition signed by Mr. Steven J. Miguez, manager, the Debtor disclosed $5,152,864 in assets and $23,651,405 in liabilities. Robin B. Cheatham, Esq. at Adams and Reese LLP, represents the Debtor. MULE CAMP: Hires Kelley & Clements as Attorney ---------------------------------------------- Mule Camp Rocks, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia (Gainesville) to hire Kelley & Clements as attorneys. Mule Camp requires Kelley & Clements to: a. advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; b. appear for, prosecute, defend and represent the Debtor's interest in suits arising in or related to this case; c. investigate and prosecute preference and other actions arising under the Debtor in Possession's avoidance powers; and d. assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of this estate; and to consult with and advise the Debtor in connection with the operation of or the termination of the operation of the business of the Debtor. Kelley & Clements will be paid at these hourly rates: Partners $350 Paraprofessionals $125 Jonathan D. Clements, a partner at Kelley & Clements, 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. Kelley & Clements can be reached at: Jonathan D. Clements, Esq. KELLEY & CLEMENTS LLP PO Box 2758 Gainesville, GA 30503-2758 Tel: (770) 531-0007 E-mail: jclements@kelleyclements.com About Mule Camp Rocks Based in Gainesville, Georgia, Mule Camp Rocks, LLC, sought protection under Chapter 11 of the US Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-21413) on July 17, 2018, estimating under $1 million in assets and liabilities. Jonathan D. Clements, Esq., at Kelley & Clements, represents the Debtor. NATIONAL STORES: Commences Closing Sales at 184 Remaining Stores ---------------------------------------------------------------- National Stores was set to begin a store closing sale at 184 of its remaining locations on Friday, Oct. 12, 2018. The store closing sales are being conducted by a joint venture consisting of Hilco Merchant Resources, Gordon Brothers and SB360 Capital Partners. The specific stores that will be closing are currently branded as Fallas and Factory 2-U stores across 12 states and Puerto Rico. The store closing process is the result of the Chapter 11 Bankruptcy filing by National Stores, Inc. and certain of its affiliates. As part of the restructuring, management at the retail chain has conducted a store rationalization process resulting in the shutdown of these specific stores. Shoppers were expected to find huge markdowns starting Friday, October 12, at the locations listed below. The entire store will be on sale, with significant reductions of up to 30% off the lowest ticketed prices. Consumers can take advantage of tremendous savings on a full selection of merchandise including school uniforms & school supplies, backpacks & lunchboxes, apparel & shoes for the whole family in a wide range of styles and sizes. The sale will also feature great deals on home goods items along with famous brand names in all departments. A spokesperson for the joint venture said, "These stores are well known in the local markets where they have served their communities for years. The sale provides an opportunity for consumers to buy products at compelling discounts. Consumers are encouraged to shop early, stock up on school uniforms and get a head start on holiday shopping while selections are best." The full list of closing stores is available at: https://is.gd/RoU465 About Hilco Merchant Resources Hilco Merchant Resources -- http://www.hilcomerchantresources.com/ -- provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives. Activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Hilco Merchant Resources subsidiaries include the nation's premier fixture and equipment liquidation firm, Hilco Fixture Finders (www.hilcofixturefinders.com) as well as the popular online retail and daily deal e-commerce company, Deal Genius, LLC (www.dealgenius.com). Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global -- http://www.hilcoglobal.com-- one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. About Gordon Brothers Since 1903, Gordon Brothers -- http://www.gordonbrothers.com/-- has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents. About SB360 Capital Partners SB360 Capital Partners, LLC -- http://www.sb360.com/-- a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360's equity investments in retail, wholesale, and consumer product companies, fund turnarounds and infuse capital for growth opportunities. Other acquisitions provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. Asset disposition services range from guaranteed asset value recovery to acting as a liquidation consultant. The firm also has entities engaged in real estate advisory, commercial real estate investment, and the operation of the SBC Logistics Asset Recovery Center in Columbus. A lending affiliate, Second Avenue Capital Partners, provides asset-based loans for middle market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations. About National Stores National Stores is a 344-store chain in 22 U.S. states and Puerto Rico. National Stores currently does business as Fallas, Fallas Paredes, Fallas Discount Stores, Factory 2-U, Anna's Linen's by Fallas, and Falas (spelled with single "l" in Puerto Rico). Fallas, which emplolys 9,800 people, is a discount retailer offering value-priced merchandise, including apparel, bedding and household supplies. The brands of National Stores are located in retail plazas, specialty centers, and downtown areas to serve the communities its customers and staff members call home. National Stores, Inc., and its affiliates sought Chapter 11 protection and Aug. 6, 2018, and announced that Hilco Merchant Resources, LLC, is conducting going-out-of-business sales for 74 stores. The lead case is In re J & M Sales Inc. (Bankr. D. Del. Lead Case No. 18-11801). J & M Sales estimated assets and debt of $100 million to $500 million as of the bankruptcy filing. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped Katten Muchin Rosenman LLP as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP as bankruptcy co-counsel; Retail Consulting Services, Inc. as real estate advisor; Imperial Capital, LLC as investment banker; and Prime Clerk LLC as the claims and noticing agent. SierraConstellation Partners, LLC is providing personnel to serve as chief restructuring officer and support staff. On Aug. 16, 2018, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' cases. The Committee tapped Fox Rothschild LLP and Cooley LLP as its legal counsel; and Province as its financial advisor. OAKLAWN HOSPITAL: Moody's Affirms Ba1 on $63MM Revenue Bonds ------------------------------------------------------------ Moody's Investors Service has affirmed Oaklawn Hospital, MI's Ba1 rating, affecting $63.5 million of outstanding revenue bonds issued through the Calhoun County Hospital Finance Authority, MI. The outlook remains stable. RATINGS RATIONALE The affirmation of Oaklawn's Ba1 reflects the hospital's strong market share in its primary service area and acknowledges the recent turnaround in financial performance following several years of deteriorating margins. The rating incorporates its expectation that Oaklawn will meet projections of improved operating performance and generate sufficient cash flow to fund capital expenditures without diluting the balance sheet. Oaklawn will remain challenged by a large debt load, resulting in weaker debt metrics. Debt structure, however, is largely fixed rate with no indirect load, a key credit strength. Other ongoing challenges include Oaklawn's small size and limited financial flexibility with proximity to highly competitive multi-hospital systems. RATING OUTLOOK The stable outlook incorporates its expectation that recent margin improvement will be maintained, as surgery volumes return to historical levels and staffing and supply costs are adjusted to reflect changing volumes. The outlook also reflects its expectation that Oaklawn will maintain liquidity at current levels. FACTORS THAT COULD LEAD TO AN UPGRADE - Sustained growth of operating revenue and absolute cash, allowing the organization to improve leverage metrics - Expansion of service lines or geographic reach resulting in overall growth and revenue diversification FACTORS THAT COULD LEAD TO A DOWNGRADE - Further reduction in operating performance - Inability to generate budgeted cash-flow, or sustain current balance sheet metrics - Erosion of liquidity or weakening of days cash position LEGAL SECURITY The bonds are secured by a gross revenue pledge of the obligated group bolstered by an account control agreement, as well as a mortgage on the hospital site in Marshall, Michigan. PROFILE Oaklawn Hospital is a single-hospital system with 94 licensed beds,15 miles southeast of Battle Creek, in Marshall, MI, the county seat of Calhoun County. Oaklawn is the leading healthcare provider in its primary service area. METHODOLOGY The principal methodology used in this rating was Not-For-Profit Healthcare published in November 2017. OXBRIDGE COINS: Hires Mitchell R. Hadler as Bankruptcy Counsel -------------------------------------------------------------- Oxbridge Coins, Inc., seeks authority from the United States Bankruptcy Court for the Northern District of California (San Francisco) to employ Mitchell R. Hadler, Esq. and the Law Office of Mitchell R. Hadler as general bankruptcy counsel. Services the counsel will render are: a. fulfill requirements of the Bankruptcy Code in operating as a Debtor in Possession; b. fulfill requirements of the Office of the United States Trustee including operating matters and the filing of reports; c. facilitate claims administration and litigation including setting a claims bar date and reviewing the substance of timely filed proof of claims; d. propose and implement a Plan of Reorganization and all filings and paperwork associated therewith; e. provide representation at meetings and appearances at court hearings at motions and preparation if required reports and papers; f. provide general counsel and representation in the course of this chapter 11 case. The Debtor will pay the counsel $450 per hour for his services. The Law Office of Mitchell R. Hadler has no connection with the Debtor, creditors, shareholders, or parties in interest of this case, as stated in the court filing. The counsel can be reached through: Mitchell R. Hadler, Esq. LAW OFFICE OF MITCHELL R. HADLER 1450 Sutter St. #508 San Francisco, CA 94109 Tel: (415)626-6897 Email: mrh.ca.courts@gmail.com About Oxbridge Coins Oxbridge Coins, Inc., is a precious metals firm in San Francisco, California. The Company deals primarily in gold, silver, platinum bullion, and rare coins. Oxbridge Coins, Inc. filed a voluntary petition for reorganization under Chapter 11 of U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-31040) on Sept. 27, 2018. In the petition signed by Vadim Polyak, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Dennis Montali presides over the case. Mitchell R. Hadler, Esq., at the Law Office of Mitchell R. Hadler, represents the Debtor's counsel. PEDRO’S OF MADISON: Seeks Authority to Use Collateral ------------------------------------------------------- Pedro's of Madison, Inc., business operators of Pedro's Mexican Restaurante, filed a Chapter 11 case in the U.S. Bankruptcy Court of the Western District of Wisconsin. In a motion filed, the company seeks the court's authority to use cash collateral secured for its creditor, S.M.E Investments, pursuant to its proposed budget, through and including Nov. 30, 2018. The company claims that if it is not permitted to use cash collateral, it will seriously harm the business and they may need to close down its operations, to the prejudice also of its creditors. The company believes that the creditor's interest is adequately protected, as the company intends to provide for replacement liens, collateral insurance and continued monthly rent payments. A full-text copy of the Motion is available at: http://bankrupt.com/misc/wiwb18-13142_Pedros_Cash_M.pdf About Pedro's of Madison Pedro's of Madison, Inc., is a privately held company in Madison, Wisconsin, that operates restaurants. It is a family-friendly restaurant serving Mexican fare & margaritas in a fiesta-themed setting. Pedro's of Madison sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 18-13142) on Sept. 14, 2018. In the petition signed by James C. Martine, president/sole shareholder, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Catherine J. Furay presides over the case. Eliza M. Reyes, Esq. at Krekeler Strother, S.C. is the Debtor's counsel. PERIWINKLE PARTNERS: Seeks to Use Regions' Cash Collateral ---------------------------------------------------------- Periwinkle Partners, LLC, filed with the U.S. Bankruptcy Court of the Middle District of Florida a motion seeking permission from the court to use cash collateral. The Debtor's creditor, Regions Bank, may have a secured interest or claim of up to $2,173,930.15. In exchange for the use of cash collateral, the debtor proposes to grant Regions Bank replacement lien on post-petition assets. Their projections/budget also demonstrate that the anticipated revenue is sufficient to cover expenses and that it will remain profitable, thereby able to provide secured creditor with adequate protection. If not authorized to use its cash collateral, the company claims that its operations would cease, resulting in immediate and irreparable harm to the interests of the company's estate and to all of its creditors, and/or decrease the possibility of a successful rehabilitation. A full-text copy of the Motion is available at: http://bankrupt.com/misc/flmb18-06721_38_Periwinkle_Cash_M.pdf About Periwinkle Partners Based in Sanibel, Florida, Periwinkle Partners LLC owns and operates a commercial shopping center. Periwinkle Partners filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-06721) on Aug. 13, 2018. In the petition signed by Charles Phoenix, manager, the Debtor estimated $1 million to $10 million in assets and liabilities. Robert N. Bassel, Esq., is the Debtor's bankruptcy counsel. PETROLEUM KINGS: UMEC Entitled to Prepetition Prejudgment Interest ------------------------------------------------------------------ Bankruptcy Judge Robert D. Drain issues a memorandum opinion stating the Court's reasons for ruling in favor United Metro Energy Corporation in its dispute with Debtor Petroleum Kings, LLC. The dispute is between Petroleum Kings and its principal, Asmel Gonzalez, on the one hand, and United Metro Energy Corporation and UMEC's corporate parent, United Apollo Petroleum Transportation Corporation, on the other, over whether PK and Gonzalez are liable for the improper "lifting" of several hundred thousand gallons of fuel oil from UMEC without payment and PK's related claims against UMEC for defamation and against UMEC and Apollo for PK's delivery of UMEC oil to UMEC and Apollo's customers, or oil purchased by PK from third parties and delivered to UMEC and Apollo's customers, for which PK was not paid. More specifically, starting in 2013 PK served as a contractor for UMEC, picking up, or "lifting" oil from UMEC's facility ("Greenpoint Facility") on Newtown Creek in the Greenpoint neighborhood of Brooklyn, New York for delivery to UMEC's customers. Under the contracts between UMEC and PK, PK's drivers were provided with computerized cards that enabled the removal of fuel oil from a loading rack in the Greenpoint Facility, a process that also generated an electronic bill of lading for the lifted oil as well as resulted in the automatic issuance of a delivery ticket to UMEC's customers. The business relationship between PK and UMEC came to an abrupt end in mid-October 2014 when UMEC alleged withdrawals of oil by PK that were never delivered to UMEC's customers and thus for which UMEC was not paid. UMEC asserts that PK is liable on two theories: a contract theory, because PK agreed to be responsible to UMEC for all oil lifted using PK Access Cards, and a tort theory, on the basis that PK converted the missing oil. UMEC seeks compensatory and punitive damages for the over-lifting, along with prejudgment interest and attorneys' fees. UMEC also asserts that Gonzalez is liable for all of PK's liabilities to UMEC based on an unlimited guaranty executed in connection with the business relationship between UMEC and PK, as well as attorneys' fees and prejudgment interest. PK asserts setoff claims for oil it delivered to UMEC's and Apollo's customers that it picked up from UMEC or purchased from another distributor after the controversy arose and for which it was not paid, as well as a defamation claim related to UMEC's conversion allegations. The Court held a two-day trial on April 26-27, 2018 and considered the testimony of five live witnesses as well as reviewed the parties' additional witness deposition designations and four binders of trial exhibits. The Court has also considered the parties' post-trial submissions, where based on the trial record, and a post-trial motion by PK and Gonzalez to reopen the trial to introduce additional evidence. The Court denies PK and Gonzalez's July 18, 2018 motion to reopen the trial to supplement the trial record with additional evidence, (a) because doing so would unduly prejudice UMEC and Apollo's conduct of the trial, (b) because of the ease with which PK and Gonzalez could have offered such evidence -- which was always within their control -- at trial, preceded by their failure to provide it by court established discovery and pre-trial deadlines, and (c) because the additional documents are far from dispositive. The Court also determines (1) that UMEC has satisfied its burden to establish (a) UMEC's aggregate contract claim against PK in the amount of $1,549,191.37, plus prejudgment interest thereon at 9% per year from Oct. 14, 2014 to the bankruptcy petition date, subject to an offset by PK of $194,299.24 for $34,712.29 of unpaid delivery services and the oil that PK obtained from other sources and delivered to UMEC's customers without payment, plus prejudgment interest thereon at 9 percent per year from the delivery of such fuel to date, and (b) UMEC's guaranty claim against Gonzalez in the gross amount owed to UMEC by PK before prejudgment interest, plus prejudgment interest thereon at 9 percent per year to date, plus reasonable attorneys' fees and expenses in an amount to be determined, and (2) that PK's defamation claim should be dismissed. A copy of the Court's Memorandum Decision dated Oct. 9, 2018 is available for free at: http://bankrupt.com/misc/nysb17-22154-76.pdf About Petroleum Kings LLC Petroleum Kings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-22154) on February 2, 2017. The petition was signed by Asmel Gonzalez, principal. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $50,000. PILGRIM'S PRIDE: S&P Raises ICR to 'BB-', Outlook Positive ---------------------------------------------------------- S&P Global Ratings raised the issuer credit rating on Pilgrim's Pride Corp. to 'BB-' from 'B+' following a similar action on parent JBS S.A. The outlook is positive. S&P said, "In addition, we raised the issue-level rating on the company's senior secured facility, consisting of a $500 million term loan and $750 million revolver due in July 2023, to 'BB+' from 'BB'. The '1' recovery rating is unchanged, indicating our expectation of very high recovery (90%-100%; rounded estimate: 95%) in the event of payment default. "We also affirmed the 'BB-' rating on the company's senior unsecured notes. However, we revised the recovery rating to '3' from '2', indicating our expectations for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a default." The upgrade and positive outlook follow a similar action on Pilgrim's Pride parent JBS, a Brazil-based protein processor. That company was upgraded based on improving credit metrics with a commitment to reduce debt and further extend its maturity profile. The positive outlook on JBS reflects the possibility of a higher rating over the next 12-18 months if it maintains recent operational performance, which benefits from its geographic and protein diversity. As JBS' credit metrics improve, S&P expects debt to EBITDA around 4x in 2018, declining to about 3.5x in 2019, and funds from operations (FFO) to debt close to 20% by 2019. The positive outlook reflects the possibility of a higher rating over the next 12-18 months, corresponding to the recent upgrade and positive outlook on JBS. The positive outlook on JBS reflects a 1-in-3 chance of an upgrade in the next 12-18 months if JBS continues deleveraging through strong cash flow generation and limited earnings volatility, even amid foreign-exchange movements and eventually weaker industry trends than we originally forecast. On a stand-alone basis, S&P expects Pilgrim's Pride's credit metrics to remain consistent through 2018, including debt to EBITDA around 1.9x and FFO to debt around 40%. Those metrics reflect contributions from the higher-margin Moy Park value-added business, although those contributions will be somewhat offset by higher freight and, to a lesser extent, feed costs. The rating on Pilgrim's Pride will remain capped due to controlling ownership by JBS. S&P said, "We could upgrade Pilgrim's Pride if we raise the ratings on JBS and Pilgrim's Pride remains a highly strategic JBS subsidiary. JBS could be upgraded by one notch if we see relatively stable EBITDA margins at around 7% over the next few years, combined with solid FOCF due to geographic and protein diversification." In this scenario, JBS would maintain debt to EBITDA comfortably around 3.5x or below, FFO interest coverage close to or above 4x, and FOCF to debt close to 10%. At the same time, an upgrade would require the company to consistently maintain liquidity sources over uses above 1.2x with a cash position much higher than short-term debt and more prudent risk management. The upgrade would also depend on the absence of significant liabilities arising from the ongoing corruption investigations. S&P said, "We could revise the outlook to stable following a similar action on JBS. We could revise the outlook on JBS to stable if we see higher earnings volatility due to cost or demand pressures that also limit the company's ability to reduce leverage. In this scenario, we would see debt to EBITDA around 4x, FFO interest coverage close to or below 3x, and FOCF to debt around 5% or lower. These metrics could also follow substantial liabilities from settlements of the corruption investigations. "Although unlikely over the next 12 months, we could lower the rating on Pilgrim's Pride if operating performance deteriorates such that debt to EBITDA exceeds 4.5x. That could result from a decline of roughly 700 bps in EBITDA margin or additional debt of roughly $4.4 billion. We consider both unlikely over the next 12 months." PJLRES7920 LLC: Superior Lending Objects to Cash Collateral Use --------------------------------------------------------------- Secured creditor Superior Lending, LLC, informs the U.S. Bankruptcy Court for the District of Arizona that it objects to the PJLRES7920, LLC' use of its cash collateral. Pursuant to various loan and security documents executed by the Debtor, Superior asserts a first-priority and properly-perfected security interest in the real property located at 7920 E. Camelback Rd., Unit B302, Scottsdale, Arizona, 85251, including all rents, issues, profits, and income thereof. Based upon all of the foregoing, Superior does not consent to the use of any of its cash collateral for any purpose, and demands that the Debtor sequester all of Superior's cash collateral pending further agreement of the parties or Court order following notice and a hearing. About PJLRES7920 LLC PJLRES7920, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 18-11505) on Sept. 20, 2018. In the petition signed by its member, Patrick J. Logue, the Debtor estimated assets and liabilities of less than $500,000 each. Michael G. Tafoya, Esq., serves as Debtor's bankruptcy counsel. PRESSURE CONTROL: Granted Interim Use of Cash Collateral -------------------------------------------------------- Judge John W. Kowle, of the U.S. Bankruptcy Court of the Western District of Louisiana, Lafayette Division, has issued an interim order authorizing the debtor-in-possession, Pressure Control Specialties, LLC, to use cash collateral. The Debtor is authorized to use cash collateral in accordance with the terms and conditions set forth in the Interim Cash Collateral Order, to wit: (1) to use the money for operational purposes only and not to pay administrative expenses without court approval, (2) to submit monthly reports of use of cash collateral, (3) to pay insider compensation after compliance with Local Rules, (4) to grant postpetition privilege and security interest, as adequate protection for the bank, as secured creditor, (5) to maintain insurance covering all collateral, (6) to pay fees due the office of the U.S. Trustee, among others, all without prejudice to exercise rights of creditors, in cases of default, and other court reliefs. The company also may not expend cash collateral for any capital cost in excess of $5,000 without approval of bank and order of the court A hearing is scheduled on Oct. 23, 2018 at 10:00 a.m. A full-text copy of the Order is available at: http://bankrupt.com/misc/lawb18-51134_Pressure_Cash_O.pdf About Pressure Control Specialties Pressure Control Specialties, LLC, is a privately held company in Pleasanton, Texas that provides equipment rental services. Pressure Control filed a Chapter 11 petition (Bankr. W.D. La. Case No. 18-51134) on Sept. 10, 2018. The petition was signed by Kenneth W. Crouch, Sr., manager/member. The case is assigned to Judge John W. Kolwe. The Debtor is represented by William C. Vidrine, Esq. at Vidrine & Vidrine, PLLC. At the time of filing, the Debtor had $1,323,098 in total assets and $2,120,557 in total liabilities. PRO TANK PRODUCTS: Seeks Authorization to Use Insurance Proceeds ---------------------------------------------------------------- Pro Tank Products, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Montana to use insurance proceeds. The Debtor's buildings, equipment and tanks were damaged by a tornado on July 9, 2018. The Debtor estimates a total recovery from insurance in the amount of $7 million. The source of funds being requested to be released comes from the initial unallocated insurance payment from the tornado damage. The Debtor needs funds released to pay expenses for engineering fees, cleanup, enclosing the openings from the lost doors and wall damage to prevent any further damage, moving and storing equipment in the manufacturing building during the repair process and replacing six overhead doors in the paint building, and other expenses as shown on the budget, including administrative expenses. The Debtor has a need for the release of funds in the approximate amount of $500,000, in which Stockman Bank, Great Western Bank, Red-D-Arc, Inc. and TCF Equipment Finance may have a cash collateral position. The Debtor claims that (a) Stockman Bank's collateral value at $8,386,777.50 and its debt is in the approximately amount of $2,871,535; (b) Great Western Bank's collateral value at $3,543,903.69 and its debt is in the approximate amount of $3,003,122; (c) Red-D-Arc, Inc. is secured on commercial welding equipment valued at $202,996; (d) TCF Equipment Finance's collateral value at $599,253 and its debt is in the approximate amount of $411,396. Thus, the Debtor believes Stockman Bank, Great Western Bank, Red-D-Arc, Inc. and TCF Equipment Finance are oversecured and should not need additional security for the amount of the cash collateral A full-text copy of the Debtor's Motion is available at http://bankrupt.com/misc/mtb17-61181-167.pdf About Pro Tank Products Pro Tank Products is a privately held company based in Plentywood, Montana, that manufactures tanks and tank components. Pro Tank is affiliated with Marsh Land & Livestock, Inc. and Marsh Resources, LLC, both of which sought bankruptcy protection on Oct. 17 and Oct. 13, 2016, respectively (Bankr. D. Mont. Case Nos. 16-60999 and 16-61010). Pro Tank filed a Chapter 11 petition (Bankr. D. Mont. Case No. 17-61181) on Dec. 12, 2017. In the petition signed by Todd J. Marsh, its president, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Benjamin P. Hursh presides over the case. Gary S. Deschenes, Esq., at Deschenes & Associates Law Offices, serves as bankruptcy counsel. ROGER & MERLE: Hires Buddy D. Ford, P.A., as Attorney ----------------------------------------------------- Roger & Merle Nickerson Farms, LLP, seeks authority from the US Bankruptcy Court for the Middle District of Florida, Tampa Division, to employ Buddy D. Ford, P.A. as attorney. Professional services the attorney will render are: a. provide analysis of the financial situation and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the Debtor in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Sec. 341 Creditor's meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor in Possession in the continued operation of its business and management of its property; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Guidelines and Reporting Requirements and with the rules of the Court; g. prepare, on behalf of the Debtor, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary. The firm's standard hourly rates are: Buddy D. Ford, Esq. $425 Sr. Associate Attorneys $375 Jr. Associate Attorneys $300 Paralegals $150 Jr. Paralegals $100 Buddy D. Ford, Esq. attests that his firm represents no interest adverse to Debtor or the estate in matters upon which it is to be engaged. The firm can be reached through: Buddy D. Ford, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: Buddy@TampaEsq.com E-mail: All@tampaesq.com About Roger & Merle Roger & Merle Nickerson Farms, LLP, is a single asset real estate company based in Wauchula, Florida. Roger & Merle Nickerson Farms filed a voluntary Chapter 11 Petition (Bankr. M.D. Fla. Case no. 18-08540) on Oct. 5, 2018, listing $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Buddy D. Ford, Esq. at Buddy D. Ford, PA is the Debtor's counsel. ROSEGARDEN HEALTH: Trustee May Use Cash to Collateral Increase Bond ------------------------------------------------------------------- The Hon. Ann M. Nevims of the U.S. Bankruptcy Court for the District of Connecticut authorized Jon Newton, the Chapter 11 Trustee for the jointly administered estates of The Rose garden Health and Rehabilitation Center LLC and Bridgeport Health Care Center Inc., to use cash collateral in accordance with the budget with a 10% permitted variance. The Trustee is also authorized to spend $12,115 as a necessary expense to increase his bond from $1.7 million to approximately $10.3 million, due to the increased potential financial liability as a trustee of the Debtors' employee retirement account. The Alleged Secured Creditors are granted replacement and/or substitute liens in all post-petition assets and proceeds thereof, excluding all bankruptcy avoidance causes of action, having the same validity, extent, and priority that the alleged secured creditors possessed as to such liens on the Filing Date. About The Rosegarden Health and Rehabilitation Center LLC Located in Waterbury, Connecticut, Bridgeport Health Care Center and The Rosegarden Health and Rehabilitation Center LLC -- http://www.bridgeporthealthcarecenter.com/-- provide long and short-term nursing care and rehabilitation services. Bridgeport offers nursing care, Alzheimer's care, rehab/physical therapy, wound care, dietary, respite care, and hospice care. Rosegarden services include 24-hour nursing care, APRN on Staff, short-term/long-term rehab, physical therapy, speech therapy, occupational therapy, IV therapy/medical/incontinence management, CPAP/BIPAP/tracheotomy care, podiatry; dental, audiology services, respiratory care, among others. Bridgeport Health Care and Rosegarden sought Chapter 11 protection (Bankr. D. Conn. Case Nos. 18-50488 and 18-30623, respectively) on April 18, 2018. In the petitions signed by their chief financial officer, Chaim Stern, Bridgeport estimated assets and liabilities of less than $50 million, and Rosegarden Health estimated assets and liabilities of less than $10 million. The Hon. Julie A. Manning is the case judge. Richard L. Campbell, Esq., at White and Williams LLP, serves as the Debtors' counsel. William K. Harrington, the United States Trustee for Region 2, appointed Joseph J. Tomaino as patient care ombudsman in the cases. The PCO hired Barbara H. Katz, as counsel. Jon Newton was appointed Chapter 11 trustee for the Debtors. The Trustee is represented by Reid and Riege, P.C. RUBY'S FRANCHISE: Taps Theodora Oringher as Bankruptcy Counsel -------------------------------------------------------------- Ruby's Franchise Systems, Inc., seeks authority from the United States Bankruptcy Court for the Central District of California (Santa Ana) to hire Theodora Oringher PC as general bankruptcy counsel. Services to be rendered by the counsel are: a. advise the Debtor regarding the requirements of the Bankruptcy Code, the Bankruptcy Rules, the Local Bankruptcy Rules, and the requirements of the Office of the United States Trustee pertaining to the administration of the Estate; b. advise and represent the Debtor concerning its rights and remedies in regards to the assets of the Estate; c. prepare, among other things, motions, applications, answers, orders, memoranda, reports, and papers in connection with the administration of the Estate; d. protect and preserve the Estate by prosecuting and defending actions commenced by or against the Debtor; e. analyze and prepare necessary objections to proofs of claim filed against the Estate; f. conduct examinations of witnesses, claimants, or other adverse or third parties; g. represent the Debtor in any proceeding or hearing in the Court; h. negotiate, formulate, and draft a plan of reorganization and disclosure statement; i. advise and represent the Debtor in connection with their investigation of potential causes of action against persons or entities, including, but not limited to, avoidance actions, and the litigation thereof, if warranted; and j. render such other advice and services as the Debtor may require in connection with this Case. The Firm's hourly rates are: Eric J. Fromme $665 Meghan Canty $420 Samantha Schuster $195 Eric J. Fromme, Esq., senior attorney of Theodora Oringher, attests that his Firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, and the Firm does not hold any interest adverse to the Estate. The counsel can be reached through: Eric J. Fromme, Esq. Theodora Oringher PC 535 Anton Boulevard, Ninth Floor Costa Mesa, CA 92626-7109 Tel: (714) 549-6200 Fax: (714) 549-6201 About Ruby's Franchise Systems Ruby's Franchise Systems, Inc. -- https://www.rubys.com/franchising -- is the creator of Ruby's Diner which serves burgers, hand-made milkshakes, in addition to a wide selection of breakfast, lunch and dinner entrees. Ruby's Diner operates across California, Nevada and Texas. Ruby's Franchise Systems filed its voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-13324) on Sept. 6, 2018. In the petition signed by Doug Cavanaugh, president, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. Theodora Oringher PC, led by Eric J. Fromme, serves as counsel to the Debtor. S&K MACHINEWORKS: Hires Cunningham Bounds as Special Counsel ------------------------------------------------------------ S&K MachineWorks and Fabrications seeks authority from the U.S. Bankruptcy Court for the Southern District of Alabama, Southern Division, to employ Cunningham Bounds, LLC, as special counsel to the Debtor. S&K MachineWorks requires Cunningham Bounds to handle the prosecution of a BP claim under the Deepwater Horizon Settlement. Steven L. Nicholas, a partner at Cunningham Bounds, 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. Cunningham Bounds can be reached at: Steven L. Nicholas, Esq. CUNNINGHAM BOUNDS, LLC 1601 Dauphin Street Mobile, AL 36604 Tel: (251) 299-0101 Fax: 1-251-479-1031 E-mail: contact@cunninghambounds.com About S&K Machineworks S&K Machineworks and Fabrication, Inc., a/k/a Coastal Industrial Fabrication -- http://www.skmachineworks.com/-- offers CNC machining, conventional machining, and fabrication services. These services include pump repair, shaft repair, gear box rebuilding, reclamation of mechanical parts associated with heavy equipment, valve repair, and fabrication. The Company's facility is divided into a CNC shop of 6,000 sq-ft., a conventional machine shop of 2,000 sq-ft., a fabrication shop of 20,000 sq-ft., a 2,400 sq-ft. facility dedicated to all stainless steel fabrication work, a 2400 sq-ft. coating/painting shop, 1,200 sq-ft. of office space, and 800 sq-ft. chemical storage area. The Company is headquartered in Bay Minette, Alabama. S&K Machineworks and Fabrication sought Chapter 11 protection (Bankr. S.D. Ala. Case No. 18-00543) on Feb. 12, 2018. In the petition signed by Bill Kinggard, president, the Debtor had $1.83 million in total assets and $4.25 million in total liabilities. Irvin Grodsky, Esq., at Irvin Grodsky P.C., serves as counsel to the Debtor. SACRED TABLE: Taps Central Coast Bankruptcy as Insolvency Counsel ----------------------------------------------------------------- The Sacred Table, Inc., filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of California to hire Central Coast Bankruptcy, Inc., and the Law Offices of Jason Vogelpohl as reorganization and general insolvency counsel for the Debtor. Services CCB will render as the Debtor's reorganization and general insolvency counsel are: a. advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; b. advise Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor with regard to its assets and with respect to the claims of its creditors; c. represent the Debtor in any proceedings or hearings before this Court and in any action in any other court where the Debtor's rights under the Bankruptcy Code may be litigated or affected; d. conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to the Debtor’s Chapter 11 case; e. advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules as the same may affect the Debtor in the case; f. assist the Debtor in the formulation, negotiation, confirmation, and implementation of a Chapter 11 Plan of reorganization and any auction or sale of its assets; g. make any court appearances on behalf of the Debtor; and h. take such other actions and perform such other services as the Debtor may require of CCB in connection with this Chapter 11 case. The hourly rate for Jason Vogelpohl, Esq. is $350 per hour. The hourly rates for the Firm's paralegals, legal assistants and bookkeeper are $175 per hour. Jason Vogelpohl, Esq., retained by Central Coast Bankruptcy, attests that CCB is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Vogelpohl, Esq. Central Coast Bankruptcy, Inc. 532 Pajaro Street Salinas, CA 93901 Phone: 831.783.0260 Fax: 831.585.1024 E-mail: jason@centralcoastbankruptcy.com About The Sacred Table The Sacred Table, Inc., is a corporation operating in Monterey County, California. The company owns cafe, bistro and bakery; it also offers catering services. Sacred Table sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 17-51456) on June 16, 2017. In the petition signed by Pamela Burns, president, the Debtor estimated less than $50,000 in assets and $500,000 in liabilities. Judge Stephen L. Johnson presides over the case. SANDY CREEK: Bank Debt Trades at 11% Off ---------------------------------------- Participations in a syndicated loan under which Sandy Creek Energy Associates is a borrower traded in the secondary market at 89.08 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.62 percentage points from the previous week. Sandy Creek pays 400 basis points above LIBOR to borrow under the $102 million facility. The bank loan matures on November 6, 2020. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. SARAH ZONE: Permitted to Borrow Money Up To $350,000 ---------------------------------------------------- In a hearing held last Sept. 18, 2018, Judge Sandra R. Klein of the U.S. Bankruptcy Court of the Central District of California, Los Angeles Division considered and granted the interim motion of Sarah Zone, Inc. According to the order, the company is authorized to use cash collateral secured for Open Bank and other creditors, to pay for expenses set forth in its submitted budget, with authority to deviate up to 20%, on both line and aggregate basis. The company must also pay the quarterly fees owing to the U.S. Trustee and expenses owing to the Clerk of the Bankruptcy Court. Secured creditors are granted replacement liens, as adequate protection. Moreover, the court authorized the company to borrow money on an administrative expense priority basis from Tae Hyun Yoo to up to $350,000 to cover any operating shortfalls in budget. A full-text copy of the Order is available at: http://bankrupt.com/misc/cacb18-20836_14_Sarah_Zone_Cash_O.pdf About Sarah Zone Inc. Sarah Zone, Inc., is a merchant wholesaler of apparel, piece goods, and notions. The company filed its Articles of Incorporation in California on Oct. 5, 2004, according to public records filed with California Secretary of State. Sarah Zone sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-20836) on Sept. 17, 2018. In the petition signed by Tae Hyun Yoo, president, the Debtor disclosed $3,833,130 in assets and $7,301,855 in liabilities. Judge Sandra R. Klein presides over the case. The Debtor tapped Levene, Neale, Bender, Yoo & Brill LLP as its legal counsel. SEADRILL LIMITED: Bank Debt Trades at 5% Off -------------------------------------------- Participations in a syndicated loan under which Seadrill Limited is a borrower traded in the secondary market at 95.42 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.84 percentage points from the previous week. Seadrill Limited pays 600 basis points above LIBOR to borrow under the $110 million facility. The bank loan matures on February 21, 2021. Moody's rates the loan 'Caa2' and Standard & Poor's gave a 'CCC+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. SEARS HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Fifty affiliated companies that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Sears Holdings Corporation (Lead Case) 18-23538 fka A&E Factory Service fka Accents for Less fka Appliance Liquidators fka American Siding & Deck, Inc. fka American Windows & Sash, Inc. 3333 Beverly Road Hoffman Estates, IL 60179 Sears, Roebuck and Co. 18-23537 Kmart Holding Corporation 18-23539 Kmart Operations LLC 18-23540 Sears Operations LLC 18-23541 ServiceLive, Inc. 18-23542 A&E Factory Service, LLC 18-23543 A&E Home Delivery, LLC 18-23544 A&E Lawn & Garden, LLC 18-23545 A&E Signature Service, LLC 18-23546 FBA Holdings Inc. 18-23547 Innovel Solutions, Inc. 18-23548 Kmart Corporation 18-23549 MaxServ, Inc. 18-23550 Private Brands, Ltd. 18-23551 Sears Development Co. 18-23552 Sears Holdings Management Corporation 18-23553 Sears Home & Business Franchises, Inc. 18-23554 Sears Home Improvement Products, Inc. 18-23555 Sears Insurance Services, L.L.C. 18-23556 Sears Procurement Services, Inc. 18-23557 Sears Protection Company 18-23558 Sears Protection Company (PR) Inc. 18-23559 Sears Roebuck Acceptance Corp. 18-23560 Sears, Roebuck de Puerto Rico, Inc. 18-23561 SYW Relay LLC 18-23562 Wally Labs LLC 18-23563 Big Beaver of Florida Development, LLC 18-23564 California Builder Appliances, Inc. 18-23565 Florida Builder Appliances, Inc. 18-23566 KBL Holding Inc. 18-23567 KLC, Inc. 18-23568 Sears Protection Company (Florida), L.L.C. 18-23569 Kmart of Washington LLC 18-23570 Kmart Stores of Illinois LLC 18-23571 Kmart Stores of Texas LLC 18-23572 MyGofer LLC 18-23573 Sears Brands Business Unit Corporation 18-23574 Sears Holdings Publishing Company, LLC 18-23575 Kmart of Michigan, Inc. 18-23576 SHC Desert Springs, LLC 18-23577 SOE, Inc. 18-23578 StarWest, LLC 18-23579 STI Merchandising, Inc. 18-23580 Troy Coolidge No. 13, LLC 18-23581 BlueLight.com, Inc. 18-23582 Sears Brands, L.L.C. 18-23583 Sears Buying Services, Inc. 18-23584 Kmart.com LLC 18-23585 Sears Brands Management Corporation 18-23586 Business Description: Sears Holdings Corporation -- http://searsholdings.com-- is an integrated retailer with significant physical and intangible assets, as well as virtual capabilities enabled through technology. At Aug. 4, 2018, Holdings operated a national network of stores with 866 full-line and specialty retail stores in the United States operating through Kmart and Sears. Further, Holdings operates a number of websites under the sears.com and kmart.com banners which offer millions of products and provide the capability for its members and customers to engage in cross- channel transactions such as free store pickup; buy in store/ship to home; and buy online, return in store. Holdings is also the home of Shop Your Way, a free membership program that connects its members to personalized products, programs and partners that help them save time and money every day. Holdings offers key proprietary brands including Kenmore and DieHard, as well as Craftsman branded product offerings. Holdings' Kenmore and DieHard brands are also now available on Amazon.com. Holdings also maintains a broad apparel and home offering including such well-known labels as Jaclyn Smith, Joe Boxer, Route 66, Cannon, Adam Levine and Levi's and also offers Lands' End merchandise in some of its Full- line stores. Sears Holdings was formed in 2004 as a Delaware corporation in connection with the Sears-Kmart Merger and serves as the Company's parent entity. The Company employs approximately 68,000 individuals, of whom approximately 32,000 are full-time employees and approximately 36,000 are part- time employees. Sears Holdings' principal place of business is in Hoffman Estates, Illinois. Chapter 11 Petition Date: October 15, 2018 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtors' Counsel: Ray C. Schrock, P.C. Garrett A. Fail, Esq. Jacqueline Marcus, Esq. Sunny Singh, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 Tel: 212-310-8000 Fax: 212-310-8007 Email: ray.schrock@weil.com garrett.fail@weil.com jacqueline.marcus@weil.com sunny.singh@weil.com Debtors' Restructuring Advisor: Colin M. Adams Brian Griffith M-III PARTNERS, LP 130 West 42nd Street, 17th Floor New York, NY 10036 Tel: 212-716-1491 Fax: 212-531-4532 Email: cadams@miiipartners.com bgriffith@miiipartners.com Debtors' Investment Banker: LAZARD FRERES & COMPANY 30 Rockefeller Plaza, New York, NY 10112 Debtors' Real Estate Advisor: DLA PIPER LLP 500 Eighth Street, NW, Washington, DC 20004 Debtors' Claims, Noticing & Solicitation Agent: PRIME CLERK 830 Third Avenue, 9th Floor, New York, NY 10022 https://restructuring.primeclerk.com/sears Total Assets as of August 4, 2018: $6.937 billion Total Debts as of August 4, 2018: $11.339 billion The petition was signed by Mohsin Y. Meghji, chief restructuring officer. A full-text copy of Sears Holdings' petition is available for free at: http://bankrupt.com/misc/nysb18-23538.pdf List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ The Pension Benefit Guaranty Pension Benefits Unknown Corporation Attn.: Office of the Chief Counsel 1200 K Street, N.W., Suite 300 Washington District of Columbia 20005 Tel: 202‐326‐4110 Fax: 202‐326‐4114 SRAC Medium Term Notes Unsecured $2,311,800,000 c/o BNY Midwest Trust Company Notes Attn.: President or General Counsel 101 Barclay St., Floor 8W, New York, New York 10286 Tel: 312‐294‐5200 Fax: (781) 575-4210 Holdings Unsecured Notes (8.00%) Unsecured $411,000,000 c/o Computershare Trust Company, N.A. Notes Attn.: President or General Counsel 250 Royal Street Canton, Massachusetts 02021 Tel: 781‐575‐2000 Fax: 781‐575‐4210 Holdings Unsecured PIK Notes (8.00%) Unsecured $222,600,000 c/o Computershare Trust Company, N.A. Notes Attn.: President or General Counsel 250 Royal Street Canton, Massachusetts 02021 Tel: 781‐575‐2000 Fax: 781‐575‐4210 SRAC Unsecured Notes Unsecured $185,600,000 c/o The Chase Manhattan Bank, N.A. Notes Attn.: Corporate Trust Department 4 Chase MetroTech Center, 3rd Floor Brooklyn, New York 11245 SRAC Unsecured PIK Notes Unsecured $107,900,000 c/o BNY Midwest Trust Company Notes Attn.: President or General Counsel 101 Barclay Street, Floor 8W New York, New York 10286 Tel: 312‐294‐5200 Whirlpool Corporation Trade Payable $23,409,729 Attn.: President or General Counsel 2000 North M‐63 Benton Harbor, Michigan 49022 Tel: 269‐923‐5000 Fax: 269‐923‐3722 Frigidaire Company Trade Payable $18,617,186 c/o Electrolux Attn.: President or General Counsel P.O. Box 2638 Carol Stream, Illinois 60132‐2638 Tel: 786‐388‐6400 Winia Daewoo Electronics America Trade Payable $15,180,156 Attn.: President or General Counsel 65 Challenger Road, Suite 360 Ridgefield Park, New Jersey 07660 Tel: 877‐393‐7823 Cardinal Health Trade Payable $13,877,913 Attn.: President or General Counsel 7000 Cardinal Place Dublin, Ohio 43017 Tel: 614‐757‐5000 Icon Health and Fitness Inc. Trade Payable $12,102,200 Attn.: President or General Counsel 1500 South 1000 West Logan, Utah 84321 Tel: 877‐993‐7999 Fax: 435‐750‐5238 HK Greatstar Int'l Co. Ltd. Trade Payable $10,354,683 Attn.: President or General Counsel Rm 35, 4/F., Po Yip Building 23 Hing Yip Street, Kwun Tong, Kowloon, Hong Kong Tel: 852 2110 4002 Fax: 852 3585 6687 Samsung Electronics America HA Trade Payable $8,054,247 Attn.: President or General Counsel 85 Challenger Road, 7th Floor Ridgefield Park, New Jersey 07660 Tel: 201‐229‐4000 Fax: 201‐229‐4029 Apex Tool International LLC Trade Payable $6,605,582 Attn.: President or General Counsel 910 Ridgebrook Road, Suite 200 Sparks, Maryland 21152 Tel: 410‐773‐7800 Fax: 800‐234‐0472 Black & Decker US Inc. Trade Payable $5,893,734 c/o Stanley Black & Decker Attn.: President or General Counsel 1000 Stanley Drive New Britain, Connecticut 06053 Eastern Prime Textile Limited Trade Payable $5,761,992 Attn.: President or General Counsel Unit F10/F, King Win FTY Building No. 65‐67 King Yip Street, Kwun Tong, Kowloon, Hong Kong Tel: 852 21918293 Fax: 852 27939353 Winners Industry Company Limited Trade Payable $5,359,201 Attn.: President or General Counsel Unit A, Wah Lung Building 49‐53 Wang Lung Street,Tsuen wan, New Territories, Hong Kong Tel: 86 769 83213199 Fax: 86 769 83213177 Tata Consultancy Services Ltd. Trade Payable $5,333,545 Attn.: President or General Counsel 379 Thornal Street, 4th Floor Edison, New Jersey 08837 Tel: 732‐590‐2600 Active Media Services Inc. Trade Payable $5,192,874 Attn.: President or General Counsel 1 Blue Hill Plaza Pearl River, New York 10965 Tel: 845‐735‐1700 Fax: 845‐735‐0717 Automotive Rentals Inc. Trade Payable $4,830,313 Attn.: President or General Counsel 4001 Leadenhall Road Mount Laurel, New Jersey 08054‐4611 SEARS HOLDINGS: Collapses into Chapter 11 Bankruptcy ---------------------------------------------------- Sears Holdings Corporation and its subsidiaries on Oct. 15, 2018, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The iconic retailer said in a statement that it expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorganization in the very near term as it continues negotiations with major stakeholders. Sears Holdings has received commitments for $300 million in senior priming debtor-in-possession ("DIP") financing from its senior secured asset-based revolving lenders and is negotiating a $300 million subordinated DIP financing with ESL Investments, Inc. ("ESL"). ESL is the Company's largest stockholder and creditor, and Edward S. Lampert is ESL's Chairman and Chief Executive Officer. Subject to Court approval, the DIP financing is expected to improve the Company's financial position immediately and support its operations during the financial restructuring process. Sears Holdings has filed a number of customary motions with the Court seeking authorization to support its operations during the restructuring process and ensure a smooth transition into Chapter 11. The Company intends to continue payment of employee wages and benefits, honor member programs, and pay vendors and suppliers in the ordinary course for all goods and services provided on or after the filing date. The Company's Sears and Kmart stores and its online and mobile platforms are open and continue to offer a full range of products and services to members and customers. Holdings' services and brand businesses will also continue to operate as usual. Customers should expect Holdings' loyalty programs, including the Shop Your Way membership program, and the Sears and private label credit card rewards programs, to continue as normal. The Company is committed to working with its vendors and other partners to help maintain inventory levels and ensure timely product delivery. "Over the last several years, we have worked hard to transform our business and unlock the value of our assets," said Edward S. Lampert, Chairman of Sears Holdings. "While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer. The Chapter 11 process will give Sears Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right sizing its operating model, and return to profitability. Our goal is to achieve a comprehensive restructuring as efficiently as possible, working closely with our creditors and other debtholders, and be better positioned to execute on our strategy and key priorities." Mr. Lampert continued, "As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers. We thank our vendors for their continuing support through the upcoming season and beyond. We also thank our associates for their hard work and commitment to providing millions of Americans with value and convenience." Another 142 Stores to Be Closed Sears Holdings intends to reorganize around a smaller store platform of EBITDA-positive stores. The Company believes that a successful reorganization will save the Company and the jobs of tens of thousands of store associates. Sears Holdings is currently in discussions with ESL regarding a stalking-horse bid for the purchase of a large portion of the Company's store base. There can be no assurance that any transaction will be consummated or on what terms any transaction may occur. Additionally, Holdings expects to market and sell certain of the Company's assets over the coming months. Sears Holdings will also close 142 unprofitable stores near the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition to the previously announced closure of 46 unprofitable stores that is expected to be completed by November 2018. The liquidation of assets at the 142 stores is expected to yield approximately $42 million in net proceeds, which will be used to pay down the DIP ABL Facility and fund the chapter 11 cases. Liquidity Issues The Chapter 11 cases, among other things, will provide the Debtors a much-needed reprieve from their short-term liquidity issues. The Debtors' prepetition senior secured asset-based revolving lenders (the "Senior Lenders") have agreed to support the Debtors' operations by providing up to $1.83 billion senior secured superpriority priming debtor in possession asset-based credit facility (the "DIP ABL Facility"), with $300 million of new incremental capacity. In addition to the DIP ABL Facility, the Debtors intend to solicit, and have made substantial progress on a term sheet for, a $300 million junior debtor in possession term loan. The Debtors and their advisors carefully analyzed the Debtors' financial needs during the Chapter 11 cases and determined that the proposed DIP Financing, in combination with the proceeds of contemplated going-out-of-business sales, should adequately address the Debtors' liquidity needs. Time is of the essence in the Chapter 11 cases. The Debtors currently burn a significant amount of cash -- approximately $125 million per month -- in the course of operating their business. The Debtors hope that the Company will emerge from these Chapter 11 Cases, whether pursuant to a chapter 11 plan of reorganization or a successful sale process, as a streamlined -- and profitable -- version of itself. To succeed, however, the Debtors need the cooperation of their stakeholders to reach agreement on a chapter 11 plan and to exit chapter 11 as quickly and efficiently as possible, thereby minimizing both the negative impact on the Debtors' business and the costs of administering the Chapter 11 cases. A copy of the affidavit in support of the first day motions is available at: http://bankrupt.com/misc/Sears_3_1st_Day_Affidavit.pdf About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, M-III Partners is serving as restructuring advisor and Lazard Frères & Co. LLC is serving as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. SEARS HOLDINGS: Edward Lampert Steps Down as CEO ------------------------------------------------ Eddie Lampert, Sears' largest shareholder and lender, announced together with the retailer's bankruptcy filing that he's stepping down as CEO effective immediately. Mr. Lampert, whose hedge fund ESL Investments Inc. is Sears' biggest shareholder, has been working for years to keep Sears afloat. Sears' bankruptcy filing comes more than a decade after Mr. Lampert merged Sears and Kmart, hoping that combining the two struggling retailers would create a more formidable competitor. The 126-year-old retailer said Oct. 15, 2018, it has enacted a series of leadership and board changes in support of the continued transformation and restructuring process: 1. CEO Transition, 2. Formation of Restructuring Committee, 3. Appointment of Chief Restructuring Officer, and 4. Addition of New Independent Director. CEO Transition Edward S. Lampert has stepped down from his role as Chief Executive Officer of the Company, effective immediately. He will remain Chairman of the Board. The Company's Board has created an Office of the CEO, which will be responsible for managing the Company's day-to-day operations during this process. The Office of the CEO will be composed of Robert A. Riecker, Chief Financial Officer; Leena Munjal, Chief Digital Officer, Customer Experience and Integrated Retail; and Gregory Ladley, President of Apparel and Footwear. Mr. Riecker was appointed to his current position in April 2017, and had served as Controller and Head of Capital Markets Activities since October 2016. He joined the Company as Assistant Controller in October 2005 and served as Vice President and Assistant Controller from May 2007 to October 2011. From October 2011 until his election as Vice President, Controller and Chief Accounting Officer in January 2012, he served as the Company's Vice President, Internal Audit. Ms. Munjal was appointed to her current position in January 2018. She previously served as Senior Vice President, Customer Experience and Integrated Retail, since October 2012. She was appointed as Divisional Vice President, Integrated Retail and Member Experience, in July 2011 and was promoted to Vice President in June 2012. From October 2009 to June 2011, she served as Divisional Vice President, and Chief of Staff, Office of the Chairman, and served as Chief of Staff, Office of the CEO, from November 2007 to November 2009. Ms. Munjal joined the Company as Director, Information Technology, in March 2003. Mr. Ladley was appointed to his current position in February 2018. He previously served as President, Apparel since joining the Company in October 2017. Prior to joining the Company, Mr. Ladley served as Senior Vice President, Luxury Brands Global Strategy, at Ralph Lauren. Restructuring Committee The Board has formed a special committee that will oversee the restructuring process and have decision making authority with respect to transactions involving affiliated parties. The Restructuring Committee consists solely of independent directors and includes Alan J. Carr, Paul G. DePodesta, Ann N. Reese and William L. Transier. Each member of the Restructuring Committee will receive a fee of $25,000 per month for his or her service on the Restructuring Committee. Chief Restructuring Officer Mohsin Y. Meghji, Managing Partner of M-III Partners, has been appointed Chief Restructuring Officer. Meghji is a nationally recognized U.S. turnaround professional with a track record of revitalizing companies experiencing financial, operational or strategic transitions to maximize value for stakeholders. He has joined the Company's senior management team and will help lead the Company's restructuring efforts, reporting to the Restructuring Committee. The services of Mr. Meghji and other M-III personnel are being provided pursuant to an engagement letter between the Company and M-III. Mr. Meghji will not receive any compensation directly from the Company. New Independent Directors William L. Transier, Chief Executive Officer of Transier Advisors LLC, has joined Holdings' Board as an independent director. Mr. Transier will hold office until the 2019 annual meeting of stockholders of the Company, or until his successor is duly elected and qualified. In addition to his leadership roles at public companies, Transier has extensive restructuring experience involving companies with complex capital structures and has served on special committees of independent directors responsible for overseeing restructuring processes. This appointment follows the recent addition of Alan J. Carr to the Board. About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, M-III Partners is serving as restructuring advisor and Lazard Frères & Co. LLC is serving as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. SEARS HOLDINGS: Has Dec. 15 Deadline for Going-Concern Bids ----------------------------------------------------------- Sears Holdings Corp., et al., which have 687 Sears and Kmart stores, says that it will pursue a going-concern sale process for their remaining stores after the closure of 46 unprofitable stores by November 2018, and 142 more unprofitable stores by the end of the year. The Debtors said in a filing with the Securities and Exchange Commission that they have set a deadline of Dec. 15, 2018, to obtain and find acceptable a non-contingent and fully-financed stalking horse bid for the sale of these stores that is reasonably acceptable to the DIP ABL Lenders. If no such bid (or financing) is achieved by Dec. 15, 2018, the DIP ABL Lenders may direct the loan parties to sell or liquidate these assets and other collateral in order to maximize value for the Debtors' estates. Robert A. Riecker, CFO of Sears Holdings, said in a court filing, "The Debtors believe that there is a viable path forward for a reorganization around a smaller footprint of profitable stores. Approximately 400 of the Debtors' stores are four-wall EBITDA positive (before any lease concessions) -- the Debtors intend to sell these and other viable stores, or a substantial portion thereof, as a going concern pursuant to Section 363 of the Bankruptcy Code. A successful sale of these viable stores as a going concern not only will save Sears and Kmart, but also the jobs of the tens of thousands of employees that depend on the continued operation of such stores. The Debtors are in discussions with ESL regarding a stalking-horse bid for the purchase of the Company's viable store base, which would be a right-sized version of the Company that would be operated as a going concern. Additionally, the Debtors expect to market and sell certain of the Company's non-core assets, such as intellectual property and specialty businesses, to help finance the Chapter 11 Cases and maximize value. The Debtors have moved those discussions within the confines of the Chapter 11 Cases to provide all of the Company's stakeholders, as well as the Court, with the opportunity to evaluate the wisdom of those transactions. Unfortunately, the Debtors must close 142 stores that operate at significant losses at the outset of these Chapter 11 Cases and conduct going-out-of-business sales with respect to those stores as efficiently as possible to access much-needed liquidity, eliminate the associated cash burn, and take advantage of the winter holiday season. As these Chapter 11 Cases progress, the Debtors will continue to evaluate their remaining stores." About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, M-III Partners is serving as restructuring advisor and Lazard Frères & Co. LLC is serving as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. SEARS HOLDINGS: Rejecting Leases for 217 Dark Store Locations ------------------------------------------------------------- Sears Holdings Corp., et al.'s first day motions include a request for authority to reject leases at 217 locations, nearly all of which are "dark store" locations at which the Debtors have already ceased ongoing operations. In almost all instances, the Debtors have already physically vacated the properties and, have sent the keys and/or codes to the premises and a notice of surrender to the landlords. The Debtors also request that the deadline to file a proof of claim with respect to any claim for damages arising from the rejection of a lease be the date fixed by the Court as the deadline to file other general unsecured proofs of claim. The Debtors are expected to file additional motions seeking relief from the Bankruptcy Court to reject other leases and contracts. Sears has already filed a motion to commence "going out of business sales" at 142 unprofitable stores that the Company expects to close near the end of the year. This is in addition to the previously-announced closure of 46 unprofitable stores that is expected to be completed by November 2018. A copy of the motion, including a list of the subject leases, is available at: http://bankrupt.com/misc/Sears_25_M_Reject_217_Leases.pdf About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, M-III Partners is serving as restructuring advisor and Lazard Frères & Co. LLC is serving as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. SECOND PHOENIX: Trustee Taps Tarter Krinsky & Drogin as Counsel --------------------------------------------------------------- Deborah J. Piazza, Chapter 11 trustee of Second Phoenix Holding LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Tarter Krinsky & Drogin LLP as her counsel, effective as of Sept. 25, 2018. Services Tarter Krinsky will render are: (a) determine whether a consensual plan of liquidation can be negotiated among the major constituencies and if so drafting an amended disclosure statement and plan and prosecuting same toward confirmation; (b) preserve the value of the Debtors' real properties pending the sale previously approved by this Court; (c) prepare and file pleadings necessary for the successful administration of the Debtors' cases; (d) investigate the Debtors' operations and flow of monies since the closing of the mortgage financing in 2016; (e) investigate whether the Trustee has causes of action against third parties which could result in a recovery of monies for the benefit of creditors; and (f) prepare all necessary motions, applications, orders and other legal documents that may be required under the Bankruptcy Code in connection with the Debtors' cases and any adversary proceedings commenced in these cases. Tarter Krinsky's hourly rates are: Partners $495 to $645 Associates or Counsels $300 to $620 Legal assistant $250 to $295 Deborah J. Piazza, a partner at the law firm of Tarter Krinsky & Drogin, attests that TKD is a "disinterested person," as is defined in 11 U.S.C. Sec. 101(14) and does not hold or represent an interest adverse to the Debtors' estates. The counsel can be reached through: Deborah J. Piazza, Esq. Scott S. Markowitz, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 E-mail: dpiazza@tarterkrinsky.com smarkowitz@tarterkrinsky.com About Second Phoenix Holding Second Phoenix Holding LLC, Harlem Phoenix Realty Corp., and Kshel Realty Corp. are privately held companies that are engaged in activities related to real estate. Second Phoenix is the fee simple owner of a real property located at 212 East 125th Street, New York; 214-216 East 125th Street, New York; 14 Second Avenue, New York, with an appraised value of $21.90 million. Harlem holds 47.58% of the equity of Second Phoenix and Kshel holds the other 52.42%. Evan Blum is the sole shareholder of Harlem and Kshel and is the managing member of Second Phoenix. Based in New York, Second Phoenix Holding, along with its two affiliates, sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 18-10009 to 18-10011) on Jan. 3, 2018. In the petition signed by Evan Blum, sole managing member, Second Phoenix disclosed $21.92 million in total assets and $12.91 million in liabilities. Marc Stuart Goldberg, LLC, is the Debtors' counsel. SERTA SIMMONS: Bank Debt Trades at 9% Off ----------------------------------------- Participations in a syndicated loan under which Serta Simmons Bedding LLC is a borrower traded in the secondary market at 90.75 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 1.15 percentage points from the previous week. Serta Simmons pays 350 basis points above LIBOR to borrow under the $195 million facility. The bank loan matures on November 8, 2023. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. SKILLSOFT CORP: $18MM Bank Debt Trades at 16% Off ------------------------------------------------- Participations in a syndicated loan under which Skillsoft Corporation is a borrower traded in the secondary market at 83.93 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.98 percentage points from the previous week. Skillsoft Corporation pays 825 basis points above LIBOR to borrow under the $18 million facility. The bank loan matures on April 28, 2022. Moody's rates the loan 'Caa3' and Standard & Poor's gave a 'CCC-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. SKILLSOFT CORP: $46MM Bank Debt Trades at 6% Off ------------------------------------------------ Participations in a syndicated loan under which Skillsoft Corporation is a borrower traded in the secondary market at 94.36 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.59 percentage points from the previous week. Skillsoft Corporation pays 475 basis points above LIBOR to borrow under the $46 million facility. The bank loan matures on April 28, 2021. Moody's rates the loan 'B3' and Standard & Poor's gave a 'CCC+' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. STAR WEST: Moody's Affirms B2 Rating on $550MM Secured Loans ------------------------------------------------------------ Moody's Investors Service affirmed the B2 rating on the senior secured credit facilities of Star West Generation LLC's, which consist of a $450 million term loan B due in March 2020 (approx. $394 million outstanding at 9/30/18) and a $100 million revolving credit facility due March 2020. The rating outlook remains stable. Star West is currently comprised of two natural gas-fired, combined cycle power generation facilities in Arizona totaling 1,149MWs of capacity: Arlington Valley (579MWs) and Griffith (570MWs). Star West is in turn a wholly-owned subsidiary of private equity funds management by Highstar Capital IV and its affiliates. Moody's understands that Highstar has agreed to sell the Arlington Valley plant to Capital Power Corporation for $300 million, the proceeds of which will be used to reduce debt at Star West. The transaction is expected to close in the fourth quarter of 2018, subject to regulatory approval and other closing conditions. RATINGS RATIONALE The affirmation of the B2 rating reflects its view that the planned sale of the Arlington Valley plant is credit neutral, and as such, the transaction, in and of itself, will have no impact on the Borrower's rating or its stable rating outlook. This view is principally based on the Borrower's deleveraged credit profile following debt pay down sourced from the Arlington Valley sale and the strong level of liquidity anticipated at the Project following the sale. Specifically, sale proceeds of approximately $300 million, plus about $30 million in restricted cash supporting Arlington Valley's contract obligations that will be released following the sale, will be used to repay a significant portion of the term loan B and revolver as well as pay transaction fees and expenses. Pro forma Star West debt will consist of approximately $100 million term loan B and a $100 million revolving credit facility. The term loan is expected to decline further to about $70 million once a sweep of excess cash is paid in June 2019. Leverage as measured by the ratio of debt to EBITDA (Debt/EBITDA), based on Moody's calculations, is expected to go to 3.72x in 2019 from 6.27x at June 30, 2018. Moody's believes that the asset sale and related deleveraging will enhance refinancing prospects when the debt matures in March 2020 as the debt quantum will be greatly reduced and the refinancing will benefit from a tolling contract on the remaining Griffith facility that commences in June 2020 through 2026. These positive developments are weighted against the standalone Griffith plant's exposure to merchant cash flows for the remainder of 2018 and 2019, creating the likely probability for cash flow and earnings volatility through 2019. As mentioned, Griffith has executed a new tolling agreement that will commence in June 2020 with an investment grade, investor-owned utility for the entire 570MWs covering the summer period from June to September each year until 2026. The contract has a capacity payment as well as an adder for variable operating and maintenance costs and start-up charges. However, during 2019 and half of 2020, Griffith will operate as a pure merchant generator in the Desert Southwest (DSW) market, a region with a challenging power environment in the recent past. There are data points that suggest some improvement in the DSW market. For one, the reserve margin has tightened, which should support higher power prices. Also, the DSW market is experiencing an increased reliance on intermittent renewable generation, especially solar, which should drive the demand for reliable natural gas-fired generation, such as from the Griffith plant. In addition, there are planned retirements of about 6.5 GWs of older, mostly coal generation, which should also benefit natural gas fired generators. Having said that, high uncertainty accompanies merchant cash flow in 2019 and the first part of 2020. Star West will rely exclusively on Griffith for energy margins that are generated typically during the summer months. If, for example, Griffith were to experience a major outage, particularly during the critical summer months when it makes most of its money, the Project's cash flows would be stressed, and Star West, as an owner of single asset would struggle meeting 2019 debt service. An important mitigant is the existence of ample liquidity to see Star West through 2019 until the tolling agreement commences in June 2020. In addition to a cash funded debt service reserve representing six months of scheduled debt service, there is a $100 million working capital facility that is undrawn and remains in place until March 2020. Rating Outlook Its stable outlook reflects its expectation that the sale of Arlington Valley will occur on the proposed terms providing significant deleveraging for Star West, which will aid refinancing efforts. The stable outlook acknowledges the existence of a tolling contract with an investment grade utility starting in 2020, which will provide greater cash flow stability and predictability at that time. Until then, the Project's ample liquidity helps sustain financial stability even with lower and more volatile and uncertain merchant cash flows. What could change the rating up Because the new tolls commence in 2020 and the Project can only earn energy margins as a merchant plant until then, there is limited potential for upward rating pressure in the short run. That said, upward rating pressure could emerge if the Project were actually able to produce the expected financial results with a DSCR consistently above 2.0x and a Project CFO/Debt consistently above 10%. What could change the rating down There could be downward pressure on the rating or outlook if there is deterioration in the credit quality of the tolling off-taker, if the Griffith plant sustains weaker operational performance, or if DSCRs are below 1.3x and CFO/Debt metrics are below 5.0% on a sustained basis. There could also be downward pressure if there is no credible plan to refinance the debt as Moody's approaches the debt maturity in 2020. Star West owns the 570MW Griffith and the 579 MW Arlington Valley natural gas-fired, combined-cycle power generation projects in Arizona. Star West is in turn a wholly-owned subsidiary of private equity funds managed by Highstar Capital IV and its affiliates. The principal methodology used in this rating was Power Generation Projects published in June 2018. SUCCESSFUL ASSET: Hires McManimon, Scotland & Baumann as Attorney ----------------------------------------------------------------- Successful Asset Management, LLC, seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ McManimon, Scotland & Baumann, LLP, as attorney. The Debtor's Chapter 11 case is ongoing. The Debtor's past counsel Anthony Sodono, III, Esq., and Sari B. Placona, Esq. of Trenk, DiPasquale, will be employed by MSB as of October 1, 2018 and desire to continue to represent the Debtor while employed at MSB. The professional services to be rendered are: a. advise the Debtor with respect to the power, duties, and responsibilities in the continued management of the financial affairs as a debtor, including the rights and remedies of the debtor-in-possession with respect to its assets and with respect to the claims of creditors; b. advise the Debtor with respect to preparing and obtaining approval of a Disclosure Statement and Plan of Reorganization; c. negotiate and formulate a Disclosure Statement and Plan of Reorganization; d. prepare on behalf of the Debtor, as necessary applications, motions, complaints, answers, orders, reports and other pleadings and documents; e. appear before the Bankruptcy Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state, and foreign jurisdictions and administrative proceedings; f. negotiate and prepare documents relating to the use, reorganization, and disposition of assets as requested by the Debtor; g. advise the Debtor concerning the administration of its estate as a debtor-in-possession; and h. perform other legal services for the Debtor as may be necessary and appropriate. MSB's hourly rates are: Partners $375 to $625 Associates $225 to $370 Law Clerks $195 Paralegals and Support Staff $145 to $215 Anthony Sodono, III (Director) $575 Sari B. Placona (Associate) $295 Anthony Sodono, III, member of McManimon, Scotland & Baumann, 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. The counsel can be reached at: Anthony Sodono, III Sari B. Placona McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue Roseland, NJ 07068 Phone: (973) 622-1800 About Successful Asset Management Successful Asset Management, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 17-27132) on Aug. 23, 2017, estimating less than $1 million in assets and liabilities. Judge Kathryn C. Ferguson presides over the case. The Debtor tapped Scott E. Kaplan, Esq., at the Law Offices of Scott E. Kaplan, LLC, and Trenk DiPasquale Della Fera & Sodono, P.C., as attorneys. SURVITEC GROUP: Bank Debt Trades at 4% Off ------------------------------------------ Participations in a syndicated loan under which Survitec Group Ltd. (Hurricanedrift Ltd) is a borrower traded in the secondary market at 96.25 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.86 percentage points from the previous week. Survitec Group pays 475 basis points above LIBOR to borrow under the $12 million facility. The bank loan matures on February 15, 2022. Moody's gave no rating to the loan and Standard & Poor's gave no rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. T.C.'S GRILL: Authorized to Continue Using Cash Collateral ---------------------------------------------------------- The Hon. Suzanne H. Bauknight of the U.S. Bankruptcy Court for the Eastern District of Tennessee authorized T.C.'s Grill, Inc., to use cash collateral. The Debtor is entitled to use cash collateral in the ordinary course of its business for actual and necessary ongoing expenses of operating its business, and to pay administrative expenses in this case, including professional fees and expenses and U.S. Trustee's Fees and adequate protection payments to Gulf Coast Bank and Trust. U.S. Foods, Inc., On Deck Capital, Inc., Performance Food Group, Inc., Gulf Coast Bank and Trust Company, and are each granted a postpetition lien as substitute and additional collateral identical in scope, priority and perfected to the same extent as the lien they respectively held prepetition. Gulf Coast is granted a security interest and lien in the same type and kind of collateral and with the same priority as it held prepetition on all assets and property of the Debtor existing on and acquired, arising or created after the Petition Date. Gulf Coast's interest in cash collateral as of the Petition Date will continue with respect to postpetition cash collateral during the term of the Order and will not be affected by Debtor's use of cash collateral as permitted by the Court's Order. On or before Nov. 5, 2018, the Debtor agrees to make adequate protection payments in the amount of its monthly payments on Gulf Coast Loan Number PLP 8707150-05. The Debtor will maintain adequate insurance on all property of the estate subject to Gulf Coast's security interest. Upon request, the Debtor will provide Gulf Coast evidence of insurance. The Debtor will deposit all required employment taxes on the date payroll is made and will provide evidence of said employment tax deposit to the U.S. Trustee's Office on the second business day after payroll is made. The Debtor will also file all post-petition payroll or other tax returns when due and pay any balance thereon with said return. Additionally, the Debtor will timely pay fees to the U.S. Trustee and will timely file and serve copies of the Monthly Operating Reports. A full-text copy of the Order is available at http://bankrupt.com/misc/tneb18-32229-77.pdf About T.C.'s Grill, Inc. T.C.'s Grill, Inc., filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 18-32229) on July 21, 2018. In the petition signed by Steven A. Nelson, president, the Debtor estimated less than $50,000 in assets and $100,000 to $500,000 in liabilities. The Debtor is represented by T.C.'s Grill, Inc., Esq., of Scott Law Group, PC. T.I. CONSTRUCTION: Authorized to Use Cash Collateral Through Nov. 2 ------------------------------------------------------------------- The Hon. Scott H. Yun of the U.S. Bankruptcy Court for the Central District of California authorized T.I. Construction, Inc., to use cash collateral for the period Sept. 17, 2018 through Nov. 2, 2018 pursuant to the terms of the budget. The Debtor may deviate from the amounts set forth in the Budget by as much as 20% in any one category where the projected spending is under $1,000 and may vary from the proposed budget by as much as 15% as to any other category. The Court approved for this interim period the Debtor's request to rollover any unused expense allowance from week to week by category. To the extent gross revenues exceed projected gross revenues, the Debtor is authorized to use the excess and apply up to 75% of such excess (beyond the projected gross revenues) to costs of goods sold. The Debtor has identified these entities who assert interests in the cash collateral: FORA Financial Advance, LLC; Capstone Business Funding, LLC; Kings Cash Group; Financial Agent Services; and PIRS Capital, LLC. The Secured Creditors are each granted replacement liens in all postpetition assets of the debtor, other than avoidance power actions and recoveries. Said replacement liens will have the same extent, validity, and priority (and will be subject to the same defenses) as were their respective liens and security interests in prepetition collateral. The replacement liens are deemed valid and perfected with such priority as provided in the Order, without any further notice or act by any party that may otherwise be required under any law. A continued hearing on the Cash Collateral Motion will be held on Nov. 1, 2018 at 1:30 p.m. The last day for the Debtor to serve and file a supplement to the Motion, including its proposed budget for the continued use of cash collateral and its actual budget report, will be on Oct. 25. Any written opposition to the Motion or the Debtor's supplement must be filed no later than Oct. 29. A copy of the Order is available at http://bankrupt.com/misc/cacb18-17850-41.pdf About T.I. Construction T.I. Construction, Inc., operates a general construction company in California. T.I. Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-17850) on Sept. 17, 2018. In the petition signed by Theodore Imsen, president, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Scott H. Yun presides over the case. TELESIS CENTER: S&P Cuts Rating on 2013 Educational Bonds to CCC- ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Florence Industrial Development Authority Inc., Ariz.'s (Telesis Prep Academy project) series 2013 educational revenue bonds, issued for Telesis Center for Learning Inc. to 'CCC-' from 'CCC+'. S&P Global Ratings also placed its rating on CreditWatch with negative implications. "In accordance with our criteria, the 'CCC-' rating reflects our view that Telesis is currently vulnerable to nonpayment and faces at least a one-in-two likelihood of default given the school's inability since our last rating action to refinance the series 2013 bonds, which have a bullet maturity due on Jan. 1, 2019," said S&P Global Ratings credit analyst Shivani Singh. "We believe the school does not have the financial resources required to satisfy full and timely payment of the series 2013 bonds, and unless the bonds are refinanced before the bullet maturity date, a payment default is likely." S&P said, "We understand the school has been attempting to refinance these bonds since our last rating review in May 2018 and is in talks with financial institutions regarding the potential for refinancing. We will continue to monitor the school's progress addressing the upcoming bullet payment and take appropriate credit actions accordingly. Currently, a lower rating is precluded by the potential that the school's refinancing may be successfully completed before the bullet payment date. "The CreditWatch negative placement reflects our anticipation that there is at least a one-in-two likelihood of a rating change, normally within the next 90 days, based on whether the school is able to successfully refinance these bonds before the Jan. 1, 2019, bullet maturity date." The 2013 bonds were used to refinance debt and expand facilities. Revenue of both Telesis schools secures the bonds, with a debt service reserve and a deed on Telesis' property providing additional security. Telesis operates two schools--Telesis Preparatory and Telesis Preparatory Academy, serving grade K-12 students--under one charter agreement. These schools share a single campus in Lake Havasu City, about 150 miles south of Las Vegas. The school has a long history of operations, first as a private school from 1991 to 1998, before becoming a charter school in 2000. TRIMARK USA: $25MM Bank Debt Trades at 3% Off --------------------------------------------- Participations in a syndicated loan under which Trimark USA LLC is a borrower traded in the secondary market at 97.13 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.44 percentage points from the previous week. Trimark USA pays 350 basis points above LIBOR to borrow under the $25 million facility. The bank loan matures on September 14, 2024. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. TRIMARK USA: $56MM Bank Debt Trades at 3% Off --------------------------------------------- Participations in a syndicated loan under which Trimark USA LLC is a borrower traded in the secondary market at 97.13 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 1.44 percentage points from the previous week. Trimark USA pays 350 basis points above LIBOR to borrow under the $56 million facility. The bank loan matures on September 14, 2024. Moody's rates the loan 'B3' and Standard & Poor's gave a 'B' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. TROP, INC: Seeks Approval to Use Cash Collateral ------------------------------------------------ After facing decreased hours of operation, overwhelming number of suits and demands pending and a judgment on Fair Labor Standards Act (FLSA) decided against it, Trop, Inc. commenced a Chapter 11 case in the U.S. Bankruptcy Court of the Northern District of Georgia, Atlanta Division. The FLSA Judgment may constitute as a lien on the revenue of the business. Thus, the company filed the instant motion requesting for authority to use cash collateral. It needs to use the cash collateral to meet its ordinary operating expenses. It has no other source of income except said cash collateral. The company submitted a budget of projected income and expenses. It believes that the ongoing concern value of the business far exceeds the total amount of the FLSA Judgments. Thus, its interest is adequately protected. A full-text copy of the Motion is available at: http://bankrupt.com/misc/ganb18-65726_4_Trop_Cash_M.pdf About Trop, Inc. Trop, Inc., is a privately held company that owns the Pink Pony, a night club in Atlanta, Georgia. Trop, Inc., based in Atlanta, GA, filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 18-65726) on Sept. 19, 2018. In the petition signed by Teri Galardi, CEO, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Louis G. McBryan, Esq., at McBryan, LLC, serves as bankruptcy counsel to the Debtor. UNIVISION COMMUNICATIONS: Bank Debt Trades at 2% Off ---------------------------------------------------- Participations in a syndicated loan under which Univision Communications Inc. is a borrower traded in the secondary market at 97.69 cents-on-the-dollar during the week ended Friday, October 5, 2018, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.75 percentage points from the previous week. Univision Communications pays 275 basis points above LIBOR to borrow under the $447 million facility. The bank loan matures on March 15, 2024. Moody's rates the loan 'B2' and Standard & Poor's gave a 'BB-' rating to the loan. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended Friday, October 5. UVLRX THERAPEUTICS: Asks for Approval to Use Cash Collateral ------------------------------------------------------------ UVLRX Therapeutics, Inc., seeks an order from the U.S. Bankruptcy Court authorizing it to use its cash collateral, in accordance with submitted budget, secured for Legacy Technology, Inc. and The Grotenhuis Family 2009 Revocable Trust. As adequate protection for said secured creditors, the company offers post-petition replacement liens, right to inspect its business operations, and copies of monthly financial documents. The Debtor avers that use of cash collateral is necessary to maintain its business, maximize the return on its assets and to avoid irreparable harm and injury to its estate. A full-text copy of the Motion is available at: http://bankrupt.com/misc/flmb18-07590_UVLRX_Cash_M.pdf The proposed cash collateral budget for the months of September to February is available at: http://bankrupt.com/misc/flmb18-07590_UVLRX_Budget.pdf About UVLrx Therapeutics Based in Oldsmar, Florida, UVLrx Therapeutics is dedicated to evidence-based medicine in the field of light therapy and offers the first known intravenous, concurrent delivery of Ultraviolet-A (UVA), RED and GREEN light wavelengths. UVLrx Therapeutics filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-07590) on Sept. 7, 2018. In the petition signed by CEO Michael Harter, the Debtor disclosed $362,644 in assets and $5,179,373 in liabilities. Buddy D. Ford, Esq. at Buddy D. Ford, P.A., represents the Debtor. VEHICLE ALIGNMENT: Use of Cash Collateral Extended to Oct. 27 ------------------------------------------------------------- The U.S. Bankruptcy Court of the Northern District of Illinois, Eastern Division has previously entered an interim order authorizing the debtor, Vehicle Alignment, Brake & Tires, Inc., use of cash collateral and grant of replacement liens. Judge Jacqueline P. Cox, in an order entered Sept. 19. 2018, has extended said authority until Oct. 27, 2018. A further hearing is scheduled on Oct. 24, 2018 at 10:00 a.m. A full-text copy of the Order is available at: http://bankrupt.com/misc/ilnb18-12071_67_Vehcle_Cash_O.pdf About Vehicle Alignment Vehicle Alignment, Brake & Tires, Inc., d/b/a Lucas Tires, filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 18-12071) on April 25, 2018. In the petition signed by its owner, Richard Lucas, the Debtor estimated less than $50,000 in assets and $100,000 to $500,000 in liabilities. The Hon. Jacqueline P. Cox presides the case. The Debtor is represented by William J. Factor, Esq.. at the Law Office Of William J. Factor, Ltd. VERITY HEALTH: Hires Pachulski Stang Ziehl & Jones as Co-Counsel ---------------------------------------------------------------- Verity Health System of California, Inc., and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the Central District of California to hire Pachulski Stang Ziehl & Jones LLP as co-counsel for the Debtors. As co-counsel with Dentons, the Firm will, from time to time, handle matters in the Chapter 11 Cases that may pose a conflict of interest with other clients of Dentons should the need arise in the future. In addition, the Firm will also handle select, routine tasks that do not require the breadth and depth of lead counsel's expertise but that nonetheless are typically undertaken in most chapter 11 cases. These tasks include discrete bankruptcy projects such as claims objections, de minimis asset sales, and assumption and rejection motions, among others. The current hourly rate for PSZJ's professionals are: Henry C. Kevane $975 Shirley S. Cho $850 Jeffrey Kandel $775 Jason H. Rosell $595 Patricia Jeffries $375 PSZJ will also seek reimbursement for actual, necessary expenses. Henry C. Kevane, managing partner of Pachulski Stang Ziehl & Jones, attests that PSZJ is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Henry C. Kevane disclosed that: -- in light of the Debtors' non-profit status, PSZJ will not increase its rates for 2019 and has agreed to a 15% reduction of its fees for services rendered. PSZJ will also waive travel expenses from San Francisco to Los Angeles; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has represented the Debtor in the 12 months prepetition; and -- the Debtor has not approved any budget and staffing plan. The counsel can be reached through: Henry C. Kevane, Esq. Pachulski Stang Ziehl & Jones LLP 150 California Street, 15th Floor San Francisco, CA 94111-4500 Tel: 415-263-7000 Fax: 415-263-7010 E-mail: hkevane@pszjlaw.com About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with approximately 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles presides over the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 17, 2018. VERITY HEALTH: PCO Hires Levene Neale as Bankruptcy Counsel ----------------------------------------------------------- Jacob Nathan Rubin, MD, FAAC, the patient care ombudsman of Verity Health System of California, Inc. and its affiliated debtors seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Brill L.L.P. as his bankruptcy counsel. The PCO requires the assistance of bankruptcy counsel to adequately and efficiently discharge his duties, understanding the scope of his duties as well as the activities and events of the cases which are relevant to performing such duties, analyzing, drafting and filing his reports and other documents in the Debtor's cases, and with regard to discussions, negotiations, meetings or Court hearings that related to his duties as the PCO. LNBYB's 2018 hourly rates are: DAVID W. LEVENE $595 DAVID L. NEALE $595 RON BENDER $595 MARTIN J. BRILL $595 TIMOTHY J. YOO $595 GARY E. KLAUSNER $595 EDWARD M. WOLKOWITZ $595 DAVID B. GOLUBCHIK $595 BETH ANN R. YOUNG $580 MONICA Y. KIM $580 DANIEL H. REISS $580 IRVING M. GROSS $580 PHILIP A. GASTEIER $580 EVE H. KARASIK $580 TODD A. FREALY $580 KURT RAMLO $580 JULIET Y. OH $565 TODD M. ARNOLD $565 CARMELA T. PAGAY $565 ANTHONY A. FRIEDMAN $565 KRIKOR J. MESHEFEJIAN $565 JOHN-PATRICK M. FRITZ $565 LINDSEY L. SMITH $495 JEFFREY KWONG $425 PARAPROFESSIONALS $250 Ron Bender, Esq., a managing partner at the law firm of Levene Neale, attests that LNBYB does not hold or represent any interest materially adverse to the Debtor or the Debtor's estate, and LNBYB is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ron Bender, Esq. Monica Y. Kim, Esq. LEVENE, NEALE, BENDER, YOO & BRILL LLP 10250 Constellation Blvd., Suite 1700 Los Angeles, CA 90067 Tel: 310-229-1234 E-mail: rb@lnbyb.com myk@lnbyb.com About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with approximately 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles presides over the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 17, 2018. VERITY HEALTH: PCO Hires Timothy J. Stacy as Consultant ------------------------------------------------------- Jacob Nathan Rubin, MD, FAAC, the patient care ombudsman of Verity Health System of California, Inc., and its affiliated debtors, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Dr. Tim Stacy DNP, ACNP-BC, as his consultant. The PCO requires the assistance of Dr. Stacy to adequately, efficiently and timely discharge his duties and submit his reports to the Court. In addition to reviewing a variety of hospital and patient records, reports and related information, the PCO intends to tour all facilities. Dr. Stacy assures the Court that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Dr. Stacy will $325 per hour for his assistance for the PCO. Dr. Stacy can be reached at: Timothy J. Stacy DNP ACNP-BC 5268 Huckleberry Oak Street Simi Valley, CA 93063 Home: (805) 578-4569 Cell: (805) 208-0434 E-mail: tstacy@ucla.edu About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with approximately 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles presides over the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 17, 2018. VERITY HEALTH: Taps Berkeley Research Group as Financial Advisor ---------------------------------------------------------------- Verity Health System Of California, Inc. and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the Central District of California to hire Berkeley Research Group, LLC as financial advisor. Professional services to be rendered by BRG are: a. assist with managing and monitoring liquidity, including: Provide updates to the 13-week DIP cash flow forecast and related model; provide liquidity impacts of sale process; assist in development of a weekly reporting package for compliance with terms of the debtor in possession agreement; b. provide information and analysis necessary to support the Debtors' sale process under Sec. 363, including to: Model recoveries to creditors from bids received and in various bid scenarios; assist with bidder due diligence; and assist with auction processes; c. liaise with secured lenders and assist in managing Lender information demands and facilitating constructive dialogue to resolve Lender issues; d. participate in meetings and provide support to the Debtors and their other professional advisors in negotiations with potential investors, lenders, the Creditors’ Committee, the United States Trustee’s Office, other parties-in-interest, and professionals hired by same, as requested; e. coordinate restructuring activities with Cain Brothers, a division of KeyBanc Capital Markets (Cain Brothers), to achieve case efficiencies and avoid duplication of efforts, and, to the extent necessary, assist with preparation of any financial materials or analyses that may be required as a part of their efforts; f. advise and assist with any issues related to sale and/or wind down of hospitals, including federal, state and local regulations, challenges from local, state or national stakeholders, notices and/or other requirements; g. report to the Board: assist in preparation of reports to the boards of directors of the Debtors and the status of implementation of restructuring initiatives; h. assist the Debtors with financial advisory services in connection with bankruptcy related matters, including reviewing and evaluating any court motions, applications or other forms of relief filed or to be filed by the Debtors, or any other parties-in interest; i. assist with monitoring compliance with Bankruptcy Court orders; j. assist with developing and implementing accounting and operating procedures to segregate pre-petition and post-petition business transactions; k. assist in managing and executing the reconciliation process involving claims filed by creditors; l. review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors; m. attend Court hearings as may be required; n. provide Court testimony, as agreed to between the Debtors and BRG; o. assist in review of financial information with respect to the Debtors' Schedules of Assets and Liabilities and Statements of Financial Affairs; p. assist with developing and monitoring the Monthly Operating Report process; q. render such other general business consulting or such other assistance as the management or its counsel may deem necessary that are consistent with the role of a financial advisor; and r. provide other services as requested or directed by the CEO, the Board or other Debtors' personnel as authorized by the Board and agreed to by BRG. BRG's standard hourly rates are: Managing Director: up to $750 Director: up to $600 Professional Staff: up to $450 Case Managers: $125 - $295 Peter C. Chadwick, Managing Director of Berkeley Research Group, LLC, attests that BRG is a "disinterested person" as that term is defined in Sec. 101(14) and that BRG does not hold or represent any interest adverse to the estates. The firm can be reached through: Peter C. Chadwick Berkeley Research Group, LLC, 1800 M Street NW, Second floor Washington, DC 20036 Tel: 202-480-2700 Fax: 202-419-844 Email: pchadwick@thinkbrg.com About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with approximately 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles presides over the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 17, 2018. VERITY HEALTH: Taps Nelson Hardiman as Special Regulatory Counsel ----------------------------------------------------------------- Verity Health System Of California, Inc., and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the Central District of California to hire Nelson Hardiman, LLP, as their special healthcare regulatory counsel to provide representation and advice on healthcare regulatory matters. Nelson Hardiman has agreed to apply a 10% discount on all standard hourly billing rates except for attorneys Lawrence B. Gill and Rosa A. Shirley, whose fees will be discounted by 15%. Hope Levy-Biehl Partner $639 Robert E. Fuller Partner $639 Stacie Neroni Partner $639 Lawrence B. Gill Of Counsel $510 Kathryn Edgerton Partner $495 Christine Johnson Attorney $495 Lara Compton Of Counsel $477 Rosa A. Shirley Attorney $467 Sara Hersh Partner $427 Miriam Mackin Attorney $405 Aviva Morady Attorney $405 Kristina Sherry Attorney $337 Shontek Clay Paraprofessional $180 Lawrence B. Gill, employed by Nelson Hardiman, LLP, attests that Nelson Hardiman and its attorneys are disinterested within the meaning of 11 U.S.C. Secs. 327(e) and 101(14). The counsel can be reached through: Lawrence B. Gill, Esq. 1100 Glendon Ave, 14th Floor Los Angeles, CA 90024 Phone: 877-246-6423 Fax: 310-203-2727 E-mail: lgill@nelsonhardiman.com About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with approximately 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles presides over the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 17, 2018. WESTMORELAND COAL: Sierra Club Responds to Chapter 11 Filing ------------------------------------------------------------ Westmoreland Coal Company on Oct. 9, 2018, disclosed that it would enter Chapter 11 bankruptcy, following a recent trend in coal company bankruptcies caused by American energy consumers' increasing preference for cleaner, cheaper competitors, like solar and wind energy. Westmoreland's announcement has been anticipated over the past year due to the falling demand for thermal coal and the retirement of dozens of coal-fired power plants. During this time, public health groups, environmental organizations, and community leaders have called on the company to ensure that they meet their environmental and labor obligations as the company declines. In response, Mary Anne Hitt, Senior Director of Sierra Club's Beyond Coal campaign, released the following statement: "Westmoreland's declaration of bankruptcy is the latest clear signal that the coal industry is in an irreversible decline. With numerous coal companies facing bankruptcy in recent years, it is clear that further investments in coal are a mistake. The best course for Westmoreland Coal Company moving forward must be to ensure that there are adequate funds to clean up its mines and to treat its workers with the respect they deserve, including assisting them as they transition to new economic opportunities in thriving industries like clean energy. Nothing can stop America's shift away from coal and toward clean energy, but the transition should be managed to ensure workers are treated with respect and that vital environmental obligations are honored." About the Sierra Club The Sierra Club -- http://SierraClub.pr-optout.com-- is America's largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters nationwide. In addition to creating opportunities for people of all ages, levels and locations to have meaningful outdoor experiences, the Sierra Club works to safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and litigation. About Westmoreland Coal Based in Englewood, Colorado, Westmoreland Coal Company (otcmkts:WLBA) -- http://www.westmoreland.com/-- is an independent coal company based in the United States. The Company produces and sells thermal coal primarily to investment grade utility customers under long-term, cost-protected contracts. Its focus is primarily on mine locations which allow it to employ dragline surface mining methods and take advantage of close customer proximity through mine-mouth power plants and strategically located rail transportation. At Dec. 31, 2017, the Company's U.S. coal operations were located in Montana, Wyoming, North Dakota, Texas, New Mexico and Ohio, and its Canadian coal operations were located in Alberta and Saskatchewan. The Company sold 49.7 million tons of coal in 2017. Westmoreland Coal reported a net loss applicable to common shareholders of $71.34 million for the year ended Dec. 31, 2017, a net loss applicable to common shareholders of $27.10 million for the year ended Dec. 31, 2016, and a net loss applicable to common stockholders of $213.6 million for the year ended Dec. 31, 2015. As of June 30, 2018 the Company had $1.45 billion in total assets, $2.14 billion in total liabilities and a total deficit of $686.2 million. WINTHROP REALTY: To Make Distribution of $0.40 Per Beneficial Unit ------------------------------------------------------------------ Winthrop Realty Liquidating Trust on Oct. 12, 2018, disclosed that the Trust's trustees have approved a liquidating distribution of $0.40 per common beneficial unit in the Trust payable in cash on Oct. 22, 2018 to holders of record on Oct. 15, 2018. The distribution is being made from the proceeds received from the sales of its Plantation, Florida property and note receivable with respect to its formerly owned Jacksonville, Florida property. The net proceeds received from the Jacksonville note sale are approximately $0.01 per beneficial interest less than the Trust's estimated net assets in liquidation attributable to this asset at Dec. 31, 2017. The net proceeds received from the sale of its Plantation, Florida property are approximately $0.19 per beneficial interest less than the Trust's estimated net assets in liquidation attributable to this asset at December 31, 2017. Since August 5, 2014, the date on which Winthrop Realty Trust's shareholders adopted its plan of liquidation, Winthrop Realty Trust and the Trust have disposed of 47 of its 51 assets that it held on such date and paid, after giving effect to the distribution announced in this press release, total distributions per beneficial interest of $16.80. For a description of the Trust's remaining assets please go to the Trust's Web site, http://www.winthropreit.com/on the Company Profile page. About Winthrop Realty Liquidating Trust Winthrop Realty Liquidating Trust -- http://www.winthropreit.com/ -- was formed to continue the liquidation process of remaining assets held by Winthrop Realty Trust at Aug. 5, 2016. The Trust's sole purpose is to continue to seek to sell these assets in an orderly fashion to maximize value to its beneficiaries. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, interests in the Trust are not transferable, nor do beneficiaries have authority or power to sell or in any other manner dispose of their interest in the Trust. WORLD MARKETING: Crane Bid to Toss Trustee Malpractice Suit Junked ------------------------------------------------------------------ District Judge Thomas M. Durkin denied law firm Crane, Heyman, Simon, Welch & Clar's motion to dismiss the action captioned NORMAN B. NEWMAN, solely as Liquidating Trustee of the World Marketing Liquidating Trust, Plaintiff, v. CRANE, HEYMAN, SIMON, WELCH & CLAR, Defendant, No. 17-cv-6978 (N.D. Ill.). Norman V. Newman, as the liquidating trustee of the World Marketing Liquidating Trust brought the action against Crane Heyman alleging the law firm committed malpractice during the bankruptcy of World Marketing. Crane Heyman moved to dismiss on two bases. First, it argued the Court lacks subject matter jurisdiction over the Trustee's claim because of the Barton doctrine. Second, Crane Heyman argued the Trustee's case is barred by the principles of res judicata and collateral estoppel. The so-called "Barton Doctrine" takes its name from the decision rendered in Barton v. Barbour, 104 U.S. 126 (1881). There, Barbour had been appointed equity receiver in Virginia state court to operate a railroad company. Afterwards, a railroad passenger, Barton, was injured and brought a tort action against the receiver in the District of Columbia. The Supreme Court held that, as a matter of federal common law, "before suit is brought against a receiver leave of the court by which he was appointed must be obtained." Without such leave of court, the other forum "had no jurisdiction to entertain [the] suit." The circumstances here are not the usual circumstances observed in most cases applying the Barton doctrine. Both sides here are or were court appointed parties rather than third parties suing court appointed trustees for conduct not directly related to the bankruptcy case. And the plaintiff, the Trustee, is the current trustee of the liquidating trust. For this reason, the Trustee argues the Barton doctrine does not apply to such situations because the same policy considerations are not implicated. The Court agrees with the Trustee that the concerns discussed by the Barton court and the Seventh Circuit in Linton are not implicated here. First, there is no concern that the Trustee is attempting to circumvent the appointing court's supervision to obtain some advantage over other claimants. The Trustee is not a creditor seeking faster payment. Rather, he is the estate representative administering the estate by attempting to liquidate one of its claims, and presumably bring more value to the estate. Second, there is no threat that either he or Crane Heyman will be distracted by an ancillary proceeding--litigating claims is precisely the Trustee's role, and Crane Heyman is already out of the case. Indeed, requiring trustees to seek additional leave beyond what the bankruptcy court already approved through the bankruptcy plan only causes additional delay and distraction to the Trustee in administering and liquidating the estate. Even if the Barton doctrine did apply, it is clear that the bankruptcy court granted Trustee permission to sue Crane Heyman for legal malpractice for violations of the WARN Act. Next, Crane Heyman argues the bankruptcy court has already adjudicated the issue of malpractice during the determination of Crane Heyman's final fee application. Crane Heyman argues that the bankruptcy court's determination of the final fee application precludes the Trustee's malpractice claim against it. Crane Heyman makes its preclusion argument with respect to both res judicata (claim preclusion) and collateral estoppel (issue preclusion). Under Illinois law, "in order to prevail on a claim of attorney malpractice, a plaintiff must succeed in proving four elements: (1) an attorney-client relationship giving rise to a duty on the attorney's part; (2) a negligent act or omission by the attorney amounting to a breach of that duty; (3) proximate cause establishing that but for the attorney's negligence, the plaintiff would have prevailed in the underlying action; and (4) actual damages." World Marketing could not meet the fourth element required to bring a claim for malpractice until February 2017, when the bankruptcy court allowed the employees' WARN Claim. Before then, the malpractice claim was merely speculative because the bankruptcy court could have found that the liquidating fiduciary exception applied, meaning WARN Act notice was not required. Thus, at the time the bankruptcy court determined the final fee application (in November 2016), the Trustee could not have brought the malpractice claim, because it did not yet exist. As a result, res judicata cannot apply. For similar reasons, the Trustee's malpractice claim is also not barred by collateral estoppel. A copy of the Court's Memorandum Opinion and Order dated Sept. 26, 2018 is available at https://bit.ly/2pMVoAK from Leagle.com. Norman B. Newman, solely as Liquidating, Plaintiff, represented by Aaron Leonard Hammer -- ahammer@hmblaw.com -- Horwood Marcus & Berk Chartered, Michael Aaron Brandess , Sugar Felsenthal Grais & Helsinger LLP, Brandon V. Lewis -- blewis@rctlegal.com -- Reid Collins & Tsai LLP, David Benjamin Thomas HARLI , REID COLLINS & TSAI LLP, pro hac vice & Eric D. Madden -- emadden@rctlegal.com -- Reid Collins & Tsai LLP, pro hac vice. Crane, Heyman, Simon, Welch & Clar, Defendant, represented by Daniel Francis Konicek -- Dan@KonicekDillonLaw.com -- Konicek & Dillon, P.C., Gabriel Aizenberg -- aizenbergg@gtlaw.com -- Greenberg Traurig, LLP, Scott T. Mendeloff, Greenberg Traurig, LLP, Thomas James Long, Konicek & Dillon, P.C., Amanda Jo Hamilton, Konicek & Dillon, P.c. & Symone Danielle Shinton, Greenberg Traurig Llp. About World Marketing Chicago Headquartered in Milwaukee, Wisconsin, World Marketing Chicago, LLC, offers marketing consulting and mailing services. World Marketing Chicago, LLC (Bankr. N.D. Ill. Case No. 15-32968), and affiliates World Marketing Atlanta, LLC (Bankr. N.D. Ill. Case No. 15-32975) and World Marketing Dallas, LLC (Bankr. N.D. Ill. Case No. 15-32977) filed for Chapter 11 bankruptcy protection on Sept. 28, 2015, each estimating their assets and liabilities at between $1 million and $10 million. The petitions were signed by Robert W. Kraft, the authorized individual. The cases are jointly administered. Judge Timothy A. Barnes presides over the cases. Jeffrey C Dan, Esq., at Crane Heyman Simon Wlch & Clar serves as the Debtors' bankruptcy counsel. The Official Committee of Unsecured Creditors appointed in the case are represented by Elizabeth Vandesteeg, Esq., and Aaron L. Hammer, Esq., at Sugar Felsenthal Grais & Hammer LLP as counsel. AEG Partners LLC serves as the Committee's financial advisor. [*] DiBlasi Named to American Bankruptcy Institutes 40 Under 40 --------------------------------------------------------------- Kelly DiBlasi has been named to the American Bankruptcy Institutes 40 Under 40 program in 2018. The annual award recognizes the insolvency professionals under the age of 40 who are setting the standard for excellence in the field. Ms. DiBlasi was recognized for her achievements as a top restructuring attorney, as well as for her leadership and service to the community. Her recent accomplishments include guiding the multijurisdictional, multibillion-dollar chapter 11 reorganization of global helicopter company CHC Group, representing Ambac in the state court rehabilitation of its Segregated Account portfolio, and advising National Public Finance Guarantee Corporation in Puerto Ricos landmark municipal restructuring. She is also committed to pro bono practice and has long served as pro bono General Counsel for the N.Y. Police and Fire Widows and Childrens Benefit Fund. Ms. DiBlasi, who was recently named a Rising Star by the New York Law Journal, was selected from a competitive pool of over 300 nominees from across the insolvency profession, including turnaround consultants, financial advisers, academics and restructuring attorneys. The 40 Under 40 honorees will be recognized at the American Bankruptcy Institutes Winter Leadership Conference in Scottsdale, Arizona, December 6-8, 2018, and profiled in the ABI Journal. [*] JND Legal Administration Named #1 Claims Administrator ---------------------------------------------------------- JND Legal Administration, a legal management and administration company serving law firms, companies and government entities, on Oct. 9, 2018, disclosed that it has been recognized as the best claims administrator according to the Ninth Annual New York Law Journal Best of Survey. JND was ranked #1 among 11 other service provider nominees in the claims administrator category, one of the top three legal notice and advertising services, and among the top three end-to-end eDiscovery providers. "It is an honor to be voted the #1 claims administrator and among the top three service providers in two other categories by the New York Law Journal readership and legal community at large," comments David Isaac, executive co-chairman and co-founder of JND Legal Administration. "We truly appreciate this noteworthy recognition for the comprehensive range of services and resources we provide to meet our clients' diverse legal administration needs." This award makes the third year in a row that JND has been voted the top legal administration firm by the readers of leading legal publications, further enhancing its reputation as an industry leader that is one of the fastest-growing companies in this space. Under the direction of industry veterans Jennifer Keough, Neil Zola and David Isaac, the firm has recently expanded its core service lines to include lien resolution management alongside its existing mass tort, class action administration, eDiscovery, corporate restructuring, and government services divisions. The New York Law Journal Best of Survey, formerly known as Reader Rankings, is an annual survey of lawyers, legal support staff and other legal personnel who vote on a range of companies nominated as the best providers of legal products and services. The 2018 survey launched on June 25 and concluded on July 24, featuring companies in dozens of categories. The full results of the ranking were published in a special print supplement to The New York Law Journal on Sept. 24. About JND Legal Administration JND Legal Administration -- http://www.jndla.com/-- is a legal management and administration company led by industry veterans who are passionate about providing superior service to clients. Armed with decades of expertise and a powerful set of tools, JND has deep experience expertly navigating the intricacies of multiple, intersecting service lines including class action settlements, corporate restructuring, eDiscovery, mass tort claims and government services. JND is trusted by law firms, government agencies and Fortune 500 companies across the nation. The company is backed by Stone Point Capital and has offices in California, Colorado, Minnesota, New York, Washington and Washington, D.C. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABBVIE INC ABBVUSD EU 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBVEUR EU 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBV US 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB QT 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB TH 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBV AV 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB TE 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB GZ 61,641.0 (3,375.0) (3,379.0) ABBVIE INC 4AB GR 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBV SW 61,641.0 (3,375.0) (3,379.0) ABBVIE INC ABBV* MM 61,641.0 (3,375.0) (3,379.0) ABSOLUTE SOFTWRE ABT2EUR EU 97.0 (56.5) (35.2) ABSOLUTE SOFTWRE ABT CN 97.0 (56.5) (35.2) ABSOLUTE SOFTWRE OU1 GR 97.0 (56.5) (35.2) ABSOLUTE SOFTWRE ALSWF US 97.0 (56.5) (35.2) ACELRX PHARMA R5X GR 64.6 (49.0) 39.7 ACELRX PHARMA R5X TH 64.6 (49.0) 39.7 ACELRX PHARMA ACRX US 64.6 (49.0) 39.7 ACELRX PHARMA ACRXEUR EU 64.6 (49.0) 39.7 ACELRX PHARMA ACRXUSD EU 64.6 (49.0) 39.7 AIMIA INC AIM CN 3,521.5 (190.9) (1,254.4) AIMIA INC GAPFF US 3,521.5 (190.9) (1,254.4) AMERICAN AIRLINE A1G GR 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL* MM 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL US 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL1USD EU 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G TH 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G QT 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL11EUR EU 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL AV 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL TE 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G SW 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE AAL1CHF EU 52,622.0 (869.0) (7,493.0) AMERICAN AIRLINE A1G GZ 52,622.0 (869.0) (7,493.0) AMYRIS INC 3A01 GR 118.7 (249.0) (91.8) AMYRIS INC 3A01 TH 118.7 (249.0) (91.8) AMYRIS INC AMRS US 118.7 (249.0) (91.8) AMYRIS INC 3A01 QT 118.7 (249.0) (91.8) AMYRIS INC AMRSEUR EU 118.7 (249.0) (91.8) AMYRIS INC AMRSUSD EU 118.7 (249.0) (91.8) AQUESTIVE THERAP AQST US 39.8 (38.9) 3.2 ASPEN TECHNOLOGY AST GR 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AZPN US 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AZPN* MM 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AZPNUSD EU 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AST TH 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AZPNEUR EU 264.9 (284.1) (371.1) ASPEN TECHNOLOGY AST QT 264.9 (284.1) (371.1) ATLATSA RESOURCE ATL SJ 170.1 (210.5) 6.1 AUTODESK INC ADSK SW 3,833.0 (241.6) (316.3) AUTODESK INC ADSK US 3,833.0 (241.6) (316.3) AUTODESK INC AUD TH 3,833.0 (241.6) (316.3) AUTODESK INC AUD GR 3,833.0 (241.6) (316.3) AUTODESK INC AUD QT 3,833.0 (241.6) (316.3) AUTODESK INC ADSK* MM 3,833.0 (241.6) (316.3) AUTODESK INC ADSK TE 3,833.0 (241.6) (316.3) AUTODESK INC ADSK AV 3,833.0 (241.6) (316.3) AUTODESK INC ADSKEUR EU 3,833.0 (241.6) (316.3) AUTODESK INC ADSKUSD EU 3,833.0 (241.6) (316.3) AUTODESK INC AUD GZ 3,833.0 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859.0 L BRANDS INC LB US 7,620.0 (1,122.0) 859.0 L BRANDS INC LTD TH 7,620.0 (1,122.0) 859.0 L BRANDS INC LBEUR EU 7,620.0 (1,122.0) 859.0 L BRANDS INC LB* MM 7,620.0 (1,122.0) 859.0 L BRANDS INC LTD QT 7,620.0 (1,122.0) 859.0 L BRANDS INC LTD SW 7,620.0 (1,122.0) 859.0 L BRANDS INC LBUSD EU 7,620.0 (1,122.0) 859.0 LAMB WESTON 0L5 QT 2,854.3 (188.2) 466.5 LAMB WESTON LW-WUSD EU 2,854.3 (188.2) 466.5 LAMB WESTON LW US 2,854.3 (188.2) 466.5 LAMB WESTON 0L5 GR 2,854.3 (188.2) 466.5 LAMB WESTON LW-WEUR EU 2,854.3 (188.2) 466.5 LAMB WESTON 0L5 TH 2,854.3 (188.2) 466.5 LEGACY RESERVES LGCY US 1,510.6 (251.0) (589.8) LEGACY RESERVES LGCYEUR EU 1,510.6 (251.0) (589.8) LEGACY RESERVES LRTI GR 1,510.6 (251.0) (589.8) LEGACY RESERVES LRTI GZ 1,510.6 (251.0) (589.8) LENNOX INTL INC LXI GR 2,099.4 (180.2) 641.7 LENNOX INTL INC LII US 2,099.4 (180.2) 641.7 LENNOX INTL INC LXI TH 2,099.4 (180.2) 641.7 LENNOX INTL INC LII1EUR EU 2,099.4 (180.2) 641.7 LEXICON PHARMACE LX31 GR 332.9 (4.9) 138.9 LEXICON PHARMACE LXRX US 332.9 (4.9) 138.9 LEXICON PHARMACE LXRXEUR EU 332.9 (4.9) 138.9 LEXICON PHARMACE LX31 QT 332.9 (4.9) 138.9 LIQUIDIA TECHNOL LQDA US 20.8 (12.9) (5.0) LIQUIDIA TECHNOL LT4 TH 20.8 (12.9) (5.0) MCDONALDS - BDR MCDC34 BZ 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD SW 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD US 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD* MM 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO GR 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD TE 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO TH 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO QT 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDCHF EU 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDUSD EU 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD AV 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDUSD SW 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCDEUR EU 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MDO GZ 32,708.4 (5,851.0) 1,385.3 MCDONALDS CORP MCD CI 32,708.4 (5,851.0) 1,385.3 MCDONALDS-CEDEAR MCD AR 32,708.4 (5,851.0) 1,385.3 MEDLEY MANAGE-A MDLY US 94.2 (54.1) 13.7 MICHAELS COS INC MIK US 2,192.5 (1,699.4) 501.7 MICHAELS COS INC MIM GR 2,192.5 (1,699.4) 501.7 MONEYGRAM INTERN MGI US 4,526.8 (236.6) (52.3) MONEYGRAM INTERN 9M1N GR 4,526.8 (236.6) (52.3) MONEYGRAM INTERN 9M1N QT 4,526.8 (236.6) (52.3) MONEYGRAM INTERN 9M1N TH 4,526.8 (236.6) (52.3) MONEYGRAM INTERN MGIEUR EU 4,526.8 (236.6) (52.3) MONEYGRAM INTERN MGIUSD EU 4,526.8 (236.6) (52.3) MOTOROLA SOLUTIO MTLA GR 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MOT TE 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MSI US 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MTLA TH 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MTLA QT 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MSI1USD EU 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MSI1EUR EU 8,881.0 (1,492.0) 659.0 MOTOROLA SOLUTIO MTLA GZ 8,881.0 (1,492.0) 659.0 MSG NETWORKS- A MSGN US 849.6 (657.7) 227.2 MSG NETWORKS- A 1M4 TH 849.6 (657.7) 227.2 MSG NETWORKS- A 1M4 QT 849.6 (657.7) 227.2 MSG NETWORKS- A MSGNEUR EU 849.6 (657.7) 227.2 MSG NETWORKS- A 1M4 GR 849.6 (657.7) 227.2 NATERA INC NTRA US 194.4 (22.0) 67.2 NATERA INC 45E GR 194.4 (22.0) 67.2 NATHANS FAMOUS NATH US 79.4 (82.9) 58.3 NATHANS FAMOUS NFA GR 79.4 (82.9) 58.3 NATIONAL CINEMED NCMI US 1,132.7 (95.1) 100.6 NATIONAL CINEMED XWM GR 1,132.7 (95.1) 100.6 NATIONAL CINEMED NCMIEUR EU 1,132.7 (95.1) 100.6 NAVISTAR INTL NAV US 6,924.0 (4,334.0) 596.0 NAVISTAR INTL IHR GR 6,924.0 (4,334.0) 596.0 NAVISTAR INTL IHR TH 6,924.0 (4,334.0) 596.0 NAVISTAR INTL NAVEUR EU 6,924.0 (4,334.0) 596.0 NAVISTAR INTL NAVUSD EU 6,924.0 (4,334.0) 596.0 NAVISTAR INTL IHR QT 6,924.0 (4,334.0) 596.0 NAVISTAR INTL IHR GZ 6,924.0 (4,334.0) 596.0 NEURONETICS INC STIM US 28.3 (18.1) 11.2 NEW ENG RLTY-LP NEN US 253.8 (35.6) - NII HOLDINGS INC NIHD US 966.0 (159.4) 132.4 NII HOLDINGS INC NJJA GR 966.0 (159.4) 132.4 NII HOLDINGS INC NIHDEUR EU 966.0 (159.4) 132.4 NORTHERN OIL AND NOG US 883.1 (147.8) 118.0 NORTHERN OIL AND 4LT GR 883.1 (147.8) 118.0 NORTHERN OIL AND NOG1EUR EU 883.1 (147.8) 118.0 NORTHERN OIL AND 4LT TH 883.1 (147.8) 118.0 NORTHERN OIL AND NOG1USD EU 883.1 (147.8) 118.0 OMEROS CORP OMER US 106.3 (56.3) 72.1 OMEROS CORP 3O8 GR 106.3 (56.3) 72.1 OMEROS CORP 3O8 TH 106.3 (56.3) 72.1 OMEROS CORP OMEREUR EU 106.3 (56.3) 72.1 OMEROS CORP OMERUSD EU 106.3 (56.3) 72.1 OPTEC INTERNATIO OPTI US 0.2 (0.8) (0.9) OPTIVA INC 3230510Q EU 158.9 (16.7) 21.9 OPTIVA INC OPT CN 158.9 (16.7) 21.9 OPTIVA INC RKNEF US 158.9 (16.7) 21.9 OPTIVA INC RE6 GR 158.9 (16.7) 21.9 OPTIVA INC RKNEUR EU 158.9 (16.7) 21.9 PAPA JOHN'S INTL PZZA US 558.2 (243.0) 11.9 PAPA JOHN'S INTL PP1 GR 558.2 (243.0) 11.9 PAPA JOHN'S INTL PZZAEUR EU 558.2 (243.0) 11.9 PHILIP MORRIS IN PMI1 IX 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PMI EB 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM US 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1 EU 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN 4I1 GR 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1CHF EU 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1 TE 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN 4I1 TH 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PM1EUR EU 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PMI SW 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN 4I1 QT 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN PMOR AV 40,721.0 (10,168.0) 2,587.0 PHILIP MORRIS IN 4I1 GZ 40,721.0 (10,168.0) 2,587.0 PINNACLE ENTERTA PNK US 3,859.0 (281.5) (33.6) PINNACLE ENTERTA 65P GR 3,859.0 (281.5) (33.6) PLANET FITNESS-A PLNT US 1,124.7 (91.2) 104.2 PLANET FITNESS-A 3PL TH 1,124.7 (91.2) 104.2 PLANET FITNESS-A 3PL GR 1,124.7 (91.2) 104.2 PLANET FITNESS-A PLNT1USD EU 1,124.7 (91.2) 104.2 PLANET FITNESS-A PLNT1EUR EU 1,124.7 (91.2) 104.2 PLANET FITNESS-A 3PL QT 1,124.7 (91.2) 104.2 PLURALSIGHT IN-A PS US 416.2 239.9 97.3 PROS HOLDINGS IN PH2 GR 281.4 (68.7) 74.6 PROS HOLDINGS IN PRO US 281.4 (68.7) 74.6 PROS HOLDINGS IN PRO1EUR EU 281.4 (68.7) 74.6 QUEBECOR INC-A QBR/A CN 9,142.5 (339.1) (1,076.3) QUEBECOR INC-B QB3 GR 9,142.5 (339.1) (1,076.3) QUEBECOR INC-B QBCRF US 9,142.5 (339.1) (1,076.3) QUEBECOR INC-B QBR/B CN 9,142.5 (339.1) (1,076.3) REATA PHARMACE-A RETA US 174.7 (167.9) 116.7 REATA PHARMACE-A 2R3 GR 174.7 (167.9) 116.7 REATA PHARMACE-A RETAEUR EU 174.7 (167.9) 116.7 RESOLUTE ENERGY REN US 826.6 (82.8) (152.0) RESOLUTE ENERGY R21 GR 826.6 (82.8) (152.0) RESOLUTE ENERGY RENEUR EU 826.6 (82.8) (152.0) RESVERLOGIX CORP RVX CN 14.3 (132.9) (59.0) REVLON INC-A REV US 3,091.9 (980.7) 6.7 REVLON INC-A RVL1 GR 3,091.9 (980.7) 6.7 REVLON INC-A REVUSD EU 3,091.9 (980.7) 6.7 REVLON INC-A RVL1 TH 3,091.9 (980.7) 6.7 REVLON INC-A REVEUR EU 3,091.9 (980.7) 6.7 RIMINI STREET IN RMNI US 119.5 (229.9) (131.1) ROSETTA STONE IN RS8 TH 169.2 (4.2) (63.3) ROSETTA STONE IN RS8 GR 169.2 (4.2) (63.3) ROSETTA STONE IN RST US 169.2 (4.2) (63.3) ROSETTA STONE IN RST1EUR EU 169.2 (4.2) (63.3) RR DONNELLEY & S DLLN TH 3,653.8 (247.5) 673.5 RR DONNELLEY & S DLLN GR 3,653.8 (247.5) 673.5 RR DONNELLEY & S RRD US 3,653.8 (247.5) 673.5 RR DONNELLEY & S RRDEUR EU 3,653.8 (247.5) 673.5 SALLY BEAUTY HOL SBH US 2,095.7 (326.2) 615.4 SALLY BEAUTY HOL S7V GR 2,095.7 (326.2) 615.4 SALLY BEAUTY HOL SBHEUR EU 2,095.7 (326.2) 615.4 SANCHEZ ENERGY C SN* MM 2,904.4 (67.7) 58.6 SBA COMM CORP SBACEUR EU 7,289.4 (3,042.1) 49.1 SBA COMM CORP 4SB GR 7,289.4 (3,042.1) 49.1 SBA COMM CORP SBAC US 7,289.4 (3,042.1) 49.1 SBA COMM CORP SBACUSD EU 7,289.4 (3,042.1) 49.1 SBA COMM CORP 4SB GZ 7,289.4 (3,042.1) 49.1 SBA COMM CORP SBJ TH 7,289.4 (3,042.1) 49.1 SCIENTIFIC GAMES TJW TH 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES TJW GZ 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES SGMS US 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES SGMSUSD EU 7,612.9 (2,268.4) 630.9 SCIENTIFIC GAMES TJW GR 7,612.9 (2,268.4) 630.9 SEALED AIR CORP SDA GR 4,859.2 (372.4) 156.9 SEALED AIR CORP SEE US 4,859.2 (372.4) 156.9 SEALED AIR CORP SDA QT 4,859.2 (372.4) 156.9 SEALED AIR CORP SDA TH 4,859.2 (372.4) 156.9 SEALED AIR CORP SEE1EUR EU 4,859.2 (372.4) 156.9 SERES THERAPEUTI MCRB US 133.0 (13.3) 64.8 SERES THERAPEUTI 1S9 GR 133.0 (13.3) 64.8 SERES THERAPEUTI MCRB1EUR EU 133.0 (13.3) 64.8 SHELL MIDSTREAM SHLX US 1,870.4 (320.8) 177.1 SHELL MIDSTREAM 49M GR 1,870.4 (320.8) 177.1 SHELL MIDSTREAM 49M TH 1,870.4 (320.8) 177.1 SHELL MIDSTREAM 49M QT 1,870.4 (320.8) 177.1 SIGA TECH INC SIGA US 128.3 (341.3) (258.9) SINO UNITED WORL SUIC US 0.0 (0.1) (0.1) SIRIUS XM HOLDIN SIRI US 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN RDO GR 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN RDO TH 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN RDO QT 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRI TE 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRI AV 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRIUSD EU 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN SIRIEUR EU 8,299.2 (1,370.6) (2,462.2) SIRIUS XM HOLDIN RDO GZ 8,299.2 (1,370.6) (2,462.2) SIX FLAGS ENTERT 6FE GR 2,610.4 (152.0) (253.4) SIX FLAGS ENTERT SIX US 2,610.4 (152.0) (253.4) SIX FLAGS ENTERT SIXEUR EU 2,610.4 (152.0) (253.4) SLEEP NUMBER COR SNBR US 470.4 (21.2) (251.8) SLEEP NUMBER COR SL2 GR 470.4 (21.2) (251.8) SLEEP NUMBER COR SNBREUR EU 470.4 (21.2) (251.8) SONIC CORP SO4 GR 545.5 (273.3) 45.6 SONIC CORP SONC US 545.5 (273.3) 45.6 SONIC CORP SONCEUR EU 545.5 (273.3) 45.6 SONIC CORP SO4 TH 545.5 (273.3) 45.6 SONIC CORP SONCUSD EU 545.5 (273.3) 45.6 SQL TECHNOLOGIES SQFL US 9.3 (28.3) (29.5) STARCO BRANDS IN STCB US 0.1 (0.8) (0.8) TAUBMAN CENTERS TU8 GR 4,362.2 (201.4) - TAUBMAN CENTERS TCO US 4,362.2 (201.4) - TENABLE HOLDINGS TENB US 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 GR 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 GZ 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 QT 169.4 (120.6) (95.0) TENABLE HOLDINGS TE7 TH 169.4 (120.6) (95.0) TENABLE HOLDINGS 0ZC0 LI 169.4 (120.6) (95.0) TESARO INC T8S GR 810.5 (21.5) 573.2 TESARO INC TSRO US 810.5 (21.5) 573.2 TESARO INC TSROUSD EU 810.5 (21.5) 573.2 TESARO INC T8S QT 810.5 (21.5) 573.2 TESARO INC TSROEUR EU 810.5 (21.5) 573.2 TESARO INC T8S TH 810.5 (21.5) 573.2 TOWN SPORTS INTE CLUB US 255.8 (72.5) (7.4) TOWN SPORTS INTE T3D GR 255.8 (72.5) (7.4) TOWN SPORTS INTE CLUBEUR EU 255.8 (72.5) (7.4) TRANSDIGM GROUP TDG US 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP T7D GR 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP TDGEUR EU 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP T7D QT 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP T7D TH 11,804.5 (2,098.5) 2,568.2 TRANSDIGM GROUP TDGUSD EU 11,804.5 (2,098.5) 2,568.2 TRILOGY INTERNAT TRL CN 709.9 (12.5) (16.7) TRIUMPH GROUP TG7 GR 3,420.0 (226.6) 292.1 TRIUMPH GROUP TGI US 3,420.0 (226.6) 292.1 TRIUMPH GROUP TGIEUR EU 3,420.0 (226.6) 292.1 TUPPERWARE BRAND TUP GR 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP US 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP QT 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP TH 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP1EUR EU 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP1USD EU 1,338.1 (175.5) (64.2) TUPPERWARE BRAND TUP GZ 1,338.1 (175.5) (64.2) UNISYS CORP UIS EU 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 TH 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 GR 2,370.9 (1,244.1) 413.1 UNISYS CORP UIS1 SW 2,370.9 (1,244.1) 413.1 UNISYS CORP UIS US 2,370.9 (1,244.1) 413.1 UNISYS CORP UISEUR EU 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 GZ 2,370.9 (1,244.1) 413.1 UNISYS CORP USY1 QT 2,370.9 (1,244.1) 413.1 UNITI GROUP INC UNIT US 4,471.7 (1,289.8) - UNITI GROUP INC 8XC GR 4,471.7 (1,289.8) - VALVOLINE INC VVV US 1,849.0 (288.0) 365.0 VALVOLINE INC 0V4 GR 1,849.0 (288.0) 365.0 VALVOLINE INC 0V4 TH 1,849.0 (288.0) 365.0 VALVOLINE INC VVVEUR EU 1,849.0 (288.0) 365.0 VALVOLINE INC 0V4 QT 1,849.0 (288.0) 365.0 VECTOR GROUP LTD VGR US 1,333.9 (428.7) 164.9 VECTOR GROUP LTD VGR GR 1,333.9 (428.7) 164.9 VECTOR GROUP LTD VGR QT 1,333.9 (428.7) 164.9 VECTOR GROUP LTD VGREUR EU 1,333.9 (428.7) 164.9 VERISIGN INC VRSN US 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS GR 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS TH 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS QT 1,911.6 (1,381.0) 307.7 VERISIGN INC VRSNUSD EU 1,911.6 (1,381.0) 307.7 VERISIGN INC VRSNEUR EU 1,911.6 (1,381.0) 307.7 VERISIGN INC VRS GZ 1,911.6 (1,381.0) 307.7 W&T OFFSHORE INC WTI US 958.2 (507.4) (55.7) W&T OFFSHORE INC UWV GR 958.2 (507.4) (55.7) W&T OFFSHORE INC WTI1EUR EU 958.2 (507.4) (55.7) WAYFAIR INC- A W US 1,287.3 (195.5) (96.3) WAYFAIR INC- A 1WF GR 1,287.3 (195.5) (96.3) WAYFAIR INC- A WEUR EU 1,287.3 (195.5) (96.3) WAYFAIR INC- A 1WF QT 1,287.3 (195.5) (96.3) WEIGHT WATCHERS WW6 TH 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WW6 GR 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WTW US 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WTWEUR EU 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WW6 QT 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WTWUSD EU 1,336.6 (923.0) (88.2) WEIGHT WATCHERS WW6 GZ 1,336.6 (923.0) (88.2) WESTERN UNION W3U TH 9,115.6 (451.3) (813.3) WESTERN UNION W3U GR 9,115.6 (451.3) (813.3) WESTERN UNION WU US 9,115.6 (451.3) (813.3) WESTERN UNION W3U QT 9,115.6 (451.3) (813.3) WESTERN UNION WUEUR EU 9,115.6 (451.3) (813.3) WESTERN UNION W3U GZ 9,115.6 (451.3) (813.3) WIDEOPENWEST INC WOW US 2,196.8 (422.4) (95.7) WIDEOPENWEST INC WU5 QT 2,196.8 (422.4) (95.7) WIDEOPENWEST INC WOW1EUR EU 2,196.8 (422.4) (95.7) WIDEOPENWEST INC WU5 GR 2,196.8 (422.4) (95.7) WINDSTREAM HOLDI WIN US 10,839.8 (1,406.5) (406.3) WINDSTREAM HOLDI B4O2 TH 10,839.8 (1,406.5) (406.3) WINDSTREAM HOLDI B4O2 GR 10,839.8 (1,406.5) (406.3) WINDSTREAM HOLDI WIN2USD EU 10,839.8 (1,406.5) (406.3) WINGSTOP INC WING US 124.1 (140.7) (6.7) WINGSTOP INC EWG GR 124.1 (140.7) (6.7) WINGSTOP INC WING1EUR EU 124.1 (140.7) (6.7) WINMARK CORP WINA US 48.8 (20.8) 7.9 WINMARK CORP GBZ GR 48.8 (20.8) 7.9 WORKIVA INC WK US 181.7 (17.7) (21.7) WORKIVA INC 0WKA GR 181.7 (17.7) (21.7) WORKIVA INC WKEUR EU 181.7 (17.7) (21.7) WYNDHAM DESTINAT WD5 GR 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WD5 TH 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WD5 QT 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WYNEUR EU 7,075.0 (520.0) (138.0) WYNDHAM DESTINAT WYND US 7,075.0 (520.0) (138.0) XERIUM TECHNOLOG TXRN GR 547.2 (151.0) 72.0 XERIUM TECHNOLOG XRM US 547.2 (151.0) 72.0 YELLOW PAGES LTD Y CN 544.3 (182.3) 70.9 YELLOW PAGES LTD YLWDF US 544.3 (182.3) 70.9 YRC WORLDWIDE IN YEL1 TH 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YRCW US 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YEL1 GR 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YEL1 QT 1,644.5 (344.1) 182.2 YRC WORLDWIDE IN YRCWEUR EU 1,644.5 (344.1) 182.2 YUM! BRANDS INC TGR TH 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC TGR GR 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUMEUR EU 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC TGR QT 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUMCHF EU 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUM SW 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUM* MM 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUM US 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC YUMUSD SW 4,326.0 (7,247.0) 279.0 YUM! BRANDS INC TGR GZ 4,326.0 (7,247.0) 279.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2018. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***