/raid1/www/Hosts/bankrupt/TCR_Public/181023.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 23, 2018, Vol. 22, No. 295
Headlines
3600 ASHE: Exclusive Plan Filing Period Extended to Nov. 21
4 WEST: $227M Sale of Restructuring Portfolio to SC-GA Approved
5200 ENTERPRISES: Dec. 12 Plan Outline Hearing Set
8341 BEECHCRAFT: Hires Scheer Partners as Real Estate Broker
A-1 INT'L: $12K Private Sale of Lyndhurst & Folcroft Assets Okayed
AC INVESTMENT 1: Needs More Time to Explore Settlement Options
ADLER GROUP: Unsecureds to Recover .60% Under Amended Plan
AFFORDABLE KAR KARE: Court Conditionally Approves Plan Outline
ALORICA INC: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
AMERICAN GAMING: November 2 Meeting Set to Form Creditors' Panel
AMERICAN HOLLOW: Intends to File Plan After Claim Deadline
ANDERSON FARMS: October 2018 Cash Collateral Budget Modified
ANTHONY SALTER: $2M Sale of Wupper Farm to Barta Approved
ARLINGTON CO.: $613K Sale of Venice Real Property and Business OK'd
ARTHUR AVERY: Tranzon Auction of Avon Park Properties Approved
ASPEN MANOR: Seeks to Hire Greenbaum Rowe as Attorney
ATD CORP: U.S. Trustee Forms 7-Member Committee
BELLA BAG: Files Supplement to Disclosure Statement
BENEDICT DOMENICO: $289K Sale of Property to OpenDoor Okayed
BRANDENBURG FAMILY: $450K Sale of Burkittsville Property Approved
C & M AIR: Proposed Crow Auction of Remaining Vehicles Approved
CAM HUONG INC: Taps Eugene K. Yamamoto as Legal Counsel
CAMPBELLTON-GRACEVILLE: Amended Settlements w/ Lifebrite, RLT Inked
CARLOS MIGUELS: CM Castle Rock Seeks Access to Cash Collateral
CARLOS MIGUELS: CM Country Club Seeks Access to Cash Collateral
CARLOS MIGUELS: CM Frisco Seeks Authority to Use Cash Collateral
CARLOS MIGUELS: CM Littleton Seeks Authority to Use Cash Collateral
CARTHAGE SPECIALTY: $800K Sale of Lowville Property to IDA Approved
CLARK'S FISH: Plan and Disclosure Statement Hearing Set for Nov. 20
CONCRETE PUMPING: Moody's Assigns B2 CFR, Outlook Stable
CONCRETE PUMPING: S&P Assigns 'B' ICR, Outlook Stable
COOL FROOTZ: Has Interim Authority to Use Cash Collateral
CORRECT CLAIM: Unsecureds to Recoup 100% Paid in Quarterly Basis
COWLITZ TRIBAL: S&P Ups Issuer Credit Rating to B+, Outlook Stable
CPG INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable
CPKAP LLC: U.S. Trustee Forms 3-Member Committee
DANE CLARK: $1.1M Sale of 118 Acres of White County Property Okayed
DATACONNEX LLC: $2.5M Sale of Assets to Charge Access Denied
DGS REALTY: Allowed to Continue Using Cash Collateral Until Dec. 31
DIVERSE LABEL: $22K Sale of Six Forklifts to Lift Parts Approved
DN ENTERPRISES: Case Summary & 3 Unsecured Creditors
DOCTORS HOSPITAL AT DEER CREEK: Case Summary & Unsecured Creditors
DOUBLE EAGLE: $3.1MM Sale of Collateral to Secured Creditors Okayed
DPW HOLDINGS: Restates Second Quarter 2017 Form 10-Q
DRW SERVICES: Delays Plan for Resolution of Claims Disputes
ELO TOUCH: S&P Puts 'B+' Issuer Credit Rating on Watch Negative
ENERGY TRANSFER: Moody's Affirms Ba1 Rating on Jr. Sub. Debt
EPIC RETAIL: U.S. Trustee Unable to Appoint Committee
EPIC Y GRADE: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
ERNEST SHEPHERD: $2.1M Sale of Macon Property to Macon Arts Okayed
FIBER SYSTEMS: Moody's Lowers CFR to B3, Outlook Negative
FKM REAL ESTATE: Plan Outline Hearing Set for Nov. 8
FQ/LB LP: Latest Plan Amends Treatment of Old Kentucky Claim
GOD'S CHARIOTS: Cash on Hand to Fund Proposed Plan
GOLF VIEW PROPERTIES: U.S. Trustee Unable to Appoint Committee
GRAY TELEVISION: S&P Affirms 'B+' ICR, Outlook Stable
GREEK BROS: Exclusive Plan Filing Period Moved to Feb. 5
HARVEST FRASER: Gets Initial Order to Restructure Under CCAA
HERB PHILIPSON'S: U.S. Trustee Forms 5-Member Committee
HERMAN TALMADGE: Trustee Can Harvest and Sell Henry Timber
HERMAN TALMADGE: Trustee's AMC Personal Property Auction Approved
HG & ZG: Seeks Authorization to Use Fresh Start Cash Collateral
HILL'S VAN: $1.1M Sale of Jacksonville Property to Flying Approved
HOOPER HOLMES: $27M Sale of All Assets to Summit Health Approved
INDUSTRIAL STRENGTH: $30K Sale of Assets to Booth Production Okayed
INFINITE SERVICES: Exclusivity Period Extended Until Dec. 13
INTRADE LOGISTICS: Nov. 6 Plan and Disclosures Hearing Set
JAZPAL, LLC: Allowed to Use BB&T Cash Collateral Thru Dec. 31
JC FITS: Asks Court to Approve Disclosure Statement
JENESS UNIFORM: Seeks Conditional Approval of Plan Outline
KENDALL LAKE: Settled Unsecured Claimants to Get 75% in 78 Payments
KIRK'S FRAMING: U.S. Trustee Unable to Appoint Committee
LAKE COUNTY CUSD 187: Moody's Hikes GOULT Tax Debt Rating to Ba1
LINEAGE LOGISTICS: S&P Alters Outlook to Pos. & Affirms 'B' ICR
MAOZ 8TH AVENUE: Member Retains 100% Ownership Interest Under Plan
MASSACHUSETTS DEV'T: Fitch Affirms BB+ on $236.29MM Rev. Bonds
MATTRESS FIRM: Gets Interim OK on Services Deal With Gordon Bros.
MATTRESS FIRM: Hires Sidley Austin as Attorney
MATTRESS FIRM: Hires Young Conaway as Co-Counsel
MATTRESS FIRM: Taps Epiq Corporate as Administrative Advisor
MC COMMUNICATION: U.S. Trustee Unable to Appoint Committee
MERITOR INC: Moody's Hikes CFR to Ba3, Outlook Stable
MIAMI BEVERLY: $6.6M Sale of Six Miami Properties to 101 Approved
MITCHELL INTERNATIONAL: Moody's Affirms B3 CFR, Outlook Stable
MITCHELL TOPCO: S&P Gives 'B-' Issuer Credit Rating, Outlook Stable
MONSTER CONCRETE: Hearing on Plan Confirmation Set for Nov. 20
MONSTER CONCRETE: Nov. 20 Excavation Plan Confirmation Hearing Set
MOUNTAIN CRANE: Seeks Non-Materials Modifications to Plan
MOUNTAIN CRANE: Wants Exclusivity Extended Thru Dec. 10
NICHOLS BROTHER: Exclusive Plan Filing Deadline Moved to Oct. 30
OPEN ROAD: Nov. 7 Auction of Substantially All Assets Set
PAINTSVILLE INVESTORS: Unsecureds to be Paid from Net Cash Flow
PENINSULA AIRWAYS: Trustee's $12M Sale to PenAir Okayed
PERIWINKLE PARTNERS: U.S. Trustee Unable to Appoint Committee
PINNACLE SERVICES: Dec. 13 Hearing on Plan and Disclosure Statement
POINT.360: $900K Sale of Assets to REEP-OFC Approved
RESURRECTION LIFE: Hearing on Disclosure Statement Set for Nov. 1
SAMUELS JEWELERS: Examiner Taps Baker & Hostetler as Legal Counsel
SAMUELS JEWELERS: Examiner Taps Landis Rath & Cobb as Counsel
SCIENTIFIC GAMES: Park West Reports 5.8% Stake as of July 30
SEARS HOLDINGS: October 24 Meeting Set to Form Creditors' Panel
SKY-SCAN INC: May Continue Using Cash Collateral Until Jan. 4
SKYLINE RIDGE: $170K Sale of Pima Property to Athanasiou Approved
SYNTHESIS INDUSTRIAL: Unsecured Creditors to Get $7K in One Payment
TA CHEN: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
TANGA.COM LLC: Dec. 5 Approval Hearing on Disclosure Statement
TECHNOLOGY SOLUTIONS: Valu Tech Buying All Assets for $12 Million
TEXAS ASSOCIATION: Northside ISD Opposes Approval of Plan Outline
TOYS R US: Deadline to File Claims Set for Nov. 12
TRUTH TECHNOLOGIES: U.S. Trustee Unable to Appoint Committee
TWIFORD ENTERPRISES: Full Payment for Unsecureds Over Five Years
VEHICLE ALIGNMENT: Seeks One Month Extension to File Plan
VENETIAN ROOM: U.S. Trustee Unable to Appoint Committee
VERSA MARKETING: U.S. Trustee Forms Three-Member Committee
VERSACOM LP: Subordinated Insider Claimants Added in Tasacom Plan
VINCE LLC: Moody's Withdraws Caa2 CFR Due to Repaid Debt
VISUAL HEALTH: Authorized to Continue Using Cash Collateral
WEATHERFORD INTERNATIONAL: Will Sell its Laboratory Services Biz.
WESTMORELAND COAL: Hires Jones Day as Conflicts Counsel
WESTMORELAND COAL: Seeks Access to $110M of DIP Financing
WESTMORELAND COAL: Taps Lazard Freres as Investment Banker
WILMINGTON VICTORVILLE: Plan Exclusivity Period Moved to Dec. 3
[*] T&W Fetes 12 Outstanding Young Restructuring Lawyers Nov. 26
[^] Large Companies with Insolvent Balance Sheet
*********
3600 ASHE: Exclusive Plan Filing Period Extended to Nov. 21
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The Hon. Deborah J. Saltzman of the U.S. Bankruptcy Court for the
Central District of California, at the behest of 3600 Ashe, LLC,
has extended the Debtor's exclusive period to file a plan to
November 21, 2018, and Debtor's exclusive period to solicit votes
on the plan to January 20, 2019.
The Troubled Company Reporter has previously reported that the
Debtor asked the Court to further extend the Debtor's exclusivity
periods as it anticipates proposing a single sale of its principal
assets -- the 19 condominium units in the Ashe Property -- within
the next couple of months. The Debtor believed the sale will likely
pay off the substantial majority of the secured claims, including
those claims held by Interstate 2010-1 Fund LLC and LendingHome
Funding Corporation, the only creditors actively participating in
this case. The Debtor claimed that it would be beneficial to the
secured creditors if it will be allowed to focus on facilitating a
sale, without being potentially distracted by the proposal of a
competing plan. And with the claims bar date now passed and
non-insider creditors asserting unsecured claims of only $1,250,
the Debtor believed that there can be no undue prejudice to the
unsecured creditors who will have to wait a few more months for the
Debtor to propose and confirm a plan.
About 3600 Ashe, LLC
3600 Ashe, LLC, based in Glendale, CA, filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 17-25614) on Dec. 26, 2017. In the
petition signed by Stephen Hall, managing member, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The Hon. Deborah J. Saltzman presides over the case. Dean G.
Rallis Jr., Esq., at Anglin Flewelling Rasmussen Campbell & Trytten
LLP, serves as bankruptcy counsel to the Debtor.
4 WEST: $227M Sale of Restructuring Portfolio to SC-GA Approved
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Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the
Northern District of Texas authorized 4 West Holdings, Inc. and its
debtor-affiliates to sell the assets often referred to in their
bankruptcy cases as the "restructuring portfolio" to SC-GA 2018
Partners, LLC, for $227 million pursuant to their Asset Purchase
Agreement, dated Aug. 13, 2018.
The Court held hearings on the Motion on Sept. 17 to 19, 2018.
The Debtors conducted an auction on June 19, 2018. Following
multiple rounds of bidding, the Debtors selected the Purchaser as
the successful bidder and Sentosa as the Back-Up Bidder.
The sale is free and clear of all Liens, Claims, and other
interests of any kind or nature whatsoever.
The Assumption and Assignment Procedures set forth in the Motion
are approved. The Debtors are authorized and directed to (a)
assume and assign to the Purchaser, effective upon the Closing of
the Sale, the Assumed Agreements free and clear of all Liens,
Claims, and other interests of any kind or nature whatsoever; and
(b) execute and deliver to the Purchaser such documents or other
instruments as the Purchaser reasonably deems necessary to assign
and transfer the Assumed Agreements.
The amounts necessary to cure any defaults existing as of the
Closing Date under the Assumed Agreements, if any, are the amounts
listed in the Motion or otherwise filed and served by the Debtors,
or, if applicable, such other amount(s) upon which the Debtors, the
Purchaser, and any of the Counterparties may have agreed or as
determined by the Court. The Purchaser will pay the Cure Amounts
at Closing, or at such later time as may be mutually agreed upon by
the Purchaser and any of the Counterparties.
With respect to the Laurel Baye Lease, by no later than Oct. 4,
2018, the lessors thereto will file a written election with the
Court as to whether (i) they intend to permit the sale of the
subject properties to the Purchaser, or (ii) they do not intend to
permit the sale of the subject properties to the Purchaser.
Upon Closing, any cash proceeds of the Sale will be paid over to
the Debtors to be held in escrow pending the effective date of a
chapter 11 plan or further order of the Court, at which time, such
proceeds will be payable pursuant to the terms thereof or as
otherwise ordered by the Court. The value of the releases and
unencumbered assets remains to be determined.
Pursuant to Federal Rules of Bankruptcy Procedure 7062, 9014,
6004(h), and 6006(d), the Order will be effective immediately upon
its entry and the Debtors and the Purchaser are authorized to close
the Sale immediately upon entry of the Order.
The releases set forth in the Agreement are approved pursuant to
Federal Rule of Bankruptcy Procedure 9019. All time periods set
forth in the Order will be calculated in accordance with Bankruptcy
Rule 9006(a).
A copy of the APA attached to the Order is available for free at:
http://bankrupt.com/misc/4_West_Holdings_1041_Order.pdf
About 4 West Holdings
4 West Holdings, Inc., et al. -- http://www.orianna.com/-- are
licensed operators of 41 skilled nursing facilities and manage on
skilled nursing facility located in seven states: Georgia, Indiana,
Mississippi, North Carolina, South Carolina, Tennessee and
Virginia. In addition, one of related entity, Palladium Hospice
and Palliative Care, LLC f/k/a Ark Hospice, LLC provides hospice
and palliative care services at certain of the Facilities and other
third party locations. They employ approximately 5,000 people,
including but not limited to, nurses, nursing assistants, social
workers, regional directors and supervisors.
4 West Holdings, Inc., and 134 of its affiliates and subsidiaries
filed voluntary petitions in the U.S. Bankruptcy Court for the
Northern District of Texas in Dallas seeking relief under the
provisions of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case No. 18-30777) on March 6, 2018, with a restructuring
plan that contemplates the transfer of 22 facilities to new
operations.
The Debtors continue to operate their businesses and manage their
properties as debtors-in-possession. 4 West Holdings estimated $10
million to $50 million in assets and $50 million to $100 million in
liabilities as of the filing.
The Hon. Harlin DeWayne Hale is the case judge.
The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel;
Houlihan Lokey as investment banker; Crowe Horwath LLP as financial
advisor; Ankura Consulting Group, LLC, as interim management
services provider; and Rust Consulting/Omni Bankruptcy as claims
agent.
The Office of the U.S. Trustee on March 19, 2018, appointed an
official committee of unsecured creditors. The Committee tapped
Norton Rose Fulbright US LLP as its legal counsel, and CohnReznick
LLP as its financial advisor.
5200 ENTERPRISES: Dec. 12 Plan Outline Hearing Set
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Bankruptcy Judge Jerry A. Funk is set to hold a hearing on Dec. 12,
2018 at 11:30 a.m. to consider and rule on the disclosure statement
filed by 5200 Enterprises Limited.
Any objection to the proposed disclosure statement must be filed
and served seven days before the hearing.
About 5200 Enterprises Limited
5200 Enterprises Limited is the fee simple owner of a real property
located at 5200-5202 1st Avenue, Brooklyn, New York 11232, having a
tax records valuation of $6.43 million.
5200 Enterprises Limited, based in Jacksonville, FL, filed a
Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-01646) on May 16,
2018. In the petition signed by John A. Luhrs, president, the
Debtor disclosed $6.43 million in assets and $3.25 million in
liabilities. The Hon. Jerry A. Funk presides over the case. Jason
A. Burgess, Esq., at The Law Offices of Jason A. Burgess, LLC,
serves as bankruptcy counsel.
8341 BEECHCRAFT: Hires Scheer Partners as Real Estate Broker
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8341 Beechcraft, L.L.C., seeks authority from the U.S. Bankruptcy
Court for the District of Maryland to employ Marek Rich and Scheer
Partners, Inc. as a real estate broker to sell the real property
known as 8341 Beechcraft Avenue, Gaithersburg, Maryland 20879.
The services to be provided by Rich are:
(a) market the property through available online marketing
systems and other marketing methods which may include use of
newspapers, magazines, journals, letters, fliers, signs, telephone
solicitation, or such methods as Rich may deem appropriate;
(b) endeavor to secure a contract for the purchase of the
Property, in an amount not less than $7,500,000;
(c) facilitate the circulation of materials to interested
parties regarding the Property;
(d) respond to, provide information to, communicate with,
negotiate with and obtain offers or term sheets from interested
parties, and make recommendations to the Debtor regarding any
offer;
(e) show the Property to interested parties; and
(f) perform such other services as may be requested of Rich by
the Debtor from time to time, as the Debtor and Rich shall mutually
agree, which may include advice concerning real estate matters.
After consulting counsel, on October 9, 2018, the Debtor entered a
revised Listing Agreement which provides for a listed price of
$7,500,000 and provides for payment of commissions of 4% to Rich
upon sale of the Property.
Marek Rich, Vice President with Scheer Partners, Inc., attests that
his firm does not hold or represent any interest adverse to the
Debtor or its estate in the matters for which it is proposed to be
retained, and is a "disinterested person" as that term is defined
in Sec. 101(14) of the Bankruptcy Code.
The broker can be reached through:
Marek Rich
Scheer Partners
15245 Shady Grove Road, Suite 210
Rockville, MD 20850
Phone: 301-337-4700
Fax: 301-337-4701
About 8341 Beechcraft
Based in Gaithersburg, Maryland, 8341 Beechcraft, L.L.C., listed
itself as a single asset real estate as defined in 11 U.S.C.
Section 101(51B). 8341 Beechcraft, L.L.C., based in Gaithersburg,
MD, filed a Chapter 11 petition (Bankr. D. Md. Case No. 18-11393)
on Feb. 1, 2018. In the petition signed by David I. Bacharach,
managing member, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The Hon. Thomas J. Catliota presides
over the case. Marc E. Shach, Esq., at Coon & Cole, LLC, serves as
bankruptcy counsel to the Debtor. No official committee of
unsecured creditors has been appointed in the Chapter 11 case.
A-1 INT'L: $12K Private Sale of Lyndhurst & Folcroft Assets Okayed
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Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the
District of New Jersey authorized A-1 International, Inc.'s private
sale of the assets located (i) at 1275 Valley Brook Road,
Lyndhurst, New Jersey; and (ii) at 117 Darby Commons Court,
Folcroft, Pennsylvania to Storage Equipment Corp. for the sum of
$12,000.
The sale is clear of liens, claims and encumbrances.
The proceeds will be paid to TD Bank, N.A., on account of its
liens.
The Order will not be stayed pursuant to F.R.B.P. 600-4(h).
About A-1 International
A-1 International, Inc. -- http://www.aoneonline.com/-- provides
mail center and related office management services, logistics and
warehouse solutions, and local same-day rush delivery services in
New York, New Jersey, Michigan, and Pennsylvania markets. A-1
International is a privately held company with headquarters based
in Union, New Jersey.
A-1 International filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 18-28512) on Sept. 17, 2018. In the petition signed by Ronald
DeSena, president, the Debtor disclosed $2,449,826 in assets and
$2,305,684 in liabilities. Judge Stacey L. Meisel is the case
judge. The Debtor is represented by Daniel Stolz, Esq. at
Wasserman, Jurista & Stolz, P.C.
AC INVESTMENT 1: Needs More Time to Explore Settlement Options
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AC Investment 1, LLC, asks the U.S. Bankruptcy Court for the
Southern District of Florida for a 90 days extension of exclusivity
to Feb. 9, 2019 within which to negotiate with creditors and file
plan and disclosure statement, and solicit acceptances.
The Proof of Claim deadline is Nov. 14, 2018, and the Exclusivity
expires Nov. 8, 2018, if not extended.
The Bank claim was filed on Aug. 28, 2018. In the meantime, the
Debtor is investigating this claim. The Debtor and the Bank are
currently exploring settlement options.
About AC Investment 1
AC Investment 1, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 18-18379) on July 11, 2018, disclosing
under $1 million in assets and liabilities. Joel M. Aresty P.A. is
the Debtor's counsel. The petition was signed by Agostinho Calcada,
MBR.
ADLER GROUP: Unsecureds to Recover .60% Under Amended Plan
----------------------------------------------------------
Adler Group, Inc. submits an amended plan of reorganization dated
Oct. 12, 2018.
Under the amended, holders of Allowed General Unsecured Claims in
Class 3 will receive a lump-sum distribution of $15,000 dollars,
equivalent to 0.60% of their allowed claims. The lump-sum will be
distributed on the Effective Date in a pro-rata basis calculated
over the allowed amount.
The initial plan provided that holders of allowed general unsecured
claims will receive a distribution of $15,000 or 1.89% of the
allowed claims.
A copy of the Amended Plan is available for free at:
http://bankrupt.com/misc/prb17-02727-11-216.pdf
About Adler Group Inc.
Adler Group Inc. owns the Caguas Military property located at Carr
189 km 3.1 (interior) Rincon Ward, Gurabo Puerto Rico, which is
valued at $3 million. It holds inventory and equipment worth
$513,870. For 2015, the Company posted gross revenue of $1.61
million 2015 and gross revenue of $1.91 million for 2014.
Adler Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-02727) on April 20, 2017. In the
petition signed by Jose Torres Gonzalez, authorized representative,
the Debtor disclosed $3.52 million in assets and $4.43 million in
liabilities.
The case is assigned to Judge Mildred Caban Flores.
The Debtor hired MRO Attorneys at Law, LLC, as bankruptcy counsel.
AFFORDABLE KAR KARE: Court Conditionally Approves Plan Outline
--------------------------------------------------------------
Bankruptcy Judge Stacey G. Jernigan conditionally approved
Affordable Kar Kare, Inc.'s disclosure statement referring its plan
of reorganization dated Oct. 2, 2018.
Nov. 9, 2018 is fixed as the last day for filing and serving
written acceptances or rejections of the Plan in the form of a
ballot, and the last day for filing written objections to
confirmation of the Plan or the Disclosure Statement.
Nov. 13, 2018 at 10:30 a .m. is fixed for the hearing on
Confirmation of the
Plan and Final Approval of the Disclosure Statement in the Court
room of the Honorable Stacey G .Jernigan, 1100 Commerce Street,
14th Floor, Dallas, Texas.
About Affordable Kar Kare Inc.
Affordable Kar Kare, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 18-31247) on April 5,
2018. In the petition signed by Perry Dunn, president, the Debtor
estimated assets of less than $1 million and liabilities of less
than $500,000. Judge Stacey G. Jernigan presides over the case.
ALORICA INC: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
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S&P Global Ratings affirmed all of its ratings on Alorica Inc.,
including the 'B+' issuer credit rating. The outlook remains
negative.
S&P said, "The affirmation reflects the revision of our liquidity
assessment on Alorica to adequate from less than adequate following
the company's amendment to loosen the covenants which increases
headroom significantly to both the step down schedule and the
levels. We consider this to be critical to the rating, as Alorica
is currently expanding into Latin American, Asian and the
Caribbean, which will potentially pressure its operating costs and
-- in turn -- its earnings. We forecast that the company's
debt-to-EBITDA will be in the mid-4.0x area in 2018 before
declining to the low-to-mid 4.0x area by the end of 2019."
AMERICAN GAMING: November 2 Meeting Set to Form Creditors' Panel
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Andy Vara, Acting United States Trustee, for Region 3, will hold an
organizational meeting on November 2, 2018, at 10:00 a.m. in the
bankruptcy cases of American Gaming & Electronics, Inc. and AG&E
Holdings Inc.
The meeting will be held at:
United States Trustee’s Hearing Room
Bridge View
800-840 Cooper Street, Suite 102
Camden, NJ 08102
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 American Gaming
Established in 1993, American Gaming & Electronics is a supplier of
gaming parts, used machines, and electronic components. AG&E is
strategically located in Las Vegas, New Jersey and Florida. Its
distribution chain reaches the Caribbean & Puerto Rico, Canada and
Europe.
American Gaming & Electronics Inc. and its subsidiary AG&E Holdings
Inc. filed for bankruptcy protection (Bankr. N.J. Case Nos.
18-30507) on October 15, 2018. The petition was signed by Anthony
R. Tomasello, president/CEO. The Hon. Andrew B. Altenburg Jr.
presides over the cases.
American Gaming declared total assets of $945,220 and total
liabilities of $2,016,152.
The Debtors tapped Warren J. Martin, Jr., Esq. of Prozio, Bromberg
& Newman P.C. as counsel; and Podium Strategies, LLC.
AMERICAN HOLLOW: Intends to File Plan After Claim Deadline
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American Hollow Boring Company asks the U.S. Bankruptcy Court for
the Western District of Pennsylvania to extend the exclusive period
and deadline for filing a Plan from Oct. 15, 2018 until Feb. 12,
2018, and the time for obtaining acceptances to the Plan from Dec.
14, 2018 to April 14, 2019,
The Proof of Claim deadline is Nov. 23, 2018 and the Government
Proof of Claim deadline is Dec. 12, 2018.
The Pension Benefit Guaranty Corporation ("PBGC") filed six Proofs
of Claim on Sept. 17, 2018, which are disputed. However, in the
meantime, counsel for the Debtor and counsel for the PBGC have had
several productive telephone conversations and, subject to Court
approval, have agreed that the parties will attempt to resolve
their differences amicably. If the negotiations reach an impasse,
however, the Debtor will file objections to the PBGC's Proofs of
Claim for resolution by the Court.
The extension of the Plan exclusivity periods will allow the proof
of claim deadline to pass and provide the Debtor time to formulate
a Plan by working with its creditors, including the PBGC.
In light of the forgoing, good cause exists for the Debtor’s
requested extensions of
time to file and confirm a Chapter 11 Plan and to seek approval of
the Plan
About American Hollow Boring Company
Founded in 1918, American Hollow Boring Company --
http://www.amhollow.com/-- provides deep hole drilling,
trepanning, honing, and machining services. It operates out of a
60,000-square-foot manufacturing facility in Erie, Pennsylvania.
American Hollow sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-10597) on June
15,2018. In the petition signed by Aimee Gevirtz, secretary and
treasurer, the Debtor estimated assets of $1 million to $10 million
and liabilities of $1 million to $10 million. Judge Thomas P.
Agresti presides over the case. The Debtor tapped Knox McLaughlin
Gornall & Sennett, P.C. as its legal counsel.
ANDERSON FARMS: October 2018 Cash Collateral Budget Modified
------------------------------------------------------------
The Hon. Joseph M. Meier of the U.S. Bankruptcy Court for the
District of Idaho has entered an order on Anderson Farms, Inc.'s
second motion to modify cash collateral budget as to category of
Monthly Cash Flow for the months of August, September and October
2018.
The Order provides adequate protection payments for the month of
October 2018 as follows:
Newtek Small Business Finance LLC $6,452
Volvo Financial, LLC $3,179
Dakota Financial, LLC $2,310
$3,150
Farm Credit Services of America, PCA $1,900
$1,728
Mark Capital Finance, LLC $2,181
$2,198
$2,219
$1,649
Lease payments for the month of October 2018 are as follows:
Transwestern Financial, LLC $2,028
Kenco Equipment Lease Company $2,550
$1,402
Vehicles Lenders Group LLC $3,386
$2,020
$1,354
All other provisions of the Final Order Authorizing Use of Cash
Collateral remain in place.
A copy of the Order is available at:
http://bankrupt.com/misc/idb18-40360-115.pdf
About Anderson Farms
Anderson Farms, Inc. -- https://www.andersonfarms.org/ -- operates
a specialized freight trucking business providing a wide range of
services to the agricultural industry that suit the needs and
requirement of transporting feed to dairies and feedlots. It is
headquartered in Burley, Idaho.
Anderson Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 18-40360) on April 30, 2018. In the
petition signed by Cameron Smith, director, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million. Judge Joseph M Meier presides over the case.
ANTHONY SALTER: $2M Sale of Wupper Farm to Barta Approved
---------------------------------------------------------
Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the
Southern District of Iowa authorized Anthony Wayne Salter and Mary
Frances Salter to sell the 267.24 acres of the approximately 270.74
acres farm ground in Harrison County, and commonly referred to as
3128 Austin Avenue, Modale, Iowa ("Wupper Farm") to James R. Barta
or assigns for $1,950,852.
The sale is free and clear of liens, claims and encumbrances.
Agriland will receive $28,000 from the net sale proceeds of the
Wupper Farm for the Valley 8000 7 Tower Pivot.
TS Bank will receive all remaining net sale proceeds from the sale
of the Wupper Farm and TS Bank's first priority mortgage lien will
attach to the remaining net proceeds from the sale of the Wupper
Farm.
Anthony Wayne Salter and Mary Frances Salter sought Chapter 11
protection (Bankr. S.D. Iowa Case No. 18-00194) on Jan. 31, 2018.
The Debtors tapped Nicole B. Hughes, Esq., as counsel.
ARLINGTON CO.: $613K Sale of Venice Real Property and Business OK'd
-------------------------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida authorized The Arlington Co. of
Sarasota, Inc.'s sale of the commercial real estate located on
highway 41 in Venice, Florida, Sarasota County Real Property Tax ID
Number 043416, for $550,000; and a florist business, also known as
1836 S. Tamiami Trail, Venice, Florida for $63,000, to Always an
Occasion Florist and Decor, LLC.
A hearing on the Motion was held on Oct. 9, 2018.
Creditor and first mortgage holder, Suncoast Financial Network,
will be paid $340,620, at closing, from the sale proceeds.
The sale closing is to occur on Oct. 15, 2018, or thereafter with
consent of the parties.
The Court determines that there are only two other secured
creditors of the Debtor, Stearns Bank, NA, and the Internal Revenue
Service. The sale will be free and clear of these liens, and these
liens will attach to the sale proceeds to the validity and extent
as held pre-petition.
All remaining proceeds, after paying fees and costs of sale, real
estate taxes, real estate commissions, and costs, will be held in
the Trust Account of the Debtor's attorney Melody D. Genson, until
further order of the Court.
The 14 day stay set forth in Bankruptcy Rule 6004(h) is waived, and
the Order will be immediately enforceable and the transfer of the
assets to the Purchaser can occur immediately following the entry
of the order.
The hearing, on the confirmation of the Debtor's Chapter 11 Plan,
was held on Oct. 9, 2018. The Court ruled to confirm the Debtor's
Chapter 11 Plan of Reorganization. Pursuant to the Debtor's Plan
of Reorganization, the Debtor's business as stated was to be sold.
Therefore, pursuant to Section 1146(a) of the Bankruptcy Code, any
transfer to any person or entity and the making or delivery of an
instrument or instruments of transfer pursuant to the Plan and/or
Confirmation Order will not be subject to any document recording
tax, stamp tax, conveyance fee, intangible tax, mortgage tax, real
estate transfer tax, mortgage recoding tax or other similar tax,
governmental assessment, or fee, including any applicable transfer
taxes or fees and mortgage recoding taxes or fees.
All filing officers and their agents are directed to accept for
recording and to record such documents and instruments that may be
required to effectuate the Plan, including without limitation any
financing, security, mortgage, or similar documents as are
customarily recorded in connection with commercial transactions,
immediately upon presentation of such documents, unconditionally
and without reservation, without the presentation of any
affidavits, instruments, or returns otherwise required for
recording or filing and without the assessment or payment of any
stamp tax, transfer tax, or similar tax imposed by any state or
local law, and will not require payment of such tax.
About The Arlington Company of Sarasota
The Arlington Company of Sarasota, Inc., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
18-04164) on May 21, 2018. At the time of the filing, the Debtor
estimated assets of less than $500,000 and liabilities of less than
$500,000. The Debtor tapped Melody Genson, Esq., as its legal
counsel.
On Oct. 9, 2018, the Court confirmed the Debtor's Chapter 11 Plan
of Reorganization.
ARTHUR AVERY: Tranzon Auction of Avon Park Properties Approved
--------------------------------------------------------------
Judge Michael G. Williamson of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Arthur B. Avery, Jr.'s sale
of the following real properties: (i) located at 2514 U.S. Hwy. 27
S., Avon Park, Florida; (ii) located at 2516 U.S. Hwy. 27 S., Avon
Park, Florida; (iii) located at 2510 U.S. Hwy. 27 S., Avon Park,
Florida; and (iv) located at 2508 U.S. Hwy. 27 S., Avon Park,
Florida at auction.
The sales will be free and clear of all Interests.
The bidding procedures and purchase agreement referenced and
attached to the Motion are approved.
A hearing was scheduled for Nov. 5, 2018, at 9:30 a.m. for final
approval of the sale to a successful bidder(s). However, the
hearing will be rescheduled by separate order to Nov. 28, 2018, at
9:30 a.m.
Arthur B. Avery, Jr., sought Chapter 11 protection (Bankr. M.D.
Fla. Case No. 16-09606) on Nov. 13, 2017. The Debtor tapped Suzy
Tate, Esq., at Suzy Tate, P.A. as counsel.
ASPEN MANOR: Seeks to Hire Greenbaum Rowe as Attorney
-----------------------------------------------------
Aspen Manor Condominium Association, Inc., seeks authority from the
U.S. Bankruptcy Court for the District of New Jersey to employ
Greenbaum Rowe Smith & Davis LLP, as attorney to the Debtor.
Aspen Manor requires Greenbaum Rowe to:
a. assist in the preparation of schedules of assets and
liabilities and statement of financial affairs;
b. advise the Debtor with respect to its power and duties as
Debtor-in-Possession in the management of its business;
c. negotiate with creditors of the Debtor-in-Possession and
take the necessary legal steps to confirm and consummate a
Plan of Reorganization;
d. prepare on behalf of the Debtor, all necessary
Applications, Motions, proposed Orders, reports and
pleadings to be filed in the matter;
e. appear before the bankruptcy court to represent and protect
the interest of the Debtor-in-Possession and the estate;
and
f. perform all other legal services for the Debtor-in-
Possession which may be necessary and proper for its
effective reorganization as well as all professional
services customarily required by the Debtor.
Greenbaum Rowe will be paid at these hourly rates:
Partners $600
Paralegals $125 to $185
Greenbaum Rowe will be paid a retainer in the amount of $25,000.
Greenbaum Rowe will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David L. Bruck, a partner at Greenbaum Rowe Smith & Davis, 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.
Greenbaum Rowe can be reached at:
David L. Bruck, Esq.
GREENBAUM ROWE SMITH & DAVIS LLP
Metro Corporate Campus One
Woodbridge, NJ 07095
Tel: (732) 549-5600
About Aspen Manor Condominium Association
Aspen Manor Condominium Association, Inc., filed a Chapter 11
bankruptcy petition (Bankr. D.N.J. Case No. 18-30224-KCF) on Oct.
10, 2018. The Debtor hired Greenbaum Rowe Smith & Davis LLP, as
attorney.
ATD CORP: U.S. Trustee Forms 7-Member Committee
-----------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Oct. 19 appointed
seven creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of ATD Corporation and its
affiliates.
The committee members are:
(1) Continental Tire The Americas, LLC
Attn: Tim Rogers
1830 MacMillan Park Drive
Fort Mill, SC 29707
Phone: 704-583-8915
Fax: 704-583-3935
(2) Cooper tire & Rubber Company
Attn: Jack McCracken
701 Lima Avenue
Findlay, OH 45840
Phone: 419-423-1321
(3) Michelin North America, Inc.
Attn: Matthew Whitehead
One Parkway South
Greenville, South Carolina 29615
Phone: 864-458-5331
(4) Sumitomo Rubber of North America
Attn: Ron Woods, 8656 Haven Avenue
Rancho Cucamonga, CA 90017
Phone: 909-694-3156
Fax: 909-244-1656
(5) Sailun Jinyu Group, LTD.
Attn: Brian Mittledorf, US Agent
14226 Ventura Blvd.
Sherman Oaks, CA 91423
Phone: 818-990-4800
Fax: 818-990-3904
(6) Pirelli Tire LLC
c/o Pirelli North America, Inc.
Attn: Marco Crola
546 Fifth Avenue, 9th Floor
New York, NY 10038
Phone: 212-497-8847
(7) Ryder Truck Rental
dba Ryder Transportation Services
Attn: Michael Mandell
11690 NW 105th Street
Miami, FL 33178
Phone: 305-500-4417
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
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.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel; Pachulski Stang
Ziehl & Jones LLP as local bankruptcy counsel; Moelis & Company as
financial advisor; AlixPartners LLP as restructuring advisor; and
Kurtzan Carson Consultants, LLC as notice and claims agent.
BELLA BAG: Files Supplement to Disclosure Statement
---------------------------------------------------
Bella Bag, LLC d/b/a Bella Bag Limited Liability Company files a
supplement to its disclosure statement explaining its plan of
reorganization.
The supplement attaches as Exhibit "A" its budget for the Debtor;
such budget supersedes budget attached to the Disclosure Statement
as Exhibit "A."
A copy of the Supplement is available for free at:
http://bankrupt.com/misc/ganb18-58840-70.pdf
About Bella Bag
Bella Bag, LLC -- https://www.bellabag.com/ -- is a privately held,
Atlanta-based company that buys and sells pre-owned designer-label
handbags like Chanel, Louis Vuitton, Dior, Gucci, Hermes and Prada.
With authenticity as the cornerstone of the Bella Bag brand,
in-house experts meticulously inspect each handbag for authenticity
using the company's patent-pending 13-Step Authenticity
Inspection.
Bella Bag, LLC, based in Atlanta, GA, filed a Chapter 11 petition
(Bankr. N.D. Ga. Case No. 18-58840) on May 30, 2018. In the
petition signed by Cassandra Connors, managing member, the Debtor
estimated $0 to $50,000 in assets and $1 million to $10 million in
liabilities. The Hon. Barbara Ellis-Monro presides over the case.
Cameron McCord, Esq., at Jones & Walden, LLC, serves as bankruptcy
counsel.
BENEDICT DOMENICO: $289K Sale of Property to OpenDoor Okayed
------------------------------------------------------------
Judge Bruce T. Beesley of the U.S. Bankruptcy Court for the
District of Nevada authorized Benedict A. Domenico's sale of the
real property located at 2490 Via Di Autostrada, Henderson, Nevada
to OpenDoor Property N, LLC and/or nominee for $289,100.
A hearing on the Motion was held on Sept. 26, 2018 at 10:00 a.m.
The sale is free and clear of all liens. The lien will attach to
the proceeds of the sale only.
The proceeds will be turned over to the Counsel for Debtor in
Trust. The Counsel for Debtor will thereafter distribute the
undisputed amount of the payoff to the Creditor. If any portion of
said payoff is in dispute, the Debtor will immediately bring the
dispute before the Court and retain the disputed amount in Trust
until the dispute is resolved.
The lien will no longer attach to the Property, but only to the
proceeds. Subsequent payment of the corrected amount of the lien
will constitute a full and final release of the lien, against the
proceeds.
The Attorney's fees to Thomas E. Crowe, Professional Law Corp., in
the amount of $4,000, will be paid from escrow.
The sale will result in payment of all commissions, fees, escrow
and title charges as customary pursuant to the agreement contained
in the Commitment for Title Insurance.
The 14-day appeals process is waived.
Benedict A. Domenico sought Chapter 11 protection (Bankr. D. Nev.
Case No. 09-12657) on Feb. 27, 2009.
BRANDENBURG FAMILY: $450K Sale of Burkittsville Property Approved
-----------------------------------------------------------------
Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the
District of Maryland authorized The Brandenburg Family Ltd.
Partnership's sale of the real property located at 6125, 6203,
6203B and 6207 Mountain Church Road, Burkittsville, Maryland,
including the property and improvements located thereon, to
American Battlefield Trust for $450,000.
The sale is free and clear of liens, claims, encumbrances and
interests, which such liens, claims, encumbrances and interests to
be paid from the proceeds of sale.
The 11 U.S.C. Section 1146(a) is applicable to the sale.
The stay of Fed. R. Bank. P. 6004(h) is waived.
About The Brandenburg Family LP
Based in Jefferson, Maryland, The Brandenburg Family Limited
Partnership is a Maryland limited partnership that owns parcels of
real property in both Maryland and Pennsylvania.
The Brandenburg Family LP sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 18-11041) on Jan. 25, 2018.
In the petition signed by Dwight C. Brandenburg, managing partner,
the Debtor estimated assets and liabilities of $1 million to $10
million. Judge Thomas J. Catliota presides over the case.
The Debtor hired Mehlman, Greenblatt & Hare, LLC as its legal
counsel, and Squire, Lemkin & Company, LLP as its accountant.
No creditors committee, trustee or examiner has been appointed in
the case.
C & M AIR: Proposed Crow Auction of Remaining Vehicles Approved
---------------------------------------------------------------
Judge Ronald B. King of the U.S. Bankruptcy Court for the Western
District of Texas authorized C & M Air Cooled Engine, Inc.'s sale
of remaining trailers and trucks via consignment through Crow Motor
Co.
The sale will be free and clear of liens. All liens will attach to
the sales proceeds.
The Debtor is authorized to compensate Crow Motors according to the
following schedule:
i. Vehicles sold at 70% of listed value and above - 20%
commission
ii. Vehicles sold at 69% of listed value and below
(non-auction) - 10% commission
iii. Vehicles sold at auction - 5% commission
Crow Motors will also receive reimbursement for direct expenses,
such as tire replacements, detailing and transportation over 50
miles.
The court waives the 14-day stay so that the Order will be
effective immediately.
A copy of the list of Vehicles to be sold attached to the Order is
available for free at:
http://bankrupt.com/misc/C&M_Air_216_Order.pdf
About C & M Air Cooled
C & M Air Cooled Engine, Inc., is a family-owned and operated
company that owns a lawn and garden equipment and supplies stores
based in Waco, Texas, with locations in Albuquerque, New Mexico;
Commerce City, Colorado; and San Antonio, Texas. Founded in 1978, C
& M offers outdoor power equipment, parts and service.
C & M Air Cooled Engine sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 18-60249) on April 3,
2018. In the petition signed by Linda Darlyne Mathis,
vice-president, the Debtor estimated assets of less than $50,000
and liabilities of $1 million to $10 million. Judge Ronald B.
King
presides over the case.
CAM HUONG INC: Taps Eugene K. Yamamoto as Legal Counsel
-------------------------------------------------------
Cam Huong, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to hire the Law Offices of
Eugene K. Yamamoto as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code; assist in the preparation of a plan of
reorganization; conduct an evaluation of its bankruptcy estate and
business operation; advise the Debtor regarding the nature and
extent of potential claims it may have against creditors; and
provide other legal services related to its Chapter 11 case.
Yamamoto will charge these hourly rates:
Eugene Yamamoto, Esq. $395
Hector Chinchilla, Esq. $375
The firm received $100,000 as pre-bankruptcy retainer, $5,000 for
its pre-bankruptcy services, and $1,717 for the filing fee.
Eugene Yamamoto, Esq., equity owner, disclosed in a court filing
that his firm is "disinterested" as defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Eugene K. Yamamoto, Esq.
Law Offices of Eugene K. Yamamoto
P.O. Box 1084
Lafayette, CA 94549
Telephone: (510) 433-9340
E-mail: GeneY63Law@gmail.com
About Cam Huong Inc.
Cam Huong, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-42291) on September
28, 2018. At the time of the filing, the Debtor disclosed that it
had estimated assets of less than $500,000 and liabilities of less
than $50,000. Judge Charles Novack presides over the case.
CAMPBELLTON-GRACEVILLE: Amended Settlements w/ Lifebrite, RLT Inked
-------------------------------------------------------------------
Campbellton-Graceville Hospital Corporation and the Official
Committee of Unsecured Creditors filed a second amended joint
disclosure statement in connection with their chapter 11 plan of
liquidation dated Oct. 12, 2018.
The latest plan discloses that multiple objections were received by
the motions to approve the Initial Settlements between the Debtor,
the Committee, Lifebrite Laboratories, LLC and Reliance Laboratory
Testing, Inc. The objections were primarily related to the
inclusion of a bar order in the settlements. As a result of the
objections, the parties commenced with discussions regarding the
terms of the settlements which could not be fulfilled and/or
satisfied and the bar order language. This process resulted in
several months of negotiations between the Debtor, the Committee,
LifeBrite, Cigna, United Healthcare, Aetna, Inc. and Florida Blue.
With the extensive participation by mediator, Liz Green, the
parties were able to reach a consensual resolution of the
objections. The settlements resulted in amended settlements with
Reliance and LifeBrite. The Amended Settlements will be the subject
of separate Amended Settlement Motions, seeking approval of same
and the Plan proposes to seek approval of these settlements
pursuant to Rule 9019 as part of the confirmation process.
The Amended Settlements include a "carve-out" from the "bar order"
for United Healthcare and Aetna, subject to the language provided
for therein, a modified "bar order" for Cigna and a modified "bar
order" for Florida Blue.
Based upon the modified and carved out bar orders, the settlement
consideration was reduced and as reflected in the Amended
Settlement Motions, LifeBrite will pay the sum of $1,300,000 and
Reliance will pay the sum of $2,500,000 to the estate.
The Amended Settlements are critical components of the Plan as they
provide funding and resolve significant litigation issues without
further expense and each meets the criteria set forth by the courts
for approving settlements and compromises. After extensive
discussions and mediated negotiations by a skilled bankruptcy
mediator, the Debtor and the Committee submit that the settlements
are in the best interest of the estate and request that the Plan
and Confirmation order approve the settlements, including the "bar
order."
A copy of the Second Amended Joint Disclosure Statement is
available for free at:
http://bankrupt.com/misc/flnb17-40185-811.pdf
About Campbellton-Graceville Hospital
Campbellton-Graceville Hospital Corporation is a non-profit
corporation established pursuant to the laws of the State of
Florida in 1961 and operates as a not-for-profit 25-bed critical
access hospital serving northern Florida, as well as surrounding
areas in Georgia and Alabama, and had approximately 100 employees.
It offered comprehensive medical care, including emergency
services, general hospitalization, laboratory services, swing bed
and physical therapy.
Campbellton-Graceville Hospital filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Fla. Case No. 17-40185) on April 17, 2017.
In its petition, the Debtor estimated $1 million to $10 million in
assets and $1 million to $10 million to $50 million in liabilities.
The petition was signed by Marwill Glade of GlassRatner Advisory &
Capital Group, LLC, to Debtor's chief restructuring officer.
The Hon. Karen K. Specie presides over the case.
Berger Singerman LLP is the Debtor's bankruptcy counsel.
Blankenship Jordan PA is the special counsel. GlassRatner Advisory
& Capital Group, LLC, is the Debtors' restructuring advisors.
On June 8, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee hired
Broad and Cassel LLP as counsel, and Wayne Black and Associates,
Inc., as investigative assistant.
Judge Karen K. Specie in June 2017 entered an order finding that
the appointment of a patient care ombudsman for the Debtor is not
necessary.
CARLOS MIGUELS: CM Castle Rock Seeks Access to Cash Collateral
--------------------------------------------------------------
Carlos Miguel's of Castle Rock, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Colorado to use cash
collateral to continue operation of its business throughout the
Chapter 11 case.
In order to pay necessary operating expenses, the Debtor proposes
to use cash collateral to pay necessary operating expenses in
accordance with the Budget, subject to the ability to deviate from
the Budget by up to 15% per line item, per month, plus all fees
owed to the U.S. Trustee.
The Debtor maintains one primary secured loan with Timberland Bank
pursuant to that certain Merchant Agreement which lien arising
therefrom could encumber the Debtor's cash collateral. The loan is
guaranteed by, in addition to individual guarantors, Carlos
Miguel's of Country Club Corners, LLC and Carlos Miguel's of
Frisco, LLC. The restaurant entity granted a lien in substantially
all of their assets, including inventory. Pursuant to the Debtor's
books and records, the amount owing to Timberland Bank is
approximately $192,409.
Coors Distributing Company and Salvador Torres have filed UCC-1
financing statements with the Colorado Secretary of State with
respect to the Debtor. Thus, the Debtor believes that any of these
entities may have a secured lien position on the its funds and
revenues that constitute cash collateral.
The Debtor will continue to generate revenues of not less than
$96,000 per month. The Debtor anticipates replacing its inventory,
cash and cash equivalents in the course of its daily operations and
therefore the collateral base will remain stable and will improve
overtime. The Debtor projects a positive cash position after
meeting expenses during the budgeted period. Accordingly, the
Debtor believes that the secured interest of any secured creditor
in its assets will be adequately protected by the ongoing use of
cash because the Debtor is replacing its cash in the ordinary
course of its operations and it consistently replaces its inventory
as necessary.
In order to provide adequate protection for the Debtor's use of
cash collateral, to the extent any secured creditor is properly
perfected in cash collateral, the Debtor proposes the following:
(a) The Debtor will provide a replacement lien on all
post-petition accounts and cash equivalents to the extent that the
use of the cash collateral results in a decrease in the value of
the collateral;
(b) The Debtor will maintain adequate insurance coverage on
all personal property assets and adequately insure against any
potential loss;
(c) The Debtor will provide such creditor all periodic
reports and information filed with the Bankruptcy Court, including
debtor-in-possession reports;
(d) The Debtor will only expend cash collateral pursuant to
the Budget subject to reasonable fluctuation by no more than 15%
for each expense line item per month, plus all fees owed to the
U.S. Trustee;
(e) The Debtor will pay all post-petition taxes; and
(f) The Debtor will retain in good repair all collateral in
which any secured creditor has an interest.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/cob18-18485-5.pdf
About Carlos Miguel's
Carlos Miguel's -- http://www.carlosmiguels.com/-- is a restaurant
chain in Littleton, Colorado that offers authentic Mexican cuisine
like quesadillas, enchilladas, and more. Carlos Miguel's has
branches in Castle Rock, Colorado Springs, Highlands Ranch,
Littleton, Briargate, Monument and Frisco.
On Sept. 28, 2018, Carlos Miguel's of Castle Rock, LLC; Carlos
Miguel's of Country Club Corners, LLC; Carlos Miguel's of Frisco,
LLC; and Carlos Miguel's of Littleton, LLC, filed voluntary Chapter
11 petitions (Bankr. D. Colo. Case Nos. 18-18485 to 18-18488). The
petitions were signed by Luis Miguel Martin, managing member.
At the time of filing, Carlos Miguel's of Castle Rock disclosed
$33,357 in assets and $184,571 liabilities; Carlos Miguel's of
Country Club disclosed $26,396 in assets and $280,865 in
liabilities; while Carlos Miguel's of Frisco, LLC, disclosed
$26,756 in assets and $304,193 liabilities.
The Hon. Elizabeth E. Brown presides over these cases.
Aaron A. Garber, Esq., at Buechler & Garber, LLC, serves as counsel
to the Debtors.
CARLOS MIGUELS: CM Country Club Seeks Access to Cash Collateral
---------------------------------------------------------------
Carlos Miguel's of Country Club Corners, LLC, seeks authority from
the U.S. Bankruptcy Court for the District of Colorado to use cash
collateral to continue operation of its business throughout the
Chapter 11 case.
In order to pay necessary operating expenses, the Debtor proposes
to use cash collateral to pay necessary operating expenses in
accordance with the Budget, subject to the ability to deviate from
the Budget by up to 15% per line item, per month, plus all fees
owed to the U.S. Trustee.
The Debtor maintains one primary secured loan with Timberland Bank
pursuant to that certain Merchant Agreement which lien arising
therefrom could encumber the Debtor's cash collateral. The loan is
guaranteed by, in addition to individual guarantors, Carlos
Miguel's of Frisco, LLC. The restaurant entity granted a lien in
substantially all of their assets, including inventory. Pursuant
to the Debtor's books and records, the amount owing to Timberland
Bank is approximately $192,409.
The Debtor will continue to generate revenues of not less than
$70,000 per month. The Debtor anticipates replacing its inventory,
cash and cash equivalents in the course of its daily operations and
therefore the collateral base will remain stable and will improve
overtime. The Debtor projects a positive cash position after
meeting expenses during the budgeted period. Accordingly, the
Debtor believes that the secured interest of any secured creditor
in its assets will be adequately protected by the ongoing use of
cash because the Debtor is replacing its cash in the ordinary
course of its operations and it consistently replaces its inventory
as necessary.
In order to provide adequate protection for the Debtor's use of
cash collateral, to the extent any secured creditor is properly
perfected in cash collateral, the Debtor proposes the following:
(a) The Debtor will provide a replacement lien on all
post-petition accounts and cash equivalents to the extent that the
use of the cash collateral results in a decrease in the value of
the collateral;
(b) The Debtor will maintain adequate insurance coverage on
all personal property assets and adequately insure against any
potential loss;
(c) The Debtor will provide such creditor all periodic
reports and information filed with the Bankruptcy Court, including
debtor-in-possession reports;
(d) The Debtor will only expend cash collateral pursuant to
the Budget subject to reasonable fluctuation by no more than 15%
for each expense line item per month, plus all fees owed to the
U.S. Trustee;
(e) The Debtor will pay all post-petition taxes; and
(f) The Debtor will retain in good repair all collateral in
which any secured creditor has an interest.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/cob18-18486-6.pdf
About Carlos Miguel's
Carlos Miguel's -- http://www.carlosmiguels.com/-- is a restaurant
chain in Littleton, Colorado that offers authentic Mexican cuisine
like quesadillas, enchilladas, and more. Carlos Miguel's has
branches in Castle Rock, Colorado Springs, Highlands Ranch,
Littleton, Briargate, Monument and Frisco.
On Sept. 28, 2018, Carlos Miguel's of Castle Rock, LLC; Carlos
Miguel's of Country Club Corners, LLC; Carlos Miguel's of Frisco,
LLC; and Carlos Miguel's of Littleton, LLC, filed voluntary Chapter
11 petitions (Bankr. D. Colo. Case Nos. 18-18485 to 18-18488). The
petitions were signed by Luis Miguel Martin, managing member.
At the time of filing, Carlos Miguel's of Castle Rock disclosed
$33,357 in assets and $184,571 liabilities; Carlos Miguel's of
Country Club disclosed $26,396 in assets and $280,865 in
liabilities; while Carlos Miguel's of Frisco, LLC, disclosed
$26,756 in assets and $304,193 liabilities.
The Hon. Elizabeth E. Brown presides over these cases.
Aaron A. Garber, Esq., at Buechler & Garber, LLC, serves as counsel
to the Debtors.
CARLOS MIGUELS: CM Frisco Seeks Authority to Use Cash Collateral
----------------------------------------------------------------
Carlos Miguels of Frisco, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Colorado to use cash
collateral to continue operation of its business throughout the
Chapter 11 case.
The Debtor proposes to use cash collateral to pay necessary
operating expenses in accordance with the Budget, subject to the
ability to deviate from the Budget by up to 15% per line item, per
month, plus all fees owed to the U.S. Trustee. Thus, in order to
pay necessary operating expenses, the Debtor asserts that it must
have access to cash collateral in which Secured Creditors may have
interest.
The Debtor maintains one primary secured loan with Timberland Bank
pursuant to that certain Merchant Agreement which lien arising
therefrom could encumber the Debtor's cash collateral. The loan is
guaranteed by, in addition to individual guarantors, Carlos
Miguel's of Country Club Corners, LLC. The restaurant entity
granted a lien in substantially all of their assets, including
inventory. Pursuant to the Debtor's books and records, the amount
owing to Timberland Bank is approximately $69,706.
Sound Garden and Salvador Torres have filed UCC-1 financing
statements with the Colorado Secretary of State with respect to the
Debtor. Thus, the Debtor believes that any of these entities may
have a secured lien position on the Debtor's funds and revenues
that constitute cash collateral.
The Debtor will continue to generate revenues of not less than
$63,000 per month. The Debtor anticipates replacing its inventory,
cash and cash equivalents in the course of its daily operations and
therefore the collateral base will remain stable and will improve
overtime. The Debtor projects a positive cash position after
meeting expenses during the budgeted period. Accordingly, the
Debtor believes that the secured interest of any secured creditor
in its assets will be adequately protected by the ongoing use of
cash because the Debtor is replacing its cash in the ordinary
course of its operations and it consistently replaces its inventory
as necessary.
In order to provide adequate protection for the Debtor's use of
cash collateral, to the extent any secured creditor is properly
perfected in cash collateral, the Debtor proposes the following:
(a) The Debtor will provide a replacement lien on all
post-petition accounts and cash equivalents to the extent that the
use of the cash collateral results in a decrease in the value of
the collateral;
(b) The Debtor will maintain adequate insurance coverage on
all personal property assets and adequately insure against any
potential loss;
(c) The Debtor will provide such creditor all periodic
reports and information filed with the Bankruptcy Court, including
debtor-in-possession reports;
(d) The Debtor will only expend cash collateral pursuant to
the Budget subject to reasonable fluctuation by no more than 15%
for each expense line item per month, plus all fees owed to the
U.S. Trustee;
(e) The Debtor will pay all post-petition taxes; and
(f) The Debtor will retain in good repair all collateral in
which any secured creditor has an interest.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/cob18-18487-6.pdf
About Carlos Miguel's
Carlos Miguel's -- http://www.carlosmiguels.com/-- is a restaurant
chain in Littleton, Colorado that offers authentic Mexican cuisine
like quesadillas, enchilladas, and more. Carlos Miguel's has
branches in Castle Rock, Colorado Springs, Highlands Ranch,
Littleton, Briargate, Monument and Frisco.
On Sept. 28, 2018, Carlos Miguel's of Castle Rock, LLC; Carlos
Miguel's of Country Club Corners, LLC; Carlos Miguel's of Frisco,
LLC; and Carlos Miguel's of Littleton, LLC, filed voluntary Chapter
11 petitions (Bankr. D. Colo. Case Nos. 18-18485 to 18-18488). The
petitions were signed by Luis Miguel Martin, managing member.
At the time of filing, Carlos Miguel's of Castle Rock disclosed
$33,357 in assets and $184,571 liabilities; Carlos Miguel's of
Country Club disclosed $26,396 in assets and $280,865 in
liabilities; while Carlos Miguel's of Frisco, LLC, disclosed
$26,756 in assets and $304,193 liabilities.
The Hon. Elizabeth E. Brown presides over these cases.
Aaron A. Garber, Esq., at Buechler & Garber, LLC, serves as counsel
to the Debtors.
CARLOS MIGUELS: CM Littleton Seeks Authority to Use Cash Collateral
-------------------------------------------------------------------
Carlos Miguels of Littleton, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Colorado to use cash
collateral to continue operation of its business throughout the
Chapter 11 case.
In order to pay necessary operating expenses, the Debtor asserts
that it must have access to cash collateral in which Secured
Creditors may have interest. The Debtor anticipates generating
revenues of not less than $71,000 per month. Accordingly, the
Debtor believes that the secured interest of any secured creditor
in its assets will be adequately protected by the ongoing use of
cash because the Debtor is replacing its cash in the ordinary
course of its operations and it consistently replaces its inventory
as necessary.
The Debtor asserts that there are no creditors with a lien on cash
collateral. However, Coors Distributing Company, Corporation
Service Company as representative and Salvador Torres have filed
UCC financing statements with the Colorado Secretary of State
against the Debtor. Thus, the Debtor believes that any of these
entities may have a secured lien position on its funds and revenues
that constitute cash collateral.
In order to provide adequate protection for the Debtor's use of
cash collateral, to the extent any secured creditor is properly
perfected in cash collateral, the Debtor proposes the following:
(a) The Debtor will provide a replacement lien on all
post-petition accounts and cash equivalents to the extent that the
use of the cash collateral results in a decrease in the value of
the collateral;
(b) The Debtor will maintain adequate insurance coverage on
all personal property assets and adequately insure against any
potential loss;
(c) The Debtor will provide such creditor all periodic
reports and information filed with the Bankruptcy Court, including
debtor-in-possession reports;
(d) The Debtor will only expend cash collateral pursuant to
the Budget subject to reasonable fluctuation by no more than 15%
for each expense line item per month, plus all fees owed to the
U.S. Trustee;
(e) The Debtor will pay all post-petition taxes; and
(f) The Debtor will retain in good repair all collateral in
which any secured creditor has an interest.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/cob18-18488-6.pdf
About Carlos Miguel's
Carlos Miguel's -- http://www.carlosmiguels.com/-- is a restaurant
chain in Littleton, Colorado that offers authentic Mexican cuisine
like quesadillas, enchilladas, and more. Carlos Miguel's has
branches in Castle Rock, Colorado Springs, Highlands Ranch,
Littleton, Briargate, Monument and Frisco.
On Sept. 28, 2018, Carlos Miguel's of Castle Rock, LLC; Carlos
Miguel's of Country Club Corners, LLC; Carlos Miguel's of Frisco,
LLC; and Carlos Miguel's of Littleton, LLC, filed voluntary Chapter
11 petitions (Bankr. D. Colo. Case Nos. 18-18485 to 18-18488). The
petitions were signed by Luis Miguel Martin, managing member.
At the time of filing, Carlos Miguel's of Castle Rock disclosed
$33,357 in assets and $184,571 liabilities; Carlos Miguel's of
Country Club disclosed $26,396 in assets and $280,865 in
liabilities; while Carlos Miguel's of Frisco, LLC, disclosed
$26,756 in assets and $304,193 liabilities.
The Hon. Elizabeth E. Brown presides over these cases.
Aaron A. Garber, Esq., at Buechler & Garber, LLC, serves as counsel
to the Debtors.
CARTHAGE SPECIALTY: $800K Sale of Lowville Property to IDA Approved
-------------------------------------------------------------------
Judge Margaret Cangilos-Ruiz of the U.S. Bankruptcy Court for the
Northern District of New York authorized Carthage Specialty
Paperboard, Inc.("CSP"), and its debtor-affiliates to sell CSP's
real property located at 7840 State Route 26, Lowville, New York to
the Lewis County Industrial Development Agency ("IDA") for
$800,000.
The Sale Hearing was held on Oct. 3, 2018.
The sale is free and clear of any liens, claims, encumbrances or
other interests of any kind. Except with respect to the BoA
Mortgage, all persons or entities holding Interests of any kind or
nature with respect to the Lowville Property are barred, estopped,
and permanently enjoined from asserting, prosecuting or otherwise
pursuing such Interests against the IDA, its successors or assigns,
or the Lowville Property.
The provisions of Bankruptcy Rule 6004(h) will not apply to stay
consummation of the transactions contemplated by the Lowville Sale
Motion, and CSP and the IDA are authorized to consummate such
transactions immediately upon entry of the Order.
The IDA will be entitled to withhold from the purchase price to be
paid for the Lowville Property up to $70,000 to fund the removal of
certain 55 gallon drums from the Lowville Property, and disposal of
same, following the sale. The Holdback will be held in escrow by
counsel to the IDA, Campany, McArdle & Randall, PLLC, pending its
expenditure for removal and disposal of the drums. Any portion of
the Holdback which is not needed by the IDA for such removal and
disposal will be promptly remitted to CSP and applied as set
forth.
The net proceeds received by CSP from the sale of the Lowville
Property after payment of any applicable transfer taxes and other
transaction costs, including any portion of the Holdback payable to
CSP as set forth, will be allocated in the following order and
amounts: first, CSP will pay $49,687 to the United States Trustee
in satisfaction of its outstanding balance for fees due for the
second quarter of 2018; second, CSP will deliver $50,000 to be held
in trust by its counsel, Bond, Schoeneck & King, PLLC, for
application to administrative claims pending further order of the
Court; third, CSP will retain $400,000 for operating expenses
pursuant to the terms of the Court's orders authorizing the use of
cash collateral; and fourth, the balance remaining thereafter,
including any unused portion of the Holdback returned by the IDA's
counsel to CSP, will be promptly paid over to KeyBank.
About Carthage Specialty Paperboard
Carthage Specialty Paperboard, Inc. -- http://www.carthagespbd.com/
-- is a paperboard manufacturer in Carthage, New York, serving a
diverse range of markets from pulp-substitute specialty paperboard
to industrial grade chipboards.
Carthage Specialty Paperboard and its affiliate Carthage
Acquisition, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D.N.Y. Lead Case No. 18-30226) on Feb.
28, 2018.
In the petitions signed by Donald Schnackel, vice-president of
finance, Carthage Specialty estimated assets and liabilities of $10
million to $50 million; and Carthage Acquisition estimated assets
of $1 million to $10 million and liabilities of $10 million to $50
million.
The Debtors engaged Bond, Schoeneck & King, PLLC as their legal
counsel. The Debtors hired Bradley Woods & Co. Ltd., as financial
advisor and investment banker.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors. Lowenstein Sandler LLP serves as counsel to
the Committee.
CLARK'S FISH: Plan and Disclosure Statement Hearing Set for Nov. 20
-------------------------------------------------------------------
Bankruptcy Judge Paul M. Glenn conditionally approved Clark's Fish
Camp & Seafood, Inc.'s disclosure statement with respect to a
chapter 11 plan dated Oct. 8, 2018.
Ballots accepting or rejecting the Plan must be filed no later than
14 days before the date of the Confirmation Hearing.
Any objections to Disclosure or Confirmation must be filed and
served seven days before the Confirmation Hearing.
Nov. 20, 2018 is fixed for the hearing on final approval of the
disclosure statement and for the hearing on confirmation of the
plan. The hearing will be held at 1:30 p.m., in 4th Floor Courtroom
A, 300 North Hogan Street, Jacksonville, Florida.
About Clark's Fish Camp & Seafood
Clark's Fish Camp & Seafood, Inc., is the fee simple owner of the
Clark's Fish Camp restaurant located in Jacksonville, Florida. The
restaurant serves seafood, giant 3 lb. prime rib, chicken and
exotic meats.
Clark's Fish Camp & Seafood filed a Chapter 11 petition (Bankr.
M.D. Fla. Case No. 18-01157) on April 11, 2018. In the petition
signed by Joan R. Peoples, president, the Debtor disclosed
$2,096,980 in assets and $787,948 in liabilities. The Hon. Paul M.
Glenn presides over the case. William B. McDaniel, Esq., at
Lansing Roy, P.A., serves as bankruptcy counsel.
CONCRETE PUMPING: Moody's Assigns B2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to Concrete Pumping Holdings,
Inc. At the same time, Moody's assigned a B2 rating to the
company's proposed $350 million senior secured first lien term loan
maturing 2025. The rating outlook is stable.
On September 7, 2018, Industrea Acquisition Corp., a special
purpose acquisition company, announced that it entered into a
definitive agreement to acquire CPH, an indirect parent of
Brundage-Bone Concrete Pumping, Inc. Proceeds from the $350 million
senior secured first lien term loan, in combination with Industrea
cash-on-hand and additional common and preferred equity
contributions from Argand Partners, management and other investors,
will be used to finance the leveraged buyout and repay existing
debt.
The ratings are subject to the acquisition closing and final review
of debt documentation. Brundage-Bone's senior secured notes due
2021 and 2023 will be withdrawn upon repayment, concurrently with
its Corporate Family Rating and Probability of Default Rating.
The following rating actions were taken:
Assignments:
Issuer: Concrete Pumping Holdings, Inc.
Probability of Default Rating, Assigned B2-PD
Corporate Family Rating, Assigned B2
Guaranteed Senior Secured $350 million First Lien Term Loan,
Assigned B2 (LGD4)
Outlook Actions:
Issuer: Concrete Pumping Holdings, Inc.
Outlook, Assigned Stable
RATINGS RATIONALE
The B2 CFR reflects CPH's market position, multi-regional
footprint, sound margins and moderate debt, offset by the company's
small size, exposure to cyclical construction end markets, and
integration risks associated with acquisitions. The rating also
considers the capital-intensive nature of its business which can
limit free cash flow generation. The company benefits from good
customer diversification and a large fleet of concrete placing
equipment; however, it relies on two manufacturers to supply its
equipment. Fleet investments are a significant and on-going use of
cash.
The company's liquidity is supported by minimal expected
cash-on-hand, availability under its $60 million ABL revolver which
expires in 2023, and no near term debt maturities. Moody's expects
limited free cash flow generation due to the capital intensive
nature of CPH's business.
The stable outlook reflects Moody's expectation for steady growth
in revenue and earnings over the next 12-18 months, stable balance
sheet management, and adequate liquidity.
The ratings could be upgraded if the company maintains strong
market positions and grows its revenue base closer to $500 million.
In addition, a ratings upgrade could occur if the company reduces
and sustains its adjusted debt-to-EBITDA closer to 3.0x, manages
funds from operations as a percentage of debt above 20%, and
maintains good liquidity, all on a sustained basis.
The ratings may come under pressure should the company's adjusted
debt-to-EBITDA increase beyond 4.0x for an extended period of time
whether due to weak operating performance or equity-friendly
activity such as debt-financed distributions. Additionally, should
the company have difficulty integrating acquisitions, experience a
decline in funds from operations as a percentage of debt below 12%
or experience weakening liquidity, the ratings could be downgraded.
The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.
Concrete Pumping Holdings, Inc. is a leading provider of concrete
pumping services and concrete environmental waste management
solutions in the United States and United Kingdom. In September
2018, Industrea Acquisition Corp., a special purpose acquisition
company, announced that it entered into a definitive agreement to
acquire Concrete Pumping Holdings, Inc. The company will be
capitalized with a $350 million senior secured first lien term
loan, cash-on-hand from Industrea, and additional common and
preferred equity contributions from Argand Partners, management and
other investors. Revenue was approximately $235 million for the
trailing twelve months ending July 31, 2018.
CONCRETE PUMPING: S&P Assigns 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
concrete pumping services provider Concrete Pumping Holdings
Acquisition Corp. The outlook is stable.
S&P said, "At the same time, we assigned our 'B' issue-level and
'4' recovery ratings to the company's operating subsidiary Concrete
Pumping Holdings, Inc.'s proposed $350 million senior secured
first-lien term loan due 2025. The '4' recovery rating indicates
our expectation for average (30%-50%, rounded estimate: 45%)
recovery for lenders in the event of a payment default. The
company's proposed $60 million asset-based lending (ABL) facility
is unrated.
"Our 'B' issuer credit rating reflects our expectation that
Concrete Pumping will maintain its adjusted debt to EBITDA
(including the company's $25 million preferred stock in our measure
of debt) in the 4.5x-5.0x range over the next 12-18 months,
providing it with some cushion to absorb potential economic
downturns given its narrow market position in the U.S. equipment
rental industry. Concrete Pumping is somewhat limited by its small
size (as measured by its revenue base) and narrow product focus
(the company derives over 85% of its revenue from concrete
equipment rentals, sales, and related services) relative to larger
and more diverse equipment rental companies that we rate.
"The stable outlook on Concrete Pumping reflects our expectation
that the company will continue to benefit from positive trends in
its non-residential and residential construction end markets over
the next 12-18 months. We expect Concrete Pumping to exhibit solid
top line growth driven by modest fleet expansion, relatively stable
pricing, and incremental revenue growth from recently completed
acquisitions. Barring potential significant debt-funded
acquisitions or shareholder friendly activity, we expect the
company to reduce leverage to the 4.5x-5.0x range over the next 12
months, which provides some flexibility for cyclical downturns or
modest acquisition spending.
"We could lower the rating if conditions within the company's
construction markets deteriorate, causing operating performance to
decline materially, or if the company's equipment purchases lead to
meaningfully negative free cash flow, pushing leverage above 6.5x
for an extended period. In addition, we could lower the rating if
the company pursues meaningful debt-funded acquisitions or
shareholder returns that result in the same level of leverage.
"An update is unlikely over the next 12 months given expected
earnings volatility over the cycle and relatively small scale of
its business. However, we could raise the rating if Concrete
Pumping meaningfully increased its revenue base and product
diversity, reducing earnings volatility over an economic cycle. In
addition, we could raise the rating over the longer term if we
expect debt to EBITDA would be between 3x and 4x over the economic
cycle and that the company would maintain financial policies
(including potential future acquisitions and shareholder returns)
that support this level of leverage."
COOL FROOTZ: Has Interim Authority to Use Cash Collateral
---------------------------------------------------------
The Hon. Kimberley H. Tyson of the U.S. Bankruptcy Court for the
District of Colorado has entered an interim order authorizing Cool
Frootz, LLC's use of cash collateral.
The Debtor is authorized to use funds currently in its bank
account. The Debtor is prohibited from using any other cash
collateral, including but not limited to any accounts receivable.
The Debtor's authority to use cash collateral will automatically
terminate unless DNS-Frootz, LLC, in its capacity as collateral
agent, and CircleUp Credit Advisors LLC agree with the Debtor in
writing that such use may continue on the terms set forth in the
Interim Order, or the Court orders otherwise.
The Debtor will only use cash collateral in accordance with the
Budget attached to the Motion, subject to a deviation on line item
expenses not to exceed 15% without the prior agreement of the Notes
Collateral Agent or an order of the Court.
Each Secured Creditor will have a post-petition lien on
post-petition assets of the same type as were encumbered by such
Secured Creditor's pre-petition lien, to the extent that the use of
cash results in a decrease in the value of any Secured Creditor's
interest in their respective collateral. Such replacement liens
will hold the same relative priority to assets as did the Secured
Creditor's respective prepetition liens.
The Debtor will maintain in good condition all of the Secured
Creditor's collateral and keep all collateral of Secured Creditor
fully insured.
The Debtor will provide the Secured Creditors with a complete
accounting, on a monthly basis, of all revenue, expenditures, and
collections through the filing of the Debtor's Monthly Operating
Reports. The Debtor is required to promptly deliver to DNS-Frootz
and CircleUp Credit Advisors such information as may be reasonably
requested by either of them.
A full-text copy of the Order is available at
http://bankrupt.com/misc/cob18-18234-35.pdf
About Cool Frootz
Cool Frootz, LLC, manufactures frozen fruit and vegetable products.
The company sells its products through a network of retailers. The
company was incorporated in 2003 and is based in Denver, Colorado.
Cool Frootz previously sought bankruptcy protection on Sept. 17,
2012 (Bankr. S.D. Fla. Case No. 12-32169).
Cool Frootz again filed a voluntary Chapter 11 petition (Bankr.
S.D. Fla. Case No. 18-18234) on Sept. 20, 2018. In the petition
signed by David W. Patterson, president and COO, the Debtor
estimated $1 million to $10 million in assets and liabilities. The
Hon. Kimberley H. Tyson presides over the case. Lee M. Kutner,
Esq., at Kutner Brinen, P.C., represents the Debtor.
CORRECT CLAIM: Unsecureds to Recoup 100% Paid in Quarterly Basis
----------------------------------------------------------------
Correct Claim Public Adjusters, LLC submits an amended disclosure
statement describing its chapter 11 plan.
Under the latest plan, Class 6A general unsecured creditors will be
paid after Classes 1 and 5 are paid in full, but beginning no later
than August 1, 2019. This class will be paid 100% of their allowed
claims to be distributed on a quarterly basis.
The Debtor will fund the Plan with its cash flow from operations,
and from net litigation proceeds (if any). The Debtor is expected
to have sufficient projected cash flow to completely fund all Plan
disbursements.
A full-text copy of the Amended Disclosure Statement is available
for free at:
http://bankrupt.com/misc/nvb17-16483-465.pdf
The hearing for final approval of the Disclosure Statement, and
confirmation of the Plan is December 4, 2018, at 9:30 a.m.
About Correct Claim Public Adjusters
Based in El Paso, Texas, Correct Claim Public Adjusters, LLC --
http://www.correctclaim.com/-- is a licensed public adjuster that
helps homeowners in determining the value of their claim, reviewing
their existing insurance policy to establish coverage, and
documenting the claim for submission to their insurer. The
company's experience includes both broad-based events such as
hurricanes, hailstorms, wildfires, explosions, or tornados, and
single-property incidents including fires, theft, or
plumbing-related water damage. Correct Claim is also based in the
Rio Grande Valley of Texas and in Denver, Colorado. Correct Claim
was founded by Sergio De La Canal.
Correct Claim Public Adjusters, based in San Antonio, Texas, filed
a Chapter 11 petition (Bankr. D. Nev. Case No. 17-16483) on Dec. 6,
2017. In the petition signed by Sergio De La Canal, its managing
member, the Debtor estimated $500,000 to $1 million in assets and
$1 million to $10 million in liabilities.
The Hon. Laurel E. Davis presides over the case.
Robert Atkinson, Esq., at Atkinson Law Associates, Ltd., serves as
bankruptcy counsel.
COWLITZ TRIBAL: S&P Ups Issuer Credit Rating to B+, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit ratings on Ridgefield,
Wash.-based Cowlitz Tribal Gaming Authority (CTGA) to 'B+' from
'B'. The outlook is stable.
S&P said, "At the same time, we are raising our ratings on CTGA's
senior secured debt, consisting of a $90 million revolving credit
facility and $343 million term loan B, to 'B+' from 'B'.
"The upgrade to 'B+' reflects our forecast for a sustained
successful ramp-up of operations at the ilani Casino, which has
exceeded our previous EBITDA forecast since its opening in April
2017. As a result, we believe adjusted debt to EBITDA will stay
under 4x and EBITDA coverage of cash fixed charges (cash interest
expense, amortization on CTGA's term loan, payments related to
vendor financing obligations, and maintenance capital expenditures)
will remain above 1.5x through 2019. This forecast includes
potential future borrowing that may be used to partially finance
development projects currently under consideration by management,
such as a parking garage, hotel, gas station, or an expanded
entertainment venue.
"The stable outlook reflects our forecast for credit measures,
particularly coverage, to improve modestly through 2019 based on
our expectation that CTGA will successfully refinance its current
high cost development financing, but for leverage to remain in the
mid- to high-3x area, and for CTGA to maintain adequate liquidity
through 2019. Based on our assumptions about the pace of
development spending and the size and timing of potential
incremental debt, we believe CTGA has ample cushion under our 4.5x
downgrade threshold to fund up to $200 million of development
projects over the next two to three years.
"While unlikely given our forecasts, we would lower the rating if
we believed CTGA's adjusted debt to EBITDA would stay above 4.5x or
if CTGA's EBITDA coverage of interest ratio were to decline toward
2x. The most plausible scenario for this to occur would be
aggressive borrowing that meaningfully exceeds our current base
case to fund future development projects combined with the
unexpected introduction of new competition or a significant
weakening of the regional economic environment.
"Higher ratings are unlikely until we know with finality the full
scope and timing of any future borrowing for development spending
currently being contemplated by management. We would consider
higher ratings if we believed adjusted debt to EBITDA would stay
below 3.5x and EBITDA coverage of interest would remain above
3.5x."
CPG INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to CPG
Intermediate LLC. The outlook is stable.
S&P said, "At the same time, we affirmed and subsequently withdrew
our 'B' issuer credit rating on CPG Transaction LLC.
"We also affirmed our 'B' issue-level rating on CPG Intermediate
LLC's first-lien credit facilities, which comprises an $85 million
revolving credit facility and a $475 million first-lien term loan.
The '3' recovery rating remains unchanged, indicating our
expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a payment default.
"Additionally, we affirmed our 'CCC+' issue-level rating on the
company's $135 million second-lien term loan. The '6' recovery
rating remains unchanged, indicating our expectation for negligible
(0%-10%; rounded estimate: 0%) recovery in the event of a payment
default. The borrowers of this debt are IPS Intermediate Holdings
Corp., IPS Structural Adhesives Holdings Inc., and Encapsys LLC,
all of which are subsidiaries of CPG Intermediate LLC.
"Our rating on CPG Intermediate LLC (CPG) reflects the company's
niche markets and limited applications in generally competitive
product markets, such as those for structural adhesives and
plumbing products. CPG also has production concentration in a
single site that generates a meaningful portion of its revenue and
the company faces some customer concentration as one of its
customers accounts for a significant amount of its sales. The
company's geographic diversity is also somewhat limited as it only
derives 35% of its sales from outside the U.S. The rating also
reflects risks related to the company's high leverage and our
expectation that its total adjusted debt-to-EBITDA will remain
above 5x. Partially offsetting these weaknesses are the company's
above-average EBITDA margins, low capital expenditure requirements,
diversified supplier base, and leading positions in niche parts of
the adhesives and sealants markets. CPG also maintains leading
market positions in solvent cements for irrigation and electrical
use and methyl methacrylate adhesives with engineered stone and
marine applications.
"The stable outlook on CPG Intermediate LLC reflects our
expectation that the company will grow its niche market
applications and gradually improve its EBITDA margin by focusing on
higher-margin products, which should allow it to modestly improve
its credit measures at the current rating. We also expect CPG to
maintain weighted-average adjusted debt-to-EBITDA in the 5x-6x (pro
forma for acquisitions) range. We do not anticipate that the
company will lose key customers or face operational issues at its
key manufacturing locations. Despite the change in the company's
financial filing organization, we do not expect there to be any
changes in its underlying business, capital structure, or financial
performance."
CPKAP LLC: U.S. Trustee Forms 3-Member Committee
------------------------------------------------
John Fitzgerald, III, acting U.S. trustee for Region 4, on Oct. 19
appointed X creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of CPKap, LLC and its
affiliates.
The committee members are:
(1) Julius Silvert
231 E. Luzerne Street
Philadelphia, PA 19124
(2) Brookfield Properties US Inc.
350 N. Orleans Street, Suite 300
Chicago, IL 60654
(3) The Capital Meat Company
2003 Beaver Road
Landover, MD 20785
Julius Silvert will serve as interim chairperson of the committee.
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About CPKAP, LLC d/b/a
Kapnos Taverna College Park
CPKap, LLC, operates in the restaurants industry. It is located at
7777 Baltimore Avenue College Park, Maryland.
CPKap sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Md. Lead Case No. 18-21808) on Sept. 6, 2018. In the
petitions signed by Johannes Allender, CFO, CPKap disclosed $88,728
in assets and $369,344 in liabilities. Judge Lori S. Simpson
presides over the case. The Debtor tapped Porzio, Bromberg &
Newman, P.C. as its lead bankruptcy counsel; Yumkas Vidmar Sweeney
& Mulrenin, LLC as local counsel.
DANE CLARK: $1.1M Sale of 118 Acres of White County Property Okayed
-------------------------------------------------------------------
Judge Robert E. Grant of the U.S. Bankruptcy Court for the Northern
District of Indiana authorized Dane Andrew Clark's sale of
approximately 118 acres of real property in White County, Indiana,
Indiana State Parcel No. 17535000000.500017, to the Troy Furrer
Living Trust and Fe Swine, LLC for $1,090,000.
The sale is "as is and where is and with all faults," no
representations or warranties of any kind, and free and clear of
all liens, encumbrances, claims and interests.
At closing, the Debtor is authorized to, and shall, direct the
title company to disburse from the proceeds from the Sale, first to
pay the usual and customary costs and expenses of the Sale, second
to pay all real estate taxes and assessments outstanding and unpaid
at the time of closing, third to pay any other special assessment
liens, utilities, water and sewer charges and any other charges
customarily prorated in similar transactions, fourth to pay all net
proceeds to FFBT in partial satisfaction of the Debtor's
obligations to FFBT pursuant to the Plan.
All insurance proceeds from any claim pertaining to the Real Estate
arising prior to the Closing will be immediately paid over to FFBT
in partial satisfaction of the Debtor's obligations to FFBT
pursuant to the Plan. Nothing herein will relieve the Debtor from
any of his obligations to FFBT or any other creditor arising under
the Plan.
The Sale Order will not be stayed for 14-days after its entry.
Notwithstanding any provision of the Bankruptcy Code or the
Bankruptcy Rules to the contrary, the Sale Order will be effective
and enforceable immediately upon entry, and any stay thereof,
including without limitation Bankruptcy Rule 6004(h), is abrogated.
The Sale Order will constitute a final judgment and order pursuant
to 28 U.S.C. Section 158(a).
Dane Andrew Clark sought Chapter 11 protection (Bankr. N.D. Ind.
Case No. 16-40391) on Aug. 22, 2016. The Debtor tapped Thomas B.
O'Farrell, Esq., as counsel.
DATACONNEX LLC: $2.5M Sale of Assets to Charge Access Denied
------------------------------------------------------------
Judge Catherine P. McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida denied DataConnex, LLC's sale of assets
to Charger Access, LLC, for $2.5 million free and clear of all
liens.
The Court in its discretion may file written findings of facts and
conclusions of law at a later date. Atty. Samantha Dammer is
directed to serve a copy of the Order on interested non−CM/ECF
users and file a proof of service within three days of entry of the
order.
About DataConnex
Dataconnex, LLC -- http://dataconnex.com/-- is a privately held
company in Brandon, Florida that offers advanced telecommunication
solutions, from internet and data to voice services. DataConnex
was founded to meet the needs of small to medium size businesses,
with three offices throughout the Southeast.
Dataconnex, LLC, based in Brandon, FL, filed a Chapter 11 petition
(Bankr. M.D. Fla. Case No. 18-01069) on Feb. 14, 2018. In the
petition signed by William R. Blahnik, manager, the Debtor
disclosed $4.18 million in assets and $19.07 million in
liabilities. Samantha L. Dammer, Esq., at Tampa Law Advocates,
P.A., serves as bankruptcy counsel to the Debtor. Harris Wiltshire
& Grannis LLP, is the special counsel.
DGS REALTY: Allowed to Continue Using Cash Collateral Until Dec. 31
-------------------------------------------------------------------
The Hon. Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire has entered an order on the fourth motion
authorizing DGS Realty, LLC's use of the cash collateral of Ocwen
Loan Servicing, LLC.
The Debtor is permitted to use and expend the proceeds of cash
collateral to pay the costs and expenses incurred in the ordinary
course of its business during the period from Oct. 1, 2018 through
Dec. 31, 2018 or the date on which the Court enters an order
revoking Debtor's right to use cash collateral in accordance with
the budget.
A hearing on the Debtor's Further Use of Cash Collateral will be
held on Dec. 19, 2018 at 2:00 p.m. The Debtor is directed to file
and serve a motion requesting such use by Dec. 3. Deadline for
objections to said Motion is Dec. 12.
The cash collateral budget provides total monthly cash payout of
$10,406.
Ocwen is granted a postpetition replacement lien and security
interest in all postpetition property of the estate of the same
type against which Ocwen held validly perfected and not avoidable
liens and security interests as of the Petition Date, and the cash
proceeds thereof, to the extent that such a lien or security
interest is not otherwise extended under Section 552(b)(2). The
replacement lien will maintain the same priority, validity and
enforceability as such liens on the cash collateral, but will be
recognized only to the extent of any diminution in the value of the
collateral resulting from the use of cash collateral pursuant to
the Order.
In addition, the Debtor is expected to:
(a) timely file monthly operating reports during this case
through the Court's electronic filing system and provide Ocwen with
a copy.
(b) pay Ocwen its monthly mortgage payment of $6,745.55, each
month. These payments will be the normal mortgage payments and
loan payments going forward, which will continue pending further
order of the Court.
(c) provide Ocwen or its authorized agents with access to the
Properties for the purposes of physically inspecting or appraising
the same upon Ocwen's reasonable notice and request therefore and a
copy of the appraisal will be provided to DGS Realty.
A full-text copy of the Order is available at
http://bankrupt.com/misc/nhb18-10024-54.pdf
About DGS Realty
Based in Concord, New Hampshire, DGS Realty, LLC, is a real estate
limited liability company. Formed around May 10, 2017, the company
is owned by David H. Booth, Manager, Stephen W. Booth, and Gregory
A. Booth, each having a 1/3 interest. The company is an affiliate
of Walter H. Booth Clause 4 Trust, which sought bankruptcy
protection (Bankr. D.N.H. Case No. 16-11598) on Nov. 16, 2016.
DGS Realty filed a Chapter 11 petition (Bankr. D.N.H. Case No.
18-10024) on Jan. 11, 2018. In the petition signed by David H.
Booth, the Manager, the Debtor estimated assets and debts between
$1 million and $10 million. Representing the Debtor is Eleanor Wm
Dahar, Esq., at Victor W. Dahar Professional Association.
DIVERSE LABEL: $22K Sale of Six Forklifts to Lift Parts Approved
----------------------------------------------------------------
Judge Catherine R. Aron of the U.S. Bankruptcy Court for the Middle
District of North Carolina authorized Diverse Label Printing, LLC's
sale of six operating forklifts to Lift Parts Service, LLC for
$21,800.
The sale is free and clear of liens and interests.
The lien or security interest asserted by First National Bank of
Pennsylvania upon the Forklifts is transferred to the proceeds of
sale, and the sale proceeds derived from the Forklifts will be
segregated and held pending further orders of the Court.
About Diverse Label Printing
Diverse Label Printing, LLC, a company in Burlington, North
Carolina, specializes in producing labels for food, food
processing, supermarket, consumer goods, and other uses. Diverse
Label sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D.N.C. Case No. 18-10792) on July 23, 2018. In the
petition signed by CEO Ed Bidanset, the Debtor disclosed
$15,750,989 in assets and $10,499,186 in liabilities. Judge
Catharine R. Aron presides over the case. The Debtor tapped hire
Northen Blue, LLP, as its legal counsel.
DN ENTERPRISES: Case Summary & 3 Unsecured Creditors
----------------------------------------------------
Debtor: DN Enterprises
10156 West Center Rd.
Omaha, NE 68124
Business Description: DN Enterprises owns multiple investment
properties in various unspecified locations.
Chapter 11 Petition Date: October 20, 2018
Case No.: 18-81526
Court: United States Bankruptcy Court
District of Nebraska (Omaha Office)
Judge: Hon. Thomas L. Saladino
Debtor's Counsel: Patrick Raymond Turner, Esq.
STINSON LEONARD STREET LLP
1299 Farnam Street, Suite 1500
Omaha, NE 68102
Tel: (402) 342-1700
Fax: (402) 829-8736
Email: patrick.turner@stinsonleonard.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gilbert Navarro, owner & authorized
representative.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at:
http://bankrupt.com/misc/neb18-81526.pdf
DOCTORS HOSPITAL AT DEER CREEK: Case Summary & Unsecured Creditors
------------------------------------------------------------------
Debtor: Doctors Hospital at Deer Creek, LLC
fdba DeerCreek Surgery Center, LLC
815 S. 10th Street
Leesville, LA 71446
Business Description: Doctors Hospital at Deer Creek --
http://www.dhdc.md-- is a proprietary,
medicare certified acute care hospital with
10 beds, located in Leesville, Louisiana.
The Hospital offers the following services:
16-Slice CT, general radiology, ultrasound,
MRI, laboratory, respiratory therapy,
inpatient hospitalization, and outpatient
services. Open since November 2007, the
Hospital has achieved the prestigious
Women's Choice Award, naming it as one of
America's 100 Best Hospitals by women for
four consecutive years (2012, 2013, 2014 and
2015).
Chapter 11 Petition Date: October 18, 2018
Court: United States Bankruptcy Court
Western District of Louisiana (Alexandria)
Case No.: 18-81044
Judge: Hon. John W. Kolwe
Debtor's Counsel: Bradley L. Drell, Esq.
GOLD, WEEMS, BRUSER, SUES & RUNDELL
POB 6118
Alexandria, LA 71307-6118
Tel: (318) 445-6471
E-mail: bdrell@goldweems.com
Total Assets: $7,650,691
Total Liabilities: $9,933,588
The petition was signed by Dr. Gregory D. Lord, authorized
representative.
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/lawb18-81044.pdf
DOUBLE EAGLE: $3.1MM Sale of Collateral to Secured Creditors Okayed
-------------------------------------------------------------------
Judge John W. Kolwe of the U.S. Bankruptcy Court for the Western
District of Louisiana authorized Double Eagle Energy Services,
LLC's private sales of its movable and immovable assets to Gibsland
Bank & Trust ("GBT") and TCF Financial, Inc., in exchange for their
credit bids: $3.1 million, and $20,000, respectively.
A hearing on the Motion was held on Sept. 27, 2018.
The Court approved the proposed sales authorized free and clear of
all other third party claims, liens, interests and encumbrances
whatsoever.
GBT is authorized to purchase all the right, title and interest to
the secured proof of claim #35 of Wells Fargo Equipment Finance
("WF"), by paying WF the agreed amount of $225,000, without any
recourse, representation or warranty, "as is, where is," except
that WF represents and warrants to GBT that, as of the Effective
Date, WF (i) is the owner and holder of the Loans, the Liens and
WF's Proof of Claim, (ii) has not previously sold, transferred or
assigned the Loans, the Liens or WF's Proof of Claim, in whole or
in part, (iii) has not encumbered the Loans, the Liens or WF's
Proof of Claim, in whole or in part, and (iv) has not withdrawn
WF's Proof of Claim, in whole or in part.
The Counsel for WF has confirmed that he has received $225,000 from
GBT in connection with transfer of rights associated with proof of
claim #35. WF will sign any documents thought necessary or
appropriate to release its liens on the affected property upon
payment of the agreed amount. No further formality is required but
the order, unless an interested party desires an ex parte order
from the Court to effectuate the intents and purposes of the
order.
Ford Motor Credit Co.'s secured claim as to a 2014 Ford 150 VIN
1FTFW1EF0EKD72414 will be deemed satisfied and released upon GBT's
paying FMCC the payoff quote of $5,820 (payoff good through
09/30/2018). FMCC will sign any documents thought necessary or
appropriate to release its lien on the truck upon payment of the
payoff quote. No further formality is required but this order,
unless an interested party desires an ex parte order from the Court
to effectuate the intents and purposes of the order.
TCF will be sold its collateral, one 2014 Chevrolet 1500 Silverado
Truck, VIN#3GCUKRECXEG132768, in exchange for a credit bid of
$20,000, with TCF reserving all rights for any remaining balance
owed.
John Deere Financial has already proceeded with relief from the
automatic stay, with John Deere reserving all rights for any
remaining balance owed.
GBT will be sold all movables which constitute its collateral, as
well as the collateral of Wells Fargo and FMCC, free and clear of
any and all inferior, competing and/or purported claims, liens,
interests and encumbrances of any third persons whatsoever, in
exchange for a credit of $2 million against its indebtedness, less
the following:
A. any amounts paid by Gibsland to Wells Fargo on its first
lien on certain movables for purchase of Wells Fargo's claim by
Gibsland;
B. any amounts paid by Gibsland to Ford on its first lien on a
certain movable for purchase of Ford's claim by Gibsland; and
C. a $90,000 cash payment to be made to the estate for payment
of administrative and priority expenses in this Chapter 11 case,
which will be escrowed with counsel to the DIP. The Counsel for
Debtor acknowledges that $90,000 has been wired to his trust
account.
As GBT; WF; TCF Financial; John Deere Financial; and FMCC are
creditors whose respective loans to the Debtor are secured by the
assets to be included in the proposed private sales, the sales to
GBT and TCF, respectively, will be handled as private sales via
either a Louisiana dation en paiemont, a deed in lieu of
foreclosure, a voluntary surrender, by unopposed judicial
foreclosure, all at the option of the respective purchasers,
coupled with any appropriated order thought necessary by the
particular Secured Creditor to effectuate the intent and purposes
of the transfer.
GBT will be sold the immovable property upon which it has mortgages
and the usual and customary improvements and fixtures thereon or
attached thereto located at those same addresses, including the
Minden Tract (10500 Hwy 80, Minden, LA 71055) for a credit of $2.8
million, and the Oklahoma Tract located at 1121 6th Street,
Maysville, OK 73057 in Garvin County, State of Oklahoma for a
credit of $100,000, free and clear of any and all inferior,
competing and/or purported claims, liens, interests and
encumbrances of any third persons whatsoever. Upon review of the
public records, there are certain judicial mortgages and/or
judgment liens that may attach to the Debtor's real estate in favor
of the following creditors: Unit Liner Company, Advanced
Environmental Compliance, LLC, John Deere Financial, F.S.B., and
Siemens Financial Services, Inc.
These liens, and any claims whatsoever of any unknown third persons
of which the Debtor is currently unaware, are hereby ordered to be
released and stricken as an encumbrance on or claim against either
of the properties. The foregoing sales will be "as is, where is."
The sales will be without any warranty or recourse whatsoever, even
as to return of the purchase price, but with full substitution and
subrogation to all rights and actions of warranty against all
preceding owners.
The Debtor transfers and assigns to GBT all of its rights and
interests in the following causes of action, themselves collateral
of Gibsland:
A. The Debtor's post-petition suit for breach of contract
filed against Mark West Utica EMG, LLC, including any lien rights
referred to therein, pending in U.S. District Court for the Western
District of Louisiana, Alexandria Division, entitled "Double Eagle
Energy Services, LLC versus Mark West Utica EMG, LLC," CASE NO.
1:18-CV-00573; and
B. The Debtor's worker's compensation premium overpayment case
against American Interstate Insurance Co., et al, currently pending
in the 26th Judicial District Court, Parish of Webster, State of
Louisiana.
The Order will be determined to be a final order, self-executory,
and implemented forthwith in accordance with the provisions of
Federal Rule of Bankruptcy Procedure 6004.
About Double Eagle Energy Services
Founded in 2006, Double Eagle Energy Services, a company based in
Alexandria, Louisiana, provides general contracting services
including constructing water and sewer mains.
Double Eagle Energy Services filed a Chapter 11 petition (Bankr.
W.D. La. Case No. 17-80717) on July 17, 2017. In the petition
signed by Joe Ratcliff or Bob Ratcliff, its owners, the Debtor
indicated $12.41 million in total assets and $13.18 million in
total liabilities. Judge John W. Kolwe presides over the case.
Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell,
serves as the Debtor's bankruptcy counsel. Colvin, Smith & McKay
is the Debtor's special counsel.
DPW HOLDINGS: Restates Second Quarter 2017 Form 10-Q
----------------------------------------------------
DPW Holdings, Inc. has filed an amendment to the Company's June 30,
2017 Quarterly REport on Form 10-Q/A restating its financial
statements for this period. On Nov. 8, 2017, the Company, after
consultation with its current independent registered public
accounting firm, Marcum LLP, and the Company's Audit Committee,
concluded that the previously issued unaudited quarterly financial
statements as of and for the fiscal quarter ended June 30, 2017, as
presented in the Company's Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission for the same period, should
no longer be relied upon.
On Oct. 10, 2017, Marcum informed the Company of certain matters
that it had identified relating to the Company's Form 10-Q for the
quarterly period ended June 30, 2017, which was filed with the SEC
on Aug. 21, 2017. The matters identified by Marcum included the
Company's accounting treatment of a related party transaction in an
investment in real property and certain omitted disclosures in the
subsequent event footnote in the Company's Notes to Interim
Condensed Consolidated Financial Statements (Unaudited). Upon
Marcum's notification, the Company's Audit Committee conducted an
independent review and subsequently determined that the Company had
misclassified its investment in real property as a current asset
and omitted certain subsequent event disclosures. However, the
Company's Total Assets, Total Liabilities, Total Equity and the
Condensed Consolidated Statements of Operations and Comprehensive
Loss for any period was not affected by the misclassification.
During the three months ended June 30, 2017, the Company's Chief
Executive Officer Amos Kohn purchased certain real property that
will serve as a facility for the Company's business operations in
Israel. The Company made $300,000 of payments to the seller of the
property that will be applied to either (i) an ownership interest,
that would be transferred to the Company upon the approval of
certain governmental authorities that authorize foreign ownership
of real property in Israel or (ii) a leasing arrangement providing
for the Company's use of the property should such authorization not
be obtained. The payments are classified as Other investments,
related party in the accompanying condensed consolidated balance
sheet at June 30, 2017. As a result, the Condensed Consolidated
Balance Sheets amounts of "Prepaid expense and other current
assets" and "Other investments" were adjusted.
The following discussion describes the Footnote and adjustments
made in the Amendment (U.S. dollars in thousands, except per share
date). These disclosures were added in Note 16 "Subsequent Events"
in the June 30, 2017 10-Q:
On July 7, 2017, the Company entered into an asset purchase
agreement to acquire the intellectual property of Coolisys.com,
consisting of the common law rights associated with the trademarks
and name as well as the domain name and content of
www.Coolisys.com. The aggregate purchase price of $81 was
comprised of 50,000 shares of common stock, valued at $31 based on
the closing price of the Common Stock on the date of the
acquisition, and $50.
On July 14, 2017, as a result of a notice that Microphase received
from Gerber identifying several events of default under the terms
of the Revolving Credit Facility, Microphase and Gerber entered
into a Forbearance Agreement. The events of default were primarily
related to (i) the change in control that occurred on June 2, 2017,
when Digital Power acquired a majority interest in Microphase, and
(ii) borrowings under the Revolving Credit Facility exceeding the
collateral borrowing base. The Forbearance agreement accelerated
the repayment of $250, that was secured by eligible inventories and
equipment, by an amount of $20 per week until such borrowings were
repaid and required the Company to provide a corporate guarantee
for amounts advanced under the Revolving Credit Facility, which
guarantee was provided on July 20, 2017.
Between July 6, 2017 and Aug. 21, 2017, Milton C. Ault, III, the
Company's Executive Chairman, personally guaranteed the repayment
of (i) $1,091 to TVT Capital, (ii) $400 from the sale of the
Convertible Note and (iii) $880 from the sale of the Convertible
Notes. These personal guarantees were necessary to facilitate the
consummation of these financing transactions. Mr. Ault's payment
obligations would be triggered if the Company failed to perform
under these financing obligations. The Company's board of
directors has agreed to compensate Mr. Ault for his personal
guarantees. The amount of annual compensation for each of these
guarantees, which will be in the form of non-cash compensation, is
2% of the amount of the obligation.
Due to the restatement, the Company's management and Audit
Committee reevaluated Part I, Item 4 ("Controls and Procedures") in
the previously filed June 30, 2017 Form 10-Q and have now concluded
that the Company's disclosure controls and procedures and internal
control over financial reporting were not effective as of that
date. The Board has been actively engaged in developing a
remediation plan to address the identified ineffective controls
that existed as of June 30, 2017. Implementation of the remediation
plan is in process and consists of, among other things, redesigning
the procedures to enhance the identification, capture, review,
approval and recording of contract terms and required disclosures.
About DPW Holdings
Headquartered in Fremont, California, DPW Holdings, Inc., formerly
known as Digital Power Corp. -- http://www.DPWHoldings.com/-- is a
diversified holding company that, through its wholly owned
subsidiary, Coolisys Technologies, Inc., is dedicated to providing
technology-based solutions where innovation is the main driver for
mission-critical applications and lifesaving services. Through its
wholly owned subsidiaries and strategic investments, the company
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles.
DPW Holdings incurred a net loss of $10.89 million in 2017
following a net loss of $1.12 million in 2016. As of June 30,
2018, DPW Holdings had $53.44 million in total assets, $21.90
million in total liabilities and $31.53 million in total
stockholders' equity.
The report from the Company's independent accounting firm Marcum
LLP, in New York, on the consolidated financial statements for the
year ended Dec. 31, 2017, includes an explanatory paragraph stating
that the Company has a significant working capital deficiency, has
incurred significant losses and needs to raise additional funds to
meet its obligations and sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
DRW SERVICES: Delays Plan for Resolution of Claims Disputes
-----------------------------------------------------------
DRW Services, Inc., and RLG & Son's, LLC, request the U.S.
Bankruptcy Court for the Northern District of Illinois to extend
exclusive period to file plans of reorganization from Nov. 2, 2018
through and including Jan. 31, 2019, and the exclusive period to
obtain acceptances to their Plans of Reorganization from Jan. 1,
2019 through and including April 1, 2019.
The Debtor is still attempting to resolve disputes with respect to
claims asserted by two labor unions. The Debtor claims that
resolution of these disputes will facilitate the filing of
consensual Plans of Reorganization which would save the estates
considerable time and money that would otherwise result from
litigation of these claims.
The Debtor anticipates that these claims will be resolved within
the next 60 to 90 days and if not, litigation will commence.
Special Counsel has been employed for this purpose pursuant to
Court Order. The Debtor asserts that extension of the Exclusive
Periods would be in the best interest of the Debtors, their
creditors and their estates.
About DRW Services
DRW Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Ill. Case No. 18-18995) on July 5, 2018. The DRW Services
case is jointly administered with the case of RLG & Son's, LLC
(Case No. 18-bk-18998). DRW estimated under $50,000 in assets and
$1 million to $10 million in liabilities.
The Debtors hired Crane Simon Clar & Dan as bankruptcy counsel;
Schoenberg Finkel Newman & Rosenberg, LLC as special counsel; and
Scott R. Wheaton & Associates as special real estate counsel. The
case is assigned to Judge Timothy A. Barnes.
ELO TOUCH: S&P Puts 'B+' Issuer Credit Rating on Watch Negative
---------------------------------------------------------------
S&P Global Ratings placed its 'B+' issuer credit rating on
Milpitas, Calif.-based Elo Touch Solutions Inc. on CreditWatch with
negative implications.
The CreditWatch listing reflects Elo's announcement on Oct. 17,
2018, of its definitive agreement to be acquired by Crestview
Partners. Elo's leverage is considered low for a private equity
owned company, in the high-1x area as of June 30, 2018, down from
the low-3x area 12 months prior. Private equity transactions such
as these typically are financed with debt issuances and we expect
leverage to rise upon close. In addition, Gores' conservative
financial policy over the past 12 months was to maintain debt
levels, not to engage in mergers and acquisitions (M&A) or
shareholder returns. That may become more aggressive under new
ownership.
S&P said, "We intend to resolve our CreditWatch once financial
terms of the sponsor–to-sponsor sale are made available, and we
can evaluate the capital structure and financial policy under new
ownership. We could lower the rating on Elo should leverage be
assessed above the current downside scenario trigger at the mid-4x
area."
ENERGY TRANSFER: Moody's Affirms Ba1 Rating on Jr. Sub. Debt
------------------------------------------------------------
Moody's Investors Service changed Energy Transfer Partners, L.P.'s
outlook to stable from negative. Moody's also affirmed ETP's Baa3
senior unsecured rating, Ba1 junior subordinated debt rating, Ba2
preferred stock rating and its Prime-3 short term rating. The Ba2
secured notes rating on Energy Transfer Equity, L.P., ETP's general
partner, remains under review for upgrade. Moody's withdrew ETE's
Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating
and SGL-3 liquidity rating. Moody's also affirmed Panhandle Eastern
Pipe Line Company, LP's Baa3 senior unsecured rating and outlook
remains stable. These rating actions do not affect subsidiary
companies' ratings on Sunoco LP (SUN, Ba3 stable) or USA
Compression Partners, LP (USAC, B1 stable).
These actions follow the approval by ETP unitholders on October 18
of ETE's acquisition of all of the publicly outstanding common
units of ETP in exchange for ETE units in an all unit-for-unit
transaction. The acquisition subsequently closed October 19. Valued
at approximately $27 billion, the acquisition has effectively
consolidated the operations of ETE and ETP.
ETP will continue its existence as the surviving limited
partnership in the merger as a subsidiary of ETE; ETP's common
units will no longer be publicly traded.
"This simplification transaction, which, with the elimination of
ETE's Incentive Distribution Rights (IDRs) in ETP, will relieve ETP
of the punitive IDR burden on its cost of capital, while enabling
it to retain a significantly greater amount of cash flow with which
to fund its future growth," commented Andrew Brooks, Moody's Vice
President. "The combined entities' extremely large and diversified
midstream asset base, generating largely fee-based cash flows,
should enable the company to manage its financial leverage to a
modestly lower level while maintaining high levels of distribution
coverage."
Outlook Actions:
Issuer: Energy Transfer Partners, L.P.
Outlook, Changed To Stable From Negative
Issuer: Panhandle Eastern Pipe Line Company, LP
Outlook, Remains Stable
Affirmations:
Issuer: Energy Transfer Partners, L.P.
Junior Subordinated Notes, Affirmed Ba1
Pref. Stock Preferred Stock, Affirmed Ba2
Senior Unsecured Commercial Paper, Affirmed P-3
Senior Unsecured Notes, Affirmed Baa3
Issuer: Panhandle Eastern Pipe Line Company, LP
Senior Unsecured Notes, Affirmed Baa3
LGD Adjustment:
Issuer: Energy Transfer Equity, L.P.
Senior Secured Bank Credit Facility, Adjusted to LGD4 from LGD3
Senior Secured Regular Bond/Debenture, Adjusted to LGD4 from LGD3
Withdrawals:
Issuer: Energy Transfer Equity, L.P.
Probability of Default Rating, Withdrawn , previously rated Ba2-PD
Speculative Grade Liquidity Rating, Withdrawn , previously rated
SGL-3
Corporate Family Rating, Withdrawn , previously rated Ba2
RATINGS RATIONALE
It is Moody's understanding that ETE's secured term loan and its
secured revolving credit facility will be refinanced on an
unsecured basis, prompting a release of liens presently securing
ETE's secured notes. Based on the announced terms of the
transaction, ETE expects to exchange its then unsecured notes into
ETP unsecured notes, making ETE and ETP debt pari passu, at which
point Moody's expects to upgrade ETE's ratings to ETP's Baa3
rating, concluding Moody's review.
For ETP's senior unsecured creditors, the benefits of the merger to
the consolidated credit profile will be offset by losing their
structurally superior position in the capital structure relative to
ETE's creditors. Conversely, ETE's current secured creditors will
benefit from becoming pari passu with ETP's creditors, although
losing the liens securing their debt, as opposed to their present
structurally subordinated position, resulting in the anticipated
upgrade of ETE's notes to Baa3.
From the perspective of the consolidated credit profile, the
acquisition of ETP in an all equity transaction will reduce
structural complexity, enhance corporate transparency, and further
grow scale and business segment diversity. The combined entity will
have strong distribution coverage metrics and the corresponding
ability to internally fund a meaningful portion of its future
growth capital expenditures. This will result in less reliance on
equity capital markets to fund growth expenditures while
correspondingly providing for sounder liquidity. Beyond generating
combined credit metrics supportive of the Baa3 rating, Moody's
notes in particular that ETP's Rover natural gas pipeline received
FERC approvals for full in-service on its entire 3.25 billion cubic
foot (Bcf) per day system effective September 1. ETP's Mariner East
2 (ME2) natural gas liquids (NGLs) pipeline has declared a November
1 commercial in-service date, with line-fill having begun along its
western portion. It is important to ETP's stable outlook that these
two very large project investments that are projected to generate
substantial incremental EBITDA become fully operational, bringing
to a close the construction delays, higher costs and regulatory and
permitting uncertainty that have accompanied their respective
construction with significant negative visibility.
The Baa3 senior unsecured rating is supported by the companies'
very large and geographically diversified $87 billion consolidated
asset base comprised of crude oil, natural gas and NGL pipeline
services and storage, and largely fee-based natural gas midstream
gathering and processing (G&P) operations. ETE's general
partnership interests and common units held in Sunoco LP and USA
Compression Partners, LP will also be exchanged for ETP units and
will remain outstanding as publicly traded, operating subsidiaries
controlled by ETP, further adding to combined overall operational
diversity. In addition to the Rover and ME2 pipelines, an array of
other project investments should add incrementally to consolidated
EBITDA, leading to modest improvement in the trajectory of relative
debt leverage.
The rating outlook is stable based on Moody's expectation that
consolidated Debt/EBITDA will decline to slightly below 5x in 2019,
with pro forma distribution coverage increasing into a 1.6x to 1.8x
range. The rating could be upgraded if the company reduces
consolidated Debt/EBITDA below 4.5x with strong distribution
coverage remaining in the 1.8x area. Should Debt/EBITDA remain
above 5x, the Baa3 rating could be downgraded.
The principal methodology used in rating Energy Transfer Equity,
L.P. and Energy Transfer Partners, L.P. was Midstream Energy
published in May 2017. The principal methodology used in rating
Panhandle Eastern Pipe Line Company, LP was Natural Gas Pipelines
published in July 2018.
Energy Transfer Equity and Energy Transfer Partners are
headquartered in Dallas, Texas, and rank among the largest
midstream master limited partnerships (MLP) in terms of size,
geographic reach and the operational diversification of its
businesses.
EPIC RETAIL: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The Office of the U.S. Trustee on Oct. 11 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Epic Retail Fowler, LLC.
About Epic Retail Fowler
Epic Retail Fowler, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-07794) on Sept. 14,
2018. At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. Its principal assets are located at 5122 E. Fowler
Avenue, Tampa, Florida. The Debtor tapped Stichter, Riedel, Blain
& Postler, P.A. as its legal counsel.
EPIC Y GRADE: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Epic Y
Grade Services, L.P. The outlook is stable.
S&P said, "We also affirmed our 'B' issue-level rating and '3'
recovery rating on the $800 million senior secured term loan due
2025. The '3' recovery rating indicates that the lenders can expect
meaningful recovery (50%-70%; rounded estimate: 50%) in a payment
default.
"The rating affirmation reflects our view that recent actions taken
by the company to increase 2019 EBITDA are somewhat offset by
construction risk of the NGL pipeline. EPIC intends to use the
proceeds of the $150 million add-on, along with equity from its
sponsors, to acquire the Robstown NGL fractionation facility and
its associated infrastructure from Southcross. The Robstown
facility, located in Corpus Christi, Texas has current volumes of
around 60,000 barrels per day (bbl/d) with a total capacity of
70,000 bbl/d. Our previous forecast assumed EPIC would complete
construction of its fractionator by 2020 to support the volumes on
its Y-Grade pipeline. The purchase of the Robstown fractionator,
however, provides immediate fractionation capacity to EPIC
shippers. We continue to expect construction of the 100,000 bbl/d
fractionator to be complete by the first quarter 2020.
"The stable outlook reflects our expectation that incremental cash
flows from the Robstown fractionator along with the partial
conversion of a portion of the pipeline to crude will result in
increased EBITDA in 2019. We believe the pipeline project has
sufficient liquidity to overcome minor cost overruns and we
forecast adjusted debt leverage of approximately 6x in 2020, the
first full year the pipe is fully operational.
"We could lower the rating if the project's liquidity deteriorates
due to construction cost overruns, if construction is delayed and
the in-service date is pushed further into 2020, or if adjusted
debt to EBITDA is sustained at more than 7x once the project is
operational."
Higher ratings are unlikely during the construction period given
the inherent risks of constructing the 700-mile pipeline and the
subsequent timing of the MVC contract with BP. S&P could consider
higher ratings once the pipeline is operational if EPIC added
additional contracts while maintaining adjusted debt metrics below
4.5x.
ERNEST SHEPHERD: $2.1M Sale of Macon Property to Macon Arts Okayed
------------------------------------------------------------------
Judge James P. Smith of the U.S. Bankruptcy Court for the Middle
District of Georgia authorized Ernest W. Shepherd's sale of
interest in the real property located at 4570 Pio Nono Avenue,
Macon, Georgia to Macon Arts Center, LLC for $2.1 million.
The Sale Hearing was held on Oct. 3. 2018.
The sale is free and clear of all liens, claims, encumbrances, and
other interests of any kind or nature whatsoever.
Pursuant to Section 363 of the Bankruptcy Code, the Debtor is
permitted to sell, convey, and otherwise transfer the Property to
Purchaser, to otherwise consummate the Transactions, and make all
closing payments specified in the Order.
The stay of orders authorizing the use, sale, or lease of property
as provided for in Bankruptcy Rule 6004(h) will not apply to the
Order, and the Order is immediately effective and enforceable.
From the gross proceeds of the sale authorized, the Debtor shall:
a. pay all existing liens for unpaid ad valorem taxes assessed
against the Property through the closing of the sale, including
taxes, if any, owing to the Macon-Bibb County Tax Commissioner;
b. pay the amount of $1.7 million to The Bank of the Ozarks in
full satisfaction of The Bank of the Ozarks claim filed in the
Case.
c. pay the amount of $10,000 to Coldwell Banker for real
estate broker services which provided a benefit to the bankruptcy
estate in effectuating the sale of the Property; and
d. pay all usual, customary, and reasonable attorneys' fees of
the Debtor relating to the sale and all costs associated with the
sale as agreed in the Contract.
Within three business days after the entry of the Order, the
Debtor's counsel will serve a copy of the Order on (a) the Office
of the United States Trustee; (b) the Respondents; (c) other
parties who have requested notice or copies of such matters in the
Bankruptcy Case; and (d) all other creditors and
parties-in-interest in the Bankruptcy Case.
Counsel for the Debtor:
Christopher W. Terry, Esq.
348 Cotton Avenue
Suite 200
Macon, GA 31201
Telephone: (478) 742-6481
E-mail: chris@boyerterry.com
The case is In re Ernest W. Shepherd (Bankr. M.D. Ga. Case No.
16-50560-JPS).
FIBER SYSTEMS: Moody's Lowers CFR to B3, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded Universal Fiber Systems, LLC's
Corporate Family Rating to B3 from B2, first lien senior secured
ratings to B2 from B1, and second lien senior secured rating to
Caa2 from Caa1. The rating outlook is negative as the company will
likely require an amendment to its term loan in 2019 to avoid
breaching its financial maintenance covenant.
"The rating downgrade reflects Universal Fiber's failure to achieve
its financial projections for the past two years and the low
conversion of EBITDA into free cash flow," says Jiming Zou, Moody's
Vice President and Senior Analyst. "However, elevated raw material
prices will delay any significant improvement in debt reduction."
Rating actions:
Issuer: Universal Fiber Systems, LLC
Corporate Family Rating, downgraded to B3 from B2;
Probability of Default Rating, downgraded to B3-PD from B2-PD;
Senior Secured First Lien Revolving Credit Facility, downgraded to
B2 (LGD3) from B1 (LGD3);
Senior Secured First Lien Term Loan, downgraded to B2 (LGD3) from
B1 (LGD3);
Senior Secured Second Lien Term Loan, downgraded to Caa2 (LGD6)
from Caa1 (LGD5);
Outlook, changed to negative from stable
RATINGS RATIONALE
Universal Fiber's downgrade to B3 reflects the company's small
size, concentrated supplier and customer base, limited product
portfolio and increasing leverage. Debt/EBITDA, including Moody's
analytical adjustments, rose to 6.0x for the last twelve months
ending Jun 2018, up from 5.6x and 5.1x at the end of 2017 and 2016,
respectively, as a result of higher costs of raw materials such as
nylon. Moody's expects earnings pressure will continue for the next
several quarters until the company can raise its selling prices to
fully compensate for higher raw material costs, keeping leverage
elevated. The company's annual sales of $260 million and its
limited portfolio of fiber products, primarily nylon, weaken its
business profile relative to other single-B rated companies.
Universal's rating also reflects its limited operational
diversification, modest organic growth prospects, and longer-term
risk associated with private equity ownership. Its credit profile
is supported the ability to customize its fiber products to meet
high performance standards in applications such as commercial and
automotive carpets, apparels, industrial and military goods. Solid
niche market positions, long-term customer relations and efficient
small lot production should support EBITDA profitability in the
mid-to-high teens over time. While the company continues to
generate a modest amount of free cash flow on an annual basis, it
has not meaningfully reduced debt beyond the required amortization.
Sales have only grown modestly despite increases in volumes, as the
company's product mix has shifted to lower priced and margin
products. Rising raw material prices present another challenge to
the company's ability to increase earnings and cash flow. 2016
EBITDA generation was above expectations due to low raw material
prices solid volume growth, but 2017 and 2018 earnings have decline
due to higher raw material prices and commercial headwinds in its
main markets. The company's pursuit of auto OEM business could
improve profits but margins are likely to suffer as this is a
competitive market.
The negative outlook is solely related to the likely need to revise
the financial maintenance covenant in its first-lien term loan
agreement in 2019. The threshold for its maintenance covenant of
maximum total leverage (net of cash) will continue to tighten. This
covenant, which stepped down to 5.0x at the end of September 2018,
will tighten to 4.25x by the end of 2019. The covenant only allows
cash of up to $20 million to be included in the calculation, which
was the company's cash balance at the end of June 2018. Without a
substantial improvement in financial performance, the company will
need to amend this covenant, which is important to avoid triggering
an event of default. The sponsor has the ability to cure any
shortfall for two consecutive quarters but not three. Universal's
Q2 compliance certificate shows 4.98x total leverage for the last
twelve months ending in June 2018. However, the company is likely
to remain compliant with the maximum total leverage of 5.0x for the
remaining of 2018 given the seasonally stronger third and fourth
quarters, which should facilitate some debt repayment by the year
end.
While the company should be able to get an amendment to its term
loan in the current credit environment, Moody's remains concerned
that factors beyond managements control could cause market
conditions to weaken significantly over the next 6-12 months,
creating greater challenges for the company and its private equity
sponsor.
Moody's would consider changing the outlook back to stable, if
Universal is able to amend its financial maintenance covenant or
improve the headroom under the covenant. Moody's could upgrade the
rating, if there is no risk of breaching its financial maintenance
covenant, the company is able to improve its earnings and maintain
free cash flow generation, and leverage, as adjusted by Moody's,
remains below 6.0x on a sustainable basis.
Moody's could downgrade the rating if the company fails to amend
its term loan agreement and earnings and cash flow continue to
deteriorate in 2019, or if leverage exceeds 7.0x and free cash flow
turns negative.
The principal methodology used in these ratings was Chemical
Industry published in January 2018.
Universal Fiber Systems, LLC manufactures solution-dyed and natural
synthetic fibers used primarily in commercial carpet, automotive,
specialty apparel, military and industrial end markets. The company
has facilities in the United States, China, Thailand, and the
United Kingdom. Universal Fiber generated over $261 million of
revenue for the twelve months ended June 30, 2018. H.I.G. Capital
acquired the company from Sterling Group in 2015.
FKM REAL ESTATE: Plan Outline Hearing Set for Nov. 8
----------------------------------------------------
Bankruptcy Judge Vincent F. Papalia will convene a hearing on Nov.
8, 2018 at 11:00 a.m. to consider the adequacy of FKM Real Estate
Holdings, Inc.'s disclosure statement.
Written objections to the adequacy of the Disclosure Statement must
be filed no later than 14 days prior to the hearing.
About FKM Real Estate Holdings
FKM Real Estate Holdings, Inc., is a real estate company that owns
in fee simple interest a property located at 131 Main Street,
Newton, New Jersey, with an appraised value of $2.86 million.
FKM Real Estate Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 17-33702) on Nov. 22, 2017.
In the petition signed by CEO Fe Calilio Martinez, the Debtor
disclosed $2.86 million in assets and $983,211 in liabilities.
Judge Vincent F. Papalia presides over the case.
FQ/LB LP: Latest Plan Amends Treatment of Old Kentucky Claim
------------------------------------------------------------
FQ/LB L.P. submits a first amended disclosure statement in support
of its first amended plan of reorganization.
The first amended plan amends the treatment of Old Kentucky Farms
Secured Claim in Class 4. Old Kentucky Farms will now receive on
the Effective Date, a Senior Secured Post-Confirmation Note and
related Deed of Trust from the Reorganized Debtor placing a lien on
French Quarter Section 4 (a/k/a Reserve A), providing for the full
payment of the Allowed Class 4 Claim.
A copy of the First Amended Disclosure Statement is available for
free at:
http://bankrupt.com/misc/txsb18-31895-148.pdf
About FQ/LB L.P.
Based in Conroe, Texas, FQ/LB L.P., a privately held company that
operates in the land subdivision industry, filed voluntary Chapter
11 Petition (Bankr. S.D. Tex., Case No. 18-31895) on April 13,
2018, and is represented by Joseph G Epstein, Esq., and Shannon,
Martin, Finkelstein, Alvarado & Dunne, P.C. The Debtors' special
litigation counsel is Feldman & Feldman, P.C. At the time of
filing, the Debtor had estimated assets of $1 million to $10
million and estimated liabilities of $1 million to $10 million.
GOD'S CHARIOTS: Cash on Hand to Fund Proposed Plan
--------------------------------------------------
God's Chariots to the Heavenly Highway Inc., filed with the U.S.
Bankruptcy Court for the Southern District of New York a disclosure
statement in connection with its plan of reorganization dated Oct.
12, 2018.
Allowed Unsecured Claims in Class 3 will be paid on the effective
date of the Plan. The Debtor believes there is one Allowed Claim in
this Class in the amount of $25,000.
The Debtor will fund the Plan and Distributions by using Cash on
hand from its Debtor in Possession bank account. The Debtor
presently has more than $2,900,000 on hand in its bank account. The
Debtor estimates payment of all Claims will total less than
$100,000.
The Debtor will continue to operate as a not-for-profit
organization for a short time after Confirmation. The Debtor
contemplates taking steps to dissolve the Debtor and transfer its
assets to a new not-for-profit corporation after all Claims are
paid and the Debtor’s Estate has been fully administered.
A full-text copy of the Disclosure Statement is available for free
at:
http://bankrupt.com/misc/nysb16-13585-45.pdf
About God's Chariots To The Heavenly Highway Inc.
God's Chariots To The Heavenly Highway Inc. is a religious
corporation that was formed in early 2014. It holds title to the
property, which has eight commercial units, located at 844 St.
Ann's Avenue in Bronx County.
God's Chariots sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 16-13585) on Dec. 27, 2016.
Bernel-Arthur Richardson, administrator, signed the petition. The
Debtor estimated assets of less than $1 million and liabilities of
less than $500,000.
Judge Stuart M. Bernstein presides over the case.
The Law Office of Anthony M. Vassallo serves as the Debtor's
bankruptcy counsel.
GOLF VIEW PROPERTIES: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Golf View Properties, LLC, as of Oct. 18,
according to a court docket.
About Golf View Properties
Golf View Properties LLC, based in Lake City, FL, filed a Chapter
11 petition (Bankr. M.D. Fla. Case No. 18-03201) on Sept. 12, 2018.
The Hon. Jerry A. Funk presides over the case. Jason A. Burgess,
Esq., at The Law Offices of Jason A. Burgess, LLC, serves as
bankruptcy counsel. In the petition signed by Ronnie W.
Turbeville, member manager, the Debtor disclosed $4,240,846 in
liabilities.
GRAY TELEVISION: S&P Affirms 'B+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Atlanta-based television broadcaster Gray Television Inc., and
removed the rating and all issue-level ratings from CreditWatch,
where S&P placed them with positive implications on June 25, 2018.
The outlook is stable.
S&P said, "At the same time, we assigned our 'BB' issue-level and
'1' recovery ratings to the company's proposed $200 million
revolving credit facility due in 2023 and $2.15 billion incremental
first-lien term loan due in 2025. The '1' recovery rating indicates
our expectation for very high (90%-100%; rounded estimate: 95%)
recovery in the event of payment default.
"In addition, we are lowering our issue-level ratings on the
company's senior unsecured notes to 'B-' from 'B+' and our recovery
ratings to '6' from '4'. The '6' recovery rating indicates our
expectation for negligible recovery (0%-10%; rounded estimate: 0%)
recovery in the event of payment default.
"We will withdraw our rating on the existing revolving credit
facility when the transaction closes.
"The ratings affirmation reflects our view that Gray's acquisition
of Raycom Media improves the company's scale, operating leverage,
and diversity. However, we expect the acquisition financing and
integration costs will result in elevated average
trailing-eight-quarters leverage in the high-5x to 6x range through
2019, up from 4.4x at the end of 2017. Gray's revenue and its U.S.
TV household reach will more than double following the acquisition,
which places Gray as one of the largest television broadcasters in
the country with about $2 billion in revenue and a 24% household
reach. Raycom's assets fit well within Gray's station footprint
with mostly No. 1- and No. 2-rated stations and good diversity of
big four network affiliates. We believe the company's improved
scale and concentration of highly rated stations will allow Gray to
maintain retransmission rates per subscribers in line with larger
peers like Sinclair Broadcast Group Inc. and Nexstar Media Inc. We
also expect the improved scale will add efficiencies, including
those in programming, overhead, and capital expenditures (capex).
Based on these factors, we revised our assessment of Gray's
business risk to satisfactory from fair.
"Our stable outlook reflects our expectation that Gray Television's
average trailing–eight-quarters net leverage pro forma for the
Raycom acquisition will remain in the high-5x to 6x area through
2019 as continued net retransmission revenue growth and strong 2018
political advertising revenue generation is partially offset by
acquisition related expenses.
"We could raise the rating if we expect Gray Television's leverage
to improve below 5.5x on a sustained basis and stable U.S. economic
growth. We believe the company can achieve this by the end of 2020
based on our base-case scenario cash flow forecast. However, an
upgrade would also require a commitment to leverage below 5.5x, and
Gray has a history of increasing leverage above that to fund
acquisitions.
"Although unlikely over the next 12 months, we could lower the
rating if Gray Television's leverage increases above 6.5x and we
believe it will remain elevated. A number of factors could cause
this, including an economic downturn that causes advertisers to
pull back on television ad spending; a significant drop in 2020
political advertising spending from 2016 levels, if net
retransmission revenue will decline considerably due to unfavorable
network affiliate contract renewals and a declining subscriber
base; or if the company completes additional large debt-financed
acquisitions."
GREEK BROS: Exclusive Plan Filing Period Moved to Feb. 5
--------------------------------------------------------
The Hon. Jeffrey P. Norman of the U.S. Bankruptcy Court for the
Southern District of Texas, at the behest of The Greek Bros., Inc.,
has extended through and including Feb. 5, 2019, the exclusive
periods to file its chapter 11 plan of reorganization and
disclosure statement.
The Troubled Company Reporter has previously reported that the
Debtor needed additional time to file a Plan of Reorganization and
Disclosure Statement because its potential expert witness has
declined to proceed with disputing the Comptroller's (a) $204,000
sales and use Tax Claim No. 2, (b) $335,000 mixed beverage sales
Tax Claim No. 3, and (c) $761,000 mixed beverage Tax Claim No. 4.
Thus, the Debtor required time to locate another expert in this
field so that Debtor can either negotiate with the Comptroller or
file a defensible objection to the Comptroller's claim.
About The Greek Bros. Inc.
The Greek Bros., Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 18-60017) on April 11,
2018. In the petition signed by George Charkalis, president, the
Debtor estimated assets of less than $50,000 and liabilities of
less than $1 million. The Debtor tapped the Law Office of Margaret
M. McClure as its legal counsel. No official committee of
unsecured creditors has been appointed in the Chapter 11 case.
HARVEST FRASER: Gets Initial Order to Restructure Under CCAA
------------------------------------------------------------
Harvest Fraser Richmond Organics Ltd. received an initial order for
protection pursuant to the Companies' Creditors Arrangement Act, as
amended, from the Supreme Court of British Columbia Vancouver
Registry. The Initial Order includes among other things, a stay of
proceedings against the Companies, and the appointment of Ernst &
Young Inc. as monitor of the Companies.
The Court-Appointed Monitor can be reached at:
Ernst & Young Inc.
Mike Bell
Monitor's Representative
700 West Georgia St.
Vancouver, BC V7Y 1C7
Tel: 604-891-8200
Email: mike.bell@ca.ey.com
Harvest Fraser retained as counsel:
David E. Gruber, Esq.
Bennett Jones LLP
2200 - 1055 West Hasting Street
Vancouver, BC V6E 2E9
Tel: 604-891-5100
Email: gruberd@bennettjones.com
A copy of the initial order and copies of materials filed in the
restructuring proceedings are available on the Monitor's website at
https://documentcentre.eycan.com/Pages/Main.aspx?SID=1436
Harvest Fraser Richmond Organics Ltd. --
http://www.harvestpower.com/-- provides compost and soil blends.
HERB PHILIPSON'S: U.S. Trustee Forms 5-Member Committee
-------------------------------------------------------
The U.S. Trustee for Region 2 on Oct. 19 appointed five creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of Herb Phillipson's Army and Navy Stores Inc.
The committee members are:
(1) Jerry's Sports Center
P.O. Box 128
Chapin, SC 29036
Attention: Jay Montgomery
Phone: (800) 345-9367 - x 2202
(2) Columbia Sportswear Brands USA, LLC
14375 NW Science Park Drive
Portland, OR 97229
Attention: Kim Keierleber
Phone: (503) 985-4542
(3) Townsquare Media
9418 River Road
Marcy, NY 13403
Attention: Karen Carey
Phone: (315) 768-9500
(4) Carhartt, Inc.
5750 Mercury Drive
Dearborn, MI 48126
Attention: Katie Clow
Phone: (313) 749-6723
(5) VF Outdoor, LLC
N. 850 County Highway CB
Appleton, WI 54914
Attention: Darin Newton
Phone: (920) 735-6849
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Herb Phillipson's Army
and Navy Stores Inc.
Founded in 1951, Herb Philipson's Army and Navy Stores Inc. --
https://herbphilipsons.com -- is a retailer for outdoor and casual
apparel, workwear, footwear and sporting goods. Herb Philipson's
is known for brands such as Carhartt, Columbia, Levi, Lee, Under
Armour, Dickies, Timberland and The Northface. It is also the
exclusive retailer for the Utica Comets Hockey Team and the new
Utica City Football Club. Herb has retail locations in Rome,
Liverpool, New Hartford, Newark, Oneida, Oswego, Herkimer, DeWitt,
and Watertown, New York.
Herb Phillipson's Army and Navy Stores sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. N.Y. Case No.
18-61376) on October 8, 2018. In the petition signed by Guy Viti,
president, the Debtor disclosed that it had estimated assets of $1
million to $10 million and liabilities of $10 million to $50
million.
The Debtor tapped Cullen and Dykman LLP and Griffin Hamersky LLP as
legal counsel; and Scouler Kirchhein, LLC as financial advisor.
HERMAN TALMADGE: Trustee Can Harvest and Sell Henry Timber
----------------------------------------------------------
Judge Wendy L. Hagenau of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized J. Michael Levengood, the
Chapter 11 Trustee for Herman E. Talmadge, Jr., to harvest and sell
the timber located on three parcels of real property owned 100% by
the Debtor and located in Henry County, Georgia.
A hearing on the Motion was held on Sept. 24, 218 at 9:30 a.m.
The Trustee is authorized to sell timber on the Subject Properties
free and clear of all liens, claims, interests and encumbrances in
a manner consistent with the manner presented in his Motion.
The Trustee is authorized to pay all costs associated with the
sale, including, but not limited to, sums sufficient to cover the
$47,000 lien of the Talmadge-Aligned Children, all fees due to
Natural Resource Consultants, LLC, all taxes owed as a result of
the sale and sums sufficient to cover any tax liens associated with
the Subject Properties. Said sums will be paid from the proceeds
of sale. Thereafter, any remaining funds net of payment of the
prior listed expenses will be disbursed in accordance with the
provisions of the Trustee's Plan.
The case is In re Herman E. Talmadge, Jr. (Bankr. N.D. Ga. Case
No. 14-50312).
J. Michael Levengood was appointed as the Debtor's Chapter 11
Trustee. Counsel for Trustee:
James C. Joedecke, Jr., Esq.
ANDERSEN, TATE & CARR, P.C.
1960 Satellite Boulevard, Suite 4000
Duluth, Georgia 30097
Telephone: (770) 822-0900
Facsimile: (770) 822-9680
E-mail: jjoedecke@atclawf1rm.com
On Nov. 22, 2016, the Court appointed Natural Resource Consultants,
LLC, and Jim Branch as Broker.
HERMAN TALMADGE: Trustee's AMC Personal Property Auction Approved
-----------------------------------------------------------------
Judge Wendy L. Hagenau of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized J. Michael Levengood, the
Chapter 11 Trustee for Herman E. Talmadge, Jr., to sell the
personal property, consisting of furniture, fixtures and equipment,
firearms, and rolling stock, located at 215 Talmadge Drive in
Hampton, Georgia, by an auction to be conducted by Auction
Management Corp.
The Trustee is authorized to sell the tangible personal property
listed in Schedule B filed by the Debtor on Jan. 21, 2014 with
respect to which no exemption was claimed in Schedule C and filed
by the Debtor, with the exception of the Tara Door, free and clear
of all liens, claims, interests and encumbrances at public auction
to be conducted in a manner consistent with the manner presented in
Trustee's Motion
With respect to the Tara door, the Trustee will file a separate
motion asking approval of sale.
The Trustee is authorized to pay all costs associated with the
sale, including, but not limited to, auctioneer compensation
consistent with compensation sought in the Motion, sales taxes,
etc. from the proceeds of sale.
The case is In re Herman E. Talmadge, Jr. (Bankr. N.D. Ga. Case
No.
14-50312).
J. Michael Levengood was appointed as the Debtor's Chapter 11
Trustee. Counsel for the Trustee:
James C. Joedecke, Jr., Esq.
ANDERSEN, TATE & CARR, P.C.
1960 Satellite Boulevard, Suite 4000
Duluth, Georgia 30097
Telephone: (770) 822-0900
Facsimile: (770) 822-9680
E-mail: jjoedecke@atclawf1rm.com
On Nov. 22, 2016, the Court appointed Natural Resource Consultants,
LLC, and Jim Branch as broker.
HG & ZG: Seeks Authorization to Use Fresh Start Cash Collateral
---------------------------------------------------------------
HG & ZG Corporation seeks authorization from the U.S. Bankruptcy
Court for the District of New Jersey to use cash collateral to pay
the costs and expenses incurred in the ordinary course of its
business to the extent provided in the Budget.
The 12-Week Cash Collateral Budget provides total expenses of
approximately $5,889.
The Debtor is engaged in the operation of a taxi service at Newark
Liberty International Airport. The Debtor owns three medallions
which were issued by the City of Newark Taxi Cab Division as well
as three vehicles. The Debtor leases the cabs to independent
drivers on a weekly basis in exchange for receiving a weekly rental
fee.
The Debtor received a loan for two medallions (numbers 472 and 133)
from Fresh Start Venture Capital, LLC and executed two notes in the
respective terms of $275,000 (Medallion 472) and $295,000
(Medallion 133). The Notes required monthly payments of $1,864 and
$2,000, respectively. Thus, the Debtor believes that Fresh Start
Venture has a security interest and filed a UCC encumbering
accounts receivables.
To protect the lien held by Fresh Start Venture, the Debtor will
make monthly adequate protection payments for the two Notes owed to
Fresh Start Venture in the amount of $3,000 and use the balance to
pay its ongoing operations.
A full-text copy of the Debtor's Motion is available at
http://bankrupt.com/misc/njb18-26374-29.pdf
About HG & ZG Corporation
HG & ZG Corporation is engaged in the operation of a taxi service
at Newark Liberty International Airport and owns three medallions
which were issued by the City of Newark Taxi Cab Division as well
as three vehicles.
HG & ZG Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 18-26374) on Aug. 15, 2018.
The petition was signed by Hytham Mohamed, president. At the time
of the filing, the Debtor estimated assets of less than $500,000
and liabilities of less than $1 million. Judge Michael B. Kaplan
presides over the case. Andril & Espinosa, LLC serves as its legal
counsel.
HILL'S VAN: $1.1M Sale of Jacksonville Property to Flying Approved
------------------------------------------------------------------
Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Hill's Van Service of North Florida,
Inc.'s sale of the real property located at 561 Stevens Street,
Jacksonville, Florida to Flying Colors Group, L.P., for
$1,085,000.
The sale is free and clear of all liens, claims, and encumbrances
upon the payment of net proceeds of $725,094 to First Federal Bank
and payment of $28,990 owed to the Duval County Tax Collector.
Any party wishing to object to the Order will file a written
objection with the Court within 14 days from the date of the
Order.
The Debtor will close on the sale of the property within 15 days
after entry of the Order. The parties may extend the time allotted
to close on the property with an agreed approval of both parties.
About Hill's Van Service
of North Florida Inc.
Hill's Van Service of North Florida is a full service relocation
company with over 55 years of experience specializing in the
transportation and storage of household goods, electronics,
high-value products, office and industrial equipment, and asset
management. Hill's serves individual customers, as well as
corporations and various government agencies, in local, long
distance and international moving. It also offers commercial
moving, hospitality FF&E installation, warehousing/storage, and
complete transportation solutions.
Hill's Van Service of North Florida, based in Jacksonville,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
17-03093) on Aug. 23, 2017. In the petition signed by James
Bargeron, the Debtor's president, the Debtor estimated $0 to
$50,000 in assets and $1 million to $10 million in liabilities.
The Hon. Jerry A. Funk presides over the case. Jason A. Burgess,
Esq., at the Law Offices of Jason A. Burgess, LLC, serves as
bankruptcy counsel.
HOOPER HOLMES: $27M Sale of All Assets to Summit Health Approved
----------------------------------------------------------------
Judge Robert D. Drain the U.S. Bankruptcy Court for the Southern
District of New York authorized Hooper Holmes, Inc., and affiliates
to sell substantially all assets to Summit Health, Inc., for $27
million, plus the assumption of certain liabilities, subject to
certain adjustments.
The Sale Hearing was held on Oct. 9, 2018.
The sale is free and clear of all Claims.
The proceeds of the Sale Transaction will be distributed in strict
accordance with Exhibit C, which will reflect the priorities set
forth in the Final DIP Order.
Each Secured Lender will be immediately authorized to indefeasibly
apply such payments to the prepetition and post-petition
obligations owed to such Secured Lender, consistent with the Final
DIP Order. For avoidance of doubt, $650,000 of the Sale Proceeds
will be carved out from the liens of the Secured Lenders and be
transferred unencumbered to the Debtors' estates pursuant to the
Global Settlement. Certain of the Sale Proceeds will be used to
wind down the Debtors' estates, as reflected in the wind-down
budget in Exhibit D.
The Carve-Out Amount for Committee professionals under the Final
DIP Order is increased by $250,000, to an aggregate of $550,000.
The Committee is granted immediate standing to investigate,
prosecute and compromise claims and causes of action of the
Debtors' estates that are not released or transferred pursuant to
the Final DIP Order, Sale Transaction, or the Order.
A copy of the APA, and Exhibits C and D attached to the Order is
available for free at:
http://bankrupt.com/misc/Hooper_Holmes_188_Order.pdf
About Hooper Holmes
Headquartered in Olathe, Kansas, Hooper Holmes, Inc., provides
comprehensive health and well-being programs offered through
organizations' sponsorship. Hooper Holmes, founded in 1899, is a
publicly-traded New York corporation (OTXQX: HPHW).
In 2015, Hooper Holmes acquired substantially all of the assets of
Accountable Health Solutions, Inc. In 2017, Hooper Holmes merged
with Provant Health Solutions, LLC.
Hooper Holmes, Inc., and its affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23302) on Aug. 27,
2018. Hooper Holmes reported total assets of $30,232,000 and total
debt of $46,839,000 as of June 30, 2018.
The Hon. Robert D. Drain is the case judge.
Foley & Lardner LLP, led by Richard J. Bernard, John P. Melko, Jill
Nicholson, and Geoff Goodman, serves as counsel to the Debtors.
The Debtors also tapped Halperin Battaglia Benzija, LLP, as their
conflicts counsel; Spencer Fane LLP as securities counsel; Phoenix
Management Services as financial advisor; Raymond James &
Associates, Inc., as investment banker; and Epiq Corporate
Restructuring, LLC, as claims agent.
INDUSTRIAL STRENGTH: $30K Sale of Assets to Booth Production Okayed
-------------------------------------------------------------------
Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Industrial Strength, Inc.s' sale of
personal property and contract rights to BPG Staging Services,
Inc., an affiliate of Booth Production Group, Inc., for $30,000.
The Sale Hearing was held on Oct. 4, 2018, at 2:00 p.m.
The sale is free and clear of any and all Encumbrances, "as is,
where is," and without warranty or representations of any kind.
The closing will occur is Oct. 8, 2018. The provisions of the
Order will be self-executing.
The proceeds of the sale will be paid to the attorney for the
Debtor, Iurillo Law Group, P.A. payable to the Iurillo Law Group,
P.A. IOTA Trust Account, at the closing subject only to the payment
of the closing costs, prorations, and other sums required by the
Sale Motion, if any.
A payment of $8,000 toward the administrative expense incurred by
the Debtor for attorneys' fees and costs associated with the sale
of the Personal Property and structured dismissal of the case is
approved.
A payment of $22,000 to the IRS is hereby approved and no other
creditors of the bankruptcy estate will receive payment from the
Purchase Price, other than provided in the Order.
The payment to the IRS will be made as follows: Check made payable
to the Department of Treasury, Address: Internal Revenue Service,
Attention: E Mullins, Insolvency-Stop 5720, 400 West Bay Street,
Jacksonville, FL 32202.
The Order will be immediately effective and is not subject to the
14-day stay contemplated by Rule 4001(a) is waived, and the Debtor
and other parties are authorized and directed to consummate the
transfer of the Assets to the Buyer to be effective for all
purposes as of Oct. 8, 2018.
About Industrial Strength
Industrial Strength, Inc., is a company focused on full-service
audio, video, lighting and custom staging design elements in
support of the live events industry. It also offers wholesale
equipment rentals for the production and audio-visual industry,
along with a small number of specialized products for within the
industry. Its principal place of business is located in Pinellas
County, Florida.
Industrial Strength sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-03704) on May 3,
2018. In the petition signed by Fredrick D. Hadden, president, the
Debtor estimated assets of less than $500,000 and liabilities of
less than $1 million. The Debtor tapped Iurillo Law Group, P.A.,
as its legal counsel.
INFINITE SERVICES: Exclusivity Period Extended Until Dec. 13
------------------------------------------------------------
Bankruptcy Judge Barbara Ellis-Monro extended Infinite Services &
Solutions, Inc.'s exclusivity period for 90 days, through and
including Dec. 13, 2018, and the solicitation deadline through and
including Jan. 14, 2019.
About Infinite Services
Infinite Services & Solutions, Inc. -- http://www.infinitessol.com/
-- is an innovative logistics support, training, maintenance,
information technology, and systems engineering and integration
corporation. Founded in 2006, the company provides services and
solutions to governmental and commercial customers globally. The
company is headquartered in Atlanta, Georgia.
Infinite Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-52712) on Feb. 16,
2018. In the petition signed by CFO Khary Lewis, the Debtor
estimated assets of less than $100,000 and liabilities of $1
million to $10 million.
William Anderson Rountree, Esq., at Rountree & Leitman, LLC, is the
Debtor's bankruptcy counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
INTRADE LOGISTICS: Nov. 6 Plan and Disclosures Hearing Set
----------------------------------------------------------
Bankruptcy Judge Mildred Caban Flores issued an order conditionally
approving Intrade Logistics Corp.'s disclosure statement relating
to its chapter 11 plan.
Acceptances or rejections of the Plan may be filed in writing on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.
Any objection to the final approval of the Disclosure Statement
and/or the confirmation of the Plan must be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.
A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Nov. 6, 2018 at 9:00 AM, at the U.S. Bankruptcy Court, José V.
Toledo U.S. Post Office and Courthouse Building, 300 Recinto Sur
Street, Courtroom 3, Third Floor, San Juan, Puerto Rico.
As previously reported by the Troubled Company Reporter, holders of
allowed general unsecured claims in Class 1 will be paid 15%
through 60 equal consecutive monthly installments of $950.03
commencing on the Effective Date and continuing on the 30th day of
the subsequent 59 months.
A copy of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/prb18-03828-11-30.pdf
About Intrade Logistics Corp.
Headquartered in Toa Baja, Puerto Rico, Intrade Logistics Corp. is
in the wine and distilled beverages business.
Intrade Logistics Corp. filed a Chapter 11 Petition (Bankr. D.P.R.
Case No. 18-03828) on July 5, 2018. In the petition signed by
Rolando Fernandez, president, the Debtor disclosed $1.13 million in
assets and $1.88 million in liabilities. CHARLES A CURPILL, PSC
LAW OFFICES, led by principal Charles A. Cuprill Hernandez, is the
Debtor's counsel.
JAZPAL, LLC: Allowed to Use BB&T Cash Collateral Thru Dec. 31
-------------------------------------------------------------
The Hon. David E. Rice of the U.S. Bankruptcy Court for the
District of Maryland has inked his approval on a consent order
authorizing Jazpal, LLC's use of cash collateral.q
The Debtor is authorized to retain all rental receipts from the
real property at 1827 Mountain Road, Joppa, Maryland, which
receipts represent the cash collateral of Branch Banking and Trust
Company ("BB&T"), in its Debtor-in-Possession account for use in
its reorganization,
BB&T consents to the use of cash collateral through and including
Dec. 31, 2018 so long as the Debtor fully and timely performs in
strict conformity with all provisions of the Consent Order.
BB&T has agreed to permit the Debtor to use cash collateral, but
only upon the terms and conditions, which terms include, but are
not limited to, the protection afforded to a party pursuant to 11
U.S.C. Sec. 363(m) and the Debtor's agreement to grant to BB&T
replacement liens as adequate protection for the Debtor's use of
cash collateral.
The Debtor's rental income from MBGC, LLC's use and occupancy of
the Property is subject to a Deed of Trust and an Assignment of
Leases and Rents in favor of trustees for the benefit of BB&T,
successor to Susquehanna Bank. The Deed of Trust and the Assignment
of Leases and Rents secure payment of a U.S. Small Business
Administration Note in the original principal amount of
$2,950,000.
BB&T asserts that as of September 11, 2018, there was due under the
Note approximately $2,611,331 in principal, $2,811 in interest,
$10,343 in bank fees and costs, and $57,757 in legal fees and
collection expenses. Interest accrues at the rate of $562.16 per
day. Interest and legal fees continue to accrue.
The Debtor agrees that BB&T has a first priority security interest
and lien on and against the Property and all rental income
generated therefrom, which were generated or received by the Debtor
before the bankruptcy filing.
BB&T will have a replacement lien on the BB&T Post-Petition
Collateral. Further, BB&T will have a replacement lien in any
post-petition accounts receivable generated by the Debtor to the
same extent and in the same priority as it had on the Petition
Date. The replacement lien, however, will not attach to causes of
action arising under Chapter 5 of the Bankruptcy Code.
The Debtor will make as adequate protection to BB&T monthly
Principal and Interest payments of $21,938.29 at the current
interest rate of 7 3/4% (which variable rate may change along with
the prime rate), on the first of each month continuing until such
time as BB&T's allowed secured claim is paid in full or until such
time a Plan of Reorganization is confirmed, and thereafter in
accordance with such Plan. Said interest rate may change per the
terms of the loan documents and each applicable monthly Payment
will be adjusted accordingly.
Additional Covenants:
(1) The Debtor will bring and keep current all real and
personal and other property taxes on all of BB&T's collateral,
including, but not limited to, the Property, as required by the
loan documents, premiums for casualty and liability insurance,
obligations to the United States Trustee, and other administrative
claims as permitted by the Court from Debtor's operations or
current cash.
(2) The Debtor will file all monthly operating reports on or
before the 20th day of the following month. Each monthly report
will demonstrate that the Debtor is only using cash collateral to
pay expenses that are consistent with the Consent Order.
(3) The Debtor will deposit all cash collateral into its
debtor-in-possession account at M&T Bank.
(4) On or before December 31, 2018, the Debtor must file a Plan
of Reorganization or Liquidation that has a reasonable possibility
of being confirmed.
BB&T's consent to the use of cash collateral will terminate at the
earlier of (a) 5:00 p.m. on December 31, 2018, or (b) the
occurrence of any uncured Event of Default under the Consent Order,
specifically:
(1) The Debtor fails to make any Payment as and when due.
(2) The Debtor fails to file a disclosure statement and plan of
reorganization or liquidation on or before December 31, 2018.
(3) The entry of an order sustaining BB&T's objection to either
(i) any disclosure statement proposed by the Debtor; or (ii) any
plan of liquidation or reorganization proposed by the Debtor.
(4) The Debtor, through and including December 31, 2018, fails
to comply with any term, provision or condition of the Consent
Order.
(5) The Consent Order, or any portion thereof, is vacated or
reversed.
(6) The Debtor's bankruptcy case is converted to a case under
Chapter 7 of the Bankruptcy Code or a trustee is appointed in the
Debtor's bankruptcy case.
A full-text copy of the Consent Order is available at
http://bankrupt.com/misc/mdb18-21681-26.pdf
About Jazpal LLC
Jazpal, LLC, a single asset real estate, owns a commercial real
property in Harford County Maryland known as 1827 Mountain Road,
Joppa MD. The property consists of several lots and two leasehold
interests.
Jazpal, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Md. Case No. 18-21681) on Sept. 4, 2018. At the
time of the filing, the Debtor estimated assets and debt of $1
million to $10 million. Judge David E. Rice presides over the
case. The Law Offices of David W. Cohen is the Debtor's counsel.
JC FITS: Asks Court to Approve Disclosure Statement
---------------------------------------------------
JC Fits Inc. filed a motion asking the U.S. Bankruptcy Court for
the Central District of California for an order authorizing and
approving its disclosure statement describing its first amended
chapter 11 plan.
By the motion, the Debtor requests that the Court approve the
adequacy of the information in the Disclosure Statement; approve
and authorize the implementation of specified procedures or the
form, scope and nature of soliciting, balloting, tabulating and
noticing with respect to the a Plan: and establishing specified
procedures and deadlines for briefing and for the Confirmation
Hearing.
The Debtor asserts that the Disclosure Statement provides extensive
information about Debtor's Chapter 11 case and a detailed
explanation of the Plan and the financial information and
assumptions that underlie the Plan. The Disclosure Statement
therefore provides "adequate information" and should be approved
for use in soliciting votes of Debtor's creditors.
About JC Fits
JC Fits Inc. is in the business of selling wholesale garments and
its assets consist primarily of garment inventory, which it sells
to its wholesale customers. The sales revenue from this sale
business is the sole source of the Company's income.
JC Fits, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 17-21123) on Sept. 12, 2017. In the petition signed
by Jeong H. Choi, president, the Debtor disclosed total assets of
$588,500 and total liabilities of $1.56 million. The Hon. Robert
N. Kwan presides over the case. Joon M. Khang, Esq. of Khang &
Khang, LLP, is the Debtor's counsel.
JENESS UNIFORM: Seeks Conditional Approval of Plan Outline
----------------------------------------------------------
According to a notice, Jeness Uniform Centers, LLC has filed a
motion for conditional approval of its disclosure statement in
connection with its plan of reorganization.
The Debtor also requests to combine the hearing on final approval
of the Disclosure Statement with confirmation of the Plan.
In addition, the Debtor requests that the Court extend the time
within which the Plan must be heard, if necessary. In the event
that any final determination of confirmation of the Plan has not
been completed by the 45-day deadline, the Debtor will be
prejudiced, absent an extension of time.
Because of the tight deadlines contained in the Bankruptcy Code for
small business debtors, the Debtor also asks that the Court allow,
as the filing date, for any amended plan, to relate back to the
date of the filing of the Combined Statement and Plan, in the
event, although not apparent at this time, that an amended plan is
necessary.
About Jeness Uniform Centers
Jeness Uniform Centers, LLC, filed a Chapter 11 petition (Bankr.
E.D. Va. Case No. 18-71557) on May 2, 2018. At the time of the
filing, the Debtor estimated assets of less than $500,000 and
liabilities of less than $500,000. Judge Frank J. Santoro presides
over the case. The Debtor hired Roussos Glanzer & Barnhart,
P.L.C., as counsel.
KENDALL LAKE: Settled Unsecured Claimants to Get 75% in 78 Payments
-------------------------------------------------------------------
Kendall Lake Towers Condominium Association, Inc. filed a third
amended disclosure statement describing its chapter 11 amended
plan.
Class 4 under the latest plan is consists of the settled general
unsecured claims. This class will be paid a dividend of 75% in 78
equal monthly installments.
The previous version of the plan provided that disputed general
unsecured claims in Class 4 will be paid into escrow and held by
the association in a separate account pending allowance or
disallowance of the claims. Holders of Class 4 claims will receive
a dividend of 75%. Kendall will pay 10% of the claims on the
effective date of the plan while the remainder will be paid in 60
equal monthly installments.
A full-text copy of the Third Amended Disclosure Statement is
available for free at:
http://bankrupt.com/misc/flsb16-12114-458.pdf
About Kendall Lake Towers
Kendall Lake Towers Condominium Association, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla., Case No. 16-12114) on Feb. 16, 2016. The petition was signed
by Frank Landrian, manager. At the time of the filing, the Debtor
estimated assets and debts of less than $1 million.
The Debtor is represented by Joel M. Aresty, Esq., at Joel M.
Aresty, PA.
On May 3, 2016, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.
On August 16, 2016, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization.
KIRK'S FRAMING: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Kirk's Framing, Inc., as of Oct. 18,
according to a court docket.
About Kirk's Framing Inc.
Kirk's Framing, Inc., a Florida corporation based in Orange Park,
Florida, is in the business of design and construction of wood
framing of residential real properties in Clay, Duval, St. Johns
and Nassau counties. Its services include floor joist, roof,
steps, and zipwall installations.
Kirk's Framing sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 18-03244) on Sept. 14, 2018. The
petition was signed by Patricia Kolosky, owner. At the time of the
filing, the Debtor estimated assets of less than $100,000 and
liabilities of less than $500,000.
LAKE COUNTY CUSD 187: Moody's Hikes GOULT Tax Debt Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the rating
on Lake County Community Unit School District (CUSD) 187 (North
Chicago), IL's general obligation unlimited tax (GOULT) and general
obligation limited tax debt (GOLT). The outlook has been revised to
positive from negative. The rating applies to $33.7 million in
GOULT debt and $9.3 million in GOLT debt.
RATINGS RATIONALE
The upgrade of the district's GOULT debt to Ba1 reflects the
district's improving financial position largely resulting from
increased state funding made on a more timely basis. The rating
also considers the district's modestly sized tax base with below
average resident income levels , and elevated leverage related to
debt and pensions.
The GOLT debt is rated on parity with the district's GOULT debt
given the district's broad pledge of all funds to pay debt service
on GOLT bonds, which is supported by the authorization to levy a
dedicated tax unlimited as to rate, though limited in amount by the
value of the district's debt service extension base (DSEB).
RATING OUTLOOK
The positive outlook reflects the district's improving financial
position and increased stability resulting from increased state
funding made on a more timely basis. Continued improvement of the
district's financial position, without deterioration of other key
credit factors may result in upward rating movement over the next
one to two years.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Significant tax base expansion and strengthening of resident
wealth and income levels
- Continued improvement of district financial position
- Moderated debt burden
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Sustained contraction of the district's tax base and weakening
of the economic profile
- Delays or declines in federal or state aid that place
additional pressure on district finances
- Narrowing of operating fund balance or liquidity
- Material growth in the district's debt or pension burdens
LEGAL SECURITY
The district's outstanding GOULT bonds are secured by its pledge
and authorization to levy a property tax unlimited as to rate or
amount to pay debt service. The district has additionally pledged
Federal Impact Aid revenues. The district has covenanted that the
property tax levy will be abated only after sufficient revenues
have been collected in the Debt Service Fund from the additionally
pledged revenues.
Debt service on the district's GOLT bonds is secured by the
district's GO limited tax pledge to make timely payments of debt
service from any and all lawfully available funds. Debt service is
supported by a dedicated property tax that is unlimited as to rate,
but limited in amount by the district's debt service extension base
(DSEB).
PROFILE
The district is located in Lake County (Aaa), 35 miles north of
Chicago (Ba1 stable), and largely serves the city of North Chicago.
The district offers pre-kindergarten through 12th grade education
and enrolled 3,432 total students in 2018.
METHODOLOGY
The principal methodology used in these ratings was US Local
Government General Obligation Debt published in December 2016.
LINEAGE LOGISTICS: S&P Alters Outlook to Pos. & Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Lineage Logistics LLC to
positive from stable and affirmed its 'B' issuer credit rating on
the company.
S&P said, "At the same time, we affirmed our 'B' issue-level rating
on the company's senior secured term loan. The '4' recovery rating
remains unchanged, indicating our expectation for average (30%-50%;
rounded estimate: 35%) recovery for lenders in the event of a
payment default.
"We revised our outlook on Lineage to positive from stable based on
the company's increased scale in the global cold storage logistics
industry and slightly improved credit metrics pro forma for the
announced acquisition (despite the incremental debt it will take on
to fund the transaction). Over the past few years, the company has
expanded its presence globally through acquisitions and the
construction of new cold storage facilities. The proposed
transaction will significantly expand the company's footprint
outside the U.S. This transaction follows the company's acquisition
of Partner Logistics in 2017, which provided it with a presence in
the U.K., Belgium, and the Netherlands. With these additional
sites, we expect Lineage to rank among the largest global cold
storage logistics operators and anticipate that it will retain a
top market position going forward.
"The positive outlook on Lineage Logistics reflects our expectation
that the proposed acquisition will result in the company becoming
one of the largest global operators in the cold storage sector. We
also expect the company's credit metrics to improve slightly over
the next year, with debt-to-EBITDA falling to the mid-7x area in
2019 pro forma for the proposed transaction from the high-8x area
in 2017. We also expect Lineage's FFO-to-debt ratio to improve to
the high 8% area from the mid-6% area over the same period.
"We could raise our ratings on Lineage over the next 12 months if
the company successfully integrates the proposed acquisition while
maintaining its operating efficiency and profitability. The company
would also need to maintain its market position as one of the
larger participants in the cold storage sector. In order to raise
the rating, we would expect Lineage's EBIT margins to remain in the
10%-12% area and its credit metrics to remain in line with our
expectations.
"We could revise our outlook on Lineage to stable if its credit
metrics decline from their current levels and its debt-to-EBITDA
increases above 8x on a sustained basis. This could occur if its
profitability or operating efficiency deteriorate such that its
EBIT margin falls to the mid- to high-single-digit percent area.
This would likely occur due to increased labor costs or significant
customer attrition, or if the company encounters unexpected
operational problems while integrating its recently acquired
facilities. It could also occur if Lineage pursues additional
debt-financed acquisitions."
MAOZ 8TH AVENUE: Member Retains 100% Ownership Interest Under Plan
------------------------------------------------------------------
Maoz 8th Avenue LLC, d/b/a Maoz Falafel & Grill, filed an amended
disclosure statement in connection with its first amended plan
dated Oct. 9, 2018.
The first amended plan discloses that none of the issued and
outstanding Membership Interests of the Debtor, Maoz 8th Avenue
LLC, will be impaired. The Membership Interest will not be
impaired. The member will retain 100% of its ownership interest in
the reorganized Debtor, but will not receive any dividends or
payments under the Plan. The member owns one hundred 100% percent
of the outstanding Membership Interests of the Debtor and is an
insider as defined by the Bankruptcy Code.
The previous plan contemplated that all of the issued and
outstanding Membership Interests of the Debtor, Maoz 8th Avenue
LLC, will be canceled on the effective date, and all other
instruments evidencing Equity Interests in the Debtor will be
deemed canceled without further act or action under any applicable
agreement, law, regulation, order or rule, and the Equity Interests
evidenced thereby will be extinguished. On the effective date or
a soon thereafter as practicable, new membership interests will be
issued to Maoz Holding NYC, LLC
A full-text copy of the First Amended Disclosure Statement is
available for free at:
http://bankrupt.com/misc/nysb17-13327-60.pdf
About Maoz 8th Avenue
Maoz 8th Avenue LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-13327) on Nov. 27,
2017. In the petition signed by Jimmy Shabtay, general manager,
the Debtor estimated assets and liabilities of less than $500,000.
Judge Sean H. Lane presides over the case. Sichenzia Ross Ference
Kesner LLP serves as counsel to the Debtor.
MASSACHUSETTS DEV'T: Fitch Affirms BB+ on $236.29MM Rev. Bonds
--------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating of the following bonds
issued by the Massachusetts Development Finance Agency on behalf of
NewBridge on the Charles:
-- $236.29 million revenue refunding bonds, series 2017.
The Rating Outlook is Stable.
SECURITY
The bonds are secured by a mortgage on the retirement community
facility, a security interest in NewBridge's "collateral" as
defined in the Master Trust Indenture including gross revenues, and
a debt service reserve account that is partially funded by an
equity contribution from NewBridge's sole corporate member, Hebrew
SeniorLife (HSL).
KEY RATING DRIVERS
ELEVATED LONG-TERM LIABILIITY PROFILE: NewBridge's debt position
remains very high as evidenced by MADS equating to 26.9% of June
30, 2018 revenues and debt to net available measuring 11.2x, which
are weaker than Fitch's non-investment-grade medians.
STRONG OPERATING PROFILE: NewBridge's parent company and manager is
HSL, a large senior services enterprise with an affiliation with
Harvard Medical School and a significant presence in the Boston, MA
region. In addition to its leadership and administrative expertise,
HSL has also provided financial support. Driven by Newbridge's
attractive facilities, favorable location and quality reputation,
demand in all levels of care has been strong. Occupancy has
historically been strong, and has been maintained during the
nine-month interim period (ending Sept. 30, 2018) as evidenced by
NewBridge's 97.7% occupancy in independent living units (ILUs),
96.5% in its assisted living units (ALUs) and 95.7% in its health
care center.
IMPROVED FINANCIAL PROFILE: Operating profitability and balance
sheet strength has shown improvement. The operating ratio
strengthened to 104.8% during fiscal 2017, from 111.6% in fiscal
2012. Furthermore, days cash on hand (DCOH) increased to 447 DCOH
as of June 30, 2018, from 257 DCOH in fiscal 2013.
RATING SENSITIVITIES
DEBT MODERATION AND LIQUIDITY GROWTH: Upward rating movement for
NewBridge on the Charles is predicated upon continued financial
improvement resulting in debt moderation and balance sheet metrics
that are more in line with Fitch's 'BBB' category medians. Although
not anticipated, operating profitability or cash flow weakness that
reduces debt service coverage or liquidity balances could result in
negative rating pressure.
CREDIT PROFILE
NewBridge is a life plan community with 256 ILUs, 51 ALUs, 40
memory support units and 48 skilled nursing facility (SNF) beds
dedicated to short-term rehabilitative care. NewBridge also
includes a 220-bed long-term chronic care health center that is
leased by a related entity that is also an affiliate of HSL, Hebrew
Rehabilitation Center (HRC). The lease agreement provides NewBridge
monthly rental payments from HRC that are equal to 100% of net
revenues of the leased space after payment of direct expenses
related to those operations. All facilities are located on an
expansive 162-acre campus in Dedham, MA about 10 miles southwest of
downtown Boston and just north and east of Route 128/I-95.
In fiscal 2017, HSL and its affiliates generated $219.5 million of
operating revenues and held $592 million of total assets. Of those
amounts, NewBridge represented 54% of consolidated system assets
but only 21% of consolidated system revenues. Only NewBridge is
obligated on the series 2017 bonds.
OPERATING PROFILE
NewBridge's sole corporate member and manager is HSL, a prominent
senior living enterprise that is affiliated with Harvard Medical
School and has significant senior care operations in the Boston
region. Founded in 1903, HSL provides communities and healthcare
for seniors, research into aging, and education for geriatric care
providers. It is one of the largest nonprofit employers in
Massachusetts and cares for approximately 3,000 seniors at nine
Boston-area campuses and communities. Due to its contributions to
the clinical and research missions of Harvard Medical School and
one of its major teaching hospitals, Beth Israel Deaconess Medical
Center, HSL is the only geriatric affiliate of Harvard Medical
School.
Since NewBridge's inception, HSL has provided about $23 million of
capital contributions and deferred certain management fees that are
not expected to be repaid until fiscal 2019. Additionally, HSL
supplied $6 million of equity in fiscal 2017 to partially fund the
debt service reserve for the series 2017 bonds.
HSL is also the manager of NewBridge and receives base, incentive
and affiliation fees. All incentive and affiliation fees have been
deferred since NewBridge's opening, with a balance due to HSL of
nearly $16.8 million (as of Jun. 30, 2018) and ceased after the
2017 bond issuance. Outstanding fees will be subordinate to debt
service. As a result, both operating profitability and debt service
coverage are expected to improve. This is another indication of the
significant commitment that HSL has made to NewBridge.
STRONG OCCUPANCY AND DEMAND
NewBridge's primary market area (PMA) encompasses a 26 ZIP code
area and draws from a broad base of residents. Resident origins
consist of 58% from within the PSA, 23% from the state of
Massachusetts and 19% out-of-state. The broad resident draw is a
strength and is indicative of NewBridge's favorable reputation for
quality care, attractive facilities and unique service offerings.
An additional driver of NewBridge's demand is its HSL affiliation
and historical ties to Jewish-related religious and support
organizations.
NewBridge enjoys strong demand in all levels of service. ILU, ALU
and total healthcare center occupancies averaged 98.2%, 95.7% and
96.4%, respectively, from fiscal years 2015 through 2017. Occupancy
in the 48-bed short-stay rehabilitation center averaged 92.6% from
fiscal years 2015-2017 and 96.9% at the 220-bed long-term chronic
care facility. For the nine-month period ended June 30, 2018, ILU
(97%), ALU (96%) and total healthcare center (95%) occupancy
remained very healthy. Average year-to-date occupancy of 96% for
the rehabilitation center and 95% for the chronic care facility
remains strong.
OPERATING PERFORMANCE
The financial analysis and figures cited in this report are for
NewBridge only. Fitch notes that NewBridge's financial ratios are
not fully comparable with similar communities given its
relationship and lease arrangement with HRC. The revenues and
expenses of HRC's operations in the leased space are not reflected
in NewBridge's financial statements, only the earnings related to
the operations. As such, certain operating, capital-related and
liquidity ratios are somewhat overstated.
Both the financial performance and position of NewBridge have
steadily improved over the past five years. As a result of
NewBridge's strong occupancy, improved efficiency and consistent
net entrance fee receipts, profitability is good, with net
operating margin and net operating margin-adjusted averaging a
healthy 18% and 31%, respectively, from fiscal years 2013 to 2017.
Both of these metrics are well above Fitch's respective
below-investment-grade medians of 5.1% and 18.3%.
NewBridge's coverage of maximum annual debt service (MADS) was
modest at 1.2x at June 30, 2018; revenue-only coverage was 0.8x as
of June 30, 2018. Both were on par with Fitch's
non-investment-grade category medians of 1.3x and 0.8x,
respectively.
NewBridge's earnings are greatly supported by the lease payments it
receives from HRC for the operations of the chronic care health
center that are essentially equal to its EBITDA and averaged
approximately $8 million from fiscal years 2012-2017. Health center
earnings are supported by a relatively large private pay business
(about 37% of net patient service revenues) and positive history of
contracts with MassHealth for residents with Medicaid. For
instance, HRC's most recent two-year MassHealth contract that began
on Oct. 1, 2017, resulted in per diem rate increases. The health
center has also been successful in securing quality performance
incentive payments from MassHealth.
SOLID LIQUIDITY
NewBridge's balance sheet is characterized by a very heavy debt
position but strengthening liquidity balance. Unrestricted
liquidity position at June 30, 2018 equaled 447 DCOH and 21.4% cash
to debt, which were mixed compared with Fitch's
non-investment-grade medians of 292 DCOH and 32.1%, respectively.
NewBridge's liquidity balances continue to grow given the improved
operations, consistent receipts of net entrance fees and moderate
capital spending as facilities are relatively new.
Fitch notes that the DCOH ratio is overstated given the structure
of the lease agreement with HRC, whereby the operating revenues and
expenses of the health center are not incorporated into NewBridge's
financial statements. Future liquidity growth may be limited by
repayment of deferred fees that are due to HSL that are projected
to begin in fiscal 2019.
MATTRESS FIRM: Gets Interim OK on Services Deal With Gordon Bros.
-----------------------------------------------------------------
BankruptcyData.com reported that the Court hearing the Mattress
Firm Inc. case issued an interim order approving the Master
Services Agreement and statement of work ("SOW") entered into with
Gordon Brothers in respect of services to be performed by Gordon
Brothers at closing stores.
The Debtors related that "[they] determined, prior to the Petition
Date, that it would be advisable, from time to time, to close
certain of the Stores (the 'Closing Stores'). To assist with the
process of any such Store closure and to maximize the value of the
Inv/FFE Assets, the Debtors and Gordon Brothers executed the
Agreement, whereby Gordon Brothers agreed to act as Mattress Firm's
consultant to provide the following services (collectively, the
'Services') pursuant to a mutually agreed statement of work
('SOW'):
a. Gordon Brothers shall coordinate the removal of all Inv/FFE
Assets that are located at any Closing Store (the 'Removed
Items') using its own personnel and/or such third party
independent contractors that Gordon Brothers may select.
b. Mattress Firm may inform Gordon Brothers in the applicable SOW
of those items of sample inventory or furniture, trade
fixtures, and equipment located at the Closing Stores which
are not to be sold (collectively, the 'Retained Items').
c. Gordon Brothers shall arrange for the transport and storage of
the Removed Items and the Retained Items at such warehouse and
distribution facilities (the '3PL Facilities') as Gordon
Brothers may select, provided that such 3PL Facility have
proof of requisite insurance and name Gordon Brothers, as
Mattress Firm's agent, as an additional insured thereon.
d. Once removed from the Closing Stores, and only upon their
removal, Gordon Brothers shall have the right, as Mattress
Firm's agent, to sell thirty-five percent (35.0%) of all
Removed Items on a wholesale basis to other retailers or third
parties and to recommend to Mattress Firm's appropriate
pricing and discounting in connection therewith.
e. The remaining sixty-five percent (65.0%) of the Removed Items
and all of the Retained Items shall be stored at the 3PL
Facilities unless otherwise requested by Mattress Firm and
thereafter allocated and shipped, as Mattress Firm may direct
from time to time, to Mattress Firm's ongoing stores,
distribution centers, or such other locations as Mattress Firm
may elect (the 'Reallocated Items').
f. Gordon Brothers shall complete its Services and resale of the
Resold Items, and Mattress Firm shall designate and receive
its Reallocated Items from the 3PL Facilities, within one
hundred and twenty (120) days unless a different time period
is specified in the applicable SOW (the 'Project Term'), or
unless an earlier or later date is mutually agreed to by the
parties.
"In exchange for providing the Services at the Closing Stores, and
unless otherwise specified in an applicable SOW, Mattress Firm
shall, within five (5) days of completion of the project described
in the SOW, pay Gordon Brothers a base fee equal to $475 per
Closing Store plus the incentive fees for the Resold Items
specified in the Agreement and shall, within ten (10) days of
receipt of invoices, reimburse Gordon Brothers its reasonable and
documented expenses in accordance with a mutually agreed upon
budget for the Project attached to an applicable SOW (each, a
'Project Budget')."
The Court scheduled a hearing for November 9, 2018 to consider the
motion, with objections due by November 2, 2018.
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.
MATTRESS FIRM: Hires Sidley Austin as Attorney
----------------------------------------------
Mattress Firm, Inc., and its debtors-affiliate seek approval from
the United States Bankruptcy Court for the District of Delaware to
hire Sidley Austin LLP as attorneys for the Debtors, nunc pro tunc
to October 5, 2018.
Services Sidley Austin will render are:
(a) provide legal advice with respect to the Debtors' powers
and duties as debtors in possession in the continued operation of
the Debtors' business;
(b) take all necessary action to protect and preserve the
Debtors' estates, including the prosecution of actions on the
Debtors' behalf, the defense of any actions commenced against the
Debtors, the negotiation of disputes in which the Debtors are
involved and the preparation of objections to claims filed against
the Debtors' estates;
(c) prepare on behalf of the Debtors, as debtors in
possession, all necessary motions, applications, answers, orders,
reports and other papers in connection with the administration of
the Debtors' estates;
(d) take all necessary actions in connection with the Plan and
related Disclosure Statement, as each may be amended from time to
time, and all related documents, and such further actions as may be
required in connection with the administration of the Debtors'
estates;
(e) provide legal advice and perform legal services with
respect to matters relating to corporate governance, the
interpretation, application or amendment of the Debtors'
organizational documents, material contracts, and matters involving
the fiduciary duties of the Debtors and their officers, directors
and managers; and
(f) perform all other necessary legal services in connection
with the prosecution of these chapter 11 cases.
Sidley's billing rates for attorneys who may work on this matter
currently range from $495 to $1,450 per hour for attorneys and from
$230 to $395 for paraprofessionals.
Sidley's attorneys and their hourly rates are:
Bojan Guzina $1,050
Dennis M. Twomey $1,025
William A. Evanoff $875
Matthew E. Linder $835
Michael Fishel $785
Blair M. Warner $675
Bojan Guzina, partner of Sidley Austin, 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 Debtors and their estates.
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, the
following is provided in response to the request for additional
information:
-- Sidley Austin did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;
-- the hourly rates of the Sidley professionals representing
the Debtors are consistent with the rates that Sidley charges other
chapter 11 clients, regardless of the geographic location of the
chapter 11 case;
-- the billing rates and material financial terms of Sidley
Austin's prepetition engagement by the Debtors are as set forth in
the Application. Such billing rates and material financial terms
have not changed postpetition;
-- Sidley, in conjunction with the Debtors, is developing a
prospective budget and staffing plan for these chapter 11 cases for
the period from the Petition Date to and including December 31,
2018.
Sidley Austin can be reached at:
Bojan Guzina, Esq.
Matthew E. Linder, Esq.
Blair M. Warner, Esq.
SIDLEY AUSTIN LLP
One South Dearborn Street
Chicago, IL 60603
Tel: (312) 853-7000
Fax: (312) 853-7036
Email: bguzina@sidley.com
mlinder@sidley.com
blair.warner@sidley.com
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.
MATTRESS FIRM: Hires Young Conaway as Co-Counsel
------------------------------------------------
Mattress Firm, Inc., and its debtors-affiliate seek approval from
the United States Bankruptcy Court for the District of Delaware to
hire Young Conaway Stargatt & Taylor, LLP as co-counsel for the
Debtors.
The professional services that Young Conaway will render are:
- provide legal advice with respect to the Debtors' powers and
duties as debtors in possession in the continued operation of their
business, management of their properties, and the potential sale of
their assets;
- prepare and pursue confirmation of a plan and approval of a
disclosure statement;
- prepare, on behalf of the Debtors, necessary applications,
motions, answers, orders, reports, and other legal papers;
- appear in Court and protecting the interests of the Debtors
before the Court; and
- perform all other legal services for the Debtors that may be
necessary and proper in these proceedings.
Young Conaway's current standard hourly rates, are:
Robert S. Brady $920
Edmon L. Morton $750
Ashley E. Jacobs $460
Tara C. Pakrouh $360
Casey Cathcart (paralegal) $255
Edmon L. Morton, partner of Young Conaway, 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 Debtors and their estates.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Morton disclosed in an application that:
-- Young Conaway has not agreed to a variation of its standard
or customary billing arrangements for this engagement;
-- None of the Firm's professionals included in this engagement
has varied their rate based on the geographic location of the
Chapter 11 Cases;
-- Young Conaway was retained by the Debtors pursuant to an
engagement agreement dated Sept. 6, 2018. The billing rates and
material terms of the prepetition engagement are the same as the
rates and terms described in the Application; and
-- The Debtors will be approving a prospective budget and
staffing plan for Young Conaway's engagement for the postpetition
period as appropriate. In accordance with the U.S. Trustee
Guidelines, the budget may be amended as necessary to reflect
changed or unanticipated developments.
Young Conaway can be reached at:
Edmon L. Morton, Esq.
Robert S. Brady, Esq.
Andrew L. Magaziner, Esq.
Elizabeth S. Justison, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
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.
MATTRESS FIRM: Taps Epiq Corporate as Administrative Advisor
------------------------------------------------------------
Mattress Firm, Inc., and its debtors-affiliate seek approval from
the U.S. Bankruptcy Court for the District of Delaware to hire Epiq
Corporate Restructuring, LLC, as the administrative advisor for the
Debtors, nunc pro tunc to October 5, 2018.
Mattress Firm requires Epiq Corporate to:
a. assist with, among other things, solicitation, balloting,
tabulation, and calculation of votes, if necessary, as well as
preparing any appropriate reports, as required in furtherance of
confirmation of any chapter 11 plan;
b. generate an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results for any
chapter 11 plan(s) in these cases;
c. provide assistance with preparation of the Debtors'
schedules of assets and liabilities and statements of financial
affairs, if necessary;
d. manage any distributions pursuant to any confirmed chapter
11 plan in these chapter 11 cases; and
e. provide such other claims processing, noticing,
solicitation, balloting, and administrative services described in
the Retention Agreement, but not included in the Section 156(c)
Application, as may be requested by the Debtors from time to time.
The firm's hourly rates are:
Clerical/Administrative Support $25.00 to $45.00
IT/Programming $31.50 to $63.00
Case Managers $58.50 to $145.00
Consultants/Directors/VPs $145.00 to $175.00
Solicitation Consultant $175.00
Executive VP, Solicitation $193.50
Executive No Charge
Kathryn Tran, Director with Epiq Corporate Restructuring, LLC,
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 Debtors and their
estates.
Epiq can be reached at:
Kathryn Tran
EPIQ CORPORATE RESTRUCTURING, LLC,
777 Third Avenue, 12th Floor
New York, NY 10017
Tel: (646) 282-2500
Fax: (646) 282-2501
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.
MC COMMUNICATION: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee on Oct. 11 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of MC Communication LLC.
Based in Clarksville, Tennessee, MC Communication LLC operates in
the communications services industry.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr. M.D.
Tenn. Case No. 18-06022) on Sept. 7, 2018, listing $1,004,471 in
total assets and $4,135,971 in total liabilities. The petition was
signed by John Miraglia, owner/operator.
Judge Randal S. Mashburn presides over the case.
Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz serves as the
Debtor's bankruptcy counsel.
MERITOR INC: Moody's Hikes CFR to Ba3, Outlook Stable
-----------------------------------------------------
Moody's Investors Service upgraded Meritor, Inc.'s ratings
including the Corporate Family and Probability of Default to Ba3
and Ba3-PD, from B1 and B1-PD, respectively, and the senior
unsecured to B1 from B2, and affirmed the Speculative Grade
Liquidity Rating at SGL-2. The rating outlook is revised to stable
from positive.
Upgrades:
Issuer: Meritor, Inc.
Corporate Family Rating, to Ba3 from B1
Probability of Default Rating, to Ba3-PD from B1-PD
Senior Unsecured Regular Bond/Debenture, to B1 (LGD4) from B2
(LGD4)
Affirmations:
Issuer: Meritor, Inc.
Speculative Grade Liquidity Rating, Affirmed SGL-2
Outlook Actions:
Issuer: Meritor, Inc.
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
The upgrade reflects Moody's expectations that Meritor will grow
its profits and further expand the margins as North American truck
builds are projected to be strong through 2019. Moreover, given the
direct exposure to the cyclical commercial truck build rates,
Moody's anticipates that Meritor will continue taking measures to
plan for the next downcycle by using its cash flow to
opportunistically reduce debt and to build liquidity. Meritor
should somewhat increase both the EBITA and EBITDA margins from
7.7% and 9.8%, respectively, for the last twelve months ended June
30, 2018. Free cash flow (cash from operations less capex less
dividends) should also improve to approximately $200 million over
the next year. As a result, Moody's believes Meritor will lower
financial leverage to be able to maintain debt/EBITDA below 4x
(after Moody's standard adjustments) even during the next down
cycle along with maintaining strong liquidity.
Meritor is a major provider of drive axles to commercial trucks, so
its customer exposure is somewhat concentrated. North American
demand, where Meritor is most exposed as North America generated
about 61% of revenue for the first nine months of fiscal 2018, is
anticipated to improve in 2019 but moderate afterwards. Over time,
Moody's believes that Meritor has only a moderate risk of lost
sales because of alternative propulsion, as Moody's expects the
transition to electrification to be modest for the larger Class 8
commercial trucks, and very lengthy.
The Speculative Grade Liquidity rating of SGL-2 reflects
expectations for good liquidity through 2019 supported by cash,
availability under the $525 million revolving credit facility, and
expectation of positive free cash flow generation. Cash was $100
million, as of June 30, 2018, and the revolving credit facility was
unfunded with no letters of credit. The credit facility should have
ample cushion on the covenants of debt to EBITDA ratio test and a
collateral value test. As of June 30, 2018 the company utilized
about $310 million of receivable factoring and securitization
facility arrangements which has been an ongoing practice, but also
a potential funding risk if factoring arrangements are not
continued.
The stable rating outlook reflects expectations of improves margins
with free cash flow sufficient for continued debt reduction to
increase financial flexibility for the cyclical downturns.
The rating could be upgraded with evidence of greater than expected
financial flexibility including cost controls to produce an EBITA
margin in the mid-teens, along with EBITA / interest exceeding 5x,
and debt / EBITDA around the mid 2x level.
The ratings could be downgraded with expectations of an EBITA
margin below 7%, EBITA / interest approaching 2.5x or debt / EBITDA
above 4x. Other potential events that could result in a downgrade
include meaningful loss of market position, a weakening of the
company's liquidity profile, or more aggressive financial policies
such as increased target leverage or return of capital to
shareholders.
The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.
Meritor, Inc., headquartered in Troy, MI, is a leading global
supplier of drivetrain, mobility, braking and aftermarket solutions
for commercial truck, trailer, off-highway, defense, specialty and
aftermarket customers around the world. Revenues for the LTM period
ended June 30, 2018 were approximately $4.0 billion.
MIAMI BEVERLY: $6.6M Sale of Six Miami Properties to 101 Approved
-----------------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida authorized Miami Beverly, LLC, 1336 NW
60 LLC, Reverend LLC, 13300 Alexandria Dr Holdings LLC, and The
Holdings At City, LLC, to sell the following real properties: (i)
Miami Beverly's real property located at 1250 NW 62 St, Miami,
Florida, Property Folio No. 01-3114-043-0290; (ii) Miami Beverly's
real property located at 1231 NW 61 St, Miami, Florida, Property
Folio No. 01-3114-043-0291; (iii) Miami Beverly's real property
located at 6040 NW 12 Ave, Miami, Florida, Property Folio No.
01-3114-043-0540; (iv) 1336 NW 60's real property located at 1335
NW 60 St, Miami, Florida, Property Folio No. 01-3114-043-0790; (v)
1336 NW 60's real property located at 1341 NW 60 St, Miami,
Florida, Property Folio No. 01-3114-043-0800; and (vi) The Holdings
at City's real property located at 1710 NW 1 Ct, Miami, Florida,
Property Folio No.
01-3125-048-1060; to 101 Apartments Holdings, LLC for $6.55
million.
The Debtors, by and through the Custodian and/or her agents, will
provide tenants/lessees simple written notice of the assignment of
the Leases to the Buyer, which will be delivered by hand to each of
the occupied units in the Properties by Oct. 5, 2018. The simple
notice will at a minimum inform the Tenants of the assignment of
their lease to the Buyer, the transfer of their deposit and/or last
month's rent to the Buyer, and the Tenants' right to raise a valid
legal objection to the assignment of Leases by Oct. 15, 2018 at
12:00 p.m. (EST).
All objections may be submitted to either the Custodian or the
Debtors' counsel by e-mail and/or telephone. The Custodian and the
Debtors' counsel may determine who among them is the primary and
exclusive point of contact designated to receive such objections.
To the extent any objections are received, such objections will be
heard by the Court on Oct. 19, 2018 at 11:00 a.m., otherwise the
Court may cancel the hearing upon notice by the Debtors that no
objections were received.
The Debtors are authorized to pay at closing $5,000 to Wilbert
"Will" Reynosoand Moecker Realty Auctions, LLC. Subject to and
pending further order of the Court upon motion and a hearing,the
Debtors will not disburse the proceeds received from the sale of
the Properties, provided that the Debtors are authorized to pay any
normal and customary closing costs that are the obligation of the
Debtors under the Contract, pay Wilbert, pay US Trustee fees
associated with the transaction, and pay Miami-Dade Tax Collector
any and all amounts outstanding as of date of the Closing from such
proceeds, and pay undisputed City of Miami Liens. The proration of
real estate taxes pursuant to the Contract, are also authorized.
The rights of the Debtors, creditors, equity holders, and parties
in interest in and to the proceeds from the sale of the Properties
are reserved and preserved pending further order of the Court.
All net proceeds from sale of the Properties will be directly
placed and reside in the trust account of Leiderman Shelomith
Alexander + Somodevilla, PLLC, counsel for the Debtors, pending
further order of the Court. All disbursements made at closing will
be reported in monthly operating reports and any and all settlement
statements will be attached to same. Any dispute concerning the
disbursement of proceeds at closing as contemplated by the closing
statement of the transaction will be heard by the Court, upon
notice and request for hearing, on Oct. 19, 2018 at same time as
hearing on any Tenant's objection.
The Custodian will supervise the use of the Pre-Closing Funds for
the exclusive purpose of continuing necessary remediation of the
properties that are the subject of the Receivership Case, up to the
Closing Date. Use of the Pre-Closing Funds will be subject to
notice to the Debtors for specific use. The funds will be
disbursed by Mr. Gary Murphree who will continue holding onto the
Pre-Closing Funds and act as a disbursement agent of said funds.
About Miami Beverly
Miami Beverly, LLC and its affiliates 1336 NW 60 LLC, Reverend,
LLC, 13300 Alexandria Dr. Holdings, LLC and The Holdings at City,
LLC, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Lead Case No. 18-14506) on April 17, 2018. In
the petition signed by Denise Vaknin, manager, Miami Beverly
estimated assets of less than $50,000 and liabilities of less than
$500,000. Judge Laurel M. Isicoff presides over the cases. The
Debtor tapped Leiderman Shelomith Alexander + Somodevilla, PLLC, as
its legal counsel.
MITCHELL INTERNATIONAL: Moody's Affirms B3 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Mitchell International, Inc.'s
B3 Corporate Family Rating and B3-PD Probability of Default Rating
upon the company's announcement that it will be merging, with the
backing of common-owner Stone Point Capital, with
medical-cost-containment and disability-management services
provider Genex Services, Inc. The merger entails the repayment of
nearly $500 million of existing Genex revolver and first- and
second-lien term loan debt, using the proceeds from an incremental
$500 million first-lien term loan at the surviving borrower
Mitchell. As a result of the increased proportion of first-lien
debt in Mitchell's post-merger capital structure relative to
second-lien debt, Moody's has downgraded the first-lien revolver
and term loan to B2, from B1, as there is relatively less
second-lien debt to provide ratings support to first-lien
obligations. Moody's also affirmed the Caa2 rating on Mitchell's
second-lien term loan, whose $450 million principal is unchanged.
Upon closing, expected by early November, of the merger and
refinancing transaction, Moody's expects to withdraw the (facility
and B3 CFR) ratings of Gem Acquisitions, Inc., the indirect parent
of Genex. The rating outlook is stable.
Affirmations:
Issuer: Mitchell International, Inc.
Probability of Default Rating, Affirmed B3-PD
Corporate Family Rating, Affirmed B3
Senior secured second-lien bank credit facility maturing 2025,
Affirmed Caa2; (LGD5 to LGD6)
Outlook Actions:
Outlook, Stable
Downgrade:
Senior secured first-lien bank credit facilities maturing 2022 and
2024, Downgraded to B2 (LGD3), from B1 (LGD3)
RATINGS RATIONALE
The affirmation of Mitchell's B3 CFR reflects what Moody's views as
a sound rationale for SPC's decision to merge two of its portfolio
companies, but also persistent and exceptionally high, nearly 10.0
times Moody's-adjusted debt-to-EBITDA leverage, which Moody's
believes could hinder Mitchell's operational and competitive
stance. Moody's expects leverage to moderate towards 8.0 times by
the end of 2019. While the merger is leverage-neutral in terms of
the combined companies' debt, Mitchell will be integrating a large
(roughly $440 million-revenue) and slow-growing services company
whose EBITDA margins are lower than Mitchell's mid-20%s
software-and-systems-driven margins. While both companies had been
run, given their prior PE ownership, on lean platforms before SPC
bought them both earlier this year, Moody's believes there will be
opportunity to eliminate reduncies resulting from their
combination. Nevertheless, servicing nearly $2 billion of
high-yield debt and meeting integration expenses will, Moody's
believes, cut into Mitchell's free cash flow, which Moody's sees as
only nominally positive over the next twelve months. An expanded,
$125 million revolver will support Mitchell's operating liquidity
needs, and may support, as it has in the past, the company's active
acquisition program.
The merger with Genex will give Mitchell substantial, $1.1 billion
revenue scale, but Moody's expects the combined entity to be a
slower growing and lower margin company. Strategically, however,
the rationale is sound. Genex's team of 1,500 nurses will manage
workers' compensation patients' cases and perform utilization
reviews and independent medical exams, helping its WC
insurance-company, self-insured-employer, and TPA customers contain
costs and enhance return-to-work metrics. By providing clinical
intervention, then, Genex's nurse case managers address indemnity
spend prospectively, which complements the retrospective function
provided by Mitchell's existing bill review technology and cost
containment solutions.
The Genex merger is a not-unexpected step in Mitchell's
transformation over the last several years, during which it has
extended its reach well beyond its legacy strength in automotive
physical damages ("APD") valuation and claims processing, and into
benefit management ("PBM") and revenue cycle management services
for pharmacies, as well as specialty bill review services for
workman's-comp-related medical bills. With the inclusion of Genex,
the non-APD-services segments will now represent about 85% of
Mitchell's revenues, as compared with less than 30% a decade ago.
Mitchell maintains leading positions in North American automotive
casualty and WC solutions. Customer contracts, along with data and
software that are embedded in client workflows, provide recurring
and predictable revenue and cash flows that support high leverage.
Moody's expects the company's growth to slow to the
mid-single-digit-percentages as a result of the integration of
Genex, and anticipates free cash flow, as a percentage of debt, to
be in the low-single digit percentages, about average for the
rating category, but improving over time. Given legacy Mitchell's
growth, working capital has generally represented a use of funds
(over the last several quarters, for example), but strong funds
from operations have provided for positive cash flows every
quarter, so Moody's expects revolver draws to be minimal. The
amended secured credit facility is covenant-light, with a liberal,
8.0 times springing first-lien-leverage limit applicable only when
there is at least 35% outstanding under the revolver.
The stable outlook anticipates mid-single-digit organic revenue
growth and flat margins over the next twelve to eighteen months,
with leverage easing towards 8.0 times by late 2019. Moodys'
anticipates that better profits will be driven primarily by
increased penetration in Mitchell's PBM and casualty segments, less
so by possible merger-related cost synergies, while the APD segment
should see stable revenues. The ratings could be upgraded with
stronger than anticipated revenue and profitability growth and a
significant improvement in leverage metrics, particularly with
regard to debt-to-EBITDA, which Moody's would expect to be
sustained around 6.0 times, and free cash flow as a percentage of
debt, which Moody's would expect to be in the mid-single-digit
percentages. The ratings could be downgraded if revenue or
profitability declines materially due Genex-integration challenges,
customer losses, or weaker pricing. Stagnant top-line growth and
deteriorating margins could hamper liquidity and could cause
leverage to drift above the current elevated levels, which could
put downward pressure on the ratings. The ratings could also be
presserued if free-cash-flow-to-debt falls to breakeven levels, or
if Moody's expects (capex - EBITDA)/interest expense to decline
below 1.0 times.
Mitchell International is a leading provider of: i) data, software,
and services to support the estimating, adjudication, and
processing of automobile physical damage (APD) insurance claims,
auto-related bodily injury claims, and workers' compensation claims
(together, "casualty"), as well as; ii) pharmacy network services
for prescriptions related to casualty and workman's comp claims.
Moody's anticipates 2019 revenues of more than $1.1 billion,
reflecting the inclusion of Genex Services. Private equity sponsor
SPC acquired both Mitchell and Genex in early 2018, and expects to
combine the two companies in late 2018.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
MITCHELL TOPCO: S&P Gives 'B-' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating on San
Diego-based Mitchell Topco Holdings Inc. The outlook is stable.
S&P said, "Our 'B-' issue-level rating remains unchanged on
Mitchell International's $1.6 billion first-lien credit facilities,
which consist of an upsized $125 million revolving credit facility
and an upsized $1.503 billion term loan due 2022. We expect the
revolving credit facility to be undrawn when the transaction
closes. The '3' recovery rating indicates our expectations for
meaningful recovery (50%-70%; rounded estimate: 65%) of principal
in the event of a payment default.
"Our 'CCC' issue-level rating remains unchanged on the company's
$450 million second-lien term loan due 2024. The '6' recovery
rating indicates our expectations for negligible recovery (0%-10%;
rounded estimate: 0%) of principal in the event of a payment
default.
"We also withdrew our issuer credit rating at MIH Parent, Inc.as
the audited financial statements going forward will be at Mitchell
Topco Holdings Inc.
"The issuer credit rating reflects our view that Mitchell's scale
and diversity will improve after the merger with Genex, the
company's leadership positions in the fast growing casualty
segment, and relatively stable auto physical damage (APD) segment,
and our expectation for leverage to remain elevated.
"The outlook on Mitchell is stable, based on our expectation that
the company's will maintain its strong market positions in casualty
and APD and continue to generate positive free cash flow, and that
leverage will reduce modestly. The outlook also incorporates the
company integrating and achieving synergies from Genex over two
years.
"Over the next 12 months, we could lower the rating if we view
liquidity as less than adequate. This could occur with the loss of
leadership positions in the casualty or APD segments or large
customer losses.
"We could raise the rating if the company reduces its adjusted
leverage to under 7.5x on a sustained basis and its free operating
cash flow (FOCF)-to-debt ratio reaches the mid-single-digit
percentage area. This would likely happen if the company executes
its growth strategy and improves profitability while leverage
reaches and remains below 7.5x."
MONSTER CONCRETE: Hearing on Plan Confirmation Set for Nov. 20
--------------------------------------------------------------
Bankruptcy Judge Clifton R. Jessup, Jr. approved Monster Concrete,
LLC third amended disclosure statement, dated Oct. 5, 2018, in
support of its chapter 11 plan.
A hearing on Confirmation of the Plan will be held on Tuesday,
November 20, 2018 at 1:30 p.m. before the Honorable Clifton R.
Jessup, Jr. at the Federal Building, 101 Holmes Avenue, Huntsville,
Alabama, 35801.
Nov. 12, 2018 by 5:00 p.m., CDT is fixed as the deadline to file
ballots accepting or rejecting the plan, and the last day to file
any objections to confirmation of the plan.
The Troubled Company Reporter previously reported that the third
amended plan provides a summary of Monster Concrete and Excavation,
Inc.'s financial condition. Monster Concrete and Excavation is the
Debtor's sister company. At the time Monster Concrete and
Excavation filed its Petition it had assets of approximately
$121,198.81 and liabilities of $422,302.17.
A full-text copy of the Third Amended Disclosure Statement is
available for free at:
http://bankrupt.com/misc/alnb18-80280-11-47.pdf
About Monster Concrete
Based in Huntsville, Alabama, Monster Concrete and Excavation,
Inc., and Monster Concrete, LLC, are involved in the concrete
business and are owned by Steve Williams.
Monster Concrete and Excavation, Inc., and Monster Concrete, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Ala. Case No. 18-80279 and 18-80280) on Feb. 1, 2018. Judge
Clifton R. Jessup, Jr., presides over the cases. Heard, Ary &
Dauro, LLC, is the Debtors' legal counsel.
The Court has not appointed a trustee or examiner nor has any
official committee been established in the bankruptcy case.
MONSTER CONCRETE: Nov. 20 Excavation Plan Confirmation Hearing Set
------------------------------------------------------------------
Bankruptcy Judge Clifton R. Jessup, Jr. issued an order approving
Monster Concrete and Excavation Inc.'s revised second amended
disclosure statement dated Sept. 28, 2018.
A hearing on Confirmation of the Plan will be held on Tuesday, Nov.
20, 2018 at 1:30 p.m. before the Honorable Clifton R. Jessup, Jr.
at the Federal Building, 101 Holmes Avenue, Huntsville, Alabama,
35801.
Nov. 12, 2018 by 5:00 p.m., CDT is fixed as the deadline for filing
ballots accepting or rejecting the Plan, and the last day to file
any objections to confirmation of the Plan.
The Troubled Company Reporter previously reported that the Debtor
will pay North Mill Credit Trust f/k/a EFS Credit Trust $779
monthly at 5.25% per annum.
A copy of the Revised Second Amended Disclosure Statement is
available for free at:
http://bankrupt.com/misc/alnb18-80279-11-143.pdf
About Monster Concrete
Based in Huntsville, Alabama, Monster Concrete and Excavation,
Inc., and Monster Concrete, LLC, are involved in the concrete
business and are owned by Steve Williams.
Monster Concrete and Excavation, Inc., and Monster Concrete, LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Ala. Case No. 18-80279 and 18-80280) on Feb. 1, 2018. Judge
Clifton R. Jessup, Jr., presides over the cases. Heard, Ary &
Dauro, LLC, is the Debtors' legal counsel.
The Court has not appointed a trustee or examiner nor has any
official committee been established in the bankruptcy case.
MOUNTAIN CRANE: Seeks Non-Materials Modifications to Plan
---------------------------------------------------------
BankruptcyData.com reported that Mountain Crane Service requested
Court approval for non-material modifications to the Debtor's Plan
of Reorganization dated August 13, 2018.
BankruptcyData related that the Debtors explain, "The Debtor asks
the Court to approve non-material modifications to the Plan by
including language in the confirmation order which modifies and
amends the Plan: (a) to clarify and provide the Plan Administrator
with flexibility and authority to act in the best interests of
creditors with respect to Paul Belcher's Equity Interests, should
such interests fail to vest under the Plan; (b) to give the Plan
Administrator a special class of voting membership interest in the
Debtor for certain, limited purposes; (c) to remove Section 12.4 of
the Plan; and (d) to provide a more seamless transition to a
successor Plan Administrator, should the need for a successor Plan
Administrator arise. The primary purpose of these proposed
modifications to the Plan is to "clean up" provisions related to
the potential vesting (or non-vesting) of Paul Belcher's Equity
Interests, and to resolve objections, or potential objections, to
the Plan relating to Section 12.4 of the Plan. The Debtor submits
that none of the proposed modifications will adversely change the
treatment of any creditor under the Plan, and that creditors that
previously accepted the Plan should be deemed to accept the
modified plan without requiring the Debtor modify its Disclosure
Statement or resolicit acceptances of the Plan."
About Mountain Crane Service
Mountain Crane Service, LLC -- https://www.mountaincrane.com/ --
specializes in refinery turnarounds and has a fleet comprised of
more than 100 cranes, and hundreds of other pieces of equipment
dedicated to refineries in Utah, Montana, and Wyoming. It is
located in Salt Lake City, Utah, with satellite offices and wind
maintenance service locations in Montana, Nevada, Washington,
Idaho, Wyoming, Iowa, Texas and Michigan.
Mountain Crane Service sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 18-20225) on Jan. 12,
2018. In the petition signed by Paul Belcher, managing member, the
Debtor estimated assets and liabilities of $50 million to $100
million.
Judge Joel T. Marker presides over the case.
The Debtor hired Cohne Kinghorn, P.C., as its bankruptcy counsel;
and Rocky Mountain Advisory, LLC, as its accountant and financial
advisor. It also hired Richards Brandt Miller Nelson PC, Brian C.
Webber PLLC, and GC Associates Law as special counsel.
The Debtor also hired Paul P. Burghardt and the law firm of GC
Associates Law as special bankruptcy counsel; Dan Anderson and
Sterling Appraisals & Machinery, Ltd as appraisers and valuation
consultants; and Calaway Capital Resources, Inc. as the Debtor's
consultant regarding (i) interest rates and terms for loans on
cranes and other heavy equipment; (ii) collateral lifespans for
such loans; and (iii) interest rates and repayment terms for "line
of credit" loans in the construction industry.
The U.S. Trustee for Region 19 appointed an official committee of
unsecured creditors on Jan. 25, 2017. The Committee retained
Archer & Greiner, P.C., as its legal counsel.
Judge Marker has approved Mountain Crane Service, LLC's disclosure
statement with respect to its chapter 11 plan of reorganization.
MOUNTAIN CRANE: Wants Exclusivity Extended Thru Dec. 10
-------------------------------------------------------
BankruptcyData.com reported that Mountain Crane Service filed with
the Court a motion to extend the periods during which the Company
has an exclusive right to file a Chapter 11 Plan, and solicit
acceptances thereof, through and including December 10, 2018.
Absent the requested extensions, the exclusivity period was
scheduled to expire on Oct. 9, 2018.
BankruptcyData related that the extension motion explains, "This
Motion is the Debtor's third request for an extension of the
Exclusivity Periods. Presently, the Debtor is seeking to extend the
Exclusivity Periods to a date that is approximately sixty days
after the present expiration of the Exclusivity Periods, and
well-past the date scheduled for confirmation of its Plan. In
short, the extension of the Exclusivity Periods is needed in the
event that the Debtor is required to have a contested, evidentiary
hearing for the confirmation of its Plan. It cannot be reasonably
asserted that the Debtor is seeking an extension of the Exclusivity
Periods to unfairly prejudice or pressure the Debtor's creditors.
Instead, the extension requested by the Debtor is an exercise of
prudent business judgment and an attempt to have adequate time to
obtain confirmation of its Plan. If the Debtor's Plan is not
confirmed before December 10, 2018, the Debtor may seek a further
extension of the Exclusivity Periods, and this Motion is without
prejudice to the Debtor seeking such an extension. In sum, the
requested extension of the Exclusivity Periods will facilitate the
Debtor's efforts to maximize the value of its estate by providing
the Debtor with a full and fair opportunity to seek acceptance and
confirmation of its Plan."
The Court scheduled a November 8, 2018 hearing on the extension
motion with objections due by October 26, 2018.
About Mountain Crane Service
Mountain Crane Service, LLC -- https://www.mountaincrane.com/ --
specializes in refinery turnarounds and has a fleet comprised of
more than 100 cranes, and hundreds of other pieces of equipment
dedicated to refineries in Utah, Montana, and Wyoming. It is
located in Salt Lake City, Utah, with satellite offices and wind
maintenance service locations in Montana, Nevada, Washington,
Idaho, Wyoming, Iowa, Texas and Michigan.
Mountain Crane Service sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 18-20225) on Jan. 12,
2018. In the petition signed by Paul Belcher, managing member, the
Debtor estimated assets and liabilities of $50 million to $100
million.
Judge Joel T. Marker presides over the case.
The Debtor hired Cohne Kinghorn, P.C., as its bankruptcy counsel;
and Rocky Mountain Advisory, LLC, as its accountant and financial
advisor. It also hired Richards Brandt Miller Nelson PC, Brian C.
Webber PLLC, and GC Associates Law as special counsel.
The Debtor also hired Paul P. Burghardt and the law firm of GC
Associates Law as special bankruptcy counsel; Dan Anderson and
Sterling Appraisals & Machinery, Ltd as appraisers and valuation
consultants; and Calaway Capital Resources, Inc. as the Debtor's
consultant regarding (i) interest rates and terms for loans on
cranes and other heavy equipment; (ii) collateral lifespans for
such loans; and (iii) interest rates and repayment terms for "line
of credit" loans in the construction industry.
The U.S. Trustee for Region 19 appointed an official committee of
unsecured creditors on Jan. 25, 2017. The Committee retained
Archer & Greiner, P.C., as its legal counsel.
Judge Marker has approved Mountain Crane Service, LLC's disclosure
statement with respect to its chapter 11 plan of reorganization.
NICHOLS BROTHER: Exclusive Plan Filing Deadline Moved to Oct. 30
----------------------------------------------------------------
The Hon. Terrence L. Michael of the U.S. Bankruptcy Court for the
Northern District of Oklahoma, at the behest of Nichols Brothers,
Inc. and its affiliates, has extended the Debtors' exclusive period
in which to submit and to obtain acceptance of its proposed Chapter
11 Plan to Oct. 30, 2018 and Dec. 30, 2018, respectively.
The Troubled Company Reporter has previously reported that the
Debtors are seeking an extension of the Exclusivity Periods in
abundance of caution and to account for unforeseen contingencies,
pending finalization of their proposed plan and accompanying
disclosure statement. Since its filing, the Debtors have been
implementing the repair plan of their oil and gas assets along with
efforts to market and sell their assets and related matters.
However, these efforts were delayed through protracted negotiations
and circumstances surrounding the approval of the DIP loan and use
of case collateral in this case, which was not approved until Aug.
1, 2018 -- two months after filing the Chapter 11 cases.
The Debtors also mentioned that they are currently negotiating an
asset purchase agreement for the sale of substantially all the
assets of W.O. Operating Company, Ltd., along with a sale motion
and other related documents. Thus, the Debtors asserted that their
ability to formulate and submit a plan during this period of time
has been rendered difficult under these circumstances.
Nevertheless, the Debtors have drafted a Chapter 11 plan and
disclosure statement which they believe is consistent with the
terms of the order approving the DIP financing and that will
provide for an efficient and economical liquidation of their
assets. The Official Committee of Unsecured Creditors has been
advised of the basic terms of the plan. Certain of the DIP Lenders
and Pre-Petition Lenders, as well as the Committee, have responded
favorably to the concept of the proposed plan but have requested
more time to review and evaluate the specific terms and provisions
of the same. The Debtors' plan and disclosure statement are
currently being evaluated by the DIP Lenders and Pre-Petition
Lenders.
About Nichols Brothers
Nichols Brothers, Inc., and its subsidiaries are primarily focused
on oil and gas production operating 400 producing wells, which are
generally considered "stripper wells" in the industry. The
business group is owned and operated by Richard and Orville
Nichols. Nichols Brothers is headquartered in Tulsa, Oklahoma.
Nichols Brothers and its subsidiaries filed voluntary petitions
(Bankr. N.D. Okla. Lead Case No. 18-11123) on June 1, 2018. In the
petition signed by Richard Nichols, president, Nichols Brothers
disclosed $10,388 in assets and $32.87 million in liabilities. The
case is assigned to Judge Terrence L. Michael.
Gary M. McDonald, Esq., Chad J. Kutmas, Esq., and Mary E. Kindelt,
Esq., at McDonald & Metcalf, LLP serve as the Debtors' counsel;
Padilla Law Firm, serves as special counsel to the Debtor; and
Koehler & Associates, Inc., as its chief restructuring officer.
The U.S. Trustee for Region 20 on June 22, 2018, appointed an
official committee of unsecured creditors. The Committee retained
Rosenstein Fist & Ringold, as counsel.
OPEN ROAD: Nov. 7 Auction of Substantially All Assets Set
---------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware authorized the bidding procedures of Open
Road Films, LLC and affiliates in connection with the sale of
substantially all assets at auction.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Nov. 2, 2018 at 5:00 p.m. (ET)
b. Deposit: 10% of the purchase price
c. Auction: The Auction to determine the successful bidder for
the Purchased Assets will be held on Nov. 7, 2018 at 10:00 a.m.
(ET) at a location to be identified in advance of the Auction.
d. Bid Increments: $1 million
e. Sale Hearing: Nov. 9, 2018 at 10:00 a.m. (ET)
f. Sale Objection Deadline: Nov. 2, 2018 at 4:00 p.m. (ET)
g. Auction Objection Deadline: 8:30 a.m. (ET) on the day of
the Sale Hearing
h. Any Secured Creditor will have the right to credit bid all
or a portion of such Secured Creditor's secured claims to the
extent permitted under section 363(k) of the Bankruptcy Code.
i. The Debtors may enter into a Stalking Horse Agreement for
the sale of the Purchased Assets.
j. Closing: Nov. 16, 2018
Within three business days after entry of the Order, the Debtors
(or their agents) will the Sale Notice, the Motion, the Auction,
the Objection Deadlines, and the Sale Hearing upon all Notice
Parties.
On Oct. l2, 2018, the Debtors will file with the Court and serve on
each counterparty to a Contract the Notice of Assumption and
Assignment.
No later than Nov. 5, 2018, the Debtors will file with the Court
and serve on each counterparty (and its counsel, if known) to a
Contract each Qualified Bidder's proposed adequate assurance of
future performance. Any objection by a counterparty solely to the
proposed adequate assurance of future performance by the Qualified
Bidder must be filed and served on the Objection Recipients no
later than Nov. 7, 2018 at 4:00 p.m. (ET).
Notwithstanding any applicability of Bankruptcy Rules 6004(h),
7062, or 9014, the terms and conditions of the Order will be
immediately effective and enforceable upon its entry.
A copy of the Sale Notice attached to the Order is available for
free at:
http://bankrupt.com/misc/Open_Road_160_Order.pdf
About Open Road
Open Road Films, LLC, together with its affiliated debtors, is an
independent distributor of motion pictures in the United States and
licenses motion pictures in ancillary markets, principally to home
entertainment, pay television, subscription and transactional
video-on-demand, free television, and other non-theatrical
entertainment distribution markets.
Open Road Films, LLC, and its affiliates sought Chapter 11
protection (Bankr. D.Del. Lead Case No. 18-12012) on Sept. 6, 2018.
Open Road estimated assets and debt of $100 million to $500
million.
The Hon. Laurie Selber Silverstein is the case judge.
Young Conaway Stargatt & Taylor, LLP, led by Robert F. Poppiti,
Jr., Esq., Michael R. Nestor, Esq., Sean M. Beach, Esq., Ian J.
Bambrick, Esq. serves as counsel to the Debtors. Klee, Tuchin,
Bogdanoff & Stern LLP, led by Michael L. Tuchin, Esq., Jonathan M.
Weiss, Esq., Sasha M. Gurvitz, Esq. also serves as counsel to the
Debtors. FTI Consulting, Inc. acts as restructuring advisors and
Donlin Recano & Company is claims and noticing agent to the
Debtors.
PAINTSVILLE INVESTORS: Unsecureds to be Paid from Net Cash Flow
---------------------------------------------------------------
Paintsville Investors, LLC, submits a disclosure statement in
support of its chapter 11 plan dated Oct. 9, 2018.
The Plan contemplates the continued operation of the Debtor's long
term care and independent living facilities, and a gradual increase
in the patient census for the long term care facility to prior
occupancy levels. The Plan also contemplates the creation of a new
entity to serve as a real property holding company ("RealCo") in
order to allow the Reorganized Debtor to focus on operations, and
to help insulate the real property interests from personal injury
claims. Allowed Claims will be paid to the extent possible over a
period of time from future income. To the extent creditors have
liens against real property or tangible personal property, the Plan
contemplates that such creditors will retain their liens whether
property is transferred to RealCo or retained by the Reorganized
Debtor. In general, all Claims other than Secured Claims will be
paid to the greatest extent possible within five years after the
Effective Date of the Plan.
The two largest factors contributing to the Debtor's financial
distress are the large number of outstanding personal injury
lawsuits and the civil monetary penalties imposed by CMS. The
Debtor has structured the Plan and its obligations around the
ability of CMS to recoup the civil monetary penalties from future
revenues and the availability of insurance to resolve the pending
personal injury lawsuits. The Debtor believes this provides a
reasonable and conservative approach to its emergence from Chapter
11.
The Plan provides for the Debtor to continue to operate
post-Confirmation as the "Reorganized Debtor" in the ordinary
course of its business, receiving ongoing income from its
operations in order to fund Plan payments to its Creditors. In
addition, real property owned by the Debtor may be transferred to
RealCo, and RealCo will own and operate the real property separate
and apart from the day to day business operations of the
Reorganized Debtor. After Confirmation, RealCo and the Reorganized
Debtor may, but will not be required to, sell some or all of their
assets pursuant to the terms of the Plan.
The Reorganized Debtor and RealCo will fund the Plan payments to
Creditors according to the Plan treatment terms from
post-Confirmation net profits, as well as from payments from the
equity holders of the Debtor. As of the Effective Date, and as long
as the RealCo and the Reorganized Debtor continue operations, they
will have the right to collect and use all of their revenues for
operations, provided however, that the Reorganized Debtor will
segregate funds each month in order to fund Plan payments to
Unsecured Creditors and may agree to permit CMS to satisfy the
civil monetary penalties via recoupment over time.
Each holder of an Allowed Unsecured Claim in Class 6 will receive
Distribution(s) to the greatest extent possible from the net cash
flow of the Reorganized Debtor for a period of 60 months following
the Effective Date. Within 30 days of the Effective Date, the Plan
requires that the Reorganized Debtor establish a separate escrow
account to be used solely for funding Distributions to Class 6
Claimants. Beginning 30 days after the Effective Date and
continuing for 60 months, the Reorganized Debtor will deposit the
monthly sum of $1,000 into the Class 6 Escrow for the purposes of
paying Class 6 Allowed Unsecured Claims. In addition, the Debtor
will deposit Net Profits generated during each full calendar year
after the Effective Date into the Class 6 Escrow, to be distributed
pursuant to the Plan after payment of the Convenience Claims. The
Reorganized Debtor will make Distributions from the Class 6 Escrow
to each holder of an Allowed Class 6 Claim annually, beginning on
March 1, 2020 and ending on March 1, 2024, in the amount of each
Claimant’s pro rata share of the Class 6 Escrow on that date. The
Class 6 Claims are Impaired.
A full-text copy of the Disclosure Statement is available for free
at:
http://bankrupt.com/misc/kyeb18-70219-207.pdf
About Paintsville Investors
Mountain Manor of Paintsville --
http://mountainmanorofpaintsville.com/-- is a 126-bed skilled
nursing facility in Prestonsburg, Kentucky. Mountain Manor of
Paintsville provides inpatient nursing and rehabilitative services
to patients who require continuous health care. It offers many
amenities for its patients, including: two large gathering rooms
for family events, daily planned activities, secured courtyard,
chapel, hair salon, in-house laundry, registered dietician,
physical therapy services, occupational therapy services, speech
therapy services, spacious dining room, 24/7 skilled nursing,
private/semi-private rooms and a rehab unit.
Paintsville Investors, LLC, doing business as Mountain Manor of
Paintsville, doing business as Buckingham Place, filed a Chapter 11
petition (Bankr. E.D. Ky. Case No. 18-70219), on April 9, 2018. In
the petition signed by Franklin D. Fitzpatrick, trustee, manager,
the Debtor disclosed $7.01 million in total assets and $9.81
million in total debt. The case is assigned to Judge Tracey N.
Wise.
The Debtor is represented by Dean A. Langdon, Esq. at Delcotto Law
Group PLLC; and Providence Health Group, LLC, serves as its
management consultant.
PENINSULA AIRWAYS: Trustee's $12M Sale to PenAir Okayed
-------------------------------------------------------
Judge Gary Spraker of the U.S. Bankruptcy Court for the District of
Alaska authorized Gerard A. McHale, Jr., the Chapter 11 Trustee of
Peninsula Airways Inc., doing business as Penair, to sell
substantially all assets to PenAir Acquisition, LLC, for $12.3
million, minus $655,000 for claim filed on Oct. 3, 2018 by Turbo
Lease, LLC and acquired by the Purchaser, plus the assumption of
the Assumed Liabilities.
According to reports, the winning bidder is Ravn Air Group owner
J.F. Lehman & Company. The buyer is a nominee of lender Wexford
Capital LP.
The Sale Hearing was held on Oct. 5, 2018.
Other than the Passenger Services Agreement for (BOS), the Alaska
Airlines Contracts are not Assigned Contracts, and are therefore
not Acquired Assets. Alaska Airlines has consented to the
assumption and assignment of the Passenger Services Agreement for
(BOS) to the Purchaser at closing.
A copy of the AOA and the Exhibit B attached to the Order is
available for free at:
http://bankrupt.com/misc/Peninsula_Airways_541_Order.pdf
About Peninsula Airways
Founded in 1955 by Orin Seybert in Pilot Point, Alaska, Peninsula
Airways, Inc., doing business as PenAir, is one of the oldest
family-owned airlines in the United States and is Alaska's second
largest commuter airline. Its main base is Ted Stevens Anchorage
International Airport, with other hubs located at Portland
International Airport in Oregon, Boston Logan International Airport
in Massachusetts and Denver International Airport in Colorado.
PenAir currently has a code sharing agreement in place with Alaska
Airlines with its flights operated in the state of Alaska as well
as all of its flights in the lower 48 states appearing in the
Alaska Airlines system timetable.
Peninsula Airways filed a Chapter 11 petition (Bankr. D. Alaska
Case No. 17-00282) on Aug. 6, 2017. In the petition signed by
Daniel P. Seybert, its president, the Debtor estimated assets and
liabilities ranging from $10 million to $50 million.
The case is assigned to Judge Gary Spraker.
Cabot C. Christianson, Esq., at the Law Offices of Cabot
Christianson, P.C., is serving as bankruptcy counsel to the Debtor.
Dawson Law Group, LLC, is the Debtor's special counsel.
The official committee of unsecured creditors formed in the case
retained Erik LeRoy, P.C., as counsel.
PERIWINKLE PARTNERS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Periwinkle Partners, LLC, as of Oct. 18,
2018, according to a court docket.
About Periwinkle Partners
Periwinkle Partners LLC, based in Sanibel, Florida, 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.
PINNACLE SERVICES: Dec. 13 Hearing on Plan and Disclosure Statement
-------------------------------------------------------------------
Bankruptcy Judge Cynthia C. Jackson conditionally approved Pinnacle
Services, LLC's disclosure statement explaining its chapter 11
plan.
An evidentiary hearing will be held on Dec. 13, 2018, at 02:45 PM
in Courtroom 6D, 6th Floor, George C. Young Courthouse, 400 West
Washington Street, Orlando, FL 32801 to consider and rule on the
disclosure statement and to conduct a confirmation hearing.
Written acceptances or rejections of the plan (ballots) must be
filed no later than seven days before the date of the confirmation
hearing.
Any party desiring to object to the disclosure statement or to
confirmation must file its objection no later than seven days
before the date of the confirmation hearing.
About Pinnacle Services
Pinnacle Services, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 18-01852) on April 2, 2018. The Debtor
hired Michael A. Nardella, Esq., at Nardella & Nardella, PLLC, as
counsel. At the time of the filing, the Debtor disclosed that it
had estimated assets of less than $500,000 and liabilities of less
than $1 million.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Pinnacle Services, LLC as of April 30,
according to a court docket.
POINT.360: $900K Sale of Assets to REEP-OFC Approved
----------------------------------------------------
Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central
District of California authorized Point.360's Settlement and Asset
Purchase Agreement with REEP-OFC 2300 Empire CA, LLC in connection
with the sale of assets for $900,000 free and clear of any liens,
claims and encumbrances.
A hearing on the Motion was held on Sept. 25, 2018 at 2:00 p.m.
The Debtor is authorized to and is deemed to have delivered to REEP
the Bill of Sale attached as Exhibit 2 to the Agreement.
REEP is authorized to apply and retain the Security Deposit as
defined in the Agreement. Its proof of claim # 55 in the amount of
$915,997 is reduced to and allowed in the net amount of $15,997.
As and for adequate protection of the interests of Medley Capital
Corporation and Medley Opportunity Fund II LP's, and Austin
Financial Services, Inc., the Debtor will establish and maintain a
segregated and sequestered DIP account with a balance of $91,535.
The APO Account will not used absent further Court order.
Medley and Austin Financial are granted replacement liens on the
APO Account having the same validity, priority and extent of any
Medley or Austin Financial prepetition lien on the Purchased Assets
only for the lost value of any such liens, if any, on such
Purchased Assets. The foregoing will not constitute an admission
or waiver of any claims regarding the validity of Medley's
prepetition liens.
The Order is without prejudice to Medley's rights under the Court's
Order granting Medley adequate protection, the Bankruptcy Code, the
loan documents between Medley and the Debtor or any other contract
or law.
About Point.360
Point.360 (PTSX) -- http://www.point360.com/and
http://www.mvf.com/-- is an integrated media management services
company providing film, video and audio post-production, archival,
duplication and data distribution services to motion picture
studios, television networks, independent production companies and
multinational companies. The Company provides the services
necessary to edit, master, reformat and archive its clients' audio,
video, and film content, which include television programming,
feature films, and movie trailers. On July 8, 2015, Point.360
acquired the assets of Modern VideoFilm to expand the Company's
service offering. The Company also rents and sells DVDs and video
games directly to consumers through its Movie>Q retail stores.
The Company is headquartered in Los Angeles, California.
Point.360 filed a voluntary petition for reorganization under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
17-22432) on Oct. 10, 2017.
In the petition signed by Haig S. Bagerdjian, the Company's
Chairman, President and CEO, the Debtor disclosed total assets of
$11.14 million and total debt of $14.77 million as of March 31,
2017.
The Hon. Julia W. Brand is the case judge.
The Debtor hired Lewis R. Landaue, Esq., as bankruptcy counsel, and
TroyGould PC, as transactional counsel.
No trustee has been appointed, and the Company will continue to
operate its business as "debtor in possession" under the
jurisdiction of the Court and in accordance with the applicable
provisions of the Bankruptcy Code and orders of the Court.
RESURRECTION LIFE: Hearing on Disclosure Statement Set for Nov. 1
-----------------------------------------------------------------
Bankruptcy Judge Jennie D. Latta is set to hold a hearing on Nov.
1, 2018 at 10:15 a.m. to consider approval of the disclosure
statement filed by Resurrection Life Ministry, Inc. on Sept. 7,
2018.
Oct. 25, 2018 is fixed as the last day for filing and serving
written objections to the disclosure statement.
The Troubled Company Reporter previously reported that general
unsecured creditors under the plan will receive a dividend of 10%
for a total of $13,071.80. These claims will begin receiving
payments sixty days after the Effective Date.
About Resurrection Life Ministries
Based in Memphis, Tennessee, Resurrection Life Ministries, Inc.,
d/b/a Grace Christian Fellowship Church, Inc., is an
interdenominational, Christ-centered ministry that seeks to apply
New Testament principles to every area of peoples' lives. The
petition was signed by Leo Holt, pastor. The Church filed for
chapter 11 protection on (Bankr. W.D. Tenn. Case No. 18-27490) on
Sept. 7, 2018, listing its total assets at $640,000 and total
liabilities at $4,120,718. The Debtor tapped John E. Dunlap as its
attorney.
SAMUELS JEWELERS: Examiner Taps Baker & Hostetler as Legal Counsel
------------------------------------------------------------------
John J. Carney, Esquire, as examiner of Samuels Jewelers, Inc.,
seeks authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Baker & Hostetler LLP as his legal counsel.
The Examiner requires Baker & Hostetler to:
a. represent and assist the Examiner in the discharge of his
duties and responsibilities under the Examiner Order, other orders
of this Court, and applicable law;
b. represent the Examiner in the preparation of motions,
applications, notices, orders, and other documents necessary in the
discharge of the Examiner's duties;
c. represent the Examiner at hearings and other proceedings
before this Court (and, to the extent necessary, any other court);
d. analyze and advise the Examiner regarding any legal issues
that arise in connection with the discharge of his duties;
e. assist the Examiner with interviews, examinations, and the
review of documents and other materials in connection with the
Examiner's investigation;
f. perform all other necessary legal services on behalf of the
Examiner in connection with the case; and
g. assist the Examiner in undertaking any additional tasks or
duties that the Court might direct or that the Examiner might
determine are necessary and appropriate in connection with the
discharge of his duties.
The current hourly rates for B&H's attorneys and para-professionals
who are expected to render services to the Examiner range from $270
per hour to $808 per hour. If the Court approves the retention of
B&H, B&H will provide a discount 15% for the hourly billing rates
of New York professionals, and 10% on the rates of any
professionals in offices other than New York for work on this
engagement
Jorian L. Rose, partner of Baker & Hostetler, LLP, 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 Debtors and their estates.
Baker & Hostetler can be reached at:
Jorian L. Rose, Esq.
Jason I. Blanchard, Esq.
BAKER & HOSTETLER, LLP
200 S. Orange Avenue, Suite 2300
Orlando, FL 32801
Tel: (407) 649-4000
Fax: (407) 841-0168
E-mail: jrose@bakerlaw.com
jblanchard@bakerlaw.com
About Samuels Jewelers
Samuels Jewelers, Inc. -- http://www.samuelsjewelers.com/--
operates a chain of jewelry stores with more than 120 stores in 23
states across the United States. These stores are located
primarily in strip-mall centers, major shopping malls and as
stand-alone stores.
Samuels Jewelers filed for Chapter 11 protection (Bankr. D. Del.
Lead Case No. 18-11818) on Aug. 7, 2018. In the petition signed by
CEO Farhad K. Wadia, Samuels Jewelers estimated assets of $100
million to $500 million and liabilities of $100 million to $500
million.
Jones Day and Richards, Layton & Finger, P.A., serve as counsel to
the Debtor. Berkeley Research Group, LLC, acts as financial
advisor, SSG Advisors, LLC, is the investment banker, and Prime
Clerk LLC serves as claims and noticing agent to the Debtor.
On Aug. 16, 2018, the U.S. Trustee appointed a seven-member panel
to serve as the Official Committee of Unsecured Creditors in the
Debtors' cases. The Committee tapped Foley & Lardner LLP as its
counsel; Whiteford, Taylor & Preston LLC as its co-counsel; and
Province, Inc. as financial advisor.
SAMUELS JEWELERS: Examiner Taps Landis Rath & Cobb as Counsel
-------------------------------------------------------------
John J. Carney, Esquire, as examiner of Samuels Jewelers, Inc.,
seeks authority from the U.S. Bankruptcy Court for the District of
Delaware to retain Landis Rath & Cobb LLP as Delaware Counsel, nunc
pro tunc to Oct. 9, 2018.
The Examiner requires LRC to:
a. take all necessary action to assist the Examiner in the
investigation;
b. in coordination with Baker & Hostetler, prepare on behalf
of the Examiner all reports, pleadings, applications, and other
necessary documents in the discharge of the Examiner's duties;
c. assist the Examiner in undertaking additional tasks that
the Court may direct; and
d. perform all other necessary legal services on behalf of the
Examiner in connection with the Chapter 11 Case.
The current rates of LRC are:
Partners $575 to $360
Associates $315 to $495
Paralegals/
Legal assistants $120 to $240
Adam G. Landis, Esq. attests that LRC neither holds nor represents
any interest adverse to the Debtors' estates and is a
"disinterested person" within the meaning of Sections 327(a) and
101(14) of the Bankruptcy Code.
The counsel can be reached through:
Adam G. Landis, Esq.
Kerri K. Mumford Esq.
Travis J. Ferguson, Esq.
LANDIS RATH & COBB LLP
919 Market Street, Suite 1800
Wilmington, DE 19801
Tel: (302) 467 -4400
Fax: (302) 467 -4450
E-mail: landis@lrclaw.com
mumford@lrclaw.com
ferguson@lrclaw.com
About Samuels Jewelers
Samuels Jewelers, Inc. -- http://www.samuelsjewelers.com/--
operates a chain of jewelry stores with more than 120 stores in 23
states across the United States. These stores are located
primarily in strip-mall centers, major shopping malls and as
stand-alone stores.
Samuels Jewelers filed for Chapter 11 protection (Bankr. D. Del.
Lead Case No. 18-11818) on Aug. 7, 2018. In the petition signed by
CEO Farhad K. Wadia, Samuels Jewelers estimated assets of $100
million to $500 million and liabilities of $100 million to $500
million.
Jones Day and Richards, Layton & Finger, P.A., serve as counsel to
the Debtor. Berkeley Research Group, LLC, acts as financial
advisor, SSG Advisors, LLC, is the investment banker, and Prime
Clerk LLC serves as claims and noticing agent to the Debtor.
On Aug. 16, 2018, the U.S. Trustee appointed a seven-member panel
to serve as the Official Committee of Unsecured Creditors in the
Debtors' cases. The Committee tapped Foley & Lardner LLP as its
counsel; Whiteford, Taylor & Preston LLC as its co-counsel; and
Province, Inc. as financial advisor.
SCIENTIFIC GAMES: Park West Reports 5.8% Stake as of July 30
------------------------------------------------------------
Park West Asset Management LLC disclosed in a Schedule 13G/A filed
with the Securities and Exchange Commission that as of July 30,
2018, it beneficially owns 5,540,346 shares of common stock of
Scientific Games Corporation.
PWAM is the investment manager to Park West Investors Master Fund,
Limited, and Park West Partners International, Limited, a Cayman
Islands exempted company, and Peter S. Park is the sole member and
manager of PWAM. As of July 30, 2018, PWIMF held 1,384,871 shares
of Common Stock of the Company and options to purchase up to
3,588,600 shares of Common Stock of the Company and PWPI held
155,475 shares of Common Stock of the Company and options to
purchase up to 411,400 shares of Common Stock of the Company. As a
result of the foregoing, for purposes of Reg. Section 240.13d-3,
PWAM and Mr. Park may be deemed to beneficially own the 1,540,346
shares of Common Stock of the Company and the 4,000,000 shares of
Common Stock of the Company underlying the options held in the
aggregate by the PW Funds, or approximately 5.8% of the shares of
Common Stock of the Company deemed to be issued and outstanding as
of July 30, 2018.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/DwOiZ3
About Scientific Games
Based in Las Vegas, Nevada, Scientific Games Corporation
(NASDAQ:SGMS) -- http://www.scientificgames.com/-- is a gaming
entertainment company offering a portfolio of game content,
advanced systems, cutting-edge platforms and professional services.
The company offers technology-based gaming systems, digital
real-money gaming and sports betting platforms, casino table games
and utility products and lottery instant games, and a leading
provider of games, systems and services for casino, lottery and
social gaming. Committed to responsible gaming, Scientific Games
delivers what customers and players value most: trusted security,
engaging entertainment content, operating efficiencies and
innovative technology.
Scientific Games reported a net loss of $242.3 million for the year
ended Dec. 31, 2017, compared to a net loss of $353.7 million for
the year ended Dec. 31, 2016. As of June 30, 2018, Scientific
Games had $7.61 billion in total assets, $9.88 billion in total
liabilities and a total stockholders' deficit of $2.26 billion.
SEARS HOLDINGS: October 24 Meeting Set to Form Creditors' Panel
---------------------------------------------------------------
William K. Harrington, United States Trustee for Region 2, will
hold an organizational meeting on October 24, 2018, at 11:00 a.m.
in the bankruptcy case of Sears Holdings Corporation, et al.
The meeting will be held at:
New York Hilton Midtown
Second Floor, Nassau Room
1335 Avenue of the Americas
New York, NY 10019
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 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 Freres &
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.
SKY-SCAN INC: May Continue Using Cash Collateral Until Jan. 4
-------------------------------------------------------------
The Hon. Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire has authorized Sky-Skan Incorporated to
use cash collateral on a continuing basis during the period between
the week ending Oct. 12, 2018 through the week ending Jan. 4, 2019
or until the date on which the Court enters an order revoking the
Debtor's right to use cash collateral.
The Debtor may use and expend up to $1,482,833 in cash collateral
to pay the costs and expenses incurred by the Debtor in the
ordinary course of business to the extent provided in the Budget.
The Debtor contends that as of the Petition Date its assets were
subject to the Internal Revenue Service's federal tax liens in the
amount and to the extent as set forth in the proof of claim filed
by the IRS.
Coastal Capital, LLC has alleged it has a perfected lien against
all assets of the Debtor in the approximate amount of $932,152,
which allegation the Debtor disputes.
The IRS and Coastal are granted valid, binding, enforceable and
automatically perfected liens, which liens continue to be valid and
enforceable, on the Debtor's property acquired post-petition,
excluding so-called Chapter 5 Claims, which liens will attach only
to the same types of property and with the same validity, extent
and priority as to which their respective liens existed prior to
the Petition Date, notwithstanding the provisions of section 552 of
the Bankruptcy Code.
As further adequate protection:
(a) The IRS is granted a continuing post-petition security
interest in all assets the Debtor.
(b) The IRS, by and through its agents or representatives,
will have access to and the right to inspect the Debtor's assets
and properties during normal business hours.
(c) The Debtor will permit the IRS to inspect, review and
copy any financial records of the Debtor. These records will be
made available at the Debtor's place of business.
(d) Since February 2018 the Debtor has been paying into
escrow at the Tamposi Law Group the monthly sum of $14,054.
Payments have been made and will continue to be made on the 15th
day of each month. Payments will continue each month thereafter
until confirmation of the Debtor's Chapter 11 Plan or until further
order of the Court. The funds will be applied to the secured debt
of the IRS and/or Coastal as their interests may ultimately be
adjudicated.
(e) The Debtor will timely file all post-petition tax returns
on the due date with the appropriate IRS office. A copy of all tax
returns will be provided to the IRS within two business days of
submission by either (a) mailing the same to Gail Irving,
Bankruptcy Specialist, Internal Revenue Service, Insolvency Unit,
P.O. Box 9502, Portsmouth, NH 03802-9502, or by facsimile
transmission to the attention of Gail Irving at 855-876-3986.
(f) The Debtor will timely pay each federal tax deposit as it
accrues (when payroll is made) by electronic transfer or through a
federal depository payable to the Debtor's depository institution.
(g) The Debtor will maintain all insurance policies including
workers compensation, general liability, fire, and casualty.
(h) The Debtor will provide to Coastal, the Official
Committee of Unsecured Creditors and the IRS a weekly report of its
current accounts receivable and cash positions as of Friday of
every week. The Debtor will provide such reports electronically on
each Wednesday for the previous week.
The Debtor will file a further application for ongoing usage of
Cash Collateral on or before Nov. 28, 2018. Any objection to the
application for ongoing use of cash collateral will be filed on or
before December 12.
The Court will hold a hearing on the application for ongoing use of
Cash Collateral on Dec. 19, 2018 at 2:00 p.m.
A full-text copy of the Order is available at
http://bankrupt.com/misc/nhb17-11540-317.pdf
About Sky-Skan Inc
Sky-Skan, Inc., was founded in 1967 as a company dedicated solely
to the development and manufacture of specialized devices for
depicting dynamic visualizations of astronomical and meteorological
phenomena on planetarium domes in museums, schools, and
universities. The company has since grown to become a provider of
digital full dome science visualization, theater control, and show
programming systems for hundreds of planetariums on six continents,
serving hundreds of clients in the niche field of immersive science
interpretation and education. From the initial planning stage to
staff training and ongoing support, Sky-Skan provides all services
required by the most advanced digital full-dome planetariums and
visualization theaters.
Sky-Skan, based in Nashua, NH, filed a Chapter 11 petition (Bankr.
D.N.H. Case No. 17-11540) on Nov. 1, 2017. In the petition signed
by Steven T. Savage, president, the Debtor estimated $0 to $50,000
in assets and $1 million to $10 million in liabilities.
Peter N. Tamposi, Esq., at The Tamposi Law Group, P.C., serves as
bankruptcy counsel to the Debtor, and SquareTail Advisors, LLC, is
the financial advisor.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Dec. 1, 2017. The Committee retained
William S. Gannon PLLC as its bankruptcy counsel.
SKYLINE RIDGE: $170K Sale of Pima Property to Athanasiou Approved
-----------------------------------------------------------------
Judge Brenda Moody Whinery of the U.S. Bankruptcy Court for the
District of Arizona authorized Skyline Ridge, LLC's sale of the
unimproved lot located near Sunrise and Skyline, sometimes
identified as Pima County Tax Parcel No. 109-11-356A, described as
all that portion of the West half of the West half of said G.L.O.
Lot 2 of Section 14, Township 13 South, Range 14;East, Gila and
Salt River Base and Meridian, Pima County, Arizona, to Stavos
Athanasiou, or assigns, for $170,000.
A hearing on the Motion was held on Oct. 3, 2018.
The Title Security is authorized to pay from the sale proceeds held
in escrow the amounts necessary to pay: (i) the real property taxes
due on the property; (ii) the sum necessary to pay off any lien
placed by a Homeowners Association where such lien was perfected
prior to March 1, 2018; (iii) the real estate commissions; and (iv)
any other costs of sale that are normally borne by the Seller.
The Title Security is authorized to pay over to Northern Trust Bank
the amount remaining after payment of all items described, and to
pay out that sum to Northern Trust Bank in exchange for a release
of all lien rights against the Property.
About Skyline Ridge
Based in Tucson, Arizona, Skyline Ridge, LLC, is an Arizona limited
liability company categorized under residential contractor.
Skyline Ridge filed for chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 18-01908) on March 1, 2018.
In the petition signed by Ahmad Zarifi, managing member and sole
owner, the Debtor estimated assets at $1 million to $10 million and
estimated liabilities at $1 million to $10 million.
The Court appointed Sue Hill as the Debtor's licensed real and
estate agent, and Long Realty, as the licensed real estate broker.
SYNTHESIS INDUSTRIAL: Unsecured Creditors to Get $7K in One Payment
-------------------------------------------------------------------
Synthesis Industrial Holdings 1 LLC filed with the U.S. Bankruptcy
Court for the District of Nevada a first disclosure statement
describing its plan of reorganization dated Oct. 9, 2018.
The Debtor's current property portfolio consists of one property
and all improvements thereto located at 11604 Azul Celeste Place,
Las Vegas, Nevada 89138. The Debtor was formed on Sept. 15, 2017
for the purpose of acquiring distressed property with what appears
to be unenforceable liens on the basis of the statute of
limitations running. The Debtor operates its rental property
business as a partnership.
Holders of Class 6 General Unsecured Claims on the Effective Date
will receive one payment of $7,000 in their pro rata share. All
portions of allowed Class 6 unsecured claims that remain unpaid,
and at the conclusion of the single payment required under this
Plan, will cease one month after the Effective Date and will be
forever discharged and rendered non collectable against the Debtor.
The Debtor's single Plan Payment under the Plan will be $7,000
which shall be made from the members' contribution. Projected
recovery for this class is 60%.
On the Effective Date payments to Creditors' in Classes 1 and 6
will be funded from the Debtor's rental income and equity interest
holder contributions should the rental income not be sufficient.
Payments to Class 6 creditors required under the Plan will be
funded by the Debtor's members as a single contribution of $7,000.
In addition, the Debtor will utilize all funds remaining in the DIP
account post confirmation as a contingency reserve for vacancies,
emergency and general repairs, tenant turnover, advertising and for
foreseeable increases in property taxes and insurance and income
taxes on rental income.
A full-text copy of the Disclosure Statement is available for free
at:
http://bankrupt.com/misc/nvb18-15993-12.pdf
About Synthesis Industrial
Synthesis Industrial Holdings 1 LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 18-15993) on
Oct. 5, 2018. At the time of the filing, the Debtor estimated
assets of less than $500,000 and liabilities of less than $1
million. Judge Mike K. Nakagawa presides over the case.
TA CHEN: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Ta Chen
International Inc. (TCI). The outlook is stable.
S&P said, "At the same time, we assigned our 'B' issue-level rating
to the company's proposed $250 million senior secured term loan due
2023. The recovery rating is '3', indicating our expectation for
meaningful (50%-70%; rounded estimate: 60%) recovery in the event
of a payment default.
"Our 'B' issuer credit rating reflects TCI's modest position in
competitive and cyclical aluminum and stainless steel markets,
moderate debt leverage, and cash flow risk from exposure to
volatile metals prices and changes in trade conditions.
"The stable outlook reflects our view that TCI will continue to
benefit from favorable supply and demand fundamentals and solid
aluminum and stainless steel prices over the next 12 months. We do
not expect any material changes in trade actions and import
exemptions over the next year as TCI completes the initial ramp-up
of the Texarkana facility in 2019, which could improve margins and
support operating flexibility. We expect TCI to produce adjusted
debt to EBITDA of about 3.5x in 2018 and between 2.5x-3x at
year-end 2019.
"An upgrade is unlikely over the next 12 months. We could raise our
ratings on TCI upon the completion of the Texarkana restart and its
stable operations and production, which could occur in 2020 at the
earliest. We would also expect TCI to execute its growth strategy,
maintain stable operating performance, and continue to benefit from
favorable trade conditions and tariff exemptions. The company
producing a more diverse asset base with less exposure to aluminum
and steel prices would also help support a higher rating. We would
also expect the company to sustain adjusted debt to EBITDA of under
3x.
"We could lower our ratings on TCI over the next 12 months if the
company's liquidity were to materially deteriorate due to severe
volatility or significantly lower aluminum or stainless steel
prices, which could lead to covenant concerns. We could also lower
the rating if credit metrics were to deteriorate due to weak
operating performance from increased competition or if the
company's Texarkana facility ran into construction delays or cost
overruns. Specifically, we could lower our rating if adjusted debt
to EBITDA rose above 4x on a sustained basis."
TANGA.COM LLC: Dec. 5 Approval Hearing on Disclosure Statement
--------------------------------------------------------------
Chief Bankruptcy Judge Brenda Moody Whinery will convene a hearing
on Dec. 5, 2018 at 10:15 a.m. to consider approval of Tanga.com,
LLC's disclosure statement.
Written objections to the disclosure statement must be filed by
Nov. 28, 2018.
About Tanga.com
Tanga.com is a Chandler, Arizona-based e-retailer that sells
various products including men & women apparel, electronics, home
appliances and health & beauty products. Tanga was founded by
Jeremy Young in 2006.
Tanga.com filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 18-06314) on June 1,
2018. The petition was signed by Jeremy Young, manager. At the
time of filing, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Judge Brenda
Moody Whinery presides over the case. Anthony W. Austin, Esq., at
Fennemore Craig, P.C., is the Debtor's counsel.
The Office of the U.S. Trustee on June 25 appointed two creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of Tanga.com, LLC.
TECHNOLOGY SOLUTIONS: Valu Tech Buying All Assets for $12 Million
-----------------------------------------------------------------
Technology Solutions & Services, Inc., asks the U.S. Bankruptcy
Court for the Central District of California to authorize the sale
of substantially all assets to Valu Tech Outsourcing, LLC or its
assigns for $12.17 million.
The Debtor's secured lender, Bank of America ("BOA"), is owed over
$12 million but in order to make the sale possible, BOA has agreed
to a short pay and carve-out of its lien. In particular, BOA has
agreed to a carve-out of its lien in order to: 1) ensure that
unsecured creditors of the Debtor's bankruptcy estate obtain a
total recovery of at least $500,000; and 2) to pay the Debtor's
only vendor, HP, Inc., in order to cure the deficiency under the
Debtor's executory contracts with HP and be able to assume and
assign those contracts to the Buyer, which is a condition precedent
to the Buyer's obligation to proceed with the sale. The sale
transaction will proceed such that the Assets will be sold free and
clear of all liens and encumbrances.
The Debtor has received an offer to purchase substantially all of
the assets of the Debtor with the exceptions noted in the Asset
Purchase Agreement which governs the sale transaction proposed.
The Debtor proposes to sell the Assets to the Buyer for the sum of
approximately $12.17 million, as set forth more fully in the APA.
The principal terms of the sale of the Assets are:
a. Buyer: Valu Tech Outsourcing, LLC
b. Purchase Price: Total of approximately $12.5 million,
consisting of the sum of: (i) $7 million to be paid to BOA, (ii)
all sums due and owing to HP from the Debtor after application of
the $1 million certificate of deposit with HP (approximately $5.5
million), (iii) all costs to cure the executory contracts to be
assumed and assigned to the Buyer, and (iv) $500,000 minus the
greater of (A) $150,000 or (B) the aggregate amount of any and all
tax refunds received by Seller after execution of the APA. The
Buyer will also assume certain liabilities.
c. Closing: To occur within two business days following the
date the Court's order approving the sale becomes final and
non-appealable.
d. Assets Being Transferred: Substantially all assets
e. The Assets will be delivered to the Buyer free and clear of
all liens and encumbrances. Any liens and interests against the
Assets that are not paid in full through escrow will attach to the
sale proceeds generated through the sale with the same force,
effect, validity, and priority as such liens or interests had with
respect to the Assets prior to the sale
f. Waiver of Rule 6004(h): The Debtor asks that the Court
waives the 14-day stay of the order approving the sale of the
Assets under Federal Rules of Bankruptcy Procedure 6004(h) such
that the sale of the Assets can close as soon as possible after
entry of the Court order approving the Sale Motion and the
Agreement.
The sale provides a meaningful benefit to the Estate and its
creditors because: (1) BOA has agreed to a carve-out of its lien in
the amount of approximately $350,000 for the benefit of the
unsecured creditors of the Estate; (2) the Debtor's tax refund of
approximately $151,000 will be set aside for payment to unsecured
creditors of the Estate; and (3) the assets excluded from the sale
will provide additional recovery to the Estate of an estimated
$250,000 or more.
If the Debtor cannot sell its Assets to the Buyer (who requires
assumption of the HP executory contracts and cure of the Debtor's
obligations thereunder as a condition to the sale), the Debtor will
have no other choice but to shut down and liquidate, in which case
any and all proceeds would only benefit BOA with no benefit to
unsecured creditors. The purchase offer, together with BOA's
carve-out agreement will allow creditors to be paid much more than
otherwise through a liquidation and so the Debtor has made a
business decision that it is in the best interest of the creditors
of the Estate that the Sale Motion be approved.
The Sale Motion also asks Court approval of the assumption and
assignment of leases and executory contracts. The Buyer has
indicated it desires to purchase certain unexpired leases and
executory contracts to be designated by the Buyer at a later date
(but certainly to include the Debtor's executory contracts with
HP). The Buyer will satisfy any necessary cure amounts under the
executory contracts it wishes to assume. A Notice which lists the
contracts to be assumed and the proposed cure amount will be sent
separately from the Sale Motion.
The Debtor will seek to assume and assign the Assumed Contract(s)
to be identified by the Buyer no later than seven calendar days
before the hearing on the Sale Motion and the Buyer will pay all
necessary cure costs. The Assumed Contracts and the Cure Costs
will be identified in a separate Notice to be e-mailed or faxed or
sent via overnight mail no later than seven business days prior to
the date of the hearing on the Sale Motion. Unless the
Counterparty properly files and serves an objection to the Cure
Amount no later than two days prior to the hearing on the Sale
Motion, the Counterparty will receive at the time of the Closing,
the cure amount as set forth in the Cure Notice, if any.
The Sale Motion must be heard absolutely no later than Oct. 15,
2018 because the Buyer and HP require that the sale close by no
later than Oct. 31, 2018. As noted, the Buyer requires that the
Debtor's executory contracts with HP be assumed and assigned to the
Buyer. In turn, HP requires that all defaults under its contracts
with the Debtor be cured as a condition to the sale and the
assignment of the contracts to the Buyer. HP requires that the
sale close by no later than Oct. 31, 2018 because that is its
fiscal year end. The sale cannot close until this Court enters an
order approving the sale and the 14-day appeal period has run. As
such, the Motion must be heard by absolutely no later than Oct. 15,
2018.
If closing does not occur by Oct. 31, 2018, the Buyer, BOA, and HP,
Inc. will back out of the deal. This would be a huge detriment to
the Estate because if the sale does not close, the Debtor will have
no other choice but to shut down and liquidate, in which case any
and all proceeds would only benefit BOA with no benefit to
unsecured creditors. Thus, based on good business reasons, Court
approval of the sale contemplated will serve the best interests of
the Estate and its creditors and must be granted as soon as
possible so that the Debtor do not lose the favorable business
opportunity.
A copy of the APA attached to the Motion is available for free at:
http://bankrupt.com/misc/Technology_Solutions_8_Sales.pdf
The Purchaser:
VALU TECH OUTSOURCING, LLC
c/o Clover Technologies Group LLC
2700 West Higgins Road, Suite 100
Hoffman Estates, IL 60169
Attn: General Counsel
Facsimile: (815) 431-3754
E-mail: rfischer@clovertech.com
The Purchaser is represented by:
Nicholas A. Long, Esq.
Morley S. Fortier, III, Esq.
REED SMITH LLP
10 South Wacker Drive, 40th Floor
Chicago, IL 60606
Facsimile: (312) 207-6400
E-mail: nlong@reedsmith.com
mfortier@reedsmith.com
About Technology Solutions
Technology Solutions & Services, Inc. -- http://www.tssius.com--
is a full service reverse logistics company. It offers a wide
variety of asset recovery solutions specific to mobile, IT and
consumer electronics industries. Technology Solutions team has
over 20 years of experience dealing with high volume product
refurbishment; processing & sorting of customer return merchandise;
failure analysis, data collection & reporting; recalls, reworks &
re-kitting; EOL disposition & management; customized IT solutions;
scrap management & recycling; warehousing & fulfillment; discreet
remarketing; excess inventory management; product de-branding,
re-branding & relabeling; life cycle management of service parts;
in-house engineering support; and custom packaging solutions. The
Company is headquartered in San Bernardino, California with
facilities in Mexicali, BC; Cd. Juarez, Chih; Calexico, CA; and El
Paso, TX.
Technology Solutions & Services, Inc., sought Chapter 11 protection
(Bankr. C.D. Cal. Case No. 18-18339) on Oct. 2, 2018. In the
petition signed by Julio C. Garcia, Jr., CFO, the Debtor disclosed
total assets at $9,831,822 and total liabilities at $30,190,109.
Judge Mark D. Houle is asigned to the case. The Debtor tapped
Leonard M. Shulman, Esq., at Shulman Hodges & Bastian LLP as
counsel.
TEXAS ASSOCIATION: Northside ISD Opposes Approval of Plan Outline
-----------------------------------------------------------------
Northside Independent School District filed an objection to the
approval of Texas Association of Public Schools Property and
Liability Fund's disclosure statement in support of its first
amended plan of adjustment.
Northside ISD objects to the Disclosure Statement because it does
not contain adequate information. The Debtor fails to provide
information relevant to make an informed judgment about the plan.
On page 7, Section III (A) of the Disclosure Statement, "Financial
History and Background of the Debtor," the Debtor states: "During
recent years the Debtor has received a high number of high-dollar
claims from its members, particularly in connection with damage
caused by hail storms which affected the State in 2016 and 2017."
Debtor omits from its discussion as to why over its 16-year
history, in a state where hail storms are common, there were
insufficient funds available to meet its obligation.
On page 9 Section V(A)(1)(d) of the Disclosure Statement, "Summary
of Classes and Estimation of Administrative Claims and Scheduled
Claims," the Debtor lists that TAPS claim administrators and
experts (including engineers, etc.) will receive $400,000. In this
regard, (1) Who are the experts that have been retained and/or will
be retained; (2) In referring to administrators, does this include
Mr. Jan Skovbjerg, and if so, what part of the $400,000 is
designated for Mr. Jan Skovbjerg; and (3) Whether Crawford &
Company is included as a class within TAPS claim administrators and
experts.
In addition, on page 16, Section VI of the Disclosure Statement,
"Alternatives to the Plan," the Debtor proffers that the Plan is in
the best interest of creditors rather than the alternatives to the
Plan, including a conversion to Chapter 7. In support thereof,
Debtor does not believe that the unsecured creditors would receive
any distribution in a Chapter 7 proceeding.
A copy of Northside ISD's Objection is available for free at:
http://bankrupt.com/misc/txwb17-52437-109.pdf
Counsel for Northside ISD:
Michael Flume
State Bar No. 07188480
FLUME LAW FIRM, LLP
1020 N.E. Loop 410, Suite 530
San Antonio, Texas 78209
210) 828-5641
(210) 821-6069 Facsimile
mflume@flumelaw.net
Based in Boerne, TX, the Texas Association of Public Schools
Property and Liability Fund (TAPS) -- http://www.tapsplf.org-- is
a self-insurance pool set up under the Texas Interlocal Cooperation
Act on Sept. 1, 2001. Membership is limited to public school
districts, community colleges and education service centers.
Access to the Fund is provided through a network of professional
independent agents.
The Texas Association filed for chapter 9 bankruptcy protection
(Bankr. W.D. Tex. Case No. 17-52437) on Oct. 18, 2017, listing its
total assets at $5.58 million and total debt at $8.50 million. The
petition was signed by Jan Skovbjerg, executive director.
TOYS R US: Deadline to File Claims Set for Nov. 12
--------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia set
Nov. 12, 2018, at 5:00 p.m. (prevailing Eastern Time) as last date
and time for all entities including governmental units to file
proofs of claim against Toys "R" Us Property Company I LLC and its
debtor-affiliates.
All proofs of claim must be filed by U.S. mail or either hand
delivery at:
Toys "R" Us Property Company I LLC
Claims Processing Center
c/o Prime Clerk LLC
830 Third Avenue, 3rd Floor
New York, NY 10022
About Toys "R" Us
Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey, in
the New York City metropolitan area. Merchandise was sold in 880
Toys "R" Us and Babies "R" Us stores in the United States, Puerto
Rico and Guam, and in more than 780 international stores and more
than 245 licensed stores in 37 countries and jurisdictions.
Merchandise was also sold at e-commerce sites including Toysrus.com
and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.
Toys "R" Us is a privately owned entity but still files with the
U.S. Securities and Exchange Commission as required by its debt
agreements.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate entities,
were not part of the Chapter 11 filing and CCAA proceedings.
Grant Thornton is the monitor appointed in the CCAA case.
Judge Keith L. Phillips presides over the Chapter 11 cases.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker. It hired Prime Clerk LLC as
claims and noticing agent. Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.
Toys "R" Us UK
Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores and
3,000 employees, was sent into administration in the United Kingdom
in February 2018.
Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018. The Administrators now manage the affairs,
business and property of the Company. The Administrators act as
agents only and without personal liability.
The Administrators said they will make every effort to secure a
buyer for all or part of the business.
Liquidation of U.S. Stores
Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.
Propco I Debtors
Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States. The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for all
of TRU's North American businesses, which operates the majority of
the properties as Toys "R" Us stores, Babies "R" Us stores or
side-by-side stores, or subleases them to alternative retailers.
Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey. Toys 'R' Us Property operates as a subsidiary
of Toys "R" Us Inc.
Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE II
Trust, and Wayne Real Estate Company LLC -- Propco I Debtors --
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 18-31429) on March 20, 2018. The Propco I
Debtors sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.
The Propco I Debtors estimated assets of $500 million to $1 billion
and liabilities of $500 million to $1 billion.
Judge Keith L. Phillips presides over the Propco I Debtors' cases.
The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel. The
Debtors also tapped Kutak Rock LLP. They hired Goldin Associates,
LLC, as financial advisors.
TRUTH TECHNOLOGIES: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Truth Technologies, Inc., as of Oct. 18,
according to a court docket.
About Truth Technologies
Founded in 1996 by Egide Thein, Truth Technologies, Inc. --
https://www.truthtechnologies.com/ -- is a provider of worldwide
anti-money laundering, anti-fraud, customer identification, and
compliance products and services. Formed by a small group of
dedicated individuals from the financial and information technology
industries, TTI is focused on combating the unchecked and
disturbing growth of financial fraud. The Company has offices in
Florida, New York, and Luxembourg, and a local partner in the
Cayman Islands.
Truth Technologies sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-05608) on July 6,
2018. In the petition signed by CEO Egide Thein, the Debtor
disclosed $355,918 total assets and $3.24 million total
liabilities. The Debtor tapped Dal Lago Law as its legal counsel;
and Noack & Co, LLC, as its accountant.
TWIFORD ENTERPRISES: Full Payment for Unsecureds Over Five Years
----------------------------------------------------------------
Twiford Enterprises, Inc., filed a disclosure statement in
connection with its chapter 11 plan.
Class Five Unsecured Creditors consists of R Mill Iron Land and
Cattle Ranch, Jorgensen Land & Cattle Partnership, Key Bar Ranch
and Petsch Farms, Inc. for a total of $376,282 in claims. This
Class will be paid in full over five years at no interest with the
first payment of $75,208 on the Effective Date, and the remaining
four annual payments of $75,208 each will be paid proportional to
the unsecured claims on March 1st of each succeeding year. This
Class is impaired.
John Twiford has committed to providing TEI an annual line of
credit of $200,000 on or around the Effective Date. (This line of
credit will bear interest of 5% per annum.) John Twiford has
committed to sell to TEI his cattle, as of the Effective Date, that
are currently the subject of the Cattle Management Agreement for
the sum of $688,000. This sale will increase the herd size of TEI
by 434 heifers. John Twiford will finance this purchase on a five
year term with interest at the rate of 5.5% per annum. The other
financing for the Plan payment will derive from the annual sale of
TEI's cattle.
The success of the Plan is subject to the market for cattle
remaining the same as it is currently. A precipitous decline in
cattle prices would likely require TEI to modify the Plan. The Plan
is also dependent upon John Twiford fulfilling his commitment to
provide TEI with $200,000 line of credit upon confirmation of the
Plan.
A copy of the Disclosure Statement is available for free at:
http://bankrupt.com/misc/wyb18-20120-206.pdf
About Twiford Enterprises
Twiford Enterprises, Inc. is a privately held company in Glendo,
Wyoming in the crop farming industry. The Company owns in fee
simple 2870 acres of land and buildings located at 642 Horseshoe
Creek Road Glendo, Wyoming having an appraised value of $4.65
million. Its gross revenue amounted to $2.23 million in 2017 and
$2.38 million in 2016.
Twiford Enterprises, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Wyo. Case No. 18-20120) on March 9, 2018. In its
petition signed by its secretary, Jack Twiford, the Debtor
disclosed total assets of approximately $7.68 million and $6.49
million in total debts.
The Hon. Cathleen D. Parker is the case judge. The Debtor hired
Stephen R. Winship, Esq., at Winship & Winship, P.C., as counsel.
VEHICLE ALIGNMENT: Seeks One Month Extension to File Plan
---------------------------------------------------------
Vehicle Alignment, Brake & Tires, Inc. submits a motion asking the
U.S. Bankruptcy Court for the Northern District of Illinois to
extend the deadline to file its plan and disclosure statement to
Nov. 12, 2018, and the exclusivity period to Feb. 11, 2019.
The Debtor is a family-run tire and auto care center on Western
Avenue near Chicago's Roscoe Village neighborhood. The City of
Chicago began a major construction project to remove the viaduct on
Western at the intersection of Belmont and Clybourn. Traffic in the
area became extremely congested, and the Debtor suffered. Among
other things, its revenues dropped more than 25%.
To gain control of the situation and to prevent the high-interest
lenders from dismembering the business, the Debtor filed the
chapter 11 case on April 25, 2018. In this case, the Debtor intends
to pursue a reorganization plan that will repay its creditors 100%
of their debts.
The Court set a claims bar date and an October 12 deadline for the
Debtor to file its plan and disclosure statement. Also, the
statutory exclusivity period expires on October 22. The Debtor,
however, is still working to draft its plan and disclosure
statement. It therefore requests a one-month extension of the
Court-ordered deadline and a four-month extension of the statutory
deadline.
The Debtor is reviewing claims and its preparing a plan to repay
its creditors. While it has been working diligently, the Debtor
still needs additional time to complete its analysis and draft the
necessary documents. The Debtor expects to complete its plan within
a month, and to pursue confirmation of that plan within the next
three months. Therefore, cause exists to extend the time for the
Debtor to file its plan and disclosure statement and to extend the
exclusivity period.
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.
VENETIAN ROOM: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Venetian Room LLC as of Oct. 18, according
to a court docket.
About Venetian Room
Venetian Room LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-65262) on Sept. 11,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $500,000. Justin
Oliverio, Esq., at Attorney Justin Oliverio, LLC, serves as the
Debtor's bankruptcy counsel.
VERSA MARKETING: U.S. Trustee Forms Three-Member Committee
----------------------------------------------------------
Tracy Hope Davis, U.S. Trustee for Region 17, on Oct. 19 appointed
three creditors to serve on the official committee of unsecured
creditors in the Chapter 11 case of Versa Marketing, Inc.
The committee members are:
(1) BrucePac
Attn: Seth Leeper
380 S. Pacific Highway
Woodburn, OR 97071
Tel: (503) 874-3016
Fax: (503) 902-0432
(2) Yamato Corporation
Attn: Corey Garbisch
6306 W. Eastwood, Connecticut
Mequon, WI
Tel: (262) 518-7245
Fax: (262) 236-0036
(3) West Liberty Foods, LLC
Attn: Brian A. Melhus
1045 76th Street, Suite 1025
West Des Moines, IA 60266
Tel: (641) 780-2440
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor'
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Versa Marketing Inc.
Versa Marketing, Inc. -- http://www.versamarketing.us/-- is a
contract manufacturer of private label custom made frozen food
products for the retail industry and food services. It was founded
by Al Goularte in 1993.
Versa Marketing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 18-13678) on Sept. 7,
2018. In the petition signed by CEO A.J. Goularte, the Debtor
estimated assets of $10 million to $50 million and liabilities of
$1 million to $10 million. Judge Rene Lastreto II presides over
the case.
Riley C. Walter, Esq., Michael L. Wilhelm, Esq., and Danielle J.
Bethel, Esq., at Walter Wilhelm Law Group, A Professional
Corporation, serve as the Debtor's bankruptcy counsel.
VERSACOM LP: Subordinated Insider Claimants Added in Tasacom Plan
-----------------------------------------------------------------
Creditor Tasacom Technologies, Inc., filed a combined first amended
plan and disclosure statement, dated Oct. 12, 2018, for Debtor
Versacom, LP.
In Tasacom's view, no other feasible plan can be proposed to
resolve the debts against the Debtor. The Plan provides for
structured payments to holders of Allowed Claims against the
Debtor, the cancellation of the Debtor's prior equity interests and
the issuance of new equity in the Debtor to Tasacom or Tasacom's
designee.
Class 5 under the latest plan now consists of the Subordinated
Insider Claimants. This class will receive no distribution under
the Plan, and the unsecured claim(s) of Mr. or Mrs. al-Amin will be
disallowed.
In the initial plan, Class 5 consisted of general unsecured
creditors holding disallowed claims.
A full-text copy of Tasacom's Latest Disclosure Statement is
available for free at:
http://bankrupt.com/misc/txnb17-32714-11-148.pdf
About Versacom LP
Headquartered in Dallas, Texas, Versacom, LP, provides services in
the field of wireless and telecommunication services. Versacom
filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case
No. 17-32714) on July 13, 2017, estimating its assets and
liabilities at up to $50,000 each. The petition was signed by
Muhammad Al-Amin, general partner of Versacom Holdings, LLC.
Judge Stacey G. C. Jernigan presides over the case. Howard Marc
Spector, Esq., at Spector & Johnson, PLLC, serves as the Debtor's
bankruptcy counsel.
VINCE LLC: Moody's Withdraws Caa2 CFR Due to Repaid Debt
--------------------------------------------------------
Moody's Investors Service withdrew its ratings for Vince, LLC,
including the company's Caa2 Corporate Family Rating and Caa2-PD
Probability of Default Rating. In addition, the company's SGL-4
Speculative Grade Liquidity rating was withdrawn. The negative
ratings outlook has also been withdrawn.
The following ratings and rating outlook for Vince, LLC were
withdrawn:
Corporate Family Rating, Caa2
Probability of Default Rating, Caa2-PD
Speculative Grade Liquidity Rating, SGL-4
Outlook, Negative
RATINGS RATIONALE
On August 21, 2018, Vince, LLC refinanced its existing rated debt
obligations and all previously rated debt at the company was
repaid. As a result, Moody's has withdrawn all existing ratings and
the rating outlook for the company.
Vince, LLC designs, manufactures and markets apparel for women and
men under the "Vince" brand. The company's products are sold
globally in luxury department stores such as Neiman Marcus and
Nordstrom, as well as in the company's branded retail stores and on
its ecommerce website. As of August 4, 2018, the company operated
58 stores in the United States and generated LTM revenue of
approximately $271 million.
VISUAL HEALTH: Authorized to Continue Using Cash Collateral
-----------------------------------------------------------
The Hon. Elizabeth E. Brown of the U.S. Bankruptcy Court for the
District of Colorado authorized Visual Health Solutions, Inc., to
continue using cash collateral pursuant to the Budget.
In addition, the Debtor is authorized to pay the U.S. Trustee
quarterly fee. The use of cash collateral will automatically renew
for an additional month through October 31, 2018 unless, on or
before October 10, 2018, any secured creditor with a lien on cash
collateral files an objection with the Court and serves on the same
date the objection upon counsel for the Debtor.
CoBiz Bank, a Colorado corporation doing business as Colorado
Business Bank is granted replacement lien and security interest on
the Debtor's post-petition assets having the same priority and
validity as the CoBiz Bank's prepetition lines to the extent that
the Debtor's postpetition use of the proceeds of the CoBiz Bank's
prepetition collateral result in a diminution of the secured
claim.
To the extent that the adequate protection liens prove to be
insufficient, CoBiz Bank will be granted super priority
administrative expense claims under Section 507(b) of the
Bankruptcy Code. Moreover, the Debtor will pay CoBiz Bank $8,000
per month in two equal installments due on the 15th and last day of
each month thereafter until the earlier of confirmation of a Plan,
liquidation of the Debtor's assets or conversion of Debtor's case.
The Court also allowed the Debtor to extend use of cash collateral
for an additional two month period commencing Nov. 1, 2018, on the
same terms with a fourteen days notice with opportunity for a
hearing provided to the U.S. Trustee and any parties that may have
a security interest in the cash collateral. As part of the
extension, the Debtor will provide a new budget for any additional
monthly periods.
A copy of the Order is available at:
http://bankrupt.com/misc/cob17-18643-204.pdf
About Visual Health Solutions
Headquartered in Fort Collins, Colorado, Visual Health Solutions,
Inc. -- http://www.visualhealthsolutions.com/-- creates multimedia
content, including medical animations, medical illustrations, and
interactive graphics for the healthcare industry. Visual Health
Solutions' multimedia medical library content includes 3D medical
animations, medical device animations, pharmaceutical MOA
animations, multimedia programs, medical illustrations, and
interactive anatomy models. Visual Health partners with hospitals
to create new patient education content and pharmaceutical
companies to assist with sales training and product launch or
development.
Visual Health Solutions filed for Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 17-18643) on Sept. 18, 2017. In the
petition signed by CEO Paul Baker, the Debtor estimated assets
between $100,000 and $500,000 and liabilities between $1 million
and $10 million.
Judge Elizabeth E. Brown presides over the case.
Aaron A Garber, Esq., at Buechler & Garber, LLC, serves as the
Debtor's bankruptcy counsel to the Debtor. Weinman & Associates,
is the Debtor's special investigation counsel.
WEATHERFORD INTERNATIONAL: Will Sell its Laboratory Services Biz.
-----------------------------------------------------------------
Weatherford International plc has signed a definitive agreement to
sell its laboratory services business to a group led by CSL Capital
Management, L.P. for $205 million in cash.
Under the agreement, Weatherford will divest its laboratory and
geological analysis business, including personnel and associated
contracts. After exiting the laboratory business, Weatherford will
continue to maintain a close, collaborative relationship with CSL
Capital that will enable it to continue to provide services to
their joint customers.
The transaction is expected to close before year-end, subject to
regulatory approvals, consents and other customary closing
conditions. The transaction is subject to a customary post-closing
working capital adjustment. Upon closing, Weatherford will use the
proceeds to reduce its debt.
"We are happy to have signed an agreement with a group led by CSL
Capital Management, who has a strong track record of investing in
upstream oilfield services and who recognizes the importance of
continuing our commitment to providing the highest level of service
to our customers," said Mark A. McCollum, president and chief
executive officer of Weatherford. "Weatherford's laboratory
business is a leader in the industry and its state of the art
equipment and its highly qualified workforce are well recognized in
the industry. We believe that this transaction will unlock the
full potential of this business for its customers and its
employees."
"We are pleased to enter in to this transaction with Weatherford
and we are excited to work with the talented employees of
Weatherford Laboratories. Our intention is to invest in and grow
this business to extend the leadership of this world-class
laboratory and reservoir description company to serve the
developing needs of the energy industry," said Charlie Leykum,
founding partner of CSL Capital. "CSL Capital will work closely
with Weatherford over the next few months to ensure a seamless
transition of the operations of the business to minimize any impact
to customers, employees and suppliers."
This transaction is one in a series of planned divestitures
intended to maximize Weatherford shareholder value by refocusing
the Company's portfolio on core businesses most closely aligned
with its long-term strategy and to reduce its debt.
CSL Capital partnered with the Carlyle Energy Mezzanine
Opportunities Fund II, L.P. to complete this acquisition. Carlyle
will provide minority common equity and growth capital.
About Weatherford
Weatherford (NYSE: WFT), an Irish public limited company and Swiss
tax resident -- http://www.weatherford.com/-- is a multinational
oilfield service company providing innovative solutions, technology
and services to the oil and gas industry. The Company operates in
over 90 countries and has a network of approximately 780 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 28,700 people.
Weatherford reported a net loss attributable to the Company of
$2.81 billion in 2017, a net loss attributable to the Company of
$3.39 billion in 2016, and a net loss attributable to the Company
of $1.98 billion in 2015. As of June 30, 2018, Weatherford had
$8.97 billion in total assets, $10.29 billion in total liabilities
and a shareholders' deficiency of $1.31 billion.
* * *
As reported by the TCR on May 10, 2018, Fitch Ratings affirmed and
withdrew its ratings on Weatherford International, including the
Long-term Issuer Default Rating (IDR) at 'CCC'. Fitch withdrew
Weatherford's ratings for commercial reasons. Fitch reserves the
right in its sole discretion to withdraw or maintain any rating at
any time for any reason it deems sufficient.
WESTMORELAND COAL: Hires Jones Day as Conflicts Counsel
-------------------------------------------------------
Westmoreland Resource Partners, LP, and its direct and indirect
subsidiaries seek authority from the United States Bankruptcy Court
for the Southern District of Texas (Houston) to hire Jones Day as
counsel to the Conflicts Committee and conflicts counsel to the
WMLP Debtors in connection with Conflicts Committee Matters,
effective as of October 9, 2018.
WMGP's board of directors established the Conflicts Committee
pursuant to a charter adopted on February 18, 2015.
As set forth in the Conflicts Committee Charter, the Conflicts
Committee was established to:
(a) investigate, review, evaluate and act upon any potential
conflicts of interest between WMGP or any of its affiliates, and
WMLP, any MLP Group member (as defined in the Conflicts Committee
Charter) or any partner in WMLP;
(b) carry out the duties of the Conflicts Committee as set
forth in the LP Agreement;
(c) meet periodically in executive session without management
participation with all independent and non-employee directors of
WMGP;
(d) monitor and ensure that the deliberations and decisions of
WMGP, in its capacity as general partner of WMLP, are made in
compliance with the LP Agreement and with the Shared Services
Agreement (as defined in the Conflicts Committee Charter); and
(e) carry out any other duties delegated by the WMGP Board
that relate to potential conflicts of interest between WMGP or any
of its affiliates, and WMLP, any MLP Group member or any partner in
WMLP.
Jones Day will be representing WMLP in connection with the
Partnership's restructuring efforts.
Jones Day's standard hourly rates:
Partners $675 to $1,450
Counsel/Of Counsel $625 to $1,300
Associates $300 to $975
Paralegals $250 to $450
Heather Lennox, Esq., a partner at Jones Day, disclosed in a court
filing that the firm is a "disinterested person" as 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, Heather
Lennox disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- Jones Day was retained by the Debtors to provide high-level
restructuring advice prior to Petition Date in the fall of 2017 to
January 2018; the material financial terms of Jones Day's
engagement have not changed postpetition; and
-- The Conflicts Committee and the WMLP Debtors approved the
Budget and Staffing Plan.
The counsel can be reached through:
Heather Lennox, Esq.
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, OH 44114
Tel: (216) 586-3939
Fax: (216) 579-0212
About Westmoreland Coal
Based in Englewood, Colorado, Westmoreland Coal Company --
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.
Ernst & Young LLP's audit opinion included in the company's Annual
Report on Form 10-K for the year ended Dec. 31, 2017 contains a
going concern explanatory paragraph stating that the Company has a
substantial amount of long-term debt outstanding, is subject to
declining industry conditions that are negatively impacting the
Company's financial position, results of operations, and cash
flows, and has stated that substantial doubt exists about the
Company's ability to continue as a going concern.
* * *
In April 2018, Moody's Investors Service downgraded the ratings of
Westmoreland Coal Company, including its corporate family rating
(CFR) to 'Caa3' from 'Caa1'. According to Moody's, the downgrade
reflects the company's weak liquidity position due to the near-term
maturity of its term loan.
As reported by the TCR on Sept. 11, 2018, S&P Global Ratings
withdrew its 'D' issuer credit rating on Westmoreland Coal Co. at
the issuer's request. In June 2018, S&P Global Ratings lowered its
issuer credit rating on Westmoreland Coal to 'D' from 'SD'. The
downgrade incorporates WCC's forbearance agreement. Under S&P's
criteria, forbearance agreements related to missing payments
without appropriate compensation constitute a default.
WESTMORELAND COAL: Seeks Access to $110M of DIP Financing
---------------------------------------------------------
BankruptcyData.com reported that Westmoreland Coal Company
requested Court approval for debtor-in-possession ("DIP") financing
in respect of which Wilmington Savings Fund Society, FSB is to
serve as collateral agent, the "DIP Facility Agent".
The DIP financing motion explains, "The DIP facility and the loan
commitment for the WLB Debtors is to enter into a senior secured
debtor-in-possession term credit facility in the maximum amount of
$110,000,000, consisting of a term loan on the terms and conditions
set forth in the DIP Orders and the DIP Loan Documents.
Approximately $90 million of the proceeds will refinance the amount
outstanding under the Bridge Loan Facility, and the remainder will
be used to fund working capital and other general corporate
purposes during the Chapter 11 Cases." The DIP Facility accrues
interest per annum at a variable interest rate which is set at
WLB's election at (a) the one-, two-, or three-month London
Interbank Offered Rate ("LIBOR"), plus 8.25%; or (b) a base rate
(determined with reference to the highest of the prime lending
rate, the Federal Funds Rate plus 0.50%, or one-month LIBOR plus
1.00%) plus 7.25%.
About Westmoreland Coal
Westmoreland Coal Company -- http://www.westmoreland.com-- is an
independent coal company based in Englewood, Colorado. The Company
produces and sells thermal coal primarily to investment grade power
plants under long-term, cost-protected contracts, as well as to
industrial customers and barbeque charcoal manufacturers. The
Company's operating assets are comprised of wholly owned mines
located in Montana, North Dakota, Texas, Ohio, and New Mexico. The
majority of the mines in Ohio and the sole mine in Wyoming are
owned by Westmoreland Resource Partners, LP or its subsidiaries.
Westmoreland Coal and more than 30 of its affiliates filed for
bankruptcy protection (Bankr. S.D. Tex., Lead Case No. 18-35672) on
Oct. 9, 2018. Michael G. Hutchinson, chief executive officer,
signed the petition.
At August 31, 2018, the Debtors had total assets of $770,455,520
and total liabilities of $1,431,617,093.
The Debtors tapped Kirkland Ellis LLP and Jackson Walker LLP as
co-counsel in the Chapter 11 cases; Centerview Partners LLC as
financial advisors; Alvarez & Marsal North America, LLC as
restructuring advisors; and Donlin, Recano & Company, Inc. as
notice and claims agent.
WESTMORELAND COAL: Taps Lazard Freres as Investment Banker
----------------------------------------------------------
Westmoreland Resource Partners, LP, and its direct and indirect
subsidiaries seek authority from the United States Bankruptcy Court
for the Southern District of Texas (Houston) to hire Lazard Freres
& Co. LLC as investment banker for the Conflicts Committee and the
WMLP Debtors, effective as of October 9, 2018.
WMGP's board of directors established the Conflicts Committee
pursuant to a charter adopted on February 18, 2015.
As set forth in the Conflicts Committee Charter, the Conflicts
Committee was established to:
(a) investigate, review, evaluate and act upon any potential
conflicts of interest between WMGP or any of its affiliates, and
WMLP, any MLP Group member (as defined in the Conflicts Committee
Charter) or any partner in WMLP;
(b) carry out the duties of the Conflicts Committee as set
forth in the LP Agreement;
(c) meet periodically in executive session without management
participation with all independent and non-employee directors of
WMGP;
(d) monitor and ensure that the deliberations and decisions of
WMGP, in its capacity as general partner of WMLP, are made in
compliance with the LP Agreement and with the Shared Services
Agreement (as defined in the Conflicts Committee Charter); and
(e) carry out any other duties delegated by the WMGP Board
that relate to potential conflicts of interest between WMGP or any
of its affiliates, and WMLP, any MLP Group member or any partner in
WMLP.
Investment banking services Lazard will render are:
(a) review and analyze the WMLP Debtors' businesses,
operations and financial projections;
(b) evaluate the WMLP Debtors' potential debt capacity in
light of their projected cash flows;
(c) assist in the determination of a capital structure for the
WMLP Debtors and evaluating the WMLP Debtors' capital structure
alternatives, including, without limitation, any Restructuring or
Financing;
(d) assist in the determination of a range of values for the
WMLP Debtors on a going concern basis;
(e) advise the WMLP Debtors and the Conflicts Committee
regarding tactics and strategies for potentially negotiating with
transaction counterparties and with Stakeholders in connection with
any Restructuring and/or Financing;
(f) render financial advice and participating in meetings or
negotiations with the WMLP Debtors' stakeholders and/or rating
agencies or other appropriate parties in connection with any
Restructuring and/or Financing;
(g) advise the WMLP Debtors and the Conflicts Committee on the
timing, nature and terms of new securities, other consideration or
other inducements to be offered pursuant to any Restructuring
and/or Financing;
(h) advise and assist the WMLP Debtors and the Conflicts
Committee in evaluating any potential Financing by the WMLP
Debtors, and, subject to Lazard's agreement so to act and, if
requested by Lazard, to execution of appropriate agreements, on
behalf of the WMLP Debtors, contacting potential sources of capital
as the Conflicts Committee may designate and assisting the
WMLP Debtors in implementing such Financing;
(i) advise and assist in evaluating potential strategic
alternatives for the WMLP Debtors, including a sale of the WMLP
Debtors or all or a majority of their assets or a controlling
equity or other interest in the WMLP Debtors, advising the
Conflicts Committee in connection with the negotiation and
conducting a marketing process with respect to, and aiding in the
consummation of, such a sale transaction.
(j) assist the WMLP Debtors and the Conflicts Committee in
preparing documentation within Lazard's area of expertise that is
required in connection with any Restructuring and/or Financing;
(k) attend meetings of the Conflicts Committee with respect to
matters on which Lazard has been engaged to advise under the
Engagement Letter;
(l) provide testimony, as necessary, with respect to matters
on which Lazard has been engaged to advise under the Engagement
Letter in any proceeding before the Court; and
(m) provide the Conflicts Committee with other financial
restructuring advice related to the WMLP Debtors.
Lazard will be paid the following fees:
(a) Monthly Fee. A monthly fee of $150,000, payable on May 1,
2018 and on the first day of each month thereafter until the
earlier of the completion of a Restructuring or the termination of
Lazard's engagement. One-half of all Monthly Fees paid pursuant to
the Engagement Letter or the Initial Engagement Letter on or after
February 1, 2018 shall be credited (without duplication) against
any Restructuring Fee or Financing Fee subsequently payable;
provided that such credit shall only apply to the extent that such
fees are approved in their entirety by the Court.
(b) Restructuring Fee. A fee equal to $4,000,000, payable upon
the consummation of a Restructuring.
(c) Financing Fee. A fee, payable upon consummation of a
Financing, equal to the total gross proceeds provided for in such
Financing (including all amounts committed but not drawn down under
credit lines, other indebtedness or other facilities) multiplied by
(i) 1.0% with respect to any debtor-in-possession financing ("DIP
Financing") or senior debt financing, (ii) 1.5% with respect to any
junior debt financing (that is not DIP Financing) or (iii) 2.0%
with respect to any equity or equity-linked financing (that is not
DIP Financing).
(d) For the avoidance of any doubt, more than one fee may be
payable pursuant to each of clauses (b) and (c) above.
Tyler W. Cowan, Managing Director at Lazard Frères & Co. LLC,
attests that his firm is a "disinterested person" within the
meaning of section 101(14) of the Bankruptcy Code and as required
by section 327(a) of the Bankruptcy Code and does not hold an
interest materially adverse to the Conflicts Committee members or
the WMLP Debtors' estates with respect to the matter on which
Lazard will be employed.
The firm can be reached through:
Tyler W. Cowan
Lazard Freres & Co. LLC
30 Rockefeller Plaza
New York, NY 10020
Phone: +1 212-632-6000
About Westmoreland Resource
Westmoreland Resource Partners, LP --
http://www.westmorelandmlp.com-- is a low-cost producer of
high-value thermal coal. It markets its coal primarily to large
electric utilities with coal-fired, base-load scrubbed power plants
under long-term coal sales contracts.
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.
WILMINGTON VICTORVILLE: Plan Exclusivity Period Moved to Dec. 3
---------------------------------------------------------------
The Hon. Deborah J. Saltzman of the U.S. Bankruptcy Court for the
Central District of California, at the behest of Wilmington
Victorville, LLC, has extended the exclusivity periods for the
Debtor to file and to obtain acceptance of a plan of reorganization
to Dec. 3, 2018 and Jan. 29, 2019, respectively.
The Troubled Company Reporter has previously reported that the
Debtor sought for 90-day extension of the exclusivity periods as
the Debtor and the Guarantors continues working with an investor
who has offered to fund the cleanup of the Property and to provide
additional funds to enable the Debtor to have sufficient time to
remedy the problem and refinance the Property at an amount
sufficient to satisfy the Loan. The principal asset of the Debtor
is the "Renaissance Center" -- a commercial retail shopping center
located in Victorville, California.
The Debtor related that since the Petition Date, in addition to
dealing with the needs and issues arising in the Chapter 11 case
and the Debtor's business, the Debtor's financial representative
has been engaged, on behalf of the Debtor, in (a) working with
lessees to obtain lease extensions; with potential lenders
regarding refinance of the Loan; (b) working with a real estate
broker regarding potential offers to purchase the Property; and (c)
discussions with other potential investors and interested parties
concerning funding to remedy the environmental issues at the
Property.
Although the Debtor is eager to resolve its problems and to
reorganize and exit this case, and has no desire to delay this case
any longer than necessary, the Debtor asked the Court for
additional time to confirm the arrangements for the cleanup of the
Property and for the Guarantors to document the agreement with the
investor (who would acquire their interests), so that the Debtor
can then continue its discussions with the Lender and possibly
incorporate the information and proposed transaction in what the
Debtor hopes will be a consensual plan of reorganization in its
case. Accordingly, the Debtor sought for a 90-day extension of its
plan exclusivity periods.
About Wilmington Victorville
Wilmington Victorville, LLC, listed its business as Single Asset
Real Estate (as defined in 11 U.S.C. Section 101(51B)) whose
principal assets are located at 16120 Bear Valley Road Victorville,
CA 92395.
Wilmington Victorville filed a Chapter 11 petition (Bankr. C.D.
Cal. Case No. 18-15216) on May 15, 2018. In the petition signed by
Myong Oc Kang, manager, the Debtor estimated $10 million to $50
million in both assets and liabilities.
The case is assigned to the Hon. Deborah J. Saltzman.
Philip A. Gasteier, Esq., and Monica Y. Kim, Esq., at Levene,
Neale, Bender, Yoo & Brill LLP, serve as the Debtor's counsel.
[*] T&W Fetes 12 Outstanding Young Restructuring Lawyers Nov. 26
----------------------------------------------------------------
Once a year, Beard Group's publication, Turnarounds & Workouts,
recognizes a select number of young corporate restructuring
lawyers, who within the prior year, have compiled an impressive
list of achievements. On Nov. 26th, another group of distinguished
young attorneys will be honored at a dinner reception following the
Distressed Investing 2018 Conference. The 5 p.m. reception and the
25th annual conference will be held at The Harmonie Club, 4 E. 60th
St. in Midtown Manhattan.
This year's awardees include:
* Adam Brenneman, Cleary Gottlieb Steen & Hamilton
* Jonathan Canfield, Stroock & Stroock & Lavan LLP
* Ryan Preston Dahl, Weil, Gotshal & Manges LLP
* Christopher Greco, Kirkland & Ellis LLP
* Vincent Indelicato, Proskauer Rose LLP
* Brian J. Lohan, Arnold & Porter Kaye Scholer LLP
* Jennifer Marines, Morrison & Foerster LLP
* Christine A. Okike, Skadden, Arps, Slate, Meagher
& Flom LLP
* Peter B. Siroka, Fried, Frank, Harris, Shriver &
Jacobson LLP
* Matthew B. Stein, Kasowitz Benson Torres LLP
* Eli Vonnegut, Davis Polk & Wardwell LLP
* Matthew L. Warren, Latham & Watkins LLP
You can learn more about the honorees at
https://www.distressedinvestingconference.com/turnarounds--workouts-2018-outstanding-young-restructuring-lawyers.html
Earlier in the day, the Distressed Investing 2018 Conference will
offer attendees the latest insights and information on distressed
investing and bankruptcy from seasoned corporate restructuring
professionals. And, after a quarter of a century, the conference's
subject matter and presenters are as relevant today as they were
when we began. The developing agenda can be viewed at
https://www.distressedinvestingconference.com/agenda.html
We are also pleased to partner this year with both long-time and
new sponsors including:
Corporate Sponsors:
* Conway MacKenzie
* DSI
* Foley & Lardner LLP
* Milbank
* Morrison & Foerster LLP
Knowledge Partner:
* Pacer Monitor
Media Sponsors:
* Debtwire
* Financial Times
Visit https://www.distressedinvestingconference.com/ for
registration details and information about this year's conference
agenda as well as highlights from past conferences.
To learn how you can be a sponsor and participate in shaping the
day-long program, contact:
Bernard Tolliver at bernard@beardgroup.com
or Tel: (240) 629-3300 x-149
To learn about media sponsorship opportunities to bring your outlet
into the view of leaders in corporate restructuring, lending and
debt and equity investments, and to expand your network of news
sources, contact:
Jeff Baxt at jeff@beardgroup.com
or (240) 629-3300, ext 150
Beard Group, Inc., publishes Turnarounds & Workouts, Troubled
Company Reporter, and Troubled Company Prospector. Visit
http://bankrupt.com/freetrial/for a free trial subscription to one
or more of Beard Group's corporate restructuring publications.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 61,641.0 (3,375.0) (3,379.0)
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 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 TH 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 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)
ABBVIE INC-BDR ABBV34 BZ 61,641.0 (3,375.0) (3,379.0)
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)
ABSOLUTE SOFTWRE ABT2EUR EU 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 ACRXUSD EU 64.6 (49.0) 39.7
ACELRX PHARMA ACRXEUR 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 GZ 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 QT 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 AMRSUSD EU 118.7 (249.0) (91.8)
AMYRIS INC AMRSEUR EU 118.7 (249.0) (91.8)
AMYRIS INC 3A01 QT 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 AZPNUSD EU 264.9 (284.1) (371.1)
ASPEN TECHNOLOGY AZPN* MM 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 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 ADSK SW 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 ADSK TE 3,833.0 (241.6) (316.3)
AUTODESK INC AUD GZ 3,833.0 (241.6) (316.3)
AUTODESK INC ADSK AV 3,833.0 (241.6) (316.3)
AUTODESK INC ADSK* MM 3,833.0 (241.6) (316.3)
AUTODESK INC AUD QT 3,833.0 (241.6) (316.3)
AUTOZONE INC AZ5 GR 9,301.8 (1,361.6) (247.1)
AUTOZONE INC AZ5 TH 9,301.8 (1,361.6) (247.1)
AUTOZONE INC AZO US 9,301.8 (1,361.6) (247.1)
AUTOZONE INC AZOUSD EU 9,301.8 (1,361.6) (247.1)
AUTOZONE INC AZOEUR EU 9,301.8 (1,361.6) (247.1)
AUTOZONE INC AZ5 QT 9,301.8 (1,361.6) (247.1)
AVALARA INC AVLR US 352.7 142.2 66.3
AVID TECHNOLOGY AVID US 254.0 (176.9) 3.8
AVID TECHNOLOGY AVD GR 254.0 (176.9) 3.8
BENEFITFOCUS INC BNFTEUR EU 181.3 (27.5) (2.3)
BENEFITFOCUS INC BNFT US 181.3 (27.5) (2.3)
BENEFITFOCUS INC BTF GR 181.3 (27.5) (2.3)
BJ'S WHOLESALE C BJ US 3,220.9 (317.9) (11.9)
BJ'S WHOLESALE C 8BJ GR 3,220.9 (317.9) (11.9)
BJ'S WHOLESALE C 8BJ TH 3,220.9 (317.9) (11.9)
BJ'S WHOLESALE C 8BJ QT 3,220.9 (317.9) (11.9)
BLOOM ENERGY C-A BE US 1,157.7 (564.8) 142.1
BLOOM ENERGY C-A 1ZB GR 1,157.7 (564.8) 142.1
BLOOM ENERGY C-A BE1EUR EU 1,157.7 (564.8) 142.1
BLOOM ENERGY C-A 1ZB QT 1,157.7 (564.8) 142.1
BLOOM ENERGY C-A 1ZB TH 1,157.7 (564.8) 142.1
BLUE BIRD CORP BLBD US 331.5 (44.5) 10.8
BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4)
BOEING CO-BDR BOEI34 BZ 113,195.0 (1,374.0) 8,676.0
BOEING CO-CED BA AR 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BOE LN 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BA US 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BCO TH 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BACHF EU 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BA SW 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BA* MM 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BA TE 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BCO GR 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BAEUR EU 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BA EU 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BCO GZ 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BA AV 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BAUSD SW 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BCO QT 113,195.0 (1,374.0) 8,676.0
BOEING CO/THE BA CI 113,195.0 (1,374.0) 8,676.0
BOMBARDIER INC-A BBD/A CN 25,029.0 (3,829.0) 1,419.0
BOMBARDIER INC-B BBD/B CN 25,029.0 (3,829.0) 1,419.0
BOMBARDIER INC-B BBD/BCAD EU 25,029.0 (3,829.0) 1,419.0
BRINKER INTL EAT US 1,347.3 (718.3) (278.1)
BRINKER INTL BKJ GR 1,347.3 (718.3) (278.1)
BRINKER INTL BKJ QT 1,347.3 (718.3) (278.1)
BRINKER INTL EAT2EUR EU 1,347.3 (718.3) (278.1)
BROOKFIELD REAL BRE CN 101.1 (41.7) 5.6
BRP INC/CA-SUB V B15A GR 2,671.7 (445.7) -
BRP INC/CA-SUB V DOOO US 2,671.7 (445.7) -
BRP INC/CA-SUB V DOO CN 2,671.7 (445.7) -
BUFFALO COAL COR BUC SJ 31.9 (34.4) (49.1)
CACTUS INC- A WHD US 406.1 265.3 141.5
CACTUS INC- A 43C GR 406.1 265.3 141.5
CACTUS INC- A 43C QT 406.1 265.3 141.5
CACTUS INC- A WHDEUR EU 406.1 265.3 141.5
CACTUS INC- A 43C TH 406.1 265.3 141.5
CACTUS INC- A WHDUSD EU 406.1 265.3 141.5
CACTUS INC- A 43C GZ 406.1 265.3 141.5
CADIZ INC CDZI US 74.7 (73.9) 17.7
CADIZ INC 2ZC GR 74.7 (73.9) 17.7
CAMBIUM LEARNING ABCD US 150.3 (6.5) (63.3)
CARDLYTICS INC CDLX US 140.2 36.8 64.9
CARDLYTICS INC CYX TH 140.2 36.8 64.9
CARDLYTICS INC CDLXEUR EU 140.2 36.8 64.9
CARDLYTICS INC CYX QT 140.2 36.8 64.9
CARDLYTICS INC CDLXUSD EU 140.2 36.8 64.9
CARDLYTICS INC CYX GR 140.2 36.8 64.9
CARDLYTICS INC CYX GZ 140.2 36.8 64.9
CASELLA WASTE WA3 GR 652.6 (34.7) 1.1
CASELLA WASTE CWST US 652.6 (34.7) 1.1
CASELLA WASTE CWSTUSD EU 652.6 (34.7) 1.1
CASELLA WASTE WA3 TH 652.6 (34.7) 1.1
CASELLA WASTE CWSTEUR EU 652.6 (34.7) 1.1
CDK GLOBAL INC CDK US 3,008.4 (347.3) 818.9
CDK GLOBAL INC C2G QT 3,008.4 (347.3) 818.9
CDK GLOBAL INC CDKUSD EU 3,008.4 (347.3) 818.9
CDK GLOBAL INC CDKEUR EU 3,008.4 (347.3) 818.9
CDK GLOBAL INC C2G TH 3,008.4 (347.3) 818.9
CDK GLOBAL INC C2G GR 3,008.4 (347.3) 818.9
CEDAR FAIR LP FUN US 2,079.2 (70.1) (127.4)
CEDAR FAIR LP 7CF GR 2,079.2 (70.1) (127.4)
CHESAPEAKE E-BDR CHKE34 BZ 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CS1 TH 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CHK* MM 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CS1 GR 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CHK US 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CHKUSD EU 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CHKEUR EU 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CS1 GZ 12,341.0 (117.0) (1,633.0)
CHESAPEAKE ENERG CS1 QT 12,341.0 (117.0) (1,633.0)
CHOICE HOTELS CZH GR 1,123.0 (204.0) (3.5)
CHOICE HOTELS CHH US 1,123.0 (204.0) (3.5)
CINCINNATI BELL CBB US 2,166.1 (143.4) 331.1
CINCINNATI BELL CIB1 GR 2,166.1 (143.4) 331.1
CINCINNATI BELL CBBEUR EU 2,166.1 (143.4) 331.1
CLEAR CHANNEL-A CCO US 4,521.1 (2,079.0) 305.4
CLEAR CHANNEL-A C7C GR 4,521.1 (2,079.0) 305.4
CLEVELAND-CLIFFS CLF* MM 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CLF US 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA TH 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA GR 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CLF2 EU 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA GZ 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CVA QT 3,125.0 (86.2) 1,269.9
CLEVELAND-CLIFFS CLF2EUR EU 3,125.0 (86.2) 1,269.9
COGENT COMMUNICA OGM1 GR 700.2 (114.6) 221.8
COGENT COMMUNICA CCOI US 700.2 (114.6) 221.8
COLGATE-BDR COLG34 BZ 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CPA TH 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CL EU 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CLEUR EU 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CLCHF EU 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CL* MM 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CL SW 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CPA GR 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CL US 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CL TE 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV COLG AV 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CPA GZ 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CLUSD SW 12,650.0 (189.0) 230.0
COLGATE-PALMOLIV CPA QT 12,650.0 (189.0) 230.0
COMSTOCK RES INC CRK US 921.3 (442.4) 13.1
COMSTOCK RES INC CX9 GR 921.3 (442.4) 13.1
COMSTOCK RES INC CRK1EUR EU 921.3 (442.4) 13.1
CONCORDIA INTERN CXR CN 2,122.5 (2,132.4) (3,601.8)
CONCORDIA INTERN CXRXF US 2,122.5 (2,132.4) (3,601.8)
CONCORDIA INTERN CXR/U CN 2,122.5 (2,132.4) (3,601.8)
CONCORDIA INTERN 80CD GR 2,122.5 (2,132.4) (3,601.8)
CONCORDIA INTERN CXREUR EU 2,122.5 (2,132.4) (3,601.8)
CONVERGEONE HOLD CVON US 1,018.8 (128.2) 44.7
CUMULUS MEDIA-A CMLS US 2,413.5 (498.0) 342.7
DELEK LOGISTICS DKL US 650.3 (129.0) 29.0
DELEK LOGISTICS D6L GR 650.3 (129.0) 29.0
DENNY'S CORP DENN US 334.6 (117.9) (44.5)
DENNY'S CORP DE8 GR 334.6 (117.9) (44.5)
DENNY'S CORP DENNEUR EU 334.6 (117.9) (44.5)
DEX MEDIA INC DMDA US 1,419.0 (1,284.0) (1,999.0)
DINE BRANDS GLOB DIN US 1,650.3 (223.3) 65.6
DINE BRANDS GLOB IHP GR 1,650.3 (223.3) 65.6
DOLLARAMA INC DR3 GR 2,172.4 (57.2) 115.0
DOLLARAMA INC DLMAF US 2,172.4 (57.2) 115.0
DOLLARAMA INC DOL CN 2,172.4 (57.2) 115.0
DOLLARAMA INC DOLEUR EU 2,172.4 (57.2) 115.0
DOLLARAMA INC DR3 GZ 2,172.4 (57.2) 115.0
DOLLARAMA INC DR3 QT 2,172.4 (57.2) 115.0
DOLLARAMA INC DR3 TH 2,172.4 (57.2) 115.0
DOMINO'S PIZZA DPZ US 912.1 (2,973.8) 229.2
DOMINO'S PIZZA EZV GR 912.1 (2,973.8) 229.2
DOMINO'S PIZZA DPZEUR EU 912.1 (2,973.8) 229.2
DOMINO'S PIZZA DPZUSD EU 912.1 (2,973.8) 229.2
DOMINO'S PIZZA EZV SW 912.1 (2,973.8) 229.2
DOMINO'S PIZZA EZV QT 912.1 (2,973.8) 229.2
DOMINO'S PIZZA EZV TH 912.1 (2,973.8) 229.2
DOMO INC- CL B DOMO US 325.8 94.5 156.8
DOMO INC- CL B 1ON GR 325.8 94.5 156.8
DOMO INC- CL B DOMOEUR EU 325.8 94.5 156.8
DOMO INC- CL B 1ON GZ 325.8 94.5 156.8
DOMO INC- CL B 1ON TH 325.8 94.5 156.8
DOMO INC- CL B DOMOUSD EU 325.8 94.5 156.8
DUN & BRADSTREET DNB US 1,961.9 (758.1) (330.1)
DUN & BRADSTREET DB5 TH 1,961.9 (758.1) (330.1)
DUN & BRADSTREET DB5 GR 1,961.9 (758.1) (330.1)
DUN & BRADSTREET DB5 QT 1,961.9 (758.1) (330.1)
DUN & BRADSTREET DNB1EUR EU 1,961.9 (758.1) (330.1)
DUNKIN' BRANDS G 2DB TH 3,298.7 (817.8) 226.5
DUNKIN' BRANDS G DNKN US 3,298.7 (817.8) 226.5
DUNKIN' BRANDS G 2DB GR 3,298.7 (817.8) 226.5
DUNKIN' BRANDS G 2DB GZ 3,298.7 (817.8) 226.5
DUNKIN' BRANDS G 2DB QT 3,298.7 (817.8) 226.5
DUNKIN' BRANDS G DNKNEUR EU 3,298.7 (817.8) 226.5
EGAIN CORP EGCA GR 39.6 (8.7) (8.0)
EGAIN CORP EGAN US 39.6 (8.7) (8.0)
EGAIN CORP EGANEUR EU 39.6 (8.7) (8.0)
ENPHASE ENERGY E0P GR 218.5 (30.1) 40.7
ENPHASE ENERGY ENPH US 218.5 (30.1) 40.7
ENPHASE ENERGY ENPHEUR EU 218.5 (30.1) 40.7
ENPHASE ENERGY ENPHUSD EU 218.5 (30.1) 40.7
ENPHASE ENERGY E0P GZ 218.5 (30.1) 40.7
ENPHASE ENERGY E0P QT 218.5 (30.1) 40.7
ENPHASE ENERGY E0P TH 218.5 (30.1) 40.7
EVERI HOLDINGS I G2C GR 1,439.8 (120.3) (3.8)
EVERI HOLDINGS I G2C TH 1,439.8 (120.3) (3.8)
EVERI HOLDINGS I EVRI US 1,439.8 (120.3) (3.8)
EVERI HOLDINGS I EVRIEUR EU 1,439.8 (120.3) (3.8)
EXELA TECHNOLOGI XELAU US 1,728.9 (62.1) (40.6)
EXELA TECHNOLOGI XELA US 1,728.9 (62.1) (40.6)
GAMCO INVESTO-A GBL US 140.2 (44.9) -
GNC HOLDINGS INC GNC US 1,499.1 (166.1) 250.2
GNC HOLDINGS INC IGN GR 1,499.1 (166.1) 250.2
GNC HOLDINGS INC GNC* MM 1,499.1 (166.1) 250.2
GNC HOLDINGS INC IGN TH 1,499.1 (166.1) 250.2
GNC HOLDINGS INC GNC1USD EU 1,499.1 (166.1) 250.2
GNC HOLDINGS INC GNC1EUR EU 1,499.1 (166.1) 250.2
GOGO INC GOGO US 1,304.3 (228.2) 310.1
GOGO INC GOGOEUR EU 1,304.3 (228.2) 310.1
GOGO INC G0G GR 1,304.3 (228.2) 310.1
GOGO INC G0G QT 1,304.3 (228.2) 310.1
GOOSEHEAD INSU-A GSHD US 32.0 (26.7) -
GOOSEHEAD INSU-A 2OX GR 32.0 (26.7) -
GOOSEHEAD INSU-A GSHDEUR EU 32.0 (26.7) -
GORES HOLDINGS GRSHU US 0.3 (0.0) (0.0)
GRAFTECH INTERNA EAF US 1,566.9 (991.0) 422.9
GRAFTECH INTERNA G6G GR 1,566.9 (991.0) 422.9
GRAFTECH INTERNA G6G TH 1,566.9 (991.0) 422.9
GRAFTECH INTERNA EAFEUR EU 1,566.9 (991.0) 422.9
GRAFTECH INTERNA G6G QT 1,566.9 (991.0) 422.9
GRAFTECH INTERNA EAFUSD EU 1,566.9 (991.0) 422.9
GREEN PLAINS PAR GPP US 92.2 (66.4) 4.0
GREEN PLAINS PAR 8GP GR 92.2 (66.4) 4.0
GREEN THUMB INDU R9U2 GR 1.1 (0.5) (0.5)
GREEN THUMB INDU GTII CN 1.1 (0.5) (0.5)
GREEN THUMB INDU GTBIF US 1.1 (0.5) (0.5)
GREEN THUMB INDU BYU/HCAD EU 1.1 (0.5) (0.5)
GREENSKY INC-A GSKY US 758.7 (46.5) (65.5)
HANGER INC HNGR US 664.4 (35.3) 126.1
HANGER INC HNGRUSD EU 664.4 (35.3) 126.1
HCA HEALTHCARE I 2BH TH 37,742.0 (4,125.0) 2,769.0
HCA HEALTHCARE I HCA US 37,742.0 (4,125.0) 2,769.0
HCA HEALTHCARE I 2BH GR 37,742.0 (4,125.0) 2,769.0
HCA HEALTHCARE I HCAUSD EU 37,742.0 (4,125.0) 2,769.0
HCA HEALTHCARE I HCA* MM 37,742.0 (4,125.0) 2,769.0
HCA HEALTHCARE I 2BH QT 37,742.0 (4,125.0) 2,769.0
HCA HEALTHCARE I HCAEUR EU 37,742.0 (4,125.0) 2,769.0
HELIUS MEDICAL T HSM CN 17.1 (12.1) (12.4)
HELIUS MEDICAL T HSDT US 17.1 (12.1) (12.4)
HELIUS MEDICAL T 26H GR 17.1 (12.1) (12.4)
HERBALIFE NUTRIT HLF US 2,421.5 (779.4) (133.9)
HERBALIFE NUTRIT HOO GR 2,421.5 (779.4) (133.9)
HERBALIFE NUTRIT HLFEUR EU 2,421.5 (779.4) (133.9)
HERBALIFE NUTRIT HOO QT 2,421.5 (779.4) (133.9)
HORTONWORKS INC 14K SW 291.4 (3.6) (5.2)
HORTONWORKS INC HDP US 291.4 (3.6) (5.2)
HORTONWORKS INC 14K GR 291.4 (3.6) (5.2)
HORTONWORKS INC 14K QT 291.4 (3.6) (5.2)
HORTONWORKS INC HDPEUR EU 291.4 (3.6) (5.2)
HP COMPANY-BDR HPQB34 BZ 34,254.0 (1,767.0) (3,730.0)
HP INC HPQ* MM 34,254.0 (1,767.0) (3,730.0)
HP INC HPQ TE 34,254.0 (1,767.0) (3,730.0)
HP INC HPQ US 34,254.0 (1,767.0) (3,730.0)
HP INC 7HP TH 34,254.0 (1,767.0) (3,730.0)
HP INC 7HP GR 34,254.0 (1,767.0) (3,730.0)
HP INC HPQ SW 34,254.0 (1,767.0) (3,730.0)
HP INC 7HP SW 34,254.0 (1,767.0) (3,730.0)
HP INC HPQEUR EU 34,254.0 (1,767.0) (3,730.0)
HP INC 7HP GZ 34,254.0 (1,767.0) (3,730.0)
HP INC HPQUSD SW 34,254.0 (1,767.0) (3,730.0)
HP INC HWP QT 34,254.0 (1,767.0) (3,730.0)
HP INC HPQCHF EU 34,254.0 (1,767.0) (3,730.0)
HP INC HPQUSD EU 34,254.0 (1,767.0) (3,730.0)
HP INC HPQ CI 34,254.0 (1,767.0) (3,730.0)
IDEXX LABS IX1 GR 1,520.7 (40.8) (34.5)
IDEXX LABS IDXX US 1,520.7 (40.8) (34.5)
IDEXX LABS IDXX TE 1,520.7 (40.8) (34.5)
IDEXX LABS IDXX AV 1,520.7 (40.8) (34.5)
IDEXX LABS IX1 GZ 1,520.7 (40.8) (34.5)
IDEXX LABS IX1 QT 1,520.7 (40.8) (34.5)
IDEXX LABS IX1 TH 1,520.7 (40.8) (34.5)
INFRASTRUCTURE A IEA US 180.2 (118.2) (20.7)
INNOVIVA INC HVE GR 338.7 (155.4) 171.9
INNOVIVA INC INVA US 338.7 (155.4) 171.9
INNOVIVA INC INVAUSD EU 338.7 (155.4) 171.9
INNOVIVA INC HVE QT 338.7 (155.4) 171.9
INNOVIVA INC HVE TH 338.7 (155.4) 171.9
INNOVIVA INC INVAEUR EU 338.7 (155.4) 171.9
INNOVIVA INC HVE GZ 338.7 (155.4) 171.9
INSEEGO CORP INSG US 142.5 (64.6) (5.8)
INSEEGO CORP INSGEUR EU 142.5 (64.6) (5.8)
INSEEGO CORP INO GR 142.5 (64.6) (5.8)
INSPIRED ENTERTA INSE US 206.6 (5.0) (7.7)
INTERNAP CORP IP9N GR 724.7 (5.0) (33.2)
INTERNAP CORP INAP US 724.7 (5.0) (33.2)
INTERNAP CORP INAPEUR EU 724.7 (5.0) (33.2)
IRONWOOD PHARMAC I76 TH 618.2 (44.0) 184.6
IRONWOOD PHARMAC IRWD US 618.2 (44.0) 184.6
IRONWOOD PHARMAC I76 GR 618.2 (44.0) 184.6
IRONWOOD PHARMAC I76 QT 618.2 (44.0) 184.6
IRONWOOD PHARMAC IRWDEUR EU 618.2 (44.0) 184.6
ISRAMCO INC ISRL US 110.2 (14.8) (7.3)
ISRAMCO INC IRM GR 110.2 (14.8) (7.3)
ISRAMCO INC ISRLEUR EU 110.2 (14.8) (7.3)
JACK IN THE BOX JACK US 879.4 (490.5) (30.9)
JACK IN THE BOX JBX GR 879.4 (490.5) (30.9)
JACK IN THE BOX JBX GZ 879.4 (490.5) (30.9)
JACK IN THE BOX JBX QT 879.4 (490.5) (30.9)
JACK IN THE BOX JACK1EUR EU 879.4 (490.5) (30.9)
KERYX BIOPHARM KERXUSD EU 145.7 (41.2) 70.6
KERYX BIOPHARM KERX US 145.7 (41.2) 70.6
KULR TECHNOLOGY KUTG US 0.4 (0.4) (0.5)
L BRANDS INC LTD GR 7,620.0 (1,122.0) 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 LBUSD EU 7,620.0 (1,122.0) 859.0
L BRANDS INC LTD SW 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-BDR LBRN34 BZ 7,620.0 (1,122.0) 859.0
LAMB WESTON LW-WUSD EU 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
LAMB WESTON 0L5 QT 2,854.3 (188.2) 466.5
LAMB WESTON LW US 2,854.3 (188.2) 466.5
LEGACY RESERVES LGCY US 1,510.6 (251.0) (589.8)
LEGACY RESERVES LRTI GZ 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)
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 LX31 QT 332.9 (4.9) 138.9
LEXICON PHARMACE LXRXEUR EU 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 US 32,708.4 (5,851.0) 1,385.3
MCDONALDS CORP MCD SW 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* MM 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 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 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 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 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 MGIUSD EU 4,526.8 (236.6) (52.3)
MONEYGRAM INTERN MGIEUR EU 4,526.8 (236.6) (52.3)
MONEYGRAM INTERN 9M1N TH 4,526.8 (236.6) (52.3)
MONEYGRAM INTERN 9M1N QT 4,526.8 (236.6) (52.3)
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 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
MOTOROLA SOLUTIO MTLA QT 8,881.0 (1,492.0) 659.0
MOTOROLA SOLUTIO MTLA GR 8,881.0 (1,492.0) 659.0
MSG NETWORKS- A MSGN US 849.6 (657.7) 227.2
MSG NETWORKS- A 1M4 GR 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 TH 849.6 (657.7) 227.2
NATERA INC 45E GR 194.4 (22.0) 67.2
NATERA INC NTRA US 194.4 (22.0) 67.2
NATHANS FAMOUS NFA GR 79.4 (82.9) 58.3
NATHANS FAMOUS NATH US 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 GZ 6,924.0 (4,334.0) 596.0
NAVISTAR INTL IHR QT 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 NIHDEUR EU 966.0 (159.4) 132.4
NII HOLDINGS INC NIHD US 966.0 (159.4) 132.4
NII HOLDINGS INC NJJA GR 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 OMERUSD EU 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
OPTIVA INC OPT CN 158.9 (16.7) 21.9
OPTIVA INC RKNEF US 158.9 (16.7) 21.9
OPTIVA INC 3230510Q EU 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 PM1 EU 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 GR 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM US 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM1CHF EU 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM1 TE 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 TH 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMI SW 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PM1EUR EU 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMOR AV 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMI EB 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN PMI1 IX 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 GZ 39,380.0 (9,942.0) 2,939.0
PHILIP MORRIS IN 4I1 QT 39,380.0 (9,942.0) 2,939.0
PINNACLE ENTERTA 65P GR 3,859.0 (281.5) (33.6)
PINNACLE ENTERTA PNK US 3,859.0 (281.5) (33.6)
PLANET FITNESS-A PLNT1USD EU 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 3PL QT 1,124.7 (91.2) 104.2
PLANET FITNESS-A PLNT1EUR EU 1,124.7 (91.2) 104.2
PLANET FITNESS-A PLNT US 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 RETAEUR EU 174.7 (167.9) 116.7
REATA PHARMACE-A RETA US 174.7 (167.9) 116.7
REATA PHARMACE-A 2R3 GR 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 RST1USD EU 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 RRDUSD EU 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 SBAC US 7,289.4 (3,042.1) 49.1
SBA COMM CORP 4SB GR 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 SBACEUR EU 7,289.4 (3,042.1) 49.1
SBA COMM CORP SBJ TH 7,289.4 (3,042.1) 49.1
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
SCIENTIFIC GAMES TJW TH 7,612.9 (2,268.4) 630.9
SCIENTIFIC GAMES TJW GZ 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 SEE1EUR EU 4,859.2 (372.4) 156.9
SEALED AIR CORP SEE1USD EU 4,859.2 (372.4) 156.9
SEALED AIR CORP SDA TH 4,859.2 (372.4) 156.9
SEALED AIR CORP SDA QT 4,859.2 (372.4) 156.9
SERES THERAPEUTI MCRB1EUR EU 133.0 (13.3) 64.8
SERES THERAPEUTI MCRB US 133.0 (13.3) 64.8
SERES THERAPEUTI 1S9 GR 133.0 (13.3) 64.8
SHELL MIDSTREAM SHLX US 1,870.4 (320.8) 177.1
SHELL MIDSTREAM 49M QT 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
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 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 SIRIUSD EU 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 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)
SIRIUS XM HOLDIN SIRI AV 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 US 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 SONC US 531.1 (288.8) 42.4
SONIC CORP SO4 GR 531.1 (288.8) 42.4
SONIC CORP SONCUSD EU 531.1 (288.8) 42.4
SONIC CORP SO4 TH 531.1 (288.8) 42.4
SONIC CORP SONCEUR EU 531.1 (288.8) 42.4
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 TH 169.4 (120.6) (95.0)
TENABLE HOLDINGS TE7 QT 169.4 (120.6) (95.0)
TENABLE HOLDINGS 0ZC0 LI 169.4 (120.6) (95.0)
TESARO INC TSRO US 810.5 (21.5) 573.2
TESARO INC TSROUSD EU 810.5 (21.5) 573.2
TESARO INC T8S GR 810.5 (21.5) 573.2
TESARO INC T8S TH 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
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 T7D TH 11,804.5 (2,098.5) 2,568.2
TRANSDIGM GROUP TDGUSD EU 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
TRILOGY INTERNAT TRL CN 709.9 (12.5) (16.7)
TRIUMPH GROUP TGI US 3,420.0 (226.6) 292.1
TRIUMPH GROUP TG7 GR 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 TUP1USD EU 1,338.1 (175.5) (64.2)
TUPPERWARE BRAND TUP GZ 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 TUP QT 1,338.1 (175.5) (64.2)
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 UIS US 2,370.9 (1,244.1) 413.1
UNISYS CORP UIS1 SW 2,370.9 (1,244.1) 413.1
UNISYS CORP UISEUR EU 2,370.9 (1,244.1) 413.1
UNISYS CORP UIS 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 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
VALVOLINE INC VVV US 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 VGREUR EU 1,333.9 (428.7) 164.9
VECTOR GROUP LTD VGR QT 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 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
VERISIGN INC VRS QT 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 QT 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)
WEIGHT WATCHERS WW6 GR 1,336.6 (923.0) (88.2)
WEIGHT WATCHERS WTW US 1,336.6 (923.0) (88.2)
WEIGHT WATCHERS WW6 TH 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)
WEIGHT WATCHERS WTWEUR EU 1,336.6 (923.0) (88.2)
WEIGHT WATCHERS WW6 QT 1,336.6 (923.0) (88.2)
WESTERN UNIO-BDR WUNI34 BZ 9,115.6 (451.3) (813.3)
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 WUEUR EU 9,115.6 (451.3) (813.3)
WESTERN UNION W3U GZ 9,115.6 (451.3) (813.3)
WESTERN UNION W3U QT 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 WING1EUR EU 124.1 (140.7) (6.7)
WINGSTOP INC WING US 124.1 (140.7) (6.7)
WINGSTOP INC EWG GR 124.1 (140.7) (6.7)
WINMARK CORP WINA US 50.5 (11.7) 7.5
WINMARK CORP GBZ GR 50.5 (11.7) 7.5
WORKIVA INC WKEUR EU 181.7 (17.7) (21.7)
WORKIVA INC WK US 181.7 (17.7) (21.7)
WORKIVA INC 0WKA GR 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 WYND US 7,075.0 (520.0) (138.0)
WYNDHAM DESTINAT WYNEUR EU 7,075.0 (520.0) (138.0)
WYNDHAM DESTINAT WD5 QT 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 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 TH 1,644.5 (344.1) 182.2
YRC WORLDWIDE IN YRCWUSD EU 1,644.5 (344.1) 182.2
YRC WORLDWIDE IN YRCWEUR EU 1,644.5 (344.1) 182.2
YRC WORLDWIDE IN YEL1 QT 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 YUM US 4,326.0 (7,247.0) 279.0
YUM! BRANDS INC YUM* MM 4,326.0 (7,247.0) 279.0
YUM! BRANDS INC TGR GZ 4,326.0 (7,247.0) 279.0
YUM! BRANDS INC YUMUSD SW 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
*********
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 ***