/raid1/www/Hosts/bankrupt/TCR_Public/190702.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, July 2, 2019, Vol. 23, No. 182
Headlines
1100 STATE STREET: July 25 Hearing on Disclosure Statement
18 FREMONT: S&P Raises ICR to B- on Reduced Debt; Outlook Stable
ALBERTSONS COS: S&P Ups ICR to 'B+' Amid Consistent Debt Reduction
ALEGION INC: Amends Treatment of Caterpillar Secured Claims
AQUABOUNTY TECHNOLOGIES: Archon Has 8.4% Stake as of June 19
BELLE INVESTMENTS: U.S. Trustee Unable to Appoint Committee
BENEFIT CONSULTING: Unsecured Creditors to Get $9,500 Under Plan
BIOSTAT LLC: Court Approves Disclosure Statement, Confirms Plan
BRIGGS & STRATTON: S&P Alters Outlook to Negative, Affirms BB- ICR
BROOKLYN EVENTS: S&P Cuts $523.94MM Secured Debt Rating to 'BB'
CENTER CITY HEALTHCARE: Case Summary & 30 Top Unsecured Creditors
COMPASS ACADEMY: S&P Raises Rating on Series 2016A and B to 'BB+'
CRACKLE INTERMEDIATE: S&P Affirms B ICR; Rating Off Watch Negative
DDC GROUP: Aug. 15 Plan Confirmation Hearing
DELICIAS DE MINAS: Aug. 16 Disclosure Statement Hearing
DELTAVILLE BOATYARD: Wants Court to Approve Amended Disclosures
DORIAN LPG: BW Group Lowers Equity Stake to 13.4% as of June 28
FIRST BAPTIST CHURCH: July 23 Plan Confirmation Hearing
GLENN POOL: S&P Affirms 'B (sf)' Rating on Senior Secured Notes
GLOBAL EAGLE: All Three Proposals Approved at Annual Meeting
GOBP HOLDINGS: S&P Raises ICR to 'B' Following IPO; Outlook Stable
GOD'S CHARIOTS: Court Approves Disclosure Statement, Confirms Plan
GRANITE ACQUISITION: S&P Alters Outlook to Pos., Affirms B+ 'ICR'
GULFSTREAM DIAGNOSTICS: July 24 Hearing on Disclosure Statement
HARVEY MOORE: U.S. Trustee Unable to Appoint Committee
HORIZON GLOBAL: Four Proposals Passed at Annual Meeting
HOTEL CUPIDO: Case Summary & 7 Unsecured Creditors
INPIXON: Files Registration Statement for Planned Public Offering
JAGUAR HEALTH: Reports Issuances of Additional Common Shares
JASON INC: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative
JCM INSURANCE: U.S. Trustee Unable to Appoint Committee
KAMAN CORP: S&P Places BB+ Issuer Credit Rating on Watch Negative
LAWN ADVISORY: Unsecureds to Get 50% Over 5 Years
MANHATTAN RIVER: Unsecureds to Get 40% of Allowed Claims in 3 Years
MARINER CHIROPRACTIC: Hires JD & Associates as Accountant
MERITOR INC: S&P Affirms BB ICR on Pending Acquisition of AxleTech
MESKO RESTAURANT: Hires Langley & Chang as Counsel
MESKO RESTAURANT: Hires Marshack Hays as General Counsel
MESKO RESTAURANT: Hires Weiland Golden as Co-Counsel
MONITRONICS INTERNATIONAL: Case Summary & Top Unsecured Creditors
NEOVASC INC: Will a Effect Reverse Common Stock Split
NEW DESIGNS: S&P Alters Outlook to Stable, Rates 2019 Bonds 'BB+'
NITLE CORPORATION: Seeks to Hire Robert O Lampl as Counsel
NORTHBELT LLC: Aug. 12 Plan Confirmation Hearing
NORTHSTAR TOPCO: S&P Downgrades ICR to 'B-'; Outlook Stable
NXT ENERGY: Shareholders Elect Five Directors
OUTPUT SERVICES: S&P Affirms B- Issuer Credit Rating; Outlook Neg.
PENGROWTH ENERGY: Shareholders Elect Six Directors
PERATON CORP: S&P Alters Outlook to Negative, Affirms 'B' ICR
PES HOLDINGS: Moody's Lowers CFR to Ca, Outlook Negative
PHL VARIABLE: S&P Downgrades ICR to 'CCC+'; Outlook Negative
PIERSON LAKES: Latest Plan Discloses Lawsuit vs Sponsors
PINE FOREST: New Plan Discloses Amount Owed to U.S. Trustee
POINTCLEAR SOLUTIONS: July 17 Plan Confirmation Hearing
RICHARD ERNEST BROWN: Bankruptcy Administrator to Form Committee
RON'S EXCAVATING: Hires Madoff & Khoury as Counsel
RORA LLC: Unsecured Creditors to Get Full Payment Under Plan
SEDGWICK LLP: Aug 1 Hearing on Disclosure Statement
SERES THERAPEUTICS: Flagship Group Acquires More Stake
SIZMEK INC: Citibank Removed as Committee Member
SMWS GROUP: Aug 7 Hearing on Disclosure Statement
STARWOOD PROPERTY: Moody's Affirms Ba2 CFR & Alters Outlook to Pos.
STARWOOD PROPERTY: S&P Assigns 'BB' ICR; Outlook Stable
STONEMOR PARTNERS: Axar Entities Own 20.2% of Common Units
STONEMOR PARTNERS: Completes Recapitalization Transactions
SUNCREST STONE: Aug 13 Hearing on Disclosure Statement
TEXAS LEADERSHIP: S&P Affirms 'BB-' Bonds Rating; Outlook Positive
TIAN RECLAMATION: Tax Department Objects to Disclosure Statement
TRIDENT CRATING: Hires Jeffrey B. Mayper as Accountant
TRIDENT HOLDING: Hires Alston & Bird as Special Counsel
UNITI GROUP: Subsidiary Issues $345 Million Senior Notes Due 2024
VALENTIA GLOBAL: Unsecureds to Recoup 20% in Quarterly Payments
VFH PARENT: S&P Rates $525MM Senior Secured Notes Due 2026 'B+'
VMW INVESTMENTS: Case Summary & Largest Unsecured Creditors
WALDING CONTRACTING: U.S. Trustee Unable to Appoint Committee
WEATHERFORD INTERNATIONAL: Seeks Creditors' OK of Prepackaged Plan
WESTERN MIDSTREAM: S&P Alters CreditWatch Implications to Dev.
WILLOWOOD USA: Committee Hires Montgomery McCracken as Counsel
WOODS INLET: Seeks to Hire A. Bruce Wilson as Special Counsel
[^] Large Companies with Insolvent Balance Sheet
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1100 STATE STREET: July 25 Hearing on Disclosure Statement
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The hearing on the adequacy of the Disclosure Statement explaining
the Chapter 11 plan of reorganization of 1100 State Street LLC will
be held before the Honorable Andrew B. Altenburg, Jr., on July 25,
2019 at 10:00 AM, in Mitchell H. Cohen Courthouse 400 Cooper Street
Camden, NJ 08102.
Written objections to the adequacy of the Disclosure Statement must
be filed and served no later than 14 days prior to the hearing
before this Court.
General unsecured claims, classified in Class 7, total $242,612,
plus rejection damages, if any, from rejecting lease purchase of
Epiphany Fellowship of Camden. The class is impaired. Holders of
Class 7 claims will be paid $5,000 every year, beginning on the
date that is one-year anniversary of effective date and ending
fives years after effective
date of plan. Total payout to holders of Class 7 claims is
$25,000.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/y2l2jkdc from PacerMonitor.com at no charge.
About 1100 State Street
1100 State Street, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 19-15567) on March 19,
2019. The case is assigned to Judge Andrew B. Altenburg Jr. Kasen
& Kasen, P.C., is the Debtor's counsel.
18 FREMONT: S&P Raises ICR to B- on Reduced Debt; Outlook Stable
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S&P Global Ratings raised its issuer credit rating on 18 Fremont
Street Acquisition LLC (18 Fremont) and its issue-level rating on
the company's term loan by one notch to 'B-' from 'CCC+'.
The rating actions follow the company's move to reduce the size of
its planned term loan to $450 million from the originally proposed
$550 million, and add additional equity. The senior secured term
loan due 2025 will help finance construction of Circa, an upscale
hotel-casino in downtown Las Vegas that S&P expects to open in
December 2020. The revised capital structure lowers S&P's estimate
of fixed charges by about $10 million, and includes a longer
interest reserve and additional liquidity protection post-opening.
S&P said, "The upgrade reflects our view that the approximately $10
million reduction in our estimate of fixed charges from the lower
proposed term loan, the planned additional equity contribution, and
the extension of the planned interest reserve to six months
post-opening from the originally proposed three months provide the
company greater flexibility to absorb a potential slow ramp up in
operations at Circa in an uncertain economic environment. In
addition to the company's six-month post-opening interest reserve,
the $45 million letter of credit that supports the company's
completion guarantee during construction will remain in place
through the end of 2021 as a debt service guarantee, providing
additional liquidity support during the immediate ramp up phase of
the operations to service the capital structure, which we view
favorably. We believe 18 Fremont should have sufficient liquidity
to service its debt through at least 2021 given the number of
credit enhancements included in the revised financing package, and
our forecasted cash flow at its existing assets. Additionally, we
believe that under our base-case forecast assumptions, Circa will
ramp up operations during 2021 in a manner that will provide the
company sufficient cash flow by the end of 2021 to cover our
estimate of fixed charges. Nevertheless, our 'B-' rating on 18
Fremont reflects significant ramp-up risk associated with opening a
property with limited brand recognition in a highly competitive
gaming market. Additionally, we continue to believe that to achieve
its planned returns, Circa will need to attract a more upscale
clientele than what is typically found in downtown Las Vegas.
"The stable ratings outlook reflects our belief that 18 Fremont has
sufficient liquidity to cover Circa's remaining 17.5 months of
construction and 12 months post-opening of the new hotel and casino
assuming the property opens as planned. We believe the significant
ramp-up risk given the highly competitive Las Vegas gaming market
is somewhat tempered by the company's six-month interest reserve,
existing cash flows from the Golden Gate and the D Las Vegas (which
cover approximately half of the estimated fixed charges) and the
conversion of the completion guarantee to a debt service guarantee
through December 2021.
"We could lower the rating if the project incurs significant
construction delays or unforeseen cost overruns that begin to
deplete expected post-opening liquidity sources, like the interest
reserve and letter of credit, before the casino opens. We would
also consider lowering the rating if, upon opening, the casino's
operating results are weaker than we expect, and we no longer
expect the portfolio to generate at least $60 million in EBITDA in
2021. This would threaten the company's liquidity position and
result in forecasted interest coverage in the low-1x area and fixed
charge coverage of around 1x. Weak opening results could be caused
by a lack of consumer demand, a poor economy, or aggressive
competitive responses from nearby operations. Finally, we could
lower the rating or revise the outlook if the economy weakens, and
there is evidence of market softness in Las Vegas as the new
project approaches opening or begins to ramp up.
"We are unlikely to consider an upgrade until the new resort casino
opens and we can observe its operating performance. We could raise
the rating one notch if the casino opens successfully in December
2020 and generates enough cash flow to service the proposed capital
structure and facilitate deleveraging. Prior to raising the rating,
we would need to be confident that 18 Fremont will be able to
sustain interest coverage above 2x, factoring in anticipated
operating volatility in Las Vegas. We would also expect sustained
positive discretionary cash flow in any upgrade scenario."
ALBERTSONS COS: S&P Ups ICR to 'B+' Amid Consistent Debt Reduction
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S&P Global Ratings raised its issuer credit rating on Albertsons
Cos. Inc. (ACI) to 'B+' from 'B'. The outlook is stable.
S&P is raising issue-level ratings one notch in conjunction with
this upgrade and is not changing any recovery ratings at this time.
This includes raising the company's senior secured term loan rating
to 'BB', the ACI unsecured notes and Safeway notes rating to 'BB-',
and the New Albertsons notes rating to 'B-'.
While the '2' recovery rating on the Safeway notes remains
unchanged, the rounded estimate on these instruments is being
revised down to 70% from 85%, in part given the impact of recent
real estate asset sales.
S&P said, "ACI has deleveraged one turn to 6x S&P lease-adjusted
debt at fiscal 2018 from about 7x in fiscal 2017, and we expect
further de-leveraging this year. The company reduced its principal
debt balance $1.4 billion in 2018 from $1 billion in term loan
reduction and various Safeway and NAI note repurchases. It has also
tendered for another $436 million of Safeway and NALP notes this
year, and we anticipate more such opportunistic purchases could
occur by fiscal year end. We also expect that free operating cash
flow could go toward additional debt reduction in fiscal 2019, with
further sale-leasebacks with proceeds aimed at de-leveraging a
possibility as well.
"The stable outlook reflects our belief that profitability will
remain flat throughout fiscal 2019 as improved store-level
execution, moderate food inflation, and further cost savings will
result in only modest earnings growth. We expect free operating
cash flow generation in excess of $400 million starting in fiscal
2020, with continued multi-employer pension plan contributions of
$450 million in 2019, similar to 2018.
"We could lower the rating on ACI if operating results deteriorate,
causing us to believe the company's leverage could return to the
mid-6x range. Under this scenario, we would expect negative ID
sales to return, further margin compression as price investments
and promotional activity fail to drive traffic, and cash burn to
increase.
"We could raise our rating one notch if we expect sustained
adjusted leverage of about 5x or less. For an upgrade to occur, we
would also expect the company to prioritize its use of free
operating cash flow toward debt reduction over acquisitions or
dividends, with a sustained financial policy instead aimed at
capital allocations for business improvement. We would also expect
sustained positive ID sales and stabilizing margins, with about $2
billion of funded debt reduction assuming other debt-like
obligations such as the company's pension liabilities do not expand
meaningfully."
ALEGION INC: Amends Treatment of Caterpillar Secured Claims
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Alegion, Inc., filed a fifth amended Small Business Plan of
Reorganization and accompanying fifth amended disclosure
statement.
Class 4: Secured Claims of Caterpillar. Caterpillar has a secured
note on certain equipment with a balance of $483,186.92, minus any
principal reduced by adequate protection payments. JM Woods
Auctions estimates the liquidation value of the equipment between
$230,000 and $260,000. Caterpillar estimates that the collateral is
worth about $400,000.00. The balance will be reduced to the
liquidation value of the collateral of $260,000.00 and will accrue
at 4.57% interest and will be paid in equal monthly installments of
$4,855.00 commencing within 30 days of the Effective date of the
Plan and continuing for 60 months thereafter. The remaining balance
of $ 223,186.92 will be included in Class 9, General Unsecured
Creditors.
Class 5: Secured Claims of Siemens Financial (SFS). Class 5 shall
consist of the portion of SFS's allowed claim entitled to secured
treatment pursuant to 11 U.S.C. Section 506. As of the petition
date, the Debtor owes SFS $154,988 pursuant to Installment Sale
Contract bearing Transaction No. 2736077, now known as Contract No.
470-1000644-900, which obligation is secured by a Caterpillar 535D
Skidder, bearing Serial No. MTP00260, and all equipment related
thereto. SFS will have an allowed secured claim in the amount of
$87,500. The allowed secured claim shall be amortized over five
years and shall accrue interest at 3.5% per annum, resulting in
monthly payments in the amount of $1,592. Payments to SFS on its
allowed secured claim shall commence within 30 days of the
Effective Date of the Plan, and shall continue monthly thereafter
with all subsequent payments due on or before the 15th day of each
month. SFS shall have an allowed unsecured claim in the amount of
$67,488.48, and shall be entitled to receive payments on its
allowed unsecured claim pro rata along with Class 9 claim holders.
Except as modified herein, the SFS Loan Agreement remains in effect
and is incorporated herein by reference. SFS’ allowed secured
claim and allowed unsecured claim are collectively referred to as
the “SFS Claims.” Any adequate protection payments paid to SFS
in this case shall be retained as adequate protection only and not
applied to SFS’ allowed secured claim.
Notwithstanding anything to the contrary in the Plan:
(a) The modification of the debt due to SFS shall not affect the
liability of any guarantor, endorser, or surety for such debt;
however, as long as the Debtor remains in compliance with the
provisions set forth in the Plan, and any Order confirming the Plan
as those provisions deal with the repayment of the SFS Claims, SFS
shall forbear from proceeding against any guarantor, endorser, or
surety of the debt owed to SFS evidenced by the SFS Claims.
(b) If the Debtor defaults (i) in any payment due to SFS on the
SFS Claims or (ii) under the terms and conditions of the SFS Loan
Agreement, then, upon written notice to the Debtor and its
attorneys, and upon the Debtor's failure to cure said default
within fifteen (15) days of the date of the notice of default, SFS
may immediately proceed to exercise its state court remedies with
respect to the SFS Loan Agreement and SFS Collateral, including,
but not limited to, seizing, removing, and selling the SFS
Collateral, and the Debtor shall in all respects cooperate with SFS
in its efforts to recover possession of the SFS Collateral.
The Debtor believes that the plan is feasible and urges that it be
approved. The Debtor is reorganizing its business operations by
contracting with a new timber broker, Parnell, Inc., and selling
some certain trucks and trailers to a Deloney & Gandy Timber, Inc.
The Debtor will subcontract with Deloney & Gandy to haul the timber
that the Debtor cuts. This will both increase the Debtors revenues
and reduce its expenses. Further, the Debtor has received a BP
settlement payment and will receive the final BP settlement in July
of 2019. The Debtor has prepared the attached Projection of Profit
showing the profit of the Debtor.
The Debtor will be able to make all of the proposed payments
pursuant to the Plan.
The Projection of Profit is a mere estimate. The Debtor is moving
to a new business model and the projections are what they believe
to be a 12 month average of timber cut. There is no guarantee that
they will be able to cut that level of timber every month. Some
months, revenue will be higher, but some months revenue will be
lower.
Based on the new arrangement and the past experience, the Debtor
estimates that they will cut and haul 4,333 tons of timber per
month. This is Debtors best guess of the tonnage. This is 12 months
average expressed per month, there are months that should be higher
or lower based on the season. Debtors will be paid $32.28 per ton,
they estimate that $25.78 is for cutting and $6.50 is for hauling
for Deloney & Gandy. See below. Prior to this arrangement they were
receiving approximately $18.75 for cutting.
A full-text copy of the Fifth Amended Disclosure Statement dated
June 17, 2019, is available at https://tinyurl.com/y5rlnpe6 from
PacerMonitor.com at no charge.
About Alegion Inc.
Alegion, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Ala. Case No. 18-30912) on March 29, 2018. In
the petition signed by Tammy Jordan, owner, the Debtor disclosed
that it had estimated assets of less than $50,000 and liabilities
of less than $50,000.
Judge Dwight H. Williams Jr. presides over the case. The Debtor
tapped Fritz Law Firm as its legal counsel.
AQUABOUNTY TECHNOLOGIES: Archon Has 8.4% Stake as of June 19
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In a Schedule 13G filed with the Securities and Exchange
Commission, Archon Capital Management LLC and Constantinos
Christofilis disclosed that as of June 19, 2019, they beneficially
own 1,812,100 shares of common stock of AquaBounty Technologies,
Inc., representing 8.39 percent of the shares outstanding.
Strategos Fund, L.P. also reported beneficial ownership of
1,304,790 Common Shares. A full-text copy of the regulatory filing
is available for free at: https://is.gd/ETrqql
About AcquaBounty
Headquartered in Maynard, Massachusetts, AquaBounty Technologies,
Inc., is a biotechnology company focused on enhancing productivity
and sustainability in the fast-growing aquaculture market.
AquaBounty reported a net loss of $10.38 million in 2018 following
a net loss of $9.25 million in 2017. As of March 31, 2019, the
Company had $33.02 million in total assets, $5.47 million in total
liabilities, and $27.55 million in total stockholders' equity.
Wolf & Company, P.C., in Boston, Massachusetts, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated March 7, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has suffered recurring losses and negative cash flows from
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
BELLE INVESTMENTS: U.S. Trustee Unable to Appoint Committee
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No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Belle Investments, LLC as of May 20, 2019,
according to a court docket.
About Belle Investments
Belle Investments, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 19-03205) on May 20,
2019. At the time of the filing, the Debtor disclosed assets of
between $100,001 and $500,000 and liabilities of the same range.
The case has been assigned to Judge Charles M. Walker. Lefkovitz &
Lefkovitz, PLLC is the Debtor's legal counsel.
BENEFIT CONSULTING: Unsecured Creditors to Get $9,500 Under Plan
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Benefit Consulting Group of PR, Inc., filed a small business
Chapter 11 plan and accompanying disclosure statement.
Class 4 General Unsecured Claims are impaired. The Allowed Class
4, if any, will be satisfied via a cash distribution estimated at
$9,500. Distributions will be made on a monthly basis commencing
on the 1th month following the Effective Date of the Plan. The
Allowed Class 4 will be paid in full on or before the last day of
the 60th month following the Effective Date of the Plan.
The Plan establishes that the Plan will be funded from the
cash-flow generated by the Reorganized Debtor. It generally
consists of the business income generated by BCG. The Debtor will
contribute its cash flow to fund the Plan commencing on the
Effective Date of the Plan.
A full-text copy of the First Disclosure Statement dated June 17,
2019, is available at https://tinyurl.com/y65xzmy5 from
PacerMonitor.com at no charge.
Counsel for Debtor is William Rivera Velez, Esq., in San Juan,
Puerto Rico.
About Benefit Consulting Group of PR Inc.
Benefit Consulting Group of PR Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-06051) on Oct.
16, 2018. At the time of the filing, the Debtor estimated assets
of less than $1 million and liabilities of less than $1 million.
Judge Enrique S. Lamoutte Inclan presides over the case.
BIOSTAT LLC: Court Approves Disclosure Statement, Confirms Plan
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The Disclosure Statement of Biostat, LLC, is approved, and the
Chapter 11 Plan is confirmed.
A Post-Confirmation Status Conference has been scheduled on August
15, 2019 at 2:00 p.m., at the United States Bankruptcy Court, 400
W. Washington Street, 6th Floor, Courtroom D, Orlando, Florida
32801.
The Debtor will file all objections to claims within ninety (90)
days of the date of this Order.
About Biostat, LLC
Founded in 2010, Biostat, LLC, maintains a presence in the
biomedical field and holds assets that ultimately develop products
used in cutting edge medical treatments for cancer and other
conditions.
Biostat sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 18-02800) on May 11, 2018. As of March
31, 2017, the Debtor had $900,560 in assets and $1.5 million in
liabilities. The Debtor hired Latham, Shuker, Eden & Beaudine,
LLP, as its legal counsel; and Murphy CPA Firm, as its accountant.
BRIGGS & STRATTON: S&P Alters Outlook to Negative, Affirms BB- ICR
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S&P Global Ratings revised its outlook on U.S.-based manufacturer
of engines for outdoor power equipment Briggs & Stratton Corp.
(BGG) to negative from stable.
S&P said, "At the same time, we are affirming all of our ratings on
the company, including our 'BB-' issuer credit rating and 'BB-'
issue-level rating. Our '3' recovery rating on its notes remains
unchanged.
"The negative outlook reflects our expectation that BGG's EBITDA
margins will remain compressed for the next six to nine months as
it continues to face headwinds from operational inefficiencies at
its service distribution centers and irregular weather conditions
in the European and Australian markets. Lower-than-anticipated
sales in its engines segment, droughts in the European and
Australian markets, and large business-optimization initiatives
aimed at increasing the company's commercial engine and mower
production in the U.S. have compressed BGG's margins and led us to
forecast that its free operating cash flow (FOCF) generation will
be negative in fiscal year 2019. Specifically, we expect that the
company will generate negative FOCF in the $25 million-$35 million
range (previously break-even to slightly negative) in fiscal year
2019 before its FOCF turns positive in 2020, which we believe will
weigh on its ability to reduce its seasonal revolver borrowings in
the near term. We expect BGG's leverage to be in the mid- to
high-5x area in fiscal year 2019 and at or below 4x in fiscal year
2020.
"The negative outlook on BGG reflects our expectation that its weak
sales and compressed operating margins will cause its leverage to
be higher than we previously expected over the next 12 months. We
also acknowledge the approaching maturities across the company's
capital structure and its increasing refinancing risk as we
approach the end of calendar year 2019.
"We could lower our ratings on BGG if we expect it to remain
adjusted debt to EBITDA of more than 4x over the next 12 months
with limited prospects for improvement. This could occur if the
company's EBITDA margins do not improve or it is unable to generate
enough cash flow to reduce its currently elevated revolver balance.
This could also occur because of a cyclical downturn or a prolonged
period of adverse weather conditions that causes consumers to defer
their purchases of outdoor power equipment or if increased
competitive pressures weaken BGG's bargaining power with its
original equipment manufacturer (OEM) customers. We could also
lower our ratings if we no longer expect the company to timely
refinance its capital structure in 2019.
"Although unlikely during the next 12 months, we could revise our
outlook on BGG to stable if the company improves its profitability
and pays down debt such that its leverage declines below 4x on a
sustained basis and its annual FOCF generation becomes materially
positive."
BROOKLYN EVENTS: S&P Cuts $523.94MM Secured Debt Rating to 'BB'
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S&P Global Ratings lowered the underlying rating on Brooklyn Arena
Local Development Corp.'s $523.94 million senior secured series
2016A, 2016B, and 2009 payments in lieu of taxes (PILOT) bonds to
'BB' from 'BBB-'. It also removed the ratings from CreditWatch
negative and the outlook is stable. S&P also assigned a '1'
recovery rating, indicating its expectations for a very high
recovery (95%).
The downgrade follows S&P's determination that the revision of the
Nets License Agreement last year -- which diverts revenue away from
the arena to the team -- weakens the structure and is not wholly
mitigated by the creation of a new reserve. The Reserve Account,
funded with an initial $327.8 million (mostly invested in 'A'
category or better corporate bonds and U.S. Treasuries),
supplements remaining arena revenues, which the arena uses to make
its PILOTs.
The project is an enclosed multipurpose arena home of the National
Basketball Association's (NBA)Brooklyn Nets ("Team" or "Nets") and
the Islanders, a National Hockey League team that will play about
half of its home games at the arena through at least 2021. The
Brooklyn-based arena opened in September 2012. Brooklyn Events
Center (BEC), the arena operator, pays payments in lieu of taxes
(PILOT) bonds to the PILOT trustee, which in turn transfers them to
the PILOT bond trustee to hold as security for the PILOT bonds. The
PILOT trustee transfers net debt service from the PILOT payments to
the PILOT bond trustee, which then pays bondholders. BEC uses arena
revenues from luxury suite premiums, signage and advertising,
naming rights, concessions, and a share of club and regular ticket
seat sales, and merchandise to pay the PILOT obligations. In
addition, the new Reserve Account provides supplementary revenues
to compensate for the License Agreement amended last year.
S&P said, "The stable outlook reflects our view that arena
performance, which has been short of our expectations in recent
years, will improve, due in part to the revised terms of the
Islanders agreement, and that contributions from the Reserve
Account will be in line with our assumptions.
"We could lower the rating if we see any further erosion in the
transaction due to further changes in the License Agreement or due
to underperformance of the arena and Reserve Account such that the
downside performance is no longer meeting our 'BBB' category
expectation, which would imply the project survives less than five
years after utilizing available liquidity.
"We could raise the rating if the downside performance strengthens.
This would require project arena revenues to increase by at least
15% through the debt maturity and assumes that the Reserve Account
revenues and arena operation costs are in line with our
expectations. This level of improvement would have to occur
consistently such that our downside materially improved."
CENTER CITY HEALTHCARE: Case Summary & 30 Top Unsecured Creditors
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Lead Debtor: Center City Healthcare, LLC
dba Hahnemann University Hospital
230 North Broad Street
Philadelphia, PA 19102
Business Description: Philadelphia Academic Health System, LLC is
the direct or indirect parent company of (i)
Center City Healthcare, LLC d/b/a Hahnemann
University Hospital, a Delaware limited
liability company that operates Hahnemann
University Hospital, (ii) St. Christopher's
Healthcare, LLC d/b/a St. Christopher's
Hospital for Children, a Delaware limited
liability company that operates St.
Christopher's Hospital for Children, and
(iii) the Hospitals' affiliated physician
groups.
Center City Healthcare, LLC operates
Hahnemann University Hospital, a 496-bed
tertiary care academic medical center in
center city Philadelphia.
St. Christopher's Healthcare, LLC operates
St. Christopher's Hospital for Children,
a 188-bed free-standing pediatric hospital
in North Philadelphia.
Chapter 11 Petition Date: June 30, 2019
Fourteen affiliates that simultaneously filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Center City Healthcare, LLC (Lead Case) 19-11466
Philadelphia Academic Health System, LLC 19-11467
St. Christopher's Healthcare, LLC 19-11468
Philadelphia Academic Medical Associates, LLC 19-11469
HPS of PA, L.L.C. 19-11470
SCHC Pediatric Associates, L.L.C. 19-11471
St. Christopher's Pediatric Urgent Care Center 19-11472
SCHC Pediatric Anesthesia Associates, L.L.C. 19-11473
StChris Care at Northeast Pediatrics, L.L.C. 19-11474
TPS of PA, L.L.C. 19-11475
TPS II of PA, L.L.C. 19-11476
TPS III of PA, L.L.C. 19-11477
TPS IV of PA, L.L.C. 19-11478
TPS V of PA, L.L.C. 19-11479
Court: United States Bankruptcy Court
District of Delaware (Delaware)
Judge: Hon. Kevin Gross
Debtors' Counsel: Monique B. DiSabatino, Esq.
Mark Minuti, Esq.
SAUL EWING ARNSTEIN & LEHR LLP
1201 N. Market Street, Suite 2300
P.O. Box 1266
Wilmington, DE 19899
Tel: (302) 421-6800
Fax: (302) 421-5873
Email: mark.minuti@saul.com
monique.disabatino@saul.com
- and -
Jeffrey C. Hampton, Esq.
Adam H. Isenberg, Esq.
Aaron S. Applebaum, Esq.
Jeremiah J. Vandermark, Esq.
SAUL EWING ARNSTEIN & LEHR LLP
Centre Square West
1500 Market Street, 38th Floor
Philadelphia, PA 19102
Tel: (215) 972-7700
Fax: (215) 972-7725
Email: jeffrey.hampton@saul.com
adam.isenberg@saul.com
aaron.applebaum@saul.com
jeremiah.vandermark@saul.com
- and -
KLEHR HARRISON HARVEY BRANZBURG LLP
Debtors'
Restructuring
Advisor: EISNERAMPER LLP
Debtors'
Investment Banker: SSG Advisors, LLC
Debtors'
Claims &
Noticing
Agent: OMNI MANAGEMENT GROUP, INC.
https://is.gd/xBfjU2
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Allen Wilen, chief restructuring
officer.
A full-text copy of Center City Healthcare's petition is available
for free at:
http://bankrupt.com/misc/deb19-11466.pdf
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Tenet Business Services Trade Debt $20,181,981
Corporation
c/o Tenet Healthcare Corporation
Attn: Michael Maloney
1445 Ross Ave, Ste 1400
Dallas, TX 75202
Attn: Michael Maloney
Tel: 469-893-6151
Email: Michael.Maloney@tenethealth.com
2. Conifer Patient Communications Trade Debt $19,089,696
Attn: Petra Willey
140 Fountain Pkwy Ste 500
St Petersburg, FL 33716
Tel: 727-570-3637
Email: petra.willey@coniferhealth.com
3. Drexel University Trade Debt $14,158,984
Attn: Anthony Esposito
3201 Arch St, Ste 420
Philadelphia, PA 19104
Tel: 215-762-1504
Email: ame79@drexel.edu
4. Medline Industries Inc. Trade Debt $3,963,549
Attn: Ron Barrett
Three Lakes Dr
Northfield, IL 60093
Attn: Ron Barrett
Tel: 847-643-4099
Fax: 847-949-2287
Email: rbarrett@medline.com
5. Cerner Corp Trade Debt $3,786,822
Attn: Ian Wilson
2800 Rockcreek Pkwy
Kansas City, MO 64117
Attn: Ian Wilson
Tel: 816-500-0767
Fax: 816-936-1920
Email: ian.wilson@cerner.com
6. NTT Data Services LLC Trade Debt $2,537,404
Attn: SubbaRao Pushadapu
7950 Legacy Dr, Ste 900
Plano, TX 75024
Email: billing.Inquiry@nttdata.com
7. Veolia Energy Philadelphia Inc. Trade Debt $2,418,298
Attn: Tricia Marts
2600 Christian St
Philadelphia, PA 19146
Tel: 267-350-5813
Fax: 215-875-6910
Email: patricia.marts@veolia.com
8. Ensemble Rcm LLC Trade Debt $2,219,725
Attn: John Erickson
13620 Reese Blvd, Ste 200
Huntersville, NC 28078
Tel: 704-765-3715
Email: john.erickson@ensemblehp.com
9. Universal Protection SVS LP Trade Debt $1,802,297
Attn: Al Santosusso
1551 North Tustin Ave, Ste 650
Santa Ana, CA 92705
Tel: 215-399-3955; 215-868-2644
Email: al.santossusso@aus.com
10. Medtronic Usa Inc. Trade Debt $1,766,207
Attn: Brian Castelein CBA
4642 Collections Center Dr
Chicago, IL 60693
Tel: 763-505-6535
Fax: 763-367-1404
Email: brian.j.castelein@medtronic.com
11. Depuy Synthes Sales Trade Debt $1,575,896
Customer Receivables Management
Attn: Patty Paget
Highway 22 N
Somerville, NJ 08876-1051
Tel: 610-314-2956
Fax: 908-429-4999
Email: ppaget@its.jnj.com
12. Crothall Healthcare Inc. Trade Debt $1,385,555
Attn: Dennis Czaplicki
13028 Collections Ctr Dr
Chicago, IL 60693
Tel: 215-694-5351
Email: Dennis.czaplicki@crothall.com
13. Ernst & Young LLP Professional $1,239,278
Attn: Amy Dorfmeister Services
Pittsburg Natl Bank 640382
c/o Ernst & Young Us LLP
1 PPG Pl #2100
Pittsburgh, PA 15264
Tel: 215-448-5000
Email: amy.doffmeister@ey.com
14. Temple Univ Hospital Trade Debt $1,197,893
Cashier Office
3401 No Broad St, Rm A 131
Philadelphia, PA 19140
Tel: 877-711-7520
Fax: 215-204-4660
15. Champion Energy Trade Debt $1,103,204
Attn: Nicole Hassler
1500 Rankin Rd, Ste 200
Houston, TX 77073
Attn: Nicole Hassler
Tel: 832-957-4504
Fax: 281-653-1810
Email: nicole.cates@champion.energy
16. Renal Treatment Centers Se LP - Trade Debt $903,640
Davita
Attn: Clenn Frost
2476 East Swedesford Rd, Ste 150
Malvern, PA 19355
Tel: 800-633-9757
Fax: 877-803-1534
Email: angel.Baltazar@davita.com
17. American Red Cross Trade Debt $900,713
Attn: Tara Smalls
430 17th St NW
Washington, DC 20006
Tel: 704-943-6914
Fax: 704-943-7389
Email: Tara.Smalls@redcross.org
18. Quality Systems Inc. Trade Debt $881,603
18111 Von Karman Ave, Ste 700
Irvine, CA 92612
Tel: 855-657-4373
Email: irvinetax@nextgen.com; ir@nextgen.com
19. Olympus America Inc. Trade Debt $813,179
Attn: Eric Vautrin
3500 Corporate Pkwy
Center Valley, PA 18034-0610
Tel: 484-896-3403
Fax: 484-896-7788
Email: eric.wautrin@olympus.com
20. Global Neurosciences Institute Trade Debt $802,676
Attn: Donald J. Damico
3100 Princeton Pk, Bldg 3, Ste D
Lawrenceville, NJ 08648
Tel: 215-962-9600
Email: ddamico@gnineuro.org
21. Optuminsight Trade Debt $733,890
Attn: Nick Gulland
11000 Optum Cir
Eden Prairie, MN 55344
Tel: 952-205-6984
Fax: 855-244-4448
Email: nicholas.gulland@optum.com
22. Greater Delaware Valley Society Trade Debt $697,400
Attn: Stacy Cramer
401 N 3Rd St
Philadelphia, PA 19123
Tel: 215-557-8090 ext1309
Email: SCramer@donors1.org
23. City Of Philadelphia Government $649,769
Attn: Rob Dubow Contracts
Code Violation Enforcement Div
P.O. Box 56318
Philadelphia, PA 19130
Tel: 215-686-6141
Email: voucherverification@phila.gov
24. Nthrive Inc. Trade Debt $618,339
Attn: Kay Ennis
200 North Point Center E, Ste 600
Alpharetta, GA 30022
Tel: 334-728-2805
Email: kennis@nthrive.com
25. Benefit Fund For Hosp & Health Trade Debt $564,691
1319 Locust St
Philadelphia, PA 19107
Tel: 215-735-5720
Fax: 215 -985-9232
Email: info@1199cfunds.org
26. Premier Healthcare Solutions Trade Debt $563,349
Attn: Kelley Maskeri
5882 Collections Center Dr
Chicago, IL 60693
Tel: 704-816-6123
Fax: 704-733-2114
Email: kelley Maskeri@PremierINc.com
27. Concentra Trade Debt $556,777
Attn: Candice Henson
dba Concentra Medical Centers
5080 Spectrum Dr, 1200W
Addison, TX 75001
Tel: 401-487-8624
Email: candice_henson@concentra.com
28. Ino Therapeutics LLC Trade Debt $546,000
dba Mallinckrodt Pharmaceuticals
Attn: Brooke Mitch
1425 US Route 206
Bedminster, NJ 07921
Tel: 484-619-1374
Fax: 908-238-6633
Email: brooke.mitch@mnk.com
29. General Electric Co Trade Debt $536,228
Attn: Arushi Chandran
dba Ge Healthcare
9900 Innovation Dr
Wauwatosa, WI 53226-4856
Tel: 888-727-9958
Email: ARUSHI.CHANDRAN@GE.COM
30. Smith & Nephew Trade Debt $533,436
Attn: Peter J. Butera
150 Minuteman Rd
Andover, MA 01810
Tel: 941-724-8959
Email: peter.butera@smith-nephew.com
COMPASS ACADEMY: S&P Raises Rating on Series 2016A and B to 'BB+'
-----------------------------------------------------------------
S&P Global Ratings raised its rating to 'BB+' from 'BB' on New Hope
Cultural Education Facilities Finance Corp., Texas' series 2016A
tax-exempt education revenue bonds and series 2016B taxable
fixed-rate education refunding revenue bonds, issued for Compass
Academy Charter School Inc. (CA). At the same time, S&P Global
Ratings assigned its 'BB+' underlying rating and 'AAA' long-term
program rating to the school's series 2019 A and B bonds. The
outlook is stable.
"We base the upgrade on our opinion of the school's historically
favorable liquidity and margins compared with that of other 'BB'
rated peers over consecutive fiscal years, and projected liquidity
and maximum annual debt service (MADS) coverage increases, despite
CA's expansion plans to fill out remaining grades 10-12 in the
coming years," said S&P Global Ratings credit analyst Brian
Marshall.
The 'AAA' long-term program rating on the series 2019 bonds
reflects S&P's view of CA's participation in the Texas Permanent
School Fund (PSF) Bond Guarantee Program, which provides the
security of a permanent fund of assets that could be used to meet
debt service on the series 2019 bonds.
The rating reflects S&P's view of CA's:
-- Limited operating history with a thin, albeit highly
experienced, executive management team;
-- High pro forma debt burden, particularly on a pro forma debt
per student basis; and
-- Risk, as with all charter schools, that the school can be
closed for nonperformance of its charter or for financial distress
before the final maturity of the bonds.
Partially offsetting the above weaknesses, in S&P's opinion, are
CA's:
-- History of solid liquidity, with more than 200 days' cash on
hand at draft audited fiscal year-end 2018, coupled with a material
increase to cash expected for fiscal 2019 to over 300 days'
according to managements current end of the year projections, net
the planned purchase of eight portables that increases enrollment
capacity by over 200 students from a current capacity of 1,400.
-- History of healthy operating margins for the past four fiscal
years (since inception);
-- Solid enterprise profile, highlighted by good demand and
acceptable academic performance relative to the district and the
state; and
-- Recent charter renewal for 10 years through 2026, coupled with
recent charter cap expansion to 1,600 by the Texas Education
Agency.
CA's revenue, which will primarily be from per pupil funding from
the state, secures the series 2016 bonds outstanding and the parity
pro forma series 2019 bonds (approximately $29 million in total).
Officials will use proceeds from the series 2019 bonds to construct
an athletic and fine arts facility along with other improvements.
S&P said, "The stable outlook reflects our expectation that, in the
next year, CA will maintain a steady financial profile with
positive operations; at least stable, if not improved maximum
annual debt service (MADS) and debt service coverage; and healthy
liquidity for the rating level. We anticipate that the school's
demand profile will continue to reflect growing enrollment and
stable demand.
"We could raise the rating if the debt burden moderates to levels
more consistent with that of higher-rated peers, and the school
consistently demonstrates a trend of MADS coverage and liquidity
levels that are more in line with a higher rating while
successfully expanding to high school grades amid growth plans.
"We could lower the rating if enrollment declines significantly,
operations produce deficits, MADS coverage weakens, or cash on hand
decreases significantly, such that financial metrics are no longer
in line with the current rating because of expansion plans."
CRACKLE INTERMEDIATE: S&P Affirms B ICR; Rating Off Watch Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit ratings on
Crackle Intermediate Corp. (d/b/a SnapAV) and Wirepath LLC and
removed the ratings from CreditWatch, where they were placed with
negative implications on May 14, 2019. The outlook is negative.
S&P affirmed its 'B' rating on Wirepath's existing term loan and
revolving credit facility and removed the rating from CreditWatch.
The '3' recovery rating on this debt is unchanged.
S&P said, "Our rating on Crackle reflects its high starting
leverage above mid-7x, integration risks from its merger with
Control4, the highly competitive end market, and its exposure to
discretionary consumer spending trends and trade tariffs. However,
we believe SnapAV's organic and inorganic growth and cost savings
plan will drive EBITDA growth. We project leverage to be in low-6x
area by 2020. The negative outlook reflects our view that SnapAV's
initial starting leverage will be high and its business could be
negatively affected by macroeconomic factors, precluding the
leverage reduction we expect.
"The negative outlook on SnapAV reflects high starting leverage in
the mid-7x area and the potential for macroeconomic factors such as
a slowdown in discretionary consumer spending or trade tariffs to
negatively affect the business and integration risks with a merger
of equals. However, we expect SnapAV to integrate Control4 without
disruptions to the business and decrease leverage to low-6x area by
year-end 2020.
"We could downgrade SnapAV over the next 12 months if we believe
that leverage will stay above the mid-6x area. This could occur if
top-line growth is hampered by macroeconomic factors such as trade
tariffs or a slowdown in discretionary consumer spending. This
could also occur if SnapAV pursues debt-financed shareholder
returns or acquisitions that lead to increased leverage, if
integration risks disrupt business operations such that EBITDA
drops, or if competitive pressures affect its growth trajectory.
"We could look to revise the outlook to stable over the next 12
months if the company demonstrates a path to reducing leverage
toward mid-6x, while maintaining consistent operating performance
through the Control4 acquisition and macroeconomic factors. SnapAV
could approach that mid-6x leverage through achieving
mid-single-digit revenue growth and stabilizing EBITDA margins in
the mid-teens percent area."
DDC GROUP: Aug. 15 Plan Confirmation Hearing
--------------------------------------------
The Third Amended Disclosure Statement explaining the Third Amended
Chapter 11 Plan of DDC Group, Inc., is approved.
August 15, 2019 at 2:00 p.m., in Courtroom 1539 255 E. Temple
Street Los Angeles, CA 90012 is fixed as the date for the hearing
on confirmation of the Plan. Objections to confirmation of the
Plan must be filed and served no later than August 2, 2019. The
Debtor's counsel must file and serve a confirmation memorandum and
ballot summary stating why the Plan should be confirmed, and
replies to any objections, by August 9, 2019.
Attorneys for the Debtor are M. Jonathan Hayes, Esq., Matthew D.
Resnik, Esq., and Roksana D. Moradi-Brovia, Esq., at Resnik Hayes
Moradi LLP, in Encino, California.
About DDC Group
DDC Group, Inc., is a full-service general contractor in Los
Angeles, California, specializing in expedited development service
for restaurants & retailers. DDC Group filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 18-17029) on June 18, 2018. In the
petition signed by Slava Borisov, president, the Debtor estimated
$0 to $50,000 in assets and $1 million to $10 million in
liabilities. The case is assigned to Judge Sheri Bluebond. M.
Jonathan Hayes, Esq., of Simon Resnik Hayes LLP, is the Debtor's
counsel.
DELICIAS DE MINAS: Aug. 16 Disclosure Statement Hearing
-------------------------------------------------------
Bankruptcy Judge Stacey L. Meisel will convene a hearing on August
13, 2019 at 11:00 a.m. to consider the adequacy of Delicias De
Minas Restaurant LLC'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 Delicias De Minas Restaurant
Delicias De Minas Restaurant LLC, a small business debtor as
defined in 11 U.S.C. Section 101(51D), operates a buffet restaurant
offering Brazilian cuisine in Newark, New Jersey.
Delicias De Minas Restaurant sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 17-31101) on October
18, 2017. Wendel Correa, partner and owner, signed the petition.
At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $50,000 and liabilities of $1 million
to $10 million.
Judge Stacey L. Meisel presides over the case.
DELTAVILLE BOATYARD: Wants Court to Approve Amended Disclosures
---------------------------------------------------------------
Deltaville Boatyard, LLC and affiliates filed a motion asking the
Court to conditionally approve its amended disclosure statement.
The Debtors also ask the Court to establish objection deadlines and
set the date for hearing on final approval of the amended
disclosure statement and for the hearing on confirmation of the
amended plans.
Class 8 under the joint amended plan consists of General Unsecured
Claims for all of the Deltaville Entities including the Deficiency
Claim of SummitBridge. Except to the extent that the Holder of a
Claim in Class 8 agrees to less favorable treatment, each Holder
other than SummitBridge of an Allowed Unsecured Claim, not
otherwise treated in another Class, will receive its pro-rata share
of the GUC Designation from Deltaville Boatyard on each
Distribution Date commencing on the third Distribution Date until
the value of (a) such Allowed Unsecured Claims have been paid in
full or (b) the eighth Distribution Date. The Deficiency Claim of
SummitBridge will be waived on the Effective Date of this Plan.
Intercompany Obligations will not participate in the distributions
but instead will be carried on the books and records of each
Deltaville Entity in a manner that is appropriate under the Tax
Code of the United States of America.
Deltaville Boatyard will continue to operate its world-renowned
Boatyard Business from the Yard and a portion of the Marina.
Deltaville Boatyard will rent the Yard with monthly payments of (a)
$6,775 in 2019, (b) $8,750 in 2020, and (c) $12,500 in 2021, 2022,
and 2023. Payments may take the form of book entries reflecting
amounts paid by Deltaville Boatyard to SummitBridge pursuant to the
terms of the Plan. Deltaville Boatyard will also rent a portion of
the Marina for the operations of its Boatyard Business. It will
also rent the remaining portion of the Marina from Deltaville
Marina and will manage and operate the Marina. Deltaville Boatyard
will rent the Marina with monthly payments of (a) $6,775 in 2019,
(b) $8,750 in 2020, and (c) $12,500 in 2021, 2022, and 2023.
Payments may take the form of book entries reflecting amounts paid
by Deltaville Boatyard to SummitBridge pursuant to the terms of the
Plan.
A copy of the Joint Amended Disclosure Statement is available at
https://tinyurl.com/y5ag8ph8 from Pacermonitor.com at no charge.
About Deltaville Boatyard
Deltaville Boatyard, LLC, is the entity that operates a world
renowned boat yard and marina in Deltaville, Virginia. Boatyard
Rentals, LLC, is the entity that owns the yard, and Deltaville
Marina, LLC, is the entity that owns the marina.
Boatyard Rentals, Deltaville Marina, and Deltaville Boatyard filed
Chapter 11 petitions (Bankr. Case Nos. 16-35389, 16-35390, and
16-35974, respectively) on Nov. 2, 2016.
In the petitions signed by Kieth Ruse, manager, Boatyard Rentals
estimated assets of less than $1 million and liabilities of $1
million to $10 million. Deltaville Marina estimated both assets
and liabilities of $1 million to $10 million at the time of the
filing. Deltaville Boatyard estimated assets of less than $500,000
and liabilities of $1 million to $10 million.
Boatyard Rentals and Deltaville Boatyard' cases are assigned to
Judge Keith L. Phillips. Deltaville Marina's case is assigned to
Judge Kevin R. Huennekens.
The Debtors are represented by Paula S. Beran, Esq., at Tavenner &
Beran, PLC.
DORIAN LPG: BW Group Lowers Equity Stake to 13.4% as of June 28
---------------------------------------------------------------
BW Group Limited and Sohmen Family Foundation disclosed that as of
June 28, 2019, they beneficially own 7,404,043 shares of common
stock of Dorian LPG, Ltd., representing 13.4 percent of the shares
outstanding. The calculation assumes that there are a total of
55,167,708 Common Shares outstanding as of June 28, 2019, which is
based on information provided by the Issuer in its Annual Report on
Form 10-K for the fiscal year ended March 31, 2019.
As of June 28, 2019, BW Euroholdings Limited may be deemed to be
the beneficial owner of, and may be deemed to have shared voting
and dispositive power over, 7,403,943 Common Shares, which
represents 13.4% of the total outstanding Common Shares.
As of June 26, 2019, BW LPG Limited and BW LPG Holding Limited may
be deemed to be the beneficial owner of, and may be deemed to have
shared voting and dispositive power over, 100 Common Shares, which
represents 0.0% of the total outstanding Common Shares.
Euroholdings is a wholly-owned subsidiary of BW Group. BW Group is
a wholly-owned subsidiary of the Foundation. As of June 28, 2019,
BW Group owns approximately 47.6% of BW LPG. LPG Holding is a
wholly-owned subsidiary of BW LPG. The Reporting Persons may be
considered a group within the meaning of Section 13(d)(3) of the
Exchange Act.
As part of the Reporting Persons' process of reviewing their
investment in the Issuer from time to time, BW Group has determined
to cause Euroholdings to sell a portion of its holdings of Common
Shares. The exact number of Common Shares that Euroholdings will
sell has not been determined, and will depend upon, among other
things, market conditions generally and for the Common Shares. BW
Group presently expects, however, that, subject to market
conditions generally and for the Common Shares, it will sell at
least 550,000 Common Shares. In furtherance of this determination,
Euroholdings has made the following sales of Common Shares:
* On June 26, 2019, Euroholdings sold 96,902 Common Shares at
a weighted average price of $8.7149 per Common Share. These
shares were sold in multiple open market transactions
executed by a broker on Euroholdings' behalf at prices
ranging from $8.70 to $8.755; and
* On June 27, 2019, Euroholdings sold 325,615 Common Shares at
a weighted average price of $8.8664 per Common Share. These
shares were sold in multiple open market transactions
executed by a broker on Euroholdings' behalf at prices
ranging from $8.77 to $8.995.
A full-text copy of the regulatory filing is available for free at:
https://is.gd/UehPTG
About Dorian LPG
Stamford, Connecticut-based Dorian LPG Ltd. --
http://www.dorianlpg.com-- is a liquefied petroleum gas shipping
company and an owner and operator of modern very large gas
carriers. Dorian LPG's fleet currently consists of twenty-three
modern VLGCs. Dorian LPG has offices in Stamford, Connecticut,
USA; London, United Kingdom; Copenhagen, Denmark; and Athens,
Greece.
Dorian LPG reported a net loss of $50.94 million the year ended
March 31, 2019, compared to a net loss of $20.40 million for the
year ended March 31, 2018. As of March 31, 2019, Dorian LPG had
$1.62 billion in total assets, $712.68 million in total
liabilities, and $912.68 million in total shareholders' equity.
FIRST BAPTIST CHURCH: July 23 Plan Confirmation Hearing
-------------------------------------------------------
The disclosure statement explaining the Chapter 11 Plan of First
Baptist Church is conditionally approved.
The hearing on confirmation of the plan is scheduled on Tuesday,
July 23, 2019, at 11:00 AM, in 300 Fayetteville Street, 3rd Floor
Courtroom, Raleigh, NC 27602.
July 19, 2019 is fixed as the last day for filing and serving in
written objections to the disclosure statement.
July 19, 2019 is fixed as the last day for filing written
acceptances or rejections of the plan.
The Debtor proposes to make payments under the Plan from income
earned through donations to its business operations, cash on hand,
and sale of excess property.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/y2eslrja from PacerMonitor.com at no charge.
About First Baptist Church
Based in Lumberton, North Carolina, First Baptist Church, a
nonprofit religious organization filed a voluntary Chapter 11
Petition (Bankr. E.D.N.C. Case No. 18-04313) on August 30, 2018.
The case is assigned to Hon. David M. Warren. The Debtor is
represented by Trawick H. Stubbs, Jr., Esq., at Stubbs & Perdue,
P.A., in New Bern, North Carolina.
At the time of filing, the Debtor had total assets of $1,627,736
and total liabilities of $1,112,761.
The petition was signed by Wixie D. Stephens, chair of the Board
of
trustees.
GLENN POOL: S&P Affirms 'B (sf)' Rating on Senior Secured Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B (sf)' rating on Glenn Pool Oil &
Gas Trust II's (Glenn Trust II's) senior secured notes.
Glenn Trust II is a volumetric production payment (VPP) transaction
backed by the overriding royalty interest in the production of gas,
oil, and natural gas liquids from Chesapeake Exploration LLC's
portfolio of wells located in Oklahoma. Since Glenn Trust I paid
off as scheduled in May 2016, Glenn Trust II has been entitled to
the full production amount, which will continue until August 2021.
The transaction benefits from commodity hedges provided by Barclays
Bank PLC to mitigate price volatility risk. The transaction has a
mortgage that provides a security interest over the complete
working interest that Chesapeake Exploration LLC, the operator and
off-taker, has in the wells.
The rating action on Glenn Trust II's senior secured notes reflects
the following:
-- The continuing low average coverage ratio commensurate with the
'B (sf)' rating level;
-- S&P's concern regarding a potential production disruption
should the operator's (Chesapeake Exploration's) parent, Chesapeake
Energy Corp. (Chesapeake), have further stresses. The rating agency
does note, however, that this concern has diminished since its June
28, 2016, downgrade on Glenn Trust II. Since then, S&P has taken
several upward rating actions on Chesapeake, including its Feb. 11,
2019, upgrade to 'B+'"; and
-- The unavailability of the projection of Glenn Pool's oil and
gas production for the remaining life of the Glenn Trust II
transaction, which reflects how the wells are actually operating.
The low historical average gas coverage ratio remains consistent
with a 'B' rating. The coverage ratio is a measurement of excess
production or cushion to the transaction (actual production divided
by scheduled delivery in each month). The 12-month average gas
coverage ratio was 1.02 as of the March production month. The most
recent six-month average gas coverage ratio was 1.07. Though these
numbers are stronger than the historic 1-month low of 0.96 observed
in February 2016, and the most recent one-month gas coverage was a
significantly stronger 1.24, the long-term average coverage has
remained weak. Therefore, the performance appears consist with a
'B' rating, in S&P's view.
S&P will continue to review whether the rating currently assigned
to the transaction remains consistent with the credit enhancement
available to support the rating, and it will take further rating
actions as it deems necessary.
GLOBAL EAGLE: All Three Proposals Approved at Annual Meeting
------------------------------------------------------------
Global Eagle Entertainment Inc. held its 2019 annual stockholders'
meeting on June 24, 2019, at which the stockholders elected each of
Leslie Ferraro and Harry E. Sloan as a Class II director of the
Company's board of directors, to serve for a three-year term
expiring at the Company's annual stockholders' meeting in 2022, or
until his or her respective successor is duly elected and
qualified.
The Company's stockholders voted to approve (on an advisory basis)
the compensation of the Company's Named Executive Officers for 2018
and ratified (on an advisory basis) the appointment of KPMG LLP as
the Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2019.
About Global Eagle
Headquartered in Los Angeles, California, Global Eagle --
http://www.GlobalEagle.com/-- is a provider of media, content,
connectivity and data analytics to markets across air, sea and
land. Global Eagle offers a fully integrated suite of rich media
content and seamless connectivity solutions to airlines, cruise
lines, commercial ships, high-end yachts, ferries and land
locations worldwide. The Company has approximately 1,200 employees
and 50 offices on six continents.
Global Eagle incurred a net loss of $236.6 million for the year
ended Dec. 31, 2018, compared to a net loss of $357.1 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Global Eagle
had $734.9 million in total assets, $998.98 million in total
liabilities, and a total stockholders' deficit of $264.1 million.
* * *
In April 2019, S&P Global Ratings lowered all ratings on Global
Eagle, including the ICR to 'CCC' to reflect its view that the
company is currently vulnerable to nonpayment over the next 12
months and is dependent on favorable business, financial, and
economic conditions to meet its financial commitments.
GOBP HOLDINGS: S&P Raises ICR to 'B' Following IPO; Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S. discount
grocery chain GOBP Holdings Inc. (Grocery Outlet) to 'B' from 'B-'.
The outlook is stable.
The upgrade follows the company's repayment of about $400 million
in debt using proceeds from the recently concluded initial public
offering. The transaction includes a complete repayment of the
second-lien term loan and a $250 million partial payment of the
$725 million first-lien facility.
S&P also raised the issue-level rating on the first-lien term loan
to 'B+' from 'B-' and revised the recovery rating on this debt to
'2' from '3' on lower facility balances. It also discontinued its
ratings on the second-lien term loan following that repayment.
The upgrade reflects the meaningful improvement in credit metrics
after Grocery Outlet repaid its second-lien term loan and about
$250 million of the first-lien tern loan using net proceeds from
its recent IPO. The debt repayment follows the June 20, 2019,
public offering, where Grocery Outlet raised nearly $400 million in
net proceeds. S&P said, "We forecast adjusted leverage in the low-
to mid-5x area (down from about the mid-7x range prior to the IPO)
by the end of this year. We also expect the company to further
deleverage to the low-5x range in 2020 on profit growth and modest
debt reduction including amortization and voluntary repayments."
S&P said, "The stable outlook reflects our expectation that Grocery
Outlet's consistent growth of opportunistic supply, additional
natural and organic offerings, and successful store expansion will
continue, supporting its position as a leading U.S. extreme-value
food retailer. This position should help lead to continued EBITDA
growth and adjusted leveraged sustained in the low- to mid-5x range
over the next 12 months.
"We could raise the rating if we expected the company to sustain
adjusted debt leverage below the 5x area. This could occur if
EBITDA expands 10% or more from our estimates. This scenario would
likely coincide with consistent comparable sales growth, greater
than expected expansion in the store base, and a 100 basis point or
more increase in EBITDA margins versus our base case forecast. We
could also raise the rating if the company pays down about $100
million in debt or more while EBITDA remains constant.
"We could lower the rating if operating performance weakened,
driving adjusted leverage beyond 6x. For this to occur, we would
expect intensifying levels of competition, product sourcing issues,
or unsuccessful new store expansion to pressure sales growth and
strain gross margins by more than 150 basis points below our
expectations."
GOD'S CHARIOTS: Court Approves Disclosure Statement, Confirms Plan
------------------------------------------------------------------
The Hon. Stuart M. Bernstein of the United States Bankruptcy Court
for the Southern District of New York issued an order finally
approving the disclosure statement explaining God's Chariots To The
Heavenly Highway Inc.'s First Amended Chapter 11 Plan of
Liquidation and confirming the Plan.
Allowed General Unsecured Claims (Class 3). Holders of Allowed
Class 3 General Unsecured Claims shall be paid in full on the
Effective Date of the Plan. The Debtor shall pay all Claims out of
Cash on hand.
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.
GRANITE ACQUISITION: S&P Alters Outlook to Pos., Affirms B+ 'ICR'
-----------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed the 'B+' issuer credit rating on Portsmouth, N.H.-based
Granite Acquisition Inc.
S&P said, "We also affirmed our 'B+' issue-level rating on Granite
Acquisition's $1.25 billion first-lien term B loan due 2021, $225
million revolving credit facility due 2021, and $180 million
first-lien term C loan due 2021. The recovery rating is '3',
indicating our expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery of principal if a payment default occurs.
"We also affirmed our 'B-' issue-level rating on Granite's $260
million second-lien term loan due 2022. The recovery rating remains
'6', indicating our expectation for negligible (0%-10% rounded
estimate: 0%) recovery in a default.
"The positive outlook reflects our expectation of significant
deleveraging upon Granite's sale of its U.K. project financed
portfolio at an attractive valuation, given that it must use
proceeds to prepay the corporate debt after paying taxes, the
outstanding principal amount of project debt, and transaction
costs.
"The positive outlook reflects our view that we could raise our
ratings on Granite in the upcoming 12 months if the sale of the
U.K. portfolio is successful, leading to a repayment of the
corporate debt and bringing leverage below 5x on a sustained basis,
and FFO to debt above 12%, together with an adequate liquidity.
"We would upgrade Granite if the sale of the U.K. portfolio is
successful and the company repays its corporate debt, bringing
leverage below 5x on a sustained basis and FFO to debt above 12%,
together with adequate liquidity.
"We could revise the outlook back to stable if the sale of the U.K.
assets does not materialize. Although we consider that the company
will deleverage thanks to the about $150 million EBITDA from the
U.K. assets coming online since the end of 2019, we still project
that leverage would remain close to 5.5x by 2021, still
commensurate with the current rating."
GULFSTREAM DIAGNOSTICS: July 24 Hearing on Disclosure Statement
---------------------------------------------------------------
The hearing to consider the adequacy of and to approve the
Disclosure Statement explaining the Chapter 11 Plan of Liquidation
of Gulfstream Diagnostics, LLC, will be held on Wednesday, July 24,
2019 at 9:30 a.m. at the Earle Cabell Federal Building,1100
Commerce St., 14th Floor, Courtroom #1, Dallas, TX 75242.
Objections to the Disclosure Statement will be filed and served no
later than Monday, July 22, 2019.
About Gulfstream Diagnostics
Gulfstream Diagnostics, LLC, operates a medical laboratory in
Dallas, Texas. It provides clinical, pharmacogenetics and
toxicology laboratory tests. Its laboratory features Beckman
Coulter, Agilent Technologies, Douglas Scientific, and Tecan
instrumentation.
Gulfstream Diagnostics filed a voluntary Chapter 11 petition
(Bankr. N.D. Tex. Case No. 19-30159) on Jan. 16, 2019. In the
petition signed by Maison Vasek, CFO, the Debtor estimates $1
million to $10 million in both assets and liabilities.
Judge Stacey G. Jernigan oversees the case.
Thomas Daniel Berghman, Esq. at Munsch Hardt Kopf & Harr, P.C., is
the Debtor's counsel. BidMed, LLC, is the broker and auctioneer.
HARVEY MOORE: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 cases
of Harvey Moore and Associates, Inc. and Trial Practices, Inc.,
according to court dockets.
About Harvey Moore and Associates
Based in Tampa, Florida, Harvey Moore and Associates, Inc., and
Trial Practices, Inc., are providers of trial consulting and
litigation support services. They assist clients and attorneys in
every facet of case development.
Harvey Moore and Associates and Trial Practices sought Chapter 11
protection (Bankr. M.D. Fla. Lead Case No. 19-04588) on May 15,
2019.
In the petition signed by CRO Stan Murphy, Harvey Moore and
Associates estimated assets of $500,000 to $1 million, and
estimated liabilities of $1 million to $10 million. Trial
Practices estimated assets of $50,000 to $100,000, and liabilities
of $1 million to $10 million.
Stichter Riedel Blain & Postler, P.A., led by partner Charles A.
Postler, Esq., serves as bankruptcy counsel to the Debtors.
Stanley A. Murphy of Ankura Consulting Group, LLC is the Debtors'
chief restructuring officer.
HORIZON GLOBAL: Four Proposals Passed at Annual Meeting
-------------------------------------------------------
Horizon Global Corporation held its 2019 annual meeting of
stockholders on June 25, 2019, at which the stockholders:
(a) approved the amendment to the Horizon Global Corporation
Amended and Restated Certificate of Incorporation to
implement a declassified Board of Directors;
(b) elected Carl S. Bizon, Frederick A. Henderson, Denise
Ilitch, John C. Kennedy, Ryan L. Langdon, Brett N.
Milgrim, David A. Roberts, Mark D. Weber, and Harry J.
Wilson as directors;
(c) approved, for the purposes of the rules of the New York
Stock Exchange, the issuance of warrants, and the shares
of the Company's common stock issuable upon exercise
thereof, to certain lenders under the Company's Second
Lien Term Facility; and
(d) ratified the appointment of Deloitte & Touche LLP as the
Company's independent registered public accounting firm
for the fiscal year ending Dec. 31, 2019.
Because the Board Declassification Proposal was approved at the
Annual Meeting, the election of three directors to serve until the
Company's 2021 annual meeting of stockholders was not presented. A
stockholder proposal asking the Company's Board to immediately take
the necessary steps to achieve a sale, merger or other disposition
of the Company was not presented at the Annual Meeting.
As previously disclosed, on March 15, 2019, to satisfy the
Company's obligations under its existing senior term loan and to
obtain additional liquidity, the Company entered into the Second
Lien Term Facility Agreement with Cortland Capital Markets Services
LLC, as administrative agent and collateral agent, Corre Partners
Management, L.L.C., as representative of the lenders, and the
lenders party thereto. The Second Lien Lenders include Corre
Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and
Corre Opportunities II Master Fund, LP. At the time of entering
into the Second Lien Term Facility Agreement, affiliates of Corre,
including Corre Master Fund, beneficially owned, in the aggregate,
9.99% of the outstanding Common Stock.
In connection with the entry into the Second Lien Term Loan
Agreement, on March 15, 2019, the Company issued five-year warrants
to the Second Lien Lenders to purchase up to 3,601,902 shares of
the Common Stock with an exercise price of $1.50 per share, subject
to adjustment as provided in the warrants. In connection with the
issuance of warrants to affiliates of a greater than five percent
stockholder of the Company, the Company also issued 90,667 shares
of Series A preferred stock to those Second Lien Lenders with a
liquidation value of $100 per share. Upon the receipt of the
approval of the Company's stockholders at the Annual Meeting on
June 25, 2019, the shares of Series A Preferred Stock converted
into warrants to purchase an additional 2,952,248 shares of Common
Stock, including warrants issuable based upon the amount of accrued
and unpaid dividends at the time of such approval, in each case
with an exercise price of $1.50 per share, subject to adjustment as
provided in the warrants. The additional warrants, the terms of
which are in substantially the same form as those issued to the
Corre Lenders on March 15, 2019, expire on March 15, 2024.
About Horizon Global
Horizon Global -- http://www.horizonglobal.com/-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer as the category leader in the automotive, leisure and
agricultural market segments. Horizon Global is home to some of
the world's most recognized brands in the towing and trailering
industry, including: BULLDOG, Draw-Tite, Fulton, Hayman Reese,
Reese, ROLA, Tekonsha, and Westfalia. Horizon Global has
approximately 4,200 employees in 37 facilities across 18 countries.
Horizon Global reported net losses of $204.9 million in 2018, $4.77
million in 2017, and $12.66 million in 2016. As of March 31, 2019,
the Compay had $600.15 million in total assets, $680.79 million in
total liabilities, $5.34 million in Series A preferred stock, and a
total shareholders' deficit of $85.98 million.
As reported by the TCR on June 19, 2019, Moody's Investors Service
downgraded Horizon Global Corporation's Corporate Family Rating to
C from Caa3. The downgrade reflects Moody's expectations that
modest earnings improvement will not be sufficient to reduce
leverage to a sustainable level and that the sale of the
Asia-Pacific segment will, while reducing secured leverage,
increase total leverage and create greater reliance on a quick
turnaround in the more weakly performing U.S. and European
operations to diminish restructuring risk.
In March 2019, S&P affirmed its 'CCC' issuer credit rating on the
Company and its 'CCC' issue-level rating on its first-lien debt.
S&P took the rating actions after Horizon issued an incremental $51
million term loan (unrated) and amended its covenants.
HOTEL CUPIDO: Case Summary & 7 Unsecured Creditors
--------------------------------------------------
Debtor: Hotel Cupido Inc.
PO Box 10
Hormigueros, PR 00660
Business Description: Hotel Cupido Inc. is a privately held
company that owns and operates hotels and
motels.
Chapter 11 Petition Date: June 30, 2019
Court: United States Bankruptcy Court
District of Puerto Rico (Ponce)
Case No.: 19-03799
Judge: Hon. Edward A. Godoy
Debtor's Counsel: Damaris Quinones Vargas, Esq.
BUFETE QUINONES VARGAS & ASOC
PO Box 429
Cabo Rojo, PR 00623
Tel: 787-851-7866
Fax: 787-851-1717
E-mail: damarisqv@bufetequinones.com
Total Assets: $488,176
Total Liabilities: $3,213,031
The petition was signed by Wilmer Tacoronte Negron, administrator.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at:
http://bankrupt.com/misc/prb19-03799.pdf
INPIXON: Files Registration Statement for Planned Public Offering
-----------------------------------------------------------------
Inpixon is offering $15,000,000 of shares of common stock and
warrants to purchase shares of its common stock. Each share of the
Company's common stock is being sold together with a warrant to
purchase one share of its common stock. Each warrant will have an
exercise price per share of not less than 100% of the last reported
sale price of the Company's common stock on the trading day
immediately preceding the pricing of this offering, will be
immediately exercisable and will expire on the fifth anniversary of
the original issuance date. The shares of the Company's common
stock and warrants are immediately separable and will be issued
separately, but will be purchased together in this offering.
The Company is also offering to those purchasers, if any, whose
purchase of its common stock in this offering would otherwise
result in such purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% of our
outstanding common stock immediately following the consummation of
this offering, the opportunity, in lieu of purchasing common stock,
to purchase pre-funded warrants to purchase shares of its common
stock. The purchase price of each Pre-Funded Warrant will equal
the price per share at which shares of the Company's common stock
are being sold to the public in this offering, minus $0.01, and the
exercise price of each Pre-Funded Warrant will equal $0.01 per
share of common stock. For each Pre-Funded Warrant purchased in
this offering in lieu of common stock, the Company will reduce the
number of shares of common stock being sold in the offering by one.
Pursuant to this prospectus, the Company is also offering the
shares of common stock issuable upon the exercise of the warrants
and Pre-Funded Warrants offered hereby.
Each Pre-Funded Warrant is exercisable for one share of the
Company's common stock at any time at the option of the holder
until such Pre-Funded Warrant is exercised in full, provided that
the holder will be prohibited from exercising Pre-Funded Warrants
for shares of the Company's common stock if, as a result of such
exercise, the holder, together with its affiliates, would own more
than 4.99% of the total number of shares of the Company's common
stock then issued and outstanding. However, any holder may
increase such percentage to any other percentage not in excess of
9.99%, provided that any increase in such percentage shall not be
effective until 61 days after such notice to the Company.
Inpixon's common stock is listed on the Nasdaq Capital Market under
the symbol "INPX." On June 18, 2019, the closing sale price of the
Company's common stock on the Nasdaq Capital Market was $0.62 per
share. There is no established trading market for the warrants or
Pre-Funded Warrants and the Company does not expect a market to
develop. In addition, the Company does not intend to apply for the
listing of the warrants or Pre-Funded Warrants on any national
securities exchange or other trading market. Without an active
trading market, the liquidity of the warrants and the Pre-Funded
Warrants will be limited.
A full-text copy of the Form S-1 registration statement is
available for free at: https://is.gd/wIkDoM
About Inpixon
Headquartered in Palo Alto, California, Inpixon is a technology
company that helps to secure, digitize and optimize any premises
with Indoor Positioning Analytics (IPA) for businesses and
governments in the connected world. Inpixon Indoor Positioning
Analytics is based on new sensor technology that finds all
accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously.
Paired with a high-performance, data analytics platform, this
technology delivers visibility, security and business intelligence
on any commercial or government premises worldwide. Inpixon's
products, infrastructure solutions and professional services group
help customers take advantage of mobile, big data, analytics and
the Internet of Things (IoT).
Inpixon reported a net loss of $24.56 million for the year ended
Dec. 31, 2018, compared to a net loss of $35.03 million for the
year ended Dec. 31, 2017. As of March 31, 2019, Inpixon had $20.12
million in total assets, $7.21 million in total liabilities, and
$12.90 million in total stockholders' equity.
Marcum LLP, in New York, the Company's auditor since 2012, issued a
"going concern" qualification in its report dated March 28, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
JAGUAR HEALTH: Reports Issuances of Additional Common Shares
------------------------------------------------------------
Jaguar Health, Inc., filed an amended Form 8-K with the Securities
and Exchange Commission to reflect additional shares issued since
the transactions reported under the original report.
On June 10, 2019, Jaguar Health entered into privately negotiated
exchange agreements with a holder of one of its outstanding secured
promissory notes, which resulted in the aggregate issuance by the
Company of more than 5% of the Company's issued and outstanding
shares of common stock, as last reported in the Company's Form 10-Q
filed May 21, 2019.
From May 21, 2019 through June 28, 2019, the Company issued 754,838
shares of Common Stock in the following transactions:
On May 29, 2019, pursuant to an exchange agreement dated May 29,
2019, the Company issued 25,210 shares of Common Stock to a
noteholder in exchange for a $300,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
On June 3, 2019, pursuant to an exchange agreement dated June 3,
2019, the Company issued 21,632 shares of Common Stock to a
noteholder in exchange for a $250,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
On June 10, 2019, pursuant to exchange agreements dated June 10,
2019, the Company issued 78,683 shares of Common Stock to a
noteholder in exchange for a $550,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
On June 11, 2019, pursuant to exchange agreements dated June 11,
2019, the Company issued 223,750 shares of Common Stock to a
noteholder in exchange for a $1,669,175 reduction in the
outstanding balance of the secured promissory note held by such
noteholder.
On June 17, 2019, pursuant to an exchange agreement dated June 17,
2019, the Company issued 32,258 shares of Common Stock to a
noteholder in exchange for a $200,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
On June 18, 2019, pursuant to an exchange agreement dated June 18,
2019, the Company issued 88,496 shares of Common Stock to a
noteholder in exchange for a $500,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
On June 19, 2019, pursuant to an exchange agreement dated June 19,
2019, the Company issued 62,278 shares of Common Stock to a
noteholder in exchange for a $350,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
On June 21, 2019, pursuant to an exchange agreement dated June 21,
2019, the Company issued 85,470 shares of Common Stock to a
noteholder in exchange for a $400,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
On June 25, 2019, pursuant to exchange agreements dated June 25,
2019, the Company issued 137,061 shares of Common Stock to a
noteholder in exchange for a $625,000 reduction in the outstanding
balance of the secured promissory note held by such noteholder.
The shares of Common Stock that were exchanged for portions of the
secured promissory note in the transactions were issued in reliance
on the exemption from registration provided under Section 3(a)(9)
of the Securities Act. All of the share figures in the Amendment
have been adjusted to reflect the 70-for-1 reverse split of the
Company's Common Stock that went into effect on June 7, 2019.
About Jaguar Health
Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial
stage pharmaceuticals company focused on developing novel,
sustainably derived gastrointestinal products on a global basis.
Its wholly-owned subsidiary, Napo Pharmaceuticals, Inc., focuses on
developing and commercializing proprietary human gastrointestinal
pharmaceuticals for the global marketplace from plants used
traditionally in rainforest areas. Jaguar Health's principal
executive offices are located in San Francisco, California.
Jaguar Health reported a net loss of $32.14 million for the year
ended Dec. 31, 2018, compared to a net loss of $21.96 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Jaguar Health
had $40.66 million in total assets, $24.86 million in total
liabilities, $9 million in series A convertible preferred stock,
and $6.79 million in total stockholders' equity.
BDO USA, LLP, in San Francisco, California, the Company's auditor
since 2013, issued a "going concern" opinion in its report dated
April 10, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
suffered recurring losses from operations and an accumulated
deficit that raise substantial doubt about its ability to continue
as a going concern.
JASON INC: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings for Jason
Incorporated, including the company's Corporate Family Rating to
Caa2 from B3 and Probability of Default Rating to Caa2-PD from
B3-PD. The existing B2 and Caa2 ratings for the company's
first-lien senior credit facilities and second-lien senior secured
debt have been downgraded to Caa1 and Caa3, respectively. The
company's former SGL-2 Speculative Grade Liquidity Rating has been
downgraded to SGL-3. The ratings outlook is negative.
"The downgrade reflects liquidity pressure from approaching
maturities at a time when Jason's results are experiencing
challenges. Jason's expected free cash flow generation, given
recent performance, provides limited capacity to absorb an increase
in interest expense that might be needed to refinance upcoming
maturities." said Moody's analyst, Inna Bodeck. "The unexpected
earnings deterioration, when Jason was poised to benefit from its
better costs management practices, coupled with continued softness
across the majority of its end markets in the US and Europe, we
believe, creates uncertainty around the company's ability to
sustain its level of current earnings, further exacerbating the
risk of restructuring."
The downgrade of the liquidity rating to SGL-3 reflects Moody's
expectation for weaker free cash flow and diminishing cushion under
the revolver covenant. The negative outlook incorporates Moody's
expectations of declining topline and EBITDA in mid- single digits
(percentage) because of weak end market conditions and as Jason
struggles to offset the top line declines with originally
anticipated pricing actions. It also reflects expectations of
deeper restructuring charges as the company manages through the
fluctuating demand across most of its end markets.
Moody's took the following rating actions for Jason Incorporated:
Corporate Family Rating, downgraded to Caa2 from B3
Probability of Default Rating, downgraded to Caa2-PD from B3-PD
Speculative Grade Liquidity Rating, downgraded to SGL-3 from SGL-2
$4.29 Million Gtd Senior Secured First-Lien Revolving Credit
Facility due 2019, downgraded to Caa1 (LGD3) from B2 (LGD3)
$30 Million Gtd Senior Secured First-Lien Revolving Credit Facility
due 2020, downgraded to Caa1 (LGD3) from B2 (LGD3)
$310 Million Gtd Senior Secured First-Lien Term Loan due 2021,
downgraded to Caa1 (LGD3) from B2 (LGD3)
$110 Million Gtd Senior Secured Second-Lien Term Loan due 2022,
downgraded to Caa3 (LGD5) from Caa2 (LGD5)
Outlook, changed to Negative from Stable
RATINGS RATIONALE
Jason's Caa2 Corporate Family Rating broadly reflects its high
leverage, associated with recent decline in earnings and Moody's
expectations of continued softness in some Jason's end markets,
including automotive (26% of LTM 3/31/2019 revenues), as well as
uncertainty around the company's ability to improve earnings given
soft end market conditions. Moody's believes that the anticipated
decline in earnings will make it challenging for the company to
refinance its existing capital structure at a manageable cost, even
if it uses some of its cash to reduce debt. These risks are
partially mitigated by Jason's good market position across several
businesses and adequate liquidity owing primarily to cash on the
balance sheet ($45.2 million as of 3/31/2019). Leverage (6.5x
debt-to-EBITDA for the LTM period ended 3/31/2019, incorporating
Moody's standard adjustments) is likely to remain elevated as the
company manages through challenges in the market.
The ratings could be downgraded if the company's performance
deteriorates further due to the unexpected challenges in the
operating environment or due to operational issues, resulting in
reduced profitability and increased leverage. A worsened liquidity
profile could also result in a downgrade.
The ratings could be upgraded if the company realizes sufficient
improvements in earnings and addresses its maturities in a timely
and sustainable manner.
The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.
Jason Incorporated, headquartered in Milwaukee, Wisconsin, is a
publicly-traded diversified manufacturing company serving
industrial, auto and other industries. Its products include
finishing (industrial brushes, buffing wheels and compounds),
seating (static and suspension seating for motorcycle,
construction, agricultural, lawn and turf-care equipment),
acoustics (fiber-based acoustical insulation products for the auto
industry) and components (metal, rail safety and other). Revenue
for the twelve months ended March 31, 2019 was approximately $588
million.
JCM INSURANCE: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
JCM Insurance, Inc., according to court dockets.
About JCM Insurance Inc.
JCM Insurance, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-01691) on May 6,
2019. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $500,000. The
Debtor is represented by the Law Offices of Mickler & Mickler.
KAMAN CORP: S&P Places BB+ Issuer Credit Rating on Watch Negative
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB+' issuer credit rating (ICR) on
Kaman Corp. on CreditWatch with negative implications following the
company's announcement that it will sell its distribution business
for approximately $700 million.
The CreditWatch placement is based on the likely increase in the
volatility of Kaman's margins after it divests its distribution
business, which accounted for about 61% of its revenue and 35% of
its operating profit in 2018. It also reflects the company's
smaller size and operational scope, less-diverse customer base, and
its expectation that it will be more aggressive in pursuing
acquisitions following the divestiture.
S&P said, "We plan to resolve the CreditWatch negative placement on
Kaman once the transaction closes and could lower our ICR on the
company by one notch at that time. We will meet with management to
discuss their rationale for the divestiture, how they will use the
proceeds, their outlook for the remaining business, and their
financial policy going forward."
LAWN ADVISORY: Unsecureds to Get 50% Over 5 Years
-------------------------------------------------
Lawn Advisory Service, Inc., filed a small business first modified
combined Plan of Reorganization and accompanying Disclosure
Statement.
Class 2 General Unsecured Class are impaired and will be paid 50%
over a period of 5 years in annual installment of 10% commencing on
the Effective Date of the Allowed Claim amount.
Class 1 Sheffield Financial are impaired and will be paid in full.
The Plan will be funded from future earnings of the Debtor.
A full-text copy of the First Modified Disclosure Statement dated
June 17, 2019, is available at https://tinyurl.com/y2k2dhu5 from
PacerMonitor.com at no charge.
Attorney for the Debtor is Timothy P. Neumann, Esq., at Broege,
Neumann, Fischer & Shaver, LLC, in Manasquan, New Jersey.
About Lawn Advisory Service
Lawn Advisory Service, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 18-28873) on Sept. 23,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $500,000. Judge
Michael B. Kaplan presides over the case.
MANHATTAN RIVER: Unsecureds to Get 40% of Allowed Claims in 3 Years
-------------------------------------------------------------------
Manhattan River Group, LLC filed a disclosure statement in
connection with its chapter 11 plan of reorganization.
The Debtor was formed in 2009 in contemplation of obtaining a use
license and related permits for the restaurant, lounge and marina
facility located at 348 Dyckman Street in Upper Manhattan licensed
by the NYC Department of Parks and Recreation.
The Debtor operated both the Marina and restaurant premises
successfully until 2018, when the NYC Parks Department, on July 20,
2018, issued a determination, without prior notice or opportunity
to cure, prohibiting the Debtor from (1) offering valet parking and
(2) holding ticketed beach events. The loss of revenues from these
two facilities severely impacted the Debtor's ability to
successfully operate under the two licenses, and on Nov. 16, 2018,
the Debtor commenced an Article 78 proceeding in New York County
Supreme Court.
The Plan will be funded with a combination of the Debtor's cash on
hand on the Confirmation Date, derived from both the DIP Loan and
re-commenced operations, respectively, the future revenues
generated from operations as set forth in the Projections and any
net proceeds recovered from the Article 78 Proceeding. These funds
are expected to be sufficient to pay all Allowed Administrative and
Priority Claims in full, as well as to fund a minimum pro rata 40%
distribution to the holders of Allowed Unsecured Claims over 3
years, and the Reorganized Debtor will effectuate all payments due
under the Plan.
A copy of the Disclosure Statement is available at
https://tinyurl.com/yxjus48x from Pacermonitor.com at no charge.
About Manhattan River Group
Manhattan River Group, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 18-14125) on Dec. 20, 2018, disclosing
under $1 million in both assets and liabilities. The Debtor hired
Rattet PLLC as counsel.
MARINER CHIROPRACTIC: Hires JD & Associates as Accountant
---------------------------------------------------------
Mariner Chiropractic seeks authority from the U.S. Bankruptcy Court
for the Western District of Washington to employ JD & Associates,
Inc., as accountant to the Debtor.
Mariner Chiropractic requires JD & Associates to provide accounting
services to the Debtor in the Chapter 11 bankruptcy proceedings.
JD & Associates will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Jonee Dubos, partner of JD & Associates, Inc., 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.
JD & Associates can be reached at:
Jonee Dubos
JD & ASSOCIATES, INC.
3331 Kitsap Way Suite D
Bremerton, WA 98312
Tel: (360) 782-1212
E-mail: jonee@jdtaxandaccounting.com
About Mariner Chiropractic
Mariner Chiropractic sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 18-14392) on Nov. 15,
2018. At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of the same range. The case is
assigned to Judge Christopher M. Alston. The Law Office of David
Carl Hill is the Debtor's counsel.
MERITOR INC: S&P Affirms BB ICR on Pending Acquisition of AxleTech
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on
U.S.-based Meritor Inc. The outlook is stable.
The rating affirmation follows the company's announcement that it
entered into an agreement to acquire AxleTech for $175 million and
amended and restated its credit facility. The facility includes a
$175 million senior secured term loan (unrated) to fund the
acquisition and a $625 million senior secured revolver (unrated),
both maturing in June 2024.
Meanwhile, S&P affirmed its 'BB-' issue-level rating on Meritor's
senior unsecured debt with a '5' recovery rating.
Meritor's improved results in 2018 and 2019 year-to-date have been
aided by higher truck production in North America and new business
wins. While heavy duty truck production could decline from current
strong levels in 2020, S&P expects Meritor's debt leverage to
remain around 2x. S&P also believes the company will sustain or
improve its EBITDA margins, while maintaining good credit measures
that should provide some cushion when the next cyclical downturn
hits the commercial-vehicle end market.
The stable outlook reflects Meritor's improved profitability and
credit metrics over the past year. This should enable the company
to maintain debt to adjusted EBITDA in the low-2x area through
2020, even if end market demand begins to wane.
S&P said, "We could lower our rating on Meritor during the next 12
months if overall commercial truck and industrial demand
unexpectedly and meaningfully declines, hurting Meritor's operating
performance. For example, we could downgrade the company if its
adjusted debt leverage increases above 4x or its FOCF-to-debt ratio
falls below 10%, and we saw little likelihood of near-term
improvement."
MESKO RESTAURANT: Hires Langley & Chang as Counsel
--------------------------------------------------
Mesko Restaurant Group II, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Central District
of California to employ the Law Offices of Langley & Chang, as
counsel to the Debtors.
Mesko Restaurant requires Langley & Chang to:
a. advise the Debtor with respect to the requirements and
provisions of the Bankruptcy Code, Federal Rules of
Bankruptcy Procedure, Local Bankruptcy Rules, U.S.
Trustee Guidelines and other applicable requirements which
may affect the Debtors;
b. assist the Debtor in preparing and filing Schedules and
Statement of Financial Affairs, comply with and
fulfilling U.S. Trustee requirements, and prepare
other documents as may be required after the initiation of
a chapter 11 case;
c. assist the Debtor in negotiations with creditors and other
parties-in-interest;
d. assist the Debtor in the sale of substantially all of its
assets;
e. advise the Debtor concerning the rights and remedies of the
estates and of the Debtor in regard to adversary
proceedings which may be removed to, or initiated in, the
Bankruptcy Court;
f. prepare all motions, applications, answers, orders,
reports, and papers on behalf of the Debtor that are
necessary to the administration of the Debtors' Case;
g. represent the Debtor in any proceeding or hearing in the
Bankruptcy Court in any action where the rights of the
estate or the Debtor may be litigated, or affected; and
h. provide those services to the Debtors as are generally
provided by general insolvency counsel to a debtor and
debtor-in-possession in a chapter 11 case.
Langley & Chang will be paid at these hourly rates:
Partners/Senior Attorneys $450
Associates $350
Paralegals $150
Langley & Chang received from the Debtors a prepetition retainer in
the amount of $5,000. Of that amount, $4,680 was applied to
prepetition services and expenses, leaving a balance of $320 which
is maintained in the Firm's retainer account.
Langley & Chang will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Christopher J. Langley, partner of the Law Offices of Langley &
Chang, 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.
Langley & Chang can be reached at:
Christopher J. Langley, Esq
LAW OFFICES OF LANGLEY & CHANG
4158 14th Street.
Riverside, CA 92501
Tel: (951) 383-3388
About Mesko Restaurant Group II
Mesko Restaurant Group, d/b/a Rock & Brews Buena Park, operates bar
& grill restaurants offering a menu of pizza, burgers & pub grub,
plus a diverse beer list.
Mesko Restaurant Group II, Inc., based in Lake Forest, CA, and its
affiliates sought Chapter 11 protection (Bankr. C.D. Cal. Case No.
19-11830) on May 13, 2019. In the petition signed by Joshua
Teeple, chief restructuring officer, Mesko Restaurant Group II
estimated $500,000 to $1 million in assets and $10 million to $50
million in liabilities.
The Hon. Catherine E. Bauer oversees the cases.
Mesco tapped Marshack Hays LLP, the Law Offices of Langley & Chang,
and Weiland Golden Goodrich LLP, as attorneys.
MESKO RESTAURANT: Hires Marshack Hays as General Counsel
--------------------------------------------------------
Mesko Restaurant Group II, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Central District
of California to employ Marshack Hays LLP, as general counsel to
the Debtors.
Mesko Restaurant requires Marshack Hays to:
(1) analyze and evaluate assets and claims of the Estate;
(2) assist the Debtors in analyzing their ability to
reorganize or confirm a Chapter 11 Plan of Reorganization;
(3) represent the Debtors in any proceedings or hearings in
the Bankruptcy Court or in any other action where the
rights of the Estate or the Debtors may be litigated or
affected;
(4) conduct examinations of the Debtors, creditors, witnesses,
claimants, or adverse parties and to prepare and assist in
the preparation of reports, accounts, applications,
motions, complaints, and orders;
(5) prepare on behalf of the Debtors any necessary
applications, motions, answers, orders, reports, and other
legal papers;
(6) investigate, and if necessary, prosecute claims for relief
that the Estate may have; and
(7) perform all legal services incidental and necessary for
the smooth administration of the Estate.
Marshack Hays will be paid at these hourly rates:
Partners $450-$650
Of Counsel $500-$530
Associates $300-$425
Paralegals $175-$270
Marshack Hays received a pre-petition retainer of $66,336 from
Debtors in connection with insolvency counseling and the filing the
instant Chapter 11 Case. Prior to filing the Petition, the Firm
drew down on the Retainer so the amount owing to the Firm at the
filing of the Petition was zero. The remaining balance on the
Retainer is $0. Post-petition, the Firm received a $100,000
retainer which the Firm continues to hold in its client trust
account and will apply in accordance with the Bankruptcy Code, the
Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules,
and the U.S. Trustee’s guidelines for the compensation of
bankruptcy professionals.
Marshack Hays will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David A. Wood, a partner at Marshack Hays, 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.
Marshack Hays can be reached at:
David A. Wood, Esq.
Richard A. Marshack, Esq.
MARSHACK HAYS LLP
870 Roosevelt
Irvine, CA 92620
Tel: (949) 333-7777
Fax: (949) 333-7778
E-mail: dwood@marshackhays.com
rmarshack@marshackhays.com
About Mesko Restaurant Group II
Mesko Restaurant Group, d/b/a Rock & Brews Buena Park, operates bar
& grill restaurants offering a menu of pizza, burgers & pub grub,
plus a diverse beer list.
Mesko Restaurant Group II, Inc., based in Lake Forest, CA, and its
affiliates sought Chapter 11 protection (Bankr. C.D. Cal. Case No.
19-11830) on May 13, 2019. In the petition signed by Joshua
Teeple, chief restructuring officer, Mesko Restaurant Group II
estimated $500,000 to $1 million in assets and $10 million to $50
million in liabilities.
The Hon. Catherine E. Bauer oversees the cases.
Mesco tapped Marshack Hays LLP, the Law Offices of Langley & Chang,
and Weiland Golden Goodrich LLP, as attorneys.
MESKO RESTAURANT: Hires Weiland Golden as Co-Counsel
----------------------------------------------------
Mesko Restaurant Group II, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Central District
of California to employ Weiland Golden Goodrich LLP, as counsel to
the Debtors.
Mesko Restaurant requires Weiland Golden to:
a. advise the Debtor with respect to the requirements and
provisions of the Bankruptcy Code, Federal Rules of
Bankruptcy Procedure, Local Bankruptcy Rules, U.S.
Trustee Guidelines and other applicable requirements which
may affect the Debtors;
b. assist the Debtor in preparing and filing Schedules and
Statement of Financial Affairs, comply with and
fulfilling U.S. Trustee requirements, and prepare
other documents as may be required after the initiation of
a chapter 11 case;
c. assist the Debtor in negotiations with creditors and other
parties-in-interest;
d. assist the Debtor in the sale of substantially all of its
assets;
e. advise the Debtor concerning the rights and remedies of the
estates and of the Debtor in regard to adversary
proceedings which may be removed to, or initiated in, the
Bankruptcy Court;
f. prepare all motions, applications, answers, orders,
reports, and papers on behalf of the Debtor that are
necessary to the administration of the Debtors' Case;
g. represent the Debtor in any proceeding or hearing in the
Bankruptcy Court in any action where the rights of the
estate or the Debtor may be litigated, or affected; and
h. provide those services to the Debtors as are generally
provided by general insolvency counsel to a debtor and
debtor-in-possession in a chapter 11 case.
Weiland Golden will be paid at these hourly rates:
Attorneys $450-$750
Paralegals $250
Law Clerks $200
Weiland Golden received a prepetition retainer from the Debtors in
the amount of $10,000. Of that amount, $9,830 was applied to
prepetition services and expenses, leaving a balance of $170 which
is maintained in the Firm's retainer account.
Weiland Golden will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Beth E. Gaschen, a partner at Weiland Golden, 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.
Weiland Golden can be reached at:
Beth E. Gaschen, Esq.
Jeffrey I. Golden, Esq.
WEILAND GOLDEN GOODRICH LLP
650 Town Center Drive, Ste. 600
Costa Mesa, CA 92626
Tel: (714) 966-1000
Fax: (714) 966-1002
E-mail: bgaschen@wgllp.com
jgolden@wgllp.com
About Mesko Restaurant Group II
Mesko Restaurant Group, d/b/a Rock & Brews Buena Park, operates bar
& grill restaurants offering a menu of pizza, burgers & pub grub,
plus a diverse beer list.
Mesko Restaurant Group II, Inc., based in Lake Forest, CA, and its
affiliates sought Chapter 11 protection (Bankr. C.D. Cal. Case No.
19-11830) on May 13, 2019. In the petition signed by Joshua
Teeple, chief restructuring officer, Mesko Restaurant Group II
estimated $500,000 to $1 million in assets and $10 million to $50
million in liabilities.
The Hon. Catherine E. Bauer oversees the cases.
Mesco tapped Marshack Hays LLP, the Law Offices of Langley & Chang,
and Weiland Golden Goodrich LLP, as attorneys.
MONITRONICS INTERNATIONAL: Case Summary & Top Unsecured Creditors
-----------------------------------------------------------------
Lead Debtor: Monitronics International, Inc.
1990 Wittington Place
Farmers Branch, TX 75234
Business Description: Monitronics International, Inc. --
https://brinkshome.com -- provides
residential customers and commercial client
accounts with monitored home and business
security systems, as well as interactive and
home automation services. Ascent
Capital Group, Inc., is a holding company
that owns Monitronics International, Inc.,
doing business as Brinks Home Security.
Chapter 11 Petition Date: June 30, 2019
Nine affiliates that simultaneously filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Monitronics International, Inc. 19-33650
Security Networks LLC 19-33651
MIBU Servicer Inc. 19-33652
LiveWatch Security, LLC 19-33653
Platinum Security Solutions, Inc. 19-33654
Monitronics Canada, Inc. 19-33655
MI Servicer LP, LLC 19-33656
Monitronics Security LP 19-33657
Monitronics Funding LP 19-33658
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Hon. David R Jones
Debtors' Counsel: Timothy Alvin Davidson, II, Esq.
HUNTON ANDREWS KURTH LLP
600 Travis, Ste 4200
Houston, TX 77002
Tel: 713-220-3810
Fax: 713-220-4285
Email: TadDavidson@HuntonAK.com
- and -
Ashley L. Harper, Esq.
HUNTON ANDREWS KURTH LLP
600 Travis, Suite 4200
Houston, TX 77002
Tel: 713-220-4013
Email: ashleyharper@HuntonAK.com
- and -
LATHAM & WATKINS LLP
Debtors'
Financial
Advisor: FTI CONSULTING, INC.
Debtors'
Investment
Banker: MOELIS & COMPANY LLC
Consolidated Total Assets as of March 31, 2019: $1,330,914,000
Consolidated Total Debts as of March 31, 2019: $1,954,689,000
The petitions were signed by Fred Graffam, chief financial officer,
executive vice president, and assistant secretary.
A full-text copy of Monitronics International's petition is
available for free at:
http://bankrupt.com/misc/txsb19-33650.pdf
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. U.S. Bank National Association Senior $625,035,937
Indenture Trustee Unsecured
100 Wall Street, Suite 1600 Notes
New York, NY 10005
Wendy Kumer
Tel: (212) 951-8561
Email: wendy.kumar@usbank.com
2. ALARM.COM Incorporated 8487 Trade Claim $3,587,927
8281 Greensboro Drive, Suite 100
Tysons, VA 22102
Stephen S. Trundle
Chief Executive Officer and
President
Tel: (877) 389-4033
Email: info@alarm.com
3. Skyline Security Dealer Holdback $1,874,070
Management, Inc. Claim
10642 Downey Ave., Suite 205
Downey, CA 90241
Edwin Arroyave
CEO & Founder
Tel: (888) 775-9732
Email: j.arroyave@skylinesecurity.com
4. AllianceOne Receivables Trade Claim $1,412,347
Management Inc.
4850 East Street Road, Suite 300
Trevose, PA 19053
Roni Teson
Tel: (215) 354-5500
Email: Roni.teson@teleperformance.com
5. Microsoft Corporation Trade Claim $1,150,945
1 Microsoft Way
Redmond, WA 98052-6399
Satya Nadella
CEO & Director
Tel: (425) 882-8080
Fax: (425) 706-7329
6. Power Home Technologies, LLC Dealer Holdback $1,134,413
4521 Preslyn Drive Claim
Raleigh, NC 27616
Ben Brookhart, CEO
Tel: (844) 748-7233
Email: owners@pht.com
7. The Brinks Company Licensing Claim $964,817
1801 Bayberry Ct.
P.O. Box 18100
Richmond, VA 23266-8100
Ronald J. Domanico
Executive VP & CFO
Tel: (804) 289-9600
Email: corporate.relations@brinksinc.com
8. Google LLC Trade Claim $950,000
1600 Amphitheatre Parkway
Mountain View, CA 94043
Sundar Pichai, CEO
Tel: (650) 253-2000
Fax: (650) 253-0001
9. Curtis Kindred, Inc. Dealer Holdback $581,873
2701 Brown TRL Claim
Bedford, TX 76021
Curtis R. Kindred, President
Tel: (817) 900-8457
Email: crkindred@americandefensesystems.com
10. Texas Comptroller of Sales Tax Claim $577,632
Public Accounts
Lyndon B. Johnson State
Office Building
111 East 17th Street
Austin, TX 78774
Tel: (800) 252-1381
Email: treasury@texas.gov
11. ALARMNET (333597) Trade Claim $416,088
26069 Network Place
Chicago, IL 60673-1260
Elaine Schmitt
Tel: (631) 692-1957
Email: Elaine.schmitt@honeywell.com
12. Capital Connect, Inc. Dealer Holdback $368,902
6400 E. Grant Road, #270 Claim
Tucson, AZ 85715
Sean Mcbride
Tel: (520) 209-2525
Email: customerservice@capitalconnect.com
13. Cyber Group, Inc. Trade Claim $357,000
12900 Preston Road, Suite 900
Dallas, TX 75230
Saurajit Kanungo
Tel: (469) 916-7730
Email: Info-at-cybergroup.com
14. American Express Trade Claim $328,529
200 Vesey Street
New York, NY 10285
Kenneth I. Chenault, CFO
Tel: (212) 640-2000
Email: IR@aexp.com
15. ACTSS Corp. Dealer Holdback $257,538
381 Callejuan Calaf Claim
San Juan, PR 00918
Carla Colon
Tel: (787) 782-6517
Email: alex@intelactpr.net
16. B & D Security, Inc. Dealer Holdback $220,649
9120 Norwalk Blvd. Claim
Santa Fe Springs, CA 90670
Ousvaldo Lerma
Tel: (562) 821-2900
Email: collectionsmonicm@yahoo.com
17. Zenith Security Dealer Holdback $198,862
Solutions, LLC Claim
9175 W. State St.
Boise, ID 83714
Kelly Barham
Tel: (888) 515-6199
Email: info@zenith-security.com
18. Craftmark Products Inc. Trade Claim $193,789
(d/b/a TGI Direct)
5365 Hill 23 Drive
Flint, MI 48507
Deborah Willis
Tel: (817) 457-8412
Email: sales@tgidirect.com
19. Alpha One Security Dealer Holdback $191,742
Solutions, Inc. Claim
10 Ave. Laguna, Suite 256
Shopping Laguna Gardens
Carolina, PR 00979
Javier Marrero
Tel: (800) 707-2693
Email: cc@alphaonesecurity.com
20. Florida - Department of Revenue Sales Tax $190,449
5050 W. Tennessee St.
Tallahassee, FL 32399-0100
Mark Hamilton
Tel: (850) 488-6800
Email: DORGTA@floridarevenue.com
21. Direct Protect Security & Dealer Holdback $186,039
Surveillance, Inc. Claim
3151 Airway Ave. #F-205
Costa Mesa, CA 92626
Matt Liebelt
Tel: (714) 673-6800
Email: matt@directprotectnow.com
22. Security Investments LLC Dealer Holdback $184,859
3681 Corporate Drive Claim
Columbus, OH 43231
Bill Marks
Tel: (614) 441-4601
Email: bill@ohalarm.com
23. Allied Security LLC Dealer Holdback $171,241
507 N. Sam Houston Pkwy E., Claim
Suite 400
Houston, TX 77060
Heather and Michael Pittman
Tel: (281) 820-2810
Email: arap@alliedhomesecurity.net
24. Voziq Trade Claim $165,000
11951 Freedom Drive, 13th Floor
Reston, VA 20190
Vasudeva Akula
Tel: (703) 597-3843
Email: info@voziq.com
25. Alpha One Security Dealer Holdback $163,090
Solutions LLC Claim
2462 Sand Lake Rd.
Orlando, FL 32809
Javier Marrero
Tel: (866) 307-1877
Email: contracts@alphaonefl.com
26. Department of Treasury of Sales Tax $146,940
Puerto Rico
P.O. Box 9024140
San Juan, PR 00902-4140
Edificio Intendente Ramirez
Tel: (787) 622-0123
Email: info@hacienda.pr.gov
27. Allata Trade Claim $130,000
2777 N. Stemmons Fwy,
Suite 1240
Dallas, TX 75207
Matthew Rose
Tel: (972) 814-1285
Email: info@allata.com
28. Nest Labs Inc. Trade Claim $127,496
3400 Hillview Avenue
Palo Alto, CA 94304
Tony Fadell, Co-Founder, CEO and
Director
Tel: (650) 331-1127
29. CSG Systems Inc. Trade Claim $125,000
6175 S. Willow Drive, 10th Floor
Greenwood Village, CO 80111
Bret C. Griess
Tel: (303) 200-2000
List-CSG Billing
Email: Inquiries@CGI.com
30. Envision Security Inc. Dealer Reserve $119,725
9299 W. Olive Ave., Holdback Claim
Bld. 2, Suite 213
Peoria, AZ 85345
Tel: (623) 877-1106
Email: Darryl@envnow.com
NEOVASC INC: Will a Effect Reverse Common Stock Split
-----------------------------------------------------
Neovasc Inc. has filed articles of amendment, effective June 28,
2019, to effect the previously announced share consolidation
(reverse stock split) of its issued and outstanding common shares
on the basis of one post-Consolidation Common Share for every ten
(10) pre-Consolidation Common Shares. The Consolidation will
reduce the number of Common Shares issued and outstanding from
approximately 74,811,888 Common Shares to approximately 7,481,157
Common Shares. The Common Shares are expected to commence trading
on the Toronto Stock Exchange and on the Nasdaq Capital Market on a
post-Consolidation basis on or about the opening of trading on July
2, 2019.
The Company's transfer agent, Computershare Investor Services Inc.,
is anticipated to send a letter of transmittal on July 2, 2019 to
the registered holders of Common Shares. The letter of transmittal
will contain instructions on how to surrender Common Share
certificates representing pre-Consolidation Common Shares to the
transfer agent. Shareholders may also obtain a copy of the letter
of transmittal by accessing the Company's SEDAR profile at
www.sedar.com or the Company's EDGAR profile at www.sec.gov. Until
surrendered, each certificate representing pre-Consolidation Common
Shares will be deemed for all purposes to represent the number of
Common Shares to which the holder thereof is entitled as a result
of the Consolidation. If shareholders hold their Common Shares
through an intermediary and they have questions in this regard,
they are encouraged to contact their intermediaries.
The Company's new CUSIP number is 64065J304 and its new ISIN number
is CA64065J3047.
About Neovasc Inc.
Based in Richmond, British Columbia, Neovasc Inc. --
http://www.neovasc.com-- is a specialty medical device company
that develops, manufactures and markets products for the rapidly
growing cardiovascular marketplace. Its products include the
Neovasc Reducer, for the treatment of refractory angina, which is
not currently available in the United States and has been available
in Europe since 2015, and the Tiara, for the transcatheter
treatment of mitral valve disease, which is currently under
clinical investigation in the United States, Canada and Europe.
Neovasc reported a net loss of US$108.04 for the year ended Dec.
31, 2018, compared to a net loss of US$22.90 million for the year
ended Dec. 31, 2017. As of March 31, 2019, Neovasc had US$16.09
million in total assets, US$18.89 million in total liabilities, and
a total deficit of US$2.80 million.
Grant Thornton LLP, in Vancouver, BC, the Company's auditor since
2002, issued a "going concern" opinion in its report on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, stating that the Company incurred a net loss of US$108.04
million during the year ended Dec. 31, 2018, and as of that date,
the Company's liabilities exceeded its assets by US$9.67 million.
These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.
NEW DESIGNS: S&P Alters Outlook to Stable, Rates 2019 Bonds 'BB+'
-----------------------------------------------------------------
S&P Global Ratings has revised its outlook to stable from negative
on California School Finance Authority's series 2012 and series
2014 fixed-rate charter school revenue bonds, issued for New
Designs Charter School (NDCS). At the same time, S&P Global Ratings
has affirmed its 'BB+' rating on the debt. In addition, S&P Global
Ratings has assigned its 'BB+' rating and stable outlook to the
authority's series 2019 bonds issued for NDCS.
"We base the outlook revision on the removal of the school's
contingent liquidity risk because the series 2019 bonds will be
used to repay the existing $3.5 million bank loan and $1.2 million
line of credit," said S&P Global Ratings credit analyst Brian
Marshall.
The bonds will also be used to refinance NDCS's existing lease of
the Adams facility at a cost savings.
The outlook revision also reflects NDCS's approval to expand and
serve students in the Adams campus, which will allow for growth of
about 600 students from current enrollment levels without incurring
additional debt following a prolonged period of uncertainty
surrounding delayed approval by Los Angeles Unified School
District.
Securing the series 2019, 2014, and 2012 bonds (approximately $42
million post issuance of the series 2019 bonds) are NDCS revenues,
as defined in the governing bond documents and consisting primarily
of per-pupil funding from the state. Officials plan to use proceeds
from the series 2019 bonds to pay off all of its direct bank loans,
refinance the Adams campus' existing lease into debt, and make
campus improvements.
S&P said, "The stable outlook reflects our view that the school
will continue to generate positive full-accrual results supporting
maximum annual debt service (MADS) coverage and liquidity
satisfactory for the rating level. We also anticipate enrollment to
be steady and academics to be good compared with that of peers.
"We could lower the rating if enrollment declines significantly,
operations produce deficits due to higher-than-projected costs
related to lagging enrollment trends, MADS coverage weakens, or
cash on hand decreases."
A positive rating action is unlikely over the year-long outlook
period based on NDCS's high debt burden and high MADS carrying
charge, according to S&P. The rating agency said, however, that it
could consider a higher rating outside the outlook horizon if the
school demonstrates healthy demand and financial trends consistent
with a higher rating following the opening of the recently approved
Adams campus.
NITLE CORPORATION: Seeks to Hire Robert O Lampl as Counsel
----------------------------------------------------------
Nitle Corporation, seeks authority from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Robert O Lampl
Law Office, as counsel to the Debtor.
Nitle Corporation requires Robert O Lampl to:
a. assist in the administration of the Debtor's Estate;
b. represent the Debtor on matters involving legal issues that
are present or are likely to arise in the case;
c. prepare any legal documentation on behalf of the Debtor;
d. review reports for legal sufficiency; and
e. furnish information on legal matters regarding legal
actions and consequences and for all necessary legal
services connected with Chapter 11 proceedings including
the prosecution and defense of any adversary proceedings.
Robert O Lampl will be paid at these hourly rates:
Robert O Lampl $450
John P. Lacher $400
David L. Fuchs $375
Ryan J. Cooney $275
Sy O. Lampl $250
Paralegal $150
Robert O Lampl will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert O Lampl, partner of Robert O Lampl Law Office, 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.
Robert O Lampl can be reached at:
Robert O Lampl, Esq.
ROBERT O LAMPL LAW OFFICE
223 Fourth Avenue, 4th Fl.
Pittsburgh, PA 15222
Tel: (412) 392-0330
Fax: (412) 392-0335
E-mail: rlampl@lampllaw.com
About Nitle Corporation
Nitle Corporation filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Pa. Case No. 19-22311) on June 7, 2019, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by Robert O Lampl Law Office
NORTHBELT LLC: Aug. 12 Plan Confirmation Hearing
------------------------------------------------
The amended disclosure statement explaining the amended Chapter 11
Plan filed by Northbelt, LLC, is approved.
August 12, 2019 at 3:00 p.m. is fixed for the hearing on
confirmation of the plan at the United States Bankruptcy Court 515
Rusk Ave, Houston Texas 77002.
August 5, 2019 is fixed as the last day for filing written
acceptances or rejections of the plan.
August 5, 2019 is fixed as the last day for filing and serving
written objections to confirmation of the plan.
About Northbelt LLC
Northbelt, LLC, a lessor of real estate headquartered in Houston,
Texas, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 19-30388) on Jan. 28, 2019. At the time
of the filing, the Debtor estimated assets of $10 million to $50
million and liabilities of $10 million to $50 million. The case is
assigned to Judge Eduardo V. Rodriguez. Joyce W. Lindauer
Attorney, PLLC is the Debtor's counsel.
NORTHSTAR TOPCO: S&P Downgrades ICR to 'B-'; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on NorthStar
TopCo LLC (doing business as Orion Advisor Solutions) to 'B-' from
'B'.
Orion, an Omaha-based provider of technology and outsourced
services to wealth and asset managers, has entered into a
definitive agreement to acquire an undisclosed asset. The
transaction funding will consist of a $45 million incremental
first-lien term loan.
Meanwhile, S&P lowered its issue-level ratings on the company's
first-lien senior secured credit facility to 'B' from 'B+' and on
its second-lien facility to 'CCC' from 'CCC+'. The '2' and '6'
recovery ratings, respectively, remain unchanged.
S&P said, "The downgrade reflects our view of NorthStar TopCo LLC's
(doing business as Orion Advisor Solutions [Orion]) weakened
financial risk profile, with S&P Global Ratings-adjusted pro forma
leverage rising to the high-7x area from the low-7x area given the
addition of $45 million in total debt to fund the acquisition. Our
expectation is for high adjusted leverage above 7.5x and slight
free cash flow deficits in 2019. Orion has a smaller scale than
other similarly rated companies, with trailing 12-months revenues
of about $143 million as of April 2019. We expect minimal revenue
contribution from the recent acquisition over the next 12 months,
and roughly 100 basis points (bps) to 150 bps of margin contraction
as it integrates the new business. The company expects that adding
financial planning technology will help drive revenue going
forward. We expect high-single-digit revenue growth for the company
over the next 12 months as it continues adding new accounts, driven
by an increasing number of registered investment advisors using the
core technology platform. The company has exposure to volatility in
the capital markets, and derives roughly 42% of revenues based on
assets under management (AUM), and assets under administration
(AUA), with an average three-year beta of 0.6 to the S&P 500
index.
"The stable outlook reflects our expectation for a successful
rebranding effort, integration of the newly acquired business with
limited disruption, and high-single-digit organic revenue growth
over the next 12 months.
"We could lower our rating over the next 12 months if Orion has
integration issues following the latest acquisition, rebranding
efforts prolong high costs, or capital markets volatility leads to
sharp declines in AUM, causing the company to sustain negative free
operating cash flow (FOCF). We could also lower our rating if we
believe the capital structure is unsustainable, or the company is
forced to significantly draw on its revolving credit facility.
"We could raise the rating in the next 12 months if EBITDA growth
or debt repayment reduces leverage below 7.0x for a sustained
period, and FOCF to debt improves to the mid-single-digit
percentage area or above. This could occur because of the
realization of synergies from recent acquisitions, growth in assets
under administration and AUM, and increased revenue per account."
Orion engages in managing and servicing financial assets in the
U.S. It offers money management, and investment advisory services,
as well as back-office outsourcing services for investment advisors
and brokers/dealers, including a service bureau and portfolio
management system. The company was founded in 2002 and is
headquartered in Omaha.
NXT ENERGY: Shareholders Elect Five Directors
---------------------------------------------
NXT Energy Solutions Inc. held on June 25, 2019 its annual meeting
of shareholders at which the shareholders:
(a) set the number of directors at five and elected George
Liszicasz, Charles Selby, John Tilson, Thomas E. Valentine,
and Bruce G. Wilcox as directors to hold office until
the next annual meeting of shareholders or until their
successors are duly elected or appointed;
(b) approved the appointment of KPMG LLP, Chartered
Professional Accountants, as the auditors of the Company
for the ensuing year at a remuneration to be determined by
the board of directors of the Company;
(c) approved a 12 month extension of the expiry date of AGV
3,421,648 warrants to Feb. 16, 2020;
(d) approved the Company's Amended and Restated Stock Option
Plan for an additional three years; and
(e) approved the Company's new Deferred Share Unit Plan.
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs. The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions Inc. provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
NXT Energy reported a net loss and comprehensive loss of C$6.96
million for the year ended Dec. 31, 2018, compared to a net loss
and comprehensive loss of C$8.97 million for the year ended Dec.
31, 2017. At March 31, 2019, the Company had total assets of
C$27.39 million in total assets, total liabilities of C$4.93
million, and C$22.45 million in total shareholders' equity.
OUTPUT SERVICES: S&P Affirms B- Issuer Credit Rating; Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Output
Services Group Inc. (OSG) and the ratings on the company's debt
based upon its expectations for a successful refinancing. S&P
removed the ratings from CreditWatch where it placed them with
negative implications on May 23, 2019.
The rating actions follow the announcement of OSG Intermediate
Holdings Inc., OSG's intermediate parent, that it intends to
refinance its capital structure by issuing a British pound
(GBP)-based incremental first-lien term loan (approximately $232
million) due in 2024 and a $265 million second-lien term loan due
in 2025. The refinancing will be neutral for OSG's leverage (as S&P
views debt held outside of the creditor group on a consolidated
basis) and, once completed, would resolve the refinancing risk
stemming from the approaching maturities of its U.K. bridge and
revolving credit facilities.
Meanwhile, S&P assigned its 'B-' issue-level rating and '3'
recovery rating to the proposed incremental first-lien term loan.
At the same time, the rating agency assigned its 'CCC' issue-level
rating and '6' recovery rating to the proposed $265 million
second-lien term loan.
OSG Intermediate Holdings plans to issue a GBP-based incremental
first-lien term loan (approximately $232 million) due in 2024 and a
$265 million second-lien term loan due in 2025 to refinance its
U.K. revolving credit facility (outstanding balance of $25 million
as of March 31, 2019), U.K. bridge facility (outstanding balance of
$270 million as of March 31, 2019; both are held outside of the
current creditor group), and repay $154 million of the existing
$494 million first-lien term loan and fully repay the existing $53
million second-lien term loan. Upon completion of the transaction,
all debt will be issued under OSG.
S&P said, "The negative outlook reflects our expectation that
operating performance will remain pressured and OSG will generate
modest FOCF. We expect adjusted FOCF to debt in the
low-single-digit percentage area and adjusted leverage above 8x
over the next 12 months. The negative outlook also reflects the
risk of an unsuccessful refinancing.
"We could lower the rating if we view the company's capital
structure to be unsustainable from an aggressive financial policy,
constrained liquidity position, inability to reduce leverage, or
weak operating performance from operational missteps in integrating
its acquisitions. We could also lower the rating if OSG cannot
refinance its bridge and revolving facilities, or if we believe a
debt restructuring, including a distressed exchange, is likely.
"We could revise the outlook to stable over the next 12 months if
the company stabilizes and increases revenues and EBITDA margins
through new business wins and successful integration of its
acquisitions, sustaining FOCF to debt in the mid-single-digit
percentage area."
PENGROWTH ENERGY: Shareholders Elect Six Directors
--------------------------------------------------
Pengrowth Energy Corporation's annual general meeting of
shareholders was held on June 26, 2019, at which the shareholders
elected Wayne K. Foo, Chandra A. Henry, Kelvin B. Johnston, James
D. McFarland, Peter D. Sametz, and D. Michael G. Stewart as
directors to serve until the next annual meeting of shareholders of
Pengrowth, or until their successors are elected or appointed.
The shareholders also approved an ordinary resolution appointing
KPMG LLP, Chartered Accountants, as auditors of the Company for the
ensuing year, at a remuneration to be determined by the Board of
Directors of the Corporation and approved a resolution to accept
the Corporation's approach to executive compensation.
About Pengrowth
Pengrowth Energy Corporation -- http://www.pengrowth.com/-- is a
Canadian energy company focused on the sustainable development and
production of oil and natural gas in Western Canada from its
Lindbergh thermal oil property and its Groundbirch Montney gas
property. The Company is headquartered in Calgary, Alberta, Canada
and has been operating in the Western Canadian basin for more than
30 years. The Company's shares trade on both the Toronto Stock
Exchange under the symbol "PGF" and on the OTCQX under the symbol
"PGHEF".
Pengrowth reported a net loss and comprehensive loss of C$559.3
million in 2018, following a net loss and comprehensive loss of
C$683.8 million in 2017. As of March 31, 2019, the Company had
C$1.34 billion in total assets, C$1.12 billion in total
liabilities, and C$220.9 million in shareholders' equity.
KPMG LLP, in Calgary, Canada, the Company's auditor since 1988,
issued a "going concern" qualification in its report dated March 5,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has significant
uncertainties relating to its ability to meet its financial
obligations on scheduled debt maturities and comply with certain
debt covenants that raise substantial doubt about its ability to
continue as a going concern.
PERATON CORP: S&P Alters Outlook to Negative, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
Herndon, Va.-based government information technology (IT)
contractor Peraton Corp., which is planning to acquire Solers in a
transaction that will result in leverage not declining as the
rating agency had previously expected. The rating agency revised
the outlook to negative from stable.
Meanwhile, S&P affirmed its 'B' issue-level rating on the company's
first-lien debt, including the upsized term loan that will
partially fund the transaction. The '3' recovery rating is
unchanged.
S&P said, "The negative outlook reflects our expectation that
Peraton's debt to EBITDA will remain above 7x through 2019. Debt to
EBITDA has been elevated since 2017 due to restructuring costs
associated with the spin-off from Harris as well as
acquisition-related costs due to the purchase of SRI. As a result,
debt leverage has consistently been worse than our expectation. The
planned acquisition of Solers is larger than we had expected and
the increased debt to fund the transaction, albeit with a large
component of sponsor equity, will result in leverage remaining
higher than we had previously forecast for 2019. Leverage should
still improve in 2020 with higher earnings, with debt to EBITDA
below 6.5x.
"The negative outlook reflects our expectation that debt leverage
will remain elevated for a longer period of time than we had
previously forecast and the risk that it may not improve as we
expect. We expect debt to EBITDA of around 7x in 2019 before
improving to below 6.5x in 2020.
"We could lower ratings on Peraton if debt to EBITDA remains above
7x 12 months after the transaction closes and appears unlikely to
improve. This could occur if the company pursues a debt-financed
acquisition or dividend payment that increases leverage, faces
integration difficulties with Solers, or has operating challenges
that result in lower earnings or cash flow.
"We could revise the outlook to stable if debt to EBITDA appears on
track to be comfortably below 7x 12 months after the transaction
closes and we expect it to remain there. This could occur if the
company improves revenues and earnings as expected, successfully
integrates Solers, and doesn't pursue any acquisitions that
increase leverage."
PES HOLDINGS: Moody's Lowers CFR to Ca, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded PES Holdings, LLC Corporate
Family Rating to Ca from B2, Probability of Default Rating to Ca-PD
from B2-PD, its Tranche A first lien term loan facility to Caa1
from Ba2, and its Tranche B and Tranche C of its first lien term
loan facility to Ca from B2. The outlook is negative.
"The downgrade and the negative outlook reflect the ongoing
uncertainty behind the company's future prospects and our
expectation of weak collateral coverage for PES's debt after the
massive fire incident on June 21," said Arvinder Saluja, Moody's
Vice President. "Immediate debt service will become stressed also
as it has been announced that PES will shut down its refining
operations."
Downgrades:
Issuer: PES Holdings, LLC
Probability of Default Rating, Downgraded to Ca-PD from B2-PD
Corporate Family Rating, Downgraded to Ca from B2
Senior Secured Term Loan A, Downgraded to Caa1 (LGD2) from Ba2
(LGD2)
Senior Secured Term Loan B, Downgraded to Ca (LGD4) from B2 (LGD4)
Senior Secured Term Loan C, Downgraded to Ca (LGD4) from B2 (LGD4)
Outlook Actions:
Issuer: PES Holdings, LLC
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
The Ca CFR reflects the high likelihood that PES will shut down
refining operations by July 2019 and that collateral coverage on
the term loan tranches will be weak since it will likely have to
depend on the weakened asset value of the refinery complex
following the fire incident and on any potential property and
business interruption insurance proceeds. Even without the closure
of all refining operations, the fire damage sustained at the
alkylation unit at PES would have kept the larger Girard Point
refinery, with 60% of PES's 335,000 barrels per day of refining
capacity, shut for an extended period and would have entailed
several years and significant capex to rebuild the alkylation unit.
However, the company now intends to shut down operations and sell
its refinery and related operations. Considering its asset
concentration at a single site refinery complex (albeit two large
adjacent refineries), PES's debt service is jeopardized as there is
high uncertainty regarding earnings going forward and the amount
and timing of any sale and insurance proceeds. As PES has had at
least three outage occurrences due to fire in the past decade, and
with significant scrutiny from regulators and environmentalists,
reopening the refineries once closed could be challenging.
The CFR also incorporates PES's exposure to the competitive east
coast refining market, historical reliance on crude price
differentials between Brent benchmarked crudes and WTI-benchmarked
crudes, and challenged track record operating after emergence from
bankruptcy. The rating also considers larger refining industry
challenges, including the volatility of crack spreads and risk
associated with regulatory capital expenditure requirements which
may not produce any additional cash flows.
The negative outlook reflects a high likelihood of default and the
uncertainty regarding the outcome of its intended sale announced
following the fire incident. A significant deterioration in the
company's liquidity profile, an event of default, or a debt
restructuring could lead to a downgrade. A ratings upgrade is
unlikely unless the company remains a going concern, reestablishes
its refining capability while operating profitably, and witnesses
favorable outcomes from the fire incident investigations and from
potential insurance claims.
PES Holdings, LLC owns two primary operating subsidiaries, PESRM
and North Yard Logistics, L.P. PESRM owns a refinery complex in
Philadelphia with two refineries, Girard Point and Point Breeze.
North Yard provides rail unloading services under a long-term
contract to PESRM as its sole customer. Philadelphia Energy
Solutions was formed in 2012 by affiliates of the Carlyle Group and
Sunoco Inc. (now a subsidiary of Energy Transfer Partners, L.P.,
ETP). On August 7, 2018, PES emerged from bankruptcy.
The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.
PHL VARIABLE: S&P Downgrades ICR to 'CCC+'; Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its financial strength rating (FSR) and
issuer credit rating (ICR) on PHL Variable Insurance Co. (PHLVIC)
to 'CCC+' from 'BB'. At the same time, S&P affirmed its 'BB' issuer
credit and financial strength ratings on Nassau Life Insurance Co.
(NNY), a New York-based operating subsidiary within Nassau
Financial Group, and its 'B' long-term issuer credit rating on The
Nassau Cos. of New York (NCNY). The outlook on all these ratings is
negative.
The ratings downgrade on PHLVIC reflects a $100 million reduction
in capital adequacy in 2018 and S&P's base-case projections that
capital will be severely diminished by year-end 2020. This reflects
expected losses due to unfavorable older-age mortality. The entity
within Nassau Financial Group that has the most capital (NNY) is
prohibited by an agreement with its regulator from contributing
capital to PHLVIC. S&P said, "Because of its operating performance
and actuarial challenges, we view the other insurance companies
within Nassau Financial Group as unlikely to support PHLVIC. We
also note that NCNY has agreed it will not use any future dividends
paid by NNY to meet the operating needs of PHLVIC. As such, we are
now basing our rating on PHLVIC on its stand-alone
creditworthiness."
S&P said, "The negative outlook on PHLVIC reflects our belief that
we could further lower its ratings in the next year. PHLVIC has a
record of unpredictable operating performance due to significant
exposure to older-age mortality that could lead to sizeable losses
that further deplete its already thin capital base within the
one-year outlook horizon. If regulators intervene and/or seize the
insurer within the next year, we will likely lower the ratings. We
would also likely lower the ratings if PHLVIC's company-level
risk-based capital (RBC) ratio falls below 150% regardless of
regulatory intervention."
The negative outlook on NNY's rating reflects its counterparty
exposure to PHLVIC; the effectiveness of NNY's management of
insurance risks, such as mortality; and operational and
reputational risks the shared management team will face as it
manages PHLVIC through a potential insolvency within the next few
years.
S&P said, "We could lower the rating on PHLVIC in the next year if
its key reinsurance treaties are terminated or derivative contracts
are canceled, leaving it even more exposed to macroeconomic events;
if its RBC ratio deteriorates to 150% or below; or its regulators
intervene.
"We could lower our rating on NNY in the next year if its
competitive position suffers and sales slow, which could happen due
to a reputational event; or if it mismanages its operational,
counterparty, or actuarial risks in the next year.
"We could lower our rating on NCNY in the next year if it allocates
cash for purposes other than debt service and operating expenses,
and we believe it might not be able to extract sufficient dividends
from NNY to meet its financial commitments. We could also lower the
rating on NCNY if we lower our rating on NNY.
"We do not expect to upgrade PHLVIC in the next 12 months since we
do not expect it to be profitable or for capital adequacy to
materially improve. We also view an upgrade on NNY as unlikely
within the next year due to its nominally small capital base and
track record of earnings volatility. Because our rating on NCNY is
linked to that on NNY, it's unlikely we will raise the rating on
NCNY in the next year."
PIERSON LAKES: Latest Plan Discloses Lawsuit vs Sponsors
--------------------------------------------------------
Pierson Lakes Homeowners Association filed with the U.S. Bankruptcy
Court for the Southern District of New York its small business
fourth amended disclosure statement in connection with its fourth
amended plan.
This latest filing discloses that on April 19, 2019, the Debtor
commenced an adversary proceeding against the Sponsors in the
Bankruptcy Court, ("Causeway Adversary Proceeding"). In the
Causeway Adversary Proceeding, the PLHA seeks a declaratory
judgment determining certain disputes with Sponsors concerning: (i)
ownership of a causeway spanning a portion of Cranberry Lake
("Causeway"); (ii) which of the PLHA and Sponsors is responsible
for the ongoing maintenance and repair of the Causeway; (iii)
whether the Causeway must be improved to become capable of carrying
vehicular traffic; and (iv) if such improvements are required,
which of the PLHA and Sponsors is responsible for paying for such
improvements.
The PLHA timely and properly served the Sponsors with the complaint
in the Causeway Adversary Proceeding. An answer to the complaint in
the Causeway Adversary Proceeding was filed by the Sponsors on June
6, 2019.
A copy of the Disclosure Statement is available at
https://tinyurl.com/yxc2ljzh from Pacermonitor.com at no charge.
About Pierson Lakes Homeowners Association Inc.
Pierson Lakes Homeowners Association, Inc., is a tax-exempt
homeowners association based in Sterlington, New York.
Pierson Lakes Homeowners Association filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 18-22463) on March 27, 2018. In the
petition signed by Sean Rice, president, the Debtor disclosed $1.55
million in assets and $3.49 million in liabilities. The Hon. Robert
D. Drain presides over the case. Gary M. Kushner, Esq., and Scott
D. Simon, Esq., at Goetz Fitzpatrick LLP, serve as bankruptcy
counsel to the Debtor.
PINE FOREST: New Plan Discloses Amount Owed to U.S. Trustee
-----------------------------------------------------------
Pine Forest Associates LP filed a second amended small business
disclosure statement in support of its chapter 11 plan of
reorganization.
In this latest filing, the Debtor discloses the amount owed to the
U.S. Trustee. The estimated amount owed is $2,000, which will be
paid in full on the effective date of the plan.
A copy of the Second Amended Disclosure Statement is available at
https://tinyurl.com/y67c3ha2 from Pacermonitor.com at no charge.
Pine Forest Associates LP filed for chapter 11 bankruptcy
protection (Bankr. E.D. Tenn. Case No. 18-15814) on Dec. 31, 2018,
and is represented by Brent James, Esq. of Harris Hartmann Law Firm
PC.
POINTCLEAR SOLUTIONS: July 17 Plan Confirmation Hearing
-------------------------------------------------------
The Amended Disclosure Statement explaining the Chapter 11 Plan of
PointClear Solutions, Inc., is approved.
A hearing on Confirmation of the Plan will be held on Wednesday,
July 17, 2019 at 11:30 a.m. before the Honorable Clifton R. Jessup,
Jr. at the Federal Building, 101 Holmes Avenue, Huntsville, AL
35801.
Monday, July 15, 2019 by 12:00 p.m., Noon, CDT is fixed as the last
day by which creditors and parties in interest must file any
objections to confirmation of the Plan.
Monday, July 15, 2019 by 12:00 p.m., Noon, CDT is fixed as the
deadline by which the holders of claims and interests against the
Debtor must file ballots accepting or rejecting the Plan.
The Debtor must tabulate all acceptances and rejections of the Plan
and file a Ballot Summary with the Court on or before Tuesday, July
16, 2019 by 12:00 p.m., Noon, CDT.
About PointClear Solutions
PointClear Solutions, Inc., is a healthcare software development
company based in Huntsville, Alabama.
PointClear Solutions filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ala. Case no. 18-83286) on Nov.
2, 2018. At the time of filing, the Debtor estimated $100,001 to
$500,000 in assets and $1 million to $10 million in liabilities.
Judge Clifton R. Jessup Jr. preside over the case. Stuart M.
Maples, at Maples Law Firm, PC, is the Debtor's counsel.
RICHARD ERNEST BROWN: Bankruptcy Administrator to Form Committee
----------------------------------------------------------------
William Miller, U.S. bankruptcy administrator, on June 27 filed
with the U.S. Bankruptcy Court for the Middle District of North
Carolina a notice of opportunity to serve on the official committee
of unsecured creditors in Richard Ernest Brown's Chapter 11 case.
Unsecured creditors willing to serve on the committee are required
to file a response within 10 days from June 27.
An organizational meeting will be scheduled after the committee is
appointed, according to the filing.
Mr. Miller can be reached through:
Susan O. Gattis
Bankruptcy Analyst
101 S. Edgeworth Street
Greensboro, NC 27401
Fax: 336-291-9913
Email: susan_gattis@ncmba.uscourts.gov
About Richard Ernest Brown
Richard Ernest Brown filed a Chapter 13 voluntary petition (Bankr.
M.D. N.C. Case No. 19-50379) on April 15, 2019. The case was
converted to one under Chapter 11 on June 24, 2019. The case is
assigned to Judge Catharine R. Aron.
RON'S EXCAVATING: Hires Madoff & Khoury as Counsel
--------------------------------------------------
Ron's Excavating, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Madoff & Khoury,
LLP, as counsel to the Debtor.
Ron's Excavating requires Madoff & Khoury to represent and provide
legal services to the Debtor in the Chapter 11 bankruptcy
proceedings.
Madoff & Khoury will be paid at these hourly rates:
Partners $375
Of Counsels $375
Associates $275
Paralegals $150
Madoff & Khoury received a retainer in the amount of $21,717, of
which, $6,500 was drawn for prepetition services rendered in
connection with preparing the Chapter 11 filing, and $1,717 was
paid to the Bankruptcy Court for the Chapter 11 filing fee, leaving
a retainer balance of $13,500.
Madoff & Khoury will also be reimbursed for reasonable
out-of-pocket expenses incurred.
David B. Madoff, a partner at Madoff & Khoury, 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.
Madoff & Khoury can be reached at:
David B. Madoff, Esq.
Steffani M. Pelton Nicholson, Esq.
MADOFF & KHOURY LLP
124 Washington Street
Foxboro, MA 02035
Tel: (508) 543-0040
E-mail: madoff@mandkllp.com
About Ron's Excavating
Ron's Excavating Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D. Mass. Case No. 19-12008) on June 12, 2019, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by David B. Madoff, a partner at Madoff & Khoury, LLP.
RORA LLC: Unsecured Creditors to Get Full Payment Under Plan
------------------------------------------------------------
RORA LLC filed a small business Chapter 11 plan and accompanying
disclosure statement proposing that general unsecured creditors
will be paid in full on the effective date of the Plan. The Debtor
will fund the Plan by selling the Property, or in the alternative,
refinancing the mortgage on the Property.
A full-text copy of the Disclosure Statement dated June 17, 2019,
is available at https://tinyurl.com/y6fbnpct from PacerMonitor.com
at no charge.
Attorneys for the Debtor are Lawrence F. Morrison, Esq., and Brian
J. Hufnagel, Esq., at Morrison Tenenbaum PLLC, in New York.
About RORA LLC
RORA LLC, a New York limited liability company organized in March
2011, owns and operates a parking garage located at 404 E. 79th
Street, Manhattan, New York.
RORA LLC, based in Brooklyn, NY, filed a Chapter 11 petition
(Bankr. E.D.N.Y. Case No. 19-40354) on Jan. 21, 2019. In the
petition signed by Robert Litwin, manager, the Debtor estimated $1
million to $10 million in both assets and liabilities. Lawrence F.
Morrison, Esq., at Morrison Tenenbaum, PLLC, serves as bankruptcy
counsel to the Debtor, and Pick & Zabicki LLP, is special
transaction counsel.
SEDGWICK LLP: Aug 1 Hearing on Disclosure Statement
---------------------------------------------------
A hearing to consider the approval of the Disclosure Statement
explaining the Chapter 11 Plan of Liquidation of Sedgwick LLP will
be held at 450 Golden Gate Avenue, San Francisco, CA, Floor 16,
Courtroom 19, on August 1, 2019 at 10:00 a.m., Pacific time.
Objections to approval of the Disclosure Statement or the Motion,
or proposed modifications to the Disclosure Statement, must be
filed and served on the following parties so that all objections
are received no later than 4:00 p.m., Pacific time on July 15,
2019.
Class 2 Unsecured Claims are impaired. Each holder of an Allowed
Class 2 Claim shall receive, a Pro Rata Share of Net Available Cash
after deductions for the payment (or appropriate reserve for) the
Allowed Claims of senior classes of Claims and reserves for
Disputed Claims, Professional Fees and/or Plan Expenses.
Class 1 Insured Malpractice Claims are impaired. Each Holder of an
Insured Malpractice Claim shall receive the treatment provided by
the Plan for the holders of Allowed Unsecured Claims under Class 2
of the Plan.
Class 3 Interests are impaired. Interest Holders shall have no
ability to direct or control the affairs of the Liquidating Debtor.
Interest Holders shall receive nothing under the Plan until the
Allowed Claims of Class 2 is paid in full, including post petition
interest, at which point all Net Available Cash, net of amounts
reserved for Disputed Claims, Professional Fees and/or Plan
Expenses, shall be paid to the Interests Holders consistent with
the extent of their Interests.
The Liquidating Debtor will be capitalized with Available Cash, the
Former Equity Partner Settlement Payments, the proceeds from the
U.K. LLP Equity, Accounts Receivable, and the proceeds from any
Retained Claims and Avoidance Actions.
A full-text copy of the Disclosure Statement dated June 17, 2019,
is available at https://tinyurl.com/y4yb6bf9 from PacerMonitor.com
at no charge.
Attorneys for the Debtor are John W. Lucas, Esq., and Jason H.
Rosell, Esq., at Pachulski Stang Ziehl & Jones LLP, in San
Francisco, California.
About Sedgwick LLP
Sedgwick LLP is a San Francisco, California-based firm that legal
advisory services. The firm's focus areas include antitrust,
bankruptcy, business and commercial litigation, intellectual
property, mass tort, reinsurance, surety, and estate planning.
Sedgwick LLP was founded in 1933 and has offices in Chicago,
Dallas, Kansas City, London, Los Angeles, Miami, New York and
Seattle.
Sedgwick LLP filed for bankruptcy protection (Bankr. N.D. Cal. Case
No. 18-31087) on Oct. 2, 2018. In the petition signed by Curtis D.
Parvin, chair of Dissolution Committee, the Debtor estimated assets
and liabilities of $1 million to $10 million.
The case is assigned to Judge Hannah L. Blumenstiel.
The Debtor tapped John W. Lucas, Esq., Richard M. Pachulski, Esq.,
and John D. Fiero, Esq. of Pachulski Stang Ziehl & Jones LLP, as
counsel.
The official committee of unsecured creditors initially tapped
Pillsbury Winthrop Shaw Pitman LLP as counsel, but the committee
later retained Baker & Hostetler LLP as substitute counsel.
SERES THERAPEUTICS: Flagship Group Acquires More Stake
------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, these individuals and entities reported beneficial
ownership of shares of common stock of Seres Therapeutics, Inc. as
of June 18, 2019:
Shares Percent
Beneficially of
Name Owned Class
---- ------------ -------
Flagship VentureLabs IV, LLC 2,734,994 3.91%
Flagship Ventures Fund IV, L.P. 10,757,414 15.39%
Flagship Ventures Fund IV-Rx, L.P. 1,925,462 2.75%
Flagship Ventures Fund IV General
Partner LLC 12,682,876 18.14%
Nutritional Health LTP Fund, L.P. 4,444,444 6.36%
Nutritional Health LTP Fund
General Partner LLC 4,444,444 6.36%
Flagship Pioneering Fund VI, L.P. 4,444,444 6.36%
Flagship Pioneering Fund VI General
Partner LLC 4,444,444 6.36%
Flagship Pioneering, Inc. 4,444,444 6.36%
Noubar B. Afeyan, Ph.D. 21,646,905 30.96%
Edwin M. Kania, Jr. 12,682,876 18.14%
The percentages are based on 69,913,410 outstanding shares of
Common Stock as of June 18, 2019 consisting of the sum of (i)
41,094,832 shares of Common Stock outstanding as of March 31, 2019,
(ii) 26,666,667 shares of Common Stock issued in the Offering and
(iii) 2,151,911 shares of Common Stock issued as a result of the
exercise by the underwriters of their over-allotment option, as set
forth in the Issuer's prospectus supplement relating to the
Offering filed with the SEC on
June 14, 2019.
Certain of the Reporting Persons previously filed a Schedule 13G,
as amended, pursuant to Rule 13d-1(d) of the Securities Exchange
Act of 1934, amended. This Schedule 13D was filed as a result of
shares of Common Stock acquired by certain other of the Reporting
Persons.
On June 18, 2019, each of Flagship Fund VI and Nutritional LTP
acquired 4,444,444 shares pursuant to an underwritten public
offering of common stock by the Issuer. The purchase price was
$2.25 per share.
Dr. Afeyan is a co-founder and director of the Issuer. The
Reporting Persons, either directly or indirectly through Dr.
Afeyan, may engage in discussions from time to time with the
Issuer's board of directors, the Issuer's management or the
Issuer's other stockholders. These discussions may be with respect
to (i) acquiring or disposing shares of Common Stock or other
securities of the Issuer; (ii) maintaining or changing the Issuer's
business, operations, governance, management, strategy or
capitalization; or (iii) implementing other transactions.
Additionally, the Reporting Persons may acquire additional
Securities through open market transactions, privately negotiated
transactions or other methods.
A full-text copy of the regulatory filing is available for free at:
https://is.gd/UkxPNV
About Seres Therapeutics
Seres Therapeutics, Inc. (Nasdaq: MCRB) --
http://www.serestherapeutics.com/-- is a microbiome therapeutics
platform company developing a novel class of biological drugs that
are designed to treat disease by restoring the function of a
dysbiotic microbiome, where the state of bacterial diversity and
function is imbalanced. Seres' SER-287 program has obtained Fast
Track and Orphan Drug designation from the U.S. Food and Drug
Administration and is being evaluated in a Phase 2b study in
patients with active mild-to-moderate ulcerative colitis. Seres'
SER-109 program has obtained Breakthrough Therapy and Orphan Drug
designations from the FDA and is in Phase 3 development for
recurrent C. difficile infection. Seres is also developing SER-401
in a Phase 1b study in patients with metastatic melanoma.
Seres Therapeutics incurred a net loss of $98.94 million in 2018
following a net loss of $89.38 million in 2017. As of March 31,
2019, Seres Therapeutics had $107.04 million in total assets,
$176.87 million in total liabilities, and a total stockholders'
deficit of $69.83 million.
PricewaterhouseCoopers LLP, in Boston, Massachusetts, the Company's
auditor since 2014, issued a "going concern" opinion in its report
dated March 6, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has incurred losses and negative cash flows from operations
since its inception that raise substantial doubt about its ability
to continue as a going concern.
SIZMEK INC: Citibank Removed as Committee Member
------------------------------------------------
The U.S. Trustee for Region 2 disclosed in a notice filed with the
U.S. Bankruptcy Court for the Southern District of New York that as
of June 27, these creditors are the remaining members of the
official committee of unsecured creditors in the Chapter 11 cases
of Sizmek Inc. and its affiliates:
(1) Index Exchange Inc.
74 Wingold Avenue
Toronto, ON M6B 1P5
Attn: Jason Licchetti, General Counsel
ix.legal@index exchange.com
(2) Telaria, Inc.
222 Broadway, Fl 16
New York, NY 10038
Attn: Aaron Saltz, General Counsel
Tel: (646) 723-5300
asaltz@telaria.com
(3) Beachfront Media, LLC
400 S. Atlantic Ave., Ste. 101
Ormond Beach, FL 32176
Attn: Richard J. O'Connor, CFO
Tel: (201) 446-6076
rich@beachfront.com
(4) PubMatic, Inc.
305 Main Street, First Floor
Redwood, CA 94063
Attn: Thomas Chow
Tel: (650) 331-3485
Fax: (650) 542-0072
thomas.chow@pubmatic.com
(5) Open X Technologies, Inc.
888 E. Walnut Street
Pasadena, CA 91101
Attn: Josh Metzger
General Counsel
Tel: (626) 466-1141
josh.metzger@openx.com
(6) Equinix, Inc.
1133 Avenue of the Americas, 16th Floor
New York, NY 10036
Attn: Liz Vazquez, Esq.
Tel.: (646) 430-6847
lvazquez@equinix.com
Citibank, N.A.'s name did not appear in the notice. The bank was
appointed as committee member on April 17, court filings show.
About Sizmek Inc.
Sizmek Inc. is an online advertising campaign management and
distribution platform for advertisers, media agencies and
publishers.
Sizmek Inc. filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 19-10971) on March 29, 2019. Judge Stuart M. Bernstein
oversees the case. Justin R. Bernbrock, Esq., at Kirkland & Ellis
LLP, is the Debtor's counsel.
The U.S. Trustee for Region 2 on April 17 appointed creditors to
serve on the official committee of unsecured creditors in the
Chapter 11 cases of Sizmek Inc. and its affiliates. The Committee
retained Seth Van Aalten, Esq., Michael Klein, Esq., Robert
Winning, Esq., and Lauren Reichardt, Esq., at Cooley LLP, in New
York.
SMWS GROUP: Aug 7 Hearing on Disclosure Statement
-------------------------------------------------
The hearing to consider the approval of the Disclosure Statement
explaining its Chapter 11 Plan of SMWS Group, LLC, will be held in
Courtroom 3E of the U.S. Bankruptcy Court, U.S. Courthouse, 6500
Cherrywood Lane, Greenbelt, Maryland 20770, on August 7, 2019 at
10:30 am.
July 17, 2019, is fixed as the last day for filing and serving in
written objections to the Disclosure Statement.
About SMWS Group
SMWS Group LLC SMWS Group LLC is a lessor of real estate based in
Germantown, Maryland. The company filed for chapter 11 bankruptcy
protection (Bankr. D. Md. Case No. 19-12941) on March 6, 2019, with
estimated assets of $1 million to $10 million and estimated
liabilities at $500,000 to $1 million. The petition was signed by
Asia Shah, managing member.
The Company previously sought bankruptcy protection on Dec. 13,
2018 (Bankr. D. Md. Case No. 18-26379).
STARWOOD PROPERTY: Moody's Affirms Ba2 CFR & Alters Outlook to Pos.
-------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the senior
secured Term Loan B issued by Starwood Property Mortgage, LLC, an
indirect, wholly-owned subsidiary of Starwood Property Trust, Inc.
Moody's also affirmed Starwood's Ba2 corporate family rating, Ba1
senior secured term loan rating, and Ba3 senior unsecured rating.
Moody's revised Starwood's outlook to stable from positive.
Moody's has withdrawn the outlook on Starwood Property Trust,
Inc.'s Senior Unsecured debt rating for its own business reasons.
Assignments:
Issuer: Starwood Property Mortgage, LLC
Senior Secured Bank Credit Facility, Assigned Ba2
Affirmations:
Issuer: Starwood Property Trust, Inc.
Corporate Family Rating, Affirmed Ba2
Senior Secured Bank Credit Facility, Affirmed Ba1
Senior Unsecured Regular Bond/Debenture, Affirmed Ba3
Outlook Actions:
Issuer: Starwood Property Trust, Inc.
Outlook, Stable from Positive
RATINGS RATIONALE
Moody's assigned the Ba2 rating to the proposed term loan based on
Starwood's Ba2 corporate family credit profile, the priority and
proportion of the loan in Starwood's debt capital structure, and
the composition and strength of the collateral coverage and
affiliate guarantees. The term loan is secured by a pledge of
equity interests in certain Starwood subsidiaries that hold loans,
property and other assets pledged to creditors providing
asset-level financing. The loan is also guaranteed jointly and
severally by certain of these and other Starwood subsidiaries.
Proceeds of the term loan will be used to repay Starwood's
outstanding senior secured term loan issued in December 2016 and
for other corporate purposes.
Moody's affirmed Starwood's Ba2 corporate family rating in
consideration of the company's strong franchise in commercial real
estate lending and investing, as well as its capable credit,
liquidity and capital risk management. Starwood capital position
and profitability, adjusting for consolidated variable interest
entities (VIE), are credit strengths. Starwood's affiliation with
Starwood Capital Group (SCG) through external manager SPT
Management, LLC is an additional credit strength. Starwood benefits
from SCG's experienced management oversight and SCG's considerable
expertise in commercial real estate and energy investment and asset
management. A credit constraint is Starwood's high reliance on
secured debt, which results in a high percentage of encumbered
assets that Moody's believes constrains financial flexibility.
However, Moody's expects that Starwood will continue to effectively
manage liquidity and capital levels, contributing to strong
prospects for operational and franchise stability during the late
stages of the credit cycle.
Moody's revised Starwood's outlook to stable after considering the
composition of the company's funding structure. Starwood maintains
diverse funding sources with multiple credit counterparties, but
the company's transition to increased unsecured funding has been
slower to occur than Moody's originally anticipated. This reflects
the secured financing the company established for its
infrastructure lending business, increased funding through
commercial mortgage repurchase facilities, and higher secured
funding balances associated with the company's growing residential
lending portfolio. Moody's expects that Starwood's ratio of secured
debt to tangible assets will remain above the upgrade criterion of
45% over the intermediate term, though it is likely to decline from
the March 31 measure of 56% in response to liability and portfolio
management actions.
Starwood's stable outlook is based on Moody's expectation that
Starwood will continue to effectively manage its liquidity,
maintain moderate leverage, and generate strong profitability
across its business segments.
Moody's could upgrade Starwood's ratings if the company 1) further
diversifies its funding sources to include additional senior
unsecured debt, resulting in a ratio of secured debt to tangible
assets declining to not more than 45%; 2) maintains strong, stable
profitability and low credit losses; and 3) maintains a ratio of
adjusted debt to adjusted tangible equity of not more than 2.5x.
Moody's could downgrade the ratings if the company encounters
material liquidity challenges, its leverage materially increases,
growth rapidly accelerates, or its profitability significantly
weakens.
STARWOOD PROPERTY: S&P Assigns 'BB' ICR; Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'BB' issuer credit rating on
Starwood Property Mortgage LLC (SPM), a wholly owned subsidiary of
Starwood Property Mortgage Trust Inc. (STWD), and its senior
secured debt rating on the company's proposed $350 million term
loan B maturing in 2026.
SPM expects to use proceeds to retire STWD's $300 million term loan
A and pay down $50 million of secured financing agreements.
Meanwhile, S&P affirmed its 'BB' issuer credit rating on STWD. The
outlook on the issuer ratings is stable.
S&P said, "Our rating on SPM, the borrower of the proposed term
loan B, reflects that it is a wholly owned subsidiary of STWD. We
consider subsidiaries of SPM to be integral to STWD and believe
they benefit from the implicit support of the overall group. Our
'BB' debt rating on the proposed term loan B is equal to our issuer
credit rating on SPM, reflecting the loan's senior secured
position.
"We expect the transaction to be leverage neutral. The company
expects to use proceeds to retire STWD's $300 million term loan A
and pay down $50 million of secured financing agreements. Pro forma
for the transaction, we expect STWD's unencumbered assets to
increase to about $3.3 billion, or 1.7x unsecured debt, up from
1.5x prior to the transaction.
"Our rating on STWD reflects its substantial use of repurchase
funding and related margin call risk, credit risk associated with
transitional loans, and the cyclical fluctuations of commercial
real estate. Offsetting these factors are STWD's low leverage
relative to other finance companies, strong underwriting track
record in its investment portfolio, and diverse sources of
earnings, including the infrastructure lending business it acquired
in 2018.
"The stable outlook on STWD and SPM reflects our expectation that
STWD's profitability and performance of its loan and investment
portfolios will remain strong over the next 12 months and that
leverage will be about 2.50x-2.75x debt to ATE. We expect the
credit performance of the energy project finance portfolio and
subsequent originations to be consistent with Starwood's existing
commercial real estate portfolio.
"We could lower the ratings if STWD increases leverage above 2.75x,
if declining commercial real estate property valuations and
weakening loan performance strain liquidity, or if the company
takes large impairments in its investment portfolio.
"We could raise the ratings if STWD substantially reduces its use
of repurchase funding while smoothing unsecured debt maturities.
Although not expected, we also could raise the ratings if STWD
reduces leverage below 1.5x debt to ATE."
STONEMOR PARTNERS: Axar Entities Own 20.2% of Common Units
----------------------------------------------------------
Axar Capital Management, LP, Axar GP, LLC, and Andrew Axelrod
disclosed that as of June 27, 2019, they beneficially own 7,748,435
common units representing limited partnership interests of StoneMor
Partners L.P., constituting 20.2% of the Common Units outstanding.
The percentage used in this Schedule 13D is calculated based upon
38,288,857 Common Units reported to be outstanding as of May 6,
2019 in the Issuer's Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2019, filed with the Securities
and Exchange Commission on May 10, 2019.
On June 27, 2019, the Axar Vehicles and certain other investors
and StoneMor Partners entered into the Series A Preferred Unit
Purchase Agreement pursuant to which the Issuer sold to the Axar
Vehicles an aggregate of 39,764,492 of the Issuer's Series A
Preferred Units representing limited partner interests in the
Issuer with certain rights, preferences and privileges as are set
forth in the Issuer's Third Amended and Restated Agreement of
Limited Partnership dated as of June 27, 2019. The holder of a
Preferred Unit is entitled to one vote for each Common Unit into
which such Preferred Unit is convertible (whether or not such right
to convert is exercisable at such time). Therefore, the Reporting
Persons' aggregate voting power equals 52.6% of the Issuer's total
voting power, based upon the sum of (i) the Current Number of
Common Units Outstanding (as defined in Item 5(a)) and (ii) the
52,083,333 Preferred Units issued pursuant to the Series A Purchase
Agreement. The purchase price for the Preferred Units sold
pursuant to the Series A Purchase Agreement was $1.1040 per
Purchased Unit, reflecting an 8% discount to the liquidation
preference of each Preferred Unit, for an aggregate purchase price
for the Axar Vehicles of $43.9 million. The terms of the sale of
the Purchased Units were determined based on arms-length
negotiations between the General Partner, and Axar.
Pursuant to the Series A Purchase Agreement, StoneMor agreed to
file a registration statement on Form S-1 with the SEC as promptly
as practicable to effect a $40,185,483 rights offering of Common
Units to all holders of Common Units (other than the Purchasers,
American Infrastructure Funds LP and their respective affiliates)
with a purchase price of $1.20 per Common Unit, and agreed to use
its reasonable best efforts to complete the Rights Offering within
100 days after the Closing Date. The proceeds from the Rights
Offering will be used to redeem certain of the Preferred Units. Up
to 21,169,062 of the Preferred Units purchased by the Axar Vehicles
will be redeemed with the proceeds of the Rights Offering, if any.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/8Ckdvh
About StoneMor Partners
StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 90
funeral homes in 27 states and Puerto Rico. StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.
StoneMor reported a net loss of $72.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.15 million for the
year ended Dec. 31, 2017. As of March 31, 2019, the Company had
$1.72 billion in total assets, $1.75 billion in total liabilities,
and a total partners' deficit of $28.83 million.
* * *
As reported by the TCR on Feb. 13, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD. The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.
In February 2019, S&P affirmed its 'CCC+' issuer credit rating on
StoneMor Partners. S&P said, "The rating affirmation reflects our
view that StoneMor's capital structure is unsustainable and
reflects our expectation that the company will produce cash flow
deficits in 2019. However, we affirmed the rating because we
believe the company has sufficient liquidity over the next 12
months given the new bridge loan."
STONEMOR PARTNERS: Completes Recapitalization Transactions
----------------------------------------------------------
StoneMor Partners L.P. has closed a $447.5 million recapitalization
transaction, consisting of (i) a private placement of $385.0
million of 9.875% Senior Secured PIK Toggle Notes due 2024 of the
Partnership to certain financial institutions; and (ii) a
concurrent private placement of $62.5 million of liquidation value
of Series A Convertible Preferred Units of the Partnership to Axar
Capital Management LP and certain other investors at a price of
$1.1040 per Series A Preferred Unit, resulting in gross proceeds of
$57.5 million and reflecting an 8% discount to the $1.20 per unit
liquidation value of the Series A Preferred Units. The Series A
Preferred Units were executed as a private placement to enable a
timely closing of the recapitalization to occur before June 30,
2019. The 52,083,333 Series A Preferred Units are convertible into
common units on a share-for share-basis, subject to certain
anti-dilution adjustments. Up to 33,487,904 of the Series A
Preferred Units are redeemable by the Partnership out of the
proceeds of a planned rights offering of at least $40.185 million
of common units to be sold at $1.20 per unit to existing holders.
The net proceeds of the Senior Secured Notes and the Series A
Preferred Units have been used to fully repay the Partnership's
outstanding senior notes due in June 2021 and retire the
Partnership's revolving credit facility due in May 2020, as well as
for associated transaction expenses with the balance available for
general corporate purposes. Immediately prior to and as a
condition precedent to the recapitalization transactions, the Board
of Directors of StoneMor GP LLC was reconstituted to comprise seven
members, three of whom have been designated by Axar. Andrew
Axelrod, the founder and managing partner of Axar, has been named
Chairman of the Board of Directors.
Joe Redling, StoneMor's president and chief executive officer,
said, "We are excited to announce this transformative transaction.
The recapitalization of our balance sheet resets the financial
footing of StoneMor and positions us to execute our business
strategy. We believe this debt refinancing demonstrates both
strong underlying values of our asset base, as well as confidence
in the Company's ability to execute its turnaround plan. We have
now also filled our key senior management roles, including a CFO
experienced in operational turnarounds, we have aligned our
strategic goals and we are now improving StoneMor's corporate
governance with a reconstituted Board of Directors. With this
transaction completed, we now have sufficient liquidity to continue
the turnaround that we initiated in the fourth quarter of 2018."
Redling continued "This refinancing, together with our cost
structure and performance improvement efforts and our contemplated
corporate transition are important steps to revitalizing StoneMor's
business and positioning it for future success. We look forward to
completing our planned corporate C-Corp conversion following
completion of the rights offering. We believe this transaction
helps ensure that StoneMor will continue to provide the families
and communities we serve with the highest level of support.
Honoring the life stories of our customers is our mission and we
will continue to dedicate our efforts to deliver on that promise
each and every day. We are grateful for the continued support of
Axar Capital Management, as evidenced by its significant investment
in our Series A Preferred Units, as we continue our efforts to
enhance shareholder value."
Senior Secured Notes Private Placement
The Partnership and Cornerstone Family Services of West Virginia
Subsidiary, Inc. issued an aggregate principal amount of $385.0
million of Senior Secured Notes pursuant to an indenture, dated as
of June 27, 2019. The Issuers will pay interest at either a fixed
rate of 9.875% per annum in cash or, at their periodic option
through Jan. 30, 2022, a fixed rate of 7.50% per annum in cash plus
a fixed rate of 4.00% per annum payable in kind. The Senior
Secured Notes were issued at a price equal to 96.5% of par.
Interest is payable quarterly in arrears on the 30th day of each
March, June, September and December, commencing Sept. 30, 2019.
The Senior Secured Notes mature on June 30, 2024. The Issuers'
obligations under the Senior Secured Notes are jointly and
severally guaranteed by substantially all of the direct and
indirect subsidiaries of the Partnership. In addition, the
Issuers' obligations under the Senior Secured Notes Indenture and
the Senior Secured Notes, including the Guarantees are secured by a
first priority lien and security interest (subject to permitted
liens and security interests) in substantially all of the Issuers'
and the guarantors' assets, whether now owned or hereafter
acquired. The Issuers also entered into a registration rights
agreement for the benefit of the purchasers of the Senior Secured
Notes.
The Senior Secured Notes were sold in a transaction not subject to
the registration requirements of the United States Securities Act
of 1933, as amended and may not be reoffered or resold in the
United States without registration under the Securities Act or
pursuant to an applicable exemption from, or in a transaction not
subject to such registration requirements.
Series A Preferred Unit Private Placement
The Series A Preferred Units were sold pursuant to the Series A
Preferred Unit Purchase Agreement and rank senior to all existing
limited partner interests in the Partnership. They are convertible
at a 1:1 ratio (subject to anti-dilution adjustments) (i) at the
option of the holder into common units of the Partnership at any
time commencing 10 days following the completion of the
Partnership's contemplated rights offering, or (ii) automatically
into shares of common stock of StoneMor Inc., immediately upon the
completion of the previously-announced conversion of StoneMor group
into corporate form. The Series A Preferred Units will participate
in voting and distributions with the common units on an
as-converted basis and will be entitled to a liquidation preference
of $1.20 per Series A Preferred Unit upon any liquidation,
dissolution or winding up of the Partnership.
Pursuant to the Series A Preferred Purchase Agreement, the
Partnership agreed to undertake an offering to holders of Common
Units (other than to the Series A Purchasers, American
Infrastructure Funds and their respective affiliates) of the
non-transferable, right to purchase their pro rata share of at
least $40.2 million of additional Common Units at a price of $1.20
per common unit, and use the proceeds of the rights offering to
redeem up to 33,487,904 of Series A Preferred Units from the
Purchasers, at a price of $1.20 per Series A Preferred Unit.
In connection with the Series A Preferred Unit Private Placement,
the Board of Directors of the Partnership's general partner,
StoneMor GP LLC was reconstituted to a 7-member board consisting of
three designees of Axar: Andrew Axelrod, David Miller and Spencer
Goldenberg; one designee of StoneMor GP Holdings LLC: Robert
Hellman; two continuing independent directors, Patricia Wellenbach
and Stephen Negrotti; and Joe Redling, the General Partner's chief
executive officer. In addition, the Partnership entered into an
agreement with the Series A Purchasers to provide registration
rights for the common units of the Partnership or shares of common
stock of StoneMor Inc. into which the Series A Preferred Units will
convert.
Garry Herdler, StoneMor's senior vice president and chief financial
officer, commented, "When I was hired in April 2019, we outlined a
turnaround strategy focused on four key goals: cash flow and
liquidity, capital structure, strategic balance sheet/portfolio
review, and performance improvement from cost reductions and
revenue enhancement. We closed this $447.5 million debt and equity
recapitalization within 75 days of my start, with both new and
existing investors. This completes a major milestone in this
strategy as it delivers initial progress on the first two of the
four goals within our initial 100-day plan - it significantly
extends the debt capital structure with a five-year maturity and it
provides StoneMor with a meaningful liquidity improvement now to
execute our turnaround strategy, including the next phase of our
performance improvement plans."
Herdler continued "While it is still early in the turnaround, we
believe we have also identified significant expense reduction
opportunities, elements of which we will discuss in more detail on
the investor call scheduled with this announcement. In our first
quarter earnings release, we stated that we believe other cost
reduction and performance improvement opportunities existed. We
have now also identified the next phase of this operational
turnaround strategy with additional "4-wall level" operational
savings, identified projects and industry benchmarking, including
prioritizing opportunities in procurement, sourcing, product
hierarchy, field labor efficiencies, shared services and
outsourcing. Lastly, we continue to be on track to deliver our
second fiscal quarter financial results, on time, in August 2019."
About StoneMor Partners
StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com-- is an owner and operator of cemeteries
and funeral homes in the United States, with 322 cemeteries and 91
funeral homes in 27 states and Puerto Rico. StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.
StoneMor reported a net loss of $72.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.15 million for the
year ended Dec. 31, 2017. As of March 31, 2019, the Company had
$1.72 billion in total assets, $1.75 billion in total liabilities,
and a total partners' deficit of $28.83 million.
* * *
As reported by the TCR on Feb. 13, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD. The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.
In February 2019, S&P affirmed its 'CCC+' issuer credit rating on
StoneMor Partners. S&P said, "The rating affirmation reflects our
view that StoneMor's capital structure is unsustainable and
reflects our expectation that the company will produce cash flow
deficits in 2019. However, we affirmed the rating because we
believe the company has sufficient liquidity over the next 12
months given the new bridge loan."
SUNCREST STONE: Aug 13 Hearing on Disclosure Statement
------------------------------------------------------
The Court will consider approval of the Proposed Disclosure
Statement explaining the Chapter 11 Plan of Suncrest Stone
Products, LLC, and 341 Stone Properties, LLC on August 13, 2019, at
10:00 A.M. in U.S. Bankruptcy Court, Courtroom B, 433 Cherry
Street, Macon, Georgia. The written Objections to the Disclosure
Statement may be filed with this Court by any party in interest so
desiring to object on or before July 26, 2019.
About Suncrest Stone Products
Suncrest Stone Products, LLC -- https://www.suncreststone.com/ --
is a stone supplier in Ashburn, Georgia. Its products include
Ashlar, Country Ledge, Ledge, River Rock, Olde-Castle, Splitface,
Stock, and Rubble.
Suncrest Stone Products and 341 Stone Properties, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga.
Lead Case No. 18-10850) on July 13, 2018. In the petition signed
by Max Suter, authorized officer, Suncrest estimated assets of less
than $1 million and liabilities of $1 million to $10 million. 341
Stone estimated $1 million to $10 million in assets and
liabilities. Judge Austin E. Carter presides over the cases.
Stone & Baxter, LLP, is the Debtors' counsel. McMurry Smith &
Company is the accountant. Crumley and Associates Inc. d/b/a South
Georgia Appraisal Company is appraiser to the Debtor.
TEXAS LEADERSHIP: S&P Affirms 'BB-' Bonds Rating; Outlook Positive
------------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB-' rating on Texas Leadership Charter Academy
(TLCA), Texas' series 2013Q tax-exempt direct-pay
qualified-school-construction bonds, series 2013A tax-exempt
education revenue bonds, and series 2013B taxable education revenue
bonds.
"The outlook revision reflects the school's recently improved
operating performance with three consecutive years of surpluses
translating to improved maximum annual debt service (MADS) coverage
and growth in unrestricted reserves," said S&P Global Ratings
credit analyst Luke Gildner. "If these trends continue we believe
the organization's credit profile will be in line with a higher
rating within the outlook period."
S&P said, "We assessed the school's enterprise profile as adequate,
characterized by its sizeable and growing enrollment base and good
charter standing with the authorizer. We characterized the school's
financial profile as vulnerable due to the organization's limited
liquidity levels and history of slim operating results. Combined,
we believe these credit factors lead to an indicative standalone
credit profile of 'bb'. As our criteria indicate, we can adjust the
final rating below the indicative credit level due to a variety of
overriding factors. In our opinion, the 'BB-' rating better
reflects TLCA's variable operating history and limited cash, which
is currently more in-line with 'BB-' rated peers."
TIAN RECLAMATION: Tax Department Objects to Disclosure Statement
----------------------------------------------------------------
The West Virginia State Tax Department objects to Tian Reclamation
& Contracting, Inc.'s disclosure statement and renews its motion to
dismiss the Debtor's chapter 11 case or convert it a chapter 7
case.
The Tax Department objects to the disclosure statement as its
misclassifies the secured claims of the Tax Department and, for
reasons unknown, does not propose to pay the department's
administrative expense claims in full.
It would appear the Debtor seeks to wash away the Tax Department's
secured claims by designating same as general unsecured claims, to
wit: The Tax Department's pre-petition claims for general unsecured
liabilities totals $18,324.86; Debtor's disclosure statement
contemplates the Tax Department's general unsecured claims to be in
the amount of $242,277.14.
A copy of the Tax Department's objection is available at
https://tinyurl.com/y2xfpttl from Pacermonitor.com at no charge.
The Troubled Company Reporter previously reported that General
unsecured creditors are classified in Class 5 under the plan, and
will receive a distribution of 5% of their allowed claims.
A copy of the Disclosure Statement dated April 15, 2019 is
available at https://tinyurl.com/y2heoemk from Pacermonitor.com at
no charge.
About Tian Reclamation & Contracting
Based on Gauley Bridge, West Virginia, Tian Reclamation &
Contracting, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. S.D.W.V. Case No. 15-20602) on Nov. 23, 2015. In the
petition signed by Timothy Hannigan, president, the Debtor listed
its total assets at $2.97 million and total liabilities at $3.23
million. Pierson Legal Services is the Debtor's bankruptcy
counsel.
TRIDENT CRATING: Hires Jeffrey B. Mayper as Accountant
------------------------------------------------------
Trident Crating & Services, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Jeffrey B. Mayper, CPA, as counsel to the Debtor.
Trident Crating requires Jeffrey B. Mayper to prepare the 2018
Federal Income Tax Return and any other business services directly
related to preparing the Tax Return.
Jeffrey B. Mayper will be paid a flat fee of $4,000. The firm will
also be reimbursed for reasonable out-of-pocket expenses incurred.
Jeffrey B. Mayper, 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.
Jeffrey B. Mayper can be reached at:
Jeffrey B. Mayper
7118 Westmoreland Drive
Sarasota, FL 34243-1433
About Trident Crating & Services
Trident Crating & Services, Inc., is a manufacturer of wood
containers and pallets. Established in 1982, Trident Crating
specializes in export preparation of non-perishable items. It
offers third-party logistics, distribution and warehousing,
skidding hood boxing, military packing, vacuum packing, container
loading, flat rack loading, securing and shipping of any size
project.
Trident Crating & Services sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-30907) on Feb.
19, 2019. At the time of the filing, the Debtor disclosed $166,300
in assets and $1,649,760 in liabilities. The case is assigned to
Judge Jeffrey P. Norman. The Debtor hired the Law Office of
Margaret M. McClure as its legal counsel.
TRIDENT HOLDING: Hires Alston & Bird as Special Counsel
-------------------------------------------------------
Trident Holding Company, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of New York to employ Alston & Bird LLP, as special counsel to the
Debtors.
Trident Holding requires Alston & Bird to:
(a) assist om the health care fraud litigation, counseling and
prevention;
(b) provide regulatory advice; and
(c) provide response to multi-level government agencies.
Alston & Bird will be paid at these hourly rates:
Partners $745 to $950
Associates $480 to $710
Paraprofessionals $220 to $575
In the 14 months prior to the Petition Date, Alston & Bird rendered
services to the Debtors for which the Debtors have been invoiced in
the amount of $388,714. Additionally, since the Petition Date,
Alston & Bird has provided services to the Debtors that have not
yet been billed or that have been billed but for which payment has
not been received. The value of such services does not exceed
$298,199.
Alston & Bird will also be reimbursed for reasonable out-of-pocket
expenses incurred.
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:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Adjustments were made to the billing rate on
January 1, 2019, as Alston & Bird revises its
regular rates January 1 of each year, and became
effective as to the Debtors on that day. As no
invoice for January 2019 was billed to the Debtors,
the first invoice containing the customary rate
revision was reflected on the postpetition invoices
to the Debtors; however, no adjustments were made
to either billing rates or the material financial
terms of Alston & Bird's employment by the Debtors
for the Services rendered as a result of the filing
of these Chapter 11 Cases.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: The Debtors and Alston & Bird are currently in the
process of formulating a budget that is consistent
with the form of budget approved by the office of
the U.S. Trustee.
David A. Wender, a partner at Alston & Bird, 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.
Alston & Bird can be reached at:
David A. Wender, Esq.
ALSTON & BIRD LLP
1201 W. Peachtree St.
Atlanta, GA 30309
Tel: (404) 881-7000
About Trident Holding Company
Trident -- http://www.tridentusahealth.com/-- is a national
provider of bedside diagnostic and related services in the United
States, with operations in more than 35 states serving more than
12,000 post -acute care, assisted living facilities, and
correctional facilities. It provides a high volume of services
including X-ray, ultrasound, laboratory, cardiac monitoring,
vascular access services, on-site nurse practitioner-based primary
care and more. Trident employs approximately 5,600 people.
Trident Holding Company, LLC and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 19-10384) on Feb. 10, 2019. The Debtors disclosed $584 million
in assets and $867 million in liabilities as of as of Dec. 31,
2018.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP and
Togut, Segal & Segal LLP as their legal counsel; Alston & Bird LLP,
as special counsel; PJT Partners LP as investment banker and
financial advisor; Ankura Consulting Group, LLC as restructuring
advisor; and Epiq Corporate Restructuring, LLC, as claims and
noticing agent and administrative advisor.
On Feb. 20, 2019, five entities were named to compose the official
committee of unsecured creditors in the Debtors' cases. The
Committee tapped Kirkland Townsend & Stockton LLP as counsel.
UNITI GROUP: Subsidiary Issues $345 Million Senior Notes Due 2024
-----------------------------------------------------------------
Uniti Fiber Holdings Inc., a subsidiary of Uniti Group Inc., issued
$345 million aggregate principal amount of 4.00% Exchangeable
Senior Notes due 2024, which includes $45 million aggregate
principal amount of Notes sold pursuant to the Initial Purchasers'
option to purchase additional Notes. The Notes are guaranteed by
the Company and each of the Company's subsidiaries (other than the
Issuer) that is an issuer, obligor or guarantor under the Company's
existing senior notes. The Notes bear interest at a fixed rate of
4.00% per year, payable semiannually in arrears on June 15 and
December 15 of each year, beginning on Dec. 15, 2019. The Notes
are exchangeable into cash, shares of the Company's common stock,
or a combination thereof, at the Issuer's election. The Notes will
mature on June 15, 2024, unless earlier exchanged, redeemed or
repurchased. In connection with the offering, the Company, the
Issuer and the guarantors entered into a purchase agreement dated
June 25, 2019 with Barclays Capital Inc., as representative of the
several initial purchasers ("Initial Purchasers"). The Notes were
sold to qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933, as amended.
The net proceeds from the sale of the Notes were approximately
$333.6 million, after deducting discounts and commissions to the
Initial Purchasers and other estimated fees and expenses. The
Issuer will use a portion of the net proceeds to repay outstanding
borrowings under Uniti's revolving credit facility including to
make effective the previously announced amendment to extend the
revolving credit facility's maturity date to April 24, 2022 and to
pay the cost of the exchangeable note hedge transactions. The
Issuer will use the remaining net proceeds for general corporate
purposes, which may include funding acquisitions (including the
previously announced acquisition of Bluebird Networks, LLC) and the
repayment of additional borrowings under the revolving credit
facility.
Indenture
The Issuer issued the Notes pursuant to an indenture, dated as of
June 28, 2019, among the Issuer, the Company, the other guarantors
party thereto and Deutsche Bank Trust Company Americas, as
trustee.
Prior to the close of business on the business day immediately
preceding March 15, 2024, the Notes are exchangeable only upon
satisfaction of one or more of the conditions and during certain
periods described in the Indenture, and thereafter, the Notes are
exchangeable at any time until the close of business on the second
scheduled trading day immediately preceding the maturity date. The
Notes are exchangeable on the terms set forth in the Indenture into
cash, shares of the Company's common stock, or a combination
thereof, at the Issuer's election. The exchange rate is initially
80.4602 shares of the Company's common stock per $1,000 principal
amount of Notes (equivalent to an initial exchange price of
approximately $12.43 per share of the Company's common stock). The
exchange rate is subject to adjustment in some circumstances as
described in the Indenture. In addition, following certain
corporate events that occur prior to the maturity date or the
Issuer's delivery of a notice of redemption, the Issuer will
increase, in certain circumstances, the exchange rate for a holder
who elects to exchange its Notes in connection with such corporate
event or notice of redemption, as the case may be.
If the Issuer or the Company undergoes a fundamental change (as
defined in the Indenture), subject to certain conditions, holders
may require the Issuer to repurchase for cash all or part of their
Notes at a repurchase price equal to 100% of the principal amount
of the Notes to be repurchased, plus accrued and unpaid interest
to, but not including, the fundamental change repurchase date.
The Issuer may redeem all or a portion of the Notes, at any time,
at a cash redemption price equal to 100% of the principal amount of
the Notes to be redeemed, plus accrued and unpaid interest to, but
not including, the redemption date, if the Company's board of
directors determines such redemption is necessary to preserve the
Company's status as a real estate investment trust for U.S. federal
income tax purposes. The Issuer may not otherwise redeem the Notes
prior to June 20, 2022. On or after June 20, 2022 and prior to the
42nd scheduled trading day immediately preceding the maturity date,
if the last reported sale price per share of the Company's common
stock has been at least 130% of the exchange price for the Notes
for certain specified periods, the Issuer may redeem all or a
portion of the Notes at a cash redemption price equal to 100% of
the principal amount of the Exchangeable Notes to be redeemed plus
accrued and unpaid interest to, but not including, the redemption
date.
The Notes are senior unsecured obligations of the Issuer and the
guarantees are the guarantors' senior unsecured obligations and
rank senior in right of payment to all of the Issuer's and the
guarantors' future indebtedness that is expressly subordinated in
right of payment to the Notes or the guarantees, as applicable, and
rank equally in right of payment with all of the Issuer's and the
guarantors' existing and future unsecured indebtedness that is not
so expressly subordinated. The Notes and the guarantees are
effectively subordinated to any of the Issuer's and the guarantors'
existing and future secured indebtedness and are structurally
subordinated to all indebtedness and other liabilities and
obligations (including the debt and trade payables) of the
Company's subsidiaries that are not the Issuer or guarantors of the
Notes.
The Indenture provides for customary events of default, all as
described in the Indenture.
On June 28, 2019, the Issuer, the Company and Barclays Capital
Inc., on behalf of the Initial Purchasers, entered into a
registration rights agreement with respect to the Company's common
stock deliverable upon exchange of the Notes. Under the
Registration Rights Agreement, the Company has agreed that it will
file a shelf registration statement to register the resale of the
common stock of the Company deliverable upon exchange of the Notes.
The Company has agreed to use its commercially reasonable efforts
to cause such shelf registration statement to become effective on
or prior to the 365th day after the issue date of the Notes.
During the continuance of certain registration defaults, additional
interest will accrue on the Notes at a rate per annum equal to
0.25% of the principal amount of the Notes to, and including, the
90th day following such registration default, and 0.50% of the
principal amount of the Notes from, and after, the 91st day
following such registration default.
Exchangeable Note Hedge Transactions
On June 25, 2019, concurrently with the pricing of the Notes, and
on June 27, 2019, concurrently with the exercise by the Initial
Purchasers of their option to purchase additional Notes, the Issuer
entered into exchangeable note hedge transactions with respect to
the Company's common stock with certain of the Initial Purchasers
or their respective affiliates. The Note Hedge Transactions cover,
subject to anti-dilution adjustments substantially similar to those
applicable to the Notes, the same number of shares of the Company's
common stock that initially underlie the notes in the aggregate and
are exercisable upon exchange of the Notes. The Note Hedge
Transactions have an initial strike price that corresponds to the
initial exchange price of the Notes, subject to anti-dilution
adjustments substantially similar to those applicable to the Notes.
The Note Hedge Transactions will expire upon the maturity of the
Notes, if not earlier exercised. The Note Hedge Transactions are
intended to reduce potential dilution to the Company's common stock
upon any exchange of the Notes and/or offset any cash payments the
Issuer is required to make in excess of the principal amount of
exchanged Notes, as the case may be, in the event that the market
value per share of the Company's common stock, as measured under
the Note Hedge Transactions, at the time of exercise is greater
than the strike price of the Note Hedge Transactions.
The Note Hedge Transactions are separate transactions, entered into
by the Issuer with the Counterparties, and are not part of the
terms of the Notes. Holders of the Notes will not have any rights
with respect to the Note Hedge Transactions. The Issuer used
approximately $70.0 million of the net proceeds from the offering
of the Notes to pay the cost of the Note Hedge Transactions.
Warrant Transactions
On June 25, 2019, concurrently with the pricing of the Notes, and
on June 27, 2019 concurrently with the exercise by the Initial
Purchasers of their option to purchase additional Notes, the
Company entered into warrant transactions to sell to the
Counterparties warrants to acquire, subject to anti-dilution
adjustments, up to approximately 27.8 million shares of the
Company's common stock in the aggregate at an exercise price of
approximately $16.42 per share. The maximum number of shares of
the Company's common stock that could be issued pursuant to the
Warrants is approximately 55.5 million. The Company offered and
sold the Warrants in reliance on the exemption from registration
provided by Section 4(a)(2) of the Securities Act. If the market
value per share of the Company's common stock, as measured under
the Warrants, at the time of exercise exceeds the strike price of
the Warrants, the Warrants will have a dilutive effect on the
Company's common stock unless, subject to the terms of the
Warrants, the Company elects to cash settle the Warrants. The
Warrants will expire over a period beginning in September 2024.
The Warrants are separate transactions, entered into by the Company
with the Counterparties, and are not part of the terms of the
Notes. Holders of the Notes will not have any rights with respect
to the Warrants.
About Uniti Group
Little Rock, Arkansas-based Uniti -- http://www.uniti.com/-- is an
internally managed real estate investment trust engaged in the
acquisition and construction of mission critical communications
infrastructure, and is a provider of wireless infrastructure
solutions for the communications industry. The Company is
principally focused on acquiring and constructing fiber optic
broadband networks, wireless communications towers, copper and
coaxial broadband networks and data centers.
Uniti reported net income attributable to common shareholders of
$7.98 million for the year ended Dec. 31, 2018, compared to a net
loss attributable to common shareholders of $16.55 million for the
year ended Dec. 31, 2017. As of March 31, 2019, Uniti had $4.69
billion in total assets, $6.16 billion in total liabilities, $87.25
million in convertible preferred stock, and a total shareholders'
deficit of $1.55 billion.
PricewaterhouseCoopers LLP, in Little Rock, Arkansas, the Company's
auditor since 2014, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company's most significant customer,
Windstream Holdings, Inc., which accounts for approximately 68.2%
of consolidated total revenues for the year ended Dec. 31, 2018,
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code, and uncertainties surrounding potential impacts to
the Company resulting from Windstream Holdings, Inc.'s bankruptcy
filing raise substantial doubt about the Company's ability to
continue as a going concern.
* * *
As reported by the TCR on Feb. 25, 2019, S&P Global Ratings lowered
its issuer credit rating on Unti Group's Corporate Family Rating to
'CCC-' from 'CCC+'. The lower rating follows the downgrade of
Uniti's principal leasing tenant, Windstream Holdings Inc. Also in
February 2019, Moody's Investors Service downgraded downgraded
Uniti Group Inc.'s corporate family rating (CFR) to 'Caa2' from
'Caa1' following the downgrade of Windstream Services.
VALENTIA GLOBAL: Unsecureds to Recoup 20% in Quarterly Payments
---------------------------------------------------------------
Valentia Global, LLC, proposes a Chapter 11 Plan of Reorganization
and accompanying disclosure statement.
Class 7 Allowed Unsecured Claims are impaired. All Allowed
Unsecured Claims in Class 7 will be paid the equivalent of twenty
percent (20%) of the total amount of each such Allowed Unsecured
Claim in equal quarterly Plan Distributions over the Plan Period,
which is five (5) years from December 17, 2018, the date of the
order of relief in this case.
Class 1 Allowed Secured Claim of Lanamar Group, LLC are impaired.
Class 1 will be paid as set forth in Article V. Pursuant to the
Resolution Agreement, Lanamar will receive nineteen (19) increasing
monthly payments and will waive its Unsecured Claim against the
Debtor for the remaining balance of the Lanamar Claim.
Class 2 Allowed Secured Claim of Merchant Advance, LLC are
impaired. Class 2 is deemed to be a Secured Claim,such claim will
be paid in full on the Effective Date. The Allowed Unsecured Claim
of Class 2, if so determined, will be paid as part of Class 7.
Class 6 Allowed Convenience Claims are impaired. All Unsecured
Claims in Class 6 will be deemed Allowed and will be paid a total
of fifty percent (50%) of the amount of each such Convenience Claim
in a single payment made on the Effective Date.
Class 8 Equity Holders are impaired. Class 8, equity, will receive
no Distributions under the Plan.
The proceeds from the Valentia Sale to Bechna will provide the
source of funds from which payments under the Plan will be made.
A full-text copy of the Disclosure Statement dated June 17, 2019,
is available at https://tinyurl.com/y6qzapw4 from PacerMonitor.com
at no charge.
About Valentia Global
Valentia Global, LLC -- http://www.valentiarestaurant.com/-- is a
privately held company that owns and operates the Valentia
Mediterranean Restaurant. It offers signature dishes including
Paella Valenciana, Arroz A Banda, Arroz Negro and Paella De
Mariscos.
Valentia Global filed a Chapter 11 petition (Bankr. S.D. Fla. Case
No. 18-25653) on Dec. 17, 2018. In the petition signed by Ivan
Marzal, authorized member, the Debtor estimated assets of less than
$50,000 and liabilities of between $1 million and $10 million.
The case has been assigned to Judge Robert A. Mark. Aaronson
Schantz Beiley P.A. is the Debtor's legal counsel.
VFH PARENT: S&P Rates $525MM Senior Secured Notes Due 2026 'B+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating on VFH
Parent LLC's (Virtu) new $525 million senior secured notes due
2026. Virtu will use the proceeds from this issue to repay its $500
million of second-lien notes due June 2022.
Ratings List
VFH Parent LLC
Issuer Credit Rating B+
New Rating
VFH Parent LLC
US$525 mil Senior Secured Notes due 2026 B+
VMW INVESTMENTS: Case Summary & Largest Unsecured Creditors
-----------------------------------------------------------
Two affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
VMW Investments, LLC 19-42644
808 W. Indiana Ave.
Midland, TX 79701
VMW Bedford, LLC 19-42646
808 W. Indiana Ave.
Midland, TX 79701
Business Description: The Debtors are primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: June 30, 2019
Court: United States Bankruptcy Court
Northern District of Texas (Ft. Worth)
Judge: Hon. Mark X. Mullin
Debtors' Counsel: Bryan C. Assink, Esq.
BONDS ELLIS EPPICH SCHAFER JONES LLP
420 Throckmorton St., Suite 1000
Fort Worth, TX 76102
Tel: (817) 405-6900
Fax: (817) 405-6902
E-mail: bryan.assink@bondsellis.com
- and -
Joshua N. Eppich, Esq.
BONDS ELLIS EPPICH SCHAFER JONES LLP
420 Throckmorton St., Suite 1000
Fort Worth, TX 76102
Tel: 817-405-6905
Fax: 817-405-6902
E-mail: Joshua@BondsEllis.com
- and -
Clay M. Taylor, Esq.
BONDS ELLIS EPPICH SCHAFER JONES LLP
420 Throckmorton Street, Suite 1000
Fort Worth, TX 76102
Tel: (817) 405-6900
Fax: (817) 405-6902
E-mail: clay.taylor@bondsellis.com
VMW Investments'
Estimated Assets: $1 million to $10 million
VMW Investments'
Estimated Liabilities: $1 million to $10 million
VMW Bedford's
Estimated Assets: $1 million to $10 million
VMW Bedford's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Michael E. Waters, manager.
A copy of VMW Investments' list of 16 unsecured creditors is
available for free at:
http://bankrupt.com/misc/txnb19-42644_creditors.pdf
A copy of VMW Bedford's list of 11 unsecured creditors is available
for free at:
http://bankrupt.com/misc/txnb19-42646_creditors.pdf
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/txnb19-42644.pdf
http://bankrupt.com/misc/txnb19-42646.pdf
WALDING CONTRACTING: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
Walding Contracting, Inc., according to court dockets.
About Walding Contracting Inc.
Walding Contracting, Inc., an excavating contractor in
Jacksonville, Fla., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-01695) on May 6,
2019. At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of $1 million to $10 million.
The case has been assigned to Judge Jerry A. Funk. The Law Offices
of Jason A. Burgess, LLC is the Debtor's legal counsel.
WEATHERFORD INTERNATIONAL: Seeks Creditors' OK of Prepackaged Plan
------------------------------------------------------------------
Weatherford International plc has commenced a solicitation for
acceptance of a pre-packaged plan of reorganization by causing the
Plan and the corresponding disclosure statement to be distributed
to certain creditors of the Company.
The Restructuring as contemplated in the Plan results in a
significant deleveraging of the Debtors' capital structure. The
Debtors' funded debt will be reduced from approximately $8.35
billion to $2.50 billion, according to the Disclosure Statement.
On May 10, 2019, Weatherford International plc, Weatherford
International Ltd., and Weatherford International, LLC entered into
a restructuring support agreement with holders of approximately 62%
in aggregate principal amount of the Company's outstanding senior
unsecured notes, pursuant to which, among other things, the
Weatherford RSA Parties will (a) commence a solicitation for
acceptance of a restructuring on the terms of the Plan, (b)
commence voluntary cases under Chapter 11 of the Bankruptcy Code
in the U.S. Bankruptcy Court in the Southern District of Texas, in
the case of Weatherford International plc, an examinership
proceeding under the laws of Ireland and in the case of Weatherford
International Ltd., the appointment of provisional liquidators and
the implementation of a scheme of arrangement in Bermuda under
section 99 of the Companies Act 1981 (the U.S., Bermuda and Irish
proceedings), and (c) seek approval of the Plan by the Bankruptcy
Court, approval of the scheme of arrangement submitted in
connection with the examinership proceeding by an Irish court and
approval of the scheme of arrangement submitted in connection with
the Bermuda proceeding. On May 17, 2019, the Company announced
additional Consenting Creditors became parties to the RSA, and that
the Consenting Creditors party to the RSA as of the date thereof
collectively held in excess of 74% in aggregate principal amount of
Notes. As of June 28, 2019, Consenting Creditors holding
approximately 79% in aggregate principal amount of Notes were
parties to the RSA.
A copy of the Disclosure Statement, including the Plan, is
available for free at: https://is.gd/1PmnvK
The Disclosure Statement includes important information relating to
the Company's operations, anticipated events during the Cases,
pending litigation, a summary of the Plan, a description of the new
notes, warrants, and ordinary shares to be issued pursuant to the
Plan, financial information and projections, valuation analysis,
transfer restrictions and certain consequences under the federal
securities laws, certain tax consequences of the Plan, certain risk
factors, voting procedures and requirements relating to the
solicitation, confirmation of the Plan, alternatives to
confirmation and consummation of the Plan and a recommendation
relating to the Plan.
The Company's 7.75% Senior Notes due 2021, 8.25% Senior Notes due
2023 and 6.80% Senior Notes due 2037 provide for an aggregate $68.8
million interest payment that became due on June 15, 2019. The
applicable indenture governing the Defaulting Notes provides a
30-day grace period that extends the latest date for making this
interest payment to July 16, 2019, before an event of default will
occur under the applicable indenture. Although the Company had
sufficient liquidity to make the interest payment by the due date,
the Company, in consultation with certain noteholders, elected to
not make this interest payment on the due date and to utilize the
30-day grace period provided by the indentures. If the Company
does not make its interest payment by July 16, 2019 or has not
filed the Cases, an event of default would occur under the
applicable indenture governing the Defaulting Notes, which would
give the trustee or the holders of at least 25% of the principal
amount of a series of Defaulting Notes the option to accelerate
maturity of the principal, plus any accrued and unpaid interest, on
such series of Defaulting Notes. An event of default under the
Defaulting Notes may result in defaults and acceleration of
maturities under the Company's other debt instruments.
On June 28, 2019, the Company filed a Form T-3 with respect to each
series of new notes to be issued pursuant to the Plan with the
Securities and Exchange Commission in connection with the
commencement of the solicitation for acceptance of the Plan. Forms
of the indentures for each series of new notes are filed as
exhibits to the applicable Form T-3.
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 80 countries and has a network of approximately 650 locations,
including manufacturing, service, research and development and
training facilities and employs approximately 26,000 people.
Weatherford reported a net loss attributable to the company of
$2.81 billion for the year ended Dec. 31, 2018, compared to a net
loss attributable to the company of $2.81 billion for the year
ended Dec. 31, 2017. As of March 31, 2019, Weatherford had $6.51
billion in total assets, $10.62 billion in total liabilities, and a
total shareholders' deficiency of $4.10 billion.
* * *
Weatherford's credit ratings have been downgraded by multiple
credit rating agencies and these agencies could further downgrade
the Company's credit ratings. On Dec. 24, 2018, S&P Global Ratings
downgraded the Company's senior unsecured notes to CCC- from CCC+,
with a negative outlook. Weatherford's issuer credit rating was
lowered to CCC from B-. On Dec. 20, 2018, Moody's Investors
Services downgraded the Company's credit rating on its senior
unsecured notes to Caa3 from Caa1 and its speculative grade
liquidity rating to SGL-4 from SGL-3, both with a negative outlook.
The Company said its non-investment grade status may limit its
ability to refinance its existing debt, could cause it to refinance
or issue debt with less favorable and more restrictive terms and
conditions, and could increase certain fees and interest rates of
its borrowings. Suppliers and financial institutions may lower or
eliminate the level of credit provided through payment terms or
intraday funding when dealing with the Company thereby increasing
the need for higher levels of cash on hand, which would decrease
the Company's ability to repay debt balances, negatively affect its
cash flow and impact its access to the inventory and services
needed to operate its business.
WESTERN MIDSTREAM: S&P Alters CreditWatch Implications to Dev.
--------------------------------------------------------------
S&P Global Ratings revised the CreditWatch implications of all of
its ratings on Western Midstream Operating LP (Western) to
developing from positive given uncertainty around potential
ownership and control.
S&P said, "The rating action incorporates our view that Occidental
Petroleum Corp. (OXY) may explore the sale of a significant limited
partnership (LP) interest and the general partnership (GP) interest
in Western Midstream Operating LP (Western). Our assessment
incorporates management's comments regarding the strategic value of
retaining control of Western and recent reports that OXY is gauging
interest in a potential sale. We think there is a good likelihood
of OXY relinquishing control of the partnership to a new owner. The
CreditWatch factors in uncertainty around potential buyers, OXY's
willingness and ability to sell its GP and LP interests, and the
financial policy of the new owner--all of which could affect
Western's long-term issuer credit rating.
"We expect to resolve or update the CreditWatch listing on Western
when we have more information on the eventual owner, which will
likely unfold over the next few months. Depending on our view of
the new owner's pro forma creditworthiness, the level of importance
we believe Western has to the new owner's long term strategy, and
the new owner's financial policy, we could potentially raise,
lower, or affirm the 'BBB-' rating."
WILLOWOOD USA: Committee Hires Montgomery McCracken as Counsel
--------------------------------------------------------------
The Official Unsecured Creditors Committee of Willowood USA
Holdings, LLC, and its debtor-affiliates seeks authorization from
the U.S. Bankruptcy Court for the District of Colorado to retain
Montgomery McCracken Walker and Rhoads LLP, as counsel to the
Committee.
The Committee requires Montgomery McCracken to:
a. advise the Committee with respect to its rights, duties,
and powers in the Chapter 11 Cases;
b. assist and advise the Committee in its consultations with
the Debtors relative to the administration of the Chapter
11 Cases;
c. assist the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and
in negotiating with holders of claims and equity interests;
d. assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of
the Debtors and of the operation of the Debtors'
businesses;
e. assist the Committee in its investigation of the liens and
claims of the holders of the Debtors' pre-petition debt and
the pursuit of any claims or causes of action revealed by
such investigation;
f. assist the Committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters
related to, among other things, the assumption or rejection
of certain leases of nonresidential real property and
executory contracts, asset dispositions, financing or other
transactions and the terms of one or more plans of
reorganization for the Debtors and accompanying disclosure
statements and related plan documents;
g. assist and advise the Committee as to its communications to
unsecured creditors regarding significant matters in these
Chapter 11 Cases;
h. represent the Committee at hearings and other proceedings;
i. review and analyze applications, orders, statements of
operations, and schedules filed with the Court and advise
the Committee as to their propriety;
j. prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda,
complaints, adversary complaints, objections, or comments
in connection with any of the foregoing as may be necessary
in furtherance of the Committee's interests and objectives
in these Chapter 11 Cases, including without limitation,
the preparation of retention papers and fee applications
for Committee professionals including, the Firm; and
k. perform such other legal services as may be required or are
otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties as set
forth in the Bankruptcy Code, Bankruptcy Rules, or other
applicable law.
Montgomery McCracken will be paid at these hourly rates:
Partners $320 to $785
Associates $315 to $425
Paralegals and Assistants $240 to $275
Montgomery McCracken will also be reimbursed for reasonable
out-of-pocket expenses incurred.
David M. Banker, a partner at Montgomery McCracken, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
Montgomery McCracken can be reached at:
David M. Banker, Esq.
Gilbert R. Saydah, Esq.
MONTGOMERY MCCRACKEN WALKER & RHOADS LLP
437 Madison Avenue, 24 th Floor
New York, NY 10022
Telephone: (212) 867-9500
Facsimile: (212) 599-5085
E-Mail: dbanker@mmwr.com
gsaydah@mmwr.com
About Willowood USA Holdings
Willowood USA, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 19-11320) on Feb. 27,
2019. The case is jointly administered with the Chapter 11 case of
Willowood USA Holdings, LLC (Bankr. D. Colo. Case No. 19-11079).
At the time of the filing, the Debtor estimated assets of $10
million to $50 million and liabilities of the same range.
The case is assigned to Judge Kimberley H. Tyson.
Brownstein Hyatt Farber Schreck, LLP, is the Debtor's legal
counsel; r2 advisors, llc, is the chief restructuring officer; and
Piper Jaffray & Co., is the investment banker. Bankruptcy
Management Solutions, Inc. d/b/a Stretto, is the claims and
noticing agent.
The Office of the U.S. Trustee on March 12, 2019, appointed an
official committee of unsecured creditors in the Debtor's Chapter
11 case. The committee tapped CKR Law LLP and was substituted by
Montgomery McCracken Walker and Rhoads LLP, as counsel; Kutner
Brinen, P.C. as local co-counsel; and PricewaterhouseCoopers LLP as
its financial advisor.
WOODS INLET: Seeks to Hire A. Bruce Wilson as Special Counsel
-------------------------------------------------------------
Woods Inlet, Corp., seeks authority from the U.S. Bankruptcy Court
for the Northern District of Texas to employ A. Bruce Wilson,
Attorney at Law, as special counsel to the Debtor.
Woods Inlet requires A. Bruce Wilson to handle the litigation
concerning the Debtor against Carter Smith, Vivian Smith, and
Spencer Smith in the Chapter 11 bankruptcy proceeding.
A. Bruce Wilson will be paid at the hourly rates 0f $300.
A. Bruce Wilson will also be reimbursed for reasonable
out-of-pocket expenses incurred.
A. Bruce Wilson, partner of A. Bruce Wilson, Attorney at Law,
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/its
estates.
A. Bruce Wilson can be reached at:
A. Bruce Wilson, Esq.
A. BRUCE WILSON, ATTORNEY AT LAW
6300 Ridglea Place, Suite 1111
Fort Worth, TX 76116
Telephone: (817) 377-0500
Facsimile: (817) 377-1232
E-mail: Wilson@abwilsonlaw.com
About Woods Inlet Corp.
Woods Inlet Corp., filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Tex. Case No. 19-42388) on June 10, 2019, disclosing under $1
million in both assets and liabilities. The Debtor engaged Norred
Law, PLLC, as bankruptcy counsel.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBV AV 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB TE 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB GZ 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB TH 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB QT 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBVUSD EU 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBVEUR EU 56,769.0 (7,826.0) 509.0
ABBVIE INC 4AB GR 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBV SW 56,769.0 (7,826.0) 509.0
ABBVIE INC ABBV* MM 56,769.0 (7,826.0) 509.0
ABBVIE INC-BDR ABBV34 BZ 56,769.0 (7,826.0) 509.0
ABSOLUTE SOFTWRE ABT CN 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE OU1 GR 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE ALSWF US 93.0 (51.2) (30.8)
ABSOLUTE SOFTWRE ABT2EUR EU 93.0 (51.2) (30.8)
AGENUS INC AGEN US 245.9 (85.9) 73.6
AIXIN LIFE INTER AIXN US 2.1 (3.2) (4.7)
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICAN AIRLINE AAL TE 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G SW 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL1CHF EU 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G GZ 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL11EUR EU 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL AV 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G QT 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G GR 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL* MM 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL US 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE AAL1USD EU 60,787.0 (636.0) (11,195.0)
AMERICAN AIRLINE A1G TH 60,787.0 (636.0) (11,195.0)
AMERICAN BRIVISI ABVC US 7.5 (5.5) (10.9)
AMYRIS INC 3A01 TH 172.8 (174.4) (111.5)
AMYRIS INC AMRS US 172.8 (174.4) (111.5)
AMYRIS INC AMRSUSD EU 172.8 (174.4) (111.5)
AMYRIS INC 3A01 QT 172.8 (174.4) (111.5)
ATLATSA RESOURCE ATL SJ 139.6 (285.7) (326.1)
AUTODESK INC ADSK US 4,808.5 (245.3) (798.4)
AUTODESK INC AUD TH 4,808.5 (245.3) (798.4)
AUTODESK INC AUD GR 4,808.5 (245.3) (798.4)
AUTODESK INC ADSKEUR EU 4,808.5 (245.3) (798.4)
AUTODESK INC ADSKUSD EU 4,808.5 (245.3) (798.4)
AUTODESK INC ADSK TE 4,808.5 (245.3) (798.4)
AUTODESK INC AUD GZ 4,808.5 (245.3) (798.4)
AUTODESK INC ADSK AV 4,808.5 (245.3) (798.4)
AUTODESK INC ADSK* MM 4,808.5 (245.3) (798.4)
AUTODESK INC AUD QT 4,808.5 (245.3) (798.4)
AUTOZONE INC AZ5 GR 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZ5 TH 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZOUSD EU 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZO AV 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZ5 TE 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZO* MM 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZOEUR EU 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZ5 QT 9,773.7 (1,589.5) (345.5)
AUTOZONE INC AZO US 9,773.7 (1,589.5) (345.5)
AVID TECHNOLOGY AVID US 299.7 (167.1) 1.4
AVID TECHNOLOGY AVD GR 299.7 (167.1) 1.4
AYR STRATEGIES I AYR/A CN 136.4 (286.0) (5.6)
AYR STRATEGIES I CBAQF US 136.4 (286.0) (5.6)
B RILEY - CL A BRPM US 0.4 (0.0) (0.4)
B RILEY PRINCIPA BRPM/U US 0.4 (0.0) (0.4)
BENEFITFOCUS INC BNFTEUR EU 341.0 (10.4) 119.3
BENEFITFOCUS INC BNFT US 341.0 (10.4) 119.3
BENEFITFOCUS INC BTF GR 341.0 (10.4) 119.3
BEYONDSPRING INC BYSI US 7.1 (9.4) (10.6)
BJ'S WHOLESALE C BJ US 5,226.7 (148.3) (330.7)
BJ'S WHOLESALE C 8BJ GR 5,226.7 (148.3) (330.7)
BJ'S WHOLESALE C 8BJ QT 5,226.7 (148.3) (330.7)
BLUE BIRD CORP BLBD US 355.4 (77.6) (2.7)
BLUELINX HOLDING BXC US 1,089.7 (18.3) 454.7
BOMBARDIER INC-B BBDBN MM 26,719.0 (4,100.0) 263.0
BRINKER INTL BKJ GR 1,264.1 (814.2) (284.9)
BRINKER INTL EAT US 1,264.1 (814.2) (284.9)
BRINKER INTL BKJ QT 1,264.1 (814.2) (284.9)
BRINKER INTL EAT2EUR EU 1,264.1 (814.2) (284.9)
BRP INC/CA-SUB V B15A GR 3,358.1 (364.6) (223.2)
BRP INC/CA-SUB V DOOO US 3,358.1 (364.6) (223.2)
BRP INC/CA-SUB V DOO CN 3,358.1 (364.6) (223.2)
CADIZ INC CDZI US 73.9 (81.4) 13.8
CADIZ INC 2ZC GR 73.9 (81.4) 13.8
CAMBIUM NETWORKS CMBM US 154.4 (18.7) 37.4
CAMBIUM NETWORKS 089 GR 154.4 (18.7) 37.4
CAMBIUM NETWORKS CMBMEUR EU 154.4 (18.7) 37.4
CAMBIUM NETWORKS 089 GZ 154.4 (18.7) 37.4
CATASYS INC CATS US 7.2 (10.7) (2.6)
CBDMD INC YCBD US 94.8 (13.4) 12.3
CDK GLOBAL INC C2G QT 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDKUSD EU 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDK* MM 3,165.8 (475.4) 143.9
CDK GLOBAL INC C2G TH 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDKEUR EU 3,165.8 (475.4) 143.9
CDK GLOBAL INC C2G GR 3,165.8 (475.4) 143.9
CDK GLOBAL INC CDK US 3,165.8 (475.4) 143.9
CEDAR FAIR LP FUN US 2,132.5 (109.6) (108.6)
CEDAR FAIR LP 7CF GR 2,132.5 (109.6) (108.6)
CHOICE HOTELS CZH GR 1,173.8 (185.5) (53.2)
CHOICE HOTELS CHH US 1,173.8 (185.5) (53.2)
CINCINNATI BELL CBBEUR EU 2,649.3 (102.3) (116.4)
CINCINNATI BELL CBB US 2,649.3 (102.3) (116.4)
CINCINNATI BELL CIB1 GR 2,649.3 (102.3) (116.4)
CLEAR CHANNEL OU CCO US 6,325.6 (2,255.8) (147.2)
CLEAR CHANNEL OU C7C1 GR 6,325.6 (2,255.8) (147.2)
CLEAR CHANNEL OU CCO1EUR EU 6,325.6 (2,255.8) (147.2)
COGENT COMMUNICA OGM1 GR 797.0 (164.2) 252.3
COGENT COMMUNICA CCOI US 797.0 (164.2) 252.3
COHERUS BIOSCIEN CHRSUSD EU 186.1 (38.5) 117.8
COHERUS BIOSCIEN CHRSEUR EU 186.1 (38.5) 117.8
COHERUS BIOSCIEN 8C5 TH 186.1 (38.5) 117.8
COHERUS BIOSCIEN 8C5 QT 186.1 (38.5) 117.8
COHERUS BIOSCIEN CHRS US 186.1 (38.5) 117.8
COHERUS BIOSCIEN 8C5 GR 186.1 (38.5) 117.8
COLGATE-BDR COLG34 BZ 12,883.0 (210.0) 268.0
COLGATE-CEDEAR CL AR 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA TH 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL EU 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CLEUR EU 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CLCHF EU 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL* MM 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL SW 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL TE 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV COLG AV 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CLUSD SW 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA GZ 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CL US 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA GR 12,883.0 (210.0) 268.0
COLGATE-PALMOLIV CPA QT 12,883.0 (210.0) 268.0
COLUMBIA CARE IN CCHW CN 161.5 (0.9) (1.9)
COLUMBIA CARE IN COLXF US 161.5 (0.9) (1.9)
CURE PHARMACEUTI CURR US 5.3 (0.2) (1.8)
CYCLERION THERAP CYCN US 9.8 (7.8) (16.5)
DELEK LOGISTICS DKL US 640.2 (141.9) (4.8)
DELEK LOGISTICS D6L GR 640.2 (141.9) (4.8)
DENNY'S CORP DENN US 422.3 (140.2) (50.5)
DENNY'S CORP DENNEUR EU 422.3 (140.2) (50.5)
DENNY'S CORP DE8 GR 422.3 (140.2) (50.5)
DIEBOLD NIXDORF DBD SW 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBD GR 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBD US 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBDEUR EU 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DBDUSD EU 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DLD TH 4,327.3 (274.7) 482.8
DIEBOLD NIXDORF DLD QT 4,327.3 (274.7) 482.8
DINE BRANDS GLOB IHP GR 2,076.1 (190.8) 19.7
DINE BRANDS GLOB DIN US 2,076.1 (190.8) 19.7
DOLLARAMA INC DR3 GR 3,417.0 (219.0) 19.9
DOLLARAMA INC DLMAF US 3,417.0 (219.0) 19.9
DOLLARAMA INC DOL CN 3,417.0 (219.0) 19.9
DOLLARAMA INC DOLEUR EU 3,417.0 (219.0) 19.9
DOLLARAMA INC DR3 GZ 3,417.0 (219.0) 19.9
DOLLARAMA INC DR3 TH 3,417.0 (219.0) 19.9
DOLLARAMA INC DR3 QT 3,417.0 (219.0) 19.9
DOMINO'S PIZZA EZV TH 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA EZV GR 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZ US 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZEUR EU 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZUSD EU 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZ AV 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA DPZ* MM 1,148.3 (2,975.2) 178.5
DOMINO'S PIZZA EZV QT 1,148.3 (2,975.2) 178.5
DUNKIN' BRANDS G 2DB TH 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G DNKN US 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G 2DB GR 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G DNKNUSD EU 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G 2DB GZ 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G DNKNEUR EU 3,725.4 (691.3) 253.3
DUNKIN' BRANDS G 2DB QT 3,725.4 (691.3) 253.3
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EVERI HOLDINGS I G2C TH 1,632.0 (95.8) 3.3
EVERI HOLDINGS I G2C GR 1,632.0 (95.8) 3.3
EVERI HOLDINGS I EVRI US 1,632.0 (95.8) 3.3
EVERI HOLDINGS I EVRIUSD EU 1,632.0 (95.8) 3.3
EVERI HOLDINGS I EVRIEUR EU 1,632.0 (95.8) 3.3
EVOFEM BIOSCIENC NEOTEUR EU 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC 1AQ1 TH 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC NEOTUSD EU 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC 1AQ1 GR 3.2 (28.9) (30.7)
EVOFEM BIOSCIENC EVFM US 3.2 (28.9) (30.7)
EXELA TECHNOLOGI XELAU US 1,702.9 (204.3) (84.6)
FC GLOBAL REALTY FCRE IT 4.2 (0.6) (3.2)
FILO MINING CORP FIL SS 10.9 (5.4) (5.9)
FIRST NATIONAL E FNEC US 0.0 (0.7) (0.7)
FORTUNE VALLEY T FVTI US 0.6 (0.4) (0.5)
FRONTDOOR IN FTDR US 1,097.0 (334.0) (5.0)
FRONTDOOR IN FTDREUR EU 1,097.0 (334.0) (5.0)
FRONTDOOR IN 3I5 GR 1,097.0 (334.0) (5.0)
GOGO INC GOGO US 1,296.8 (284.0) 220.7
GOGO INC GOGOUSD EU 1,296.8 (284.0) 220.7
GOGO INC GOGOEUR EU 1,296.8 (284.0) 220.7
GOGO INC G0G QT 1,296.8 (284.0) 220.7
GOGO INC G0G TH 1,296.8 (284.0) 220.7
GOGO INC G0G GR 1,296.8 (284.0) 220.7
GOOSEHEAD INSU-A GSHD US 48.4 (31.9) -
GOOSEHEAD INSU-A 2OX GR 48.4 (31.9) -
GOOSEHEAD INSU-A GSHDEUR EU 48.4 (31.9) -
GRAFTECH INTERNA EAF US 1,529.7 (881.6) 456.0
GRAFTECH INTERNA G6G GR 1,529.7 (881.6) 456.0
GRAFTECH INTERNA G6G TH 1,529.7 (881.6) 456.0
GRAFTECH INTERNA EAFEUR EU 1,529.7 (881.6) 456.0
GRAFTECH INTERNA G6G QT 1,529.7 (881.6) 456.0
GRAFTECH INTERNA EAFUSD EU 1,529.7 (881.6) 456.0
GREEN PLAINS PAR 8GP GR 121.4 (73.4) (3.0)
GREEN PLAINS PAR GPP US 121.4 (73.4) (3.0)
GREENLANE HOLD-A GNLN US 93.7 (12.7) 28.0
GREENLANE HOLD-A G67 GR 93.7 (12.7) 28.0
GREENLANE HOLD-A G67 TH 93.7 (12.7) 28.0
GREENLANE HOLD-A G67 QT 93.7 (12.7) 28.0
GREENSKY INC-A GSKY US 832.7 (73.3) 288.2
HANGER INC HNGR US 752.0 (30.6) 77.2
HCA HEALTHCARE I 2BH TH 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCA US 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I 2BH GR 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCA* MM 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCAUSD EU 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I HCAEUR EU 43,379.0 (2,255.0) 577.0
HCA HEALTHCARE I 2BH TE 43,379.0 (2,255.0) 577.0
HERBALIFE NUTRIT HLF US 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HOO GR 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HLFUSD EU 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HOO GZ 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HLFEUR EU 2,982.8 (629.1) 304.0
HERBALIFE NUTRIT HOO QT 2,982.8 (629.1) 304.0
HEWLETT-CEDEAR HPQ AR 31,946.0 (1,487.0) (4,918.0)
HOME DEPOT - BDR HOME34 BZ 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD TE 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI TH 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI GR 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD US 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD* MM 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDUSD SW 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI GZ 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD AV 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDEUR EU 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDI QT 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDCHF EU 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HDUSD EU 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD SW 51,515.0 (2,143.0) 880.0
HOME DEPOT INC HD CI 51,515.0 (2,143.0) 880.0
HOME DEPOT-CED HDC AR 51,515.0 (2,143.0) 880.0
HOME DEPOT-CED HD AR 51,515.0 (2,143.0) 880.0
HP COMPANY-BDR HPQB34 BZ 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ TE 31,946.0 (1,487.0) (4,918.0)
HP INC 7HP TH 31,946.0 (1,487.0) (4,918.0)
HP INC 7HP GR 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ US 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ* MM 31,946.0 (1,487.0) (4,918.0)
HP INC HPQUSD SW 31,946.0 (1,487.0) (4,918.0)
HP INC HPQEUR EU 31,946.0 (1,487.0) (4,918.0)
HP INC 7HP GZ 31,946.0 (1,487.0) (4,918.0)
HP INC HWP QT 31,946.0 (1,487.0) (4,918.0)
HP INC HPQCHF EU 31,946.0 (1,487.0) (4,918.0)
HP INC HPQUSD EU 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ SW 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ AV 31,946.0 (1,487.0) (4,918.0)
HP INC HPQ CI 31,946.0 (1,487.0) (4,918.0)
IAA INC IAA US 1,975.4 (240.7) 187.9
IAA INC 3NI GR 1,975.4 (240.7) 187.9
IAA INC IAA-WEUR EU 1,975.4 (240.7) 187.9
IHEARTMEDIA-CL A IHTM US 14,286.0 (11,566.1) 650.5
IMMUNOGEN INC IMGN* MM 323.9 (27.6) 228.4
INSEEGO CORP INSGUSD EU 177.6 (32.6) 33.4
INSEEGO CORP INSG US 177.6 (32.6) 33.4
INSEEGO CORP INO GR 177.6 (32.6) 33.4
INSEEGO CORP INSGEUR EU 177.6 (32.6) 33.4
INSEEGO CORP INO GZ 177.6 (32.6) 33.4
INSEEGO CORP INO QT 177.6 (32.6) 33.4
INSEEGO CORP INO TH 177.6 (32.6) 33.4
INSPIRED ENTERTA INSE US 187.7 (13.2) 14.3
INTERCEPT PHARMA I4P QT 438.3 (55.0) 294.5
INTERCEPT PHARMA ICPTUSD EU 438.3 (55.0) 294.5
INTERCEPT PHARMA I4P TH 438.3 (55.0) 294.5
INTERCEPT PHARMA ICPT US 438.3 (55.0) 294.5
INTERCEPT PHARMA I4P GR 438.3 (55.0) 294.5
IRONWOOD PHARMAC I76 TH 363.5 (237.2) 83.3
IRONWOOD PHARMAC IRWD US 363.5 (237.2) 83.3
IRONWOOD PHARMAC I76 GR 363.5 (237.2) 83.3
IRONWOOD PHARMAC IRWDUSD EU 363.5 (237.2) 83.3
IRONWOOD PHARMAC I76 QT 363.5 (237.2) 83.3
IRONWOOD PHARMAC IRWDEUR EU 363.5 (237.2) 83.3
ISRAMCO INC ISRL US 110.9 (3.7) (8.7)
ISRAMCO INC ISRLEUR EU 110.9 (3.7) (8.7)
ISRAMCO INC IRM GR 110.9 (3.7) (8.7)
JACK IN THE BOX JACK US 832.1 (592.5) (76.8)
JACK IN THE BOX JBX GR 832.1 (592.5) (76.8)
JACK IN THE BOX JBX GZ 832.1 (592.5) (76.8)
JACK IN THE BOX JBX QT 832.1 (592.5) (76.8)
JACK IN THE BOX JACK1EUR EU 832.1 (592.5) (76.8)
KIMBERLY-CEDEAR KMB AR 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLA-BDR KMBB34 BZ 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY GR 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY TH 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMB US 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY SW 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMBUSD EU 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY GZ 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY TE 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMBEUR EU 15,204.0 (18.0) (1,942.0)
KIMBERLY-CLARK KMY QT 15,204.0 (18.0) (1,942.0)
KONTOOR BRAND KTB US 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 3KO GR 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 3KO TH 2,385.4 1,579.0 1,143.8
KONTOOR BRAND KTBEUR EU 2,385.4 1,579.0 1,143.8
KONTOOR BRAND KTBUSD EU 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 3KO QT 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 3KO GZ 2,385.4 1,579.0 1,143.8
KONTOOR BRAND 0A1X LI 2,385.4 1,579.0 1,143.8
L BRANDS INC LB US 10,998.0 (898.0) 750.0
L BRANDS INC LTD GR 10,998.0 (898.0) 750.0
L BRANDS INC LTD TH 10,998.0 (898.0) 750.0
L BRANDS INC LBUSD EU 10,998.0 (898.0) 750.0
L BRANDS INC LBRA AV 10,998.0 (898.0) 750.0
L BRANDS INC LBEUR EU 10,998.0 (898.0) 750.0
L BRANDS INC LB* MM 10,998.0 (898.0) 750.0
L BRANDS INC LTD QT 10,998.0 (898.0) 750.0
LAMB WESTON LW-WUSD EU 3,111.2 (56.2) 401.4
LAMB WESTON 0L5 GR 3,111.2 (56.2) 401.4
LAMB WESTON LW-WEUR EU 3,111.2 (56.2) 401.4
LAMB WESTON 0L5 TH 3,111.2 (56.2) 401.4
LAMB WESTON 0L5 QT 3,111.2 (56.2) 401.4
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LANDCADIA HOLD-A LCA US 0.2 (0.0) (0.3)
LANDCADIA HOLDIN LCAHU US 0.2 (0.0) (0.3)
LENNOX INTL INC LII US 2,105.7 (204.8) 303.5
LENNOX INTL INC LXI TH 2,105.7 (204.8) 303.5
LENNOX INTL INC LII1USD EU 2,105.7 (204.8) 303.5
LENNOX INTL INC LII* MM 2,105.7 (204.8) 303.5
LENNOX INTL INC LII1EUR EU 2,105.7 (204.8) 303.5
LENNOX INTL INC LXI GR 2,105.7 (204.8) 303.5
LEXICON PHARMACE LXRXUSD EU 258.5 (45.7) 118.6
LEXICON PHARMACE LX31 QT 258.5 (45.7) 118.6
LEXICON PHARMACE LXRXEUR EU 258.5 (45.7) 118.6
LEXICON PHARMACE LX31 GR 258.5 (45.7) 118.6
LEXICON PHARMACE LXRX US 258.5 (45.7) 118.6
MCDONALDS - BDR MCDC34 BZ 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD US 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD SW 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO GR 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD* MM 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD TE 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO TH 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDUSD SW 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDEUR EU 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO GZ 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD AV 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MDO QT 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDCHF EU 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCDUSD EU 46,466.6 (6,550.9) 1,584.8
MCDONALDS CORP MCD CI 46,466.6 (6,550.9) 1,584.8
MCDONALDS-CEDEAR MCD AR 46,466.6 (6,550.9) 1,584.8
MCDONALDS-CEDEAR MCDC AR 46,466.6 (6,550.9) 1,584.8
MEDICINES COMP MDCO US 835.9 (75.4) 195.0
MEDICINES COMP MZN GR 835.9 (75.4) 195.0
MEDICINES COMP MZN GZ 835.9 (75.4) 195.0
MEDICINES COMP MZN QT 835.9 (75.4) 195.0
MEDICINES COMP MDCOUSD EU 835.9 (75.4) 195.0
MEDICINES COMP MZN TH 835.9 (75.4) 195.0
MICHAELS COS INC MIK US 3,679.3 (1,587.4) 307.9
MICHAELS COS INC MIM GR 3,679.3 (1,587.4) 307.9
MOTOROLA SOL-CED MSI AR 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MOT TE 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MSI US 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA TH 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MSI1USD EU 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA GR 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MSI1EUR EU 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA GZ 9,993.0 (1,090.0) 735.0
MOTOROLA SOLUTIO MTLA QT 9,993.0 (1,090.0) 735.0
MSCI INC MSCI US 3,295.6 (316.5) 457.1
MSCI INC 3HM GR 3,295.6 (316.5) 457.1
MSCI INC MSCIUSD EU 3,295.6 (316.5) 457.1
MSCI INC 3HM QT 3,295.6 (316.5) 457.1
MSCI INC MSCI* MM 3,295.6 (316.5) 457.1
MSG NETWORKS- A MSGN US 844.6 (503.3) 205.5
MSG NETWORKS- A 1M4 GR 844.6 (503.3) 205.5
MSG NETWORKS- A 1M4 QT 844.6 (503.3) 205.5
MSG NETWORKS- A MSGNEUR EU 844.6 (503.3) 205.5
NATHANS FAMOUS NATH US 94.3 (70.1) 72.2
NATHANS FAMOUS NFA GR 94.3 (70.1) 72.2
NATHANS FAMOUS NATHUSD EU 94.3 (70.1) 72.2
NATHANS FAMOUS NATHEUR EU 94.3 (70.1) 72.2
NATIONAL CINEMED NCMI US 1,117.9 (104.7) 111.7
NATIONAL CINEMED XWM GR 1,117.9 (104.7) 111.7
NATIONAL CINEMED NCMIEUR EU 1,117.9 (104.7) 111.7
NAVISTAR INTL IHR TH 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL NAVEUR EU 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL NAVUSD EU 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL IHR GR 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL NAV US 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL IHR GZ 7,066.0 (3,852.0) 1,393.0
NAVISTAR INTL IHR QT 7,066.0 (3,852.0) 1,393.0
NEW ENG RLTY-LP NEN US 243.2 (38.2) -
NOVAVAX INC NVAXUSD EU 221.3 (150.6) 91.9
NRC GROUP HOLDIN NRCG US 394.1 (41.4) 51.2
NRG ENERGY NRA GR 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRA TH 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRG1USD EU 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRG US 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRGEUR EU 9,530.0 (1,520.0) 1,513.0
NRG ENERGY NRA QT 9,530.0 (1,520.0) 1,513.0
OMEROS CORP OMER US 101.2 (121.0) 32.4
OMEROS CORP 3O8 GR 101.2 (121.0) 32.4
OMEROS CORP OMERUSD EU 101.2 (121.0) 32.4
OMEROS CORP 3O8 TH 101.2 (121.0) 32.4
OMEROS CORP OMEREUR EU 101.2 (121.0) 32.4
ONDAS HOLDINGS I ONDS US 2.8 (20.7) (17.2)
OPTIVA INC OPT CN 122.5 (24.0) 18.9
OPTIVA INC RKNEF US 122.5 (24.0) 18.9
PAPA JOHN'S INTL PZZAEUR EU 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PP1 GR 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PZZA US 739.1 (56.6) (19.2)
PAPA JOHN'S INTL PP1 GZ 739.1 (56.6) (19.2)
PHILIP MORRI-BDR PHMO34 BZ 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN 4I1 GR 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM US 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1 EU 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1CHF EU 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1 TE 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN 4I1 TH 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM1EUR EU 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMI SW 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMOR AV 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN 4I1 GZ 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PM* MM 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN 4I1 QT 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMIZ EB 38,042.0 (10,185.0) (2,745.0)
PHILIP MORRIS IN PMIZ IX 38,042.0 (10,185.0) (2,745.0)
PLANET FITNESS-A PLNT1USD EU 1,509.6 (354.0) 283.0
PLANET FITNESS-A PLNT US 1,509.6 (354.0) 283.0
PLANET FITNESS-A 3PL TH 1,509.6 (354.0) 283.0
PLANET FITNESS-A 3PL GR 1,509.6 (354.0) 283.0
PLANET FITNESS-A 3PL QT 1,509.6 (354.0) 283.0
PLANET FITNESS-A PLNT1EUR EU 1,509.6 (354.0) 283.0
PRIORITY TECHNOL PRTH US 472.1 (85.1) 11.7
PURPLE INNOVATIO PRPL US 84.4 (2.7) 13.4
REATA PHARMACE-A RETAEUR EU 331.3 (4.6) 256.3
REATA PHARMACE-A RETA US 331.3 (4.6) 256.3
REATA PHARMACE-A 2R3 GR 331.3 (4.6) 256.3
RECRO PHARMA INC RAH GR 181.0 (19.0) 68.1
RECRO PHARMA INC REPH US 181.0 (19.0) 68.1
RESVERLOGIX CORP RVX CN 14.4 (156.5) (64.0)
REVLON INC-A RVL1 GR 3,041.7 (1,132.2) 9.3
REVLON INC-A REVUSD EU 3,041.7 (1,132.2) 9.3
REVLON INC-A REV US 3,041.7 (1,132.2) 9.3
REVLON INC-A RVL1 TH 3,041.7 (1,132.2) 9.3
REVLON INC-A REVEUR EU 3,041.7 (1,132.2) 9.3
RH RH US 2,545.8 (247.4) (189.5)
RH RHEUR EU 2,545.8 (247.4) (189.5)
RH RH* MM 2,545.8 (247.4) (189.5)
RH RS1 GR 2,545.8 (247.4) (189.5)
RIMINI STREET IN RMNI US 124.2 (135.8) (110.6)
ROSETTA STONE IN RS8 GR 174.8 (9.8) (71.6)
ROSETTA STONE IN RST US 174.8 (9.8) (71.6)
ROSETTA STONE IN RST1EUR EU 174.8 (9.8) (71.6)
SALLY BEAUTY HOL S7V GR 2,092.6 (145.1) 753.4
SALLY BEAUTY HOL SBHEUR EU 2,092.6 (145.1) 753.4
SALLY BEAUTY HOL SBH US 2,092.6 (145.1) 753.4
SBA COMM CORP SBACUSD EU 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBAC US 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP 4SB GR 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP 4SB GZ 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBAC* MM 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBACEUR EU 9,312.8 (3,302.8) (1,104.1)
SBA COMM CORP SBJ TH 9,312.8 (3,302.8) (1,104.1)
SCIENTIFIC GAMES SGMS US 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES SGMSUSD EU 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES TJW GR 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES TJW TH 8,837.0 (2,423.0) 660.0
SCIENTIFIC GAMES TJW GZ 8,837.0 (2,423.0) 660.0
SEALED AIR CORP SDA GR 5,155.0 (292.4) 74.1
SEALED AIR CORP SEE US 5,155.0 (292.4) 74.1
SEALED AIR CORP SEE1EUR EU 5,155.0 (292.4) 74.1
SEALED AIR CORP SDA TH 5,155.0 (292.4) 74.1
SEALED AIR CORP SDA QT 5,155.0 (292.4) 74.1
SERES THERAPEUTI MCRB US 107.0 (69.8) 26.2
SHELL MIDSTREAM SHLXUSD EU 1,915.0 (254.0) 246.0
SHELL MIDSTREAM 49M GR 1,915.0 (254.0) 246.0
SHELL MIDSTREAM 49M TH 1,915.0 (254.0) 246.0
SHELL MIDSTREAM SHLX US 1,915.0 (254.0) 246.0
SILK ROAD MEDICA SILK US 38.7 (52.8) 18.3
SILK ROAD MEDICA 2OW GR 38.7 (52.8) 18.3
SILK ROAD MEDICA 2OW GZ 38.7 (52.8) 18.3
SILK ROAD MEDICA SILKEUR EU 38.7 (52.8) 18.3
SILK ROAD MEDICA 2OW TH 38.7 (52.8) 18.3
SILK ROAD MEDICA SILKUSD EU 38.7 (52.8) 18.3
SINO UNITED WORL SUIC US 0.1 (0.1) (0.1)
SIX FLAGS ENTERT 6FE GR 2,724.9 (239.9) (308.6)
SIX FLAGS ENTERT SIXEUR EU 2,724.9 (239.9) (308.6)
SIX FLAGS ENTERT SIX US 2,724.9 (239.9) (308.6)
SLEEP NUMBER COR SNBR US 770.7 (124.6) (399.8)
SLEEP NUMBER COR SL2 GR 770.7 (124.6) (399.8)
SLEEP NUMBER COR SNBREUR EU 770.7 (124.6) (399.8)
STARBUCKS CORP SRB GR 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SRB TH 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX* MM 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX TE 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXEUR EU 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX IM 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXUSD SW 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXUSD EU 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SRB GZ 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX AV 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX US 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SRB QT 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUXCHF EU 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX SW 17,641.9 (5,035.2) (321.1)
STARBUCKS CORP SBUX CI 17,641.9 (5,035.2) (321.1)
STARBUCKS-BDR SBUB34 BZ 17,641.9 (5,035.2) (321.1)
STARBUCKS-CEDEAR SBUX AR 17,641.9 (5,035.2) (321.1)
STEALTH BIOTHERA S1BA GR 15.5 (175.3) (27.3)
STEALTH BIOTHERA MITO US 15.5 (175.3) (27.3)
SUNPOWER CORP S9P2 GR 2,307.7 (221.5) 190.3
SUNPOWER CORP SPWR US 2,307.7 (221.5) 190.3
SUNPOWER CORP S9P2 TH 2,307.7 (221.5) 190.3
SUNPOWER CORP SPWREUR EU 2,307.7 (221.5) 190.3
SUNPOWER CORP SPWRUSD EU 2,307.7 (221.5) 190.3
SUNPOWER CORP S9P2 QT 2,307.7 (221.5) 190.3
TAILORED BRANDS TLRDEUR EU 2,765.5 (4.0) 291.4
TAILORED BRANDS WRM TH 2,765.5 (4.0) 291.4
TAILORED BRANDS TLRDUSD EU 2,765.5 (4.0) 291.4
TAILORED BRANDS TLRD US 2,765.5 (4.0) 291.4
TAILORED BRANDS WRM GR 2,765.5 (4.0) 291.4
TAILORED BRANDS TLRD* MM 2,765.5 (4.0) 291.4
TAUBMAN CENTERS TU8 GR 4,451.4 (331.9) -
TAUBMAN CENTERS TCO US 4,451.4 (331.9) -
TRANSDIGM GROUP TDG US 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP T7D GR 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP T7D TH 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP TDGUSD EU 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP T7D QT 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP TDGEUR EU 17,797.2 (1,482.2) 3,869.3
TRANSDIGM GROUP TDG* MM 17,797.2 (1,482.2) 3,869.3
TRANSMEDICS GROU TMDX US 38.8 (12.5) 13.9
TRILOGY INTERNAT TRL CN 811.6 (29.7) 18.9
TRIUMPH GROUP TG7 GR 2,854.6 (573.3) 265.8
TRIUMPH GROUP TGI US 2,854.6 (573.3) 265.8
TRIUMPH GROUP TGIEUR EU 2,854.6 (573.3) 265.8
TUPPERWARE BRAND TUP GR 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP US 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP1USD EU 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP GZ 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP TH 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP1EUR EU 1,438.8 (184.0) (141.3)
TUPPERWARE BRAND TUP QT 1,438.8 (184.0) (141.3)
UNISYS CORP USY1 GR 2,484.5 (1,282.5) 345.4
UNISYS CORP USY1 TH 2,484.5 (1,282.5) 345.4
UNISYS CORP UIS US 2,484.5 (1,282.5) 345.4
UNISYS CORP UIS1 SW 2,484.5 (1,282.5) 345.4
UNISYS CORP UISEUR EU 2,484.5 (1,282.5) 345.4
UNISYS CORP UISCHF EU 2,484.5 (1,282.5) 345.4
UNISYS CORP USY1 GZ 2,484.5 (1,282.5) 345.4
UNISYS CORP USY1 QT 2,484.5 (1,282.5) 345.4
UNISYS CORP UIS EU 2,484.5 (1,282.5) 345.4
UNITI GROUP INC CSALUSD EU 4,697.3 (1,463.5) -
UNITI GROUP INC 8XC TH 4,697.3 (1,463.5) -
UNITI GROUP INC UNIT US 4,697.3 (1,463.5) -
UNITI GROUP INC 8XC GR 4,697.3 (1,463.5) -
VALVOLINE INC VVVUSD EU 1,914.0 (298.0) 343.0
VALVOLINE INC 0V4 GR 1,914.0 (298.0) 343.0
VALVOLINE INC 0V4 TH 1,914.0 (298.0) 343.0
VALVOLINE INC VVVEUR EU 1,914.0 (298.0) 343.0
VALVOLINE INC 0V4 QT 1,914.0 (298.0) 343.0
VALVOLINE INC VVV US 1,914.0 (298.0) 343.0
VANTAGE DRILL-UT VTGGF US 1,107.9 (112.5) 228.5
VECTOR GROUP LTD VGR US 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGR GR 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGREUR EU 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGRUSD EU 1,429.2 (590.1) 324.7
VECTOR GROUP LTD VGR QT 1,429.2 (590.1) 324.7
VERISIGN INC VRSN US 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS GR 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS TH 1,919.7 (1,406.1) 374.0
VERISIGN INC VRSN* MM 1,919.7 (1,406.1) 374.0
VERISIGN INC VRSNUSD EU 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS SW 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS GZ 1,919.7 (1,406.1) 374.0
VERISIGN INC VRSNEUR EU 1,919.7 (1,406.1) 374.0
VERISIGN INC VRS QT 1,919.7 (1,406.1) 374.0
W&T OFFSHORE INC UWV GR 842.5 (372.6) 14.6
W&T OFFSHORE INC WTI1EUR EU 842.5 (372.6) 14.6
W&T OFFSHORE INC WTI1USD EU 842.5 (372.6) 14.6
W&T OFFSHORE INC WTI US 842.5 (372.6) 14.6
W&T OFFSHORE INC UWV TH 842.5 (372.6) 14.6
WAYFAIR INC- A W US 2,113.9 (479.1) (112.0)
WAYFAIR INC- A 1WF QT 2,113.9 (479.1) (112.0)
WAYFAIR INC- A 1WF GR 2,113.9 (479.1) (112.0)
WAYFAIR INC- A WEUR EU 2,113.9 (479.1) (112.0)
WEIGHT WATCHERS WW6 GR 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW US 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTWUSD EU 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 GZ 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTWEUR EU 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 QT 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WW6 TH 1,526.2 (815.1) (44.7)
WEIGHT WATCHERS WTW AV 1,526.2 (815.1) (44.7)
WESTERN UNIO-BDR WUNI34 BZ 9,432.0 (374.2) 190.9
WESTERN UNION W3U TH 9,432.0 (374.2) 190.9
WESTERN UNION WU* MM 9,432.0 (374.2) 190.9
WESTERN UNION W3U GR 9,432.0 (374.2) 190.9
WESTERN UNION WU US 9,432.0 (374.2) 190.9
WESTERN UNION WUUSD EU 9,432.0 (374.2) 190.9
WESTERN UNION WUEUR EU 9,432.0 (374.2) 190.9
WESTERN UNION W3U GZ 9,432.0 (374.2) 190.9
WESTERN UNION W3U QT 9,432.0 (374.2) 190.9
WIDEOPENWEST INC WOW US 2,462.2 (284.2) (97.6)
WIDEOPENWEST INC WU5 GR 2,462.2 (284.2) (97.6)
WIDEOPENWEST INC WU5 QT 2,462.2 (284.2) (97.6)
WIDEOPENWEST INC WOW1EUR EU 2,462.2 (284.2) (97.6)
WINGSTOP INC WING1EUR EU 151.5 (220.5) 5.4
WINGSTOP INC EWG GR 151.5 (220.5) 5.4
WINGSTOP INC WING US 151.5 (220.5) 5.4
WINMARK CORP GBZ GR 46.8 (21.5) 6.9
WINMARK CORP WINA US 46.8 (21.5) 6.9
WORKHORSE GROUP WKHSUSD EU 13.1 (18.0) (14.9)
WYNDHAM DESTINAT WD5 TH 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WD5 GR 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WYNEUR EU 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WD5 QT 7,370.0 (584.0) 525.0
WYNDHAM DESTINAT WYND US 7,370.0 (584.0) 525.0
YELLOW PAGES LTD Y CN 418.5 (106.1) 82.7
YELLOW PAGES LTD YLWDF US 418.5 (106.1) 82.7
YUM! BRANDS INC TGR TH 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC TGR GR 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUMUSD SW 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC TGR GZ 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM US 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM AV 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC TGR TE 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUMEUR EU 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC TGR QT 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM SW 4,744.0 (7,904.0) (141.0)
YUM! BRANDS INC YUM* MM 4,744.0 (7,904.0) (141.0)
*********
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 2019. 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 ***