/raid1/www/Hosts/bankrupt/TCR_Public/190730.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 30, 2019, Vol. 23, No. 210
Headlines
4 HIM FOOD: Seeks Final Nod on Continued Cash Collateral Use
ADAMIS PHARMACEUTICALS: Agrees to Settle Litigation with Kaleo
ADAMIS PHARMACEUTICALS: FDA Acknowledges Receipt of Amended NDA
ADAMIS PHARMACEUTICALS: Sandoz Launches SYMJEPI in the U.S.
ADAMIS PHARMACEUTICALS: Settles Patent Lawsuit with Belcher
ALEX & ANI: Fights $50MM Bank of America Default
ALPHA NATURAL: McKinsey Disclosure Satisfies Virginia Judge
APPLETON HOLDINGS: Voluntary Chapter 11 Case Summary
AS IS OF AMERICA: U.S. Trustee Unable to Appoint Committee
BRONX MIRACLE: Case Summary & 20 Largest Unsecured Creditors
C21 INVESTMENTS: Appoints Sonny Newman as CEO
C21 INVESTMENTS: New Chief Executive Officer Outlines Strategy
C21 INVESTMENTS: Restructures Payments Under $30 Million Note
CAPITAL RIVER: LACDEV Objects to Disclosure Statement
CAPITAL RIVER: US Trustee Objects to Disclosure Statement
CFS BRANDS: S&P Alters Outlook to Negative, Affirms 'B' ICR
CLINTON NURSERIES: Modifies Treatment of Richards Claims
CLOVER TECHNOLOGIES: Lenders Hire Lawyers After Loss of AT&T Biz
COLUMBUS PARTNERS: Case Summary & 12 Unsecured Creditors
CON. KHAL CHASIDEI: Case Summary & 20 Largest Unsecured Creditors
CUSSETA ROAD: Case Summary & 8 Unsecured Creditors
CYTOSORBENTS CORP: Board OKs 2019 Base Salaries for Executives
DAS MOTORS: Ally Entities Seek to Prohibit Cash Collateral Use
DIAMONDS AND DIAMONDS: WGD Seeks to Prohibit Cash Collateral Use
EVOLV SOLUTIONS: Seeks Authorization to Use Cash Collateral
FIELDPOINT PETROLEUM: Moss Adams Quits as Auditor
FIRSTENERGY SOLUTIONS: Ohio's Proposed Bailout Lifts Bonds
GALINDO CUSTOM: Hires Alpha Commercial as Finance Consultant
GB SCIENCES: Declines $15M Offer for 50% Stake in Subsidiary
GODSTONE RANCH: Hires Michael Hardwick as Counsel
GYPSUM RESOURCES: Case Summary & 20 Largest Unsecured Creditors
HORIZON GLOBAL: Denise Ilitch Quits as Director
HVI CAT: Case Summary & 20 Largest Unsecured Creditors
I.K.E. ELECTRICAL: Seeks Authority on Interim Cash Collateral Use
JAGUAR HEALTH: Board Approves Stock Option Grants
JAS EXPEDITED: Authorized to Use Cash Collateral Until Sept. 30
KAMC HOLDINGS: S&P Assigns B Issuer Credit Rating, Outlook Stable
KENAN ADVANTAGE: Moody's Lowers CFR to B3, Outlook Negative
KHRL GROUP: Trustee Hires William B. Kingman as Counsel
L.E.T. LTD: Seeks to Hire Golding Law Offices as Legal Counsel
LEGACY RESERVES: Pillsbury, Brown Represent Unsecured Creditors
LICKER & WHINE: U.S. Trustee Unable to Appoint Committee
LIVEXLIVE MEDIA: Prices Registered Offering of 5M Common Shares
LODAN 23 LLC: U.S. Trustee Unable to Appoint Committee
LSC COMMUNICATIONS: S&P Cuts ICR to 'CCC+' as Merger Is Called Off
LUCEY BOILER: Seeks to Hire Scarborough & Fulton as Counsel
MAD DOGG ATHLETICS: Case Summary & 20 Largest Unsecured Creditors
MWM OIL: Case Summary & 20 Largest Unsecured Creditors
NEW CANEY FENCE: Seeks to Hire Jeffrey Moon as Surveyor
NOMAD JV: S&P Upgrades LT ICR to 'B' on Improving Credit Metrics
NORTHEAST SOMERSET: Voluntary Chaper 11 Case Summary
OMNICHOICE HEALTH: Seeks Authorization on Cash Collateral Use
OMNIMAX INTERNATIONAL: S&P Downgrades ICR to 'CCC+'
OSUM PRODUCTION: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
OVERLAND PARK: S&P Cuts 2007B Second-Tier Rev Bond Rating to 'BB'
PALMER EQUIPMENT: U.S. Trustee Forms 5-Member Committee
PG&E CORP: Opposes Elliott's $30 Billion Restructuring Proposal
PHI INC: Files Plan Supplements, Ballot Summary
PHI INC: Plaintiffs in Overbilling Case Balk at Exit Plan
PLYMOUTH EDUCATIONAL: S&P Lowers Bond Ratings to 'CC'; Outlook Neg.
PRINCE ORGANIZATION: Allowed to Use Cash Collateral on Final Basis
RADFORD QUARRIES: Case Summary & 20 Largest Unsecured Creditors
RAG OIL: Case Summary & 6 Unsecured Creditors
RELGOLD LLP: Seeks to Hire Kirby Aisner as Legal Counsel
SALDAP LLC: Voluntary Chapter 11 Case Summary
SARAH ZONE: Seeks Authority on Continued Cash Collateral Use
SCHAHIN HOLDINGS: Chapter 15 Case Summary
SEAWALK INVESTMENTS: Unsecureds to Get 4 Annual Payments of 25%
SENIOR NH: Sept. 17 Plan Confirmation Hearing
SILVER CREEK: U.S. Trustee Forms 2-Member Committee
SMOKY MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
STARPASS MASTER: Case Summary & 3 Unsecured Creditors
STEINWAY MUSICAL: S&P Alters Outlook to Positive, Affirms 'B' ICR
TECHNICAL COMMUNICATIONS: Hires Stowe & Degon as Auditor
TIME DEFINITE: Seeks Authorization to Use Cash Collateral
TRINITY INDUSTRIES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
UNIQUE TOOL: Case Summary & 20 Largest Unsecured Creditors
VERMILION ENERGY: Fitch Assigns BB- LongTerm IDR, Outlook Stable
VISTEON CORP: S&P Alters Outlook to Negative, Affirms 'BB' ICR
VOYAGER AVIATION: Fitch Gives BB- Rating to Sr. Secured Term Loans
WALL TO WALL: U.S. Trustee Forms 4-Member Committee
WEATHERFORD INT'L: Looking at Stock Listing After Bankruptcy
[^] Large Companies with Insolvent Balance Sheet
*********
4 HIM FOOD: Seeks Final Nod on Continued Cash Collateral Use
------------------------------------------------------------
4 Him Food Group, LLC files with the U.S. Bankruptcy Court for the
District of Oregon an amended motion seeking authority to use cash
collateral on a final basis.
A hearing on is scheduled to take place on July 31, 2019 at 1:30
p.m. during which time the Court will consider the Debtor's Amended
Cash Collateral Motion.
Recently, in an order entered on July 12, 2019, Bankruptcy Judge
Thomas M. Renn authorized the Debtor to use cash collateral until
July 31, subject to limitations and modifications set forth on the
record.
Accordingly, the Debtor amends its Final Cash Collateral Motion and
now requests the Court to authorize its use of cash collateral in
the amount of $1,781,630 over the 16-week period commencing July 2
through October 19, 2019.
The Debtor acknowledges these Secured Lenders are the only
creditors that have or may have valid, perfected security interests
or liens in its existing cash collateral and/or in its accounts,
payment intangibles, and other assets that will be used, collected,
or sold by the Debtors post-petition in the ordinary course of
business.
(a) Columbia State Bank which is owed the aggregate sum of
$5,463,000 for loans/mortgage;
(b) Lane County which is owed the aggregate sum of $846
pursuant to a Business Tax Warrant;
(c) 2Loris, LLC which is owed the aggregate sum of $2,387,265
for that certain loan;
(d) Celtic Capital Corporation which is owed the aggregate
sum of $1,095,300 for that certain loan;
(e) Dominguez Family Enterprises, Inc. which is owed the
aggregate sum of $2,000,000 for that certain loan;
(f) OnDeck Capital which is owed the aggregate sum of
$260,000 for a loan.
The Debtor proposes to provide replacement liens to the Secured
Lenders equal to the amounts of Cash Collateral spent.
In addition, the Debtor believes the Secured Lenders will be
further protected by an equity cushion in property of the Debtor.
The value of the Debtor's real property, inventory, equipment and
collectable accounts receivable is over $15.0 million. Assuming the
Secured Lenders' claims are all valid and their liens are not
subject to avoidance, the total amount of the debt secured by liens
in cash is $11,206,411. Therefore, the Secured Lenders will have at
least $3.6 million in equity in the collateral. Although a portion
of the Cash Collateral will be consumed in the course of the
Debtor's business operations, there will continue to be substantial
equity in the Collateral.
Since the Secured Lenders' interest in the cash collateral will not
decrease in value as a result of the Debtor's use of cash
collateral. Accordingly, no payments should be required under 11
U.S.C. Section 361(1). Nevertheless, subject to the Debtor's
discretion, or to the extent the Court orders such payments as
necessary, the Debtor will make monthly payments of interest only
to each Secured Lender, calculated at the then applicable
non-default rates, in order to provide further adequate protection
to the Secured Lenders.
A copy of the Amended Cash Collateral Motion is available for free
at
http://bankrupt.com/misc/orb19-62049-23.pdf
About 4 Him Food Group
4 Him Food Group, LLC, d/b/a Cosmos Creations --
http://www.cosmoscreations.com/-- is a snack food company
specializing in manufacturing, marketing, and distribution of
puffed corn. 4 Him Food Group manufactures premium natural snack
foods -- including non-GMO hull-and-kernel-free puffed corn -- from
state of the art manufacturing facilities in the heart of Oregon's
Willamette Valley.
4 Him Food Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ore. Case No. 19-62049) on July 2, 2019.
The petition was signed by John Strasheim, president. At the time
of the filing, the Debtor disclosed assets in the amount of
$15,043,017 and liabilities in the amount of $18,755,626. Timothy
A. Solomon, Esq., at Leonard Law Group LLC, is the Debtor's
counsel. Judge Thomas M. Renn is assigned to the case. Leonard
Law Group LLC is the Debtor's counsel.
ADAMIS PHARMACEUTICALS: Agrees to Settle Litigation with Kaleo
--------------------------------------------------------------
Adamis Pharmaceuticals Corporation and kaleo Inc. have agreed to
settle all previously announced litigation between the parties,
including the case filed by kaleo in the U.S. District Court for
the District of Delaware in which kaleo claimed specified aspects
of Adamis' ZIMHI naloxone product infringed certain kaleo-owned
patents, and the case filed by Adamis in the United States District
Court for the Eastern District of Virginia in which Adamis claimed
specified actions by kaleo infringed Adamis' SYMJEPI trademark. As
part of the resolution of the current litigation, kaleo agreed not
to bring future action against Adamis relating to ZIMHI so long as
Adamis does not reference kaleo's product in a future filing with
the FDA, and Adamis agreed not to bring future action against kaleo
for acts that occurred prior to the settlement date.
The parties have each filed a copy of the settlement agreement
along with a request of voluntary dismissal in the Delaware and
Virginia courts, as appropriate, and expect the respective judges
to accept and dismiss both cases in due course.
About Adamis
San Diego, Calif.-based Adamis Pharmaceuticals Corporation
(OTCQB:ADMP) -- http://www.adamispharmaceuticals.com/-- is a
specialty biopharmaceutical company primarily focused on developing
and commercializing products in various therapeutic areas,
including respiratory disease and allergy. The Company's Symjepi
(epinephrine) Injections 0.3mg and 0.15mg were approved for use in
the emergency treatment of acute allergic reactions, including
anaphylaxis. Adamis recently announced a distribution and
commercialization agreement with Sandoz, a division of Novartis
Group, to market Symjepi in the U.S. Adamis is developing
additional products, including the company's ZIMHI naloxone
injection product candidate for the treatment of opioid overdose,
and a metered dose inhaler and dry powder inhaler product
candidates for the treatment of asthma and COPD. The company's
subsidiary, U.S. Compounding, Inc., compounds sterile prescription
drugs and certain nonsterile drugs for human and veterinary use, to
patients, physician clinics, hospitals, surgery centers and other
clients throughout most of the United States.
Adamis incurred a net loss of $39 million in 2018, following a net
loss of $25.53 million in 2017. As of March 31, 2019, Adamis had
$52.66 million in total assets, $12.88 million in total
liabilities, and $39.77 million in total stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2007, issued a "going concern" qualification in its
report on the Company's consolidated financial statements for the
year ended Dec. 31, 2018. The auditors noted that the Company has
incurred recurring losses from operations, and is dependent on
additional financing to fund operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
ADAMIS PHARMACEUTICALS: FDA Acknowledges Receipt of Amended NDA
---------------------------------------------------------------
The U.S. Food and Drug Administration has acknowledged the receipt
of Adamis Pharmaceuticals Corporation's amendment to its previously
submitted New Drug Application (NDA) for its higher dose naloxone
injection product. This revision removed EVZIO as a Reference
Listed Drug (RLD) and withdrew the associated Paragraph IV
certification. Narcan injectable (NDA 016636) now remains as the
sole RLD and, because there are no Orange Book listed patents for
NDA 016636, no patent certification is required. With this change,
it is Adamis' opinion that the amended NDA will not be subject to a
30-month stay and that the FDA will be free to issue an approval as
soon as the agency completes a satisfactory review of the Adamis
naloxone NDA.
Adamis decided to amend its original NDA after consulting with the
FDA regarding the proposed change. The removal of the Paragraph IV
certification does not terminate the previously announced lawsuit
filed by kaleo Inc. in the United States District Court for the
District of Delaware, which alleges, among other things, that
Adamis' product infringes patents purportedly held by kaleo. As
previously stated, Adamis believes that its higher dose naloxone
injection product does not infringe any valid and enforceable
patent held by kaleo and that kaleo's patent infringement
allegation is without merit. Adamis has separately demanded that
Cooley LLP withdraw as counsel for kaleo. Cooley has served as
counsel to Adamis since Adamis' formation in 2006, has counseled
Adamis on all areas of its business and has a clear conflict of
interest. Adamis will continue to vigorously defend its naloxone
injection product against any and all patent infringement
allegations.
"Adamis is fully committed to working with the FDA to facilitate
their review of our NDA," said Dr. Dennis J. Carlo, president and
CEO of Adamis. "We hope that, if approved, our higher dose
naloxone injection product can become part of the solution to the
devastating epidemic of opioid overdose."
Background on the Product Candidate
In December 2018, Adamis filed an NDA relating to its higher dose
naloxone injection product. In March 2019, Adamis received a
notice from the FDA that the NDA was sufficiently complete to
permit a substantive review with a target action date of Oct. 31,
2019. Naloxone is an opioid antagonist used to treat narcotic
overdoses. Naloxone, which is generally considered the drug of
choice for immediate administration for opioid overdose, blocks or
reverses the effects of the opioid, including extreme drowsiness,
slowed breathing, or loss of consciousness. Common opioids include
morphine, heroin, tramadol, oxycodone, hydrocodone and fentanyl.
Hatch-Waxman and Paragraph IV Certification
Companies pursuing abbreviated drug applications, either via ANDA
or Section 505(b)(2) of the U.S. Food, Drug & Cosmetic Act, as
amended, are not required to conduct new clinical trials to
demonstrate safety and efficacy. Instead these companies may rely
on the research of a previously approved, reference listed drug
(RLD). Under the Drug Price Competition and Patent Term
Restoration Act, commonly referred to as Hatch-Waxman, companies
relying on a RLD that has listed patents, must certify to the FDA
that the product candidate does not infringe on any patents listed
for the RLD (a Paragraph IV certification). If the owner of an RLD
files a lawsuit disputing a Paragraph IV certification, the FDA
will wait until the shorter of 30 months or the dispute is resolved
by a court, before approving the NDA.
About Adamis
San Diego, Calif.-based Adamis Pharmaceuticals Corporation
(OTCQB:ADMP) -- http://www.adamispharmaceuticals.com/-- is a
specialty biopharmaceutical company primarily focused on developing
and commercializing products in various therapeutic areas,
including respiratory disease and allergy. The Company's Symjepi
(epinephrine) Injections 0.3mg and 0.15mg were approved for use in
the emergency treatment of acute allergic reactions, including
anaphylaxis. Adamis recently announced a distribution and
commercialization agreement with Sandoz, a division of Novartis
Group, to market Symjepi in the U.S. Adamis is developing
additional products, including the company's ZIMHI naloxone
injection product candidate for the treatment of opioid overdose,
and a metered dose inhaler and dry powder inhaler product
candidates for the treatment of asthma and COPD. The company's
subsidiary, U.S. Compounding, Inc., compounds sterile prescription
drugs and certain nonsterile drugs for human and veterinary use, to
patients, physician clinics, hospitals, surgery centers and other
clients throughout most of the United States.
Adamis incurred a net loss of $39 million in 2018, following a net
loss of $25.53 million in 2017. As of March 31, 2019, Adamis had
$52.66 million in total assets, $12.88 million in total
liabilities, and $39.77 million in total stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2007, issued a "going concern" qualification in its
report on the Company's consolidated financial statements for the
year ended Dec. 31, 2018. The auditors noted that the Company has
incurred recurring losses from operations, and is dependent on
additional financing to fund operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
ADAMIS PHARMACEUTICALS: Sandoz Launches SYMJEPI in the U.S.
-----------------------------------------------------------
Adamis Pharmaceuticals Corporation provided an update that Sandoz
Inc., a Novartis division, announced the U.S. retail launch of
SYMJEPI (epinephrine) 0.3 mg and 0.15 mg Injections, making both
the adult and pediatric doses immediately available in local
pharmacies across the U.S.
Sandoz launched SYMJEPI 0.3 mg Injection in the institutional
channel earlier this year, and large wholesaler customers of Sandoz
are now fully stocked to supply hospitals and clinics with both
SYMJEPI 0.3 mg and 0.15 mg Injections inventory in the U.S. Sandoz
also announced that in preparation for the U.S. retail launch they
have rolled out the following:
1. A social media program to increase awareness among
physicians and patients;
2. The new SYMJEPI website (https://www.symjepi.com/) to
provide an instructional video and additional information
on the product;
3. A demonstrator device that simulates the use of SYMJEPI;
4. The SYMJEPI Savings Program, in which eligible patients pay
as little as $0;
5. An initiative to modify existing state legislation to
increase the availability of epinephrine in schools; and
6. A campaign to educate hospital providers and physicians on
how to write scripts for epinephrine injection.
Dr. Dennis J. Carlo, president and CEO of Adamis stated, "Along
with Sandoz, Adamis is thrilled to bring broad access to this
critical medicine for patients. We expect that SYMJEPI will play a
role in ending the chronic shortages of epinephrine injection
products in the U.S.," said Dr. Dennis J. Carlo, president and CEO
of Adamis.
About Adamis
San Diego, Calif.-based Adamis Pharmaceuticals Corporation
(OTCQB:ADMP) -- http://www.adamispharmaceuticals.com/-- is a
specialty biopharmaceutical company primarily focused on developing
and commercializing products in various therapeutic areas,
including respiratory disease and allergy. The Company's Symjepi
(epinephrine) Injections 0.3mg and 0.15mg were approved for use in
the emergency treatment of acute allergic reactions, including
anaphylaxis. Adamis recently announced a distribution and
commercialization agreement with Sandoz, a division of Novartis
Group, to market Symjepi in the U.S. Adamis is developing
additional products, including the company's ZIMHI naloxone
injection product candidate for the treatment of opioid overdose,
and a metered dose inhaler and dry powder inhaler product
candidates for the treatment of asthma and COPD. The company's
subsidiary, U.S. Compounding, Inc., compounds sterile prescription
drugs and certain nonsterile drugs for human and veterinary use, to
patients, physician clinics, hospitals, surgery centers and other
clients throughout most of the United States.
Adamis incurred a net loss of $39 million in 2018, following a net
loss of $25.53 million in 2017. As of March 31, 2019, Adamis had
$52.66 million in total assets, $12.88 million in total
liabilities, and $39.77 million in total stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2007, issued a "going concern" qualification in its
report on the Company's consolidated financial statements for the
year ended Dec. 31, 2018. The auditors noted that the Company has
incurred recurring losses from operations, and is dependent on
additional financing to fund operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
ADAMIS PHARMACEUTICALS: Settles Patent Lawsuit with Belcher
-----------------------------------------------------------
Adamis Pharmaceuticals Corporation and Belcher Pharmaceuticals, LLC
agreed to settle all previously filed litigation between the
arties, including the case filed by Adamis in the U.S. District
Court for the Middle District of Florida in which Adamis was
seeking a declaratory judgment of non-infringement of certain
patents in which Belcher claimed rights, relating to certain
methods of preparing epinephrine solutions, and the inter partes
review proceeding filed by Adamis in the United States Patent and
Trademark Office requesting a formal review the validity of certain
aspect of Belcher's patents.
Under the terms of the settlement agreement, Adamis agreed to
voluntarily withdraw both the Patent Case and IPR and Belcher
agreed to provide Adamis a worldwide, non-exclusive, fully paid-up,
royalty-free license relating to Belcher's patents for Adamis'
epinephrine injection product, SYMJEPI, and agreed not to make
future claims of infringement relating to Adamis' naloxone
injection product candidate, ZIMHI. The parties agreed to file
requests of voluntary dismissal in the Florida court and USPTO, as
appropriate.
About Adamis
San Diego, Calif.-based Adamis Pharmaceuticals Corporation
(OTCQB:ADMP) -- http://www.adamispharmaceuticals.com/-- is a
specialty biopharmaceutical company primarily focused on developing
and commercializing products in various therapeutic areas,
including respiratory disease and allergy. The Company's Symjepi
(epinephrine) Injections 0.3mg and 0.15mg were approved for use in
the emergency treatment of acute allergic reactions, including
anaphylaxis. Adamis recently announced a distribution and
commercialization agreement with Sandoz, a division of Novartis
Group, to market Symjepi in the U.S. Adamis is developing
additional products, including the company's ZIMHI naloxone
injection product candidate for the treatment of opioid overdose,
and a metered dose inhaler and dry powder inhaler product
candidates for the treatment of asthma and COPD. The company's
subsidiary, U.S. Compounding, Inc., compounds sterile prescription
drugs and certain nonsterile drugs for human and veterinary use, to
patients, physician clinics, hospitals, surgery centers and other
clients throughout most of the United States.
Adamis incurred a net loss of $39 million in 2018, following a net
loss of $25.53 million in 2017. As of March 31, 2019, Adamis had
$52.66 million in total assets, $12.88 million in total
liabilities, and $39.77 million in total stockholders' equity.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2007, issued a "going concern" qualification in its
report on the Company's consolidated financial statements for the
year ended Dec. 31, 2018. The auditors noted that the Company has
incurred recurring losses from operations, and is dependent on
additional financing to fund operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
ALEX & ANI: Fights $50MM Bank of America Default
------------------------------------------------
Alexander Gladstone, writing for The Wall Street Journal, reported
that Alex & Ani LLC is fighting Bank of America's claim that the
jewelry retailer defaulted on a $50 million credit facility, filing
a lawsuit accusing the lender of gender discrimination.
According to the report, the Rhode Island company founded in 2004
by entrepreneur Carolyn Rafaelian said that Bank of America has
been driving Alex & Ani toward bankruptcy after the company
replaced a male chief financial officer with a female successor in
2017. Bank of America raised the company's interest rates and
forced it to pay for outside consultants from turnaround firm
Berkeley Research Group, the Journal said, citing the complaint.
A spokesman for Bank of America said it is the administrative agent
for a syndicate of seven bank lenders and that the decision to
declare a default wasn't made by Bank of America alone, the Journal
said.
The Journal related that the lawsuit, filed in the U.S. District
Court in New York, said Bank of America took action against Alex &
Ani after the company acquired a supplier, asserting that an $8.73
million fee related to the deal paid in November 2018 wasn't
permitted under the loan terms. After that, Alex & Ani was cut off
from a critical source of liquidity, the company said, the Journal
added.
The complaint argued that gender discrimination was behind Bank of
America's decision to declare a default, the Journal further
related.
"The endgame is clear: Bank of America wants the women out of power
at Alex and Ani," the lawsuit said, the Journal cited.
ALPHA NATURAL: McKinsey Disclosure Satisfies Virginia Judge
-----------------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal, reported that
Judge Kevin Huennekens of the U.S. Bankruptcy Court for the Eastern
District of Virginia has accepted a certification from McKinsey &
Co. showing that it won't directly benefit from a $5 million
penalty the firm has agreed to pay to settle allegations of
improper disclosure practices.
According to the Journal, Judge Huennekens, who oversaw the Alpha
Natural Resources Chapter 11 case, ordered McKinsey to improve its
disclosures, reopened the bankruptcy to investigate the firm's
financial entanglements and reprimanded it for failing to disclose
a $110 million investment in a hedge fund that held a stake in
ANR's senior debt.
But, the Journal said, the judge hasn't ordered the disgorgement of
McKinsey's fees and has said, "based on everything I've seen," the
firm had no adverse incentives that might have tainted its work
advising ANR.
McKinsey lawyers said they couldn't guarantee the firm wouldn't
indirectly benefit from the payment because of how it invests
billions of dollars on behalf of current and former employees, the
Journal related. McKinsey said its investment arm, MIO Partners
Inc., operates primarily as a fund of funds, investing with
third-party managers whose investment decisions are independent of
both McKinsey and MIO, the Journal further related. McKinsey said
the certification mirrors those made by federal judges who are
required to disclose direct investments but not individual holdings
of mutual funds or other widely held investment vehicles, the
report added.
The $5 million payment stems from a settlement McKinsey reached in
February with a unit of the Justice Department, which has said
McKinsey wasn't forthcoming about MIO investments that gave the
firm an interest in the outcome of bankruptcy cases on which the
firm advised, the report pointed out.
About Alpha Natural Resources
Headquartered in Bristol, Virginia, Alpha Natural --
http://www.alphanr.com/-- is a coal supplier, ranked second
largest among publicly traded U.S. coal producers as measured by
2014 consolidated revenues of $4.3 billion. As of August 2015,
Alpha had 8,000 full time employees across many different states,
with UMWA representing 1,000 of the employees.
Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.
The petitions were signed by Richard H. Verheij, executive vice
president, general counsel and corporate secretary.
Judge Kevin R. Huennekens oversees the cases.
David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel. Tyler P.
Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq., and
Justin F. Paget, Esq., serve as the Debtors' local counsel.
Rothschild Group is the Debtors' financial advisor. Alvarez &
Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman
Carson Consultants, LLC, is the Debtors' claims and noticing
agent.
The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.
Alpha Natural Resources on July 7, 2016, said its plan of
reorganization has been confirmed by the Bankruptcy Court. On July
26, Alpha Natural Resources and its affiliates emerged from Chapter
11 bankruptcy protection. The reorganized company is a smaller,
privately held company operating 18 mines and eight preparation
plants in West Virginia and Kentucky.
APPLETON HOLDINGS: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Appleton Holdings, LLC
1275 W Granada Blvd., Ste 3B
Ormond Beach, FL 32174
Business Description: Appleton Holdings, LLC is a privately held
company in Ormond Beach, Florida.
Chapter 11 Petition Date: July 25, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Orlando)
Case No.: 19-04883
Debtor's Counsel: Kenneth D. Herron, Jr., Esq.
HERRON HILL LAW GROUP, PLLC
135 West Central Boulevard, Suite 480
Orlando, FL 32801
Tel: 407-648-0058
Fax: 407-648-0681
Email: chip@herronhilllaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by John F. Gillespie, Jr., manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flmb19-04883.pdf
AS IS OF AMERICA: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee on July 26 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of As Is Of America, LLC.
About As Is Of America
As Is Of America, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-01561) on April 26,
2019. At the time of the filing, the Debtor estimated assets of
less than $1 million and liabilities of less than $500,000. The
case is assigned to Judge Jerry A. Funk. The Law Offices of Gerald
B. Stewart, LLC, is the Debtor's counsel.
BRONX MIRACLE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Bronx Miracle Gospel Tabernacle Inc.
2910 Barnes Avenue
Bronx, NY 10467
Business Description: Bronx Miracle Gospel Tabernacle Inc. --
http://www.bronxmiracle.org-- is a not-for-
profit religious corporation in Bronx, New
York. The Debtor previously sought
bankruptcy protection on May 22, 2017
(Bankr. S.D.N.Y. Case No. 17-11395).
Chapter 11 Petition Date: July 28, 2019
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Case No.: 19-12447
Debtor's Counsel: Barak P. Cardenas, Esq.
CARDENAS ISLAM & ASSOCIATES, PLLC
175-61 Hillside Avenue, Suite 302
Jamaica, NY 11432
Tel: 347-809-7810
Fax: 914-861-0099
E-mail: barak@cardenasislam.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Rev. Dr. Keith Elijah Thompson, pastor.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/nysb19-12447_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb19-12447.pdf
C21 INVESTMENTS: Appoints Sonny Newman as CEO
---------------------------------------------
C21 Investments Inc. has appointed Sonny Newman to succeed Robert
Cheney as president and chief executive officer of the Company.
Mr. Newman is the founder of Silver State Relief and Silver State
Cultivation in Nevada, and has several other companies in
electronics, manufacturing, electronics distribution, real estate
development and an investment company. Mr. Newman was the sole
owner of the Silver State companies when they were purchased by C21
Investments earlier this year and is today the largest shareholder
of C21 Investments holding approximately 15.3% of the outstanding
shares. Mr. Newman's proven operational and financial discipline
in the cannabis and other sectors shows his ability to build solid
teams and make strategic investments into opportunistic markets.
In his role as president and CEO of C21 Investments, Mr. Newman has
agreed that he will not be a member of the Board of Directors in
recognition of his shareholder status and financial arrangements
with C21 Investments.
About C21 Investments Inc.
Headquartered in Vancouver, Canada, C21 Investments --
http://www.cxxi.ca-- is a vertically integrated cannabis company
that cultivates, processes, and distributes cannabis and
hemp-derived consumer products in the United States. The Company
is focused on value creation through the disciplined acquisition
and integration of core retail, manufacturing, and distribution
assets in strategic markets, leveraging industry-leading retail
revenues with high-growth potential multi-market branded consumer
packaged goods. The Company owns Silver State Relief and Silver
State Cultivation in Nevada, and Phantom Farms, Swell Companies,
Eco Firma Farms, and Pure Green in Oregon. These brands produce
and distribute a broad range of THC and CBD products from cannabis
flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles.
C21 Investments reported a net loss of US$23.60 million for the
year ended Jan. 31, 2019, compared to a net loss of US$599,471 for
the year ended Jan. 31, 2018. As of April 30, 2019, C21
Investments had US$82.28 million in total assets, US$59.62 million
in total liabilities, and US$22.65 million in total shareholders'
equity.
Davidson & Company LLP, the Company's independent auditor, issued a
"going concern" qualification in its report on the Company's
consolidated financial statements for the year ended Jan. 31, 2019,
citing that the Company incurred a net loss during the year ended
Jan. 31, 2019 and, as of that date, the Company's current
liabilities exceeded its current assets by $13,316,122. These
events and conditions indicate that a material uncertainty exists
that may cast significant doubt on the Company's ability to
continue as a going concern.
C21 INVESTMENTS: New Chief Executive Officer Outlines Strategy
--------------------------------------------------------------
C21 Investments, Inc. released a letter from Sonny L. Newman,
president and CEO, to the Company's shareholders.
July 16, 2019
Dear fellow shareholders,
It has been about a week since my appointment as President and CEO
of C21 Investments. With my first letter, I would like to briefly
outline my strategy that has the potential to create long-term
value for all of our shareholders. Like you, I have a vested
interest in developing a path to a profitable, cash-flow positive
and well capitalized company for future expansion.
I am in the process of analyzing our current capital structure,
finances, and company structure to develop a strategy for
short-term breakeven and long-term profitability and it is clear we
have work to do. Our Nevada operations remain strong, contributing
91% of the company's revenue and all the profit. Oregon's saturated
market continues to be a challenge, right-sizing and integrating
our operations there will be our top priority over the next
quarter. Eliminating non-critical expenses, reallocating assets,
and aligning our human capital are happening now and will continue
until our Oregon operations are stabilized.
With our mature consumer packaged goods brands in Oregon, we have
leveraged their success and launched into the Nevada market. Hood
Oil Vape cartridges were launched on June 6, 2019 in our Silver
State Relief dispensaries and have sold over 11,000 units
contributing $302,000 of revenue (with gross margin of 25%) in the
two retail locations. The Phantom Farms brand will launch on the
wholesale market later this month and in our retail locations in
early September. Dab Society is also anticipated to launch in
September. These are all well-respected brands in Oregon and we
look forward to expanding their reputation in the Nevada market.
I am most excited about the long-term potential of the Nevada
market. With a state mandated limit on retail locations, Nevada
remains an attractive market for the foreseeable future. Over the
next two quarters, expanding our successful vertically integrated
model in Nevada will also be a top priority. We will be examining
opportunities to acquire additional retail locations in Northern
Nevada and the Las Vegas area where volume is sufficient to scale
and leverage our vertical model to maximize our profitability.
I would like to extend my heartfelt appreciation to all our
employees, customers, and shareholders for getting us to this
point. Thank you for the opportunity to earn your confidence and
trust,
Sonny L Newman
President and Chief Executive Officer
About C21 Investments Inc.
Headquartered in Vancouver, Canada, C21 Investments --
http://www.cxxi.ca/-- is a vertically integrated cannabis company
that cultivates, processes, and distributes cannabis and
hemp-derived consumer products in the United States. The Company
is focused on value creation through the disciplined acquisition
and integration of core retail, manufacturing, and distribution
assets in strategic markets, leveraging industry-leading retail
revenues with high-growth potential multi-market branded consumer
packaged goods. The Company owns Silver State Relief and Silver
State Cultivation in Nevada, and Phantom Farms, Swell Companies,
Eco Firma Farms, and Pure Green in Oregon. These brands produce
and distribute a broad range of THC and CBD products from cannabis
flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles.
C21 Investments reported a net loss of US$23.60 million for the
year ended Jan. 31, 2019, compared to a net loss of US$599,471 for
the year ended Jan. 31, 2018. As of April 30, 2019, C21
Investments had US$82.28 million in total assets, US$59.62 million
in total liabilities, and US$22.65 million in total shareholders'
equity.
Davidson & Company LLP, the Company's independent auditor, issued a
"going concern" qualification in its report on the Company's
consolidated financial statements for the year ended Jan. 31, 2019,
citing that the Company incurred a net loss during the year ended
Jan. 31, 2019 and, as of that date, the Company's current
liabilities exceeded its current assets by $13,316,122. These
events and conditions indicate that a material uncertainty exists
that may cast significant doubt on the Company's ability to
continue as a going concern.
C21 INVESTMENTS: Restructures Payments Under $30 Million Note
-------------------------------------------------------------
C21 Investments Inc. has reached an agreement to restructure
payments under a US$30 million promissory note, with interest at
10%, issued on Jan. 15, 2019 to Mr. Sonny Newman in connection with
the Company's purchase of Silver State Relief LLC and Silver State
Cultivation LLC.
The Note, issued to Mr. Newman as part of the Silver State purchase
terms, is secured against the Silver State companies and their
assets and had an outstanding principal balance of US$27 million on
June 30, 2019. Mr. Newman has agreed in lieu of the principal
installment of US$6.0 million due July 1 to accept such amount in
an installment of US$2 million plus interest, which has been paid,
and further monthly installments of $800,000 per month plus
interest commencing on Aug. 1, 2019 and continuing for the next
ensuing four months when the monthly installments increase to US$2
million.
As a term of that restructuring, C21 Investments and the vendors of
Swell Companies and Phantom Farms/SDP Development Group LLC have
reached an agreement in principle to accelerate the staggered
payments under their purchase agreements. Under the terms of such
agreement in principle, the vendors of Swell and Phantom would be
issued a total of 16,215,416 shares of C21 Investments at C$1.05
per share in settlement of the US$13.01 million payable to them as
payment for the real property owned by Phantom and all other long
term obligations owing to those vendors.
About C21 Investments
Headquartered in Vancouver, Canada, C21 Investments --
http://www.cxxi.ca/-- is a vertically integrated cannabis company
that cultivates, processes, and distributes cannabis and
hemp-derived consumer products in the United States. The Company
is focused on value creation through the disciplined acquisition
and integration of core retail, manufacturing, and distribution
assets in strategic markets, leveraging industry-leading retail
revenues with high-growth potential multi-market branded consumer
packaged goods. The Company owns Silver State Relief and Silver
State Cultivation in Nevada, and Phantom Farms, Swell Companies,
Eco Firma Farms, and Pure Green in Oregon. These brands produce
and distribute a broad range of THC and CBD products from cannabis
flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles.
C21 Investments reported a net loss of US$23.60 million for the
year ended Jan. 31, 2019, compared to a net loss of US$599,471 for
the year ended Jan. 31, 2018. As of April 30, 2019, C21
Investments had US$82.28 million in total assets, US$59.62 million
in total liabilities, and US$22.65 million in total shareholders'
equity.
Davidson & Company LLP, the Company's independent auditor, issued a
"going concern" qualification in its report on the Company's
consolidated financial statements for the year ended Jan. 31, 2019,
citing that the Company incurred a net loss during the year ended
Jan. 31, 2019 and, as of that date, the Company's current
liabilities exceeded its current assets by $13,316,122. These
events and conditions indicate that a material uncertainty exists
that may cast significant doubt on the Company's ability to
continue as a going concern.
CAPITAL RIVER: LACDEV Objects to Disclosure Statement
-----------------------------------------------------
LACDEV, L.L.C., objects to the Disclosure Statement explaining the
Chapter 11 Plan of Capital River, LLC.
LACDEV points out that the Disclosure Statement fails to satisfy
the requirement that factual information be provided to support the
Debtor’s proposed payment scheme.
LACDEV further points out that the Disclosure Statement offers
virtually no detail beyond the proposal set forth in the proposed
Plan of Reorganization, including detail regarding valuation,
governmental permitting, governmental regulation compliance,
condition of the property, and the general sale readiness of the
Property or the individual parcels.
LACDEV complains that the Debtor’s Plan makes no provision for
how it intends to cure the defaults under the loan documents or pay
LACDEV's damages in order to render LACDEV's claim "unimpaired."
According to LACDEV, the Disclosure Statement gives no details
regarding the process by which the Debtor intends to sell its real
property.
LACDEV asserts that the Disclosure Statement fails to meet the
requirements of Section 1125 of the Bankruptcy Code, and although
reserving its right to later object to the contents of the Debtor's
proposed Chapter 11 Plan, LACDEV also submits that the Debtor has
not demonstrated that the Plan meets the requirements under Section
1129 of the Bankruptcy Code, including but not limited to the
feasibility of the Plan.
Counsel for LACDEV, L.L.C.:
Robert B. Easterling, Esq.
2217 Princess Anne Street, Suite 100-2
Fredericksburg, VA 22401-3359
Tel: 540-373-5030
Fax: 540-373-5234
Email: eastlaw@easterlinglaw.com
About Capital River
Based in Huntersville, North Carolina, Capital River, LLC, a Single
Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)), whose
principal assets are located at Lot 1-15, Bella Vista Estates
Orange, VA 22960, filed a voluntary Chapter 11 petition (Bankr.
W.D. Va. Case No. 19-60555) on March 14, 2019, and is represented
Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C.,
in Roanoke, Virginia. The case is assigned to Hon. Rebecca B.
Connelly.
At the time of filing, the Debtor had estimated assets and
liabilities of $1 million to $10 million.
The petition was signed by Bradley J. Church as member of BJC
Holdings, LLC and Charles B. Payne as member of CBP Holdings, LLC.
CAPITAL RIVER: US Trustee Objects to Disclosure Statement
---------------------------------------------------------
John P. Fitzgerald, III, Acting United States Trustee for Region 4,
objects to the approval of the disclosure statement explaining the
Chapter 11 Plan filed by Capital River, LLC.
According to U.S. Trustee, the disclosure statement does not alert
the taxing authority that if the property is sold by the
reorganized Debtor in accordance with the plan that such transfer
may be exempt from certain taxes.
The U.S. Trustee complains that the disclosure statement does not
disclose how the documents governing the management of the Debtor
otherwise impact the management of the Debtor.
The U.S. Trustee asserts that the disclosure statement does not
disclose the amount of allowed general unsecured claims or
otherwise put CBP, LLC, on notice of the large claim.
The U.S. Trustee complains that the Debtor's plan is patently
unconfirmable because, among other things, the proponent of the
plan has not made the disclosures required by 11 U.S.C. Section
1129(a)(5) and the disclosure statement and plan patently
improperly classifies Lacdev, LLC's claim in a manner that strips
it of its right to vote on the plan.
About Capital River
Based in Huntersville, North Carolina, Capital River, LLC, a Single
Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)), whose
principal assets are located at Lot 1-15, Bella Vista Estates
Orange, VA 22960, filed a voluntary Chapter 11 petition (Bankr.
W.D. Va. Case No. 19-60555) on March 14, 2019, and is represented
Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C.,
in Roanoke, Virginia. The case is assigned to Hon. Rebecca B.
Connelly.
At the time of filing, the Debtor had estimated assets and
liabilities of $1 million to $10 million.
The petition was signed by Bradley J. Church as member of BJC
Holdings, LLC and Charles B. Payne as member of CBP Holdings, LLC.
CFS BRANDS: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on CFS Brands LLC to
negative from stable and affirmed all ratings, including its 'B'
issuer credit rating on the company and its 'B' issue-level rating
on its first-lien term loan and delayed-draw term loan. The
recovery rating on the loan is '3'.
The negative outlook reflects CFS' increased leverage following
weaker-than-expected financial performance and the recent draw on
the $75 million delayed-draw term loan to fund the Piper Products
Inc. acquisition and future acquisitions. S&P believes leverage
will decline to the mid-7x area by the end of 2019 from the high 7x
area as of March 31, 2019, through improvements in raw material and
transportation costs, as well as the execution of synergies
associated with recent acquisitions.
"The negative outlook reflects at least a one-in-three chance that
we will lower the rating on CFS over the next 12 months," S&P said,
adding that this could happen if operating performance deteriorated
further likely stemming from lower margins or acquisition
integration risk.
"We could lower our rating on CFS if leverage were sustained above
6.5x. We believe this would most likely be the result of continued
high resin and freight costs pressuring profit margins or if the
company pursued additional debt-financed acquisitions," the rating
agency said.
"We could revise our rating our outlook to stable over the next
12-18 months if the company reduced leverage below 6.5x and we
believed the company were committed to maintaining financial
policies that would support this level of leverage," S&P said.
CLINTON NURSERIES: Modifies Treatment of Richards Claims
--------------------------------------------------------
Clinton Nurseries, Inc., Clinton Nurseries of Maryland, Inc.,
Clinton Nurseries of Florida, Inc., and Triem LLC, filed a first
amended Chapter 11 plan and accompanying disclosure statement
modifying the treatment of Class 7 - Warren and Ann Richards
claims, Class
8 - Intercompany Claims, and Class 9 - Equity Interests.
Class 7 - Allowed Claim of Warren Richards, Jr. and Ann Richards
are impaired. After Class 3, 4, 5 and 6 are paid pursuant to the
terms of the Plan, beginning on June 15, 2030, Warren Richards, Jr.
and Ann Richards shall receive, in full, complete and final
satisfaction and release of their Allowed Claim, five annual
payments of $489,000.00.
Class 8 - Intercompany Claims are impaired. After Class 3, 4, 5, 6
and 7 are paid pursuant to the terms of the Plan, each holder of an
Intercompany Claim shall be entitled to receive payment from the
applicable Debtor pursuant to terms to be mutually agreed upon
between the applicable Debtor and such holder, in full and complete
satisfaction of and in exchange for such Intercompany Claim.
Class 9 - Equity Interests are impaired. The holders of Equity
Interests in each of the Debtors shall retain their Equity
Interests, as modified by the terms of the Plan. Holders of Equity
Interests shall not be entitled to receive any payment or
distribution from the Debtors on account of such Equity Interests
until all payments under the Plan to Classes 3, 4, 5, 6 and 7 have
been made.
Class 6 - Allowed Unsecured Claims Against The Debtors are
impaired. Holders of Class 6 Claims will receive, in full, complete
and final satisfaction and release of their Allowed Unsecured
Claims, their Pro Rata share of $400,000.00 paid by the Debtors on
June 1 of each year following the Effective Date for ten years
(June 1, 2020 through June 1, 2029); the Class 6 Balloon Payment
paid by the Debtors on June 1, 2030; at the discretion of the CN
Trustee after the CN Trustee has reserved sufficient Cash to cover
the costs and expenses of the CN Trust, a portion of the CN Trust
Initial Cash; the CN Trust Additional Cash Payment; and net
proceeds from any Avoidance Actions of a Debtor against which such
holder has a Claim.
Class 3 - BOW Real Property Secured Claim are impaired. BOW will
receive on account of the BOW Real Property Secured Claim deferred
Cash payments totaling at least the amount of such Claim, of a
value, as of the Effective Date of the Plan, of at least the value
of BOW’s interest in the Debtors’ interest in the property
securing such Claim as follows: on the first day of each month for
the 120 months following the Effective Date, BOW will receive equal
monthly payments based on a ten year amortization schedule and a
7.5% rate of interest.
Class 4 - BOW Personal Property Secured Claim Against the Debtors
are impaired. BOW will receive on account of the BOW Personal
Property Secured Claim deferred Cash payments totaling at least the
amount of such Claim, of a value, as of the Effective Date of the
Plan, of at least the value of BOW’s interest in the Debtors’
interest in the property securing such Claim as follows: on the
first day of each month for the 120 months following the Effective
Date, BOW will receive equal monthly payments based on a ten year
amortization schedule and a 7.5% rate of interest.
Class 5 - Allowed Secured Claim of Varilease Finance are impaired.
Varilease Finance will receive equal monthly payments based on a
ten year amortization schedule and a 7.5% rate of interest.
All Cash necessary for the Reorganized Debtors to make payments
required pursuant to the Plan will be obtained from the Reorganized
Debtors’ Cash balances, including Cash from operations, from
financing or other capital investment to be obtained by the
Debtors, and from net proceeds from the sale of any assets of the
Reorganized Debtors. Cash payments to be made pursuant to the Plan
will be made by the Reorganized Debtors, with the exception of
payments to be made by the CN Trustee as provided in
the Plan.
A full-text copy of the First Amended Disclosure Statement dated
July 18, 2019, is available at https://tinyurl.com/yy75u4ax from
PacerMonitor.com at no charge.
A redlined version of the First Amended Disclosure Statement dated
July 18, 2019, is available at https://tinyurl.com/y3se7qsf from
PacerMonitor.com at no charge.
Counsel for the Debtors is Eric Henzy, Esq., at Zeisler & Zeisler,
P.C., in Bridgeport, Connecticut.
About Clinton Nurseries
Founded in 1921, Clinton Nurseries, Inc., operates nurseries that
produce ornamental plants and other nursery products. The company
grows trees, flowering shrubs, roses, ornamental grasses & ground
covers, perennials, annuals, herbs and vegetables. Clinton
Nurseries is based in Westbrook, Connecticut.
Clinton Nurseries and its affiliates sought Chapter 11 protection
(Bankr. D. Conn. Case No. 17-31897) on Dec. 18, 2017. David
Richards, president, signed the petition. The cases are jointly
administered under Case No. 17-31897. At the time of filing,
Clinton Nurseries estimated its assets and liabilities at $10
million to $50 million.
Judge James J. Tancredi oversees the cases.
Zeisler & Zeisler, P.C. is the Debtors' legal counsel.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors. The committee tapped Green & Sklarz LLC as
its legal counsel.
CLOVER TECHNOLOGIES: Lenders Hire Lawyers After Loss of AT&T Biz
----------------------------------------------------------------
Alexander Gladstone, writing for The Wall Street Journal, reported
that lenders for Clover Technologies Group, which refurbishes and
recycles electronic equipment, have hired law firm Jones Day after
one of the mobile phone refurbisher's biggest customers said it was
taking the bulk of its business elsewhere, according to people
familiar with the matter.
According to the Journal, Jones Day, which often represents
creditors of struggling companies, will advise the group on pending
discussions regarding restructuring some $650 million of the
company's debt, the people said.
The Journal reported that Clover Technologies's parent, 4L Holdings
Corp., disclosed to investors that one of the largest customers of
its wireless division has "decided to fulfill requirements for
refurbished older units by purchasing them directly from the OEM
[original equipment manufacturer] rather than having them
refurbished by Wireless and other vendors."
Clover, which is based in Illinois and is owned by private-equity
firm Golden Gate Capital, didn't name the customer in the
disclosure, the Journal said, but two of the people said it was
AT&T .
The company has hired law firm Kirkland & Ellis and investment bank
Jefferies to evaluate balance-sheet alternatives and strategic
options, the Journal noted.
The lender group also plans to hear pitches from prospective
financial advisers. Evercore and Houlihan Lokey have both been
invited to pitch, two of the people said, the Journal cited.
COLUMBUS PARTNERS: Case Summary & 12 Unsecured Creditors
--------------------------------------------------------
Debtor: Columbus Partners Community Trust
13194 US HWY 301 #374
Riverview, FL 33578
Business Description: Columbus Partners Community Trust classifies
its business as Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)). The
Company owns in fee simple the Fort Benning
Estates Mobile Home Park having a comparable
sale value of $2.82 million.
Chapter 11 Petition Date: July 25, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Case No.: 19-06985
Debtor's Counsel: Samantha L. Dammer, Esq.
TAMPA LAW ADVOCATES, P.A.,
A PRIVATE LAW FIRM
620 East Twiggs Suite 110
Tampa, FL 33602
Tel: 813-288-0303
Fax: 813-466-7495
E-mail: sdammer@attysam.com
Total Assets: $3,129,065
Total Liabilities: $959,626
The petition was signed by Caleb Walsh, trustee.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at:
http://bankrupt.com/misc/flmb19-06985.pdf
CON. KHAL CHASIDEI: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Cong. Khal Chasidei Skwere
dba Tomer Devora School
dba Yeshiva Bais Yitzchok
dba Camp Skwere
dba Skwere Mosdos
dba Camp Bnos Skwere
dba Mesivta Bais Yitchok
1334 47th Street
Brooklyn, NY 11219
Business Description: Cong. Khal Chasidei Skwere is a tax-exempt
religious organization based in Brooklyn,
New York. The Company previously filed for
Chapter 11 protection on July 20, 2011
(Bankr. E.D.N.Y. Case No. 11-46263).
Chapter 11 Petition Date: July 25, 2019
Court: United States Bankruptcy Court
Eastern District of New York (Brooklyn)
Case No.: 19-44540
Judge: Hon. Carla E. Craig
Debtor's Counsel: Mark A. Frankel, Esq.
BACKENROTH FRANKEL & KRINSKY, LLP
800 Third Avenue, 11th Floor
New York, NY 10022
Tel: (212) 593-1100
Fax: (212) 644-0544
E-mail: mfrankel@bfklaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Shlomo Kolodny, administrator.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nyeb19-44540.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Avigdor Berkowitz $460,000
1164 53 Street
Bklyn, NY 11219
2. Budget Maintenance $6,906
1034 39 Street
Bklyn, NY 11219
3. Chaya Blau $7,000
5118 14th Ave, Apt 2B
Brooklyn, NY 11219
4. Con Edison Cooper Station $12,715
POB 138
New York, NY 10276
5. Con Edison $12,352
Cooper Station
POB 138
New York, NY 10276
6. Con Edison $14,459
Cooper Station
POB 138
New York, NY 10276
7. Esther Klein $200,000
1529 52 Street
Bklyn, NY 11219
8. Fraida Friedman $13,640
1643 E. 21ST ST
Brooklyn, NY 11230
9. Goldy Fefer $7,835
1543 49th St.
Brooklyn, NY 11219
10. Jacob Feldman $500,000
1161 45 Street
Bklyn, NY 11219
11. Liba Stein $7,395
4812 14th Ave
Brooklyn, NY 11219
12. M. Reichberg $195,000
1731 45 Street
Bklyn, NY 11204
13. N.S.T. Trans $11,009
9804 Ditmas Avenue
Bklyn, NY 11236
14. Rivka Taub $13,140
1364 E 7th St
Brooklyn, NY 11230
15. Roth & Co. CPA $60,000
1428 36th Street, Suite 200
Brooklyn, NY 11218
16. Ruchi Safrin $13,015
1655 55th St
Brooklyn, NY 11219
17. Sarah Berman $6,994
784 E 4th St.
Brooklyn, NY 11218
18. Sylvia Katz $12,196
1336 53rd St
Brooklyn, NY 11219
19. Tiferes Elimelech Rent for Tomer $90,000
1650 56th Street Devora High School
Brooklyn, NY 11204
20. Wexal Investors LLC Mesivta Bais $2,698,311
Wexel Inverstors LLC Yitzchok
c/o Kriss & Feuerstein LLP 1420 45th Street
360 Lexington Ave Brooklyn, NY 11219
New York, NY 10017
CUSSETA ROAD: Case Summary & 8 Unsecured Creditors
--------------------------------------------------
Debtor: Cusseta Road Community Trust
13194 US HWY 301 #374
Riverview, FL 33578
Business Description: Cusseta Road Community Trust classifies its
business as Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)). The
Debtor is the fee simple owner of Grand Oaks
Cusseta Mobile Home Park having a comparable
sale value of $1.88 million.
Chapter 11 Petition Date: July 25, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Case No.: 19-06986
Debtor's Counsel: Samantha L. Dammer, Esq.
TAMPA LAW ADVOCATES, P.A.
A PRIVATE LAW FIRM
620 East Twiggs Suite 110
Tampa, FL 33602
Tel: 813-288-0303
Fax: 813-466-7495
E-mail: sdammer@attysam.com
Total Assets: $1,946,158
Total Liabilities: $283,643
The petition was signed by Caleb Walsh, trustee.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at:
http://bankrupt.com/misc/flmb19-06986.pdf
CYTOSORBENTS CORP: Board OKs 2019 Base Salaries for Executives
--------------------------------------------------------------
The Compensation Committee of the Board of Directors of
CytoSorbents Corporation has approved these annual base salaries
and incentive equity awards for the Company's executive officers:
Name: Phillip P. Chan, MD, PhD
Position: Chief Executive Officer and President
Fiscal Year 2019 Base Salary: $438,000
Stock Options: 80,000
Restricted Stock Units: 60,000
Name: Vincent J. Capponi
Position: Chief Operating Officer
Fiscal Year 2019 Base Salary: $363,540
Stock Options: 68,000
Restricted Stock Units: 54,100
Name: Kathleen P. Bloch
Position: Chief Financial Officer
Fiscal Year 2019 Base Salary: $323,025
Stock Options: 60,000
Restricted Stock Units: 43,000
Name: Eric R. Mortensen
Position: Chief Medical Officer
Fiscal Year 2019 Base Salary: $355,950
Stock Options: 48,700
Restricted Stock Units: 12,200
The adjustments to base salary were made in connection with each
such executive officer's annual performance review. The stock
options and restricted stock units were awarded in the discretion
of the Compensation Committee under the Amended and Restated
CytoSorbents Corporation 2014 Long-Term Incentive Plan. Each
option and restricted stock unit has a 10-year term and each option
has a strike price of $7.33, the closing price of the Company's
common stock as reported on the NASDAQ Capital Market on the date
of the grant.
About CytoSorbents
Based in Monmouth Junction, New Jersey, CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification. Its flagship product, CytoSorb is approved in the
European Union with distribution in 55 countries around the world,
as an extracorporeal cytokine adsorber designed to reduce the
"cytokine storm" or "cytokine release syndrome" that could
otherwise cause massive inflammation, organ failure and death in
common critical illnesses. These are conditions where the risk of
death is extremely high, yet no effective treatments exist.
Cytosorbents reported a net loss of $17.21 million for the year
ended Dec. 31, 2018, compared to a net loss of $8.46 million for
the year ended Dec. 31, 2017. As of March 31, 2019, Cytosorbents
had $30.99 million in total assets, $15.97 million in total
liabilities, and $15.01 million in total stockholders' equity.
WithumSmith+Brown, PC, in East Brunswick, New Jersey, the Company's
auditor since 2004, issued a "going concern" qualification in its
report on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, noting that the Company sustained net
losses for the years ended Dec. 31, 2018, 2017 and 2016. Further,
the Company believes it will have to raise additional capital to
fund its planned operations for the twelve month period through
March 2020. These matters raise substantial doubt regarding the
Company's ability to continue as a going concern.
DAS MOTORS: Ally Entities Seek to Prohibit Cash Collateral Use
--------------------------------------------------------------
Ally Financial Inc. and Ally Bank asked the U.S. Bankruptcy Court
for the Southern District of California to prohibit DAS Motors
Corporation from using its cash collateral without consent and to
required the Debtor to segregate and account for cash collateral.
Ally is Debtor's floor plan or inventory lender, which financed
Debtor's acquisition of its inventory of cars and trucks for resale
to consumers. Pursuant to that certain Inventory Financing and
Security Agreement, the Debtor is required to repay the individual
loan advanced for each vehicle upon the sale of a vehicle.
Consequently, Ally has a perfected, first priority security
interest in Debtor's inventory of vehicles as well as all parts,
furniture, fixtures, equipment and general intangibles, and the
proceeds generated by the sale of those assets.
Ally asserts the payment requirement is a critical term of the IFSA
because each time the Debtor sells a car, its collateral is
diminished. Ally is dependent upon the proceeds from the sale of
vehicles to pay down the loan balance owed by the Debtor. The
principal loan balance owed to Ally is approximately $7.75 million
as of the Petition Date.
Ally contends that the value of the vehicles remaining in Debtor's
inventory is unknown since Debtor has yet to file its Bankruptcy
Schedules. However, it is nowhere near $7.75 million. Ally
estimates the value of the remaining vehicle collateral is, at the
most, $5.9 million. Ally maintains that it is substantially
undersecured, there is no equity in the collateral, and no equity
cushion for adequate protection.
On several occasions, Ally has attempted to audit the Debtor's
vehicle inventory. Initially, the Debtor rebuffed Ally, refusing
access to the dealership premises for the purposes of conducting
audits. Eventually, on July 11, Ally was permitted access to
conduct an audit and learned that Debtor had sold 22 vehicles
post-petition without paying Ally the amounts it advanced to Debtor
to acquire those vehicles. Worst, the Debtor has refused to provide
Ally with basic information concerning its cash collateral despite
multiple inquiries.
Based upon the lack of transparency, Ally believes the Debtor is
using its cash collateral without its consent and without the
Court's authority.
Attorneys for Ally Financial and Ally Bank
Duane M. Geck, Esq.
Donald H. Cram, Esq.
Severson & Werson, A Professional Corporation
One Embarcadero Center, Suite 2600
San Francisco, CA 94111
Telephone: (415) 398-3344
Facsimile: (415) 956-0439
E-mail: dmg@severson.com
dhc@severson.com
About DAS Motors Corp
DAS Motors Corporation dba Lang Nissan at Mission Bay --
https://www.langnissan.com/ -- is a car dealer in San Diego,
California, offering a wide inventory of new & used nissan
vehicles. The Company serves drivers in Pacific Beach, Ocean
Beach, Chula Vista, and La Mesa.
DAS Motors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Cal. Case No. 19-03752) on June 27, 2019. The
petition was signed by Steven Lang, president. At the time of the
filing, the Debtor disclosed assets of between $1 million to $10
million and liabilities of the same range.
The Hon. Christopher B. Latham is the case judge.
The Debtor tapped K. Todd Curry, Esq. at Curry Advisors, A
Professional Law Corporation, as counsel.
DIAMONDS AND DIAMONDS: WGD Seeks to Prohibit Cash Collateral Use
----------------------------------------------------------------
Secured creditor World's Gold & Diamonds, Inc., asks the U.S.
Bankruptcy Court for the District of Puerto Rico to prohibit debtor
Diamonds and Diamonds, Inc. from using or selling all property of
the estate in which WGD has a security interest.
Just recently, WGD moved to convert Debtor's case to Chapter 7 due
to Debtor's failure to obey court orders, gross mismanagement,
unauthorized use of cash collateral, and failure to make adequate
protection payments.
On Jan. 18, 2019, the Court issued an order granting WGD's motion
for adequate protection, for the following requested relief:
(1) Adequately protect WGD by retroactively ordering Debtor
to pay post-petition interest from July 10, 2017 on the principal
balance of $112,329.55 at the contract rate of 1.5% per month.
Through Dec. 31, 2018, the accrued interest is $29,858.12;
(2) Adequately protect WGD by prospectively ordering Debtor
to pay interest of 1.5% on $112,329.55 by the 5th day of each
month, a monthly sum that equals $1,684.94;
(3) To the extent such payments do not adequately protect WGD
interest, order a replacement lien in favor of WGD on all property
of the estate, and in failure of that, grant WGD's claim
super-priority status under 11 U.S.C. Section 507(b);
(4) Order Debtor to segregate and account for all cash
collateral under 11 U.S.C. Section 363(c)(4); and
(5) Order that the above adequate protection will be
incorporated within and survive the confirmation of any plan of
reorganization.
Instead of complying with the Court's adequate protection order and
commencing payments to WGD, Debtor filed a motion for
reconsideration. In its Order denying Debtor's Motion for
Reconsideration, the Court upheld the validity of WGD's security
interest by granting WGD's motion for summary judgment that
dismissed Debtor's complaint in Adversary Proceeding 18-00040.
Meanwhile, WGD learned that Debtor continues to operate its
business, selling the collateral securing WGD's claim and without
segregating and accounting for said cash collateral as required by
11 U.S.C. Section 363(c)(4) and the Court's order for adequate
protection. During this time, approximately $45,000 in professional
fees (not just legal fees) had been paid for or on behalf of Debtor
without disclosure, permission, or both.
Without obtaining the Court's permission, the Debtor has also been
using cash collateral earned from the sale of inventory.
Specifically, a significant portion of the cash disbursements have
been received by the following insiders: Jose Valdivia, Debtor's
president; Magaly Hernandez, Debtor's treasurer, an Marly
Hernandez, Debtor's secretary. Also, the Debtor was paying rent of
$6,000 (reduced to $4,000 in November 2018) per month to San Juan
Office Center, Inc., which is wholly-owned by Mr. Valdivia.
On July 12, after stating that it has been unable to retain
counsel, the Debtor also asked that the case be converted to a
Chapter 7, which was reiterated by acting attorney Antoan Figueroa,
who at the same time disclaims the legal representation of Debtor.
Given the rapidly diminishing value of WGD's collateral (including
cash collateral), WGD asks the Court to prohibit the Debtor from
using or selling the collateral and to direct the Debtor to take
all necessary and useful steps to secure the collateral to prevent
any loss or damage thereto -- which include, but are not limited
to, closing and locking Debtor's store and maintaining insurance on
its inventory.
Counsel for World's Gold & Diamonds:
David R. Martin
D.R. Martin, LLC
5200 Peachtree Rd, Suite 3116
Atlanta, GA 30341
Tel: (770) 454-1999
Tel: (877) 352-8839 (toll free)
Fax: (770) 458-5709
E-mail: dmartin@abogar.com
Diamonds and Diamonds, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 17-04882) on July 10,
2017.
EVOLV SOLUTIONS: Seeks Authorization to Use Cash Collateral
------------------------------------------------------------
Evolv Solutions, LLC, requests the U.S. Bankruptcy Court for the
District of Kansas to authorize its post-petition use of cash
collateral.
At the time of the filing, the Debtor had cash and bank balances,
and account receivables of approximately $122,268. The Debtor does
not have any creditors that have a claim to its cash or cash
collateral or equivalents.
Nonetheless, the Debtor will consider the evidence and negotiate
the use of any cash collateral to the extent that any creditor
holds a duly perfected security interest.
While the Debtor acknowledges, that there it has an agreement with
Xerox Corporation in which Xerox have a claim to funds that come
into an escrow account, the Debtor, however, does not have access
to the funds that belong to Xerox and do not propose to use any
cash collateral pertaining to Xerox. Instead, the Debtor will
continue with the escrow agreement with Xerox.
A copy of the Cash Collateral Motion is available for free at
http://bankrupt.com/misc/ksb19-21440-10.pdf
About Evolv Solutions
Established in 2001, Evolv Solutions LLC was founded as a document
management and information firm. Today, the company focuses on
providing Managed Print Services (MPS) and outsourced digital print
solutions for a variety of commercial, municipal and federal
clients.
Evolv Solutions filed a voluntary Chapter 11 petition (Bankr. D.
Kan. Case No. 19-21440) on July 12, 2019. In the petition signed
by Ronald Harland Sr., president, the Debtor estimated $1,190,692
in assets and $893,268 in liabilities. The case is assigned to
Judge Dale L. Somers. Colin N. Gotham, Esq., at Evans & Mullinix,
P.A., is the Debtor's counsel.
FIELDPOINT PETROLEUM: Moss Adams Quits as Auditor
-------------------------------------------------
Moss Adams LLP has resigned as the auditor of FieldPoint Petroleum
Corporation, effective July 19, 2019. Moss Adams served as
auditors of the Company's financial statements from Nov. 16, 2017
through July 19.
The audit reports of Moss Adams for the Company's fiscal years
ending in Dec. 31, 2017 and Dec. 31, 2018 did not contain any
adverse opinion or a disclaimer opinion and were not qualified or
modified as to the uncertainty, audit scope or accounting
principle, except that there was an explanatory paragraph
describing the conditions that raised substantial doubt about the
Company's ability to continue as a going concern for the fiscal
years ended Dec. 31, 2017 and 2018.
The Company said that from Nov. 16, 2017 through July 19, 2019 the
period during which the Former Auditor was engaged as the Company's
independent registered public accounting firm, there were no
disagreements with the Former Auditor on any matter of accounting
principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreements if not resolved to the
satisfaction of the Former Auditor would have caused the Former
Auditor to make reference to the subject matter of the
disagreements as defined in Item 304 of Regulation S-K in
connection with any reports it would have issued, and there were no
"reportable events" as such term is described in item 304(a) (1)
(iv) and (v) of Regulation S-K.
About FieldPoint Petroleum
Based in Austin, Texas, FieldPoint Petroleum Corporation (NYSE:FFP)
-- http://www.fppcorp.com-- is engaged in oil and natural gas
exploration, production and acquisition, primarily in Louisiana,
New Mexico, Oklahoma, Texas, and Wyoming.
Fieldpoint Petroleum reported a net loss of $3.25 million in 2018,
compared to net income of $2.66 million on $3.03 million for the
year ended Dec. 31, 2017. As of March 31, 2019, FieldPoint
Petroleum had $4.52 million in total assets, $6.25 million in total
liabilities, and a total stockholders' deficit of $1.73 million.
Moss Adams LLP, in Dallas, Texas, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated April
15, 2019, on the Company's consolidated financial statements for
the year ended Dec. 31, 2018, stating that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
FIRSTENERGY SOLUTIONS: Ohio's Proposed Bailout Lifts Bonds
----------------------------------------------------------
Alexander Gladstone and Andrew Scurria, writing for The Wall Street
Journal, reported that FirstEnergy Solutions Corp.'s bonds rallied
on July 18 as Ohio lawmakers were poised to funnel $150 million in
annual subsidies to the bankrupt company's two money-losing nuclear
plants in the state.
According to the report, the state Senate voted 19-12 on July 17 in
favor of the subsidy legislation, which would prop up the
Davis-Besse and Perry nuclear plants on Lake Erie. The bill now
goes back to Ohio's House of Representatives for revisions, the
report said.
FES had previously informed lawmakers that it would need to shut
down the plants if it didn't receive state funding by July 17, the
report related.
The subsidy, which would amount to a total value of close to $1
billion through 2026, would alter the assumptions included in the
company's bankruptcy-exit strategy, which hasn't been approved by
the court overseeing the chapter 11 proceedings, the report further
related.
FES investment banker Lazard has estimated that if the chapter 11
plan is approved, the reorganized company's equity value would be
between $2.44 billion and $2.68 billion, the report said.
The bill, if signed by Ohio Gov. Mark DeWine, would scramble that
analysis and likely require recoveries for creditors to change, the
Journal said, citing two people familiar with the matter. The
equity valuation would likely amount to roughly $3.1 billion if the
Ohio subsidy is included, one of the people estimated, the Journal
added.
About FirstEnergy Solutions
Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a
subsidiary of FirstEnergy Corp (NYSE:FE). FES --
http://www.firstenergycorp.com/-- provides energy-related products
and services to retail and wholesale customers; and owns and
operates 5,381 MWs of fossil generating capacity through its
FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of
nuclear generating capacity through its FirstEnergy Nuclear
Generation subsidiary. Nuclear generating plants are operated by
FirstEnergy Nuclear Operating Company (FENOC), which is a separate
subsidiary of FirstEnergy Corp.
On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757). The cases are pending before the
Honorable Judge Alan M. Koschik and their cases be jointly
administered under Case No. 18-50757.
Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process. First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.
The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy
counsel; Brouse McDowell LPA as co-counsel; Lazard Freres & Co. as
investment banker; Alvarez & Marsal North America, LLC, as
restructuring advisor and Charles Moore as chief restructuring
officer; and Prime Clerk as claims and noticing agent. The Debtors
also tapped Willkie Farr & Gallagher LLP, Hogan Lovells US LLP and
Quinn Emanuel Urquhart & Sullivan, LLP as special counsel.
The U.S. Trustee for Region 9 appointed an official committee of
unsecured creditors on April 12, 2018. Milbank, Tweed, Hadley &
McCloy LLP and Hahn Loeser & Parks LLP serve as counsel to the
committee.
GALINDO CUSTOM: Hires Alpha Commercial as Finance Consultant
------------------------------------------------------------
Galindo Custom House Brokers, Inc., seeks authority from the U.S.
Bankruptcy Court for the Western District of Texas to employ Alpha
Commercial Loan Services, LLC, as financial consultant to the
Debtor.
Galindo Custom requires Alpha Commercial to provide consulting
services to seek and secure loan commitments for acceptable
financing to refinance existing loan.
Alpha Commercial 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.
David W. McLain, president of Alpha Commercial Loan Services, LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Alpha Commercial can be reached at:
David W. McLain
ALPHA COMMERCIAL LOAN SERVICES, LLC
18507 Shiloh Forest
San Antonio, TX 78258
About Galindo Custom House Brokers
Galindo Custom House Brokers is a privately held company in Del
Rio, Texas, that is engaged in the business of freight
transportation arrangement.
Galindo Custom House Brokers filed a Chapter 11 petition (Bankr.
W.D. Tex. Case No. 19-50776) on April 1, 2019. In the petition
signed by Sergio Galindo, president, the Debtor estimated $1
million to $10 million in both assets and liabilities. Judge
Ronald B. King oversees the case. Ronald J. Smeberg, Esq., at The
Smeberg Law Firm, PLLC, is the Debtor's counsel.
GB SCIENCES: Declines $15M Offer for 50% Stake in Subsidiary
------------------------------------------------------------
GB Sciences, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that it received an unsolicited $15,000,000
offer for its 50% interest in GB Sciences Louisiana LLC. The
Company declined the offer. The Company will inform shareholders
if there are any material developments in the dialogue with the
proposed purchaser.
About GB Sciences
Las Vegas, Nevada-based GB Sciences, Inc., formerly Growblox
Sciences, Inc., is developing and utilizing state of the art
technologies in plant biology, cultivation and extraction
techniques, combined with biotechnology, and plans to produce
consistent and measurable medical-grade cannabis, cannabis
concentrates and cannabinoid therapies. The Company seeks to be an
innovative technology and solution company that converts the
cannabis plant into medicines, therapies and treatments for a
variety of ailments.
GB Sciences incurred net loss of $24.68 million for the 12 months
ended March 31, 2019, compared to a net loss of $23.15 million for
the 12 months ended March 31, 2018. As of March 31, 2019, GB
Sciences had $30.02 million in total assets, $12.86 million in
total liabilities, and $17.15 million in total equity.
Soles, Heyn & Company, LLP, in West Palm Beach, Florida, the
Company's auditor since the year ended March 31, 2014, issued a
"going concern" qualification in its report dated July 15, 2019, on
the Company's consolidated financial statements for the yea ended
March 31, 2019, citing that the Company had accumulated losses of
approximately $84.7 million, has generated limited revenue, and may
experience losses in the near term. These factors and the need for
additional financing in order for the Company to meet its business
plan, raise substantial doubt about its ability to continue as a
going concern.
GODSTONE RANCH: Hires Michael Hardwick as Counsel
-------------------------------------------------
Godstone Ranch Real Estate LLC, seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Michael Hardwick Law, PLLC, as counsel to the Debtor.
Godstone Ranch requires Michael Hardwick to:
a. advise the Debtor regarding its rights, duties and powers
as a debtor-in-possession in this proceeding;
b. appear before the Bankruptcy Court or any other court to
represent the interests of the Debtor as is required;
c. attend the Initial Debtor Interview, if required, with
the Debtor;
d. attend the meeting of creditors with the Debtor;
e. assist the Debtor with proposing, prosecuting, and
consummating a chapter 11 disclosure statement and plan of
reorganization;
f. prepare any and all pleadings, as deemed appropriate, to be
filed in this case;
g. assist the Debtor with the resolution of claims filed
against the estate, preservation and disposition of assets
of the estate, the prosecution of actions taken on behalf
of the estate, and resolution of other disputes that may
arise during the bankruptcy case;
h. advise the Debtor regarding business finances,
transactions, and the daily operations of the businesses as
a debtor-in-possession;
i. perform any other legal services that may be deemed
appropriate in connection with the bankruptcy case.
Michael Hardwick will be paid at these hourly rates:
Attorneys $350
Paralegals $150
Prior to the filing of this case Michael Hardwick received payment
from the Debtor in the amount of $2,500. Legal services rendered
prior to the filing of the petition for relief totaled $500, and
costs incurred in connection with the filing of the petition for
relief totaled $1,767. On the petition date Michael Hardwick held
unapplied funds attributable to pre-petition payments made by the
Debtor in the amount of $283.
Michael Hardwick will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Michael L. Hardwick, a partner at Michael Hardwick 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 Debtor and its estates.
Michael Hardwick can be reached at:
Michael L. Hardwick, Esq.
MICHAEL HARDWICK LAW, PLLC
2200 North Loop West, Suite 116
Houston, TX 77018
Tel: (713) 832-930-9090
Fax: (713) 832-930-9091
E-mail: michael@michaelhardwicklaw.com
About Godstone Ranch Real Estate
Godstone Ranch Real Estate, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-33153) on June
3, 2019. At the time of the filing, the Debtor estimated assets of
between $100,001 and $500,000 and liabilities of the same range.
The case is assigned to Judge Jeffrey P. Norman. Michael Hardwick,
PLLC, is the Debtor's bankruptcy counsel.
GYPSUM RESOURCES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Gypsum Resources Materials, LLC 19-14796
fdba High Grade Gypsum, LLC
8212 Spanish Ridge, Suite 200
Las Vegas, NV 89148
Gypsum Resouces, LLC 19-14799
fdba Gypsum Resources I, LLC
fdba Blue Diamond Falls, LLC
8212 Spanish Ridge Avenue
Las Vegas, NV 89148
Business Description: Gypsum Resouces is a privately held company
in the gypsum mining business.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
District of Nevada (Las Vegas)
Case No.: 19-14796
Judge: Hon. Mike K. Nakagawa
Debtors'
General
Bankruptcy
Counsel: Brett A. Axelrod, Esq.
FOX ROTHSCHILD LLP
1980 Festival Plaza Drive Ste 700
Las Vegas, NV 89135
Tel: (702) 262-6899
Fax: (702) 597-5503
E-mail: baxelrod@foxrothschild.com
Gypsum Resources Materials'
Estimated Assets: $10 million to $50 million
Gypsum Resources Materials'
Estimated Liabilities: $10 million to $50 million
Gypsum Resouces, LLC's
Estimated Assets: $50 million to $100 million
Gypsum Resouces, LLC's
Estimated Liabilities: $50 million to $100 million
The petitions were signed by James M. Rhodes, president of Truckee
Springs Holdings, LLC, manager of Gypsum Resources, LLC.
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/nvb19-14796.pdf
http://bankrupt.com/misc/nvb19-14799.pdf
A. List of Gypsum Resources Materials' 20 Largest Unsecured
Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Arizona Drilling Blasting Trade Debt $856,357
1302 W. Drivers Way
Tempe, AZ 85284
Teresa Dawson
Tel: 480-730-1033
Email: tdawson@fisherind.com
2. Broadbent & Associates, Inc. Trade Debt $66,519
8 West Pacific Avenue
Henderson, NY 89015
Kirk Stowers
Tel: 702-563-0000
Email: kstowers@broadbentinc.com
3. Country Financial Insurance $53,542
1701 N. Towanda Ave.
Bloomington, IL
61701-2057
Larry Ransom
Tel: 702-395-3640
Email: larry.ransom@countryfinancial.com
4. Crestmark Equipment Finance Trade Debt $156,335
PO Box 233756
3756 Momentum Place
Chicago, IL
60689-5337
David Dieck
Tel: 248-593-3940
Email: ddieck@crestmark.com
5. Gilbert Development Corporation Trade Debt $104,721
6249 W. Gilbert Industrial Court
Hurricane, UT 84737
Keith Gilbert
Tel: 435-701-1903
Email: keith@gilbertdevelopment.com
6. Health Plan of Nevada Insurance $47,427
P.O. Box 749546
Los Angeles, CA
90074-9546
Ferchie Abad Santos
Tel: 702-240-8948
7. Herc Rentals Inc. Lien on Blue $24,154
P.O. Box 241566 Diamond Mine
Cleveland, OH 44124
Douglas Forhecz
Tel: (239) 301-1444
8. Hitachi Capital Guaranty of $28,693
America Corp. Motor Vehicle
800 Connecticut Avenue Security Agreement
Norwalk, CT 06854
Laura McGarry
Tel: 203-956-3000
Email: lmcgarry@hitachicapitalamerica.com
9. Kenworth Sales Company Trade Debt $92,253
3033 Losee Road
North Las Vegas, NV 89030
Matt Borchardt
Tel: 702-399-2424
Email: mborchardt@kensco.com
10. Kimball Equipment Company Trade Debt $27,065
3838 Octagon Road
North Las Vegas, NV 89030
Kirk Rainbolt
Tel: 702-308-9884
Email: kraibolt@kimballequipment.com
11. Ogletree Deakins Professional $39,997
Nash Smoak & Stewart PC Services
3800 Howard Hughes
Pkwy Suite 1500
Las Vegas, NV 89169
Jill Garcia
Tel: 702-369-6809
Email: jill.garcia@ogletree.com
12. Sanders Construction, Inc. Trade Debt $226,875
P.O. Box 92707
Henderson, NV
89009-0967
Danny Sanders
Tel: 702-327-5600
Email: Danny@blastwest.com
13. State of Nevada - $44,329
Division of Environment
901 S. Stewart Street
Suite 4001
Carson City, NV 92614
Tel: 775-687-4670
14. TEC Equipment Inc. Trade Debt $177,238
PO Box 11272
Portland, OR 30009
Zach White
Tel: 702-574-0895
Email: zwhite@tecequipment.com
15. Total Quality Trade debt $49,183
Logistics, LLC
PO Box 634558
Cincinatti, OH
45263-4558
Kellsey Barger
Tel: 800-580-3101
Email: kbarger@tql.com
16. Trinity Logistics Inc. Trade Debt $70,645
11148 Tamarisk Rd
Adelanto, CA 92301
Brittany Murphy
Tel: 302-990-3623
Email: brittany.murphy.trinitylogistics.com
17. United Rentals Trade Debt $38,976
File 51122
Los Angeles, CA
85072-3267
Credit Department
Tel: 704-916-4814
18. United Site Services Trade Debt $24,908
P.O. Box 53267
Phoenix, AZ 89123
Gina Davis
Tel: 669-234-5030
Email: gina.davis@unitedsiteservices.com
19. VT Construction Trade Debt $38,704
4750 Copper Sage St.
Las Vegas, NV 89115
Kendy Park
Tel: 702-658-7195
Email: kendy@vtconstruction.org
20. Wyatt Best Trade Debt $35,000
1630 E Manning #312
Reedley, CA 93654
Tel: 360-912-0311
Email: wbest@cv-ag.com
B. List of Gypsum Resources, LLC's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Clark County Confession of $112,932
Department of Air Judgment Against
Quality Gypsum Resources
4701 W. Russel LLC
Road, Suite 200
Las Vegas, NV
89118-2231
Anna Sutowska
Email: Anna.Sutowska@ClarkCountyNV.gov
2. Komatsu Financial Guaranty of $0
P.O. Box 99303 Security Agreement-
Chicago, IL Conditional Sales
60693-9303 Contract 36290-005
Email: kfcustomerservice@komatsua.com
HORIZON GLOBAL: Denise Ilitch Quits as Director
-----------------------------------------------
Ms. Denise Ilitch advised the Board of Directors of Horizon Global
Corporation of her resignation from the Company's Board, effective
as of July 22, 2019, as disclosed in a Form 8-K filed with the
Securities and Exchange Commission. The Company said Ms. Ilitch's
resignation from the Board was not due to any disagreement with the
Company on any matter relating to the Company's operations,
policies or practices. The Board expressed its thanks to Ms.
Ilitch for her service to the Board.
On July 22, 2019 the Company decreased the size of the Board from
nine to eight directors.
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 18, 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.
HVI CAT: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: HVI Cat Canyon, Inc.
630 Fifth Avenue, Suite 2410
New York, NY 10111
Business Description: HVI Cat Canyon, Inc. is a privately held
oil and gas extraction company based in
New York.
Chapter 11 Petition Date: July 25, 2019
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Case No.: 19-12417
Debtor's Counsel: Michael L. Moskowitz, Esq.
WELTMAN & MOSKOWITZ, LLP
270 Madison Avenue, Suite 1400
New York, NY 10016-0601
Tel: (212) 684-7800
Fax: (212) 684-7995
Email: mlm@weltmosk.com
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Alex G. Dimitrijevic, president and
COO.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb19-12417.pdf
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Santa Barbara County Taxes & Accrued $3,351,085
Treasurer-Tax Collector Interest
105 E. Anapamu St., Suite 109
Santa Barbara, CA 93102
Vida McIsaac
Tel: 805-568-2920
Email: VMcisaa@co.santa-barbara.ca.us
2. Allen Matkins Leck Gamble Professional $1,848,934
865 South Figueroa Street Services
Suite 800
Los Angeles, CA 90017-2543
James L. Meeder
Tel: (415) 273-7471
Email: jmeeder@allenmatkins.com
3. Diamond McCarthy LLP Professional $1,420,517
909 Fannin Street Services
37th Floor Two Houston Center
Houston, Texas 77010
Allan Diamond
Tel: (713) 333-5104
Email: adiamond@diamondmccarthy.com
4. Santa Barbara County -APCD Trade Debt $1,072,681
260 North San Antonio Rd.,
Santa Barbara, CA 93110
Aeron Arlin Genet
Tel: (805) 961-8800
Fax: (805) 961-8801
5. Akin Gump Strauss Hauer & Feld Professional $783,188
1999 Avenue of the Stars Services
Suite 600
Los Angeles, CA 90067
Stephen D. Davis
Tel: (713) 220-5888
Email: sddavis@akingump.com
6. Santa Barbara County P&D Trade Debt $703,708
123 East Anapamu Street
Santa Barbara, CA 93101
John Zorovich
Tel: (805) 568-2519
Email: Jzoro@co.santa-barbara.ca.us
7. W. J. Kenny Corp. Royalties $637,546
c/o Allfirst Bankcorp Trust
c/o M&T Bank
One M&T Plaza
Buffalo, NY 14203
Tel: (716) 842-5138
Fax: (716) 635-4230
8. PG&E Trade Debt $624,332
77 Beale St.
San Francisco, CA 94177
Denise A. Newton
Tel: (661) 398-5950
Email: dan8@pge.com
9. Ann Jenny Schupp Royalties $586,746
c/o M H Whittier Corp.
1600 Huntington Drive
South Pasadena, CA 91030
Ann Jenny Schupp
Tel: (714) 307-6108
Fax: c/o (626) 441-0420
10. William W. Jenny Jr. Royalties $565,714
5101 East Camino Alisa
Tucson, AZ 85718
William W. Jenny Jr.
Tel: (520) 299-6669
Email: caramel@hotmail.com
11. J.P. Morgan-Chase Royalties $499,048
Attn: Michael Kerney
450 West 33rd Street, 15th Floor
Ref: 030057 Nassau Assoc-Saba
New York, NY 10041
Michael Kerney
Tel: (212) 644-3206
Fax: (212) 759-1675
12. West Coast Welding & Const. I Trade Debt $471,111
2201 Celsius Avenue Suite B
Oxnard, CA 93030
Michael Barbey
Tel: (805) 701-5808
Email: mbarbey@westcoastwelding.net
13. Sherill A. Schoepe Royalties $427,928
14974 Adams Dr.
Pauma Valley, CA 92061
Sherrill A. Schoepe
Tel: (760) 742-3272
Email: s.wetzler@musickpeeler.com
14. Andrew Kurth LLP Professional $380,000
600 Travis Suite 4200 Services
Houston, TX 77002
David A. Zdunkewicz
Tel: (832) 264-4107
Emai: DZdunkewicz@andrewskurth.com
15. Larsen O'Brien LLP Professional $369,425
555 Sourth Flower Services
Suite 4400
Los Angeles, CA 90071
Robert C. O'Brien
Tel: (213) 436-4865
Email: ROBrien@larsonbrienlaw.com
16. Victory Oil Royalties $357,734
222 West 6th Street, Suite 1010
San Pedro, CA 90731
Eric Johnson
Tel: (310) 519-9500
Email: smallbusinessteam@wolterskluwer.com
17. California Department Production $300,562
of Conservation Assessments
801 K Street
Sacramento, CA 95814
Sharon Armstrong
Tel: (916) 323-0427
Email: Sharon.Armstrong@conservation.ca.gov
18. Diane T. Walker Royalties $272,888
748 Oceanville Road
Stonington, ME 04681-9714
Diane T. Walker
Tel: (207) 367-5103
19. Stoner Family Trust Royalties $264,968
James G. Sanford Trustee
100 West Liberty Street, Suite 900
Reno, NV 89501
James G. Sanford
Tel: (775) 323-1326
20. Charles C. Albright Trustee Royalties $246,388
729 West 16th Street #B8
Costa Mesa, CA 92627
Charles C. Albright
Tel: (949) 887-5885
Email: calbright@juno.com
I.K.E. ELECTRICAL: Seeks Authority on Interim Cash Collateral Use
-----------------------------------------------------------------
I.K.E. Electrical Corp. seeks authority from the U.S. Bankruptcy
Court for the District of New Jersey for the interim use of cash
collateral consistent with its budget.
Citibank, N.A. has a purported security interest on the Debtor's
property (including current and future proceeds) at the
commencement of the case, including the Debtor's accounts,
inventory and other collateral which is or may result in cash
collateral.
The Debtor will protect Citibank's interest in the cash collateral
by (i) maintaining property and business insurance (ii) maintaining
and managing the business; (iii) providing replacement liens; and
(iv) providing Citibank with adequate protection payments during
the pendency of the Debtor's bankruptcy case.
In addition, as set forth in the Budget, there will be a positive
cash flow which strengthens the business operations of the Debtor,
secures its reorganization efforts, and protects Citibank's
security interest from diminution in the value of its collateral.
Furthermore, Citibank will be adequately protected by maintaining
property and business insurance, by continuing to manage the
business in a profitable manner, and by remitting adequate
protection payments as outlined in the budget.
A copy of the Cash Collateral Motion is available for free at
http://bankrupt.com/misc/njb19-22216-15.pdf
About I.K.E. Electrical Corp.
I.K.E. Electrical Corporation is a residential electrical
contractor in Closter, New Jersey. The Company previously sought
bankruptcy protection (Bankr. D.N.J. Case No. 16-18212) on April
28, 2016.
I.K.E. Electrical Corp., based in Closter, NJ, filed a Chapter 11
petition (Bankr. D.N.J. Case No. 19-22216) on June 19, 2019. The
Hon. John K. Sherwood oversees the case. David L. Stevens, Esq.,
at Scura, Wigfield, Heyer & Stevens, LLP, serves as the Debtor's
bankruptcy counsel. In the petition signed by Rebecca S. Adika,
president, the Debtor estimated $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities.
JAGUAR HEALTH: Board Approves Stock Option Grants
-------------------------------------------------
At the annual meeting of stockholders of Jaguar Health, Inc. held
on May 24, 2019, the Company's stockholders approved an amendment
to the Company's 2014 Stock Incentive Plan to increase the number
of shares of the Company's common stock authorized for issuance
under the 2014 Plan such that the aggregate authorized but unissued
shares available for issuance under the 2014 Plan would be equal to
12.5% of the issued and outstanding shares of Common Stock on a
fully diluted basis including for purposes of this calculation as
if those shares available under the 2014 Plan were included in the
denominator (and assuming conversion or exercise, as applicable, of
all outstanding convertible securities, including but not limited
to conversion of the Company's Series A Convertible Participating
Preferred Stock and Series B Convertible Preferred Stock into
shares of Common Stock shares in accordance with the Company's
Certificate of Incorporation as amended from time to time, all
issued and outstanding warrants, RSUs and stock options (whether
issued under or outside the 2014 Plan and the like)) calculated as
of the earlier of (A) the day immediately after the consummation of
the Company's next underwritten public equity offering with gross
proceeds of $5 million or more or (B) July 31, 2019. The
Calculation Date occurred on July 24, 2019. On the Calculation
Date, the total number of issued and outstanding shares of Common
Stock on a fully diluted basis was 30,404,653 shares. Accordingly,
the total number of shares of Common Stock approved for issuance
under the 2014 Plan, confirmed on the Calculation Date, was
4,330,400 shares.
Stock Options
On July 19, 2019, at a regularly scheduled meeting of the Board of
Directors of the Company, the Board of Directors approved the grant
of stock options under the Company's 2014 Plan to officers,
directors and certain employees of the Company, including Lisa
Conte (president and chief executive officer), Steven R. King
(executive vice president), and Karen S. Wright (chief financial
officer and treasurer). The Board of Directors' approval of the
Option Grant would be effective on the Calculation Date. On July
24, 2019, the Calculation Date, the grant of the Options became
effective:
Executive Officer Option Shares
----------------- -------------
Lisa Conte 1,042,052
Steven R. King 347,351
Karen S. Wright 303,932
The Options were granted under and in accordance with the terms and
conditions of the 2014 Plan.
Pursuant to the terms of the Options, the 2014 Plan and the Option
Agreement, the Options will vest as follows provided in each case
that the Executive Officer remains employed by the Company through
the applicable vesting date:
Executive Officer: Lisa Conte
Option Shares
Vested on July 24, 2019: 144,729
Option Shares Vesting Monthly over the
36-Month Period Beginning on July 24, 2019: 897,323
Executive Officer: Steven R. King
Option Shares
Vested on July 24, 2019: 48,243
Option Shares Vesting Monthly over the
36-Month Period Beginning on July 24, 2019: 299,108
Executive Officer: Karen S. Wright
Option Shares
Vested on July 24, 2019: 31,172
Option Shares Vesting Monthly over the
36-Month Period Beginning on July 24, 2019: 272,760
The exercise price per share for the Options is $1.73, the closing
price for the Company's Common Stock on the Nasdaq Capital Market
on Tuesday, July 23, 2019, which was the effective closing price
when the Options became effective. Following the Option Grant, the
total number of issued and outstanding shares of Common Stock on a
fully diluted basis was 34,735,053 shares.
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.
JAS EXPEDITED: Authorized to Use Cash Collateral Until Sept. 30
---------------------------------------------------------------
Bankruptcy Judge Joel D. Applebaum authorized JAS Expedited
Trucking, LLC to use the cash collateral until Sept. 30, 2019, in
the ordinary course of business.
The Debtor acknowledges that it is indebted to JPMorgan Chase Bank,
N.A. pursuant to various documents. As of the Petition Date, Chase
is owed approximately $202,449, secured by substantially all of the
Debtor's tangible and intangible assets (excepting vehicles) under
a security agreement.
As adequate protection for the use of the cash collateral, Chase is
granted a security interest and first priority lien on the Debtor's
post-filing cash collateral solely to the extent of any diminution
in the value of the assets securing the Chase Debt.
As further adequate protection, the Debtor will:
(a) Pay regular monthly payments to Chase as required under
the Line of Credit Note and the Term Note at the non-default
interest rates.
(b) Pay in cash on a current basis, the reasonable and
documented professional fees and expenses of Chase's counsel and
third party consultants incurred by Chase arising subsequent to the
Petition Date.
(c) Before any penalty attaches, the Debtor will pay any
portion of the following taxes, assessments, and bills that has
accrued after the Petition Date: real estate and personal property
taxes, real estate and personal property assessments, water bills,
and utility bills, and provide, at Chase's request, proof of such
payments.
(d) Provide Chase and the Committee (if one is appointed) with
reasonable access to any and all of its business records and
facilities for audit, appraisal, inspection, and review by Chase or
the Committee and any agents and consultants of Chase or the
Committee, as applicable, upon reasonable notice.
(e) Maintain the insurance presently in place, without
reductions in the type or amount of any coverage, provide
certificates identifying Chase as an additional insured and loss
payee, and promptly pay all premiums required to maintain such
insurance. The Debtor will provide proof of the insurance upon
Chase's request.
(f) The Debtor will provide to Chase and the Committee (if one
is appointed) (1) copies of the Debtor's year end financials and
tax returns for the prior year; (2) copies of the 12-month
projections and any other reports provided to the U.S. Trustee; (3)
the following monthly reports: operating statements, accounts
payable report, accounts receivable aging reports, financial
statements, profit and loss statements, and balance sheets; (4) on
a weekly basis, a weekly cash report.
(g) The Debtor's monthly projection of cash receipts and
disbursements for July through August.
(h) Beginning with the month of August 2019, and continuing
for each month thereafter, the Debtor will provide to any
interested parties an amended budget showing changes in the
projected cash receipts and disbursements with an explanation of
any line item changes that vary by 15% from the line item amounts
shown on the current budget.
(i) Beginning for the month of July, and each month
thereafter, the Debtor will complete a budget, as it may be
amended, to show (i) the projection of cash receipts and
disbursements; (ii) the Debtor’s actual cash receipts and
disbursements; (iii) the variance between (i) and (ii), and an
explanation of variations in excess of 15% per line item.
(j) The Debtor will seek authority from the Court to establish
its debtor-in-possession accounts at Chase.
If an objection is filed 30 days from the July 12, the final
hearing will be held on Aug. 21, 2019 at 11:00 a.m.
A copy of the Order is available for free at
http://bankrupt.com/misc/mieb19-31434-41.pdf
About JAS Expedited Trucking
JAS Expedited Trucking, LLC, is a privately held company that
provides transportation services. JAS sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
19-31434) on June 13, 2019. The petition was signed by Anthony
Freeland, II, member/general manager. At the time of the filing,
the Debtor had $1,620,025 in assets and $2,097,159 in liabilities.
The case is assigned to Judge Joel D. Applebaum. The Debtor is
represented by David W. Brown, Esq., at the Law Office of David W.
Brown PLLC.
KAMC HOLDINGS: S&P Assigns B Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned a 'B' issuer credit rating to KAMC
Holdings Inc. (d/b/a Franklin Energy), a Port Washington,
Wisc.-based provider of energy efficiency and demand-side
management (DSM) solutions and products.
The company is issuing a $35 million first-lien revolving credit
facility, a $325 million first-lien term loan, and a $120 million
second-lien term loan to support its leveraged buy-out by Abr
Partners. S&P assigned its 'B' issue-level and '3' recovery
ratings to the company's first-lien credit facilities, and its
'CCC+' issue-level rating and '6' recovery rating to the
second-lien term loan.
S&P said, "Our rating on Franklin Energy ('Franklin') reflects its
high debt leverage, relatively small scale, and narrow business
focus of providing DSM services to utilities in the U.S. and
Canada, as well as its high customer concentration and high
percentage of annual contract renewals. Our key risks are partially
offset by favorable industry tailwinds due to cost efficiency of
DSM versus alternative energy sources, increasing regulatory
requirements that support DSM services, the company's good record
of execution, and its industry leading profit margins.
"The stable outlook reflects our expectations that Franklin Energy
will continue to demonstrate mid-single-digit percent organic
revenue growth rates and stable adjusted EBITDA margins that result
in adjusted debt leverage declining to the mid-6x area over the
next 12 months from 7.0x pro-forma for the acquisition financing.
"We could lower our ratings on Franklin should we expect leverage
to exceed 7x on a sustained basis, which could be a result of weak
operating performance, aggressive debt-funded acquisitions, or
debt-funded shareholder returns. We could also lower the rating if
the company fails to renew key programs or high competitive
intensity in the increasingly saturated demand-side energy
solutions industry lead us to believe organic revenue growth will
decline to the low-single-digit percent area.
"An upgrade is unlikely over the next 12 to 24 months given
Franklin's narrow business mix, revenue scale, and financial
sponsor ownership. In our upside scenario, we would expect the
company to demonstrate a more conservative financial policy of
maintaining leverage at less than 5.0x with a solid execution
record that strengthens its competitive position."
KENAN ADVANTAGE: Moody's Lowers CFR to B3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of Kenan Advantage
Group, Inc. including the Corporate Family Rating to B3 from B2,
Probability of Default Rating to B3-PD from B2-PD, the senior
secured bank credit facilities to B2 from B1 and the senior
unsecured notes to Caa2 from Caa1. The outlook remains negative.
RATINGS RATIONALE
The ratings reflect high financial leverage with Moody's adjusted
debt-to-EBITDA approximating 6.7x and a weaker liquidity profile.
Moody's expects leverage to remain elevated amidst earnings and
margin pressures that are likely to continue in the face of labor
cost inflation, competitive pressure and softening industrial and
macro growth over the next 12 to 18 months. As well, Moody's
anticipates free cash flow will remain negative at least over the
near term due primarily to heavy capital spending to support the
company's fleet renewal strategy.
The ratings consider the constrained free cash flow profile and
high financial leverage for Kenan's business risk, given the
cyclical nature of its end markets, competitive landscape and
rising costs in an environment of driver shortages. Event risk is
elevated considering Kenan's acquisitive growth history, usually
debt-funded, that has slowed the pace of de-leveraging and the
potential for shareholder distributions that increase leverage with
private equity ownership.
Kenan is a leader in its specialty truck transportation markets,
benefiting from its large scale and diversification by end market
and geographic footprint across the U.S. and Canada. Moody's
believes the company's fuels delivery and food transportation
segments are somewhat less cyclical and help minimize downside
risk. Demand fundamentals should support at least low single digit
revenue growth and EBITA margins approaching the mid 5% level
(Moody's adjusted) through 2020, aided in part by efficiency
initiatives. As a result, leverage should trend down towards the
low 6x range.
The negative outlook reflects Moody's expectation of weak
liquidity, including diminished revolver availability with a near
term July 2020 maturity for roughly USD $48 million. This is the
portion of existing commitments (of USD $125 million and CAD $15
million) that was not extended to July 2022 in a recent amendment.
As a result, future borrowing capacity is limited due to
outstanding letters of credit approximating USD $71 million. These
factors are balanced against expectations of modest revenue and
earnings growth over the next 12-18 months, and anticipated
moderation in capex spend as the fleet average age approaches the
company's targeted level. At that point, free cash flow should be
about breakeven to modestly positive.
The B2 rating on the senior secured debt, one notch above the CFR,
reflects the senior position of this class of debt in the capital
structure and expectation of recovery in a default scenario under
Moody's Loss Given Default (LGD) methodology. This incorporates a
one-notch negative override that reflects the potential for an
increase in senior secured debt in the capital structure, given
Kenan's negative free cash flow profile. The Caa2 rating on the
senior unsecured notes due 2023 is two notches below the CFR
because of the preponderance of secured debt in priority of claim
to the notes.
The ratings could be downgraded with failure to improve the
liquidity profile in the near term through better cash flow
generation and/or a larger revolver size and maturity extension,
and a lack of steady improvement in the leverage metrics. A
deterioration in business conditions that results in sustained
revenue and earnings declines such that interest coverage metrics
materially weaken could also drive downwards rating pressure.
Acquisitions or shareholder returns that increase debt leverage
could also result in a downgrade.
The ratings could be upgraded with sustained earnings growth that
results in stronger credit metrics, including Moody's expectation
of debt-to-EBITDA to remain below 5.5x, EBITDA less
capex-to-interest above 1.5x and sustained positive free cash flow
generation with free cash flow-to-debt in the low single-digits.
Moody's took the following actions on Kenan Advantage Group, Inc.
Issuer: Kenan Advantage Group, Inc.
Corporate Family Rating, downgraded to B3 from B2
Probability of Default Rating, downgraded to B3-PD from B2-PD
Senior Secured Bank Credit Facilities, downgraded to B2 (LGD3)
from B1 (LGD3)
Senior Unsecured Regular Bond/Debenture, downgraded to Caa2
(LGD5) from Caa1 (LGD5)
Outlook, remains Negative
The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.
Kenan is a provider of liquid bulk transportation and logistics
services to the fuels, chemicals, liquid food and merchant gas
markets. Kenan offers transportation services throughout the U.S.
and in Canada using primarily a dedicated contract carriage model.
Revenues were approximately $1.7 billion for the last 12 months
ended March 31, 2019. Kenan is owned by OMERS Private Equity, a
manager of the private equity investments of Canadian pension fund,
Ontario Municipal Employees Retirement System.
KHRL GROUP: Trustee Hires William B. Kingman as Counsel
-------------------------------------------------------
William Patterson, Chapter 11 trustee for KHRL Group, LLC and Papa
Grande Gourmet Foods, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to retain The Law Offices
of William B. Kingman, P.C. as its legal counsel.
The trustee requires WBK PC to:
(a) manage these cases and the exercise of oversight with
respect to the Debtors' affairs including all issues arising from
or impacting the Debtors or the trustee;
(b) prepare on behalf of the trustee of all necessary
applications, motions, orders, reports and other legal papers;
(c) appear in this Court to represent the interests of the
trustee;
(d) investigate, if any, as the trustee may desire concerning,
among other things, the acts, conduct, assets, liabilities and
financial condition of the Debtors, and the operation of the
Debtors' businesses that may be relevant to these cases;
(e) communicate with the Debtors, creditors and others as the
trustee may consider desirable in furtherance of its
responsibilities; and
(f) perform all of the trustee's duties and powers under the
Bankruptcy Code and the Bankruptcy Rules and the performance of
such other services as are in the interests of the trustee or as
may be ordered by the Court.
The hourly fee for services rendered by William B. Kingman is
$375.00 and that the hourly rate for services rendered by
paralegals and legal assistants of WBK PC is $110.
William B. Kingman, shareholder and President of the Law Offices of
William B. Kingman, P.C., attests that WBK PC is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
William B. Kingman, Esq.
LAW OFFICES OF WILLIAM B. KINGMAN, P.C.
4040 Broadway St # 450
San Antonio, TX 78209
Phone: (210) 829-1199
Fax: (210) 821-1114
About KHRL Group and Papa Grande
Gourmet Foods
Papa Grande Gourmet Foods LLC -- http://garciafoods.com/-- is a
producer of a growing line of Mexican food products including
tamales, fajitas, chorizo, shredded chicken, picadillo, carne
guisada, carnitas, chili, refried beans and rice. Founded in 1956
by Andy Garcia, Papa Grande conducts business under the name Garcia
Foods.
KHRL Group, LLC owns the real estate used in the business.
KHRL Group and Papa Grande filed voluntary Chapter 11 petitions
(Bankr. W.D. Tex. Lead Case No. 19-50390) on Feb. 25, 2019. At the
time of filing, both Debtors estimated their assets and liabilities
under $10 million. The Hon. Ronald B. King is the case judge.
Ronald J. Smeberg, Esq., at The Smeberg Law Firm, PLLC, is the
Debtors' counsel.
L.E.T. LTD: Seeks to Hire Golding Law Offices as Legal Counsel
--------------------------------------------------------------
L.E.T. Ltd. seeks authority from the U.S. Bankruptcy Court for the
Northern District of Illinois to hire The Golding Law Offices, P.C.
as its legal counsel.
The Debtor requires TGLO to:
(a) give Debtor legal advice with respect to Debtor's rights,
powers and duties as Debtor-in Possession;
(b) assist Debtor in negotiation and formulation and ultimate
confirmation of a plan of reorganization that deals with all
creditors, including the preparation and dissemination of the
disclosure statement;
(c) examine and investigate claims asserted against the
Debtor;
(d) take such actions as may be necessary with reference to
the claims asserted against the Debtor;
(e) investigate, advise and inform Debtor about and take
action as may be necessary to collect and, in accordance with
applicable law, recover or sell for the benefit of the estate, the
property of the Debtor;
(f) prepare, on behalf of the Debtor, all necessary and
appropriate applications, motions, pleadings, orders, reports and
other legal papers as may be necessary or required in connection
with this case;
(g) assist the Debtor in obtaining refinancing of its secured
debt from replacement lenders; and
(h) perform all other legal services for the Debtor that may
be necessary or appropriate in this case.
TGLO received a retainer of $11,717.00, of which approximately
$4,700.00 was expended on pre-petition legal services, inclusive of
the filing fee.
TGLO's customary hourly charges are:
Richard N. Golding $490
Jonathan D. Golding $390
Paralegals $190
Jonathan D. Golding, partner with The Golding Law Offices P.C.,
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.
The counsel can be reached through:
Jonathan D. Golding, Esq.
The Golding Law Offices, P.C.
500 N. Dearborn Street, 2nd FL
Chicago, IL 60610
Tel: (312) 832-7892
Fax: (312) 755-5720
Email: jgolding@goldinglaw.net
About L.E.T. Ltd., d/b/a A&B Bus Service
Based in Schiller Park, Illinois, L.E.T. Ltd., d/b/a A&B Bus
Service, filed its voluntary petition for relief under Chapter 11
of Title 11, United States Code (Bankr. N.D. Ill. Case No.
19-16829) on June 12, 2019, listing under $1 million in both assets
and liabilities. Jonathan D. Golding at The Golding Law Offices,
P.C. is the Debtor's counsel.
LEGACY RESERVES: Pillsbury, Brown Represent Unsecured Creditors
---------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Pillsbury Winthrop Shaw Pittman LLP and Brown
Rudnick, LLP provided notice that they are representing the
Official Committee of Unsecured Creditors in the Chapter 11 cases
of Legacy Reserves Inc., et al.
On July 3, 2019, the United States Trustee for the Southern
District of Texas duly appointed the Committee pursuant to section
1102(a)(1) of the Bankruptcy Code. The Committee currently consists
of the following members: (i) Wilmington Trust, National
Association; (ii) Dalton Investments, LLC; (iii) John M. Dinkel;
and (iv) Nicholas Mumford.
As of July 26, 2019, the committee members and their disclosable
economic interests are:
(1) Wilmington Trust, National Association
1100 North Market Street
Wilmington, DE 19890
* $313,200,000 plus interest, fees, expenses and other
liabilities accruing under and evidenced by the Indenture
dated as of December 4, 2012, pursuant to which Legacy
Reserves LP and Legacy Reserves Finance issued its 8% Senior
Notes due 2020. The 2020 Notes are guaranteed by each of the
other Debtors.
* $570,040,625 plus interest, fees, expenses and other
liabilities accruing under and evidenced by the Indenture
dated as of May 28, 2013, pursuant to which the Issuers
issued its 6.625% Senior Notes due 2021. The 2021 Notes are
guaranteed by each of the other Debtors.
* $119,044,188 plus interest, fees, expenses and other
liabilities accruing under and evidenced by the Indenture
dates as of September 20, 2018, pursuant to which the
Issuers issued its 8% convertible senior notes due 2023. The
2023 Notes are guaranteed by each of the other Debtors.
(2) Dalton Investments, LLC
1601 Cloverfield Blvd., Suite 5050-N
Santa Monica, CA 90404
* Dalton Investments, LLC holds an unsecured claim in the
approximate principal amount of $6,725,000 plus interest,
fees, expenses and other liabilities accruing under and
evidenced by the Indenture dated as of December 4, 2012,
pursuant to which the Issuers issued its 8% Senior Notes due
2020. The Notes are guaranteed by each of the other Debtors.
(3) John M. Dinkel
First Class Mail:
P.O. Box 1404
Norfolk, NE 68702
FedEx/UPS/Express/Next Day:
3615 W Norfolk Ave.
Norfolk, NE 68701
* Mr. Dinkel holds an unsecured claim in the approximate
principal amount of $2,700,000 plus interest, fees, expenses
and other liabilities accruing under and evidenced by the
Indenture dated as of December 4, 2012, pursuant to which
the Issuers issued its 8% Senior Notes due 2020. The Notes
are guaranteed by each of the other Debtors.
(4) Nicholas Mumford
117 Legend Hollow
Boerne, TX 78006
* Mr. Mumford holds an unsecured claim in the approximate
principal amount of $740,000 plus interest, fees, expenses
and other liabilities accruing under and evidenced by the
Indenture dated as of December 4, 2012, pursuant to which
the Issuers issued its 8% Senior Notes due 2020. The Notes
are guaranteed by each of the other Debtors. Additionally,
Mr. Mumford formerly owned 1,000 shares of Legacy Reserves
Inc. common stock, which he sold and donated the proceeds to
charity.
Proposed Co-Counsel for Official Committee of Unsecured Creditors
can be reached at:
PILLSBURY WINTHROP SHAW PITTMAN LLP
Hugh M. Ray, III, Esq.
William J. Hotze, Esq.
Two Houston Center
909 Fannin, Suite 2000
Houston, TX 77010-1028
Telephone: (713) 276-7600
Facsimile: (713) 276-7673
E-mail: hugh.ray@pillsburylaw.com
william.hotze@pillsburylaw.com
- and -
BROWN RUDNICK, LLP
Robert J. Stark, Esq.
Bennett S. Silverberg, Esq.
Andrew M. Carty, Esq.
Uchechi A. Egeonuigwe, Esq.
7 Times Square
New York, NY 10036
Telephone: (212) 209-4800
Facsimile: (212) 209-4801
E-mail: RStark@brownrudnick.com
BSilverberg@brownrudnick.com
JJonas@brownrudnick.com
ACarty@brownrudnick.com
UEgeonuigwe@brownrudnick.com
- and -
Jeffrey L. Jonas, Esq.
One Financial Center
Boston, MA 02111
Telephone: (617) 856-8200
Facsimile: (617) 856-8201
E-mail: JJonas@brownrudnick.com
A copy of the Rule 2019 filing from PacerMonitor.com is available
at
http://bankrupt.com/misc/Legacy_Reserves_274_Rule2019.pdf
About Legacy Reserves
Legacy Reserves Inc. (NASDAQ: LGCY) --
http://www.legacyreserves.com/-- is an independent energy company
engaged in the development, production and acquisition of oil and
natural gas properties in the United States. Its current
operations are focused on the horizontal development of
unconventional plays in the Permian Basin and the cost-efficient
management of shallow-decline oil and natural gas wells in the
Permian Basin, East Texas, Rocky Mountain and Mid-Continent
regions.
Legacy Reserves Inc. and 10 subsidiaries sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 19-33395) on June 18,
2019.
The Hon. David R. Jones is the case judge.
Perella Weinberg Partners and its affiliate, Tudor Pickering Holt &
Co., is acting as financial advisor for the Company, Sidley Austin
LLP is acting as legal advisor, and Alvarez & Marsal is acting as
restructuring advisor. Kurtzman Carson Consultants LLC --
http://www.kccllc.net/legacyreserves-- is the claims agent.
PJT Partners LP is acting as financial advisor for the Second Lien
Lenders, and Latham & Watkins LLP is acting as legal advisor.
Houlihan Lokey is acting as financial advisor for the Ad Hoc Group
of Senior Noteholders, and Davis Polk & Wardwell LLP is acting as
legal advisor. RPA Advisors, LLC is acting as financial advisor to
Wells Fargo Bank, as administrative agent for the RBL Lenders, and
Orrick Herrington & Sutcliffe LLP is acting as legal advisor.
LICKER & WHINE: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee on July 26 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Licker & Whine Pet Market,
LLC.
About Licker & Whine
Licker & Whine Pet Market, LLC, filed a voluntary Chapter 11
petition (Bankr. M.D. Tenn. Case No. 19-04025) on July 25, 2019,
and is represented by Steven L. Lefkovitz, Esq., at Lefkovitz &
Lefkovitz, PLLC.
LIVEXLIVE MEDIA: Prices Registered Offering of 5M Common Shares
---------------------------------------------------------------
LiveXLive Media, Inc., has entered into securities purchase
agreements with institutional investors for the purchase and sale
of 5,000,000 shares of common stock, par value $0.001 per share at
an offering price of $2.10 per share, pursuant to a registered
direct offering. The gross proceeds of the offering will be
approximately $10,500,000 before deducting fees and other estimated
offering expenses. The Company intends to use the net proceeds for
monthly repayments of its debentures, working capital and general
corporate purposes, including without limitation future
acquisitions, purchases of outstanding warrants and capital
expenditures. The closing of the registered direct offering is
expected to take place on or about July 30, 2019, subject to the
satisfaction of customary closing conditions. Following this
offering, the Company expects to have 57,275,236 shares of common
stock outstanding.
A.G.P./Alliance Global Partners is acting as sole placement agent
for the offering.
This offering was made pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-228909) previously filed with
the U.S. Securities and Exchange Commission. A prospectus
supplement relating to the shares of common stock will be filed by
LiveXLive with the SEC. When available, copies of the prospectus
supplement, together with the accompanying prospectus, can be
obtained at the SEC's website at www.sec.gov or from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor,
New York, New York 10022 or by email at prospectus@allianceg.com.
About LiveXLive Media
LiveXLive -- http://www.livexlive.com/-- is a global digital media
company focused on live entertainment. The Company operates
LiveXLive, a live music video streaming platform; and Slacker
Radio, a streaming music pioneer; and also produces original
music-related content. LiveXLive is the first 'live social music
network', delivering premium livestreams, digital audio and
on-demand music experiences from the world's top music festivals
and concerts, including Rock in Rio, EDC Las Vegas, Hangout Music
Festival, and many more. LiveXLive also gives audiences access to
premium original content, artist exclusives and industry
interviews. Through its owned and operated Internet radio service,
Slacker Radio (www.slacker.com), LiveXLive delivers its users
access to millions of songs and hundreds of expert-curated
stations. The Company also operates a social influencer network,
LiveXLive Influencers. The Company is headquartered in West
Hollywood, CA.
LiveXLive reported a net loss of $37.76 million for the year ended
March 31, 2019, compared to a net loss of $23.33 million for the
year ended March 31, 2018. As of March 31, 2019, the Company had
$58.89 million in total assets, $49.43 million in total
liabilities, and $9.46 million in total stockholders' equity.
BDO USA, LLP, in Los Angeles, California, the Company's auditor
since 2018, issued a "going concern" opinion in its report dated
June 21, 2019, on the Company's consolidated financial statements
for the year ended March 31, 2019, citing that the Company has
suffered recurring losses from operations and has a working capital
deficiency. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
LODAN 23 LLC: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The Office of the U.S. Trustee on July 27 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Lodan 23, LLC.
About Lodan 23 LLC
Lodan 23 LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
19-10167), on Jan. 6, 2019. The petition was signed by Laurent
Benzaquen, manager of JJLB Property Management LLC. At the time of
filing, the Debtor had estimated assets of less than $1 million and
liabilities of less than $1 million. The case has been assigned to
Judge A Jay Cristol. The Debtor is represented by Joel M. Aresty,
P.A.
LSC COMMUNICATIONS: S&P Cuts ICR to 'CCC+' as Merger Is Called Off
------------------------------------------------------------------
S&P Global Ratings removed its ratings on LSC Communications Inc.
(LSC) from CreditWatch and lowered the issuer credit rating to
'CCC+' from 'B'. S&P has also lowered issue-level ratings on the
company's first-out senior secured revolving credit facility to 'B'
from 'BB-' and on its senior secured term loan and notes to 'CCC+'
from 'B-'.
LSC and Quad/Graphics Inc. have terminated their proposed merger.
S&P said, "The downgrade and negative outlook reflect our view that
LSC will maintain elevated leverage in the high-4x area, generate
only $20 million to $35 million of reported free operating cash
flow in 2019 and in 2020, and will likely need to draw on its
revolver to fund its mandatory debt amortization payments and
operations. While we do not anticipate a payment default in the
next 12 months, we believe the company's cash constraints in the
secularly declining commercial printing industry makes it overly
dependent on favorable economic conditions, business prospects, and
financial market access to refinance its debt maturities in 2021,
2022, and 2023, and to service its debt obligations. We expect LSC
will continue to experience steep revenue declines and a
challenging operating environment in its key long-run print
products. We believe the company has delayed key cost savings
initiatives in anticipation of its proposed acquisition by Quad and
now must accelerate those restructuring activities at the expense
of cash flow.
"Our negative outlook on LSC reflects the potential that we could
lower our rating if we expect a payment default or sub-par debt
exchange within 12 months. We believe the company faces liquidity
challenges due to its covenants, and we expect that without an
amendment the company may violate its covenants in the next 12
months. In addition, the company faces operating challenges
including secular declines in its key segments and significant
restructuring costs. As a result we expect leverage to remain
elevated in the high-4x area and to generate only $20 million to
$35 million of reported free operating cash flow over the next 12
months.
"We could lower our rating on LSC if we envision a payment default
or sub-par debt exchange within the next 12 months. This scenario
could include worsening revenue declines, poorer EBITDA and cash
flow generation, and sustained high debt due to poor operating
conditions within the U.S. commercial printing industry.
"We could raise the rating on LSC if the company sufficiently
improves its liquidity through covenant amendments, and addresses
near term debt refinancing needs. In addition, we would also look
for an improvement in EBITDA generation likely through
stabilization of revenues and cost cuts, and a reduction in its
debt burden that enables LSC to comfortably cover its debt service
needs with operating cash flow."
LUCEY BOILER: Seeks to Hire Scarborough & Fulton as Counsel
-----------------------------------------------------------
Lucey Boiler Company seeks authority from the United States
Bankruptcy Court for the Eastern District of Tennessee
(Chattanooga) to employ David J. Fulton, Esq., and Scarborough &
Fulton as counsel.
Bristol Healthcare requires Scarborough & Fulton to:
a. assist the Debtor in the preparation of its schedules,
statement of affairs and the periodic financial reports required by
the Bankruptcy Code, the Bankruptcy Rules and any other order of
this Court;
b. assist the Debtor in consultation and negotiation and all
other dealings with creditors, equity, security holders and other
parties in interest concerning the administration of the bankruptcy
case;
c. prepare pleadings, conduct investigations and make court
appearances incidental to the administration of the Debtor's
estate;
d. advise the Debtor of its rights, duties and obligations
under the Bankruptcy Code, Bankruptcy Rules, Local Rules and orders
of the Bankruptcy Court;
e. assist the Debtor in the development and formulation of a
plan of reorganization including the preparation of a plan,
disclosure statement and any other related documents for submission
to this Court and to the Debtor's creditors, equity holders and
other parties in interest;
f. advise and assist the Debtor with respect to litigation
related to the administration of Debtor's case;
g. render corporate and other legal advise and perform all
those legal services necessary and proper to the of the Debtor
during the pendency of this case; and
h. take any and all necessary actions in the interest of the
Debtor and its estate incident to the proper representation of the
Debtor and the administration of this case.
Scarborough & Fulton will be paid at these hourly rates:
David J. Fulton, Attorney $395
Legal Assistants $125
On July 16, 2019, Scarborough & Fulton received a retainer of
$10,283 and filing fee of $1717 paid by the Debtor.
Scarborough & Fulton will also be reimbursed for reasonable
out-of-pocket expenses incurred.
David J. Fulton, partner of Scarborough & Fulton, 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 its estates.
Scarborough & Fulton can be reached at:
David J. Fulton, Esq.
SCARBOROUGH & FULTON
620 Lindsay St. Ste 240
Chattanooga, TN 37403
Tel: (423) 648-1880
Fax: (423) 648-1881
E-mail: djf@sfglegal.com
About Lucey Boiler Company
Lucey Boiler Company is a privately held company in Chattanooga,
Tennessee in the steel fabrication business.
Lucey Boiler Company filed for Chapter 11 bankruptcy protection
(Banrk. E.D. Tenn. Case No. 19-12926) on July 17, 2019. In the
petition signed by Richard Steven Troxler, vice president, the
Debtor estimated $50,000 in assets and $1 million to $10 million in
liabilities.
David J. Fulton, Esq., at Scarborough & Fulton serves as bankruptcy
counsel to the Debtors.
MAD DOGG ATHLETICS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Mad Dogg Athletics, Inc.
2111 Narcissus Ct
Venice, CA 90291-4818
Business Description: Mad Dogg Athletics, Inc. --
https://www.maddogg.com -- offers a
comprehensive portfolio of fitness
equipment, programming, and education.
The company manufactures home Spinner
bikes, Pilates and functional training
equipment, and a complete line of
Spinning-branded apparel and accessories.
Mad Dogg Athletics has successfully
registered their Spin family of trademarks
in over 80 countries. Mad Dogg is the home
of the Spinning, Peak Pilates, CrossCore,
Ugi, Resist-A-Ball, and Spin Fitness
brands.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
Central District of California (Los Angeles)
Case No.: 19-18730
Judge: Hon. Julia W. Brand
Debtor's Counsel: David S. Kupetz, Esq.
SULMEYER KUPETZ, A PROFESSIONAL CORPORATION
333 South Grand Avenue, Suite 3400
Los Angeles, CA 90071
Tel: 213-626-2311
Email: dkupetz@sulmeyerlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by John R. Baudhuin, chief executive
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/cacb19-18730.pdf
MWM OIL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: MWM Oil Company, Inc.
821 N. High St.
Towanda, KS 67144
Business Description: MWM Oil Company, Inc. is a privately held
company that primarily operates in the oil
and gas exploration services business.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
District of Kansas (Wichita)
Case No.: 19-11404
Judge: Hon. Robert E. Nugent
Debtor's Counsel: William B. Sorensen, Jr., Esq.
MORRIS, LAING, EVANS, BROCK & KENNEDY, CHTD.
Old Town Square
300 N. Mead Suite 200
Wichita, KS 67202-2722
Tel: (316) 262-2671
E-mail: wsorensen@morrislaing.com
Total Assets: $1,917,745
Total Liabilities: $2,323,827
The petition was signed by Charlene A. Giles, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:
http://bankrupt.com/misc/ksb19-11404_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/ksb19-11404.pdf
NEW CANEY FENCE: Seeks to Hire Jeffrey Moon as Surveyor
-------------------------------------------------------
New Caney Fence, LLC, seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire a surveyor.
In an application filed in court, the Debtor proposes to employ
Jeffrey Moon and Associates to prepare a land survey of its real
property parcel located at 19479 Wells Road, Conroe, Texas.
The initial payment requested for the firm's services is
$1,948.50.
Jeffrey Moon is "disinterested" as defined in Section 101(14) of
the Bankruptcy Code, according to court filings.
The firm can be reached through:
Jeffrey Moon
Jeffrey Moon and Associates
100 Nugent Street
Conroe, TX 77301
About New Caney Fence
On Jan. 3, 2017, Fred A. Mallard and Tina L. Mallard filed for
bankruptcy relief under Chapter 13 of the Bankruptcy Code. A plan
was confirmed. On March 20, 2018, at a case dismissal hearing and
after hearing and consideration of the Court, an order vacating the
previous Chapter 13 confirmation and converting the case (Bankr.
S.D. Tex. Case No. 17-30122) to one Chapter 11 was entered.
On May 7, 2018, the Mallards' New Caney Fence, LLC, filed for
bankruptcy relief under Chapter 11 of the Bankruptcy Code (Case no.
18-32456, Doc. No. 1). An order to jointly administer the cases
was entered on June 12, 2018
At the time of the filing, New Caney Fence estimated assets of less
than $50,000 and liabilities of less than $500,000.
Judge David R. Jones oversees the cases.
The Debtors hired Donald Wyatt, Esq., at Wyatt & Mirabella, PC, as
counsel.
NOMAD JV: S&P Upgrades LT ICR to 'B' on Improving Credit Metrics
----------------------------------------------------------------
S&P Global Ratings said it raised its long-term issuer credit
rating on Nomad JV L.P. (d/b/a naviHealth) to 'B' from 'B-'. The
outlook is stable.
At the same time, S&P raised its debt ratings on naviHealth's
first-lien credit facilities to 'B' from 'B-'. The '3' recovery
rating is unchanged, indicating recovery prospects of 50%
(meaningful recovery) in the event of a default.
S&P said, "The upgrade reflects scale and credit improvement that
we expect to persist through 2020. We believe this to be a function
of sustained execution on near-term growth plans involving the
onboarding of new business and expanding relationships with
existing customers. We expect the combination of higher revenue and
moderately lower but still strong EBITDA margins to result in
increasing absolute cash-flow generation, supporting an ongoing
deleveraging trend.
"The stable outlook reflects our expectation that naviHealth will
manage the robust growth forecasted in a nondisruptive manner
through 2020, resulting in improving credit-protection measures
with stable margins. We expect naviHealth to use increasing
absolute cash-flow generation for debt repayment (including
required amortization) and to support business expansion and
working capital needs.
"We expect revenue growth to be near 35% and 20% for 2019 and 2020,
respectively (driven by organic development). We expect margins to
be somewhat lower but still strong in the 22%-24% range over this
same period with no incremental debt issuance. If the company meets
our growth and margin forecast, we would expect pro-forma adjusted
financial leverage and EBITDA interest coverage to be less than 6x
and in the 2.5x-3.5x range, respectively, within 12 months.
"We could lower our ratings within 12 months if the company's
earnings materially deteriorate or if the company takes a
more-aggressive approach to financial policy through additional
debt financing for nongrowth reasons, leading to sustainable pro
forma financial leverage and EBITDA coverage above 7x or less than
2x. This could derive from the use of a more-aggressive financial
policy or weak execution of its growth and development plan.
"We could raise the ratings if the combination of higher cash-flow
generation and debt reduction were to result in credit-metric
improvement that we viewed as sustainable with pro forma adjusted
financial leverage less than 5x and EBITDA coverage above 4x."
NORTHEAST SOMERSET: Voluntary Chaper 11 Case Summary
----------------------------------------------------
Debtor: Northeast Somerset LLC
399 Campus Drive
Somerset, NJ 08873
Business Description: Northeast Somerset LLC owns in fee simple a
property located at 399 Campus Drive
Somerset, New Jersey 08830 having a
comparable sale value of $5 million.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
District of New Jersey (Trenton)
Case No.: 19-24500
Judge: Hon. Kathryn C. Ferguson
Debtor's Counsel: John Joseph LoSordo, Esq.
LAW OFFICE OF JOHN J. LOSORDO, ESQ., LLC
58 Village Court
Hazlet, NJ 07701
Tel: 732-888-0077
Fax: 732-888-0072
E-mail: john@jlosordolaw.com
Total Assets: $5,029,500
Total Liabilities: $5,940,062
The petition was signed by Venkataramana Mannam, managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/njb19-24500.pdf
OMNICHOICE HEALTH: Seeks Authorization on Cash Collateral Use
-------------------------------------------------------------
OmniChoice Health Services LLC seeks authorization from the U.S.
Bankruptcy Court for the Middle District of Florida to use its cash
collateral in accordance with the budget.
The Debtor intends to use cash, accounts receivable and other
income derived from its operations to fund its operating expenses
and costs of administration in the Chapter 11 case for the duration
of the chapter 11 case. The Debtor also seeks permission to deviate
from the budget in the amount of 10% to the extent necessary.
The Debtor believes McCoy Federal Credit Union, Paramount Urgent
Care Franchising, LLC, and NXGEN Capital may claim blanket liens
against its assets. The Debtor estimates that the collective claims
of the Secured Creditors amounted to $830,613.
As adequate protection for the use of cash collateral, the Debtor
offers the Secured Creditors the following:
(a) Post-petition replacement liens on the Secured Creditor
Assets to the same extent, validity and priority as existed
pre-petition;
(b) The right to inspect the Secured Creditor Assets on
48-hours' notice; and
(c) Copies of monthly financial documents generated in the
ordinary course of business and other information as the Secured
Creditors reasonably request with respect to the Debtor's
operations.
A copy of the Cash Collateral Motion is available for free at
http://bankrupt.com/misc/flmb19-04225-18.pdf
About OmniChoice Health Services
OmniChoice Health Services, LLC, d/b/a Paramount Urgent Care --
https://www.paramounturgentcare.com/ -- is a provider of urgent
care medical services throughout Central Florida, with seven
locations. The medical centers treat a variety of injuries
including cuts, simple fractures, eye injuries, sprains, strains
and more. The Company's medical centers can also treat many types
of symptoms including rashes, sore throats, flu, fever, upper
respiratory infections, urinary tract infections, and digestive
ailments.
OmniChoice sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 19-04225) on June 27, 2019. The
petition was signed by Eric Vaughn, manager. At the time of the
filing, the Debtor disclosed assets amounting to $177,815 and
liabilities amounting to $1,148,946. The Debtor is represented by
Buddy D. Ford, Esq., at Buddy D. Ford, P.A.
OMNIMAX INTERNATIONAL: S&P Downgrades ICR to 'CCC+'
---------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Georgia-based metal and vinyl building products producer Omnimax
Holdings Inc. to 'CCC+' from 'B-' and its issue-level ratings on
the company's $385 million 12% senior secured notes due August 2020
to 'CCC+' from 'B-'. It placed the ratings on CreditWatch with
negative implications.
Omnimax Holdings Inc. faces large debt maturities totaling
approximately $593 million over the next two years. Weaker
commercial and recreational vehicle (RV) end markets along with
higher metal costs and a high debt balance raised leverage to over
9x EBITDA, which S&P views as unsustainable.
S&P said, "The downgrade reflects our view that Omnimax's capital
structure is unsustainable as the company currently depends on
favorable business, financial, and economic conditions to meet the
financial commitment on its obligations. We expect debt leverage to
remain elevated in 2019 with adjusted debt to EBITDA above 9x
(revised from our previous expectation of closer to 7x-7.5x), which
could make it more difficult to refinance the $385 million senior
notes due August 2020.
"The CreditWatch with negative implications indicates that there is
a one in two chance that we could lower the rating within 90 days.
We expect to resolve the CreditWatch on Omnimax over the next month
when the company's $385 million senior secured notes become current
on Aug. 15, 2019.
"We could lower our rating on Omnimax, potentially to 'CCC', if the
company does not announce a definitive refinancing plan for its
$385 million senior secured notes or if we believed the company
could face a near term liquidity crisis, or consider a distressed
exchange offer or redemption in the next 12 months.
"We could revise the outlook to stable if Omnimax finalized
refinancing plans over the next month which led us to believe that
it would not face a near-term credit or payment crisis in the next
12 months."
OSUM PRODUCTION: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Osum Production Corp.
(OPC) to stable from negative.
At the same time, S&P affirmed its 'CCC+' issuer credit rating on
OPC and parent Osum Oil Sands Corp. (OOSC) and its 'B' issue-level
rating on OPC's senior secured debt. The '1' recovery rating on
the debt is unchanged.
The outlook revision reflects S&P's view that its forecast free
operating cash flow (FOCF) generation, coupled with cash on hand
and the maturity extension, will cushion any unanticipated negative
market or operational events over the next 12 months without a
liquidity or payment crisis resulting.
S&P said, "The 'CCC+' rating reflects our view that funds from
operations (FFO)-to-debt will remain in the lower end of the
12%-20% range and that OPC's small scale with average daily
production of 16,500-17,000 barrels of oil equivalent (boe) in
2019, geographic concentration in one asset project, and full
product concentration in heavy oil expose its cash flow generation
to high volatility. Therefore, we view OPC as vulnerable and
dependent upon favorable business, financial, and economic
conditions to meet its financial obligations in the long term and
we believe its capital structure is unsustainable under our
existing assumptions.
"The stable outlook reflects our view that, under our hydrocarbon
price assumptions, OPC's expected positive free operating cash
flow, along with cash on hand and the maturity extension, will
cushion any negative events over the next 12 months without a
liquidity or payment crisis following.
"We could lower the ratings if OPC's liquidity position
deteriorated such that the company could not meet its financial
commitments and maintenance capital spending requirements over the
next 12 months, which could follow lower realized prices or
unexpected costs.
"We could raise the ratings if the company maintains its adequate
liquidity profile while improving its credit metrics, with
FFO-to-debt consistently in the higher end of the 12%-20% range,
positive FOCF generation, and a clear strategy to refinance or
repay its senior secured notes due 2022."
OVERLAND PARK: S&P Cuts 2007B Second-Tier Rev Bond Rating to 'BB'
-----------------------------------------------------------------
S&P Global Rating lowered its long-term rating on Overland Park
Development Corp., Kan.'s series 2007B second-tier refunding
revenue bonds to 'BB' from 'BB+'. The outlook is negative.
"The downgrade reflects recent declines in pledged revenue and
thinning coverage on the second-tier bonds, said S&P Global Ratings
credit analyst Amahad Brown. As of fiscal 2018, annual debt service
coverage, based on 4.5% transient-guest tax (TGT) collections, was
1.04x, which is down from 1.17x in 2016. TGT revenue, which serve
as the source of repayment for the second-tier bonds should net
revenues become insufficient, have declined over the past two years
indicating that this revenue may be unable to keep pace with the
bond's increasing debt service schedule. Based on 4.5% TGT
collections in 2018, S&P estimates maximum annual debt service
coverage of 0.73x, which it views as very weak. Should reliance on
subordinate-lien revenue increase or should draws on the debt
service reserve occur, S&P could lower the rating.
"The negative outlook reflects an at least one-in-three chance that
we could lower the rating by one or more notches over the one-year
outlook horizon," Mr. Brown added. TGT revenue, which serve as the
primary source of repayment for the second-tier bonds, have
declined over the past two years, indicating that these revenues
will likely be unable to keep pace with the increasing debt service
schedule. S&P could lower the rating if the 4.5% TGT revenue
collection are insufficient to fully fund annual debt service
without reliance on subordinate-lien revenue or should revenue
declines cause draws on the debt service reserve.
PALMER EQUIPMENT: U.S. Trustee Forms 5-Member Committee
-------------------------------------------------------
The U.S Trustee on July 26 appointed five creditors to serve on the
official committee of unsecured creditors in the Chapter 11 cases
of Palmer Equipment LLC.
The committee members are:
(1) Elwood Staffing Services, Inc.
Chairperson
c/o Lia Elliott
Attn: General Counsel
4111 Central Avenue
Columbus, IN 47203
Telephone: (812) 372-6200
E-mail: lia.elliott@elwoodstaffing.com
(2) Lynn, Inc.
Attn: Laurie Bishop
67 W 300 N
Manti, UT 84642
Telephone: (435) 851-4868
Facsimile: (435) 835-2475
E-mail: weldmyboiler@yahoo.com
(3) Diversified Financial Services, LLC
c/o Brian Kelley
14010 FNB Pkwy, Suite 400
Omaha, NE 68154
Telephone: (402) 964-8060
E-mail: bkelley@dfsfin.com
Attorney:
Michael J. Whaley, Esq.
Sterling Ridge
12910 Pierce St., Suite 200
Omaha, NE 68144
Telephone: (402) 955-2454
Facsimile: (402) 397-1700
E-mail: mwhaley@clinewilliams.com
(4) Wesley Eaton
16649 Las Alturas Road
Vado, NM 88072
Telephone: (575) 649-7982
E-mail: weseaton77@gmail.com
Attorney for Wesley Eaton:
Darwin Bingham, Esq.
Scalley Reading
15 W. South Temple, #600
Salt Lake City, UT 84101
Telephone: (801) 531-7870
Facsimile (801) 326-4699
E-mail: darwin@scalleyreading.net
(5) Matthew Hess, Esq.
Matthew Hess Attorney at Law
Blackburn & Stoll, LC
257 East 200 South Suite 800
Salt Lake City, UT 84111
Telephone: (801) 521-7900
Direct Line: (801) 326-6198
E-mail: mhess@blackburn-stoll.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Palmer Equipment LLC
Palmer Equipment LLC -- https://www.balewagons.com/ -- is a
manufacturer of agricultural equipment. The Company also provides
equipment repair, annual maintenance, equipment restoration, and
equipment upgrades services.
Palmer Equipment sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 19-24265) on June 11,
2019. In the petition signed by its managing partner, Ryan Palmer,
the Debtor estimated assets and debts of less than $10 million
each.
Judge William T. Thurman is assigned to the case.
The Debtor is represented by Brian D. Johnson, Esq. at Brian D.
Johnson P.C. as lead bankruptcy counsel and Roger A. Kraft, Esq. at
Roger A. Kraft Attorney at Law, P.C., as co-counsel.
PG&E CORP: Opposes Elliott's $30 Billion Restructuring Proposal
---------------------------------------------------------------
Soma Biswas, writing for The Wall Street Journal, reported that
PG&E Corp. and certain shareholders are fighting back against a
restructuring strategy by Elliott Management Corp. and other
bondholders that would hand them nearly full control of the utility
when it exits bankruptcy.
Elliott and an ad hoc committee of senior unsecured noteholders
filed a motion to terminate the periods by which the PG&E and its
debtor affiliates have exclusive right to propose and confirm a
plan so that it can propose their own plan for the Debtors in
advance of the 2020 California wildfire season.
The centerpiece of the Elliott-proposed plan is up to $30 billion
of new money investment, the vast majority of which is equity, in
the Debtors by members of the Ad Hoc Committee, an amount the Ad
Hoc Committee believes will be "unrivaled in any competing proposal
that may be put forward."
The proposal provides, among other things, that $16 billion (or up
to $2(+) more under certain circumstances) of this new investment
will be used to compensate all holders of prepetition wildfire
claims. Because the wildfire claims are being paid with proceeds
from the new money equity investment, the plan that the Ad Hoc
Committee will file if the exclusive periods are terminated will be
rate neutral to PG&E customers, the Ad Hoc Committee said in court
papers.
In opposition to the Ad Hoc Committee's proposal, the Debtors noted
that the Elliott-proposed Plan "manufactures impairment of the
class of claims held by the members of the Ad Hoc Committee in an
attempt to 'create' an impaired accepting class and, more
importantly, to enhance their position. This treatment of the
class of prepetition unsecured notes held by the Ad Hoc Committee
violates the good faith requirement of section 1129(a)(3) of the
Bankruptcy Code and the absolute priority rule, the Debtors said.
The Debtors added that granting fully-secured replacement notes to
the members of the Ad Hoc Committee rather than simply reinstating
their existing unsecured notes, will elevate and make the
replacement notes senior to all post-emergence wildfire claims and
trade claims, and leave the reorganized Debtors with minimal
flexibility for additional capital raises.
The Debtors added that they have made substantial progress in their
bankruptcy cases that would allow them to achieve the June 30, 2020
date for emergence. The Journal noted that California Gov. Gavin
Newsom has signed legislation creating a multibillion-dollar fund
that would pay for damage from any future wildfires caused by the
state's largest utilities, including PG&E, Southern California
Edison Co. and San Diego Gas & Electric Co., but doesn't pay
victims of the 2017 and 2018 fires linked to PG&E equipment.
Columbus Hill Capital Management, L.P., the manager of funds that
hold claims against, and interests in, the Debtors also object to
the Ad Hoc Committee's motion, saying "cause" to terminate
exclusivity does not revolve around satisfying the narrow interest
of a particular constituent, as the Termination Motion suggests.
On the contrary, maintaining exclusivity will benefit the Debtors'
estates, creditors and other stakeholders, Columbus Hill argued.
Michael S. Stamer, Esq., Ira S. Dizengoff, Esq., David H. Botter,
Esq., and Abid Qureshi, Esq., at Akin Gump Strauss Hauer & Feld
LLP, in New York; and Ashley Vinson Crawford, Esq., at Akin Gump
Strauss Hauer & Feld LLP, in San Francisco, California, represent
the Ad Hoc Committee.
The Debtors' opposition was filed by Stephen Karotkin, Esq., Ray C.
Schrock, P.C., Esq., Jessica Liou, Esq., and Matthew Goren, Esq.,
at Weil, Gotshal & Manges LLP, in New York; and Tobias S. Keller,
Esq., and Jane Kim, Esq., at Keller & Benvenutti LLP, in San
Francisco, California.
Attorneys for Columbus Hill:
Paul N. Silverstein, Esq.
Brian M. Clarke, Esq.
HUNTONANDREWS KURTH LLP
200 Park Avenue
New York, NY 10166
Tel: (212) 309-1000
Email: paulsilverstein@HuntonAK.com
brianclarke@HuntonAK.com
-- and --
Robert K. Sahyan, Esq.
SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
Four Embarcadero Center, 17th Floor
San Francisco, California 94111-4106
Tel: 415-434-9100
Fax: 415-434-3947
Email: rsahyan@sheppardmullin.com
About PG&E Corp
PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.
As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.
PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.
On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).
PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.
Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.
In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related activities.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Feb. 12, 2019. The creditors' committee
retained Milbank LLP as counsel; FTI Consulting, Inc., as financial
advisor; Centerview Partners LLC as investment banker; and Epiq
Corporate Restructuring, LLC as claims and noticing agent.
On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants. The tort claimants' committee is represented by
Baker & Hostetler LLP.
PHI INC: Files Plan Supplements, Ballot Summary
-----------------------------------------------
The Bankruptcy Court has set July 30, 2019 at 1:30 p.m. (CDT) as
the date and time for hearing on confirmation of the Plan and to
consider any objections to the Third Amended Joint Plan of
Reorganization of PHI, Inc., et al. The confirmation hearing will
be held at the United States Bankruptcy Court for the Northern
District of Texas, Dallas Division, Room 3, 1100 Commerce Street,
Dallas, Texas 75242-1496.
James Daloia, director of Solicitation and Public Securities at
Prime Clerk LLC, filed a declaration with respect to the
solicitation of votes and the tabulation of ballots cast on the
Debtor's Third Amended Plan.
Mr. Daloia disclosed that 91.35% (486) of general unsecured
creditors voted to accept the Plan, while 8.65% (46) of general
unsecured creditors voted to reject the Plan. He further disclosed
that 89.80% (44) of convenience claims holders voted to accept the
Plan, while 10.20% (5) voted to reject the Plan.
The Declaration also disclosed that holders of 75.14% existing PHI
interests voted to accept the Plan while holders of 24.86% existing
PHI interests voted to reject the Plan.
On July 23, 2019, the Debtors filed the Notice of Filing of Plan
Supplement to file the following additional Plan Supplement
documents:
-- Equity Commitment Agreement
-- Credit Agreement
-- Plan Equity Value
-- Registration Rights Agreement
-- New Corporate Governance Documents Creditor Warrant
Agreement
-- Old Equity Settlement Warrants
-- Initial percentage of MIP allocable to MIP Participants List
of members of New Board
-- Schedule of Assumed Executory Contracts and Unexpired Leases
-- List of Retained Causes of Action
On July 29, 2019, the Debtors filed the Notice of Filing of Second
Plan Supplement to file the following additional Plan Supplement
documents:

-- Form of Registration Rights Agreement
-- Certificate of Incorporation of PHI Group, Inc.
-- First Amended and Restated Certificate of Incorporation of
PHI Group, Inc.
-- Bylaws of PHI Group, Inc.
-- Form of Equity Holder Warrant Agreement
-- Initial percentage of MIP allocable to MIP Participants
-- List of Retained Causes of Action (Amended)
A full-text copy of the Ballot Summary is available at
https://tinyurl.com/y6d7dpz7 from Prime Clerk at no charge.
Copies of the First Plan Supplement are available at
https://tinyurl.com/y54k9wf4 from Prime Clerk at no charge.
Copies of the Second Plan Supplement are available at
https://tinyurl.com/y5lcqh53 from Prime Clerk at no charge.
Counsel for the Debtors:
Daniel B. Prieto, Esq.
DLA Piper LLP (US)
1900 North Pearl Street, Suite 2200
Dallas, Texas 75201
Tel: (214) 743-4500
Fax: (214) 743-4545
Email: dan.prieto@dlapiper.com
-- and --
Thomas R. Califano, Esq.
DLA Piper LLP (US)
1251 Avenue of the Americas
New York, New York 10020
Tel: (212) 335-4500
Fax: (212) 335-4501
Email: thomas.califano@dlapiper.com
-- and --
Daniel M. Simon, Esq.
David E. Avraham, Esq.
Tara Nair, Esq.
DLA Piper LLP (US)
444 West Lake Street, Suite 900
Chicago, Illinois 60606
Tel: (312) 368-4000
Fax: (312) 236-7516
Email: daniel.simon@dlapiper.com
david.avraham@dlapiper.com
tara.nair@dlapiper.com
About PHI Inc.
PHI, Inc. -- http://www.phihelico.com/-- is a provider of
helicopter transportation services in the oil and gas industry,
primarily transporting crews and materials, and in the healthcare
and emergency medical services industry, primarily transporting
patients. It is a publicly held company and provides services in
the United States and abroad.
As of the petition date, PHI owned or operated 238 aircraft
worldwide, of which 17 are leased while eight are owned by the
customer and operated by the company. The remaining 213 are owned
by PHI. The company employed 2,218 people, including pilots,
mechanics, medical and administrative staff.
PHI and its affiliates sought protection under Chapter 11 of the
Bankruptcy Code Bankr. N.D. Tex. Lead Case No. 19-30923) on March
14, 2019. At the time of the filing, PHI estimated assets of $1
billion to $10 billion and liabilities of $500 million to $1
billion.
The cases are assigned to Judge Harlin DeWayne Hale.
The companies tapped DLA Piper LLP (US) as their bankruptcy
counsel; Jones Walker LLP as regular outside counsel; Houlihan
Lokey Capital Inc. and FTI Consulting Inc. as financial advisors;
and Prime Clerk LLC as claims, noticing and solicitation agent.
The Office of the U.S. Trustee on March 25 appointed five creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 cases of PHI, Inc. and its affiliates. Haynes and
Boone, LLP, is co-counsel to the Creditors' Committee. Milbank,
LLP, is counsel to the Creditors' Committee. PJT Partners LP, is
investment banker to the Creditors' Committee.
The Office of the U.S. Trustee on April 25 appointed an official
committee of equity security holders in the Chapter 11 cases of
PHI, Inc. and its affiliates. David B. Golubchik, Esq., Eve H.
Karasik, Esq., and Gary E. Klausner, Esq., at Levene, Neale,
Bender, Yoo & Brill L.L.P., in Los Angeles, California; and Jason
S. Brookner, Esq., Lydia R. Webb, Esq., and Amber M. Carson, Esq.,
at Gray Reed & McGraw LLP, in Dallas, Texas, represent the Equity
Committee.
PHI INC: Plaintiffs in Overbilling Case Balk at Exit Plan
---------------------------------------------------------
Class action plaintiffs have appeared in U.S. Bankruptcy Court in
Dallas, Texas, to challenge the confirmation of PHI, Inc.'s chapter
11-exit plan.
Paul Bowman, Michael Iavagnilio, Vance Tomey, Tony Williams and
Christina Wray, individually and as proposed representative of a
class similarly situated, contend that debtor PHI Air Medical, LLC,
is "apparently relying on overvalued receivables it is seeking from
its patients to partially fund Debtors' Plan."
Bowman et al. sued in February 2018 alleging that PHI Air
transported them, then sought to collect outrageous and previously
undisclosed fees from them.
PHI Air has collected tens of thousands of dollars more than it is
owed from thousands of its patients, according to Larry A. Levick,
Esq., at Singer & Levick, P.C., and Edward L. White, Esq., at
Edward L. White, PC, counsel to the Plaintiffs. These patients are
owed refunds, in the aggregate, amounting to millions of dollars,
they contend.
Plaintiffs' counsel explain that the main source of revenue of PHI
Air is the collection of "obscenely large bills from critically ill
patients in the midst of a medical emergency with little ability to
say 'no' to a medical transport and who have zero disclosure of the
bills to follow that are often as large as $60,000.00." Private
insurance and Medicare/Medicaid typically pay only $5,000 to
$20,000 for medical transport, leaving even well-insured patients
to face a balance bill of as much as $50,000. "Such a debt is
financially devastating for most patients. The situation is
especially crushing since it usually comes on the heels of horrific
injuries or illnesses or even after the death of the primary
breadwinner," they assert.
PHI Air knows all of the contact and details of its patients and
could easily have given notice of the bankruptcy case and bar date
to its patients (claimants) of the bankruptcy.
"Yet, the Debtors chose not to even attempt to provide this
notice," Plaintiffs' counsel assert.
"Having chosen to deny its patients notice of the bankruptcy,
Debtor PHI Air is apparently relying on overvalued receivables it
is seeking from its patients to partially fund Debtors' Plan."
"If the Court approves the Plan as currently formulated and
discharges any claims Debtor PHI Air's patients have against it,
Debtor PHI Air can argue that its patients are utterly defenseless
against Debtor's efforts to collect its grossly inflated bills.
Debtor PHI Air can sue its patients, and they cannot assert their
valid counterclaims that arguably will be discharged in this
proceeding."
The class action complaint is styled Christina C. Wray, on behalf
of herself and all other similarly situated v. PHI Air Medical,
L.L.C.. Case No. 2:18-cv00432-SRB (D. Ariz., February 7, 2018). It
seeks to have the Arizona District Court determine a more equitable
fair market value for medical transport services. The Plaintiffs
submit that the proper average transport charge would be in the
range of $15,000, and the charges PHI Air seeks to collect from
them average $43,250.
According to Plaintiffs' counsel, a judicial determination that the
Debtors can collect, at most, one-quarter to one-third of the
amounts they previously sought could be devastating to their
Chapter 11 Plan. "Not all patients pay the outrageous billed
amounts, but a significant number of patients do pay the billed
amounts. If only 10% of patients pay the full billed amount, those
overpayments of circa $30,000.00 per patient add up quickly. If as
many as 1,000 of Debtor PHI Air's patients overpay by that amount,
the total collected would be $30,000,000.00. If the Debtors are
precluded from collecting those amounts going forward, it will
dramatically affect the viability of their Plan," Plaintiffs'
counsel point out.
The automatic stay has been lifted for the sole purpose for the
Arizona District Court to determine whether to certify class action
status in the Arizona Suit. PHI Air has contested the Arizona Suit
and is well aware of the overpayment/offset issues, the Plaintiffs
state.
The Bankruptcy Court will hold a hearing to consider confirmation
of the Plan on July 30, 2019 at 1:30 p.m. (CDT) at the United
States Bankruptcy Court for the Northern District of Texas, Dallas
Division, Room 3, 1100 Commerce Street, Dallas, Texas 75242-1496.
Attorneys for the Class Plaintiffs:
Larry A. Levick, Esq.
SINGER & LEVICK, P.C.
16200 Addison Road, Suite 140
Addison, Texas 75001
Telephone: 972.380.5533
Fax: 972.380.5748
Email: levick@singerlevick.com
-- and --
Edward L. White, Esq.
Edward L. White, PC
829 East 33rd Street Edmond, OK 73013
Phone: 405.810.8188
Fax: 405.608.0971
Email: ed@edwhitelaw.com
About PHI Inc.
PHI, Inc. -- http://www.phihelico.com/-- is a provider of
helicopter transportation services in the oil and gas industry,
primarily transporting crews and materials, and in the healthcare
and emergency medical services industry, primarily transporting
patients. It is a publicly held company and provides services in
the United States and abroad.
As of the petition date, PHI owned or operated 238 aircraft
worldwide, of which 17 are leased while eight are owned by the
customer and operated by the company. The remaining 213 are owned
by PHI. The company employed 2,218 people, including pilots,
mechanics, medical and administrative staff.
PHI and its affiliates sought protection under Chapter 11 of the
Bankruptcy Code Bankr. N.D. Tex. Lead Case No. 19-30923) on March
14, 2019. At the time of the filing, PHI estimated assets of $1
billion to $10 billion and liabilities of $500 million to $1
billion.
The cases are assigned to Judge Harlin DeWayne Hale.
The companies tapped DLA Piper LLP (US) as their bankruptcy
counsel; Jones Walker LLP as regular outside counsel; Houlihan
Lokey Capital Inc. and FTI Consulting Inc. as financial advisors;
and Prime Clerk LLC as claims, noticing and solicitation agent.
The Office of the U.S. Trustee on March 25 appointed five creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 cases of PHI, Inc. and its affiliates. Haynes and
Boone, LLP, is co-counsel to the Creditors' Committee. Milbank,
LLP, is counsel to the Creditors' Committee. PJT Partners LP, is
investment banker to the Creditors' Committee.
The Office of the U.S. Trustee on April 25 appointed an official
committee of equity security holders in the Chapter 11 cases of
PHI, Inc. and its affiliates. David B. Golubchik, Esq., Eve H.
Karasik, Esq., and Gary E. Klausner, Esq., at Levene, Neale,
Bender, Yoo & Brill L.L.P., in Los Angeles, California; and Jason
S. Brookner, Esq., Lydia R. Webb, Esq., and Amber M. Carson, Esq.,
at Gray Reed & McGraw LLP, in Dallas, Texas, represent the Equity
Committee.
PLYMOUTH EDUCATIONAL: S&P Lowers Bond Ratings to 'CC'; Outlook Neg.
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Plymouth
Educational Center Charter School, Mich.'s series 2005 public
school academy revenue and refunding bonds to 'CC' from 'B-'. The
outlook is negative.
"On July 25, 2019, Plymouth agreed to enter into a forbearance
agreement that will permit the school to miss its Nov. 1, 2019,
bond principal payment," said S&P Global Ratings credit analyst
Avani Parikh. "The agreement is expected to be finalized in the
next few days and will be effective from July 1, 2019 to June 30,
2020, though the term may be extended for an additional year with a
signed written amendment." S&P understands that the school will
continue to make interest payments and does not plan to use its
bond debt service reserve to cover upcoming principal payments
during this timeframe.
The negative outlook reflects S&P's expectation that it will likely
lower the rating to 'D' on or about Nov. 1, 2019, based on
management's stated intent to miss its scheduled bond principal
payment.
PRINCE ORGANIZATION: Allowed to Use Cash Collateral on Final Basis
------------------------------------------------------------------
Bankruptcy Judge Bill Parker has entered a final order authorizing
Prince Organization, Nacogdoches LLC to use cash collateral subject
to the agreement between the Debtor, First Choice Bank and the
Small Business Administration, and in the amounts and for the
expenses set forth on the monthly budget.
The Debtor is authorized to collect and receive all cash funds and
will account each month to the Secured Lenders for all funds
received. All cash accounts and all accounts receivable collections
of the Debtor will be deposited in a separate cash collateral
account. The Debtor will maintain cash on hand and accounts
receivable which are current and collectible, with an aggregate
total of not less than $11,686.
The Debtor may not incur expenses for any line item for an amount
that exceeds the lesser of the amount for such line item in the
budget and the actual expenditure for such line item. However, the
Debtor may exceed any line up to an amount not greater than 10% of
the line item.
As of the Petition Date, the Debtor owed First Choice Bank
approximately $2,885,724, which is secured by security interests in
all real property owned by the Debtor, as well as all accounts,
contract rights and rights to payment of every kind arising out of
the business of the Debtor. The Debtor also owed SBA approximately
$1.8 million, secured with security interests that are junior and
inferior to those of First Choice Bank.
First Choice Bank and SBA are granted valid, binding, enforceable
and perfected liens in all currently owned or hereafter acquired
property and assets of the Debtor, having the same priority and
validity as existed among First Choice Bank, SBA, the Debtor and
all other creditors or claimants on the Petition Date. As adequate
protection for the potential diminution in value of their interests
in the cash collateral, First Choice Bank and SBA are also granted
replacement liens and security interests having the same priority
and validity as existed between them with respect to their
pre-petition liens.
In addition, the Debtor will pay to First Choice Bank, on the first
day of the month $12,000. During the pendency of the Final Order,
the Debtor will maintain casualty insurance on its Secured Lenders'
collateral to the extent required by the pre-petition loan
documents and will provide Secured Lenders certificates showing
that such coverage is in force and effect, and will pay all taxes
when due.
The Debtor will also deliver a copy of its Monthly Operating Report
to its Secured Lenders' counsel and a cash flow report showing all
receipts and expenditures, as well as an accounts payable report
showing outstanding accounts payable.
The Debtor is prohibited from obtaining the contributions,
reflected in the budget that was made by its equity owners, as
post-petition financing as these will be treated solely as capital
contributions and not a loan or financial liability of the Debtor
or its estate.
A copy of the Final Cash Collateral Order is available for free at
http://bankrupt.com/misc/txeb19-90145-51.pdf
About Prince Organization Nacogdoches
Prince Organization, Nacogdoches LLC, a privately held company in
the traveler accommodation industry, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
19-90145) on June 3, 2019. At the time of the filing, the Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range. Joyce W. Lindauer Attorney, PLLC
and The Patel Law Group, PLLC, serve as the Debtor's legal
counsel.
RADFORD QUARRIES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Radford Quarries, Inc.
P.O. Box 2071
Boone, NC 28607
Business Description: Radford Quarries, Inc. owns a small
materials sales business with operations in
Ashe, Avery, Watauga, and Wilkes Counties of
North Carolina and Johnson County of
Tennessee. Its products include crushed
stone, sand, dirt, and deicer.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
Western District of North Carolina (Statesville)
Case No.: 19-50454
Judge: Hon. Laura T. Beyer
Debtor's Counsel: Richard S. Wright, Esq.
MOON WRIGHT & HOUSTON, PLLC
121 W. Trade Street, Suite 1950
Charlotte, NC 28202
Tel: (704) 944-6564
Fax: (704) 944-0380
E-mail: rwright@mwhattorneys.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by D.J. Cecile, Jr., vice president and
chief financial officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/ncwb19-50454.pdf
RAG OIL: Case Summary & 6 Unsecured Creditors
---------------------------------------------
Debtor: RAG Oil Co., Inc.
821 N. High St.
Towanda, KS 67144
Business Description: RAG Oil Co., Inc. is a privately held
company in the oil and gas exploration
business.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
District of Kansas (Wichita)
Case No.: 19-11405
Judge: Hon. Robert E. Nugent
Debtor's Counsel: William B. Sorensen, Jr., Esq.
MORRIS, LAING, EVANS, BROCK & KENNEDY, CHTD.
Old Town Square
300 N Mead Suite 200
Wichita, KS 67202-2722
Tel: (316) 262-2671
E-mail: wsorensen@morrislaing.com
Total Assets: $1,696,203
Total Liabilities: $318,867
The petition was signed by Charlene A. Giles, president.
A copy of the Debtor's list of six unsecured creditors is available
for free at:
http://bankrupt.com/misc/ksb19-11405_creditors.pdf
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/ksb19-11405.pdf
RELGOLD LLP: Seeks to Hire Kirby Aisner as Legal Counsel
--------------------------------------------------------
Relgold LLP seeks authority from the United States Bankruptcy Court
for the Southern District of New York (Manhattan) to hire Kirby
Aisner & Curley LLP as its legal counsel.
Relgold requires KAC to:
a. give advice to the Debtor with respect to its power and
duty as Debtor-in-Possession and the continued management of its
property and affairs;
b. negotiate with creditors of the Debtor and work out a plan
of reorganization and take the necessary legal steps in order to
effectuate such a plan including, if need be, negotiations with the
creditors and other parties in interest;
c. prepare the necessary answers, orders, reports and other
legal papers required for the Debtor who seeks protection from its
creditors under Chapter 11 of the Bankruptcy Code;
d. appear before the Bankruptcy Court to protect the interest
of the Debtor and to represent the Debtor in all matters pending
before the Court;
e. attend meetings and negotiate with representatives of
creditors and other parties in interest;
f. advise the Debtor in connection with any potential
refinancing of secured debt and any potential sale of the business
and its assets;
g. represent the Debtor in connection with obtaining
post-petition financing;
h. take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
and
i. perform all other legal services for the Debtor which may
be necessary for the preservation of the Debtors’ estate and to
promote the best interests of the Debtors, their creditors and
their estate.
KAC's 2019 hourly rates are:
Attorneys $425 to $525
Paraprofessionals $150
Dawn Kirby, Esq., partner of the firm Kirby Aisner & Curley LLP,
attests that KAC is a "disinterested person" as that phrase is
defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Dawn Kirby, Esq.
KIRBY AISNER & CURLEY, LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: 914-401-9500
E-mail: dkirby@kacllp.com
About Relgold LLP
Relgold LLP classifies its business as Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
Relgold LLP filed a voluntary petition for relief under chapter 11
of Title 11 of the United States Code (Bankr. S.D.N.Y. Case No.
19-12318) on July 18, 2019. In the petition signed by Leonard
Goldberg, managing member, the Debtor estimated $10 million to $50
million in assets and $1 million to $10 million in liabilities.
Dawn Kirby, Esq. at Kirby Aisner & Curley LLP serves as the
Debtor's counsel.
SALDAP LLC: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Saldap, LLC
dba Prime Montessori
fdba Joyous Montessori McKinney
6800 Bountiful Grove
McKinney, TX 75070
Business Description: Saldap, LLC is a domestic for-profit
corporation conducting business in Collin
County that provides child day care
services.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
Eastern District of Texas (Sherman)
Case No.: 19-41988
Judge: Hon. Brenda T. Rhoades
Debtor's Counsel: Melissa S. Hayward, Esq.
HAYWARD & ASSOCIATES PLLC
10501 N. Central Expry, Ste. 106
Dallas, TX 75231
Tel: 972-755-7104
972-755-7100
Fax: 972-755-7114
E-mail: MHayward@HaywardFirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Janaki R. Poluru, manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/txeb19-41988.pdf
SARAH ZONE: Seeks Authority on Continued Cash Collateral Use
------------------------------------------------------------
Sarah Zone, Inc. seeks authority from the U.S. Bankruptcy Court of
the Central District of California to continue its use of cash
collateral in accordance with its operating budget for the 16-week
period from Aug. 18 through and including Dec. 1.
In addition, the Debtor seeks authority to deviate from the line
items contained in the Budget, without the need for any further
Court order, by up to 20%, on both a line item and aggregate basis,
with any unused portions to be carried over into the following
week.
The Debtor's senior secured lender is Open Bank. The Debtor is a
borrower under two separate loans with Open Bank: (a) the Debtor is
currently indebted to Open Bank in the amount of approximately
$1,600,000 under the First Loan, which loan is secured by assets
owned by the Debtor's affiliates who are named as borrowers under
the First Loan, including, without limitation, a commercial
building owned S&Y located at 655 East 30th Street, Los Angeles,
California 90011; and (b) the Debtor is currently indebted to Open
Bank in the amount of approximately $1,500,000 under the Second
Loan which is also secured by the Building owned by S&Y. The
Building was successfully sold by S&Y in April, 2019, resulting in
the full payment and satisfaction of the Second Loan.
Prior to the Petition Date, the Debtor also obtained a loan from
Tae Hyun Yoo (who is the founder and President of the Debtor) and
his wife, Susan Yoo, in the total sum of $350,000, which loan is
secured by substantially all of the Debtor's assets. Prior to the
Petition Date, the Yoos filed a UCC financing statement asserting a
lien against substantially all of the assets of the Debtor.
In August, 2018, the Debtor obtained a loan from an individual
named Chong Taek Lee, in the amount of $10,000, which loan is
secured by substantially all of the Debtor's assets. Prior to the
Petition Date, Lee filed a UCC financing statement asserting a lien
against substantially all of the assets of the Debtor.
Based on the foregoing, the Debtor believes that Lee and the Yoos
are currently the only parties that have a perfected security
interest in its cash.
The Debtor anticipates that it will be holding assets with
aggregate value estimated to be $4,077,690 as of Aug. 18, 2019. The
Debtor believes that the amount currently owed to Lee is
approximately $10,000. Given the aggregate value of the Debtor's
assets, and the total amount estimated to be owed to Lee (i.e.,
$10,000), Lee is adequately protected by a substantial equity
cushion, well above the 20% range that constitutes clear adequate
protection of a secured creditor's interest in cash collateral.
Furthermore, the Debtor submits that the value of Lee's interest in
its cash collateral will be adequately protected by, among other
things, the maintenance and continued operation of its business.
The Debtor also proposes to provide the Secured Parties with
replacement liens and security interests against the Debtor's
post-petition assets, to the extent of any diminution in value of
such Secured Parties' interests in the Debtor's pre-petition
collateral, with such replacement liens to have the same extent,
validity, and priority as the pre-petition liens held by such
Secured Parties. Such replacement liens will provide the Secured
Parties with further adequate protection.
A copy of the Cash Collateral Motion is available at
http://bankrupt.com/misc/cacb18-20836-112.pdf
About Sarah Zone Inc.
Sarah Zone, Inc., is a merchant wholesaler of apparel, piece goods,
and notions. The company filed its Articles of Incorporation in
California on Oct. 5, 2004, according to public records filed with
California Secretary of State.
Sarah Zone sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 18-20836) on Sept. 17, 2018. In
the petition signed by Tae Hyun Yoo, president, the Debtor
disclosed $3,833,130 in assets and $7,301,855 in liabilities. Judge
Sandra R. Klein presides over the case. The Debtor tapped Levene,
Neale, Bender, Yoo & Brill LLP as its legal counsel.
SCHAHIN HOLDINGS: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Debtor: Schahin Holdings S.A.,
Base Engenharia E Servicos de Petroleo
E Gas SA et al.
Rua Arquiteto Olavo Redig de Campos
105 - 10th Floor
04711-904, Sao Paulo
Brazil
c/o Sequor Law, PA
1001 Brickell Bay Drive, 9th Floor
Miami, FL 33131
Business Description: Schahin Holdings S.A.'s business
includes holding or owning securities
of non-financial institutions.
Foreign Proceeding: Case No. 1037133-31.2015.8.26.0100
2nd Bankruptcy Court Sao Paulo, Brazil
Chapter 15
Petition Date: July 26, 2019
Court: United States Bankruptcy Court
Southern District of Florida (Miami)
Chapter 15 Case No.: 19-19932
Judge: Hon. Robert A Mark
Foreign
Representative: KPMG Corporate Finance LTDA
represented by Osana Mendonca
Rua Arquiteto Olavo Redig de Campos
105 -10th Floor
04711-904, Sao Paulo
Brazil
Foreign
Representative's
Counsel: Amanda E. Finley, Esq.
SEQUOR LAW, P.A.
1001 Brickell Bay Drive, 9th Floor
Miami, FL 33131
Tel: 305-372-8282
E-mail: afinley@sequorlaw.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/flsb19-19932.pdf
SEAWALK INVESTMENTS: Unsecureds to Get 4 Annual Payments of 25%
---------------------------------------------------------------
Seawalk Investments, LLC, filed a Chapter 11 Plan and accompanying
Disclosure Statement proposing to pay holders of General Unsecured
Claims four-level annual payments of 25% of each creditor's Allowed
Claim Amount plus interest, on the First, Second, Third and Fourth
Anniversary of the Effective Date.
Class 1 - Secured Claim of Duval County Tax Collector are impaired.
In full satisfaction of the Duval County Tax Collector's Allowed
Secured Claim in Class 1, the Debtor shall pay the 2018 real estate
taxes by making level monthly payments of principal and interest to
the Duval County Tax Collector in an amount sufficient to pay the
Secured Claim for 2018 real estate taxes of $32,018 shall be paid
in full over three (3) years, including interest at the statutory
rate of 18%,with estimated payments of $997.94 per month.
Class 2 - Secured Claim of NLA Jacksonville, LLC are impaired. In
full satisfaction of creditor's Allowed Secured Claim in Class 2,
the Reorganized Debtor shall make level monthly payments of
principal and interest to NLA Jacksonville, LLC in an amount
sufficient to pay the Allowed Secured Claim in full over twenty
(20) years, plus interest at 5.0% per annum, with an estimated
payment of $4,850.67 per month based on a $735,000.00 claim
amount.
Class 3 - Robert W. Stockton are impaired. In full satisfaction of
the Allowed Secured Claim in Class 3, the Reorganized Debtor shall
make level monthly payments of principal and interest to Robert W.
Stockton in an amount sufficient to pay the Allowed Secured Claim
in full over twenty years, plus interest at 5% per annum, with
approximate monthly payments of $490.86.
Class 4 - Secured Claim of Alison Kasun are impaired. In full
satisfaction of the Allowed Secured Claim in Class 4, the
Reorganized Debtor shall make level monthly payments of principal
and interest to Alison Kasun in an amount sufficient to pay the
Allowed Secured Claim in full over twenty years, plus interest at
5% per annum, with approximate monthly payments of $155.09.
Class 5 - Secured Claim of Ron Duguay Scheduled Claim are impaired.
In full satisfaction of the Allowed Secured Claim in Class 5, the
Reorganized Debtor shall make level monthly payments of principal
and interest to Ron Duguay in an amount sufficient to pay the
Allowed Secured Claim in full over twenty years, plus interest at
5% per annum, with approximate monthly payments of $176.50.
Class 6 - Secured Claim of Pace Wagoner Scheduled Claim are
impaired. In full satisfaction of the Allowed Secured Claim in
Class 6, the Reorganized Debtor shall make level monthly payments
of principal and interest to Pace Wagoner in an amount sufficient
to pay the Allowed Secured Claim in full over twenty years, plus
interest at 5% per annum with approximate monthly payments of
$593.88.
Class 7 - Secured Claim of Peter Legeza Scheduled Claim are
impaired. In full satisfaction of the Allowed Secured Claim in
Class 7, the Reorganized Debtor shall make level monthly payments
of principal and interest to Peter Legeza in an amount sufficient
to pay the Allowed Secured Claim in full over twenty years, plus
interest at 5% per annum with approximate monthly payments of
$84.37.
Class 8 - Secured Claim of T.L. Hapsis Trust Scheduled Claim are
impaired. In full satisfaction of the Allowed Secured Claim in
Class 8, the Reorganized Debtor shall make level monthly payments
of principal and interest to T.L. Hapsis Trust in an amount
sufficient to pay the Allowed Secured Claim in full over twenty
years, plus interest at 5% per annum with approximate monthly
payments of $2,462.82, based on a $373,178.89 Allowed Secured
Claim.
Class 9 - Secured Claim of James Bellingrath Scheduled Claim are
impaired. In full satisfaction of the Allowed Secured Claim in
Class 9, the Reorganized Debtor shall make level monthly payments
of principal and interest to James Bellingrath in an amount
sufficient to pay the Allowed Secured Claim in full over twenty
years, plus interest at 5% per annum with approximate monthly
payments of $3.30.
Class 10 - Secured Claim of Noah Duguay Scheduled Claim are
impaired. In full satisfaction of the Allowed Secured Claim in
Class 10, the Reorganized Debtor shall make level monthly payments
of principal and interest to Noah Duguay in an amount sufficient to
pay the Allowed Secured Claim in full over twenty years, plus
interest at 5% per annum with approximate monthly payments of
$6.60.
Class 11 - Secured Claim of Dean Rodden Scheduled Claim are
impaired. In full satisfaction of the Allowed Secured Claim in
Class 11, the Reorganized Debtor shall make level monthly payments
of principal and interest to Dean Rodden in an amount sufficient to
pay the Allowed Secured Claim in full over twenty years, plus
interest at 5% per annum with approximate monthly payments of
$.3.30.
Class 12 - Secured Claim of Tony Perez Scheduled Claim are
impaired. In full satisfaction of the Allowed Secured Claim in
Class 12, the Reorganized Debtor shall make level monthly payments
of principal and interest to Tony Perez in an amount sufficient to
pay the Allowed Secured Claim in full over twenty years, plus
interest at 5% per annum with approximate monthly payments of
$3.30.
Class 13 - Secured Claim of Al Mansur Scheduled Claim are impaired.
In full satisfaction of the Allowed Secured Claim in Class 4, the
Reorganized Debtor shall make level monthly payments of principal
and interest to Al Mansur in an amount sufficient to pay the
Allowed Secured Claim in full over twenty years, plus interest at
5% per annum with approximate monthly payments of $66.00.
Distributions will be made to creditors from cash generated by (a)
the operations of the Debtor prior to the Effective Date and (b)
the operations of the Reorganized Debtor after that date. The
Reorganized Debtor will, from and after confirmation of the Plan,
be indebted for and obligated to pay those obligations and
liabilities as set forth herein.
A full-text copy of the Disclosure Statement dated July 17, 2019,
is available at https://tinyurl.com/y2zagczd from PacerMonitor.com
at no charge.
Attorney for the Debtor is Robert D. Wilcox, Esq., at Wilcox Law
Firm, in Ponte Vedra Beach, Florida.
About Seawalk Investments
Seawalk Investments, LLC, a privately held company in Jacksonville,
Fla., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 19-01010) on March 21, 2019. It
previously filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
11-05969) on Aug. 11, 2011.
At the time of the filing, the Debtor had estimated assets of
between $1 million and $10 million and liabilities of between $1
million and $10 million.
Judge Jerry A. Funk presides over the case. The Debtor hired
Wilcox Law Firm as its bankruptcy counsel.
SENIOR NH: Sept. 17 Plan Confirmation Hearing
---------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan of Senior
NH, LLC, is approved.
The hearing will be held in Courtroom 1402, United States
Courthouse, 75 Ted Turner Drive, S.W., Atlanta, Georgia 30303, on
September 17, 2019 at 11:00 a.m., Eastern Time.
September 10, 2019 is fixed as the last day for filing and serving
written objections to confirmation of the Plan.
About Senior NH LLC
Senior NH, LLC operates a 100-bed skilled nursing facility known as
the Enid Senior Care located at 410 N. 30th Street, Enid, Okla.
Senior NH sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 18-65904) on Sept. 21, 2018. In the
petition signed by Christopher F. Brogdon, managing member, the
Debtor estimated assets of less than $10 million and liabilities of
less than $50 million. The Debtor tapped Theodore N. Stapleton,
Esq., at Theodore N. Stapleton, P.C., as its counsel.
SILVER CREEK: U.S. Trustee Forms 2-Member Committee
---------------------------------------------------
The U.S Trustee for Region 9 on July 25 appointed two creditors to
serve on the official committee of unsecured creditors in the
Chapter 11 cases of Silver Creek Services, Inc.
The committee members are:
1. Mountain Supply and Service LLC
Attn: Dennis J. Bowles, Jr.
1512 Colony Circle
P.O. Box 3111
Longview, TX 75604
Tel: (903) 753-2400
Fax: (480) 287-9975
Email: dbowles@mountainoilfield.com
2. Dickson Bulk Services, Inc.
Attn: Paul Dickson III
113 Lee Valley Road
Derry, PA 15627
Tel: (724) 539-8840
Fax: (724) 539-5517
Email: paul.dickson@williamdicksonindustries.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Silver Creek Services
Silver Creek Services Inc. is an oil & gas field services provider,
including fracturing, flowback, and production testing. The Company
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Pa. Case No. 19-22775) on July 11, 2019. The petition was
signed by Michael Didier, chief executive officer. At the time of
the filing, the Debtor disclosed assets in the amount of $6,385,000
and debts of in the amount of $11,922,381.
Judge Thomas P. Agresti is assigned to the case.
Silver Creek is represented by Robert O. Lampl, Esq., at Robert O
Lampl Law Office.
SMOKY MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Smoky Mountain Country Club Property
Owners Association, Inc.
P.O. Box 1309
Whittier, NC 28789
Business Description: The Debtor, a North Carolina nonprofit
corporation, is an association of
of homeowners of the Smoky Mountain Country
Club, a residential planned community,
in Whittier, North Carolina.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
Western District of North Carolina (Asheville)
Case No.: 19-10286
Judge: Hon. George R. Hodges
Debtor's Counsel: John R. Miller, Jr., Esq.
RAYBURN COOPER & DURHAM, P.A.
1200 The Carillon
227 West Trade Street
Charlotte, NC 28202
Tel: 704-334-0891
E-mail: jmiller@rcdlaw.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paul DeCarlo, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/ncwb19-10286.pdf
STARPASS MASTER: Case Summary & 3 Unsecured Creditors
-----------------------------------------------------
Two affiliates that concurrently filed voluntary petitions seeking
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Starpass Master Homeowners Association, Inc. 19-09332
3645 West Star Pass Blvd.
Tucson, AZ 85745
Starr Pass Redevelopment, LLC 19-09333
3645 West Starr Pass Blvd.
Tucson, AZ 85745
Business Description: Star Pass Master owns in fee simple a common
property as described in the 1992 Starr Pass
Plat valued at $150,000. Star Pass
Redevelopment is the fee simple owner of
undeveloped land parcels having an appraised
value of $6.59 million.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
District of Arizona (Tucson)
Judge: Hon. Scott H. Gan
Debtors' Counsel: Jody A. Corrales, Esq.
DECONCINI MCDONALD YETWIN & LACY, P.C.
2525 E. Broadway Blvd., Suite 200
Tucson, AZ 85716
Tel: 520-322-5000
Fax: 520-322-5585
Email: jcorrales@dmyl.com
Starpass Master's
Total Assets: $224,116
Starpass Master's
Total Liabilities: $1,028,800
Starr Pass Redevelopment's
Total Assets: $6,590,700
Starr Pass Redevelopment's
Total Liabilities: $793,385
The petitions were signed by Christopher F. Ansley, authorized
representative.
A full-text copy of Starpass Master's petition containing, among
other items, a list of the Debtor's three unsecured creditors is
available for free at:
http://bankrupt.com/misc/azb19-09332.pdf
A full-text copy of Starr Pass Redevelopment's petition containing,
among other items, a list of the Debtor's three unsecured
creditors is available for free at:
http://bankrupt.com/misc/azb19-09333.pdf
STEINWAY MUSICAL: S&P Alters Outlook to Positive, Affirms 'B' ICR
------------------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on U.S. piano and
band instruments manufacturer Steinway Musical Instruments Inc.,
including the 'B' issuer credit rating, and revised its outlook on
Steinway to positive from stable.
The positive outlook indicates the possibility of an upgrade if the
company continues to de-lever. After several years of EBITDA
declines leading up to 2016, Steinway has grown its EBITDA
considerably over the past few years by developing new products
such as the Spirio line of player pianos, expanding in Asia, and
spending more effectively on marketing and advertising. It has also
repaid about $60 million of term loan debt over the past two years,
resulting in leverage improving to about 3.7x at the end of 2018
from nearly 8x in 2016 and the low-5x area in 2017. Although
performance decelerated during the first quarter of 2019 because of
softer-than-expected piano sales, S&P anticipates operations will
strengthen in the second half of fiscal 2019 resulting in continued
EBITDA growth and solid cash flow generation that will allow the
company to further reduce outstanding debt. S&P believes this will
enable the company to reduce leverage to nearly 3x in 2019, and it
expects further improvement to the high-2x area in 2020. The
positive outlook reflects that S&P could raise the rating if the
company achieves these leverage levels by continuing to grow its
sales and demonstrating its commitment to operating with moderate
leverage by proactively repaying debt.
S&P said, "The positive outlook reflects that we could raise the
rating if the company continues to demonstrate its commitment to
reducing leverage by proactively repaying term loan debt, and
continues to grow EBITDA, resulting in leverage approaching 3x at
the end of 2019. We believe this leverage level during a period of
economic stability would provide ample cushion to incorporate
future earnings volatility.
"We could revise the outlook back to stable if the company fails to
grow sales and EBITDA and repay debt as we expect, resulting in
leverage sustained in the 4x area. Although unlikely in the near
term given our forecast for relatively moderate leverage, we could
lower our rating on Steinway if the company's sales drop
significantly, likely the result of an economic slowdown or
unexpected operating missteps, such that we believe debt to EBITDA
will be sustained above 6.5x."
TECHNICAL COMMUNICATIONS: Hires Stowe & Degon as Auditor
--------------------------------------------------------
Technical Communications Corporation has retained Stowe & Degon LLC
to act as the Company's new independent registered public
accounting firm effective July 22, 2019, which engagement was
approved by the Audit Committee of the Board of Directors of the
Company on July 19, 2019. The Company said that during its prior
two fiscal years and subsequently through the date of engagement,
the Company did not consult Stowe & Degon regarding either (i) the
application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that
might be rendered on the Company's financial statements; or (ii)
any matter that was either the subject of a disagreement or a
reportable event (each as defined in Item 304(a)(1) of Regulation
S-K).
On July 23, 2019, CohnReznick LLP informed the Company of its
intention to cease services as the Company's accountants effective
July 23, 2019. Previously on July 8, 2019, CohnReznick LLP
informed the Company of its intention to resign as the independent
registered public accounting firm of the Company effective at the
conclusion of the third quarter interim review for the period ended
June 29, 2019.
About Technical Communications
Concord, Massachusetts-based Technical Communications Corporation
-- http://www.tccsecure.com/-- specializes in secure
communications systems and customized solutions to protect highly
sensitive voice, data and video transmitted over a wide range of
networks.
Technical Communications reported a net loss of $1.47 million for
the year ended Sept. 29, 2018, compared to a net loss of $1.91
million for the year ended Sept. 30, 2017. As of March 30, 2019,
Technical Communications had $3.26 million in total assets, $1.78
million in total current liabilities, and $1.47 million in total
stockholders' equity.
CohnReznick LLP, in Boston, Massachusetts, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated June 21, 2019, on the Company's consolidated financial
statements for the year ended Sept. 29, 2018, citing that the
Company has suffered recurring losses from operations and has an
accumulated deficit of $2,786,356 at Sept. 29, 2018. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
TIME DEFINITE: Seeks Authorization to Use Cash Collateral
---------------------------------------------------------
Time Definite Services Inc. seeks authority from the U.S.
Bankruptcy Court for the Middle District of Florida to use cash
collateral to fund its operating expenses and costs of
administration of its Chapter 11 case for the duration of the case.
Among other things, the Debtor proposes to use cash collateral in
accordance with the budget for payment of employees, contractors,
fuel, insurance, utilities, vehicle maintenance, and ordinary
business expenses related to its operations.
JPMorgan Chase Bank, N.A. holds a claim in the approximate amount
of $4.4 million, which may be secured by a blanket lien on the
Debtor's assets.
The Debtor offers Chase: (a) a post-petition replacement lien to
the same extent, validity, and priority as existed pre-petition;
(b) a right to inspect Chase's collateral on 5-day notice; and (c)
copies of monthly financial documents generated in the ordinary
course of business and other information as Chase may reasonably
request with respect to the Debtor's operations.
A copy of the Cash Collateral Motion is available for free at
http://bankrupt.com/misc/flmb19-06564-6.pdf
About Time Definite Services
Time Definite Services, Inc., is a provider of refrigerated
trucking and individualized logistics. Its affiliate Time Definite
Leasing LLC provides truck renting and leasing services.
Time Definite Services and Time Definite Leasing filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Lead Case No. 19-06564) on July 12, 2019. In the
petition signed by Michael Suarez, president, Time Definite
Services disclosed $21,898,781 in assets and $22,555,177 in
liabilities. Buddy D. Ford, P.A., is the Debtors' counsel.
TRINITY INDUSTRIES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Rating of
Trinity Industries, Inc. at 'BB'. Trinity's senior unsecured notes
and revolving credit facility are also affirmed at 'BB'/'RR4'. The
Rating Outlook is Stable.
KEY RATING DRIVERS
Focused Railcar Business: Following the spin off its
infrastructure-related businesses, Trinity is a focused rail
manufacturing and leasing business that is smaller, less
diversified and with higher financial leverage. The ratings
incorporate a high level of cyclicality in Trinity's railcar
manufacturing business, which saw sales declines of more than 30%
in each of 2016 and 2017 before recovering by 15% in 2018. The
leasing business is more stable and will account for the majority
of Trinity's pretax earnings through the cycle.
Increased Leasing Leverage: Financial leverage (debt/tangible
equity) within the leasing business increased from 1.6x at the end
of 2017 to 1.9x at March 31, 2019 due to growth in the level of
secured railcar equipment notes to finance growth in the leasing
portfolio as well as higher levels of manufacturing capex, working
capital growth and elevated share repurchases. The rating also
reflects management's intention to further increase financial
leverage within the leasing segment through faster growth of its
leased railcar portfolio, with a goal of driving loan to value on
the wholly owned lease portfolio to 60%-65% from 53% as of
mid-2019.
High Manufacturing Leverage: Leverage (debt/EBITDA) for the
manufacturing operations was 4.2x at the end of 2018 due to
continued weak though improved results in railcar manufacturing.
This assumes the $400 million of senior notes at the corporate
level and half of unallocated selling, general and administrative
expenses are allocated to the manufacturing operations. Leverage is
expected to improve in 2019, though it will likely remain above
levels achieved through the prior cyclical upturn. FCF at the
manufacturing operations was negative in 2018 and is expected to be
negative in 2019 due to higher capex and growth in working capital,
and this will be covered by cash inflows from the leasing
business.
Early Stage Recovery: Trinity's railcar manufacturing operations
have begun to recover following a downturn in railcar orders and
deliveries in 2016-2017 that led to a sharp drop in EBITDA and cash
flow. The company delivered 20,105 railcars in 2018, up from 18,395
in 2017, and the backlog increased to $3.6 billion from $2.2
billion. Fitch assumes revenues from rail manufacturing will
recover at a high double digit pace in 2019 and at a more moderate
pace in 2020, and that EBITDA margins continue to gradually
improve.
Higher Share Repurchases: Trinity repurchased $506 million of its
shares in 2018, up from $79 million in 2017, indicating a more
aggressive financial policy about returning cash to shareholders.
Share repurchases are expected to remain elevated as the company
completes a $350 million authorization over 2019-2020.
Favorable Guardrail Ruling: A September 2017 ruling by a panel of
the Fifth Circuit Court overturned a $682 million judgment against
Trinity in a case under the Federal False Claims Act relating to
the company's ET Plus guardrail end terminal system. The U.S.
Supreme Court has declined to review this case, ending the appeals
process, though there are also a number of state cases, product
liability and class action lawsuits that are still outstanding.
Substantial Leasing Business: Trinity has a substantial railcar
leasing business that broadens the company's industry presence and
scale, helping to mitigate the effects of cyclicality at the
railcar manufacturing operations. Fitch views Trinity Industries
Leasing Company, Inc. (TILC) as a core part of Trinity's railcar
business, reflecting strong operational and financial linkages
between the two companies. TILC generates railcar orders for
Trinity as it obtains lease commitments from customers and provides
a relatively stable source of earnings. In addition, TILC increases
Trinity's presence in the railcar market by providing customers
with a single source for purchasing and financing railcars.
No Formal Support: TILC does not benefit from a formal support
agreement from Trinity, although Fitch believes Trinity would
support TILC due to its important role in the parent's railcar
business. An important rating consideration is Trinity's ability to
withstand potential disruptions to TILC's funding sources or an
unexpected decline in the credit quality of TILC's lease
portfolio.
Good Leasing Asset Quality: TILC's credit profile is characterized
by good asset quality, sufficient liquidity and financial leverage
that is currently low but expected to increase over the next few
years. The leasing company's operating performance is driven by
core leasing and management services plus gains from asset sales.
TILC performed relatively well during the previous downturn,
maintaining low write-offs and the ability to remarket railcars
within the fleet. The rating takes into account the potential asset
quality risk associated with an expected faster pace of growth
within the leasing segment.
DERIVATION SUMMARY
Trinity's key competitors in its core rail business include The
Greenbrier Companies, which is a railcar manufacturer and lessor,
and TTX Co. (A/Stable) and GATX, which are large railcar lessors.
Relative to these companies, Trinity is the largest railcar
manufacturer and a meaningful lessor. The credit metrics for
Trinity's manufacturing operations vary widely through cycles,
while the leasing business is more stable and currently has below
average leverage. No country ceiling, parent/subsidiary or
operating environment aspects impact the rating.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- The attached base case reflects Trinity's manufacturing
operations, excluding the leasing business:
- Revenues recover by 17% in 2019 and then grow at a low single
digit pace over 2020 - 2022.
- The EBITDA margin recovers gradually.
- FCF is sharply negative in 2019 due to higher capex, further
growth in working capital, and higher dividends. FCF remains
negative over the forecast horizon, but breaks even in 2022 on a
pre-dividend basis.
- Negative FCF plus share repurchases, which are elevated in
2019-2020, are covered by inflows from the leasing company
totalling an estimated $500 million in 2019 and $300 million in
2020.
- Debt/EBITDA improves from 4.2x in 2018 to around 3x in 2019 and
2x in 2021.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- An improvement in profitability metrics at the leasing segment
while maintaining strong asset quality;
- A more diversified funding profile at the leasing business;
- Slower growth in the leased railcar fleet leading to a smaller
than expected increase in financial leverage at TILC, and a
sustained improvement in leverage at the manufacturing businesses.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Mid-cycle manufacturing debt/EBITDA is sustained above 2.5x;
- A material increase in leverage (tangible debt/equity) at TILC
above 4.0x or significant asset quality deterioration;
- Large debt-funded acquisitions and/or share repurchases;
- The need for significant financial support for TILC.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Trinity had liquidity totaling $366 million as
of March 31, 2019. This included $74 million in cash and marketable
securities plus $143 million available on a $450 million unsecured
revolver, which matures in November 2023, and $150 million
available on a $750 billion warehouse facility at TILC, which
matures in March 2021. TILC uses the facility and CP issued at
Trinity to fund railcar purchases on an interim basis until
permanent funding is obtained from securitizations or sales to
investment vehicles. Trinity had $1.7 billion net book value of
unpledged equipment as of March 31, 2019. This equipment could be
used as collateral for the warehouse facility or it could be sold.
Debt Structure: Trinity had $4.5 billion of debt as of March 31,
2019, composed of $250 million of CP and $400 million of senior
notes at the parent company, and $3.8 billion of nonrecourse debt
at TILC. Trinity does not have a legal obligation to repay TILC's
nonrecourse debt, but Fitch expects the parent would support TILC
if necessary. Both the senior notes and the revolver are guaranteed
by the following 100%-owned subsidiaries: Trinity Highway Products,
LLC; Trinity Industries Leasing Company; Trinity Rail Group, LLC;
Trinity Tank Car, Inc.; and Trinity North American Freight Car,
Inc.
TILC Leverage: Under Fitch's criteria for rating non-financial
corporates, Fitch calculates an appropriate target debt/equity
ratio for a finance subsidiary based on asset quality and funding,
liquidity and coverage metrics. In TILC's case, Fitch calculates a
target leverage ratio of 3.0x, compared with debt/equity of 1.9x at
the end of 2018.
Trinity does not maintain a formal support agreement with TILC, but
it has an undertaking agreement to ensure leasing contracts are
serviced in the event TILC were to default. The bank revolver
includes a cross default to Trinity's performance under the
agreement.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch's analysis takes into account Trinity's results on a
consolidated basis and the results for its manufacturing and
leasing operations on a stand-alone basis. Fitch has made no
material adjustments that are not disclosed within the company's
public filings.
UNIQUE TOOL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Unique Tool & Manufacturing Co., Inc.
100 Reed Drive
Temperance, MI 48182
Business Description: Unique Tool & Manufacturing --
http://www.uniquetool.com/-- is a custom
metal stamping company supplying stampings
to the satellite, communications,
electrical, appliance, refrigeration, and
automotive industries throughout the United
States, Canada and Mexico. The Company
specializes in tool and die manufacturing,
brazing, welding, plating, and more.
Chapter 11 Petition Date: July 26, 2019
Court: United States Bankruptcy Court
Northern District of Ohio (Toledo)
Case No.: 19-32356
Judge: Hon. Mary Ann Whipple
Debtor's Counsel: Steven L. Diller, Esq.
DILLER AND RICE, LLC
124 East Main Street
Van Wert, OH 45891
Tel: (419) 238-5025
E-mail: steven@drlawllc.com
Kim@drlawllc.com;
Eric@drlawllc.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Daniel Althaus, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:
http://bankrupt.com/misc/ohnb19-32356.pdf
VERMILION ENERGY: Fitch Assigns BB- LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating of 'BB-' to Vermilion Energy Inc. and a senior unsecured
rating of 'BB-'/'RR4'. The Rating Outlook is Stable.
Vermilion's rating reflects its diversified international asset
base; above-average price realizations, stemming from its exposure
to higher priced international oil and natural gas indices; strong
netbacks and cash flow generation; good leverage and coverage for
the rating category; low break-evens ($40 WTI to cover sustaining
capital + dividend); and low base decline rate. Ratings concerns
include the company's high dividend payout, which is unusual among
high yield entities and limits the company's financial flexibility;
high revolver balance; modest size and reserve base; limited growth
prospects and a lack of scale in a number of its plays outside of
North America.
A total of CAD1.97 billion in debt is affected by this rating
action.
KEY RATING DRIVERS
Diversified Asset Base: Vermilion has a unique asset profile and
high yield among peers given a high level of geographic
diversification relative to its size. VET's asset base is focused
on three main regions: North America, Europe, and Australia, with
production split among ten countries, including Canada (59%),
France (11%), Netherlands (8%), Ireland (8%), Australia (6%),
Germany (4%), and the U.S. (4%), as well as prospective inventory
in Central and Eastern Europe (Hungary, Croatia, Slovakia). This
level of geographic diversification is unique among peers and is
linked to the company's philosophy of seeking out the highest
return projects regardless of location. Geologically, many of the
plays tend to be shallow, lower cost conventional resource plays
(France, Netherlands) or lower cost fracking plays Williston Basin
in Southeast Saskatchewan).
Challenges in Scaling Up: The downside of Vermilion's heavily
diversified portfolio is a limited ability to scale up in most of
its plays outside properties in the U.S. and Canada. This contrasts
with most of the company's shale-centric North American peers, who
are focused on building returns by scaling up in individual basins.
VET's growth prospects for its international portfolio vary
significantly, ranging from regions in decline (Ireland--Corrib) to
areas with good geology and well prospectivity, but challenging
permitting environments (Germany and Netherlands) to those with
good infill and brownfield expansion opportunities (Australia,
France).
North American Development: The company's future growth areas are
the U.S. and Canada, including the Powder River Basin in NE Wyoming
(147,800 net acres, 90% working interest, multiple horizontal
benches) the Williston Basin in SE Saskatchewan (550,000 net acres,
85% working interest, multiple horizontal benches) and West Central
Alberta (400,000 net acres). The company's Saskatchewan position
includes assets from the Spartan Energy acquisition completed in
May 2018, and has over 1,700 net drilling locations. Fitch expects
a significant portion of VET's future production growth will come
from these regions.
Strong Price Realizations: Price realizations for VET are high,
which supports the company's netbacks. Approximately 18% of 2019
estimated production is indexed to Brent, including the company's
European and Australian production. Another 20% is light sour blend
in southern Saskatchewan, which is not subject to the pipeline
constraints that have depressed Western Canadian Select prices. VET
has some exposure to depressed AECO gas prices (20%), but this is
more than offset by the positive impact of higher priced European
gas (19%) from Ireland, Germany and the Netherlands, which are
linked to higher priced LNG imports. Despite some recent volume
pressure, condensate in western Canada has also historically priced
at a premium, given the fact Western Canada is net short diluent
for blending regional bitumen.
Good Operational Metrics: VET's operational metrics are robust. As
calculated by Fitch, VET generated half cycle netbacks of
USD25.8/barrel in 2018, above-average for the company's
liquids-rich peer group. Debt/flowing barrel was lower than peer
averages at approximately USD15,800/barrel, and debt/boe PD
reserves was also below peer averages at USD6.6/barrel. Total
proved reserves (measured using Canadian NI 51-101) were 298
million boe, resulting in a 2018 reserve life of approximately 9.4
years, with a proved developed reserve life of 6.6 years. Financial
metrics are robust for the category. At March 31, 2019, the
company's debt/EBITDA leverage was just 1.8x, while EBITDA interest
coverage was 14.2x. The company's long-term target is less than
2.0x debt to FFO.
High Dividend Payout: VET has a relatively large dividend (which is
unusual for an E&P VET's size), and reflects the company's legacy
as an income trust. As calculated by Fitch, in 2018, the dividend
was just under 41% of VET's cash flow from operations. Fitch
believes VET is unlikely to cut the dividend under most
circumstances, given the income orientation of its investor base.
However, Fitch notes VET was able to effectively reduce the cash
portion of its payout in the downturn through its Premium DRIP
program, which offered small discounts to investors to take
dividends as reinvested shares rather cash. In the event of a
future oil price downturn, Fitch expects VET would rely on a
combination of capex cuts and similar DRIP programs to conserve
cash; however the dividend does limit the company's financial
flexibility versus peers.
Lower Liquidity: The company's liquidity is adequate but limited.
At March 31,2019, cash was minimal (CAD5 million) and utilization
on the revolver was high at approximately 70%, with total drawn
amounts of CAD1.47 billion The revolver does not mature until May
31, 2023 following an amendment during second-quarter 2019. VET's
lower base production decline rate and low maintenance capex
(CAD365 million for 2019, adjusted for full-year impact of 2018
acquisitions, versus a 2019 E&D budget of CAD530 million) provides
some flexibility to scale back on growth in the event of a
downturn. The dividend and sustaining capital are covered at the
USD40 WTI level, with growth projects covered at approximately
USD50 WTI.
M&A Risk: Given its moderate proved drilling inventory, Fitch
expects acquisitions will continue to be a core part of VET's
business model. Recent acquisitions have been conservatively
funded, including the CAD1.4 billion acquisition of Spartan Energy
Corporation in 2018, which had an equity financing component of
approximately 88%, and included the assumption of a modest amount
of Spartan debt (CAD175 million), which was subsequently repaid
from revolver borrowings. Fitch expects that future acquisitions
will similarly be conservatively financed.
DERIVATION SUMMARY
Vermilion's positioning against high-yield peers in the independent
E&P space is mixed. In terms of geographic diversification, VET is
peer leading with a presence in three regions and ten countries.
However, scale is an issue given this variable approach, and the
company has scale in just one region currently: Canada. In terms of
size, VET is on the smaller end of the spectrum. With 87.3mboepd of
production in 2018, it is smaller than many peers including SM
Energy (B+ 120.3mboepd), Murphy (171.8mboepd) and Southwestern
Energy (431.8mboepd). Growth prospects are also below average
versus the group. However, price realizations are above average
given the company's significant exposure to international price
indices. Unit economics are also strong versus peers. As calculated
by Fitch, VET's 2018 cash netbacks of USD25.8/barrel, versus SM
(USD19.9/bbl), MEG (USD8.2/bbl), and MUR (USD25.1/bbl). The
company's large dividend also sets its credit profile apart from
high yield peers and is a constraint on financial flexibility
versus peers. No country-ceiling, parent/subsidiary or operating
environment aspects have an impact on the rating.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- WTI Oil price of USD57.50 in 2019 and 2020, and USD55 in 2021
and beyond;
- Total production of approximately 102.1mboepd in 2019,
105.9mboepd in 2020, 110.2mboepd in 2021 and 115.3mboepd in 2022;
- Capex of CAD540 million rising to just under CAD720 million by
the end of the forecast;
- Acquisitions of CAD75 million per year;
- FCF that is approximately neutral across the forecast;
- A U.S. dollar/Canadian dollar exchange rate of 0.77, which is
flat across the forecast.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Production approaching 150mboepd;
- Improved financial flexibility, through a structurally lower
use of revolver capacity, changes to dividend policy or other
additional liquidity measures;
- Increased scale in existing positions, with greater drilling
inventory, a higher reserve life and the ability to develop new
inventory while maintaining high margins;
- Mid-cycle debt/EBITDA below 2.0x;
- Mid-cycle lease adjusted leverage below 2.2x.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- A major operational or regulatory issue resulting in declining
production;
- Impaired financial flexibility, stemming from reduced revolver
availability, capex headroom or leveraging transactions;
- Mid-cycle debt/EBITDA above 3.0x;
- Mid-cycle lease adjusted leverage above 3.2x.
LIQUIDITY AND DEBT STRUCTURE
Current Liquidity Adequate But Limited: VET's current liquidity is
adequate but limited. Cash and equivalents at March 31,2019 were
CAD5 million, and the company generally keeps modest amounts of
cash on the balance sheet, instead relying on its revolver to meet
liquidity needs. At March 31,2019, utilization on the revolver was
high, having risen to approximately 70%, with total drawn amounts
of CAD1.47 billion versus CAD1.39 billion at YE 2018 and CAD900
million in 2017. VET has kept higher balances on its revolver
historically, as the company views it as a low cost funding source.
The revolver does not mature until May 31, 2023 following an
amendment during second-quarter 2019. Covenants are manageable in
Fitch's base case, and include a total debt/EBITDA (max 4.0x),
senior debt/EBITDA (max 3.5x) and EBITDA/interest coverage (min
2.5x). There was ample headroom on all covenants. Besides the
revolver, the company has no maturities until its 5.625% 2025 notes
come due.
VISTEON CORP: S&P Alters Outlook to Negative, Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Visteon Corp. to negative
from stable and affirmed its 'BB' issuer credit rating on the
company and 'BB+' issue-level rating on the company's existing term
loan B.
S&P said, "The negative outlook reflects our view that there is at
least a one-third chance that Visteon Corp.'s profitability will
not improve as expected over the next 12 months, resulting in
weaker-than-expected credit metrics. We expect debt to EBITDA to
approach 3.0x in 2019, improving toward 2.5 by 2020, and free
operating cash flow (FOCF) to debt of around 8% in 2019, improving
to 15% by 2020.
"The negative outlook reflects our decreased profitability
expectations for Visteon in 2019 and 2020, driven by continued
production declines, unfavorable product mix, and additional market
headwinds. Although we recognize there are new product launches
that could drive improved margins, there is uncertainty around
market dynamics and production volumes.
"We could lower the rating over the next 12 months if we believe
the company could not sustain debt leverage below 3x or FOCF to
total debt above 15%. This could be the result of a weaker
competitive position, difficulties in containing operating costs,
or a shift to a more aggressive financial policy.
"We could revise the outlook to stable over the next 12 months if
we believe FOCF to debt will improve and remain above 15%, while
debt to EBITDA stays below 3.0x. This could occur if stronger
demand for Visteon's higher-margin products combined with ongoing
operational execution and cost control can offset the impact of
lower-than-expected volumes for its key customers."
VOYAGER AVIATION: Fitch Gives BB- Rating to Sr. Secured Term Loans
------------------------------------------------------------------
Fitch Ratings assigned a 'BB-' rating to senior secured term loans
issued by Panamera Aviation Leasing XI Limited, a Variable Interest
Entity controlled and guaranteed by Voyager Aviation Holdings, LLC
(Voyager; BB-/Stable).
Fitch has withdrawn the 'BB-' ratings of the senior secured debt
issued by Panamera Aviation Leasing VI Limited and Panamera
Aviation Leasing VII Limited as it was repaid early.
MAIN DRIVERS
Panamera's senior secured debt rating is equalized with Voyager's
long-term Issuer Default Rating (IDR) given its secured funding
profile. It also reflects average recovery prospects for the
debtholders under a stress scenario. The secured debt is
collateralized by two A330-300s owned by Voyager.
ADDITIONAL DRIVERS 1
Voyager's rating reflects solid cash flows, as evidenced by
contractual lease revenue; a well-defined business model of owning
and leasing predominantly young, widebody aircraft; long-term lease
contacts; improved leverage; and the lack of immediate funding
needs.
ADDITIONAL DRIVERS 2
Rating constraints include Voyager's secured funding profile;
relatively short track record; smaller and less liquid fleet of
widebody aircraft when compared with other aircraft lessors focused
on more broadly utilized/traded narrowbody aircraft; and private
equity ownership, which results in elevated balance sheet leverage
and weaker corporate governance when compared to public peers.
ADDITIONAL DRIVERS 3
Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business, vulnerability
to exogenous shocks, reliance on wholesale funding sources, and
increased competition.
WALL TO WALL: U.S. Trustee Forms 4-Member Committee
---------------------------------------------------
The U.S Trustee for Region 18 on July 26 appointed four creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 cases of Wall to Wall Tile & Stone, LLC, and its
affiliates.
The committee members are:
(1) Cosmos Granite (West), LLC
Attn: Hari Hara Prasad Nallapaty
8610 S. 212th St.
Kent, WA 98032
Phone: 253-896-2669 Ext. 400
Email: jaishri@cosmosgranite.us
Unsecured claim: $5,501,164.98
Represented by:
Ward Greene, Esq.
Williams Kastner Greene & Markley
1515 SW Fifth Avenue, Suite 600
Portland, OR 97201
Phone: 503-546-1492
Email: wgreene@williamskastner.com
(2) Resolution Strategies LLP
Attn: Eric English
515 NW Saltzman Rd., #909
Portland, OR 97229
Phone: 503-226-2800
Fax: 503-226-2801
Email: english@rsllp.us
Unsecured claim: $58,400.54
(3) Fortuna Granitos Corp.
Attn: Rogerio Baumgarten
12614 Torbay Dr.
Boca Raton, FL 33428
Phone: 561-945-6372
Email: roger@fortunagranitos.com
Unsecured claims: $546,927.95
(4) C&C North America, Inc.
d/b/a Cosentino North America
Attn: Giselle Maranges
355 Alhambra Circle, Suite 1000
Coral Gables, FL 33134
Phone: 786-686-5097
Email: gisellem@cosentino.com
Unsecured claims: $1,087,326.00
Represented by:
Jonathan E. Aberman, Esq.
Dykema Gossett PLLC
10 S. Wacker Dr., Ste. 2300
Chicago, IL 60606
Phone: 312-627-2515
Email: jaberman@dykema.com
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.
About Wall to Wall Tile & Stone
Based in Vancouver, Washington, Wall to Wall Tile & Stone, LLC --
http://walltowallcountertops.com-- a granite and quartz stones
supplier, and its two affiliates filed a voluntary Chapter 11
petition (Bankr. D. Oregon Lead Case No. 19-32600) on July 16,
2019. The cases are assigned to Hon. David W. Hercher.
The Debtors are represented by Timothy J. Conway, Esq., Michael W.
Fletcher, Esq., Albert N. Kennedy, Esq., and Ava L. Schoen, Esq.,
at Tonkon Torp LLP, in Portland, Oregon.
At the time of filing, Wall to Wall Tile & Stone's estimated assets
and liabilities were $10 million to $50 million.
WEATHERFORD INT'L: Looking at Stock Listing After Bankruptcy
------------------------------------------------------------
Becky Yerak, writing for The Wall Street Journal, reported that
Weatherford International PLC said in court papers said it plans a
return to the stock market after its chapter 11 proceedings end.
According to the Journal, the Swiss company said it plans to have
shares in a reorganized company listed on the Nasdaq Stock Market,
the New York Stock Exchange or another national exchange shortly
after leaving bankruptcy.
In mid-May, the NYSE suspended trading in Weatherford shares and
began proceedings to delist the stock because of its low price, the
company said, the Journal related. After that, the stock began
trading on the over-the-counter bulletin board, also known as Pink
Sheets, the company said, the Journal added.
Weatherford’s reorganization plan, which it hopes to get approved
by the U.S. Bankruptcy Court in Houston by mid-September, would
reduce its debt to about $2.5 billion from more than $8.3 billion,
the Journal said. Bondholders are expected to convert much of
their debt into equity, the Journal noted.
Timothy Karcher, Esq., a Proskauer Rose LLP lawyer, was in
bankruptcy court representing a proposed equity committee, partly
to protect net operating losses that could be as much as $2
billion, the Journal said.
Lawyers for the company and a bondholder committee said they would
oppose the naming of an equity committee, the Journal pointed out.
In its bankruptcy petition, Weatherford identified ClearBridge
Investments LLC, a Legg Mason Inc. affiliate, as the owner of
nearly 11% of its equity, the Journal also noted.
ClearBridge was Weatherford's biggest shareholder as of the end of
March, but the firm has been divesting its stake and, as of the end
of May, had completely exited it, the report said, citing a Legg
Mason spokeswoman.
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 $4.10 billion.
On July 1, 2019, Weatherford International plc, Weatherford
International, LLC, and Weatherford International Ltd. sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-33694).
Thbe Hon. David R. Jones is the case judge.
The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins
LLP as counsel; Alvarez & Marsal North America LLC as financial
advisor; Lazard Freres & Co. LLC as investment banker; and Prime
Clerk LLC as claims agent.
Henry Hobbs Jr., acting U.S. trustee for Region 7, on July 17,
2019, appointed three creditors to serve on the official committee
of unsecured creditors in the Chapter 11 cases.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 56,769 (7,826) 509
ABBVIE INC 4AB TE 56,769 (7,826) 509
ABBVIE INC ABBV AV 56,769 (7,826) 509
ABBVIE INC 4AB GZ 56,769 (7,826) 509
ABBVIE INC 4AB TH 56,769 (7,826) 509
ABBVIE INC ABBVEUR EU 56,769 (7,826) 509
ABBVIE INC 4AB QT 56,769 (7,826) 509
ABBVIE INC ABBVUSD EU 56,769 (7,826) 509
ABBVIE INC 4AB GR 56,769 (7,826) 509
ABBVIE INC ABBV SW 56,769 (7,826) 509
ABBVIE INC ABBV* MM 56,769 (7,826) 509
ABBVIE INC-BDR ABBV34 BZ 56,769 (7,826) 509
ABSOLUTE SOFTWRE ALSWF US 93 (51) (31)
ABSOLUTE SOFTWRE ABT CN 93 (51) (31)
ABSOLUTE SOFTWRE OU1 GR 93 (51) (31)
ABSOLUTE SOFTWRE ABT2EUR EU 93 (51) (31)
AMER RESTAUR-LP ICTPU US 34 (4) (6)
AMERICAN AIRLINE AAL TE 61,967 (22) (10,273)
AMERICAN AIRLINE A1G SW 61,967 (22) (10,273)
AMERICAN AIRLINE AAL1CHF EU 61,967 (22) (10,273)
AMERICAN AIRLINE A1G GZ 61,967 (22) (10,273)
AMERICAN AIRLINE AAL11EUR EU 61,967 (22) (10,273)
AMERICAN AIRLINE AAL AV 61,967 (22) (10,273)
AMERICAN AIRLINE A1G QT 61,967 (22) (10,273)
AMERICAN AIRLINE AAL US 61,967 (22) (10,273)
AMERICAN AIRLINE A1G GR 61,967 (22) (10,273)
AMERICAN AIRLINE AAL* MM 61,967 (22) (10,273)
AMERICAN AIRLINE AAL1USD EU 61,967 (22) (10,273)
AMERICAN AIRLINE A1G TH 61,967 (22) (10,273)
AMERICAN BRIVISI ABVC US 7 (6) (11)
ATLATSA RESOURCE ATL SJ 140 (286) (326)
AUTODESK INC AUD GR 4,809 (245) (798)
AUTODESK INC ADSK US 4,809 (245) (798)
AUTODESK INC AUD TH 4,809 (245) (798)
AUTODESK INC ADSKEUR EU 4,809 (245) (798)
AUTODESK INC ADSKUSD EU 4,809 (245) (798)
AUTODESK INC ADSK TE 4,809 (245) (798)
AUTODESK INC AUD GZ 4,809 (245) (798)
AUTODESK INC ADSK AV 4,809 (245) (798)
AUTODESK INC ADSK* MM 4,809 (245) (798)
AUTODESK INC AUD QT 4,809 (245) (798)
AUTOZONE INC AZ5 TH 9,774 (1,590) (346)
AUTOZONE INC AZO US 9,774 (1,590) (346)
AUTOZONE INC AZ5 GR 9,774 (1,590) (346)
AUTOZONE INC AZOUSD EU 9,774 (1,590) (346)
AUTOZONE INC AZO AV 9,774 (1,590) (346)
AUTOZONE INC AZ5 TE 9,774 (1,590) (346)
AUTOZONE INC AZO* MM 9,774 (1,590) (346)
AUTOZONE INC AZOEUR EU 9,774 (1,590) (346)
AUTOZONE INC AZ5 QT 9,774 (1,590) (346)
AUTOZONE INC-BDR AZOI34 BZ 9,774 (1,590) (346)
AVID TECHNOLOGY AVD GR 300 (167) 1
AVID TECHNOLOGY AVID US 300 (167) 1
AYR STRATEGIES I AYR/A CN 136 (286) (6)
AYR STRATEGIES I AYRSF US 136 (286) (6)
B RILEY - CL A BRPM US 0.4 (0.01) (0)
B RILEY PRINCIPA BRPM/U US 0.4 (0.01) (0)
BENEFITFOCUS INC BNFTEUR EU 341 (10) 119
BENEFITFOCUS INC BNFT US 341 (10) 119
BENEFITFOCUS INC BTF GR 341 (10) 119
BEYONDSPRING INC BYSI US 8 (17) (16)
BJ'S WHOLESALE C 8BJ GR 5,227 (148) (331)
BJ'S WHOLESALE C 8BJ QT 5,227 (148) (331)
BJ'S WHOLESALE C BJ US 5,227 (148) (331)
BLUE BIRD CORP BLBD US 355 (78) (3)
BLUELINX HOLDING BXC US 1,090 (18) 455
BOEING CO-BDR BOEI34 BZ 126,261 (4,943) 2,922
BOEING CO-CED BA AR 126,261 (4,943) 2,922
BOEING CO-CED BAD AR 126,261 (4,943) 2,922
BOEING CO/THE BA TE 126,261 (4,943) 2,922
BOEING CO/THE BCO GR 126,261 (4,943) 2,922
BOEING CO/THE BAEUR EU 126,261 (4,943) 2,922
BOEING CO/THE BA EU 126,261 (4,943) 2,922
BOEING CO/THE BOE LN 126,261 (4,943) 2,922
BOEING CO/THE BOEI BB 126,261 (4,943) 2,922
BOEING CO/THE BA US 126,261 (4,943) 2,922
BOEING CO/THE BCO TH 126,261 (4,943) 2,922
BOEING CO/THE BACHF EU 126,261 (4,943) 2,922
BOEING CO/THE BA SW 126,261 (4,943) 2,922
BOEING CO/THE BA* MM 126,261 (4,943) 2,922
BOEING CO/THE BAUSD SW 126,261 (4,943) 2,922
BOEING CO/THE BCO GZ 126,261 (4,943) 2,922
BOEING CO/THE BA AV 126,261 (4,943) 2,922
BOEING CO/THE BCO QT 126,261 (4,943) 2,922
BOEING CO/THE BA CI 126,261 (4,943) 2,922
BOMBARDIER INC-B BBDBN MM 26,719 (4,100) 263
BRINKER INTL EAT US 1,264 (814) (285)
BRINKER INTL BKJ GR 1,264 (814) (285)
BRINKER INTL EAT2EUR EU 1,264 (814) (285)
BRINKER INTL BKJ QT 1,264 (814) (285)
BRP INC/CA-SUB V B15A GR 3,358 (365) (223)
BRP INC/CA-SUB V DOOO US 3,358 (365) (223)
BRP INC/CA-SUB V DOO CN 3,358 (365) (223)
CADIZ INC CDZI US 74 (81) 14
CADIZ INC 2ZC GR 74 (81) 14
CAMBIUM NETWORKS 089 QT 154 (19) 37
CAMBIUM NETWORKS CMBM US 154 (19) 37
CAMBIUM NETWORKS 089 GR 154 (19) 37
CAMBIUM NETWORKS CMBMEUR EU 154 (19) 37
CAMBIUM NETWORKS 089 GZ 154 (19) 37
CASTLE BIOSCIENC CSTL US 31 (3) 18
CATASYS INC CATS US 7 (11) (3)
CDK GLOBAL INC C2G QT 3,166 (475) 144
CDK GLOBAL INC CDK* MM 3,166 (475) 144
CDK GLOBAL INC CDKUSD EU 3,166 (475) 144
CDK GLOBAL INC CDKEUR EU 3,166 (475) 144
CDK GLOBAL INC C2G TH 3,166 (475) 144
CDK GLOBAL INC C2G GR 3,166 (475) 144
CDK GLOBAL INC CDK US 3,166 (475) 144
CEDAR FAIR LP 7CF GR 2,132 (110) (109)
CEDAR FAIR LP FUN1EUR EU 2,132 (110) (109)
CEDAR FAIR LP FUN US 2,132 (110) (109)
CHEWY INC- CL A CHWY US 682 (358) (399)
CHOICE HOTELS CZH GR 1,174 (185) (53)
CHOICE HOTELS CHH US 1,174 (185) (53)
CINCINNATI BELL CBB US 2,649 (102) (116)
CINCINNATI BELL CIB1 GR 2,649 (102) (116)
CINCINNATI BELL CBBEUR EU 2,649 (102) (116)
CLEAR CHANNEL OU CCO US 6,326 (2,256) (147)
COGENT COMMUNICA CCOI US 797 (164) 252
COGENT COMMUNICA OGM1 GR 797 (164) 252
COGENT COMMUNICA CCOIUSD EU 797 (164) 252
COHERUS BIOSCIEN CHRSUSD EU 186 (39) 118
COHERUS BIOSCIEN 8C5 QT 186 (39) 118
COHERUS BIOSCIEN 8C5 TH 186 (39) 118
COHERUS BIOSCIEN CHRSEUR EU 186 (39) 118
COHERUS BIOSCIEN CHRS US 186 (39) 118
COHERUS BIOSCIEN 8C5 GR 186 (39) 118
COLGATE-BDR COLG34 BZ 13,151 (10) 473
COLGATE-CEDEAR CL AR 13,151 (10) 473
COLGATE-PALMOLIV CL SW 13,151 (10) 473
COLGATE-PALMOLIV CPA TH 13,151 (10) 473
COLGATE-PALMOLIV CL EU 13,151 (10) 473
COLGATE-PALMOLIV CLEUR EU 13,151 (10) 473
COLGATE-PALMOLIV CL* MM 13,151 (10) 473
COLGATE-PALMOLIV CL TE 13,151 (10) 473
COLGATE-PALMOLIV COLG AV 13,151 (10) 473
COLGATE-PALMOLIV CLUSD SW 13,151 (10) 473
COLGATE-PALMOLIV CPA GZ 13,151 (10) 473
COLGATE-PALMOLIV CL US 13,151 (10) 473
COLGATE-PALMOLIV CPA GR 13,151 (10) 473
COLGATE-PALMOLIV CPA QT 13,151 (10) 473
COLUMBIA CARE IN 3LP GR 162 (1) (2)
COLUMBIA CARE IN CCHWEUR EU 162 (1) (2)
COLUMBIA CARE IN CCHW CN 162 (1) (2)
COLUMBIA CARE IN CCHWF US 162 (1) (2)
CURE PHARMACEUTI CURR US 5 (0.2) (2)
CYCLERION THERAP CYCN US 10 (8) (17)
DELEK LOGISTICS DKL US 640 (142) (5)
DELEK LOGISTICS D6L GR 640 (142) (5)
DENNY'S CORP DENN US 422 (140) (51)
DENNY'S CORP DENNEUR EU 422 (140) (51)
DENNY'S CORP DE8 GR 422 (140) (51)
DIEBOLD NIXDORF DBD SW 4,104 (304) 368
DIEBOLD NIXDORF DBD US 4,104 (304) 368
DIEBOLD NIXDORF DBD GR 4,104 (304) 368
DIEBOLD NIXDORF DBDEUR EU 4,104 (304) 368
DIEBOLD NIXDORF DBDUSD EU 4,104 (304) 368
DIEBOLD NIXDORF DLD TH 4,104 (304) 368
DIEBOLD NIXDORF DLD QT 4,104 (304) 368
DINE BRANDS GLOB DIN US 2,076 (191) 20
DINE BRANDS GLOB IHP GR 2,076 (191) 20
DOLLARAMA INC DOL CN 3,417 (219) 20
DOLLARAMA INC DR3 GR 3,417 (219) 20
DOLLARAMA INC DLMAF US 3,417 (219) 20
DOLLARAMA INC DR3 GZ 3,417 (219) 20
DOLLARAMA INC DOLEUR EU 3,417 (219) 20
DOLLARAMA INC DR3 TH 3,417 (219) 20
DOLLARAMA INC DR3 QT 3,417 (219) 20
DOMINO'S PIZZA DPZ US 1,177 (2,904) 231
DOMINO'S PIZZA EZV GR 1,177 (2,904) 231
DOMINO'S PIZZA EZV TH 1,177 (2,904) 231
DOMINO'S PIZZA DPZEUR EU 1,177 (2,904) 231
DOMINO'S PIZZA DPZUSD EU 1,177 (2,904) 231
DOMINO'S PIZZA EZV GZ 1,177 (2,904) 231
DOMINO'S PIZZA DPZ AV 1,177 (2,904) 231
DOMINO'S PIZZA DPZ* MM 1,177 (2,904) 231
DOMINO'S PIZZA EZV QT 1,177 (2,904) 231
DUNKIN' BRANDS G DNKN US 3,725 (691) 253
DUNKIN' BRANDS G 2DB GR 3,725 (691) 253
DUNKIN' BRANDS G 2DB TH 3,725 (691) 253
DUNKIN' BRANDS G 2DB GZ 3,725 (691) 253
DUNKIN' BRANDS G 2DB QT 3,725 (691) 253
DUNKIN' BRANDS G DNKNEUR EU 3,725 (691) 253
EMISPHERE TECH EMIS US 5 (155) (1)
EVERI HOLDINGS I EVRI US 1,632 (96) 3
EVERI HOLDINGS I G2C GR 1,632 (96) 3
EVERI HOLDINGS I EVRIEUR EU 1,632 (96) 3
EVOFEM BIOSCIENC NEOTEUR EU 3 (29) (31)
EVOFEM BIOSCIENC 1AQ1 TH 3 (29) (31)
EVOFEM BIOSCIENC NEOTUSD EU 3 (29) (31)
EVOFEM BIOSCIENC 1AQ1 GR 3 (29) (31)
EVOFEM BIOSCIENC EVFM US 3 (29) (31)
FC GLOBAL REALTY FCRE IT 4 (1) (3)
FILO MINING CORP FIL SS 11 (5) (6)
FRONTDOOR IN FTDR US 1,097 (334) (5)
FRONTDOOR IN 3I5 GR 1,097 (334) (5)
FRONTDOOR IN FTDREUR EU 1,097 (334) (5)
GOGO INC GOGO US 1,297 (284) 221
GOGO INC G0G TH 1,297 (284) 221
GOGO INC GOGOUSD EU 1,297 (284) 221
GOGO INC GOGOEUR EU 1,297 (284) 221
GOGO INC G0G GR 1,297 (284) 221
GOGO INC G0G QT 1,297 (284) 221
GOOSEHEAD INSU-A GSHD US 48 (32) -
GOOSEHEAD INSU-A 2OX GR 48 (32) -
GOOSEHEAD INSU-A GSHDEUR EU 48 (32) -
GRAFTECH INTERNA EAF US 1,530 (882) 456
GRAFTECH INTERNA G6G GR 1,530 (882) 456
GRAFTECH INTERNA G6G TH 1,530 (882) 456
GRAFTECH INTERNA EAFEUR EU 1,530 (882) 456
GRAFTECH INTERNA G6G QT 1,530 (882) 456
GREEN PLAINS PAR GPP US 121 (73) (3)
GREEN PLAINS PAR 8GP GR 121 (73) (3)
GREENLANE HOLD-A GNLN US 94 (13) 28
GREENLANE HOLD-A G67 GR 94 (13) 28
GREENLANE HOLD-A G67 TH 94 (13) 28
GREENLANE HOLD-A G67 QT 94 (13) 28
GREENSKY INC-A GSKY US 833 (73) 288
HANGER INC HNGR US 752 (31) 77
HCA HEALTHCARE I 2BH GR 43,379 (2,255) 577
HCA HEALTHCARE I 2BH TH 43,379 (2,255) 577
HCA HEALTHCARE I HCA US 43,379 (2,255) 577
HCA HEALTHCARE I HCA* MM 43,379 (2,255) 577
HCA HEALTHCARE I 2BH TE 43,379 (2,255) 577
HCA HEALTHCARE I HCAEUR EU 43,379 (2,255) 577
HERBALIFE NUTRIT HOO GR 2,983 (629) 304
HERBALIFE NUTRIT HLF US 2,983 (629) 304
HERBALIFE NUTRIT HLFUSD EU 2,983 (629) 304
HERBALIFE NUTRIT HOO GZ 2,983 (629) 304
HERBALIFE NUTRIT HLFEUR EU 2,983 (629) 304
HERBALIFE NUTRIT HOO QT 2,983 (629) 304
HEWLETT-CEDEAR HPQ AR 31,946 (1,487) (4,918)
HILTON WORLDWIDE HLT* MM 15,140 (23) (565)
HILTON WORLDWIDE HLTEUR EU 15,140 (23) (565)
HILTON WORLDWIDE HLT US 15,140 (23) (565)
HILTON WORLDWIDE HI91 TE 15,140 (23) (565)
HILTON WORLDWIDE HI91 TH 15,140 (23) (565)
HILTON WORLDWIDE HI91 GR 15,140 (23) (565)
HOME DEPOT - BDR HOME34 BZ 51,515 (2,143) 880
HOME DEPOT INC HD TE 51,515 (2,143) 880
HOME DEPOT INC HD US 51,515 (2,143) 880
HOME DEPOT INC HDI TH 51,515 (2,143) 880
HOME DEPOT INC HDI GR 51,515 (2,143) 880
HOME DEPOT INC HD* MM 51,515 (2,143) 880
HOME DEPOT INC HDUSD SW 51,515 (2,143) 880
HOME DEPOT INC HDI GZ 51,515 (2,143) 880
HOME DEPOT INC HD AV 51,515 (2,143) 880
HOME DEPOT INC HDEUR EU 51,515 (2,143) 880
HOME DEPOT INC HDI QT 51,515 (2,143) 880
HOME DEPOT INC HDCHF EU 51,515 (2,143) 880
HOME DEPOT INC HDUSD EU 51,515 (2,143) 880
HOME DEPOT INC HD SW 51,515 (2,143) 880
HOME DEPOT INC HD CI 51,515 (2,143) 880
HOME DEPOT-CED HDD AR 51,515 (2,143) 880
HOME DEPOT-CED HDC AR 51,515 (2,143) 880
HOME DEPOT-CED HD AR 51,515 (2,143) 880
HP COMPANY-BDR HPQB34 BZ 31,946 (1,487) (4,918)
HP INC HPQ US 31,946 (1,487) (4,918)
HP INC 7HP TH 31,946 (1,487) (4,918)
HP INC 7HP GR 31,946 (1,487) (4,918)
HP INC HPQ TE 31,946 (1,487) (4,918)
HP INC HPQ* MM 31,946 (1,487) (4,918)
HP INC HPQUSD SW 31,946 (1,487) (4,918)
HP INC HPQEUR EU 31,946 (1,487) (4,918)
HP INC 7HP GZ 31,946 (1,487) (4,918)
HP INC HPQ AV 31,946 (1,487) (4,918)
HP INC HWP QT 31,946 (1,487) (4,918)
HP INC HPQCHF EU 31,946 (1,487) (4,918)
HP INC HPQUSD EU 31,946 (1,487) (4,918)
HP INC HPQ SW 31,946 (1,487) (4,918)
HP INC HPQ CI 31,946 (1,487) (4,918)
IAA INC IAA US 1,975 (241) 188
IAA INC 3NI GR 1,975 (241) 188
IAA INC IAA-WEUR EU 1,975 (241) 188
IHEARTMEDIA-CL A IHRT US 14,286 (11,566) 650
IMMUNOGEN INC IMGN* MM 324 (28) 228
INSEEGO CORP INO TH 178 (33) 33
INSEEGO CORP INO QT 178 (33) 33
INSEEGO CORP INSGUSD EU 178 (33) 33
INSEEGO CORP INSG US 178 (33) 33
INSEEGO CORP INSGEUR EU 178 (33) 33
INSEEGO CORP INO GR 178 (33) 33
INSEEGO CORP INO GZ 178 (33) 33
INSPIRED ENTERTA INSE US 188 (13) 14
INTERCEPT PHARMA I4P QT 438 (55) 294
INTERCEPT PHARMA ICPTUSD EU 438 (55) 294
INTERCEPT PHARMA I4P TH 438 (55) 294
INTERCEPT PHARMA ICPT US 438 (55) 294
INTERCEPT PHARMA I4P GR 438 (55) 294
IRONWOOD PHARMAC I76 GR 364 (237) 83
IRONWOOD PHARMAC I76 TH 364 (237) 83
IRONWOOD PHARMAC IRWD US 364 (237) 83
IRONWOOD PHARMAC IRWDUSD EU 364 (237) 83
IRONWOOD PHARMAC IRWDEUR EU 364 (237) 83
IRONWOOD PHARMAC I76 QT 364 (237) 83
ISRAMCO INC ISRL US 111 (4) (9)
ISRAMCO INC IRM GR 111 (4) (9)
ISRAMCO INC ISRLEUR EU 111 (4) (9)
JACK IN THE BOX JBX GR 832 (593) (77)
JACK IN THE BOX JACK US 832 (593) (77)
JACK IN THE BOX JBX GZ 832 (593) (77)
JACK IN THE BOX JBX QT 832 (593) (77)
JACK IN THE BOX JACK1EUR EU 832 (593) (77)
KONTOOR BRAND KTB US 2,385 1,579 1,144
KONTOOR BRAND 3KO TH 2,385 1,579 1,144
KONTOOR BRAND 3KO GR 2,385 1,579 1,144
KONTOOR BRAND KTBEUR EU 2,385 1,579 1,144
KONTOOR BRAND KTBUSD EU 2,385 1,579 1,144
KONTOOR BRAND 3KO QT 2,385 1,579 1,144
KONTOOR BRAND 3KO GZ 2,385 1,579 1,144
KONTOOR BRAND 0A1X LI 2,385 1,579 1,144
L BRANDS INC LTD GR 10,998 (898) 750
L BRANDS INC LTD TH 10,998 (898) 750
L BRANDS INC LB US 10,998 (898) 750
L BRANDS INC LBUSD EU 10,998 (898) 750
L BRANDS INC LBRA AV 10,998 (898) 750
L BRANDS INC LBEUR EU 10,998 (898) 750
L BRANDS INC LB* MM 10,998 (898) 750
L BRANDS INC LTD QT 10,998 (898) 750
L BRANDS INC-BDR LBRN34 BZ 10,998 (898) 750
LAMB WESTON LW-WUSD EU 3,048 (5) 409
LAMB WESTON 0L5 GR 3,048 (5) 409
LAMB WESTON LW-WEUR EU 3,048 (5) 409
LAMB WESTON 0L5 TH 3,048 (5) 409
LAMB WESTON 0L5 QT 3,048 (5) 409
LAMB WESTON LW* MM 3,048 (5) 409
LAMB WESTON LW US 3,048 (5) 409
LANDCADIA HOLD-A LCA US 0.2 (0.02) (0.3)
LANDCADIA HOLDIN LCAHU US 0.2 (0.02) (0.3)
LENNOX INTL INC LXI GR 2,340 (218) 369
LENNOX INTL INC LII US 2,340 (218) 369
LENNOX INTL INC LII* MM 2,340 (218) 369
LENNOX INTL INC LXI TH 2,340 (218) 369
LENNOX INTL INC LII1USD EU 2,340 (218) 369
LENNOX INTL INC LII1EUR EU 2,340 (218) 369
LEXICON PHARMACE LX31 GR 259 (46) 119
LEXICON PHARMACE LXRX US 259 (46) 119
LEXICON PHARMACE LXRXUSD EU 259 (46) 119
LEXICON PHARMACE LXRXEUR EU 259 (46) 119
LEXICON PHARMACE LX31 QT 259 (46) 119
MARTIN MIDSTREAM MMLPUSD EU 701 (37) 89
MARTIN MIDSTREAM MMLP US 701 (37) 89
MARTIN MIDSTREAM MPB GR 701 (37) 89
MARTIN MIDSTREAM MPB TH 701 (37) 89
MCDONALDS - BDR MCDC34 BZ 46,467 (6,551) 1,585
MCDONALDS CORP MCD TE 46,467 (6,551) 1,585
MCDONALDS CORP MDO TH 46,467 (6,551) 1,585
MCDONALDS CORP MCD US 46,467 (6,551) 1,585
MCDONALDS CORP MCD SW 46,467 (6,551) 1,585
MCDONALDS CORP MDO GR 46,467 (6,551) 1,585
MCDONALDS CORP MCD* MM 46,467 (6,551) 1,585
MCDONALDS CORP MCDUSD SW 46,467 (6,551) 1,585
MCDONALDS CORP MCDEUR EU 46,467 (6,551) 1,585
MCDONALDS CORP MDO GZ 46,467 (6,551) 1,585
MCDONALDS CORP MCD AV 46,467 (6,551) 1,585
MCDONALDS CORP MDO QT 46,467 (6,551) 1,585
MCDONALDS CORP MCDCHF EU 46,467 (6,551) 1,585
MCDONALDS CORP MCDUSD EU 46,467 (6,551) 1,585
MCDONALDS CORP MCD CI 46,467 (6,551) 1,585
MCDONALDS-CEDEAR MCD AR 46,467 (6,551) 1,585
MCDONALDS-CEDEAR MCDC AR 46,467 (6,551) 1,585
MCDONALDS-CEDEAR MCDD AR 46,467 (6,551) 1,585
MICHAELS COS INC MIK US 3,679 (1,587) 308
MICHAELS COS INC MIM GR 3,679 (1,587) 308
MOTOROLA SOL-CED MSI AR 9,993 (1,090) 735
MOTOROLA SOLUTIO MTLA TH 9,993 (1,090) 735
MOTOROLA SOLUTIO MOT TE 9,993 (1,090) 735
MOTOROLA SOLUTIO MSI US 9,993 (1,090) 735
MOTOROLA SOLUTIO MTLA GR 9,993 (1,090) 735
MOTOROLA SOLUTIO MTLA GZ 9,993 (1,090) 735
MOTOROLA SOLUTIO MSI1EUR EU 9,993 (1,090) 735
MOTOROLA SOLUTIO MTLA QT 9,993 (1,090) 735
MSCI INC 3HM GR 3,296 (317) 457
MSCI INC MSCI US 3,296 (317) 457
MSCI INC MSCIUSD EU 3,296 (317) 457
MSCI INC 3HM QT 3,296 (317) 457
MSCI INC MSCI* MM 3,296 (317) 457
MSG NETWORKS- A MSGN US 845 (503) 205
MSG NETWORKS- A 1M4 GR 845 (503) 205
MSG NETWORKS- A MSGNUSD EU 845 (503) 205
MSG NETWORKS- A MSGNEUR EU 845 (503) 205
MSG NETWORKS- A 1M4 QT 845 (503) 205
MSG NETWORKS- A 1M4 TH 845 (503) 205
N/A BJEUR EU 5,227 (148) (331)
NATHANS FAMOUS NFA GR 94 (70) 72
NATHANS FAMOUS NATH US 94 (70) 72
NATHANS FAMOUS NATHEUR EU 94 (70) 72
NATIONAL CINEMED NCMI US 1,118 (105) 112
NATIONAL CINEMED XWM GR 1,118 (105) 112
NATIONAL CINEMED NCMIEUR EU 1,118 (105) 112
NAVISTAR INTL IHR TH 7,066 (3,852) 1,393
NAVISTAR INTL NAVEUR EU 7,066 (3,852) 1,393
NAVISTAR INTL NAVUSD EU 7,066 (3,852) 1,393
NAVISTAR INTL NAV US 7,066 (3,852) 1,393
NAVISTAR INTL IHR GR 7,066 (3,852) 1,393
NAVISTAR INTL IHR QT 7,066 (3,852) 1,393
NAVISTAR INTL IHR GZ 7,066 (3,852) 1,393
NEW ENG RLTY-LP NEN US 243 (38) -
NOTOX TECHNOLOGI NTOX US 1 (2) (2)
NRC GROUP HOLDIN NRCG US 394 (41) 51
NRG ENERGY NRG US 9,530 (1,520) 1,513
NRG ENERGY NRA TH 9,530 (1,520) 1,513
NRG ENERGY NRA GR 9,530 (1,520) 1,513
NRG ENERGY NRA QT 9,530 (1,520) 1,513
NRG ENERGY NRGEUR EU 9,530 (1,520) 1,513
OMEROS CORP OMER US 101 (121) 32
OMEROS CORP 3O8 GR 101 (121) 32
OMEROS CORP OMERUSD EU 101 (121) 32
OMEROS CORP 3O8 TH 101 (121) 32
OMEROS CORP OMEREUR EU 101 (121) 32
ONDAS HOLDINGS I ONDS US 3 (21) (17)
OPTIVA INC RKNEF US 122 (24) 19
OPTIVA INC OPT CN 122 (24) 19
PAPA JOHN'S INTL PP1 GR 739 (57) (19)
PAPA JOHN'S INTL PZZA US 739 (57) (19)
PAPA JOHN'S INTL PZZAEUR EU 739 (57) (19)
PAPA JOHN'S INTL PP1 GZ 739 (57) (19)
PERSONALIS INC PSNL US 58 (20) (15)
PERSONALIS INC 04X GR 58 (20) (15)
PERSONALIS INC 04X TH 58 (20) (15)
PERSONALIS INC PSNLEUR EU 58 (20) (15)
PHILIP MORRI-BDR PHMO34 BZ 39,923 (9,409) (883)
PHILIP MORRIS IN PM1 TE 39,923 (9,409) (883)
PHILIP MORRIS IN 4I1 TH 39,923 (9,409) (883)
PHILIP MORRIS IN PMI SW 39,923 (9,409) (883)
PHILIP MORRIS IN PM1EUR EU 39,923 (9,409) (883)
PHILIP MORRIS IN PM1 EU 39,923 (9,409) (883)
PHILIP MORRIS IN 4I1 GR 39,923 (9,409) (883)
PHILIP MORRIS IN PM US 39,923 (9,409) (883)
PHILIP MORRIS IN PM1CHF EU 39,923 (9,409) (883)
PHILIP MORRIS IN PMOR AV 39,923 (9,409) (883)
PHILIP MORRIS IN 4I1 GZ 39,923 (9,409) (883)
PHILIP MORRIS IN PMIZ IX 39,923 (9,409) (883)
PHILIP MORRIS IN PMIZ EB 39,923 (9,409) (883)
PHILIP MORRIS IN PM* MM 39,923 (9,409) (883)
PHILIP MORRIS IN 4I1 QT 39,923 (9,409) (883)
PLANET FITNESS-A PLNT1USD EU 1,510 (354) 283
PLANET FITNESS-A 3PL QT 1,510 (354) 283
PLANET FITNESS-A PLNT1EUR EU 1,510 (354) 283
PLANET FITNESS-A PLNT US 1,510 (354) 283
PLANET FITNESS-A 3PL TH 1,510 (354) 283
PLANET FITNESS-A 3PL GR 1,510 (354) 283
PRIORITY TECHNOL PRTH US 472 (85) 12
PROMETIC LIFE PLI CN 141 (84) (2)
PROMETIC LIFE PJ2N GR 141 (84) (2)
PROMETIC LIFE PFSCD US 141 (84) (2)
PROMETIC LIFE PJ2N TH 141 (84) (2)
PROMETIC LIFE PLI1EUR EU 141 (84) (2)
PURPLE INNOVATIO PRPL US 84 (3) 13
REATA PHARMACE-A 2R3 GR 331 (5) 256
REATA PHARMACE-A RETAEUR EU 331 (5) 256
REATA PHARMACE-A RETA US 331 (5) 256
RECRO PHARMA INC REPH US 181 (19) 68
RECRO PHARMA INC RAH GR 181 (19) 68
REVLON INC-A REV US 3,042 (1,132) 9
REVLON INC-A RVL1 GR 3,042 (1,132) 9
REVLON INC-A REVUSD EU 3,042 (1,132) 9
REVLON INC-A REVEUR EU 3,042 (1,132) 9
REVLON INC-A RVL1 TH 3,042 (1,132) 9
RH RH US 2,546 (247) (190)
RH RHEUR EU 2,546 (247) (190)
RH RH* MM 2,546 (247) (190)
RH RS1 GR 2,546 (247) (190)
RIMINI STREET IN RMNI US 124 (136) (111)
ROSETTA STONE IN RST US 175 (10) (72)
ROSETTA STONE IN RS8 GR 175 (10) (72)
ROSETTA STONE IN RST1EUR EU 175 (10) (72)
SALLY BEAUTY HOL SBH US 2,093 (145) 753
SALLY BEAUTY HOL S7V GR 2,093 (145) 753
SALLY BEAUTY HOL SBHEUR EU 2,093 (145) 753
SBA COMM CORP SBACUSD EU 9,313 (3,303) (1,104)
SBA COMM CORP 4SB GZ 9,313 (3,303) (1,104)
SBA COMM CORP SBAC US 9,313 (3,303) (1,104)
SBA COMM CORP 4SB GR 9,313 (3,303) (1,104)
SBA COMM CORP SBAC* MM 9,313 (3,303) (1,104)
SBA COMM CORP SBACEUR EU 9,313 (3,303) (1,104)
SBA COMM CORP SBJ TH 9,313 (3,303) (1,104)
SCIENTIFIC GAMES TJW GZ 8,837 (2,423) 660
SCIENTIFIC GAMES SGMS US 8,837 (2,423) 660
SCIENTIFIC GAMES SGMSUSD EU 8,837 (2,423) 660
SCIENTIFIC GAMES TJW GR 8,837 (2,423) 660
SCIENTIFIC GAMES TJW TH 8,837 (2,423) 660
SEALED AIR CORP SEE US 5,155 (292) 74
SEALED AIR CORP SDA GR 5,155 (292) 74
SEALED AIR CORP SEE1EUR EU 5,155 (292) 74
SEALED AIR CORP SDA TH 5,155 (292) 74
SEALED AIR CORP SDA QT 5,155 (292) 74
SHELL MIDSTREAM SHLXUSD EU 1,915 (254) 246
SHELL MIDSTREAM 49M GR 1,915 (254) 246
SHELL MIDSTREAM 49M TH 1,915 (254) 246
SHELL MIDSTREAM SHLX US 1,915 (254) 246
SILK ROAD MEDICA SILK US 39 (53) 18
SILK ROAD MEDICA 2OW GR 39 (53) 18
SILK ROAD MEDICA 2OW GZ 39 (53) 18
SILK ROAD MEDICA SILKEUR EU 39 (53) 18
SILK ROAD MEDICA 2OW TH 39 (53) 18
SILK ROAD MEDICA SILKUSD EU 39 (53) 18
SINO UNITED WORL SUIC US 0.1 (0.1) (0.1)
SIX FLAGS ENTERT 6FE GR 2,938 (204) (67)
SIX FLAGS ENTERT SIXEUR EU 2,938 (204) (67)
SIX FLAGS ENTERT SIXUSD EU 2,938 (204) (67)
SIX FLAGS ENTERT SIX US 2,938 (204) (67)
SLEEP NUMBER COR SNBR US 796 (157) (434)
SLEEP NUMBER COR SL2 GR 796 (157) (434)
SLEEP NUMBER COR SNBREUR EU 796 (157) (434)
STARBUCKS CORP SRB TH 17,642 (5,035) (321)
STARBUCKS CORP SBUX* MM 17,642 (5,035) (321)
STARBUCKS CORP SRB GR 17,642 (5,035) (321)
STARBUCKS CORP SBUXEUR EU 17,642 (5,035) (321)
STARBUCKS CORP SBUX TE 17,642 (5,035) (321)
STARBUCKS CORP SBUX IM 17,642 (5,035) (321)
STARBUCKS CORP SBUXUSD SW 17,642 (5,035) (321)
STARBUCKS CORP SBUXUSD EU 17,642 (5,035) (321)
STARBUCKS CORP SRB GZ 17,642 (5,035) (321)
STARBUCKS CORP SBUX AV 17,642 (5,035) (321)
STARBUCKS CORP SBUX US 17,642 (5,035) (321)
STARBUCKS CORP SRB QT 17,642 (5,035) (321)
STARBUCKS CORP SBUXCHF EU 17,642 (5,035) (321)
STARBUCKS CORP SBUX SW 17,642 (5,035) (321)
STARBUCKS CORP SBUX CI 17,642 (5,035) (321)
STARBUCKS-BDR SBUB34 BZ 17,642 (5,035) (321)
STARBUCKS-CEDEAR SBUX AR 17,642 (5,035) (321)
STEALTH BIOTHERA S1BA GR 16 (175) (27)
STEALTH BIOTHERA MITO US 16 (175) (27)
SUNPOWER CORP SPWR US 2,308 (221) 190
SUNPOWER CORP S9P2 TH 2,308 (221) 190
SUNPOWER CORP S9P2 GR 2,308 (221) 190
SUNPOWER CORP SPWREUR EU 2,308 (221) 190
SUNPOWER CORP SPWRUSD EU 2,308 (221) 190
SUNPOWER CORP S9P2 GZ 2,308 (221) 190
SUNPOWER CORP S9P2 QT 2,308 (221) 190
TAILORED BRANDS TLRDEUR EU 2,765 (4) 291
TAILORED BRANDS WRM TH 2,765 (4) 291
TAILORED BRANDS TLRDUSD EU 2,765 (4) 291
TAILORED BRANDS TLRD US 2,765 (4) 291
TAILORED BRANDS WRM GR 2,765 (4) 291
TAILORED BRANDS TLRD* MM 2,765 (4) 291
TAUBMAN CENTERS TU8 GR 4,485 (324) -
TAUBMAN CENTERS TCO US 4,485 (324) -
TRANSDIGM GROUP TDG US 17,797 (1,482) 3,869
TRANSDIGM GROUP T7D GR 17,797 (1,482) 3,869
TRANSDIGM GROUP TDG* MM 17,797 (1,482) 3,869
TRANSDIGM GROUP T7D TH 17,797 (1,482) 3,869
TRANSDIGM GROUP TDGUSD EU 17,797 (1,482) 3,869
TRANSDIGM GROUP T7D QT 17,797 (1,482) 3,869
TRANSDIGM GROUP TDGEUR EU 17,797 (1,482) 3,869
TRANSMEDICS GROU TMDX US 39 (13) 14
TRIUMPH GROUP TG7 GR 2,855 (573) 266
TRIUMPH GROUP TGI US 2,855 (573) 266
TRIUMPH GROUP TGIEUR EU 2,855 (573) 266
TUPPERWARE BRAND TUP US 1,432 (165) (115)
TUPPERWARE BRAND TUP GR 1,432 (165) (115)
TUPPERWARE BRAND TUP TH 1,432 (165) (115)
TUPPERWARE BRAND TUP1EUR EU 1,432 (165) (115)
TUPPERWARE BRAND TUP1USD EU 1,432 (165) (115)
TUPPERWARE BRAND TUP GZ 1,432 (165) (115)
TUPPERWARE BRAND TUP QT 1,432 (165) (115)
UNISYS CORP UIS US 2,484 (1,282) 345
UNISYS CORP UIS1 SW 2,484 (1,282) 345
UNISYS CORP UISEUR EU 2,484 (1,282) 345
UNISYS CORP UISCHF EU 2,484 (1,282) 345
UNISYS CORP USY1 TH 2,484 (1,282) 345
UNISYS CORP USY1 GR 2,484 (1,282) 345
UNISYS CORP UIS EU 2,484 (1,282) 345
UNISYS CORP USY1 GZ 2,484 (1,282) 345
UNISYS CORP USY1 QT 2,484 (1,282) 345
UNITI GROUP INC CSALUSD EU 4,697 (1,464) -
UNITI GROUP INC 8XC TH 4,697 (1,464) -
UNITI GROUP INC 8XC GR 4,697 (1,464) -
UNITI GROUP INC UNIT US 4,697 (1,464) -
VALVOLINE INC VVVUSD EU 1,914 (298) 343
VALVOLINE INC 0V4 GR 1,914 (298) 343
VALVOLINE INC 0V4 TH 1,914 (298) 343
VALVOLINE INC VVVEUR EU 1,914 (298) 343
VALVOLINE INC 0V4 QT 1,914 (298) 343
VALVOLINE INC VVV US 1,914 (298) 343
VANTAGE DRILL-UT VTGGF US 1,108 (112) 228
VECTOR GROUP LTD VGR GR 1,429 (590) 325
VECTOR GROUP LTD VGR US 1,429 (590) 325
VECTOR GROUP LTD VGREUR EU 1,429 (590) 325
VECTOR GROUP LTD VGRUSD EU 1,429 (590) 325
VECTOR GROUP LTD VGR QT 1,429 (590) 325
VERISIGN INC VRS TH 1,890 (1,425) 361
VERISIGN INC VRSN US 1,890 (1,425) 361
VERISIGN INC VRS GR 1,890 (1,425) 361
VERISIGN INC VRS SW 1,890 (1,425) 361
VERISIGN INC VRSN* MM 1,890 (1,425) 361
VERISIGN INC VRSNEUR EU 1,890 (1,425) 361
VERISIGN INC VRS GZ 1,890 (1,425) 361
VERISIGN INC VRS QT 1,890 (1,425) 361
VERISIGN INC-BDR VRSN34 BZ 1,890 (1,425) 361
W&T OFFSHORE INC WTI US 843 (373) 15
W&T OFFSHORE INC UWV GR 843 (373) 15
W&T OFFSHORE INC WTI1EUR EU 843 (373) 15
W&T OFFSHORE INC WTI1USD EU 843 (373) 15
W&T OFFSHORE INC UWV TH 843 (373) 15
WAYFAIR INC- A W US 2,114 (479) (112)
WAYFAIR INC- A 1WF QT 2,114 (479) (112)
WAYFAIR INC- A 1WF GR 2,114 (479) (112)
WAYFAIR INC- A WEUR EU 2,114 (479) (112)
WEIGHT WATCHERS WW US 1,526 (815) (45)
WEIGHT WATCHERS WW6 GR 1,526 (815) (45)
WEIGHT WATCHERS WTWUSD EU 1,526 (815) (45)
WEIGHT WATCHERS WW6 GZ 1,526 (815) (45)
WEIGHT WATCHERS WTW AV 1,526 (815) (45)
WEIGHT WATCHERS WTWEUR EU 1,526 (815) (45)
WEIGHT WATCHERS WW6 QT 1,526 (815) (45)
WEIGHT WATCHERS WW6 TH 1,526 (815) (45)
WESTERN UNIO-BDR WUNI34 BZ 9,432 (374) 191
WESTERN UNION W3U GR 9,432 (374) 191
WESTERN UNION WU US 9,432 (374) 191
WESTERN UNION W3U TH 9,432 (374) 191
WESTERN UNION WU* MM 9,432 (374) 191
WESTERN UNION WUUSD EU 9,432 (374) 191
WESTERN UNION WUEUR EU 9,432 (374) 191
WESTERN UNION W3U GZ 9,432 (374) 191
WESTERN UNION W3U QT 9,432 (374) 191
WIDEOPENWEST INC WOW US 2,462 (284) (98)
WIDEOPENWEST INC WOW1EUR EU 2,462 (284) (98)
WIDEOPENWEST INC WU5 QT 2,462 (284) (98)
WIDEOPENWEST INC WU5 GR 2,462 (284) (98)
WINGSTOP INC WING1EUR EU 151 (220) 5
WINGSTOP INC WING US 151 (220) 5
WINGSTOP INC EWG GR 151 (220) 5
WINMARK CORP WINA US 46 (14) 9
WINMARK CORP GBZ GR 46 (14) 9
WORKHORSE GROUP WKHSEUR EU 13 (18) (15)
WORKHORSE GROUP WKHSUSD EU 13 (18) (15)
WORKHORSE GROUP 1WO TH 13 (18) (15)
WORKHORSE GROUP 1WO GZ 13 (18) (15)
WORKHORSE GROUP 1WO GR 13 (18) (15)
WORKHORSE GROUP WKHS US 13 (18) (15)
WYNDHAM DESTINAT WD5 GR 7,370 (584) 525
WYNDHAM DESTINAT WD5 TH 7,370 (584) 525
WYNDHAM DESTINAT WYND US 7,370 (584) 525
WYNDHAM DESTINAT WD5 QT 7,370 (584) 525
WYNDHAM DESTINAT WYNEUR EU 7,370 (584) 525
YELLOW PAGES LTD Y CN 418 (106) 83
YELLOW PAGES LTD YLWDF US 418 (106) 83
YUM! BRANDS -BDR YUMR34 BZ 4,744 (7,904) (141)
YUM! BRANDS INC TGR TH 4,744 (7,904) (141)
YUM! BRANDS INC TGR GR 4,744 (7,904) (141)
YUM! BRANDS INC YUM* MM 4,744 (7,904) (141)
YUM! BRANDS INC YUMUSD SW 4,744 (7,904) (141)
YUM! BRANDS INC TGR GZ 4,744 (7,904) (141)
YUM! BRANDS INC YUM US 4,744 (7,904) (141)
YUM! BRANDS INC YUM AV 4,744 (7,904) (141)
YUM! BRANDS INC TGR TE 4,744 (7,904) (141)
YUM! BRANDS INC YUMEUR EU 4,744 (7,904) (141)
YUM! BRANDS INC TGR QT 4,744 (7,904) (141)
YUM! BRANDS INC YUM SW 4,744 (7,904) (141)
*********
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 ***